This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dow Surges Nearly 3% in Relief Rally

In U.S. economic news, a decrease in new home sales for the third month in a row disappointed economists. New-home sales fell by 0.7% in June compared to a forecasted 0.6% decline. The housing industry is expected to remain a drag on the economy.

Global manufacturing data helped to lift oil prices . The October crude oil contract gained $1.02 to settle at $85.44 a barrel. Gold was declining after hitting a record high of $1,917.60 an ounce as the equities rally gained momentum. The December delivery contract lost $30 to $1,858 an ounce.

Deven Sharma, president of McGraw-Hill (MHP) subsidiary Standard & Poor's, will leave the company and be replaced by Douglas Peterson . Peterson, who will join the company Sept. 12, is currently chief operating officer of Citibank N.A., the chief banking unit of Citigroup (C).

Sharma's resignation follows the rating agency's much-criticized decision to downgrade the U.S. credit rating to AA+ from AAA. McGraw-Hill's stock moved up 4.5% to 38.69.

Delta (DAL) plans to order 100 Boeing (BA) 737 single-aisle jets in a deal valued at more than $8 billion , according to a Wall Street Journal report. Boeing's stock gained 4% to $60.77.

H.J. Heinz (HNZ) reported better-than-expected first-quarter adjusted earnings on growth across emerging markets . The company expects second-quarter earnings to meet or come in slightly above its year-ago profit, but lowered its fiscal 2012 adjusted earnings guidance. The stock lost 1.2% to $51.44.

Shares of UBS (UBS) climbed 5.2% to $13.88 following news that the Swiss bank plans to cut 3,500 jobs in an effort to eliminate expenses of 2 billion Swiss francs ($2.54 billion) a year by the end of 2013.

The benchmark 10-year Treasury was down 2/32, lifting the yield to 2.118%. The dollar weakened against a basket of currencies, with the dollar index down by 0.4%.

-- Written by Chao Deng in New York.

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
BAC $15.64 0.00%
DIS $109.53 0.00%
HPQ $33.26 0.00%
IBM $169.78 0.00%
TRV $103.95 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs