Dow futures in positive territory....+16, Nasdaq and S&P are 3.75 an 1.7.
From Philip Securities:
US Market NewsStocks rose slightly on Monday in a late rally as investors rotated into financial shares,
which had lagged in therecent two-week run-up.
Upbeat data on new home sales underpinned financial stocks, the session's strongest sector and prompted
investors to snap up the shares of several regional banks, which had been among the worst hit by credit
losses tied to a weak housing market.
The Dow Jones US home construction index shot up 4.3 per cent after data showed US new home sales posted
their biggest monthly gain in eight years in June, suggesting the housing market may be starting to recover
from its worst slump since the Great Depression of the 1930s.
The Dow Jones industrial average rose 15.27 points, or 0.17 per cent, to close at 9,108.51.
The Standard & Poor's500 Index gained 2.92 points, or 0.30 per cent, to 982.18.
The Nasdaq Composite Index added 1.93 points, or 0.10per cent, to end at 1,967.89
richtan ( Date: 28-Jul-2009 09:45) Posted:
From Philip Securities:
US Market News
Stocks rose slightly on Monday in a late rally as investors rotated into financial shares, which had lagged in the
recent two-week run-up.
Upbeat data on new home sales underpinned financial stocks, the session's strongest sector, and prompted
investors to snap up the shares of several regional banks, which had been among the worst hit by credit losses tied
to a weak housing market.
The Dow Jones US home construction index shot up 4.3 per cent after data showed US new home sales posted
their biggest monthly gain in eight years in June, suggesting the housing market may be starting to recover from its
worst slump since the Great Depression of the 1930s.
The Dow Jones industrial average rose 15.27 points, or 0.17 per cent, to close at 9,108.51. The Standard & Poor's
500 Index gained 2.92 points, or 0.30 per cent, to 982.18. The Nasdaq Composite Index added 1.93 points, or 0.10
per cent, to end at 1,967.89 |
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hahaha... yes, OT tonight! But the gain was marginal at DJ, so the impact here is quite manageable! Let's see at the end of the day, do I work OT for just tonight or for the rest of the week...hahaha!!!
aleoleo ( Date: 28-Jul-2009 07:38) Posted:
think tonite you are working OT liao, better take your own "abolone" instant noodle ...
idesa168 ( Date: 27-Jul-2009 22:46) Posted:
| Can I request Lobster pizza |
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DOW made a strong pull up during the last 3 hours, the bull is still young and very strong.
This seems to be a runaway bull market lead by the property sector...
If so, more rotational
Cheong Aaarrrhhh!!!s in the coming weeks will stun a lot of people...
think tonite you are working OT liao, better take your own "abolone" instant noodle ...
idesa168 ( Date: 27-Jul-2009 22:46) Posted:
Can I request Lobster pizza?
wongmx6 ( Date: 27-Jul-2009 22:44) Posted:
Although your chances is rather high....but i guess many punters do wish you work OT tomorrow. Let's me know your work place address, i send you pizza.
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With the Dow +green, no matter how much, mass bullish sentiment will be upheld...
About 75 percent of S&P 500 companies have topped analysts’ estimates so far, with per-share earnings dropping 26 percent on average, according to Bloomberg data.
Bullish Analysts
Wall Street firms lifted forecasts on S&P 500 companies 896 times in June and lowered 886, according to data compiled by JPMorgan Chase & Co. The last time analysts were bullish on a net basis was in April 2007, before more than $1.5 trillion of bank losses tied to subprime loans spurred the first global recession since World War II, the data show.
The
S&P 500 has erased more than half its loss since the Sept. 15 collapse of Lehman Brothers Holdings Inc. The benchmark index for U.S. equities has climbed 45 percent from a 12-year low on March 9 after the nation’s largest banks were profitable at the start the year and the government and Federal Reserve pledged $12.8 trillion to revive growth.
To contact the reporter on this story:
Lynn Thomasson in New York at
lthomasson@bloomberg.net.
Last Updated: July 27, 2009 11:45 EDT
my boss said the drop is too little.... by Wed... still like tat...
then.... boh bian.... have to cut loss liao.... hehe....
U.S. New-Home Sales Climb 11%, Most in Eight Years (Update1)
By Courtney Schlisserman
July 27 (Bloomberg) -- Purchases of new homes in the U.S. climbed 11 percent in June, the biggest gain in eight years, underscoring evidence that the deepest housing slump since the Great Depression is starting to stabilize.
