<>Stocks Advance on GDP<BR>Telecom Stocks Surge;<BR>Oil Climbs Above $62<BR>By WORTH CIVILS<BR>November 29, 2006 7:44 p.m.<BR>Stocks posted strong gains Wednesday after a positive report on third-quarter gross domestic product, and as traders digested a decline in new-home sales and the Federal Reserve's beige-book report.<BR>Up nearly 100 points in earlier trading, the Dow Jones Industrial Average ended the day up 90.28 points to 12226.73. Shares of telecommunications companies led the charge, with AT&T up 2.1% and Verizon Communications ahead 1.4% on an upgrade. Exxon Mobil gained 2.5% as crude-oil futures rose above $62 a barrel on falling inventories, and Alcoa was up 2.6%.<BR>Broader market measures also advanced, with the Standard & Poor's 500-stock index climbing 12.76 to 1399.48. The technology-heavy Nasdaq Composite Index added 19.62 to 2432.23. Dell jumped 2.5% after signing a long-term contract with Samsung Electronics to supply liquid crystal display panels, and Intel gained 1.2% after winning a patent-infringement lawsuit in California.<BR>"The action has been impressive on Wall Street today despite mixed economic reports," Al Goldman, chief market strategist at A.G. Edwards, said in his daily market commentary. "Four months of strong momentum does not disappear immediately, and following Monday's heavy selloff, frustrated, sidelined money was looking to get on board. We expect further modest short-term pullbacks, and this will increase the odds of a year-end rally."<BR>WALL STREET JOURNAL VIDEO<BR>?<BR>Fed Chairman Ben Bernanke's speech on Tuesday sent few shock waves to investors, according to James Awad, chairman of Awad Asset Management. He tells Dow Jones Online's Paul Lin that Mr. Bernanke's economic bullishness is good for corporate profits and stocks.<BR>Early Wednesday, the Commerce Department said GDP increased at a 2.2% annual rate from July to September, in its first revision of third-quarter GDP estimates. The government initially estimated growth at 1.6%. Wall Street expected that figure to be revised to 1.8% growth.<BR>Gauges of third-quarter inflation were lowered slightly. The price index for personal consumption increased 2.4%, lower than the previously estimated 2.5% and below the second quarter's 4.0% rise. The PCE price gauge excluding food and energy -- closely watched by the Fed -- increased 2.2%, lower than the previously estimated 2.3% climb and below the second quarter's 2.7% rise.<BR>"Consumers continued to hold up the economy, but with housing and auto sales dropping, it remains to be seen how much longer consumer spending can stave off recession," Peter Morici, business professor at the University of Maryland, said in a note, adding that he still remains bullish. "Good corporate-profit growth and improvements in household-savings performance should sustain the stock market…and the recent rally should continue through the New Year."<BR>The latest housing data further confirmed the sector's slowdown, as new-home sales fell 3.2% in October to a seasonally adjusted annual rate of 1.004 million units, the Commerce Department said. It was the largest drop since July, when home sales plunged by 9.2%; they are now down 25.4% over the past year. Home prices, meanwhile, went up in October, after falling sharply in September. The median price of a new home sold in October was $248,500, up 1.9% from the same month a year ago.<BR>The Fed's beige-book survey on regional economic activity showed that U.S. economic growth was mostly moderate in the early part of the fourth quarter, as consumer spending grew and labor markets remained tight despite further cooling of the housing market and slower auto sales. Dallas was the only one of the 12 Fed districts to report a clear slowdown in economic growth in the latest period, the Atlanta district said economic activity was "mixed," and the New York and Richmond districts said growth accelerated.<BR>New York Fed President Timothy Geithner spoke Wednesday morning on market stability, but made no mention of the outlook for the U.S. economy, nor did he address monetary policy. His speech came a day after comments from Fed Chairman Ben Bernanke, which were upbeat on the economy, but reiterated concern about inflation, suggesting the central bank won't be cutting interest rates any time soon, as some had hoped. Still, stocks made modest gains Tuesday after Mr. Bernanke's remarks and a spate of economic data.