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

 


While you were sleeping: Nasdaq hits record high

While you were sleeping: Nasdaq hits record high

Jan. 11 (BusinessDesk) - Wall Street gained as better-than-expected data from China underpinned optimism about the outlook as investors geared up for a fresh round of US corporate earnings.

In 1.18pm trading in New York, the Dow Jones Industrial Average added 0.2 percent, while the Nasdaq Composite Index climbed 0.5 percent. In 1.03pm trading, the Standard & Poor’s 500 Index gained 0.4 percent. The Nasdaq touched a record high 5,564.25.

"We've shifted from that exuberance post the election and the rotation into some of the sectors and now we are entering a wait-and-see mode with earnings knocking at the front door," Art Hogan, chief market strategist at Wunderlich Equity Capital Markets in News York, told Reuters.

US banks JPMorgan, Bank of America and Wells Fargo are scheduled to report their latest quarterly earnings on Friday.

"Earnings may be the pivot to move things higher,” Hogan noted.

In the Dow, gains in shares of American Express and those of Caterpillar, recently up 2.5 percent and 2.2 percent respectively, outweighed falls in shares of IBM and those of Procter & Gamble, down 0.8 percent and 0.7 percent respectively.

In the latest US economic data, the National Federation of Independent Business’s index climbed 7.4 points in December to 105.8, the highest in 12 years.

“Rising confidence adds to the economy’s upward momentum,” Jim O’Sullivan, chief US economist at High Frequency Economics in Valhalla, New York, said in a note, Bloomberg reported. At the same time, the “NFIB membership appears to be disproportionately Republican, so it is possible that the data will start overstating strength, opposite the pattern during the Obama administration.”

In Europe, the Stoxx 600 Index finished the day with a 0.1 percent advance from the previous close. France’s CAC 40 Index edged 0.01 percent higher, Germany’s DAX Index increased 0.2 percent, while the UK’s FTSE 100 Index rose 0.5 percent to close at a record high.

Metals including copper and iron ore advanced after China’s producer price index climbed at the fastest pace in five years, exceeding expectations. The producer price index rose 5.5 percent in December from a year earlier, the most since September 2011, compared with a 3.3 percent increase in November, the National Statistics Bureau said.

"Reflation continues in the factory sector," Julia Wang, an economist at HSBC Holdings in Hong Kong, told Bloomberg. "The stable CPI suggests that the reflation is confined mostly in the industrial sector and hasn’t filtered into the real economy. So the PBOC would possibly not respond to it until inflation expands to the real economy."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news