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Market Update : 
Hope and S&P Report Lift Stocks
Author: 123jump.com Staff
123jump.com
Last Update: 6:37 PM EDT March 13 2008


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Stocks in the morning fell sharply after the release of February retail sales, import and export prices and weekly unemployment data. Dow, S&P 500 and Nasdaq fell quickly 1%. The market reversed its direction after a S&P research report. The credit analyst revised his estimate of sub-prime loan losses by $20 billion to $285 billion and added that most of the losses are already reported. The relatively positive note lifted market sentiment. European markets closed lower.

 
In South Korea Kospi Index decreased 43.21 or 2.60% to close at 1,615.62, in Thailand SET index closed lower 12.69 or 1.53% to 814.31 and Indonesia JSE Index edged decreased 115.65 or 4.52% to 2,440.59. Sensex index in India decreased 770.63 or 4.78% to 15,357.35.

Bond Yields increased on 10-year U.S. bonds to 3.53% and on 30-year bonds increased to 4.45%.

Commodities, Metals, and Currencies

Crude oil increased $0.35 to close at $110.27 per barrel for a front month contract, natural gas increased 24 cent to $10.25 per mBtu, and gasoline futures decreased 5.07 cents to close at 267.79 cents per gallon.

Gold increased $13.30 in New York trading to close at $993.80 per ounce, silver closed up 42 cents to $20.42 per ounce, and copper for front month delivery decreased 1.20 cents to 382.50 per pound.

Wheat futures decreased 38.50 cents in Chicago trading and closed at $12.44 per bushel. Sugar increased 43 cent to 13.59 cents per pound. Soybean future closed up 7.750 cents to $14.02 per bushel.

Dollar edged lower and traded at a record low against euro to $1.5638 and edged lower against yen to 100.471.
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