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Nasdaq Up 17, S&P Up 10
Dec 27, 5:18 PM EST |
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| Market averages closed higher on lower oil and new home sales data. Retail sales gained in the last days before Christmas, at a slower pace. |
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| New home sales rose at 3.4% in November to an annual rate of 1.05 million rate. Traders tooks the news as a sign that percieved weakness in the housing market may not be as deep as anticipated. Crude oil fell 1.4% close to $60 per barrel and natural gas traded lower below $6 per mBtu. Ford was in focus on the news that newly appointed CEO met Toyota executives in Tokyo. Guess rose 9% and Master Card gained 5%. |
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Oil and Autos Boost Europe
Dec 27, 1:02 PM EST |
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| In London, brewers Diageo and SABMiller each rose at least 1.6% and cigarette maker British American Tobacco added 1.5%. |
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| European stocks closed sharply higher on Wednesday, boosted by weaker oil prices and speculation over possible consolidation in the automotive sector. Lower oil prices along with confirmation that top Toyota and Ford executives met in recent days lifted auto shares such as DaimlerChrysler and Renault. The German DAX 30 climbed 1.6%, followed by the French CAC 40, also up 1.6%. London FTSE 100 rose 0.9%. |
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Homebuilders Gain on Housing Data
Dec 27, 11:50 AM EST |
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| McClatchy, the nation's second-largest newspaper publisher, said it will sell the Star Tribune to Avista Capital Partners for $530 million. |
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| The U.S. market averages have continued to perform well over the course of morning trading, benefiting from strong home sales data and retreating oil prices. The Commerce Department reported that sales of new homes rose 3.4% in November to a seasonally adjusted annual rate of 1.047 million, helped by solid sales increases in every region of the country but the South. Homebuilders Hovnanian Enterprises and Toll Brothers rose 1.7% and 2.3%, respectively. |
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India Advances 1.1%, SBI Hikes Rate
Dec 27, 10:31 AM EST |
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| The Sensex in India continued its upward trend on Wednesday, supported by intense buying across all sectors. Satyam led the gainers. |
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| The benchmark index surged today aided by broad-based buying in stocks across sectors and short-covering before the expiry of the December contracts on December 28, 2006. Bank led the rally with IT and auto stocks surging as well. Satyam, ICICI Bank and Tata Motors led the advancers, while ONGC, which rallied yesterday, led the decline today. Foreign direct investment in India may double in the current fiscal year. The Indian economy shows no signs of overheating, a survey suggests. |
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Apple Sinks 5% on Stock-Option Forgery
Dec 27, 10:02 AM EST |
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| Crude futures traded down 0.4% at $60.85 a barrel. The dollar fell against other major currencies. |
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| Stock markets opened higher for a second day in a row, lifted by bargain hunting on a broad-market scale. The tech-heavy Nasdaq advanced in early trading, supported by gains fot Microsoft, up 0.3%, Intel higher by 1.1%, and Dell, rising 1.3%. However, shares of Apple Computer dropped 5% to $77.48 amid a news report, saying that company officials could have falsified past stock-option documents to maximize profits for executives. |
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London Rallies as Miners, Oil Stocks Surge
Dec 27, 9:42 AM EST |
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| The FTSE 100 in London was higher in early trade on Wednesday as miners and oil stocks boosted the market. InterContinental Hotels led the rally. |
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| The London market opened positively after the Christmas break, as higher mining and oil stocks aided a solid rally. InterContinental Hotels made further gains as traders continued to rely on the credibility of talks of potential bid interest in the company. Also Diageo is not too far behind as rumors suggest that SABMiller could buy Indian spirits maker Mount Shivalik Group. The FTSE 100 opened 0.8% higher at 6,239.6, an increase of about 50 points. |
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Futures Point to Higher Opening
Dec 27, 9:01 AM EST |
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| Cenveo agreed to acquire Cadmus Communications for $24.75 per share in cash to become the third-largest graphic services provider in North America. |
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| U.S. stock market futures traded higher on Wednesday, bolstered by speculations for a potential alliance between giant automakers Toyota Motor and Ford Motor. Toyota shares rose more than 2.5% to a record high in Tokyo. Shares of Ford were up 1.5% at $7.60 in early electronic trading. Investors were also awaiting key housing data, expected to provide clues on the health of the U.S. economy. |
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Japan, HK Lead Asian Rally
Dec 27, 7:38 AM EST |
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| Asia advanced on Wednesday with Japan advancing to another high and HK and Australia closing at record levels. |
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| Although there were problems with communication across the region after an earthquake damaged undersea cables, markets managed to hit new highs. Japanese stocks were supported by intense buying in large-caps prompted by good earnings outlooks. HK rallied to a record high, aided by phone company China Netcom and Hong Kong-listed Chinese financials. Australian index was helped by hopes of a strong month end. South Korea finished lower on banks and telecoms. |
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Weaker Oil, Stronger Euro Lift Europe
Dec 27, 6:36 AM EST |
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| European markets advanced in early trade on Wednesday, taking their cues from Japanese and US markets ahead of US housing data. |
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| As there is almost no activity on the corporate front the focus is laid on US new home sales due later in the afternoon which will provide some clues about the US economy growth. Otherwise, the advance today is simply a reversal from the losses in Friday. Shares were also supported by the rise of the euro against and the dollar and the weaker oil futures. In early trading, the FTSE 100 in London was up 0.8%, Frankfurt DAX gained of 1.2%, and the French CAC 40 rose 0.9%. |
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Gold, Silver Nudge Higher
Dec 27, 5:21 AM EST |
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| Gold and silver futures advanced on Tuesday, slipping from their strongest levels as oil prices plummeted. |
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| Gold and silver advanced in thin, trading on Tuesday supported by technical buying and short covering, closing, though below the intraday highs as crude futures declined. Crude contracts ended with sharp losses, under the pressure of the extremely warm weather in the U.S. Northeast and Midwest. Gold and silver slipped from their highs when oil shares dropped, following an early climb on worries about the nuclear program of Iran and increasing militant attacks in Nigeria. |
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