Positive Global Economic Data Pushes Up Stocks, Oil (SVU, TIF)

The S&P 500 ended close to a five year high on Thursday after positive economic data emerged from China and the euro zone. Investors are optimistic about the status of China's economy due to a rebound in export growth during  December. ECB President Mario Draghi relayed his confidence that the euro zone is in position to bounce back later this year. Spain had a successful first sale of bonds, raising an above-target 5.82 billion euros. The most recent jobs report was released today as well indicating a small rise in unemployment claims. Microsoft (MSFT) was downgraded by Morgan Stanley (MS) from equalweight to underweight, causing shares to fall.
Tiffany & Co. (TIF) warned about its profits for this year and next year after reporting a disappointing holiday season. Supervalu (SVU) soared after announcing its deal with Cerberus Capital Management involving the sale of five of its grocery chains. Oil futures rose to near $94 a barrel news from China and Saudi Arabia.

Word on the Street

Interesting Tidbits

Published on Jan 10, 2013
By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

Posted in ...