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Three-Day Rise
May 26, 4:38 PM EDT |
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| Market averages rose for the third day in a row as investors returned with buy orders. Dow gained 1% and Nasdaq rose 0.5% for the week. |
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| For the last fifteen days nervous investors have lowered market values around the world. For the third day in a row market averages rose as inflation, personal consumption and income data revealed that reported inflation is under control. Brokerage, industrial and hotel stocks rose. Las Vegas Sands rose 9% on winning a license to build casino in Singapore. UBS upgraded Goldmans Sachs and raised stcok price target to $180. Chicos, Toro Corp and Ralp Lauren reported higher earnings. |
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Steel Stocks Rise
May 26, 3:32 PM EDT |
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| Steel stocks rose on the news that Arcelor has offered a merger plan with Russian steel maker Severstal. |
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| Steel stocks rose on hope that Mittal Steel may cast its eye on other companies if merger with Arcelor do not happen. several leading steel makers including U.S. Steel and Nuecor rose between 2% and 3%. Arcelor has proposesd a merger with Russian steel company Severstal to fend off a hostile deal Mittal Steel. Arcelor global search of white knight has not been successful in the last three months. |
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Nasdaq and Dow Up 0.5%
May 26, 2:38 PM EDT |
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| Market averages rose in the afternoon trading as buyers kept upper hand for the third day in a row. Oil and gold rose a fraction. |
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| Market averages responded to the positive news on inflation.Personal income rose 0.5% in April and personal consumption rose 0.6%. Core inflation rate rose in April at 2.1% after rising at 2.0% rate in March. Las Vegas Sands was awarded a license for casino in Singapore, stock rose as much as 11%. Chicos reported earnings of 29 cents and stock rose 2%. Toro Corp rose 2% on earnings rise of 17% on sales growth of 5%. |
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European Averages Surge
May 26, 1:06 PM EDT |
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| Exchanges advanced Friday after Credit Suisse upgraded Germany's Deutsche Boerse and Euronext to outperform from underperform, while cutting LSE. |
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| European stocks rallied for a second consecutive session, boosted by resource stocks after Arcelor agreed to merge with Russian steelmaker Severstal. Shares of Arcelor dropped 3%, while Mittal rose 2%. A positive sentiment on Wall Street, generated by mild core inflation data, also provided support. The German DAX 30 rose 1.4%, the French CAC 40 climbed 1.9%, and London FTSE 100 surged 2%. |
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Sands up 12% on Winning Singapore Casino Bid
May 26, 11:57 AM EDT |
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| Brokerage stocks advanced. Schwab gained 2.3% after an upgrade to buy at Bank of America. Goldman Sachs rallied 3.1% after an upgrade to buy at UBS. |
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| Las Vegas Sands rose 12% on news that it won the right to build the first casino resort in Singapore, ousting other bidders like MGM Mirage and Harrah''s Entertainment. In March, Sands said that it was prepared to spend $3.6 billion to develop the Marina Bay property, which includes 2,500 hotel rooms, 1.2 million square feet of meeting space, a million more in retail and three entertainment venues. |
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Volatility Dominates India
May 26, 10:37 AM EDT |
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| Sensex recovered 1.4% after dropping close to 3% on the last day of volatile week as markets in Asia and around the world staged a mild recovery. |
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| Shares in Asia climbed on Friday following advances in New York yesterday, after US first quarter GDP growth was revised upwards. Two-wheeler and truck manufacturer stocks, led the gainers, buoyed by the news that a monsoon hit Kerala on Friday, six days before normal season. For the week Sensex lost 1.1%. |
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Higher Wages Boost Spending
May 26, 10:13 AM EDT |
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| Crude futures fell to $71.08 on worries about summer driving activity and the approaching hurricane season. |
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| Stocks opened higher, extending recent gains on the back of mild economic data which raised hopes that the Fed Reserve will cease interest-rate increases. The Commerce Department said both personal spending and income rose in April, helped by improved wages. Personal spending growth of 0.6% met estimates, while a 0.5% rise in income came in below expectations of 0.7%. Consumer prices, excluding food and energy prices, rose 0.2% in April after a 0.3% increase in March. |
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Arcelor to Merge with Russian Severstal
May 26, 9:07 AM EDT |
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| Crude-oil futures traded up at $71.63 a barrel. Gold prices edged up to $652.20 per ounce. The U.S. dollar gained vs. the yen. |
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| Stock futures pointed to a lackluster opening ahead of holiday weekend and economic data. On Friday steelmakers are seen in the spotlight as Arcelor SA, rejecting a hostile bid from rival Mittal Steel Co., reached a deal that would give it a controlling stake in Russian largest steelmaker Severstal and $1.59 billion in cash in exchange for 32% of Arcelor. |
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Former Enron Chiefs Found Guilty
May 26, 8:06 AM EDT |
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| On Thursday, chairman Kenneth Lay and former president Jeffrey Skilling of former Enron Corp., were found guilty on Enron-related charges. |
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| The jury returned guilty verdicts against the two executives. Kenneth Lay was convicted of all six counts in the main trial, as well as of four charges of bank fraud and making false statements to banks in a separate non-jury trial. Skilling was convicted of 19 counts of fraud, conspiracy and insider trading. |
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Asia Rises Tracking U.S. Increase
May 26, 7:27 AM EDT |
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| Asian-Pacific markets finished higher Friday, following New York’s gains at close, with Tokyo's Nikkei propped up by increases in regional markets. |
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| Japan’s benchmark Nikkei 25 Average advanced 1.77%, falling 9.2% since May 8. A late gain in the U.S. lifted the market sentiment, although some analyst still caution of possible declines in near future. Hong Kong stocks also rebounded, as the blue-chip Hang Seng Index advanced 1.3% and South Korea’s Kospi finished up 2.1%. Taiwan’s benchmark, the Weighted Price Index gained 0.3%. |
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