<BR>Douglas Peta, vice president of market strategy at J. & W. Seligman & Co. in New York, thinks Mr. Bernanke and other Fed speakers are "jawboning," as they did in June when they vowed to remain vigilant against inflation, only to stop raising rates in August. "The Fed doesn't appear to have tipped us into a recession," said Mr. Peta, who expects policy makers to cut rates in July, consistent with market expectations. "It seems like the market wants to resume its rally," he said, but admitted he was at a loss to find a reason behind Monday's big pullback in stocks. "If I can't find a reason, I chalk it up to day-by-day fluctuations -- maybe that's why we're seeing a move today."<BR>This week's slow pace of deals picked up Wednesday. Novartis said it may be prepared to sell Gerber Products, one of the largest and best-known makers of baby food, and it could have a willing buyer in Nestlé. Also, Irish educational software firm Riverdeep is buying U.S. publisher Houghton Mifflin for $1.75 billion in cash plus the assumption of $1.61 billion in debt.<BR>engrowth Energy Trust said it agreed to buy Canadian oil- and natural-gas- producing properties and undeveloped lands from ConocoPhillips for $1.04 billion. And 3Com agreed to buy Huawei Technologies' 49% stake in a joint venture for $882 million. Shares of 3Com slumped 10% on the unusual deal.<BR>Maurice "Hank" Greenberg, the former CEO of American International Group, has started buying "huge blocks" of New York Times shares in a bid to break the Sulzberger family's control, according to the New York Post. On the report, New York Times shares jumped 7.5%. Shares of AIG were up less than 1%.<BR>Elsewhere, Pfizer announced after the market closed Tuesday plans to lay off 20% of its U.S. sales force. Shares rose 1% in early trading Wednesday. The drug maker's competitors rose even more, with U.S.-traded shares of AstraZeneca gaining 2.9% and those of GlaxoSmithKline ahead 2.7%.<BR>In earnings news, Tiffany's fiscal third-quarter net income rose 23% on strong U.S. sales growth, and the company boosted its full-year earnings-per-share outlook. Tiffany shares added 6.4%. Aeropostale reported that its profit jumped 25% in the quarter ended Oct. 28, and the mall-based retailer separately reported that November same-store sales rose 1%. Shares were up 6.8%.<BR>Crude-oil futures rose $1.47, or 2.4%, to $62.46 a barrel as U.S. crude oil inventories declined for the first time in five weeks, falling by 300,000 barrels, against expectations for a rise of 2.1 million barrels. Other supplies also showed unexpected drops in the week ending Nov. 24, according to the Energy Information Administration. The EIA reported a 600,000-barrel drop in gasoline stocks and a one-million-barrel drop in distillate stocks.<BR>In major market action:<BR>Stocks rose. On the New York Stock Exchange, 2,682 stocks advanced and 685 declined on volume of 1.61 billion shares.<BR>Bonds were down. The 10-year Treasury note was off 5/32, or $1.56 per $1,000 invested, to yield 4.53%. The 30-year bond fell 13/32, to yield 4.62%.<BR>The dollar was higher. The euro traded at $1.3146 from $1.3198 late Tuesday, while the dollar was at 116.41 yen from 116.09 yen.</P>
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发表于 2006-12-1 01:29:01
>Stocks Advance on GDP<BR>Telecom Stocks Surge;<BR>Oil Climbs Above $62<BR>By WORTH CIVILS<BR>November 29, 2006 7:44 p.m.<BR>Stocks posted strong gains Wednesday after a positive report on third-quarter gross domestic product, and as traders digested a decline in new-home sales and the Federal Reserve's beige-book report.<BR>Up nearly 100 points in earlier trading, the Dow Jones Industrial Average ended the day up 90.28 points to 12226.73. Shares of telecommunications companies led the charge, with AT&T up 2.1% and Verizon Communications ahead 1.4% on an upgrade. Exxon Mobil gained 2.5% as crude-oil futures rose above $62 a barrel on falling inventories, and Alcoa was up 2.6%.<BR>Broader market measures also advanced, with the Standard & Poor's 500-stock index climbing 12.76 to 1399.48. The technology-heavy Nasdaq Composite Index added 19.62 to 2432.23. Dell jumped 2.5% after signing a long-term contract with Samsung Electronics to supply liquid crystal display panels, and Intel gained 1.2% after winning a patent-infringement lawsuit in California.