PARIS, March 1 (Reuters) - Alex Ferguson's philosophy is behind the longevity of Manchester United's homegrown players, says Paris St Germain midfielder David Beckham. The former England captain and United player is still active at 37, having joined PSG on a five-month loan at the end of January. Former team mate Phil Neville, 36, plays at Everton and the 39-year-old Ryan Giggs, who started his youth career at Manchester City but ended it at United, is still at Old Trafford after signing his first professional contract there in 1990. ...
Read More..
Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
Wall Street rises on Bernanke, Italian bond auction
Label: BusinessNEW YORK (Reuters) - Wall Street rose on Wednesday as Federal Reserve Chairman Ben Bernanke reaffirmed his support of the Fed's stimulus policy, the latest U.S. earnings showed strength and an Italian bond auction drew ample demand, reassuring investors.
In his second day before a congressional committee, Bernanke repeated testimony in which he defended the Fed's policy of buying bonds to keep interest rates low in order to promote growth and bring down the unemployment rate.
Bernanke's similar remarks on Tuesday helped the market rebound from its worst decline since November. The S&P 500 <.spx> is now back above 1,500, a closely watched level that has been technical support until recently.
"Bernanke comments will keep liquidity in place in the market and every dip now is being viewed as an opportunity to get in," said Dan Veru, chief investment officer at Palisade Capital Management.
Financial markets had been worried about the possibility the Fed would end its bond buying earlier than expected after Fed meeting minutes showed some policymakers favored changes.
Also supporting the market, European stocks and the euro rose on relief that Italy was able to sell bonds despite jitters about the country's political instability.
The Dow Jones industrial average <.dji> rose 96.77 points, or 0.70 percent, at 13,996.90. The Standard & Poor's 500 Index <.spx> gained 11.93 points, or 0.80 percent, at 1,508.87. The Nasdaq Composite Index <.ixic> advanced 30.75 points, or 0.98 percent, at 3,160.39.
The benchmark S&P 500, up 6 percent for the year, was within reach of record highs a week ago, before the minutes from the Fed's January meeting were released. Since then, the index has shed 1 percent as the minutes raised questions about whether the Fed may slow or halt its economy-stimulating measures soon.
In earnings news, discount retailer Target Corp
Dollar Tree Inc
Shares of Boyd Gaming
A closely watched proxy for business spending plans jumped 6.3 percent in January, the biggest gain since December 2011, data on durable goods orders showed on Wednesday.
Another report showed an index of pending home sales increased 4.5 percent to its highest level since April 2010 - just before the expiration of the home-buyer tax credit.
(Editing by Bernadette Baum)
Wall Street rebounds from Italy drop, Bernanke defends policy
Label: BusinessNEW YORK (Reuters) - U.S. stocks advanced on Tuesday, rebounding from a steep decline a day earlier after an inconclusive Italian election and on Federal Reserve Chairman Ben Bernanke's testimony defending the central bank's bond-buying program.
Major indexes had fallen more than 1 percent on Monday, with the S&P 500 dropping the most since November on voting in Italy where groups opposed to austerity posted a strong showing. But no faction secured a clear majority in parliament, renewing fears about a new euro zone debt crisis.
"There's an increased willingness to buy equities, and every decline is met with a new round of buying, but there's a question as to whether that can be sustained," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland, Ohio.
European equities <.fteu3>, which closed before the results on Monday, fell 1.1 percent, even as U.S. shares rose.
"It's a little surprising that we're not taking Europe more seriously now," he added. "It will be hard for us to avoid the weight of Europe's decline, and the question is whether our early strength will hold throughout the day."
In testimony before the Senate Banking Committee, Bernanke strongly defended the Fed's bond-buying stimulus program, or quantitative easing. Equities have benefited from the Fed's easy monetary policy, designed to boost the economy and employment.
"If Bernanke were to give any nugget of information about when QE might end, that would move markets, but we haven't seen anything like that," said Mike Shea, a trader at Direct Access Partners in New York.
Last week, concerns the Fed might curtail or end its stimulus efforts earlier than expected prompted a sharp decline by stocks, though they recovered most of the lost ground by the end of the week.
The Dow Jones industrial average <.dji> was up 88.66 points, or 0.64 percent, at 13,872.83. The Standard & Poor's 500 Index <.spx> was up 6.09 points, or 0.41 percent, at 1,493.94. The Nasdaq Composite Index <.ixic> was up 7.82 points, or 0.25 percent, at 3,124.07.
Dow component Home Depot Inc
Macy's Inc
Economic reports that showed strength in housing and consumer confidence also supported stocks.
Home prices rose more than expected in December, according to the Standard & Poor's/Case-Shiller index. Consumer confidence rebounded in February, jumping more than expected, and new-home sales rose to their highest in 4-1/2 years.
For the benchmark S&P 500 index, 1,500 will be watched as a key level after the index closed below it on Monday for the first time since February 4, with selling accelerating after falling below it. An inability to break back above it could portend further losses.
(Editing by Chizu Nomiyama and Kenneth Barry)
Wall Street turns lower on Italian worries
Label: BusinessNEW YORK (Reuters) - U.S. stocks turned negative on Monday, dragged lower by financial and housing shares and a reversal of early market gains based on voting in Italy where there were fears of a hung parliament that could undermine stability in the euro zone.
The Dow Jones industrial average <.dji> fell 5.26 points or 0.04 percent, to 13,995.31, the S&P 500 <.spx> lost 0.24 points or 0.02 percent, to 1,515.36 and the Nasdaq Composite <.ixic> added 5.8 points or 0.18 percent, to 3,167.61.
(Reporting by Rodrigo Campos; Editing by Kenneth Barry)
Investors face another Washington deadline
Label: BusinessNEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.
Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.
Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.
"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.
Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.
But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.
National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.
"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
OPTIONS BULLS TARGET GAINS
The spending cuts, if they go ahead, could hit the defense industry particularly hard.
Yet in the options market, bulls were targeting gains in Lockheed Martin Corp
Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.
"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.
