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Tech Stocks Bolster Nasdaq
Aug 09, 3:53 PM EDT |
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| Indexes were down today due to volatile oil prices and perceived market slowdown. Nasdaq gained due to strong earnings from tech stocks. |
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| As market reached close Dow lost 87.25 points, Nasdaq was up 0.78, and S&P declined 4.39. Indexes lost points due to volatile oil prices and worries over Feds raising interest rates again. Nasdaq, the only gainer in late afternoon trading, was bolstered by decent earnings from Cisco and Walt Disney. Cisco reported earnings of 25 cents a share compared to 24 cents a year ago. Disney reported Q3 earnings of 53 cents a share compared to 39 a year earlier. Oil gained 4 cents to close at $76.35. |
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Techs, Autos Lead Europe Higher
Aug 09, 12:39 PM EDT |
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| Adidas rose 2.7% after it said Q2 profit rose a stronger-than-expected 24% to 82 million euros, with revenue up 60% to 2.43 billion. |
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| European markets finished steeply higher, boosted by gains on Wall Street, as well as strength in the technology and automotive sectors. French telecom-equipment maker Alcatel rose 2.8%, and automaker Volkswagen gained 3.2% to help market higher. The French CAC 40 led European gainers, climbing 1.2%, followed by the German DAX 30, up 0.9%, and London FTSE 100, up 0.7%. |
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Rising Oil Hurts Airlines
Aug 09, 11:44 AM EDT |
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| Market traded higher with a notable strength in the tech sector.Yet higher oil and lowered outlook from Toll Bros led airline and housing stocks down. |
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| Oil prices jumped 59 cents to $76.90 a barrel after the Energy Department reported a 1.1 million-barrel decline in crude oil inventories and a week-over-week decline of 3.2 million barrels in gasoline stockpiles, exacerbating supply concerns after the shutdown of an oilfield in Alaska. |
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India Continues to Rally
Aug 09, 10:52 AM EDT |
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| The Sensex rallied Wednesday due to firm Asian markets and the US Fed decision to pause in interest rates hikes. |
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| Concerns of increase in domestic interest rates lessened after the Fed move. It is likely that the Fed decision to keep US interest rates steady, may discourage Reserve Bank of India from hiking the interest rates further in the near term. Bank shares jumped, following the Fed move. Auto, IT, metal and pharma stocks advanced. |
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Cisco Leads Nasdaq up 1.5%
Aug 09, 10:07 AM EDT |
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| Federated Department Stores rose 5.2% due to a higher quarterly profit and lifted earnings forecast for the second half of the year. |
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| Stock markets opened higher, led by technology stocks, with Cisco moving 12.7% higher after the technology bellwether reported better-than-expected Q4 earnings and provided upbeat guidance. Housing stocks came under pressure after luxury homebuilder Toll Brothers announced preliminary Q3 results, reporting a decline in home building revenues due to lower unit volumes. |
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Disney Beats Estimates
Aug 09, 9:00 AM EDT |
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| Adidas rose 1.7% in Frankfurt after the company reported 24% Q2 profit increase and 60% sales growth. |
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| Stock futures jumped after network equipment maker Cisco Systems rose 9.4% on stronger-than-expected quarterly results and positive outlook. Media conglomerate Disney beat estimates reporting net income growth of 53 cents per share, compared with 39 cents last year due to improved sales and one-time gain related to its acquisition of Pixar Animation Studios. |
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Japan Rebounds On Economic Data
Aug 09, 7:31 AM EDT |
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| Data showing surprizingly strong Japanese corporate investment Wednesday helped Tokyo shares bounce back from substantial morning losses. |
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| The Japanese government said mid-day Wednesday that core private-sector machinery orders rose 8.5% in June compared to May, and 17.7% on year, indicating that the industrial part of the economy is in very good health, particularly the export side of the economy. Hong Kong rallied late, as market large-cap China Mobile advanced. In South Korea, the Kospi index finished also higher. |
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Europe Erases Early Gains
Aug 09, 6:32 AM EDT |
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| European markets gave up early gains Wednesday as concerns over economic growth undermined sentiment. |
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| The Fed held rates for the first time in two years at 5.25%, but left the door open for further rises saying it still saw risks from inflation. U.S. markets reacted negatively to the Federal Reserve’s decision to leave interest rates unchanged. In Europe, banking and the London listed miners were the weakest sectors. The FTSE 100 in London sank 0.6%, the Xetra Dax in Frankfurt declined 0.6% and the CAC-40 in Paris edged down 0.3%. |
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Gold Lower As Fed Pauses
Aug 09, 5:13 AM EDT |
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| Gold and silver prices declined slightly on Tuesday as FOMC decided to pause, as expected, in raising interest rates. |
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| Many precious metals were noot expected more than a short-term and possibly subdued reaction from gold once the Fed decision was made public. Factors such as the conflict between Israel and Hezbollah, the developing civil war in Iraq, the absolute intractability of Iran, and the prospects of $4 per gallon gasoline being just around the corner are certainly posing more of a challenge to asset allocators than what may well be the last in a series of interest rate hikes. |
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