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Small Cap Index Up 13%
Mar 31, 6:03 PM EST |
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| Small cap index, Russell 2000, gained 13.3% at the end of the first quarter. Dow up 3.7%, S&P up 3.8% and Nasdaq up 6.1%. |
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| Market averages rose in the first quarter as interest rates rose two 0.5% to 4.75% and oil price rode back to near peak levels. Robust price of commodities such as oil, iron ore, copper, gold and silver did not slow down the market climb. Small cap stocks outpaced the large cap stocks one more time. Emerging markets led the world markets in the first quarter as Venezuela, Russia and India led the gainers with 44%, 26% and 20% returns respectively. |
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Emerging Markets Lead
Mar 31, 4:37 PM EST |
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| The first quarters gainers were dominated by emerging marekts in Asia and South America. Venezuela, Russia and India led gainers in the quarter. |
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| Emerging markets in Asia and Latin America led advancers. Venezuela, Russia and India led with a gain of 44%, 26% and 20% respectively. Firm prices in commodites such as oil, iron ore and metals supported the advances in Brazil, Mexico and Venezuela as well. Rising corporate profits and consumer spending supported index in india. Taiwan and South Korea delivered negative returns for the quarter. |
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European Shares End Down
Mar 31, 12:30 PM EST |
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| SAP rose 0.6%, hitting a five-year high on market speculation that U.S. computing giant IBM Corp. could be intersted in making a bid. |
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| European stocks closed in the negative territory on the last day of the first quarter. Stocks were dragged down by weakness among tech and mining stocks. The German DAX 30 lost 0.2%, the French CAC 40 declined 0.4%, and London FTSE 100 dropped 0.8%. |
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Weak Oil Stocks Weigh
Mar 31, 11:54 AM EST |
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| General Motors fell 1.7%% on news that Delphi Corp. may ask a bankruptcy judge to void all of its union contracts, raising concerns of a strike. |
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| At mid-day trading stocks turned flat as weakness in the oil sector offset the upward momentum generated by tame inflation data. Energy stocks declined after U.S. light crude dropped $1.45 to $65.70 a barrel. Meanwhile airline shares advanced, benefiting from the lower price with the whole sector rising 2%. Financial stocks, including banking and brokerage advanced. |
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GM Drops 3%
Mar 31, 10:48 AM EST |
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| General Motors fell 3.2%% on news that Delphi Corp. may ask a bankruptcy judge to void all of its union contracts, raising concerns of a strike. |
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| Stocks traded modestly higher on tame inflation data, but buying interest remained subdued. Personal income and spending data for February showed a slowdown in inflation, with core personal consumption expenditure rising 0.1%, in line with forecasts. On the last day of the first quarter, the Dow industrials and S&P 500 index look to be on track for their best Q1 since 1999 and the Nasdaq for the best performance since the Internet bubble burst in 2000. |
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Stocks Rise on Tame Inflation
Mar 31, 10:01 AM EST |
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| Citigroup was charged by the Australian securities regulator with insider trading, over buying shares of Patrick Corp. |
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| Stocks opened higher as economic report on personal income and spending offset inflation worries and lifted market sentiment. The Commerce Department reported that personal consumption spending rose by 0.1% last month, the weakest gain in six months. The report also showed that personal income rose by 0.3% in February after rising by 0.7% in January. |
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Weak Personal Income Gain
Mar 31, 9:20 AM EST |
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| Crude oil prices retreated to $66.75 after Nigeria resumed normal oil production. European gold fell from 25-year highs. The U.S. dollar strengthened. |
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| Stock futures pointed to a positive start as economic report on personal income and spending lifted sentiment. The Commerce Department reported that personal consumption spending rose by 0.1% last month, the weakest gain in six months. The report also showed that personal income rose by 0.3% in February after rising by 0.7% in January. |
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India up 20% in Q1
Mar 31, 8:43 AM EST |
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| Strong liquidity, healthy interest from domestic and international investors and rising earnings expectations drove the index higher in the Q1. |
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| Sensex index in India fell for the day but rose 3% for the week and 20% in the current quarter. Liquidity driven market rise is supported by higher tax collection, rising profits and strong consumer demand for credit, housing, light vehicles. Market lost 27 points for the day and gained more than 300 points for the week. |
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U.S. Losses Weigh on Europe
Mar 31, 8:24 AM EST |
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| British hedge-fund manager Man Group advanced 3.6% in London, while telecommunications concern Kingston Communications dropped 8.9%. |
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| European stocks lost ground at mid-day dealings, reflecting sharp declines on Wall Street overninght when blue-chip stocks dropped on concerns over interest-rate hikes. The German DAX 30 dropped 0.4%, the FRench CAC 40 lost 0.4%, and London FTSE 100 fell 0.4%. |
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Kospi Leads Advancers
Mar 31, 7:45 AM EST |
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| At close in Tokyo, NEC rose 4.4%, Sumitomo Realty Development jumped 2.8%, and pharmaceutical firm Daiichi Sangyo gained 1.3%. |
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| Asian-Pacific benchmarks largely advanced across the region. The Nikkei held above the key 17,000 level to close the financial year at 17,059.66. The index rose 0.1%, supported by economic data, property and pharmaceutical stocks. South Korean Kospi was the biggest advancer, surging to 1.6% on tech and financial shares. Taiwan jumped 1%, strongly supported by the tech sector, while Hong Kong dropped 0.3% on profit taking and interest rate concerns. |
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