The stock ended up 0.6 percent at $88.12 on Friday.
If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp
General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.
EYES ON GDP DATA, APPLE
The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.
U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.
Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.
Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.
On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.
(Additional reporting by Doris Frankel; Editing by Kenneth Barry)
Wall Street dips on weakness in energy
Label: BusinessNEW YORK (Reuters) - Stocks dipped on Wednesday, with energy shares falling as investors found few reasons to buy following a rally that has held major indexes near five-year highs for three weeks.
In addition, investors waited for the minutes from the Federal Open Market Committee's January meeting due at 2 p.m. (1900 GMT) for clues to the interest rate outlook.
Traders said there were unconfirmed rumors in the market that a troubled hedge fund was selling assets.
"I heard the chatter about a hedge fund liquidating things today but how big, I don't know. Certainly it sparks concern," said Michael James, senior trader at Wedbush Morgan in Los Angeles.
A jump in January of permits for future home building offered hope the housing market's recovery remains on track. A separate report showed wholesale prices rose last month for the first time in four months.
The S&P 500 has jumped about 7 percent so far this year, and is on track for its eighth straight week of gains. However, many of those weekly gains have been slight, with equities trading within a narrow range for the past few weeks, suggesting valuations may be stretched at current levels.
"The market seems very tired and listless, and investors are prone to take profits now as they wait for the music to stop," said Matt McCormick, money manager at Bahl & Gaynor in Cincinnati.
Energy companies were among the weakest, hurt by disappointing corporate results and a 2.4 percent drop in crude oil prices.
Newfield Exploration
Groundbreaking to build new U.S. homes fell 8.5 percent in January but new permits for construction rose to a 4 1/2-year high while producer prices rose in January for the first time in four months.
Investors will look to the minutes from the Fed's January meeting for any indication as to how long the Fed will keep buying $85 billion in bonds each month to bolster U.S. employment. Economic data should enable the Fed to maintain its easy monetary policy.
The Dow Jones industrial average <.dji> dropped 16.03 points, or 0.11 percent, to 14,019.64. The Standard & Poor's 500 Index <.spx> dropped 5.81 points, or 0.38 percent, to 1,525.13. The Nasdaq Composite Index <.ixic> dropped 13.82 points, or 0.43 percent, to 3,199.77.
Shares of OfficeMax Inc
Toll Brothers Inc
The stock is up 9 percent so far this year, building on jump of nearly 60 percent in 2012.
"Valuations appear a bit high at these levels, and if I was in a name that had seen a huge run, I'd want to take some chips off the table," said McCormick, who helps oversee about $8.2 billion in assets.
SodaStream
According to Thomson Reuters data through Tuesday morning, of the 405 companies in the S&P 500 that have reported results, 71 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.
Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
(Editing by Kenneth Barry)
M&A deals lift shares, suggest more value in market
Label: BusinessNEW YORK (Reuters) - Stocks rose on Tuesday as merger activity suggested the market could offer investors still more value even as the S&P 500 index and Dow industrials hovered near five-year highs.
Equities have resisted a pullback as investors use dips in stocks as buying opportunities. The S&P 500 is up about 7 percent so far in 2013 and has climbed for the past seven weeks in its longest weekly winning streak since January 2011, though most of the weekly gains have been slim.
Office Depot Inc
OfficeMax jumped 26 percent to $13.56 while larger rival Staples Inc
More than $158 billion in deals have been announced thus far in 2013. Last week, deals were reached for the acquisition of H.J. Heinz Co
"Equity investors have to be encouraged by M&A since if the number crunchers are offering large premiums, that shows how much value is still in the market," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.
The Dow Jones industrial average <.dji> was up 45.65 points, or 0.33 percent, at 14,027.41. The Standard & Poor's 500 Index <.spx> was up 6.14 points, or 0.40 percent, at 1,525.93. The Nasdaq Composite Index <.ixic> was up 9.33 points, or 0.29 percent, at 3,201.36.
U.S. markets were closed on Monday for the Presidents Day holiday.
Health insurer stocks tumbled, led lower by a 7.6 percent drop in Humana Inc
UnitedHealth Group
The strong start to the year for Wall Street was fueled by stronger-than-expected corporate earnings, as well as a compromise by legislators in Washington that temporarily averted automatic spending cuts and tax hikes that are predicted to damage the economy.
The compromise on across-the-board spending cuts postponed the matter until March 1, at which point the cuts will take effect. Ahead of the debate over the cuts, known as sequestration, further gains for stocks may be difficult to come by.
"If there's no major contention with sequestration, it looks like stocks are prepared to handle it, but until then we'll probably stay in a consolidation period marked by sideways trading with a slow rate of ascent," said Gibbs.
Economic data showed the NAHB/Wells Fargo Housing Market index unexpectedly edged down to 46 in February from 47 in the prior month as builders faced higher material costs.
Express Scripts
According to the Thomson Reuters data through Monday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.
Fourth-quarter earnings for S&P 500 companies have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
(Additional reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama and Kenneth Barry)
Yen resumes fall after G20, U.S. holiday thins trade
Label: BusinessLONDON (Reuters) - The yen resumed falling on Monday after Japan signaled it would push ahead with expansionist monetary policies having escaped criticism from the world's 20 biggest economies at the weekend.
Industrial metals also dipped and European shares were soft on lingering worries about the economic outlook, especially for the euro zone. While the risk of an inconclusive outcome in Italy's forthcoming election added to investor concerns.
However, activity was curtailed by the closure of markets in the United States for the Presidents' Day holiday.
The yen, which has dropped 20 percent against the dollar since mid-November, fell further after financial leaders from the G20 promised not to devalue their currencies to boost exports and avoided singling out Japan for any direct criticism.
The dollar rose 0.5 percent to 93.95 yen, near a 33-month peak of 94.47 yen set a week ago. The euro added 0.3 percent to 125.40 yen, to be midway between Friday's two-week low of 122.90 and a 34-month high of 127.71 yen hit earlier this month.
