Stocks, Gold, Oil Rise; Jobless Claims Fall

Mayank Mehta
08 Oct, 2009
New York City

Stocks in New York traded higher after Alcoa reported higher than expected earnings. Banks traded higher ahead of earnings next week from JP Morgan and Goldman Sachs next week. Oil, natural gas, copper and silver traded up. Gold reached $1,055.

[R]11:40 AM New York – Stocks in New York traded higher after Alcoa reported higher than expected earnings. Banks traded higher ahead of earnings next week from JP Morgan and Goldman Sachs next week. Oil, natural gas, copper and silver traded up. Gold reached $1,055.[/R]

Stocks in New York trading maintained their positive bias after Alcoa reported its first quarterly earnings in a year. The market expectations for the latest quarterly earnings are high as Intel, General Electric, Goldman Sachs and JP Morgan are expected to release earnings next week among others.

Seasonally adjusted initial jobless claims decreased 33,000 to 521,000 from the revised 554,000 a week ago. The preliminary insured unemployment rate at the end of the week was 4.5%.

In Europe central bankers left the key lending rates unchanged. The Bank of England left its rate at 0.5% and the European Central Bank at 1%. Australia this week increased its benchmark rate by 0.25%.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 32.87 or 0.34% to 9,832.47, Hang Seng index in Hong Kong increased 251.31 or 1.18% to 21,492.90, ASX 200 index in Australia increased 72.90 or 1.55% to 4,768.60. The FTSE Bursa KL Composite index in Malaysia was higher 11.48 or 0.94% to 1,230.09. Markets in China were closed today.

The Kospi Index in South Korea increased 17.46 or 1.09% to close at 1,615.46 SET Index in Thailand closed higher 2.11 or 0.28% to 744.03. JSE Index in Indonesia decreased 28.89 or 1.15% to 2,484.52. The Sensex index in India increased 36.88 or 0.22% to 16,843.54.

Europe Markets Review

In London FTSE 100 Index traded higher 31.43 or 0.62% to 5,140.33, in Paris CAC 40 Index increased 43.88 or 1.17% to 3,800.29 and in Frankfurt DAX index traded higher 65.63 or 1.16% to 5,706.38. In Zurich trading SMI increased 30.77 or 0.49% to 6,290.92.

ASX 200 Index Movers

Sundance Resources Limited led the decliners in the ASX 200 index of 6.6% followed by losses in ConnectEast Group of 4.3%, in Elders Limited of 4.3%, in Medusa Mining Limited of 4.3% and in Viterra Inc of 3.6%.

Virgin Blue Holdings Limited gainers in the ASX 200 index with a rise of 8.5% followed by gains in Nexus Energy Limited of 8.3%, in Seek Limited of 8.1% and in Ansell Limited of 6.9%.

Nikkei 200 Average Movers

Resona Holdings, Inc.led the decliners in the Nikkei 225 index of 5.4% followed by losses in Tosoh Corporation of 3.8%, in Teijin Limited of 3.7%, in Marui Group Co., Ltd of 3.2% and in Unitika Ltd of 2.6%.

Kawasaki Kisen Kaisha, Ltd led gainers in the Nikkei 225 index with a rise of 7.3% followed by gains Nippon Yusen Kabushiki Kaisha of 7.2%, in Mitsui O.S.K. Lines, Ltd of 5.8% and in All Nippon Airways Co., Ltd. of 5.4%.