We have updated our privacy policy and terms & conditions. Find out more here.
15
 

U.S. stocks rise on Chicago PMI; Dow Jones up 0.19%

By Investing.comStock MarketsJan 31, 2013 03:08PM GMT Add a Comment
 
AA
+
-
Investing.com - U.S. stocks opened lower on Thursday, as the Chicago purchasing managers' index for January overshadowed the earlier release of a disappointing U.S. jobless claims report.

U.S. stocks rise on Chicago PMI; Dow Jones up 0.19%
During early U.S. trade, the Dow Jones Industrial Average rose 0.19%, the S&P 500 index added 0.03%, while the Nasdaq Composite index advanced 0.35%.

Market research group Kingsbury International said its Chicago purchasing managers’ index rose to a seasonally adjusted 55.6 in January from a revised reading of 50.0 in December.

Analysts had expected the index to improve to 50.5 in January.

Earlier Thursday, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 38,000 to a seasonally adjusted 368,000, compared to expectations for an increase of 20,000 to 350,000.

A separate report showed that personal incomes in the U.S. jumped 2.6% in December, the largest increase in eight years, while personal spending rose 0.2%, below expectations for a 0.3% increase.

The data came one day after the Federal Reserve on Wednesday said that it would continue to pursue its easing program and reiterated that it would hold interest rates close to zero until the U.S. unemployment rate falls below 6.5%.

Financial stocks were mostly higher, as Goldman Sachs and JP Morgan inched up 0.05% and 0.06% respectively, while Citigroup rose 0.33% amid reports it is looking to pull out of consumer banking in a number of countries, with hopes of lowering costs and boosting profits.

Bank of America underperformed on the other hand, dropping 0.62%.

Among earnings, Qualcomm surged 6.05% after reporting late Wednesday that it beat expectations for its fiscal first-quarter earnings and revenue and raised its financial targets for 2013, thanks to growing demand for smartphones and high-speed wireless services.

On the downside, Facebook tumbled 5.83%, even after saying that it doubled its mobile advertising revenue in the fourth quarter, a sign that the social network giants is seeing early success in expanding onto handheld devices as more of its users migrate to smartphones and tablets.

Boeing added to losses, slipping 0.20%, after All Nippon Airlines said it lost more than USD15 million in revenue from having to cancel Dreamliner flights this month.

Elsewhere, ConocoPhillips tumbled 3.90% after reporting a drop in quarterly profit as oil and gas prices weakened and output from the third-largest U.S. oil and gas producer remained steady compared with a year before.

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slipped 0.24%, France’s CAC 40 fell 0.23%, Germany's DAX edged down 0.11%, while Britain's FTSE 100 declined 0.23%.

During the Asian trading session, Hong Kong's Hang Seng Index dropped 0.39%, while Japan’s Nikkei 225 Index added 0.22%.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

NQ 100
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg