Stocks finish mixed; Yellen’s comments hurt biotech and social media shares | Hot Stock Minute – Yahoo Finance
Send Thanks! A link has been sent. Done Stocks Are Higher Amid Massive Deal News By Myles Udland 5 hours ago 0 shares REUTERS / Gus Ruelas Rupert Murdoch, April 29, 2013. Stocks are higher on a busy day that has seen huge merger news and the second day of Federal Reserve Chair Janet Yellen speaking on Capitol Hill.
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Intel ( INTC ) and Yahoo ( YHOO ) both reported results after the close. Intel shares, which rose 22 cents to end at $31.71 added $1.35 n the first hour of afterhours trading. Yahoo shares lost 9 cents during the session to end at $35.61 but recovered about half that loss during the first hour of afterhours trading . Tomorrow, well hear from Bank of America ( BAC ), eBay ( EBAY ) and Yum! Brands ( YUM ) about their latest earnings, and the producer price index for June will be released at 8:30 a.m.
Stocks are slightly lower in midday trading – Business – NorthJersey.com
Following the report, NAHB Chief Economist David Crowe said, “As employment increases and those with jobs feel more secure about their own economic situation, they are more likely to feel comfortable about buying a home.” 4) In June, industrial production growth slowed to 0.2% from 0.4% in May, with the reading also coming in below the 0.3% growth that was expected by economists. Following the report, Michael Gapen at Barclays said, “Overall, and despite the slowdown in manufacturing production in June, manufacturing production in Q2 rose by 6.7% relative to Q1. The sharp rebound in manufacturing in February in March left the sector well positioned heading into Q2. Following the report, our Q2 GDP tracking estimate remained at 3.0%, in line with our revised forecast for second-quarter growth.” 5) Federal Reserve Chair Janet Yellen was on Capitol Hill for the second straight day, this time speaking in front of, and taking questions from, the House Committee on Financial Services. 6) The Federal Reserve also released its latest Beige Book report , a collection of economic anecdotes from across the country. The report showed that the economy showed “modest growth” in most of the Fed’s regions.
Stocks edge lower after Yellen, but bank stocks rise – Yahoo Finance
The Dow Jones industrial average slipped 16 points, or 0.1 percent, to 17,038 and the Nasdaq composite slid 34 points, or 0.8 percent, to 4,406. Yellen told Congress that the Fed intends to keep providing significant support to the U.S. economy to boost growth and improve labor market conditions. JPMorgan Chase and Goldman Sachs rose after the banks reported results that were better than investors were expecting.
The U.S. dollar index rose 0.25 percent, while the euro fell to a one-month low against the dollar on higher-than-forecast inflation data from Britain. The Bank of Japan maintained its stimulus program and stuck to a forecast that inflation will approach its 2 percent target next year, unfazed by recent data casting doubt on its scenario of an investment-led economic recovery. Japan’s Nikkei average rose 0.6 percent, while shares in Hong Kong rose 0.5 percent. The MSCI Emerging visit the site Market index, MSCI’s benchmark emerging equity index, inched up 0.3 percent to a 16-month high.