An address by German Chancellor Angela Merkel and reports that unemployment has dropped to its lowest level since March of 2009 helped stocks finish their best week since 2008.
Look for a correction today to DJIA 12,400 (S&P 500: 1284). Watch for buyers on this dip as confirmtion of the market's strength in the first six days of January.
Hong Kong blue chips rose above 20,00 on the last day of trading before the break next Monday through Wednesday for Chinese New Years. Local big banks surge after healthy gains.
A rebound in U.S. markets helped China and Hong Kong bounce back from huge losses Thursday. Chinese banks rebounded after a surge in lending lifted loan values for the month.
All eyes are on Europe once again to produce a plan that adequately addresses its longer-term bank and sovereign debt problems. There market has no room for failure at this point.
Hong Kong opened 65 points lower after local U.S.-listed stocks dropped Friday but ended up 104 in light turnover, aided by debt-strapped Greece's agreement to an austerity plan.
Hong Kong stocks posted a slight rise in weak turnover after U.S. market erased early losses. Chinese oil producers gained on the back of rising oil prices.
Weak guidance for several top names in construction and consumer services led industrial shares lower. Strong profits were not enough to negate adjusted earnings expectations for coming quarters.