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US open: Stocks rise with confidence
Wed, 08 Feb, 2012
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US open: Stocks rise with confidence
Tue, 31 Aug 2010, 14:51:00
A stronger than expected increase in US house prices calmed nerves in the US, where share prices are moderately firmer on balance. House prices in 20 US cities rose 4.2% in June from a year earlier, according to the S&P/Case-Shiller index. Economists had been expecting an annual increase of around 3.5%. The Conference Board's consumer confidence reading was also a pleasant surprise. Analysts had predicted a decline in the August reading but in fact it rose to 53.5 from July's 51. That was enough for stock indices to confound expectations of a soft opening and after the first hour of trading the Dow-Jones 30 was up 32 points at 10,042, the S&P 500 was up 2 points at 1,051 and the NASDAQ Composite was up 4 at 2,124. Chip maker <b>Intel </b>is a rare weak spot among Dow-Jones constituents, after the Philadelphia Semiconductor index slumped to its lowest level since 4 February. Exane BNP Paribas was moved to "take a more cautious stance on the sector in the short term." Elsewhere on the tech board Blackberry maker <b>Research In Motion </b>was the worst performer among NASDAQ stocks after broker Sanford C. Bernstein said the company's dominance in the corporate smartphone market will increasingly come under attack from competitors. <b>Saks</b> was wanted on rumours a private equity consortium is preparing to pay $1.7bn, or $11 a share, for the top-end fashion retailer. Equipment manufacturer <b>Deere & Co</b> has announced the sale of its wind-energy business to Exelon for $900m. <b>S&P 500 - Risers</b> United States Steel Corp. (X) $43.52 +3.84% Freeport-McMoRan Copper & Gold Inc. (FCX) $72.89 +3.60% Massey Energy Co. (MEE) $29.05 +3.27% International Paper Co. (IP) $20.60 +3.15% J.C. Penney Co. Inc. (JCP) $20.11 +3.13% <b>S&P 500 - Fallers</b> Monsanto Co. (MON) $53.19 -4.86% Sandisk Corp. (SNDK) $33.37 -2.60% Dell Inc. (DELL) $11.72 -2.50% <b>Dow Jones I.A - Risers</b> Caterpillar Inc. (CAT) $65.45 +1.52% E.I. du Pont de Nemours and Co. (DD) $40.81 +1.22% Verizon Communications Inc. (VZ) $29.75 +1.05% <b>Dow Jones I.A - Fallers</b> Intel Corp. (INTC) $17.84 -0.64% Boeing Co. (BA) $61.97 -0.21% <b>Nasdaq 100 - Risers</b> Joy Global Inc. (JOYG) $57.07 +2.09% Vodafone Group Plc ADS (VOD) $24.07 +1.99% Virgin Media Inc. (VMED) $20.30 +1.65% Logitech International S.A. (LOGI) $14.89 +1.64% <b>Nasdaq 100 - Fallers</b> Research in Motion Ltd. (RIMM) $43.96 -3.57% Sandisk Corp. (SNDK) $33.37 -2.60% Dell Inc. (DELL) $11.72 -2.50%
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