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The FTSE 100 rose in early trading but then fell back below the psychological barrier that is 4,000 as the DOW and the S&P500 started weak on inflation numbers and weak industrial data in the US.The stock market finished down 0.5% or 20 points, at 3,968 in London.
CPI inflation declined 0.1% in March and 0.4% year on year, the first year this ha happened since 1955. Industrial production fell by 1.5% in March which was worse than anticipated.
When London closed the Dow Jones Industrial Average was up 16 points, at 7,396, the S&P 500 was more or less flat.
The main fallers in the UK were mining stocks after Rio Tinto announced a cut in production.
Vedanta Resources fell most - down 76p to 932p, Antofagasta fell 37p to 553p and Xstrata fell 40p to 573p.
Financials also had a poor day, Legal & General being the hardest hit - falling back 5p to 50p, with Schroders falling 60p to 812p.
Defensives on the other hand saw an improvement, tobacco stock BAT rose 70p to £15.66 and Imperial Tobacco increasing 53p to £14.82.
Reed Elsevier was the day's best performer - up 28p to 487p, after Goldman Sachs added it to their conviction buy list.
The Beige Book has just come out in the US and there is some evidence that the fall in the economy is slowing down, as a result the DOW is now up 58 at 7978 with S&P500 up 4 to 845.
The stock market would appear to be determined to go up at the moment so this bear market rally seems to have legs and we may have seen the bottom back in March.
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