Profit taking
March 25th, 2009 by Lawrence Grasso
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 7660.21 | -115.65 | -1.5% |
| NASDAQ | 1518.33 | -37.44 | -2.4% |
| S P 500 | 806.01 | -16.91 | -2.1% |
| FTSE 100 | 3911.46 | -41.35 | -1.0% |
| Nikkei 225 | 8488.3 | 272.77 | 3.3% |
| SPI Futures | 3614 | 10 | 0.3% |
| All Ords | 3,517.00 | 34.3 | 1.0% |
| Oil | 53.36 | 0.31 | 0.6% |
| Gold | 923.5 | -29 | -3.0% |
| Silver | 13.357 | -0.518 | -3.7% |
| Aluminium | 1403 | -31 | -2.2% |
| Copper | 4006.5 | 95.5 | 2.4% |
| Lead | 1341 | 39 | 3.0% |
| Nickel | 9815 | -90 | -0.9% |
| Tin | 10600 | 150 | 1.4% |
| Zinc | 1255.5 | 25.5 | 2.1% |
Wall Street has not managed to extend yesterday's strong gains, with investors taking time out to gauge if the US Government's plans to shore up the economy will be enough. Analysts say the declines were expected, after yesterday's rally of almost 7 per cent, with investors taking profits overnight.
Stocks bounced back from lows early in the session, after the Federal Reserve chairman Ben Bernanke said investors who participate in the Government's plan to free banks of toxic assets, will not be retroactively penalised. Those comments alleviated concerns. Law-makers sought to tax bonuses that were paid to AIG executives while the company was being rescued by the US Government.
The Dow Jones Industrial Average closed down 115 points or 1.49% to 7,660.
Australian shares could end their recent rally on Wednesday after U.S. shares gave up some of the week's gains. Miners may be subdued after falls in gold and copper prices, with shares in BHP Billiton (BHP) likely open some 2 percent lower, based on their New York closing price BHP and Banks may slip after declines in their US counterparts.
Options Expiry
Options expiry is tomorrow (Thursday). Please review your positions and contact your adviser.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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