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BLBG: U.S. Stocks Rise as Factory Data Boost Economy Confidence
 
U.S. stocks rose, with the Standard & Poor’s 500 Index extending a weekly gain, as data showing a rise in factory output boosted confidence in the world’s largest economy while investors watched developments in Ukraine.

The S&P 500 (SPX) climbed 0.4 percent to 1,962.45 at 9:33 a.m. in New York. The Dow Jones Industrial Average added 30.89 points, or 0.2 percent, to 16,744.47.

“There doesn’t seem to be anything moving the market too much one way or another,” Richard Sichel, chief investment officer at Philadelphia Trust Co., which oversees $2 billion, said in a phone interview. “The market keeps looking at what the Fed will do. You always have to be watching to see what’s going on geopolitically, it can affect the markets.”

The S&P 500 yesterday added 0.4 percent to reach its highest level since July 30. It has risen 1.6 percent this week -- heading for its biggest weekly gain since April -- amid speculation that the crisis in Ukraine won’t escalate.

Ukraine today said Russia is still supplying rebels in the eastern part of the country with equipment, while NATO said it sees a continuous flow of Russian weapons into the region. In Russia, officials from the International Committee of the Red Cross began inspecting a convoy of trucks sent by the Kremlin to provide humanitarian aid to eastern Ukraine.

U.S. data this week brought signs the economy will have trouble sustaining the second-quarter pickup in growth, as retail sales in July had the worst performance in six months, while applications for unemployment benefits rose more than forecast last week.

Data Watch

Recent economic strength had created concern that the Federal Reserve may be forced to act on rates sooner than anticipated. The U.S. central bank remains on pace to wind down its monthly bond purchases in October. Fed Chair Janet Yellen has said officials will keep the benchmark rate low for a “considerable time” after the bond buying ends.

Data today showed total industrial production, which includes mines and utilities, advanced 0.4 percent for a second month in July, according to Fed data. Factory production rose at the fastest pace in five months.

A different report showed the August New York Fed Empire Manufacturing report fell to 14.69, more than the reading of 20 estimated in a Bloomberg survey.

Separately, wholesale prices in the U.S. rose at a slower pace in July as fuel costs dropped by the most in eight months. Limited price pressures give the Fed room to maintain an accommodative position as its scales back their monthly bond purchases.

Data at 9:55 a.m. New York time may show consumer confidence in the world’s largest economy rebounded from its lowest level since March. The Thomson Reuters/University of Michigan’s preliminary sentiment index rose to 82.5 in August from 81.8 last month, economists forecast.

Estee Lauder Cos. posts results today. Nineteen companies, including Home Depot Inc. and Hewlett Packard Co, release earnings next week. About 75 percent of those that have reported this season have beaten analyst estimates for earnings, while 64 percent have exceeded sales projections, data compiled by Bloomberg show.

To contact the reporter on this story: Jonathan Morgan in Frankfurt at jmorgan157@bloomberg.net

To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Jeremy Herron
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