| CATEGORY: MARKET REPORT - US CLOSE SECTOR: AUTOMOTIVE AND PARTS |
US close: Wall Street caps best week since 1974 |
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Fri 31 Oct 2008
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Market Movers
Dow Jones 30: 9,325, up 144 (1.57%)
S&P 500: 968, up 14 (1.54%)
NASDAQ Composite: 1,720, up 22 (1.32%)
LONDON (SHARECAST) - US blue-chips had their best week since 1974, with a strong end to the week ensured by a move by US bank JP Morgan to offer assistance to hard pressed mortgage payers.
JP Morgan said it would adjust terms of $110bn worth of mortgages and delay foreclosures. The company’s shares advanced strongly on the news, which offset some economic data.
The Commerce Department said personal spending slumped by 0.3% last month, as expected, which is the biggest fall since June 2004.
The Labor Department reported that employment costs for workers increased by 0.7% for the June-September period, the same rise as the last two quarters.
Chicago Purchasing Managers Index, which measures regional manufacturing activity, fell to a reading of 37.8, which was worse than the 48.0 expected.
Meanwhile, the University of Michigan's figure for consumer sentiment came in at 57.6, against expectations of 57.5.
On the bright side, the dollar denominated London Inter-Bank Offered Rate (LIBOR) continues to fall, signalling that banks are becoming more comfortable about the prospect of lending to each other. The LIBOR ended the month at a lower level than it started it for the first time since May.
In company news, surging crude prices helped oil giant Chevron shrug of the effects of hurricanes in the Gulf of Mexico to post a massive rise in earnings. Net income in the quarter to September 30 climbed to $7.89bn from $3.72bn.
Fast food giant Burger King posted a double-digit percentage revenue rise in the third quarter but saw earnings held back by higher commodity costs. The Miami-based firm’s revenues climbed 12% from the same period a year ago to $674m.
Meanwhile, car parts supplier ArvinMeritor said it will shed 1,250 jobs to cut costs as it tries to cope with weakness in the industry and the economic downturn.
Shareholders in casinos operator Wynn Resorts hit the jackpot as shares in the company soared following a 14% increase in third quarter earnings.
Online recruitment firm Monster Worldwide roared forward on the back of a 28% boost to third quarter earnings.
On the downside, car manufacturer General Motors slipped after it revealed that, with just one day of October left, it had barely achieved half of its sales target for the month.
S&P 500 - Risers
M G I C Invest Corp. (MTG) $3.75 +55.60%
Dynegy Inc. Holdings Co (DYN) $3.65 +18.12%
American International Group Inc. (AIG) $1.90 +16.56%
International Game Tech (IGT) $13.95 +16.15%
Office Depot Inc. (ODP) $3.61 +15.71%
Genworth Financial (GNW) $4.84 +15.51%
General Growth Property Inc. (GGP) $4.14 +15.32%
Windstream Corp. (WIN) $7.51 +15.18%
Dillard'S Inc. (DDS) $5.33 +15.12%
Ameriprise Financial (AMP) $21.62 +13.79%
S&P 500 - Fallers
Electronic Arts Inc. (ERTS) $22.78 -17.85%
Cummins Inc. (CMI) $26.15 -17.46%
Sun Microsystems Inc. (JAVA) $4.64 -12.20%
Carnival Corp. (CCL) $25.40 -11.53%
Teco Energy Inc. (TE) $11.54 -10.40%
Eastman Kodak Co (EK) $9.19 -10.08%
Archer Daniels Mdlnd (ADM) $20.75 -7.94%
Manitowoc Co. (MTW) $9.86 -7.59%
Principal Finl Group (PFG) $18.61 -7.27%
Gamestop Corp. (GME) $27.39 -6.93%
Dow Jones I.A - Risers
Jp Morgan Chase Co (JPM) $40.80 +8.45%
Bank Of America Corp. (BAC) $24.00 +5.36%
Citigroup Inc. (C) $13.66 +4.20%
3m Company (MMM) $64.98 +3.88%
Dow Jones I.A - Fallers
General Motors (GM) $5.78 -4.78%
Verizon Commun (VZ) $29.67 -2.72%
Microsoft Corp. (MSFT) $22.33 -1.33%
Exxon Mobil Corp. (XOM) $74.25 -1.07%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $59.20 +27.31%
Monster Worldwide Inc. (MNST) $14.24 +10.64%
Nasdaq 100 - Fallers
Electronic Arts Inc. (ERTS) $22.78 -17.85%
Sun Microsystems Inc. (JAVA) $4.64 -12.20%
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