Stocks Open Higher In Early Trading
Stocks opened higher Monday as Wall Street looked to rising stocks overseas and a falling yen as it tried to bounce back from a losing week.
The advance came ahead of a report on home sales as well as a reading on manufacturing in the Midwest. The economic data arrive before the start Tuesday of the Federal Reserve's two-day meeting on interest rates.
While few expect the Fed will adjust short-term interest rates, investors will be looking for any change in the central bank's posture that could hint at where rates are headed in the coming months.
In the first hour of trading, the Dow Jones industrial average rose 79.87, or 0.66 percent, to 12,190.28.
Broader stock indicators also moved sharply higher. The Standard & Poor's 500 index rose 9.97, or 0.72 percent, to 1,396.92, and the Nasdaq composite index rose 15.58, or 0.66 percent, to 2,388.24.
Bonds fell as stocks made gains. The yield on the benchmark 10-year Treasury note rose to 4.57 percent from 4.55 percent late Friday. The dollar wax mixed against other major currencies, while gold prices fell. The dollar rose to 117.34 yen from 116.73 yen late Friday.
Economic data will again loom large on Wall Street in the coming week as investors try to determine whether the economy can pull off a so-called soft landing or whether areas of weakness such as the housing sector are poised to drag the economy into a pronounced slowdown.
On Monday, the National Association of Home Builders expects to release its index on builders' perceptions of new single-family home sales and near-term sales prospects on Monday. Also, the Chicago Fed is expected to report that its manufacturing index rose 0.3 percent in February.
Concerns about the economy and areas such as the subprime mortgage lending sector, which makes a business of making loans to people with poor credit, helped push stocks lower last week. The Dow industrials fell 1.35 percent, the S&P 500 gave up 1.13 percent, and the Nasdaq composite index slid 0.62 percent.
In corporate news, ServiceMaster Co., a provider of housecleaning, landscaping, and pest-control services, agreed to be acquired by an investment group for about $4.48 billion. The deal, led by Clayton, Dubilier & Rice Inc., has a value of $5.5 billion when including about $1.02 billion in debt. The company said in late November it was considering a change in its strategy.
The Russell 2000 index of smaller companies rose 6.26, or 0.80 percent, to 785.03.
Overseas, Japan's Nikkei stock average rose 1.59 percent, Hong Kong's Hang Seng index advanced 1.65 percent, and the sometimes volatile Shanghai Composite Index rose 2.87 percent despite an increase in interest rates in China. In afternoon trading, Britain's FTSE 100 rose 0.52 percent, Germany's DAX index added 1.04 percent, and France's CAC-40 rose 0.89 percent.
Published by Tim Paradis, AP Business WriterLabels: Dow Jones, Hot Stocks, Nasdaq, SVM
posted by Stock Administrator @ 9:51 AM
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Stocks Open Higher In Early Trading
Stocks opened higher Monday as Wall Street looked to rising stocks overseas and a falling yen as it tried to bounce back from a losing week.
The advance came ahead of a report on home sales as well as a reading on manufacturing in the Midwest. The economic data arrive before the start Tuesday of the Federal Reserve's two-day meeting on interest rates.
While few expect the Fed will adjust short-term interest rates, investors will be looking for any change in the central bank's posture that could hint at where rates are headed in the coming months.
In the first hour of trading, the Dow Jones industrial average rose 79.87, or 0.66 percent, to 12,190.28.
Broader stock indicators also moved sharply higher. The Standard & Poor's 500 index rose 9.97, or 0.72 percent, to 1,396.92, and the Nasdaq composite index rose 15.58, or 0.66 percent, to 2,388.24.
Bonds fell as stocks made gains. The yield on the benchmark 10-year Treasury note rose to 4.57 percent from 4.55 percent late Friday. The dollar wax mixed against other major currencies, while gold prices fell. The dollar rose to 117.34 yen from 116.73 yen late Friday.
Economic data will again loom large on Wall Street in the coming week as investors try to determine whether the economy can pull off a so-called soft landing or whether areas of weakness such as the housing sector are poised to drag the economy into a pronounced slowdown.
