LONDON (ShareCast) - US markets have made a good start to the second half of the year, with the Dow up 100 points in midday trade.
In economic news, pending home sales rose 0.1% in May, according to the National Association of Realtors. Analysts
expected sales to be unchanged after rising 6.7% in April.
Elsewhere, the Institute for Supply Management's manufacturing index rose to 44.8 from 42.8 in May.
A report from ADP Employer Services showed US companies shed 473,000 jobs in June, against economists' expectations of a loss of around 400,000 jobs. In contrast, outplacement firm Challenger, Gray & Christmas said the number of job cuts announced in June fell 33% to 74,393 from May.
Across the markets, the Dow Jones (news) is 100 higher at 8,547, the broader S&P 500 is up 10 at 929. The Nasdaq is up 23 at 1,858
Resource stocks are in favour on the back of stronger metal and oil prices. Miner Freeport McMoRan and oil company Exxon Mobil (NYSE: XOM - news) lead their respective sectors higher.
Food producer General Mills (NYSE: GIS - news) saw strong cereal sales double quarterly sales from the same period last year to $1.07 per share.
Taco Bell and KFC owner Yum Brands (NYSE: YUM - news) has been upgraded from "neutral" to "buy" by Goldman Sachs (NYSE: GS - news) on expectations of improved trading in China and the US in the second half of this year.
Military vehicle maker Oshkosh motored higher after winning a contract from the US Defense Department for all-terrain trucks to be deployed in Afghanistan.
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
