Australian Markets may Open Higher on Monday After Wall St Gains

MELBOURNE—The Australian share market is expected to start positively tomorrow after modest gains on United States markets and as investors pick up stocks that were oversold in the domestic market's big drop in the last session. On Wall Street on Friday, the Dow Jones Industrial Average lifted 21.41 points, or 0.19 per cent, to 11,370.69, and the broader Standard & Poor's 500 index added 5.22 points, or 0.42 per cent, to 1,257.76. The Nasdaq composite index firmed 30.42 points, or 1.33 per cent, to 2,310.53. US markets lifted on lower crude oil prices, a better-than-expected report on orders for durable manufactured goods, and a report showing only a modest decline in new home sales of 0.6 per cent in June which raised hopes that the US housing slump had hit bottom. The price in New York for light sweet crude for September... [read full story]