US stocks edged upwards on global optimism
Thursday, 31 December 2009
NEW YORK, Dec 30 (Commodity Online): The US stocks posted marginal gains on Tuesday on the back of optimism in Asian markets and improved US home prices data that was in line with the expectations.
The Dow Jones Industrial Average (DJI) was up 11 points, or 0.1 per cent, to 10,558 points in recent trading. Some of the key conglomerates including, General Electric Company, which rose 0.33 per cent to USD 15.39 and ABB Ltd (ADR), which was up 0.84 per cent to USD 19.26 on the NYSE Wednesday.
Sinking oil prices dragged on energy and materials companies as the market awaited new data on US oil inventories. A crackdown on opposition in Iran also raised questions about the major oil producers' stability. Drilling contractor Nabors Industries Ltd. (NBR) recently fell 1.8 per cent, and oil-service provider Halliburton Co.(HAL) was down 1.8 per cent.
The Nasdaq Composite Index (RIXF) slipped 0.1 per cent. The Standard & Poor's 500 Index (SPX) hovered just below the flat line. Consumer staples led the measure, which was weighed by lagging energy and technology companies.
Following six straight winning days and new 15-month highs for the Dow and S&P 500, the stock market's more modest gains Tuesday could forecast a short-term 5 per cent to 10 per cent downward correction.
US stocks had climbed slightly higher earlier in the day after two reports hewed closely to economists' predictions. The latest S&P Case-Shiller report showed prices in 10 major metropolitan areas fell 6.4 per cent in October from a year earlier, while in 20 major metropolitan areas, home prices dropped 7.3 per cent on the year. Both indexes were flat in October compared with the previous month.
Separately, the Conference Board said its index of consumer confidence increased to 52.9 this month, from a revised 50.6 in November, which was originally reported as 49.5.
Crude-oil futures may continue to move as traders look toward oil and fuel inventory data from the American Petroleum Institute, an industry group, after settlement Tuesday, as well as official government data Wednesday.
The Dow Jones Industrial Average (DJI) was up 11 points, or 0.1 per cent, to 10,558 points in recent trading. Some of the key conglomerates including, General Electric Company, which rose 0.33 per cent to USD 15.39 and ABB Ltd (ADR), which was up 0.84 per cent to USD 19.26 on the NYSE Wednesday.
Sinking oil prices dragged on energy and materials companies as the market awaited new data on US oil inventories. A crackdown on opposition in Iran also raised questions about the major oil producers' stability. Drilling contractor Nabors Industries Ltd. (NBR) recently fell 1.8 per cent, and oil-service provider Halliburton Co.(HAL) was down 1.8 per cent.
The Nasdaq Composite Index (RIXF) slipped 0.1 per cent. The Standard & Poor's 500 Index (SPX) hovered just below the flat line. Consumer staples led the measure, which was weighed by lagging energy and technology companies.
Following six straight winning days and new 15-month highs for the Dow and S&P 500, the stock market's more modest gains Tuesday could forecast a short-term 5 per cent to 10 per cent downward correction.
US stocks had climbed slightly higher earlier in the day after two reports hewed closely to economists' predictions. The latest S&P Case-Shiller report showed prices in 10 major metropolitan areas fell 6.4 per cent in October from a year earlier, while in 20 major metropolitan areas, home prices dropped 7.3 per cent on the year. Both indexes were flat in October compared with the previous month.
Separately, the Conference Board said its index of consumer confidence increased to 52.9 this month, from a revised 50.6 in November, which was originally reported as 49.5.
Crude-oil futures may continue to move as traders look toward oil and fuel inventory data from the American Petroleum Institute, an industry group, after settlement Tuesday, as well as official government data Wednesday.