Wall Street closed mixed overnight as investors took profits after a massive gain in previous session. US shares mostly fell earlier in the day, but rebounded towards the close. Analysts said that market sentiment remained bullish.
Mineral Resources Limited
Mineral Resources Limited (ASX:MIN) is an innovative and leading diversified mining services company, with a growing world-class portfolio of the mining operations across multiple commodities, including iron ore and lithium. With a large footprint across Western Australia and the Northern Territory, Mineral Resources provides mining services to clients, operates mine sites in the Pilbara and Yilgarn regions and ships product through Utah Point in the northwest of Australia and Esperance Port in the southwest of Australia.
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.
Overnight Dow Jones Industrial Average closed above 10,000 points for the first time in a year, as the investors were encouraged by the better-than-expected earnings from Intel and JPMorgan Chase. The gains in stocks market were also helped by the positive September US retail sales data, which could be a further confirmation of a recovery.
Overnight the US stocks closed higher on the positive Alcoa earnings and better-than-expected weekly jobless claims and consumer spending. Investors were also encouraged by the US retailers' first same-store sales gains in more than a year.
US shares rebounded on Monday after a losing week hit by a series of disappointing economic reports. The market gained as Goldman Sachs recommended large banks and a report showed service industries returned to growth after 11 months of contraction.
Wall Street made a third consecutive day gain overnight as some latest economic data shows that the recession is bottoming out. Financials were also buoyed after Insurance giant American International Group said it expects to repay the government.