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Market Update : 
Steel Stocks Rise
Author: 123jump.com Staff
123jump.com
Last Update: 5:58 PM EDT April 15 2008


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Two industry associations one in Europe and the other in China forecasted higher demand for steel in 2008. The revised estimates lifted steel companies talks higher in the region and talks of price hikes intensified. Automakers and other durable goods makers are bracing for a price hike between 5% and 9%. LVMH reported first quarter sales rise of 5% but at Accor declined on exchange rate losses. Tesco annual earnings rose 12% on 11% rise in sales.

 
Of the 30 stocks in Dow Jones Industrial Average, 21 closed higher, 9 closed lower, and none was unchanged.

Boeing led decliners in the Dow Jones Industrial Average with a loss of 1.86% followed by losses in Verizon Communications of 0.85% in Bank of America of 0.65%, in Disney of 0.53%, and in Johnson & Johnson of 0.47%.

Alcoa led the gainers in the Dow with a rise of 2.4% followed by gains in Wal-Mart of 1.8%, in Exxon Mobil of 1%, and in AIG of 0.97%.

Of the stocks in S&P 500 index, 302 stocks increased, 192 declined, and 6 were unchanged. Of the stocks in the index, 18 stocks fell more than 3% and 14 gained more than 3%.

State Street led the decliners in the S&P 500 index with a loss of 10.3% followed by losses in Forest Labs of 9.95% in Manitowoc of 9%, and in Northrop Grumman of 6.8%.

Compuware led gainers in the S&P 500 index with a rise of 11% followed by Charles Schwab of 8.8%, in Cognizant Technologies of 8.5%, and in Regions Financials of 7.8%.

South American Markets Indexes

Colombia led the gainers in South American trading with a rise of 1.40% followed by increases in Chile of 0.99%, in Argentina of 0.90%, in Brazil of 0.75%, and in Mexico of 0.6%. Venezuela fell 0.18% and Chile gained Peru added 0.38%.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 73.07 or 0.57% to 12,990.58, in Hong Kong Hang Seng index increased 90.13 or 0.38% closed to 23,901.33. In Australia ASX 200 index higher 58.00 or 1.09% to close 5,400.40. In Malaysia KL Composite index increased 10.77 or 0.87% closed to 1,244.20.

In South Korea Kospi Index decreased 4.54 or 0.26% to close at 1,742.17 and Indonesia JSE Index edged increased 21.78 or 0.96% to 2,294.26. Sensex index in India increased 346.02 or 2.19% to 16,153.66. Market of Thailand was closed today.

Commodities, Metals, and Currencies

Crude oil increased $2.10 to close at $113.86 a barrel for a front month contract, natural gas increased 18 cent to $10.24 per mBtu, and gasoline futures increased 5.52 cents to close at 287.00 cents per gallon.

Gold increased $3.30 in New York trading to close at $932.00 per ounce, silver closed up $0.06 cents to $17.85 per ounce, and copper for front month delivery decreased 3.75 cents to $3.86 per pound.

Wheat futures were unchanged in Chicago trading and closed at $9.105 per bushel. Sugar increased 30.00 cent to $13.31 per pound. Soybean future closed up 7.75 cents to $13.97 a bushel.

Dollar edged higher but traded near a record low against euro to $1.5787 and edged higher against yen to 101.62.

Yields on U.S. bonds increased to 3.58% with 10 years of maturities and increased 4.42% with 30-year of maturities.
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