The major averages in the U.S. posted losses on Wednesday, as they spent most of the day’s trading session between narrow ranges.
The Dow fell by 0.2%, while the S&P 500 fell less than a single point. The Nasdaq on the other hand, finished a little about the flat line, trading up 0.1%.
There hasn’t been much action this morning, but it needs to be mentioned that the equity indices were able to hold onto their gains of yesterday, which brought the S&P 500 up to record highs.
Citigroup, Morgan Stanley, and JP Morgan Chase have risen somewhere between 1.2 – 2.8%, while Bank of America rose by 3.2%, or 0.53, reaching 17.25.
The February Challenger Job Cuts Report is set for today at 12:30 GMT. Unit labor costs, weekly initial claims and fourth quarter productivity reports will be announced at 13:30 GMT. The last report of the day will be January’s factory orders.
This morning’s stocks in Tokyo rose by 1.6% as the Yen has been weakened compared to the Dollar, during a mixed trading session in Asia which came after a lackluster session on Wall Street.
Today the Nikkei 255, Japan’s benchmark index, opened 0.2% higher and then the index fell into negative territory, only to return and close above 1.6%.
The Dollar was last seen trading at ¥102.66, but in the morning when the session opened it was at ¥102.41. This is not a major gain, but it should be noted that any gains in the currencies usually go hand in hand with rallies on the Tokyo markets.
The Australian Dollar spiked in the morning Asian session. January retail sales saw their largest increases since February 2013. Australia for the first time since August 2011 is experiencing its largest trade balance.
The AUD/USD has had a gain of 0.31%, which is now at 0.9012 because of the flat data from previous sessions.
The USD/JPY gained 0.34% as speculators anticipate that the Bank of Japan will ease their policy.
Investors are waiting for the U.S. Jobs Report to be announced tomorrow, whilst gold has been unable to show gains from the past mild advances.
Gold has fallen a little, but remains in a tight range.
Gold delivery for April fell by 0.2% or $2.60 settling at $1,337.70 an oz. Silver delivery for May lost 0.2% or $0.03 to close at $21.25 an oz.