Dow           10,567.33    +2.95     (0.03%)
S&P 500     1,145.61     +5.17     (0.45%)
Nasdaq       2,358.95    +18.27   (0.78%)

US stocks continued modest gains on Wednesday, a stronger rally was tempered by the US government’s report of a drop in company inventories during January.

The Commerce Department said wholesale inventories fell 0.2 per cent in January after falling one per cent in December.But company sales rose 1.3 per cent, their 10th straight gain. A pickup in sales would prompt businesses to restock inventories.

With little economic data released since last week’s better-than-expected jobs report, investors haven’t been making big moves.

But readings on weekly jobless claims, retail sales and consumer sentiment will be released in the coming days and may give investors a better sense of where the economy stands.

With almost 90 minutes of Wednesday trade remaining, the Dow Jones industrial average was up 18.82 points, or 0.18 per cent, at 10,583.20 points.

The broader Standard & Poor’s 500 index was up 6.62 points, or 0.58 per cent, at 1147.06 points.

The Nasdaq composite index was up 18.51 points, or 0.79 per cent, at 2359.19.

Europe’s leading stock markets nudged higher on Wednesday in cautious trading, as market players digested the latest batch of company results and awaited key US economic data later this week.

The FTSE 100 index rose 38.27 points, or 0.68 per cent, to 5640.57 points.

The German DAX 30 ended up 50.83 points, or 0.86 per cent, at 5936.72 points.

In France, the CAC 40 index gained 33.54 points, or 0.86 per cent, to close at 3943.55 points.

Commodities

World oil prices rose on Wednesday after news that US fuel stockpiles slumped last week, indicating strengthening demand in the world’s top energy consumer.

The market was also supported by news of soaring Chinese exports and after the Organisation of Petroleum Exporting Countries lifted its forecast for world oil demand growth.

New York’s main contract, light sweet crude for April delivery, rose 60 US cents to settle at $US82.09, according to preliminary settlement figures on the New York Mercantile Exchange.

The contract touched an intraday high of $US83.03, after figures showed crude inventories grew last week by 1.4 million barrels to 343 million barrels, well below the market expectations of a 2.1 million barrel increase.

But prices retreated after market participants regarded the move higher as overdone.

Meanwhile, OPEC said world oil demand should grow by 900,000 barrels per day this year, an upward revision from last month’s forecast.

OPEC said its forecast depended on a sustained global economic rebound, particularly in the US.

China, the second biggest oil consumer, said on Wednesday that its exports soared for the third straight month in February and at their fastest pace in three years.

In London, Brent crude was 3 US cents lower at $US79.88 on the ICE futures exchange.

Gold for April delivery fell $US14.20 to settle at $US1108.10 an ounce.

Silver for May delivery fell 32 US cents to settle at $US17.018 an ounce.

Copper for May delivery fell 4.35 US cents to settle at $US3.368 per pound.

Global Market Indexes

Americas

Price

Change (%)

1 Year %

Last Updated

Toronto Composite

11947.81

+29.10 (0.24%)

+57.89%

Mar 10, 4:00pm

Mexican Bolsa IPC Index

32514.64

+0.47 (0.00%)

+91.66%

Mar 10, 4:00pm

Brazil Bovespa Index

69800.84

+224.46 (0.32%)

+89.98%

Mar 10, 4:00pm

Argentina Merval Index

2332.22

+13.08 (0.56%)

+144.82%

Mar 10, 4:00pm

Chile IPSA Index

3813.98

+21.63 (0.57%)

+60.76%

Mar 10, 4:00pm

Asian Pacific

Price

Change (%)

1 Year %

Last Updated

Nikkei 225 Index

10563.92

+0.00 (0.00%)

+49.08%

Mar 10, 4:00pm

ASX All Ordinaries

4829.80

+0.00 (0.00%)

+54.72%

Mar 10, 4:00pm

Seoul Composite

1662.24

+0.00 (0.00%)

+55.10%

Mar 10, 4:00pm

Hong Kong Hang Seng

21208.29

+0.74 (0.00%)

+86.95%

Mar 10, 4:00pm

Shanghai

3048.93

-20.21 (-0.66%)

+43.90%

Mar 10, 4:00pm

Taiwan Weighted

7779.08

+0.00 (0.00%)

+68.08%

Mar 10, 4:00pm

Singapore Straits Times

2862.29

+22.75 (0.80%)

+96.46%

Mar 10, 4:00pm

Bombay Sensex Index

17098.33

+0.00 (0.00%)

+109.53%

Mar 10, 4:00pm

Jakarta Composite

2670.22

+0.00 (0.00%)

+107.53%

Mar 10, 4:00pm

Kuala Lumpur Composite

1328.22

+10.28 (0.78%)

+54.76%

Mar 10, 4:00pm

PSE Composite

3119.63

+12.28 (0.40%)

+65.01%

Mar 10, 4:00pm

Sri Lanka All Share

3801.22

-7.79 (-0.20%)

+133.10%

Mar 10, 4:00pm

Europe

Price

Change (%)

1 Year %

Last Updated

FTSE 100 Index

5640.57

+38.27 (0.68%)

+59.23%

Mar 10, 4:00pm

Paris CAC 40

3943.55

+33.54 (0.86%)

+56.53%

Mar 10, 4:00pm

Frankfurt Index

5936.72

+50.83 (0.86%)

+60.80%

Mar 10, 4:00pm

Milan BCI General

15743.00

+0.00 (0.00%)

+49.31%

Mar 09, 5:30pm

Belgium 20 Index

2634.16

+27.85 (1.07%)

+69.61%

Mar 10, 4:00pm

Swiss Market Index

6873.59

+5.27 (0.08%)

+59.57%

Mar 10, 4:00pm

OSE Norway All Share

420.65

+5.43 (1.31%)

+68.59%

Mar 10, 4:00pm

ATX Vienna

2517.37

+31.13 (1.25%)

+78.29%

Mar 10, 4:00pm

Amsterdam Total Return General

340.97

+1.88 (0.55%)

+71.13%

Mar 10, 4:00pm

Madrid General

1153.43

+12.43 (1.09%)

+61.01%

Mar 10, 4:00pm

Stockholm General Index

319.39

+3.50 (1.11%)

+69.77%

Mar 10, 4:00pm

Africa/Middle East

Price

Change (%)

1 Year %

Last Updated

Israel TA 100 Index

1143.48

+11.16 (0.99%)

+98.63%

Mar 10, 10:45am

TEL-TECH INDEX

322.96

+5.18 (1.63%)

+111.21%

Mar 10, 10:45am

TEL-TECH-15 INDEX

278.23

+4.38 (1.60%)

+98.17%

Mar 10, 10:45am

 

Shayne Heffernan www.livetradingnews.com with AAP, BusinessDay