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February 3rd, 2012
U.S. stocks advanced, sending the Dow Jones Industrial Average toward its highest level since May 2008, after a report showed that employment growth topped estimates and the jobless rate unexpectedly fell to 8.3 percent.
Bank of America Corp. (BAC), Caterpillar Inc. (CAT) and FedEx Corp. (FDX) rallied at least 1.5 percent to pace gains among companies most- dependent on economic growth. Alcoa Inc. (AA) and Occidental Petroleum Corp. (OXY) added more than 1.9 percent as commodity producers advanced. Tyson Foods Inc. (TSN) rose 5.5 percent as profit beat estimates. Gilead Sciences Inc. surged 9.1 percent on positive data from an experimental hepatitis C drug.
The Standard & Poor’s 500 Index rose 1.3 percent to 1,342.27 at 10:22 a.m. New York time. The benchmark gauge has climbed 2 percent since Jan. 27, poised for a fifth straight weekly increase. The Dow Jones Industrial Average added 152.89 points, or 1.2 percent, to 12,858.30 today.
“Spectacular,” Ron Florance, managing director of investment strategy for Wells Fargo Private Bank, said in a telephone interview from Phoenix. His firm manages $169 billion. “It’s a very, very strong jobs number. It shows that companies have confidence that they see global demand growth through their products and services. The numbers indicate continued economic strength. That will support risk assets.”
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January 18th, 2012
S&P 500 Futures – U.S. stocks advanced, giving the Standard & Poor’s 500 Index its best start to a year since 1987, as semiconductor companies and homebuilders gained. The euro rose as the International Monetary Fund proposed boosting its lending resources by as much as $500 billion.
The S&P 500 rose 1.1 percent to 1,308.04 at 4 p.m. New York time, closing above 1,300 for the first time since July. It has surged 4 percent this year. Computer-related companies led gains today among 10 MSCI World (MXWO) Index industries after ASML Holding NV (ASML), Europe’s biggest semiconductor-equipment maker, forecast higher first-quarter orders and Linear Technology Corp. (LLTC)’s sales beat projections. Builders climbed after industry confidence increased. The euro added 1 percent to $1.2859.
The IMF may increase its resources to help safeguard economic growth after identifying a potential need for $1 trillion in financing in coming years. The World Bank cut its growth forecast by the most in three years, saying a euro-region recession threatens to worsen a slowdown in emerging markets such as India and Mexico.
“Earnings momentum is slowing somewhat, but we’re still seeing growth,” Peter Jankovskis, who helps manage about $2.5 billion at Oakbrook Investments in Lisle, Illinois, said in a telephone interview. “That’s something that investors should be encouraged by. The economic data points continue to be upbeat. We’re in a mode for decent growth.”
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November 22nd, 2011
Stocks and U.S. equity futures erased gains as Spain’s three-month borrowing costs more than doubled at an auction and concern that European leaders are running out of options to solve the debt crisis sent French and Italian yields higher.
The Stoxx Europe 600 Index slipped 0.1 percent at 8:17 a.m. in New York, after earlier climbing 1 percent. Standard & Poor’s 500 futures lost less than 0.1 percent. Spain’s two-year note yield rose 14 basis points to 5.73 percent, with France’s yield nine basis points higher. Copper snapped a three-day decline and gold rebounded from a one-month low.
Spain sold three-month bills at a yield of 5.11 percent, more than double the 2.292 percent yield the last time the debt was offered on Oct. 25. Michael Meister, finance spokesman for German Chancellor Angela Merkel’s Christian Democratic party, said “we haven’t any new bazooka to pull out of the bag.” Stocks (MXWD) gained earlier after Standard & Poor’s and Moody’s Investors Service kept the U.S.’s credit rating unchanged after Congress failed to reach an agreement, setting the stage for $1.2 trillion in automatic spending cuts.
“When you look at valuation measures for global equities, they’re all running well below historical averages,” Shane Oliver, the Sydney-based head of investment strategy at AMP Capital Investors Ltd., said in a Bloomberg Television interview. “Very tough economic conditions are already priced in, probably something approaching a global recession.”
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November 10th, 2011
The rally that drove the Standard & Poor’s 500 Index up 20 percent since October fizzled after it failed to remain above its 200-day average for a second time.
The benchmark gauge for U.S. equities fell 3.7 percent to 1,229.10 yesterday, dropping below its average in the past 200 days, as surging Italian bond yields spurred concern Europe’s crisis is intensifying. One out of 500 stocks in the index rose, the fewest since June 2010. The measure closed above the 200-day level on two straight days at the end of October, following the biggest monthly rally since 1991, and again on Nov. 8.
Equities surged worldwide starting in the first week of October on optimism European leaders would solve the crisis, driving the S&P 500 out of a price range where it had been stuck since the start of August. Price indicators such as the stock index’s average price are captivating investors, said Brian Barish of Cambiar Investors LLC.
“The S&P 500 failed to break the 200-day and Italy’s debt yields really blew out, so you have a panicky reaction in the marketplace,” Barish, who helps oversee about $8 billion as Denver-based president of Cambiar, said in a telephone interview yesterday. In early October, “the market was poised to rally on almost anything, and it did,” he said. The 200-day average is “where it ran out of gas.”
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