Dow +103.69 to 11123.11

[General Veers]

Money
Apr 14, 2010

US stocks rise in early trading

<!-- by line --> <!-- end by line --> NEW YORK - STOCKS are rising in early trading after Intel and JPMorgan Chase provided upbeat outlooks on the economy. The pair of Dow Jones industrial average components both reported better-than-expected first quarter profit. Each also plans to add workers this year as the economy continues to recover. The market is also getting a boost on Wednesday from a Commerce Department report that says consumers are ramping up spending. Retail sales rose 1.6 per cent in March. Economists were expecting a 1.2 per cent jump. In early trading, the Dow is up 48, or 0.43 per cent, at 11,067.25. The Standard & Poor's 500 index is up 5.2, or 0.43 per cent, at 1,202.50, while the Nasdaq composite index is up 17.87, or 0.72 per cent, at 2,483.87. -- AP

<table class="ti" style="padding-bottom: 0pt;" border="0" cellpadding="2" width="1%"><tbody><tr><td colspan="3" nowrap="nowrap">11123.11 +103.69‎ (0.94%‎) 14 Apr 4:02pm ET
</td></tr><tr><td><table border="0" cellpadding="2" cellspacing="0"><tbody><tr><td style="padding-left: 0px;" nowrap="nowrap">Open: </td><td align="right" nowrap="nowrap">11020.70</td></tr><tr><td style="padding-left: 0px;" nowrap="nowrap">High: </td><td align="right" nowrap="nowrap">11125.22</td></tr><tr><td style="padding-left: 0px;" nowrap="nowrap">Low: </td><td align="right" nowrap="nowrap">10947.77</td></tr></tbody></table></td><td width="20"> </td><td valign="top"><table border="0" cellpadding="2" cellspacing="0"><tbody><tr><td style="padding-left: 0px;" nowrap="nowrap">Volume: </td><td align="right" nowrap="nowrap">223,691,229</td></tr><tr><td style="padding-left: 0px;" nowrap="nowrap">Avg Vol: </td><td align="right" nowrap="nowrap">200,425,000</td></tr><tr><td style="padding-left: 0px;" nowrap="nowrap">Mkt Cap: </td><td align="right" nowrap="nowrap">0</td></tr></tbody></table></td></tr><tr><td colspan="3" nowrap="nowrap">
</td></tr></tbody></table>

 

[General Veers]

Re: Dow +103.29 to 11123.11

Apr 14, 2010

Confident in recovery

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A credible plan to pare the deficit could provide the US economy with benefits in the near term, including lower longer-term interest rates and increased consumer and business confidence, Mr Bernanke told lawmakers. -- PHOTO: REUTERS

WASHINGTON - FEDERAL Reserve Chairman Ben Bernanke told Congress on Wednesday that he has confidence the unfolding economic recovery will have staying power, although it won't be strong enough to bring quick relief to high unemployment. Mr Bernanke, in prepared remarks to Congress' Joint Economic Committee, also once again called on lawmakers and the White House to come up with a plan to whittle down record-high budget deficits. Even though sizable deficits right now are 'unavoidable' given the damage wrought by the recession, the persistence of red ink raises risks to the country's long-term economic health, he said.

A credible plan to pare the deficit could provide the US economy with benefits in the near term, including lower longer-term interest rates and increased consumer and business confidence, Mr Bernanke told lawmakers. 'Addressing the country's fiscal problems will require difficult choices, but postponing them will only make them more difficult,' he warned. On the economy, Mr Bernanke seemed slightly more optimistic that the fledgling recovery will keep on going after massive government stimulus fades later this year. Incoming economic barometers suggest that growth in demand by consumers and businesses 'will be sufficient to promote a moderate economic recovery in coming quarters,' he said.

