Market Updates
U.S., World Markets in Rally Mood
123jump.com Staff
17 Mar, 2010
New York City
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The market indexes inched higher as investors focused on a decline in wholesale index and Fed
[R]4:00 PM New York, 9:00 PM London, 8:00 AM Sydney – The market indexes inched higher as investors focused on a decline in wholesale index and Fed’s signal of low interest rate. The Dow Jones closed at 17-month high on a seven day rally. Copper and oil advanced.[/R]
U.S. stocks and commodities traded higher after the producer price index decreased in February and the Fed’s low rate stance lifted market sentiment. The Dow Jones closed up to a 17-month high in a seven day rally. European markets gained on earnings. Markets in Asia advanced after Japan doubled its lending program.
Citrix Systems, Inc led the decliners in the S&P 500 index with a loss of 1.5%. Blockbuster plunged after the company may file for a bankruptcy protection. Fuqui International, Inc, the jeweler said it will miss its quarterly earnings target. Polycom, Inc surged 8% on a speculation that it may be seeking a buyer.
European markets closed higher as stocks in resource, banks and retail sectors advanced. Greek benchmark index fell 1.1%, the lone decliner among the eighteen European country indexes. Bourbon SA soared after it estimated better market conditions in the oil exploration and production industry. UniCredit SpA resumes dividend.
UK stocks edged higher and the benchmark index traded near one and a half year high as expectations of low interest rate for the near future dominated the sentiment. Arriva Plc soared on a takeover offer and February unemployment claims fell at the fastest pace since 1997.
Stocks in Japan closed sharply higher after the Bank of Japan left its key lending rate at 0.1% and expanded short term direct lending program to $220 billion. The sharp increase in the program only highlights the difficulties faced by borrowers and bank’s lack of willingness to extend new loans.
The Sensex index’s gain of 0.6% lifted the benchmark index in India in the positive zone after dropping nearly 10% in the year. Larsen & Toubro received $250 million order from ONGC. Jaiprakash Associates expects cement business to grow 40% in the next fiscal year.
North American Markets
Dow Jones Industrial Average increased 47.69 or 0.5% to close at 10,733.67, S&P 500 Index edged higher 6.75 or 0.6% to 1,166.21 and Nasdaq Composite Index added 11.08 or 0.5% to close at 2,389.09. Toronto TSX Composite Index increased 11.26 or 0.09% to 12,100.66.
Latin American Markets Indexes
Mexico Bolsa Index increased 74.40 or 0.3% to 32,798.30 and today Brazil Bovespa Stock Index decreased 218.97 or 0.31% to 69,723.24.
Europe Markets Review
In London FTSE 100 Index closed higher 24.20 or 0.43% to 5,644.63, in Paris CAC 40 Index increased 18.94 or 0.48% to close at 3,957.89, in Frankfurt DAX index higher 53.29 or 0.89% to close at 6,024.28. In Zurich trading SMI increased 17.58 or 0.26% to close at 6,892.01.
Asian Markets Review
The Nikkei 225 Index in Tokyo closed higher 125.27 or 1.17% to 10,846.98, and Hang Seng index in Hong Kong increased 361.56 or 1.72% to 21,384.49, and CSI 300 index in China higher 69.94 or 2.18% to 3,273.92. ASX 200 index in Australia increased 56.00 or 1.17% to 4,853.20. The FTSE Bursa KL Composite index in Malaysia was higher 3.09 or 0.24% to 1,301.95.
The Kospi Index in South Korea increased 34.85 or 2.11% to close at 1,682.86. SET index in Thailand closed higher 13.34 or 1.77% to 765.54. JSE Index in Indonesia increased 86.65 or 3.25% to 2,756.26. The Sensex index in India increased 106.90 or 0.61% to 17,490.08.
Commodities, Metals, and Currencies
Crude oil increased $0.99 to $82.69 a barrel for a front month contract, natural gas edged down 6 cents to $4.29 per mBtu and gasoline increased 3.13 cents to 230.63 cents.
Soybean future closed up 14.00 cents to $9.59 a bushel. Wheat futures increased 9.00 cents in Chicago trading to $4.96 a bushel. Sugar closed up 0.09 cents at 18.33 cents per pound.
Gold decreased $2.30 in New York trading to close at $1,120.20 per ounce, silver closed up $0.13 to $17.48 per ounce and copper for the front month delivery increased 6.00 cent to $3.42 per pound.
Dollar edged lower against euro to $1.3737 and edged lower against the Japanese yen to 90.31.
Yield on 10-year U.S. bonds closed lower at 3.64% and with 30-year maturities decreased at 4.57%.
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