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Wall Street week ahead - Can stocks stay at highs? That depends on earnings

Sat, 07/16/2016 - 01:03

A trader works inside a booth on the floor of the NYSEBy Caroline Valetkevitch NEW YORK (Reuters) - After finally eclipsing year-old record highs, the U.S. stock market will be tested again next week, when the onslaught of company earnings could help investors assess the impact of Britain's vote to exit the European Union. The third-quarter view is down from a 2.4 percent gain projected by analysts just before the Brexit vote.


Can stocks stay at highs? That depends on earnings

Fri, 07/15/2016 - 22:51

A Wall Street sign outside the New York Stock ExchangeAfter finally eclipsing year-old record highs, the U.S. stock market will be tested again next week, when the onslaught of company earnings could help investors assess the impact of Britain's vote to exit the European Union.


Wall Street ends flat but futures slip after Turkey coup reports

Fri, 07/15/2016 - 20:42

Traders work on the floor of the NYSEThe Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. "U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.


Citi beats expectations, bets on consumers amid low rates

Fri, 07/15/2016 - 14:52

Traders work in the Citigroup booth on the floor of the NYSE in New YorkCitigroup is betting on U.S. consumers and multi-national corporate clients to navigate lower interest rates after a rebound in trading helped it beat Wall Street's subdued expectations for the second quarter. A burst in client demand for currencies and bonds in the wake of Britain's vote to leave the European Union, along with a drop in the amount of money set aside to cover soured loans, meant Citi reported a 14 percent fall in net profit, far less than the 25 percent slide Chief Executive Officer Michael Corbat had warned of in early June. The slip in earnings reflects U.S. banks' struggle with low U.S. interest rates, which hamper their ability to profit from lending.


U.S. retail sales, industrial output data suggest strong Q2 GDP growth

Fri, 07/15/2016 - 13:20

Shoppers leave and enter a store in New YorkBy Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, bolstering views that economic growth picked up in the second quarter. The bullish data and a rally on Wall Street could allow the Federal Reserve to raise interest rates later this year, but much will depend on policymakers' assessment of the impact on the U.S. economy of Britain's June 23 vote to leave the European Union. "In normal times, this would be enough for the Fed to continue raising interest rates," said Harm Bandholz, chief U.S. economist at UniCredit Research in New York.


Citigroup's profit falls less than expected; trading helps

Fri, 07/15/2016 - 10:12

People walk beneath a Citibank branch logo in the financial district of San Francisco, CaliforniaCitigroup Inc beat Wall Street expectations on Friday with a smaller-than-expected drop in second-quarter profit as a rebound in trading activity partly offset the effects of persistently low U.S. interest rates. Like its rivals, Citigroup saw a spike in trading volumes after Britain voted on June 23 to exit the European Union. The fourth-largest U.S. bank by assets said earnings, adjusted for counterparty risk, fell 14 percent to $4 billion in the second quarter, far less than the 25 percent drop Chief Executive Officer Michael Corbat had warned of early in June.


Nikkei posts biggest weekly gain in 6-1/2 yrs; Line catapults on debut

Fri, 07/15/2016 - 03:25

Members of the media wait for Line Corp's bell ceremony to mark the company's debut on the TSE in TokyoTOKYO (Reuters) - Japan's Nikkei posted its biggest weekly gain in 6-1/2 years after a fifth straight winning session on Friday, lifted by Wall Street's record run and a sagging yen, while newly-listed Line Corp ended 32 percent above its IPO price. Index-heavy Fast Retailing Co soared 18 percent to its daily limit of 32,660 yen, and contributed a hefty 197 points to the Nikkei benchmark after the 'Uniqlo' clothing operator reported strong March-May results. The Nikkei share average rose 0.7 percent to 16,497.85, its highest closing level since June 10. ...


S&P 500's record highs held back by Apple's falling stock price

Fri, 07/15/2016 - 02:58

A 3D printed Apple logo is seen in front of a displayed stock graph in this photo illustrationBy Noel Randewich SAN FRANCISCO (Reuters) - The S&P 500's multiple record highs set this week after more than a year-long wait on Wall Street would not have taken so long had Apple Inc, the index's largest constituent, not fallen deeply from its own all-time high.     Since the S&P 500 hit its prior record high on May 21, 2015, the benchmark index has risen 1.55 percent. Although Apple's stock gained 1.98 percent on Thursday, its biggest one-day rise since May, it is still down 26 percent from its own record high close of $133 set on Feb. 23 last year. After the launch of the iPhone in 2007, Apple became a must-own stock for growth investors across Wall Street, and its stellar rise fueled gains in the S&P 500.


Venture capital investments rebound for tech startups

Fri, 07/15/2016 - 02:57

Snapchat logo image created with Post-it notes is seen in the windows of Havas Worldwide offices at 200 Hudson street in lower Manhattan, New York during "Post-it note war"By Heather Somerville SAN FRANCISCO (Reuters) - Venture capital investments in startups rebounded in the second quarter, as a general stock market recovery helped restore confidence, according to a new report published on Friday. Investors plowed $15.3 billion into venture-backed startups in the second quarter of this year, a 20.5 percent increase over the $12.7 billion invested in the first quarter, according to the MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association. The report's conclusions are based on data from Thomson Reuters.


