Ramsey
16-08-2002, Fri 10:12 AM
عن دواوجونز نيوزواير
US SUMMARY: Market Conditions Remain Fragile
DJIA 8818.14 gain 74.83 up 0.9%
NASDAQ 1345.01 gain 10.71 up 0.8%
S&P 500 930.25 gain 10.63 up 1.2%
Dow Future 8775.00 loss 32.00 dn 0.4%
NASDAQ Future 893.00 loss 6.00 dn 0.6%
S&P Future 926.60 loss 3.90 dn 0.4%
10-Yr US Treasury: 4.16% gain 0.07
NEW YORK (Dow Jones)--Shares eked out a second day of gains but began running out of steam. Treasurys headed lower.
STOCKS: A late surge of buying lifted Wall Street to its second straight winning session Thursday, despite more disappointing economic news and profit-taking following the market's huge rally.
The advance followed the rally Wednesday on news that most of the nation's largest companies had complied with the Securities and Exchange Commission deadline to certify their financial statements.
Investors appeared reassured by the relative ease of the process, but analysts were hesitant to ascribe too much to the market's two-day winning streak. They said that although investor sentiment has improved from a few months ago when it seemed like there was a new corporate scandal every day, market conditions remain fragile.
"There is still a very reasonable negative case to be made against equities starting with valuation, continuing on to the risk of a prolonged period of economic softness and the risk that we may even be heading into a deflationary period of time that's typically corrosive to profits," said Charles G. Crane, strategist for Victory SBSF Capital Management.
AOL Time Warner advanced despite the media conglomerate's announcement that there may be problems with the way its America Online unit recognized revenues from at least three transactions.
Dell Computer Corp. executives predicted Thursday that industrywide computer sales may be up slightly in the third quarter, and they vowed to account for a disproportionate share of the increase.
For the three months ended Aug. 2, Dell earned $501 million, or 19 cents a share, on $8.46 billion in revenue. That compared with a loss of $101 million, or 4 cents per share, in the year-ago quarter on revenue of $7.61 billion.
BONDS: U.S. Treasurys prices closed lower Thursday in a data-filled session that saw yield volatility slow down.
"The flattening trend was somewhat to be expected. The curve got way ahead of itself," said Kevin Flanagan, market strategist with Morgan Stanley in New York. "As of right now it's tough to price in an aggressive Fed," he said.
Short-dated Treasurys had been able to turn in a somewhat decent performance through some of Thursday. The release of the Federal Reserve Bank of Philadelphia's August index and the weakening National Association of Home Builders' August report helped put some life back in to that part of the government bond market.
The Philadelphia Fed's manufacturing report for August moved to a -3.1 reading in August. Negative readings indicate a contraction in activity, while positive ones denote expansion. Economists had expected the index to have stood at 9.0.
The bank's new orders index for August fell to -2.7, after ebbing to 6.6 the prior month from 20.1 in June. Employment remained soft in the mid-Atlantic region, also worsening from the pace seen the prior month.
Meanwhile, the National Association of Home Builders' index for sales of new, single-family homes fell to 57 in August from 61 in July, after having held within one point of 60 for five straight months.
Friday brings another full calendar, with the release of the July housing starts report, the mid-August report on consumer sentiment from the University of Michigan, and the July consumer price index.
US SUMMARY: Market Conditions Remain Fragile
DJIA 8818.14 gain 74.83 up 0.9%
NASDAQ 1345.01 gain 10.71 up 0.8%
S&P 500 930.25 gain 10.63 up 1.2%
Dow Future 8775.00 loss 32.00 dn 0.4%
NASDAQ Future 893.00 loss 6.00 dn 0.6%
S&P Future 926.60 loss 3.90 dn 0.4%
10-Yr US Treasury: 4.16% gain 0.07
NEW YORK (Dow Jones)--Shares eked out a second day of gains but began running out of steam. Treasurys headed lower.
STOCKS: A late surge of buying lifted Wall Street to its second straight winning session Thursday, despite more disappointing economic news and profit-taking following the market's huge rally.
The advance followed the rally Wednesday on news that most of the nation's largest companies had complied with the Securities and Exchange Commission deadline to certify their financial statements.
Investors appeared reassured by the relative ease of the process, but analysts were hesitant to ascribe too much to the market's two-day winning streak. They said that although investor sentiment has improved from a few months ago when it seemed like there was a new corporate scandal every day, market conditions remain fragile.
"There is still a very reasonable negative case to be made against equities starting with valuation, continuing on to the risk of a prolonged period of economic softness and the risk that we may even be heading into a deflationary period of time that's typically corrosive to profits," said Charles G. Crane, strategist for Victory SBSF Capital Management.
AOL Time Warner advanced despite the media conglomerate's announcement that there may be problems with the way its America Online unit recognized revenues from at least three transactions.
Dell Computer Corp. executives predicted Thursday that industrywide computer sales may be up slightly in the third quarter, and they vowed to account for a disproportionate share of the increase.
For the three months ended Aug. 2, Dell earned $501 million, or 19 cents a share, on $8.46 billion in revenue. That compared with a loss of $101 million, or 4 cents per share, in the year-ago quarter on revenue of $7.61 billion.
BONDS: U.S. Treasurys prices closed lower Thursday in a data-filled session that saw yield volatility slow down.
"The flattening trend was somewhat to be expected. The curve got way ahead of itself," said Kevin Flanagan, market strategist with Morgan Stanley in New York. "As of right now it's tough to price in an aggressive Fed," he said.
Short-dated Treasurys had been able to turn in a somewhat decent performance through some of Thursday. The release of the Federal Reserve Bank of Philadelphia's August index and the weakening National Association of Home Builders' August report helped put some life back in to that part of the government bond market.
The Philadelphia Fed's manufacturing report for August moved to a -3.1 reading in August. Negative readings indicate a contraction in activity, while positive ones denote expansion. Economists had expected the index to have stood at 9.0.
The bank's new orders index for August fell to -2.7, after ebbing to 6.6 the prior month from 20.1 in June. Employment remained soft in the mid-Atlantic region, also worsening from the pace seen the prior month.
Meanwhile, the National Association of Home Builders' index for sales of new, single-family homes fell to 57 in August from 61 in July, after having held within one point of 60 for five straight months.
Friday brings another full calendar, with the release of the July housing starts report, the mid-August report on consumer sentiment from the University of Michigan, and the July consumer price index.