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Market Update : 
Apple, Credit Suisse Spark Broad Rally
Author: 123jump.com Staff
123jump.com
Last Update: 4:43 PM EDT April 24 2008


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U.S. stock market averages rose after a rally in financials, insurance and select tech stocks. Apple lifted tech stocks after it reported sharply higher sales and earnings. Credit Suisse reported higher than expected loss but said for now it does not need to reaise capital. Merrill Lynch is not planning to cut its dividend. T Rowe Price, Aflac and Travelers rose after earnings. In Asia China surged 9% and Switzerland led gainers in Europe.

 
Asian Markets

In Tokyo Nikkei 225 Index closed lower 38.29 or 0.28% to 13,540.87, in Hong Kong Hang Seng index increased 391.54 or 1.55% closed to 25,680.78. In Australia ASX 200 index lower 65.60 or 1.16% to close 5,587.30. In Malaysia KL Composite index increased 4.92 or 0.38% closed to 1,293.08.

In South Korea Kospi Index decreased 1.45 or 0.08% to close at 1,799.34, in Thailand SET index closed lower 3.35 or 0.40% to 834.31 and Indonesia JSE Index edged decreased 44.32 or 1.92% to 2,269.98. Sensex index in India increased 23.04 or 0.14% to 16,721.08.

Commodities, Metals, and Currencies

Crude oil decreased $2.41 to close at $118.26 a barrel for a front month contract, natural gas increased 1 cent to $10.79 per mBtu, and gasoline futures decreased 3.50 cents to close at 301.55 cents per gallon.

Gold decreased $19.60 in New York trading to close at $889.00 per ounce, silver closed down $0.50 cents to $16.78 per ounce, and copper for front month delivery decreased 2.55 cents to $3.87 per pound.

Wheat futures decreased 7.50 cents in Chicago trading and closed at $8.24 per bushel. Sugar decreased 46 cent to $12.29 per pound. Soybean future closed down 24.50 cents to $13.61 a bushel.

Dollar edged higher but traded near record low against euro to $1.5678 and edged higher against yen to 104.35.

Yields on U.S. bonds increased to 3.82% with 10 years of maturities and decreased 4.55% with 30-year of maturities.
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