Home
Investment
News & Views
Company News
news storage
US close: GDP update sparks rally
Wed, 08 Feb, 2012
INVESTMENT NEWS
Company Search
Search QCK.COM
Investment Home
News & Views
Top Stories
Charting
Company Search
Watchlist
Market Reports
Market Buzz
Company News
Economic News
New Issues
Other News
US close: GDP update sparks rally
Fri, 27 Aug 2010, 22:46:00
Wall Street recovered from a mid-morning slump and closed well ahead on positive GDP figures and Fed chief Ben Bernanke's assertion that he was ready to help the recovery. Dow Jones was 164 points higher at 10,150, while the Nasdaq gained 34 points to 2,153. The S&P 500 added 17 points at 1,064. The preliminary report on US growth revealed the world's largest economy expanded at an annualised rate of 1.6% in the second-quarter, better than the 1.4% predicted, but down on initial estimates of 2.4%. Federal Reserve chairman Ben Bernanke said that the US central bank will do all it can to ensure that the economic recovery will continue in his speech at the meeting of central bankers at Jackson Hole, Wyoming. He said that growth has been too slow and unemployment too high. "The committee is prepared to provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly," he said. Away from the economics, there's no sign of a winner in the fight between PC makers <b>Dell</b> and <b>Hewlett Packard</b> (HP) for data storage provider <b>3Par</b>. Dell has matched an offer of $27 a share made by HP last night, sending 3Par's shares higher in pre-market trade. It had already put together a new package for 3Par at $24.30 a share, or $1.6bn (£1bn). The group thought a deal had been done at $18 a share, or $1.15bn, last week, but HP smashed that with Monday's $24 a share ($1.5bn) takeover. <b>Intel</b> shares fell after it said that third quarter revenues will be below expectations and this knocked some technology companies. <b>SanDisk</b> shares have also fallen. Jeweller <b>Tiffany</b> reported lower than expected second quarter sales of $669m.
©2004-2009 QCK.com
