World Markets Scale Higher; Greece in Rearview

123jump.com Staff
09 Apr, 2010
New York City

U.S. stocks rebound in yet another sign on economic recovery and European markets closed higher after regulators struggle to finalize Greek bailout details. Dow Jones Industrial Average crossed 11,000 in intra-day trading for the first time since September 2008.

[R]5:15 PM New York – U.S. stocks rebound in yet another sign on economic recovery and European markets closed higher after regulators struggle to finalize Greek bailout details. Dow Jones Industrial Average crossed 11,000 in intra-day trading for the first time since September 2008.[/R]

U.S. stocks closed higher after wholesale inventories data suggested improving economic outlook. Massey Energy said it will increase coal production at other mines but will not be able to replace all the output from the mine stuck with a disaster. Dow Jones Industrial Average crossed 11,000 for the first time in eighteen months.

The dollar edged higher after the rating agency Fitch lowered Greek debt rating. The convenience retail chain Casey’s General Stores Inc receives a takeover proposal.

Casey’s General Stores, Inc soared 23% after its board rejected all cash offer that valued the company at $1.9 billion. Blyth Inc surged as much as 45% after the candle maker estimated higher annual earnings. Atlas Energy jumped 17% after it formed joint venture with India based Reliance Industries.

European market averages gained more than 1% as politician and regulators decide final details of Greek bailout plan. Greek bonds yield declined from the peak reached yesterday but nervous investors are demanding nature of loan terms.

The private estimate of UK gross domestic product showed an expansion of 0.4%. Producer prices increased 0.9% in March and core index gained 0.7% from the previous month. Stocks closed higher in anticipation of final details of Greek bailout.

Stocks in Japan closed higher for the week. Positive outlook on the global economy and rising U.S. retail sales contributed to the sentiment. Fast Retailing and Seven & I Holdings Co raised their annual earnings estimates. For the week the benchmark index Nikkei 225 Stock Average declined 0.7%, first weekly decline in more than two months.

Stocks in Mumbai trading rebounded. Reliance Industries Ltd discovered additional gas reserves at four locations and after the close reported an agreement to take a stake in Atlas Energy based in the U.S. Shree Ganesh Jewellery House Ltd plunged 37% from the initial public offering price.

Stocks in Australia closed higher as commodities prices trade at elevated levels in international markets. Macarthur Coal Limited led gainers in the S&P ASX 200 index with a rise of 10.2% after it received takeover offer from New Hope Corp Ltd. Gindalbie Metals signs $1.2 billion loan facility for Karara project.

North American Markets

Dow Jones Industrial Average increased 70.28 or 0.6% to close at 10,997.35, S&P 500 Index edged higher 7.93 or 0.7% to 1,194.37 and Nasdaq Composite Index added 17.24 or 0.7% to close at 2,454.05. Toronto TSX Composite Index increased 63.31 or 0.5% to 12,176.84.

Latin American Markets Indexes

Mexico Bolsa Index increased 273.50 or 0.8% to 33,840.85 and Brazil Bovespa Stock Index declined 367.51 or 0.5% to 71,417.27.

Europe Markets Review

In London FTSE 100 Index closed higher 51.94 or 0.91% to 5,764.64, in Paris CAC 40 Index increased 65.80 or 1.65% to close at 4,044.26, in Frankfurt DAX index higher 74.43 or 1.21% to close at 6,246.26. In Zurich trading SMI increased 89.92 or 1.32% to close at 6,880.93.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 36.14 or 0.32% to 11,204.34, and Hang Seng index in Hong Kong increased 341.46 or 1.56% to 22,208.50, and CSI 300 index in China higher 32.43 or 0.97% to 3,379.17. ASX 200 index in Australia increased 10.20 or 0.21% to 4,948.10 and the FTSE Bursa KL Composite index in Malaysia was higher 1.05 or 0.08% to 1,333.98.

The Kospi Index in South Korea decreased 9.31 or 0.54% to close at 1,724.47. SET index in Thailand closed higher 5.73 or 0.73% to 789.66. JSE Index in Indonesia decreased 5.82 or 0.20% to 2,845.01. The Sensex index in India increased 218.74 or 1.23% to 17,933.14.

Commodities, Metals, and Currencies

Crude oil decreased $0.41 to $84.98 a barrel for a front month contract, natural gas edged up 17 cents to $4.08 per mBtu and gasoline decreased 0.75 cents to 229.08 cents.

Soybean future closed up 5.75 cent to $9.52 a bushel. Wheat futures decreased 3.25 cents in Chicago trading to $4.79 a bushel. Sugar closed up 0.44 cents at 16.76 cents per pound.

Gold increased $8.90 in New York trading to close at $1,161.80 per ounce, silver closed up $0.28 to $18.41 per ounce and copper for the front month delivery increased 0.45 cents to $3.59 per pound.

Dollar edged lower against euro to $1.3498 and decreased against the Japanese yen to 93.17.

Yield on 10-year U.S. bonds closed lower at 3.88% and with 30-year maturities closed lower at 4.74%.