Australian Market Report of March 11: Remarkable Rally on Wall Street
US stocks market surged strongly overnight on some good news that the market has been waiting for a long time. Citigroup's said the banking giant had been profitable for the first two months of 2009. Meanwhile, the market also was supported by the optimistic comments from US Federal Reserve Chairman Ben Bernanke and expectation on reinstatement of a rule that hinders short-selling. Yesterday the Australian market struggled for direction early on but then found its feet later in the session to close higher, according to CMC Markets. The benchmark S&P/ASX200 index gained 30 points, or 0.95 per cent, at 3184.5, while the broader All Ordinaries rose 21.5 points, or 0.69 per cent, to 3143.2. "We expect the Aussie Banks and Mining stocks will perform very strongly today, except for gold which went down US$22.10 last night. This will be a good day to accumulate more gold stocks," said Thomas Su, Research Director of Money Cat Consulting. Key Economic Facts and Figures The ANZ Bank's survey found total job ads in newspapers and on the internet dropped 10.4% in the month of February, the largest monthly fall since the series began in 1999. The number of job advertisements in newspapers and on the internet fell by 39.8% in the 12 months to February. NAB monthly business survey shows that business conditions in Australia slumped in February to a level last seen just after the 1990s recession. The index fell nine index points to minus 20 points. However, the measure of business <b>...</b>
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