Stocks Recover on ADP’s Report; Oil Prices Still a Concern
Wednesday, March 02, 2022 4:55 PM

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Stocks slipped during the first few hours Wednesday but closed in green note. The Dow Jones Industrial Average was up 11.92 points or 0.11 percent at 12,069.94. The Standard & Poor’s 500 Index climbed 2.22 points or 0.17 percent to 1,308.55 while, Nasdaq Composite Index added 0.35 percent or 9.67 points to 2,747.08.

Stocks in News:

Apple Inc. (Nasdaq: AAPL) was in focus after introducing its iPad 2, an entirely new design that is 33 percent thinner and up to 15 percent lighter than the original iPad, while maintaining the same stunning 9.7-inch LED-backlit LCD screen. Analysts expect Apple to sell more than 30 million iPads during FY 2011. AAPL last traded high at $352.12 by 0.80 percent.

Office products retailer Staples Inc. (NASDAQ: SPLS) reported an increase of 17 percent in its net profit in the fourth-quarter of 2010 to $274.7 million or 38 cents a share, from $233.9 million or 32 cents a share, a year earlier. Adjusted earnings, excluding restructuring expenses rose to 39 cents a share from 38 cents a share a year earlier. SPLS’s stock last traded at $20.90, up 0.19 percent.

General Motors Company (NYSE: GM) said its sales of new vehicles in the US increased 27 percent in February. General motors led the automobile market with a 46 percent increase in sales for February. GM’s shares were down 0.21 percent to $32.88 at the closing bell.

AIG (NYSE: AIG) has received permission to sell its MetLife (NYSE: MET) stake months earlier than expected and will be able to stimulate repayment to US government. MetLife will get more control over its own shares after the transaction. AIG will be able to pay down $6B-7B of the $18.2B still owed on the government's two special purpose vehicles. MetLife shares lost 5.71 percent to $43.41, while AIG shares closed higher by 1.63 percent to $37.30 on Wednesday.

General Electric Co. (NYSE: GE) has completed the acquisition of privately held Lineage Power Holdings Inc. from Los Angeles-based private equity firm The Gores Group. Lineage Power, based in Plano, Texas, had revenue of $450 million in 2010. The stock ended high by 0.35 percent at $20.32.

Market Watch:

The European markets slumped on oil worries. Britain’s FTSE 100 lost 0.35 percent or 20.87 points to 5,914.89, France’s CAC 40 index closed 0.81 percent or 32.83 points down to 4,034.32. Germany’s DAX sank 42.18 points or 0.58 percent to 7,181.12. Most of the Asian markets closed on a lower note, with Singapore’s Straits Times 40.09 points or 1.31 percent down to close at 3,027.51, Hong Kong’s Hang Seng at 23,048.66, down 347.76 points or 1.49 percent.

In the currency market, euro gained 0.64 percent to 1.3866 against dollar. GBP was strong against dollar at 1.6328, up 0.37 percent. Dollar lost 0.20 percent to 0.9724 against CAD.

Oil rallied for 2.6 percent to finish at $102.23 per barrel as unrest in Libya escalates. Natural gas shed 1 percent to close at $3.81 per MMBtu. Gold futures gained 0.6 percent to close at $1437.70 per ounce whereas, silver gained 1 percent to finish at $34.82 per ounce due to weaker dollar.

Economy Watch:

The Federal Reserve Bank of New York bought $6.689 billion in debt maturing 2028 through 2041 on Wednesday. Dealers offered the Fed $32.152 billion at the buyback, the centerpiece of the Fed's easy monetary policy. Reportedly, the Fed had bought about $458 billion through Tuesday.

According to Automatic Data Processing Inc.’s (ADP) employment report, private-sector employment rose 217,000 in February, increasing 104,000 at medium businesses, 100,000 at small businesses and 13,000 at large businesses.

 

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Market news:

  • Video shows NYC police helicopter view on 9/11 Mar 07, 2022 05:58 PM

    • NEW YORK - New video has surfaced from the Sept. 11 attacks from a police helicopter hovering near the burning World Trade Center towers in the hope of rescuing survivors from the rooftops, only to find no one there as the buildings topple and smolder.
    • An officer wonders, "How could it go down?"
    • The 17 minutes of footage shot from a New York Police Department air and sea rescue chopper shows much of what has already been seen but still shocks and disturbs: a chilling aerial view of the burning twin towers and the apocalyptic shroud of smoke and dust that settled over the city.
      • Warner: Sheen fired from `Two and a Half Men' Mar 07, 2022 05:25 PM

        • LOS ANGELES - Charlie Sheen was fired Monday from "Two and a Half Men" by Warner Bros. Television following repeated misbehavior and weeks of the actor's angry, often-manic media campaign against his studio bosses.
        • No decision has been made on the show's future without its star, said Paul McGuire, a Warner spokesman.
        • In a text to The Associated Press, Sheen responded, with the F-word and "They lose," followed by the word "Trolls."
          • Stocks Sank on Oil Prices Hike Mar 07, 2022 05:21 PM

            The rising oil prices left the market on a red note. The Dow Jones Industrial Average was down 79.85 points or 0.66 percent at 12,090.03. The Standard & Poor’s 500 Index dropped 11.02 points or 0.83 percent to 1,310.13 while, Nasdaq Composite Index reached 2,745.63, losing 1.40 percent or 39.04 points.

          • Warner: Sheen fired from 'Two and a Half Men' Mar 07, 2022 05:00 PM

            • LOS ANGELES - Warner Bros. Television says it has fired Charlie Sheen from the hit sitcom "Two and a Half Men."
            • The studio that produces the CBS series said the decision was made after "careful consideration."
            • Sheen's erratic personal life had prompted Warner to suspend production on the show for the season, and Sheen in return had been waging an angry media campaign against the show's producers.
              • Against Libya's rebels, Gadhafi controls the skies Mar 07, 2022 04:47 PM

                • RAS LANOUF, Libya - Repeated airstrikes by Libyan warplanes on Monday illustrated the edge Moammar Gadhafi holds in his fight against rebel forces marching toward the capital: He controls the air.
                • After pleading from the uprising's leaders, Britain and France began drafting a U.N. resolution for a no-fly zone in Libya that could balance the scales.
                • President Barack Obama warned that the U.S. and its NATO allies are still considering military options to stop what he called "unacceptable" violence by Gadhafi's regime.

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