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Market News that affect STI
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richtan
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04-Aug-2009 09:50
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iPunter
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04-Aug-2009 07:08
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Technology play will most likely be in turn on the next rotational scene, while properties take a breather... Creative Tech soared 31% in NY! ...  |
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Blastoff
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04-Aug-2009 07:05
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Stocks kick off August with a rallyEconomic reports, auto sales and corporate earnings push the Dow and S&P 500 to 9-month highs, the Nasdaq to a 10-month peak. The Dow Jones industrial average (INDU) added 115 points, or 1.3%, ending at a fresh 9-month high. The S&P 500 (SPX) index added 15 points, or 1.5%, ending above the 1,000 level for the first time since last November. The Nasdaq composite (COMP) gained 30 points, or 1.5%, closing above 2,000 for the first time since last November. Stocks are coming off the best July in years, after a spate of better-than-expected quarterly results reassured investors that the economy is getting closer to stabilizing. Last week, the first-quarter GDP report showed the economy shrank at a 1% rate, versus forecasts for a bigger contraction. In July, the Dow gained 8.6%, its best July since 1989 and its best month overall since October 2002. The S&P 500 gained 7.4%, its best July since 1988 and its best month since April. The Nasdaq rose 7.8% in the month, its best July since 1997 and the best month overall since this past April. The July advance -- now stretching into August -- has marked something of a second leg of the rally that started in the spring, said Mike Stanfield, chief investment officer at VSR Financial Services. Between March 9 and June 12, the S&P 500 gained 40%. But for the next four weeks, stocks drifted lower as investors worried that the market had risen too far, too fast. Once the quarterly earnings reports came out better than expected, stocks resumed the climb. "The continuation of a rally is going to be dependent on leading indicators showing strength," he said, such as Monday's manufacturing report. Longer term, "I think Asia could lead us out of this worldwide slump," he said. "I think this time around we are not going to be the engines of growth, but we are going to benefit." He said that the recent rally in oil and gold prices ties into that trend. On Tuesday morning, the Commerce Department releases its June readings on personal income and spending. Also Tuesday morning, the National Association of Realtors releases the pending home sales index. Economy: The Institute for Supply Management's manufacturing index rose to 48.9 in July from 44.8 in June. That was better than the 46.5 economists were expecting, but still short of the 50 level that indicates expansion in the sector. Construction spending rose 0.3% in June versus forecasts for a decline of 0.5%, according to Briefing.com. Spending fell 0.9% in May. Autos: Ford Motor reported a gain in July auto sales and other major automakers cut losses, as the government's Cash for Clunkers program helped stimulate sales of cars and trucks. Ford (F, Fortune 500), the only one of the so-called Big Three automakers that didn't file for bankruptcy protection, said July sales rose 2% versus a year ago. It is the first U.S. automaker to report a rise in monthly sales since November 2007. General Motors (GM, Fortune 500), Toyota Motor (TM), Chrysler Group and Honda Motor all said sales fell versus a year ago, but rose versus June levels, thanks to Cash for Clunkers. The popular program gives consumers a rebate check for as much as $4,500 if they trade in their gas guzzlers and buy a fuel-efficient vehicle. But the program could run out of cash by mid-week if the Senate doesn't approve the additional $2 billion in funding the House of Representatives approved last week. Quarterly results: With two-thirds of the S&P 500 having reported results, profits are on track to have fallen 29.5% from a year ago, according to the latest Thomson Reuters numbers. However, that's an improvement from a month ago, when profits were expected to fall more than 35%. Profit reports have been topping expectations across the board, with roughly 74% of companies