Latest Stories

US stocks rise on better economic data

NEW YORK CITY – US stocks Thursday snapped a three-day losing streak, catalyzed by stronger Chinese trade data and better sentiment on the European economy.

The Dow Jones Industrial Average gained 27.65 (0.18 percent) at 15,498.32.

The broad-based S&P 500 tacked on 6.57 (0.39 percent) to 1,697.48, while the tech-rich Nasdaq Composite rose 15.12 (0.41 percent) to 3,669.12.

Hugh Johnson, chief executive of Hugh Johnson Advisors, said the market was primed for a jump after notching three straight declines.

Chinese trade data for July showed that exports increased 5.1 percent year-on-year to $186.0 billion, while imports rose 10.9 percent to $168.2 billion, revealing some ongoing strength in the Chinese economy.

Johnson also cited remarks from European Central Bank President Mario Draghi that the European economy appeared to be stabilizing and fresh German trade data that showed a pickup in exports.

These were “a catalyst for an oversold bounce,” Johnson said.

Dow component Microsoft rose 2.6 percent after Evercore Partners upgraded the stock to “buy.”

Evercore cited a solid outlook for some key divisions and said very low expectations for PC-related revenues have been priced in, according to Barrons.com.

Electric car manufacturer Tesla soared 14.3 percent after reporting a 20 cents per share profit, compared with an expected loss by analystsof 19 cents per share.

Online coupon company Groupon powered 21.6 percent higher after announcing a $300 million share repurchase program, and naming cofounder Eric Lefkofsky as its next chief executive.

Miner Freeport-McMoRan Copper & Gold picked up 4.7 percent after copper prices rose on the better Chinese data. Barrick Gold Corp. rose 10.0 percent.

Dow component Caterpillar, whose sales of heavy equipment are also heavily leveraged on trends in the mining industry, gained 1.9 percent on the better outlook for metals demand from China.

JPMorgan Chase, another Dow component, gave up 0.9 percent after disclosing that it faces civil and criminal investigations over its sale of mortgage-backed securities.

Slumping retailer JC Penney shot up 6.7 percent on reports that the company is searching for a new chief executive in response to pressure from activist investor Bill Ackman.

Telecommunications company CenturyLink dropped 5.6 percent after lowering its 2013 earnings forecast due to a bigger decline in some data services and slower growth in data hosting revenues.

Bond prices rose. The yield on the 10-year US Treasury slipped to 2.59 percent from 2.60 percent, while the 30-year fell to 3.67 percent from 3.69 percent. Bond prices and yields move inversely.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: economy , markets , stocks , Trade , US

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Retired SC justice Lorenzo Relova; 98
  • Ligots fight 2nd forfeiture case
  • PH will be partly cloudy in afternoon, evening—Pagasa
  • Ex-COA chief nabbed for plunder
  • John Paul relics abound: Bloodied shirt, unwashed fork…
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Afghan hospital guard kills 3 US doctors, including Fil-Am pediatrician
  • Marketplace