20 Oct 2009

US markets rise

8:35 am on 20 October 2009

Stocks in the United States rose on Monday on better-than-estimated earnings and speculation the economy is healthy enough for policy makers to unwind efforts to shore up the financial system.

The Dow Jones Index was up 1% to 10,091. The Nasdaq Composite was up 0.9% to 2173.

European shares hit a fresh 12-month closing high on Monday, increasing optimism for the third-quarter earnings season.

The Australian 200 Index was at 4792 on Monday.

The NZX50 closed on Monday at 3220 on turnover of $60 million.

At 8.20am on Tuesday, the New Zealand dollar was trading at 75.3 US cents, after reaching a 15 month high overnight.

It was also buying 81.24 Australian cents, 46.01 pence, 68.25 yen and 0.504 euro. The Trade Weighted Index was at 67.31.

Brent crude oil was trading at $US76.21 per barrel, but the weak US dollar and strong US company results earlier drove the price to one year highs.

Gold was trading at $US1056.55 cents per ounce.