exceeding forecasts, versus the long-term average of 61% of companies. Should the figure hold up through the end of the reporting period, it would be the highest percentage of companies topping estimates in the 15 years Thomson Reuters has been tracking results. On Monday, Humana (HUM, Fortune 500) reported higher quarterly earnings that topped estimates. Shares of the health insurance provider rose 2.8%. Marathon Oil (MRO, Fortune 500) reported weaker quarterly earnings on lower oil prices. Nonetheless, results topped estimates. Shares gained 1.2%. Other company news: Google (GOOG, Fortune 500) CEO Eric Schmidt has resigned from the Apple (AAPL, Fortune 500) board, as the Internet search leader is developing more and more products that compete with Apple's core businesses. Google gained 2%, while Apple gained 1.9%. Bank of America (BAC, Fortune 500) has agreed to pay $33 million to settle charges that it mislead investors about Merrill Lynch's plans to pay bonuses to its executives. Bank of America completed its purchase of Merrill Lynch on Jan. 1. Separately, BofA said Sallie Krawcheck, Citigroup's former head of global wealth management, will run BofA's global wealth and investment management operations. Oil and gold: Commodity prices rallied as investors bet that a global recovery will boost demand for raw materials. U.S. light crude oil for September delivery rose $2.13 to settle at $71.58 a barrel on the New York Mercantile Exchange. COMEX gold for December delivery rose $2.90 to settle at $958.70 an ounce. Bonds: Treasury prices tumbled as investors pulled money out of the safe-haven commodity. The slump raised the yield on the benchmark 10-year note to 3.63% from 3.48% late Friday. Treasury prices and yields move in opposite directions. Other markets: In global trading, European markets rallied after Barclays reported a rise in quarterly profit and HSBC reported a drop in profit that wasn't as steep as analysts had expected. Asian markets ended higher. In currency trading, the dollar fell versus the euro and rose against the Japanese yen. Market breadth was positive. On the New York Stock Exchange, winners beat losers four to one on volume of 1.21 billion shares. On the Nasdaq, advancers topped decliners by two to one on volume of 2.19 billion shares. |
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richtan
Supreme |
03-Aug-2009 22:45
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U.S. Stocks Advance; Ford, Bank of America Shares Climb By Matt Townsend Aug. 3 (Bloomberg) -- U.S. stocks rose, extending a five- month rally for the Standard & Poor’s 500 Index, on growing speculation the recession may be ending and an unexpected profit at Europe’s biggest bank. Oil and metals advanced, while Treasuries fell. Equities extended gains as reports on manufacturing and construction spending topped forecasts. Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. rallied after HSBC Holdings Plc reported first-half net income of $3.35 billion as earnings from its securities unit doubled. Ford Motor Co. jumped 6.6 percent after a government incentive program helped it achieve its first monthly U.S. sales increase since 2007. The S&P 500 added 1.1 percent to 998.33 at 10:05 a.m. in New York. The Dow Jones Industrial Average rallied 82.68 points, or 0.9 percent, to 9,254.29 and the Nasdaq Composite Index increased 1 percent to 1,999.02. “Earnings in some sectors have been rebounding nicely,” said Eric Teal, who oversees $5 billion as chief investment officer at First Citizens Bank in Raleigh, North Carolina. “What we need are some confirming economic data to indicate the recovery is sustainable and is on a path toward growth in the third and fourth quarters.” The S&P 500 approached 1,000 for the first time in nine months after better-than-expected profits helped restore $3.7 trillion to U.S. stock markets since March. Office Depot Inc., Genworth Financial Inc. and Fifth Third Bancorp. rallied sevenfold or more since the benchmark index for American equities fell to a 12-year low of 676.53 on March 9. They were among 16 companies that lost more than 90 percent after the gauge last closed above 1,000 on Nov. 4. Flirting With 1,000 The S&P 500 remains 36 percent below its all-time high of 1,565.15 on Oct. 9, 2007. Before November, the index traded above 1,000 for five years. Profits that surpassed analysts’ estimates at a record percentage of S&P 500 companies helped push the index to its fifth consecutive monthly gain in July. The index has risen 47 percent since March 