US stocks posted a strong gain overnight boosted by better-than-expected home sales. Existing-home sales increased by 10.1 per cent to a 6.1 million annual rate, from 5.54 million in September, the National Association of Realtors said. The US dollar was weaker on Monday on expectations that the interest rate would remain at near zero.
Toll Holdings Limited
The Dow index gave up last week's success and slipped back slightly over the weekend. US and European stock markets closed lower on Friday after the latest US corporate results disappointed high hopes and pushed Wall Street back down through the key 10,000 points level.
Toll Holdings (ASX:TOL) today announced the acquisition of Footwork Express, a Japanese express freight operator and one of the top ten domestic logistics providers in Japan.
Wall Street closed higher overnight on investors' buying in industrial and materials stocks. Meanwhile, the fears of trade dispute between the US and China was offset by the news that a Chinese wealth fund is in talks to take over a minority stake in the US power plant AES.
Wall Street closed with an eighth consecutive gain on Thursday, as a series of financial firms rose and energy stocks rallied on the rebound of crude oil prices. The US government figure for GDP showed that the US economy shrank at a 1 per cent annual pace in the second quarter, better than analysts' forecast of 1.5 per cent decline.
The Australian share market closed firmer on Friday led by financial stocks. The benchmark S&P/ASX200 index was up 47.8 points, or 1.24 per cent, to 3903.8 points, while the broader All Ordinaries index advanced 48 points, or 1.25 per cent, to 3899.5 points. Trading volume is expected to remain at a low level before the reporting season.
The Australian shares closed lower as weaker commodities prices weighed on the resources sector. The benchmark S&P/ASX200 index fell 30.5 points, or 0.75 per cent, at 4031.7 points, while the broader All Ordinaries index shed 31.1 points, or 0.77 per cent, to 4030.4 points.
Yesterday Australian market was marginally higher, boosted by rally overseas. The benchmark S&P/ASX200 gained 7.4 points, or 0.19 per cent, at 3890.4, while the broader All Ordinaries rose 16.2 points, or 0.42 per cent, to 3862.2.
Yesterday the Australian shares posted a modest gain as the market saw the rising oil prices and increased optimism about the outlook for commercial banks. The benchmark S&P/ASX200 index rose 18 points, or 0.54 per cent, at 3345.5, while the broader All Ordinaries index was 15.9 points higher, or 0.48 per cent, to 3297.4.
Today is going to be another tough day after Wall Street stocks tumbling in late trade overnight as investors worry governments around the world will fail to avert a global recession.