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Record High Transportation Average
Mar 15, 4:44 PM EST |
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| Transportation average reached a new high on Union Pacific led rally in the railroad stocks. H&R Block drops 4% on NY AG suite. |
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| S&P crossed 1,300 and Dow Jones Industrial crossed 11,200 for the first time since May 2001. Nasdaq traded above 2,300 but still 50% below the all-time peak in the year 2000. Regional survey from Fed suggested healthy economic expansion, rising emplyment levels and mild rise in retail prices. H&R Block lost 4% on a suite filed by NY Attorney General office. Lehman reported earnings growth of 24% but brokerage stocks sell-off. Brazil and Mexico gained 2% and 0.4% leading emerging markets. |
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Indexes Scale New Peaks
Mar 15, 4:03 PM EST |
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| Regional economic survey as reported by Fed gave added impetus to the rising market in the late afternoon. Dow and S&P are near five-year peaks. |
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| Regional survey from Fed suggested that economic growth is consistent and retail prices are rising at a modest pace with rising emplyoment levels. Trasportation sector advanced on the news that demand for commodities is strong adn Union Pacific revised its earnings guidance for the quarter. Dow Jones Transportation Index is at a record high of 4,574. |
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Railroads Steam Ahead
Mar 15, 3:34 PM EST |
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| Revised earnings guidance from Union Pacific put lot of steam in the railroad stocks advace. Burlington, CSX and Union Pacific advance close to 5%. |
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| Federal Reserve Bank regional economic survey reflected healthly economic growth and mild price increases in the twelve regions of the country. The report said that employment strengthened in the regions in the months of January and February and retail prices advanced moderately. Labor Department said that import prices declined 0.5% in February. Lehman Bros. earnings rose 24% and Sears Holdings rose 9% after it reported Q4 earnings of $4.03. |
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European Stocks Advance
Mar 15, 12:43 PM EST |
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| Oil prices fell, following inventory report. Oil traded at $62.70, gasoline at $1.825. European gold rose. The dollar gained vs. the yen and pound. |
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| European averages closed in the positive, supported by strong resource and tech stocks. BHP Billiton, Rio Tinto, and BP advanced on higher metal prices. STMicroelectronics and Infineon Technologies showed strength in the tech sector. The German DAX 30 rose 0.5%, the French CAC 40 gained 0.2%, and London FTSE 100 advanced 0.4% on merger speculation. |
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10-Year Bond Recovers
Mar 15, 12:12 PM EST |
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| Adding to a recent string of gain, crude oil inventories rose 4.8 million barrels,while gasoline stocks fell 900,000 barrels in the week ended Mar 10. |
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| Stocks traded in a tight range, awaiting the Fed Reserve survey of regional economic conditions. The Nasdaq slightly gained after Sears Holdings reported that its Q4 earnings more than doubled. Lehman Bros reported Q1 profit rise of 24% to $1.085 billion, or $3.66 a share on 17$ higher revenue to $4.46 billion. GM edged up on news that the automaker received a bid for its GMAC arm. Bond prices fell, pushing the yield on the 10-year bond higher to 4.73% from 4.69%. |
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Stocks Lack Impetus
Mar 15, 10:25 AM EST |
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| Import prices fell 0.5%, in line with expectations, after increasing 1.4% in Jan. Export prices were unchanged in Feb. after falling 0.7% in Jan. |
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| Stocks opened mixed as bond yields moved up. However, the Nasdaq slightly gained after Sears Holdings reported that its Q4 earnings more than doubled. Lehman Bros reported Q1 profit rise of 24% to $1.085 billion, or $3.66 a share on 17$ higher revenue to $4.46 billion. EchoStar Communications posted Q4 profit nearly doubled, but missed expectations. General Motors edged up on news that the automaker received a bid for its GMAC arm by investors led by Kohlberg, Kravis & Roberts. |
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Lehman Bros. Tops View
Mar 15, 9:44 AM EST |
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| Crude oil fell below $63 and gasoline inched down ahead of inventory report. European gold rose over $551. The dollar gained vs. the yen and pound. |
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| Lehman Bros., financial-services firm, reported Q1 profit rise of 24% to $1.085 billion, or $3.66 a share vs. $875 million a year ago, when it earned $2.91 a share. Net revenue rose 17% to $4.46 billion. Sears Holdings rose 5% in electronic trading on Inet before the opening bell after posting a higher-than-expected quarterly profit. |
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Asia Gains Despite Sony
Mar 15, 8:14 AM EST |
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| At close in Japan, Nomura Holdings surged 3.8%, Advantest Corp rose 1.9%, NTT DoCoMo gained 0.6%, and Honda Motor added 0.7%. |
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| Asian markets finished higher, supported by solid gains on Wall Street. the Nikkei rose 0.5% to 16,319.04, despite 1.8% drop in Sony''s stock after the company delayed the release of its PlayStation 3 game console. Hong Kong Heng Seng climbed 1.3%, lifted by property stocks on easing rate-hike concerns. Taiwan Weighted index surged 1.3% on strong tech sector. |
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