THE Fed said its staff economists also raised their outlook based on recent data even though the rate of unemployment was higher than expected.
'Consumer spending appeared to have stabilized since the start of the year, sales and starts of new homes were flattening out, and the recent declines in capital spending did not look as severe as those that had occurred around the turn of the year,' the Fed said.
Post Reply
1441-1460 of 2099
My mindset is bullish as well. I hope STI to hit 2600 n everyone huat ah...........
freeme ( Date: 17-Jul-2009 19:29) Posted:
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Bank of America posts second-quarter profit of $3.2 billion, or 33 cents a share, topping estimates. But CEO Ken Lewis warns of more weakness in the global economy.
STI got chance to break 2424 convincingly liao next wk. Time to load up for the next leg up!
I still remember, not too long ago, during the bull market, someone in the China market was interviewed...
And he told the reporter that he was 'maximun bullish'...
I think that same man may already be no more in this world by now...
Stocks sputter on banks
Wall Street wobbles as JPMorgan's strong results counter worries about a possible CIT bankruptcy.
The Dow Jones industrial average (INDU) was little changed in the early going. The S&P 500 (SPX) index lost 2 points, or 0.2%. The Nasdaq composite (COMP) was little changed.
"JPMorgan Chase is doing really well," said Len Blum, managing director at Westwood Capital. "They've got really strong capital and they paid back TARP. Their losses in credit cards were more than offset by gains in trading."
Blum said that this, combined with strong earnings from Goldman Sachs (GOLD) earlier this week, should offset some of the sting from CIT. However, there could still be bad news ahead from some of the bank earnings.
"You've got the winners and the losers, and the distinction between the two will become more obvious with time," he said. "The impression is that the rest of the banking sector isn't as good as JPMorgan Chase and Goldman Sachs. There's a little bit of trepidation about the banking sector."
On Wednesday, stocks surged on the back of better-than-expected earnings and optimistic guidance for the second half of the year from tech giant Intel (INTC, Fortune 500). All three major indexes jumped 3%, with the Dow adding 256 points.
Also helping Wall Street rally Wednesday: the Federal Reserve said that even though unemployment will likely top 10% this year, the end of the recession is in sight, according to the minutes from its latest meeting. The Fed said the nation's gross domestic product, the broadest measure of economic activity, should decline by between 1% and 1.5% in 2009, compared to an earlier forecast of a drop of between 1.3% to 2%.
JPMorgan Chase: The financial leader reported earnings of 27 cents per share, including the money paid back to TARP, leaving expectations in the dust.
Analysts had expected to report a profit of 4 cents per share, according to a consensus of opinion from Briefing.com. That compared to 54 cents a year ago.
JPMorgan Chase (JPM, Fortune 500) stock fell 2%.
Economy: The Labor Department reported that weekly jobless claims dropped to 522,000 in the week ended July 11, down from the prior week's revised figure of 569,000.
Economists surveyed by Briefing.com expected that 552,000 people collected jobless benefits for the first time in the most recent week.
After the open, the Philadelphia Fed index, a regional reading on manufacturing, is expected to have weakened to negative 5 in July from negative 2.2 in June.
Foreclosure filings in the first half of the year reached a record 1.53 million, according to a report early Thursday from online foreclosure marketplace RealtyTrac.
CIT: CIT Group (CIT, Fortune 500), the cash-starved small business lender, said late Wednesday that it has been told it won't be getting much-needed bailout funds from the government anytime soon.
While CIT is nothing near the size of some of the financial institutions that failed last year, it's not known what impact a possible bankruptcy would have on the economy.
Trading in CIT was halted on the NYSE Wednesday.
Earnings on tap: After the close, Google (GOOG, Fortune 500) is expected to report a profit of $5.08 per share versus $4.63 a year ago.
IBM (IBM, Fortune 500) a Dow component, also reporting after the closing bell, is expected to say it earned $2.02 per share versus $1.98 a year ago.
Major earnings reports will continue into Friday, with Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), and General Electric (GE, Fortune 500) reporting results before the opening bell. Investors are paying close attention to the guidance from companies for the coming quarters.
Global markets: Asian stocks rallied after China reported better-than-expected second-quarter economic growth. Tokyo's Nikkei index ended up 0.8%. European markets rallied in afternoon trading.
Oil and money: The price of oil dropped 82 cents to $60.72 a barrel. The dollar fell versus major international currencies, including the euro, the pound and the yen. 
