US markets extend their gains last night after the stimulus package proposed by President Bush gets the green light from congress. The stimulus package would give tax filers refunds of $600 to $1200, and more if they have children. Markets also rose after good earnings report and unemployment benefits claim was at the lowest level in 4 months. Gains were paced by technology and commodities sector. Housing data also brought some good news, new home sales declined again but the ratio of supply and demand is falling. Dow rose 108.44 pts or 0.88% to 12378.61, S&P500 rose 13.47 pts or 1.01% to 1352.07 while Nasdaq advanced 44.51 pts or 1.92% to 2360.92.
Asian markets may open higher again today and extend their 2 days rally after Wall St posted the biggest 2-day rally since November. Gold and oil prices also rose overnight with gold at $912ish, crude oil back at $89ish per barrel and JPY at 107ish. Nikkei futures closed at 13280 in CME, rose from the close of 13010 in Osaka and 13040 in Singapore yesterday.
Kospi may open higher again and may open around 216ish region. If investors have regained back their confidence, Kospi may even test the 220 level today. Technology, exporters and financials may pace gains. However, volatility in the market may still be high today especially being a Friday and after 2-day of sharp gains, investors may take some profit.
Hangseng may open higher today after losing more than 2% yesterday. It may open around 24000 region and may test the 25000 again today. Volatility in the market may still be very high and there's no doubt that the market may lose grounds again if investors judged that recent rally was premature.
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