Morning traders.
Market wrap: Wall Street closed mixed overnight despite an upbeat outlook from the Federal Reserve and gains on European markets.
The Nasdaq (+1.55%) and S&P 500 (+0.65%) advanced but the Dow finished in the red for the fourth straight day, down 23 points or 0.28% after the most positive statement on the economy from the US central bank in months. The Federal Reserve said the downturn was slowing and deflation is no longer a threat but rate rises are not imminent.
Most major international markets were stronger - Germany up 2.74%, France 2.18%, UK 1.18% and Canada 2%.
The US gold/silver mining index added 3% as gold jagged up in volatile trade, recently trading 1% higher at $931.80. But crude oil lost ground as the US dollar rallied after the Fed statement. Oil futures were recently down 0.82% at $68.60. In a strong session for base metals, copper has recovered Monday's heavy losses after rising for a second day, up 3.1% in the US. There were similar gains for other metals, with aluminium and nickel pushing close to recent highs.
Futures traders expect a positive start to local trading. The SPI rose 24 points to 3792.
So a better day ahead here but there's still uncertainty on world markets, with US indexes finishing well off session highs. Nevertheless, the buying in base metals offers a solid lead for our market after the heavy pullback over the last two weeks. There are plenty of options among the beaten-up miners, with several showing early signs of a turnaround yesterday.
Good luck to all.
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