Asian Stocks Rise for Third Day on Growth Optimism; Rio Gains
By Jonathan Burgos and Weiyi Lim
July 16 (Bloomberg) -- Asian stocks advanced for a third day, led by automakers and mining companies, as an improvement in U.S. manufacturing gauges and faster economic growth in China fueled optimism the global economy is recovering.
Toyota Motor Corp., which gets 31 percent of sales from North America, gained 2 percent. Komatsu Ltd., the world’s No. 2 maker of earthmoving equipment, jumped 4.2 percent. Rio Tinto Ltd., the world’s No. 3 mining company, added 4.4 percent after commodity prices gained and Bank of America’s Merrill Lynch & Co. unit raised earnings estimates. Jiangxi Copper Co., China’s largest producer of the metal, rose 3.6 percent.
The MSCI Asia Pacific Index advanced 1.6 percent to 103.19 as of 1:03 p.m. in Tokyo, taking its three-day gain to 5.2 percent. The gauge has rallied 46 percent from a more than five- year low on March 9 amid optimism government stimulus policies around the world will revive the global economy.
“This upward trend will continue for some time, as economic indicators have confirmed the economy is recovering,” said Harvey Chang, a SinoPac Securities Investment Trust Co. fund manager who helps oversee about $1.5 billion. “There’s plenty of money in the market.”
Japan’s Nikkei 225 Stock Average jumped 1.6 percent, while Hong Kong’s Hang Seng Index rose 1.9 percent. South Korea’s Kospi Index gained 0.8 percent. China’s Shanghai Composite Index added 0.7 percent after the country’s statistics bureau said the economy grew 7.9 percent in the second quarter after a 6.1 percent gain in the previous three months.
Sinotruk, Canon
Sinotruk (Hong Kong) Ltd., China’s biggest heavy-truck maker, jumped 17 percent after agreeing to sell a stake to Germany’s MAN SE. Canon Inc., the world’s largest camera maker, climbed 3 percent in Tokyo after the Nikkei newspaper reported earnings will rise. China Cosco Holdings Co., the world’s largest operator of dry-bulk ships, advanced 3.5 percent in Hong Kong after a gauge of shipping rates rose for a second day.
Futures on Standard & Poor’s 500 Index lost 0.5 percent as lender CIT Group Inc. said it probably won’t receive a federal bailout. The S&P 500 climbed 3 percent in New York yesterday after Federal Reserve figures showed industrial production shrank 0.4 percent last month, the least in eight months. The New York Fed’s Empire Index rose to minus 0.6 this month, the highest level since April 2008.
Toyota gained 2 percent to 3,540 yen. Honda Motor Co., which makes 45 percent of its revenue in North America, advanced 2.3 percent to 2,500 yen. Komatsu, which gets 25 percent of its sales from the Americas, jumped 4.2 percent to 1,439 yen.
Rising Valuations
The MSCI Asia Pacific index is heading for its first weekly gain in three amid signs Asian economies are rebounding. Stocks on the gauge are valued at an average 43 times reported earnings, up from the 15 times stocks were trading at during the market’s trough in March. Companies on the S&P 500 are currently at 14.8 times profit.
Singapore on July 14 forecast a narrower contraction in its gross domestic product this year. New home sales in the city- state jumped 9.1 percent last month, government data released yesterday showed. Australian business sentiment turned positive in June for the first time since December 2007, a National Australia Bank Ltd. index released on July 14 showed.
“A rebound in the economy won’t be very fast but we don’t have to be too pessimistic in that the situation is getting better,” said Mitsushige Akino, who oversees the equivalent of $522 million at Ichiyoshi Investment Management Co. “I’m expecting relatively good earnings reports from companies because they have finished clearing inventories.”
Copper, Oil
Optimism an expansion of manufacturing will boost demand for materials lifted prices for copper and oil yesterday. Copper futures leapt 4.1 percent in New York, the most since June 9. Crude oil jumped 3.4 percent, the steepest climb since June 23.
Rio Tinto Ltd., the world’s third-largest mining company jumped 4.4 percent to A$52.30. Merrill Lynch & Co. boosted its 2010 earnings for the company by 20 percent. Goldman Sachs Group Inc. said Rio Tinto may get an earnings boost from rising demand for iron ore.
