Energy Quarter
Oct 01, 11:51 AM ET |
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| Modest gains in averages masked a day of two billion shares volume with a heavy buying in tech and financial stocks. Micron delivers profit. |
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| Third quarter was the energy quarter. Natural gas rose 80%, crude oil gained 13% and gasoline jumped 44%. Majority of Gulf of Mexico oil and gas production remains closed with no clear visibility for the restart. Gold gained 6% and for the first time in a decade crossed $475 per ounce. Nasdaq, S&P and Dow up 4.6%, 3.1% and 2.9% for the quarter. Hurricane Katrina and Rita turned this quarter into energy quarter with many stocks gaining more than 25% in this period. |
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Semiconductors in Charge
Sep 30, 1:00 PM ET |
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| The Commerce Dept. reported that personal income in August declined by 0.1%, disappointing expectations of an increase by 0.3%. |
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| Semiconductor stocks posted solid gains in morning trading, sending the sector up 2%. Micron Technology, semiconductor products manufacturer, posted Q4 earnings drop of 7 cents a share vs. 14 cents a year ago, beating expectations of a loss of 8 cents per share. The stock is currently up 7.5%. |
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Personal Income and Spending Drop
Sep 30, 11:06 AM ET |
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| The Commerce Dept. reported that personal income in August declined by 0.1%, disappointing expectations of an increase by 0.3%. |
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| A government report showed that consumer spending dropped a larger-than-expected 0.5% in August, the biggest fall since November 2001, vs. expectations of a 0.2% drop. According to the report of the University of Michigan the consumer spending index is down 76.9 from 89.1 in August. Crude-oil slipped 33 cents to $66.46 a barrel on the Nymex, gasoline was down 5 cents to $2.0893 a gallon. Gold sector gains on prices over $475 per ounce. |
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Inflation and Mortgage Rates on the Rise
Sep 30, 9:51 AM ET |
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| Oil prices have slipped to $66.69 a barrel on refineries recovery news. Gold is near $474. The dollar is stronger against major currencies. |
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| Asian-Pacific markets closed mostly down after the Nikkei reached a intraday new four-year high but later fell down 0.3%, followed by Seoul's Kospi, down 0.8%. European stocks gained ground at mid-day, led by the German and French markets. A government report showed that consumer spending dropped a larger-than-expected 0.5% in August, the biggest fall since November 2001. The report also showed a surprise decline in income. |
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Tech Powered Rally
Sep 29, 4:36 PM ET |
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| Natural gas price stays at elevated levels. Lesser than expected rise in unemployment claims and stable bond yields sparked narrow rally in averages. |
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| Government weekly report on natural gas lighted fire in the energy markets. Eighty percent of natural gas production in Gulf of Mexico remains closed. Half of the refineries in the Gulf region are expected to start soon. Tech stocks charged market rally as eBay, Yahoo, Dell, Texas Inst. registered better than 2% gains. Pepsi Q3 earnings decline but stock rises. |
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Natural Gas in Demand
Sep 29, 2:43 PM ET |
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| Crude-oil has fallen to $65.80 a barrel. Natural gas prices have crossed $14 . |
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| PepsiCo reported Q3 earnings of 78 cents a share on revenue of $18.8 billion, beating expectations. Research In Motion declined 7% on disappointing earnings report. E-Trade Financial Corp. announced it will buy BrownCo from JPMorgan Chase & Co. for $1.6 billion in cash. |
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Market on the Defensive
Sep 29, 11:38 AM ET |
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| Oil prices continue surging with crude-oil near $67 a barrel. |
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| PepsiCo reported Q3 earnings of 78 cents a share on revenue of $18.8 billion, beating expectations. Research In Motion declined 7% on disappointing earnings report. The initial jobless claims in the latest week fell by 79,000 to 356,000, 60,000 of which were related to Hurricane Katrina. The Commerce Department said that Q2 GDP figures remained unchanged at 3.3% growth. |
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Flat Opening on Oil and GDP
Sep 29, 10:44 AM ET |
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| Crude-oil rose to $66.50 a barrel, gasoline traded at $2.33 a gallon. Gold rose over $472 per ounce. The dollar declined against the euro. |
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| PepsiCo reported Q3 earnings of 78 cents a share on revenue of $18.8 billion, beating expectations. Research In Motion declined 7% on disappointing earnings report. The initial jobless claims in the latest week fell by 79,000 to 356,000, 60,000 of which were related to Hurricane Katrina. The Commerce Department said that Q2 GDP figures remained unchanged at 3.3% growth. |
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Oil, Gas, Copper and Bond Yields on the Rise
Sep 28, 8:45 PM ET |
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| Stocks and bonds drop as oil, natural gas, copper and gold advance in a volatile day of trading. Natural gas price at record levels. |
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| In the morning market rose on strong durable goods order report but quickly lost ground when the weekly petroleum report was released. Market never recovered in the session. Mining, energy, financials and casino stocks rose while home builders, restaurant and transportation stocks declined in a day of moderate trading volume. RIMM reports Q2 earnings of 56 cents vs 36 cents a year ago. |
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Oil and Natural Gas Rally
Sep 28, 2:40 PM ET |
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| Natural gas, crude oil, heating oil, and gasoline are all on the rise on inventory report. |
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| Oil prices have started a new surge. Light sweet crude November delivery rose $1.43 to $66.50 a barrel. Heating oil advanced by 8.6 cents to $2.1555 a gallon, while gasoline rose over 6 centss to $2.235. Housing sector is among the biggest decliners, falling by 1.3%. |
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