Wall Street made a third consecutive day gain overnight as some latest economic data shows that the recession is bottoming out. Financials were also buoyed after Insurance giant American International Group said it expects to repay the government.
Wall Street posted a strong gain overnight with Dow index jumped above 9000 points mark for the first time since January. The market was bolstered by upbeat housing data and favourable corporate earnings.
Yesterday the Australian market posted a massive drop following a significant decline in Wall Street. The benchmark S&P/ASX200 index tumbled 3.1 per cent, or 121.3 points, to 3796.9 yesterday, while the broader All Ordinaries lost 117.8 points, or 3.01 per cent, to 3793. Investors would become nervous after the losses in recent trading sessions, although the rebound in commodities prices may help to lift the local market.
Yesterday the Australian shares market appeared to be decoupled from Wall Street. The local shares shrugged off the bad lead of US stocks and finished firmer with rising in all sub-sectors, as traders put more of their attention to the local news. The benchmark S&P/ASX200 was up 2%, or 74.8 points, at 3743, while the broader All Ordinaries surged 1.9%, or 68.6 points, at 3695.8.
The Australian shares ended with little changes on Friday. The S&P/ASX200 index just added 1 point to 3776.7 points, while the broader All Ordinaries gained 2.5 points to 3728.1. The local market is likely to be lifted on the back of the stronger metals prices. Today Rio Tinto's Australian annual meeting will also be the market focus.
Yesterday Australian shares closed 1% higher as most sectors surged. The benchmark S&P/ASX200 index rose 33.9 points, at 3480.2 while the All Ordinaries index was up 0.9%, or 30.60 points, at 3416.8. The local mining and energy sectors could be buoyed by the rising gold and oil prices today despite the negative lead from the US.
The Australian market was treading water on Monday in the midst of a combination of negative news from overseas and in the domestic scene. The benchmark S&P/ASX200 index fell 94.4 points, or 2.82 per cent, at 3250.1, while the broader All Ordinaries plunged 93.1 points, or 2.82 per cent, to 3203.8.
Yesterday the Australian shares were showing their resilience to the bad leads from overseas. The market ended with a modest drop after a rebound from the early losses. The benchmark S&P/ASX 200 ended down 0.6%, or 19.6 points, at 3331.6, while the broader All Ordinaries index also fell 0.6%, or 19.1 points, to 3285.
Yesterday the Australian market closed lower even it rebounded after news the US Government may end up owning as much as 40% of Citigroup's common stock. The benchmark S&P/ASX200 index ended down 1.5%, or 51.2 points, at 3351.2, while the broader All Ordinaries index shed 1.5%, or 48.9 points, at 3304.1. Today the local stocks are expected a fresh low level on the massive lost in Wall Street.
Yesterday the Australian stock market slumped more than 3% with the negative lead from UK. The benchmark S&P/ASX200 index ended 112.7 points, or 3.1%, lower at 3,476.6, the lowest level in two months, while the broader All Ordinaries lost 106 points, or 3%, to 3,425.