While you were sleeping.. U.S. stocks seesawed on Thursday after an upbeat report on jobless claims clashed with a disappointing one from the housing market, compelling investors to continue to focus on quarterly results for U.S. corporations, as they seek support for higher company valuations. The Dow Jones Industrial Average ended the day slight down three points in the final minutes of trading to 17084, while the S&P 500 was up one point to 1988 after hitting an all-time intraday high of 1991.42. The Nasdaq Composite Index was down two points to 4472. Stocks opened higher after a report showed that Americans filed the fewest applications for unemployment benefits last week since February 2006. Initial jobless claims fell to 284,000, well below expectations for 305,000. But stocks pared gains after new-home sales fell 8.1% in June from May, well below expectations. The May reading was also revised significantly lower. Meanwhile, early corporate reports have been mostly positive, and analysts have revised higher their estimates for earnings increases among S&P 500 companies, now expecting a gain of 5.6% versus 4.9% previously, according to FactSet. European stocks rose for a third day as manufacturing gains in China and the euro area boosted investors’ confidence that the economic recovery is on track. The Stoxx Europe 600 Index climbed 0.4 percent to 344.33 at the close of trading. The FTSE 100 closed up 23 points or 0.34% to 821, the CAC finished up 34 points or 0.78%, and the DAX ended up 41 points or 0.42% to 9794. Espirito Santo Financial Group SA, the owner of a 20.1 percent stake in Portuguese lender Banco Espirito Santo SA, said it requested protection from creditors under Luxembourg law as it’s unable to meet certain debt obligations. EBay Inc. said it is offering $3.5 billion in debt to help fund general operating activities as well as pay down outstanding short-term loans. The first tranche of debt, $450 million, is due in 2017, with the remaining tranches maturing variously by 2024.
Posted on: Thu, 24 Jul 2014 23:04:10 +0000
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