U.S. stocks rose, giving the Standard & Poor’s 500 Index its best start to a year since 1987, after confidence among homebuilders topped forecasts, Goldman Sachs (GS) Group Inc. rallied and concern about Europe eased.
Last Wednesday, the S&P 500 increased 1.1% to 1,308.04 at 4 p.m. New York time, closing above 1,300 for the first time since July. The Dow advanced 96.88 points, or 0.8%, to 12,578.95. The Nasdaq Composite Index climbed 1.5% to 2,769.71. The Russell 2000 Index jumped 1.8% to 779.26.
“It’s great to see the market up,” John Carey, a Boston- based money manager at Pioneer Investments, said in a telephone interview. The firm oversees about $220 billion. “People are realizing that Europe is important, but it’s not the whole world. They are looking at the economic numbers in the U.S. and seeing that we’re not going back into a recession. The economy is still growing. We might be all right at the end of the day.”
The S&P 500 has risen 4% this year as measures of commodity, financial and industrial shares rallied at least 6.4%. The Morgan Stanley Cyclical Index of companies most- tied to the economy has surged 11% in 2012, with Alcoa Inc. (AA) and Caterpillar Inc. (CAT) soaring at least 15%.
Highest Since 2007
Stocks climbed today as confidence among U.S. homebuilders rose in January to the highest level since 2007. Equities extended gains as an official told reporters that Greece’s government could forge an agreement with private creditors by the end of this week after talks resumed in Athens today. The International Monetary Fund is proposing to raise its lending capacity by as much as $500 billion to safeguard the economy.
Homebuilders Rally
Nine out of 10 industries in the S&P 500 rallied as financial and technology gauges advanced at least 1.6%. A gauge of homebuilders in S&P indexes climbed 4.6%. Some of the largest financial companies also climbed.
Sales Forecast
The Philadelphia Semiconductor Index surged 5% as all of its 30 stocks advanced. U.S. companies that beat analysts’ earnings estimates are an exception, rather than the rule, for the fourth-quarter reporting season getting under way. 47.1% of companies in the S&P 500 that posted quarterly results between Dec. 1 and last Wednesday exceeded the average projection, according to data compiled by Bloomberg.
Bloomberg - 19 January 2012
Indices:
The All Ordinaries Index has moved up over the past week increasing 31 points (or +0.7%) since closing last Friday to 01:42 pm this Friday.
The rest of the world as measured by the MSCI index is up 32 points (or +2.7%) from closing last Friday to end of trade Thursday.
Last Wednesday, the S&P 500 increased 1.1% to 1,308.04 at 4 p.m. New York time, closing above 1,300 for the first time since July. The Dow advanced 96.88 points, or 0.8%, to 12,578.95. The Nasdaq Composite Index climbed 1.5% to 2,769.71. The Russell 2000 Index jumped 1.8% to 779.26.
“It’s great to see the market up,” John Carey, a Boston- based money manager at Pioneer Investments, said in a telephone interview. The firm oversees about $220 billion. “People are realizing that Europe is important, but it’s not the whole world. They are looking at the economic numbers in the U.S. and seeing that we’re not going back into a recession. The economy is still growing. We might be all right at the end of the day.”
The S&P 500 has risen 4% this year as measures of commodity, financial and industrial shares rallied at least 6.4%. The Morgan Stanley Cyclical Index of companies most- tied to the economy has surged 11% in 2012, with Alcoa Inc. (AA) and Caterpillar Inc. (CAT) soaring at least 15%.
Highest Since 2007
Stocks climbed today as confidence among U.S. homebuilders rose in January to the highest level since 2007. Equities extended gains as an official told reporters that Greece’s government could forge an agreement with private creditors by the end of this week after talks resumed in Athens today. The International Monetary Fund is proposing to raise its lending capacity by as much as $500 billion to safeguard the economy.
Homebuilders Rally
Nine out of 10 industries in the S&P 500 rallied as financial and technology gauges advanced at least 1.6%. A gauge of homebuilders in S&P indexes climbed 4.6%. Some of the largest financial companies also climbed.
Sales Forecast
The Philadelphia Semiconductor Index surged 5% as all of its 30 stocks advanced. U.S. companies that beat analysts’ earnings estimates are an exception, rather than the rule, for the fourth-quarter reporting season getting under way. 47.1% of companies in the S&P 500 that posted quarterly results between Dec. 1 and last Wednesday exceeded the average projection, according to data compiled by Bloomberg.
Bloomberg - 19 January 2012
Indices:
The All Ordinaries Index has moved up over the past week increasing 31 points (or +0.7%) since closing last Friday to 01:42 pm this Friday.
The rest of the world as measured by the MSCI index is up 32 points (or +2.7%) from closing last Friday to end of trade Thursday.
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