Morning Notes

05/05/2015 Argonaut Morning Note

U.S. stocks rose for the second session in a row Monday, pushing the S&P 500 index near its all-time high. The broader index closed up 6 points, or 0.3%, at 2,114, while the Dow Jones index ended the session up 46 points, or 0.3%, at 18,070. Action in the U.S. stock market has been choppy this year, as investors grapple with evidence of an economic slowdown at the start of the year, the strong dollar's drag on earnings and the possibility of higher interest rates.

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04/05/2015 Argonaut Morning Note

US stocks have risen sharply, ending a two-day slide with a rally led by Apple and other tech stocks and extending to most industrial sectors. The tech-rich Nasdaq posted the biggest gain on Friday, rising 63.97 points (1.29 per cent) to 5,005.39. The Dow Jones Industrial Average advanced 183.54 (1.03 per cent) to 18,024.06, while the broad-based S&P 500 rose 22.78 (1.09 per cent) to 2,108.29. All but four companies in the 30-stock Dow finished higher. Apple, which had lost 5.7 per cent in the prior three sessions, shot up 3.0 per cent.

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01/05/2015 Argonaut Morning Note

The Dow Jones Industrial Average on Thursday dropped 195.01 points (1.08 per cent) to 17,840.52. The broad-based S&P 500 fell 21.34 (1.01 per cent) to 2,084.51, while the tech-rich Nasdaq Composite Index slumped 82.22 (1.64 per cent) to 4,941.42. Yelp plummeted 23.2 per cent after forecasting second-quarter sales of $US131-$US134 million ($A164-$A167 million), below Wall Street projections of $US138.4 million. Analysts also rapped the company for a weak performance in attracting users. Michael James, managing director of equity trading at Wedbush Securities, said government data showing consumer spending rose 0.4 per cent in March was "a little underwhelming" after Wednesday's "terrible" report on first-quarter economic growth. Tech stocks were especially weak, with Apple falling 2.7 per cent, and Facebook and Google both dropping 2.1 per cent.

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30/04/2015 Argonaut Morning Note

U.S. stocks held onto their losses Wednesday after a statement from the Federal Reserve signalled that interest-rate increases are still possible in the coming months, though the timing remains uncertain. The S&P 500 fell 0.4% to 2107 and the Dow dropped 0.4% to 18,036.

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29/04/2015

U.S. stocks rose slightly Tuesday as a number of positive quarterly earnings reports helped offset a continued decline in the biotechnology sector. The Dow rose 72 points, or 0.4%, to 18110, and the S&P 500 gained 6 points, or 0.3%, to 2115. Earnings reports were the focus for investors. On Tuesday, 41 companies in the S&P 500, more than 8% of the index, report quarterly results. Including results from 233 companies in the S&P 500, first-quarter earnings are on track to fall 1.8% from a year earlier. Earnings had been expected to decline 4.6% going into the reporting season, pressured by a strong dollar and weak oil prices.

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