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

 


While you were sleeping: Fresh Wall Street highs

While you were sleeping: Fresh Wall Street highs

June 3 (BusinessDesk) – Wall Street moved to record highs, though equities seesawed, as investors digested two corrections of the latest monthly Institute for Supply Management’s manufacturing data.

In the final hour of trading in New York, the Dow Jones Industrial Average rose 0.14 percent, while the Standard & Poor’s 500 Index added 0.06 percent. The Nasdaq Composite Index fell 0.30 percent.

Earlier in the day, the Dow rose to a record 16,746.81, while the S&P 500 climbed to a high of 1,925.38.

The Institute for Supply Management’s manufacturing index strengthened to 55.4 in May, up from 54.9 a month earlier. ISM corrected its May data twice after incorrect seasonal adjustments. ISM first reported the gauge fell to 53.2 in May, then said the correct reading was 56.0, before finally correcting it to 55.4.

"People are still looking for signs that the economy is recovering, and the first ISM number had people questioning the strength of the economy," John Carey, portfolio manager at Pioneer Investment Management in Boston, told Reuters. "This revision gives us more reason to be confident, and it isn't surprising to see stocks recover a bit, since we’re so sensitive to data right now."

On Friday the government will release its monthly jobs report. Employers in the US probably added more than 200,000 jobs in May for a fourth straight month, according to a Bloomberg survey, while the unemployment rate probably rose to 6.4 percent from 6.3 percent in April.

Shares of Broadcom jumped, last up 10 percent, after the company said it will explore strategic alternatives for its cellular baseband business.

"It's overdue, but definitely good news," Ascendiant Capital Markets analyst Cody Acree told Reuters. "We have said in 2014 wireless was make or break for Broadcom—either they share some proven success or get out of the business, or it probably cost the CEO his job."

In Europe, the Stoxx 600 Index finished the session with a 0.2 percent gain from the previous close. Germany’s DAX added 0.1 percent, while the UK’s FTSE 100 rose 0.3 percent. France’s CAC 40 slipped 0.1 percent.

Investors are eyeing the European Central Bank’s meeting on Thursday amid expectations policy makers will take action to help bolster the euro-zone economy.

Markit’s euro-zone manufacturing PMI slid to 52.2 in May, down from 53.4 in April. The final seasonally adjusted reading was the lowest reading in six months and came in below the earlier flash estimate of 52.5.

“The May drop in the manufacturing PMI will inevitably add to the clamour for policymakers to provide a renewed, substantial boost to the region’s economy and ward off the threat of deflation,” Chris Williamson, Markit’s chief economist, said in a statement. “However, the case is not so clear-cut.”

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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