Americas Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. http://www.brecorder.com/markets/equity/americas.html Sat, 20 Dec 2014 20:03:10 +0000 SRA Framework 2.0 en-gb US stocks rise for 3rd day in a row http://www.brecorder.com/markets/equity/americas/212343-us-stocks-rise-for-3rd-day-in-a-row.html http://www.brecorder.com/markets/equity/americas/212343-us-stocks-rise-for-3rd-day-in-a-row.html imageNEW YORK: US stocks finished higher Friday, continuing to ride the positive momentum from Wednesday's Federal Reserve meeting as the last full week of trade of 2014 ended.

The Dow Jones Industrial Average added 26.65 points (0.15 percent) at 17,804.80.

The broad-based S&P 500 rose 9.42 (0.46 percent) to 2,070.65, about five points below its record, while the tech-rich Nasdaq Composite Index advanced 16.98 (0.36 percent) to 4,765.38.

Friday's advances were comparatively modest after two days of torrid gains after the Fed kept interest rates low and said it would be "patient" before raising them.

The rally once again underscored the resonance of the buy-the-dip trade, said Michael James, managing director of equity trading at Wedbush Securities. US stocks sank early in the week on concerns about low oil prices and the crashing Russian ruble.

"Investors here and abroad realize the US equity market remains the best option for equity investments and people are willing to put money to work when there are pullbacks," he said.

Dow member Nike fell 2.3 percent on concerns that the strong dollar was weighing on future product orders in overseas markets. Earnings for the fiscal second quarter rose 22 percent to $655 million.

Dow member McDonald's fell 0.4 percent as the National Labor Relations Board charged the fast-food company with illegally punishing workers for union activities in 13 regions around the US.

Juno Therapeutics, a biotech company developing cancer treatments, shot up 45.8 percent in its first full day of trade following its initial public offering.

Software company Red Hat vaulted 10.6 percent higher after reporting that sales for the fiscal 2015 third quarter rose about 15 percent to $455.9 million.

Petroleum-linked equities jumped on rising oil prices. Dow members ExxonMobil and Chevron gained 2.7 percent and 3.6 percent, respectively, while oil-services company Schlumberger rose 3.9 percent.

Bond prices rose. The yield on the 10-year US Treasury dipped to 2.18 percent from 2.20 percent Thursday, while the 30-year dropped to 2.77 percent from 2.81 percent. Bond prices and yields move inversely.

Copyright AFP (Agence France-Presse), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Americas Sat, 20 Dec 2014 07:52:04 +0000
Wall St climbs as tech shares lead http://www.brecorder.com/markets/equity/americas/212040-wall-st-climbs-as-tech-shares-lead.html http://www.brecorder.com/markets/equity/americas/212040-wall-st-climbs-as-tech-shares-lead.html imageNEW YORK: US stocks climbed on Thursday, led by tech shares, to build on the prior session's rally in the wake of the U.S. Federal Reserve's policy statement.

The benchmark S&P 500 index had notched its best day since October 2013 on Wednesday after the Federal Reserve gave an upbeat assessment of the U.S. economy and said it would take a patient approach toward raising interest rates.

The technology sector, up 1.8 percent, helped fuel the advance, buoyed by a gain of over 8 percent in Oracle Corp to $44.47 after its quarterly results topped Wall Street expectations.

Oil prices were volatile, with Brent crude hitting a high of $63.70 and WTI crude reaching $58.73 before turning slightly lower. After climbing more than 2 percent, the S&P Energy sector was last up 0.1 percent as the worst performing S&P sector.

"While the net effects of oil are being evaluated, it appears investors have taken a stance to take advantage of the extended downside move of the market," said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.

"All the money that has come out of oil needs to find a home. Money is systematically being forced into equities, for example, out of energy into technology."

The S&P 500 had fallen nearly 5 percent from its most recent record high on Dec. 5 before the strong gains on Wednesday.

The Dow Jones industrial average rose 207.24 points, or 1.19 percent, to 17,564.11, the S&P 500 gained 24.12 points, or 1.2 percent, to 2,037.01 and the Nasdaq Composite added 61.89 points, or 1.33 percent, to 4,706.20.

Weekly jobless claims fell more than expected, suggesting the labor market continued to strengthen. However, readings on the U.S. services sector and mid-Atlantic factory activity indicated a slower pace of growth.

