NST Online Business Times : latest

Posted: 12 Jul 2013 04:34 PM PDT

NEW YORK: US stocks edged higher to new highs on Friday after strong banking earnings helped offset a profit warning from UPS and fresh trouble for Boeing's Dreamliner aircraft.

The Dow Jones Industrial Average rose 3.38 (0.02 per cent) to 15,464.30, nudging above Thursday's record.

The S&P 500 also rose to a new record, adding 5.17 (0.31 per cent) at 1,680.19, while the tech-rich Nasdaq Composite Index jumped 21.78 (0.61 per cent) to 3,600.08.

Earnings from JPMorgan Chase and Wells Fargo beat expectations by a wide margin.

Wells Fargo shares jumped 1.8 per cent after reporting a jump in net second quarter earnings to US$5.5 billion compared with US$4.6 billion a year earlier, helped by 3.5 per cent growth in loans. Bank executives said its size and varied income streams insulates it from some of the negative effects of higher interest rates.

JPMorgan ended the day down 0.3 per cent after trading in positive territory much of the day. The bank reported a 31 per cent gain in profits but warned higher interest rates could crimp profits from mortgage banking.

Other banks also gained, including Bank of America (up 2.0 per cent) and Morgan Stanley (up 2.3 per cent).

But the Dow was weighted down by Boeing after a parked Ethiopian Airlines 787 Dreamliner plane caught fire at London's Heathrow airport, raising new fears for the trouble-plagued aircraft after it was grounded earlier this year for battery issues.

Boeing closed 4.7 per cent lower after dropping as much as 7.4 per cent earlier in the day.

UPS closed 5.8 per cent lower, while rival FedEx shed 2.0 per cent, after UPS slashed its second-quarter forecast, citing weak US industrial activity and air freight overcapacity.

Dell slipped 0.2 per cent after Carl Icahn and his allies boosted their offer, a rival to the go-private takeover proposed by a consortium led by founder Michael Dell.

Alexion Pharmaceuticals soared 12.6 per cent following reports that Swiss pharmaceutical company Roche Holding is seeking financing for a potential takeover of the company.

Another pharmaceutical company, Regeneron, jumped 7.3 per cent following a ratings upgrade. Lazard gave the company a "buy" rating, predicting potential growth across numerous business lines. -- AFP

Kredit: www.nst.com.my

Jumaat, 12 Julai 2013

NST Online Business Times : latest

NST Online Business Times : latest

0 ulasan:

Catat Ulasan