Fritz
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"us dollar up bin laden dead"
« on: 2011-05-02 11:24:07 » |
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Pacific newspapers were reporting this at 2:00am already; and we wonder why we are disliked ...
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Fritz
Stocks rise, dollar pares gains on bin Laden news
Source: Reuters
Author: Jeremy Gaunt and Herbert Lash
Date: 2011.05.02
LONDON/NEW YORK (Reuters) - The killing of al Qaeda leader Osama bin Laden lifted global stocks and eased oil prices on Monday but the U.S. dollar pared gains on the view the importance of his death was ultimately negligible.
Wall Street opened higher and European shares rose for a eighth straight session fueled by earnings optimism and bin Laden's death acting as a short-term incentive.
U.S. Treasury prices slipped after the killing of the al Qaeda leader reduced the perception of geopolitical risk and the appetite for safe-haven bonds.
The benchmark 10-year U.S. Treasury note was down 3/32 in price to yield 3.30 percent.
Oil prices fell more than 3 percent on news that bin Laden was killed in a U.S. helicopter raid on a mansion near the Pakistani capital of Islamabad, ending a worldwide hunt for the mastermind of the September 11, 2001 attacks on the United States.
U.S. light sweet crude oil fell 52 cents, or 0.46 percent, to $113.41 per barrel.
The dollar slipped because the impact of bin Laden's death was ultimately negligible for the dollar, said Shaun Osborne, senior strategist at TD Securities.
The U.S. Dollar Index .DXY up 0.08 percent at 72.988
"In the end it's monetary policy expectations which are the driving force for dollar weakness," said Marcus Hettinger, currency strategist at Credit Suisse in Zurich.
The euro remained near a 17-month high above $1.48 on Monday as surprisingly strong manufacturing data in the euro zone bolstered the chances interest rates there could rise again to fend off inflation.
Against the dollar, the euro was up 0.30 percent at $1.4843
The Dow Jones industrial average .DJI was up 36.82 points, or 0.29 percent, at 12,847.36. The Standard & Poor's 500 Index .SPX was up 3.62 points, or 0.27 percent, at 1,367.23. The Nasdaq Composite Index .IXIC was up 6.39 points, or 0.22 percent, at 2,879.93.
Spot gold prices fell $9.75, or 0.62 percent, to $1,553.80 an ounce.
Other commodity prices also fell. The Reuters/Jefferies CRB Index .CRB was down 1.55 points, or 0.42 percent, at 369.01.
(Reporting by Steven C. Johnson and Richard Leong in New York; Christopher Johnson, Josie Cox and Harro ten Wolde in London; Writing by Herbert Lash)
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