Markets forging ahead with better than expected home sales in the US and manufacturing in China going up for the first time in 9 months. The market dismissed a sharp downwards revision of the EU forecast for the euro-area economy with a contraction twice as deep as it projected just three months ago at -4%, and the region’s budget deficit will swell to more than double the EU limit. Employment will rise to 11.5%.
The S&P 500 finished the day 907.23 (+3.4%), the first time for 4 months it reached the 900 mark, the DJIA 8426.74 (+2.6%) and the NASDAQ 1760.56 (+2.41%).
|Other Key Indexes|| |
At close 05/04/2009
|Change||% change||1 month||1 year|| |
|Nikkei 225 Japan||8,977.37||+149.11||+1.69%||+7.49%||–34.79%|
|Hang Seng Hong Kong||16,381.05||+860.06||+5.54%||+12.62%||–37.57%|
|Shanghai Composite China||2,559.91||+82.34||+3.32%||+5.79%||–30.68%|
|FTSE 100 Britain||4,243.22||–0.49||–0.01%||+5.30%||–31.73%|
|CAC 40 France||3,237.97||+78.12||+2.47%||+9.44%||–36.13%|
|TSX Comp. Canada||9,870.37||+373.41||+3.93%||+10.38%||–29.83%|
U.S. light crude oil for June delivery rose $1.27 to settle at $54.77 a barrel on the New York Mercantile Exchange.
COMEX gold for June delivery rose $14 to settle at $902.20 an ounce
Selected news of the day
The train is in motion: not only inflation will be needed to pay the huge debt most western countries are taking but tax increase will be the rule to pay it down. Reaganomics and Thatcherism are dead for the time being.