US stocks fell overnight in a choppy trade as the Federal Reserve announcement showed that the central bank remained cautious to the economy outlook. The Federal Reserve acknowledged the economy is emerging from recession, but maintained its near-zero interest rate and trillion-plus dollar effort to support the fragile recovery.
CanWest Global Communications Corp.
On Friday, the Australian market closed higher led by banking and mining stocks. The benchmark S&P/ASX200 index was up 30.8 points, or 0.8 per cent, at 3794.1 points, while the broader All Ordinaries index gained 29.2 points, or 0.8 per cent, to 3790.6 points. For the week, both benchmarks lost about 0.9 per cent.
Yesterday the Australian market closed marginally higher as financial stocks surged. The benchmark S&P/ASX200 index gained 0.1%, or 3.2 points at 3348.4, while the broader All Ordinaries index was up 0.1%, or 2.6 points, at 3297.3. Australian shares may receive support from the stronger copper and oil prices, despite the falls on Wall Street.
The Australian share market closed higher on Tuesday, as the central bank's interest rate cut bolstered the financial stocks. The benchmark S&P/ASX200 index ended up 11.3 points, or 0.32 per cent, at 3,508.7 while the broader All Ordinaries index was 5.6 points stronger, up 0.16 per cent, at 3,449.1. Today investors may focus their attention on the earnings report of BHP Billiton and the decision by the four major banks after RBA's rate cut.