New York: Bank arbitration in focus, S & amp; P 500 near record (R)
2014-08-22 08:24
(SIX) Expectations for tomorrow's Federal Reserve meeting together with macro data helped to lift the American exchanges. S & amp; P 500 reached new heights during Thursday trading and approached the milestone in 2000. The Dow Jones Industrial Average closed at +0.4 percent at 17,039. On the broader market rose S & amp; P 500 by 0.3 percent to 1.992 while The Nasdaq composite rose 0.1 percent to 4,532. The interest rate on the ten-year bonds dropped 2 basis points to 2.41 percent while trettioårsräntan rose fell 3 basis points to 3.19 percent. Bank of America was the major talking point after the news that Bank reached a settlement with the United States in the dispute over irregularities in the mortgage market. The result of the settlement was to Bank will pay $ 16.65 billion. Although the bank flagged to earnings per share will be reduced by $ 0.43 responded the stock market to buy shares up 4 percent. Hewlett-Packard rose after successful PC sales and strong quarterly results for the third quarter which was reported late on Wednesday evening. The company's profit exceeded analyst expectations and was traded on Thursday, up 5 percent. Hormel Foods shares were trading up after the company reported increased sales and profits for the third quarter. Shares rose 4 percent. Family Dollar dropped 0.5 percent after being denied Dollar Generals bid of 9 billion dollars in favor of a lower bid on $ 8.5 billion from the Dollar Tree. Swedish pharmaceutical company Sobi competitor Baxter rose 1 percent after the company announced positive results from a Phase III study of the drug candidate BAX 855, developed as treatment of hemophilia A. The Company plans to submit a NDA in the United States before year end. Also sector colleague Auxilium Pharmaceuticals rose in trading on positive results from a phase II trial with the treatment of cellulite. The drug candidate was evaluated in 150 women in a age range of 18-45 years and 68 percent of the subjects stated that they were "satisfied" or "very satisfied" with the treatment. Stock closed at +4.4 percent. Toro, who partially compete with Swedish Husqvarna, reported a profit of 87 cents per share for the split fiscal third quarter. Meanwhile screwed earnings forecast for the full year up slightly. Shares rose 2.1 percent. Sears retail chain has shown up a second quarter where you could deduce a larger decline in revenues compared to the same quarter 2013, the reported figure showed -573 million, against -194 million last year. Shares dropped 7.2 percent. Markit's purchasing managers' index for the manufacturing sector showed a preliminary figure of 58.0 for August. The market had expected 55.7. "America's manufacturing companies seem increasingly convinced that recovery is firmly back on track and gearing up for a lasting recovery in production plans over the next months, "said Markit economist Tim Moore. Philadelphia Fed index was +28.0 in August, which may compared with last month's unrevised +23.9 and expectations low at +19.2. The index consists of the components of new orders, production, inventory, delivery times, employment and prices. A positive figure indicates a increase in economic activity. The figures for the number of first-time applicant in the labor market came in at 298,000, just over 302,000 people as the market expected. Tomorrow, Friday, the Federal Reserve chairman to hold a speech in Jackson Hole. The market will keep a lookout for signals of central bank easing program, which many expect will cease once the economy starts to recover. Anna Sundström mailto: anna.sundstrom@six-group.se www.blogg.six.seSIXNews SIX News
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