Market wrap: there were big moves on global markets overnight on the promise of genuine action from the G20 talkfest. The stock market rally that began in Asia yesterday roared through Europe onto Wall Street, where the major indexes climbed around 3% to complete a third day of gains. The Dow broke the 8000 mark for the first time since February, eventually closing up 216 points at 7978.
The rally was led by REITs, transportation companies and oilers as the price of crude leaped higher on the prospect of a pick-up in economic activity. Oil spiked nearly 9% to $52.41. Base metals also surged, with copper and nickel setting new recent highs.
Gold, a traditional safe haven in times of trouble, sagged below $900 for the first time in several weeks and recently traded at $903, down 2% on this time yesterday.
Futures traders reckon our market pre-empted much of the up-swing yesterday but still expect a strong day. The SPI closed up 56 points at 3732.
