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Date Posted: 15:48:36 10/15/09 Thu
Author: Friday 16th of October (US Thursday 15/10)
Subject: World stockmarket round up=The Standard & Poor's 500 closed up 4.54 (0.42%) at 1,096.56,.

World Market Report Help


US Stocks Higher, Energy Sector Fuels Move

A surge in oil prices helped Chevron and Exxon Mobil push the Dow Jones Industrial Average further above the 10,000 level on Thursday, although early morning earnings reports from Goldman Sachs and Citigroup kept the gains muted.

After closing above 10,000 for the first time in a year on Wednesday, the Dow Jones Industrial Average closed up 47.08 points (0.47%) to 10,062.94, marking its fifth gain in six sessions. Gains were led by Chevron, up $1.23 (1.6%) to $76.69, and Exxon Mobil, up $1.10 (1.5%) to $72.94.


The Standard & Poor's 500 closed up 4.54 (0.42%) at 1,096.56, including a gain of $3.01 (10%) to $32.80, for Sunoco. Helping the refining giant, analysts' said the US refining segment has likely seen the low point for margins and should now spend the next four years slowly returning. The analysts listed Sunoco the "preferred play" bestowing an overweight rating on the Philadelphia refiner.


More broadly, energy stocks were helped by early afternoon data showing a decline in fuel inventories, which sent oil sharply higher. Overall, Nymex crude closed up $2.40 a barrel at $77.58, which lifted energy stocks and helped pare some weakness for financials that had driven the morning trade.


Still, the inventory report did little to help financials, which closed as the S&P 500's worst sector.


Pacing the decline was Goldman Sachs, down $3.65 (1.9%) to $188.63, and Citigroup, off 25 cents (5%) at $4.75. Though both financials posted third-quarter profits ahead of analysts' expectations, the results failed to match investors' increased optimism following a robust quarterly report from JPMorgan on Wednesday.


Pockets of the technology sector were also weak, with the Nasdaq Composite closing up just 1.06 (0.05%) to 2,173.29.


For Australian ADRs listed on the NYSE, BHP Billiton rose $1.03 (1.45%) to US$72.23, Rio Tinto Plc firmed 53 cents (0.27%) to US$193.94, ResMed gained 80 cents (1.68%) to US$48.36, Telstra Corporation shed 12 cents (0.83%) to US$14.35, Telecom Corporation of NZ lost 12 cents (1.24%) to US$9.55 and Westpac increased $1.02 (0.83%) to US$124.02.


In economic news, the number of US workers filing new claims for jobless benefits dropped to 514,000 in the week, the lowest level in nine months. Meanwhile, US consumer prices rose 0.2% in September, slowing down from a 0.4% rise in August.


Treasuries chopped around on Thursday, with prices ultimately settling lower after a slew of economic data that, overall, suggested the US economy is continuing to recover at a gradual pace. At 7:45 AM (AEST), the 10-year Treasury note yield was 3.46% and the five year yield was 2.38%.


European shares edged higher overall on Thursday but uncertainty over earnings capped the upside after Nokia and Citigroup posted a loss and Goldman Sachs results failed to inspire investors.


In the first trading day since the Dow Jones Industrial Average hit the 10,000 level, the pan-European Dow Jones Stoxx 600 index finished with a rise of 0.1% to 247.32, to hit a fresh 11-month high.


On a regional level, the German DAX index lost 0.4% to 5,837.90, the French CAC-40 index made a fractional gain to 3,883.83 and the UK FTSE 100 index lost 0.4% to 5,237.89.


There was certainly disappointment over results from Nokia, with shares of the firm tumbling 11.6% in Helsinki after it reported an unexpected EUR559m loss for the third quarter.


Miners, which supply copper and other metals for construction projects in the US and elsewhere, were weak in Europe as metal prices retreated and as deal speculation took a backseat for some firms.


Anglo American shares fell 4.1% after Xstrata said that it has no intention of making an offer for Anglo American. Xstrata shares declined 2%.


There was also some deal speculation and J. Sainsbury shares jumped 10.1% to 342 pence in London. The gains came after it was reported that the Qatari sovereign wealth fund is interested in increasing its 26% stake in the firm. The fund built up the stake when it tried to take over the firm in 2007.


Brewer Anheuser-Busch InBev weakened 0.1% after it said that it would sell its Central European operations to CVC Capital Partners. The deal has an enterprise value of around $2.2bn, with additional rights to a future payment estimated to be as much as $800m.


On the FTSE 100, Rio Tinto dipped 52.00 pence (1.73%) to 2,946.00 pence and BHP Billiton declined 30.00 pence (1.63%) to 1,811.50 pence.


Asian share markets ended mostly higher after the Dow Jones Industrial Average finished above 10,000 overnight.


Japan's Nikkei 225 Average climbed 1.8% to 10,238.65 and China's Shanghai Composite advanced 0.3% to 2,979.79. Hong Kong's Hang Seng Index finished just short of the 22,000-point level, rising 0.5% to 21,999.08 - the index's best finish since August 2008 - though it rose above 22,250 during the session.


New Zealand shares ended higher as gains in the Kiwi dollar and higher-than-expected third-quarter domestic inflation continued to weigh on sentiment despite increasingly positive news at home and abroad. The benchmark NZX-50 ended up 0.2%, or 5 points, at 3,191.29, a fresh 12-month high.


Base metals recouped early losses to end slightly higher as the US dollar ceded ground to the euro and crude oil prices rose. Aluminium rose $20 (1.05%) to $1,920 while copper firmed $30 (0.48%) to $6,250 and nickel added $300 (1.62%) to $18,850. Zinc strengthened $11 (0.54%) to $2,045 and lead gained $35 (1.60%) to $2,220. Comex copper was last quoted at 285.10 US cents per pound.


Gold futures faltered on profit-taking as participants pulled back from the metal's record run-up. Spot gold was last quoted at $1,049.85. Comex gold futures dropped $14.10 (1.32%) to $1,050.60. Spot silver was last quoted at $17.34.


Crude oil jumped to a new one-year high above $77 a barrel after a sharp drop in US gasoline stocks buoyed a market that had gained momentum from a recent advance in equity markets. West Texas Intermediate was last quoted at US$77.58 per barrel.


The euro resumed its upward climb as risk appetite returned to strip the greenback of all its intraday gains.


At 08:05 a.m. (AET) the US dollar was quoted at 0.6693 euros, 90.55 yen, 1.087 AUD and 61.47 pence.

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