Morning Notes

18/03/2015 Argonaut Morning Note

U.S. stocks fell Tuesday, as the Federal Reserve kicked off a policy meeting where the central bank is expected to signal that tighter monetary policy is on the horizon. The Dow declined 128 points, or 0.7%, to 17849. The S&P 500 dropped seven points, or 0.3%, to 2074. Meanwhile, the Fed kicks off its two-day policy meeting Tuesday. Investors are looking for clues from the central bank on the timing of interest-rate increases, including the possibility that it removes its promise to be "patient" before raising interest rates. Stocks have seen wider swings this month after strong gains in February, as investors grapple with the Fed's course of action and the strong rally in the U.S. dollar, which is expected to hurt the earnings of U.S. multinational companies. The Dow is down nearly 3% from its March 2 record. At the same time, recent weak economic data, such as Monday's decline in manufacturing output, also have raised questions about the path of the Fed's monetary policy.

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17/03/2015 - Argonaut Morning Note

U.S. stocks rose Monday, rebounding from Friday's losses as the dollar weakened against other currencies and European stocks gained. Market participants remain focused on the Federal Reserve, which begins its two-day policy meeting on Tuesday. The Fed statement and Fed Chairwoman Janet Yellen's remarks in the subsequent news conference on Wednesday will be parsed for clues on the timing and pace of the central bank's eventual rate increases. The Dow rose 228 points, or 1.3%, to 17,977 and the S&P 500 advanced 28 points, or 1.4%, to 2,081.

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16/03/2015 Argonaut Morning Note

Wall Street stocks have ended lower on renewed anxiety over falling oil prices and the rising US dollar. The Dow Jones Industrial Average fell 145.91 points (0.82 per cent) to 17,749.31. The broad-based S&P 500 dropped 12.55 (0.61 per cent) to 2,053.40, while the tech-rich Nasdaq Composite Index declined 21.53 (0.44 per cent) to 4,871.76. US oil prices finished the week below $US45 a barrel after the International Energy Agency warned that rising US crude inventories were approaching the limits of storage capacity amid the global oversupply. The euro got as low as $US1.0466, its lowest level since January 2003. Investors fear the strong US dollar will harm US exports and emerging market economies, analysts said.

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13/03/2015 Argonaut Morning Note

U.S. stocks rose Thursday, rebounding after the biggest two-day decline since late January. Stocks have bounced around lately, with the Dow moving 100 points or more in four of the past five sessions. On Tuesday the index fell more than 300 points, but with Thursday's increase the Dow is nearly flat for the week. Much of the rise and fall in the US market has been on speculation of the US Government raising interest rates.

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12/03/2015 Argonaut Morning Note

U.S. stocks drifted between gains and losses Wednesday as investors continued to focus on the path of U.S. monetary policy. Many investors say that uncertainty about the Fed's monetary policy could exaggerate stock-market swings. Still, the Fed is likely to take a slow approach to raising rates, which means returns on stocks will remain more attractive than on other assets. The S&P and Dow both fell 0.2% to 2,040 and 17,635 respectively.

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