Dow Up 30, Miners Drive Gains
November 18th, 2009 by Katy Loi
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10437.42 | 30.46 | 0.3% |
| NASDAQ | 2203.78 | 5.93 | 0.3% |
| S P 500 | 1110.31 | 1.01 | 0.1% |
| FTSE 100 | 5345.93 | -36.74 | -0.7% |
| Nikkei 225 | 9729.93 | -61.25 | -0.6% |
| ASX 200 | 4,729 | -25.7 | -0.5% |
| COMEX Gold - Dec 09 | 1139.4 | 0.2 | 0.0% |
| COMEX Silver - Sep 09 | 18.387 | -0.013 | -0.1% |
| COMEX Copper - Sep 09 | 310.85 | 0.5 | 0.2% |
| WTI Spot | 79.14 | 0.24 | 0.3% |
| AUD-USD | 0.9309 | -0.0066 | -0.7% |
| Aluminium | 1940 | 36.5 | 1.9% |
| Copper | 6700.5 | 200.5 | 3.1% |
| Lead | 2290.5 | 49.5 | 2.2% |
| Nickel | 16460 | 275 | 1.7% |
| Tin | 14880 | 25 | 0.2% |
| Zinc | 2200 | 64 | 3.0% |
Stocks end mixed as gains in commodities lifts material, energy stocks; Dow adds 30. A rebound in the dollar after three down days kept investors appetite for stocks in check. An eight-month weakening of the dollar has been lifting commodities prices and shares of U.S. exporters, which benefit from stronger foreign demand for their goods when the dollar falls. Record-low U.S. interest rates have also driven investors to seek higher returns in stocks and commodities, lifting share prices. Trading volume remained light, signaling a lack of strong conviction behind the markets moves. Gold futures squeezed in some small gains by the close of trading Tuesday, with the front-month contract ending at a record high, supported by a purchase of gold by the central bank of Mauritius and as mixed U.S. economic data failed to give much of a lift to the dollar. European markets were lower. Londons FTSE is down 37 points, Paris fell 34 points and Frankfurt lost 26. Asian markets were mixed: Hong Kongs Hang Seng is down 30 points. Tokyos Nikkei lost 61 and the Shanghai Composite added 8 points. Oil is up 24 cents to US$79.14 a barrel for December light crude in New York
Australian shares are expected to open stronger on the back of oil gains and the report out of the US showing inflation is unlikely to be a problem. On the futures market the SPI200’s up 28 points.
Aussie Dollar is still strong buying 93.11 US cents. Figures out today are the Westpac and the Melbourne Institute Indexes of Economic Activity for September and the ABS releases labor price index for September quarter and international merchandise imports for October.
The Australian index is holding strongly even after a week of gains, potentially looking to consolidate in the next couple of trading sessions before heading up in the lead before Christmas. We are hovering at moving averages, as our last dip is well supported by the uptrend line since March this year. Resource and oil stocks are consistently showing strength; particularly BHP breaking out of its trading range. Over the next week, we could see bank stocks pick up momentum as buyers enter at discounted prices on the retracements they have made over the last month as attention may diverge from resources. Resistance for the XJO could be tested today at around 4790; support at 4743; a break out above 4800 could see it market retest 4850.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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