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Market Update : 
Nasdaq Up 2.8%, Gold Surges
Author: 123jump.com Staff
123jump.com
Last Update: 4:49 PM EDT April 16 2008


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U.S. stock surged after earnings from JP Morgan and Wells Fargo met expectations. Earlier Intel reported positive industry outlook and CSX and Coca Cola advacned on better than expected earnings. Separately March home completion, sales, and starts plunged. Inflation and industrial production in the month rose 0.3%. Crude oil reached another record high and the dollar traded at record low against euro. Of the S&P 500 index 458 stocks gained and 42 declined.

 
Brazil led the gainers in South American trading with a rise of 2.45% followed by increases in Argentina of 1.90%, in Mexico of 1.70%, in Chile of 0.99%, and in Peru of 0.26%. Venezuela fell 0.44%.

Asian Markets
In Tokyo Nikkei 225 Index closed higher 155.55 or 1.20% to 13,146.13, in Hong Kong Hang Seng index decreased 22.98 or 0.10% closed to 23,878.35. In Australia ASX 200 index higher 69.90 or 1.29% to close 5,470.30. In Malaysia KL Composite index increased 9.44 or 0.76% closed to 1,253.64.

In South Korea Kospi Index increased 16.39 or 0.94% to close at 1,758.56, in Thailand SET index closed higher 6.28 or 0.76% to 833.38 and Indonesia JSE Index edged increased 43.67 or 1.90% to 2,337.92. Sensex index in India increased 90.53 or 0.56% to 16,244.19.

Commodities, Metals, and Currencies

Crude oil increased $1.12 to close at $114.91 a barrel for a front month contract, natural gas increased 20 cent to $10.40 per mBtu, and gasoline futures increased 4.99 cents to close at 293.09 cents per gallon.

Gold increased $16.30 in New York trading to close at $948.00 per ounce, silver closed up $0.06 cents to $17.85 per ounce, and copper for front month delivery increased 9.50 cents to $3.955 per pound.

Wheat futures increased 28.5 cents in Chicago trading and closed at $9.39 per bushel. Sugar increased 3.00 cent to $13.34 per pound. Soybean future closed down 36.00 cents to $13.61 a bushel.

Dollar edged lower and traded at a record low against euro to $1.5952 and edged lower against yen to 101.75.

Yields on U.S. bonds increased to 3.68% with 10 years of maturities and increased 4.49% with 30-year of maturities.
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