Wall Street finishes the session lower
November 25th, 2009 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10433.71 | -17.24 | -0.2% |
| NASDAQ | 2169.18 | -6.83 | -0.3% |
| S P 500 | 1105.65 | -0.59 | -0.1% |
| FTSE 100 | 5323.96 | -31.54 | -0.6% |
| Nikkei 225 | 9401.58 | -96.1 | -1.0% |
| ASX 200 | 4,685 | -32 | -0.7% |
| COMEX Gold - Dec 09 | 1166.6 | 1.9 | 0.2% |
| COMEX Silver - Sep 09 | 18.46 | -0.15 | -0.8% |
| COMEX Copper - Sep 09 | 311.25 | -2.3 | -0.7% |
| WTI Spot | 75.86 | -0.7 | -0.9% |
| AUD-USD | 0.9195 | -0.0045 | -0.5% |
| Aluminium | 1995 | -27 | -1.3% |
| Copper | 6865 | -80.5 | -1.2% |
| Lead | 2358 | -17.5 | -0.7% |
| Nickel | 16610 | -245 | -1.5% |
| Tin | 14960 | -115 | -0.8% |
| Zinc | 2221 | -37.5 | -1.7% |
US markets pulled back from a 13 month closing high after the US government revised downwards the 3Q growth estimates. The market did manage to claw back most of the early losses towards the close, with the Dow lower by just 17 points. The sell off began in Asia yesterday as concerns about a Loyds Bank capital raising weighed heavily on Banking shares, It continued in the Euro-zone early yesterday evening. News that the FDIC now has 553 lenders on the troubled list didn’t help the market recover, creating unease in the Banking sector as a whole.
Helping to pull the market higher in the last hour was the minutes from the last Fed meeting which showed the Fed does believe that a recovery is firmly underway, and revised growth in 2010 higher.
Base Metals all fell overnight, giving back between 0.5 and 3.3% which dragged on the larger mining stocks. Weakness in Oil, falling by some 2% also weighed on the likes of Exxon and Chevron and should continue to weigh on the big “Oilers” domestically this morning. Gold managed to gain slightly, closing the session USD 4.25 higher at USD 1170.25 a Troy ounce.
The SPI has us opening down by 8 points, but although there was significant weakness in commodities overnight, much of this is likely priced in after the steep falls late yesterday in Asia. As such any major moves on the local market should be later and on the back of any guidance from other Asian markets.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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