Business
US Stocks Gain Over Unemployment Decline
United States stocks jumped after the unemployment rate decreased for the first time since April 2008, bolstering speculation that a recovering economy justified the steepest rally in equities in seven decades. Commodities rose and the dollar climbed to a seven-week high treasuries fell.
American Express Co. Walt Disney Co. and General Electric Co. added at least 3.2 per cent after the Labor Department said the nation lost 247,000 jobs last month, 78,000 fewer than economists projected, and the jobless rate fell to 9.4 per cent from 7.5 per cent. America International Group Inc. rallied 22 per cent after its first profit since 2007 topped estimates.
CBS Corp. and D.R. Horton Inc. Climbed on analyst upgrades.
“The market has lesser focus on the economy and on jobs, so any improvement in that lead to an improvement in the stock market” said David Katz, who oversees $1.1 billion as chief investment officer of Matrix Asset Advisors in New York. “The worst is behind for the economy, and we’re on the mend.” The standard $ Poor’s 500 index was poised for its best gain two weeks, adding 1.6 per cent to a 10-month high of 1,613.41, headed for a fourth straight weekly advance.
The Dow Jones Industrial Average climbed 145.25 points or 1.6 per cent to 9,401.51.
The S$P 500 has rallied 50 per cent from a 12-year low on March 9, the steepest surge over the same number of days since the Great Depression.
The market’s advance restored almost $4. trillion in value to U.S. equities, according to data compiled by Bloomberg, after 2008 market the worst year for stocks since the 1930s. Reports this month showed better-than-estimate sales of cars and existing homes and a contraction in service industries that was smaller than economists forecast.
While profit at S$P 500 companies are falling for a record eighth straight quarter, results have supassed projections by an average of 10 per cent in the current season.
Per-share earning have beaten estimates at three quarter of the 446 companies in the S$P 500 that released second-quarter results since June 17, according to data compiled by Bloomberg.
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