daytrade diaries... october 2, page-40

  1. noo
    1,465 Posts.

    Good morning,

    US Stocks tumbled Thursday after a bigger-than-expected rise in weekly jobless claims and a weaker-than-expected reading on manufacturing sparked worries about the pace of the economic recovery.

    The Dow Jones industrial average (INDU) fell 203 points, or 2.1%. The S&P 500 (SPX) index lost 27 points, or 2.6%. The Nasdaq composite (COMP) shed 65 points, or 3%.

    Some analysts are saying "Some of the selling is because it's a new quarter and people want to take a little off the table. But there's also growing concern about whether there can be any earnings growth with consumer spending still tapped out. And people are worried that when the stimulus wears out, the economy won't have enough momentum to keep charging ahead on its own."

    LONDON - Europe's main stock markets fell for the third day running as downbeat economic data increased uncertainty for a recovery despite cautious forecasts from the IMF.

    The International Monetary Fund said in its major half-yearly report that the world economy is recovering from steep recession but the crisis is not over as unemployment rises and banks remain weak.

    London's FTSE 100 index of leading shares closed 86.09 points, or 1.68 per cent lower, at 5047.81 on the first day of the fourth quarter.

    FRANKFURT - The DAX lost 120.61 points, or 2.13 per cent, to 5554.55.

    PARIS - The CAC 40 index closed down 74.64 points, or 1.97 per cent, at 3720.77.

    Oil prices edged higher as the market assessed weak economic data and "constructive" talks between Iran and world powers over Tehran's sensitive nuclear program.

    New York's main contract, light sweet crude for November delivery rose 21 cents to close at $US70.82 a barrel, a day after soaring nearly four dollars the day before.

    The Australian share market is expected to open lower after Wall Street suffered its worst day in three months.

    At 0647 AEST on the Sydney Futures Exchange, the December share price index contract was 78 points lower at 4642.

    In economic news on Friday, TD Securities-Melbourne Institute inflation gauge for September is released.

    Gold down $8.60 to US$1000.70 an ounce
    Silver down 21.8c to US$16.44 an ounce
    Copper down 8.2c to US$2.737 a pound

    http://www.marketwatch.com/
    http://www.thebull.com.au/
    http://www.news.com.au/business/
 
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