Strategists said the yen was likely to stay weak, though its decline could lose momentum until it becomes clear who will be taking the helm at the Bank of Japan when the current governor steps down on March 19.
"The yen probably will weaken a little further in anticipation of more aggressive easing under a new leadership team at the Bank of Japan," said Julian Jessop, chief global economist at Capital Economics.
Japan's Prime Minister Shinzo Abe is poised to nominate the new governor in the next few days. Sources have told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.
Meanwhile the euro dipped slightly against the dollar when European Central Bank president Mario Draghi said the currency's recent gains made any rise in inflation less likely and added that he had yet to see any improvement in the euro zone economy.
Speaking before the European Parliament, Draghi said the euro's exchange rate was not a policy target but was important for growth and stability, adding that appreciation of the euro "is a risk".
The comments left the euro down 0.2 percent at $1.3334.
Elsewhere in the currency market, sterling hit a seven-month low against the dollar, after a key policymaker made comments about the need for further weakness and recent poor data which has kept alive worries of another British recession.
Sterling fell 0.25 percent to $1.5476 having earlier touched $1.5438, its lowest since July 13.
DATA LOOMS
A big week for data on the outlook for the world's economy weighed on other riskier asset markets following the recent dire fourth-quarter growth numbers for the euro zone and Japan, along with Friday's soft U.S. manufacturing figures.
In European markets, attention is focused on the euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week which could affect hopes for a recovery this year.
Analysts expect Thursday's euro area flash PMI indices, which offer pointers to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving intact hopes for a recovery in the second half of 2013.
Concerns over an inconclusive outcome in the Italian election on Sunday and Monday have added to the weaker sentiment as a fragmented parliament could hamper a future government's efforts to reform the struggling economy.
The worries about the outlook for Italy were encouraging investors back into safe-haven German government bonds on Monday, with 10-year Bund yields easing 3.5 basis points to be around 1.63 percent.
"Political uncertainty will keep Bunds well bid this week," ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt in the near term.
Italian 10-year yields were 4 basis points higher on the day at 4.41 percent.
EARNINGS HIT
European equity markets were taking their lead from corporate earnings reports which have been reflecting the sluggish economic conditions across the region.
Danish brewer Carlsberg
The 5.8-percent drop for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.2 percent. Germany's DAX <.gdaxi>, France's CAC-40 <.fchi> and Britain's FTSE-100 <.ftse> ranged between 0.4 percent up and 0.15 percent lower.
Earlier, the G20 statement and subsequent comment from Prime Minster Abe indicating a renewed drive to stimulate the Japanese economy lifted the Nikkei stock index <.n225> by 2.1 percent, near to its highest level since September 2008.
MSCI's world equity index <.miwd00000pus> was flat as markets extended a two-week period of consolidation that has followed the big run-up in January, when demand was buoyed by the efforts of central banks to stimulate the world economy.
Data from EPFR Global, a U.S.-based firm that tracks the flows and allocations of funds globally, shows investors pulled $3.62 billion from U.S. stock funds in the latest week, the most in 10 weeks after taking a neutral stance the prior week.
But demand for emerging market equities remained strong, with investors putting $1.81 billion in new cash into stock funds, the fund-tracking firm said.
CHINA RETURN
In the commodity markets, traders played catch-up after a week-long holiday last week in China, the world's second biggest consumer of many raw materials, which had kept activity subdued, with worries about the economic outlook weighing on sentiment.
Copper, for which China is the world's largest consumer, dipped to a near three-week low at $8,125.25 a metric ton (1.1023 tons) on the London futures market. Benchmark tin and nickel also touched three-week lows.
Gold managed to edge away from six-month lows as jewelers in China returned to the physical market after the Lunar New Year holiday but a lack of demand from U.S. markets saw the precious metal slip back to be down 0.1 percent to $1,607.06 an ounce.
Crude oil markets were mostly steady after the weak U.S. industrial production data on Friday [ID:nL1N0BF44A] was seen dampening demand, while tensions in the Middle East lent some support.
"We continue to see a mixed picture out of the United States. Industry output was lower than expected but that shouldn't affect the general upward direction," Olivier Jakob, analyst at Geneva-based Petromatrix, said.
Brent crude was down 20 cents at $117.46 a barrel after posting its first weekly loss since the first half of January. U.S. crude slipped 24 cents to $95.62.
(Additional reporting by Marius Zaharia and Ron Bousso; Editing by Philippa Fletcher and Alastair Macdonald)
Florida hit by "tsunami" of tax identity fraud
Label: BusinessMIAMI (Reuters) - Bruce Parton was only a few weeks from retirement after 30 years as a mail carrier in sunny Florida.
He never lived to fulfill his retirement plan of moving back to a quiet life in the Catskill mountains of New York, not far from where he grew up on Long Island.
Instead, he was gunned down on his daily mail route in December 2010 by members of an identity theft ring who stole his master key as part of a scheme to claim fraudulent tax refunds.
Using stolen names and Social Security numbers, criminals are filing phony electronic tax forms to claim refunds, exploiting a slow-moving federal bureaucracy to collect the money before victims, or the Internal Revenue Service, discover the fraud.
Parton was a victim of what officials say has ballooned into a massive, and dangerous, illegal industry that could cost the nation $21 billion over the next five years, according to the U.S. Treasury Department.
While that is a relatively small sum compared to the $1.1 trillion collected from individual tax payers in the last fiscal year, the crime has been growing by leaps and bounds in the last three years.
"We are on the top of a national trend that is causing a hemorrhage of tax dollars," said Wifredo Ferrer, United States Attorney for south Florida. "It's a tsunami of fraud."
While the IRS says it has detected cases in every state except North Dakota and West Virginia, the fraud's epicenter is Florida, and it is mostly concentrated in Miami and Tampa.
Miami has 46 times the per-capita rate of false tax refund claims than the rest of the country, and 70 times the national average in dollar terms, Ferrer told Reuters.
"For whatever reason, we always tend to lead the nation when it comes to fraud," he said, noting that his office has been battling massive Medicare fraud in recent years that has since spread to other parts of the country.
