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
- Weekly unemployment applications rise during the first week of 2013.
- Molycorp Inc. (MCP) tumbles after lowering its outlook on sagging prices.
- Spain raises 5.82 billion euros in the sale of three bonds, beating its maximum target.
- Supervalue (SVU) soars 19% after announcing a deal with Cerberus Capital.
- Ford (F) announces an increase in its quarterly dividend to $0.10 per share.
- Natural-gas futures gain 2.6% after data shows a big slump in gas inventories.
- Amazon (AMZN) moves ahead in the digital-music market with AutoRip offer.
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Published on Jan 10, 2013By InvestorGuide Staff