Wall Street Gains, Dow Jones Reaches Highest Level In 1.5 Years
March 30th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,895.86 | 45.5 | 0.4% |
| NASDAQ | 2,404.36 | 9.23 | 0.4% |
| S P 500 | 1,173.22 | 6.63 | 0.6% |
| FTSE 100 | 5,710.66 | 7.64 | 0.1% |
| Nikkei 225 | 10,986.47 | -9.9 | -0.1% |
| ASX 200 | 4,911.60 | 14.3 | 0.3% |
| COMEX Gold - Dec 09 | 1,112.00 | 6.6 | 0.6% |
| COMEX Silver - Sep 09 | 17.38 | 0.474 | 2.8% |
| COMEX Copper - Sep 09 | 353.4 | 13.1 | 3.8% |
| WTI Spot | 82.46 | 2.32 | 2.9% |
| AUD-USD | 0.9177 | 0.0122 | 1.3% |
| Aluminium | 2,200.00 | 24 | 1.1% |
| Copper | 7,490.50 | 143.5 | 2.0% |
| Lead | 2,090.00 | 64.5 | 3.2% |
| Nickel | 23,650.00 | 975 | 4.3% |
| Tin | 17,630.00 | 130 | 0.7% |
| Zinc | 2,240.00 | 25 | 1.1% |
Positive leads from overseas may push our market higher this morning, as resource stocks are likely to get a lift from higher oil and metals prices.
Wall Street gained, the Dow Jones rising to its highest level in a year and half, after a report showing an increase in consumer spending added to growing optimism for the strength of the US economic recovery.
The Dow Jones Industrial Average rose 46 points to 10,896 on Monday. The S&P500 Index added 7 at 1,173 and the NASDAQ is 9 points higher at 2,404.
Falklands…
A possible oil and gas well offshore from the Falkland Islands has boosted BHP’s optimism of encountering similar results with its own drilling program in the region. According to The Age newspaper UK based Desire Petroleum says it may have encountered oil and gas at its Liz permit after confirming the presence of hydrocarbons. This boosts the regions prosperity and in turn provides BHP with some early encouragement for its endeavours in the area. In other news BHP has restarted operations at its 60,000 tonne a year Kwinana refinery in WA after shutting down due to problems finding hydrogen gas on March 18. BHP earned $7.2 billion in fiscal 09.
Gold shines in the East
Gold has risen on expectations that Chinese demand could double in the next 10 years according to the industry group The World Gold Council. Demand for gold in China reached 423 metric tons last year however domestic mines only contributed 314 metric tons. This shortfall has created a flow on effect as China’s gold industry is relying heavily on imports. The expectation of growing demand and China’s shortfall is likely to support the gold price in the long term. Most analysts expect gold to remain within a tight range between $1,080 and $1,140 an ounce for the time being. Gold rose $6.10 to US$1,110.30 an ounce for the May contract.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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