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

 


While you were sleeping: Fresh record for Wall Street

While you were sleeping: Fresh record for Wall Street

Aug. 27 (BusinessDesk) - Wall Street advanced, pushing the Standard & Poor’s 500 Index to a fresh record high, as better-than-expected economic data as well as takeover deals underlined an optimistic outlook for corporate profits.

A report showed that US orders for durable goods posted the largest gain on record in July, jumping 22.6 percent. Separately, consumer confidence strengthened to the highest level in nearly seven years in August as the Conference Board’s index of consumer attitudes climbed to 92.4 from a downwardly revised 90.3 the prior month.

“Consumer confidence increased for the fourth consecutive month as improving business conditions and robust job growth helped boost consumers’ spirits,” Lynn Franco, director of economic indicators at the Conference Board, said in a statement.

“Consumers were marginally less optimistic about the short-term outlook compared to July, primarily due to concerns about their earnings,” according to Franco. “Overall, however, they remain quite positive about the short-term outlooks for the economy and labour market.”

In late afternoon trading in New York, the Dow Jones Industrial Average rose 0.30 percent, the Standard & Poor’s 500 index added 0.22 percent, while the Nasdaq Composite Index gained 0.36 percent.

The S&P 500 last traded at 2,002.24 after climbing as high as a record 2,005.04 earlier in the session.

And there is room for further gains.

“We’re on the expensive side of fair value, but certainly not in the bubble place they were in the 2000 period or in a place that concerns us,” Ed Hyland, an Atlanta-based global investment specialist at JPMorgan Chase Private Bank, told Bloomberg News. “There is potential for the market to go higher.”

Gains in shares of Pfizer and IBM, up 1.3 percent and 1.2 percent respectively, led the Dow higher.

Shares of Amazon rose, last up 2.9 percent, after the company said it agreed to buy Twitch Interactive, the leading live video platform for gamers, for about US$970 million.

“Broadcasting and watching gameplay is a global phenomenon and Twitch has built a platform that brings together tens of millions of people who watch billions of minutes of games each month -- from The International, to breaking the world record for Mario, to gaming conferences like E3,” Jeff Bezos, founder and CEO of Amazon.com, said in a statement.

Shares of Canada’s Tim Hortons climbed a second day, last up 8.4 percent, after Burger King Worldwide said it agreed to buy the company for US$11.4 billion. Shares of Burger King Worldwide fell, last down 3.9 percent.

In Europe, the Stoxx 600 Index ended the day with an advance of 0.7 percent, as did the UK’s FTSE 100. Germany’s DAX rose 0.8 percent, while France’s CAC 40 increased 1.2 percent.

Meanwhile, the euro declined, hitting the lowest level against the greenback in almost a year, amid bets the European Central Bank is gearing up for further stimulus measures to combat a flagging euro-zone economy. ECB policy makers meet next week.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news