After-Hours: Stocks Climb for a Third Session as Stimulus Hopes Support Gains
4:10 PM, Aug 6, 2012 -- U.S. markets ended higher for a third day, extending a rally supported by surprisingly brisk jobs growth last month and hopes the U.S. Federal Reserve and other central banks will provide the global economy with additional stimulus. Most industry sectors in the S&P 500 rose, led by technology and materials stocks, while more defensive sectors such as healthcare and utilities lagged. Commodities also rose.
Traders appear to be pinning their hopes on another round of quantitative easing, with the most popular speculation seeing Fed officials signaling the move during an economic conference hosted by the Kansas City Fed later this month at Jackson Hole, Wyo. Federal Reserve Chair Ben Bernanke spoke by recorded video to an investors' group in Cambridge, Mass., but did not address monetary policy nor the status of the economy in his comments.
Optimism that the European Central Bank may soon buy Italian and Spanish bonds helped lift markets there. On Friday, ECB President Mario Draghi said that the central bank could intervene to help lower borrowing costs for Italy and Spain but explained that it could only step in after the countries requested help from the European Union rescue funds.
Commodities finished with gains for a second day. Crude oil for September delivery settled 90 cents higher at $92.30 per barrel, Sept natural gas rose 3 cents to $2.91 per 1 million BTU. December gold rose $7.20 to $1616 an ounce while September silver was up 9 cents to $27.87 an ounce. September copper added 2 cents to $3.39.
Here's where the markets stood at end-of-day:
Dow Jones Industrial Average Up 21.34 (+0.16%) to 13,117.51
S&P 500 Up 3.24 (+0.23%) to 1,394.23
Nasdaq Up 22.01 (+0.74%) to 2,989.91
GLOBAL SENTIMENT
Hang Seng Index up 1.69%
Shanghai China Composite Index up +1.04%
FTSE 100 up 0.60%
UPSIDE MOVERS
(+) BSPM, Chinese regulators allows sales of its gel capsule products to restart.
(+) AERL, Signs non-binding memorandum to acquire Bao Li Gaming Promotion Ltd, a VIP-room gaming promoter currently operating one room with five tables at City of Dreams Macau.
(+) AZC, State regulators in Arizona approve Air Quality Permit for firm's Rosemont facility, effectively overturning a denial by local officials in Pima county.
(+) PSTI, Company's Placental eXpanded stem-cell treatment is credited with saving the life of a second patient with dangerous reduction of red- and white-blood cells and platelets due to bone marrow failure.
DOWNSIDE MOVERS
(-) KCG, Secures $400 million in equity funding from several Wall Street firms. Preferred stock is convertible into 267 million shares of common stock in the company at $1.50 each - diluting existing shareholders by 75%.
(-) TKMR, Receives temporary stop-work order from the U.S. Department of Defense for its TKM-Ebola program. The Pentagon is expected to issue a final decision by Sept. 1.
(-) GM, Dutch car-maker Spyker NV files suit against General Motors, alleging GM drove its Saab subsidiary into bankruptcy by blocking a deal with a Chinese inventor.
(-) RAIL, Posted disappointing Q2 results, reporting net income of $0.46 a share on $181.2 million in revenues. That compares with a $0.02 a share gain and $97.6 million in sales last year.
4:10 PM, Aug 6, 2012 -- U.S. markets ended higher for a third day, extending a rally supported by surprisingly brisk jobs growth last month and hopes the U.S. Federal Reserve and other central banks will provide the global economy with additional stimulus. Most industry sectors in the S&P 500 rose, led by technology and materials stocks, while more defensive sectors such as healthcare and utilities lagged. Commodities also rose.
Traders appear to be pinning their hopes on another round of quantitative easing, with the most popular speculation seeing Fed officials signaling the move during an economic conference hosted by the Kansas City Fed later this month at Jackson Hole, Wyo. Federal Reserve Chair Ben Bernanke spoke by recorded video to an investors' group in Cambridge, Mass., but did not address monetary policy nor the status of the economy in his comments.
Optimism that the European Central Bank may soon buy Italian and Spanish bonds helped lift markets there. On Friday, ECB President Mario Draghi said that the central bank could intervene to help lower borrowing costs for Italy and Spain but explained that it could only step in after the countries requested help from the European Union rescue funds.
Commodities finished with gains for a second day. Crude oil for September delivery settled 90 cents higher at $92.30 per barrel, Sept natural gas rose 3 cents to $2.91 per 1 million BTU. December gold rose $7.20 to $1616 an ounce while September silver was up 9 cents to $27.87 an ounce. September copper added 2 cents to $3.39.
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Here's where the markets stood at end-of-day:
Dow Jones Industrial Average Up 21.34 (+0.16%) to 13,117.51
S&P 500 Up 3.24 (+0.23%) to 1,394.23
Nasdaq Up 22.01 (+0.74%) to 2,989.91
GLOBAL SENTIMENT
Hang Seng Index up 1.69%
Shanghai China Composite Index up +1.04%
FTSE 100 up 0.60%
UPSIDE MOVERS
(+) BSPM, Chinese regulators allows sales of its gel capsule products to restart.
(+) AERL, Signs non-binding memorandum to acquire Bao Li Gaming Promotion Ltd, a VIP-room gaming promoter currently operating one room with five tables at City of Dreams Macau.
(+) AZC, State regulators in Arizona approve Air Quality Permit for firm's Rosemont facility, effectively overturning a denial by local officials in Pima county.
(+) PSTI, Company's Placental eXpanded stem-cell treatment is credited with saving the life of a second patient with dangerous reduction of red- and white-blood cells and platelets due to bone marrow failure.
DOWNSIDE MOVERS
(-) KCG, Secures $400 million in equity funding from several Wall Street firms. Preferred stock is convertible into 267 million shares of common stock in the company at $1.50 each - diluting existing shareholders by 75%.
(-) TKMR, Receives temporary stop-work order from the U.S. Department of Defense for its TKM-Ebola program. The Pentagon is expected to issue a final decision by Sept. 1.
(-) GM, Dutch car-maker Spyker NV files suit against General Motors, alleging GM drove its Saab subsidiary into bankruptcy by blocking a deal with a Chinese inventor.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
(-) RAIL, Posted disappointing Q2 results, reporting net income of $0.46 a share on $181.2 million in revenues. That compares with a $0.02 a share gain and $97.6 million in sales last year.
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