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BLBG: U.S. Stocks Fluctuate as Netflix Rally Offsets Energy Decline
 
U.S. stocks fluctuated, after the Standard & Poor’s 500 Index neared a record, as energy companies declined with oil while Netflix Inc rallied after earnings.
The S&P 500 slipped 0.2 percent to 2,101.74 at 9:34 a.m. in New York, after advancing yesterday to within 0.5 percent of a record.
“We’re right up near the all-time highs in the S&P, and sometimes you take a breather before you break through those levels,” said Matt Maley, an equity strategist at Miller Tabak & Co. in Newton, Massachusetts. “The decline in oil is certainly having an impact. And with European stocks pulling back, the U.S. market is vulnerable to doing so as well in sympathy.”
The Nasdaq Composite Index has jumped 5.8 percent this year through Wednesday, coming on March 20 within 7 points of its all-time high as biotechnology and Internet stocks have rallied.
Trading Range
The S&P 500 has been stuck in a range of 52 points since March 20 when it last neared its record, as weaker-than-forecast data from hiring to manufacturing elevated concern about earnings while at the same time bolstered the case for keeping interest rates lower for longer.
The benchmark has advanced 2.3 percent this year through Wednesday, trailing benchmark gauges in all developed markets tracked by Bloomberg except Greece, with the Federal Reserve set to raise rates this year.
Fourteen companies report quarterly results today. Analysts predict earnings for S&P 500 companies fell 5.6 percent in the first quarter, cutting projections amid concern over a surging dollar and worse-than-forecast economic reports.
Investors are also watching economic reports for clues on the timing of the Fed’s first rate increase since 2006. Housing starts rose less than forecast in March, indicating builders were slow to take advantage of favorable weather and underscoring a temperate housing recovery.
Oil Slips
Data showed starts climbed 2 percent to a 926,000 annualized rate from a revised 908,000 in February that was the weakest in more than a year.
A separate report showed jobless claims increased by 12,000 to 294,000 in the week ended April 11. Fewer than 300,000 American workers filed applications for unemployment benefits for the sixth consecutive week.
Oil fell for the first time in six days after Saudi Arabia led a surge in OPEC production, with West Texas Intermediate down 1.4 percent. Even with today’s decline, U.S. crude has surged 16 percent in April, sending oil companies in the S&P 500 toward their best month since January 2013.
Greece’s latest standoff with creditors has drawn attention, as the European Commission said talks on resolving the country’s financial crisis must “intensify” if euro-area finance ministers are to be able to assess its reform commitments when they meet next week.
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