Quarterly results push market higher
October 12th, 2009 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9864.94 | 78.07 | 0.8% |
| NASDAQ | 2139.28 | 15.35 | 0.7% |
| S P 500 | 1071.49 | 6.01 | 0.6% |
| FTSE 100 | 5161.87 | 7.23 | 0.1% |
| Nikkei 225 | 10016.39 | 183.92 | 1.9% |
| ASX 200 | 4,753 | -15.7 | -0.3% |
| COMEX Gold - Dec 09 | 1048.6 | -7.7 | -0.7% |
| COMEX Silver - Sep 09 | 17.69 | -0.125 | -0.7% |
| COMEX Copper - Sep 09 | 283.8 | -6.05 | -2.1% |
| WTI Spot | 71.77 | 0.08 | 0.1% |
| AUD-USD | 0.9039 | -0.0021 | -0.2% |
| Aluminium | 1866 | 8.5 | 0.5% |
| Copper | 6265.5 | 24 | 0.4% |
| Lead | 2250 | 29 | 1.3% |
| Nickel | 18960 | -215 | -1.1% |
| Tin | 15100 | -205 | -1.3% |
| Zinc | 2044.5 | 66.5 | 3.4% |
Data showing that the US trade deficit narrowed drove stock markets on Friday night to their highest close in 12 months. The data showing that demand for American goods increased, was probably distorted by the weakness in the US dollar which has made the goods dramatically cheaper than international competitors.
Quarterly results from the likes of Chevron were solid, but it was the 2nd and 3rd tier retailers that posted some better than expected results, showing that consumers were coming back into the market slowly. Retail sales due to be released in the States later this week will likely show a fall for the previous month as the cash for clunkers stimulus program comes to an end. However, retail sales excluding Automobiles is forecast to rise some 0.2% for the period.
All eyes will be on the 3rd quarter results of the big four US Banks this week, as they are all set to report earnings. Tonight will be a lighter trading session due to the Columbus Day holiday, the stock markets are open but bond markets remain closed.
Base Metals all traded lower overnight, ending off by between 0.1 and 3.9% across the board. While Gold gave back just USD 7.70 an ounce of the weeks gains to close just shy of 1050 a troy ounce. Oil held its ground to close the session up 0.07c at USD 71.77 per barrel.
The SPI futures have us opening 34 points higher this morning, but trading may lack direction throughout the session.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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