Consumers are spending again after having cut back sharply during the recession. Going forward, consumer spending should be helped by a gradual pick up in jobs, a slow recovery in household wealth from recent lows and some improvement in the ability to get loans, Mr Bernanke said. That assessment of consumers - whose spending accounts for 70 per cent of national economic activity - also appeared more upbeat. In recent weeks, Mr Bernanke and other Fed officials have cited a litany of headwinds facing consumers, including high unemployment, rising home foreclosures and sluggish wage growth. Businesses, meanwhile, have boosted spending on equipment and software at a solid pace and factories are benefiting from stronger demand for US exports, he noted. Improved financial conditions are also helping out the economy. -- AP

 

[General Veers]

US stocks up on solid earnings

Apr 15, 2010

US stocks up on solid earnings

NEW YORK - US STOCK markets ended the day up on Wednesday, amid positive news about consumer spending and as two of Wall Street's big hitters delivered solid results to get earnings season underway. For the first time since September 2008 the broad-market Standard & Poor's 500 finished over 1,200 points, ending the day up 13.35 points (1.12 per cent) at 1,210.65. The Dow Jones Industrial Average also rose, up 103.69 points (0.94 per cent) to 11,123.11 in late trades.

The tech-rich Nasdaq composite was up 38.87 points (1.58 per cent) at 2,504.86. The markets started their upward journey early morning, receiving a jolt from news that US retail sales rose in March for the third consecutive month, by a greater than anticipated 1.6 per cent. 'The retail sales report was decidedly strong,' said Michelle Meyer or Barclays Capital. 'The pick-up in consumer spending is crucial for creating positive momentum in the economy and making it a sustained recovery,' she added. -- AFP

 

[General Veers]

'Moderate' recovery seen

Apr 15, 2010

'Moderate' recovery seen

<!-- by line --> <!-- end by line --> WASHINGTON - FEDERAL Reserve chief Ben Bernanke warned on Wednesday that the US economy will recover at a 'moderate' pace and that significant time will be needed to claw back jobs lost in the recession. In cautious remarks that belied Wall Street's gathering optimism, Mr Bernanke warned that the US economy continues to face strong headwinds as it attempts to pull out of the worst recession in a generation. 'If the pace of recovery is moderate, as I expect, a significant amount of time will be required to restore the 8.5 million jobs that were lost during the past two years,' he told lawmakers.

The Fed chairman said demand should be great enough to 'promote a moderate economic recovery in coming quarters' as the US continues its tough slog out of recession. That was considerably less bullish view than that held by Wall Street investors who in the past few days have pushed stock markets to levels not seen since the depths of the economic crisis. Buoyed by the prospect of Americans going back to their high-spending ways, the Standard & Poor's index of 500 leading companies rallied to over 1,200 points on Wednesday for the first time since September 2008. -- AFP
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[General Veers]

US stocks rebound

Money
Apr 16, 2010

US stocks rebound

NEW YORK - US STOCK markets were up on Thursday as the major indices batted off concerns about Greece's debt woes and an unexpected rise in US jobless claims. <!-- by line --> <!-- end by line --> After spending much of the day in the red, the Dow Jones Industrial Average rose 21.46 points (0.19 per cent) to 11,144.57 at the close. The tech-rich Nasdaq composite was up 10.83 points (0.43 per cent) at 2,515.69 and the broad-market Standard & Poor's 500 index was up 1.02 (0.08 per cent) to 1,211.67.

The International Monetary Fund announced it was dispatching a team of experts to Greece at the request of authorities to discuss a possible loan, moving the country a step closer to becoming the first eurozone nation to get an IMF bailout. There was also bad news from the world's largest economy, which saw new claims for unemployment insurance benefits unexpectedly rise last week, largely due to Easter holiday-related factors. Initial jobless claims totalled a seasonally adjusted 484,000 in the week ending April 10, surprising most analysts who had forecast new claims would fall by 440,000. The unexpected rise was not enough to erase strong equity gains made on Wednesday as investors saw the figures as affected by Easter. -- AFP