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News: Share Price Index indicates ASX rally will hit 12 in a row

  1. The ASX SPI 200 is up 39 points to 5794 following the close minutes ago on Wall Street, which saw the Dow Jones log another triple digit gain.

    The SPI futures contract therefore points to more green arrows on the ASX today, and the likelihood of a twelfth straight day of gains.

    Powering local equities higher has been this weeks anticipated cut in official interest rates to a record low of 2.25%, which investors transitioning out of cash into yield stocks.

    Wall Street rally: At the closing bell in New York, the Dow Jones Industrial Average settled up 212 points at 17,885 while the Nasdaq added 48 points to end at 4,765 and the S&P 500 climbed 21 points to finish at 2,063.


    Commodities


    Crude oil prices jumped more than 4% overnight as better-than-expected jobless claims data in the U.S. and a higher economic growth forecast for the European Union helped improve the outlook for energy demand.

    On the New York Mercantile Exchange, West Texas Intermediate for March delivery soared 4.2% to settle at US$50.48 a barrel after tumbling nearly 9% on Wednesday, which put an abrupt end to a four-session rally on news of record high crude inventories in the US.

    April gold fell 0.1% to settle at US$1,262.70 an ounce on Comex.

     

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