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Dow Jones starts July with a jump

Published: 08:22 02 Jul 2013 AEST

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U.S. stocks have made a positive start to the second half of 2013, following a key index of manufacturing activity in June showed expansion, while U.S. Government data showed there was an increase in construction spending during May.

A plus for the market was this data was not strong enough to raise investor concerns that the Federal Reserve would start to taper stimulus.

By the close the Dow Jones was up 65 points to 14,974, while the NASDAQ added 31 points to 3434.

It will be a short trading week due to the markets being closed on Thursday for Independence Day, and then all eyes on Friday will turn to the important monthly report on hiring and unemployment.


U.S. stocks 'outperform' in 2013

Highlighting the strength of the U.S. markets so far in 2013, the Dow Jones is up 14.3% year-to-date, while the NASDAQ has gained 13.7% over the same period. The S&P 500 has gained 13.2%.


Gold futures soar 2.6%

Comex gold for August jumped 2.6% to settle at US$1,255.7 an ounce, a US$32 gain in the session.


Asia

In Japan the Tankan survey said that large manufacturers were optimistic for the first time in seven quarters, with the survey also signalling increased levels of optimism for the September quarter 2013.

South Korean exports unexpectedly fell in June, with this measure considered a reliable bellwether of economic activity in mainland Asia.

Across in China, the country confirmed worries that its economy was slowing - with the official manufacturing PMI index down to 50.1 in June from 50.8 in May.


Europe

Across the pond Europe bourses were also in the green, with the FTSE 100 jumping 1.5% to 6308, while the French Cac gained 0.8% to 3767. The German Dax added 0.3% to 7984.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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