The market is up 116. The SFE Futures were up 114 this morning.

The Dow Jones closed up 430 overnight. It dropped 400 points after the FOMC statement to be down 206 but then rallied 640 points in just over two hours. The Fed said they would keep interest rates at 0.00% to 0.25% for at least two more years — their policy statement took a particularly negative view of the economy. Three members dissented from the decision. The oil price fell $2.01 to $79.30, and gold was up $29.80 to $1741.40. The A$ dollar is buying 103.55c up from 99.59c yesterday.

In the news today…

  • Commonwealth Bank (CBA) full year cash profit was up 12% to a record $6.8bn. But CEO Ralph Norris warned that there is nothing to suggest “any material improvement” in the banking sector for the coming year. He said there is no clear catalyst for a pick up in consumer and corporate confidence which is needed for stronger credit demand. CBA up 86c to 4815c.
  • Stockland (SGP) — Full year profit rose 58% with underlying profit up 8.7%. They expect earnings to remain stable in FY2012 given interest rates don’t rise and consumer confidence and residential buying improves. SGP down 2.2%.
  • Computershare (CPU) reported that its net annual profit fell 10.4%. They said they are cautious of providing guidance amidst the current market volatility, but said a week ago they would have estimated FY12 EPS to be “not significantly different from the last financial year”. Declared a final dividend of 14c per share. CPU up 1c to 710c.
  • Dominos Pizza (DMP) full year profit was up 20% and they expect an additional 15% rise in the current financial year. They declared a final dividend of 11.5c. DMP up 8.8%.
  • Westfield Group (WDC) will spend US$455m to acquire 50% of a Brazilian shopping mall owner, Almeida Junior Shopping Centers SA, giving it an interest in 5 malls in southern Brazil and 2 currently under development. WDC down 1c to 778c.
  • WorleyParsons (WOR) up 4.6% after they announced they had won 2 new overseas contracts in Turkey and Canada. WOR up 4.6%.
  • National Australia Bank (NAB) released their trading update yesterday. Although most brokers maintain their positive recommendations this morning, although many cut their target prices to reflect the difficult environment. NAB up 120c to 2270c.
  • Coca-Cola Amatil (CCL) yesterday released what many have described this morning as a positive result. CCL is seen as a quality defensive play. Brokers still have a mixed opinion of the stock. CCL up 4.1%.

For a free 5 day obligation FREE TRIAL of the MARCUS TODAY newsletter Click Here. You will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including:

  • Overnight developments, news, comments, rumours, broker recommendations and ideas from Marcus and his Team.
  • Our Recommended Portfolio which is actively managed on behalf of subscribers …no “set & forget”. Everything you need to effortlessly managed your own long term investment portfolio. It includes Income Portfolio recommendations.
  • Daily Technical Trading ideas and data, including daily scans of the ASX 300 for stocks changing trend.
  • Stock Database – all the numbers with comments on the top 300 stocks and more.
  • Educational section – Marcus’s Educational and Entertaining articles.

We also offer a FREE END OF DAY EMAIL — Click here — A free summary of the day in the market.

Subscribe to MARCUS TODAY — Click Here. We are sure you will enjoy and profit from what we offer…we have one of the highest re-subscription rates in the financial newsletter industry.