US Markets Close Lower....
May 10th, 2010 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,380.43 | -139.89 | -1.3% |
| NASDAQ | 2,265.64 | -54 | -2.3% |
| S P 500 | 1,110.88 | -17.27 | -1.5% |
| FTSE 100 | 5,123.02 | -137.97 | -2.6% |
| Nikkei 225 | 10,364.59 | -331.1 | -3.1% |
| ASX 200 | 4,480.70 | -92.5 | -2.0% |
| COMEX Gold - Dec 09 | 1,213.00 | 15.7 | 1.3% |
| COMEX Silver - Sep 09 | 18.605 | 1.09 | 6.2% |
| COMEX Copper - Sep 09 | 314.2 | 2.5 | 0.8% |
| WTI Spot | 75.38 | -1.42 | -1.8% |
| AUD-USD | 0.8884 | 0.003 | 0.3% |
| Aluminium | 2,065.50 | 14.5 | 0.7% |
| Copper | 6,872.00 | -73 | -1.1% |
| Lead | 1,979.00 | 14 | 0.7% |
| Nickel | 22,170.00 | 500 | 2.3% |
| Tin | 17,555.00 | -95 | -0.5% |
| Zinc | 2,045.00 | -45.5 | -2.2% |
US markets swung violently again on Friday, trading in a 350 point range throughout the session but closing lower by some 140 points on the Dow, taking the index to a 630 point loss for the week. Better than expected jobs data released on Friday night failed to help the market as it continued to sell off on prospect of a Sovereign debt contagion in the EU, and intensifying concerns about what this will do to the credit markets globally.
The good news for the session was that the selling was not across the board.While stocks and Oil continued to slide, some base metals found some support, with Lead and Nickel closing positive while Copper, Zinc, Aluminium and Tin slid slightly, but did close well off their session lows. Gold continued to find strong buying support, finishing slightly higher as safe haven buying kept the precious metal above USD 1200 per Troy Ounce.
The SPI futures closed the week lower by 49 points, but this is unlikely to be an accurate indication of trading on the open this morning, with any move likely dictated by news flow out of the European Union (EU). The EU approved the 110 Billion Euro over the weekend, and is said to be preparing a Euro support fund of up to 600 Billion Euro’s, which would aim to pledge the zones support of the currency and ease contagion concerns more than anything.
News out this morning about the support fund, sparked strong buying in US index futures, the Euro and the Australian dollar alike. Further news out of the meeting throughout the Asian trading session will dictate movement locally, with trading probably subdued until the release of a formal statement with a formal stamp of approval from the EU finance ministers. Fear and uncertainty will dominate the markets until this happens, and once the uncertainty wanes we shall see strong buying across the board on global markets from Currencies to Commodities.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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