BHP Billiton Ltd., the world’s biggest mining company, gained 2.2 percent to A$35.04. Mitsubishi Corp., which gets almost half of its sales from commodities, climbed 5.9 percent to 1,716 yen in Tokyo. Jiangxi Copper rose 3.6 percent to HK$13.78.
Stocks in China gained as the country’s second-quarter economic growth rate beat economist estimates. A 4 trillion yuan ($585 billion) stimulus package and the scrapping of lending restrictions for banks helped trigger the revival in the world’s third-largest economy.
Second-Largest Market
Shenhua Energy Co., the nation’s biggest coal producer, rose 3.2 percent to HK$27.75. China Resources Enterprise Ltd., the retailer whose venture with SABMiller Plc makes China’s best-selling beer, added 2.4 percent to HK$18.12.
Sinotruk soared 17 percent to HK$8.82. MAN, Europe’s third- biggest truckmaker, will pay 560 million euros ($788 million) for a 25 percent stake in Sinotruk, the companies said late yesterday.
China has now overtaken Japan as the world’s second-largest stock market by value for the first time in 18 months. The Shanghai Composite has gained 76 percent this year compared with a 7 percent advance in the Nikkei 225.
Canon climbed 3 percent to 3,120 yen. The company will likely report about 30 billion yen ($319 million) in operating profit for the three months to June, a 50 percent increase from the previous quarter, the Nikkei newspaper reported today. Demand for cameras grew, while that for office equipment remained weak, the newspaper said.
Makoto Sugimoto, a Canon spokesman, said the company wasn’t the source of the Nikkei report.
Baltic Dry Index
Shipping stocks gained after cargo rates rose. The Baltic Dry Index, which measures the cost of shipping commodities, climbed 7.3 percent in London yesterday, taking gains in the past two days to 12 percent.
China Cosco advanced 3.5 percent to HK$10.02. STX Pan Ocean Ltd., South Korea’s biggest bulk carrier, gained 1.8 percent to 11,150 won in Seoul. Mitsui O.S.K. Lines Ltd., the world’s largest operator of iron-ore vessels, jumped 3.3 percent to 593 yen in Tokyo.
To contact the reporter for this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Weiyi Lim in Taipei at Wlim26@bloomberg.net. Last Updated: July 16, 2009 00:06 EDT
By Jonathan Burgos and Weiyi Lim
July 16 (Bloomberg) -- Asian stocks advanced for a third day, led by automakers and mining companies, as an improvement in U.S. manufacturing gauges and faster economic growth in China fueled optimism the global economy is recovering.
Toyota Motor Corp., which gets 31 percent of sales from North America, gained 2 percent. Komatsu Ltd., the world’s No. 2 maker of earthmoving equipment, jumped 4.2 percent. Rio Tinto Ltd., the world’s No. 3 mining company, added 4.4 percent after commodity prices gained and Bank of America’s Merrill Lynch & Co. unit raised earnings estimates. Jiangxi Copper Co., China’s largest producer of the metal, rose 3.6 percent.
The MSCI Asia Pacific Index advanced 1.6 percent to 103.19 as of 1:03 p.m. in Tokyo, taking its three-day gain to 5.2 percent. The gauge has rallied 46 percent from a more than five- year low on March 9 amid optimism government stimulus policies around the world will revive the global economy.
“This upward trend will continue for some time, as economic indicators have confirmed the economy is recovering,” said Harvey Chang, a SinoPac Securities Investment Trust Co. fund manager who helps oversee about $1.5 billion. “There’s plenty of money in the market.”
Japan’s Nikkei 225 Stock Average jumped 1.6 percent, while Hong Kong’s Hang Seng Index rose 1.9 percent. South Korea’s Kospi Index gained 0.8 percent. China’s Shanghai Composite Index added 0.7 percent after the country’s statistics bureau said the economy grew 7.9 percent in the second quarter after a 6.1 percent gain in the previous three months.
Sinotruk, Canon
Sinotruk (Hong Kong) Ltd., China’s biggest heavy-truck maker, jumped 17 percent after agreeing to sell a stake to Germany’s MAN SE. Canon Inc., the world’s largest camera maker, climbed 3 percent in Tokyo after the Nikkei newspaper reported earnings will rise. China Cosco Holdings Co., the world’s largest operator of dry-bulk ships, advanced 3.5 percent in Hong Kong after a gauge of shipping rates rose for a second day.
