U.S. stocks extend surge for third day, Dow hits 12,000 mark
New York, NY, United States (AHN) – U.S. stocks continued its surge for the third straight day on Monday sending back the Dow Jones Industrial Average above the 12,000 level.
The $39 billion merger of AT&T and T-Mobile plus improving containment of overheating nuclear reactors in disaster-stricken Japan sparked investors’ rally that send the Dow rising 173 points or 1.5 percent to 12,036. The Dow was below the psychological level since after the March 11 earthquake and tsunami that hit northeastern Japan.
The Standard & Poor’s 500 Index closed 19 points or 1.5 percent up at 1,298 led by luxury retailer Tiffany & Co.
The Nasdaq Composite Index added 48 or 1.8 percent to close at 2,692.
Crude oil for April delivery rose $1.26 or 1.3 percent to settle at $102 per barrel. The rise came as an international coalition forces continued air strikes on Libyan military targets on Monday as part of a UN Security Council sanctioned no-fly zone aimed at protecting rebels in the north African country.
Gold futures for April delivery jumped $13.70 or 1 percent to $1,430 an ounce.
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U.S. stocks sink to lowest 2011 level as investors fear Japan nuke crisis fallout
New York, NY, United States (AHN) – Investors scared of Japan’s nuclear crisis took refuge in U.S. Treasury notes to lessen exposure to risky assets sending two of the three main indexes to their lowest level for the year on Wednesday.
The Dow Jones Industrial Average lost 242 points or 2 percent to 11,613 cutting its 2011 gains to 0.3 percent. All 30 components were down led by IBM, General Electric and American Express.
The Standard & Poor’s 500 Index shed 25 points or 1.95 percent to close at 1,257, a 0.06 percent loss for 2011.
The Nasdaq Composite Index slid 50 points or 1.89 percent to 2,617.
Oil for April delivery rose 80 cents or 0.8 percent to settle at $98 a barrel.
Gold futures for April delivery climbed $3.30 to $1,396 an ounce.
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Dow dives as Saudi Arabia demo dispersal rattles Wall Street
New York, NY, United States (AHN) – The Dow Jones Industrial Average lost hold of the 12,000 level on Thursday as a violent dispersal of a rally in Saudi Arabia unnerved Wall Street investors already worried of unrest in Libya.
The blue chip index reeled from a 228-point or 1.9 percent dive closing at 11,985, the worst drop since August 11. The top losers were Exxon Mobil, Caterpillar, and Chevron weakened by a potential for oil disruption in the world’s largest oil supplier.
Selling were also driven by reports that the U.S. trade balance in January widened to $46 billion and the rise of initial unemployment benefit claims to 397,000 for the week ending on March 5.
The Standard & Poor’s 500 Index shed 25 points or 1.9 percent to close at 1,295.
The Nasdaq Composite Index slipped 51 points or 1.8 percent to 2,701.
Crude oil for April delivery fell $1.68 to $103 per barrel.
Gold futures for April delivery dipped $17.60 to settle at $1,412 an ounce.
 
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U.S. stocks rally, Dow post best gain in 3 months
New York, NY, United States (AHN) – U.S. stocks rallied on Thursday with the Dow Jones Industrial Average posting its best and largest gain since Dec. 1 as investors reacted positively to a drop in weekly jobless claims and a retreat in oil prices.
The blue chip index surged 191 points or 1.6 percent to close at 12,258 as the Labor Department reported 368,000 initial jobless claims in the week ending Feb. 26, the lowest weekly figure since May 31, 2008.
The Standard & Poor’s 500 Index gained 22 points or 1.7 percent to 1,331 led by oil refiner Valero Energy.
The Nasdaq Composite Index jumped 51 points or 1.9 percent to 2,799.
Oil for April delivery declined 35 cents to $102 a barrel. The decline was spurred by news that Libyan leader Moammar Gaddafi hinted of negotiating with protesters through the mediation of Venezuelan President Hugo Chavez.
Gold futures for April delivery fell $21.30 to $1,416 an ounce.
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Ban calls leaders of Saudi Arabia, Italy on Libya
New York, NY, United States (AHN) – Expressing serious concern over the use of lethal force against innocent people in Libya, the United Nations Secretary General, Ban Ki-moon, on Saturday telephoned the leaders of Saudi Arabia and Italy to discuss the unfolding developments in the North African country.
In a conversation with King Abdullah, Ban briefed the Saudi leader on UN efforts to quell the violence and bloodshed in Libya and to hold those responsible to account, an UN statement said. Ban underscored Saudi Arabia’s key religious and political role in the region, it added.
Earlier, in his call to Prime Minister Silvio Berlusconi of Italy, Ban discussed the options available to handle the crisis and asked for Italy’s continued support and proactive role for decisive action, the UN statement said.
Ban’s outreach to world leaders came a day after he addressed the UN Security Council, urging the powerful 15-member wing of the world body to act urgently to save the lives of hundreds and thousands of people.
The Security Council, for the second day, was holding an emergency meeting on Libya to consider a resolution introduced by Britain and supported by France and the United States that recommends an arms embargo, asset freezes and travel bans for Libyan leader Muammar Gadhafi and his associates.
The resolution also refers Gadhafi to the International Criminal Court for alleged crimes against humanity. There were reports of differences among some of the key members of the Security Council, which among others is believed to include China, on referring Gadhafi to the ICC. Diplomats were hopeful the impasse would be resolved soon.
Briefing the Security Council on Friday, Ban told the body that “fundamental peace and security issues are at stake in Libya,” where more than 1,000 people have been killed as security forces and militias loyal to Gadhafi continued their deadly assault on civilian protesters.
“It is time for the Security Council to consider concrete action,” Ban said.
“These accounts — from the press, from human rights groups and from civilians on the ground – raise grave concerns about the nature and scale of the conflict. They include allegations of indiscriminate killings, arbitrary arrests, shooting of peaceful demonstrators, the detention and torture of the opposition and the use of foreign mercenaries,” he said.
Ban told reporters later he understood that the Security Council is very seriously considering all possible options. “But that is up to the member states of the Security Council — to determine what course of action should be taken at this time,” he noted.
The UN Secretary General, so far, has spoken twice with the Libyan leader, but now feels that he is unlikely to listen to the international community.
“I am not sure, after having spoken extensively with Col. Gadhafi, whether he will yield to the calls of the international community. Of course, whenever it is necessary, I am willing to do anything to protect civilian populations and to stop the violence. But he has been trying to justify and defend his position; I have been trying to talk to all the leaders in the region and I will continue to do that,” he said in response to a question.
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Wall Street enjoys third straight month of gains despite Mid-East anxieties
New York, NY, United States (AHN) – The U.S. stock market coasted to its third monthly gain on Monday with the three major indexes closing higher to end February on a positive note despite last week’s big decline caused by anxieties from the Middle East turmoil.
The Dow Jones Industrial Average gained 96 points or 0.8 percent to end at 12,226. For the month, the gain was 2.8 percent.
The Standard & Poor’s 500 Index rose 7 points or 0.5 percent to close at 1,327 and post a February gain of 3.2 percent.
The Nasdaq Composite Index did not move remaining at 2,782, still 3 percent up for the entire month.
For the first quarter, the three stocks indexes rose 5 percent.
Meanwhile, oil for April delivery was down 91 cents to $97 a barrel.
Gold futures for April delivery was up 60 cents to close at $1,410 per ounce.
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U.S. stocks in third day of losses, Nasdaq rebounds
New York, NY, United States (AHN) – U.S. stocks ended mixed on Thursday with the blue chips and S&P 500 index extending losses for a third straight session day as oil prices retreated.
The Dow Jones Industrial Average lost 37 points or 0.3 percent to close at 12,068.
The Standard & Poor’s 500 index was a tick off or 0.2 percent at 1,306.
The Nasdaq Composite Index rose 15 points or 0.5 percent to 2,738.
Crude oil futures for April delivery lost 30 cents with a barrel settling at $97 after trading above $100 in the early trading hours.
Gold futures for February delivery rose $1.80 or 0.1 percent to $1,416 an ounce.
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Nestle posts robust 2010 profit on Alcon sale
Vevey, Switzerland (AHN) – Nestle reported better-than-expected sales growth for 2010 on Thursday but warned of uncertainties in the coming fiscal year, including the prices of raw materials.
The world’s largest food manufacturer said sales rose 2 percent to 109.7 billion francs ($115 billion). Organic growth, which excludes currency effects and other costs from revenue, was 6.2 percent.
The Switzerland-based company, which does not report quarterly earnings, said net profit was 34.2 billion francs ($35.9 billion), up from 10.4 billion francs the previous year. Profit was fueled by the sale of Alcon to Novartis.
Novartis acquired 25 percent of the eyecare company from Nestle in 2008 and bought an additional 52 percent last August.
Nestle said the Alcon transaction last year added 24.5 billion francs to net profit.
Organic growth in emerging markets was 11.5 percent. Nespresso boutiques also contributed to the robust performance, with organic growth of 20 percent and, for the first time, more than 3 billion francs in revenue. In the past year, Nestle opened 36 new branches of the high-end stores worldwide, including in New York and Munich.
“We continued to drive efficiency and effectiveness in both developed and emerging markets while at the same time accelerating innovation, serving well over a billion consumers a day across the world,” chief executive Paul Bulcke said in a statement. “We are starting 2011 with continued momentum, well placed to face uncertainties ahead, including volatile raw material prices.”
Nestle forecast organic growth of 5 to 6 percent this year, and earnings before interest and taxes in constant currencies.
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Wal-Mart downgrade pulls Dow down
New York, NY, United States (AHN) – Blue-chip stocks dipped on Monday pulled down by J.P. Morgan Chase’s downgrading of Wal-Mart Stores shares from overweight to neutral.
The Dow Jones Industrial Average lost 19 points or 0.2 percent to 12,254 as investors were also unresponsive to President Barack Obama’s announcement of a proposed $3.7 trillion budget.
The Standard & Poor’s 500 Index rose 2.54 points or barely 1 percent to 1,330.
The Nasdaq Composite Index rose 7.2 points or 0.3 percent to end at 2,817.
Oil for March delivery was up 14 cents settling at $85.72 a barrel.
Gold futures for April delivery jumped $6.60 to $1,367 an ounce.
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Pepsi says rising prices will cut into its 2011 profits
New York, NY, United States (AHN) – Pepsi said Friday that it expects rising commodity prices to cut into its 2011 profits.
Company officials said the prices of the commodities it uses in its products could increase this year by as much as 9.5 percent or $1.6 billion over 2010, which will eat into the company’s profits. In addition, the ongoing weak economy and high employment mean lackluster sales and also rule out raising prices to match costs.
Pepsi issued its 2011 net earnings expectations along with the news that its fourth-quarter 2010 profits were down 5 percent from the previous quarter. It blamed the drop in Q4 profits on increased costs.
Commodities that Pepsi uses include oil, in the manufacturing of plastic bottles, fuel for plants and transportation costs; aluminum, in the manufacturing of cans; and corn, in the production of chips and as high fructose corn syrup as a sweetener in its drinks.
The prices of all three of those commodities have increased on world markets and more increases are expected.
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