 |
© Bulbrokers AD |
Wall Street rebounds after reading on Philadelphia manufacturing index
Stocks rebounded Thursday after the previous session's big drop as investors became enthusiastic by better then expected financial results from shoemaker Nike Inc. Positive signs from manufacturing activity in the Philadelphia region also supported the market. Initially the stocks traded red territory after the Labor Department said that the jobless claims rose last week by a more-thanexpected 22 thousand to 378 thousand. Meanwhile, conference Board said that its index of leading economic indicators fell as expected for the fifth straight month in February. But Wall Street found reason to buy back into stocks when the Philadelphia Federal Reserve said manufacturing activity is dropping in March by less than it did in February, and by less than many economists anticipated.
In corporative news, Nike Inc. reported a30 % gain in quarterly profit showed the market that some companies are doing well despite the credit crisis. Nike said sales overseas increased largely because of the weak dollar. Shares of some energy and metals companies dropped on recent pullback on the commodity markets. ConocoPhillips fell 47 cents to 73.14 dollars per share; Barrick Gold Corp. fell 5.3 % to 42.87 dollars per share and Newmont Mining Corp. fell also 5.3 % to 46.15 dollars per share.
TECHNICAL OVERVIEW
DOW JONES
Dow rebound from previous session’s looses and broke its closest short term resistances at 12 150 and 12 300. The index now is targeting the key resistances level at 12 450, which is 38.2% fiboretracement of 13 773 – 11 643 decline. If this level is overcome successfully we could see test of 12 750 and psychological level at 13 000. On the downside next support is seen at 12 000, followed by 11 870 and 11 740.
DOW JONES (chart)
| Support | 12 000 | 11 870 | 11 740 |
| Resistance | 12 450 | 12 750 | 13 000 |
*****
To view the original document, please click on the link below:
http://reports.aiidatapro.com/BBB/STS_Finance/Dow_daily_report_21.03.2008.pdf
*****
Copyright: 2007 STS Finance AD. All rights reserved.
For further Information please contact STS Finance, 1 Chervena Stena Str. , 1421 Sofia
Phone: + 359 2 963 11 38, fax: +359 2 963 09 36, e-mail: research@finance.sts.bg, web site: http://www.finance.sts.bg
*****
AII Data Processing does not endorse in any way, the views, opinions or recommendations expressed above. The use of the Information is subject to the terms and conditions as published by the original source, which you have to read and accept in full prior to the execution of any actions taken in reliance on Information contained herein.
 | SeeNews SeeNews is a business and financial news and information provider which brings its visitors and customers access to detailed coverage on the fast-growing companies, economies and markets of ten Southeast European nations. |
Search for: see |
Search for: news |
Search for: market |
Search for: share |
Search for: index |
Search for: conference |
Search for: chart |
Search for: credit |
Search for: sales |
Terms & ConditionsPrivacyCopyrightPublished by All Data Processing. All rights reserved. Created by Ladger.
Dow daily report 21.03.2008.pdf, 148 Kb
