US Benchmark Indexes Fall Overnight
June 23rd, 2010 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,293.52 | -148.89 | -1.4% |
| NASDAQ | 2,261.80 | -27.29 | -1.2% |
| S P 500 | 1,095.31 | -17.89 | -1.6% |
| FTSE 100 | 5,246.98 | -52.13 | -1.0% |
| Nikkei 225 | 10,112.89 | -125.12 | -1.2% |
| ASX 200 | 4,558.30 | -54.3 | -1.2% |
| COMEX Gold - Dec 09 | 1,240.90 | 0.2 | 0.0% |
| COMEX Silver - Sep 09 | 18.902 | 0.094 | 0.5% |
| COMEX Copper - Sep 09 | 300.9 | 4.95 | 1.7% |
| WTI Spot | 77.21 | -0.61 | -0.8% |
| AUD-USD | 0.8716 | -0.005 | -0.6% |
| Aluminium | 1,931.00 | -19.5 | -1.0% |
| Copper | 6,315.50 | -165 | -2.5% |
| Lead | 1,706.50 | -8.5 | -0.5% |
| Nickel | 19,305.00 | -380 | -1.9% |
| Tin | 17,450.00 | 150 | 0.9% |
| Zinc | 1,703.50 | -24 | -1.4% |
The Dow Jones Industrial average fell 148.89 points or 1.43% to 10293.52, while the S& P 500 fell 17.89 points or 1.61% to 1095.31.
U.S. benchmark indexes fell the most in almost three weeks amid concern the housing market may struggle to recover in the absence of government incentives. Losses accelerated as the S&P 500 retreated below levels monitored by investors who base trading decisions on technical chart patterns. The pullback in stocks came before leaders of the Group of 20 industrialized nations meet June 26 to consider ways to reduce deficits.
The market seems to be trying to figure out if the world is going back down into a double dip or if the economic expansion can be sustained.
On the local front the SFE 200 futures have the market opening down around 45 points or 1% back to the 4500 level. A soft session over night on commodities will see the major miners (BHP,RIO, FMG) all down between 1%-2% today. The banks will also notice a sell off today with ADR’s showing plenty of weakness.
Gold seems to be holding ground around the $1240 an ounce and with further uncertainty of the state of the global economy we may even see a run back to all time highs in the coming weeks. Keep an eye on the gold plays like NCM and LGL for further strength. Oil had some slight weakness overnight selling down $0.61 or .78% to $77.21, however still holding its new found support of $77.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
Disclaimer
The material in “Market Fox” (newsletter) is of a general nature only and neither purports nor is intended to be regarded as advice. No consideration has been given or will be given to your investment objectives, financial situation or needs. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk. Not all risks can be or will be explained in the newsletter. Previous results are no indication of future results. Actual results achieved in the market can vary considerably. The Directors and Representatives of Freeman Fox Ltd and their associates may hold securities in the companies presented.
The research made available in this newsletter is for your private use only and it is protected by applicable copyright laws and other applicable intellectual property right laws. You may not reproduce, distribute, disseminate, broadcast, sell, publish, circulate or give for free, any of the materials made available to you in this newsletter without first seeking the prior written consent of Freeman Fox Ltd.
Freeman Fox Ltd is not required to update any of the content made available in this newsletter, including but not limited to any research commentary, forecasts, recommendations or other analysis in this newsletter. Therefore, for the avoidance of any doubt, material made available in this newsletter may not be accurate after the date of publication or the date on which it is displayed in the newsletter.
To the extent permitted by law, Freeman Fox Ltd and their respective directors, officers, employees, contractors and agents disclaim all responsibility to you for any loss, liability, claim, expense (including but not limited to legal costs and resultant defence or settlement costs) or damage whatsoever, whether direct, consequential, special, incidental, punitive or indirect (including but not limited to loss of profits, trading losses and damages that result from delay, loss or inconvenience) arising out of or in connection with the content of the newsletter and/or any omissions from the content whether in contract, tort (including negligence), statute or otherwise and even if Freeman Fox Ltd has been advised of the possibility of such damage or loss.
If you require assistance in relation to your personal investment situation, contact an authorised representative of Freeman Fox Ltd.