Market wrap: improved manufacturing data overcame glum jobs news to send Wall Street higher overnight. Economic signals continue to be mixed but major US stock indexes overcame early weakness to climb 1.5 - 2% for a second day of gains.
Gold mining was the closest thing to a stand-out sector - the gold/silver mining index put on 4.5% despite another directionless night for the p.o.g. The spot gold price was recently trading marginally ahead of this time yesterday at $925.80.
Oil continued to retreat from last month's high, slipping 2.5% to $48.38. Base metals recouped early losses to finish near-stable or marginally ahead.
Futures traders reckon we have some ground to make up after three consecutive down sessions. The SPI gained 58 points to 3639.
Should be a strong session today after yesterday's undecided action. The US move suggests the global rally is alive and well, with traders willing to ignore bad economic news.
