| CATEGORY: MARKET REPORT - US CLOSE |
US close: Banks lead fightback |
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Fri 05 Sep 2008
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LONDON (SHARECAST) - A rally among financial stocks helped Wall Street end the week on a bright note after a miserable few days.
Speculation of some much needed capital inflows for the banking sector helped offset the earlier gloom on the back of more worse-than-expected unemployment data.
Banks rose after Reuters reported that Lehman Brothers may sell assets to the private equity groups Blackstone and Kohlberg Kravis Roberts. The investment bank gained nearly 7%, with Bank of America, Citigroup and JPMorgan Chase in tow.
Mortgage finance companies Fannie Mae and Freddie Mac advanced after the Wall Street Journal reported that the government is close to finalising a deal to prop them up.
Camera memory card specialist Sandisk surged higher on reports that Samsung is considering bidding for it.
Stocks had earlier slumped on news that US unemployment climbed to a near five-year high of 6.1% in August as non-farm payroll figures showed an eighth straight month of job shedding by US firms.
The jump in the unemployment rate compared with forecasts of no change from July's 5.7% figure and highlighted how weak the US economy remains, said economists.
Among the day’s losers were oil stocks, which slipped in line with a decline in the crude price. Exxon Mobil, Chevron and ConocoPhillips lost value.
The Dow closed up 32 at 11,220, the S&P 500 rose 5 to 1,242 and the tech-heavy NASDAQ index shed 3 points to 2,255.
S&P 500 - Risers
Sandisk Corporation (SNDK) $17.64 +31.05%
U S T Inc (UST) $65.67 +21.60%
Comerica Inc (CMA) $30.15 +10.60%
Huntington Bancshares Incorporated (HBAN) $8.34 +10.32%
Fannie Mae (FNM) $7.02 +9.35%
Marshall & Ilsley (MI) $17.05 +9.09%
Keycorp (KEY) $12.97 +8.81%
Lennar Cp Cl A (LEN) $13.55 +8.49%
IntercontinentalExchange (ICE) $97.77 +8.03%
Zions Bancorporation (ZION) $32.97 +7.99%
S&P 500 - Fallers
Exelon Corporation (EXC) $64.97 -8.00%
Federated Inv Inc (FII) $31.97 -7.68%
Jabil Circuit Inc (JBL) $13.31 -5.40%
Abercrombie & Fitch (ANF) $48.61 -4.67%
Gilead Sciences, Inc. (GILD) $47.80 -4.36%
Embarq Corp (EQ) $45.29 -4.35%
Adobe Systems Incorporated (ADBE) $40.50 -4.01%
Masco Cp (MAS) $18.26 -3.95%
Safeway Stores Inc (SWY) $26.15 -3.86%
Constellation Engy (CEG) $63.31 -3.68%
Dow Jones I.A - Risers
Bk Of America Cp (BAC) $32.23 +5.33%
Amer Intl Group Inc (AIG) $22.34 +5.28%
Jp Morgan Chase Co (JPM) $39.55 +4.33%
Citigroup Inc (C) $19.08 +4.26%
American Express Inc (AXP) $39.40 +1.68%
Wal Mart Stores (WMT) $60.74 +1.61%
Hewlett Packard Co (HPQ) $44.96 +1.12%
Gen Electric Co (GE) $27.88 +0.64%
Du Pont E I De Nem (DD) $44.25 +0.57%
Procter Gamble Co (PG) $70.78 +0.48%
Dow Jones I.A - Fallers
Microsoft Corporation (MSFT) $25.65 -2.66%
United Tech (UTX) $63.96 -1.42%
Chevron Corp (CVX) $80.22 -1.23%
Alcoa Inc (AA) $28.30 -0.90%
Pfizer Inc (PFE) $18.51 -0.87%
Exxon Mobil Cp (XOM) $75.50 -0.84%
3m Company (MMM) $69.16 -0.83%
International Business Machines (IBM) $114.33 -0.58%
Walt Disney-Disney C (DIS) $31.36 -0.57%
AT&T Inc. (T) $31.46 -0.38%
Nasdaq 100 - Risers
Sandisk Corporation (SNDK) $17.64 +31.05%
Focus Media Holding Limited (FMCN) $29.99 +7.72%
Sirius Satellite Radio Inc. (SIRI) $1.31 +3.97%
Steel Dynamics, Inc. (STLD) $22.08 +3.91%
Marvell Technology Group, Ltd. (MRVL) $12.40 +3.85%
Verisign, Inc. (VRSN) $28.66 +2.72%
Juniper Networks, Inc. (JNPR) $24.23 +2.67%
Vertex Pharmaceuticals Incorporated (VRTX) $26.24 +2.50%
Xilinx, Inc. (XLNX) $23.94 +2.40%
Level 3 Communications, Inc. (LVLT) $3.17 +2.26%
Nasdaq 100 - Fallers
Gilead Sciences, Inc. (GILD) $47.80 -4.36%
Adobe Systems Incorporated (ADBE) $40.50 -4.01%
Leap Wireless International, Inc. (LEAP) $45.06 -3.78%
Microsoft Corporation (MSFT) $25.65 -2.66%
Amylin Pharmaceuticals, Inc. (AMLN) $20.96 -2.42%
Qualcomm Incorporated (QCOM) $47.67 -1.79%
Autodesk, Inc. (ADSK) $33.77 -1.75%
Bed Bath & Beyond Inc. (BBBY) $31.12 -1.71%
Intuitive Surgical, Inc. (ISRG) $268.86 -1.69%
Celgene Corporation (CELG) $66.40 -1.61%
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