Stocks Higher On Positive Economic Data and Dovish Comments from Fed Head
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Price: $185.28 +2.17%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 1.8%
EPS Growth %: +5.0%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 1.8%
EPS Growth %: +5.0%
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Stocks stared higher today following better-than-expected economic data on personal income/spending in the U.S., data on China manufacturing, and comments from New York Fed chief William Dudley. Despite some whipsaw action, stock finished in the green.
The Dow closed up 42 points to 10,829.68, the Nasdaq was up 2 and the S&P 500 rose 5.
In the U.S., personal income rose 0.5% in August, and personal spending rose 0.4%. Economists had expected a rise of 0.3% for both.
China's PMI rose to 53.8 in September from 51.7 in August. It was the fastest pace in four months.
Also adding to the enthusiasm this morning was comments from the head of the New York Federal Reserve, William Dudley, calling for additional measures from the Fed to stimulate growth. Dudley states, "We have tools that can provide additional stimulus at costs that do not appear to be prohibitive. Thus, I conclude that further action is likely to be warranted unless the economic outlook evolves in a way that makes me more confident that we will see better outcomes for both employment and inflation before too long."
Shares of Accenture plc (NYSE: ACN) are rising over 5 percent this morning following better than expected fourth quarter results and guidance. The management consulting, technology services and outsourcing company reported fourth-quarter earnings of $714 million or 66 cents per share, up from $420 million or 39 cents per share earned during the same quarter last year. Revenue for the company rose 5 percent to $5.42 billion in the three month period ended August 31 from $5.15 billion last year. On average, analysts had been looking for earnings of 63 cents per share from Accenture in the quarter on revenue of $5.31 billion.
HP (NYSE: HPQ) is down 3 percent as the market is disappointed with CEO choice Leo Apotheker.
The Dow closed up 42 points to 10,829.68, the Nasdaq was up 2 and the S&P 500 rose 5.
In the U.S., personal income rose 0.5% in August, and personal spending rose 0.4%. Economists had expected a rise of 0.3% for both.
China's PMI rose to 53.8 in September from 51.7 in August. It was the fastest pace in four months.
Also adding to the enthusiasm this morning was comments from the head of the New York Federal Reserve, William Dudley, calling for additional measures from the Fed to stimulate growth. Dudley states, "We have tools that can provide additional stimulus at costs that do not appear to be prohibitive. Thus, I conclude that further action is likely to be warranted unless the economic outlook evolves in a way that makes me more confident that we will see better outcomes for both employment and inflation before too long."
Shares of Accenture plc (NYSE: ACN) are rising over 5 percent this morning following better than expected fourth quarter results and guidance. The management consulting, technology services and outsourcing company reported fourth-quarter earnings of $714 million or 66 cents per share, up from $420 million or 39 cents per share earned during the same quarter last year. Revenue for the company rose 5 percent to $5.42 billion in the three month period ended August 31 from $5.15 billion last year. On average, analysts had been looking for earnings of 63 cents per share from Accenture in the quarter on revenue of $5.31 billion.
HP (NYSE: HPQ) is down 3 percent as the market is disappointed with CEO choice Leo Apotheker.
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