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Dow, Nasdaq, Up 0.5%
Dec 26, 4:32 PM EST |
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| Red Robin Gourmet Burgers rose 3.4% as it said after the bell that it acquired the Puyallup restaurant in Washington state. |
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| Wall Street closed higher in a light post-holiday trading session Tuesday, with stocks boosted by a considerable decline in oil prices. Weaker oil lent support for the stock markets as prospects of lower gasoline prices prompted improvement in consumer spending. Retail shares were in focus amid early reports of weaker-than-expected holiday consumer spending. Amazon.com and other retailers were pressured by concerns about the strength of holiday-shopping sales. |
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Retailers Fall on Weaker Holiday Sales
Dec 26, 11:44 AM EST |
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| Light sweet crude rose 13 cents to $62.54 a barrel. The U.S. dollar was mixed vs.other major currencies. Gold rose amid the uncertainty in Iran. |
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| Stocks posted modest gains in light trading Tuesday as bond prices helped offset a generally disappointing report on holiday retail sales. The possibility of lower-than-expected holiday sales exerted pressure on retail stocks. Target lost 0.6%, while Best Buy fell 1.6%. With little corporate and economic news on release today, an advance in bonds drew investors'' attention. The 10-year bond was little changed, but its yield fell to 4.59% from 4.60% on Friday. |
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Infosys, ONGC Lead India 2% Up
Dec 26, 10:30 AM EST |
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| The benchmark index saw a third day of gains as buying in IT stocks and ONGC led the market higher. ONGC discovered oil in Assam. |
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| The session was characterized on Tuesday by a rally in large-cap stocks. A surge in Infosys and ONGC helped the Sensex close almost 2% higher. IT stocks were in demand ahead of December quarter results. ONGC advanced on record interim dividend and a newly discovered oil field. Wipro led the advancers with Satyam and TCS participating in the rally. Hero Honda led the decliners. Atlanta to buy NG Realty. |
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Modest Gains on Higher Oil
Dec 26, 10:09 AM EST |
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| Telik tumbled 70% as the results from three separate Phase III trials related to its cancer drug Telcyta were ‘extremely disappointing.' |
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| U.S. stocks moved slightly higher at opening on Tuesday as an increase in oil prices lifted major energy stocks like Exxon Mobil Corp. and Chevron Corp. Light sweet crude rose 22 cents to $62.63. Returning from the holiday weekend, investors were interested in retail stocks which were largely under pressure amid concerns that the holiday shopping season was somewhat disappointing. Target Corp., Best Buy, Federated Department Stores were among the early decliners. |
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Market to Reopen Slightly Up
Dec 26, 8:27 AM EST |
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| Crude oil rose 1% to $63.01 a barrel after Iran threatened to use oil exports as a weapon because of the sanctions on its nuclear goods trade. |
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| U.S. stock market futures moved slightly higher Tuesday following gains for Asian markets overnight. Trading volume is expected to be very light as many investors haven’t returned from vacation. European stock markets remain closed for extended Christmas holidays. In early morning, shares of retail stocks were in focus after a report showed holiday sales rose only 3% in 2006, lower than last year''s 5.2% growth. |
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Japan Leads Asia up
Dec 26, 7:32 AM EST |
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| Asian markets closed mostly higher Tuesday, as Japan and China reached new highs, but South Korea declined on profit-taking. |
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| Japanese shares advanced modestly to a fresh seven-month high, as steelmakers led the way, with nonferrous metal stocks and pharma shares also gaining. South Korean stocks closed down as local institutions took to profit-taking in transportation. Chinese shares rallied to another record high on strong interest for large-cap banks. Stock indexes in Hong Kong, Australia and New Zealand were closed for the Christmas holidays. |
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Gold Advances, Copper Falls
Dec 26, 5:11 AM EST |
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| Gold and silver prices advanced on Friday on mixed U.S. economic data, before the long Christmas holiday weekend. Copper declined. |
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| Economic data was unclear and gave little direction for metals trading. Durable-goods orders advanced during November much more than expected as aircraft and computer demand soared, but a key measure of business spending dropped a second month in a row. Copper futures finished lower, with thin holiday trading conditions adding to downside pressure. On the Nymex, crude oil futures declined for a second straight session on unseasonably warm Northeast weather. |
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