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S&P/ASX 200 futures up as US markets rally into close

Overnight the S&P 500 Index closed up 2.28% and the Nasdaq Composite closed up 1.72%.

oil picture
Gains were helped by some optimism in the oil market which rallied 21% overnight

S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) futures are up around 1.5% heading into the open today after the ASX 200 closed down 1.98% to 5,154.30 yesterday.

Crude Oil WTI bounced 21.7% or US$4.42 overnight to US$24.73 per barrel.

 

 

 

The S&P 500 Index (INDEXSP:.INX) closed at 2,526.90, +56.40 or up 2.28% and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed at 7,487.31, +126.73 or up 1.72%.

The Australian share market has had a solid week but one concern has been the growing global trend of banks to not pay dividends during the COVID-19 crisis.

Australia’s bank shares are a staple of many retiree’s portfolios due to their ability to provide passive income through franked dividends.

Banks paying dividends will likely be a hot topic in weeks to come for our market.

Gold and oil on the rise

Gold increased 2.76% overnight to be trading at US$1,635 per ounce and Crude Oil WTI bounced 21.7% higher overnight to US$24.73 per barrel.

It’s been a wild ride for oil which was US$48 a barrel one month ago and was at US$20 barrel only 48 hours ago.

The AUD is down slightly again and is buying 60.6 US cents after reaching 62 cents in the days prior which seems to be a ceiling for now.

 

 

Quick facts: Commonwealth Bank of Australia

Price: 69.67 AUD

ASX:CBA
Market: ASX
Market Cap: $123.6 billion
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