Financial markets daily

In the currency market

EUR: The euro fell for a second day in a row against the dollar, closing 0.23% lower at 1.2047. Technically, initial upside resistance stands at 1.2090, further resistance at 1.2132, key resistance at 1.2164; Initial downside support at 1.2016, further support at 1.1985 and more critical support at 1.1943.

GBP: Sterling fell for a third day in a row against the dollar, closing 0.04% lower at 1.3928. Technically, initial upside resistance stands at 1.3980, further resistance at 1.4036, key resistance at 1.4073; Initial downside support is placed at 1.3886, further support at 1.3849 and more critical support at 1.3793.

JPY: The dollar closed higher for a fifth straight day at 106.75, up 0.17%. Technically, initial upside resistance stands at 106.97, further resistance at 107.19, key resistance at 107.49; Initial downside support at 106.45, further support at 106.14 and more critical support at 105.93.

The stock market

The Dow Jones Industrial Average rose 603.21 points, or 1.95 percent, to 31535.58. The S&P 500 rose 90.67 points, or 2.38 percent, to 3,901.82. The Nasdaq closed up 396.48 points, or 3.01 percent, at 13,588.83. Buoyed by a strong earnings season, positive news about vaccines and hopes for another stimulus package, the Dow rose 3.15% in February, its third monthly gain in four months. The S&P 500 rose 2.61% and the Nasdaq rose nearly 1% for its fourth straight month.

LONDON (MarketWatch) – European stocks closed sharply higher on Monday as a drop in U.S. bond yields and positive news about the Novel Coronavirus vaccine helped propel global markets higher. The pan-European Stoxx 600 index closed up 7.45 points, or 1.84 percent, at 412.44. Travel and leisure stocks led the way, rising 3.2%. Germany’s DAX30 index closed up 226.53 points, or 1.64 percent, at 14,012.82. The FTSE 100 closed up 1,035.10 points, or 1.62%, at 6,588.53. France’s CAC-40 index ended up 89.57 points, or 1.57 percent, at 5,792.79. The Euro Stoxx 50 index closed up 71.01 points, or 1.95 percent, at 3,707.45. Spain’s IBEX35 index closed up 152.00 points, or 1.85%, at 8377.00. Italy’s FTSE MIB index closed up 416.28 points, or 1.82 per cent, at 23,264.86.

Commodity markets

Spot gold was down $9.00, or 0.52 percent, at $1, 724.89 an ounce in late afternoon trading. After hitting $1, 760.10 an ounce, gold turned positive and fell to a new intraday low of $1, 719.59 an ounce. Spot gold closed down $50.21, or 2.81 percent, last week. In February, gold fell $113.61, or 6.15%.

Comex April gold futures ended down 0.3 percent at $1,723.00 an ounce.

Crude oil futures fell Monday on news that Kazakhstan’s oil output rose 8% in February, exceeding its OPEC + quota, and expectations that OPEC + will consider a modest easing of production curbs this week from April. U.S. WTI crude for April delivery ended down 86 cents, or 1.40 percent, at $60.64 a barrel at press time, after a 3.78 percent gain last week and a 17.8 percent gain for February. Brent crude for May delivery fell 73 cents, or 1.13 percent, to $63.69 a barrel, after ending the week up 5.12 percent.

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