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Market Update Analysis: 
Stocks Gain Despite Rising Jobless Claims
Author: 123jump.com Staff
123jump.com
Last Update: 9:22 AM EDT April 03 2008


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Rising jobless claims was one more evidence that economic slowdown is speeding. Sharp decline in housing market has now spread to a slowdown in financial services and consumer spending. In another report from ABA, more consumers fell behind on their loans, lifting delinquencies to 15-year high. Metals, oil, and agricultural commodities remained at elevated levels.

 
In Tokyo Nikkei 225 Index closed higher 200.54 or 1.52% to 13,.389.90, in Hong Kong Hang Seng index increased 392.20 or 1.64% closed to 24,264.63. In Australia ASX 200 index higher 106.00 or 1.93% to close 5,608.90. In Malaysia KL Composite index decreased 14.07 or 1.14% closed to 1,225.58.

In South Korea Kospi Index increased 21.44 or 1.23% to close at 1,763.63, in Thailand SET index closed higher 0.97 or 0.12% to 826.68 and Indonesia JSE Index edged decreased 104.22 or 4.45% to 2,237.97. Sensex index in India increased 82.15 or 0.52% to 15,832.55.

Commodities, Metals, and Currencies

Crude oil decreased $1.00 to close at $103.83 a barrel for a front month contract, natural gas decreased 42 cent to $9.42 per mBtu, and gasoline futures decreased 4.93 cents to close at 272.43 cents per gallon.

Gold increased $9.40 in New York trading to close at $909.60 per ounce, silver closed up 30 cents to $17.48 per ounce, and copper for front month delivery increased 2.40 cents to 390.15 per pound.

Wheat futures increased 2.00 cents in Chicago trading and closed at $9.52 per bushel. Sugar increased 4 cent to 11.81 cents per pound. Soybean future closed up 14 cents to $12.57 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5682 and edged higher against yen to 102.25.

Bond Yields increased for 10-year U.S. bonds and closed at 3.58% and on 30-year bonds decreased to close at 4.38%.
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