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| Subject: Stocks posted modest gains on the first day of the quarter, | |
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Author: unexpected jump in US manufacturing. |
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Date Posted: 10:36:37 04/02/12 Mon In reply to: AUTISM= low==170.5==V.W.A.P*===173.03 's message, "DOWN HEAVILY FROM OPEN==LONDON MONDAYdown 8c from previous close 1984" on 01:56:44 04/02/12 Mon Minyanville > Business News > The Economy Midday Market Report: US Manufacturing Surges, Stocks and Oil Rise By Vincent Trivett Apr 02, 2012 1:15 pm A report saying that manufacturing expanded in March is lifting oil prices and global stocks. 0Share0Email0 Post comments Real-time Trading Ideas Throughout the Trading Day. Stocks posted modest gains on the first day of the quarter, helped by a report showing an unexpected jump in US manufacturing. The ISM Manufacturing Index, which polls 300 manufacturing companies, showed that the US manufacturing sector grew faster than expected in March. The composite index rose from 52.4 in February to 53.4 in March. A reading above 50 indicates growth. Increased employment and pent-up demand for items such as autos lifted the sector. A similar survey in the 17-nation eurozone showed that manufacturing in the currency union contracted for an eighth consecutive month. The same survey in China showed a better-than-expected expansion. The manufacturing data helped lift stocks in Europe, erasing earlier losses. •The Eurostoxx 50 (^STOXX50E) rose 0.96% to 2,501.18. •The FTSE 100 (^FTSE) rose 1.85% to 5,874.89. •Germany’s DAX (^GDAXI) gained 1.58% to 7,056.65. US stock indices rose today on the manufacturing data, despite a report that showed that construction spending in February shrank more than expected. •The Dow (^DJI) rose 0.51% to 13,280.04. •The S&P 500 (SPY) gained 0.80% to 1,419.72. •The Nasdaq (^IXIC) jumped 0.81% to 3,116.56. Since America is the biggest consumer of petroleum, this sign that manufacturing is improving lifted oil futures. WTI futures rose 1.62% today despite trending down before the ISM data release. Commerce Department data showed that construction spending fell 1.1%, the biggest drop in seven months. Economists predicted that this indicator would show a 0.6% increase in construction spending. The glut of existing and foreclosed homes is discouraging builders from starting new projects, and state and local government budgets are leaving little room to spur building. Avon Products (AVP) jumped 17.87% today after the company rejected a $10 billion takeover offer from the privately held beauty company Coty Inc. After today’s boost, Avon is valued at $9.7 billion, making Coty’s offer seem somewhat stingy. Groupon (GRPN) continues to plunge today as its auditor found the company’s accounting processes to be deficient. Groupon will be revising down its fourth-quarter sales and income figures. Twitter: @vincent_trivett Read more: http://www.minyanville.com/business-news/the-economy/articles/255EDJI-SPY-255EIXIC-AVP-grpn-manufacturing/4/2/2012/id/40197#ixzz1quCw4CGH [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Shorts outweigh the buyside from start of Second Quarter US (NT) | Monday April 2nd 2012==week 14 School Holidays QLD VIC | 19:34:18 04/02/12 Mon |