| USmarket On a background of last events descending correction of key indexes should not be excluded |
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11:47 04/10/2006 |
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On a background of unexpectedly positive data of the US labour market survey shares on Wall Street opened with little growth on Friday. Thus analysts noted that despite positive data this survey has not led to growth of fears that FRS will continue rates increase.
Let's remind that nonfarm payrolls in economy of the USA increased by 211 thousand in March at the experts’ forecast of growth of 185 thousand. Thus data for January and February have been revised downwardly. Employment in February was up 225.000 whereas earlier it was informed about growth of 243.000, and January data have been revised up to 154.000 from 170.000. And the unemployment rate in the USA in March decreased to 4.7 %, at the economists’ forecast that it would remain constant at a level of the last month of 4.8 %. Indicators were not only better than the predicted levels, but the second of them (unemployment rate) reached January level which is minimal for almost four and a half of a year. Thus the average hourly earning was up 0.2 % in March against growth of 0.4 % in February, and average workweek made 33.8 hours against 33.7 hours in February, as well as experts expected.
Other two indicators, published on Friday, were also better than the expected levels, and their previous values have been revised upwardly. So, the wholesale inventories index in the USA made +0.8 % for February, at the forecast of +0.5 %. And the previous value is revised from +0.1 % up to +0.2 %. The consumer credit in the USA made +3.3 billion dollars for February, at the forecast +2.5 billion dollars. And the previous value is revised from +3.9 up to +6.1 billion dollars.
Another driver of growth of quotations of key stock indexes was growth of Ford Motor Co papers. We shall remind that the reason of rise corporation shares became the information from Ford Motor Co. about the personnel changes connected with intention of the company to cut down expenses. One more positive for the stock market became the information that Matsushita and NEC informed that they negotiate with Texas Instruments about possible cooperation in production of mobile phones 3G.
However later, under pressure of a negative from the energy market key indexes tested negative influence. We shall remind that last growth of oil quotations was caused by news issued by the American mass-media that the administration of the USA prepared the plan of possible attack on Iran. As a result oil rally renewed, and on today morning May futures for oil WTI at electronic session reached a mark $68 for barrel, the top was achieved in area $67.85 for barrel. Let's notice that the intense situation around deliveries from Nigeria also remains the factor, stimulating a rise in oil prices. Let's remind that earlier on Friday oil fell in price on $0.55 up to $67.39 for barrel, thus during the tenders there was reached a mark of $66.65 for barrel.
As a result Dow-Jones index of New York stock exchange fell 96.46 points and was closed at a level 11120.04. NASDAQ index was down 22.15 points and is at a level 2339.02. S&P 500 index dipped 13.54 points and is at a level 1295.50. And 30-years U.S. Treasury notes’ yield grew 0.078 in comparison with the previous closing and makes 5.038.
We recommend while keeping a waiting position. After the end of descending correction of indexes there are possible new purchases of futures for Dow-Jones and S&P 500 indexes.
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