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China Stocks Poised To Add To Gains 12 days ago
(RTTNews) - The winning streak for the Chinese stock market has stretched to six sessions now, adding nearly 200 points or 6.5 percent en route to a three-month closing high. The Shanghai Composite Index finished just above the 3,160-point plateau, and now investors are looking for continued, if modest, movement to the upside at the opening of trade on Monday.
The lead from Wall Street is mixed with a touch of upside as stocks saw only slim moves to close out the week on Friday, with subdued reaction to monthly employment figures keeping the major averages near the unchanged mark. The major averages were able to recover from a pullback at the opening bell and managed to close modestly higher.
The SCI finished slightly higher on Friday, drawing support from gains among the property stocks and cement companies.
For the day, the index was up 8.99 points or 0.3 percent to finish at 3,164.04 after trading between 3,156.99 and 3,183.57 on turnover of 183.9 billion yuan.
Among the gainers, Hainan Expressway, Tangshan Jidong Cement and Hebei Taihang Cement all surged by the daily trading limit of 10 percent, while China Vanke added 2.8 percent and Tianjin Realty Development jumped 6.0 percent.
The lead from Wall Street is mixed with a touch of upside as stocks saw only slim moves to close out the week on Friday, with subdued reaction to monthly employment figures keeping the major averages near the unchanged mark. The major averages were able to recover from a pullback at the opening bell and managed to close modestly higher.
The initial weakness came on the heels of the release of a report from the Labor Department showing that employment fell by more than expected in the month of October, with the continued decline in jobs pushing the unemployment rate up to a new twenty-six year high above 10 percent.
Non-farm payroll employment fell by 190,000 jobs in October following a revised decrease of 219,000 jobs in September. Economists had expected a decrease of about 175,000 jobs compared to the loss of 263,000 jobs originally reported for the previous month. With the continued drop in jobs, the unemployment rate jumped to 10.2 percent in October from 9.8 percent in September. The unemployment rate had been expected to show a more modest increase to 9.9 percent.
In related news, President Barack Obama signed a bill extending unemployment coverage for 14 weeks across the country and adding an additional six weeks for areas with the highest unemployment. The bill also extends and expands the first-time homebuyer tax credit. Also, the House on Saturday passed the healthcare reform bill and now it heads to the senate.
Separately, the Commerce Department released its report on wholesale inventories in the month of September, showing that inventories fell by a little less than economists had been anticipating. The report also showed a continued increase in wholesale sales.
Also on the economic front, the Federal Reserve said that total consumer credit fell by $14.8 billion or 7.2 percent in September to $2.456 trillion, indicating tightening for the eighth straight month. Economists had been expecting a decrease of about $10 billion.
The major averages moved to the upside going into the close, ending the day modestly above the unchanged line. The Dow closed up 17.46 points or 0.2 percent at 10,023.42, the NASDAQ advanced 7.12 points or 0.3 percent to 2,112.44 and the S&P 500 rose 2.67 points or 0.3 percent to 1,069.30. Despite some shaky sessions this week, the major averages all finished considerably higher, with the Dow and the S&P 500 advancing by 3.2 percent and the NASDAQ climbing by 3.3 percent.
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