ADVFN Newsdesk - Stocks Moving Mostly Higher In Early Trading

ADVFN III World Daily Markets Bulletin   Daily world financial news Supplied by advfn.com         Thursday 26 Jan 2012 11:04:14     Santa Monica Wiz Kid Makes $87 Million Trading Stocks Using his same strategy you can get crazy rich – fast!  Click Here and Find Out How! US Market Report Stocks Moving Mostly Higher In Early Trading Stocks have moved mostly higher in early trading on Thursday, adding to the gains posted in the previous session. The major averages have shown notable upward moves, with the Dow rising to its best intraday level in almost nine months. The major averages have seen some further upside in the past few minutes, reaching new highs for the session. The Dow is up 66.07 points or 0.5 percent at 12,823.03, the Nasdaq is up 13.44 points or 0.5 percent at 2,831.75 and the S&P 500 is up 5.63 points or 0.4 percent at 1,331.68. The early strength on Wall Street comes as traders continue to react positively to Wednesday's statement from the Federal Reserve indicating that the central bank expects to keep interest rates at exceptionally low levels at least through late 2014. The Fed has kept its target for the federal funds rate at zero to 0.25 percent since December of 2008. The central bank had previously indicated that it planned to keep rates at near-zero levels through at least mid-2013. An upbeat report from the Commerce Department has also generated some positive sentiment, with the report showing a bigger than expected increase in durable goods orders in the month of December. The report showed that durable goods orders increased by 3.0 percent in December compared to a revised 4.3 percent increase in November. Economists had expected orders to increase by about 2.2 percent. Excluding an increase in orders for transportation equipment, durable goods orders still rose by 2.1 percent in December, far exceeding estimates for a 0.7 percent increase. On the other hand, the Labor Department released a report showing that initial jobless claims rebounded by a little more than anticipated in the week ended January 21st. Airline stocks are turning in some of the market's best performances in early trading, driving the NYSE Arca Airline Index up by 3.8 percent. The gain extends a recent upward move by the index, which has risen to a six-month intraday high. Gold, trucking, steel, and oil service stocks are also posting notable gains, moving higher along with most of the major sectors. Among individual stocks, shares of Caterpillar (CAT) are up by 3.8 percent after the construction equipment manufacturer reported stronger than expected fourth quarter earnings growth. In overseas trading, stock markets in the Asia-Pacific region turned in a mixed performance, although several markets were closed for public holidays. While Japan's Nikkei 225 Index ended the day down by 0.4 percent, Hong Kong's Hang Seng Index jumped by 1.6 percent. Meanwhile, the major European markets have all moved to the upside on the day. The German DAX Index has surged up by 1.8 percent, while the U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 1.4 percent. In the bond market, treasuries are seeing notable strength, adding to the gains seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.5 basis points at 1.952 percent. Trade Free for 60 Days at ETRADE Securities Click here Canadian Market Report CADUSD Oil Gold Allbanc Please click on the images to view our interactive charts TSX Poised For Higher Open On Commodities; Potash May Dip Canadian stocks are poised for a higher open Thursday as commodities are extending gains amid a weak U.S. dollar that was under pressure after the Federal Reserve yesterday vowed to keep rates low to support the fragile economy. Meanwhile, Italy today sold 4.5 billion euros worth of 2-year bonds at the high end of its target, at a yield of 3.20 percent, sharply below the previous auction's yield. Talks on a debt swap to avert a Greek default resume today. On Wednesday, the S&P/TSX Composite Index gained 143.98 points or 1.16 percent to 12,539.21. The price of crude oil was extending gains as the U.S. dollar came in under pressure after the Federal Reserve yesterday indicated they would likely keep interest rates low at near zero through late 2014 as the economy continued to be sluggish with subdued levels of inflation. Crude for March moved up $1.34 to $100.74 a barrel. The price of gold was extending gains Thursday morning as the U.S. dollar continued to reel under pressure after the Federal Reserve vowed to keep rates low to support the fragile economy. Gold for February gained $24.50 to $1,724.60 an ounce, levels not seen since early December. In corporate news from Canada, fertilizer maker Potash Corp. reported fourth-quarter results that missed analysts' estimates. Net income for the quarter increased 34 percent to $683 million or $0.78 per share from $508 million or $0.56 per share. Analysts were expecting the company to report earnings of $0.88 per share for the quarter. Earnings for the full-year 2012 are projected to be between $3.40 and $4.00 per share. Wall Street