Dow Bounces 213.88 pts
June 16th, 2010 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,404.77 | 213.88 | 2.1% |
| NASDAQ | 2,305.88 | 61.92 | 2.8% |
| S P 500 | 1,115.23 | 25.6 | 2.3% |
| FTSE 100 | 5,217.82 | 15.69 | 0.3% |
| Nikkei 225 | 9,887.89 | 8.04 | 0.1% |
| ASX 200 | 4,505.00 | -0.5 | -0.0% |
| COMEX Gold - Dec 09 | 1,234.40 | 9.9 | 0.8% |
| COMEX Silver - Sep 09 | 18.555 | 0.144 | 0.8% |
| COMEX Copper - Sep 09 | 300.45 | 1.25 | 0.4% |
| WTI Spot | 76.94 | 1.82 | 2.4% |
| AUD-USD | 0.8655 | 0.0068 | 0.8% |
| Aluminium | 1,945.50 | 13.5 | 0.7% |
| Copper | 6,610.00 | 148 | 2.3% |
| Lead | 1,674.00 | -2 | -0.1% |
| Nickel | 19,730.00 | 430 | 2.2% |
| Tin | 16,925.00 | 80 | 0.5% |
| Zinc | 1,742.50 | 21 | 1.2% |
Overnight the Dow Jones Industrial bounced 213.88 points or 2.01% and the S&P 500 was up 25.6 points or 2.35%.
Stocks surged, with the Standard & Poor’s 500 Index erasing its 2010 loss, and oil rose as growth in New York manufacturing added to signs the global economy is weathering Europe’s debt crisis. Stocks in Europe rebounded from early losses as News Corp.’s offer for British Sky Broadcasting Plc offset concern Greece’s downgrade will worsen the region’s debt crisis.
On the local front the SFE 200 Futures have XJO opening around the 4590 level, a gain of 80-90 points. Gold seems to still have some fight left in it with the commodity closing up $9.90 or 0.81% at 1234.40. In addition to the run on Gold, Oil jumped to its highest prices in more than a month at $76.94 a barrel, up $1.82 or 2.42%. Oil’s bounce was supported by an optimistic outlook for global growth and strong gains by the Euro and equities markets.
The XJO is showing some strength from the recent low and the first major point of resistance is around the 4650 level. In keeping to the same themes of previous Market Foxes, it is still very important to stick to quality blue chip stock selection moving forward. Look for stocks that are reasonably cheap and will benefit from the return of buying momentum in the market.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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