| CATEGORY: MARKET REPORT - US CLOSE |
US close: Shares rally after early wobble |
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Thu 11 Mar 2010
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LONDON (SHARECAST) - Shares rallied after an early wobble over concerns about the Chinese economy after consumer price inflation in China accelerated rapidly in February.
Dow Jones added 44 to lower at 10,611. Nasdaq added 9 to 2,368 while the S&P 500 gained 4 to 1,150.
Initial claims for US unemployment insurance fell to 462,000 in latest week, according to the Labor Department. Analysts expected a drop to 460,000. The US trade deficit shrank a seasonally adjusted 6.6% in January to $37.29bn.
Yahoo was downgraded from buy to hold by Benchmark, which predicts that the company will continue to lose market share.
Western Digital, the second largest maker of hard disc drives, was downgraded from buy to accumulate by Craig-Hallum Capital.
Fuel Cell Energy rose on the back of a $2.1m contract with Air Products. The fuel cell power plant technology will be used in a hydrogen fuelling stations. Fuel Cell Energy reported a loss of 14 cents a share, which was in line with expectations. UBS raised its recommendation for Dr Pepper Snapple from neutral to buy.
Daihatsu is the latest carmaker to recall its vehicles for repair, telling almost 275,000 drivers their vehicles may suffer from missing or loose parts. The company, 51%-owned by troubled peer Toyota, says its Hijet and Atrai mini-van models may have problems.
A Mexican billionaire last night became the first man from a developing nation to be ranked the world's richest person. Telecom tycoon Carlos Slim has an estimated fortune of $53.5bn, according to the annual Forbes rich list, putting him ahead of Microsoft founder Bill Gates and legendary American investor Warren Buffett.
The 70-year old, who increased his wealth by £18.5bn in the last 12 months, beat last year’s number one, Bill Gates. Gates is worth $53bn, while this year’s third richest man, Warren Buffett has a fortune of $47bn.
S&P 500 - Risers
Gamestop Corp. (GME) $19.32 +5.69%
Citigroup Inc. (C) $4.18 +5.56%
Zions Bancorporation (ZION) $21.42 +4.54%
Keycorp (KEY) $7.88 +4.23%
S&P 500 - Fallers
Natl Semiconductor (NSM) $14.35 -3.24%
Zimmer Holdings Inc. (ZMH) $56.97 -3.21%
American International Group Inc. (AIG) $35.12 -3.09%
CF Industries Holdings Inc. (CF) $100.39 -3.05%
Dow Jones I.A - Risers
International Business Machines Corp. (IBM) $127.63 +1.60%
Travelers Company Inc. (TRV) $53.65 +1.44%
Walt Disney Co. (DIS) $33.80 +1.41%
Home Depot Inc. (HD) $32.14 +1.36%
Dow Jones I.A - Fallers
Coca-Cola Co. (KO) $53.60 -1.11%
3M Co. (MMM) $81.22 -0.42%
Intel Corp. (INTC) $21.12 -0.34%
General Electric Co. (GE) $16.46 -0.30%
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