July 29th Morning Report

US markets closed higher despite the US economy contracted for a second straight quarter, the Commerce Department reported on Thursday, a day after the Federal Reserve raised interest rates by three quarters of a percentage point to a rage of 2.25% - 2.50% in an effort to slow growth and ease price pressures. The Dow Jones Industrial Average closed up 1.03%, while the S&P 500 and Nasdaq Composite were up 1.21% and 1.08% respectively.

Other key markets ended mixed. European stocks closed as follows: the FTSE100 (-0.04%), the Dax 30 (+0.88%), CAC 40 (+1.30%) and the STOXX (+1.23%). In Asia, the Hang Seng and Shanghai indices closed higher. The key Asian indices ended yesterday as follows: Nikkei 225(+0.36%), HSI (-0.23%) and the Shanghai Composite (+0.21%).

The yield on the US 10 - year note was at 2.671%, while the 2 - year note was at 2.868%. Oil was up to $97.29 per barrel, up 0.03%. The gold price was at US$1773.20 per ounce, up 2.05%. 

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