US Stocks Rose
December 11th, 2009 by Katy Loi
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10405.83 | 68.78 | 0.7% |
| NASDAQ | 2190.86 | 7.13 | 0.3% |
| S P 500 | 1102.35 | 6.4 | 0.6% |
| FTSE 100 | 5244.37 | 40.48 | 0.8% |
| Nikkei 225 | 9862.82 | -141.9 | -1.4% |
| ASX 200 | 4,607 | -31.2 | -0.7% |
| COMEX Gold - Dec 09 | 1126.2 | 5.3 | 0.5% |
| COMEX Silver - Sep 09 | 17.188 | 0.008 | 0.0% |
| COMEX Copper - Sep 09 | 310.3 | -2.05 | -0.7% |
| WTI Spot | 71.1 | 0.43 | 0.6% |
| AUD-USD | 0.9172 | 0.0084 | 0.9% |
| Aluminium | 2127.5 | -6.5 | -0.3% |
| Copper | 6935 | -25.5 | -0.4% |
| Lead | 2275 | 19 | 0.8% |
| Nickel | 16160 | 350 | 2.2% |
| Tin | 15175 | 215 | 1.4% |
| Zinc | 2304 | 12.5 | 0.5% |
US Stocks rose on signs central banks are confident enough in the strength of the economic recovery to remove stimulus measures. The Commerce Department said that the nations trade gap narrowed to $32.9 billion in October from $35.7 billion in September thanks to a jump in exports. The result was better than expected. The Treasury Department reported a $120.3 billion deficit for the month of November, but the result was far below the $176 billion recorded for October and about $5 billion less than November last year.
The Standard & Poors 500 Index climbed 0.6 percent to 1,102.35 at 4 p.m. in New York, and Europe’s Dow Jones Stoxx 600 Index added 1 percent. U.S. gold ended higher on investor dip-buying. Institutional investors and exchange-traded funds have added positions on the dips after bullion retreated from record highs last week. Analysts say gold equities look undervalued given current gold price and historical NPV multiples they have traded on with their preference being LGL over NCM.
The Australian market is expected to open higher this morning but falls in resources stocks on lower metals and oil prices may limit gains. Looking at the futures market the SPI200’s up 34 points. Gains may also be limited as investors take profits before the end of the year from the index's 47 percent rise from early March. Data to watch out for tonight in the US is Retail sales Month on Month for November (Consensus 0.06%, previous 1.4%). Our index seems to be trying to break 4650 over the last few days and momentum is building to break this level. The last two days have shown a reversal pattern and the market could finally break away from 4600 support and retest 4800. Analysts see it as a buy up to 5000 before the end of the year and support back down at 4800.
In company news, Leighton Holdings shares gained 0.11% yesterday to $36.06. The company has promoted long serving executive Bill Wild to the role of deputy chief executive prompting speculation about succession planning for the top job, a position held for 20 years by Wal King.
CSL shares closed 1.15% lower at $30.15. The pharmaceuticals and blood plasma giant said yesterday at an investor briefing, that it plans to develop a product to treat coronary heart disease. CSL plans to spend $350 million in research and development in 2010. CSL reported a 2009 net profit of $1.146 billion.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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