Better than expected US jobs data keeps the direction positive
September 6th, 2010 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,447.93 | 127.83 | 1.2% |
| NASDAQ | 2,233.75 | 33.74 | 1.5% |
| S P 500 | 1,104.51 | 14.41 | 1.3% |
| FTSE 100 | 5,428.15 | 57.11 | 1.1% |
| Nikkei 225 | 9,114.13 | 51.29 | 0.6% |
| ASX 200 | 4,541.20 | 8.5 | 0.2% |
| COMEX Gold - Dec 09 | 1251.1 | -2.3 | -0.2% |
| COMEX Silver - Sep 09 | 19.949 | 0.277 | 1.4% |
| COMEX Copper - Sep 09 | 350 | 0.45 | 0.1% |
| WTI Spot | 74.6 | -0.42 | -0.6% |
| AUD-USD | 0.9148 | -0.0007 | -0.1% |
| Aluminium | 2,128.50 | 23.5 | 1.1% |
| Copper | 7,631.50 | 6 | 0.1% |
| Lead | 2,137.00 | 7 | 0.3% |
| Nickel | 21,875.00 | 420 | 2.0% |
| Tin | 21,450.00 | -100 | -0.5% |
| Zinc | 2,132.50 | -15.5 | -0.7% |
US markets rallied strongly on the back of the better than expected Jobs data that had been so anxiously awaited. The data showed a loss of 54,000 jobs for the month compared with the 128,000 that the market had expected. The Supply management Index (ISM) fell to 51.5 from 54.3 previously. Although it has slowed, a reading above 50 indicates growth. At the close the Dow was higher by some 127 points, the S&P500 up by 14 points to the key 1105 level, while the tech heavy NASDAQ was higher by 33 points.
Base metals were mixed for the session, with Copper, Lead and Aluminum trading higher by between 0.1 and 0.6%, while Zinc, Nickel, and Tin all fell by 0.2 to 1%. Oil swung violently throughout the session trading in a 2 dollar range, but by the close was tracking down by about 40c per barrel on the back of a downgrade of Hurricane Irwin. Gold traded fairly flat, holding on to recent gains and closing lower by about USD 2 at 1251 a Troy ounce.
The SPI futures have us opening higher by 50 points this morning, but trading will be guided by larger Asian markets and US futures trading ahead of a public holiday in the US tonight. BHP, LEI and AMP will trade Ex-dividend this morning. Markets should be back into full swing on Tuesday, with many people speculating we may see some money come off the side lines throughout the remainder of the week. The strength of the AUD will help guide the international funds into the Australian market as part of the carry trade.
Markets may trade up to about 4600 today in what should be some fairly subdued trading ahead of the Labor Day holiday in the US.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
Disclaimer
The material in “Market Fox” (newsletter) is of a general nature only and neither purports nor is intended to be regarded as advice. No consideration has been given or will be given to your investment objectives, financial situation or needs. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk. Not all risks can be or will be explained in the newsletter. Previous results are no indication of future results. Actual results achieved in the market can vary considerably. The Directors and Representatives of Freeman Fox Ltd and their associates may hold securities in the companies presented.
The research made available in this newsletter is for your private use only and it is protected by applicable copyright laws and other applicable intellectual property right laws. You may not reproduce, distribute, disseminate, broadcast, sell, publish, circulate or give for free, any of the materials made available to you in this newsletter without first seeking the prior written consent of Freeman Fox Ltd.
Freeman Fox Ltd is not required to update any of the content made available in this newsletter, including but not limited to any research commentary, forecasts, recommendations or other analysis in this newsletter. Therefore, for the avoidance of any doubt, material made available in this newsletter may not be accurate after the date of publication or the date on which it is displayed in the newsletter.
To the extent permitted by law, Freeman Fox Ltd and their respective directors, officers, employees, contractors and agents disclaim all responsibility to you for any loss, liability, claim, expense (including but not limited to legal costs and resultant defence or settlement costs) or damage whatsoever, whether direct, consequential, special, incidental, punitive or indirect (including but not limited to loss of profits, trading losses and damages that result from delay, loss or inconvenience) arising out of or in connection with the content of the newsletter and/or any omissions from the content whether in contract, tort (including negligence), statute or otherwise and even if Freeman Fox Ltd has been advised of the possibility of such damage or loss.
If you require assistance in relation to your personal investment situation, contact an authorised representative of Freeman Fox Ltd.