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Rate Hike Spur Late Rally
Dec 13, 4:51 PM EST |
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| November retail sales rose 0.3%, Fed raised rates by 25 basis points to 4.25%. Lehman Bros. delivererd strong earnings. |
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| Market traded sideways in the morning despite barrage of news on the economic front and earnigs from companies. November retail sales rose 0.3%. Best Buy reported weaker than expected earnings, Lehman reported storng earnings on deal flow, and Proctor & Gamble guided earnings for the current quarter at top of the range. After the rate hike of 25 basis points market rallied and closed near the peak level of the day. |
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Fed Hikes Rate to 4.25%
Dec 13, 3:12 PM EST |
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| The Commerce Dept. said November retail sales rose 0.3%, slightly below expectations of 0.5%, compared to 0.1% decrease in October. |
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| Tuesday morning session was marked by cautious trading amid mixed earnings news and disappointing. Fed raised fed fund rate to 4.25%, the 13th rate hike since June 2004. Lehman Bros posted 41% profit rise in Q4 on 28% revenue rise, beating estimates. Best Buy Co reported fourth-quarter net income rise of 25 cents a share, but missed estimates of 30 cents a share. Cendant Corp. cut guidance compared with prior estimates. |
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HP and Retails Drag Techs
Dec 13, 11:32 AM EST |
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| The Commerce Dept. said November retail sales rose 0.3%, slightly below expectations of 0.5%, compared to 0.1% decrease in October. |
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| A few major companies reported quarterly results Tuesday with Lehman Brothers standing out with 41% profit rise in Q4 on 28% revenue rise, beating estimates. Consumer retailer Best Buy Co posted fourth-quarter net income rise of 25 cents a share, but missed estimates of 30 cents a share. Same-store sales rose 3.3%. Cendant Corp. pegged its quarterly income at the low end of prior estimates because of weakness in its ticketing business. |
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Lehman Bros Tops Estimate
Dec 13, 9:42 AM EST |
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| Oil prices slightly slipped but kept above $61 a barrel. European gold retreated. The U.S. dollar gained against major currencies. |
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| Asian-Pacific benchmarks closed mixed ahead of a key Bank of Japan survey. The Nikkei hit an intraday high of 15,782.30 to close up 0.3% on steel and metals stocks. European averages traded in a narrow range at mid-day, awaiting the U.S. Fed Reserve meeting today. Procter & Gamble lifted its Q2 earnings and sales outlook to 68-69 cents a shaare and 25% to 28% growth respectively. |
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