The S&P/ASX 200 was up by 7 points, to finish the trading day 4,521.40. However the good ole’ USA had another shaky night on the market and our Aussie market has opened lower this morning.
The Index has lost nearly 9% from its January high. This figure is close enough to 10% for analysts to accept this as a ‘correction’. Basically, when you hear an analyst mention the word correction, it means the market has run too far too fast.
The Dow Jones Industrial Average ended the trading session below the psychological important price of 10,000. The Dow finished at 9,908.39, down by 103 points (1.04%). The index dropped nearly 50 points in the last 45 minutes of trading.
Overnight in the UK, the FTSE was up by 31 points, closing at 5,092.30.
The Bank of England (BoE) Inflation Report will be released on Wednesday this week, and will be the main focus of economic data.
The Nikkei was down again overnight, closing at 9,951.82, lower by 105 points. This is a two month low for the index.
Gold has started to gain slowly and many investors are using this as an opportunity to pick up a bargain.
The price of spot gold in Australian dollars is trading at $1,232.58 while in US Dollars it is trading at $1,062.86. The price of silver in Aussie dollars is $17.41 and in US Dollars it is $15.01.
The Aussie dollar versus the US dollar is trading at USD$0.8621, and against the Japanese Yen JPY76.94
Crude Oil closed at USD$71.70.
For the biggest movers on the market yesterday click here…
That’s all I have for you today, see you tomorrow.
Shae.
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