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Market Update : 
Rally in Techs, Financials Lifts U.S. Stocks
Author: 123jump.com Staff
123jump.com
Last Update: 10:31 AM EDT May 01 2008


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Stocks in financials and technology sector closed sharply higher at close on a rally in the late afternoon. Tech heavy Nasdaq closed up 2.8%, Dow Jones Industrial rose 1.5% and S&P 500 increased 1.7%. Most markets in Asia, Latin America and Europe were closed for trading today. Exxon Mobil led decliners in Dow and American Express led gainers. Of the stocks in S&P 500, 430 closed higher and 70 closed lower, with MBIA leading gainers and JDS Uniphase leading decliners.

 
Vale, the largest iron ore mining company surged 5% to 65.53 real and Vivo, the largest mobile telecom operator added 6.3% to 11.80 real.

Asian Markets

In Tokyo Nikkei 225 Index closed lower 83.13 or 0.60% to 13,766.86, in Australia ASX 200 index lower 9.60 or 0.17% to close 5,585.80. Markets in Hong Kong and Malaysia, South Korea, Thailand, Indonesia and India were closed today.

Commodities, Metals, and Currencies

Crude oil decreased $1.14 to close at $112.32 a barrel for a front month contract, natural gas decreased 29 cents to $10.89 per mBtu, and gasoline futures decreased 3.60 cents to close at 287.00 cents per gallon.

Gold decreased $14.20 in New York trading to close at $850.90 per ounce, silver closed down $0.38 cents to $16.205 per ounce, and copper for front month delivery decreased 21.00 cents to $3.6945 per pound.

Wheat futures decreased 11.00 cents in Chicago trading and closed at $7.90 per bushel. Sugar decreased 46 cent to $11.35 per pound. Soybean future closed down 43.00 cents to $12.71 a bushel.

Dollar edged higher but traded near record low against euro to $1.5466 and edged higher against yen to 104.375.

Yields on U.S. bonds increased to 3.77% with 10 years of maturities and increased 4.50% with 30-year of maturities.
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