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Inside Markets - US wrap 17/7/09

Switzer Daily
17 July 2009

US markets closed higher overnight, buoyed by strong company earnings results.

The Dow gained 95.61 points or 1.11 per cent to 8711.82.
The Nasdaq was up 22.13 points or 1.19 per cent to 1885.03.

The S&P 500 put on 8.06 points or 0.86 per cent to 940.74.

JPMorgan Chase & Co reported strong company earnings, up 36 per cent for the second quarter, but said there was continued deterioration in consumer credit.

Goldman Sachs reported better than expected earnings on Tuesday. Bank of America will report tomorrow. In tech stocks, IBM reported better than expected earnings after the bell.

New York University professor of economics Nouriel Roubini, who forecasted the economic crisis, made positive comments yesterday about the US economy, telling Reuters the US would be out of the recession by the end of 2009, and reported by a number of news agencies. Later Roubini said in a statement that the comments were taken out of context and his view on the economy had not changed from what he originally predicted.

“I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19 months into that recession. If, as I predicted, the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010. Simply put, I am not forecasting economic growth before year’s end,” he said.

Yesterday, the S&P/ASX 200 closed 71.1 points or 1.81 per cent higher to 3995.6.

The All Ords gained 70.3 points or 1.79 per cent to 3987.8.

Oil was up at US$62.02 a barrel, and the Oz dollar was buying 80.43 US cents.


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