U.S. Stock Futures Steady, Gold Extends Record Run

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U.S. stock market futures held in a tight range on Wednesday while gold futures rose to their eleventh close of September and the dollar dropped on expectations that the Federal Reserve will keep money flowing to boost growth. Fed will enter into a new round of monetary stimulus by buying bonds in the private sector.


Futures on the Dow Jones Industrial Average dropped to 10783, S&P 500 futures fell to 1141 and Nasdaq 100 futures ended up at 2008.75.


U.S. stocks closed Wednesday trading session lower with losses in the financial sector partly offset by gains in energy. The Down Jones Industrial Average closed down at 10,835.28, the S&P 500 dropped 0.3% to 1,144.73, and the Nasdaq Composite ended down 0.1% to 2,376.56.


Rising oil prices put weigh on consumer discretionary stocks which led the decliners of the day. The dollar fell 0.4% to 83.61 Japanese yen. The dollar index also hit its lowest level in eight months. According to T & K Futures president Michael K. Smith, the dollar is lower and there was much money out there chasing the safe-havens of silver and gold.


Gold for December delivery advanced 0.2%, to $1,310.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold has gained 4.8% since September. Silver futures kept unchanged at the metal’s best level in three decades.


Michael K. Smith projects that silver and gold will end the year around $23 and $1,360 an ounce respectively.


December copper gained 0.7% to $3.66 a pound. Palladium and platinum rose with palladium for December delivery up 1.2% to $567.30 an ounce and platinum for January delivery up 1% to $1,656.60 an ounce.


The euro edged up against the dollar and treasurys were modestly lower. Ben Halliburton, chief investment officer at Tradition Capital Management, policy analysts and the Federal Reserve have done massive quantitative easing, but its steps did not show their effects. 


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Brittany Stone has 421 articles online and 5 fans

Economics is the study of our lives,our jobs, our homes, our families and the little decisions we face every day. Thus, I am keen on reading and studying economic issues.

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U.S. Stock Futures Steady, Gold Extends Record Run

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This article was published on 2010/09/30