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

 


While you were sleeping: Wall Street sees value

While you were sleeping: Wall Street sees value

Feb 5 (BusinessDesk) – Wall Street gained as some investors found value in equities after the recent slide amid optimism about US corporate profits and economic growth.

In afternoon trading in New York, the Standard & Poor’s 500 Index rose 0.85 percent, following yesterday’s 2.3 percent slide, while the Dow Jones Industrial Average gained 0.62 percent and the Nasdaq Composite Index added 1.05 percent.

Advances in shares of DuPont, last up 3.8 percent, and those of American Express, last up 1.8 percent, led the Dow higher.

“I’m just not seeing anything that’s suggesting that the train is off the track,” Ethan Anderson, senior portfolio manager at Rehmann Financial in Grand Rapids, Michigan, told Bloomberg News. “I’m right now in the buying opportunity camp.”

Shares of Michael Kors jumped, last up 18 percent, after the company beat expectations for third-quarter profit.

“Michael Kors enjoyed an outstanding holiday season, as global brand awareness continued to drive strong demand for our luxury product,” John Idol, the company’s CEO, said in a statement. “Looking ahead, we remain confident that Michael Kors’ distinctive positioning in the global luxury market will enable us to achieve strong long term growth for our shareholders.”

Meanwhile, Microsoft said it named Satya Nadella as its next chief executive officer, effective immediately. Shares were last 0.3 percent stronger.

"It's a relief this process is over," Daniel Ives, an analyst at FBR Capital Markets, told Reuters. "Many investors view it as the 'safe pick' as Mr. Nadella is a born-and-bred Redmond insider. But the uphill battle continues for Microsoft on its path to growth."

Microsoft also said Bill Gates will step down as chairman. Instead, Gates “will devote more time to the company, supporting Nadella in shaping technology and product direction.” John Thompson will assume the role of chairman.

US factory orders fell 1.5 percent in December, according to Commerce Department data. It was the biggest decline since July, though smaller than economists had expected. November’s were revised to show a 1.5 percent gain, down from the 1.8 percent rise previously reported.

In Europe, the Stoxx 600 Index finished the session with a 0.2 percent decline from the previous close. The UK’s FTSE 100 fell 0.3 percent, while Germany’s DAX dropped 0.6 percent. France’s CAC 40 gained 0.2 percent.

Shares of UBS climbed, closing with a gain of 5.4 percent in Europe, after Switzerland’s biggest bank reported earnings that surpassed expectations.

UBS Chief Executive Officer Sergio Ermotti told Bloomberg that the sell-off in emerging market assets was “a little bit overdone.”

“What we are seeing right now is a lot of money exiting the emerging markets,” Ermotti said. “Short term, it looks a little bit overdone.”

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news