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US close: Shares soar on manufacturing data
Wed, 08 Feb, 2012
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US close: Shares soar on manufacturing data
Wed, 1 Sep 2010, 21:24:00
Wall Street joined a global equity rally as good US manufacturing sector data followed strong Chinese and European manufacturing figures. The Institute for Supply Management's factory index rose to 56.3 from 55.5 in July. Economists had forecast a decline. The manufacturing sector appears to be much stronger than the US consumer sector, which has been showing signs of weakness. China's official purchasing managers' index rose to 51.7 in August from a 17-month low of 51.2 in July, causing an improvement in commodity prices and overall sentiment. Dow Jones jumped 254 points at 10,269. Nasdaq gained 62 points at 2,176, while the S&P 500 added 30 points at 1,078. Back in the US, employment fell by 10,000 in August, the first drop since January, according to data from ADP Employer Services. But it was not all good news with the car sector indicating that consumer confidence is still low. <b>General Motors'</b> sales fell by one-quarter in August. It appears that the US car sector has had its worst August for 28 years. GM said deliveries fell to 185,176 from 246,479 last August, when the US government's "cash for clunkers" incentive programme was in full swing. Overall vehicle sales in August are estimated to be 11.6m as fleet sales are propping up the market. GM and <b>Ford</b> both increase their discounts in August. <b>Chrysler</b> reduced its discounts but they remain higher than its rivals. Shares in the fast food chain <b>Burger King</b> fattened up after reports that it has been holding talks with private equity firms, including the UK's 3i, over a possible sale. The second largest fast food chain in the world after McDonald's has apparently been discussing a possible sale with possible buyers for several weeks. Gartner predicts that semiconductor sales will grow by 32% to $300bn this year. <b>Intel</b>, <b>Texas instruments</b> and <b>Broadcom</b> were all higher. Drugs firm <b>Eli Lilly</b> was wanted after it won a court order banning sales of generic versions of its attention deficit disorder treatment drugs. Commodity stocks were boosted by higher metals prices, with aluminium group <b>Alcoa</b> among the gainers. A hugely anticipated Apple event saw the iconic tech firm introduce a revamped Apple TV device, a new iPod line, an iTunes social network and upgrades to the iPhone, iPod Touch and the iPad. The new TV is a quarter the size of the current model, fits in the hand and sells for $99. <b>S&P 500 - Risers</b> Office Depot Inc. (ODP) $3.73 +9.38% Rowan Companies Inc. (RDC) $28.02 +8.98% Tenet Hlthcre Corp. (THC) $4.26 +8.67% Eastman Kodak Co. (EK) $3.79 +8.29% <b>S&P 500 - Fallers</b> Brown Forman Corp. Class B (BF.B) $58.52 -4.52% Newmont Mining Corp. (NEM) $60.32 -1.63% Boston Scientific Corp. (BSX) $5.13 -1.16% Davita Inc. (DVA) $63.88 -1.15% <b>Dow Jones I.A - Risers</b> Bank of America Corp. (BAC) $13.20 +5.94% Caterpillar Inc. (CAT) $68.16 +4.60% JP Morgan Chase & Co. (JPM) $37.71 +3.71% General Electric Co. (GE) $15.01 +3.66% <b>Dow Jones I.A - Fallers</b>
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