Canadian convenience store operator Alimentation Couche-Tard Inc said it will buy U.S. convenience store chain The Pantry Inc for $1.7 billion, including debt. Pantry shares gained 3 percent to $36.57.

Rita Aid shares surged 12.2 percent to $6.80 after the drugstore chain's quarterly results topped expectations and it boosted its 2015 outlook.

Advancing issues outnumbered declining ones on the NYSE by 2,263 to 750, for a 3.02-to-1 ratio; on the Nasdaq, 1,834 issues rose and 775 fell for a 2.37-to-1 ratio.

The S&P 500 was posting 51 new 52-week highs and 5 new lows; the Nasdaq Composite was recording 104 new highs and 21 lows.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Thu, 18 Dec 2014 16:26:58 +0000
US stocks surge on oil rally, Fed afterglow http://www.brecorder.com/markets/equity/americas/212033-us-stocks-surge-on-oil-rally-fed-afterglow.html http://www.brecorder.com/markets/equity/americas/212033-us-stocks-surge-on-oil-rally-fed-afterglow.html imageNEW YORK: US stocks powered higher in early trade Thursday, joining a surge in European markets amid rising oil prices and improved sentiment following Wednesday's Federal Reserve meeting.

About 30 minutes into trade, the Dow Jones Industrial Average stood at 17,605.59, up 248.72 points (1.43 percent).

The broad-based S&P 500 jumped 29.32 (1.46 percent) to 2,042.21, while the tech-rich Nasdaq Composite Index gained 66.72 (1.44 percent) to 4,711.04.

Equity markets took heart from a rise in oil prices after Saudi Arabia's petroleum minister described the recent retreat in prices as temporary. Stock markets in Britain, France and Germany were all up at least 1.5 percent.

Analysts said spirits were also lifted by the outcome Wednesday of the Fed's two-day monetary policy meeting, which stoked talk of a "Santa Claus rally."

The US central bank left in place market expectations that it may raise interest rates only in the middle of 2015 and not sooner, and gave a fairly upbeat assessment of the economy.

Wall Street stocks rallied sharply after the Fed announcement, with the S&P 500 soaring 2.04 percent, its best one-day gain of the year.

Petroleum-oriented stocks rose, including Dow component Chevron (+1.1 percent), oil-services company Halliburton (+1.5 percent) and Marathon Oil (+4.2 percent), which announced that it would cut its 2015 capital budget by about 20 percent in the wake of lower crude prices.

Information-technology giant Oracle bolted 8.8 percent higher as second-quarter earnings translated into 69 cents per share, a cent above analyst expectations.

Consulting company Accenture jumped 5.6 percent after earnings for fiscal first-quarter 2015 rose 11 percent to $831.5 million.

Biotech company Amgen advanced 1.4 percent following news it will lift its first-quarter dividend by 30 percent in 2015.

Drugstore chain Rite Aid soared 10.2 percent as it raised its profit forecast after reporting that same-store sales jumped 5.4 percent in the third quarter.

Packaged food company ConAgra sank 5.0 percent on news that second-quarter net income shrank to $10 million from $248.7 million in the year-ago period following a large charge in its private brands segment, which includes snacks, pasta and retail bakery goods.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.21 percent from 2.15 percent Wednesday, while the 30-year advanced to 2.81 percent from 2.75 percent. Bond yields and prices move inversely.

Copyright AFP (Agence France-Presse), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Thu, 18 Dec 2014 16:14:47 +0000
TSX jumps at open as appetite for risk lifts resources http://www.brecorder.com/markets/equity/americas/212007-tsx-jumps-at-open-as-appetite-for-risk-lifts-resources.html http://www.brecorder.com/markets/equity/americas/212007-tsx-jumps-at-open-as-appetite-for-risk-lifts-resources.html imageTORONTO: Canada's main stock index jumped sharply higher at the open on Thursday buoyed by a rally in resource stocks, as higher oil prices and an upbeat assessment of the U.S. economy by the Federal Reserve pushed investors back toward riskier assets.

