Stocks climb on strong factory data, auto sales
May factory orders are up more than expected. Automakers report solid business in June. Two more Barclays officials resign. Microsoft writes off its purchase of aQuantive.
Updated at 12:19 p.m. ET
By Alexandra Zendrian and wire reports
Stocks advanced Tuesday after U.S. factory orders and auto sales showed stonger-than-expected gains.
Factory orders for May rose 0.7%, the Commerce Department reported, versus an expected increase of 0.2%, according to a Reuters poll.
And major automakers reported better-than-expected sales gains in June. General Motors' (GM) sales rose 16% over the previous year. Ford's (F) climbed 7% on strong sales of sedans, utility vehicles and trucks. Toyota Motor (TM) showed a 60% rise. Chrysler's sales rose 20%, and Nissan (NSANY) logged a 28% gain.
The Dow Jones Industrial Average ($INDU) was up 45 points at 12,917. The S&P 500 ($INX) was up 6 points at 1,372. The Nasdaq 100 ($COMPX) was up 19 points at 2,970.
U.S. stock markets will close at 1 p.m. ET and remain closed Wednesday for Independence Day.
Barclays' (BCS) CEO, Bob Diamond, and its chief operating officer, Jerry del Missier, have resigned, making them the second and third officials to leave the bank after an alleged scandal over interest-rate rigging. Chairman Marcus Agius will head the search for Diamond's replacement. Diamond resigned Monday after the bank's settlement of an investigation into alleged interest rate manipulation. Del Missier's departure was announced Tuesday.
Microsoft (MSFT) on Monday announced plans to record an asset impairment charge of $6.2 billion on its acquisition of aQuantive. Microsoft's 2007 deal for aQuantive was valued at $6.3 billion. The charge is to be recorded in the company's results for the fiscal fourth quarter that ended in June. (Microsoft owns and publishes MSN Money.)
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Chief operating officer Jerry del Missier has also resigned, the third top executive in two days to do so.
The cynical greed of traders asking their colleagues to falsify their Libor submissions so that they could make bigger profits - has justifiably shocked and angered people, in particular when we are facing hard economic times provoked by the financial crisis," he told the Financial Services Authority's annual meeting.
"But this is about much more than one individual, it's about the culture and practices of the banking industry," he said.
Yup gas prices jumped at the pumps.....Knew it was coming.....For the 4th.
Filled about everything at 3.22...Over the weekend and Monday....Now it's in 3.40s to 3.60s range.
Oil has been going up the last few days too....Another excuse to raise the pump price.
Hope everyone has a nice 4th. of July, drive and drink responsively and be safe with the fireworks....
Find a des. driver if necessary and a des. shooter for the boomers....
No, I didn't say "shoot a boomer", you guys would do anything to stop us collecting SS.
Hello --If Obuma came out in favor of oxygen, he first would set up a bunch of phony companies (green jobs! ), then insist on QE 99 or else we all will die. Then , divert the QE 99 money to family, friends, cronies, political paybacks a union or 2, perhaps .
Then, the oxygen company would go belly up.
There all fixed for you, cretin!
SEE --THAT'S THE REALITY , THAT'S WHAT THE PAST IS.
You pull stupidity from you're a$$ and surprise it blows up in your face --- AGAIN !
I know it's fun to assign viewpoints to people.. but let's keep ourselves grounded in reality.
As usual, you people are totally confused about outsourcing. A simple example should help.
If I'm an American manufacturing firm and I hire firm XYZ to clean my building, I'm outsourcing. Nothing inherently bad in this. Obviously XYZ is located in America (do you know why?) However, it may be owned by a foreign entity (that makes it interesting!).
Now I can outsource and offshore at the same time. For example, I could hire some foreign company (located in another country) to provide some service (like a call center).
Companies will reach out to whomever will efficiently and cost effectively do the job. Borders and ownership aren't going to be a consideration in their choice. If Americans want to be in the game, they had better stop whining. BTW, you as consumers are really the determiners of what companies do by your choice of goods and services.
We un-employ ourselves this way. Now days, for example, when most middle class people go to the store, there is an expected price range for goods. It would be extremely difficult for any US manufacturer to compete at those prices. I know this is not the popular opinion.
Go ahead, thumbs down - I don't care because you know deep down even if you don't like what I wrote, you know it's the true. It's what Ross Perot warned us about. It's what Buddy Roemer warned us about....and those are two intelligent businessmen with money.
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[BRIEFING.COM] Equities ended on their lows with the S&P 500 down 1.4%.
The S&P entered today's session with a week-to-date gain of 1.5% as investors expected reassuring words from today's Federal Open Market Committee Statement.
Stocks traded with slim losses until this afternoon's FOMC Statement and subsequent comments from Chairman Bernanke sent equities and Treasuries to their lows while also providing a significant boost to the dollar.
Today's Statement was ... More
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