Global rally lifts markets
March 5th, 2009 by Bryden Elssmann
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 6875.84 | 149.82 | 2.2% |
| NASDAQ | 1353.74 | 32.73 | 2.5% |
| S P 500 | 712.87 | 16.54 | 2.4% |
| FTSE 100 | 3645.87 | 133.78 | 3.8% |
| Nikkei 225 | 7290.96 | 61.24 | 0.8% |
| SPI Futures | 3200 | 38 | 1.2% |
| All Ords | 3,126.00 | -45.5 | -1.4% |
| Oil | 45.28 | 3.71 | 8.9% |
| Gold | 906.7 | -6.9 | -0.8% |
| Silver | 12.9 | 0.205 | 1.6% |
| Aluminium | 1285.5 | 15 | 1.2% |
| Copper | 3480 | 150 | 4.5% |
| Lead | 1042 | 18 | 1.8% |
| Nickel | 9675 | 70 | 0.7% |
| Tin | 10810 | -240 | -2.2% |
| Zinc | 1105 | 26.5 | 2.5% |
Wall Street broke a 5-day losing streak with the Dow Jones Industrials rising 149.82 points or 2.23% to 6875.84, on hopes for more stimulus spending from China. Traders bet Beijing will step up its attempts to stimulate the economy. Construction machinery maker Caterpillar rose 13%, while aluminium processor Alcoa also rose 13%.
The Australian market looks set to open 72 points higher this morning based on the SPI. Look for strength across the board, with particularly heavy buying in the big miners and financials. Gold stocks may come under pressure this morning, particularly Lihir Gold which completed a placement at $3 per share, a 10% discount to the last traded price. No stocks go ex dividend today, but keep an eye out for the ASIC decision on short selling that is due later today. It is widely expected that the short selling ban on Financials will be extended.
GOLD declined on profit-taking as rising equities calmed some of the market anxiety that has helped gold as a safe-haven buy. The metal held above $US890-$US895 support amid the pause in the metal's safe-haven rally. The Australian dollar was stronger just below US65 cents in early trading today, buoyed by hopes for China and soaring oil and copper prices.
Keep an eye on your email today for our take on Australian Banks and your dividends.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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