Pressure From Both Sides Of The Atlantic
April 19th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 11,018.66 | -125.91 | -1.1% |
| NASDAQ | 2,481.26 | -34.43 | -1.4% |
| S P 500 | 1,192.13 | -19.54 | -1.6% |
| FTSE 100 | 5,743.96 | -81.05 | -1.4% |
| Nikkei 225 | 11,102.18 | -171.61 | -1.5% |
| ASX 200 | 4,987.70 | -17.2 | -0.3% |
| COMEX Gold - Dec 09 | 1,137.00 | -23.3 | -2.0% |
| COMEX Silver - Sep 09 | 17.755 | -0.678 | -3.7% |
| COMEX Copper - Sep 09 | 351.4 | -8.65 | -2.4% |
| WTI Spot | 84.42 | -2.09 | -2.4% |
| AUD-USD | 0.9248 | -0.0098 | -1.0% |
| Aluminium | 2,447.50 | 23.5 | 1.0% |
| Copper | 7,905.50 | 30.5 | 0.4% |
| Lead | 2,368.00 | 78 | 3.4% |
| Nickel | 27,600.00 | 910 | 3.4% |
| Tin | 19,135.00 | 380 | 2.0% |
| Zinc | 2,488.50 | 94.5 | 3.9% |
Stocks on Wall Street posted their biggest loss since February on Friday after the SEC charged Goldman Sachs with securities fraud for its handling of subprime-mortgage products. The Dow ended the session -125.91 points, or 1.13% after being down as much as 170 points earlier to close at 11,018.66 points. The CBOE volatility index, widely considered the best gauge of fear in the market, surged, topping 18, though it was up near 20 earlier in trade. Despite Fridays fall the Dow still managed to finish higher for the week, marking the seventh straight week of gains.
Goldman Sachs
Shares in the investment firm dropped $US23.57 or 13% to close at $160.70 after the SEC charged the company with securities fraud. It was the stock’s biggest dollar drop ever. More than 101 million Goldman shares changed hands, more than 10 times the 10-day average volume of 8.6 million. Regulators allege that Goldman, which had been the golden child of Wall Street while other firms around it tarnished during the financial crisis, failed to disclose conflicts of interest in subprime mortgage securities it sold to investors, who ultimately lost more than $US1 billion.
The Australian share market is expected to open weaker today after Wall Street plunged following accusations that Goldman Sachs defrauded its investors. The news added to concerns on the world markets about the effects the volcanic explosion in Iceland, which has closed Euro zone airspace and could threaten the region's fragile economic recovery. Gold and Oil didn’t manage to evade the selloff, Gold was down $US23.3 an ounce or 2% to $US1137 while crude $US2 a barrel or 2.42% to $US84.42. While the Aussie dollar was slightly weaker down 1% to 92.48cents.
Currently the SPI is down 48 points trading on support at 4950 points.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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