Ready, Steady, Rally....
May 28th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,258.99 | 284.54 | 2.9% |
| NASDAQ | 2,277.68 | 81.8 | 3.7% |
| S P 500 | 1,103.06 | 35.11 | 3.3% |
| FTSE 100 | 5,195.17 | 157.09 | 3.1% |
| Nikkei 225 | 9,639.72 | 117.06 | 1.2% |
| ASX 200 | 4,379.20 | 72 | 1.7% |
| COMEX Gold - Dec 09 | 1,211.90 | -1.5 | -0.1% |
| COMEX Silver - Sep 09 | 18.468 | 0.162 | 0.9% |
| COMEX Copper - Sep 09 | 315.9 | 7.85 | 2.5% |
| WTI Spot | 74.55 | 3.04 | 4.3% |
| AUD-USD | 0.8515 | 0.0296 | 3.6% |
| Aluminium | 2,010.50 | 30 | 1.5% |
| Copper | 6,836.00 | 151 | 2.3% |
| Lead | 1,760.00 | 36 | 2.1% |
| Nickel | 21,460.00 | 315 | 1.5% |
| Tin | 17,710.00 | 360 | 2.1% |
| Zinc | 1,881.50 | 51 | 2.8% |
US stocks surged with major indices’ gaining about 3%, after Chinese officials dismissed reports that they’re reviewing their nation’s investment in European bonds amid concerns about the continent’s debt problems.
The Dow added 285 points, or 2.9% and finished at 10,259. The S&P 500 rose 35 points, or 3.3% while the Nasdaq increased 82 points or 3.7%. The focus then shifted to more positive US economic news. The government revised its’ reading on first-quarter GDP to an annual growth rate of 3%, that’s below its initial estimate of 3.2%. The rate showed that consumer spending has doubled since the final quarter of last year. (Watch Westfield)
And the Labour Department said first time jobless claims fell last week to 460,000 compared to 474,000 the week before. Economists were actually expecting claims to fall even lower.
The Aussie market is expected to open higher, following a positive finish on Wall Street and Europe, coupled with a rise in oil and firmer commodity prices. The SPI futures are indicating a strong open with a solid rise up 66 points to 4447 points. The resource sector is expected to push the market higher, BHP, RIO & FMG should all be trading higher based on strong ADR’s. The Aussie dollar is also fuelling a rally trading above 85 us cents. Given the markets high degree of volatility, today may prove to be a great day to write calls locking in premium for June.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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