Market Upbeat As Bulls Head To 11,000
April 9th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,927.07 | 29.55 | 0.3% |
| NASDAQ | 2,436.81 | 5.65 | 0.2% |
| S P 500 | 1,186.43 | 3.99 | 0.3% |
| FTSE 100 | 5,712.70 | -49.36 | -0.9% |
| Nikkei 225 | 11,168.20 | -124.63 | -1.1% |
| ASX 200 | 4,937.90 | -23 | -0.5% |
| COMEX Gold - Dec 09 | 1,153.00 | 0 | 0.0% |
| COMEX Silver - Sep 09 | 18.12 | -0.079 | -0.4% |
| COMEX Copper - Sep 09 | 358.1 | -1.65 | -0.5% |
| WTI Spot | 85.61 | 0.03 | 0.0% |
| AUD-USD | 0.9285 | 0.0017 | 0.2% |
| Aluminium | 2,324.00 | -3.5 | -0.2% |
| Copper | 7,908.00 | -42.5 | -0.5% |
| Lead | 2,262.50 | 34.5 | 1.5% |
| Nickel | 24,560.00 | 10 | 0.0% |
| Tin | 18,475.00 | 125 | 0.7% |
| Zinc | 2,390.00 | 2.5 | 0.1% |
The US market snapped up 30 points on the Dow, to close at 10,927 points after retailers delivered their best sales numbers in a decade, reinvigorating confidence in the recovery. THE S&P retail index hit a 52 week high after the nation’s major chain stores delivered some of their best sales results in a decade. Same store sales jumped to 9.3 percent in March, the highest on record, beating market estimates of 6.3 percent.
The Dow has been trading near the 11,000 target for the last few weeks, raising some questions as to when it will actually surpass the benchmark. This may come as early as next week as first-quarter earnings are released, potentially setting in motion a move through 11,000. Oil prices fell for a second session settling below $US85 a barrel while gold prices remained flat trading near $US1,151 an ounce.
US coal major Peabody Energy the company wanting to buy Macarthur Coal has asked the Australian Takeovers Panel to step in and prevent MCC from holding a shareholders’ meeting to vote on the acquisition of Gloucester Coal until shareholders are fully aware of Peabody’s revised proposal. Peabody Energy have sweetened its $13 a share offer for Macarthur to $14 conditional upon the Gloucester takeover not going ahead.
The Australian market is likely to open higher with the SPI futures trading up 27 points to resistance at 4970.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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