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Market’s Rally May Not Be Over

The Standard Poor’s 500-stock index edged higher on Thursday afternoon, as a report showing signs of improvement in the labor market may have provided enough of a catalyst to add to the recent upward momentum.

After spending the morning in negative territory, the S..P 500 was 0.1 percent higher in afternoon trading, the Dow Jones industrial average gained 0.2 percent, and the Nasdaq composite was 0.4 percent higher.

Wall Street indexes echoed the trend in global markets, where investors pulled some profits from soaring European and Japanese shares on Thursday, although a run of relatively upbeat economic data and continued support from central banks kept equities near multiyear highs

Jobless claims in the United States unexpectedly fell last week, dropping by 1,000 to 323,000, their lowest in more than five years. Analysts had expected claims to jump to 335,000.

But the stock market’s reaction was muted for much of Thursday. Through Wednesday, the recent rally on Wall Street had taken the S.P. 500 to record closing highs for five straight sessions.

The S.P. 500 has climbed 14.5 percent so far this year, while the Dow has advanced 15.3 percent and the Nasdaq has gained 13 percent.

Shares of Barnes Noble soared 17.9 percent in afternoon trading after the web publication TechCrunch reported that Microsoft was considering an offer to acquire all of Nook Media’s digital assets for $1 billion.

News Corporation reported earnings late Wednesday that beat expectations while revenue rose 14 percent. Rupert Murdoch’s media company also said it was on track to split off its slow-growing publishing business by the end of June. Shares rose 5.3 percent.

Groupon posted revenue growth of 7.5 percent in the first quarter, more than analysts had expected. Shares jumped 9.3 percent, though they are down more than 8 percent this month.

Oil prices dipped on a combination of weakening demand and rising supplies. The euro was stronger against the dollar.

Europe’s broad FTSE Eurofirst 300 index slipped from a near five-year high to be flat by the end of trading. Germany’s DAX was up 0.2 percent at the end of the session, and Britain’s FTSE 100 gained 0.1 percent.

In Asia, the Nikkei index in Japan closed down 0.7 percent, the Hang Seng in Hong Kong fell 0.1 percent, and the Shanghai composite ended the session 0.6 percent lower.

Article source: http://www.nytimes.com/2013/05/10/business/daily-stock-market-activity.html?partner=rss&emc=rss

Debt Ceiling Optimism Lifts Markets Overseas

LONDON (AP) — Hopes that United States politicians will be able to reach a deal on raising the government’s debt ceiling, avoiding the risk of a disastrous default, supported global markets on Monday, with Wall Street closed for a holiday.

Congress must agree by the end of February to increase the limit on how much the nation can borrow so the government can service its debt. If it doesn’t, the country could default, which would deal a heavy blow to global financial markets and undermine confidence in the world’s largest economy.

Republicans appear ready to raise the debt ceiling temporarily and have also backed away from their insistence on deep spending concessions in exchange for a deal. The signs of compromise last week encouraged investors to buy into stock indexes, many of which are near multiyear highs.

“Although this again could be seen as another round of political battle, any progress to avoid immediate dangers will likely be seen as positive by the market,” Gary Yau, analyst at Crédit Agricole, said in a report to investors.

The FTSE 100 in Britain closed Monday up 0.43 percent, at 6,180.98, the DAX in Germany advanced 0.36 percent, to 7,729.80. The CAC-40 in France ended the day up 0.2 percent, at 3,749.79.

United States stock and bond markets were closed on Monday for Martin Luther King’s Birthday.

Dickie Wong, executive director of research at Kingston Securities in Hong Kong, said he was optimistic that an agreement on the debt ceiling would be reached because of the high price tag attached to failing to do so.

“Both parties will find some kind of solution because they all know that the debt ceiling will have to be increased,” Mr. Wong said. “At the very last minute, they will sort it out.”

Earlier in Asia, markets were more cautious, with Japanese shares hit hard by a rise in the yen. The Nikkei 225 fell 1.5 percent, to close at 10,747.74.

The Bank of Japan began a two-day policy meeting and has been under pressure from a new government to take more aggressive steps to fight the long deflationary slump there. Some analysts expect the bank to expand its asset-purchasing program and set an inflation target.

In commodity markets, the benchmark oil contract for February delivery was down 50 cents to $95.06 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 7 cents to finish at $95.56 a barrel on the Nymex on Friday.

Article source: http://www.nytimes.com/2013/01/22/business/daily-stock-market-activity.html?partner=rss&emc=rss

Market’s Rally May Not Be Over

Debt Ceiling Optimism Lifts Markets Overseas

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