NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks mostly higher on upbeat data Posted: 11 Sep 2012 04:31 PM PDT NEW YORK: US stocks mostly rose Tuesday, lifted by upbeat economic data and hopes that a Federal Reserve meeting will deliver economic stimulus and a key German court decision will ease eurozone turmoil. The Dow Jones Industrial Average finished at 13,323.36, up 69.07 points (0.52 percent). The S&P 500-stock index rose 4.48 (0.31 percent) to 1,433.56, while the tech-rich Nasdaq lagged the broader market, adding a scant 0.51 point (0.02 percent) at 3,104.53. "Traders got some good news from the domestic economic front, as the trade deficit came in smaller than expected, while small business optimism improved in August," Charles Schwab & Co. analysts said. The Fed's Federal Open Market Committee opens a two-day policy meeting on Wednesday amid expectations it will take some fresh action to help the economy. Citigroup and Morgan Stanley unveiled an agreement for Morgan Stanley to buy Citi's 14 percent stake in their brokerage joint venture, Morgan Stanley Smith Barney Holdings, which was valued at $13.5 billion. Citigroup said in a regulatory filing it would take a third-quarter after-tax charge of US$2.9 billion on the deal; Citi shares jumped 2.6 percent. Morgan Stanley added 3.9 percent. On the 30-stock Dow, Bank of America led the gainers, up a hefty 5.2 percent. Insurance giant Travelers Companies surged 2.5 percent. Kraft Foods was the biggest blue-chip decliner, down 1.1 percent. Apple, whose 2.6 percent tumble weighed heavily on the markets Monday, slipped 0.3 percent ahead of its expected announcement Wednesday of the next generation of its popular iPhone. McDonald's shed 0.1 percent, reversing earlier gains, after reporting a 3.7 percent rise in global August same-store sales. -- AFP |
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