US Markets Slide Lower
January 25th, 2010 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,172.98 | -216.9 | -2.1% |
| NASDAQ | 2,205.29 | -60.41 | -2.7% |
| S P 500 | 1,091.76 | -24.72 | -2.2% |
| FTSE 100 | 5,302.99 | -32.11 | -0.6% |
| Nikkei 225 | 10,590.55 | -277.86 | -2.6% |
| ASX 200 | 4,725.70 | -24.9 | -0.5% |
| COMEX Gold - Dec 09 | 1,092.00 | -11.2 | -1.0% |
| COMEX Silver - Sep 09 | 16.935 | -0.575 | -3.3% |
| COMEX Copper - Sep 09 | 334.7 | 5.2 | 1.6% |
| WTI Spot | 74.24 | -1.62 | -2.1% |
| AUD-USD | 0.9008 | 0.001 | 0.1% |
| Aluminium | 2,189.50 | -40 | -1.8% |
| Copper | 7,240.00 | -107 | -1.5% |
| Lead | 2,227.00 | -46 | -2.0% |
| Nickel | 18,455.00 | -350 | -1.9% |
| Tin | 17,725.00 | -185 | -1.0% |
| Zinc | 2,324.00 | -125 | -5.1% |
US markets slid lower throughout the trading session on Friday, to finish the session down 216 points, making last week the markets biggest weekly slide since Feb last year. Leading the markets lower was a wave of concerns from around the globe, beginning with concerns about monetary tightening in China to prevent the development of asset bubbles. Interesting to note that what has really shaken the market here is concerns that the moves may be to prevent an existing asset bubble from popping, opposed to the more likely aim of preventing the development of such bubbles, a good move all in all.
Add to this the concerns over President Obama’s plan to regulate and restrict risk taking by the banking sector. What affect this will have on the bottom line for the Banks which, although responsible for dragging the markets to their lows last march, also led the way out in the 9 months that followed? Lastly, Friday night saw a continued sell off on speculation that Federal Reserve Chairman Ben Bernanke will not be re-appointed at the helm of the Reserve.
Commodity stocks were sold down heavily throughout the session. Oil and Gold continued to fall, ending lower by USD 1.62 per barrel and $11.20 an ounce respectively. Base metals were mixed, with Copper and Tin managing some slight gains, while Lead, Zinc, Aluminium and Nickle all fell by between 0.5 and 3.5%.
The big miners are likely to lead the domestic market lower this morning, with BHP trading in NY closing at the AUD equivalent of 40.65 compared with 41.70 locally on Friday afternoon. The SPI futures have us opening some 89 points lower this morning, but thin trade ahead of the Australia Day holiday tomorrow will create some volatility, with any direction coming from trading in both Asia and the US futures market this afternoon.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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