US Market Holds Ground
July 28th, 2010 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,537.69 | 12.26 | 0.1% |
| NASDAQ | 2,288.25 | -8.18 | -0.4% |
| S P 500 | 1,113.84 | -1.17 | -0.1% |
| FTSE 100 | 5,365.67 | 14.55 | 0.3% |
| Nikkei 225 | 9,496.85 | -6.81 | -0.1% |
| ASX 200 | 4,497.40 | 11.3 | 0.3% |
| COMEX Gold - Dec 09 | 1,158.00 | -25.1 | -2.1% |
| COMEX Silver - Sep 09 | 17.68 | -0.52 | -2.9% |
| COMEX Copper - Sep 09 | 320.65 | -1.65 | -0.5% |
| WTI Spot | 77.5 | -1.48 | -1.9% |
| AUD-USD | 0.9026 | 0.0002 | 0.0% |
| Aluminium | 2,045.00 | 24 | 1.2% |
| Copper | 7,091.50 | 96 | 1.4% |
| Lead | 1,975.00 | 15 | 0.8% |
| Nickel | 20,725.00 | 310 | 1.5% |
| Tin | 19,500.00 | 265 | 1.4% |
| Zinc | 1,907.00 | 23.5 | 1.2% |
Strong earnings from DuPont, up +3.6%, helped drive Dow higher closing the session up 12.26 points or .12% to 10357.69. However the S&P 500 fell slightly, 1.17 points or 0.1% to 1113.84, as a drop in consumer confidence weighed on consumer-sensitive stocks including Home Depot and McDonald's.
The Dow's gain was limited by its consumer-related components, which fell
following data showing U.S. consumer confidence declined again in July. The
consumer-confidence reading hit its lowest level since February and missed expectations slightly. Investors said the report was a painful reminder of the divergence between strong earnings and weak economic data
On the local front today, the Australian market should open the session slightly higher up 10-20 points. With some weakness on the base metals overnight look for the resource sector to have a fairly sluggish day, with potential for some profit taking after a four day rally in the sector. On the other hand the banks should show some further strengthening today as the ADR’s have all the majors pushing higher. Keep an eye on both WBC and ANZ to outperform the other banks, with further short squeeze action today.
Oil closed lower last night, down $1.48 or 1.87% to $77.50. I believe this demonstrates some short term weakness with targets on the upside back around the $85 a barrel mark. Gold also had weakness overnight closing down $25.10 or 2.12% to $1158; we may see further downside on gold with support around the $1140.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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