On Wednesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) returned to form with a 0.2% gain to 5,886.7 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX futures pointing higher.
The ASX 200 is expected to open higher this morning. Current SPI futures contracts are pointing to a gain of 0.25% or 14 points at the open. This follows a positive night of trade on U.S. markets which late in the session sees the Dow Jones up 1.8%, the S&P 500 1.6% higher, and the Nasdaq 2.2% higher. The latter market has been lifted by the Apple share price which has jumped almost 7%.
FOMC to be patient with rates.
U.S. markets surged higher overnight after the U.S. Federal Reserve held rates and told the market that it would be patient with them in the future. According to CNBC, the Fed has dropped language from its statement that more rate hikes would be warranted. The statement now says it will be patient as it determines future adjustments to the target range.
Gold price continues its ascent.
Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) shares rose strongly on Wednesday and could extend those gains today after the gold price rose higher following the FOMC decision. The spot gold price is up 1% over the last 24 hours to US$1,322 an ounce.
Oil prices push higher.
Energy shares including Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise again after oil prices climbed higher again. According to Bloomberg, the WTI crude oil price is up 1.7% to US$54.24 a barrel and the Brent crude oil price is 0.4% higher to US$61.58 a barrel.
Goldman lifts Rio Tinto price target.
The Rio Tinto Limited (ASX: RIO) share price has been a strong performer this week but could still go higher from here according to Goldman Sachs. It has retained its buy rating and lifted the price target on its shares to $93.00 after the Vale disaster in Brazil cut iron ore supplies.
