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Markets Fight Back
Jan 03, 6:23 PM EST |
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| Market reveresed morning losses on the release of Fed's minutes. Oil and gold rose. GM at 23-yr low. Dow and S&P up 1.2% and 1.64%, Nasdaq up 1.74%. |
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| Less than robust construction spending and weaker than expected read on manufacturing put pressure on the averages in the early trading. Market reversed its direction and climbed more than 1% on Dow and close to 2% on Nasdaq near close. General Motors dropped to a new low. Oil jumped 3% on speculative buying. Gold jumped $13 per ounce. Affiliated Computer is reported to be in a deal to go private at $8 billion. |
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Oil and Gold Surge
Jan 03, 1:04 PM EST |
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| Oil jumped over $63 on speculative buying. Gold futures advanced to a three-week high of $530.40 an ounce on the Nymex. |
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| Stocks erased early gains to turn mixed at mid-day on disappointing economic data and oil prices above $63 a barrel. The ISM manufacturing index fell to 54.2 in Dec, less than the 57.5 reading expected by economists and off from a reading of 58.1 in Nov. The Commerce Department reported that construction spending rose 0.2% in Nov, far less than 0.7% gain expected. Bonds moved higher, with the yield on the 10-year Treasury note falling to 4.37% from 4.40%. |
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Disappointing Construction Spending Rise
Jan 03, 11:13 AM EST |
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| Gold futures advanced for a seventh straight session to start 2006 at a three-week high of $530.40 an ounce on the Nymex. |
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| Piper Jaffray and J.P.Morgan showed improved views of Google and Dow component Johnson & Johnson. Treasury yields rose with the 10-year yield up to 4.413%, moving above its range of the past couple days. The ISM''s manufacturing index fell to 54.2 in Dec, less than the 57.5 reading expected by economists and off from a reading of 58.1 in Nov. The Commerce Department reported that construction spending rose 0.2% in Nov, far less than 0.7% gain expected. |
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Strong Start Expected
Jan 03, 10:58 AM EST |
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| Oil prices rose above $61 on supply concerns, raised by Ukraine natural gas crisis. European gold advanced. The dollar fell. |
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| Asian-Pacific benchmarks closed higher Tuesday on economic optimism and strong performance in 2005, led by Taiwan Weighted index, up 1.4%. Japan, China and New Zealand were still closed for the New Year holiday. European stocks were also strong at mid-day, lifted by oil and gas companies, and upbeat German employment data. Walgreen, drugstore chain, posted 5% profit rise in the first quarter on higher generic drugs sales. |
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