9, its steepest advance since the 1930s, according to data compiled by Bloomberg. Former Federal Reserve Chairman Alan Greenspan said in an interview yesterday on ABC’s “This Week” program that U.S. economic growth may resume at a rate faster than most economists forecast. “We may very well have 2.5 percent in the current quarter,” Greenspan said in the interview. “The reason is there has been such an extraordinarily high rate of inventory liquidation that the production levels are well under consumption.” Banks Gain Bank of America, the largest U.S. lender, gained 3.4 percent to $15.29. New York-based Citigroup rallied 1.9 percent to $3.23. Barclays Plc joined HSBC in rallying in London after reporting earnings. Barclays jumped to a 10-month high after saying earnings at its investment bank increased to 1.05 billion pounds ($1.8 billion), helped by the thaw in credit markets since its September purchase of Lehman Brothers Holdings Inc.’s North American unit. Ford gained 6.6 percent to $8.53 after saying it will have its first monthly U.S. sales increase since 2007 as the government’s “cash-for-clunkers” incentives boosted industrywide deliveries of new vehicles to the highest levels of this year. To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.net. Last Updated: August 3, 2009 10:08 EDT |
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Blastoff
Elite |
03-Aug-2009 20:40
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Stocks headed for gainsExpectations about Ford's July sales are part of the positive sentiment heading into Monday's open.NEW YORK (CNNMoney.com) -- U.S. stocks were poised to kick off August on a positive note Monday, as investors took an upbeat view on the economy. At 7:25 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq 100 futures were higher. Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins. U.S. stocks have been on a roll the past few weeks on positive earnings reports. The blue-chip Dow turned in its best July performance since October 2002. But traders warn of volatility in August, which is typically a slow month for Wall Street. "Stocks are expected to find strength early week," said Nick Kalivas, vice president of financial research at MF Global, in a research note. "Economic numbers should keep expectations for a recovery intact and profit growth forecasts buoyant." A government report released last week showed the U.S. economy shrank at a smaller-than-expected 1% annual rate in the second quarter. However, concerns about the weak job market could slow the momentum later in the week. The Labor Department will release its monthly jobs report Friday. Economy: The Institute for Supply Management will release its index on nationwide manufacturing shortly after U.S. markets open. The index is expected to have improved to 46.5 in July from 44.8 last month, according to a consensus of economists surveyed by Briefing.com. That would still be below the 50 level that indicates expansion in the manufacturing sector. Autos: Reports on July auto and truck sales are due later in the day. Ford (F, Fortune 500) is expected to report a gain in monthly sales, a company executive said Sunday. Ford said sales were boosted by the Cash for Clunkers incentive program, which aims to help the auto industry by taking inefficient cars off the road and spurring new sales. But the Clunkers program could be suspended this week if the Senate doesn't approve $2 billion more in funding. Earnings: Companies due to post quarterly financial results include Humana (HUM, Fortune 500) and Marathon Oil (MRO, Fortune 500). World markets: Most Asian markets finished the session higher. The Hang Seng in Hong Kong added more than 1%, although the Nikkei in Japan finished the session a shade lower. Major European markets rallied in midday trading on a wave of upbeat bank earnings. Oil and money. Light, sweet crude for September delivery was up $1.38 to $70.83 a barrel in pre-market, electronic trading. The dollar fell against rival currencies. Against the euro, the dollar was down 0.3% to $1.4292. It was off 0.7% against the British pound. Japan's yen was up 0.3% versus the dollar. |
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richtan
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03-Aug-2009 18:41
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richtan
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03-Aug-2009 18:39
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DOW Futures (up 100 points) n Europe mkt now up very strong.
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cyjjerry85
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03-Aug-2009 16:34
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wonder if this automobile news is the main factor for the DOW futures rise: http://money.cnn.com/2009/08/03/news/companies/ford_sales/index.htm?postversion=2009080304
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cyjjerry85
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03-Aug-2009 16:32
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the futures for US DOW jux went up by a steep margin...STI got pulled up in this swift process
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richtan
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03-Aug-2009 16:20
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richtan
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03-Aug-2009 16:06
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European, Asian Shares Climb; Xstrata, Mitsubishi UFJ Advance By Sarah Jones Aug. 3 (Bloomberg) -- European and Asian stocks rose as former Federal Reserve Chairman Alan Greenspan said the recession may be ending and manufacturing in China expanded. Xstrata Plc climbed for a third day as copper, lead and nickel advanced in London and Nouriel Roubini said commodity prices may extend their rally in 2010. Mitsubishi UFJ Financial Group Inc. gained 5.6 percent in Tokyo after Japan’s biggest bank by market value reported its first profit in nine months. Europe’s Dow Jones Stoxx 600 Index increased 0.6 percent to 226.34 at 8:18 a.m. in London. The gauge has surged 43 percent since March 9 as companies from Goldman Sachs Group Inc. to Roche Holding AG and Intel Corp. reported better-than-estimated earnings. The MSCI Asia Pacific Index rose 0.9 percent, climbing for a third day. Reports by the Federation of Logistics & Purchasing and CLSA Asia Pacific Markets showed manufacturing continued to expand last month in China, while Goldman Sachs lifted its rating for South Korean equities. Futures on the Standard & Poor’s 500 Index gained 0.2 percent, erasing an earlier decline. Greenspan said in an interview yesterday on ABC’s “This Week” program that U.S. economic growth may resume at a rate faster than most economists forecast. ISM Manufacturing The Institute for Supply Management will report today that its manufacturing index climbed to 46.5 in July, the highest level in almost a year, according to a Bloomberg survey of economists before the Tempe, Arizona-based group releases the data. Readings below 50 signal contraction. Xstrata climbed 1.7 percent to 822 pence as copper advanced for a third day on the London Metal Exchange. Roubini, the New York University economist who predicted the financial crisis, said at the Diggers and Dealers mining conference in Australia that commodity prices may extend their rally in 2010 as the global recession abates. “As the global economy goes toward growth as opposed to a recession, you are going to see further increases in commodity prices especially next year,” Roubini said today. “There is now potentially light at the end of the tunnel.” Mitsubishi UFJ led a rally in Asian lenders, climbing 5.6 percent to 600 yen. Japan’s five largest banks reported improved results from the previous quarter last week, buoyed by rising stock markets and smaller bad-debt charges. Barclays Plc added 1.5 percent to 306.8 pence. The U.K.’s second-biggest bank said first-half earnings rose 10 percent after profit from investment banking almost doubled. Net income increased to 1.89 billion pounds ($3.16 billion), missing the 2.2 billion-pound average estimate of five analysts surveyed by Bloomberg. UBS Climbs UBS AG rose 4.1 percent to 16.25 Swiss francs. The Swiss bank may be close to resolving a U.S. tax probe that spurred defections by wealthy customers. The U.S. and Switzerland “have reached an agreement in principle on the major issues,” U.S. Justice Department attorney Stuart Gibson said in a telephone conference call with U.S. District Judge Alan Gold on July 31. The remaining points will probably be settled in the next week, he said. ING Groep NV upgraded the shares to “buy” from “hold,” citing the agreement. European financial-services shares and basic-resources, chemical and industrial stocks were boosted to “overweight” by ING. The brokerage increased its fourth-quarter forecast for the Stoxx 600 to 230 from 210. Metro AG slipped 1 percent to 40.22 euros. Germany’s largest retailer reported a second-quarter profit that was less than analysts estimated as shoppers hurt by unemployment curtailed spending. To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net. Last Updated: August 3, 2009 03:24 EDT |
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richtan
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03-Aug-2009 16:05
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richtan
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03-Aug-2009 16:03
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Asian Stocks Rise as Mitsubishi UFJ Leads Banks; Nissan Gains By Jonathan Burgos Aug. 3 (Bloomberg) -- Asian stocks rose for a third day after Mitsubishi UFJ Financial Group Inc. returned to profit, manufacturing in China and India expanded and Goldman Sachs Group Inc. lifted its rating for South Korean equities. Mitsubishi UFJ gained 6 percent after Japan’s biggest bank by market value reported its first profit in nine months, and Mizuho Financial Group Inc. climbed 6.1 percent after Morgan Stanley boosted its rating. Nissan Motor Co., with 34 percent of sales from North America, rose 5.4 percent in Tokyo after the U.S. proposed to expand the “Cash for Clunkers” program. South Korea’s Kospi Index climbed to its highest in almost a year. “Earnings have been quite good,” said Marco Wong, the Singapore-based chief investment officer for Asia excluding Japan at SG Asset Management, which has $351.6 billion in assets globally. “Potential earnings upgrades by analysts may provide a further leg up for the market.” The MSCI Asia Pacific Index advanced 0.9 percent to 112.93 as of 4:19 p.m. in Tokyo. The gauge has gained 15 percent over the past three weeks as better-than-expected results from U.S. and Asian companies led to improved investor confidence. Japan’s Nikkei 225 Stock Average was little changed at 10,352.47, and the broader Topix index climbed 0.8 percent in its 12th day of gains, the longest winning streak since 1988. Most Asian benchmarks rose. In China, the Shanghai Composite Index advanced 1.5 percent after reports by the Federation of Logistics & Purchasing and CLSA Asia Pacific Markets showed manufacturing continued to expand last month. The Bombay Stock Exchange’s Sensitive Index added 0.3 percent after Markit Economics’ Purchasing Managers’ index showed manufacturing expanded for the fourth month in July. South Korea, U.S. The Kospi Index climbed 0.5 percent to 1,564.98, its highest close since last August. Goldman raised South Korea’s stocks to “market weight” from “underweight, saying earnings appear more “resilient” than it had expected. Hyundai Motor Co., the country’s largest carmaker, climbed 2.5 percent. Futures on the Standard & Poor’s 500 Index gained 0.1 percent, reversing a decline. The gauge rose 0.1 percent on July 31 as better-than-estimated gross domestic product spurred speculation the economy is recovering from the recession. Asian makers of autos and car-parts rallied after the U.S. House approved an emergency measure to add $2 billion to the “Cash for Clunkers” vehicle purchase program, which provides credits to buy a new car when turning in an older one. Toyota Motor Corp., the world’s biggest carmaker, added 2.5 percent to 4,090 yen. Hyundai Motor rose 2.5 percent to 90,300 won in Seoul. Bridgestone Corp., the world’s biggest tiremaker, advanced 5.2 percent to 1,729 yen. Automakers Advance Nissan Motor jumped 5.4 percent to 726 yen. The company displayed its first electric car yesterday and Chief Executive Officer Carlos Ghosn said electric cars may account for at least 10 percent of global vehicle sales by 2020. Fuji Heavy Industries Ltd. rose 8.4 percent to 414 yen, the steepest climb in the Nikkei 225, after saying U.S. sales of its Subaru-brand cars gained about 30 percent last month. Maruti Suzuki India Ltd., maker of half the cars sold in the country, added 3.3 percent to 1,460.9 rupees, the biggest advance in the Sensex. The company said it sold 33 percent more cars last month, helped by higher overseas sales. The MSCI Asia Pacific has surged about 60 percent since it sank to the lowest level in more than five years on March 9, outpacing gains of 46 percent by the S&P 500. Accelerating growth in China, rising industrial production in Japan and a rally in commodities have helped bolster equities. Stocks in the MSCI Asia Pacific are currently valued at 24.4 times estimated earnings, compared with 18 times at the start of the year. Bank Earnings Eighty-two companies in the MSCI Asia Pacific Index reported earnings on July 31, the busiest day of the season, according to data compiled by Bloomberg. Mitsubishi UFJ gained 6 percent to 600 yen and was the biggest single contributor to gains in the MSCI Asia Pacific. The bank posted a 48 percent jump in net income for the three months to June 30, the first profit after two quarterly losses, because of rising lending income and a gain in stockholdings. “Banks’ earnings are solid, given they set aside substantial reserves for bad loans,” said Tomochika Kitaoka, a senior strategist at Mizuho Securities Co. in Tokyo. Aozora Bank Ltd., the Japanese lender controlled by Cerberus Capital Management LP, climbed 8.4 percent to 142 yen after profit in the latest quarter rose 86 percent. Mizuho Financial, Japan’s third-largest bank by market value, gained 6.1 percent to 228 yen after Morgan Stanley increased its investment rating to “overweight” from “underweight.” Exporters to U.S. Exporters in Hong Kong climbed after the U.S. reported that gross domestic product shrank at a smaller-than-expected 1 percent annual pace in the second quarter after contracting 6.4 percent in the first quarter. Li & Fung Ltd., the biggest supplier of clothes and toys to Wal-Mart Stores Inc. and Target Corp., added 1.5 percent to HK$23.20. Yue Yuen Industrial Holdings Ltd. advanced 6.4 percent to HK$22.40. Shinko Electric Industries Co. jumped 12 percent to 1,670 yen, adding to its 15 percent surge on July 31. The maker of semiconductor packages on July 30 reversed its full-year forecast to a net income from a net loss. It had today’s steepest percentage increase in the MSCI Asia Pacific Index. To contact the reporter for this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net. Last Updated: August 3, 2009 03:21 EDT |
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el7888
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01-Aug-2009 14:38
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el7888
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01-Aug-2009 14:14
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dealer0168
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01-Aug-2009 10:42
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China Manufacturing Expands a Fifth Month, PMI Shows (Update2) By Bloomberg News Aug. 1 (Bloomberg) -- China’s manufacturing expanded for a fifth month as record lending and a 4 trillion yuan ($586 billion) stimulus plan drove a recovery in the world’s fastest- growing major economy. The official Purchasing Managers’ Index rose to a seasonally adjusted 53.3 in July from 53.2 in June, the Federation of Logistics and Purchasing said today in Beijing in an e-mailed statement. A reading above 50 indicates an expansion. China’s stimulus spending and subsidies for consumer purchases have countered a collapse in exports and helped companies from chipmaker Semiconductor Manufacturing International Corp. to automaker General Motors Co. The nation’s policy makers will take their cue from the U.S. on when to end economic rescue efforts, central bank Governor Zhou Xiaochuan said July 28 in Washington. “The recovery is very strong,” said Wang Tao, an economist with UBS AG in Beijing. “But it’s not yet stable, because it’s all stimulus driven.” An export-order index rose to 52.1 in July from 51.4 in June, the PMI showed. The output index increased to 57.3 from 57.1. A measure of new orders was unchanged at 55.5. China’s economic growth accelerated in the second quarter, gaining 7.9 percent from a year earlier. The manufacturing index has climbed from a record low of 38.8 in November. Bad Loans, Asset Bubbles The economy “will keep rebounding as domestic demand accelerates,” Zhang Liqun, an economist at the State Council Development and Research Center, said in today’s statement. Banks extended $1 trillion of new loans in the first half, triple the amount a year earlier, stoking concern that the recovery may come at a cost of bad loans, bubbles in stocks and property and resurgent inflation. The CSI 300 Index of stocks, up 87 percent this year, plunged the most in eight months on July 29 on investors’ concern that the central bank will tighten monetary policy. Stimulus measures helped an estimated increase of more than 70 percent in General Motors’ vehicle sales in China in July from a year earlier. The factories of Semiconductor Manufacturing, China’s biggest chipmaker, will be more fully used this quarter than in the previous three months as demand improves, the company said July 29. ‘Blind Investment’ “While the recovery in manufacturing attests to the overall effectiveness of China’s stimulus, some uncertainties remain,” said Jing Ulrich, Hong Kong-based chairwoman of China equities at JPMorgan Chase & Co. She cited a government warning last month that “blind investment” is adding to overcapacity in some industries. In November, Premier Wen Jiabao rolled out the spending package spanning earthquake reconstruction work, the construction of power grids, railways and low-cost homes, and subsidies for farmers’ purchases of televisions and minivans. The nation that’s the world’s second-biggest exporter reported its slowest economic growth in almost a decade in the first quarter after global trade collapsed. China’s exports started to slide in November and shrank 21.8 percent by value in the first half of 2009 from a year earlier. In Guangdong, a manufacturing hub on the nation’s east coast, exports are recovering, the official Xinhua News Agency said July 20, citing the provincial trade bureau. They may return to growth in the fourth quarter, the bureau said. Wang, the economist from UBS, said she expects the same for the exports of the nation as a whole. Japan, South Korea, Hong Kong and Singapore reported smaller declines in shipments in June as global demand stabilized |
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richtan
Supreme |
01-Aug-2009 00:15
