Future Business

U.S. stocks turned higher in volatile mid-morning trade Friday, with low volumes ahead of the Memorial Day holiday and weakness in the dollar helping drive continued gains in commodities and related energy and materials stocks.
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The dollar fell the most against the euro in two months and approached its lowest level this year on speculation a deterioration of U.S. creditworthiness will make assets such as Treasuries less attractive to investors.

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Asian stocks fell this week as investors sold shares trading at their most expensive valuations in five years on concerns that the economy and corporate profits will take longer than expected to recover.

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U.S. stocks are likely to hit more speed bumps next week as investors become more wary of Wall Street’s ability to rally further and housing starts, jobless claims and other indicators are in the spotlight.
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The Euro has bounced at 1.3510 intra-week low to levels at 1.3560/80 resistance area after U.S. CPI and NY Fed Manufacturing Index data was released.

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The Dollar has bounced from 94.77 fresh 7-weeks low to return to levels above 95.00, reaching 95.60 April 28 low at the time of writing.

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The yen rallied broadly on Friday as European stock losses dulled investor appetite for risky assets, while the euro slid across the board after data showed the euro zone economy shrank at its fastest pace on record.

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GBP/USD bounce from 1.5135 intra-day low has strengthened and the Pound has jumped above 1.5215, Asian session support level, reaching 1.5245 intra-day high level at the time of writing.

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Honda Motor Co’s earnings will hit bottom this year and improve beyond that as demand in the United States returns in the second half, the Japanese automaker’s chief executive said on Friday.

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Gains among the banks over talk of a $10bn (£6.6bn) sale of Barclays Global Investors failed to stope the FTSE 100 from going into negative territory.

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Newsletters remain sharply divided over the longevity of the market’s rally. But newsletter sentiment may now be flashing a warning sign. Following the close of Tuesday’s trading session, the Hulbert Stock Newsletter Sentiment Index hit a threshold that was last seen at the market’s high for the year in early January.

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U.S. stocks advanced to a four-month high as investors speculated banks don’t need as much capital as had been projected and a report showed employers cut fewer jobs than economists estimated.

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Investors found another reason to buy up stocks Wednesday after a report indicated job losses might be slowing.

Most stocks rose after the ADP National Employment Report, an unofficial gauge of the labor market, said that private sector employment fell by 491,000 last month, a huge improvement from the 708,000 jobs lost in March. The ADP report said unemployment is likely to rise for several more months, but at a slower rate.
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Ford Motor Co (F.N) on Wednesday unveiled a $550 million investment to convert an SUV plant near Detroit to build a new generation of Focus small cars next year and a battery-electric Focus in 2011.

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The dollar remained on the defensive versus a number of majors Wednesday, dropping to new multi-month lows against resource-linked currencies such as the loonie and aussie. The buck managed to fall no further versus the sterling, but weakened in afternoon trading to test a 4-month low set earlier in the week.

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