Daily Archives: September 6, 2012

Welcome to our rolling coverage of the eurozone crisis. Mario Draghi has unveiled the ECB’s bond-buying scheme. By Tom Burgis, Ben Fenton,  John Aglionby and Ruona Agbroko on the newsdesk in London and Anjli Raval in New York with contributions by FT correspondents around the world. All times are BST.

21.40 As we close up today’s blog, here is a last US markets round-up from Arash Massoudi in New York:

What a day for equities on Wall Street. US stocks  jumped to their highest closing level since January 2008 as investors piled into risk assets.

The benchmark S&P 500 rose 2.04 per cent to finish at 1,432.12. All ten broad sector groups on the index moved more than 1 per cent higher. Financials were among the day’s top performers with bulge bracket banks enjoying hefty gains. Bank of America rose 5 per cent to $8.35, Citigroup climbed 4.5 per cent to $31.12 and JPMorgan Chase gained 4.3 per cent to $38.69. Broadly, the S&P 500 is up 13.9 per cent since the start of the year.

The Nasdaq closed at its highest level since December 2000.

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Edward Luce

If Twitter is any guide then Barack Obama may have extracted from Charlotte what Mitt Romney singularly failed to get last week from Tampa – momentum, or what George H. W. Bush once called “the big Mo”. Partly because of what the New York Times described as Michelle Obama’s “high definition” fashion power, the first night of the Democratic convention garnered 3m tweets against 4m for the entire three days in Tampa.

It went off the charts for Bill Clinton’s epic – some would say Fidel Castro-esque – 48-minute primetime address on Wednesday. If Tampa was “good enough” for Mr Romney, but nothing more, Charlotte looks likely to qualify as a boost for Mr Obama’s re-election chances.

But momentum, like many things in life, is not what it used to be. Even if Mr Obama does emerge from Charlotte with “small Mo”, the chances are that it will evaporate pretty quickly. His first hurdle comes on Friday morning with the publication of the jobs numbers for AugustRead more

For market traders, economists, and data geeks alike, Friday is one of the highlights of the month – non-farm payrolls day.

For the uninitiated this is the release of data on US jobs growth over the previous month – more properly called the Employment Situation report - published by the Bureau of Labor Statistics, usually on the first Friday of the month following the data (i.e Friday’s new data will be for August).

It is undoubtedly the most eagerly awaited monthly data by world markets and has attained a totemic status, perhaps beyond its real importance. Morning trading volumes are slim in European markets on the day of release as they await the afternoon release time (8.30am Eastern Time in the US).

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