US Equities Open Surge On The Open, Dollar On The Retreat

Investors seem to have found some assurance (temporarily at least) in the efforts by global finanicial leaders' proposals to steady the credit and financial markets this past weekend. Following massive advances through the Asian and European sessions, the benchmark US indices jumped higher by over 5 percent in the opening 10 minutes of trade. In fact, the Dow 30 traded gained as much as 5.2 percent to trade at 8,891.33 in the first few minutes of trading while the S&P 500 hit a temporary high of 5.4 percent when it rallied to 947.54. This rebound is more likely based on relief than a new found life for risk appetite as we can see that the dollar is pulling back in tandem with the equity advance. Looking at the trade-weighted Dollar Index, the currency has pulled back from its 16-month high by dropping 115 points from Monday's open or 1.4 percent from last week's close.

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