Dow Jones Down 112.61pts....
June 2nd, 2010 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,024.02 | -112.61 | -1.1% |
| NASDAQ | 2,222.33 | -34.71 | -1.5% |
| S P 500 | 1,070.71 | -18.7 | -1.7% |
| FTSE 100 | 5,163.30 | -25.13 | -0.5% |
| Nikkei 225 | 9,711.83 | -56.87 | -0.6% |
| ASX 200 | 4,413.10 | -16.6 | -0.4% |
| COMEX Gold - Dec 09 | 1,226.90 | 11.9 | 1.0% |
| COMEX Silver - Sep 09 | 18.551 | 0.129 | 0.7% |
| COMEX Copper - Sep 09 | 306.3 | -4.15 | -1.3% |
| WTI Spot | 72.58 | -1.39 | -1.9% |
| AUD-USD | 0.8306 | -0.0158 | -1.9% |
| Aluminium | 1,953.00 | -84.00 | -4.1% |
| Copper | 6,715.00 | -211.00 | -3.1% |
| Lead | 1,751.00 | -70.00 | -3.8% |
| Nickel | 20,505.00 | -1,050.00 | -4.9% |
| Tin | 17,430.00 | -675.00 | -3.7% |
| Zinc | 1,821.00 | -74.50 | -3.9% |
The Standard & Poor’s 500 Index slid 1.7 percent to 1,070.71 in New York and the Dow Jones Industrial Average slumped 112.61 points to 10,024.02 after last week completing a 7.9 percent monthly tumble, its worst May since 1940.
Stocks and oil dropped, while the dollar and Treasuries rose, as a report that Lebanon fired on Israeli warplanes spurred concern tensions in the Middle East are escalating. Energy companies led declines in equities after BP Plc failed to halt the biggest oil spill in U.S. history.
Most European shares fell, as continuing re-pricing of risk appears to be the order of the day, with markets across asset classes moving from oversold to rally mode and back again. Investor appetite for European bank bonds may also be curbed by the ECB’s forecast that lenders will have to write off $237 billion of bad debts by 2011.
On the local front the Australian market will open the session down between 40-50 points following a weak session in base metals. With further uncertainty in the market outlook, gold had a strong bounce closing the session up $11.9 to $1226 an ounce. Keep on the gold plays today (NCM, LGL) for some strength. The continuing sell off in OIL saw the commodity close down $1.39 to $72.58 a barrel, trying to hold above the major support level of $70.
Keep in mind, the major support level we want the market to hold above is the 4200 (on XJO). We see the market range bound from 4200 -4600 over the next month. For those clients that wish to talk about protecting their portfolio make sure to contact your broker to discuss options.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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