Triple digit rally pushes Dow above 10,000 pts
October 23rd, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10081.31 | 131.95 | 1.3% |
| NASDAQ | 2165.29 | 14.56 | 0.7% |
| S P 500 | 1092.91 | 11.51 | 1.1% |
| FTSE 100 | 5207.36 | -50.49 | -1.0% |
| Nikkei 225 | 10267.17 | -66.22 | -0.6% |
| ASX 200 | 4,813 | -25.9 | -0.5% |
| COMEX Gold - Dec 09 | 1058.6 | -5.9 | -0.6% |
| COMEX Silver - Sep 09 | 17.545 | -0.28 | -1.6% |
| COMEX Copper - Sep 09 | 299.8 | -3.8 | -1.3% |
| WTI Spot | 81.19 | -0.18 | -0.2% |
| AUD-USD | 0.9272 | -0.0019 | -0.2% |
| Aluminium | 1949 | 88.5 | 4.8% |
| Copper | 6565.5 | 219.5 | 3.5% |
| Lead | 2410.5 | 164.5 | 7.3% |
| Nickel | 19455 | 630 | 3.3% |
| Tin | 14820 | 70 | 0.5% |
| Zinc | 2240 | 125.5 | 5.9% |
U.S. stocks advanced for the first time in three days as better-than-estimated earnings at companies from Travelers Cos. to McDonald’s Corp. boosted speculation that the worst recession since the 1930s is over.
Travelers jumped 7.7 percent and McDonald’s climbed 2 percent to help lead the Dow Jones Industrial Average higher, while New York Times Co. and PNC Financial Services Group Inc. also rallied on better-than-estimated results. American Express Co. climbed 3.8 percent to a one-year high after Moody’s Investors Service said credit-card defaults declined.
The Dow closed up 131.95 points, or 1.33 per cent, to 10081.31, reflecting its first gain in three sessions and a late rally that pushed the Dow back over the psychologically significant 10,000 level.
Australian stocks are likely to rise this morning, with banking and insurance stocks boosted by a strong close in the financial sector on Wall Street after solid earnings and outlooks from some companies. Among domestic events today, conglomerate Wesfarmers (WES ) will hold an investor briefing, ports operator Asciano Group (AIO) will hold its shareholders meeting and Woodside Petroleum Ltd (WPL) gives its third quarter report.
Company News
BHP Billiton (BHP) shares fell yesterday, down 0.43% to $39.66. The world’s largest mining company, said demand for minerals is on the verge of “unprecedented growth” as China and India drive consumption. BHP Chairman Don Argus said that to support Asia’s increased demand for natural resources, the miner needs to increase its resource production. BHP yesterday reported a record first-quarter production of iron ore as steel companies resume output at mills in China, Europe and the US on signs of global economic recovery. BHP’s most recent net profit result was nearly US$6 billion.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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