CMC chief market analyst Ric Spooner said the news overnight from the US was supportive, after the S&P 500 closed above 2,000 points for the first time, with investors set to watch any more movement in the iron ore price today. "While iron ore prices are in the news as having reached two year lows, there was only a small decline in prices yesterday and traders will be watching to see whether the high $80s will be confirmed as a support level for prices after they bottomed at $89 in June," Mr Spooner said. "On that basis we may not see major selling in iron ore stocks unless iron ore prices fall further later in the day.
The Australian sharemarket is holding steady at noon as traders hope a fresh slip in the iron ore price will be the end of recent declines for the commodity. At 12. 05pm (AEST), the benchmark S&P/ASX200 index edged up 6. 3 points, or 0. 11 per cent, to 5,643. 9, while the broader All Ordinaries index rose 7. 4 points, or 0. 13 per cent, to 5,641. 9.
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