<BR>"The action has been impressive on Wall Street today despite mixed economic reports," Al Goldman, chief market strategist at A.G. Edwards, said in his daily market commentary. "Four months of strong momentum does not disappear immediately, and following Monday's heavy selloff, frustrated, sidelined money was looking to get on board. We expect further modest short-term pullbacks, and this will increase the odds of a year-end rally."<BR>WALL STREET JOURNAL VIDEO<BR>?<BR>Fed Chairman Ben Bernanke's speech on Tuesday sent few shock waves to investors, according to James Awad, chairman of Awad Asset Management. He tells Dow Jones Online's Paul Lin that Mr. Bernanke's economic bullishness is good for corporate profits and stocks.<BR>Early Wednesday, the Commerce Department said GDP increased at a 2.2% annual rate from July to September, in its first revision of third-quarter GDP estimates. The government initially estimated growth at 1.6%. Wall Street expected that figure to be revised to 1.8% growth.<BR>Gauges of third-quarter inflation were lowered slightly. The price index for personal consumption increased 2.4%, lower than the previously estimated 2.5% and below the second quarter's 4.0% rise. The PCE price gauge excluding food and energy -- closely watched by the Fed -- increased 2.2%, lower than the previously estimated 2.3% climb and below the second quarter's 2.7% rise.<BR>"Consumers continued to hold up the economy, but with housing and auto sales dropping, it remains to be seen how much longer consumer spending can stave off recession," Peter Morici, business professor at the University of Maryland, said in a note, adding that he still remains bullish. "Good corporate-profit growth and improvements in household-savings performance should sustain the stock market…and the recent rally should continue through the New Year."<BR>The latest housing data further confirmed the sector's slowdown, as new-home sales fell 3.2% in October to a seasonally adjusted annual rate of 1.004 million units, the Commerce Department said. It was the largest drop since July, when home sales plunged by 9.2%; they are now down 25.4% over the past year. Home prices, meanwhile, went up in October, after falling sharply in September. The median price of a new home sold in October was $248,500, up 1.9% from the same month a year ago.<BR>The Fed's beige-book survey on regional economic activity showed that U.S. economic growth was mostly moderate in the early part of the fourth quarter, as consumer spending grew and labor markets remained tight despite further cooling of the housing market and slower auto sales. Dallas was the only one of the 12 Fed districts to report a clear slowdown in economic growth in the latest period, the Atlanta district said economic activity was "mixed," and the New York and Richmond districts said growth accelerated.<BR>New York Fed President Timothy Geithner spoke Wednesday morning on market stability, but made no mention of the outlook for the U.S. economy, nor did he address monetary policy. His speech came a day after comments from Fed Chairman Ben Bernanke, which were upbeat on the economy, but reiterated concern about inflation, suggesting the central bank won't be cutting interest rates any time soon, as some had hoped. Still, stocks made modest gains Tuesday after Mr. Bernanke's remarks and a spate of economic data.<BR>Douglas Peta, vice president of market strategy at J. & W. Seligman & Co. in New York, thinks Mr. Bernanke and other Fed speakers are "jawboning," as they did in June when they vowed to remain vigilant against inflation, only to stop raising rates in August. "The Fed doesn't appear to have tipped us into a recession," said Mr. Peta, who expects policy makers to cut rates in July, consistent with market expectations. "It seems like the market wants to resume its rally," he said, but admitted he was at a loss to find a reason behind Monday's big pullback in stocks. "If I can't find a reason, I chalk it up to day-by-day fluctuations -- maybe that's why we're seeing a move today."<BR>This week's slow pace of deals picked up Wednesday. Novartis said it may be prepared to sell Gerber Products, one of the largest and best-known makers of baby food, and it could have a willing buyer in Nestlé. Also, Irish educational software firm Riverdeep is buying U.S. publisher Houghton Mifflin for $1.75 billion in cash plus the assumption of $1.61 billion in debt.<BR>
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