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Stocks Rally 3%, Oil Surges 10%, Copper Jumps
Nov 04, 4:28 PM ET |
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| U.S. stocks rallied more than 3% on an election day. Hopes of U.S. Treasury injecting capital in non-financial companies lifted insurance stocks. European stocks rallied on better than expected earnings. Lower interbank rates lifted stocks in Japan and in Europe. Australia lowered its key rate. |
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Expeditors, ADM Surge; Herbalife Plunges
Nov 04, 3:56 PM ET |
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| Herbalife Ltd plunged 23% after it issued cautious sales outlook for the fourth quarter on strong dollar. Fluor Corp surged after JP Morgan made positive comments. Archer Daniels Midland surged 21% after net income jumped nearly 250%. Expeditors International soared 22% on 15% earnings gains. |
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U.S. Election Rally, Europe Up 3%
Nov 04, 3:55 PM ET |
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| U.S. stocks rallied on the election day on the hopes that the new leader will represent a change in the economic direction. U.S. Treasury may invest directly in non-financial companies through its bank rescue plan, a departure from its original goal. Paulson credibility takes another knock. |
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MasterCard Surges 10%
Nov 04, 3:54 PM ET |
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| MasterCard reported third quarter revenue rise of 24% and a loss of $1.49 a share or $193.6 million. After excluding one-time charges the company reported net income of $2.47 a share and guided that it is likely to miss its earnings revenue target in the next year. |
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Tokyo Surges 6.3%, Interbank Rates Fall
Nov 04, 3:53 PM ET |
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| The benchmark Nikkei 225 index surged 6.3%. Panasonic proposal to acquire Sanyo Electric lifted stocks. Lower than expected decline in Japanese auto sales in the U.S. and a decline in interbank rates contributed to the positive mood. |
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UK Stocks Soar 4%; Marks & Spencer Earnings
Nov 04, 2:39 PM ET |
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| The UK stocks surged after the retailer Marks & Spencer reported better than expected earnings and crude oil futures prices rose. Miners and energy stocks rose after a rise in copper and oil prices. Kazakhmys led advancers in the FTSE 100 index shares with a rise of 17.6%. |
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HK Battles Recession Worries
Nov 04, 3:11 PM ET |
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| Hong Kong October home sales dropped 17.8% from September and plunged 54% from a year ago. Energy stocks fell on a decline in oil price in the region. Mining stocks dropped after Baosteel lowered its production target for December. |
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Sensex Rallies, Banks Lead
Nov 04, 3:57 PM ET |
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| Mumbai stocks rallied for the second day this week after a surprise rate cut from the Reserve Bank of India. Prime Minister Singh will review the current financial crisis on a weekly through a new panel. Banks rallied after they indicated a decline in rates for loans and deposits. |
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Australia Lowers Rates to 5.25%
Nov 04, 12:17 PM ET |
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| The larger than expected interest rate but by the Reserve Bank of Australia of 75 basis points to 5.25% only highlighted the vulnerabilities of the Australian economy. The RBA hinted that further rate cuts are possible if the global economic conditions do not stabilize. |
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U.S. Stocks Mixed, Auto Sales Drop 32%
Nov 03, 6:52 PM ET |
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| U.S. stocks traded sideways ahead of the U.S. presidential election. Manufacturing index showed a sharp deceleration in activites and a drop in exports in October. Auto sales in the month fell 32% to the level last seen in January 1991. The sales at GM dropped 45% at Toyota declined 23%. |
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