Strenthening the recovery
April 14th, 2010 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 11,019.42 | 13.45 | 0.1% |
| NASDAQ | 2,465.99 | 8.12 | 0.3% |
| S P 500 | 1,197.30 | 0.82 | 0.1% |
| FTSE 100 | 5,761.66 | -15.99 | -0.3% |
| Nikkei 225 | 11,161.23 | -90.67 | -0.8% |
| ASX 200 | 4,951.60 | -32.7 | -0.7% |
| COMEX Gold - Dec 09 | 1,147.80 | -14.4 | -1.2% |
| COMEX Silver - Sep 09 | 18.09 | -0.324 | -1.8% |
| COMEX Copper - Sep 09 | 360 | 3.55 | 1.0% |
| WTI Spot | 83.73 | -0.53 | -0.6% |
| AUD-USD | 0.9293 | 0.0015 | 0.2% |
| Aluminium | 2,369.00 | -12 | -0.5% |
| Copper | 7,845.00 | -70 | -0.9% |
| Lead | 2,305.50 | -9.5 | -0.4% |
| Nickel | 25,570.00 | -10 | -0.0% |
| Tin | 18,725.00 | 30 | 0.2% |
| Zinc | 2,367.50 | -13 | -0.5% |
U.S. stocks rose, halting a global drop, as earnings optimism boosted technology, industrial and consumer shares. The Dow Jones Industrial Average rose 13.45 points, or 0.12%, to 11019.42, its highest close since Sept. 26, 2008.
In news after the market close, Intel Corp. reported its first-quarter profit nearly
quadrupled, pushing the chip maker to the best first quarter in its history thanks to strong demand for its new line of chips and a return of business spending on technology.
Even though data overnight was slightly worse than expected, a brighter picture may prevail by the end of the week when key data is released, further strengthening the recovery in the U.S economy.
China's shares ended at an almost three-month high Tuesday, led by gains in banks after data showed new Yuan loans in March were lower than expected because Beijing tightened credit conditions, easing concerns about further monetary tightening.
On the local front, the Australian market seems to have hit some resistance around 5000, after rallying 475 point or 10.54% in the last 2 months. From this standpoint we may see the market trade sideways at this level for quite a while until such point that the bulls find the strength to work through 5000. Look for the market to try and find some support today and start building an assault for 5000 by the end of the week.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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