Egypt welcomes Oman-brokered US-Yemen ceasefire agreement    Egypt voices deep concern over India-Pakistan escalation    Egypt inks deal with Merck to advance healthcare training    Egypt's GAHAR, Expertise France to elevate healthcare quality    EGP inches up against USD in early trade    Egypt, Türkiye discuss boosting bilateral tourism    Egypt's El Khatib, EBRD Head discuss deeper EU investment    Pakistan PM says nation giving "Befitting Reply" to Indian strikes    Health Minister orders expansion of residency training programmes to strengthen medical workforce    Gaza faces humanitarian collapse amid escalating Israeli offensive, healthcare breakdown    Egypt's FRA warns against unlicensed financial investment schemes    CIB Egypt extends EGP 2.45bn bridge loan to SODIC for North Coast 'June' project    Egypt steps up export reforms with focus on quality standards, market insights, and global expansion    Al Ismaelia, Coventry University Cairo partner on urban development education    Egypt's EDA backs local vaccine industry    Euronext supports EU defence financing with new measures    Egypt's Al-Sisi meets Bohra Sultan, discusses cooperation, regional role    Egyptian FM addresses Arab Women Organization Conference opening    Egypt, Saudi Arabia deepen health sector cooperation with comprehensive MoU    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    Cabinet approves establishment of national medical tourism council to boost healthcare sector    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    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.



U.S. Stocks Rise On Manufacturing Data
Published in Amwal Al Ghad on 02 - 07 - 2013

U.S. stocks closed higher Monday, but well off session highs reached after a survey of U.S. manufacturers added to positive economic reports from Europe and Japan.
The Dow Jones Industrial Average finished up 65.36 points, or 0.4%, at 14,974.96, after trading up as much as 174 points during the session. It's the fifth session out of the past 21 where the Dow has not closed with a triple-digit move.
The S&P 500 advanced 8.68 points, or 0.5%, to close at 1,614.96, coming off an earlier gain of 20 points. Cyclical stocks led the charge with industrials and materials the best performers, while defensive stocks such as telecoms and utilities closed lower.
Both the Dow industrials and S&P 500 have closed higher four out of the past five sessions.
The Nasdaq Composite had its fifth day of consecutive gains, adding 31.24 points, or 0.9%, to close at 3,434.49, after being up as much as 51 points intraday.
Stocks rallied to their highs earlier in the session after the Institute for Supply Management reported its manufacturing index rose to 50.9% in June from 49% in May, topping forecasts for a recovery to 50.6%. Readings over 50% indicate expansion. The new orders index improved to 51.9%, but the employment index slipped into contraction territory.
"I thought the move up was a bit extreme," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "But the market is treating good news as good news again."
With the abbreviated trading week given Thursday's Independence Day holiday, volume should be relatively low this week, so some intraday profit-taking would not come as a surprise, Luschini said.
After a rough couple of weeks for stocks that included worries about a liquidity crunch in China and more anxiety about the Federal Reserve tapering easing measures, the market appears to have established a base, said Dan Greenhaus, chief global strategist at BTIG LLC.
Benchmark U.S. indexes ended the second quarter with more than 2% gains, but fell more than 1% in June.
"As concerns about a Chinese liquidity crisis ease, we have improved global manufacturing, putting a bid on stocks," Greenhaus said.
This week is capped by Friday's report on nonfarm payrolls for June, the data point that will matter most to stocks given how it affects the Fed's thinking on easing, according to Greenhaus and Luschini.
Advancing stocks outpaced decliners by 5 to 2 on both the New York Stock Exchange and the Nasdaq. Composite volume topped 3 billion shares on the NYSE and 1.5 billion shares on the Nasdaq by the close.
U.S. stocks futures showed little reaction to the release of a less-widely followed survey, the June U.S. flash manufacturing PMI from Markit. It fell to 51.9 in June from 52.3 in May.
In Europe, a euro-zone purchasing managers' index showed a rise to a 16-month high in June, according to Markit. PMIs rose in all nations except Germany, which showed a slight revision down from a prior reading. The Stoxx Europe 600 rose 1.2%, adding to gains after the U.S. market opened.
Most Asia markets outside Japan fell after two separate manufacturing surveys showed a further loss of momentum in China. Other surveys showed weakened conditions in South Korea and Taiwan, both affected by the slowdown in China. The Shanghai Composite ended 0.8% higher after a choppy session, while the Korean and Taiwan benchmarks fell.
But in Japan, stocks finished at their best level in more than a month as the U.S. dollar rose above 99 yen after an upbeat reading on sentiment among Japanese businesses in the quarterly tankan survey. Japan's Nikkei 225 rose 1.3%.
Gold prices gained alongside oil prices.
Shares of Apple Inc. rose 3.2% after news the company has filed a trademark application for "iWatch" in Japan, increasing speculation Apple may be gearing up to introduce a new watch-like device.
Separately, Raymond James raised its rating on Apple to strong buy from outperform, citing the stock's valuation and its belief "that near-term financial trends will stabilize and then improve following the June quarter."
Shares of BlackBerry fell 1.6% following several broker downgrades in the wake of disappointing results from the handset maker.
Source : Marketwatch


Clic here to read the story from its source.