Futures on Standard & Poor’s 500 Index lost 0.5 percent as lender CIT Group Inc. said it probably won’t receive a federal bailout. The S&P 500 climbed 3 percent in New York yesterday after Federal Reserve figures showed industrial production shrank 0.4 percent last month, the least in eight months. The New York Fed’s Empire Index rose to minus 0.6 this month, the highest level since April 2008.
Toyota gained 2 percent to 3,540 yen. Honda Motor Co., which makes 45 percent of its revenue in North America, advanced 2.3 percent to 2,500 yen. Komatsu, which gets 25 percent of its sales from the Americas, jumped 4.2 percent to 1,439 yen.
Rising Valuations
The MSCI Asia Pacific index is heading for its first weekly gain in three amid signs Asian economies are rebounding. Stocks on the gauge are valued at an average 43 times reported earnings, up from the 15 times stocks were trading at during the market’s trough in March. Companies on the S&P 500 are currently at 14.8 times profit.
Singapore on July 14 forecast a narrower contraction in its gross domestic product this year. New home sales in the city- state jumped 9.1 percent last month, government data released yesterday showed. Australian business sentiment turned positive in June for the first time since December 2007, a National Australia Bank Ltd. index released on July 14 showed.
“A rebound in the economy won’t be very fast but we don’t have to be too pessimistic in that the situation is getting better,” said Mitsushige Akino, who oversees the equivalent of $522 million at Ichiyoshi Investment Management Co. “I’m expecting relatively good earnings reports from companies because they have finished clearing inventories.”
Copper, Oil
Optimism an expansion of manufacturing will boost demand for materials lifted prices for copper and oil yesterday. Copper futures leapt 4.1 percent in New York, the most since June 9. Crude oil jumped 3.4 percent, the steepest climb since June 23.
Rio Tinto Ltd., the world’s third-largest mining company jumped 4.4 percent to A$52.30. Merrill Lynch & Co. boosted its 2010 earnings for the company by 20 percent. Goldman Sachs Group Inc. said Rio Tinto may get an earnings boost from rising demand for iron ore.
BHP Billiton Ltd., the world’s biggest mining company, gained 2.2 percent to A$35.04. Mitsubishi Corp., which gets almost half of its sales from commodities, climbed 5.9 percent to 1,716 yen in Tokyo. Jiangxi Copper rose 3.6 percent to HK$13.78.
Stocks in China gained as the country’s second-quarter economic growth rate beat economist estimates. A 4 trillion yuan ($585 billion) stimulus package and the scrapping of lending restrictions for banks helped trigger the revival in the world’s third-largest economy.
Second-Largest Market
Shenhua Energy Co., the nation’s biggest coal producer, rose 3.2 percent to HK$27.75. China Resources Enterprise Ltd., the retailer whose venture with SABMiller Plc makes China’s best-selling beer, added 2.4 percent to HK$18.12.
Sinotruk soared 17 percent to HK$8.82. MAN, Europe’s third- biggest truckmaker, will pay 560 million euros ($788 million) for a 25 percent stake in Sinotruk, the companies said late yesterday.
China has now overtaken Japan as the world’s second-largest stock market by value for the first time in 18 months. The Shanghai Composite has gained 76 percent this year compared with a 7 percent advance in the Nikkei 225.
Canon climbed 3 percent to 3,120 yen. The company will likely report about 30 billion yen ($319 million) in operating profit for the three months to June, a 50 percent increase from the previous quarter, the Nikkei newspaper reported today. Demand for cameras grew, while that for office equipment remained weak, the newspaper said.
Makoto Sugimoto, a Canon spokesman, said the company wasn’t the source of the Nikkei report.
Baltic Dry Index
Shipping stocks gained after cargo rates rose. The Baltic Dry Index, which measures the cost of shipping commodities, climbed 7.3 percent in London yesterday, taking gains in the past two days to 12 percent.
China Cosco advanced 3.5 percent to HK$10.02. STX Pan Ocean Ltd., South Korea’s biggest bulk carrier, gained 1.8 percent to 11,150 won in Seoul. Mitsui O.S.K. Lines Ltd., the world’s largest operator of iron-ore vessels, jumped 3.3 percent to 593 yen in Tokyo.
To contact the reporter for this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Weiyi Lim in Taipei at Wlim26@bloomberg.net. Last Updated: July 16, 2009 00:06 EDT
Wall Street surges on Intel earnings, Fed outlook
Posted: 16 July 2009 0555 hrs
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NEW YORK: Wall Street fired on all cylinders on Wednesday as the market was ignited by surprisingly strong results from tech giant Intel and an improved Federal Reserve outlook.
