The Dow in 8-day Rally; Lower Metals

123jump.com Staff
18 Mar, 2010
New York City

Stocks edged higher in New York and commodities retained positive bias but crude oil and copper eased at close. President Barack Obama delayed his Asia trip as lawmakers get ready to vote on the healthcare reform bill this Sunday.

[R]4:00 PM New York, 9:00 PM London, 8:00 AM Sydney – Stocks edged higher in New York and commodities retained positive bias but crude oil and copper eased at close. President Barack Obama delayed his Asia trip as lawmakers get ready to vote on the healthcare reform bill this Sunday.[/R]

U.S. stocks traded higher after jobless claims declined and consumer price index was unchanged. Commodities edged higher as the dollar edged up against the euro and the yen. Nike and FedEx quarter net more than doubled.

GameStop Corp led gainers in the S&P 500 index. GameStop Corp sees profit drop but predicts sales growth in 2010. Nike Inc quarterly profits more than doubles. FedEx earnings surges more than double on higher air cargo revenues from Asia and Europe.

Greek Prime Minister Papandreou set one week deadline for the Europe led bailout. The euro zone trade swung to a surplus in January. Italy based insurance giant Generali said 2009 profit jumped 52%. HeidelbergCement AG full year profit plunges 91%. Dassault Aviation SA 2009 net declined 18%.

UK stocks traded sideways and the pound edged up against the euro. Tullett Prebon won a judgment against BGC Partners for raiding its worldwide staff. GlaxoSmithKline Plc increased after Novartis left the development of generic drug for asthma treatment to its partner.

Stocks in Tokyo declined after the yen strengthened against the dollar and euro. Canon, Nikon and Olympus decreased. Real estate developers closed lower after a broker lowered views on the sector.

The benchmark index in India closed higher with the Sensex trading in the positive territory in 2010. Wholesale inflation index starts its downward trend after food prices increase rise at a slower pace. McNally Bharat wins $39 million coalfield equipment order.

North American Markets

Dow Jones Industrial Average increased 45.50 or 0.4% to close at 10,779.17, S&P 500 Index edged lower 0.4 or 0.03% to 1,165.83 and Nasdaq Composite Index added 2.19 or 0.09% to close at 2,391.28. Toronto TSX Composite Index decreased 171.53 or 0.5% to 12,040.01.

Latin American Markets Indexes

Mexico Bolsa Index increased 171.53 or 0.5% to 32,969.83 and today Brazil Bovespa Stock Index decreased 25.91 or 0.04% to 69,697.33.

Europe Markets Review

In London FTSE 100 Index closed lower 2.01 or 0.04% to 5,642.62, in Paris CAC 40 Index decreased 19.71 or 0.50% to close at 3,938.18, in Frankfurt DAX index lower11.97 or 0.20% to close at 6,012.31. In Zurich trading SMI increased 5.73 or 0.08% to close at 6,897.74.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 102.95 or 0.95% to 10,744.03, and Hang Seng index in Hong Kong decreased 53.82 or 0.25% to 21,330.67, and CSI 300 index in China lower 6.36 or 0.19% to 3,267.56. ASX 200 index in Australia increased 9.90 or 0.20% to 4,863.10. The FTSE Bursa KL Composite index in Malaysia was lower 0.01 or 0.00% to 1,301.94.

The Kospi Index in South Korea decreased 7.69 or 0.46% to close at 1,675.17. SET index in Thailand closed lower 6.52 or 0.85% to 759.02. JSE Index in Indonesia decreased 19.02 or 0.69% to 2,737.24. The Sensex index in India increased 29.18 or 0.17% to 17,519.26.

Commodities, Metals, and Currencies

Crude oil decreased $0.86 to $82.07 a barrel for a front month contract, natural gas edged down 21 cents to $4.29 per mBtu and gasoline decreased 0.88 cents to 230.09 cents.

Soybean future closed up 0.50 cents to $9.59 a bushel. Wheat futures decreased 6.75 cents in Chicago trading to $4.89 a bushel. Sugar closed up 0.7 cents at 19.03 cents per pound.

Gold increased $2.50 in New York trading to close at $1,126.70 per ounce, silver closed down $0.08 to $17.43 per ounce and copper for the front month delivery decreased 1.40 cent to $3.42 per pound.

Dollar edged lower against euro to $1.3611 and edged higher against the Japanese yen to 90.35.

Yield on 10-year U.S. bonds closed higher at 3.67% and with 30-year maturities increased at 4.59%.