Global Markets Daily: S&P 500 Climbs Above 1,700 on Stimulus Bets, Economy Dow Jones advanced 128 pts to 15,628 while S&P rose 1.3% to 1,707 after central banks vowed to maintain stimulus and data on global manufacturing beat forecasts. · The Fed said yesterday that persistently low inflation could hamper the economy and pledged to keep buying $85b in bonds every month. The statement came as data showed the U.S. economy grew more than projected in the second quarter. European Central Bank President Mario Draghi said today that recent economic indicators signal that the euro region is through the worst and reiterated that officials plan to keep interest rates low for the foreseeable future. · U.S. applications for unemployment insurance payments declined by 19,000 to 326,000 in the week ended July 27, the fewest since January 2008, the Labor Department reported today in Washington. The median forecast of 50 economists surveyed by Bloomberg called for 345,000. Labor Department data tomorrow may show U.S. employers added 185,000 people to payrolls in July, as the jobless rate fell to 7.5% from 7.6%, according to Bloomberg surveys of more than 80 economists. · Some 40 companies in the S&P 500 were scheduled to report results today. Of the 373 companies in the gauge to have already reported quarterly results, 73% have exceeded analysts’ profit estimates and 56% have beaten sales projections, data compiled by Bloomberg show. (Source: Bloomberg)
Posted on: Fri, 02 Aug 2013 01:45:26 +0000
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