Premier Partners Group: US markets suffered another day of wild swings during trade Wednesday, on fears about European debt issues and uncertainty in the US economy. France’s banking sector was under threat, with financials in Europe all sharply down, after fears emerged that France could be the next economy to be downgraded from its AAA rating. The Dow closed 519 points down, a drop of 4.6%, whilst the S&P500 and the NASDAQ both fell more than 4%.
Asian markets followed suit in early trade Thursday, although they were off the lows reached in early trade, with Korea and Australian indices in positive territory. There now appears to be value in the Asian markets, with investors picking up strong performing stocks at what they see as bargain prices.
In other news in the US, Apple exceeded Exxon as the most valuable company in America, with a figure of $337 billion. Exxon had held the top spot since 2005.
Investors again flocked to the haven of gold, with prices topping $1800 an ounce for the first time. There seems to be no stopping the gold run, and while equities are so jittery, analysts expect the price to reach new highs continually over the next few weeks.
