Daily Data Flow: Stocks Rise to End Down Week; Crucial Time for Natural Gas Rally; Cyprus Hopes Boost Euro

Daily Data Flow

Stocks Rise to End Down Week (Bloomberg)
As debates continued on the Cyprus bank affair, U.S. stocks rose today, though markets were still slightly down for the week. “At the company level, we’re still seeing good economic momentum, and that investors continue to have a constructive view on the growth in the U.S., which should help the stock market,’” James McDonald, chief investment strategist at Northern Trust Corp. in Chicago, said. This week, “the market is taking a pause after a very big run. The increased concern over Europe has led investors to take a few chips off the table.”

Could Natural Gas Rally End? (CNBC)
Experts warn that natural gas, which has experienced a rally as of late, may react negatively to reaching the $4 price level, as it has done historically. “The fundamentals call into question whether we can maintain these price levels,” Addison Armstrong, senior director for market research at Tradition Energy explained. “Production is marginally higher than last year, and last year’s production was a record. And while the market has tightened, we’re still going to end the winter with 4 to 6 percent more natural gas in storage.”

Euro Rises on Cyprus Hopes (Reuters)
Backed by optimism that Cyprus will reach a deal before a financial meltdown on Monday, the euro rose against the dollar today, heading towards its first positive week in almost two months. “In some ways, the worst-case scenario for the euro was the ugly precedent that would have been sent by the rejected deposit tax,” Citigroup said. “A solution that results in bigger losses for some stakeholders but a prettier final precedent from this crisis could prove mildly the euro positive at this juncture.”

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