 |
The market has a nice afternoon rally heading into the close. However,the
sector performance is widely divided. One analyst downgrade of the retailer sector added more pressure to the already hammered sector while citi\'s price continued to slide as the stock being downgraded at another brokerage. Google, on the other hand, got a lift from an analyst upgrading the target price. Oil price moved sharply higher after yesterday\'s drop while gold price continued to move higher and now is within 2.5% to its historical high, which was last seen back in 1980. US dollar index broke a key support level at 76 today and this is cited as main reason behind strong commodity performance. Overnight, Alibaba\'s IPO in HK closed higher by more than 190% and with a market cap of 25 Billion USD and more than 200 times P/E ratio, it certainly feels like 1999 has returned.
|
|
|