Florida's high proportion of older residents, who can be more vulnerable to fraud, may be one reason for the high levels of fraud in the state.
Nationwide, the number of cases of tax identity theft detected by authorities sky-rocketed to more than 1.2 million cases in 2012 from only 48,000 in 2008, according to the Treasury Department.
The real number of phony tax filings is likely much higher as the fraud is hard to track, according to a November General Accountability Office report.
GANG LINKS
The tax ID theft problem is particularly troubling as, unlike Medicare fraud, it is associated with violent crime and armed gangs.
Tampa police first detected it in 2010 when officers discovered wanted street criminals engaged in tax fraud. "They were holed up in hotels with laptops churning out tax claims," said congresswoman Kathy Castor, who represents the area and is pressing the IRS to get tougher on the fraud.
When agents raided a Howard Johnson in East Tampa in late 2010, they found suspects smoking marijuana and four laptop computers being used to file fraudulent tax returns on Turbo Tax, the tax preparation software, according to police records.
The suspects had lists of personal information containing more than 1,000 names and confidential personal information, multiple re-loadable debit cards, and records of numerous financial transactions. The investigation revealed that the suspects had been camped out in the hotel room for more than a week filing claims.
Tax identity fraudsters are apparently drawn by the ease of the crime, officials say.
"The scheme is very basic, it works virtually the same in almost every case," said Ferrer. "All they need is your name and the tax ID number."
Armed with that information a refund claim can be filed electronically, making up other details on the form, including addresses, employer data, income and deductions.
Criminals obtain the vital numbers using various tactics, often by bribing office workers with access to personnel files inside companies, as well as large public institutions such as hospitals and schools, according to prosecutors.
Last summer a hacker stole 3.8 million unencrypted tax records from the South Carolina Department of Revenue in what is believed to be the largest security breach of a U.S. tax agency. Authorities say they do not know the hacker's motive.
One North Miami man, Rodney Saint Fleur, was charged last year with using the LexisNexis research service account at the law firm where he worked to access names and Social Security numbers of 26,000 people as part of an identity theft scheme, according to court documents.
Victims in Florida have varied from hospital patients, to Holocaust survivors at an elderly Jewish community center, as well as active duty military serving overseas.
In December, a former U.S. Marine from North Miami was sentenced to nearly five years in prison for stealing the identities of more than 40 fellow Marines stationed at Camp Leatherneck in Afghanistan as part of a plot to claim $54,000 in fraudulent income-tax refunds.
In Parton's case the criminals were after his master key that gives postal workers access to mail drop-off boxes and apartment mailboxes. He was shot twice in the chest by a gunman as part of a plot to steal identities in people's mail for tax refund fraud.
The gunman, Pikerson Mentor, 31, was sentenced last month to life plus 42 years.
More than 600 people turned up for Parton's funeral, including postal workers and people who got to know him on his route. "He had been doing that mail route for 10 years and he always had a smile for everyone," said his daughter, Nina Parton.
The criminals stay under the radar using identities of the elderly or the very young, who are unlikely to be filing for earned income, as well as the deceased. They typically claim small refunds, around $3,000, but use multiple identities, with payments often made to pre-paid debit cards.
FIGHTING BACK
The IRS said last week it is intensifying a crackdown on identify theft, with 3,000 agents devoted to tackling the problem, double the number assigned in 2011.
The number of IRS criminal investigations into identity theft more than tripled in the year to September 2012, and it was on pace to double again this year, acting IRS Commissioner Steven Miller told reporters.
The tax collection agency prevented $20 billion in attempted tax refund fraud in fiscal year 2012, up from $14 billion a year earlier, he said.
"It's one of the biggest challenges that faces the IRS today," Miller said. "We're doing much better on all fronts but we have much more to do."
Despite the increase in investigations, the agency still had a backlog of 300,000 cases of people waiting for legitimate refunds after they were victims of fraud. It takes an average of six months to resolve a case, Miller said.
"The IRS have put a lot of resources on it, but they always seem to be behind the curve," said Keith Fogg, a tax professor at Villanova University School of Law.
Electronic filing, which now accounts for 80 percent of returns and was introduced to speed up delivery of refunds, has made the system more vulnerable to fraud.
The IRS is seeking to speed up the loading of data from W-2 payroll forms issued at the beginning of the tax season, a time lapse which gives fraudsters a window of opportunity to file using false data.
The IRS is also looking for ways to authenticate the identity of tax filers at the time of filing to pre-empt fraud, as well as working with the Social Security Administration to limit access to a registry of social security data of deceased tax payers, the so-called "Death Master File", a frequent target of fraud.
"We will not be prosecuting our way out of this. That's not going to be the answer. We're going to have to make it more and more difficult for criminals to profit from this behavior," said Miller. "If they're not successful they will move onto something else."
(Editing by Mary Milliken and Claudia Parsons)
G20 steps back from currency brink, heat off Japan
Label: BusinessMOSCOW (Reuters) - The Group of 20 nations declared on Saturday there would be no currency war and deferred plans to set new debt-cutting targets, underlining broad concern about the fragile state of the world economy.
Japan's expansive policies, which have driven down the yen, escaped direct criticism in a statement thrashed out in Moscow by policymakers from the G20, which spans developed and emerging markets and accounts for 90 percent of the world economy.
Analysts said the yen, which has dropped 20 percent as a result of aggressive monetary and fiscal policies to reflate the Japanese economy, may now continue to fall.
"The market will take the G20 statement as an approval for what it has been doing -- selling of the yen," said Neil Mellor, currency strategist at Bank of New York Mellon in London. "No censure of Japan means they will be off to the money printing presses."
After late-night talks, finance ministers and central bankers agreed on wording closer than expected to a joint statement issued last Tuesday by the Group of Seven rich nations backing market-determined exchange rates.
A draft communiqué on Friday had steered clear of the G7's call for economic policy not to be targeted at exchange rates. But the final version included a G20 commitment to refrain from competitive devaluations and stated monetary policy would be directed only at price stability and growth.