Sales increased to a 384,000 annual pace, higher than any forecast of economists surveyed by Bloomberg News and the most since November, figures from the Commerce Department showed today in Washington. The number of houses on the market dropped to the lowest level in more than a decade.
Falling prices and a drop in mortgage rates have started to lure buyers even as the unemployment rate rises. Economists estimate that the worst U.S. recession in five decades is on the verge of ending as downturns in housing and manufacturing ease.
“We are making some progress in absorbing this huge inventory overhang” and that “is a fundamental step we need to take to begin to see home prices improve,” said
Robert Dye, a senior economist at PNC Financial Services Group in Pittsburgh. At the same time, rising joblessness means “a rebound will be modest at best,” he added.
Builders’ stocks jumped, with the Standard and Poor’s
Supercomposite Homebuilding Index gaining 2.3 percent. The broader S&P 500 Stock Index was up 0.1 percent at 980.35 at 10:10 a.m. in New York. Treasuries, which fell earlier in the day, remained lower, with benchmark 10-year note yields rising to 3.75 percent from 3.66 percent at last week’s close.
Economists’ Forecasts
Economists forecast new home sales would rise to a 352,000, according to the median of 62 projections in a Bloomberg News survey. Estimates ranged from 335,000 to 377,000. Commerce revised May’s reading up to a 346,000 rate from a previously reported 342,000.
The median price of a new home decreased 12 percent to $206,200 from $234,300 in June 2008. Last month’s value compares with $219,000 in May.
Sales of new homes were down 21 percent from June 2008. They reached a record-low 329,000 in January, down 76 from the July 2005 peak.
The jump in sales in June was led by a 43 percent surge in the Midwest. Purchases increased 29 percent in the Northeast and 23 percent in the West. They dropped 5.3 percent in the South, to the lowest level since January 1991.
Properties for Sale
Builders had 281,000 houses on the market last month, down 4.1 percent from May and the fewest since February 1998. The number of unsold properties fell a record 36 percent from June 2008. It would take 8.8 months to sell all homes at the current sales pace, the lowest level since October 2007.
Other reports underscore the stabilization in housing. The Wells Fargo/National
Association of Homebuilders sentiment index has risen in five of the past six months and existing home sales have increased for three months in a row.
Even so, foreclosure filings reached a record in the first half of the year, providing competition for homebuilders and pushing down the value of all houses. Also, rising unemployment, which economists forecast will top 10 percent by early 2010, threatens to restrain any recovery in housing.
Standard Pacific Corp., the U.S. homebuilder that gets most of its revenue from California, is among companies seeing a stabilization. It’s net loss, the 11th consecutive drop, narrowed to $23.1 million in the second quarter from $249 million a year earlier, the Irvine, California-based company said last week. Revenue fell 29 percent.
‘A Lot Closer’
“While we still obviously have not achieved the level of profitability that we ultimately need, we are a lot closer than we were a couple of quarters ago and believe that we are in pretty good shape in the short run,” Chief Executive Officer
Ken Campbell said in a July 22 statement.
Federal Reserve policy makers have committed to a $1.25 trillion program to purchase securities backed by home loans in an effort to put a floor under the housing market and lower borrowing costs. Those purchases, as well as direct government purchases of Treasuries, drove the rate on 30-year mortgages to a record-low 4.78 percent in April, according to figures from Freddie Mac. Rates have since hovered around 5 percent.
Fed Chairman Bernanke said July 21 that the economy is showing “tentative signs of stabilization” and the “decline in housing activity appears to have moderated.”
Another incentive is the $8,000 tax credit for first-time buyers that is part of the Obama administration’s economic stimulus plan. Purchases have to be completed before Dec. 1.
NVR Inc., the fourth-largest U.S. homebuilder, said last week that new orders increased 2 percent in the second quarter compared with a year earlier. The rate of cancellations fell to 14 percent from 19 percent in the second quarter of 2008 and 15 percent in the first three months of this year.
To contact the reporter on this story:
Courtney Schlisserman in Washington
cschlisserma@bloomberg.net Last Updated: July 27, 2009 10:16 EDT
Bao Yu is high in cholesterol. didn't send you is for your own good.
Good night.
ronleech ( Date: 27-Jul-2009 22:48) Posted:
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Even if the Dow is down heavily for this session and the next, there's no cause for worry.
As the market has been showing internal strength...
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