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Market Update : 
U.S. Stocks Rise on Wrigley, Ford
Author: 123jump.com Staff
123jump.com
Last Update: 6:10 PM EDT April 28 2008


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U.S. stocks traded in a tight range ahead of a rate decision from the Fed on Wednesday. Mars agreed to acquire Wrigley for $80 per share or $23 billion in cash. The deal will be financed by Goldman Sachs, Berkshire Hathaway and the company. Verizon and Humana closed higher after the earnings. RadioShack and AlbertoCulver fell after the earnings. Visa fell in the after hours trading after it reported 39 cents per share or 52 cents per share on adjusted basis. Southern Copper Peru declined.

 
Brazil led gainers in the South American trading with a rise of 0.75% followed by increases in Colombia of 0.56% and in Argentina of 0.42%. Mexico led decliners in the region with a loss of 1.24% followed by declines in Chile of 0.43%, in Venezuela of 0.64% and in Peru of 0.37%.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 30.90 or 0.22% to 13,894.37, in Hong Kong Hang Seng index increased 149.51 or 0.59% closed to 25,666.29. In Australia ASX 200 index higher 15.40 or 0.28% to close 5,602.70. In Malaysia KL Composite index increased 7.23 or 0.56% closed to 1,295.31.

In South Korea Kospi Index decreased 1.51 or 0.08% to close at 1,823.17, in Thailand SET index closed higher 4.23 or 0.51% to 836.42 and Indonesia JSE Index edged increased 13.73 or 0.61% to 2,254.31. Sensex index in India decreased 110.02 or 0.64% to 17,015.96.

Commodities, Metals, and Currencies

Crude oil increased $0.33 to close at $118.85 a barrel for a front month contract, natural gas increased 13 cent to $11.23 per mBtu, and gasoline futures increased 3.19 cents to close at 305.05 cents per gallon.

Gold increased $5.80 in New York trading to close at $895.50 per ounce, silver closed up $0.19 cents to $16.78 per ounce, and copper for front month delivery decreased 2.55 cents to $3.87 per pound.

Wheat futures decreased 8.50 cents in Chicago trading and closed at $8.15 per bushel. Sugar decreased 4 cent to $12.25 per pound. Soybean future closed down 24.00 cents to $13.37 a bushel.

Dollar edged lower and traded near record low against euro to $1.656 and edged higher against yen to 104.14.

Yields on U.S. bonds decreased to 3.50% with 10 years of maturities and decreased 4.38% with 30-year of maturities.
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