"The mood quite clearly early on was that we needed desperately to avoid protectionist measures ... that mood permeated quite quickly," Canadian Finance Minister Jim Flaherty told reporters, adding that the wording of the G20 statement had been hardened up by the ministers.
As a result, it reflected a substantial, but not complete, endorsement of Tuesday's proclamation by the G7 nations - the United States, Japan, Britain, Canada, France, Germany and Italy.
As with the G7 intervention, Tokyo said it gave it a green light to pursue its policies unchecked.
"I have explained that (Prime Minister Shinzo) Abe's administration is doing its utmost to escape from deflation and we have gained a certain understanding," Finance Minister Taro Aso told reporters.
"We're confident that if Japan revives its own economy that would certainly affect the world economy as well. We gained understanding on this point."
Flaherty admitted it would be difficult to gauge if domestic policies were aimed at weakening currencies or not.
NO FISCAL TARGETS
The G20 also made a commitment to a credible medium-term fiscal strategy, but stopped short of setting specific goals as most delegations felt any economic recovery was too fragile.
The communiqué said risks to the world economy had receded but growth remained too weak and unemployment too high.
"A sustained effort is required to continue building a stronger economic and monetary union in the euro area and to resolve uncertainties related to the fiscal situation in the United States and Japan, as well as to boost domestic sources of growth in surplus economies," it said.
A debt-cutting pact struck in Toronto in 2010 will expire this year if leaders fail to agree to extend it at a G20 summit of leaders in St Petersburg in September.
The United States says it is on track to meet its Toronto pledge but argues that the pace of future fiscal consolidation must not snuff out demand. Germany and others are pressing for another round of binding debt targets.
"We had a broad consensus in the G20 that we will stick to the commitment to fulfill the Toronto goals," German Finance Minister Wolfgang Schaeuble said. "We do not have any interest in U.S.-bashing ... In St. Petersburg follow-up-goals will be decided."
The G20 put together a huge financial backstop to halt a market meltdown in 2009 but has failed to reach those heights since. At successive meetings, Germany has pressed the United States and others to do more to tackle their debts. Washington in turn has urged Berlin to do more to increase demand.
Backing in the communiqué for the use of domestic monetary policy to support economic recovery reflected the U.S. Federal Reserve's commitment to monetary stimulus through quantitative easing, or QE, to promote recovery and jobs.
QE entails large-scale bond buying -- $85 billion a month in the Fed's case -- that helps economic growth but has also unleashed destabilising capital flows into emerging markets.
A commitment to minimize such "negative spillovers" was an offsetting point in the text that China, fearful of asset bubbles and lost export competitiveness, highlighted.
"Major developed nations (should) pay attention to their monetary policy spillover," Vice Finance Minister Zhu Guangyao was quoted by state news agency Xinhua as saying in Moscow.
Russia, this year's chair of the G20, admitted the group had failed to reach agreement on medium-term budget deficit levels and expressed concern about ultra-loose policies that it and other emerging economies say could store up trouble for later.
On currencies, the G20 text reiterated its commitment last November, "to move more rapidly toward mores market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments".
It said disorderly exchange rate movements and excess volatility in financial flows could harm economic and financial stability.
(Additional reporting by Gernot Heller, Lesley Wroughton, Maya Dyakina, Tetsushi Kajimoto, Jan Strupczewski, Lidia Kelly, Katya Golubkova, Jason Bush, Anirban Nag and Michael Martina. Writing by Douglas Busvine. Editing by Timothy Heritage/Mike Peacock)
Wall Street edges up on data, S&P up for seventh week
Label: BusinessNEW YORK (Reuters) - Stocks rose slightly Friday with the S&P 500 gaining for a seventh week in the wake of upbeat consumer sentiment data, though thin trading and the modest rise showed a continuing trend of a consolidating market after strong recent gains.
The S&P 500, up nearly 7 percent so far this year, is facing strong technical resistance near the 1,525 level. But investors, expecting the index to advance further in the quarter, have held back from locking in profits.
The Thomson Reuters/University of Michigan's preliminary reading on the overall index of consumer sentiment rose to 76.3 in February from 73.8 in January, topping economists' forecasts of 74.8.
"This is unexpected given the increase in gas prices and payroll taxes," said Jim Awad, managing director at Zephyr Management in New York. "This is a welcome event and it should be embraced by the market."
The Dow Jones industrial average <.dji> rose 14.51 points or 0.1 percent, to 13,987.9, the S&P 500 <.spx> gained 1.44 points or 0.09 percent, to 1,522.82 and the Nasdaq Composite <.ixic> added 4.68 points or 0.15 percent, to 3,203.34.
The S&P is on track to register its seventh straight week of gains by the close of trading Friday, a feat not seen since a run of consecutive weekly gains between December 2010 and January 2011.
A surge in merger and acquisition activity, with more than $158 billion in deals announced so far in 2013, has given further support to the equity market as it points to healthy valuations and bets on the economic outlook.
Art Hogan, managing director of Lazard Capital Markets in New York, said the flurry of mergers and acquisitions should be seen as a tailwind for the market.
"You don't go into M&A if you don't have a positive outlook," he said.
Herbalife
Burger King Worldwide
(Additional reporting by Ryan Vlastelica; Editing by Bernadette Baum)
Wall Street erases earlier losses; M&A news, data support
Label: BusinessNEW YORK (Reuters) - Stocks erased earlier losses to trade flat by late morning on Thursday as a flurry of M&A deals and better-than-expected jobs data fed optimism to the market, although signs of economic weakness in Europe and Japan curbed appetite for risky assets.
Among the M&A announcements, shares of H.J. Heinz Co
Also supporting the market, U.S. data showed the number of Americans filing new claims for unemployment benefits fell more than expected in the latest week. But data out of Europe showed a contraction of 0.6 percent in gross domestic product in the euro zone, the steepest for the bloc since the first quarter of 2009. Japan's GDP shrank 0.1 percent in the fourth quarter, crushing expectations of a modest return to growth.
