Oil, Copper Climb Higher; U.S., World Stocks Up

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

Commodities and crude oil gained and investors bid up resource stocks. Poor weather in many parts of the U.S. may have dampened last minute holiday retail sales. Markets in Europe edged higher and in India surged.

[R]4:30 PM New York, 9:30 PM London, 8:30 AM Sydney – Commodities and crude oil gained and investors bid up resource stocks. Poor weather in many parts of the U.S. may have dampened last minute holiday retail sales. Markets in Europe edged higher and in India surged.[/R]

U.S. stock traded mixed after November new home sales dropped 11.3% and personal income increased 0.4%. Crude oil futures surged 3% after the release of weekly inventory data.

American Greetings swings to a third quarter gain. Cintas Corp second quarter sales fall 10% and earnings drop 20%. Micron Technology, Inc reports better than expected earnings. Red Hat earnings fall 33% as sales rise. Coal miners Patriot Coal, Peabody and others jump.

Banks and natural resource stocks climbed in Europe after investors turned optimistic. Maurel & Prom SA advanced 4.2% after it discovered oil in Gabon. Vivalis signs a new commercial license in veterinary vaccine field. Bank Sarasin & Cie. AG said it will exceed its yearly lending target.

UK stocks participated as world markets rebounded. Metals and energy prices advanced in London. Mortgage approvals in November surged to a two-year high. Service industry index declined 0.2% in the three months to October.

North American Markets

Dow Jones Industrial Average increased 1.51 or 0.01% to a close of 10,466.44, S&P 500 Index edged higher 2.57 or 0.2% to 1,120.59, and Nasdaq Composite Index increased 16.97 or 0.8% to close at 2,269.64. Toronto TSX Composite Index added 30.72 or 0.3% to 11,658.70.

Latin American Markets Indexes

Mexico Bolsa Index increased 209.91 or 0.7% to 32,450.23 and Brazil Bovespa Stock Index added 170.93 or 0.3% to 67,588.86.

Europe Markets Review

In Paris CAC 40 Index increased 12.37 or 0.32% to close at 3,910.75, in Frankfurt DAX index higher 11.75 or 0.20% to close at 5,957.44. In Zurich trading SMI decreased 2.92 or 0.04% to close at 6,579.98. In London FTSE 100 Index closed higher 43.72 or 0.82% to 5,372.38.

Asian Markets Review

Hang Seng index in Hong Kong increased 236.70 or 1.12% to 21,328.74, and CSI 300 index in China higher 30.94 or 0.94% to 3,336.48. ASX 200 index in Australia increased 35.10 or 0.75% to 4,739.30. The FTSE Bursa KL Composite index in Malaysia was higher 0.11 or 0.01% to 1,260.53. Markets in Japan were closed today.

The Kospi Index in South Korea increased 5.81 or 0.35% to close at 1,661.35. SET index in Thailand closed higher 5.40 or 0.75% to 729.80. JSE Index in Indonesia increased 7.25 or 0.29% to 2,474.88. The Sensex index in India increased 539.11 or 3.23% to 17,231.11.

Commodities, Metals, and Currencies

Crude oil increased $2.17 to $76.57 a barrel for a front month contract, natural gas edged up 13 cents to $5.84 per mBtu and gasoline increased 7.97 cents to 196.85 cents.

Soybean future closed up 10.50 cents to $10.05 a bushel. Wheat futures closed up 6.00 cents in Chicago trading to $5.29 a bushel. Sugar closed unchanged at 26.50 cents.

Gold increased $1.70 in New York trading to close at $1,088.40 per ounce, silver closed up $0.11 to $17.14 per ounce and copper for the front month delivery increased 6.40 cent to $3.20 per pound.

Dollar closed lower against euro to $1.43 and edged lower against the Japanese yen to 91.65.

Yield on 10-year U.S. bonds decreased to 3.375% and with 30-year maturities closed higher at 4.37%.