Corporate foreign exchange news

US stocks surge as bulls return to Wall Street

Monday, 06 September 2010 09:20:14 GMT

Published by Zeb Bham
The Standard & Poor's 500 index registered its biggest weekly gain since July over the course of last week, putting an end to the bearish trend seen in US stocks recently.
Forex brokers also pushed the dollar lower during the week as traders returned to riskier currencies, while treasuries were also lower.
A survey carried out in the week ending September 1st by the American Association of Individual Investors (AAII) showed 30.8 per cent of traders expect US stocks to gain in the next six months, ten percentage points higher than the 17-month low seen the week before.
Charles Rotblut, vice-president of the AAII, commented: "The improvement in bullish sentiment comes on the heels of a strong stock market advance during the first trading day of September."
Meanwhile, Eric Teal, chief investment officer at First Citizens Bancshares in North Carolina, told Bloomberg: "The fact that the surprise looks broad-based is an indication that slowly, but steadily, we're getting some improvement in the data."
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