MoneyVidya.com Morning Update, 03 July 2009

Published on Friday, July 3rd, 2009 at 10:51 AM

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Author: MoneyVidya.com (168 Articles)

On Thursday, a disappointing jobs report prompted sellers to knock stocks sharply lower in the first few minutes of trading. Stocks then locked into an extremely narrow trading range until the S&P 500 slipped below the psychologically significant 900 level in the final half-hour of trading. The Dow closed 223.32 points lower (-2.63%) to end the day at 8,280.74. The index simply nosedived as it opened and languished at the bottom through the day. The NASDAQ closed 49.20 points lower (-2.60%) to finish at 1,796.52.

Most of the Indian ADRs still managed to end on a positive note on Thursday. ICICI Bank (IBN) was the biggest gainer, up 1.23%, closing at $30.73. Wipro (WIT) was the sole loser, down 0.10%, closing at $11.70.

News of the crumbling jobs market in the US had a detrimental affect on the European bourses as well. The UK’s FTSE closed 106.44 points lower (-2.45%), ending at 4,234. Germany’s DAX closed 186.95 points lower (-3.81%), ending trading at 4,718.

As of 9:45 am IST, the Asian markets were also lying in the red. While Japan’s Nikkei is currently trading 151.94 points lower, down 1.54%, the Hang Seng is currently trading 99.09 points lower, down -0.55%.

WTI Brent crude oil closed at $66.45 per barrel, down $0.28 (-0.42%). Nymex light crude August futures closed at $66.57, down $0.16 (-0.24%). August COMEX gold futures closed at $933.00 per ounce, up $2.00 (+0.21%).

As of 9:50 am IST, the Yen (¥) remained unchanged against the USD at ¥95.91. The Euro (€) fell €0.0006 to €0.7146 against the dollar. The Pound (?) fell ?0.0005 to ?0.6104 against the dollar.

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