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Chairman, Rally of Hope
Jul 19, 4:50 PM EDT |
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| Intel and Ebay reported lower earnings after the close. Apple earnings jump 47%. |
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| Market rallied on the hope that the future rate hikes are not likely in the immediate future. Banks, home builders and tech stocks rallied on the news. European and Latin American markets rallied on the Chairman comments. After the close, Intel reported earnings of 15 cent compared to 33 cents a year ago. EBay reported 14% decline in profit on 30% rise in revenue. Apple also reported earnings rise of 47% on revenue growth of 32%. Apple shipped 8.1 million iPods in the quarter. |
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The Dow Surges 1.5%
Jul 19, 12:01 PM EDT |
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| Crude oil inventories edged higher by 200,000 barrels for the week ended July 14. Gasoline and distillate stockpiles also advanced. |
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| Stocks and bonds jumped steeply higher after Fed Reserve Chairman Ben Bernanke soothed investors'''' concerns on interest rates with news of moderating economy and contained inflation. The Dow Jones shot up more than 160 points. Treasury bonds reversed from earlier losses and moved higher. |
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Stocks Rally on Bernanke's Comments
Jul 19, 11:05 AM EDT |
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| UnitedHealth rose $2.26, or 4.7% after the nation's second-largest health insurer, said its Q2 profits rose 26.5%. |
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| Stock markets rallied in morning trading, following comments from Federal Reserve Chairman Ben Bernanke of moderating pace of economic growth and contained inflation. The Dow Jones industrial average shot up more than 100 points. |
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Yahoo Slides 19% on Revenue Outlook
Jul 19, 10:02 AM EDT |
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| Crude oil futures hained 7 cents to $73.61. The U.S. dollar gained vs. the euro and the yen. Gold futures extended recent losses. |
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| U.S. stocks advanced at opening on signs of cooling economy and strong earnings from IBM. The Labor Department said the CPI rose by just 0.2% in June, the smallest increase in four months, but core inflation, excluding energy and food, rose by 0.3%, higher than the 0.2% expected. Signs of slowing housing market were received from a report which said that construction of new homes fell by 5.3% in June. IBM rose 3% on strong quarterly earnings, while Yahoo dropped 19% on revenue outlook. |
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JPMorgan Exceeds Expectations
Jul 19, 8:52 AM EDT |
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| Shares of Yahoo dropped 15% in pre-market trading after the company gave a 2006 revenue outlook below forecasts late Tuesday. |
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| JPMorgan Chase & Co. rose 1.2% after the nation''s third largest bank reported sharply higher Q2 profit of 99 cents a share, compared with 28 cents a share last year on 19% revenue growth, beating estimates of earnings of 87 cents a share on revenue of $15.3 billion. Piper Jaffray Companies posted Q2 net income rise to 21 cents per share from 6 cents a year ago on increasing investment banking and interest revenue. |
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Crude Oil Nears $74
Jul 19, 8:06 AM EDT |
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| Light, sweet crude for August delivery gained 38 cents to $73.92 a barrel in electronic trading on the New York Mercantile Exchange. |
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| Following Tuesday’s sell-off, crude oil prices rose Wednesday amid expectations that U.S. inventory data would show a decline in domestic gasoline stocks. The continuing violent conflict between Israel and militants in Lebanon also weighed on the market. |
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Tokyo Overcomes a Month-Long Weakness
Jul 19, 6:52 AM EDT |
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| In Tokyo at close, Sony rose 1.1%, Advantest Corp was up 3.7%, while Softbank declined 3.7%. Toyota Motor added 0.9% and Mitsubishi gained 0.5%. |
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| Asian markets finished mixed Wednesday as stock exchanges reversed from much of earlier gains amid renewed advance by the price of oil. The Nikkei ended up 0.4%, recovering from a month-long losing streak. Hong Kong’s Hang Seng rose 0.33%, lifted by strong gains for oil companies, real estate and China shares. Singapore Straits Times advanced 0.47%, South Korea’s Kospi ended flat, while China’s Shanghai Composite tumbled 2.2%. |
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