Dow Jones Closes Up 123.49pts
June 9th, 2010 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9,939.98 | 123.49 | 1.3% |
| NASDAQ | 2,170.57 | -3.33 | -0.2% |
| S P 500 | 1,062.00 | 11.53 | 1.1% |
| FTSE 100 | 5,028.15 | -40.91 | -0.8% |
| Nikkei 225 | 9,537.94 | 17.14 | 0.2% |
| ASX 200 | 4,381.20 | 55.3 | 1.3% |
| COMEX Gold - Dec 09 | 1,245.60 | 4.8 | 0.4% |
| COMEX Silver - Sep 09 | 18.477 | 0.315 | 1.7% |
| COMEX Copper - Sep 09 | 277.95 | 1.35 | 0.5% |
| WTI Spot | 71.98 | 0.54 | 0.8% |
| AUD-USD | 0.8279 | 0.0173 | 2.1% |
| Aluminium | 1,828.50 | -87 | -4.5% |
| Copper | 6,157.00 | -293 | -4.5% |
| Lead | 1,558.50 | -62.5 | -3.9% |
| Nickel | 18,050.00 | -250 | -1.4% |
| Tin | 16,150.00 | -1095 | -6.3% |
| Zinc | 1,595.00 | -70.5 | -4.2% |
The Dow Jones industrial average closed up 123.49 points or 1.26% to 9939.98 on Tuesday, while the broader-based Standard & Poor's 500 index ended up 11.53 points or 1.10% at 1062.
Wall Street ended the session higher with a late rally, to reverse a two-day decline. Equity markets had a choppy rebound although Federal Reserve Chairman Ben Bernanke set the tone for the day by saying Tuesday that he didn't expect the economy to have a "double dip" recession. Investors remained concerned about Europe's sovereign-debt issues. Fitch Ratings cautioned that the U.K.'s fiscal challenge is "formidable" and warrants a faster pace of deficit reduction than was outlined in the April 2010 budget issued by the previous Labour government. The continued worries about the European economy kept the gains in check.
With strength in the base metals across the board over night, the XJO should open the session in the green with potential upside of around 40-50 points. Gold hitting near all times highs last night, closing around $1245 an ounce, should see NCM and LGL hold their ground and potentially add to yesterday’s gains. The Australian market seems to be holding ground and investors are finding value in quality Blue Chip stocks. Following on from the same theme of Yesterday’s Market Fox, it is reasonable to say that value in the major’s (BHP,NCM RIO,WPL) have hit some significance levels and those investors sitting on the side lines should start to look to accumulate positions back into their portfolios. This doesn’t mean you need to be fully invested, as the market will still be volatile for months to come but the importance of being in the market is imperative.
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