NST Online Business Times : latest

Posted: 27 Sep 2012 04:32 PM PDT

NEW YORK: US stock markets scored solid gains on Thursday amid speculation of additional stimulus measures from China and after Spain announced a 2013 austerity budget.

The Dow Jones Industrial Average advanced 72.46 points (0.54 percent), closing at 13,485.97.

The S&P 500, a broad measure of the markets, jumped 13.83 points (0.96 percent) to 1,447.15, snapping a five-day slump. The Nasdaq Composite added 42.90 points (1.39 percent) at 3,136.60.

"US equities overcame some weak domestic data today to finish with solid gains on news that Spain has approved its 2013 budget. The budget is said to meet or exceed all the EU recommendations, which clears the path for Spain to request a bailout," Charles Schwab & Co. analysts said.

Disappointing government data showed durable goods orders plunged month-over-month in August and an unexpected downward revision to second-quarter economic growth, to a mere 1.3 percent, far below the prior estimate of 1.7 percent.

Technology stocks outshone the rest of the market. Apple added 2.4 percent, Dow member Intel advanced 1.9 percent and fellow blue-chip stock Cisco was up 1.2 percent. Intel rival AMD surged 3.3 percent after unveiling new apps for personal computers.

In merger and acquisition news, memory-foam mattress maker Tempur-Pedic International soared 14.4 percent after announcing it would buy rival bedding maker Sealy Corp in a US$1.3 billion cash-and-debt deal. Sealy gained 2.3 percent.

Dollar General fell 1.6 percent. The discount retailer said it plans to sell 30 million common shares.

On Wednesday, the indexes sank in the wake of markets in Asia and Europe amid rising turmoil in the eurozone, with the Dow down 0.3 percent, the S&P 500 0.6 percent and the Nasdaq 0.8 percent. -- AFP

Kredit: www.nst.com.my

Khamis, 27 September 2012

NST Online Business Times : latest

NST Online Business Times : latest

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