The market is up 15. Financials struggling - down 2.2% - after their international counterparts struggled on Wall street overnight. Resources on the other hand are outperforming, up 2.6%. Property down 2.4%. We should be doing a lot better considering the SFE Futures suggested a 39 point rise in the market this morning.

Dow closed up 82. Up 123 at best. Down 61 at worst. S&P500 rebounds from 2-year low. Financials still in a hole with concerns about the future existence of mortgage providers Fannie Mae and Freddie Mac - and comments that the government won't allow them to fail. Down 13.78% and 22.03% overnight. Thrifts and Mortgages down 10.5%. Ambac down 20.79%. Lehamn down 12%. Washington Mutual down 11.02%. Financials down 0.9% - investment banks down 1.5%. Continued question marks surround the fragility of the banking and finance sectors.

Resources performing well overnight. BHP closed in ADR form at the equivalent of 103c higher than the close here last night. Chemicals and mining sector posted second highest gain - thanks to Alcoa's post results rally and a jump in Rohm & Haas's after a $15.4bn bid from Dow Chemical. Materials sector up 2.7%. Tech sector up – 2Q earnings across the sector predicted to rise the most this reporting season. Energy stocks also up 1.5%. Retailers, automakers and homebuilders – all down 1.1% on the oil price rise.

Lehmans, one of the largest underwriters of mortgage-backed bonds, fell 12% - to an eight year low. Wachovia, the fourth-largest US bank fell 8.12% - announced 2Q loss would be $2.6bn and that there are "no quick fixes." Bank of America announced it won't cut its dividend or raise more cash. Alcoa – up 9.7% - biggest jump in eight years – China to cut aluminium output by 10% across its smelters, which will lead to a shortfall in supply.

Both BHP and RIO up in ADR form, 2.53% and 3.27% respectively. BHP up 108c to 3988c. RIO up 279c to 12439c.

Metals all up overnight – Zinc up a big 6.73%, Nickel up 2.15% and Aluminium 3.25%. Copper up 0.44%. OXR up 8c to 224c.

Oil price up $5.59 to $141.47 after a missile launch by Iran ignited escalating political tensions in the Middle East. Woodside up 230c to 6020c. Gold up $13.40 to $942.00. Newcrest up 120c to 3103c. US Bonds mostly unchanged with the 10 year yield down to 3.79%.