4:10 PM New York – U.S. stocks edged higher in a choppy trading but the dollar declined. Metals and commodities traded up and gold and silver reached new highs. U.S. consumer confidence declined more than expected. Barnes & Noble shareholders reappointed Chairman Leonard Riggio.
U.S. stocks opened higher but struggled as the dollar declined and gold and other metals continued their advances from the recent highs. Silver and gold traded at a nearly 3-decade high. President Obama signed small business bill into law. The ADB raised Asia growth forecast to 8.2%
Pharmaceuticals were among the most active stocks in New York after U.S. Supreme Court agreed to hear the case that seeks to block suits from hospitals against drug makers that buy drugs at a discount in violations of a federal program.
TransDigm agreed to buy McKechnie Aerospace for $1.27 billion and Endo Pharmaceuticals agreed to acquire Qualitest Pharmaceuticals for $1.2 billion. Later in the day, AOL Inc acquired technology blogger site and conference organizer TechCrunch and 5min Media.
Cognex Corp lifted its third quarter earnings outlook. Jabil Circuits fiscal fourth quarter revenues surged 38%. Paychex, Inc first quarter increased 4%. Walgreen Company fiscal fourth quarter revenues increased 7.4%.
The European indexes traded sideways after French consumer spending declined in August. German consumer sentiment surged in October. Sweden retail sales unchanged in August. Telefónica acquires the control of Vivo with the first payment of €4.5 billion to Portugal Telecom.
The UK indexes fell after GDP expanded 1.2%, current account deficit narrowed, and business investment improved in the second quarter. The UK high street sales rose in September and home price growth slowed in August.
Stocks in Japan dropped after most companies traded ex-dividend today. Japan said it will seek compensation from China for damage to patrol vehicles in the collision case. Toyota starts giving cash incentives for minivan purchases.
The developments in the property markets continue to stay in focus of stock investors. Stock indexes in Shanghai fell after investors worried that tighter restrictions may be needed to cool property markets. The benchmark index in Hong Kong declined more than 1%. Xinjiang Goldwind launched its offering in Hong Kong.
Indian stocks dropped marginally on profit booking. SCI signs contract with China based company four bulk carriers. IMF will conduct mandatory checks of India’s financial sector to avoid a repeat of the recent global financial crisis. Mumbai based education group to open $45 million education center in Australia.
Shares in Sydney fell moderately after a 7-day rally. ASX fines MF Global for two separate breaches. Waratah rail project is derailed on the prospect of banks withdrawing financing. Striking workers at Xstrata’s Tahmoor coking coal mine agree to return to work after a new wage deal.
Commodities, Currencies and Yields
Dollar edged lower against euro to $1.355 and fell against the Japanese yen to 83.87. One UK pound fetched $1.579.
Crude oil decreased $0.42 to $76.10 a barrel for a front month contract, natural gas edged lower 0.08 cent to $3.79 per mBtu and gasoline decreased 0.13 cents to 194.75 cents.
Gold increased $9.70 in New York trading to close at $1,308.30 per ounce, silver gained $0.29 to $21.77 per ounce and copper for the front month delivery increased 3.10 cents to $3.62 per pound.
Yields on 10-year U.S. bonds decreased to 2.46% and on 30-year U.S. bonds yields edged down 3.65%.