Dow gains, S&P 500 falls
US stocks were mixed at close with the Dow higher.
The Dow rose 19.61 points, or 0.15 per cent, to 13,145.82.
The Nasdaq fell 9.6 points, or 0.31 per cent, to 3095.36.
The S&P 500 lost 2.26 points, or 0.16 per cent, to 1403.28.
In news, real gross domestic product in the US rose at an annual rate of three per cent in the fourth quarter of 2011, according to the third estime by the US Department of Commerce.
Initial claims for unemployment insurance fell by 5000 to 359,000 in the week ending 24 March from a revised 364,000 a week earlier, according to the US Department of Labor. The four-week moving average fell by 3500 to 365,000 from 368,500 a week earlier.
In earnings, Best Buy reported a net loss of US$1.7 billion, or US$4.89 per share, for the quarter, compared with net income of US$651 million, or US$1.62 per share, in the same quarter a year earlier. Shares fell US$1.85, or 6.95 per cent, to US$24.77.
After the closing bell, Research in Motion reported a net loss of US$125 million, or US$0.24 per share, compared with net income of US$934 million, or US$1.78 per share, in the same quarter a year earlier.
Yesterday in Australia, the S&P/ASX 200 fell 5.6 points, or 0.13 per cent, to 4337.9 and the All Ords was 9.5 points, or 0.21 per cent, lower to 4422.
Oil this morning was at US$103.35 per barrel and gold was at US$1660.60 per ounce.
The Australian dollar was buying 103.81 US cents, 65.07 pence Sterling, 78.03 euro cents and 85.57 Japanese yen.
Published on: Friday, March 30, 2012blog comments powered by Disqus
Today on Switzer
Marcel von Pyffer from Arminius Capital joins Switzer TV to discuss the poor-performing European economy, which continues to be a clear threat to rising stock markets. (Broadcast Thursday 21 August 2014.)
AMP Capital Chief Economist Shane Oliver rates the company reporting season so far – how is it stacking up? And should investors stop worrying about a correction? (Broadcast Thursday 21 August 2014.)
Earlier this week I thought my 6000 call for 2014 was KO'd, but now we could have a market melt-up!
Thousands of new information goods and services are introduced each year. Yet, according to the official GDP statistics, the information sector is about the same share of the economy as it was 25 years ago – about 4%.
The Australian share market has closed slightly higher, finishing in the green in eight out of the past nine sessions.
While Wesfarmers’ profit grew 19%, topping analysts’ expectations, the company’s problem child Target continues to underperform. Wesfarmers’ MD Richard Goyder explains the good and the not-so-good. (Broadcast Wednesday 20 August 2014.)