Stock Market Today - DOW Slides
FTSE 100 6,010.44 up 45 - DOW down 6 points
The FTSE finished around 20 points of its highs and the DOW is down around 10 points before Prseident Obama speaks. Strong results from retailer ASOS boosted the retail sector. Stocks were in recovery mode after falling 89 points the FTSE's its worst fall since mid-March.
ASOS maintained its upward momentum on strong growth overseas. ASOS sells clothes inspired by celebrities and year-on-year sales grew by 70% during the quarter, the international division rose by 161% to £48.4m.
Banks also rose, as US loans giant JP Morgan reported a 67% jump in net profit for Q1. HSBC, Lloyds and RBS shares floated up on sympathy.
Chip designer ARM Holdings performed well on positive comment from ING, which expects ARM to meet guidance.
Reckitt Benckiser was also a big mover, - JP Morgan increased its earnings per share estimates by 3%
Tullow Oil has had more success off the coast of Ghana, with the Tweneboa-4 appraisal well encountering gas condensate in high quality sandstone reservoirs. The company is also resuming its exploration campaign in Uganda.
Shares in Conroy Gold shone after reporting positive results from drilling at its Clontibret gold project. “The drill hole intersected 1.25 metres of 2.29 g/t gold from 84 metres and 10.15 metres of 4.38 g/t from 132.4 metres including 2 metres at 11.24 g/t and 1.4 metres at 7.92 g/t,” which sounds impressive !
NDN Patrick Mackeever says hold on to stock - probably still 15 or 20% to go before buy out. Minimal downside risk. There seems to be agood risk reward ratio with the possibility of making 20% against a possible loss of only 5%
Bourses recover from sell-off on Tuesday. Strong gains from French telecoms Alcatel-Lucent sent stocks higher in Paris, and HeidelbergCement was lifting the market in Frankfurt.
The CAC rose 30 to 4,006, the DAX rose 75 to 7,178, the IBEX in Madrid closed 2 higher at 10,786.
US Stock Market
Stocks Mixed After Initial Strength
Stocks have fallen back after opening up today, despite generally upbeat news.
Indexes are mixed the Nasdaq is up 6 percent at 2,751.28, the Dow is down 6 points at 12,256.95 and the S&P 500 is down 2 points at 1,314.
Better than expected earnings from JP Morgan and upbeatish retail sales data caused early strength on Wall Street, but it fizzled out.
JP Morgan reported Q1 net income rising to $5.56 billion from $3.33 billion in the same quarter last year. Analysts had been expecting earnings of $1.16 per share.
The Commerce Department reported retail sales up for the ninth straight month in March, although by a little less than expected due to a fall in auto sales.
The report says retail sales rose 0.4 percent in March after an upwardly revised 1.1 percent increase in February. against an expected sales increase of 0.5 percent compared to the 1.0 percent increase originally reported for the previous month.
The Federal Reserve's Beige Book will be released later today at 2 pm ET.
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