Wall Street finishes week higher
November 8, 2009
Wall Street made ground Friday on hopes the unemployment rate has peaked at a 26-year high. Analyst upgrades and gains from energy heavyweights boosted the broader indices.
In economic news, according to the Labor Department 190,000 jobs were cut in October. Expectations were for 175,000 jobs to be lost after 219,000 were cut in September. The unemployment rate increased from 9.8% to 10.2% in October.
The Dow Jones added 17.46 points, or 0.17%, to 10,023.42, the S&P 500 put on 2.67 points, or 0.25%, to 1,069.30 and the NASDAQ gained 7.12 points, or 0.34%, to 2,112.44.
Heavyweight banks weakened. Bank of America, Wells Fargo and JPMorgan lost between 0.5% and 0.9%.
American International Group slumped 9.7% despite reporting its second consecutive quarterly profit. The major concern with the result was weaker than expected revenue from its main insurance businesses.
Fannie Mae tumbled 7.1% after reporting a quarterly loss of almost $19 billion and revealing it requires further assistance from the Treasury.
General Electric climbed 6.2% following to broker upgrades on the conglomerates stock.
Amazon.com rallied 4.6% on a broker upgrade.
All of the tech majors were within 1% of the gain line, including Apple and Microsoft which put on 0.2% each.
Energy stocks defied a fall in the price of crude. Exxon Mobil, ConocoPhillips and Chevron added between 0.1% and 0.4%.
NYMEX light crude oil for December delivery fell US$2.19 to settle at US$77.43 a barrel.
COMEX gold for December delivery climbed US$6.40 to settle at US$1,095.70 an ounce.
European Markets
European markets ended the week higher after being in the black for three consecutive days. A strong lead from banks led markets higher Friday.
The UK benchmark FTSE 100 added 17.08, or 0.33% to 5,142.72. The French CAC40 dipped 1.44 points, or 0.04% to 3,707.29, while the German DAX gained 7.33, or 0.13% to 5,488.25.
Royal Bank of Scotland climbed 5.3% after it revealed third-quarter losses had more than halved due to a drop in impairments.
Standard Chartered and HSBC put on 2.5% and 2.1%, while in Germany Commerzbank advanced 1.2%.
Société Generale and BNP Paribas rallied 2.1% and 1.5%.
UK miners bounced. Rio Tinto, Antofagasta and Anglo American were between 1.5% and 1.8% higher.
BHP Billiton and Xstrata added 0.2% and 0.8%.
Energy heavyweights BG Group, Royal Dutch Shell and BP shed 1.6%, 0.7% and 0.6% respectively. Total edged 0.3% lower.
British Airways jumped 6.7% after posting a better than expected first-half loss. Air France gained 1.2%.
Daimler rose 1.7% after the automaker reported a 7% jump in sales during August at its Mercedes-Benz brand.
Volkswagen added 1.3% and Renault fell 1.1%.
Japanese Markets
Japan’s Nikkei closed higher at the end of a mixed day. Falls within the financials sector were countered by gains among exporters.
The Nikkei 225 gained 71.91, or 0.74% to 9,789.35.
Pioneer Corp spiked 9% following a broker upgrade. NEC Corp climbed 10.1%.
Heavyweight banks Mizuho Financial Group and Sumitomo Mitsui Financial Group lost 1.1% and 0.3%.
Sumitomo Trust and Banking Co and Chuo Mitsui Trust Holdings Inc shed 0.8% and 2.2% amid talks of a merger.
T&D Holdings sank 10.1% after the insurer revealed it would need to raise capital as a means of repaying debt.
Exporters rallied on the back of positive economic data out of the US Thursday. Canon and Sony gained 1.8% and 1.6%.
Bridgestone weakened 3.3% after the tyremaker said it expects to report a loss for the year following recent plant closures.
Hong Kong Markets
The Hang Seng closed higher Friday following gains from both the mainland index and US markets. Banks and oil stocks all added to gains.
The Hang Seng rose 350.64, or 1.63% to 21,829.72.
Bank of China rose 1.6%. Bank of Communications added 2.5%, while ICBC rose 1.7%.
HSBC put on 1.9%.
Among retail clothing manufacturers, shoemaker Yue Yuen climbed 2.4%. Li & Fung put on 0.5%.
China Unicom added 3.3% after announcing it had signed up more than one million new subscribers.
Industrial heat materials manufacturer Greens spiked 12% after selling new shares.
