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Manufacturing Gains, Averages Decline
Oct 03, 4:03 PM EDT |
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| Manufacturing survey reports growing activities, rising commodities prices and possible inflation acceleration. Auto sales for domestic names decline. |
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| Widening manufacturing sector, rising construction spending and rising commodities prices all point to higher inflation in the future. After three months of lull housing construction picked up. Stocks of home builders, oil refiners, natural gas and coal companies rose. Southwestern Energy jumped 12%. Mortgage lenders declined. Countrywide Financial suffered 2.4% loss. |
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Natural Gas and Coal on the Move
Oct 03, 2:01 PM EDT |
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| Crude-oil has fallen to $65.75 a barrel, while gasoline is up at $2.11 a gallon, natural gas is also up at $14.06. |
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| According to a report, released by the Commerce Dept. construction spending in August rose 0.4% from 0.3% in July close to expectations of 0.5% increase. The ISM said that purchasing managers index rose to 59.4 in September from 53.6 in August, reflecting the 28th consecutive month of growth in sector. Economists had expected the index to fall to 52.0 due to the hurricane. The Tech and Utility sector stand among the best performers, rising 0.4% and 0.3% respectively. |
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Record Construction Spending
Oct 03, 11:50 AM EDT |
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| Oil prices have risen to $66.33 a barrel on expectations of higher heating oil demand in the approaching winter season. |
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| According to a report, released by the Commerce Dept. construction spending in August rose 0.4% from 0.3% in July close to expectations of 0.5% increase. The ISM said that purchasing managers index rose to 59.4 in September from 53.6 in August, reflecting the 28th consecutive month of growth in sector. Economists had expected the index to fall to 52.0 due to the hurricane. |
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Mergers and Mixed Markets
Oct 03, 8:39 AM ET |
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| Oil prices have slightly risen to $66.28 a barrel on expectations of higher heating oil demand. Gold is down at $467.30. U.S. dollar is strong. |
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| Asian-Pacific markets closed mostly down on lower-than-expected tankan survey in Japan with the Nikkei down 0.4%, despite solid gains in exporter issues. European stocks traded in the green at mid-day on merger and acquisition activity. Auto sales and manufacturing index data are expected. NRG Energy has agreed to acquire Texas Genco for $5.8 billion. NTL is to acquire Telewest Global for $6 billion. |
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