US Indices Push Forward as Oil Falls to New 2013 Low on China Concerns
On Monday the major US indices finished with gains despite earlier losses stemming from concerns over China's new announcement of property-buying restrictions. Worries also surfaced after Italy's recent inconclusive election and the euro fell to a two-month low against the dollar. Policy makers from several large central bansk will meet later in the week to discuss interest rates. In corporate news, smartphone makers such as Apple (AAPL), Blackberry (BBRY) and Nokia (NOK) fell on Monday after pessimistic sales and growth forecasts were released.Today's gainers included Wal-Mart (WMT) and Home Depot (HD). Yahoo (YHOO) also saw gains following an announcement of plans to discontinue a handful of products and after its rating was upgraded to "equal weight" from "overweight." The S&P 500 saw its first positive Monday in 2013 and the Dow is close to hitting its record closing high.
Word on the Street
- China stirs up concerns over energy demand and pushes oil prices lower.
- Yahoo Inc. (YHOO) and other tech stocks make gains on Monday, while Netflix (NFLX) declines.
- Policy announced in China could shift demand and affect social and economic stability.
- Genworth (GNW) shares spike over 7% after announcing their new Executive Vice President.
- Anheuser-Busch InBev (BUD) under pressure despite reporting robust earnings.
- Delta Air Lines (DAL) hopes for a Q1 profit in what has been a very difficult seasonal quarter.
- The euro is pushed to its lowest level in over two months ahead of monetary policy meetings.
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Published on Mar 4, 2013By InvestorGuide Staff