Boeing helps market takeoff
August 28th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9580.63 | 37.11 | 0.4% |
| NASDAQ | 2027.73 | 3.3 | 0.2% |
| S P 500 | 1030.98 | 2.86 | 0.3% |
| FTSE 100 | 4869.35 | -21.23 | -0.4% |
| Nikkei 225 | 10473.97 | -165.74 | -1.6% |
| ASX 200 | 4450.8 | 3.7 | 0.0% |
| COMEX Gold - Dec 09 | 947.3 | 1.5 | 0.2% |
| COMEX Silver - Sep 09 | 14.22 | -0.035 | -0.2% |
| COMEX Copper - Sep 09 | 284.85 | -0.85 | -0.3% |
| WTI Spot | 72.49 | 1.06 | 1.5% |
| AUD-USD | 0.8392 | 0.0108 | 1.3% |
| Aluminium | 1833 | -23.5 | -1.3% |
| Copper | 6261 | -44 | -0.7% |
| Lead | 2020.5 | -56.5 | -2.7% |
| Nickel | 19390 | -110 | -0.6% |
| Tin | 14250 | 25 | 0.2% |
| Zinc | 1818 | -7 | -0.4% |
Wall Street
Closing higher for the eighth straight session, the Dow tacked on 37.11 points, or 0.39 per cent, to 9580.63. The S&P 500 closed up 2.86 points, or 0.28 per cent, to 1030.98, including a gain of 0.8 per cent for industrials and 1 per cent for financials. The Nasdaq Composite rose 3.3 points, or 0.16 per cent, to 2027.73.
The gains on Wall Street were paced by Boeing, up $US4, or 8.4 percent, to $US51.82. The airplane maker’s gains came as the firm said its 787 Dreamliner airplane is now expected to make its first flight by the end of the year.
Analysts are cautioning that the financial sector, which has gained in the past week from a rush of short-covering, may be due for a pullback. While banks have stabilised they still have to account for bad securities on their books.
Australian Market
The Australian share market is likely to open relatively steady as Wall Street edged higher overnight and crude oil prices rose, but hesitancy over the outlook for metals demand could keep heavyweight miners subdued.
Westfield Group (WDC)
A key sign the economy is recovering is how well the local shopping mall is going. Wesfield Group booked a stronger-than-expected first-half operating earnings yesterday. WDC posted a first half net loss A$708.0 million, reversing a net profit of A$1.29 billion a year earlier. However, shares in Westfield strengthened after it said it isn't planning any equity raisings to refinance debt or fund acquisitions, and pointed to signs of improvement in retail conditions. It also said it will cut its distribution payout ratio from next August to retain about A$500 million a year for future developments.
Options positions expired last night, please call your adviser to reposition your portfolio for the next month.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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