"The only reason a company buys another company is because they see an upside. Even though we are at multiyear highs, this kind of activity shows that there is more room for a rally, feeding optimism to the market," said Randy Frederick, director of trading and derivatives at Charles Schwab.
"The jobless claims numbers were solid, and with the European market closing, the news out of Europe is pretty much done for the day."
But Frederick added the market would have to see small corrections before breaking above current levels, where indexes have been hovering for almost two weeks. The S&P 500 is up more than 6 percent so far this year, near its highest level since November 2007.
The Dow Jones industrial average <.dji> was down 1.20 points, or 0.01 percent, at 13,981.71. The Standard & Poor's 500 Index <.spx> was up 0.03 points, or 0.00 percent, at 1,520.36. The Nasdaq Composite Index <.ixic> was down 2.65 points, or 0.08 percent, at 3,194.23.
Constellation Brands
American Airlines and US Airways Group
Shrinking European economies translated to a 5-percent drop in revenue from the region for Cisco Systems
General Motors Co
(Reporting By Angela Moon; Editing by Nick Zieminski)
Wall Street flat, S&P 500 touches November 2007 high
Label: BusinessNEW YORK (Reuters) - Stocks were little changed on Wednesday after the S&P 500 index hit a November 2007 intraday high, but volume was low and investors stayed cautious with indexes near multi-year closing highs.
The benchmark index got a boost from Comcast Corp
Equities have been strong performers until recently, buoyed largely by healthy growth in corporate earnings, which helped the S&P 500 to rise 6.5 percent so far this year. The Dow industrials are about 1 percent away from an all-time intraday high, reached in October 2007.
Those gains could leave the market vulnerable to a pullback as investors take profits amid a dearth of new catalysts. While analysts see an upward bias in stocks, recent daily moves have been small and trading volumes light with indexes at multi-year highs.
"I was expecting a 12-15 percent return on the S&P for the whole year of 2013, and we have done about half of that in just 5-6 weeks," said Jack De Gan, principal at Harbor Advisory in Portsmouth, New Hampshire.
"We will hit resistance, but the fundamentals and micro picture are looking good, so if there is a correction it's going to be a brief one."
The Dow Jones industrial average <.dji> was down 52.99 points, or 0.38 percent, at 13,965.71. The Standard & Poor's 500 Index <.spx> was down 0.61 points, or 0.04 percent, at 1,518.82. The Nasdaq Composite Index <.ixic> was up 3.35 points, or 0.11 percent, at 3,189.85.
Economic data proved no catalyst giving investors direction. The government said retail sales rose 0.1 percent in January, as expected. Tax increases and higher gasoline prices restrained spending.
The S&P 500 was well over its 50-day moving average of 1,460.92, a sign the market could be overbought.
Comcast agreed late Tuesday to buy General Electric Co's
Deere & Co
According to the latest Thomson Reuters data, of the 353 companies in the S&P 500 that have reported results, 70.3 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.
Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.3 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
Industrial and construction shares were lower even though in his State of the Union address President Barack Obama called for $50 billion in spending to create jobs by rebuilding degraded roads and bridges.
The Dow Jones Home Construction index <.djushb> was off 0.2 percent.
(Reporting By Angela Moon; Editing by Kenneth Barry)
Wall Street pauses after gains, awaits Obama address
Label: BusinessNEW YORK (Reuters) - Stocks were little changed on Tuesday, with the S&P 500 holding near multi-year highs ahead of President Barack Obama's State of the Union address.
The economy will be a major topic of Obama's speech before a joint session of Congress set for 9 p.m. (0200 GMT Wednesday). Investors will listen for any clues on a deal with Republicans to avert automatic spending cuts due to take effect March 1.
The S&P 500 has risen in the past six weeks and is up 6.5 percent so far this year. But gains have been harder to come by since the benchmark S&P index hit a five-year high on February 1. The market has to consolidate strong gains at the year's start while investors search for reasons to drive stocks higher.
"The market itself at this point has got to digest this six-plus percentage point move ... we are due for that pause," said Drew Nordlicht, managing director at HighTower Advisors in San Diego.
Investors are "looking for more data at this point going forward to support the thesis that corporate profits will continue to grow and the economy has turned the corner."
The White House has signaled Obama in his speech will urge U.S. investment in infrastructure, manufacturing, clean energy and education. He is also expected to call for comprehensive trade talks with the European Union.
With earnings season moving to its latter stages, of the 353 companies in the S&P 500 that have reported earnings, 70.3 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters according to Thomson Reuters data through Tuesday morning.
Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.3 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
The Dow Jones industrial average <.dji> gained 27.65 points, or 0.20 percent, to 13,998.89. The Standard & Poor's 500 Index <.spx> added 1.03 points, or 0.07 percent, to 1,518.04. The Nasdaq Composite Index <.ixic> dipped 1.60 points, or 0.05 percent, to 3,190.41.
Coca-Cola Co
Housing shares climbed, led by a 12.9 percent jump in Masco Corp
Avon Products shares surged 16.7 percent to $20.16 after the beauty products company reported a better-than-expected quarterly profit.
Goodyear Tire & Rubber
Michael Kors Holdings
(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)
Wall Street dips from multiyear highs, Fed's Yellen on tap
Label: BusinessNEW YORK (Reuters) - Stocks slipped at the open on Monday, with the S&P and Nasdaq dipping from multiyear highs, as Google
Trading volume was relatively low, which could make the market volatile and exaggerate moves.
Google fell 0.9 percent at $777.94 after the company said in a filing former chief executive Eric Schmidt is selling roughly 42 percent of his Google stake, a move that could potentially net him $2.51 billion.
The decline was partly offset by gains in Apple , up 1.2 percent at $480.78 after a New York Times report that the iPhone maker is experimenting with the design of a device similar to a wristwatch.
No economic data or major earnings reports are scheduled for Monday, but Federal Reserve Vice Chair Janet Yellen is due to speak about the economic recovery at 1 p.m.
