RTTNews - The Australian stock market ended in negative territory on Monday on weak global cues as investors preferred to stay away from the market ahead of the financial year end tomorrow.
In the U.S, the major indices ended Friday's session mixed on either side of the unchanged line characterized by low volumes as traders shrugged off mixed economic data amid increasing concerns about recovery.
On the economic front, traders digested a report from the Commerce Department which showed that personal income jumped 1.4% in May following an upwardly revised 0.7% rise in April. Excluding the effects of the stimulus bill, disposable personal income, or personal income less personal current taxes, increased by a much more modest 0.2% in May, the report revealed. The report also indicated that that personal spending rose 0.3% in May, in line with economists' estimates, after coming in unchanged in the previous month.
Separately, a report from Reuters and the University of Michigan showed that the consumer sentiment index was revised up to 70.8 in June from the preliminary reading of 69.0, coming in above the May reading of 68.7. Economists had been expecting the index to be unrevised at 69.0.
While the Nasdaq closed up by 8.68 points or 0.5% at 1,838, the Dow slipped by 34.01 points or 0.4% to 8,438 and the S&P 500 fell 1.36 or 0.2% to 919.
The All Ordinaries Index opened unchanged from its previous close at 3,899. Weak clues from Wall Street and other Asian markets impacted market sentiment as traders preferred to stay away from the market as the financial year draws to a close. The index traded in a narrow range around the unchanged line amid volatility and ended the session with a loss of 16.80 points, or 0.43%, at 3,883. The benchmark S&P/ASX 200 Index followed a similar trend and ended lower at 3,887, representing a loss of 16.90 points, or 0.43%.
Light sweet crude August delivery ended at $68.76, down 40 cents in the Asian session after losing $1.07 and settling at $69.16 per barrel in New York on Friday on demand concerns.
Metal stocks declined on softer prices in the international market. BHP Billiton shed 0.82%, Rio Tinto fell 1.43%, and Fortescue Metals lost 1.59%. Oz Minerals remained unchanged from its previous close. However, Macarthur Coal bucked the trend and ended 6.08% higher following higher coal prices.
Gold stocks slipped into red on lower bullion prices. Lihir Gold shed 1.01%, Newcrest Mining edged down 0.27% and Sino Gold fell 2.44%.
Oil stocks ended weaker following a drop in crude oil prices. Woodside Petroleum fell 0.82%, Santos edged down 0.21% and Oil Search fell 2.39%.
Financial stocks ended mixed amid concerns about a recovery. ANZ Bank declined 1.16% and Westpac Banking Corp. lost 1.10%. However, Commonwealth Bank Australia added 0.67% and National Australia Bank edged up 0.31%.
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