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Nasdaq Up 2%, Dow Up 1%
Aug 15, 4:01 PM EDT |
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| Averages rallied with lower than expected rise in wholesale inflation. European markets closed higher. Oil and gold fell. |
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| Market opened in the upbeat mood and closed with more than 1% gain. Dow rose 1.2%, Nasdaq advanced 2.2% and S&P 500 gained 1.3%. Core rate of wholesale inflation in July fell unexpectedly sparking a broad rally. Wal-Mart reported its first decline in earnings in ten years. Wal-Mart earnings fell 26% from a year ago but the company kept its earnings forecast for the year. Home Depot earnings rose 5.3%. Existing-home sales fell 7% in the second quarter. |
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Europe Gains on U.S. Inflation Report
Aug 15, 12:30 PM EDT |
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| Swiss bank UBS gained 3.9% after it said Q2 net profit rose 47%. The bank doesn't expect to reach the SFr5 B limit to its share-buyback program. |
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| European averages posted solid gains Tuesday as benign U.S. inflation data cheered investors, bringing them back into the market. Among leading gainers, Hennes & Mauritz gained 3.6% and Sanofi-Aventis rose 2.5%. The German DAX 30 surged 1.5%, the French CAC 40 climbed 1.4%, and London FTSE 100 rose 0.5%. |
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Dell Climbs 3%
Aug 15, 11:30 AM EDT |
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| Jones Apparel Group Inc. dropped 6% after report indicated the apparel-maker would stop seeking to auction itself as no buyer came forward. |
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| Stocks continued to trade higher on benign inflation report. Among computer hardware stocks, Dell rose 3% after the company announced the recall of 4.1 million notebook computers to replace batteries made by Sony because of a risk of fire. Shares of Home Depot added 2% on strong earnings, while Wal-Mart lost 2% after the retailer posted its first profit decline in a decade. |
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Modest Rise in PPI Powers Rally
Aug 15, 10:08 AM EDT |
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| Staples rose 2.5% after posting 19% profit jump in Q2 driven in part by market share gains in North America. |
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| Stocks rallied at opening as weaker-than-expected July PPI renewed hopes the Fed Reserve will not raise interest rates in the short term. The Labor Department said prices at the wholesale level edged up by 0.1% in July, the smallest amount in five months as falling food prices helped offset higher energy costs. |
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Wal-Mart Earnings Fall 26%
Aug 15, 8:58 AM EDT |
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| The Labor Department reported that wholesale prices increased a slight 0.1% in July as falling food prices offset higher energy costs. |
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| Stock futures were mixed on mixed profit reports from retail giants and cautiousness ahead of inflation data. Wal-Mart Stores posted its first profit decline in a decade, with Q2 earnings falling 26% to 50 cents per share from 67 cents a year ago due to a hefty $863 million charge related to the sale of its German stores. The Home Depot reported a 5.3% jump in Q2 earnings to 90 cents a share, up from 82 cents a share a year ago on 16.7% revenue growth. |
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Xstrata Nears $17 B Buyout of Falconbridge
Aug 15, 8:16 AM EDT |
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| Xstrata said it is close to the completion of its $17.05 billion acquisition of Falconbridge after securing 92.1% of the Canadian miner. |
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| After a year-long bidding war with Inco Ltd., Xstrata said it succeeded in taking control of Falconbridge. In accordance with its plans, Xstrata extended its revised all-cash C$62.50 a share offer until Aug. 25 to ensure full control of Falconbridge after its shareholders approved the tie-up on Monday. |
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Machinery Stocks Fail To Push Japan Higher
Aug 15, 7:30 AM EDT |
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| Asia was mixed Tuesday as gains in machinery stocks and Japanese exporters were canceled out by dropping oil-related shares. |
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| Low volumes assited price volatility in Japan, where relatively flat indexes concealed large stock moves. Honk Kong also fell, as trading was muted due to investors awaiting U.S. inflation data, due later this week. South Korean markets were closed for the Independence Day holiday. Australian markets also decline. The Shanghai Composite in China was the only gainer. |
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Europe Declines On Profit Taking
Aug 15, 6:42 AM EDT |
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| European markets were lower Tuesday after the U.S. rally fel through in the previous trading the, with particularly weak volumes. |
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| Profit taking was the reason behind the falls after the strong session on Monday. The high-flying miners and engineers which supply machinery and services to them, were the worst hit by profit taking. Drugs stocks offered the market some support.The FTSE 100 in London fell 0.3%, while Xetra Dax in Frankfurt fell 0.3%, while in Paris, the CAC 40 shed 0.1%. |
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Gold Ends Lower As Ceasefire Holds
Aug 15, 5:55 AM EDT |
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| Marketmen are stlill counting on a posibility of a rally. Silver and copper finished higher. |
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| Gold futures ended near a three-week low on Monday, following a steep decline in crude prices as an Israeli-Hezbollah cease-fire came into effect and the British government downgraded its terror threat.With Iraq, though, still on the verge of civil war, and Iran and North Korea nuclear policies a cause for concern, geo-political tensions are still extremely highand might bring about a gold rally. |
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