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Nasdaq Up 47, Dow Up 123
Oct 04, 4:44 PM EDT |
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| Fed chairman comments on housing market correction helped bulls to take charge in the last hour of trading. |
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| Bernanke comments inspired rally was in full swing in the final hour of trading. Chairman commented that housing market is undergoing a substantial crrection and it may lower GDP growth by one percentage this year. California Attorney General office is preparing to file criminal charges against former HP chairman Dunn and ohers. P F Changs rose 9% on earnings. |
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Vodafone, Barclays, Oil Boost Europe
Oct 04, 12:47 PM EDT |
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| Chipmaker Infineon Technologies closed higher by 3.1% following an upgrade to buy from neutral from Goldman Sachs. |
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| European markets closed notably higher. The upward move was brought by a strong rally in Vodafone shares and higher banking stocks which together with seven-month low crude oil prices counteracted a profit warning and losses for EADS. London FTSE 100 climbed 0.5%, the German DAX 30 rose 0.9%, and the French CAC 40 advanced 0.7%. |
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Dow, Record High on Weak Data
Oct 04, 11:40 AM EDT |
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| The Commerce Department reported that new orders for manufactured goods fell slightly to $403.60 billion in August from $403.63 billion in July. |
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| The Dow hit an all-time intraday high, as stocks recovered Wednesday after a weaker-than-expected data on business activity helped ease concerns about inflation and interest-rate hikes. The ISM''s services sector index slipped to a weaker-than-expected 52.9 in September from 57.0 in August. |
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Volatile India Keeps Falling
Oct 04, 10:40 AM EDT |
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| Selling pressure in IT and banking stocks led the market decline for a second day in a row. |
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| Weak Asian stocks, together with worries over possible sales by hedge funds pushed the market lower today. All sectors ended in negative territory.The Sensex recovered from early steep fall to dip again in late trading. IT and bank stocks fell on profit-taking. TCS and HDFC Bank led the decliners. |
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Mixed Opening on GM and Wal-Mart
Oct 04, 10:07 AM EDT |
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| Stock markets opened mixed, pressured by lowered sales forecast at Wal-Mart, but supported by an upgrade of General Motors at Bear Stearns. |
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| Wal-Mart dropped 2.2% after the retailer cut its September same-store sales forecast to 1.3% from its previous estimate of 1.8%. TiVo slipped 9% after an appeals court allowed EchoStar Communications to continue selling its competing digital-video recorder models pending appeal of the companies'' patent dispute over the technology. As a result, Bear Stearns cut its rating on TiVo to underperform. |
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FTSE Gains on M&A
Oct 04, 9:40 AM EDT |
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| Merger activities powered gains for London markets on Wednesday despite losses in commodities and mining shares. |
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| London benchmark index remained higher this afternoon, but futures pointing to losses on Wall Street later, weak UK power stocks and a gloomy mining sector have lowered the FTSE 100 from earlier highs. Northgate Information Solutions topped the list of mid-cap advancers as it confirmed takeover approaches. The FTSE 100 was up 15.80 points, or 0.27% at 5,952.90 at 2:13 pm also supported by a continued fall in the oil price. |
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Wal-Mart Cuts Sales Outlook
Oct 04, 9:05 AM EDT |
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| Oil futures rose 46 cents to $59.14 a barrel ahead of weekly energy inventory data. The U.S. dollar gained both vs. the euro and the yen. |
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| U.S. stock market futures turned lower, reversing from solid gains Tuesday when the Dow rose to an all-time record of 11,727,34. On Wednesday, the negative market sentiment was generated by lowered sales outlook at blue chip retailer Wal-Mart Stores which cut its September U.S. same-store sales growth estimate to 1.3% from its previous estimate of 1.8%. |
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GM Upgraded, Ford Downgraded
Oct 04, 8:14 AM EDT |
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| Bear Stearns downgraded Ford Motors Corp. and upgraded General Motors. |
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| Ford Motors Corp. was downgraded to peer perform from outperform, with the broker saying that most of the near-term catalysts for the shares have unfolded. At the same time, Bear Stearns upgraded General Motors to peer perform from underperform, citing continuous beliefs of a potential alliance with Renault and Nissan. |
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Asia Tumbles on N. Korea Scare
Oct 04, 7:32 AM EDT |
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| Asian stocks closed mostly lower Wednesday as worries over North Korea plans for a nuclear test offset optimism from U.S. record high overnight. |
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| Asian stocks largely declined on Wednesday after North Korea stated it would test a nuclear bomb and commodities stocks such as BHP Billiton and Mitsubishi Corp. were hit by a fall in oil and metals prices. The influence of North Korea nuclear news is likely to be limited as there will be some short-term risks, but it is unlikely to reverse the stock market trend. Hong Kong bucked the downtrend and advanced. |
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Europe Higher on Banks
Oct 04, 6:34 AM EDT |
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| European markets were higher on Wednesday as bank stocks were lifted by merger activities and positive U.S. close. |
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| Most European stock markets advanced in early trading on Wednesday after an overnight plunge in oil and gold prices sent the Dow industrials to a record high, but another profit warning from Airbus owner EADS and a decline from oil giant BP limited gains. The FTSE 100 in London gained 0.1%, Frankfurt Xetra Dax added 0.3% and in Paris, the CAC 40 was 0.2% higher. |
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