U.S. Stocks Rise for Fourth Straight Day (Bloomberg)
The S&P 500 continued to rise, doing so for a fourth consecutive session on the back of March’s rising sales and a bigger-than-expected drop in jobless claims. “What’s going on right now is a positive confidence loop,” Cameron Hinds, regional chief investment officer for Wells Fargo Private Bank, said. “It’s almost like the market’s going up because of a self-fulfillment circle, and it’s almost like we need a new negative to keep the market from going up. And I don’t know what that is.”
Cyprus Eases Bank Restrictions (Reuters)
Easing controls designed to prevent a run on its banks, Cyprus today increased the amount of money which can be used in bank transactions. Now, domestic transactions of up to 300,000 euros are allowable, and the limit for payments outside the country has been lifted from 5,000 euros to 20,000 euros.
Dollar Falls against Yen (Reuters)
Falling back from a four-year peak against the Japanese yen today, the dollar also fell versus the euro. However, investors expect the dollar to resume its rise against the yen, as it nears the level of 100 yen to the dollar thanks to Japan’s aggressive monetary policies. “The break through 100 was never expected to be an easy battle but when the barrier is clear, there could be a surge upwards,” said Kathy Lien, managing director at BK Asset Management in New York.