LONDON (ShareCast) - - Stocks spike higher on positive economic surprises
- US non-farm payrolls rose at 200,000 average rate in quarter four
Dow Jones Industrials: 1.02%
Nasdaq Composite: 0.77%
S&P 500: 0.86%
US stocks are now registering large rises, following the release of what appears to have been a much stronger than forecast monthly employment report, due above all to the revisions undertaken to previous months´ data.
US non-farm payrolls rose by 157,000 in January, just slightly ahead of the 155,000 gain forecast. Yet data for 2012 was revised higher throughout. Just the two previous month´s figures were revised up by a combined 127,000 persons.
"Overall, we interpret the January establishment survey as containing few surprises and, post revisions, the three-month average increase of 200,000 per month points toward a fairly healthy labor market, particularly in light of the political noise and uncertainty about the stance of near- and medium-term fiscal policy," Barclays Research commented.
Back on the equity front, shares of Exxon Mobil were moving up after the company announced a 6% rise in fourth quarter profits to $9.95bn. Chevron is also higher following its own results.
Chrysler (Xetra: 710000 - news) unveiled a 16% increase in US light vehicle sales for the month of January, its best reading for five years.
Pharmaceutical giant Merck (Other OTC: MKGAY - news) , on the other hand, was trading down by 3% after its own results.
Acting as a backdrop, the President of the New York Fed, William Dudley, said that: "short-term wholesale funding markets remain a point of weakness in the global financial system (...) we have not come close to fixing all the institutional flat ws in our wholesale funding markets."
Employment wasn´t the only positive data ´surprise´
The ISM manufacturing sector purchasing managers´ index for the month of January has come in at 53.1, well above the 50.7 expected by the consensus.
The University of Michigan´s consumer confidence gauge for the end of January has come in at 73.8 (Consensus: 71.5%), versus a reading of 72.9 for the December. The expectations sub-index improved to 66.6 from 63.8.
Construction spending rose by 0.9% month-on-month in December, after an 0.8% rise in November (Xetra: A0Z24E - news) .
Only a slight move higher in crude futures
Front month West Texas crude futures were higher by 0.06% to the 97.43 dollar per barrel level on the NYMEX.
10 year US Treasury yields fell by 1 basis point, to the 1.98% mark.
S&P 500 - Risers
Perrigo Company (NasdaqGS: PRGO - news) (PRGO) $106.53 +5.99%
Dell Inc (NasdaqGS: DELL - news) . (DELL) $13.81 +4.31%
Chubb Corp. (CB) $83.72 +4.25%
Eastman Chemical Co (NYSE: EMN - news) . (EMN) $73.69 +3.57%
Altera Corp (NasdaqGS: ALTR - news) . (ALTR) $34.56 +3.43%
Alexion Pharmaceuticals Inc (NasdaqGS: ALXN - news) . (ALXN) $97.14 +3.35%
Phillips 66 Common Stock (PSX) $62.47 +3.14%
Netflix Inc (NasdaqGS: NFLX - news) . (NFLX) $170.00 +2.88%
Allegheny Technologies Inc (NYSE: ATI - news) . (ATI) $32.55 +2.84%
GameStop Corp (NYSE: GME - news) . (GME) $23.86 +2.83%
S&P 500 - Fallers
National Oilwell Varco Inc (NYSE: NOV - news) . (NOV) $70.85 -4.43%
PerkinElmer Inc (NYSE: PKI - news) . (PKI) $34.06 -3.35%
Merck & Co. Inc (Xetra: A0YD8Q - news) . (MRK) $42.11 -2.64%
AutoNation Inc (NYSE: AN - news) . (AN) $47.27 -2.54%
Ralph Lauren Corp (RL) $162.60 -2.33%
LyondellBasell Industries (NYSE: LYB - news) (LYB) $61.96 -2.30%
Time Warner Cable Inc (NYSE: TWC - news) . (TWC) $87.53 -2.03%
CONSOL Energy Inc (NYSE: CNX - news) . (CNX) $30.72 -1.99%
Legg Mason Inc (NYSE: LM - news) . (LM) $27.10 -1.99%
C.R. Bard Inc. (BCR) $100.04 -1.99%
Dow Jones I.A - Risers
Bank of America Corp. (BAC) $11.60 +2.43%
Travelers Company Inc. (TRV) $80.31 +2.36%
Verizon Communications Inc. (VZ) $44.61 +2.29%
AT&T Inc. (T) $35.48 +1.98%
American Express Co. (AXP) $59.96 +1.96%
United Technologies Corp (NYSE: UTX - news) . (UTX) $89.26 +1.93%
Pfizer Inc (NYSE: PFE - news) . (PFE) $27.75 +1.71%
Walt Disney Co. (DIS) $54.74 +1.59%
Microsoft Corp. (MSFT) $27.88 +1.57%
JP Morgan Chase (Other OTC: JFTTL - news) & Co. (JPM) $47.74 +1.47%
Dow Jones I.A - Fallers
Merck & Co. Inc. (MRK) $42.11 -2.64%
Exxon Mobil Corp. (XOM) $89.78 -0.21%
Nasdaq 100 - Risers
Perrigo Company (PRGO) $106.53 +5.99%
Dell Inc. (DELL) $13.81 +4.31%
Altera Corp. (ALTR) $34.56 +3.43%
Alexion Pharmaceuticals Inc. (ALXN) $97.14 +3.35%
Cerner Corp. (CERN) $84.79 +2.71%
Gilead Sciences Inc (NasdaqGS: GILD - news) . (GILD) $40.52 +2.71%
Celgene Corp. (CELG) $101.41 +2.48%
Akamai Technologies Inc (NasdaqGS: AKAM - news) . (AKAM) $41.71 +2.44%
Citrix Systems Inc (NasdaqGS: CTXS - news) . (CTXS) $74.86 +2.33%
Mylan Inc (NasdaqGS: MYL - news) . (MYL) $28.90 +2.23%
Nasdaq 100 - Fallers
Facebook Inc (NasdaqGS: FB - news) . (FB) $30.15 -2.70%
Wynn Resorts Ltd (NasdaqGS: WYNN - news) . (WYNN) $122.95 -1.81%
Seagate Technology Plc (STX (KSE: 011810.KS - news) ) $33.55 -1.27%
Apple Inc (NasdaqGS: AAPL - news) . (AAPL) $450.20 -1.16%
Western Digital Corp. (WDC) $46.64 -0.77%
Virgin Media Inc (NasdaqGS: VMED - news) . (VMED) $39.10 -0.74%
Viacom Inc (NasdaqGS: VIAB - news) . Class B (VIAB) $60.13 -0.36%
Life Technologies Corp. (LIFE) $64.51 -0.28%
Yahoo (NasdaqGS: YHOO - news) ! Inc. (YHOO) $19.58 -0.23%
Amazon.Com Inc. (AMZN) $264.91 -0.22%