The Dow Jones Industrial Average leapt 256.72 points (3.07 percent) to close at 8,616.21, capping a powerful three-day rally for the US market.
The technology-heavy Nasdaq climbed 63.17 points (3.51 percent) to 1,862.90 and the broad Standard & Poor's 500 index advanced 26.84 points (2.96 percent) to 932.68.
The market got off to a strong start after Intel late Tuesday reported earnings per share that tore past market expectations excluding the impact of a one-time EU fine. That sparked gains overseas that spilled into US trading.
"You can call it more positive data or you can call it better expectations than what was out there in recent days. But today can be almost entirely chalked up to Intel beating earnings by so much," said Jon Ogg at 24/7 Wall Street.
Investors looked past data on consumer inflation which appeared to be skewed by a temporary surge in energy prices. The Labor Department said its consumer price index (CPI) rose 0.7 percent in June.
The rally gathered momentum after the Federal Reserve raised its growth outlook for the US economy and said this would likely lead to an easing of its unprecedented stimulus efforts.
The report "added fuel to the bulls' fire," said Andrea Kramer at Schaeffer's Investment Research.
The central bank raised its outlook for 2009 and 2010, projecting a rebound in the second half of 2009 that would leave the economic contraction for the year at between 1.0 and 1.5 percent.
"If this forecast comes true, the recession will end this year," said Josh Feinman, chief economist at Deutsche Bank's DB Advisors.
To achieve the figures in the Fed outlook, "we're going to have to get some sort of growth and there would presumbaly be enough positive momentum to declare an end to the recession," he said.
Europe's leading stock markets also rallied, boosted by Wall Street as investors eyed a global economic recovery following positive earnings and economic data.
London's FTSE 100 gained 2.57 percent to close at 4,346.46.
Frankfurt's DAX soared 3.07 percent to close at 4,928.44 and in Paris the CAC 40 rose 2.90 percent to 3,171.27.
Among stocks in focus on Wall Street, Intel rallied 7.25 percent to 18.05 dollars, lifting the rest of the tech sector.
Microsoft added 4.37 percent to 24.12 dollars and Google climbed 3.17 percent to 438.17.
In the financial sector, Goldman Sachs extended its gains from earlier in the week, rising 3.74 percent to 155.26 dollars after a strong earnings report on Tuesday.
Troubled business lender CIT Group rose 1.86 percent to 1.64 dollars amid ongoing concerns about a possible bankruptcy, after a report that it was close to a deal with US regulators on new aid.
AMR Corp, the parent of American Airlines, rose 4.31 percent to 4.28 dollars after reporting its quarterly loss narrowed to 390 million dollars while revenues fell more than 20 percent.
Bonds extended their losses on a shift into equities. The yield on the 10-year Treasury bond increased to 3.596 percent from 3.447 percent on Tuesday and that on the 30-year bond rose to 4.487 percent against 4.349 percent. Bond yields and prices move in opposite directions. - AFP/de
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Page last updated at 19:41 GMT, Wednesday, 15 July 2009 20:41 UK
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US economy dip 'less than feared' |
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The US economy will sink at a slower pace than previously thought in 2009, thanks to a rebound in the second half of the year, the Federal Reserve says.
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Big day on Wall Street
Intel's upbeat outlook and the Fed's improved forecast spark a big advance with all three major gauges up at least 3%.
The Dow Jones industrial average (INDU) gained 256 points, or 3.1%. The S&P 500 (SPX) index added 27 points, or 3%. The Nasdaq composite (COMP) rose 63 points, or 3.5%.
Both the Dow and Nasdaq saw their best one-day point gains in nearly four months. The S&P 500's gain was the best in two months.
Intel (INTC, Fortune 500) reported profit and revenue late Tuesday that dipped from a year ago, but surpassed forecasts. Also, the chipmaker predicted better revenue growth in the third and fourth quarters thanks to improved demand for personal computers.
With corporate demand still tepid, Intel's outlook will depend on consumers continuing to buy despite rising oil and gas prices and the ongoing recession. However, even with that caveat, investors embraced the forecast.
"The good news about Intel is the forecast," said Kevin Mahn, managing director at Hennion & Walsh. "We know second-quarter results won't be very good for most companies, but we want to know the outlook is improving in the second half of the year."