The Toronto Stock Exchange's S&P/TSX composite index jumped 200.06 points, or 1.41 percent, at 14,414.55. Eight of the index's 10 main groups were stronger, including a 4.2 percent surge in energy stocks.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Thu, 18 Dec 2014 15:08:11 +0000
Wall St rallies after Fed statement; S&P has best day this year http://www.brecorder.com/markets/equity/americas/211819-wall-st-rallies-after-fed-statement;-s.html?p-has-best-day-this-year= http://www.brecorder.com/markets/equity/americas/211819-wall-st-rallies-after-fed-statement;-s.html?p-has-best-day-this-year= imageNEW YORK: The S&P 500 scored its best day since October 2013 on Wednesday as the Federal Reserve gave an upbeat assessment of the economy and said it would take a patient approach toward lifting interest rates.

The rally, which followed a three-day losing streak, was also driven by a 4.2 percent gain in the S&P energy index.

Following a two-day meeting, the US central bank gave a strong signal that it was on track to raise interest rates sometime next year.

The Fed statement came against a backdrop of solid domestic economic growth but trouble overseas.

"This is the market saying, 'Ah, I get it,' the Fed does not want to be in the business of disruption, this is a steady monetary policy and the Fed will continue to be supportive of asset prices," said Scott Clemons, chief investment strategist at Brown Brothers Harriman Private Banking in New York.

Also supporting stocks, Fed Chair Janet Yellen it was not a major concern that some banks may be leveraged and exposed to oil price moves.

US and Brent oil are down roughly 50 percent since June.

The Dow Jones industrial average rose 288 points, or 1.69 percent, to 17,356.87, the S&P 500 gained 40.15 points, or 2.04 percent, to 2,012.89 and the Nasdaq Composite added 96.48 points, or 2.12 percent, to 4,644.31.

All 10 S&P sector ended higher. Shares of Exxon Mobil jumped 3 percent to $89.02.

Energy shares have which has fallen sharply with the recent heavy selloff in oil prices.

Earlier in the day, data showed US consumer prices recorded their biggest drop in nearly six years in November as gasoline prices tumbled.

Shares of the Herzfeld Caribbean Basin Fund, a closed-end mutual fund listed on Nasdaq, hit a seven-year high as President Barack Obama announced a move to normalize relations between the United States and Cuba.

The fund, which holds stocks and assets that fund manager Thomas Herzfeld believes would benefit from an eventual end to the US economic embargo against Cuba, rose 28.9 percent to $8.78.

About 9.4 billion shares changed hands on US exchanges, above the 7.3 billion average this month, according to BATS Global Markets.

NYSE advancing issues outnumbered decliners 2,777 to 353, for a 7.87-to-1 ratio; on the Nasdaq, 2,214 issues rose and 545 fell for a 4.06-to-1 ratio.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Thu, 18 Dec 2014 05:51:11 +0000
Wall St adds to gains following Fed statement http://www.brecorder.com/markets/equity/americas/211806-wall-st-adds-to-gains-following-fed-statement.html http://www.brecorder.com/markets/equity/americas/211806-wall-st-adds-to-gains-following-fed-statement.html imageNEW YORK: US stocks extended gains on Wednesday after the Federal Reserve gave a strong signal that it was on track to raise interest rates sometime next year, suggesting confidence in the US economy.

At 2:04 p.m., the Dow Jones industrial average rose 248.56 points, or 1.46 percent, to 17,317.43, the S&P 500 gained 32.99 points, or 1.67 percent, to 2,005.73 and the Nasdaq Composite added 63.71 points, or 1.4 percent, to 4,611.55.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Thu, 18 Dec 2014 05:28:53 +0000
TSX surges 2.5pc as oil shares rebound; Sherritt jumps http://www.brecorder.com/markets/equity/americas/211804-tsx-surges-25pc-as-oil-shares-rebound;-sherritt-jumps.html http://www.brecorder.com/markets/equity/americas/211804-tsx-surges-25pc-as-oil-shares-rebound;-sherritt-jumps.html imageTORONTO: Canada's main stock index had its biggest one-day jump in more than three years on Wednesday as a rebound in oil prices sent its heavily weighted energy sector up by more than 7 percent.

The country's biggest oil and gas companies rallied as world crude prices jumped as much as 6 percent, ending weeks of nearly nonstop selling, with traders betting the long rout of the commodity may be running out of steam.

