Dow Jones Up 121 Points
July 9th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,138.99 | 120.71 | 1.2% |
| NASDAQ | 2,175.40 | 15.93 | 0.7% |
| S P 500 | 1,070.25 | 9.98 | 0.9% |
| FTSE 100 | 5,105.45 | 90.63 | 1.8% |
| Nikkei 225 | 9,535.74 | 256.09 | 2.8% |
| ASX 200 | 4,356.70 | 102.1 | 2.4% |
| COMEX Gold - Dec 09 | 1,196.10 | -2.8 | -0.2% |
| COMEX Silver - Sep 09 | 17.872 | -0.128 | -0.7% |
| COMEX Copper - Sep 09 | 301.55 | 0.05 | 0.0% |
| WTI Spot | 75.44 | 1.37 | 1.8% |
| AUD-USD | 0.8774 | 0.0131 | 1.5% |
| Aluminium | 1,954.50 | 8.5 | 0.4% |
| Copper | 6,545.00 | 22 | 0.3% |
| Lead | 1,756.00 | 1 | 0.1% |
| Nickel | 18,990.00 | 135 | 0.7% |
| Tin | 17,650.00 | 210 | 1.2% |
| Zinc | 1,810.00 | -4 | -0.2% |
The Dow Jones Industrial Average and S&P 500 index continued to build on the prior day's gains after the International Monetary Fund raised its estimates for global growth this year, allaying earlier concerns of a double dip recession. The Dow finished up 121 points or 1.2% to 10,139 rebounding after a turbulent month. Investors were cheered by strong economic data showing a better than expected drop in US weekly jobless claims and firmer retail sales.
The IMF raised its global growth forecasts for 2010 in advanced economies to 2.6%, up from an earlier prediction of 2.3%. It also said it expects the expansion in emerging markets to accelerate to 6.8% this year, up from an earlier 6.3% following a strong first half performance.
The market is hyper sensitive to economic data, if good news comes out market sentiment quickly rebounds and sectors that have been oversold quickly become buying opportunities. The Australian market has traded lower 9 out of the past 12 sessions, however shares on the local bourse did manage to post their best daily gain in more than a month. The Australian market rallied yesterday on thin volume of 942 million shares traded compared with the daily average of 1.06 billion. Nonetheless, our market is poised to open higher this morning following a positive lead from Wall Street.The SPI is currently trading up 42.8 points to 4394. The market could break through 4400 indicating a, bullish, change in short term trend.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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