Hopeful Economic Data Recovers Major US Stocks: NASDAQ Still in Red
Posted byJohn Alfonso on June 17th, 2011
US stocks improved to end mostly high on Thursday after a variable session made Wall Street turning between the debt crisis in Greece and US economic data that offered some relief.
Peter Boockvar, equity strategist at Miller Tabak, in discussions involving the European Union and the International Monetary Fund announced that It’s wait-and-watch in front of the weekend, Everything comes down to receive money from the IMF, and how to go about having private bond holders to sacrifice something as part of this bailout package.
Boockvar further stated about new applications for unemployment settlements dropping more than the experts anticipated and, jobless claims that falling was a point of relief while thinking it’s decline almost every week for the past eight,”
Stock futures trimmed their downfall before the start of the trading session after the jobless claims chopped more than anticipated and housing starts also exceeded estimates, helping rein in nervousness about the economy.
And forecasts for Greece improved somewhat, after the International Monetary Fund agreed to continue to support Greece.
RDM Financial’s Sheldon announced that what occurs in Greece over the next many days is perhaps the biggest issue in front of the market in the near term, there’s been a lot of gossips but no concluding action taken to determine the situation, and the longer this carry’s on the more doubt it creates.
Keith Springer, president of Springer Financial Advisors stated that typically the market never falls on the same news twice, and bull markets never give up on old news. This is just a shortage of buying interest and no selling pressure.
He added that the only thing that will build this market goes up is earnings, and that’s some weeks away,
Bond prices moved in a tensed range after a weak US manufacturing report and a couple of better than anticipated US reports on jobless claims and housing starts.
The Dow Jones Industrial Average DJIA (INDEXDJX:.DJI) on Thursday ended up +64.25 points or +0.54% to 11,961.52. This leaves it 0.5% higher than last Friday’s trading session.
Top gainer of the Thursday trading session was American Express Company (NYSE:AXP) with $1.13 or 2.39% to 48.41.
Nervous investors were cautious about riskier segments of the market as anxiety continued to fray over the Greek-debt circumstances. A Greek default would guide to huge losses for creditors, and could be a cause of another global credit crunch.
Hewlett-Packard Company (NYSE:HPQ) remained as leading firm of technology sector among the blue chips. HPQ, the world’s biggest maker of personal computers, announced that it will move some laptops manufacturing to Japan from Shanghai this year to minimize delivery times to users in the country.
Naoto Miyazawa a spokesman at HPQ stated that the company will also assemble laptops geared for corporate clients in a Tokyo factory that at present makes desktop PCs. HP, as the firm is known, aims to generate 1.4 million desktops and laptops per year at the plant.
Decliners were led by Alcoa Inc. (NYSE:AA) loosing 17 cents or -1.14% to 14.79.
The Standard & Poor’s 500 Index gained +2.22 points, or +0.18%, to end at 1,267.64, with utilities and consumer remained best and natural-resource companies declined the most among its 10 industry groups.
Among the top advancers of Wednesday trading session included The Kroger Co. (NYSE:KR) (NASDAQ:NVLS) with $1.04 or 4.53% to 23.99. Besides Kroger, a basic commodities company Cabot Oil & Gas Corporation (NYSE:COG) gained a prominent position among the top advancers with $2.20 or 3.78% to 60.43.
Kroger Co. elevated a double-digit jump in first-quarter revenue and net income, as the grocery chain’s fuel stations and loyalty discounts helped gain more numerous shoppers when gas and grocery prices increased.
The nation’s main traditional grocery operator now anticipates improved results for the full year than earlier expected, even though Kroger leaders stated that US economic improvement seems to be stagnating. That can aid Kroger because people eat more meals at home instead of at restaurants and are searching for ways to administer spending against higher gas prices.
The NASDAQ Composite Index (NASDAQ:.IXIC), lost -7.76 or -0.29 to 2623.70.
Decliners moved ahead of advancers on the New York Stock Exchange, Composite volume topped 4.1 billion.
Gainers were led by Parkvale Financial Corp. (NASDAQ:PVSA) gained $9.10 or 82.73% to 20.10. Law office of Brodsky & Smith, LLC stated that it is investigating possible claims against the Board of Directors of Parkvale Financial Corporation connecting to the projected acquisition by FNB Corporation.
MediaMind Technologies Inc. (NASDAQ:MDMD) also gained $5.97 or 37.45% to 21.91.
Weiss & Lurie, a national standard action and shareholder rights law firm with headquarters in New York City and Los Angeles, is examining likely breaches of fiduciary duty and other infringements of law by the Board of Directors of MediaMind Technologies Inc. arising from its future acquisition by DG FastChannel Inc. (NASDAQ:DGIT).
Under the terms of the agreement, DG will begin a tender offer to buy all of MediaMind’s outstanding shares for $22.00 per share in cash. The deal is predicted to close in the third quarter of 2011.
Among the decliners Yuhe International, Inc (NASDAQ:YUII), Harbin Electric, Inc. (NASDAQ:HRBN) declined -51.96% and – 51.16% respectively.
At New York Mercantile, gold declined -0.16 or -2.50 and it settled at $1527.40 per ounce and silver skid -0.67% or +0.239 to reach $35.32 per ounce on electronic trading.
However crude oil at New York fell -0.19 or -0.18 to close at $94.36 on E trading.