每日市场点评 --- April 23, 2008

All three major indices ended the day modestly higher. The Nasdaq, which fared worst yesterday, advanced 1.2% and was the best performer among the big three. It was a very light day in terms of scheduled economic news. Bond insurer Ambac reported a much larger than expected loss and the stock lost more than 40% as a result. But most other earnings reports were exceeding expectations, which was the main reason behind today’s modest gain.

Financials were again among the noticeable losers for the day following the freefall in Ambac share price. Technologies, on the other hand, outperformed the broad market mainly due to strength seen in the semi sector. The CRB commodity index closed the day essentially flat. Weaknesses in agricultures and precious metals were mainly offset by strengths in energies and industrial metals. The US dollar was strengthened against most major currencies while the treasuries were sold off slightly. Overnight, China cut the tax on share trading by two thirds trying to support the domestic A-share market, which has dropped by almost 50% from its peak reached last October. Will this trigger the much anticipated Olympic rally? It will be interesting to watch.