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The S&P/ASX 200 was up by 7 points, to finish the trading day 4,521.40.
However the good ole' USA had another shaky night on the market and our Aussie
market has opened lower this morning.
The Index has lost nearly 9% from its January high. This figure is close enough
to 10% for analysts to accept this as a 'correction'. Basically, when you hear
an analyst mention the word correction, it means the market has run too far too
fast.
The Dow Jones Industrial Average ended the trading session below the psychological important price of 10,000. The Dow finished
at 9,908.39, down by 103 points (1.04%). The index dropped nearly 50 points in
the last 45 minutes of trading.
Overnight in the UK, the FTSE was up by 31 points, closing at 5,092.30.
The Bank of England (BoE) Inflation Report will be released on Wednesday this
week, and will be the main focus of economic data.
The Nikkei was down again overnight, closing at 9,951.82, lower by 105 points.
This is a two month low for the index.
Gold has started to gain slowly and many investors are using this as an
opportunity to pick up a bargain.
The price of spot gold in Australian dollars is trading at $1,232.58 while in
US Dollars it is trading at $1,062.86. The price of silver in Aussie dollars is
$17.41 and in US Dollars it is $15.01.
The Aussie dollar versus the US dollar is trading at USD$0.8621, and against
the Japanese Yen JPY76.94
Crude Oil closed at USD$71.70.
For the biggest movers on the market yesterday click
here...
That's all I have for you today, see you tomorrow.
Shae Smith.
[Please note: neither
the authors nor any of the employees of Port Phillip Publishing own shares in
any of the stocks discussed in Money Morning unless specifically stated. The
articles do not give trading or personal investment advice, but are intended to
provide a useful, independent news and analysis service to supplement your own
investing and trading. Consult your financial advisor before making any
investment decisions.]
52-Week Highs and Lows
Number of companies reaching a 52 week high previous day: 15
Number of companies reaching a 52 week low previous day: 15 This article is contributed by Money Morning. Click Here to Subscribe to their free newsletter.
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