CNOOC, China’s offshore oil giant, added 3.7% as it continues it climb following its foray into US oil assets.
In economic news, according to the Labor Department 190,000 jobs were cut in October. Expectations were for 175,000 jobs to be lost after 219,000 were cut in September. The unemployment rate increased from 9.8% to 10.2% in October.
The Dow Jones added 17.46 points, or 0.17%, to 10,023.42, the S&P 500 put on 2.67 points, or 0.25%, to 1,069.30 and the NASDAQ gained 7.12 points, or 0.34%, to 2,112.44.
Heavyweight banks weakened. Bank of America, Wells Fargo and JPMorgan lost between 0.5% and 0.9%.
American International Group slumped 9.7% despite reporting its second consecutive quarterly profit. The major concern with the result was weaker than expected revenue from its main insurance businesses.
Fannie Mae tumbled 7.1% after reporting a quarterly loss of almost $19 billion and revealing it requires further assistance from the Treasury.
General Electric climbed 6.2% following to broker upgrades on the conglomerates stock.
Amazon.com rallied 4.6% on a broker upgrade.
All of the tech majors were within 1% of the gain line, including Apple and Microsoft which put on 0.2% each.
Energy stocks defied a fall in the price of crude. Exxon Mobil, ConocoPhillips and Chevron added between 0.1% and 0.4%.
NYMEX light crude oil for December delivery fell US$2.19 to settle at US$77.43 a barrel.
COMEX gold for December delivery climbed US$6.40 to settle at US$1,095.70 an ounce.
European Markets
European markets ended the week higher after being in the black for three consecutive days. A strong lead from banks led markets higher Friday.
The UK benchmark FTSE 100 added 17.08, or 0.33% to 5,142.72. The French CAC40 dipped 1.44 points, or 0.04% to 3,707.29, while the German DAX gained 7.33, or 0.13% to 5,488.25.
Royal Bank of Scotland climbed 5.3% after it revealed third-quarter losses had more than halved due to a drop in impairments.
Standard Chartered and HSBC put on 2.5% and 2.1%, while in Germany Commerzbank advanced 1.2%.
Société Generale and BNP Paribas rallied 2.1% and 1.5%.
UK miners bounced. Rio Tinto, Antofagasta and Anglo American were between 1.5% and 1.8% higher.
BHP Billiton and Xstrata added 0.2% and 0.8%.
Energy heavyweights BG Group, Royal Dutch Shell and BP shed 1.6%, 0.7% and 0.6% respectively. Total edged 0.3% lower.
British Airways jumped 6.7% after posting a better than expected first-half loss. Air France gained 1.2%.
Daimler rose 1.7% after the automaker reported a 7% jump in sales during August at its Mercedes-Benz brand.
Volkswagen added 1.3% and Renault fell 1.1%.
Japanese Markets
Japan’s Nikkei closed higher at the end of a mixed day. Falls within the financials sector were countered by gains among exporters.
The Nikkei 225 gained 71.91, or 0.74% to 9,789.35.
Pioneer Corp spiked 9% following a broker upgrade. NEC Corp climbed 10.1%.
Heavyweight banks Mizuho Financial Group and Sumitomo Mitsui Financial Group lost 1.1% and 0.3%.
Sumitomo Trust and Banking Co and Chuo Mitsui Trust Holdings Inc shed 0.8% and 2.2% amid talks of a merger.
T&D Holdings sank 10.1% after the insurer revealed it would need to raise capital as a means of repaying debt.
Exporters rallied on the back of positive economic data out of the US Thursday. Canon and Sony gained 1.8% and 1.6%.
Bridgestone weakened 3.3% after the tyremaker said it expects to report a loss for the year following recent plant closures.
Hong Kong Markets
The Hang Seng closed higher Friday following gains from both the mainland index and US markets. Banks and oil stocks all added to gains.
The Hang Seng rose 350.64, or 1.63% to 21,829.72.
Bank of China rose 1.6%. Bank of Communications added 2.5%, while ICBC rose 1.7%.
HSBC put on 1.9%.
Among retail clothing manufacturers, shoemaker Yue Yuen climbed 2.4%. Li & Fung put on 0.5%.
China Unicom added 3.3% after announcing it had signed up more than one million new subscribers.
Industrial heat materials manufacturer Greens spiked 12% after selling new shares.
CNOOC, China’s offshore oil giant, added 3.7% as it continues it climb following its foray into US oil assets.
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