US Markets end week on a softer note
October 26th, 2009 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9972.18 | -109.13 | -1.1% |
| NASDAQ | 2154.47 | -10.82 | -0.5% |
| S P 500 | 1079.6 | -13.31 | -1.2% |
| FTSE 100 | 5242.57 | 35.21 | 0.7% |
| Nikkei 225 | 10282.99 | 15.82 | 0.2% |
| ASX 200 | 4,859 | 46.6 | 1.0% |
| COMEX Gold - Dec 09 | 1056.4 | -2.2 | -0.2% |
| COMEX Silver - Sep 09 | 17.723 | 0.178 | 1.0% |
| COMEX Copper - Sep 09 | 303.45 | 3.65 | 1.2% |
| WTI Spot | 80.59 | -0.6 | -0.7% |
| AUD-USD | 0.9223 | -0.0048 | -0.5% |
| Aluminium | 1948.5 | -0.5 | -0.0% |
| Copper | 6640 | 74.5 | 1.1% |
| Lead | 2405.5 | -5 | -0.2% |
| Nickel | 19495 | 40 | 0.2% |
| Tin | 15350 | 530 | 3.6% |
| Zinc | 2269 | 29 | 1.3% |
US markets ended the week on a softer note, with the Dow closing the session lower by 109 points, while the NASDAQ held up a little stronger to close down by just 0.5%. Existing home sales jumped 9.4% in the past month to their highest level in 2 years which brought buying back into the USD, and subsequently caused a selloff in the broader equity market. Comments from some of the big transport names highlighted that the companies are yet to see the pickup in economic activity that everyone is talking about, reigniting fears that the rally in equity markets may have gotten a bit ahead of itself. After the bell the FDIC announced the seizure of its 103rd Bank, and said that the cost associated with Banks is starting to rise.
Domestically this week, all eyes will be on the inflation data due out on Wednesday, with producer Prices data due out today looking set to rise on the back of higher Oil and commodity prices. Markets will also be looking at results due out from some of the Big banks, with the NAB, ANZ and Macquarie releasing results late this week, and Westpac due out next week. The market will be looking for clues as to the continued performance of the banks, as it attempts to validate the market rally of the past 6 months or so.
Base Metals were mixed on Friday night, while Oil and Gold both closed lower. The Big miners look set to drag the market down, with BHP trading at the AUD equivalent of $39.63 in New York, compared to $40.20 locally. Gold miners may also come under pressure, although the price of the precious metal held up, the strength in the US dollar may cause a flight away from the traditional hedge used against the USD in Asian trading.
The SPI has us opening down 28 points, but with the weakness in mining stocks it may be more like 40-50 points on the open.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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