17 October 2021
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Inside Markets - US wrap 16/7/09

Switzer Daily
16 July 2009

US stock marktets closed around three per cent higher overnight.
The Dow advanced 256.72 points or 3.07 per cent to 8616.21.
The Nasdaq was up 63.17 points or 3.51 per cent to 1862.9.

The S&P 500 gained 26.84 points or 2.96 per cent to 932.68.

Shares of Intel surged 7.3 per cent following a better than expected earnings report after the bell on Tuesday. The company said chip orders from computer manufacturers had increased due to higher demand from consumers for computers. The company also forecast a strong third quarter.

The Federal Reserve had their policy meeting yesterday and according to CNBC, the minutes revealed that the Fed expects the economy will contract between one and 1.5 per cent this year. This is upgraded from its May prediction between 1.3 and two per cent contraction for the economy. Despite this, the Fed said that the unemployment rate could reach as high as 10.1 per cent, which is up from its previous forecast of 9.6 per cent. The US unemployment rate reported in June was 9.5 per cent.

Yesterday, the S&P/ASX 200 rose to close at 57.4 points or 1.48 per cent or 3924.5.

The All Ords were up 58.7 points or 1.52 per cent to 3917.5.

Oil was up at US$61.54 a barrel, and the Oz dollar was trading at 80.17 US cents.

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