- Elena
- 14 Jun, 2007
- New York City
Goldman Sachs Group, the U.S. biggest investment bank, said that its Q2 profit rose to $2.29 billion, or $4.93 per share, up from $2.29 billion, or $4.78 per share a year earlier. Results beat estimates for earnings of $4.79 per share on revenue of $10.16 billion. The stock dropped 2.9%. Investment bank Bear Stearns reported Q2 profit drop of $374.6 million, or $2.52 per share, down from $558.2 million, or $3.72 per share a year ago, missing estimates. The stock fell 1.1%.
- Elena
- 14 Jun, 2007
- New York City
Wall Street opened slightly higher on Thursday after a stronger-than-expected inflation reading failed to spook the bond market. The Labor Department said wholesale prices rose 0.9% in May. Energy prices jumped 4.1%, the biggest increase in six months. Excluding food and energy, producer prices rose 0.1%. Investors had expected smaller increases of 0.6% on the headline PPI and a 0.1% increase for the core PPI.
- Ivaylo
- 14 Jun, 2007
- New York City
The market in London is buoyant at mid-day Thursday as investors considered that global bond selling is an overreaction to worries about interest rate hikes. Bradford & Bingley led the market higher on an upgrade from Credit Suisse, while miners are higher tracking stronger demand for metals and manufactured goods. At mid-day, the FTSE 100 was 0.8% higher at 6,610, notching a gain of 50.5 points.
- Ivaylo
- 14 Jun, 2007
- New York City
Asian stocks advanced Thursday with South Korea setting a record high, while Japanese Nikkei ended higher on a weaker yen against the dollar. The Shanghai Composite Index clawed back on news that the government is considering steps to cool further down the booming economy. Strong close on Wall Street overnight lifted markets in Hong Kong and Australia.
- Elena
- 14 Jun, 2007
- New York City
U.S. stock futures indicated a flat opening Thursday, with investors eagerly awaiting economic readings on inflation. The Labor Department is due to release its producer price index, which analysts expect to show a 0.5% increase, compared to 0.7% in April. Economists predict the core PPI, which excludes food and energy prices, will advance 0.2% as it did in April. The consumer price index is scheduled to come out on Friday.
- Ivaylo
- 14 Jun, 2007
- New York City
The benchmark index opened with a strong positive bias of 85 points, tracking buoyant global indexes and touched new heights on strong demand for large-cap stocks. The rally was broad-based as there were two advancers for every decliner in the market. HDFC led the advancers on a comment from its chairman hinting at a possible hike of lending rates in the near future. There were very few decliners including Hero Honda and ICICI Bank. Employees of Indian call off their strike.
- Ivaylo
- 14 Jun, 2007
- New York City
European markets rallied for a second day with exporters and mining companies in the lead, after worries abated that interest rates will keep increasing and metal prices recovered in London. Michelin and Siemens led an advance by companies that make at least 20% of their sales in the U.S. By mid-day, Germany Xetra DAX added 1.4%. France CAC 40 and the U.K. FTSE 100 both rose 1%.
- Ivaylo
- 14 Jun, 2007
- New York City
Oil and gasoline futures rallied Wednesday after the government announced that the gasoline stockpiles were well below average for this time of year. Precious metals prices sank as the dollar strengthened. Copper prices rebounded to finish nearly 2% higher on the London Metal Exchange. In the agriculture market, wheat and corn prices rose while soybean prices retreated.
- 123jump.com Staff
- 13 Jun, 2007
- New York City
Three popular averages in New York trading surged and closed at the
best levels of the day. U.S. retail sales in May rose 1.4% sparking a rally in stocks. Bond yields traded lower on the data and a read on the economy suggested healthly gains in manufacturing and labor market with little inflation. May retail sales in China rose 15.9% lifting stocks in Shanghai. Brazil GDP advanced 4.3% in Q1 supporting a rise in steel and retail stocks. European markets closed higher led by mining stocks.
- Elena
- 13 Jun, 2007
- New York City
European stock markets recovered from earlier weakness to close higher on Wednesday, boosted by strong opening on Wall Street and solid gains in the mining sector. Among mining stocks, shares in Lonmin climbed 4.8%, Vedanta Resources rose 3.5% and Rio Tinto gained 4.5%. The U.K. FTSE 100 advanced 0.6%, the French CAC-40 rose 0.6%, while the German DAX Xetra 30 finished virtually unchanged at 7680.76.
- Elena
- 13 Jun, 2007
- New York City
U.S. market averages continued to post gains, as easing rate concerns helped generate positive sentiment. Retreating bond yields fueled a rebound in rate-sensitive shares including banks, utilities and home builders. Among utilities, shares of Edison International added 1%, while FirstEnergy gained 0.6%. Shares of chip makers reversed from yesterday''s losses, with Qualcomm leading advances on the Nasdaq with a 1.8%.
- Elena
- 13 Jun, 2007
- New York City
U.S. stocks recovered from earlier weakness to open higher on Wednesday. Market sentiment improved on optimism about profit growth after strong retail sales in May indicated strength in consumer spending. The dollar rallied, reaching a four-month high vs. the yen and an 11-week high against the euro after the retail sales data. In addition, bond yields retreated from five-year highs.
- Ivaylo
- 13 Jun, 2007
- New York City
London markets were higher by mid-day on Wednesday, despite gilt yields hit seven-year highs, following US benchmark bond yields and thus added to worries of higher corporate borrowing costs. A stronger mining sector and boyant Royal & Sun Alliance helped London recover most of its early losses. At mid-day, the FTSE 100 canceled out early morning losses and was trading up 0.07%.
- Elena
- 13 Jun, 2007
- New York City
U.S. stock futures traded lower on Wednesday, following several weak sessions in a row and news that U.S. retail sales advanced 1.4% in May. This is the biggest gain in 16 months, coming in well above analyst expectations of a 0.7% increase. Consequently, the dollar continued its recent upward move. In addition, bond yields on 10-year Treasurys jumped 5.315%, up from 5.25% on Tuesday.
- Ivaylo
- 13 Jun, 2007
- New York City
Most indexes in Asia finished lower on Wednesday with Japan falling as worries over increasing interest rates weighed on real-estate stocks, while HK dipped on a drop in property stocks. In South Korea brokerage companies surged, but could not support the market higher, while China continued its winning streak and gained for the seventh straight time. Australia declined as higher U.S. bond yields impacted the local market as well.