Upbeat U.S. and Chinese data last week helped the S&P 500 extend its weekly winning streak to six. The benchmark is up more than 6 percent so far this year after a steep rally in January that has stalled as the S&P and Dow industrials near record highs.
The large market rally so far this year has created space for hesitation in the absence of clear catalysts, according to Steve Goldman, principal at Goldman Management in Short Hills, New Jersey.
"Some positives behind the market rally are still there, and the path of least resistance is likely to be higher," he said.
The Dow Jones industrial average <.dji> fell 35.39 points or 0.25 percent, to 13,957.58, the S&P 500 <.spx> lost 1.94 points or 0.13 percent, to 1,515.99 and the Nasdaq Composite <.ixic> dropped 5.75 points or 0.18 percent, to 3,188.12.
US Airways
Opposition grew to the $24.4 billion buyout of Dell Inc
Dell shares hovered near $13.65, the buyout offer price.
Regeneron Pharmaceuticals Inc
(Reporting by Rodrigo Campos; Editing by Chizu Nomiyama and Kenneth Barry)
Stocks end higher for sixth straight week, tech leads
Label: BusinessNEW YORK (Reuters) - The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.
The S&P 500 also posted a sixth straight week of gains for the first time since August.
The technology sector led the day's gains, with the S&P 500 technology index <.splrct> up 1.0 percent. Gains in professional network platform LinkedIn Corp
Shares of LinkedIn jumped 21.3 percent to $150.48 after the social networking site announced strong quarterly profits and gave a bullish forecast for the year.
AOL Inc shares rose 7.4 percent to $33.72 after the online company reported higher quarterly profit, boosted by a 13 percent rise in advertising sales.
Data showed Chinese exports grew more than expected, a positive sign for the global economy. The U.S. trade deficit narrowed in December, suggesting the U.S. economy likely grew in the fourth quarter instead of contracting slightly as originally reported by the U.S. government.
"That may have sent a ray of optimism," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.
Trading volume on Friday was below average for the week as a blizzard swept into the northeastern United States.
The U.S. stock market has posted strong gains since the start of the year, with the S&P 500 up 6.4 percent since December 31. The advance has slowed in recent days, with fourth-quarter earnings winding down and few incentives to continue the rally on the horizon.
"I think we're in the middle of a trading range and I'd put plus or minus 5.0 percent around it. Fundamental factors are best described as neutral," Dickson said.
The Dow Jones industrial average <.dji> ended up 48.92 points, or 0.35 percent, at 13,992.97. The Standard & Poor's 500 Index <.spx> was up 8.54 points, or 0.57 percent, at 1,517.93. The Nasdaq Composite Index <.ixic> was up 28.74 points, or 0.91 percent, at 3,193.87, its highest closing level since November 2000.
For the week, the Dow was down 0.1 percent, the S&P 500 was up 0.3 percent and the Nasdaq up 0.5 percent.
Shares of Dell
Dell's largest independent shareholder, Southeastern Asset Management, said it plans to oppose the buyout of the personal computer maker, setting up a battle for founder Michael Dell.
Signs of economic strength overseas buoyed sentiment on Wall Street. Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand. German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.
Separately, U.S. economic data showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.
Earnings have mostly come in stronger than expected since the start of the reporting period. Fourth-quarter earnings for S&P 500 companies now are estimated up 5.2 percent versus a year ago, according to Thomson Reuters data. That contrasts with a 1.9 percent growth forecast at the start of the earnings season.
Molina Healthcare Inc
The CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, was down 3.6 percent at 13.02. The gauge, a key measure of market expectations of short-term volatility, generally moves inversely to the S&P 500.
"I'm watching the 14 level closely" on the CBOE Volatility index, said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research. "The break below it at the beginning of the year signaled the sharp rally in January, and a rally back above it could be a sign to exercise some caution."
Volume was roughly 5.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.
Advancers outpaced decliners on the NYSE by nearly 2 to 1 and on the Nasdaq by almost 5 to 3.
(Additional reporting by Angela Moon; Editing by Bernadette Baum, Nick Zieminski, Kenneth Barry and Andrew Hay)
Stocks end higher for sixth straight week, tech leads
Label: BusinessNEW YORK (Reuters) - The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.
The S&P 500 also posted a sixth straight week of gains for the first time since August.
The technology sector led the day's gains, with the S&P 500 technology index <.splrct> up 1.0 percent. Gains in professional network platform LinkedIn Corp
Shares of LinkedIn jumped 21.3 percent to $150.48 after the social networking site announced strong quarterly profits and gave a bullish forecast for the year.
AOL Inc shares rose 7.4 percent to $33.72 after the online company reported higher quarterly profit, boosted by a 13 percent rise in advertising sales.
Data showed Chinese exports grew more than expected, a positive sign for the global economy. The U.S. trade deficit narrowed in December, suggesting the U.S. economy likely grew in the fourth quarter instead of contracting slightly as originally reported by the U.S. government.
"That may have sent a ray of optimism," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.
Trading volume on Friday was below average for the week as a blizzard swept into the northeastern United States.
The U.S. stock market has posted strong gains since the start of the year, with the S&P 500 up 6.4 percent since December 31. The advance has slowed in recent days, with fourth-quarter earnings winding down and few incentives to continue the rally on the horizon.
"I think we're in the middle of a trading range and I'd put plus or minus 5.0 percent around it. Fundamental factors are best described as neutral," Dickson said.
The Dow Jones industrial average <.dji> ended up 48.92 points, or 0.35 percent, at 13,992.97. The Standard & Poor's 500 Index <.spx> was up 8.54 points, or 0.57 percent, at 1,517.93. The Nasdaq Composite Index <.ixic> was up 28.74 points, or 0.91 percent, at 3,193.87, its highest closing level since November 2000.
For the week, the Dow was down 0.1 percent, the S&P 500 was up 0.3 percent and the Nasdaq up 0.5 percent.
