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Nasdaq Up 34, Dow Up 97
Aug 16, 4:32 PM EDT |
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| Three popular averages gained for the second day in a row on CPI report. Global markets gained. Gold rose, oil fell. HP rose 7%. |
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| For the second day investors found a reason to cheer. CPI for the month of July rose 0.4% and core rate rose at 0.2%, lower than expected. After a mild rise in PPI and CPI, averages gained for the second day in a row. European markets gained a fraction but Mexico and Brazil rose near 1%. Gold gained, oil fell. Abercrombie and Big Lots gained 10%. HP reported earnings of 48 cents after the close. stock rose 7% in the after-market trading. The board authorized $6 billion stock repurchase plan. |
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Techs Support Europe
Aug 16, 12:35 PM EDT |
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| U.K. nuclear energy group British Energy lost 4.5% after posting sharply higher profit figures but lower output. |
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| European markets finished in the positive, helped by weaker-than-expected U.S. consumer inflation data. Technology stocks led advancers, with mobile phone maker Nokia and software giant SAP rising 2.8% and 3.4% respectively. The German DAX 30 rose 0.6%, the French CAC 40 advanced 0.4%, while London FTSE 100 slipped 1.30 points to 5,896. |
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Abercombie Jumps 10% on Profit
Aug 16, 11:41 AM EDT |
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| Crude oil inventories fell 1.6 million barrels in the week ended August 11. Light crude fell 40 cents to $72.65 a barrel. |
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| Stocks traded higher on tame inflation figures that added to speculations the Fed Reserve might not raise rates in the near future. The housing market showed more signs of slowing, with housing starts falling to an annualized rate of 1.795 million in July, down from 1.85 million in June. Abercrombie & Fitch Co. jumped 10% on 14% profit increase in Q2. Big Lots Inc. added 1.2% after posting a Q2 profit from a year-ago loss. Estee Lauder Cos. Inc. saw 3.7% decline after its Q4 profits slid 33%. |
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Second Day Rally in India
Aug 16, 10:41 AM EDT |
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| For the second day of this week, Sensex on BSE in India gained more than 1%. Broad rally today was supported by a steady gain in energy stocks. |
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| Fall in oil price in the international market, rising markets in Asia and a prospect of weak inflation in the U.S. helped market in India to rally for the second day of this week. Oil, construction and banking sector stocks led the rally. Infosys fell in the last hour of trading and managed to trim some of the day’s gain in Sensex. |
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Market Opens Bullish
Aug 16, 10:03 AM EDT |
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| U.S. stocks advanced after several closely watched economy reports boosted confidence that the Fed Reserve might not raise rates in the short term. |
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| Big Lots led percentage gainers among components of the S&P Retail Index, rising 5.3% on a surprising swing to profit in Q2 and lifted oitlook. Abercrombie & Fitch reported Q2 earnings increase of 72 cents a share vs. 63 cents a year ago, beating estimates by a penny. Estee Lauder posted Q4 net income fell 33% to 21 cents a share from 30 cents a share a year ago, missing expectations. |
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Energy Costs Boost CPI 0.4%
Aug 16, 8:48 AM EDT |
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| The Labor Department reported that its closely watched CPI rose by 0.4% in July, double the 0.2% increase in June. |
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| The consumer inflation index jumped as a considerable rise in energy prices of 2.9% offset the biggest decline in clothing costs in nearly two decades. Core inflation, excluding food and energy, slowed in July, rising by just 0.2% after four straight months of 0.3% gains. |
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Japan, HK Surge
Aug 16, 7:36 AM EDT |
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| Asian markets were higher Wednesday, with Hong Kong striking a nearly six-year high and Japanese exporters as Hitachi and NEC advancing sharply. |
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| Asia ended on a positive note after milder-than-expected U.S. inflation data gave hope that interest rates would continue to hold steady. Investors are still waiting for consumer price data which will come out tonight.Other markets around the region also finished higher including South Korea, China, Australia, Taiwan and Singapore. Only Malaisia bucked the trend and finished lower. |
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Europe Erases Early Gains
Aug 16, 6:40 AM EDT |
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| European stocks did not manage to build on a positive start to trading on Wednesday and declined by mid-morning |
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| The fall came despite encouraging overnight gains on U.S. markets and strong trading in Asia, especially Japan closing above 16,000 for the first time since May and boosting domestic and export stocks. On a relatively quiet day for European corporate earnings, US consumer price inflation data due to be released later in the session could provide further clues as to whether US interest rates have peaked. |
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Gold Declines On low Inflation
Aug 16, 6:05 AM EDT |
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| Gold futures dropped Tuesday at the NYME on lower-than-expected inflation data and a continued cease-fire in Lebanon. |
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| Gold fell as news broke that wholesale core inflation unexpectedly fell in July. Wholesale prices including food and energy also came in below expectations, suggesting that inflation pressures may be easing.Silver and Copper also fell, while platinum and palladium gained. |
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