expects $3.96 per share for 2012. Canadian Pacific Railway reported an improved fourth quarter net income to C$221 million or C$1.30 per share compared to C$186 million or C$1.09 per share in the prior year. Analysts were expecting the company to report earnings of C$1.09 per share for the quarter. Leather apparels and accessories company Danier Leather Inc. reported improved second-quarter net income of $8.5 million or $1.77 per share compared to $8.2 million or $1.67 per share last year. In economic news from south of the border, the U.S. Labor Department said jobless claims rose to 377,000 from the previous week's revised figure of 356,000. Economists had expected jobless claims to increase to 370,000 from the 352,000 originally reported for the previous week. Simultaneously, a report from the Commerce Department revealed that new orders of durable goods in the U.S. came in at $214.5 billion in December, a 3 percent increase over November's figures. Most economists had forecast a more modest 2.2 percent increase in durable goods orders rom the euro zone, confidence among German consumers is set to increase in February, survey data from the market research group GfK revealed. The forward-looking consumer confidence index is seen at 5.9 in February, higher than the revised 5.7 in January. Economists had forecast the score to stay unchanged from the initial January reading of 5.6. Trade Free for 60 Days at ETRADE Securities Click here European Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts European Stocks Rally On Fed Promise Of Protracted Policy Accommodation European stocks are receiving ample support from yesterday's U.S. FOMC announcement and some positive domestic economic data, even as they look ahead to key risk events in the North American session. The major averages of the region are all up with handsome gains. Sentiment now largely depends on the U.S. jobless claims data, durable goods orders report and new home sales, all due later in the global trading day. The German DAX Index and the U.K.'s FTSE 100 Index are rising 1.38 percent and 1.11 percent, respectively, while the French CAC 40 Index is adding 0.77 percent. The Swiss Market Index is up a more modest 0.19 percent. The Euro Stoxx 50 Index, which is a compilation of 50 major blue chip stocks in the euro area, is gaining 1.11 percent, while the Stoxx Europe 50, which also includes key U.K. stocks, is up 0.41 percent. Greece's talk with its private lenders has proved futile so far, with no solution at sight so far regarding the debt swap ratio. The negotiators return to the table today for arriving at a consensus view to resolve the stalemate. On a positive note, Italy sold 4.5 billion euros worth of 2-year bonds, at the high end of its target, at a yield of 3.20 percent, sharply below the previous auction's yield. On Wednesday, the major averages in the region had closed mostly lower, as apprehension ahead of the FOMC announcement and European debt fears kept sentiment muted. Following the conclusion of the 2-day monetary policy meeting, the Federal Reserve said it expects economic conditions over the medium term warrant exceptionally low levels of federal funds rate at least through late 2014 compared to its earlier view of keeping interest rates unchanged till the middle of 2013. On the economic front, a consumer climate survey done by the GfK Institute showed that German consumer climate is set to improve in February. The forward-looking consumer climate index is expected to increase to 5.9 in February from a revised reading of 5.7 in January. The index was expected to come in at 5.6. French consumers also seem to be optimistic, as a survey by INSEE showed that its consumer confidence index rose slightly. However, a separate INSEE survey showed that French industrial demand outlook for the first quarter of 2012 has weakened slightly. In corporate news, Spanish retailer H&M reported a decline in its fourth quarter pre-tax profit despite sales, including VAT, rising 6 percent in local currencies. Nokia (NOK) is rising after it posted fourth quarter non-IFRS earnings of 6-euro cents per share and net sales of 10 billion euros. France's Technip said it has been awarded a contract worth about 110 million Australian dollars by Daewoo Shipbuilding and Marine Engineering for the detailed design of Chevron's Wheatstone offshore gas processing platform. Separately, the company won a turnkey EPC contract valued at more than 900 million euros for Lukoil. However, the stock is down modestly. U.K.'s Anglo American is up over 2 percent after it said its iron ore production rose 5 percent in the fourth quarter, while its copper production was up 12 percent. Low cost carrier esayJet is climbing close to 9 percent after it said its first quarter revenues climbed 16.7 percent. Nobody analyzes Stocks like VectorVest. No Hunches.  No Guesswork.  No Opinions.   