The S&P 500 reached a new all-time high on Thursday, boosted by an expected European Central Bank interest rate cut and a surprisingly good US jobless claims report. NEW YORK: The S&P 500 reached a new all-time high on Thursday, boosted by an expected European Central Bank interest rate cut and a surprisingly good US jobless claims report. The S&P 500 rose 14.89 points (0.94 percent) to reach 1,597.59, narrowly above the previous record set Tuesday. The Dow Jones Industrial Average gained 130.63 points (0.89 percent) to 14,831.58. The tech-rich Nasdaq Composite Index rose 41.49 points (1.26 percent) to 3,340.62. The gains were a reversal from Wednesday, when all three indices posted solid losses on weak US and Chinese economic data. "Investors returned to the risk-trade after the ECB lowered its key interest rate in an effort to spur growth and pull the eurozone out of a recession," said Wells Fargo in a market note. "An improvement in the employment … [Read more...] about S&P 500 at new peak after rate cut, jobs report
Market return sp 500
U.S. stocks soared on Thursday, lifting the Dow Jones Industrial Average and the S&P 500 to their all-time closing highs, boosted by Federal Reserve Chaiman Ben Bernanke's recent dovish speech which eased fears of an early stimulus pullback. The Dow surged 169.26 points, or 1.11 percent, to 15,460.92 points. The S&P 500 jumped 22.40 points, or 1.36 percent, to 1,675. 02 points. The Nasdaq Composite Index leapt 57.54 points, or 1.63 percent, to 3,578.30 points. "The return of upward momentum to the market, I believe, coincides with communication from the Fed that its accommodative policies will remain in place for the foreseeable future," Gregory Keating, managing director of New York-based James E. Coffey Securities Inc, told Xinhua on Thursday. Bernanke said highly accommodative monetary policy for the foreseeable future is what's needed in the U.S. economy at the Q&A phase following his speech at the National Bureau of Economic Research in Boston shortly after the … [Read more...] about Dow, S&P set record closing highs on Bernanke stimulus reassurance
The Dow and S&P 500 closed out their sixth week of losses on Friday as further signs of a global economic slowdown set the stage for more losses ahead. The Nasdaq wiped out its yearly gains on Friday and also posted its biggest weekly decline since August 2010, as the latest deterioration in sentiment came on fear of flagging Chinese growth and fresh worries about Greece's debt crisis. The Dow closed below 12,000 for the first time since mid-March. Reflecting the bearish sentiment, options traders eyed calls on the CBOE Volatility Index (.VIX), Wall Street's so-called fear gauge, which moves inversely to the S&P 500's performance. The VIX rose 6.1 per cent to end at 18.86. "We broke below the April low, which was about 1,295 (on the S&P 500) pretty much at the open today. We are probably going to test the March lows if data next week remain weak," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco. "But investors are very susceptible … [Read more...] about Dow, S&P end sixth losing week – is seventh on tap?
Sapporo expands target market in Vietnam According to the Asian Nikkei Review, the new label will be launched on July 28 and is expected to be sold for between VND13,000 and 15,000 (US$58 and 67 cents) per 330 ml can at volume retailers, around 19 cent cheaper than the company’s mainstay Sapporo Premium lager. The new product will target the middle class. In Vietnam, food stands and large cafeteria-style restaurants sell mid-to-low-price brews that account for the majority the market. The company apparently aims to sell some 150,000 cases of the new product this year. Sapporo has been exclusively targeting the high-end segment with the Sapporo Premium label. This segment has recently seen increasing competition, with Vietnam Brewery Limited Company (VBL)’s Heineken, AB Inbev’s Budweiser, Carlsberg Vietnam’s recently launched Tuborg and state-run Sabeco’s Saigon Special. Competition is tough in the lower-priced segment, too. Low-cost beers in Vietnam, … [Read more...] about BUSINESS IN BRIEF 18/7
Electronic firms asked to ensure sustainable employmentElectronic enterprises should practice their social corporate responsibility through abiding by labour law, thus contributing to promoting sustainable employment in the firms, heard a seminar in Hanoi on January 31.Participants at the event should focus on major measures such as abolishing the use of child labourers, ensuring employment security and stable jobs for post-35 year-old employees, and eliminating discrimination in employment and occupation.The firms should engage strongly in developing skills for workers to meet demands in the new technology era, while providing a safe environment for them together with adequate wage and social welfare, they added.According to the Institute of Labour Science and Social Affairs, the growth of Vietnam’s electronic sector is mainly attributed to investment from multinational businesses, especially those from the Republic of Korea and Japan.By 2016, the firms employed 451,181 … [Read more...] about BUSINESS IN BRIEF 2/2