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Techs Lead Market Advance
Jan 04, 5:54 PM EST |
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| Nasdaq advanced more than 1% for the second day in a row. Investors remain optimistic that tech and capital spending will drive the economy. |
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| Market averages, even though closed and traded higher during the day, lacked direction. Market looked for direction from the report on factory orders and auto retail sales for the December month. Factory orders rose 2.5% but the domestic automakers lost market share during the month and for the year 2005. Crude oil rose but natural gas tested four-month low. |
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Upgrades Lift Stocks
Jan 04, 12:48 PM EST |
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| Copper hit a fresh peak, supported by a strike in Chile with March delivery at $2.11. |
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| Stocks opened flat on lower oil and signals that the Fed Reserve will stop raising interest rates, but later advanced on a brokerage upgrades of Google and ExxonMobil with the Nasdaq rising over 0.9%. In economic news, November factory orders rose 2.5%, following a downwardly revised increase of 1.7% in October, slightly above estimates of a 2.2% increase. |
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Copper at Record High
Jan 04, 10:55 AM EST |
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| November factory orders rose 2.5%, following a downwardly revised increase of 1.7% in October, slightly above estimates of a 2.2% increase. |
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| Stocks opened at the flat line, following the strong rally Tuesday which resulted from the latest FOMC meeting and the indications that the Fed Reserve will stop raising interest rate. Google was upgraded at Bear Stearns to outperform from peer on confidence in the Internet search company''s long-term fundamentals. Copper hit a fresh peak, supported by a strike in Chile with March delivery at $2.11. |
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Techs Gain on Google
Jan 04, 9:32 AM EST |
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| Oil retreated below $63 a barrel after Russia and Ukraine resolved their gas pricing conflict. European gold rose. The dollar fell vs. the euro. |
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| Asian-Pacific benchmarks closed sharply higher on export and tech shares with the Nikkei reaching a new five-year high of 1.6% to 16,361.54. Jakarta Composite surged to 2.3%, followed by Hong Kong''s Hang Seng and Shanghai Composite, each up 1.7%. European stocks were also strong at mid-day on lower oil and speculations rate-hike cycle is close to an end. Chemicals company Monsanto swung to 22 cents profit in Q1 from a loss of 15 cents a share a year ago, beating estimates of 19 cents. |
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