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Dow Jones: 13,168(+0.02%)
S&P 500: 1,407 (+0.09%)
NASDAQ: 3,038 (+0.22%)
LONDON (SHARECAST) - Robust economic data didn’t have its usual effect on US markets on Thursday morning as solid building permits and jobless claims figures dampened hopes that policy-makers would inject new stimulus to boost the economy.
Economic figures paint a mixed picture
While housing starts fell 1.1% to an annualised rate of 746,000 in July, pulling back from the figure of 754,000 in June – the highest level since October 2008 - building permits increased by 6.8% in July to a seasonally-adjusted annual rate of 812,000, the highest reading since August 2008. The government says that building permits usually turn into new housing starts within a month.
Initial jobless claims rose by 2,000 to 366,000 last week, slightly ahead of consensus expectations of 365,000. However, the four-week moving average fell by 5,000 and “now stands only 1,000 above the post-crisis low recording during the week of March 31st,” said analyst Michael Gapen from Barclays.
The Philadelphia Federal Reserve manufacturing index improved to -7.1 from -12.9 in August but fell short of forecasts of -5.0.
Also in focus today was the news of slowing inward investment in China in July. Foreign direct investment in China fell 8.7% to a two-year low of $7.58bn last month. Yesterday, Chinese Premier Wen Jiabao said that he sees "growing room for monetary policy operation" as inflation slows down.
Cisco jumps after beating forecasts
Network equipment maker Cisco Systems surged early on after reporting better-than-expected quarterly earnings and hiking its dividend payout by 75% after yesterday’s closing bell. "It was an unusually strong quarter, especially in Asia-Pacific," said Chief Executive John Chambers. "The US saw some positive trends. Europe was a bit challenged.”
Retailing giant Wal-Mart may have hit earnings forecasts in its second quarter but shares sank after the company marginally missed revenue estimates. The group also raised and narrowed its target range for full-year earnings but this also came up short of the consensus forecast.
Social media giant Facebook fell to new lows today after the ‘lock-up’ of 271m shares expired following its May initial public offering.
S&P 500 - Risers
Cisco Systems Inc. (CSCO) $18.69 +7.75%
Electronic Arts Inc. (EA) $14.05 +7.33%
F5 Networks Inc. (FFIV) $103.76 +4.50%
Sears Holdings Corp. (SHLD) $58.99 +4.21%
Juniper Networks Inc. (JNPR) $18.94 +2.71%
EMC Corp. (EMC) $26.08 +2.52%
Red Hat Inc. (RHT) $57.07 +2.42%
First Solar Inc. (FSLR) $21.60 +2.37%
Jabil Circuit Inc. (JBL) $23.01 +1.95%
Best Buy Co. Inc. (BBY) $19.73 +1.91%
S&P 500 - Fallers
Agilent Technologies Inc. (A) $37.20 -8.10%
Perrigo Company (PRGO) $109.26 -6.30%
Dollar Tree Stores Inc. (DLTR) $47.40 -5.20%
Sprint Nextel Corporation (S) $5.17 -4.04%
Applied Materials Inc. (AMAT) $11.46 -2.88%
Wal-Mart Stores Inc. (WMT) $72.32 -2.86%
St Jude Medical Inc. (STJ) $37.55 -2.62%
Amerisource Bergen Corp. (ABC) $37.18 -2.21%
Waters Corp. (WAT) $76.71 -2.07%
Alpha Natural Res (ANR) $6.48 -1.97%
Dow Jones I.A - Risers
Cisco Systems Inc. (CSCO) $18.69 +7.75%
Intel Corp. (INTC) $26.44 +0.65%
Hewlett-Packard Co. (HPQ) $19.40 +0.57%
Bank of America Corp. (BAC) $7.91 +0.51%
Microsoft Corp. (MSFT) $30.32 +0.40%
American Express Co. (AXP) $56.88 +0.38%
Home Depot Inc. (HD) $55.18 +0.32%
E.I. du Pont de Nemours and Co. (DD) $50.43 +0.30%
Exxon Mobil Corp. (XOM) $88.25 +0.28%
Alcoa Inc. (AA) $8.74 +0.11%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $72.32 -2.86%
AT&T Inc. (T) $36.72 -1.02%
Verizon Communications Inc. (VZ) $43.83 -0.83%
Pfizer Inc. (PFE) $23.91 -0.54%
Merck & Co. Inc. (MRK) $43.95 -0.24%
Chevron Corp. (CVX) $112.38 -0.17%
General Electric Co. (GE) $20.93 -0.14%
Procter & Gamble Co. (PG) $66.55 -0.14%
3M Co. (MMM) $92.46 -0.09%
Travelers Company Inc. (TRV) $63.70 -0.08%
Nasdaq 100 - Risers
Cisco Systems Inc. (CSCO) $18.69 +7.75%
Electronic Arts Inc. (EA) $14.05 +7.33%
F5 Networks Inc. (FFIV) $103.76 +4.50%
Sears Holdings Corp. (SHLD) $58.99 +4.21%
Vertex Pharmaceuticals Inc. (VRTX) $55.27 +1.56%
Sandisk Corp. (SNDK) $42.13 +1.37%
Baidu Inc. (BIDU) $131.82 +1.32%
Nvidia Corp. (NVDA) $14.65 +1.21%
Apollo Group Inc. (APOL) $28.48 +1.17%
Fossil Inc. (FOSL) $88.05 +1.07%
Nasdaq 100 - Fallers
Perrigo Company (PRGO) $109.26 -6.30%
Dollar Tree Stores Inc. (DLTR) $47.40 -5.20%
Applied Materials Inc. (AMAT) $11.46 -2.88%
Alexion Pharmaceuticals Inc. (ALXN) $103.46 -1.79%
Expedia Inc. (EXPE) $52.13 -1.47%
Vodafone Group Plc ADS (VOD) $29.28 -1.17%
Gilead Sciences Inc. (GILD) $57.33 -1.10%
Research in Motion Ltd. (RIMM) $7.44 -1.06%
Amgen Inc. (AMGN) $82.78 -1.04%
Ross Stores Inc. (ROST) $67.92 -0.85%
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