Dow inches toward 10,000
October 13th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9885.8 | 20.86 | 0.2% |
| NASDAQ | 2139.14 | -0.14 | -0.0% |
| S P 500 | 1076.18 | 4.69 | 0.4% |
| FTSE 100 | 5210.17 | 48.3 | 0.9% |
| Nikkei 225 | 10016.39 | 183.92 | 1.9% |
| ASX 200 | 4,740 | -13 | -0.3% |
| COMEX Gold - Dec 09 | 1057.5 | 8.9 | 0.8% |
| COMEX Silver - Sep 09 | 17.82 | 0.13 | 0.7% |
| COMEX Copper - Sep 09 | 285.7 | 1.9 | 0.7% |
| WTI Spot | 73.27 | 1.5 | 2.1% |
| AUD-USD | 0.9072 | 0.0031 | 0.3% |
| Aluminium | 1915 | 49 | 2.6% |
| Copper | 6236 | -29.5 | -0.5% |
| Lead | 2263 | 13 | 0.6% |
| Nickel | 18810 | -150 | -0.8% |
| Tin | 15175 | 75 | 0.5% |
| Zinc | 2061 | 16.5 | 0.8% |
The Dow inched closer to the 10,000 level, despite a choppy session on Wall Street. The Dow gained 20 points, or 0.2% after rising as high as 9931.82. The Dow moving closer to 10,000 is a key psychological level that could trigger a more aggressive wave of buying or a big selloff. Despite repeated calls for a big 10% to 15% selloff, the market hasn't given up more than 5% without buyers rushing back in. the market is likely to continue to avoid a big selloff, as many people remain under invested, with plenty of cash on the sidelines and no better place to put in than in stocks.
Australian stocks are set to open higher on Tuesday, with miners likely to climb as a weaker U.S. dollar boosts metals prices, and with banks tipped to rise on optimism the bad debt cycle will be much tamer than they provisioned for.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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