Resource Stocks Lead Gainers in New York

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

U.S. stocks open higher after commodities and energy prices inch ahead in the early trading. November retail sales increased 1.3% from the revised October sales of 1.1%. November import price index increased 1.7% driven by a surge of 7.3% in fuel prices. Resource stocks trade higher in New York.

[R]10:15 AM New York – U.S. stocks open higher after commodities and energy prices inch ahead in the early trading. November retail sales increased 1.3% from the revised October sales of 1.1%. November import price index increased 1.7% driven by a surge of 7.3% in fuel prices.[/R]

Retail sales adjusted for seasonality and calendar increased 1.3% to $352.1 billion from October and up 1.9% from November 2008. October retail sales revised lower to 1.1% from the previous estimate of 1.4%.

November import price index increased 1.7% led by 7.3% increase in fuel prices in October. The index for export prices increased 0.8% after rising 0.2% in October.

The dollar edged higher against the euro and the yen. One euro fetched $1.462 and one dollar translated to 89.63 yen.

Crude oil futures decreased 21 cents to $70.33 a barrel and gold declined 10 cents to $1,126.10 an ounce. Copper and other industrial metals advanced on the prospect of sustained demand from China and India.

Yields on 10-year bond increased to 3.57% and 30-year bond advanced to 4.53%.

Of the stocks in S&P 500 index, 390 increased, 103 decreased and 7 were unchanged. Alcoa Inc led the gainers with a rise of 5% followed by a gain of 4.7% in GameStop Corp and 2.7% increase in Moody’s Corp.

Of the stocks in the S&P 500 index, IMS Health Inc led the decliners with a drop of 10.8% to $19.05 and National Semiconductor declined 3.3% to $14.78.

Markets in Asia and emerging markets sustained the advances as the domestic demand and local government stimulus play an increasing role.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 245.05 or 2.48% to 10,107.87, Hang Seng index in Hong Kong increased 202.07 or 0.93% to 21,902.11 and CSI 300 index in China lower 2.22 or 0.06% to 3,575.02. ASX 200 index in Australia increased 28.50 or 0.62% to 4,635.20. The FTSE Bursa KL Composite index in Malaysia closed higher 0.10 or 0.01% to 1,260.00.

The Kospi Index in South Korea increased 4.17 or 0.25% to close at 1,656.90. SET index in Thailand closed higher 8.93 or 1.29% to 703.64 and JSE Index in Indonesia increased 32.66 or 1.31% to 2,519.10. The Sensex index in India decreased 70.28 or 0.41% to 17,119.03.