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Sharp Advance in Market Averages
Apr 18, 4:47 PM EDT |
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| After the Close Quarterly Earnings: Amgen $0.82, CSX $1.06, IBM $1.05, Motorola $0.27,Texas instruments $0.36, Yahoo $0.11. |
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| Sharp gains in market averages reflected enthusiam of investors on interest rates. Recent Fed minutes of meetings suggested that Fed may be near completion of rate hike campaign. Caterpillar, International Paper and Alcoa rose more than 3%. Home builders, retailers and industrials advanced. Copper closed at new high and oil reached near $72. Brazil and India led emerging markets with more than 2.5% gains. |
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Brazil and India Lead Emerging Markets
Apr 18, 3:58 PM EDT |
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| Sharp rise of more than 2% in Brazil and India led gainers in emerging markets. Indonesia, Hong Kong and Australia rose too. Latin Markets rallied. |
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| Emerging markets rallied for the second day but for a different reason. Metals and oil price rise supported gains in South Africa and Russia. Latin markets gained on solid international funds buying in Brazil and Mexico Brazil rose on lower rates expectations and Mexico rose on earnings optimism. India rose on stable interest rates and strong rise in earnings from software companies. |
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Markets Rally on Rates
Apr 18, 3:12 PM EDT |
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| Market believes that for now Fed may pause soon and end its two year rate hike campaign. Dow and Nasdaq up 1.4% and 1.5% repsectively. |
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| Markets opened up and scaled higher despite strong rise in oil and metal prices. Dow up 1.4%, Nasdaq up 1.5% and S&P up 1.3% as market appraoches last hour of trading. 29 of the 30 Dow stocks are up and 25 of the 30 stocks are up more than 1%. Honeywell, International Paper, Alcoa and Caterpillar are up more than 3%. |
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European Shares End Mixed
Apr 18, 12:48 PM EDT |
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| Dutch conglomerate Philips Electronics fell 2.1% in Amsterdam on Q1 net income rose 37% but below estimates. |
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| European averages ended mixed, reflecting surging commodities prices and disappointing first-quarter earnings report from Philips Electronics. Oil producers were the leading gainers in Europe. Total, BP, and Royal Dutch Shell each advanced more than 1%. The German DAX 30 dropped 0.3%, the French CAC 40 edged down 0.1%, while London FTSE 100 climbed 0.2%. |
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Oil Majors Gain
Apr 18, 11:49 AM EDT |
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| The Commerce Dept. reported steeper-than-expected drop of housing starts by 7.8% to a seasonally adjusted annual rate of 1.960 million units in March. |
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| Stocks traded higher on strong corporate earnings and economic data. Rising oil prices failed to hurt the upward momentum and boosted major oil companies like Exxon Mobil, up 1.3% and Valero Energy Corp. which gained 2.1%. Shares of IBM Corp. added 1.4% ahead of the company''s announcement of its quarterly results. |
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J&J Posts 16% Profit Rise
Apr 18, 10:52 AM EDT |
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| The Commerce Dept. reported steeper-than-expected drop of housing starts by 7.8% to a seasonally adjusted annual rate of 1.960 million units in March. |
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| Stocks traded higher on strong corporate earnings and economic data which showed that U.S. producer prices climbed 0.5% in March, but core-PPI, excluding food and energy, only rose 0.1%. D.R. Horton reported that Q2 net income advanced 20% on 25% revenue growth. UnitedHealth Group posted Q1 income rise of 21% on 54% higher revenue, missing analyst estimate by a penny. Johnson & Johnson posted Q1 profit rise of 16%, helped byhigher sales of medical devices and a break-up fee. |
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UnitedHealth Net up 21%
Apr 18, 10:11 AM EDT |
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| The Commerce Dept. reported steeper-than-expected drop of housing starts by 7.8% to a seasonally adjusted annual rate of 1.960 million units in March. |
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| Stocks opened in the positive, lifted by strong corporate earnings and economic data which showed that U.S. producer prices climbed 0.5% in March, hurt by rising energy prices, but core-PPI, excluding food and energy, only rose 0.1%. D.R. Horton, homebuilder, reported that Q2 net income advanced 20% on 25% revenue growth. UnitedHealth Group reported that Q1 net income went up 21% to 63 cents a share on 54% higher revenue, missing analyst estimate by a penny. |
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D.R.Horton Profit up 20%
Apr 18, 9:11 AM EDT |
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| Crude oil surged to a record of $70.88 per barrel on increasing tension between Iran and the West over Iran's nuclear program. |
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| Merrill Lynch & Co. reported sharply lower Q1 earnings due to a hefty charge for the expenses for stock-based compensation. The company posted 44 cents per share vs. $1.22 a share last year, still beating analyst expectations. D.R. Horton, homebuilder, reported that Q2 net income advanced 20% on 25% revenue growth. |
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Indian Market, New Record
Apr 18, 8:43 AM EDT |
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| Sensex rallied 2.45% or up 289 points on unchanged interest rate, better earnings and Prime Minister forecast of 10% GDP growth. |
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| Sensex in India scaled more than 2% advance for the second day in a row after the Reserve Bank of India left the interest rates unchanged. Prime Minister indicated that annual GDP growth of 10% is a realistic target. Strong earnings from software giant TCS propelled IT stocks. Banking and cement stocks rose for the second day in a row. |
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Commodities Weigh in Europe
Apr 18, 8:30 AM EDT |
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| Surging oil prices sent shares of oil companies higher. Royal Dutch Shell, Total and BP advanced more than 1%. |
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| European stocks traded mixed at mid-day after the long holiday weekend. Stocks were dragged by surging commodities prices and disappointing earnings from Philips Electronics. The German DAX 30 dropped 0.6%, the French CAC 40 edged down 0.2%, while London FTSE 100 climbed 0.4%, supported by gains in oil and mining companies. |
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