Shares of Dell
Dell's largest independent shareholder, Southeastern Asset Management, said it plans to oppose the buyout of the personal computer maker, setting up a battle for founder Michael Dell.
Signs of economic strength overseas buoyed sentiment on Wall Street. Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand. German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.
Separately, U.S. economic data showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.
Earnings have mostly come in stronger than expected since the start of the reporting period. Fourth-quarter earnings for S&P 500 companies now are estimated up 5.2 percent versus a year ago, according to Thomson Reuters data. That contrasts with a 1.9 percent growth forecast at the start of the earnings season.
Molina Healthcare Inc
The CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, was down 3.6 percent at 13.02. The gauge, a key measure of market expectations of short-term volatility, generally moves inversely to the S&P 500.
"I'm watching the 14 level closely" on the CBOE Volatility index, said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research. "The break below it at the beginning of the year signaled the sharp rally in January, and a rally back above it could be a sign to exercise some caution."
Volume was roughly 5.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.
Advancers outpaced decliners on the NYSE by nearly 2 to 1 and on the Nasdaq by almost 5 to 3.
(Additional reporting by Angela Moon; Editing by Bernadette Baum, Nick Zieminski, Kenneth Barry and Andrew Hay)
Wall Street advances after stream of economic data
Label: BusinessNEW YORK (Reuters) - Stock index rose on Friday after a batch of positive economic data points, but gains were checked with the benchmark S&P index at five-year highs as investors looked for strong catalysts to push the market further upward.
Data showed Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand, while German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.
Another positive sign was U.S. economic data which showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.
But wholesale inventories unexpectedly fell 0.1 percent in December as auto dealers and agricultural suppliers drew down their stocks.
The S&P 500 <.spx> has risen for five straight weeks and is up 6.3 percent for the year. Its advance was helped by legislators in Washington averting a series of automatic spending cuts and tax hikes earlier in the year, as well as better-than-expected corporate earnings and data that pointed to modest economic improvement but no immediate change in the Federal Reserve's stimulus plans.
The index, hovering near five-year highs, has found it tougher to climb in recent days as investors await strong trading incentives to drive it further upward.
"We are going to have this churn and this consolidation, which actually isn't a bad thing - it's actually good the market isn't being so volatile and is actually consolidating because it is building a base," said Ken Polcari, Director of the NYSE floor division at O'Neil Securities in New York.
"If it builds a base, from there it is easier to make the argument that you move ahead."
The Dow Jones industrial average <.dji> gained 67.62 points, or 0.48 percent, to 14,011.67. The Standard & Poor's 500 Index <.spx> climbed 7.82 points, or 0.52 percent, to 1,517.21. The Nasdaq Composite Index <.ixic> rose 27.34 points, or 0.86 percent, to 3,192.47.
McDonald's Corp
Healthcare stocks were among the best performers, with the Morgan Stanley healthcare payor index <.hmo> up 2.3 percent. Molina Healthcare Inc
LinkedIn Corp
According to Thomson Reuters data through Friday morning, of 339 companies in the S&P 500 that have reported earnings, 69.9 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.
Fourth-quarter earnings for S&P 500 companies grew 5.2 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
(Editing by Bernadette Baum)
Wall Street extends losses; Nasdaq off 1 percent
Label: BusinessNEW YORK (Reuters) - U.S. stocks fell further on Thursday, with the Nasdaq falling 1 percent, as a sharp drop in the euro against the safe-haven dollar and yen curbed investors' appetite for risky assets.
The Dow Jones industrial average <.dji> was down 119.84 points, or 0.86 percent, at 13,866.68. The Standard & Poor's 500 Index <.spx> was down 12.31 points, or 0.81 percent, at 1,499.81. The Nasdaq Composite Index <.ixic> was down 30.76 points, or 0.97 percent, at 3,137.72.
(Reporting By Angela Moon; Editing by Kenneth Barry)
Wall Street flat as rally runs out of steam, results eyed
Label: BusinessNEW YORK (Reuters) - U.S. stocks were little changed in late morning trading on Wednesday as investors awaited fresh trading incentives after recent rallies took the S&P 500 to five-year highs.
Transportation stocks were among the worst performers, weighed down by a 10-percent drop in CH Robinson Worldwide
The Dow Jones Transportation index <.djt> shed 0.5 percent after closing at a record high Tuesday for a gain of more than 10 percent in 2013.
A 6-percent advance this year so far has lifted the benchmark S&P 500 index to its highest since December 2007, while the Dow <.dji> briefly climbed above 14,000 recently, making it a challenge for investors to continue pushing the equity market upward in the absence of strong catalysts.
"Overall, we believe that the next near-term market dip should provide an opportunity to buy stocks ahead of rallies higher in the coming months, but we are skeptical about the long-term sustainability of these gains due to the maturing age of the bull market," said Ari Wald, equity research analyst at C&Co\PrinceRidge in New York.
The tech-heavy Nasdaq index was supported by Apple Inc , which rose 1.2 percent to $463.62.
Walt Disney Co
According to Thomson Reuters data through Wednesday morning, of 301 companies in the S&P 500 <.spx> that have reported earnings, 68.1 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters. In terms of revenue, 65.8 percent of companies have topped forecasts.
Looking ahead, fourth-quarter earnings for S&P 500 companies are expected to grow 4.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
The Dow Jones industrial average <.dji> was down 11.25 points, or 0.08 percent, at 13,968.05. The Standard & Poor's 500 Index <.spx> was up 0.05 points, or 0.00 percent, at 1,511.34. The Nasdaq Composite Index <.ixic> was up 2.69 points, or 0.08 percent, at 3,174.27.
The benchmark S&P index rose 1.04 percent Tuesday, its biggest percentage gain since a 2.5-percent advance on January 2, when legislators sidestepped a "fiscal cliff" of spending cuts and tax hikes that could have hurt a fragile U.S. economic recovery.
Ralph Lauren Corp
Time Warner Inc
(Editing by Bernadette Baum)
Subscribe to:
Posts (Atom)
Copyright © News aptychus. All rights reserved.
Design 
And Business Directories
