28 May 2022
1300 794 893

Inside Markets

Switzer Daily
19 June 2009

 After two days down for Wall Street, the market bounced back but it wasn’t a big bounce with some economic news slightly disappointing investors.

The Dow rose 46 points or 0.5% to 8,331.
The Nasdaq put on 25 points or 1.5% to 1,689.
The S&P 500 added 9 points or 1% to 893.

Technical people were impressed that the S&P 500 did not even look like going through 875, which is an important resistance level.

On the economics front, initial jobless claims rose by 32,000 last week to 637,000. The analysts were tipping it to go to 610,000. Belief in the recovery won’t solidify until the jobs number improves significantly.

Against this, Wal-Mart reported first-quarter earnings in-line with expectations, which is a good sign given how significant this retail outfit is.

Another negative for the market was Chrysler, which revealed it would close 25% of its dealerships. This will have a jobs effect, which will affect the recovery.

Locally the housing sector is responding to Government stimulus. Rob Mellor of BIS Shrapnel says a housing comeback is the first stage of a broader economic recovery. This is from Craig James at CommSec: “[Yesterday] we saw new lending commitments soared by 12.9% in March, the third gain in lending in four months and the strongest increase in 21 months. Commercial lending went up by over 20% in March. Housing lending lifted over 7% in March with loans to build new homes at record highs. Loans to buy blocks of land also hit record highs with renovation loans near three-year highs.”

The Oz dollar is up to 76.02 and continues to track Wall Street.

Have a good day,


Want to know the 5 Stocks Peter Switzer & Paul Rickard are buying in 2022?

We're giving you FREE access to find out which stocks our Switzer Report experts think have the highest upside in October and beyond!

Get the latest financial, business, and political expert commentary delivered to your inbox.

When you sign up, we will never give away or sell or barter or trade your email address.

And you can unsubscribe at any time!
1300 794 893
© 2006-2021 Switzer. All Rights Reserved. Australian Financial Services Licence Number 286531. 
homeshopping-cartphoneenvelopedollargraduation-cap linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram