| Company and Economic News Lift U.S. Stocks |
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| Wednesday, 17 February 2010 08:39 | |||
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New
York - U.S. stocks surged on Tuesday to close very strong, because the
sentiment "bullish" (excited) backed off a strong manufacturing data, a
rush of mergers and concerns about meredanya Greek debt crisis.
Dow Jones Industrial Average barreled swiftly in late trade to end up big and strong 169.67 points (1.68 percent) at 10,268.81. The technology-heavy Nasdaq composite index rose 30.66 points (1.40 percent) to 2214.19 and the broader market index Standard & Poor `s 500 advanced 19.36 points (1.80 percent) to 1094.87. "The shares ended the session in the highest percentage increase in the best single session in three months as buyers return from a long holiday weekend that offer stock-based support area," Briefing.com analysts said in a client note. U.S. financial markets closed Monday for public holidays. Briefing.com analysts noted that nearly 95 percent of companies in the S & P 500 has booked profits, with the steps of the most powerful made by energy stocks, combined rose 2.7 percent due to soaring crude oil prices sharply higher. "The economic field to help sentiment because reports manufacturing activity in New York rose more than expected" and most of the mergers and acquisitions activity worth 10 billion dollars in the offering in the retail property sector, said analysts at Charles Schwab & Co. in a client note. Manufacturing activity in the New York area experienced expansion in February with a faster pace than expected, the New York Federal Reserve Bank said Tuesday. Optimism "appointed by the gold price rally, dollar decline, and hope to improve the debt situation in Greece," said Joseph Hargett of Schaeffer `s Investment Research. Sharp rise in oil prices helped push the Dow blue-chip heavyweights Exxon Mobil rose 2.28 percent to 66.28 dollars. Rival, Chevron rose 2.79 percent to 72.99 dollars, get an additional boost from an increase in the level of the Bernstein analyst. In the field of mergers and acquisitions, Simon Property Group, a real estate company the largest U.S. public, jumped 3.92 percent to 74.82 dollars after announcing $ 10 billion bid to buy General Growth Properties in a bid backed by several creditors of the competition, which experienced bankruptcy restructuring. "The fact that the merger is being planned is not the issue here. This is the size - more than 10 billion dollars," said Jon Ogg at 24 / 7 WallStreet.com. "Today's development may be the first of several decisions in a bankruptcy process." U.S. investment bank JPMorgan Chase rose 2.88 percent to 40.07 dollars on news that it will buy operating RBS Sempra Commodities, which is partly owned by Royal Bank of Scotland, for 1.7 billion dollars in cash. Bank of America jumped 4.91 percent to 15.20 dollars after saying it has four times the amount of mortgage modifications in one month under the government program to prevent default. Merck rose 2.0 percent to 37.66 dollars after the drug maker reported earnings for the fourth quarter driven by the acquisition of Schering-Plow that exceeds market expectations. Kraft Foods is between two Dow is down, falling 0.41 percent to 28.97 dollars. Kraft earnings exceeded expectations but some analysts noted the lack of detailed projections for the company, which bought British confectioner Cadbury. Another negative was the Dow rival Merck, Pfizer fell 0.45 percent at 17.72 dollars. Bonds erase previous gains amid rising risk. Results on the bonds 10-year Treasury fell to 3.664 percent from 3.693 percent Friday, and the 30-year bond fell to 4.639 percent from 4.657 percent. Prices and the bonds move in opposite directions. | Antaranews.com | tenderoffer.biz |
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