Yesterday Wall Street trading closed on a positive note on the background of Ireland's aid request and encouraging macroeconomic data. By the end of the trading day, the Dow Jones Industrial Average climbed by about 1.6% to a total of 11,181, the NASAQ index strengthened by 1.55% to 2,514, whereas the S&P 500 rose by about 1.7% to a total of 1,197 points.
The Asian stock markets recorded mixed trend on the background of concerns over possible steps to cool down the market in China and Hong Kong. As such, the Tokyo stock exchange rose slightly by 0.1%, Seoul climbed by 0.6%, Hong Kong retreated by 1.5%, and Shanghai dropped by about 1.2%.
Ireland's Finance minister, Brian Lenihan, admitted yesterday in an address to the British parliament that Ireland may agree to receive aid of a total value of several billion dollars from the EU and IMF to its banking system, as long as the aid is conditional on not being withdrawn unless there is need. The minister added that agreement had not yet been reached for aid of any kind.
Several positive macroeconomic data published yesterday in the United States served to provide backwind to the leading indexes. The amount of new unemployment claims in the United States rose to 439 thousand this week, a rise of 4,000 as compared to the previous week. Furthermore, the Philadelphian Fed reported that the index of manufacturing activity in the Philadelphia area advanced to a level of 22.5 points in November, the highest level since December 2009, this from a level of 1 point in October. The rise was far harder than predicted by analysts who forecasted only a level of 5 points.
Due to expectations that Ireland's government will agree to receive European aid packages, the Euro edged up against the dollar by the sharpest rate of the last two weeks, after the European currency fell yesterday to a low of 1.3448 US dollars per one Euro. The dollar strengthened against the Japanese Yen, reaching a six-week high at a level of 83.79 Japanese Yen for one United States dollars.
Commodity prices have risen yesterday for the first time in 3 days. The price of gold recovered from a 3-week low, recording a sharp growth due to the weakening of the US dollar. Gold futures for September closed on 1,353 US dollars per one ounce. Crude oil futures for September closed on a level of 81.85 US dollars per one barrel, a rise of 1.8% at the New York Commodities exchange.