NST Online Business Times : latest

Posted: 07 Sep 2012 06:05 PM PDT

NEW YORK: US stock markets turned a weak jobs report into positive news Friday, ending higher on expectations that the data will lead to new Federal Reserve efforts to help the economy.

The markets added to Thursday's strong gains, with big mining companies surging on a jump in gold prices.

The Dow Jones Industrial Average closed up 14.64 points (0.11 percent) at 13,306.64.

The S&P 500 gained 5.80 (0.40 percent) at 1,437.92, while the tech-rich Nasdaq edged up 0.61 point (0.02 percent) to 3,136.42.

The Labor Department's report that a meager 96,000 jobs were added last month, and that 368,000 people dropped out of the jobs market, convinced many that the Fed would have to act to boost growth in its policy meeting next week.

"Hopes for additional Fed stimulus measures were raised after employment growth remained weak in August," Wells Fargo Advisors analysts said.

On the Dow, blue chips Alcoa and Caterpillar both jumped 3.9 percent, while Kraft disappointed investors, falling 5.5 percent as it unveiled a new marketing strategy ahead of splitting its US grocery arm from its international snacks business.

Mining stocks led the way as gold prices surged on the prospect of falling interest rates on both sides of the Atlantic and commodities giant Glencore jacked up its bid for mining group Xstrata.

Freeport McMoran leaped 8.5 percent and Southern Copper 5.3 percent. US-traded shares of Xstrata surged 5.3 percent, and those of Vale jumped 6.75 percent.

Financials continued their Thursday gains helped by the prospect of lower interest rates. Bank of America rose 5.4 percent, Citigroup 3.1 percent, Goldman Sachs 2.5 percent and JPMorgan Chase 1.6 percent.

On the Nasdaq, Intel shares lost 3.6 percent after it cut its sales outlook for the third quarter and said it would revise its full-year forecast, citing weaker-than-expected demand.

Following suit, chip maker AMD lost 5.7 percent and Micron Technology lost 3.8 percent.

Pandora Media plunged 16.7 percent after the Wall Street Journal reported that Apple is in talks to license music for broadcast on a custom online radio. -- AFP

Kredit: www.nst.com.my

Jumaat, 7 September 2012

NST Online Business Times : latest

NST Online Business Times : latest

0 ulasan:

Catat Ulasan