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

 


While you were sleeping: Rebound in Nasdaq

While you were sleeping: Rebound in Nasdaq

April 9 (BusinessDesk) – Wall Street gained, following a three-day slump, as investors found value in the same stocks that had been sold off recently.

Shares of Yahoo! rose 4 percent, Google added 3.1 percent, while Facebook gained 2.3 percent, rebounding from slides in recent days amid concern over lofty valuations.

“A lot of these growth stocks had been taken down 10 to 20 percent, but usually that loss finds a bottom,” Mark Luschini, chief investment strategist at Philadelphia-based Janney Montgomery Scott, told Bloomberg News.

In afternoon trading in New York, the Dow Jones Industrial Average rose 0.24 percent, the Standard & Poor’s 500 Index gained 0.46 percent, while the Nasdaq Composite Index climbed 0.90 percent.

Gains in shares of Nike and Caterpillar, last up 3 percent and 1.6 percent respectively, helped propel the Dow higher.

The US$30 billion auction of three-year US government notes attracted solid appetite. The notes drew a higher-than-expected yield of 0.895 percent, while the bid-to-cover ratio was 3.36, versus an average of 3.3 for the past 10 sales, according to Bloomberg News.

Shares of Alcoa were up 0.5 percent before the company is set to report its latest quarterly earnings after the closing bell today.

In Europe, the Stoxx 600 Index ended the day with a 0.3 percent decline from the previous close. Germany’s DAX fell 0.2 percent, France’s CAC 40 gave up 0.3 percent, while he UK’s FTSE 100 retreated 0.5 percent.

The International Monetary Fund is upbeat about the outlook for the world’s largest economy, saying “a major impulse to global growth has come from the United States”.

In its latest World Economic Outlook, the IMF predicted global growth to average 3.6 percent in 2014, down from its 3.7 percent forecast in January. It expects the US economy to expand 2.8 percent this year, unchanged from its previous forecast, while it upgraded its outlook for the euro zone to 1.2 percent in 2014.

“The global recovery is expected to strengthen, led by advanced economies,” the IMF said. “Growth in emerging market and developing economies is expected to pick up only modestly.”

“The balance of risks to global growth has improved, largely reflecting better prospects in advanced economies,” the IMF said. “However, important downside risks remain—notably a yet-greater general slowdown in emerging market economies; risks to activity from lower-than-expected inflation rates in advanced economies; incomplete reforms; and rising geopolitical tensions.”

“New worries on the horizon include persistently low inflation in advanced economies, a weaker outlook for emerging markets than thought in the second half of last year, and recent geopolitical strains,” the IMF warned.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news