Treasurys, Dollar Gain on Chinese Comments - The dollar and Treasurys gained support after People's Bank of China Governor Zhou Xiaochuan said Sunday that "our forex reserve policy is always quite stable" and that "there are not any sudden changes," according to Dow Jones Newswires. This comes on the heels of the publicized comments that China wished to have a "super currency" to replace the dollar.
Madoff Receives 150 Years - A federal judge on Monday sentenced admitted multi-billion dollar swindler Bernard Madoff to 150 years in prison, according to published reports. Madoff's lawyers had sought a sentence of 12 years. In March, Madoff pleaded guilty to 11 felony charges, including securities fraud, money laundering, and theft from an employee-benefit plan. His clients have reportedly lost more than $13 billion.
Oil, Energy Sector Rally - Oil rose back above $70 per barrel on continued problems in Nigeria and a broad rally in the equity markets. Based on the oil news, the energy sector rallied.
Gold Drops, Copper Rises - On the news out of China, the dollar gained against foreign currencies which sent gold lower by about 0.5%. When the dollar is strong, gold loses its appeal as a hedge against it. When the dollar is soft, gold gains. Also, copper gained as inventories fell. As infrastructure and home building pick up, copper generally rises since it is used in a variety of materials.
Madoff Receives 150 Years - A federal judge on Monday sentenced admitted multi-billion dollar swindler Bernard Madoff to 150 years in prison, according to published reports. Madoff's lawyers had sought a sentence of 12 years. In March, Madoff pleaded guilty to 11 felony charges, including securities fraud, money laundering, and theft from an employee-benefit plan. His clients have reportedly lost more than $13 billion.
Oil, Energy Sector Rally - Oil rose back above $70 per barrel on continued problems in Nigeria and a broad rally in the equity markets. Based on the oil news, the energy sector rallied.
Gold Drops, Copper Rises - On the news out of China, the dollar gained against foreign currencies which sent gold lower by about 0.5%. When the dollar is strong, gold loses its appeal as a hedge against it. When the dollar is soft, gold gains. Also, copper gained as inventories fell. As infrastructure and home building pick up, copper generally rises since it is used in a variety of materials.
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