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Market Update Analysis: 
Fannie Rally Lifts Wal-Mart, Visa
Author: 123jump.com Staff
123jump.com
Last Update: 5:14 PM EDT March 20 2008


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U.S. stocks rallied on positive analyst comments covering Fannie Mae and Freddie Mac. KBW analyst suggested that the recent Fed actions and wider latitude in mortgage lending will help the two largest mortgage lenders. Financials, home builders, and brokerage stocks rallied. Dow, Nasdaq and S&P 500 rose above 2%. Credit Suisse surprised estimate in the current quarter loss kept European banks and markets in check. General Motors closed near record low. Visa and MasterCard surge.

 
In Hong Kong Hang Seng index decreased 758.72 or 3.47% closed to 21,108.22. Australia ASX 200 index decreased 161.60 or 3.06% to close 5,127.50. Market of Japan, India, Indonesia, Pakistan, Philippines and Malaysia were closed.

In South Korea Kospi Index increased 1.16 or 0.07% to close at 1,623.39, in Thailand SET index closed lower 9.56 or 1.18% to 798.11.

Bond Yields decreased for 10-year U.S. bonds and closed at 3.33% and on 30-year bonds declined to close at 4.16%.

Commodities, Metals, and Currencies

Crude oil decreased $1.12 to close at $101.42 a barrel for a front month contract, natural gas increased 4 cent to $9.06 per mBtu, and gasoline futures increased 4.09 cents to close at 260.12 cents per gallon.

Gold decreased $25.30 in New York trading to close at $920.00 per ounce, silver closed down $1.595 cents to $16.85 per ounce, and copper for front month delivery decreased 6.00 cents to 357.35 per pound.

Wheat futures decreased 86.50 cents in Chicago trading and closed at $9.74 per bushel. Sugar increased 13.00 cent to 11.88 cents per pound. Soybean future closed down 50.00 cents to $12.07 a bushel.

Dollar edged higher and traded near a record low against euro to $1.5414 and edged lower against yen to 99.28.
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