Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: S&P 500 ends at another record on jobs data

Overnight Markets: S&P 500 ends at another record on jobs data

The Standard & Poor’s 500 Index closed at another record high on Wednesday as signs of steady private-sector hiring indicated that the economy was slowly building momentum after a winter-related pullback.

The Dow Jones industrial average gained 40 points or 0.24%, to end at 16,573. The S&P 500 gained five points or 0.29%, to finish at 1,891, a record closing high. The S&P 500 also hit an intraday record high of 1,893. The Nasdaq Composite added eight points or 0.20%, to close at 4,276.

Data from payrolls process or ADP showed US private-sector employers added 191,000 workers in March, slightly less than the 195,000 forecast, while gains in the previous month were revised to 178,000 from a previously reported 139,000, signaling that a winter-related impact on job growth earlier this year was easing.

Orders for long-lasting manufactured goods surged 1.6% in February, the biggest increase since September and above a 1.2% estimate, the Commerce Department said.

January's durable goods orders were revised to show a larger drop of 1.0% instead of the previously reported decline of 0.7%.

The consumer discretionary sector led the rally yesterday. Shares of MannKind Corp (MNKD.O) soared 73.9% after the US health advisers recommended approval of the company's inhaled diabetes drug on Tuesday.

Among the day's decliners, fertiliser company Agrium Inc (AGU.TO) said a late start to spring and railroad-related backlogs will result in first-quarter earnings per share just above breakeven. Its shares lost 1.4%.

Delta Air Lines (DAL.N) said flight cancellations reduced its March quarter profit by $55 million. Shares dipped 0.1%.

Apollo Education Group Inc (APOL.O) tumbled 8.8% after the company reported lower-than-expected quarterly revenue.

DFC Global Corp (DLLR.O) gained 5.2% after the pawn and payday lender said it would be acquired by private equity firm Lone Star Funds for about $1.3 billion, including debt.

In Asia, shares gained on Thursday after data showed US companies added workers and China outlined economic stimulus plans.

The MSCI Asia Pacific Index added 0.2% to 139 as of 11:06 a.m. in Tokyo. Japan’s Topix index rose 0.4%, poised for a ninth consecutive daily advance, its longest winning streak in three years.

South Korea’s Kospi index advanced 0.4%. Australia’s S&P/ASX 200 Index and New Zealand’s NZX 50 Index gained 0.1%. Hong Kong’s Hang Seng Index climbed 0.4%. China’s Shanghai Composite Index added less than 0.1%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Play Wealth managers reveal the best investment ideas of the year

Wealth managers reveal the best investment ideas of the year

From robotics to impact investing, wealth managers share the best ideas they have heard this year.

Play Baillie Gifford's Earnshaw on Xi Jinping's 'new era'

Baillie Gifford's Earnshaw on Xi Jinping's 'new era'

Sophie Earnshaw talks through what Xi Jinping's 'new era' means for investors. and why Chinese tech offers some of best growth stocks in the world.

Read More
Your Business: Cover Star Club

Profile: JM Finn on why the future is with financial planners

Profile: JM Finn on why the future is with financial planners

There is a lot of work on pension consolidation and Sipps have been a big driver there, says JM Finn chief executive

Wealth Manager on Twitter