US Stock Markets Slip On Friday....
July 5th, 2010 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9,686.48 | -46.05 | -0.5% |
| NASDAQ | 2,091.79 | -9.57 | -0.5% |
| S P 500 | 1,022.58 | -4.79 | -0.5% |
| FTSE 100 | 4,838.09 | 32.34 | 0.7% |
| Nikkei 225 | 9,203.71 | 12.11 | 0.1% |
| ASX 200 | 4,238.70 | 1.2 | 0.0% |
| COMEX Gold - Dec 09 | 1,207.70 | 1 | 0.1% |
| COMEX Silver - Sep 09 | 17.719 | -0.071 | -0.4% |
| COMEX Copper - Sep 09 | 291.6 | 3.9 | 1.4% |
| WTI Spot | 72.14 | -0.81 | -1.1% |
| AUD-USD | 0.8418 | -0.0018 | -0.2% |
| Aluminium | 1,933.00 | 5 | 0.3% |
| Copper | 6,430.50 | 76.5 | 1.2% |
| Lead | 1,736.00 | 43.5 | 2.6% |
| Nickel | 19,115.00 | -35 | -0.2% |
| Tin | 17,300.00 | -200 | -1.1% |
| Zinc | 1,770.00 | 43.5 | 2.5% |
US stock markets slipped on Friday night following some disappointing reports on US jobs and factory orders which were released early in the session. At the close the Dow was lower by 0.47%. The broader S&P 500 and tech heavy NASDAQ fell by about the same amounts for the session.
The governments jobs report showed that while the jobless rate fell, it was still at the extremely high level of 9.5%. Non-farm pay rolls fell by 125,000 last month, as the private sector only added 83,000 jobs. Elsewhere in data, the US factory orders showed their biggest decline in 14 months. Despite the weakness in data, the market regained much of the earlier losses ( much the same as it did on Thursday night). As the data continues to weaken the market may be feeling confident it has priced in a big enough slow down in the economic growth story in the short term, and could be preparing for a modest bounce over the next week or so.
Also an encouraging sign for the session was the reluctance of the base metals to slip on the continued concerns about the slowdown in growth. Nickel was the weak spot for the metals, falling by about 1% while Copper, Lead, Zinc, Aluminium and Tin all managed gains of between 0.55% and 2.5% for the session. The relative strength in metals will lend support to the Australian market heavyweights like BHP and RIO, and should bring some continued strength after Fridays rally on the back of the Taxation changes announced by PM Julia Gillard. BHP ADR trading in NY closed the session at an AUD equivalent of 37.25 a share compared with the local close of 37.09 on Friday.
Oil slipped a little over 1%. Gold steadied after posting some steep losses in Thursday night’s session as markets became more concerned with deflation than inflation and the metal lost some of its lustre as a traditional hedge against inflation. The SPI futures have us opening lower by some 30 points this morning, but support should flow through mining stocks to the rest of the market.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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