Retail Sales, Inflation, Joy Global Earnings
Aug 31, 4:34 PM EDT |
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| Same store sales, report in inflation and factory orders and deal of $8 billion in gold market failed to impress traders. |
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| Weak trading volume, directionless trading in averages and report on factory orders and inflation dominated the news in the market. Personal income in July rose 0.5% and personal consumption rose 0.8% in the month. PCE, price index for consumption rose 0.1% in July. Factory orders fell 0.6% in the month. Joy Global stock jumped 21% on earnings news. Same store sales were reported higher by Target, Wal-Mart and Nordstrom. Gap, Sharper Image and Pier One reported another decline in sales. |
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Stocks Fall Before Bernanke's Speech
Aug 31, 11:33 AM EDT |
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| U.S. stocks rebounded from earlier strength, as investors awaited a speech on productivity from Federal Reserve Chairman Ben Bernanke. |
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| The Department of Commerce reported that orders for manufactured goods fell 0.6% in July following an upwardly revised 1.5% increase in June. Economists had expected orders to fall 0.8%. The drop in factory orders was due to a 2.5% decline in manufactured durable goods in July following a 3.3% increase in June. |
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Strong Opening on Sales and Data
Aug 31, 10:05 AM EDT |
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| Jobless claims fell to 316,000 from the previous week's revised figure of 318,000. Economists had expected jobless claims to increase to 315,000. |
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| Stocks opened higher, boosted by news of higher consumer spending, fewer jobless claims and solid retail sales. Wal-Mart Stores reported same-store sales at its U.S. same-store sales advanced 2.7% in August, exceeding estimate for an increase of 2.5%. Federated Department Stores reported that same-store sales rose 3.8%, missing analyst expectations for it to post a same-store sales gain of 4%. |
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Core Consumer Inflation Gains 0.1%
Aug 31, 9:14 AM EDT |
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| Tiffany % Co reported earnings below analysts' estimates, but said it had extended its share buyback program to 2009. |
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| Stock futures rose Thursday after data showed a weaker-than-expected rise in a key inflation gauge. The Department of Commerce released a report that showed increases in both personal income and spending in July came in line with economist estimates. Personal income rose 0.5%, while personal spending rose 0.8%. Core consumer inflation rose 0.1% in July, the smallest gain since December and less than the 0.2% gain expected by economists. |
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Back-to-School Buys Help Retail Sales
Aug 31, 8:01 AM EDT |
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| Stock futures were busy digesting retailers' August sales with signs of higher consumption via back-to-school sales. |
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| Among the companies releasing upbeat results, Mothers Work Inc. posted a 5% increase in August comparable store sales, while Bebe Stores said same-store sales rose 12.5%, exceeding estimates of 11.4% increase. Limited Brands also topped estimates reporting same-store sales growth of 9%. Pier 1 Imports posted a 9.1% drop in August same-store sales. |
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Exporters Boost Asia
Aug 31, 7:32 AM EDT |
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| Asian markets finished higher Thursday as Japanese exporters were boosted by a weaker yen. |
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| In Japan, stocks got a boost from broad gains in technology and blue-chip stocks like Toshiba and Canon. Hong Kong advanced as gains in U.S. markets and hopes for a pause in interest-rate hikes lifted investor sentiment. In South Korea, shares were led by brokerage stocks which advanced on rising trading volume. China, Taiwan and Australia also gained. |
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Higher GDP Growth Supports Averages
Aug 30, 4:25 PM EDT |
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| Second quarter GDP was revised 2.9% from 2.5%. Oil closed higher but traded lower for the most of the day. Gold gained. Costco revised earnings lower. |
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| Market averages gained a fraction at close on light trading. Averages meandered for the most of the day. Second quarter GDP was revised to 2.9% from 2.5% for Spring quarter. Inventory led manfacturing helped the GDP growth. Costco lowered earnings target. European markets closed higher but Latin American markets closed mixed. Asian markets were lied by higher by Taiwan and Hong Kong. Oil rose but traded lower. Altria raised dividend 7.5% to 86 cents a share. |
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Stocks Push Higher on Oil Drop
Aug 30, 11:31 AM EDT |
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| U.S. stock futures extended gains, supported by a sharp decline by the oil price and weaker Treasury yields. |
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| Crude oil prices fell 61 cents to $69.10 a barrel after a weekly petroleum report showed an unexpected rise in oil stockpiles. Crude supplies rose 2.4 million barrels to 332.8 million for the week ended Aug. 25, contrary to expectations for a decline. Gasoline inventories rose 400,000 barrels to total 206.2 million barrels. |
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Upbeat GDP Lifts Sentiment
Aug 30, 10:09 AM EDT |
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| Shares of Apple Computer Inc rose 1.14% on news that Google Inc's CEO joined the company's board. |
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| An upward revision to Q2 GDP boosted market indexes at opening as the Commerce Department measured that gross domestic product rose 2.9%, higher than the original estimate of 2.5% and roughly in-line with economists'' expectations of an increase by 3%. U.S. stocks also gained on comments by Federal Reserve official Richard Fisher which helped sooth inflation concerns. |
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Economy Grows Faster in Q2
Aug 30, 9:14 AM EDT |
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| Stock index futures slightly advanced after government data showed U.S. Q2 growth came in-line with economists' estimates. |
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| The government''s second estimate of GDP was revised upward to 2.9%, near the 3% revision analysts were expecting. The Commerce Department said that the upward revision reflects higher than previously estimated readings on exports of goods, non-residential structures, private inventory investment, and state and local government spending. |
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