US markets finally posted its first gain this week, following improved earnings prospects at retailers and banks overshadowed a bigger-than-forecast drop in home sales and slowing demand for computer equipment. JPMorgan Chase & Co. led the Dow higher after CEO Jamie Dimon said bank profits will withstand bond insurers downgrades. J.C. Penney Co. and Gap Inc. helped retailers snap a 3-day losing streak by forecasting earnings beating analysts' estimates. Stocks also gained after bargain hunters coming in and start buying into the already cheap stocks and this is a good sign which shows that these stocks are very close to bottom. Dow rose 46.90 pts or 0.38% to 12247, S&P500 rose 10.46 pts or 0.79% to 1336.91 while Nasdaq climbed 14.28 or 0.63% to 2293.03. Markets' volatilities were very high as investors tried to digest each bad data and good data and they acted accordingly.
Most Asian markets will still be closed for holidays today with the exception of Japan's Nikkei. It is expected to follow the rebound in Wall St overnight and may extend the gains from yesterday. Crude oil price rose overnight to $88.30ish per barrel while gold rose again to $908.80ish and USD gained some grounds against JPY and was recently traded at 107.30ish. Nikkei futures was closed at CME at 13230, higher than the close of 13190 here yesterday.
Kospi and Hangseng are still closed for Chinese New Year Holidays.
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