Gains in New York Fail to Lift Europe
Feb 28, 4:25 PM EST |
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| Markets in New York advance but Europe and Asia close lower. Crude-oil prices rose 33 cents, while gasoline and distillate stocks declined. |
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| U.S. stocks rebounded from their biggest plunge in four years as the Fed Chairman Bernanke reassured investors the economy is poised to grow and strategists advised investors against selling equities. European and Asian stocks slumped, while emerging markets had their steepest two-day drop in eight months in the wake of earlier U.S. sell-off. The Dow industrials added 0.4%. P&G jumped 3.1%, Sprint climbed $1.10 to $19.55. Hospira Inc. reported a 78% jump in earnings. |
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Averages Advance, Hospira Up 8%
Feb 28, 3:30 PM EST |
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| Hospira, Deckers Outdoor and Kenneth Cole rise on earnings. Sprint Nextel enjoys higher quarterly profit. Crude oil imports rise in the weekly report. |
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| The selling pressure that swamped Wall Street yesterday evaporated as Federal Reserve Chairman Ben Bernanke soothed markets. Chinese stocks, which helped trigger Tuesday''s global rout, rebounded. The Dow Jones Industrial Average rose 57.20 points, S&P 500 rose 8.44 points and Nasdaq added 11.95 points. Telecommunications company Sprint Nextel posted 32% rise in profit. Walt Disney added 3% and American Express jumped 2.5%. |
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Europe Remains in Deep Red
Feb 28, 1:42 PM EST |
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| Power group E.On declined 4% after Italy's Enel said it may try to buy a quarter of Spanish utility Endesa. |
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| European stocks closed lower for a second day in a row, due to a heavy sell-off sparked by worries that global markets will extend losses. Mining stocks were notable decliners. Rio Tinto lost 2.3%, BHP Billiton dropped 2.8% and Anglo American shares declined 3.6%. The U.K. FTSE 100 declined 1.8% at 6,171.50, the German DAX Xetra 30 dropped 1.5% at 6,715.44, and the French CAC-40 slipped 1.3% at 5,516.32. |
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Sprint Nextel up 5% on Earnings
Feb 28, 12:33 PM EST |
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| Sprint Nextel jumped 5.4% on better-than-expected earnings and revenue rise in Q4. |
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| U.S. stocks recovered Wednesday from the heavy drop in the previous session, helped by generally upbeat economic data and comforting comments from Fed Reserve Chairman Ben Bernanke who said that there was no single trigger to Tuesday''s market plunge and the economy may strengthen later this year. The Dow bounced 52 points, supported by 3.6% for Procter & Gamble, 2.2% for Walt Disney and 1.4% for Altria Group. Merck also boosted the blue-chip average, rising 2.2% on lifted earnings outlook. |
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Home Depot Falls on Profit Warning
Feb 28, 10:20 AM EST |
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| New home sales plunged 16.6% in January, hitting a 13-year low. |
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| U.S. stocks opened higher, recovering from the steep losses posted yesterday when Dow Jones industrials plunged 416 points. Some of the most notable decliners on Tuesday gained ground, with American Express, up 0.9%, Procter & Gamble, rising 2.6%. The Dow was also helped by Merck & Co., which rose 2.4% after lifting its Q1 earnings forecasts. Boeing gained 0.5% after J.P. Morgan upgraded its stock. However, Home Depot fell 0.6% amid 2007-profit warning. |
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London Rebounds
Feb 28, 9:34 AM EST |
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| The FTSE 100 is still in the red but has recovered some losses on Wednesday on a positive US opening. |
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| Although still deep in the red, London is near its best levels of the session as the benchmark index moved off session lows in midday trade. The index is also supported by US futures readings pointing to a positive open on Wall Street, although mining stocks, banks and oil majors all fell. Whitbread has reversed initial losses and is leading the gainers. After losing 2.3% in the previous session, the FTSE 100 rallied in mid-session trade, trimming losses to 1%, or 64 points, at 6,222.0. |
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Market to Open Slightly Up
Feb 28, 9:16 AM EST |
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| Home Depot plans to invest $2.2 billion into improving its business this year even as it expects lower earnings and weak sales. The stock fell 1%. |
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| U.S. stock futures pointed to a slightly higher opening on Wednesday, following a heavy global sell-off yesterday. The pre-market sentiment was helped by partial recovery in Shanghai, as well as data on Q4 economic growth, which was revised down less than expected. The Commerce Department said that economy grew at a sluggish 2.2% pace in Q4, much slower than the initially reported reading of 3.5%. Economists had been expecting a downward revision of 2%. |
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Sensex Plunges 4% As Budget Disappoints
Feb 28, 8:24 AM EST |
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| The Sensex in India plummeted Wednesday as the Union Budget failed to inspire the market. |
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| The market plunged Wednesday, finishing below the 13,000 level on heavy selling in an extremely volatile session. The long-awaited Union Budget did not surprise investors as it was aimed at taming inflation and the price increase. IT and cement stock were hit the most with Satyam and Gujarat Ambuja leading the decliners. Only ITC gained of 30 stocks Sensex index. |
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Europe Plunges on Global Sell-Off
Feb 28, 6:48 AM EST |
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| Europe plunged in early trade Wednesday tracking weak Asian and US markets overnight. Property stocks led the decline. |
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| European stocks markets canceled out the gains made this year as the global sell-off continued with stock indices declining sharply across Asia and the US. Property groups were among the worst hit. European emerging markets were severely hit for a second successive session as investors lowered their exposure to risk. By mid morning, the three major stock indices were lower. Frankfurt Xetra Dax fell 1.6%, the CAC 40 in Paris shed 1.7% and London’s FTSE 100 slid 1.6%. |
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Gold Tracks China Lower
Feb 28, 5:18 AM EST |
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| Gold ended lower Tuesday on worries that demand from China may diminish, as Chinese stock market plummeted. |
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| Gold futures finished lower Tuesday for the first time in three sessions on concerns that Chinese demand for commodities may weaken, and price losses worsened in electronic trading after U.S. stocks suffered their biggest one-day loss in more than five years. The decline sent many metals-mining shares to their lowest levels in a month. Traders are concerned that measures that slow the Chinese economy will reduce demand for metals. |
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