Stock trades in the U.S. ended Sept. 15 increase in the leading indices. Substantial support for market was released before the session of the macroeconomic indicators. In particular, the U.S. Department of Commerce (US Department of Commerce) reported that retail sales in the country in August 2009. increased by 2,7% compared with July and amounted to 351.42 billion U.S. This growth was most significant for the last three years. Analysts expect that figure to increase by 2%.
Simultaneously, the Ministry of Labor (US Department of Labor) reported that industrial prices (index PPI) in August 2009. increased relative to the previous month by 1,7%. Analysts expected rate increase only 0.8%. After the beginning of the session were released and the data on stocks of manufactured goods, components and semi-finished products in storehouses USA. According to the report of the Ministry of trade of the country, the figure in July 2009. decreased by 1% compared to the previous month. Analysts expected decline of 0.9% in monthly terms.
As a result, the outcome of trades increased substantially quotes a number of major market players. For example, shares of the largest U.S. aluminum producer Alcoa Inc. risen to just 8.11%, and the value of securities earth-moving equipment manufacturer Caterpillar Inc. and multi-group General Electric Co. increased by 6,01% and 4,23% respectively.
The plus and quotes have been the world’s largest Internet companies. Securities owner of Internet search engine Yahoo Inc. went up by 5.39%, after analysts from Sanford C. Bernstein & Co. raised their recommendations on them with «at market» to «above market». Simultaneously, experts UBS AG raised their recommendations on shares of Internet Auction EBay Inc. to «neutral» to «buy» and then quotes the Internet company rose by 1.34%.
Amid rising prices for metals rose slightly quotes mining companies. In particular, the securities of one of the world’s leading copper mining Freeport-McMoRan Copper & Gold Inc. went up by 0.99%.
Favorably affected investor sentiment and statement by the head of the Federal Reserve System (FRS) the USA Ben Bernanke that from a technical point of view of the U.S. recession may already be over. However, the Fed chief added that even during a period of time the economy will be very weak, and growth in 2010. be very moderate.
Meanwhile, for the individual company situation is not too successful. Thus, decreased quotes companies working in the health sector against the backdrop of the Institute of Medicine report, which states that the U.S. could reduce health spending by 250 billion dollars per year for ten years. As a result, fell 7.05% quotes company Coventry Health Care Inc., Providing services to the managed medical care. For the same reason, shares of American insurance company UnitedHealth Group Inc. fell 3,69%.
On the background data is not very favorable financial report securities of one of the largest U.S. manufacturers of consumer electronics, Best Buy Co. lost in the price of 5,17%. The company said that in II quarter 2009-2010 financial year, its sales have declined, resulting in earnings per share decreased to U.S. $ 0,37 However, analysts expect the company reported earnings of 0.42 dollars per share.
At 8.85% quotes collapsed bank Citigroup Inc. against the background appeared on the market rumors about the intention of the U.S. Treasury (US Department of Treasuries) in the short term to sell his 34% stake in the bank. Simultaneously 1,28% cheaper paper of another major representative of the financial sector JPMorgan Chase & Co.
Dow Jones index rose by 56.61 points (0.59%) — up to 9,683.41 points
NASDAQ — at 10.86 points (0.52%) — up to 2,102.64 points
S&P — at 3.29 points (0.31%) — up to 1,052.63 points.
The S&P yesterday pushed to the upper end of a resistance zone at 1056 (50% retracement of the May 2008-March 2009 slide, its 20-month exponential, a trendline off June/August highs and congestion) in late trade and edged back slightly. While the index did pause at a resistance and is extended short term in the wake of the September surge, the bullish action over the last few weeks has been unrelenting, with pullbacks very limited and short lived. Initial support is at 1049/1048 with a breach of the secondary floor at 1045/1044 raising the potential for further corrective action. Levels thereafter are at 1039 and 1035. Next resistance above the high (1056) is in the 1060/1061 area.
Key economic data:
-August CPI m/m (consensus 0.3%; prior 0.0%) and y/y (consensus -1.7%; prior -2.1%) at 8:30ET
-August core CPI, which excludes food and energy, m/m (consensus 0.1%; prior 0.1%) and y/y (consensus 1.4%; prior 1.5%) at 8:30ET
-Q2 Current Account Balance at 8:30ET (consensus -$92.0 bln; prior -$101.5 bln)
-July Net Long-term TIC Flows at 9:00ET (consensus $60.0 bln; prior $90.7 bln)
-August Industrial Production (consensus 0.6%; prior 0.5%) and Capacity Utilization (consensus 69.0%; prior 68.5%) at 9:15ET
Federal Reserve/Treasury calendar:
Key Note/Bond auction results:
-ORCL, as well as smaller names APOG, CKR, CLC, DBRN, DDMX and MLHR, are confirmed to report today after the close
Key industry conferences:
-Barclays Global Financial Services Conference (Day 2 of 2) — Companies presenting: WFC, AWH, CMA, FHN, WBS, CSE, FITB, PL, SLM, EVR, EWBC, FNF, OB, BBT, GLG, PRE, BK, FSR, MF, NYB, LM, MI, MRH, V, C, ACGL, COF, TCB, BRO, CME, MTB, FAF, HBAN, ICE, LNC
-BioCentury Biotech Conference — Companies presenting: BSTC, JAZZ, REGN, DYAX, SGEN, XOMA, MYGN, NGSX, VICL, CADX, CHTP, CTIC, PLX, BDSI, PDLI, TSPT, ISTA, MDVN, OREX, PARD, CYTK, DNDN, ENZN, SUPG, ALKS, AVNR, CBLI, DEPO, EXEL, ISPH, ONTY, VPHM, VVUS
-Credit Suisse Chemical Conference (Day 2 of 3) — Companies presenting: POL, APD, ASH, LZ, FOE, SOA, AGU, CF
-Deutsche Bank Technology Conference (Day 3 of 3) — Companies presenting: ARW, AVID, LOOP, NILE, WFR, AZPN, NFLX, SAP, KNOT, LLTC, PMTC, XXIA, ACN, AEIS, BRCM, YHOO, BCSI, IDTI, JASO, RNWK, ARST, FIS, IPGP, POWI, COHR, CTSH, NUAN, NVDA, QCOM
-Goldman Sachs Communacopia Conference New York (Day 2 of 3) — Companies presenting: AMT, DISCK, LVLT, VIA, SBAC, SNI, CMCSA, THQI, IACI, CBS, DTV, EQIX, SVVS, TWX, CCI
-Jefferies Technology Conference (Day 2 of 2) — Companies presenting: COMS, NETL, OPWV, MRVL, RSYS, SFSF, EPIC, NWK, CTV, KLIC, SWI, LSCC, TYPE, HLIT, MCRS, SMSC, PER, QCOM, SYNT, CBR, CNQR, CYBS, LIOX
-JP Morgan Diversified Industries Conference (Day 2 of 2) — Companies presenting: DE, WY, AGCO, PX, DD, ROK, VMC, FO, ITW, SRCL, JOYG, PTV, WM, MTW, WCN, HUN, TEX, AWI, OI
-Think Equity Growth Conference (Day 3 of 4) — Companies presenting: ANAD, NTCT, CML, CRDN, SCOR, ENTR, ICGE, QLGC, IMA, VCLK, EHTH, GUID, TQNT, ELX, PICO, VRUS, CPHD, LPSN, CAVM, VRTX, CAMD, CBST, GLW, STEM, SYMC, CEVA, GERN, CHKP, SCLN, VPHM
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