Wednesday, June 9, 2010

China Records 50% Increase in Exports

China released its latest exports figures which included a 50 percent increase year-over-year for the month of May. North American stock futures turned positive on the news, and oil jumped a dollar to $73 a barrel.

“Definitely, there has been a search for a bottom for this recent freefall and yesterday’s stock action was very encouraging in that regard, particularly the final push at the end of the day,” said Rick Meckler, president of investment firm LibertyView Capital Management in New York.

“You got a very, very strong finish which easily could have been a continued rout of stock prices. So whenever you get that, it’s like sticking your toe back in the water.”

Source: Reuters

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