A cautious time ahead...
July 22nd, 2009 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 8915.94 | 67.79 | 0.8% |
| NASDAQ | 1916.2 | 6.91 | 0.4% |
| S P 500 | 954.58 | 3.45 | 0.4% |
| FTSE 100 | 4481.17 | 37.55 | 0.8% |
| Nikkei 225 | 9652.02 | 256.7 | 2.7% |
| ASX 200 | 4,051 | 0.4 | 0.0% |
| COMEX Gold - Aug 09 | 946.9 | -1.9 | -0.2% |
| COMEX Silver - Jul 09 | 13.478 | -0.147 | -1.1% |
| COMEX Copper - Jul 09 | 245.1 | -1.8 | -0.7% |
| WTI Spot | 64.81 | 0.88 | 1.4% |
| AUD-USD | 0.8184 | 0.0022 | 0.3% |
| Aluminium | 1693 | -20.5 | -1.2% |
| Copper | 5345 | -55 | -1.0% |
| Lead | 1674.5 | -24.5 | -1.4% |
| Nickel | 15780 | -595 | -3.6% |
| Tin | 14200 | 445 | 3.2% |
| Zinc | 1618 | -25 | -1.5% |
The Dow Jones Industrial Average rose 67.79 points, or 0.8%, to 8915.94, its highest close since Jan. 6. Trades on Wall Street extended their winning streak for another day, with more good corporate results overshadowing Federal Reserve chairman Ben Bernanke's cautious outlook for the economy. Giving testimony before a US Congressional panel, Mr Bernanke said that growing joblessness, slumping home values and tight credit were likely to curb consumer spending, which is a major driver of US economic growth and corporate profits.
Australian stocks may gain on Wednesday following strong performances from overseas markets, though caution over the upcoming earnings reporting season may temper any rise.
Miners and energy companies may follow the offshore lead higher as copper hit a nine-month high, and oil prices touched a two-week high. Miner BHP Billiton (BHP) will report fourth quarter production figures, while top supermarket chain Woolworths Ltd (WOW) will report fourth quarter sales. The retailer has forecast high single digit sales growth for the 2008/09 financial year, which is in line with current market conditions.
As we come closer to options expiry, take the time to contact your broker to have a chat about your open positions. The market has put on 350 points in the last couple of weeks and many positions will be in the money.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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