Market wrap: Wall Street held onto most of Wednesday's big gains as the S&P 500 index wrapped up its best month since 2000. The major indexes closed mixed but near flat after a morning rally faded into the close. The Nasdaq gained 0.3%, the S&P lost 0.1% and the Dow lost 0.2%.
Industrials and IT stocks were strongest during a muted session. Banking, biotech, airline and gold mining indexes were all down more than 2%.
Yesterday's rally in commodities continued with oil and most base metals advancing. Oil rose 0.3% to just under $51. Aluminium, copper, nickel and zinc all built on yesterday's gains, although analysts continued to insist that current prices do not reflect weak global demand. Gold slid more than 1% to $888.90.
Futures traders reckon there are modest gains ahead for our market today after yesterday's surge to a new 2009 high. The SPI closed up 14 points at 3780.
I suffered an outbreak of optimism during yesterday's bullish action and added a few shares. Currently holding MGR, GMG and SRK as they rally off "rounded bottoms" (alternatively called cup/saucer bases, as the Lindfields observed yesterday) and LLC on yesterday's breakout. There were plenty of other runners among yesterday's list of bottoming candidates and I'll consider adding today.