Also supporting the sector, Spain's Repsol agreed on Tuesday to buy Talisman Energy, Canada's fifth-largest independent oil producer, for $8.3 billion with the drop in oil prices spurring energy companies to take the plunge on big M&A deals.

"The Talisman deal yesterday had a lot do with just getting some confidence back in the market ... maybe identifying that there is some value there," said Brian Pow, vice president, research, and equity analyst at Acumen Capital Partners in Calgary.

"A lot of the time everything gets wrapped up with fear. So when you have any little bit of confidence, you get people rushing back to the markets. There could be some short-covering taking place, all that kind of stuff that builds momentum." The Toronto Stock Exchange's S&P/TSX composite index , which fell more than 5 percent last week, closed up 352.36 points, or 2.54 percent, at 14,213.88.

The index's energy group was the biggest gainer, rising 7.3 percent. Stocks leading the market higher included Suncor Energy , up 8.2 percent at C$35.71, and Canadian Natural Resources, which rose 6.2 percent to C$34.53.

Shares of miner Sherritt International Corp were another big gainer, rising 26 percent to C$2.87.

The US move to normalize relations with Cuba could pave the way for Sherritt to export the nickel and cobalt it mines in Cuba to one of the biggest markets in the world, Chief Executive David Pathe told Reuters.

PharmaCan Capital Corp, a company invested in Canadian medical marijuana producers, began trading on Canada's small-cap Venture Exchange on Wednesday via a reverse takeover of a listed entity.

The stock closed at 80 Canadian cents after starting trade at C$1.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Americas Thu, 18 Dec 2014 05:26:30 +0000
TSX surges as Talisman deal sparks jump in oil shares http://www.brecorder.com/markets/equity/americas/211722-tsx-surges-as-talisman-deal-sparks-jump-in-oil-shares.html http://www.brecorder.com/markets/equity/americas/211722-tsx-surges-as-talisman-deal-sparks-jump-in-oil-shares.html imageTORONTO: Canada's main stock index surged on Wednesday as oil and gas shares wounded in the rout of oil prices regained some vitality on the $8.3 billion bid by Spain's Repsol to buy Talisman Energy Inc.

The energy group on the benchmark TSX index has shed more than a third of its value since June as the price of crude oil has plummeted to near 5-1/2 year lows. But Tuesday's news of Repsol's deal for Canada's fifth-largest independent producer has encouraged investors to reassess.

"The much beleaguered energy group on the heels of the Talisman takeover is drawing attention to the undervalued nature of the oil patch and so you're seeing an uptick of this very sorry group," said John Ing, president of Maison Placements.

In the oil and gas group, Suncor Energy rose 3.5 percent to C$34.15, Cenovus Energy was up 4.8 percent at C$20.80, and Canadian Natural Resources added 3.2 percent to C$33.58

Miners also featured among the gainers. Teck Resources was up 9.1 percent at C$14.22 and First Quantum Minerals Ltd rose 3.3 percent to C$16.54.

The Toronto Stock Exchange's S&P/TSX composite index was up 181.25 points, or 1.31 percent, at 14,042.77 at midmorning. The index fell more than 5 percent last week.

"Volatility is now the name of the game," Ing said. "There is a confluence of factors at work, both geopolitical, energy prices, interest rates, all this is leading to the expectations of increased volatility."

PharmaCan Capital Corp, a company invested in Canadian medical marijuana producers, began trading on the TSX's smaller Venture Exchange on Wednesday via a reverse takeover of a listed entity.

The stock was little traded at 83 Canadian cents, below its C$1 open.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Wed, 17 Dec 2014 17:02:53 +0000
Wall St climbs after 3-day drop; Fed decision on tap http://www.brecorder.com/markets/equity/americas/211720-wall-st-climbs-after-3-day-drop;-fed-decision-on-tap.html http://www.brecorder.com/markets/equity/americas/211720-wall-st-climbs-after-3-day-drop;-fed-decision-on-tap.html imageNEW YORK: US stocks rose on Wednesday on the heels of a three-session losing streak and ahead of the U.S. Federal Reserve's final statement of the year that may set the stage for interest rate hikes in 2015.

A strengthening U.S. economy is expected to trump global economic worries and the Fed is likely to signal it is still on track to raise rates, with many investors devoting attention to whether the central bank drops its longstanding view that it would wait a "considerable time" before raising rates.

