Binary Options Daily Analysis – S&P 500 Crosses Back Above 1400 as Stocks Rally Once Again

Equities
Asian markets posted modest gains on Tuesday, led by gains in resource stocks. The ASX 200 and Hang Seng both advanced .4%, and the Shanghai Composite edged up .1% to 2158. Japan’s Nikkei outperformed, rallying .9% to 8803, as steel makers jumped more than 4% after US-based AK Steel announced price increases. The Kospi rose fractionally to 1887.

European markets gained as well. The CAC40 climbed 1.5%, the DAX gained .7%, and the FTSE settled up .6%. The oil and gas sector surged 2.3%, thanks to a recovery in oil prices. Nokia shares jumped 5.6% amid rumors of a new smartphone launch in early September.

The upbeat cheer crossed the Atlantic, lifting US stocks for their 3rd straight day. The Nasdaq rallied .9% to 3016, the S&P 500 advanced .5% to 1401, and the Dow gained 51 points to 13168.

S&P Settles Above 1400

Fossil shares skyrocketed 31.5% after reporting earnings which blew past analyst estimates. Sirius XM Radio soared 4.6%, after reporting strong earnings and lifting its outlook.

Treasuries and Commodities
Bonds declined on Tuesday, as the equity market rally continued. 10-year notes fell 17/32 to yield 1.62%, and 30-year notes skidded 1 11/32 to yield 2.72%.

Energy-related commodities posted strong gains, due to production troubled in the North Sea. Brent crude rallied 2% to 111.75 and US crude gained 1.3%, after a report showed the region’s output would drop to a record low this summer. Gasoline climbed 2.1% to 2.9846, and natural gas advanced 1.9% to 2.964.

Copper rallied 1.2% to 3.43, silver gained .7% to 28.065, while gold slipped .2% to 1609.70.

Currencies
The Pound rose .2% to 1.5634, and the Canadian Dollar gained .3% to .9972, as both benefited from the rise in oil prices. The Euro, Swiss Franc, and Australian Dollar all inched up less than .1%, while the Yen slid .5% to 78.63

Economic Outlook
Consumer credit rose by $6.5 billion last month, far below forecasts of $11.5 billion.

Wednesday’s reports will include productivity & labor costs, weekly oil inventories, and weekly mortgage applications.

Earnings are due from Dean Foods, Macy’s, News Corp, and Ralph Lauren.

-Bradley Welcher