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The stock market losses triggered by higher-than-expected inflation in the US earlier in the week have already been recouped. In contrast with the worrying inflation numbers released on Tuesday, the US Census Bureau revealed yesterday that retail sales declined more than expected, down 0.8% month-on-month in January. The slow down in consumer spending somewhat negates the recent spike in prices, soothing fears that the Fed will have to delay interest rate cuts. The Dow Jones climbed 0.91% on Thursday, entirely reversing the damage done two days prior. The S&P 500 fared even better, putting in a new record with a 5,029 point close yesterday. The Nasdaq Composite also made a lot of headway in recovering from recent losses, gaining 1.30% and 0.30% over the past two sessions.
Exciting times in the Japanese markets today. The Nikkei 225 appeared to be mounting a challenge to its ancient all-time high that has stood since December 1989. The index wicked up to 38,865 this morning before settling back down; the highest intra-day high lies just beyond reach at 38,957 Yen. The rise in the Nikkei 225 has been coupled with a recent weakening of the Yen, which stands just north of the 150 level at the time of writing.
Gold is still reeling from the surge in the Dollar earlier in the week, managing to reclaim $2000 yesterday but struggled to go much further beyond that. Chinese markets remain closed due to the Lunar New Year, creating slightly unusual market conditions for the precious metal. A quick note on Bitcoin, which climbed up to $52,000 this week, bringing its market cap back above one trillion dollars.
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