Market wrap: the Australian market is set to open strongly today after US markets held onto Friday's 3% gain overnight. The major US indexes finished mixed but near flat in Easter Monday trading, with the S&P 500 up 0.25% and the Dow Jones down 0.3%. This followed a strong session on Friday when a surprisingly bullish profit result from banking giant Wells Fargo offered fresh hope that the financial crisis is easing.
Financials led the risers last night, with banking indexes building on Friday's gains. Oil gave back Friday's gains, closing down 4% at $50. Worries about the potential for a General Motors bankruptcy saw gold find buyers after a week of consolidation, recently trading at $893, up 1.5%. Base metals were generally stronger, with copper up another 3% to build on a strong two-month rally.
The SPI added 63 points on Friday, pointing to a big green open this morning. Last night's uncertain action might take some of the shine off that, but we're definitely due to play catch-up today. It's good to be back!
