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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news