NEW YORK - the commodity prices recovered some of the losses of last week, on Monday, helped out the business of energy and materials stocks. The broader market also rose despite new concerns about the Greece debt problems.
Once more, oil prices moved above US $100 per barrel and pushed energy stocks higher. Marathon Oil Corp. has increased by 5.3%. Baker Hughes Inc., which helps companies drilling for oil and gas, gained 3.4%. Business energy within the & S P 500 increased 2%, the most among the 10 industries in the index.
The & S P 500 added 6.09 points, or 0.5%, to close at 1,346.29. The Dow Jones index gained 45.94 points, or 0.4%, to 12,684.68. The Nasdaq composite index increased 15.69 points, or 0.6%, to 2,843.25.
The rising prices of raw materials has helped other industries as well. Producers of metals and other materials has increased by 1.5%, second best among groups of S & P 500, with an increase of 5% of the prize money and a 3% increase in corn. Metals and other goods suffered steep losses last week, when silver dropped 27 per 100 and of oil sank 15 percent because of fears of weaker global demand and higher margin requirements were intended to reduce the influence of speculators including strategy of buying on margin is considered reason why commodities have risen so sharply over the last year.
Financial stocks were the only industry to decline group. Citigroup Inc. fell by 2.7% on its first day of trading after a reverse split of one to ten which has considerably increased its prices part by reducing the number of available actions. It is now trading in the range of $40 for the first time since 2007. Companies are turning often to reverse splits to increase their prices as a means of attracting institutional investors which may be prohibited to buy into companies with shares in single figures.
Best sales pushed higher than other companies. Large distributor of food in the country, Sysco Corp., jumped 10.7 percent after reporting a 4% increase in income. Analysts expected a drop. Corp. McDonalds increased 0.8%, after reporting that its global sales is the last month. The strongest growth came from its restaurants abroad, extending from Europe, the Middle East, in Asia. Tyson Foods Inc. has lost 6 percent after reporting that earnings were flat there a year ago.
Dollar Thrifty Automotive Group Inc. increased by 13.8% after Hertz Global Holdings Inc. raised its offer to purchase of the company of more than 2.2 billion car rental. Rival opinion Budget Group Inc. also seeks to buy Dollar Thrifty.
Most companies in the S & P 500 have reported earnings for the first quarter, and trends have been strong. Through Friday, nearly three of the four companies released earnings beat expectations of analysts.
However, economic data, have been mixed. Growth of the manufacturing industry slowed last month, and the economy grew at a less than expected by 1.8% in the first quarter.
European stock markets fall the worries that Greece will require more time or assistance from other countries of the EU to make payments on its debt, or worse still, the country could partially default on debt owed to bond investors. Standard & Poor downgraded rating of debt of the Greece even more undesirable situation. The Euro Stoxx 50, an index of large companies in countries that use the euro fell by 1.7%.
The yield on the 10-year Treasury Note remained close to its lowest point of the year, 3.13%. He fell this low Friday after a German magazine claimed that the Greece can lower the euro currency. The Greece Government firmly rejected the request. Worried investors purchased Treasurys, traditionally regarded as an investment sure. When the increase in the price of the Treasury Board, their yields in the fall.
Two stocks rose for all those who have fallen on the New York Stock Exchange. Consolidated volume came to $ 3 billion shares.
(This percentage of DENOUNCES version change of the Dow Jones industrial average).
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