December 15, 2017
Tuesday, April 14, 2015

Wall Street ends higher after bounce in oil prices

he Dow and S&P 500 ended higher today, helped by energy stocks and quarterly earnings reports that topped modest expectations following worries about a strong dollar.

Shares of Exxon Mobil, Chevron and other energy companies followed crude higher after a forecast that US shale oil output in May would record its first monthly decline in more than four years. The S&P 500 energy index jumped 1.77 percent.

Norfolk Southern Corp dropped 4.18 percent to $100.49 a day after it forecast a surprise drop in its first-quarter earnings and revenue.

A strong dollar, cheap oil and poor weather in the eastern United States in recent months have investors bracing for a difficult March-quarter earnings season.

First-quarter profits for S&P 500 companies are seen falling 2.9 percent, according to Thomson Reuters data. On Jan. 1, analysts had been looking for growth of 5.3 percent.

Shares of JPMorgan Chase & Co rose 1.6 percent after the biggest US bank by assets reported a better-than-expected quarterly profit.

The Dow Jones industrial average rose 59.66 points, or 0.33 percent, to end at 18,036.7. The S&P 500 gained 3.41 points, or 0.16 percent, to 2,095.84 and the Nasdaq Composite dropped 10.96 points, or 0.22 percent, to 4,977.29, with Apple down 0.43 percent.

After the bell, Intel Corp forecast revenue broadly in line with Wall Street's low expectations and signaled a hefty cut in capital expenditures this year, sending its shares up 2.6 percent.

European stocks fell as renewed worries over Greece offset news of a tie-up between Nokia and Alcatel-Lucent.

A rebound in the euro during the session also prompted investors to book recent gains on the shares of exporters. Luxury goods maker LVMH fell 2.5 percent and airplane maker Airbus lost 2.6 percent.

Shares in the French telecom gear maker Alctel surged 16 percent after the two companies announced they were in advanced talks for Nokia to take over Alcatel. Nokia shares were down 3.6 percent.

The deal added to a recent wave of M&A activity that has helped driven European shares higher. However, it wasn't enough to lift European equity markets overall. Investors were spooked by a report saying Greece was preparing for a debt default if it did not reach a deal with its creditors by the end of the month.

Greece denied the Financial Times report and said the negotiations were proceeding "swiftly" towards a solution.

Shares in Greek banks skidded, with National Bank of Greece losing 5.3 percent and Alpha Bank falling 10.8 percent.

The FTSEurofirst 300 index of top European shares ended 0.5 percent lower, at 1,639.80 points.

Around Europe, Britain's FTSE 100 index rose 0.2 percent, Germany's DAX index lost 0.9 percent and France's CAC 40 fell 0.7 percent.

Earlier, Japan's Nikkei share average was flat as investors preferred to pull back a little after the recent rally as they prepared for the looming earnings season.

However, the broader Topix posted small gains despite overnight weakness on Wall Street, underpinned by hopes of earnings growth and expectations the economy will pick up momentum in coming months.

The Nikkei average ended flat at 19,908.68, off a 15-year intraday high of 20,006.00 touched on Friday. The broader Topix rose 0.3 percent to 1,590.82 while the JPX-Nikkei Index 400 gained 0.1 percent to 14,438.39.

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Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia