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Market Update

Global Markets Rally Lifts Stocks on Wall Street

Author: Nichole Harper
Last Update: 11:22 AM ET May 07 2013

11:20 AM New York U.S. market indexes extended world markets gains after German factory orders increased more than expected and indexes in Japan closed at a 5-year high and Australia unexpectedly lowered rates.

U.S. indexes traded in record territory following the global economic news.

S&P 500 index gained 0.3% to 1,622 and the narrow index of 30 large companies, the Dow gained 35.1 to 15,004. The tech heavy Nasdaq Composite Index decreased 5.09 to 3,387.

U.S. market indexes extended global gains in the first hour of trading after Australia unexpectedly lowered its key lending rate and Japanese index soared to a 5-year high and German manufacturing orders increased more than expected in March.

European Markets

Markets in Europe advanced across the currency zone.

FTSE 100 index in London gained 0.4% and the DAX 30 index soared 0.9% and the CAC 40 index in Paris advanced 0.7%.

Market sentiment was also bolstered after second largest French bank, Societe Generale reported lower than expected decline in net income and Germany based Allianz SE reported 24% increase in quarterly net.

Commerzbank swung to quarterly profit and HSBC Holdings quarterly net more than doubled to $6.35 billion.

Portugal placed long term bonds for the first time since the 78 billion euro bailout two years ago today. Finance Minister Victor Gaspar said today demand for 10-year bond at 5.5% yield is expected to be around 9 billion euros.

Asian Markets

Markets in Asia extended recent gains and the indexes in Tokyo played a catch up after two days of holiday.

The Nikkei soared 3.6% and closed above 14,000 for the first time since June 2008. Market indexes in India gained 1.1% and in Hong Kong added 0.6%.

Reserve Bank of Australia lowered its key lending rate unexpectedly by 25 basis points to 2.75%, a 50-year low.

Australian swung to a trade surplus after recording 14 consecutive months of deficits and housing market contracted for the 35th month in a row.

Stocks in Review

Cimarex Energy Co. (XEC) increased 55 cents to $75.55 after the oil and gas explorer reported earnings ahead of expectations.

DirecTV (DTV) jumped 6% to $61.44 after the satellite-television provider reported revenues in the first quarter increased 8% to $7.58 billion. Net income in the quarter slipped 6% to $690 million or $1.20 a diluted share.

Fossil, Inc. (FOSL) climbed 7.5% to $106.41 after the consumer fashion accessories distributor stated net sales in the first quarter soared 16% to $680.9 million. Net income in the quarter soared 24% to $72.2 million or $1.21 a diluted share.

Perrigo Company (PRGO) dropped 3.2% or $3.85 to $114.99 after the healthcare supplier said net sales in the third quarter ending in March soared 18.2% to $919.8 million. Net income in the quarter fell 3% to $111.9 million or $1.18 a diluted share compared to $115.7 million or $1.23.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc