- US: Dow: 12976.63 (0.29%), S&P 500: 1361.24 (0.26%), NASDAQ: 2948.43 (0.53%)
- Europe: CAC: 3447.31 (-0.00%), DAX: 6809.46 (-0.51%), FTSE: 5937.89 (0.36%).
- Asia:China: 2409.55 (0.25%),Hong Kong: 21380.99 (-0.79%),India: 5483.30 (-0.40%),Japan: 9595.57 (0.43%)
- Metals: Gold: 1787.00 (0.89%), Silver: 35.55 (3.78%), Copper: 3.80 (-0.79%)
- Energy: Crude Oil: 106.85 (0.54%), Natural Gas: 2.60 (-1.51%)
- Commodities: Corn: 6.37 (-0.16%), Soya Bean: 12.75 (0.20%), Wheat: 6.40 (-0.74%)
- Currency: EUR/USD: 1.3335 (0.6459%), GBP/USD: 1.5709 (0.2578%), USD/JPY: 80.0650 (-0.2846%)
- 10 year US Treasury: 1.993% (-0.010)
Market News Update
U.S. Markets edge higher: U.S. stocks traded slightly higher Thursday, paring earlier losses, as investors digested better-than-expected news in the jobs sector. On the Dow, IBM (IBM), Travelers (TRV) and Disney (DIS) offset declines, the bulk of which came from Hewlett-Packard (HPQ). As PC sales swooned, HP's profit fell by a dramatic 44% and sales sank 7% in its latest fiscal quarter, which ended on Jan. 31. The S&P 500 added 20 points, or 0.7%, and the NASDAQ composite edged up 4 points, or 0.3%. http://money.cnn.com/2012/02/23/markets/stocks/index.htm?iid=HP_LN
Weekly Jobless Claims at 4-Year Low: The number of Americans filing new claims for jobless benefits last week held at the lowest level since the early days of the 2007-2009 recession, signaling that the battered labor market is healing. Workers filed 351,000 initial claims for state unemployment benefits, the same as in the prior week, the Labor Department said on Thursday.
Consumer confidence increases to the highest level since April 2008: Consumer confidence in theU.S. increased last week to the highest level since April 2008 as more Americans had a favorable view of their finances. The Bloomberg Consumer Comfort Index rose to minus 38.4 in the period ended Feb. 19, its fifth consecutive gain, from minus 39.8 the previous week. It marked the second straight week above minus 40, which is the level associated with recessions and their aftermath. Men, homeowners and households with annual incomes of more than $50,000 were the most optimistic in more than a year.
US home prices decline: U.S. home prices fell 2.4 percent in the fourth quarter from a year earlier, as sales were boosted by investors seeking lower-cost distressed properties. Prices dropped 0.1 percent from the prior three months on a seasonally adjusted basis, the Federal Housing Finance Agency said today in a report fromWashington. In December, prices retreated 0.8 percent from a year earlier, while increasing 0.7 percent from the previous month.
Oil rises to nine month high: Oil rose to the highest level in more than nine months as jobless claims held at a four-year low in theU.S. and German business confidence surpassed forecasts. Crude oil for April delivery gained 58 cents, or 0.5 percent, to $106.86 a barrel at12:53 p.m. on the New York Mercantile Exchange. Earlier, futures touched $107.09 a barrel, the highest price since May 5. Oil has risen 8.9 percent in the past year.
Company News Update
- IBM (NYSE:IBM" target="_blank" rel="nofollow" >IBM) alone accounted for 32.6 points of the Dow's upswing, rallying 2.2% and acting a strong counterbalance to Hewlett-Packard (HPQ).
- Sears Holdings (SHLD) reported earnings that fell far short of forecasts, and said it planned to sell of some of its stores in an effort to raise $400 million to $500 million. The retailer -- which also owns Kmart as well as theKenmore, Craftsman and Lands' End brands -- has been struggling for months.
- Target (TGT) reported better-than-expected fourth-quarter earnings, and said it expects profit growth of 3% to 8% this year.
- AT&T's (T) board cut CEO Randall Stephenson's 2011 pay by $2 million, as a direct response to the failed T-Mobile takeover bid.
- T-Mobile, owned by Germany's Deutsche Telekom (DT), said "not carrying the iPhone led to a significant increase in contract deactivations in the fourth quarter of 2011." The company lost 526,000 customers during the quarter, compared to adding 126,000 during the third quarter of 2011.
- Procter & Gamble (PG) CEO Robert McDonald said the company plans to cut 4,100 jobs during fiscal year 2013, in an attempt to drive down its costs by $10 billion by fiscal year 2016.
- MetroPCS Communications Inc. (PCS) rallied 12 percent to $11.56. The pay-as-you-goU.S. wireless carrier reported fourth-quarter profit that beat analysts’ estimates.
- Safeway Inc. (SWY) declined 8.1 percent, the most in the S&P 500, to $20.84. The grocer’s fourth-quarter sales excluding fuel at stores open at least one year increased 1.5 percent, trailing the average 2 percent gain expected by analysts.
- Kohl’s Corp. (KSS) fell 4.4 percent to $49.90. TheU.S. department-store chain projected full-year earnings that trailed analysts’ estimates.
- Solar shares fell after Germany, the world’s biggest market for solar power, plans record reductions in subsidies for the industry as part of a program to rein in a boom in installations. First Solar Inc. (FSLR) declined 6.3 percent to $37.90. Trina