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

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news