US Claw Their Way Into Positive Territory
January 11th, 2010 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,618.19 | 11.33 | 0.1% |
| NASDAQ | 2,317.17 | 17.12 | 0.7% |
| S P 500 | 1,144.98 | 3.29 | 0.3% |
| FTSE 100 | 5,534.24 | 7.52 | 0.1% |
| Nikkei 225 | 10,798.32 | 116.66 | 1.1% |
| ASX 200 | 4,793.00 | 35.1 | 0.7% |
| COMEX Gold - Dec 09 | 1,138.90 | 5.2 | 0.5% |
| COMEX Silver - Sep 09 | 18.47 | 0.125 | 0.7% |
| COMEX Copper - Sep 09 | 340.05 | -2.65 | -0.8% |
| WTI Spot | 82.75 | 0.09 | 0.1% |
| AUD-USD | 0.9247 | 0.0071 | 0.8% |
| Aluminium | 2,261.50 | -45.5 | -2.0% |
| Copper | 7,446.00 | -148 | -1.9% |
| Lead | 2,524.00 | -67 | -2.6% |
| Nickel | 18,125.00 | -625 | -3.3% |
| Tin | 17,415.00 | -265 | -1.5% |
| Zinc | 2,529.00 | -105.5 | -4.0% |
US markets clawed their way into positive territory on Friday night, despite some bigger than expected Jobless data raising fears about a US recovery. Investors took comfort in the fact that the weak jobless numbers should keep rates at emergency levels for longer, this saw the Dow close the session up 11 points, while the Tech heavy NASDAQ was 17 points higher and the broader S&P 500 was 3.29 points higher at 1144.98.
Investors are looking ahead towards the US reporting season which gets underway tonight when Alcoa reports. We will also hear results from Intel and JP Morgan later in the week. There are 22 companies in the S&P 500 set to report this week. Friday night also saw the release of the wholesale inventories index, which climbed more than expected in the lead up to Christmas, but investors will have to wait and see how the retail sales data for the Christmas period pans out before reading too much into this.
The big event on the local calendar this week will be Thursdays Jobs data, with economists speculating that any growth may secure another rate rise from the RBA when they meet on the 2nd of Feb. Elsewhere in economic data we have the ANZ job adds to be released today, along with the ABS housing finance data out Tuesday, and ABS lending finance data for November due out on Wednesday.
Although we saw a relatively flat night in the States, the SPI is pointing to gains of some 30 points on the open this morning. Big mining and Energy stocks are likely to get a boost as fund managers continue to position themselves for 2010 ( despite weak metal prices on Friday night). BHP ADR trading in NY finished at $43.95 compared with 43.62 domestically. Base metals were lower across the board by 0.7 and 3%, while Gold managed a gain of USD 5.20 to close the week out at USD 1138.9 a Troy ounce, and Oil up 9c at USD 82.75 per Barrel.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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