Apr 06, 2010, 08.19 AM IST
The US markets ended higher as they react to the non-farm payrolls report and other positive economic data.
By Varinder Bansal, Research Analyst at CNBC-TV18
The US markets ended higher as they react to the non-farm payrolls report and other positive economic data. The Dow Jones and S&P closed at their highest level since September 2008, while Nasdaq closed at its highest level since August 2008.
The Dow Jones Industrial Average ended up 47 points at 10973. The Nasdaq Composite was up 27 points at 2429 and S&P 500 up 9 points at 1187.
US Advancing Sectors: Energy was up 1.6%, Materials up 1.2%, Consumer Discretionary up 1.2% and Tech up 1.1%.
Asian markets opened mixed. Nikkei was down 0.6% while Straits Times and Kospi were flat. Shanghai was up 0.5%.
Alert: Hong Kong & Thailand stock markets are shut today. CBOE VIX was down 2.5% at 17.
US Economic News
ISM services index increased to 55.4 in March from 53 in February, third straight monthly gain and fastest pace of growth in nearly four years.
Pending-home sales rose 8.2% in February.
Alcoa rose 0.2%, as JPMorgan downgraded Alcoa, precedes company's quarterly earnings announcement next week.
Shipping stocks; Eagle Bulk Shipping was up 2.4%, Excel maritime up 1.8% and Euroseas up 2.1%.
Metal & Minerals: Vedanta was up 3.3%, ArcelorMittal up 3.7%, Guj NRE Coking Coal up 3.5%, Xstrata up 3.3% and BHP Billiton up 2%.
Intermediate top in Nifty is probably in process. Markets may move towards distribution or correction; Monday may have seen an exhaustion gap in Nifty
ALL GOOD THINGS COME TO AN END. The rally in Nifty which started from 5975 and touched 6415 may now be coming to an end. Fresh buying should be done only after some downward movement in prices has taken place.
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