Morning Call by Traders University

The FTSE 100 closed broadly flat, up by 3.52 points, to 4,386.94 as a rise in financial stocks balanced a drop in the mining sector. After a strong start, confidence faded and the UK’s leading stock index was volatile in afternoon trading. Mining firm Lonmin fell by 5.76 per cent, while Rio Tinto dropped by 5.73 per cent and Fresnillo was down by 5.15 per cent on the blue-chip index.
But the index was supported by demand for insurance and property stocks, including Liberty International, up by 9.53 per cent, Hammerson, which rose by 8.21 per cent, and Aviva, up by 4.04 per cent. Stateside, the Dow Jones industrial average rose 74.96, or 0.9 percent, to 8,750.24. The broader Standard & Poor’s 500 index rose 10.70, or 1.2 percent, to 942.46, and the Nasdaq composite rose 24.10, or 1.3 percent, to 1,850.02. The S&P and Nasdaq are at new highs for the year, and both are showing gains for 2009. The Dow is now down only 26 points for the year after having been in the red since early January. Stocks rose for the fifth time in six days on Thursday after analysts raised their ratings on banks and oil prices rose again, making energy firms look increasingly attractive. Investors were also encouraged after the government reported that the number of workers continuing to receive unemployment benefits unexpectedly fell for the first time in 20 weeks. The drop in unemployment rolls, as well as in first-time claims for jobless benefits, gave investors another signal that the economy is finding a more stable footing. The suggestion that the economy is halting its slide has driven a powerful rally that has lifted the Standard & Poor’s 500 index 39.8 percent in three months. This wild week reaches the climax today with Non-Farm Payrolls - king of forex indicators. Also note the Canadian unemployment figures at 12pm and British PPI at 9:30am. Non-Farm Payrolls are expected to show a loss of 520,000 jobs in the US. The king of forex drawed attention throughout the week, and it’s published at 13:30 GMT. The market will shake. No Forex trading!