Thanks all previous openers,
@Ravgnome and
@Patterns. The HotCopper Guru
@highlandlad is having a break so you've got the locum in for the next few days.
Australia’s share market had its seventh consecutive week of gains, but investors will be watching how a Sydney coronavirus outbreak unfolds after it marred Friday trade.
The S&P/ASX200 benchmark index closed lower by 81.2 points, or 1.2 per cent, to 6675.5 on Friday, with the virus outbreak overshadowing record closing results on US markets from economic stimulus hopes.
The All Ordinaries closed down 76.0 points, or 1.09 per cent, to 6924.1.
The ASX200 gained 0.5 per cent in a week of better than expected jobs figures and a positive budget update. Both showed Australia’s economic recovery from the pandemic is tracking better than feared.
China’s demand for iron ore, and rising prices for the commodity, helped miners.
Overseas, US politicians’ comments suggested they are close to finally agreeing on financial stimulus for an economy ravaged by the virus.
Yet the ability of NSW health authorities to control the Sydney outbreak is the latest great unknown.
The Aussie dollar improved and was buying 75.89 US cents at 1625 AEDT, lower from 75.94 US cents at Thursday’s close.
U.S. stocks ended lower on Friday, pulled down by uncertainty around a coronavirus stimulus deal, while Tesla shares jumped in heavy trading in anticipation of their addition to the S&P 500 next week.
All three major indexes hit record highs at the opening before retreating. The S&P 500 technology index, which has led gains this week, was the biggest drag on the overall benchmark index.
Trading was heavy and volatile in shares of electric-car maker Tesla Inc, which will become on Monday the most valuable company to be ever added to Wall Street’s main benchmark index.
The stock was last up 6% and hit a record high. Turnover in Tesla shares topped $120 billion shortly after 4 p.m. EST, with volume exceeding 200 million as the stock traded after hours, according to Refinitiv data.
“Tesla is sort of a New Age cult stock. There are people who love the product and who love the stock,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York.
Investors could see further gains in the stock on Monday, but possibly profit-taking after that, he said, adding, “a lot of people bought when the announcement” of the inclusion in the S&P 500 came out.
Market trading volumes were high also due to the expiration of stock index futures, stock index options, stock options and single stock futures at the end of trade, also known as “quadruple witching.”
Volume on U.S. exchanges was 15.8 billion shares, compared with the 11.6 billion average for the full session over the last 20 trading days.
The U.S. Congress on Friday risked blowing through a midnight deadline to keep the government open and address the coronavirus crisis, as a partisan fight over federal lending rules caused a fresh delay on a $900 billion COVID-19 relief bill.
The Dow Jones Industrial Average fell 124.32 points, or 0.41%, to 30,179.05, the S&P 500 lost 13.07 points, or 0.35%, to 3,709.41 and the Nasdaq Composite dropped 9.11 points, or 0.07%, to 12,755.64.
For the week, the S&P 500 was up 1.3%, the Dow was up 0.4% and the Nasdaq gained 3.1%.
Recent weak economic data has increased pressure on lawmakers to reach a deal.
“Investors definitely want to see something come through or like to see something come through on the stimulus front sooner rather than later as COVID cases continue to rise and economic data has shown that it is beginning to deteriorate,” said Lindsey Bell, chief investment strategist at Ally Invest, in Charlotte, North Carolina.
The prospect of continued monetary and fiscal stimulus has helped stocks look past the economic impact of the pandemic, and set them up for strong annual gains, despite a rocky start to the year.
Declining issues outnumbered advancing ones on the NYSE by a 1.41-to-1 ratio; on Nasdaq, a 1.26-to-1 ratio favored decliners.
The S&P 500 posted 40 new 52-week highs and no new lows; the Nasdaq Composite recorded 302 new highs and 9 new lows.
Source The Bull, Reuters
Returning to local breakfasts this week. Here's an offering from one of my favourite places. - The Fiddle Leaf Cafe in Bulimba.
Hope you enjoy the Halloumi Lemon Thyme Roasted Mushrooms as much as I do.
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Likely to be low trading volumes this shortened week leading up to Christmas. Trade well.
