Market Falls on Stronger GDP
Nov 30, 4:16 PM EST |
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| Latest revision of Q3 GDP to 4.3% from 3.8% sent market tumbling. Copper reached record high. Oil rose on inventory data. |
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| Third quarter economic growth estimates were revised to 4.3%. Consumers and businesses both contributed to the economic growth in the quarter. The economy showed its vigor despite the hurricanes in the gulf region. Weekly petroleum report showed that crude and gasoline inventories fell driving the oil prices higher. Copper reached a new high. Tiffany reported earnings of 16 cents vs. 12 cents. Maker of BlackBerry lost its case in Federal Court. |
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Black Berry Settlement Invalid
Nov 30, 1:33 PM EST |
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| GDP in the third quarter grew 4.3%, driven by growth in personal spending and business investment, revised from preliminary reading of 3.8%. |
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| Federal judge ruled that a $450 million settlement between a small patent holding firm and the maker of BlackBerry e-mail devices, Research in Motion Ltd is not valid. In eranings news, jewelry retailer Tiffany posted Q3 profit rise of 16 cents a share, meeting estimates.The company confirmed 2005 profit and revenue guidance. Dress Barn posted Q1 profit rise of 64 cents a share on 62% sales jump, exceeding estimates. |
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Oil Inventories Sharply Drop
Nov 30, 11:11 AM EST |
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| Crude oil inventories sharply fell by 4.2 million barrels for the week ended Nov 25, following an advance of 400,000 barrels in the previous week. |
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| Bigger-than-expected growth of U.S. Gross Domestic Product in the third quarter generated some optimism about the strength of the economy. According to a report from the Department of Commerce the GDP rose at an annual rate of 4.3% compared to the 3.3% growth seen in the second quarter. Economists had been expecting third quarter GDP growth to be revised up to 4.1%. |
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GDP Grows 4.3%
Nov 30, 9:35 AM EST |
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| Oil prices slipped to $56.35 a barrel on warm weather. Gold retreated from record high of $500. The dollar traded mixed. |
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| Asian-Pacific benchmarks closed mixed with the Nikkei crossing 15,000 for the first time in five years, but eventually closed down 0.4%. The biggest gainer was Seoul Kospi, rising 1.4%. European stocks fell on resource stocks. In corporate news, Yahoo dropped after UBS lowered its rating on the company to ''neutral from buy. Jewelry retailer Tiffany posted quarterly income rise of 16 cents a share, meeting expectations. The company affirmed its 2005 guidance. |
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Metals Trading Dominate
Nov 30, 7:20 AM EST |
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| For the first time in eighteen years, gold crossed $500 per ounce. Volatile oil declined on weather report. |
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| It was a day of Metals. Gold, platinum, and copper all traded near record levels. Economic reports on housing, durable goods and consumer confidence suggested healthly economy sparking fears of inflation. Market averages closed near unchanged but yield on 10-year bond rose 4.48%. Overnight Tokyo closed down 0.4%. |
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Metals Shine
Nov 29, 3:53 PM EST |
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| Metals markets had an exceptionally successful trading day with aluminum, copper at new highs, gold and platinum breaking psychological levels. |
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| In early afternoon trading the major averages turned mixed, reflecting weakness in the Financial and Technology sectors. Stocks traded higher in morning session after two economic reports showed a jump in U.S. factory orders and a sharp rebound in consumer confidence. Consumer confidence index rose sharply to a reading of 98.9 in November after falling to a reading of 85.2 the previous month and factory goods orders sharply rose in October, up $7.1 billion. |
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Consumer Confidence Up
Nov 29, 1:29 PM EST |
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| New home sales in October were 1.424 million, up 13% from last month and up 9% from one year ago. |
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| Wall Street resumed its winning streak after two economic reports showed a jump in U.S. factory orders and a sharp rebound in consumer confidence. The Conference Bord reported that the consumer confidence index rose sharply to a reading of 98.9 in November after falling to a reading of 85.2 in October, well above expectations of an increase of 90.0. The Commerce Department reported that factory goods orders sharply rose in October, up $7.1 billion |
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October New Home Sales Up
Nov 29, 11:11 AM EST |
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| New home sales in October were 1.424 million, up 13% from last month and up 9% from one year ago. |
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| The Department of Commerce released a report which showed that new orders for durable goods rose 3.4% in October following a revised 2% drop in September. Economists had expected a much more modest increase of about 1.8%. According to a report, posted by the Conference Bord, the consumer confidence index rose sharply to a reading of 98.9 in November after falling to a reading of 85.2 in October. Economists had expected a more modest increase to a reading of 90.0. |
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Durable Goods Orders Up 3.4%
Nov 29, 9:58 AM EST |
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| Oil prices slipped below $57 a barrel after OPEC promised to keep fuel supplies steady. Gold retreated from $500. The dollar rose. |
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| Asian-Pacific benchmarks lost ground on Wall Street losses. The Nikkei rebounded from an eight-day winning streakm, ending down 0.4% European stocks were little changed at mid-day on oil and banking shares. In earnings news, United Natural Foods reported lower-than-expected Q1 earnings of 18 cents a share on 12% higher sales. SkillSoft posted Q3 earnings rise of 6 cents a share on 3% revenue, beating estimates. |
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Gold at Two-Decade High
Nov 28, 5:17 PM EST |
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| Gold reached a new high and closed near $500 per ounce level. Despite oil price falling 2%, market declined as holiday retail sales were mixed. |
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| Market took a breather today, after rising for seven sessions and five weeks in a row to a four year high. Falling oil prices, and mixed retail sales and apparently slowing housing market kept averages in check. Tech heavy Nasdaq fell 1%. Home builders, casions, retailers and energy stock declined. restaurant stocks P.F.Chang''''s and Cheesecake Factory advanced on a broker recommendation. Gold climbed $6 and settled near $500. |
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