U.S. Stocks, Dollar and Commodities Gain

123jump.com Staff
21 Dec, 2009
New York City

U.S. stocks edged higher after the benchmark indexes in Europe gained. Most Asian markets closed lower. Nickel edged up higher after Russia added 5% export duty. The dollar advanced against the euro and the pound.

[R]9:35 AM New York – U.S. stocks edged higher after the benchmark indexes in Europe gained. Most Asian markets closed lower. Nickel edged up higher after Russia added 5% export duty. The dollar advanced against the euro and the pound.[/R]

U.S. stocks opened higher tracking the gains in the European markets. The benchmark index in Japan inched higher but markets in China, India, Australia and other Asian nations declined.

Commodities edged higher in New York and London after Russia imposed 5% tariff on nickel exports. The European Commission lifted its outlook for the European economic expansion to 0.7% in 2010 and 1.5% in the year after. Separately, Confederation of British Industries revised its economic view for the UK economy to an expansion of 1.2% from the previous estimate of 0.9%.

The dollar edged higher against the euro and the pound in the early trading in New York and in Frankfurt and London. One euro fetched $1.433 and one pound traded at $1.61.

Earnings Review

ConAgra Foods, Inc., the packaged food maker reported second quarter sales fell 2.4% to $3.17 billion from $3.25 billion a year ago. Net income in the quarter rose 42.6% to $239.7 million or 54 cents per diluted share compared to net income of $168.1 million or 37 cents per share a year ago.

Walgreen Co., the drugstore operator reported first quarter sales rose 9.4% to $16.36 billion from $14.95 billion a year ago. Net income in the quarter rose 20% to $489 million or 49 cents per diluted share compared to net income of $408 million or 41 cents per share a year ago.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 41.42 or 0.41% to 10,183.47, and Hang Seng index in Hong Kong decreased 227.78 or 1.08% to 20,948.10, and CSI 300 index in China higher 4.89 or 0.14% to 3,396.62. ASX 200 index in Australia decreased 15.40 or 0.33% to 4,635.10. The FTSE Bursa KL Composite index in Malaysia was lower 11.31 or 0.89% to 1,255.66.

The Kospi Index in South Korea decreased 2.81 or 0.17% to close at 1,644.23. SET index in Thailand closed lower 0.51 or 0.07% to 715.17. JSE Index in Indonesia decreased 78.19 or 3.12% to 2,431.39. The Sensex index in India decreased 118.63 or 0.71% to 16,601.20.

Europe Markets Review

In London FTSE 100 Index traded higher 41.28 or 0.79% to 5,238.09, in Paris CAC 40 Index increased 19.55 or 0.52% to 3,813.99 and in Frankfurt DAX index traded higher 34.13 or 0.59% to 5,86534. In Zurich trading SMI increased 10.42 or 0.16% to 6,474.74.