Healthy rebounds in European and U.S. markets and commodity prices ignited a sharp rally in Hong Kong amid increased turnover. However, heavy redemption pressure on mutual funds will make the rally hard to sustain.
The market is trading higher today as investors receive encouraging news from Europe. Netflix says it is abandoning its spin-off plan, and Apple announces a new record.
Shares of Pepsi, Kennametal and Energy Transfer Partners seemed to have lost more ground than they deserve alongside the broader exit from equities and hiccups within their own business. At these levels, they look like strong buys again.
Much of the market news from Europe and the Fed was overshadowed by the passing of Steve Jobs, Apple's iconic CEO, at the age of 56 after a long battle with cancer.
Earnings season is starting to ramp up today with the release of JP Morgan Chase numbers. The bank reported a 4% drop in third-quarter earnings, which wasn't a surprise.
Stocks are up today as the market is hoping that the Federal Reserve will announce a new round of stimulus on Friday. Promising data from China and Germany also helped to boost sentiment.
Morgan Stanley's pessimistic note on the state of the global economy and the likelihood of a double dip sent shares of stocks across the financial sector into a hole today. The debt in Europe and weak U.S. home sales have been inescapable negative drivers for the sector.
The Italian Parliament definitely cleared on Wednesday a 54-billion-euro emergency budget plan aimed at balancing public finances by 2013 to shield the country from the risk of a debt crisis.
The tech sector was mixed today and largely independent of the broader market drivers. A potential acquisition offer for Yahoo and subscriber losses for Netflix were among the big drivers in the sector today.
The blue-chip Hang Seng Index plunged 300 points in the morning before a rally in Mainland markets helped erase most losses by mid-day. However selling pressure emerged in the afternoon.
The Street awaits news from the Fed and Europe, the latter not expected now until early October. Beware of a new-prompted breakout above DJIA 11,740 (S&P 1220)
Stocks are up in mid-day trading today as retail sales came in strong and EU showed some progress in handling the debt crisis. Apple is also holding up after the death of Steve Jobs.
Stocks moved higher today on hopes that Europe may finally address its sovereign debt issues. Financials lead the way as the sector moved up by as much as 5 percent.
With the immediate threat of a double dip behind us shares of Potash have been on the rise. The integrated fertilizer company has been hard hit this year and looks well prices as analysts predict robust demand.
The lack of expected resolution to financial problems in the eurozone and weak manufacturing reports hurt oil service sector stocks in trading today. Halliburton was especially hard hit as overseas earnings failed to excite the investing community.
Gold miners are climbing higher and Samaranta Mining Corp., which has interest in Colombia's rich mining industry, could be poised to benefit should the trend continue.