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US Market Overview July 8th 2011
Last Updated on Friday, 08 July 2011 11:56
- Stocks rallied, sending U.S. benchmark indexes to two-month highs, andcommodities rose as data on jobs and retail sales bolstered optimism in theeconomy. And the euro climbed versus the dollar after the European Central Banksignalled more interest-rate increases.
- The Standard & Poor’s 500 Index gained 1.1 percent to 1,353.22 at 4 p.m. in NewYork, its highest close since May 10. The S&P GSCI index of commodities surged 2.6percent as oil rose above $98 a barrel.
- The S&P 500 Retailing Index climbed 2.4 percent to a record in data going back to1989 as lower gasoline prices helped boost June sales. Target Corp., Limited BrandsInc. and Gap Inc. advanced at least 2.7 percent after last month’s sales surpassedanalysts’ projections.
- Eight of the 10 main industry groups in the S&P 500 advanced after companies inthe U.S. added 157,000 workers to their payrolls in June, according to figures fromADP Employer Services, bolstering confidence in the labour market beforetomorrow’s government employment report.
- JPMorgan Chase & Co. and Bank of America Corp. climbed more than 1.6 percent tohelp send the Dow Jones Industrial Average up 93.47 points, or 0.7 percent, to12,719.49. The two banks and three other U.S. mortgage servicers are in advancedtalks to resolve state and federal claims over faulty foreclosures.
- Raw sugar jumped 6.6 percent, the most in nine months, to 29.52 cents a pound onsigns that output will decline in Brazil. Heating oil and gasoline also climbed morethan 3.8 percent to help lead gains in 21 of 24 commodities tracked by the S&P GSCIindex.
- Oil rose 2.1 percent to a three-week high of $98.67 a barrel in New York followingthe ADP report and a drop in U.S. crude supplies.
- The MSCI Emerging Markets Index gained 0.6 percent, advancing for the first time inthree days. Russia’s Micex Index jumped 2.1 percent
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