Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a658831

Overnight Markets: Most US stocks up as investors weigh Obama speech

General Electric lifted the S&P 500 after cable company Comcast Corp said it will buy from GE the part of NBCUniversal it didn't already own for $16.7 billion.

 
Overnight Markets: Most US stocks up as investors weigh Obama speech

Most US stocks gained on Wednesday, with the Standard & Poor’s 500 Index hitting its highest level since October 2007, as investors weighed President Barack Obama’s State of the Union address and economic reports.

The Dow Jones industrial average fell 36 points or 0.26%, to 13,983, the S&P 500 gained one point to 1,520 and the Nasdaq Composite added 10 points or 0.33%, to 3,197.

Obama called for increasing the federal minimum wage to $9 an hour and vowed to expand trade with Europe in the State of the Union speech late on Wednesday. He also proposed spending $50 billion on “urgent” infrastructure projects. He praised companies such as Apple Inc., Caterpillar Inc. and Ford Motor Co. for bringing manufacturing jobs back to the US.

General Electric lifted the S&P 500 after cable company Comcast Corp said it will buy from GE the part of NBCUniversal it didn't already own for $16.7 billion. Comcast's stock closed up 3% and GE gained 3.6%.

Deere & Co was down 3.5% after the world's largest farm equipment maker forecast a modest increase in sales this year despite the prospect of the biggest corn crop in US history.

Technology bellwether Cisco Systems was down 2% in extended trading after it posted results.

Dr Pepper Snapple plunged 5.8% after it forecast profit for the current year below analysts' estimates.

Cliffs Natural Resources lost 20% of its market value a day after the miner reported a quarterly loss and slashed its dividend by 76%.

McDonald’s Corp. declined 1.2% after Obama announced his plan to raise the minimum wage. Brinker International Inc., owner of the Chili’s and Maggiano’s dining chains, fell 3.2%, while Darden Restaurants Inc. retreated 2%.

On the positive side, retailers gained with Netflix Inc. adding 4.7%. Amazon increased 4.2% as the world’s largest online retailer is expanding its content licensing agreement to bring shows from CBS Television Distribution and Showtime Networks to Amazon’s Prime Instant Video service.

In Asia, shares gained on Thursday after the Bank of Japan said that it will keep its asset purchasing programme intact amid speculation an unexpected contraction in Japan’s economy in the fourth quarter will boost Prime Minister Shinzo Abe’s efforts to fight deflation.

The MSCI Asia Pacific Index climbed 0.4% to 134 as of 12:32 p.m. in Hong Kong. Japan’s Nikkei 225 Stock Average rose 0.6% and Hong Kong’s Hang Seng Index climbed 0.9%. Australia’s S&P/ASX 200 Index advanced 0.8%. South Korea’s Kospi Index slid 0.1% and Singapore’s Straits Times Index lost 0.2%.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire guide to investment trusts

In association with Aberdeen Asset Management

Fund managers from Standard Life Investments quizzed on investment trusts


What can SLI bring to the table for those who want to put their money into investment trusts?

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

Markets surge as Japan delivers shock QE boost

by Daniel Grote on Oct 31, 2014 at 09:58

Sorry, this link is not
quite ready yet