US Stocks Rise But Off Session Highs After Weak Sentiment Reading
14 Outubro 2011 - 1:34PM
Dow Jones News
U.S. stocks rose, but pared earlier gains after a surprise
decline in consumer sentiment took some of the shine off strong
retail sales data and stellar results from Google.
The Dow Jones Industrial Average was up 71 points, or 0.6%, at
11550, but had been up as much as 134 points at its intraday high.
The pullback from session highs brought the Dow back into negative
territory for the year. The Dec. 31 close was 11578.
The Standard & Poor's 500-stock index gained 10 points, or
0.8%, to 1213, with energy and technology stocks in the lead. The
Nasdaq Composite advanced 21 points, or 0.8%, to 2641. The Nasdaq
was also briefly up for the year earlier in the session.
"You see weaker-than-expected consumer sentiment indicators,
which is reflective of what consumers are saying. On the flip side,
we got better than expected reading on consumer spending, which is
what consumers are actually doing," said Matt Kaufler, a portfolio
manager at Federated Investors.
"There seems to be dichotomy in what consumers are saying and
what they are doing, and it seemed to tamp down the gains
somewhat," Kaufler said.
The Thomson Reuters/University of Michigan consumer sentiment
index for early October fell to 57.5 from 59.4 at the end of
September. Economists surveyed by Dow Jones Newswires had expected
the index to increase to 60.0.
The market's early-day rise was fueled by data showing that
retail sales in September climbed 1.1% from the previous month,
above expectations of a 0.8% rise, and by strong quarterly results
from Google.
In addition, optimism over a weekend meeting of the finance
officials from the world's leading economies helped offset Standard
& Poor's downgrade of Spain and Fitch Ratings' negative outlook
on several banks.
Google jumped 5.9% after the online search giant reported
third-quarter earnings that beat expectations by a wide margin.
Revenue also topped forecasts as online ad sales accelerated.
In other corporate news, Apple gained 1.9% as the latest version
of the iPhone, the iPhone 4s, arrives at retail stores on
Friday.
J.B. Hunt Transport Services added 7.3%. The trucking company's
third-quarter profit rose 32% and revenue grew across the board,
with particular strength in the company's intermodal division.
Mattel shed 1.3% after the toy maker reported third-quarter
earnings that met estimates but showed a disappointing decline in
gross margins. The company also boosted its share repurchase
program by $500 million.
Microchip Technology lost 4.6%, and was the weakest stock in the
S&P 500, after the company indicated fiscal second-quarter
earnings and revenue would fall short of previous forecasts.
-By Brendan Conway, Dow Jones Newswires; 212-416-2670;
brendan.conway@dowjones.com
Mattel (NASDAQ:MAT)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Mattel (NASDAQ:MAT)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024