The S&P/ASX 200 was higher by 81 points (1.79%) yesterday closing to 4,605.30. The Australian market was shocked at the decision from the RBA to not increase rates.
Was the RBA spooked by the recent market correction or is it the Australian banks’ fault for not lending to small business and pumping out home loans instead? You can decide for yourself by clicking here to read the release from the RBA.
The Dow Jones Industrial Average was up overnight, closing to 10,296.85, higher by 111 points.
The Dow rallied on all of the ‘good news‘ coming out from the US overnight. The positive news on housing data, GDP and strong earnings from some companies is leading traders to believe that the strong growth for the fourth quarter was not by accident and it can continue into the first quarter of this year.
In the UK, the FTSE ended the day at 5,283.31, up by 35 points. Higher commodity prices saw the majority of mining companies all higher for the day.
The Nikkei added 166 points to finish at 10,371.09.
The RBA decision to hold rates affected the Aussie dollar, dropping significantly at the time of the announcement. However the currency has managed to recoup about half of the losses overnight.
The price of spot gold in Australian dollars is trading at $1,256.85 while in US Dollars it is trading at $1,114.83. The price of silver in Aussie dollars is $18.86 and in US Dollars it is $16.73.
The Aussie dollar versus the US dollar is trading at USD$0.8867, and against the Japanese Yen JPY80.12
Crude Oil closed at USD$76.99, a gain of 3.44%
For the biggest movers on the market yesterday click here…
That’s all the market news I have for you this morning, see you tomorrow.
Shae.
