A positive end to a positive week!
March 16th, 2009 by Cale McCulloch
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 7223.98 | 53.92 | 0.8% |
| NASDAQ | 1431.5 | 5.4 | 0.4% |
| S P 500 | 756.55 | 5.81 | 0.8% |
| FTSE 100 | 3753.68 | 41.62 | 1.1% |
| Nikkei 225 | 7569.28 | 371.03 | 5.2% |
| SPI Futures | 3344 | 7 | 0.2% |
| All Ords | 3,295.00 | 104.2 | 3.3% |
| Oil | 46.22 | -0.69 | -1.5% |
| Gold | 930.1 | 6.1 | 0.7% |
| Silver | 13.23 | 0.272 | 2.1% |
| Aluminium | 1335 | 32 | 2.5% |
| Copper | 3671 | 177 | 5.1% |
| Lead | 1266.5 | 36 | 2.9% |
| Nickel | 9535 | -5 | -0.1% |
| Tin | 10800 | -200 | -1.8% |
| Zinc | 1216.5 | 29 | 2.4% |
A positive end to a positive week on global markets with Wall St managing to hold on to four straight sessions of gains. The Dow closed 54 points higher after dipping in and out of positive territory earlier in the session, these gains took the index 9% higher for the week. Although there was little economic data released, investors took heart in statements from GM, Citigroup and Bank of America to the affect that they will not need additional government funds at this stage. GM soared some 25% for the session.
The only piece of economic data out Friday night in the US was the March consumer sentiment, which showed that consumer sentiment unexpectedly rose in March. This may help sustain the return of confidence to domestic consumer discretionary stock such as David Jones (DJS), Harvey Norman (HVN) and JB Hi-Fi (JBH), all of which have outperformed the index recently.
Base metals closed broadly higher, only slightly however, with Zinc the only metal closing lower. This may provide some support for local miners that will be trying to hold onto the large gains posted on Friday. Gold also rose USD 6 an ounce while Oil slipped 1.5% prior to the OPEC announcement that they would maintain output at current levels. Keep an eye on both Gold and Gold producers in the near term for a clue as to the actual confidence of investors in equities around the globe. As we have said before it is a safe haven trade, and as confidence returns we should see funds flow out of the precious metal, the fact that this has not happened yet says that there was probably a lot of short covering in recent rallies. When confidence returns for the long run, and fresh Long positions are opened, the market will rally dramatically more than last week, and Gold prices will fall sharply.
The SPI has our market opening some 25 points higher, but bear in mind we did close up over 100 points on Friday.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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