Related News
Easing oil prices, deal news send stocks higher
Source: Agencies |
March 1, 2011, Tuesday
|
Online Edition
Online Edition
STABILIZING oil prices and signs that the US economy may be improving pushed stock indexes higher yesterday.
Oil prices fell to about US$97 a barrel as worries over the global oil market eased after reports that some Libyan ports reopened to oil tankers and Saudi Arabia was boosting exports.
The Commerce Department said consumer incomes rose by the largest amount in nearly two years in January, thanks to a tax cut that began last month. The head of the Federal Reserve Bank of New York, meanwhile, said that the country's economic outlook is far better than when the Fed began its US$600 billion bond-buying program.
The Dow Jones industrial average gained 70 points, or 0.6 percent, to 12,199 in midday trading. The Standard and Poor's 500 rose 5, or 0.4 percent, to 1,325. The Nasdaq composite inched up 2 points, or 0.1 percent, to 2,783.
Each index is on track to finish the month with gains. The Dow has risen 2.6 percent so far this month, while the S&P index and Nasdaq have each gained about 3 percent.
A new round of corporate deals also helped push stocks higher. Ventas Inc., which owns senior housing communities, said it would buy Nationwide Health Properties Inc. in a US$5.8 billion deal that will create the nation's largest health care real-estate investment trust. Nationwide Health rose 11 percent, while Ventas fell 2 percent.
Australia's Equinox Minerals Limited, a mining company, said it would make a hostile bid to acquire Canada's Lundin Mining Corp. for US$4.9 billion in cash and stock. Lundin rose 19 percent while Equinox fell 8 percent. Both trade on the Toronto Stock Exchange.
The deals came just two days after Warren Buffett said in his annual letter to investors that he is "itchy" to make more big acquisitions for his company, Berkshire Hathaway Inc. Berkshire had US$38 billion in cash at the end of last year. Its shares rose 2 percent.
Humana Inc. rose 7 percent after the health insurer raised its 2011 earnings forecast for the third time since November. The company also said it regained a contract to provide coverage for 3 million active duty and retired military members and their families in several Southern states.
Bond prices rose, pushing their yields lower. The yield on the 10-year Treasury note fell to 3.41 percent from 3.42 percent late Friday.
Oil prices fell to about US$97 a barrel as worries over the global oil market eased after reports that some Libyan ports reopened to oil tankers and Saudi Arabia was boosting exports.
The Commerce Department said consumer incomes rose by the largest amount in nearly two years in January, thanks to a tax cut that began last month. The head of the Federal Reserve Bank of New York, meanwhile, said that the country's economic outlook is far better than when the Fed began its US$600 billion bond-buying program.
The Dow Jones industrial average gained 70 points, or 0.6 percent, to 12,199 in midday trading. The Standard and Poor's 500 rose 5, or 0.4 percent, to 1,325. The Nasdaq composite inched up 2 points, or 0.1 percent, to 2,783.
Each index is on track to finish the month with gains. The Dow has risen 2.6 percent so far this month, while the S&P index and Nasdaq have each gained about 3 percent.
A new round of corporate deals also helped push stocks higher. Ventas Inc., which owns senior housing communities, said it would buy Nationwide Health Properties Inc. in a US$5.8 billion deal that will create the nation's largest health care real-estate investment trust. Nationwide Health rose 11 percent, while Ventas fell 2 percent.
Australia's Equinox Minerals Limited, a mining company, said it would make a hostile bid to acquire Canada's Lundin Mining Corp. for US$4.9 billion in cash and stock. Lundin rose 19 percent while Equinox fell 8 percent. Both trade on the Toronto Stock Exchange.
The deals came just two days after Warren Buffett said in his annual letter to investors that he is "itchy" to make more big acquisitions for his company, Berkshire Hathaway Inc. Berkshire had US$38 billion in cash at the end of last year. Its shares rose 2 percent.
Humana Inc. rose 7 percent after the health insurer raised its 2011 earnings forecast for the third time since November. The company also said it regained a contract to provide coverage for 3 million active duty and retired military members and their families in several Southern states.
Bond prices rose, pushing their yields lower. The yield on the 10-year Treasury note fell to 3.41 percent from 3.42 percent late Friday.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
