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Market Update : 
Credit Suisse Up, Business index Declines
Author: 123jump.com Staff
123jump.com
Last Update: 5:32 PM EDT April 24 2008


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European stocks market averages gained on a rally in financial stocks. Credit Suisse statement that for now it has adequate capital despite a large loss at the end of the first quarter lifted stocks in the sector. Futures of metals, energy and commodities generally declined. Gold fell below $900 per ounce. European business climate index fell on the rising worries related to global economic conditions and inflation in raw material prices.

 
Of the stocks in S&P 500 index, 329 stocks increased, 170 declined, and 1 was unchanged. Of the stocks in the index, 38 stocks fell more than 3% and 43 gained more than 3%.

Whirlpool led decliners in the S&P 500 index with a loss of 11% followed by Sovereign Bancorp of 10.4%, in Starbucks of 10.4%, in Newell Rubbermaid of 10.3%, and in Range Resources of 5.9%.

LSI Corp led decliners in the S&P 500 index with a rise of 24% followed by gains in MBIA of 13%, in Ford Motor Company of 12%, and in T Rowe Price of 11.6%.

South American Markets Indexes

Argentina led decliners in the South American trading with a fall of 0.51% followed by decreases in Peru of 0.37%, in Brazil of 0.36%, in Mexico of 0.320%, and in Venezuela of 0.3%. Colombia gained 0.68% and Chile added 0.12%.

Asian Markets

In Tokyo Nikkei 225 Index closed lower 38.29 or 0.28% to 13,540.87, in Hong Kong Hang Seng index increased 391.54 or 1.55% closed to 25,680.78. In Australia ASX 200 index lower 65.60 or 1.16% to close 5,587.30. In Malaysia KL Composite index increased 4.92 or 0.38% closed to 1,293.08.

In South Korea Kospi Index decreased 1.45 or 0.08% to close at 1,799.34, in Thailand SET index closed lower 3.35 or 0.40% to 834.31 and Indonesia JSE Index edged decreased 44.32 or 1.92% to 2,269.98. Sensex index in India increased 23.04 or 0.14% to 16,721.08.

Commodities, Metals, and Currencies

Crude oil decreased $2.41 to close at $118.26 a barrel for a front month contract, natural gas increased 1 cent to $10.79 per mBtu, and gasoline futures decreased 3.50 cents to close at 301.55 cents per gallon.

Gold decreased $19.60 in New York trading to close at $889.00 per ounce, silver closed down $0.50 cents to $16.78 per ounce, and copper for front month delivery decreased 2.55 cents to $3.87 per pound.

Wheat futures decreased 7.50 cents in Chicago trading and closed at $8.24 per bushel. Sugar decreased 46 cent to $12.29 per pound. Soybean future closed down 24.50 cents to $13.61 a bushel.

Dollar edged higher but traded near record low against euro to $1.5678 and edged higher against yen to 104.35.

Yields on U.S. bonds increased to 3.82% with 10 years of maturities and decreased 4.55% with 30-year of maturities.
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