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Article: Australian Market Report of November 16: Encouraged by US Quarter Earnings
- Article from:
- abnnewswire.net
- Article date:
- November 16, 2009
- Author:
CopyrightCopyright 2009 ABN Newswire. (Hide copyright information)
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On Friday, the US stocks were boosted by the encouraging earnings from major retailers and The Walt Disney Co. A record number of U.S. companies beat earnings expectations in the third quarter. This week a new round of economic data including retail sales, inflation readings and housing starts will be the focus after most corporate results already reported.
Australian shares broadly opened higher on stronger metals prices and good leads from Wall Street. The local market dropped on Friday, following profit-taking by investors. The losses trimmed gains from the strong start to the week. At the close on Friday, the benchmark S&P/ASX200 index declined 41.5 points, or 0.87 per cent, to ...