Stocks have been trading in the opposite direction of the dollar in recent months. As the dollar weakens, it has pushed the value of commodities higher because they become cheaper for foreign investors. Gold hit a new record high Monday. Strong commodity prices also helps push the price of energy and material stocks higher.
The dollar retreated as Federal Reserve official James Bullard said the central bank should continue to buy mortgage-backed securities after the program is supposed to expire in March. That would continue to keep interest rates low.
Overseas markets showed strength. European markets are sharply higher after new data showed the economic recovery is gathering pace in the 16 countries that use the euro.
U.S. investors will get plenty of economic data during the holiday-shortened week to sort through and determine if the stock market's rally has outpaced any actual recovery in the economy. Multiple reports on the housing market and strength of the consumer as well as data on the nation's total economic output in the third quarter will be released before the Thanksgiving holiday Thursday.
The dollar mostly fell against other major currencies. The ICE Futures U.S. dollar index declined 0.59 to 75.07.
Gold prices rose sharply, hitting a new record. Gold climbed $17.40 to $1,164.20 an ounce Monday. It rose as high as $1,167.80 earlier in trading.
Yesterday’s Top Performing Small Cap stock:
Gen2Media Corporation (OTC BB: GTWO) was a SmallCapVoice.com top performer yesterday closing up over 35% on trading volume of 171,100 shares.
Gen2Media is a fully integrated technology, production and marketing company whose proprietary and patent-pending technology has earned the trust of a growing, globally diversified customer base. Leading media companies, corporations, chart-topping artists, entertainment groups, advertising agencies, and national brands such as Mary J. Blige, Britney Spears, Justin Timberlake, Microsoft Xbox LIVE, Coca-Cola Company, Toyota, Clear Channel, and others use Gen2Media’s services. Gen2Media's video publishing technology enables businesses of all kinds and sizes to easily publish online video, and manage media content and advertising delivery.
Today’s SmallCapVoice.com Hot Stocks to Watch:
Metatron, Inc. (Pink Sheets: MRNJ)
Metatron, Inc. announced that it has completed the acquisition of PB Magic, Inc. for five million shares of its restricted common stock valued at $0.15 per share.
Founded in 2000, PB Magic provides web hosting, design, development, custom programming, database integration, and PPC/SEC advertising campaign management to Fortune 500, public sector and small business clientele. The firm has been engaged by hundreds of high profile clients throughout its history including Boeing, Scudder Investments, ADM, and Yum! Brands (Kentucky Fried Chicken), and has averaged approximately $1.5 million in profitable revenue per year since inception.
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