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Market Update : 
Nasdaq Surges 3%, Homebuilders Gain
Author: 123jump.com Staff
123jump.com
Last Update: 9:26 AM EDT March 24 2008


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Nasdaq surge of 3% led the U.S. stock rally. JP Morgan revised its offer to purchase Bear Stearns and agreed to purchase 39.5% of the broker at $10 per share from the previous bid of $2 per share. Existing home sales in February rose 2.9% from February but fell 24% from a year ago. The surprise rise in home sales and revised bid for Bear lifted financial, home builders, and retail stocks. European markets were closed and Brazil and Mexico added 1.9% and 1.5% respectively. Shanghai fell 5%.

 
In South Korea Kospi Index increased 9.61 or 0.58% to close at 1,655.30, in Thailand SET index closed higher 3.96 or 0.49% to 807.28 and Indonesia JSE Index edged increased 15.73 or 0.68% to 2,339.29. Sensex index in India increased 294.57 or 1.96% to 15,289.40.


Bond Yields increased for 10-year U.S. bonds and closed at 3.56% and on 30-year bonds declined to close at 4.36%.

Commodities, Metals, and Currencies

Crude oil decreased $1.30 to close at $100.54 a barrel for a front month contract, natural gas increased 28 cent to $9.34 per mBtu, and gasoline futures increased 3.09 cents to close at 263.60 cents per gallon.

Gold decreased $1.30 in New York trading to close at $918.70 per ounce, silver closed up $0.26 cents to $17.11 per ounce, and copper for front month delivery increased 4.90 cents to 362.25 per pound.

Wheat futures increased 32.50 cents in Chicago trading and closed at $10.20 per bushel. Sugar increased 3.00 cent to 11.92 cents per pound. Soybean future closed up 50.00 cents to $12.57 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5422 and edged higher against yen to 100.75.
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