Friday, August 31, 2007

We have a WINNER! .... RIO touches $50

RIO wins!

DAY's high ...

RIO 50.00

....such a sexy dip and recovery! GO TEAM!

1 comment:

Anonymous said...

Brazilian shares rally on Bernanke, Bush comments
Marketwatch - August 31, 2007 3:15 PM ET

NEW YORK (MarketWatch) -- Brazilian equities rose sharply Friday, buoyed by comments from Federal Reserve Chairman Ben Bernanke indicating that the Fed is prepared to act as needed to prevent turmoil in global financial markets as well as a proposal by President Bush to stem the mortgage crisis.

In Brazil, the benchmark Bovespa stocks index rose 3.2% in intraday trading, tracking strong gains on Wall Street. See Market Snapshot

Other Latin American markets also posted strong gains. Mexico's IPC index gained 1.8% and Chile's IPSA index rose 1.7%.

In Argentina, the Merval index gained 1.4%.

Latin American markets "are rebounding today on positive news from the U.S. authorities regarding a rescue package for homeowners, Fed's willingness to protect the economy, and better-than-expected results on consumption and income in the U.S.," said Alfredo Coutino, senior economist at Moody's, in a research note.

In a speech at the central bank's yearly conference in Jackson Hole, Wyo., Bernanke declared the Fed ready to act as needed to prevent harm to the U.S. economy. See The Fed.

Investors scrutinized the Fed chief's comments in an attempt at measuring whether Fed policymakers are leaning toward a cut in the federal funds rate, which still stands at 5.25%. The financial futures markets expect one or possibly two rates cuts by the end of September.

Separately, Bush unveiled several steps aimed at helping subprime mortgage borrowers keep their homes, including refinancing into government-insured mortgages, while calling the subprime woes "modest" in relation to the overall economy. Read more.

In New York afternoon trading, Brazilian state oil company Petrobras (PBR) rallied 5.8%.

Mining giant Companhia Vale do Rio Doce (RIO) rose 4%.