Morning Guys.
DJIA ..........9743.62 57.14 0.59% H9858.13 L9659.01
Nasdaq ......2093.88 2.09 0.1% H2136.30 L2077.77
S&P500 ......1028.06 5.48 0.54% H1042.50 L1018.35
Gold Fut......1192.80 -14.90-1.23% H1215.10 L1189.50
Silver Fut.....17.83 0.11 0.62% H 18.04 L 17.62
Brent Crude Fut...72.22 0.08 0.11% H73.86 L 71.09
Natural Gas Fut....4.69 0.00 0% H4.90 L4.65
Source liveindices.com
and further
http://www.bloomberg.com/news/2010-07-06/u-s-index-futures-rise-as-valuations-reach-16-month-low-goldman-advances.html
U.S. Stocks Rise on Speculation Earnings Will Trigger Rebound
By Kelly Bit - Jul 6, 2010
U.S. stocks gained, with the Standard & Poors 500 Index rising from a 10-month low, amid speculation earnings growth will help equities rebound from their lowest valuations since the bull market began in 2009.
Alcoa Inc., which unofficially will start the second- quarter earnings season when it reports results next week, jumped 2.1 percent as metal prices gained in London. Goldman Sachs Group Inc. climbed after JPMorgan Chase & Co. upgraded the shares to overweight. Equities briefly erased gains in afternoon trading after a slowdown in service industry growth added to concern the economic recovery is weakening.
The S&P 500 climbed 0.5 percent to 1,028.06 at 4 p.m. in New York after jumping 2 percent in the first hour of trading. The Dow Jones Industrial Average gained 57.14 points, or 0.6 percent, to 9,743.62 to snap a seven-day losing streak, its longest since the financial crisis in 2008.
Stocks are pretty oversold and pessimism is getting pretty fixed and that could inspire a short-term rally, said Bruce Bittles, chief investment strategist at Milwaukee-based Robert W. Baird & Co., which oversees more than $85 billion in client assets. Second-quarter earnings are expected to be good.
The S&P 500 plunged 5 percent last week after reports showed a slowdown in the manufacturing expansion, a bigger-than- forecast drop in pending home sales and slower-than-estimated growth in jobs, fanning concern that the economy may stall. The decline pushed the benchmark gauge to 12.5 times estimated earnings, the cheapest since March 2009 when the measure began an 80 percent rally.
Dent Growth
The index tumbled 16 percent from this years high on April 23 through July 2 on concern a sovereign-debt crisis in Europe and Chinas moves to slow the worlds largest emerging economy will dent global growth.
The retreat came even as analysts raise earnings estimates for U.S. companies at the fastest rate since at least 2004. Profit for S&P 500 companies will jump 34 percent in 2010, compared with a projected gain of 27 percent on March 29, according to more than 8,000 estimates compiled by Bloomberg.
Service industries in the U.S. expanded in June at a slower pace, indicating the economy started to cool entering the second half. The Institute for Supply Managements index of non- manufacturing businesses, which covers about 90 percent of the economy, fell to 53.8 from 55.4 in May. The median forecast of 59 economists surveyed by Bloomberg News was for a decline to 55. Readings above 50 signal expansion.
To contact the reporter on this story: Kelly Bit in New York at [email protected];
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