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Market Update : 
Stocks Rise on Retail Sales, China Surplus Falls
Author: 123jump.com Staff
123jump.com
Last Update: 5:28 PM EDT June 12 2008


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U.S. stocks closed higher after May reail sales rose at 1% from April and 2.5% from a year ago. The better than expected gains lifted the moood on Wall Street and market indexes rebounded after mid-day losses in Europe. Lehman Brothers replaces its chiefs of finance and operations, the stock falls on heavy volume to recent low in March. South Africa raised its interest rate by 0.5% to 12%. InBev made an unsolicited offer for $46 billion for Anheuser-Busch. china trade surplus falls.

 
In Tokyo Nikkei 225 Index closed lower 294.88 or 2.08% to 13,888.60, in Hong Kong Hang Seng index decreased 303.74 or 1.30% closed to 23,023.86. In Australia ASX 200 index lower 138.10 or 2.53% to close 5,329.20. In Malaysia KL Composite index decreased 3.74 or 0.30% closed to 1,225.54.

In South Korea Kospi Index increased 42.31 or 2.37% to close at 1,739.36, in Thailand SET index closed lower 0.86 or 0.11% to 790.80 and Indonesia JSE Index edged increased 34.22 or 1.44% to 2,409.01. Sensex index in India increased 64.88 or 0.43% to 15,250.20.

Commodities, Metals, and Currencies

Crude oil increased $0.42 to close at $136.80 a barrel for a front month contract, natural gas increased 15 cents to $12.81 per mBtu, and gasoline futures increased 5.59 cents to close at 352.17 cents per gallon.

Gold decreased $10.90 in New York trading to close at $872.00 per ounce, silver closed down 37 cents to $16.48 per ounce, and copper for front month delivery decreased 3.95 cent to $3.54 per pound.

Wheat futures decreased 18.00 cent in Chicago trading and closed at $8.51 per bushel. Sugar decreased 9 cent to $11.55 per pound. Soybean future closed up 3.5 cents to $15.12 a bushel.

Dollar edged higher and traded near record low against euro to $1.5434 and fell against yen to 107.94.

Yields on U.S. bonds increased to 4.21% with 10 years of maturities and increased to 4.76% with 30-year of maturities.
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