US Stocks declined on Wednesday on a weak sales outlook from P & G and concerns over the service and labour sectors. Economic data showed an unexpected fall in activity in the service sector and larger-than-expected losses of private sector jobs.
Wall Street finished mixed overnight. Dow and S&P 500 indices ended their rising streak while Nasdaq posted its 11th straight rise led by Apple and Yahoo. Investors started to lock in their profits from a series of rallies driven by earnings reports.
Yesterday, the Australian market slumped for the third consecutive session as investors locked in gains from recent rallies. The benchmark S&P/ASX200 index was 58.4 points, or 1.47 per cent lower, at 3,904.1 points, while the broader All Ordinaries index fell 53.7 points, or 1.36 per cent, at 3,904.2 points.
The Australian shares closed lower as weaker commodities prices weighed on the resources sector. The benchmark S&P/ASX200 index fell 30.5 points, or 0.75 per cent, at 4031.7 points, while the broader All Ordinaries index shed 31.1 points, or 0.77 per cent, to 4030.4 points.
The Australian shares were broadly higher. The benchmark S&P/ASX200 rose 76.4 points, or 2 per cent, at 3894.4, while the broader All Ordinaries gained 74.6 points, or 1.96 per cent, to 3887.9 points. Besides the strong lead from Wall Street, the rising commodities prices may also push up the market today.
Asian markets Friday opened broadly higher as Wall Street rallied for a second consecutive day after some good corporate earnings. Yesterday the major indices posted strong gains. Hong Kong's Hang Seng Index rose 3.6% while Shanghai Composite jumped 3.1%. Japan's Nikkei 225 Average rose 1.8% and South Korea's Kospi added 1.2%.
On Wednesday Tokyo and Hong Kong markets bounced 4 per cent respectively in the morning following Wall Street's hefty overnight rally. Taiwan stocks rose 2.04 percent to a two-month high led by financial stocks after Citigroup said it turned profitable in the first two months in 2009.