"I don't know that it really makes a huge difference because ultimately they will hedge anything they do in that regard by simply saying it is all data-dependent," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin.

"There does seem to be a lot of focus on the language, but I don't know that the removal of the language, even if it happens, really brings the date of rate increases any closer if the data doesn't support it."

U.S. consumer prices recorded their biggest drop in nearly six years in November as gasoline prices tumbled, but this probably will do little to change views the Fed will start raising interest rates in mid-2015.

The Fed's statement is due at 2:00 p.m. (1900 GMT) and will be followed by a news conference by Chair Janet Yellen half an hour later.

The Dow Jones industrial average rose 117.33 points, or 0.69 percent, to 17,186.2, the S&P 500 gained 17.62 points, or 0.89 percent, to 1,990.36 and the Nasdaq Composite added 31.98 points, or 0.7 percent, to 4,579.82.

Volcano Corp shares jumped 55.1 percent to $17.83 after Philips agreed to buy the medical device maker for $1.2 billion including debt.

FedEx shares dropped 4.7 percent to $166.10 after the package delivery company reported lower-than-expected quarterly profit. The stock was the biggest weight on both the S&P 500 and Dow Jones Transportation Average, which lost 1.3 percent.

General Mills advanced 1.1 percent to $51.67 after he maker of Cheerios cereal and Betty Crocker cake mixes posted better-than-expected quarterly results and reaffirmed its full-year outlook.

The Herzfeld Caribbean Basin Fund surged 42.6 percent to $9.71 ahead of a statement by U.S. President Barack Obama in which a shift in policy towards Cuba is expected.

Advancing issues outnumbered declining ones on the NYSE by 2,243 to 702, for a 3.20-to-1 ratio; on the Nasdaq, 1,761 issues rose and 824 fell for a 2.14-to-1 ratio favoring advancers.

The S&P 500 was posting 6 new 52-week highs and 10 new lows; the Nasdaq Composite was recording 16 new highs and 63 new lows.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Wed, 17 Dec 2014 17:00:40 +0000
Rising rouble calms Latam markets after recent rout http://www.brecorder.com/markets/equity/americas/211695-rising-rouble-calms-latam-markets-after-recent-rout.html http://www.brecorder.com/markets/equity/americas/211695-rising-rouble-calms-latam-markets-after-recent-rout.html imageSAO PAULO: Latin American stocks and currencies were mostly stronger on Wednesday after Russia's rouble rebounded against the dollar, easing investor jitters over global financial stability.

Debt, equities and foreign exchange markets in Latin America have been hammered this month after a sharp drop in oil prices and a plummeting Russian rouble sapped demand for riskier investments from emerging markets.

On Wednesday the rouble halted its decline and strengthened about 7 percent after the government sold dollars and because exporters also sold dollars in preparation for monthly tax payments due this week.

"The rouble is rising and that is putting aside some of the concerns of an uncontrolled freefall," said Jaime Ferreira, head of currency trading at Sao Paulo brokerage Intercam. "But the market is still very sensitive and it could turn sour again with any new scare."

The Brazilian real strengthened against the dollar after five straight days of declines that saw the currency reach its weakest point in 9 and 1/2 years.

Investors also kept their eye on the outlook for the central bank's currency intervention program. Central bank head Alexandre Tombini said on Tuesday that the program, which offers hedging protection to local businesses and helps support the real, would continue next year, although the size of the program could be reduced.

"Decreasing it is equivalent to buying dollars, and would likely feed into even greater real losses," Brown Brothers Harriman analysts wrote in a client note.

A short-term decrease of the intervention was unlikely, they added.

The Chilean and Mexican pesos also gained against the dollar.

Latin American stock markets moved mostly higher, with Brazil's Bovespa stock index notching its biggest one-day gain in nearly a month.

Gains were concentrated in the most widely traded banking shares on expectations for higher interest rates given the increasing inflation pressure from a weaker currency. As interest rates rise local banks gain more from holdings of interest-rate-linked government debt.

Shares of state-run oil producer Petroleo Brasileiro SA rose slightly on bargain-hunting after the stock, which has been suffering due to ongoing corruption investigations, touched its lowest level in ten years on Tuesday.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Americas Wed, 17 Dec 2014 15:54:48 +0000