Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Wall Street pauses

While you were sleeping: Wall Street pauses

Jan 29 (BusinessDesk) – Wall Street eased off five-year highs as investors were looking for more evidence that corporate earnings can justify continued optimism.

"The earnings numbers at this point really have to come through and validate where the market is,” Mark Freeman, who oversees about US$14 billion as chief investment officer at Westwood Holdings Group in Dallas, told Bloomberg News. “The market wants to see the numbers if you will.”

Shares of Caterpillar gained, last up 1.6 percent, after the company's earnings topped expectations.

Economic data provided mixed signals today.

US durable goods orders climbed 4.6 percent in December, surpassing expectations for an advance of 1.8 percent. Pending home sales, however, posted a surprise drop, sliding 4.3 percent last month, though the National Association of Realtors blamed the decline on a shortage of supply.

"The supply limitation appears to be the main factor holding back contract signings in the past month," Lawrence Yun, NAR chief economist, said in a statement. "Still, contract activity has risen for 20 straight months on a year-over-year basis. Buyer interest remains solid."

Investors are eying Wednesday's gross domestic product report. Analysts polled by Reuters forecast the US economy grew at a 1.1 percent annual rate in the fourth quarter, down from a 3.1 percent rate in the previous three months.

Last week's 12 percent slide in Apple shares drew buyers, pushing the stock up today 2.9 percent. Not everyone is seeing the upside, however.

"I think there is more downside in Apple if you did get a broad market pullback," Richard Ross, Auerbach Grayson's global technical strategist, told Reuters. "I'd be patient unless you're a trader. It might not be the most attractive entry point."

In afternoon trading in New York, the Dow Jones Industrial Average edged 0.08 percent lower, while the Standard & Poor's 500 Index slipped 0.12 percent. The Nasdaq Composite Index gained 0.31 percent, reflecting Apple's bounce.

In Europe, the Stoxx 600 Index finished the day with a 0.1 percent decline from the previous close. Stocks in London and Paris rose, up 0.2 percent and nearly 0.1 percent respectively, while Frankfurt fell, down 0.3 percent.

The European Union is considering a one-year delay to the deadline for lenders to disclose whether they meet a key debt ratio, Bloomberg reported, citing three people familiar with the discussions. EU nations may seek to push the start date for mandatory disclosure of this so-called leverage ratio from January 1, 2015, to January 1, 2016.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news