US Stock Tumbled....
April 28th, 2010 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,991.99 | -213.04 | -1.9% |
| NASDAQ | 2,471.47 | -51.48 | -2.0% |
| S P 500 | 1,183.71 | -28.34 | -2.3% |
| FTSE 100 | 5,603.52 | -150.33 | -2.6% |
| Nikkei 225 | 11,212.66 | 46.87 | 0.4% |
| ASX 200 | 4,880.00 | -1.5 | -0.0% |
| COMEX Gold - Dec 09 | 1,162.20 | 8.2 | 0.7% |
| COMEX Silver - Sep 09 | 18.119 | -0.218 | -1.2% |
| COMEX Copper - Sep 09 | 336.35 | -16.45 | -4.7% |
| WTI Spot | 81.78 | -2.42 | -2.9% |
| AUD-USD | 0.9153 | -0.0115 | -1.2% |
| Aluminium | 2,293.50 | 28 | 1.2% |
| Copper | 7,760.00 | 100 | 1.3% |
| Lead | 2,310.50 | 57 | 2.5% |
| Nickel | 27,325.00 | 525 | 2.0% |
| Tin | 19,050.00 | 95 | 0.5% |
| Zinc | 2,402.00 | 46.5 | 2.0% |
U.S. stocks tumbled in their biggest one-day drop in nearly three months, with Caterpillar, Alcoa and DuPont among the decliners after Standard & Poor's cut its credit ratings on Greece to junk.
The Dow Jones Industrial Average plummeted 213.04 points, or 1.9%, to 10991.99, below the key 11000 level in its biggest one-day slide since Feb. 4.
Ratings agency Standard & Poor's downgraded Greece's government debt to junk status and sliced Portugal by two levels, rekindling worries about the woes of indebted European nations. Investors are becoming increasingly fearful even with promises of a European Union-International Monetary Fund deal to bail out Greece.
On the local front the Australian market will have an overall sell off today, with the XJO looking to open down 90-100 points on the open. Today’s shake out will see the XJO come back to a major support level of 4800, it will be interesting to see if the market can find its feet at this level. If not, the next support level would see the market come back 4700. Looking at the market over the last 2.5 months we have seen a rise of approximately 10.5%. Taking that on board, you would think that there would be some consolidation ahead. We believe that this is healthy for the market and should be seen as a buying opportunity. Take the opportunity to pick up BHP, RIO,WPL and NCM at a good discount today.
Australian consumer inflation data is due at 0130 GMT with expectations of a rise of 0.8 percent on previous quarter for an annual rate of 2.8 percent. This outcome would normally cause the market to have a bounce, however this will be over shadowed by the heavy sell off overnight.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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