Analyze Any Stock Free! Click Here Asia Market Report Asian Stocks End Higher As Fed Favors Low Rate Regime Most Asian market ended higher Thursday, amid thin trading, as traders took positive cues from the overnight gains on Wall Street after the Federal Reserve yesterday indicated they would likely keep interest rates low at near zero through late 2014 as the U.S economy continued to be sluggish with subdued levels of inflation. In the commodities market, the price of crude was steady around the $100-mark, even after an official report revealed unexpected jump in U.S. crude oil inventories last week. Wednesday during trading hours, the EIA said that U.S. crude oil inventories moved up by 3.60 million barrels, while gasoline stocks eased 400,000 barrels in the weekended January 20. Analysts were expecting crude oil inventories gain by 700,000 barrels and gasoline stocks are seen adding 2.2 million barrels last week. Crude for March delivery edged up $0.15 to $99.55 a barrel. The price of gold was steady above the $1,700-mark in Asian trading Thursday as its safe haven appeal increased amid a falling U.S dollar. Gold for February gathered $5.40 to $1,705.50 an ounce. The Japanese market leveled off from its 3-month high, with the Nikkei average easing 34.22 points or 0.39 percent to 8.849.70. Tokyo Electric Power Co. gained over 5 percent amid reports that the company will accept public funds to avoid bankruptcy. The Hong Kong market, which reopened after three day holiday, surged 328.77 points or 1.63 percent to 20.439.14. Energy stocks turned in a strong performance amid a surge in oil prices. China's largest offshore energy company Cnooc gained over 2 percent. China Coal Energy and Yanzhou Coal Mining gathered over 2 percent each. Zhaojin Mining Industry surged close to 10 percent and gold miner Zijin Mining moved up 5 percent. Toys maker Li & Fung Ltd. advanced over 3 percent. South Korea's Kospi average edged up 4.95 points or 0.25 percent to 1,957.18 even after data revealed that the GDP growth fell far short of analyst forecasts to a two-year low. South Korea's largest automaker Hyundai Motor Co eased over 2 percent after reporting quarterly net income of $1.80 billion, that came in below consensus estimates. The New Zealand market edged up for a second session after the Reserve Bank of NZ held its cash rate at a record low 2.5 percent for a seventh consecutive review, citing the uncertain global outlook and moderate local activity. Elsewhere, Singapore and Malaysian stocks were little changed. Markets in India and Australia were closed for a public holiday, while those in China and Taiwan are closed for the whole of this week. Trade Free for 60 Days at ETRADE Securities Click here Forex Top Story USDCAD USDEUR USDGBP USDJPY Please click on the images to view our interactive charts Dollar Falls Further Versus Euro, Briefly Below Par Against Loonie The dollar remained under pressure Thursday morning, dropping below par versus its Canadian counterpart after the Federal Reserve extended its timetable for raising interest rates to late-2014 Meanwhile, Britain's Prime Minister David Cameron, in Davos for the World Economic Forum, urged his counterparts in the euro zone to swiftly deal with their sovereign debt crisis. And reports out of Greece said that officials were back in talks with private creditors, hoping to work out a voluntary restructuring that would allow Greece to avoid a disastrous default. Ahead of a flurry of economic data from the U.S., the dollar dropped to $1.3155 versus the euro, its lowest since December 21. A monthly low was also reached versus the sterling, with the buck sliding to $1.5715. And the dollar was briefly below parity versus Canada's loonie for the first time in months, Italy raised the maximum amount it targeted at a bond auction on Thursday that witnessed strong demand. Confidence among German consumers is set to increase in February, supported by rising economic optimism and high income expectations despite growing concerns about a possible recession in euro area in the first quarter of 2012, survey results from market research group GfK revealed Thursday. The dollar was unable to sustain yesterday's gains versus the yen, dropping back to Y77.60 from above Y78.20. The Commerce Department is set to release its durable goods orders report for December at 8:30 am ET. Economists expect a 2.2 percent increase in durable goods orders for December following a 3.7 percent increase in November, Excluding transportation, orders may have seen a more modest 0.7 percent increase. Around the same time, the Labor Department is due to release its customary jobless claims report for the week ended January 21st at 8:30 am ET. Economists expect claims to increase to 370,000 after they declined to 352,000 in the previous week. The Commerce Department will also release the new home sales report for December at 10 am ET. The consensus estimate calls for new homes sales of 320,000 from a seasonally adjusted annual rate of 315,000 in November. Additionally, the Conference Board is scheduled to release a report on the U.S. leading index for December at 10 am ET. The consensus estimate calls for a 0.7 percent increase in the leading indicators index for the month.     To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. 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