Asian shares rise, Europe seen subdued after Nice attack

Fri, 07/15/2016 - 02:50

Passersby walk past in front of electronic boards showing Japan's Nikkei share average, the Japanese yen's exchange rate against the U.S. dollar, British pound and Euro outside a brokerage in Tokyo, JapanAsian shares extended gains to nine-month highs on Friday, on track for a solid weekly rise, as better-than-expected economic data from China lifted risk sentiment that was already buoyant after record highs on Wall Street. Financial bookmakers at IG and CMC Markets expected Britain's FTSE 100 and Germany's DAX to open 0.1 percent lower, while France's CAC was seen down 0.4 percent. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 percent, off intraday session highs it hadn't reached since October, but it was still on track to log a robust weekly gain of more than 4 percent for the week.


Asian shares surge on solid China data, optimism on earnings

Thu, 07/14/2016 - 23:36

New York Stock Exchange President Tom Farley, center, takes a selfie with Line character Cony on the bell podium at the NYSE, Thursday, July 14, 2016. Line Chief Strategy & Marketing Officer Jun Masuda is at left, before his company's IFO. (AP Photo/Richard Drew)TOKYO (AP) — Asian shares were higher Friday after China reported steady economic growth in the second quarter of the year. Stocks also tracked a bullish session overnight on Wall Street, as strong earnings reports pushed the Dow Jones industrial average and S&P to fresh record highs.


Xerox rejects RR Donnelley merger proposal: WSJ

Thu, 07/14/2016 - 22:41

Logo of Xerox company is seen on building in Minsk(Reuters) - Xerox Corp privately rejected a bid to merge its document business with financial printing firm RR Donnelley & Sons Co , the Wall Street Journal reported Thursday. Norwalk, Connecticut-based Xerox has drawn some interest in potential deals since announcing plans in January to split into two businesses, the Journal reported, citing people familiar with the matter. RR Donnelley, which is also in the process of breaking up, proposed that its executives take control of the combined operations, and sought several hundred million dollars in new cost cuts, the newspaper reported.


Messaging app Line soars in Wall Street debut

Thu, 07/14/2016 - 21:29

Known for its cute and innovative digital stickers, Line is hugely popular across much of East and Southeast AsiaShares in the Asian hit messaging app Line surged 27 percent in the first day of trade in New York in a market hungry for the newest technology IPO. Founder and chief executive Jungho Chin told CNBC television Thursday that the company now dominates the Japanese market and that the IPO will boost its expansion. In early trade on the New York Stock Exchange, the shares rocketed by more than 40 percent from the initial public offering price of 3,300 yen, or $31.20.


S&P 500, Dow end at records on earnings optimism; oil gains

Thu, 07/14/2016 - 20:53

Traders from BGC, a global brokerage company in London's Canary Wharf financial centre react as European stock markets openBy Sam Forgione NEW YORK (Reuters) - Two major U.S. stock indexes set fresh record closing highs on Thursday on investors' optimism about big banks' second-quarter earnings, while European shares also rose and oil prices rebounded from the previous session's bruising losses. Expectations of more stimulus from the Bank of England and Bank of Japan have contributed to stocks' gains in the past week. The view that the U.S. economy is on solid footing, as well as reduced political uncertainty in Britain and Japan, have also buoyed stocks.


Wall St notches US records as global stocks rally

Thu, 07/14/2016 - 19:02

In anticipation of a possible rate cut, London's benchmark FTSE 100 index was 1.0-percent higher in mid-morning but slid after the BOE's 8-1 decision to hold fire on ratesWall Street claimed fresh records as global stocks rallied anew Thursday, though London shares ended lower after the Bank of England put off an expected interest rate cut.


Wall St. sets another record as JPMorgan leads banks higher

Thu, 07/14/2016 - 16:48

Traders work on the floor of the NYSEFinancial stocks led the S&P 500 and the Dow industrials to record highs on Thursday after JPMorgan’s strong quarterly results, while upbeat economic data cemented bets that the current rally on Wall Street can chug along. JPMorgan , the biggest U.S. bank by assets and the first among its peers to issue results this earnings season, reported a much better-than-expected rise in quarterly revenue. The bank’s shares rose 1.5 percent to $64.12, while the S&P financial index rose 0.89 percent.


Messaging app Line's stock soars in NYSE debut

Thu, 07/14/2016 - 16:43
NEW YORK (AP) — Shares of Line Corp. are soaring in their debut on the New York Stock Exchange amid hungry investor demand to get in on the mobile messaging craze.

Ontario securities watchdog offers rewards of up to $5M for financial crime tips

Thu, 07/14/2016 - 13:25

Ontario securities watchdog offers rewards of up to $5M for financial crime tipsOntario's stock market regulator has unveiled what it says is Canada's first program to pay for tips from whistleblowers in the securities industry.


JPMorgan-powered rally pushes S&P, Dow to new highs

Thu, 07/14/2016 - 13:02

Traders work on the floor of the NYSEJPMorgan , the biggest U.S. bank by assets and the first among its peers to issue results, reported a much better-than-expected rise in quarterly revenue. The bank's shares rose 2.1 percent, while the S&P financial index rose 0.91 percent, leading the advancers among the 10 major S&P sectors. "We saw a significant beat from JPMorgan and that's helping the psychology of the market," said Art Hogan, chief market strategist at Wunderlich Securities in New York.


U.S. jobs, inflation data point to sustained economic strength

Thu, 07/14/2016 - 12:11

Job seekers fill out applications during 11th annual Skid Row Career Fair the Los Angeles Mission in Los AngelesBy Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly held steady near a 43-year low last week, pointing to further momentum in the labour market after job growth surged in June. The signs of sustained strength in the economy, together with a U.S. stock market rally, could allow the Federal Reserve to raise interest rates later this year. "The days of falling prices are pretty much over and the labour market is strengthening, which raises the question: Is anyone at the Fed paying attention?" said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.