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Market Update : 
Metal Lift European Stocks
Author: 123jump.com Staff
123jump.com
Last Update: 5:49 PM EST December 07 2007


European stocks gained across the region led by a rise in UK of 1.1% followed 0.8% gain in Paris, 0.7% rise in Germany, and 0.7% Switzerland. Stocks in Europe rose the third day in a row. Miners advacned as metal prices rose. Xastra surged 8%, Antofagasta added 5%, and Vednata jumped 3%. Arcelor Mittal edged 1.7% higher after the rising metals prices lifted steel stocks as well. Insurance companies edged higher as well.

 
4:30PM New York, 10:30PM Frankfurt, 4:00AM Mumbai

Global Markets Indexes

In London FTSE 100 Index closed up 69.30 or 1.07% to 6,554.90, in Paris CAC 40 Index increased 44.99 or 0.79% to close at 5,718.75, and in Frankfurt DAX increased 53.49 or 0.67% to close at 7,994.07. In Zurich trading SMI increased 57.91 or 0.66% to close at 8,799.65.

Dow Jones Industrial Average edged higher by 5.69 or 0.04% to a close of 13,625.58, S&P 500 decreased 2.68 or 0.18% to 1,504.66, and Nasdaq Composite Index declined 2.87 or 0.11% to a close of 2,706.13. In Toronto TSX Composite increased 13.17 or 0.10% to close at 13,862.97.

Of the 30 stocks in Dow Jones Industrial Average, 13 closed higher, 16 closed lower, and one was unchanged.

American Express led the decliners with a loss of 4.3% followed by losses in Johnson & Johnson of 0.91%, in AT&T of 0.9%, in Intel of 0.89%, in Intel and IBM of 0.8%. Alcoa led the gainers with a rise of 2.9% followed in Verizon of 2%, and in Merck of 1.9%.

Of the stocks in S&P 500, 230 closed higher, 264 fell, and 6 were unchanged. Four stocks fell more than 3% and seventy six increased 3% or more.

Amgen led the decliners with a loss of 5% followed by losses in Capital One of 5%, in Countrywide Financial 4.6%, in Family Dollar 4.5%, and in Fannie Mae 4.4%. J C Penney led the gainers with a rise of 7% followed by increases in Radioshack of 5.8%, in Dillard of 5.6%, and in Cognizant of 5.1%.

In Tokyo Nikkei 225 Index added 82.29 or 0.52% to close at 15,956.37, in Hong Kong Hang Seng index closed down 716.45 or 2.42% to 28,842.47, in Australia ASX 200 closed higher by 53.80 or 0.82% to close 6,654.70.

In South Korea Kospi Index decreased 18.85 or 0.97% to close at 1,934.32, Thailand closed down 3.88 or 0.63% to 616.89, and Indonesia edged lower 16.45 or 0.59% to 2,778.95. India added 170.13 or 0.86% to 19,966.00.

In Latin Markets Chile led the gainers with a rise of 2.17% followed by increases in Mexico of 1.61%, in Argentina of 1.36%, and in Brazil of 1.33%.

Bond Yields edged higher on 10-year U.S. bonds to 4.10% and 30-year bonds increased to 4.57%.

Commodities, Metals, and Currencies

Crude oil decreased $1.95 to close at $88.28 per barrel for a front month contract, up 42.00% for the year, natural gas decreased 18 cents to $7.16 per mBtu, and gasoline futures decreased 3.23 cents to close at 226.90 cents per gallon.

Gold edged lower $6.90 in New York trading to close at $800.20 per ounce, silver closed down 12 cents to $14.51 per ounce, and copper for front month delivery increased 7.8 cents to 312.60 cents per pound and in London trading closed up $29.50 to $6,680.00.

Dollar edged lower against euro to $1.4654 and higher to 111.69 yen.

9:35AM New York – 8:05 PM Mumbai – Asian markets closed higher.

U.S. stocks opened flat to lower after the release of unemployment report and new jobs creations report.

Employers added 94,000 jobs in the November month after October data was revised upward by 4,000 to 170,000. Unemployment rate in the month was unchanged at 4.7%.

Macrovision is reported to offer $2.8 billion to acquire Gemstar – TV international.

The per share value of the transaction to Gemstar-TV Guide stockholders, based on the closing price of MVSN stock on December 6, 2007, represents a 29 percent premium to the 10 day average closing price of Gemstar TV Guide’s common stock prior to its review of strategic alternatives announced on July 9, 2007.
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