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Dow, Near New Milestone
Sep 28, 5:03 PM EDT |
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| Second quarter GDP was revised to 2.6% from 2.9%. Unemployment claims fell 6,000 last week. |
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| Market averages traded higher as buyers showed interest in large cap stocks. Dow Jones Industrial Average, consisting of thirty large companies rose 29.11 points to close at 11,718.45. Dow came close to breaking the previous high of 11,722.98 reached on January 14, 2000. General Motors rose 4% on the news that Tracinda Corp has informed GM that it will like to add 12 million shares to its current stake of 9.9% in the company. Oil and gold edged higher. |
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Airlines, Utilities Lead Decliners
Sep 28, 2:04 PM EDT |
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| Time Warner fell 1.6% after J.P. Morgan downgraded the company to neutral from overweight, citing concerns over AOL's Internet unit. |
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| U.S. stocks turned mixed after the Dow Jones Industrial Average hit record highs and lifted the S&P 500 Index to a 5 1/2-year peak. In economic news, the Commerce Department reported an unexpected Q2 downward revision of GDP to a 2.6% growth rate. Initial claims for state unemployment benefits fell by 6,000 in the latest week. Among sectors, airlines, brokers and utilities led decliners. |
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Commodities Lead European Gainers
Sep 28, 12:39 PM EDT |
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| Royal & Sun Alliance rose 4.8% after it said it will sell its U.S. operation to an entity set up by the unit's management team for 158 million pounds. |
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| European markets closed largely in the positive, lifted by strong commodities-related stocks. The German DAX 30 edged down by 0.1%, dragged by 6.1% decline in Infineon Technology shares. The French CAC 40 added 0.1%, helped by the automotive sector. London FTSE 100 rose 0.5%, boosted by oil majors and miners that rose for a third session in a row. |
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Rally Fades on Profit Taking
Sep 28, 11:44 AM EDT |
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| Crude oil extended gains to trade 10 cents higher at $63.06 a barrel on worries OPEC may cut production.The dollar gained vs. the euro and the yen. |
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| After a short-lasting rally, U.S. stock markets lost direction as investors turned to profit taking. In early trading, the Dow briefly topped its record closing high of 11,722.98, but was unable to move significantly above that level and has moved back to the downside since then. |
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Slow Ascent of Sensex
Sep 28, 10:36 AM EDT |
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| Buying in banking, financial and sugar companies helped the Sensex to end up. Mahindra & Mahindra buys German vehicle company for 140 million euros. |
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| Market has maintained positive momentum for five trading days. Banks were in focus, with the banking sector index hitting all-time high. Some stocks, such as Infosys Technologies and Tata Power witnessed short covering in derivatives. Bull unwinding in derivatives was seen in TCS, Hindustan Lever, and Cipla. Banks outperformed all other stocks today. HDFC, HDFC Bank, SBI , and ICICI Bank led the advancers. TCS and Maruti led the decliners. |
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Dow Strikes Record High
Sep 28, 10:04 AM EDT |
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| General Motors rose 3.4% after company's CEO said that talks on joining the Renault-Nissan alliance may extend beyond a mid-October deadline. |
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| The Dow Jones industrial average hit its record-high close Thursday morning, lifted by optimism about steady interest rates and a soft landing for the economy. The Dow rose to 11,724.86, facing one more milestone, its intraday high of 11,750.28, before it could move into uncharted territory. |
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FTSE Touches 6000
Sep 28, 9:42 AM EDT |
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| The FTSE 100 kept the winning momentum by mid-day on Thursday, lifted by another fresh high on U.S. markets. |
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| London shares moved higher at mid-day, led once again by a strong mining sector, while persistent bid talk on Hanson and Brambles also supported the FTSE to climb to within reach of the 6,000 level. An upbeat mining sector helped to underpin blue chip gains as commodity prices continued their recovery after recent falls and as ABN Amro advised clients to buy. The UK benchmark gained 31.4 points, or 0.5%. |
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Downward Revision of GDP Weighs
Sep 28, 9:01 AM EDT |
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| U.S. stock futures fell on Thursday after a report showed revised Q2 GDP below expectations, renewing worries about economic slowdown. |
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| The latest reading on the GDP, released by the Commerce Department showed that economy grew at 2.6% pace in the second quarter, slower than the 2.9% figure estimated a month ago. In another report, the Labor Department reported that the number of new people signing up for unemployment benefits fell by a seasonally adjusted 6,000 to 316,000 for the week ending Sept. 23. The figures came in close to expectations for claims to total around 315,000. |
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Tokyo and Sydney Boost Asia
Sep 28, 7:32 AM EDT |
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| Asian markets were broadly higher Thursday, with Japan and Australia reporting gains for a second day. |
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| Investors focused on Honda Motor Corp., BHP Billiton Ltd. and energy-related shares after crude-oil prices rebounded. The Japanese stock market advanced moderately, recovering from the sharp fall the previous day as traders wondered whether the market had overreacted to recent concerns about US growth. In Japan, share prices of consumer finance companies increased as well. |
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Europe Higher on M&A, Commodities
Sep 28, 6:36 AM EDT |
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| Europe turned positive by mid morning on Thursday having started lower, as M&A activity continued to facinate the market. |
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| Commodity companies such as BP advanced in Thursday morning European trade, limiting broader-market losses, after oil prices rebounded from lows overnight. Royal Dutch Shell strengthened and mining companies including BHP Billiton and Rio Tinto moved higher for a third day. MAN gained on rumours that Volkswagen was poised to make a bid for the company. The U.K. FTSE 100 index gained 0.1% , the German DAX Xetra 30 added 0.1% and the French CAC-40 index climbed 0.25. |
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