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Author Topic: Market Commentary - Dec 20, 2010  (Read 779 times)
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Capitalist Pig
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Posts: 17830

« on: 2010 Dec 20, 07:50:44 pm »

The main news over the weekend was that the US Congress passed the tax compromise bill.  Assuming Obama signs the bill, the Bush-era tax cuts will stay in effect, unemployment benefits will be extended, and employees get an additional slight tax break.

Additionally, the Fed announced the latest round of Treasury buying.

All this culminated in the dollar spiking in the morning trading, which led to a down market in the morning.

For the most part, the markets recovered throughout the day.

The Dow edged back down for a 0.12% loss, and the NASDAQ and S&P 500 both gained 0.25%.

The most interesting action to me was in gold.  Gold opened the morning high, dipped slightly as the dollar strengthend, but then came back all the way to close up 0.68% higher on the day.  This showed a lot of strength on the metal's part.

Neal McSpadden
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