20 Apr 2011

Stock markets regain some ground

7:35 am on 20 April 2011

Stocks in the United States are gaining some of the ground they lost on Monday, but sliding revenue at financial companies point to a struggling economy.

Shares in Goldman Sachs Group, the largest US investment bank, fell 1.4% to $US151.64 cents, after it posted a decline in quarterly earnings and cautioned there were fewer opportunities to make money in the current environment.

The Dow Jones Index was up 59 points, or 0.5% on Tuesday, to 12,260. The Nasdaq Composite was flat, up 3 points, at 2739.

Stock markets in Europe also regained some of the ground lost a day earlier.

The FTSE 100 index in London closed up 0.46% at 5896 points. The CAC 40 in Paris gained 0.7% to 3908 points and the DAX in Frankfurt was up 0.18% to 7039 points.

Japanese shares closed lower on Tuesday, with the Nikkei index being down 1.2% at 9441.

Across the Tasman, the Australian 200 Index closed down 68 points, or 1.4%, at 4793. The NZX 50 closed down 25 points, or 0.7%, to 3439.

The New Zealand dollar on Wednesday morning was trading at 78.79 US cents, 74.84 Australian cents, 48.28 pence, 64.96 yen and 0.5495 euro. The Trade Weighted Index was at 68.37.

Brent crude oil was trading at $US122.44 per barrel and gold was trading at $US1469.69 per ounce.