Portfolio Crafter
11-30-2006, 02:49 AM
End of Day Market Summary Wednesday 11/29/2006
by Portfolio Crafter (http://www.portfoliocrafter.com?a_aid=fiasco)
30-day risk-free trial (http://www.portfoliocrafter.com?a_aid=fiasco)
Stocks rallied to close higher after the third-quarter economic growth was revised higher and inflation was revised lower. Additionally, Intel Corp. and Verizon Communications provided support following positive broker comment. The release of the Federal Reserve's "beige book' survey of economic conditions also comforted investors about the economy.
Today, the Dow Jones industrial average closed up 90.28 or 0.7% to 12,226.73, the broader S&P 500 closed up 12.76 or 0.9% to 1,399.48, and the Nasdaq composite closed up 19.62 or 0.8% to 2,432.23.
Market breadth was positive. On the New York Stock Exchange, winners beat losers by 13 to 3 on volume of 1.60 billion shares. On the Nasdaq, advancers topped decliners 20 to 9 on volume of 1.94 billion shares.
The U.S. economy grew at a 2.2% annual pace in the third quarter, faster than the 1.6% initially estimated, the Commerce Department reported Wednesday in its first revision to the gross domestic product report. Economists expected growth to be revised to 1.8%. The report helped quell some recent concerns about how much the economy would slow, particularly amid the slump in the housing sector.
Sales of new homes fell 3.2% in October to a seasonally adjusted annual rate of 1.004 million, against the forecast of 1.05 million. However, the median price of a new home sold in the month jumped to $248,500, up 13.9% from September and 1.9% from a year earlier.
The Federal Reserve's "Beige Book' survey of its 12 districts, showed continued moderate growth in most parts of the country and a pickup in consumer spending outside the housing and auto sectors. The strong GDP report quelled worries about the speed of the economic slowdown, but also reminded investors that the Fed is unlikely to start cutting interest rates anytime soon, something Wall Streeters have been hoping for.
Shares of Ford closed up $0.02 to $8.17, after stating that more than half of its U.S. factory work force has accepted offers to retire or resign, beating company targets. Therefore, the company will see annual cash outflow of $17 billion through 2009.
Shares of Pfizer closed up $0.02 to $27.07, after it announced that it was cutting its U.S. sales force by 20% as a means of reducing costs. However, it did not say when the reductions would take place. Pfizer is hoping to produce annual savings of $4 billion a year by 2008. Separately, a FDA advisory panel said that Pfizer's pain reliever Celebrex should be approved for treating rheumatoid arthritis in children, although the panel also questioned its safety.
Shares of Tiffany Co. closed up $2.29 or 6.4% to $38.22, after reporting 23% higher quarterly earnings that beat estimates and issuing bullish earnings-per-share guidance for fiscal 2007. The growth was helped by growth in the U.S. The company reported a net profit of $29.1 million, from $23.8 million in the year-ago period. Net sales rose 9.5% to $547.8 million, while same-store sales rose 4%. Analysts had expected a revenue of $544 million.
U.S. light crude oil for January delivery jumped $1.47 to settle at $62.46 a barrel on the New York Mercantile Exchange. Oil jumped after the weekly oil inventories report showed a surprise dip in crude, gas and distillate supplies, amid forecasts for cold temperatures across the U.S.
Try Portfolio Crafter risk-free for 30 days. (http://www.portfoliocrafter.com?a_aid=fiasco)
http://www.stock-monkey.com/ads/portfoliocrafter/portfoliocrafter468x60.gif (http://www.portfoliocrafter.com?a_aid=fiasco)
by Portfolio Crafter (http://www.portfoliocrafter.com?a_aid=fiasco)
30-day risk-free trial (http://www.portfoliocrafter.com?a_aid=fiasco)
Stocks rallied to close higher after the third-quarter economic growth was revised higher and inflation was revised lower. Additionally, Intel Corp. and Verizon Communications provided support following positive broker comment. The release of the Federal Reserve's "beige book' survey of economic conditions also comforted investors about the economy.
Today, the Dow Jones industrial average closed up 90.28 or 0.7% to 12,226.73, the broader S&P 500 closed up 12.76 or 0.9% to 1,399.48, and the Nasdaq composite closed up 19.62 or 0.8% to 2,432.23.
Market breadth was positive. On the New York Stock Exchange, winners beat losers by 13 to 3 on volume of 1.60 billion shares. On the Nasdaq, advancers topped decliners 20 to 9 on volume of 1.94 billion shares.
The U.S. economy grew at a 2.2% annual pace in the third quarter, faster than the 1.6% initially estimated, the Commerce Department reported Wednesday in its first revision to the gross domestic product report. Economists expected growth to be revised to 1.8%. The report helped quell some recent concerns about how much the economy would slow, particularly amid the slump in the housing sector.
Sales of new homes fell 3.2% in October to a seasonally adjusted annual rate of 1.004 million, against the forecast of 1.05 million. However, the median price of a new home sold in the month jumped to $248,500, up 13.9% from September and 1.9% from a year earlier.
The Federal Reserve's "Beige Book' survey of its 12 districts, showed continued moderate growth in most parts of the country and a pickup in consumer spending outside the housing and auto sectors. The strong GDP report quelled worries about the speed of the economic slowdown, but also reminded investors that the Fed is unlikely to start cutting interest rates anytime soon, something Wall Streeters have been hoping for.
Shares of Ford closed up $0.02 to $8.17, after stating that more than half of its U.S. factory work force has accepted offers to retire or resign, beating company targets. Therefore, the company will see annual cash outflow of $17 billion through 2009.
Shares of Pfizer closed up $0.02 to $27.07, after it announced that it was cutting its U.S. sales force by 20% as a means of reducing costs. However, it did not say when the reductions would take place. Pfizer is hoping to produce annual savings of $4 billion a year by 2008. Separately, a FDA advisory panel said that Pfizer's pain reliever Celebrex should be approved for treating rheumatoid arthritis in children, although the panel also questioned its safety.
Shares of Tiffany Co. closed up $2.29 or 6.4% to $38.22, after reporting 23% higher quarterly earnings that beat estimates and issuing bullish earnings-per-share guidance for fiscal 2007. The growth was helped by growth in the U.S. The company reported a net profit of $29.1 million, from $23.8 million in the year-ago period. Net sales rose 9.5% to $547.8 million, while same-store sales rose 4%. Analysts had expected a revenue of $544 million.
U.S. light crude oil for January delivery jumped $1.47 to settle at $62.46 a barrel on the New York Mercantile Exchange. Oil jumped after the weekly oil inventories report showed a surprise dip in crude, gas and distillate supplies, amid forecasts for cold temperatures across the U.S.
Try Portfolio Crafter risk-free for 30 days. (http://www.portfoliocrafter.com?a_aid=fiasco)
http://www.stock-monkey.com/ads/portfoliocrafter/portfoliocrafter468x60.gif (http://www.portfoliocrafter.com?a_aid=fiasco)