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Market Update

U.S. Indexes Extend Gains on Factory Orders and Corporate Earnings


Author: Nichole Harper
ticker.com
Last Update: 3:59 PM ET May 04 2015

3:55 PM – Stocks on Wall Street advanced and crude oil traded higher on the supply glut worries. Markets in Europe jumped more than 1% after a private survey showed factory activities in Germany expanded for the fifth month in a row. Cisco Systems said chief executive John Chambers would step down.

Stocks and market indexes in New York on Monday and healthcare and technology stocks led the gainers and crude oil traded higher on supply glut worries.

Investors looked ahead to payrolls data on Friday and economists are estimating net job gains in April to be around 213,000 after adding 126,000 in March.

Markets in Europe surged after a private survey indicated fifth monthly increase in factory activities, but the growth rate is declining. And in Asia, a private survey confirmed that Chinese manufacturing sector is stalling.

Cisco Systems was in focus after the company said 17-year company veteran Chuck Robbins would take over as chief executive and John Chambers would step down to become executive chairman.

New orders for manufactured goods in March jumped $9.6 billion or 2.1% to $476.5 billion, followed by seven consecutive monthly decreases, the Department of Commerce reported.

On Wall Street, Tollbooth Strategy Index gained 0.5% or 54.42 to 10,802.10.

S&P 500 index rose 6.47 or 0.3% to 2,114.65 and the Nasdaq Composite Index increased 15.12 or 0.3% to 5,020.91.

Crude oil in New York fell 37 cents to $58.75 a barrel and gold climbed $14.40 to $1,188.90 an ounce.

U.S. Movers

Berkshire Hathaway Inc, the diversified conglomerate reported revenues in the first-quarter ending in March climbed 7% to $48.64 billion from a year ago period.

Net income in the quarter soared 9.5% to $5.16 billion or $3.14 per diluted share compared to $2.15 billion or $2.86 from the same quarter last year.

Comcast Corporation (CMCSA) gained 1.1% or 65 cents to $59.06 after the internet and cable services provider said revenues in the first-quarter ending in March jumped 2.6% to $17.85 billion from a year ago period.

Net income in the quarter climbed 7.5% to $2.01 billion or 81 cents per diluted share compared to $1.87 billion or 71 cents from the same quarter last year.

The company plans to repurchase an additional $2.5 billion during the year under repurchase plan of $6.75 billion in fiscal 2015.

Loews Corporation (L) edged up 1 cent to $41.74 after the property and casualty insurance provider reported total revenues in the first-quarter ending in March dropped 5.7% to $3.48 billion form a year ago period.

Net income in the quarter climbed 84.7% to $109 million or 29 cents per diluted share compared to $59 million or 15 cents from the same quarter last year.

European Markets

European markets advanced amid corporate earnings and vehicles sales in the euro zone and German factory activities expanded for the fifth month in a row.

Purchasing manager’s index edged lower to 52.1 in April from 52.8 in March, an 11-month high, according to the data released by Markit.

New orders growth slowed in the month and output growth but manufacturing companies increased hiring activities, according to the survey.

In Frankfurt the DAX index jumped 1.5% or 174.14 to 11,628.52 and in Paris, CAC 40 index gained 0.9% or 45.90 to 5,092.39.

adidas AG climbed 2.4% to €75.20 ahead of annual shareholder''''s meeting next week and chief executive Herbert Hainer defended the decision to spinoff Reebok.

Audi AG gained 0.7% to €749.95 after the Germany-based automaker reported revenues in the first-quarter ending in March surged 13.1% to €14.65 billion form €12.95 billion in a year ago period.

Profit in the quarter climbed 6.8% from a year ago to €1.10 billion compared to €1.03 billion.

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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