subject: Market Wrap Up (NASDAQ: PSWS, CYCC) (OTCBB:COYN) (OTC:MFGD) [print this page] Market Wrap Up (NASDAQ: PSWS, CYCC) (OTCBB:COYN) (OTC:MFGD)
Today was an improved day on Wall Street with the major indices gaining a roughly 2.5 percentage points. The Dow closed at 10,154.84 up 255.59 or 2.58%, The NASDAQ closed at 2,211.40 up 52.55 or 2.43% and the S&P closed at 1,084.61 up 28.92 or 2.74%.
Reports of growing Chinese exports lifted investor confidence, in the hopes that the Euro Zone debt crisis will not be spreading as much to Asia or to the States. New claims for unemployment dropped 3,000 to 456,000, yet another factor that boosted equities. Energy stocks pulled the market higher with BP gaining 11% for the day closing at 32.56. Congress reiterated that BP will be fully responsible to compensate economic victims.
Advertisement spending and dividends will both be halted in preparation for the necessary pay outs.
The Euro bounced back today as well finishing the New York trading day at 1.2095, an increase of .92%.
In the ongoing battle between the SEC and financial services, federal regulators are establishing new circuit breaker rules that will hopefully prevent any further flash crashes like the one that occurred on May 6th. The new rules states that any S&P stock that rises or falls ten percent or more in a five minute period will be halted for five minutes. The vote was 5-0 in favor of the new rule. The actual cause of the flash crash remains unknown; regulators are further investigating the severe mismatch of liquidity in the markets increased by the withdrawal of high frequency traders and stop loss orders.
In world news, all eyes move to South Africa for the world's biggest sporting event, the World Cup. The first game to be played will be the home team vs. Mexico at 4:00 PM. In a interesting article by Paul Sonne and John Miller of the Wall Street Journal it was noted that England has begun to detain violent "hooligans" in an effort to keep the crazed fans from traveling to South Africa. 3,000 Britons were ordered to turn in their passports by the first of this month. Violating the ban could result in a fine of up to 5,000 pounds in an effort to cut down on crowd violence made famous by the loyal futbol fanatics of the U.K.
For the WMM indices, the Micro Cap Indexfinished the day at 864.49 up 18.29 or 2.16%, lead by PureSafe Water Systems, Inc. (NASDAQ: PSWS)and Cyclacel Pharmaceuticals (NASDAQ: CYCC)
Our Nano Cap Indexclosed at down 1% for the day closing at 962.46, lead by Copsync, Inc. (OTCBB: COYN)up 19% and Money4GoldHoldings (OTC: MFGD)up 10%.
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