The rally intensified after the Federal Reserve said Wednesday afternoon that the end of the recession might be on the horizon.
The advance was also a matter of "performance chasing," said Phil Dow, director of equity research at RBC Wealth Management. "You have record low levels of stock ownership and so on these kinds of days you see people pile in."
He said that while the start to the financial reporting period was positive, it is too early to do a victory lap regarding second-quarter results.
"So far you've seen a little better guidance," he said. "If that proves to be true through the rest of the reporting period, this could be the quarter that the economy turns around. But I don't think we're going to see that just yet."
Thursday: JPMorgan Chase (JPM, Fortune 500) releases its quarterly financial report before the start of trading. The company is expected to report a profit of 4 cents per share versus 54 cents a year ago.
Small-business lender CIT Group (CIT, Fortune 500) will also be in focus. The federal government could be set to announce a bailout of the struggling company within the next 24 hours.
On the economic front, the Philadelphia Fed index, a monthly manufacturing report, is due shortly after the start of trading.
RealtyTrac's report on foreclosure filings in the first half of the year is due in the morning. Additionally, the weekly jobless claims report from the Labor Department is on tap.
Google (GOOG, Fortune 500) and IBM (IBM, Fortune 500) report results after the close Thursday.
Profits set to drop: S&P 500 profits are expected to have fallen around 36% in the second quarter versus a year ago, according to the latest Thomson Reuters forecast.
Worries about the corporate earnings outlook and the health of the economy have dragged on stocks over the last month -- following a three-month rally that lifted the S&P 500 by 40%.
Mahn said Intel and Goldman Sachs were the first signs since that selloff began that maybe the economy is getting back on track after all.
Fed: In the afternoon, the Fed released the minutes from the last policy meeting and the forecast through 2010.
Information reviewed at the meeting showed the economy remained weak, although the pace of the decline seemed to be lessening.
In its forecast, the Fed said that the unemployment rate could top 10% this year, but it also said that the recession may soon end.
Intel: Intel shares jumped 7% and boosted other big tech stocks.
Dow tech components Microsoft (MSFT, Fortune 500), IBM (IBM, Fortune 500), Cisco Systems (CSCO, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500) all gained. Big Nasdaq tech stocks gained too, including Oracle (ORCL, Fortune 500) and Applied Materials (AMAT, Fortune 500).
Among other movers, oil stocks jumped in line with the underlying commodity prices. Dow component Chevron (CVX, Fortune 500) rose 2.5% and Exxon Mobil (XOM, Fortune 500) gained 3.4%.
Banks on the move: On Tuesday, Goldman Sachs (GS, Fortune 500) reported a bigger-than-expected quarterly profit due to strength in its fixed income and trading businesses.
Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500) and JPMorgan Chase report results either Thursday or Friday.
Goldman and the other three bank stocks rallied, along with other big financial firms American Express (AXP, Fortune 500), Morgan Stanley (MS, Fortune 500) and Wells Fargo (WFC, Fortune 500).
The KBW Bank index gained 4.3%.
Economy: The consumer price index (CPI), a measure of consumer inflation, edged up 0.7% in June after rising 0.1% in May, according to a government report released in the morning. Economists surveyed by Briefing.com thought it would rise 0.6%.
So-called core CPI, which strips out volatile food and energy prices, grew 0.2% versus a rise of 0.1% in May. Economists thought it would rise 0.1%.
Industrial production fell 0.4%, according to another government report, versus forecasts for a drop of 0.6%. Industrial production fell 1.2% in May. Capacity utilization dipped to 68% from 68.2% in the previous month. Economists thought it would dip to 67.9%.
Bonds: Treasury prices fell, raising the yield on the benchmark 10-year note to 3.56% from 3.47% Tuesday. Treasury prices and yields move in opposite directions.
Other markets: In global trade, Asian markets ended higher and European markets ended higher.
In currency trading, the dollar fell against the euro and gained versus the Japanese yen.
U.S. light crude oil for August delivery rose $2.02 to settle at $61.54 a barrel on the New York Mercantile Exchange.
COMEX gold for August delivery rose $16.60 to settle at $939.10 an ounce.
Market breadth was positive. On the New York Stock Exchange, winners beat losers by more than nine to one on volume of 1.37 billion shares. On the Nasdaq, advancers beat decliners by almost five to one on volume of 2.58 billion shares.
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