Market Consolidating towards 5000
March 8th, 2010 by Cale McCulloch
Closing Data
| Dow Jones | 10566.2 | % | |
|---|---|---|---|
| NASDAQ | 2326.35 | 34.0% | |
| S P 500 | 1138.69 | 15.7% | |
| FTSE 100 | 5599.76 | 72.6% | |
| Nikkei 225 | 10368.96 | 223.2% | |
| 0.0% | |||
| US Bond 10 Yr | 3.6831 | 0.1% | |
| US Bond 30 Yr | 4.644 | 0.1% | |
| 0.0% | |||
| COMEX Gold - Apr 10 | 1137.5 | 4.4% | |
| COMEX Silver - May 10 | 17.39 | 0.2% | |
| COMEX Copper - May 10 | 341.15 | 3.6% | |
| WTI Spot | 81.72 | 1.2% | |
| 0.0% | |||
| 0.0% | |||
| 0.0% | |||
| 0.0% | |||
| 0.0% | |||
| Aluminium | 2199.75 | 12.0% | |
| Copper | 7514 | 148.0% | |
| Lead | 2207.25 | 60.5% | |
| Nickel | 22320 | 100.0% | |
| Tin | 17328 | 149.0% | |
| Zinc | 2323 | 89.8% | |
| 0.0% |
US stock markets climbed on the back of better than expected jobs data that showed the economy shed some 36,000 jobs in February compared with the market consensus of about 50,000, despite snow storms throughout the month. Adding to the rising optimism was news that Consumer borrowing also increased in February, leading to hopes that consumer spending will follow. At the bell the Dow was 122 points higher, while the broader S&P500 climbed almost 16 points to 1138, not far from the recent highs in early January that saw the index trade about 1% higher than current levels at 1150.
Base metals were stronger across the board, with copper, Lead and Zinc climbing more than 2% while Aluminium, Nickel and Tin all managed modest gains of between 0.5 and 1% for the session. Oil also managed gains of 1.6%, climbing USD 1.18 a barrel to close at 81.73 per barrel, the highest close in almost 2 months. Gold did well, on the back of stronger than expected jobs data, to hold on to the gains posted earlier in the week. Strong demand for the precious metal saw it gain USD 4.40 to 1137.5 a Troy Ounce.
BHP will lead the local resources higher this morning, with ADR trading in NY closing at an AUD equivalent of 43.62 a share, compared with 42.50 locally on Friday. While we also had news out over the weekend that BHP had signed a quarterly agreement with the Japanese steel mills for a 55% rise in the price of Coal, the news will likely boost the Coal miners this morning.
Insurers may weigh on the local market, as speculation mounts as to the size of the claims bill that will follow the storms that are battering the east coast.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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