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Fed Leaves Rates Unchanged
Oct 25, 3:17 PM EDT |
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| For the third month in a row Fed has left target rates unchanged at 5.25%. Crude oil crossed $61 on lower inventory data. |
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| Fed kept target rates unchanged for the third month in a row. Target rate remained at 5.25% since late June. Fed noted that economic growth rate is likely to slow on cooling housing market. Oil rose above $61 on lower inventories. GM posted smaller loss on 4% rise in sales, stock drops. PF Changs reported lower profit on higher food cost, stock jumps. Corning dropped closed to 10%. KLA Tencor gained more than 9% on better revenue. |
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Auto Stocks Drive Europe Up
Oct 25, 1:28 PM EDT |
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| Electrolux shares rose 6.7% after the Swedish electrical-products maker reported a 36% rise in adjusted net income to SEK809 million. |
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| European stock markets finished higher. The positive sentiment was generated by earnings-inspired news from auto maker DaimlerChrysler and tire maker Michelin, which helped offset nervousness around the Fed Reserve’s decision on interest rates. The German DAX 30 advanced 0.28%, the French CAC 40 added 0.33%, and London FTSE 100 advanced 0.52%. |
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Choppy Trading before Fed's Decision
Oct 25, 11:50 AM EDT |
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| U.S. Energy Department reported that crude oil inventories fell by 3.3 million barrels last week. Analysts had expected a rise by 2.6 million barrels. |
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| Investors traded cautiously, awaiting the Fed Reserve''s decision on interest rates and an indication about the rates outlook. Tech stocks were driven higher by stronger-than-expected quarterly results from Amazon. Altria Group rose 3.4%, helping to limit losses on the Dow after setting a date to decide the spin-off of its Kraft Foods unit. The Dow declined after existing home sales data for September showed sales declined more than expected to 6.18 million units from 6.30 million in August. |
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Amazon Leads Nasdaq Up
Oct 25, 10:03 AM EDT |
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| Colgate-Palmolive Co. rose 2.9% at $62.20 after releasing positive quarterly earnings. |
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| U.S. stock averages opened mixed, with the Dow moving lower, hurt by losses for General Motors and Boeing, while the Nasdaq moving up, supported by earnings-inspired gains for Amazon. The online retailer jumped 9% on better-than-expected quarterly results, prompting five brokerages to lift price targets on the stock. |
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Miners, Pharma Lead London Up
Oct 25, 9:36 AM EDT |
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| London stocks hit a fresh five-year high Wednesday, as regained strength in the mining and pharma sectors supported FTSE. |
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| Large-cap stocks took a breather, following a strong morning session ahead of what is expected to be a flat open on U.S. market, with Tate & Lyle boosted from drug and mining issues. Vedanta and Xstrata led the miners higher while Lonmin improved after announcing that its platinum operation ran ahead of target. The FTSE 100 index advanced 25.5 points, or 0.4%, at 6,208.0 at mid-day, its highest level since February 2001. |
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Boeing Revenue Disappoints
Oct 25, 9:10 AM EDT |
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| Crude-oil futures fell 22 cents higher to $59.57 a barrel ahead of weekly. The U.S. dollar declined versus both the euro and the yen. |
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| U.S. stock futures turned to a lackluster trading, reflecting uncertainty ahead of the Fed Reserve’s decision on interest rates and disappointing news from Boeing Co. Boeing reported better-than-expected Q3 earnings and raised its outlook for 2006, but posted lower-than-forecast revenue. The stock fell nearly 1% in the pre-opening hours. However, positive quarterly results released by General Motors and Amazon helped limit losses. |
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GM Posts Narrower Loss
Oct 25, 8:02 AM EDT |
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| General Motor posted a Q3 loss of $115 million, or 20 cents a share, down from a year-ago loss of $1.7 billion, or $2.94 a share. |
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| The quarterly results include charges of $644 million, or $1.13 per share related to various items including goodwill impairment at GMAC and an increase in Delphi-associated restructuring charges. Excluding items, the Dow component earned $529 million, or 93 cents a share, with revenue totaling $48.82 billion. |
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Nikkei Dips Ahead of Earnings
Oct 25, 7:32 AM EDT |
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| Markets in Asia closed mixed Wednesday, as investors awaited the interest-rate decision of the U.S. Federal Reserve. |
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| Asian shares finished mixed Wednesday, with commodity markets advancing on higher oil prices, while the Nikkei Average in Japan retreated ahead of earnings results from some of the biggest companies Japan. Hong Kong ended nearly flat, as the its stocks are heavily dependent on U.S. stocks and look to the decision of the Fed. South Korea advanced due to strong gains in the construction sector. Australia also edged higher. |
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Strong Earnings Boost Europe
Oct 25, 6:35 AM EDT |
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| European markets were higher on Wednesday hitting fresh five-year highs after a number of impressive earnings results. |
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| Buoyed by the surprisingly strong German business confidence index Ifo and a number of strong earnings results, European stocks reversed from an early cautious start to notch up five-year record high. Michelin and Moller Maersk led the advancers on strong selling results and oil field potential. By mid morning, the FTSE 100 in London gained 0.3%, Frankfurt Xetra Dax added 0.1% to, and the CAC 40 in Paris was 0.3% higher. |
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Gold Rebounds
Oct 25, 5:27 AM EDT |
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| Short covering and recovery in oil and the euro make gold and silver futures swing from early weakness and end with gains on Tuesday. |
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| Gold finished higher on Tuesday, scoring its first gain in three sessions with oil prices firming up ahead of U.S. supply data and the dollar slightly weaker as the Federal Reserve met to discuss interest rates.The market rebounded from support around the session low of $576. It is just above a series of three straight lows between $573 and $574.50 hit Oct. 10 through 12. Short covering and fund buying occurred. Platinum and copper declined. |
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