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Market Update

S&P 500 Index Jumps 1%, Stable Markets in Europe


Author: Nichole Harper
ticker.com
Last Update: 2:09 PM ET February 03 2015

1:45 PM New York Market indexes in New York jumped 1% after oil price stabilized and reached one-month high. European markets also turned higher after Greece retreated from its debt write-off demands. Crude oil jumped 6%.

Market indexes in New York soared at least 1% after oil price jumped to one-month high and investors reconnected with energy and resource sector stocks.

On Wall Street trading, Tollbooth Strategy Index jumped 0.7% or 71.06 to 10,104.32.

S&P 500 index gained 7.50 or 0.4% to 2,028.34 and the Nasdaq Composite Index edged down 3.13 or 0.08% to 4,673.63.

U.S. Movers

Anadarko Petroleum Corporation (APC) jumped 2.7% or $2.24 to $85.01 after the oil and gas explorer said total revenues in the fourth-quarter ending in December dropped 4.8% to $3.18 billion a year ago period.

Net loss in the quarter narrowed to $395 million or 78 cents a diluted share compared to $770 million or $1.53 from the same quarter last year.

Emerson Electric Co (EMR) slipped 56 cents to $58.44 after the technology and engineering company said revenues in the first-quarter ending in December were flat at $5.61 billion a year ago period.

Net income in the quarter surged 14% to $462 million or 65 cents a diluted share compared to $525 million or 75 cents from the same quarter last year.

United Parcel Service, Inc (UPS) decreased 35 cents to $99.78 after the package delivery company reported total revenues in the fourth-quarter ending in December climbed 6.1% to $15.89 billion a year ago period.

Net income in the quarter plummeted 61.2% to $453 million or 49 cents a diluted share compared to $1.68 billion or $1.25 from the same quarter last year.

European Markets

European markets advanced after Greece retreated from its demand to write off debt.

Market indexes of Italy and Spain jumped more than 2% after falling for two days on the worries that a anxieties related to protracted Greek negotiations with the European lenders may spillover in the peripheral markets.

In London trading, FTSE 100 index climbed 1.2% or 81.39 to 6,863.94 and in Frankfurt the DAX index gained 0.7% or 71.14 to 10,899.15.

In Paris, CAC 40 index jumped 0.9% or 41.30 to 4,668.97.

BG Group Plc fell 0.3% to 932.10 pence after the U.K.-based oil and gas explorer reported revenues in the fourth-quarter ending in December plunged 19% to $4.40 billion from $5.43 billion a year ago period.

Net loss in the quarter widened from a year ago to $5.03 billion compared to $1.08 billion and diluted loss per share increased to 146.8 cents from a loss of 31.1 cents.

The company reported pre-tax impairment for the quarter of about $8.9 billion on downward revisions on assets in Australian.

The company added a total of $6.8 billion write-down was related to reassessment of group''s Australian assets including $2.7 billion recorded on Queensland Curtis LNG project to convert coal-seam gas to liquefied natural gas.

BP Plc jumped 2.5% to 448.60 pence after the U.K.-based energy explorer reported sales in the fourth-quarter ending in December declined 21% to $74 billion from $93.72 billion a year ago period.

Net in the quarter swung to a loss from a year ago to $4.37 billion compared to profit of $1.1 billion and diluted loss per share swung to a 24.18 cents from earnings per share of 5.54 cents.

Banco Santander, S.A climbed 4.2% to 6.19 after the Spain-based commercial bank stated net interest income in the year ending in December jumped 4% to 29.55 billion form 28.42 billion a year ago period.

Net profit in the year surged 39.3% from a year ago to 5.82 billion compared to 4.18 billion and earnings per share increased to 0.48 from 0.39.

The bank said net loan-loss provisions in the quarter dropped to 2.45 billion from 2.77 billion in the same quarter a year ago.

Asian Markets

Airlines closed lower in Tokyo after oil price rose to one-month high and the yen gained. Electronics and auto exporters fell after the yen strengthened 0.5%.

Mineba Co reported rising sales and net income for nine-month period. Panasonic said it will close its television unit in China.

Stocks reacted to movements in the currency and commodities trading and market indexes closed lower.

Crude oil increased to one-month high and yen gained against the dollar, euro and Australian dollar after Australia unexpectedly lowered its rate by 25 basis points to 2.25%.

On the economic front, the Bank of Japan said the monetary base in January climbed 37.4% to 275.385 trillion yen while adjusted monetary base surged 50.2% to 277.267 trillion yen followed by 38.2% decline in December.

The Nikkei 225 Stock Average declined 222.19 or 1.3% to 17,335.85 and the broader Topix index slumped 16.36 to 1,392.39.

The yen closed at 117.18 against one dollar.

Stocks in Mumbai traded lower after Punjab National Bank reported a sharp jump in non-performing loans.

The government controlled bank was the latest to join other large public sector banks reporting rising bad loans after the economy slowed in the last two years and businesses struggled to pay interests and loans.

Bank of Baroda, the second largest public sector bank reported last week a surge in bad loans after several large customers fell behind in payments.

Indian rupee closed at 61.67 against one dollar.

The Sensex Index slipped 122.13 to close at 29,000.14. The CNX Nifty fell 40.85 to 8,756.55.

ACC Limited decreased 1% to ₹1,510.60 after the cement maker said net in the fourth-quarter climbed 18.32% to ₹326.22 crore.

Net revenues rose 1.23% to ₹2,879.68 crore.

Hero MotoCorp Limited decreased 0.8% to ₹2,812.35 after the largest motorcycle maker said sales in January slid 0.4% to 5,58,982 units compared to 5,61,253 units in the same period last year.

Lupin Limited fell 0.7% to ₹1,545.30 after the pharmaceutical product maker reported net in the third-quarter soared 26.32% to ₹601.45 crore.

Total revenues advanced 6.76% to ₹3,261.04 crore.

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