On Monday, the National Association of Home Builders expects to release its index on builders' perceptions of new single-family home sales and near-term sales prospects on Monday. Also, the Chicago Fed is expected to report that its manufacturing index rose 0.3 percent in February.
Concerns about the economy and areas such as the subprime mortgage lending sector, which makes a business of making loans to people with poor credit, helped push stocks lower last week. The Dow industrials fell 1.35 percent, the S&P 500 gave up 1.13 percent, and the Nasdaq composite index slid 0.62 percent.
In corporate news, ServiceMaster Co., a provider of housecleaning, landscaping, and pest-control services, agreed to be acquired by an investment group for about $4.48 billion. The deal, led by Clayton, Dubilier & Rice Inc., has a value of $5.5 billion when including about $1.02 billion in debt. The company said in late November it was considering a change in its strategy.
The Russell 2000 index of smaller companies rose 6.26, or 0.80 percent, to 785.03.
Overseas, Japan's Nikkei stock average rose 1.59 percent, Hong Kong's Hang Seng index advanced 1.65 percent, and the sometimes volatile Shanghai Composite Index rose 2.87 percent despite an increase in interest rates in China. In afternoon trading, Britain's FTSE 100 rose 0.52 percent, Germany's DAX index added 1.04 percent, and France's CAC-40 rose 0.89 percent.
Published by Tim Paradis, AP Business Writer
The advance came ahead of a report on home sales as well as a reading on manufacturing in the Midwest. The economic data arrive before the start Tuesday of the Federal Reserve's two-day meeting on interest rates.
While few expect the Fed will adjust short-term interest rates, investors will be looking for any change in the central bank's posture that could hint at where rates are headed in the coming months.
In the first hour of trading, the Dow Jones industrial average rose 79.87, or 0.66 percent, to 12,190.28.
Broader stock indicators also moved sharply higher. The Standard & Poor's 500 index rose 9.97, or 0.72 percent, to 1,396.92, and the Nasdaq composite index rose 15.58, or 0.66 percent, to 2,388.24.
Bonds fell as stocks made gains. The yield on the benchmark 10-year Treasury note rose to 4.57 percent from 4.55 percent late Friday. The dollar wax mixed against other major currencies, while gold prices fell. The dollar rose to 117.34 yen from 116.73 yen late Friday.
Economic data will again loom large on Wall Street in the coming week as investors try to determine whether the economy can pull off a so-called soft landing or whether areas of weakness such as the housing sector are poised to drag the economy into a pronounced slowdown.
On Monday, the National Association of Home Builders expects to release its index on builders' perceptions of new single-family home sales and near-term sales prospects on Monday. Also, the Chicago Fed is expected to report that its manufacturing index rose 0.3 percent in February.
Concerns about the economy and areas such as the subprime mortgage lending sector, which makes a business of making loans to people with poor credit, helped push stocks lower last week. The Dow industrials fell 1.35 percent, the S&P 500 gave up 1.13 percent, and the Nasdaq composite index slid 0.62 percent.
In corporate news, ServiceMaster Co., a provider of housecleaning, landscaping, and pest-control services, agreed to be acquired by an investment group for about $4.48 billion. The deal, led by Clayton, Dubilier & Rice Inc., has a value of $5.5 billion when including about $1.02 billion in debt. The company said in late November it was considering a change in its strategy.
The Russell 2000 index of smaller companies rose 6.26, or 0.80 percent, to 785.03.
Overseas, Japan's Nikkei stock average rose 1.59 percent, Hong Kong's Hang Seng index advanced 1.65 percent, and the sometimes volatile Shanghai Composite Index rose 2.87 percent despite an increase in interest rates in China. In afternoon trading, Britain's FTSE 100 rose 0.52 percent, Germany's DAX index added 1.04 percent, and France's CAC-40 rose 0.89 percent.
Published by Tim Paradis, AP Business Writer
Labels: Dow Jones, Hot Stocks, Nasdaq, SVM
posted by Stock Administrator @ 9:51 AM
0 Comments
