Financial Shares Rally In The US
January 8th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,606.86 | 33.18 | 0.3% |
| NASDAQ | 2,300.05 | -1.04 | -0.0% |
| S P 500 | 1,141.68 | 4.54 | 0.4% |
| FTSE 100 | 5,526.72 | -3.32 | -0.1% |
| Nikkei 225 | 10,681.66 | -49.79 | -0.5% |
| ASX 200 | 4,928.20 | 28.8 | 0.6% |
| COMEX Gold - Dec 09 | 1,133.60 | -2.9 | -0.3% |
| COMEX Silver - Sep 09 | 18.35 | 0.175 | 1.0% |
| COMEX Copper - Sep 09 | 342.6 | -6.85 | -2.0% |
| WTI Spot | 82.92 | -0.26 | -0.3% |
| AUD-USD | 0.9176 | -0.0026 | -0.3% |
| Aluminium | 2,303.00 | 56 | 2.5% |
| Copper | 7,587.50 | 151.5 | 2.0% |
| Lead | 2,582.00 | 142 | 5.8% |
| Nickel | 18,955.00 | 340 | 1.8% |
| Tin | 17,500.00 | 95 | 0.5% |
| Zinc | 2,618.00 | 91.5 | 3.6% |
On Wall Street, a rally in financial shares and signs of improvement in the retail sector gave the blue chips a boost, but the broader market was sluggish ahead of Fridays Government jobs report. Wall Street reached a new 15-month highs as analyst notes fuelled a rally in General Electric, Bank of America and across the financial sector. An analyst downgrade sent Alcoa lower.
The Dow Jones Industrial Average rose 33.18 points, or 0.31%, to 10606.86, its highest close since Oct. 1, 2008. GE was the measure's best performer, up 80 cents, or 5.2%, to $16.25, after Morgan Stanley wrote a positive note on commercial real estate which has been a key trouble spot for the conglomerate's GE Capital business. JPMorgan raised their price target on the stock and listed it as a top pick in the electrical equipment and multi-industry sector. Bank of America climbed 54 cents, or 3.3%, to 16.93. Credit Suisse upgraded its investment rating on the stock, calling it the "cheapest" among large-cap banks. The move was seen as a sign Wall Street's opinions on the big banks are improving, helping lift the financial sector along with the Morgan Stanley note on commercial real estate.
According to CNN Money the US Government is expected to report that employers cut 35,000 from their payrolls following the axing of 11,000 the month before. CNN Money also reports that December retail sales rose 2.9%.
The Australian share market has received mixed leads from overseas markets with lower oil, copper and gold prices likely to pressure resource stocks today while financials should trade higher.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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