Foreign Market

Date : Aug-21-2009 09:44



On Thursday, US stock markets closed higher for a third straight day on some positive economic data like encouraging manufacturing report. The Philadelphia Federal Reserve branch said its gauge of manufacturing activity in the region reported surprise increase in August. Further the markets gained momentum following midmorning news that leading economic indicators increased 0.7% in July marking it’s the fourth straight increase. Though, that was generally in-line with expectations. In addition, firm overseas market also supported gains in the US stocks. However, market ignored disappointing jobless claims report.

The Dow Jones Industrial Average (DJIA) closed higher by 70.89 points at 9,350.05, NASDAQ index inclined by 19.98 points to 1,989.22 and the S&P 500 (SPX) closed higher by 10.91 points at 1,007.37.

In the economic news, The Philadelphia Federal Reserve Index reported surprise increase. The index for August increased to 4.2 in from minus 7.5 in July. Additionally, initial jobless claims for the week ended August 15 came in higher than expectations at 576,000 and continuing claims made a slight advance to 6.24 million due to the expiring unemployment benefits.

US light crude oil futures for September delivery ended at $72.54 per barrel higher by 0.2% on the New York Mercantile Exchange. The September contract expired at settlement, with the bulk of trading revolving around October futures, which settled 92 cents, or 1.3%, lower at $72.91 a barrel.

Gold futures for the month of December delivery finished the session at $941.70 per ounce with marginal loss of 0.3% on the New York Mercantile Exchange.

Foreign Market

Date : Aug-13-2009 09:47



Wednesday, the US markets rallied sharply on outlook from the Fed and an encouraging housing report. However, stocks fell from day’s highs in the final minutes of the trading, but stocks still ended higher. The Federal Reserve kept its benchmark short-term interest rates steady near zero as expected and said it would likely stay there for an extended period. The fed said it would extend to the end of October a program to buy longer-term government securities. In addition there was one more positive news in market, as existing home sales increased 3.8%. However, mortgage applications fell 3.5%.

The Dow Jones Industrial Average (DJIA) ended up by 120.16 points at 9,361.61, NASDAQ index inclined by 28.99 points to 1,998.72 and the S&P 500 (SPX) closed higher by 11.46 points at 1,005.81.

In economic news, the FOMC left its target range for the fed funds rate unchanged at 0.00% to 0.25% and will keep the interest rate at remarkably low levels for an extended period. The FOMC said that slow income growth will limit household spending, though members believed that economic activity is staging out. The FOMC also added that it expects the full amount of Treasury securities will be purchased by the end of October. Earlier to the FOMC decision, the speed of purchases had indicated that Fed would likely be done with its purchases in September.

Existing home sales increased 3.8% to a seasonally adjusted annual rate of 4.76 million units in the second quarter as compared to 4.58 million units in the first quarter, according to the National Association of Realtors (NAR).

US light crude oil futures for September delivery ended at $70.16 per barrel up by 1% on the New York Mercantile Exchange despite news of a larger-than-expected 2.5 million barrel build for the latest weekly inventory tally, which shows weak demand. Oil prices ended higher on rising equities market.

Gold futures for the month of December delivery finished the session at $952.5 per ounce higher by 0.5% on the New York Mercantile Exchange.

Foreign Market

Wednesday, the US stocks markets ended in mixed with both the Dow and S&P ended lower. However continued strength among large-cap tech helped the Nasdaq successfully log its eleventh straight advance. The energy stocks remained in pressure through out the session and finished with a 1.0% loss, more than any other sector pressured by the oil prices.

The Dow Jones Industrial Average (DJIA) dropped by 34.68 points at 8,881.26, NASDAQ index gained 10.18 points to 1,926.38 and the S&P 500 (SPX) fell by 0.51 points to close at 954.07 points.

Apple posted better-than-expected earnings of $1.35 per share, which is $0.18 better than analysts had come to expect.

One of the financial giant Wells Fargo reported better-than-expected earnings but however the company’s revenues fell short of the consensus and net charge-offs increased markedly to almost $4.4 billion.

US light crude oil futures for August delivery closed at $65.36 per barrel down by 0.4% on the New York Mercantile Exchange. However the crude prices managed to recover from the 2% loss in early pit trade on the back of a smaller-than-expected draw in weekly inventories.

Gold futures for the month of August delivery finished the session higher at $953.70 per ounce up by 0.7% on the New York Mercantile Exchange.

Foreign Market

Monday, the US stocks markets made a sharp rebound and closed higher led by financials after an up gradation of Goldman Sachs by Wall Street analyst Meredith Whitney, a day ahead of its quarterly earnings report.

Further the banking stocks also rallied after Meredith Whitney indicated that bank stocks have strong potential in the near-term. This sharp rally among the regional banks and diversified banks stocks has led the KBW Banking Index jumped 6.5%.

The Dow Jones Industrial Average (DJIA) surged by 185.16 points at 8,331.68, NASDAQ index gained 37.18 points to 1,793.21 and the S&P 500 (SPX) grew by 21.92 points to close at 901.05 points.

US light crude oil futures for August delivery closed at $59.70 per barrel marginally down by $0.19 on the New York Mercantile Exchange.

Gold futures for the month of August delivery finished the session at $922 per ounce up by 1% on the New York Mercantile Exchange.