Wednesday Market Close Levels:
- S&P futures gained 1.40% to reach 1,226.00.
- S&P current trading rose 1.5 per cent to reach 1,236.22.
- Dow Jones Industrial Average rose by 178.08 points to reach 11,836.00.
- NASDAQ Index gained 1.01% to attain 1,237.90.
- US dollar fell by 0.4238% relative to the euro.
- Gold price went up by $23.20 to reach $1,735.00 per ounce.
- Silver gained $1.379 to settle at $34.11 per ounce.
- Price of crude oil per barrel slightly up by 10 cents to reach $92.29.
- Price of corn declined by 1.2% to $6.4625 a bushel on prospect of increased production in the US and other countries.
- Price of wheat fell by 1.1% to $6.23 a bushel by the same reasons that the price of corn fell though it had gained 4% this year.
Top Market Stories for Today:
- Stock of MasterCard Inc. gained the most by 6.6%: An increase in spending by card holders improved the third quarter profit of MasterCard Inc. beyond the prediction of analysts. The stock therefore gained the most since August by 6.6% to post $356.43 per share. MasterCard grew its net income by 38% to $717 million which translates to $5.63 per share up from $3.94 during the same quarter of last year.
- Federal Reserve reduces economic growth forecast for 2012: The prime movers at the Fed have reduced their forecasts for the US economic growth for 2012. The Fed officials cut their unemployment outlook of 8.5% to 8.7% for the last quarter of 2012 after a Federal Open Market Committee meeting held today after acknowledging incessant weakness in the labor market.
- Lack of internal control lands MF Global in bankruptcy: MF Global Holdings filed for Chapter 11 bankruptcy protection after disclosing a shortfall in customer accounts which some analysts have estimated to be about $700 million. Headed by former New Jersey Governor Jon Corzine, MF Global Holdings became financially handicapped due to the exposure of the company’s $6.3 billion to the European debt burden. However, it was said that Corzine gave no hint of impending danger ahead of MF Global the night before the firm posted its worst quarterly financial result though he was at a dinner speech for a group of bankers and traders at the Helmsley Park Lane Hotel, New York.