Oil tracks market
April 24th, 2009 by Bryden Elssmann
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 7957.06 | 70.49 | 0.9% |
| NASDAQ | 1652.21 | 6.09 | 0.4% |
| S P 500 | 851.92 | 8.37 | 1.0% |
| FTSE 100 | 4018.23 | -12.43 | -0.3% |
| Nikkei 225 | 8847.01 | 119.71 | 1.4% |
| SPI Futures | 3737 | -10 | -0.3% |
| All Ords | 3,696.00 | 68.5 | 1.9% |
| Oil | 48.46 | 1.05 | 2.2% |
| Gold | 906.6 | 14.1 | 1.6% |
| Silver | 12.755 | 0.45 | 3.7% |
| Aluminium | 1426.5 | 16.5 | 1.2% |
| Copper | 4541 | 94 | 2.1% |
| Lead | 1461.5 | 18.5 | 1.3% |
| Nickel | 11410 | 25 | 0.2% |
| Tin | 12770 | 270 | 2.2% |
| Zinc | 1422 | 1.5 | 0.1% |
US stocks rose in volatile trade on Thursday as better-than-expected results from several regional banks lifted financial shares, overshadowing disappointing economic data. The Dow rose 70.49 points, or 0.9 per cent, to end at 7957.06. Blue chips powered higher. Bank of America jumped 6.8 per cent and JPMorgan Chase added 4.1 per cent. Citigroup didn't take part in the rise, ending with a 1.5 per cent decline. After a slide on Monday of more than 280 points and a slight rebound on Tuesday, stocks had not moved far in the past two sessions. Earnings reports had largely pointed to companies trying to push through the current economic malaise, while remaining optimistic that a recovery may be in store later in the year.
OIL
Oil has risen for a third day straight, up 1.6% to $US49.62 a barrel. Oil has remained well below last year’s highs as stockpiles continue to climb and consumers use less fuel. Demand in the US has fallen 6.5% from a year ago. However, oil is starting to track alongside equity markets with OPEC announcing plans to cut production. OPEC next meets May 28. Stocks to consider include WPL.
GOLD
Gold gained $US14.10 to $US906.60 an ounce. The $US900 to $US902 is seen as resistance since gold peaked around there in mid-April before backing off. Renewed concerns surrounding the health of the US financial sector have helped revive the safe-haven appeal of gold.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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