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Dow Hits 54 Month High
Jan 06, 8:15 PM EST |
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| For the week, Dow gained 2.2%, S&P advanced 2.97% and Nasdaq rose 4.55%. Crude oil and natural gas rose during the day. |
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| For the week all three market averages advanced led by strong rise in tech stocks. Internet, techs, casinos and consumer stocks advanced for the week. Energy prices and stocks rose on the back of 2% rise in crude oil price. Natural gas price dropped 14% for the week. Gold rose $20 during the first week of trading. |
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Natural Gas Rebounds
Jan 06, 1:42 PM EST |
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| Verizon Communications Inc. completed its $8.5 B purchase of MCI Inc. D.C. Holdings Inc. and Brookfield Homes reported Q4 declines in home orders. |
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| U.S. stocks gained Friday morning on disappointing employment report, which gave investors ground to consider it a sign that the Fed Reserve will stop raising interest rates. The Labor Department report showed 108,000 gain in payrolls in Dec., far below expectations of a rise by 215,000 and prior month''s growth of 305,000. Market sentiment was also supported by earnings upgrades for Google and Yahoo. The technology giant IBM lifted the Dow, rising 2% on a decision to change its pension plan. |
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Google and Yahoo Gain
Jan 06, 11:02 AM EST |
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| The Labor Department report showed 108,000 gain in payrolls in Dec., far below expectations of a rise by 215,000 and prior month's growth of 305,000. |
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| U.S. stocks sharply advanced at opening on disappointing employment report, which gave investors ground to consider it a sign that the Fed Reserve will stop raising interest rates. Market sentiment was also supported by earnings upgrades for Google and Yahoo. In corporate news, Microsoft was downgraded by Credit Suisse First Boston to neutral from outperform. IBM announced freezing of its pension plan in 2008. |
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Modest Job Growth
Jan 06, 9:22 AM EST |
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| Oil prices advanced to $63.26 a barrel on increasing gasoline demand. European gold climbed. The dollar rose against the euro and yen. |
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| Major Asian-Pacific benchmarks rallied for a fifth consecutive session, boosted by tech shares with South Korean Kospi hitting an all-time high of 1.2% to 1,412.79. The Nikkei gained 16,428.21, the highest level since September 2000. European stocks traded in a tight range at mid-day, led by the CAC 40, up 0.4%. In corporate news, Microsoft was downgraded by Credit Suisse First Boston to neutral from outperform. IBM announced freezing of its pension plan in 2008. |
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