Tech Stocks Lead Early Gains in New York

Mayank Mehta
09 Oct, 2009
New York City

Stocks in New York in early trading edged higher after brokers recommended tech stocks. Dollar hovered near its low and gold decreased in volatile trading. President Barack Obama won 2009 Nobel Peace Prize for his efforts to strengthen global diplomacy and cooperation.

[R]11:30 AM New York – Stocks in New York in early trading edged higher after brokers recommended tech stocks. Dollar hovered near its low and gold decreased in volatile trading. President Barack Obama won 2009 Nobel Peace Prize for his efforts to strengthen global diplomacy and cooperation.[/R]

Stocks in early trading gained with a rise in tech sector, weak dollar and commodities prices.

Research in Motion, IBM and Google Inc gained more than 1% after brokers recommended stocks ahead of earnings.

Crude oil increased 24 cents to $71.93 but natural gas decreased 4 cents to $4.92. Gold declined $5.20 to $1,051.10.

Yield on 10-year bonds increased to 3.35% and on 30-year bonds were 4.17%. Dollar edged slightly higher in the morning on the comments from the Fed chairman Bernanke but hovered near $1.4755 against a euro.

Trade deficit in August decreased to $30.7 billion from $31.9 billion in July on exports slightly edge up to$128 billion and imports edge lower to $159.8 billion. The goods deficit decreased to $41.9 billion and service surplus increased to $30.7 billion.

President Barack Obama won 2009 Nobel Peace Prize for his efforts to promote peace and free the world of atomic weapons. Chairman of five-member selection committee Thorbjoern Jagland said, “Obama as president created a new climate in international politics.”

The committee for years has been promoting peace and world free of atomic and nuclear weapons. Prime Minister of Japan, Yukio Hatoyama said in a statement that world should unite in supporting President Obama’s goal.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 183.92 or 1.87% to 10,016.39, Hang Seng index in Hong Kong increased 6.54 or 0.03% to 21,499.44, and CSI 300 index in China higher 158.90 or 5.29% to 3,163.71. ASX 200 index in Australia decreased 15.70 or 0.33% to 4,752.90. The FTSE Bursa KL Composite index in Malaysia was higher 3.73 or 0.30% to 1,233.82.

The Kospi Index in South Korea increased 31.33 or 1.94% to close at 1,646.79 SET Index in Thailand closed higher 2.84 or 0.38% to 746.87. JSE Index in Indonesia decreased 10.12 or 0.41% to 2,474.40. The Sensex Index in India decreased 200.88 or 1.19% to 16,642.66.

Europe Markets Review

In London FTSE 100 Index traded lower 6.46 or 0.13% to 5,148.18, in Paris CAC 40 Index decreased 11.61 or 0.30% to 3,795.20 and in Frankfurt DAX index traded lower 14.54 or 0.25% to 5,702.00. In Zurich trading SMI decreased 6.01 or 0.10% to 6,299.79.