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Inside Markets

Inside Markets

Switzer Daily
16 June 2009

Wall Street defied a spike in oil prices to $US73 a barrel to register another positive close. This result was helped by more improved economic news.

The Dow finished up 31 points to 8,770.
 
The Nasdaq was up 9 points to 1,862.
 
The S&P 500 rose 5 points to 944.

Those 600 levels on the S&P look a long way away and should enthuse long-term investors.

Reports on jobless claims falling and retail sales looking stronger than expected in May are adding to the green shoots story that’s driving market optimism.

Retail sales went up 0.5% in May and this is the first gain in three months.

Meanwhile some investors are worried about rising bond yields and that could take some of the wind out of the stock market’s sails.

For levels watchers, the next one for the S&P 500 the experts are looking out for is 1,050 and isn’t it great that the smarties are looking up and not down!

The Oz dollar starts the day at 81.97 US cents — getting stronger with Wall Street.

On the jobs number, the rise in unemployment to 5.7% takes us back to where we were two months ago and while we are swapping full-time jobs for part-time, the actual employment fall was around 1,700 jobs. Our unemployment story underlines how lucky we have been compared to our Western counterparts.

Have a great day,
Peter

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