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Inside Markets

Switzer Daily
19 June 2009

Wall Street beat off the stress test blues to again finish in positive territory and it was helped by economic figures showing job losses are easing.

The Dow rose 101 points or 1.2% to 8,512.28.
 
The Nasdaq put on 5 points to 1,759.
 
The S&P 500 went up 15 points or 1.7% to 919.

While the job figures were better than expected, the real test comes on Friday, US time, when the Labor Department's April jobs number is released.

The job loss number is tipped to be 600,000 and the unemployment figure will be a test for the rally.

On the stress test, front leaks are now saying banks are healthier than thought and the Wall Street Journal article that raised doubts over the test could come in for some criticism if the latest leak proves to be true.

Market manipulators can use the media and this story has been used by bears and short-sellers to undermine the current rally.

We will see the official results tomorrow our time.

Locally we get unemployment figures following a very solid retail result. Shoppers pushed retail figures 2.2% higher in March, which is the second best result in nearly nine years.

It shows the Government’s stimulus packages weren’t as big a waste as critics have suggested and helps to build confidence that the economy might only be in for a mild recession.

While our job numbers are important, the US ones are the ones I’m waiting for!

The Oz dollar continues to gain ground and is now 74.83 US cents.

Have a great day,
 
Peter 


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