US Markets Rose On Encouraging Economic Reports (28-Jun-2012)
The US markets rose for the second day in a row on Wednesday, after durable goods orders rose for the first time since February and pending home sales increased. The orders for goods that are expected to last at least three years increased 1.1% in May, the first gain since February according a government report. The orders increased after a revised 0.2% drop in April. For the year to the month, orders declined 6.8% in the first four months and though the orders improved in May the trend for consumer spending is still soft. Besides, pending home sales increased 5.9% in May after falling 5.5% in April according to the industry association. Housing market appears to be in a slow recovery mode and pending sales increased 15.3% in May after rising 14.7% in April. Contracts of home sales across the nation and were led by 14.5% surge in the West.
In Europe, the pressure on European leaders intensified as Spain slides closer to a bailout as the recession deepens and government faces unsustainable cost of debt refinancing. The Spain's Prime Minister Mariano Rajoy warned that the nation cannot finance government debt for a long time at prices like those that they are now paying in a speech to Parliament. Spain is likely to force to accept a bailout in the next few months as bond markets exact interest rates that the government cannot afford to pay. Spanish economy is two times larger than the combined economies of Ireland, Greece and Portugal but the calls for the pooling of member nations debt in the shape of eurozone bonds to quickly relieve market pressure has met stiff resistance from German Chancellor Angela Merkel.
The Dow Jones Industrial Average closed higher by 92.34 points or 0.74%, at 12,627.00. The S&P 500 finished the day up by 11.86, or 0.90%, to 1,331.85 while the Nasdaq closed up by 21.26 points or 0.74%, to 2,875.32.
The Indian ADRs closed mostly in green; ICICI Bank was up 0.69%, Infosys was up by 0.69% and Dr. Reddy's Lab was up 0.30%. On the flip side, Tata Motors was down 0.23% and Tata Communications was down 0.12%.
Top News Today
 UK's BP Plc has offered to surrender a KG basin block after restrictions imposed by the Defence Ministry made oil and gas exploration practically impossible in it. BP along with Reliance...
 In order to comply with the European Union (EU) Good Manufacturing Practice (GMP) standards and to boost pharmaceutical exports to the EU, the government has issued new guidelines on the...
 Indian generic giant Ranbaxy Laboratories has spent over $300 million to overhaul its operations and ensure no repeat of drug safety violations that led to a multi-million dollar US fine....
|
International Stock News
 US markets extended their weakness on Friday and closed mostly lower for a third session in a row, as traders remained worried that the Federal Reserve may start withdrawing stimulus by curtailing...
 The US markets ended modestly lower on Thursday, paring substantial intraday losses after upbeat US economic reports countered worries about the Federal Reserve potentially tapering its bond-buying...
 Asian markets recovered after heavy falls a day earlier and ended mostly higher with Japan's Nikkei surging back from its worst one-day drop since the March 2011 quake-tsunami disaster as...
|
|
Recent International Global Stock Market News News
|
|