Egypt's Sisi urges debt cost cuts, tighter fiscal discipline, enhanced social justice    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dow Posts Weekly Loss; S&P, Nasdaq Extend Streak
Published in Amwal Al Ghad on 09 - 02 - 2013

U.S. stocks ended higher on Friday following strong trade data, though the Dow Jones Industrial Average posted a weekly decline and snapped a five-week winning streak.
The Dow industrials climbed 48.92 points, or 0.4%, to 13,992.97, after touching an intraday high of 14,022.62. The blue-chip index tuned in its first weekly loss in six, declining 0.1% on the week.
Twenty-one out of 30 components of the Dow traded higher; Hewlett-Packard Co. led the way with a 2.6% gain. Boeing Co. weighed on the index with a 1.1% loss Friday.
Following the tech bubble of the late 1990s and the 2008 financial-crisis rout, investors are less likely to trust bull runs, said Janet Briaud, president of Briaud Financial Services, who noted the current level of bullishness in stocks was similar to that of late 2007.
“[The Dow] hits 14,000 and then goes back; it's a big barrier from a technical standpoint. That level of bullishness is something to pay attention to," Briaud said.
Both the S&P 500 and Nasdaq logged their sixth week of gains.
The S&P 500 index gained 8.54 points, or 0.6%, to 1,517.93, with tech and consumer discretionary stocks leading its 10 major sectors higher. The S&P 500 rose 0.3% for the week.
Shares of Microchip Technology Inc. led the S&P 500, closing up more than 7% after the chip maker gave a favorable outlook for the first quarter.
Stocks on the tech-heavy Nasdaq Composite index closed near their intraday highs, advancing 28.74 points, or 0.9%, to 3,193.87. The Nasdaq finished up 0.5% on the week. Shares of Apple Inc. rose 1.4% Friday to close at $474.98.
Stocks received some support from economic data. Reports, such as the U.S. trade deficit and China trade numbers, are still supportive of continued slow economic growth, said Paul Nolte, managing director at Dearborn Partners in Chicago.
The U.S. trade deficit fell almost 21% in December to $38.5 billion, marking the biggest drop in four years, as exports rose and imports softened. In China, exports and imports accelerated at a faster-than-expected rate in January, according to official data.
That better-than-expected trade data may lead to revisions of fourth-quarter gross-domestic-product figures into positive territory, said Scott Armiger, manager of the $500 million Christiana Trust at Wilmington Savings Fund Society.
“That will make people have a little more confidence in GDP, and will probably revise the fourth-quarter number up a little bit," said Armiger.
In late January, the Commerce Department reported that fourth-quarter GDP contracted by 0.1% in the first of three readings.
Following a rise of 12% since mid-November, with about 6% of that in January alone, the new line for the S&P 500 appears to be 1,500, Dearborn's Nolte said.
“Markets are going sideways to work off that bullish run, and from a bullish perspective that's a good thing," said Nolte. Stocks have had a seesaw week in general as investors deal with a stock market considered by many as overbought and anticipate a big correction around the corner. Read: Is this market headed for a correction?
Blizzard Nemo cools off trading volume
Meanwhile, the Northeast, including New York City, was bracing for a major blizzard, which is expected to reach maximum intensity on Saturday morning. Thousands of flights have been grounded. See: Snow falling in New York as Northeast blizzard takes hold
Trading volume was thinner than average. Composite volume on the NYSE topped 2.7 billion shares; the daily average has been around 3.6 billion. About 1.7 billion shares changed hands on the Nasdaq Stock Market, compared with the average 2 billion.
Advancing stocks outnumbered decliners by about 2 to 1 on the NYSE, and just under 2 to 1 on the Nasdaq.
In corporate news, McDonald's Corp. said its global comparable sales in January fell 1.9%. Shares closed up 0.3%.
Shares of LinkedIn Corp. finished up 21% after the professional social network reported better-than-expected fourth-quarter earnings and revenue. See: Analysts say LinkedIn not overvalued ...yet.
Moody's Corp. shares fell nearly 8%. The ratings agency reported a 66% surge in fourth-quarter earnings, but they came in slightly lower than expected. Also, New York Attorney General Eric Schneiderman is looking at any potential misconduct by the three major credit-ratings firms, including Moody's, a person familiar with the matter told MarketWatch.
Marketwatch


Clic here to read the story from its source.