Binary Options Market Outlook – September 6 – 10
Stocks:
This coming week investors will likely focus on consumer credit and jobs in the holiday-shortened week ahead. Some economists say the numbers are an indicator of the future behavior of the stock market on the grounds that an expansion of credit translates into growing corporate sales, earnings and stock price. Analysts are currently looking for consumer credit to decline by $2.5 billion in July after falling $1.3 billion in June.
Better-than expected unemployment figures Friday helped boost the Dow and other indexes to their first weekly gain since early August. For the week, the Dow Jones Industrial Average closed up 2.9% at 10,488; the S&P 500 rose 3.7% for the week to 1104; and the Nasdaq Composite Index ended at 2234, up 3.7% for the week. U.S. markets will be closed on Monday for the Labor Day holiday.
Currencies:
The U.S. dollar pared gains against the Japanese yen and extended losses against the euro Friday, with stronger levels for the greenback reduced after a report of slowing in the U.S. services sector last month. The dollar had gained ground against the yen earlier in the session after better-than-expected monthly jobs data from the U.S. Labor Department. But the dollar’s advance was softened after the Institute for Supply Management said its U.S. services-sector index hit 51.5% in August, down from 54.3% in July.
Commodities:
Gold futures pared some of its losses as the session progressed, and notched gains of 1% on the week. That’s gold’s fifth consecutive weekly gain. Gold for December delivery lost $2.30, or 0.2%, to $1,251.10 an ounce on the Comex division of the New York Mercantile Exchange.
On the week, silver soared 4.8%. That follows gains of nearly 6% the week before. Silver on Friday settled at its highest price since March 2008, and gold futures came off their two-month high, posting losses as a drop in U.S. payrolls didn’t turn out as steep as forecast and thus reduced demand for the precious metal as an investment safe haven.