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U.S. Stocks Advance After Second-Quarter GDP Beats Estimates By Lynn Thomasson July 31 (Bloomberg) -- U.S. stocks rose, adding to the Dow Jones Industrial Average’s best monthly gain since 2002, as a better-than-expected report on gross domestic product bolstered speculation the economy is recovering from the recession. Treasuries, oil and metal prices also increased. General Electric Co., Bank of America Corp. and Alcoa Inc. helped lead gains in the Dow after the Commerce Department said the economy shrank at a 1 percent annual rate last quarter, better than the 1.5 percent slump forecast by economists. Ford Motor Co. jumped 6.4 percent on speculation the government’s “cash for clunkers” program is boosting demand for cars. The S&P 500 increased 0.3 percent to 989.59 at 11:54 a.m. in New York. The index, up 7.7 percent in July, is headed for a fifth straight monthly advance, the longest streak since 2007. The Dow added 36.96 points, or 0.4 percent, to 9,191.42 and is up almost 9 percent in July. Almost two stocks rose for each that fell on the New York Stock Exchange. “Anytime it beats consensus, you’re going to get a positive reaction in the market,” Thomas Nyheim, a Greenville, Delaware- based fund manager for Christiana Bank & Trust Co., which oversees $4.5 billion, said of the GDP report. “The market’s valuation is still good and earnings reports are beating expectations. The consensus that’s taken place is that the recession is easing.” Equities extended gains after the International Monetary Fund predicted a “gradual” recovery in the U.S. economy. The advance pushed the S&P 500 closer to a nine-month high and extended a 13 percent rally since July 10 that was spurred by the most companies beating analysts’ second-quarter profit estimate since records began in 1993. Earnings Analysis About three out of four companies in the S&P 500 that released results since June 17 exceeded analysts’ second-quarter profit forecasts, data compiled by Bloomberg show. They’ve beaten projections by an average of 8.9 percent, even as per- share earnings tumbled 33 percent and sales slid 16 percent. Walt Disney Co. slipped 3.3 percent to $25.35 for the biggest drop in the Dow. The world’s biggest media company reported third-quarter revenue of $8.6 billion, missing the average analyst estimate, as the recession cut advertising and theme-park sales. JPMorgan Chase & Co. downgraded the shares to “underweight” from “neutral.” The Commerce Department’s better-than-estimated report on GDP led JPMorgan Chase & Co. to boost its forecast for growth this quarter to a 3 percent annual rate, the best performance in two years, from a prior 2.5 percent projection. Not ‘Roaring Back’ A measure of U.S. business activity from the Institute for Supply Management-Chicago Inc showed a slower pace of contraction in July, a sign the economic outlook is improving entering the second half of the year. “The worst is probably behind us, but I don’t think the economy is going to be roaring back anytime soon,” said Jason Cooper, who manages $2.5 billion at 1st Source Investment Advisors in South Bend, Indiana. GE, which makes everything from medical-imaging machines to jet engines, rose 1.5 percent to $13.31. Bank of America increased for a fifth straight day, adding 2.9 percent to $14.38. Alcoa climbed 2.1 percent to $11.70. Ford, the only major U.S. automaker to forgo federal aid, rallied 6.8 percent to $7.89. Goodyear Tire & Rubber Co. surged 5.6 percent to $16.74. U.S. auto sales may reach a 2009 high in July after the government’s $1 billion “cash-for-clunkers” incentives program lured shoppers back to showrooms, based on Bloomberg survey of analysts. White House press secretary Robert Gibbs told reporters today that the Obama administration is seeking ways to keep the program running after a burst of demand exhausted much of the money. Las Vegas Sands Corp. dropped 16 percent to $9.42. The casino company controlled by billionaire Sheldon Adelson reported a bigger loss than analysts estimated after writing down the value of a Las Vegas mall it developed. To contact the reporter on this story: Lynn Thomasson in New York at lthomasson@bloomberg.net. Last Updated: July 31, 2009 11:57 EDT |
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cyjjerry85
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31-Jul-2009 17:38
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such a sudden surge to close high when the last few mins before 5pm was like slight negative or flat...the fund managers r at work...it can be window dressing or a false signal to give on a technical front...probably good results expected from banks
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ronleech
Master |
31-Jul-2009 17:23
Yells: "Believe in yourself. Ride with the waves......" |
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Pairing surge to 23pts....something cooking....might see good result on DOW tonite.... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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foucs6900
Senior |
31-Jul-2009 17:03
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finally end, really cant see much longer.........just hope Monday is a blessing day for those who hold .......... |
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