This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Markets Gain on U.S., Chinese Manufacturing Growth

NEW YORK (TheStreet) -- Markets traded higher Friday amid signs of strength in U.S. and Chinese manufacturing.

China's official Purchasing Managers' Index jumped to an 18-month high of 51.4 last month, exceeding the predictions of 51.2, according to a survey of economists by Thomson Reuters. The HSBC/Markit final PMI number rose to a seven-month high of 50.9. 

The S&P 500 rose 0.29% to 1,761.65 while the Dow Jones Industrial Average added 0.45% to 15,615.55. The Nasdaq increased 0.06% to 3,922.04.  

"The market is encouraged by the PMI from China and the better than expected result in the US - there are areas of concern and neither result was 'clean', but show the manufacturing sector appeared to weather the government shutdown," Alan Gayle, director of asset allocation at RidgeWorth Investments said in a phone interview. His firm oversees $49 billion in funds.

Fed Bank of St. Louis President James Bullard said labor market improvement since September last year may justify a scaling back in the central bank's purchases. "This provides the most powerful part of the case for tapering," Bullard said in a speech in St. Louis on Friday morning. "Two key labor market indicators have shown clear improvement over the last year: unemployment and non-farm payroll employment."

NextEra Energy (NEE) shares rose 4.1% to $88.21 after the largest U.S. renewable-energy generator beat expectations with third-quarter profit of $698 million or $1.64 a share, against $415 million or 98 cents a share a year earlier.

Chevron  (CVX) announced a 5.8% fall in earnings from year earlier to $4.95 billion on Friday morning. But the oil company's revenue climbed 0.8% to $58.5 billion, with rising production levels in both oil and natural gas. Its shares were off 1.6% to $118.01. 

First Solar  (FSLR) shares jumped 17.6% to $59.14 after rallying yesterday. The largest U.S. solar-panel manufacturer beat third-quarter results estimates on Thursday and raised its full-year earnings outlook to a range of $4.25 to $4.50 a share. 

American International Group (AIG) shares fell 6.5% to $48.28. After market close yesterday, management at the insurer said premium revenue at its property-casualty division fell 3.7 percent to $8.43 billion in the third quarter. Third-quarter income rose to $2.17 billion, or $1.46 a share against $1.86 billion, or $1.13 a year earlier. 

The FTSE in London closed up 0.05% while the DAX in Germany lost 0.29%. The Nikkei 225 in Japan closed off by 0.88%, while the Hong Kong Hang Seng increased 0.19%. 

The benchmark 10-year Treasury was falling 1.57% to 2.59, while the dollar was up 0.6% to $80.73 according to the U.S. dollar index. Oil fell $1.77 to close at $94.61, while gold December futures settled down $10.50 to $1,313.20.

--By Jane Searle and Joe Deaux in New York   

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
AAPL $124.43 -1.54%
FB $82.22 -1.18%
GOOG $548.00 -0.73%
TSLA $188.77 -0.94%
YHOO $44.44 -1.15%


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs