US stocks flat on mixed data
March 14, 2010
US stocks continued to trade in a narrow band Friday as investors digested conflicting economic data. Out of the US, retail sales figures were stronger than expected, however another report from the University of Michigan showed consumer confidence falling.
The S&P is now sitting around 17-month highs.
The Dow Jones gained 12.85 points, or 0.12% to 10,624.69. The S&P 500 Index shed 0.25 points, or 0.02%, to 1,149.99. The NASDAQ dipped 0.80 point, or 0.03%, to close at 2,367.66.
Among the banks Citigroup was hit by profit taking after posting its best week since August. Its shares fell 5%, however were still up over 13% for the week.
Bank of America and Wells Fargo lost 1.6% and 0.4%. Goldman Sachs added 0.8%.
In the tech sector stocks were mixed. Software giant Microsoft added 0.2%, while Google dipped 0.3%.
Apple was 0.5% stronger.
Retail sales rose 0.3% in February, defying expectations of a fall. Not including the auto sector, sales jumped 0.8%.
Macy’s, Saks and Sears jumped 3.3%, 2.6% and 1.7% respectively.
Wal-Mart dipped 0.1%.
Ford climbed 3.3% as rival Toyota continues to be mired in controversy over its faulty brakes and accelerator.
The major mover on the Dow was Caterpillar, which jumped 2.5% after saying it could triple production of some heavy equipment.
NYMEX light crude oil for April delivery fell US87c to settle at US$81.24 a barrel.
Exxon Mobil shed 0.6% and Chevron slid 0.4%.
COMEX gold for April delivery fell US$6 to US$1,102.20 per ounce.
European Markets
European markets mostly rose Friday as concerns over Greece’s debt situation continue to subside. Banks led the markets higher, while the normally dependable healthcare sector lost ground.
The UK benchmark FTSE 100 rose 8.39, or 0.15% to 5,625.65. The French CAC40 weakened 1.55, or 0.04% to 3,927.40, while the German DAX was up 16.48, or 0.28% to 5,945.11.
UK bank Barclays rose 2.6%, while RBS surged 5%. Lloyds was 3.4% stronger.
In Germany, Deutsche Bank gained 1.3%.
Volkswagen shares spiked 1.9% after saying it was still looking into funding to make a bid for Porsche.
Among the miners, BHP Billiton dipped 0.1%, while rival Rio Tinto added 0.2%.
Anglo American put on 1.1% as most base metal prices rose in London trading.
Swiss pharmaceutical Roche fell 3% after one of its most profitable drugs failed in prostate cancer checks.
Astrazeneca and GlaxoSmithKline retreated 0.4% and 0.6% respectively.
Japanese Markets
Japan’s Nikkei closed at a seven-week high Friday and added the most points to the index in a single week since early December. Exporters rallied on expectations the yen would weaken due to speculation the Bank of Japan may ease monetary policy.
The Nikkei 225 advanced 86.31, or 0.81% to 10,751.26.
Shin-Etsu Chemical, Takeda Pharmaceutical and Mitsubishi Chemical Holdings gained between 1.5% and 2.2%. The latter raised its earnings forecast.
Health stocks were boosted by the expectation the US health-care reform would not pass.
Electronics companies Canon and Panasonic both edged 0.2% higher, while Sony dropped 1.7%.
Automaker Nissan climbed 2.4%.
Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial added between 1.1% and 1.3%.
Hong Kong Markets
The Hang Seng drifted marginally lower Friday after finishing higher every other session of the week. Property developers weighed despite predictions it would be a strong year for that sector.
The S&P is now sitting around 17-month highs.
The Dow Jones gained 12.85 points, or 0.12% to 10,624.69. The S&P 500 Index shed 0.25 points, or 0.02%, to 1,149.99. The NASDAQ dipped 0.80 point, or 0.03%, to close at 2,367.66.
Among the banks Citigroup was hit by profit taking after posting its best week since August. Its shares fell 5%, however were still up over 13% for the week.
Bank of America and Wells Fargo lost 1.6% and 0.4%. Goldman Sachs added 0.8%.
In the tech sector stocks were mixed. Software giant Microsoft added 0.2%, while Google dipped 0.3%.
Apple was 0.5% stronger.
Retail sales rose 0.3% in February, defying expectations of a fall. Not including the auto sector, sales jumped 0.8%.
Macy’s, Saks and Sears jumped 3.3%, 2.6% and 1.7% respectively.
Wal-Mart dipped 0.1%.
Ford climbed 3.3% as rival Toyota continues to be mired in controversy over its faulty brakes and accelerator.
The major mover on the Dow was Caterpillar, which jumped 2.5% after saying it could triple production of some heavy equipment.
NYMEX light crude oil for April delivery fell US87c to settle at US$81.24 a barrel.
Exxon Mobil shed 0.6% and Chevron slid 0.4%.
COMEX gold for April delivery fell US$6 to US$1,102.20 per ounce.
European Markets
European markets mostly rose Friday as concerns over Greece’s debt situation continue to subside. Banks led the markets higher, while the normally dependable healthcare sector lost ground.
The UK benchmark FTSE 100 rose 8.39, or 0.15% to 5,625.65. The French CAC40 weakened 1.55, or 0.04% to 3,927.40, while the German DAX was up 16.48, or 0.28% to 5,945.11.
UK bank Barclays rose 2.6%, while RBS surged 5%. Lloyds was 3.4% stronger.
In Germany, Deutsche Bank gained 1.3%.
Volkswagen shares spiked 1.9% after saying it was still looking into funding to make a bid for Porsche.
Among the miners, BHP Billiton dipped 0.1%, while rival Rio Tinto added 0.2%.
Anglo American put on 1.1% as most base metal prices rose in London trading.
Swiss pharmaceutical Roche fell 3% after one of its most profitable drugs failed in prostate cancer checks.
Astrazeneca and GlaxoSmithKline retreated 0.4% and 0.6% respectively.
Japanese Markets
Japan’s Nikkei closed at a seven-week high Friday and added the most points to the index in a single week since early December. Exporters rallied on expectations the yen would weaken due to speculation the Bank of Japan may ease monetary policy.
The Nikkei 225 advanced 86.31, or 0.81% to 10,751.26.
Shin-Etsu Chemical, Takeda Pharmaceutical and Mitsubishi Chemical Holdings gained between 1.5% and 2.2%. The latter raised its earnings forecast.
Health stocks were boosted by the expectation the US health-care reform would not pass.
Electronics companies Canon and Panasonic both edged 0.2% higher, while Sony dropped 1.7%.
Automaker Nissan climbed 2.4%.
Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial added between 1.1% and 1.3%.
Hong Kong Markets
The Hang Seng drifted marginally lower Friday after finishing higher every other session of the week. Property developers weighed despite predictions it would be a strong year for that sector.
The Hang Seng shed 18.46, or 0.09% to 21,209.74.
Bank of China and heavyweight lender ICBC both climbed 0.3%. HSBC was 1.5% weaker.
Elsewhere, Victor Lui, executive director of developer Sun Hung Kai, said that it would be ‘another good year’ for the sector. Its shares were 1.3% stronger.
Guangzhou R&F Properties slid 2.6%, while state-controlled China Overseas Land & Investment retreated 1.4%.
Clothing heavyweights Esprit and Li & Fung were up 1.8% and 1.7% respectively.
It was also a good for investors in the auto rivals, BYD and Geely, whose shares rose 2.3% and 2.5% respectively.
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