The Dow Jones Industrial Average ended up by 59.48 points or 0.50 percent at 12,044.09. The Standard & Poor’s 500 Index gained 9.17 points or 0.71 percent to 1,304.28 while, Nasdaq Composite Index reached 2,715.61, up 0.54 percent or 14.59 points.
Stocks in News:
Bidz.com (Nasdaq: BIDZ) reported that its net revenues for the fourth quarter of 2010 were $29.0 million, an increase of 5.7 percent, compared with $27.5 million reported in the fourth quarter of 2009. BIDZ last traded at $1.73, up 15.33 percent.
Ann Taylor Stores Corp (NYSE: ANN) reported better than expected results for the fourth quarter of fiscal 2010. The Company reported earnings per diluted share of $0.19, compared with earnings per diluted share of $0.05 in the fourth quarter of 2009. ANN last traded at 12.72 percent higher at $27.29.
American International Group Inc. (NYSE: AIG) has offered the NY Fed $15.7 billion to buy Maiden Lane II, a company created when AIG was taken over by the U.S. government in September 2008. The company would be earning $1.5 billion profit and government assistance to AIG would fall to $72 billion. AIG closed at 37.35, up 2.38 percent.
Ardea Biosciences, Inc. (Nasdaq: RDEA) reported revenues of $27.4 million for the year ended December 31, 2010, compared to $22.9 million for the year ended December 31, 2009. RDEA gained 1.11 percent to close at $26.31.
Market Watch:
The European markets ended the day in negative territory. Britain’s FTSE 100 lost 0.28 percent or 16.62 points to 5,828.67, France’s CAC 40 index closed 0.89 percent or 35.31 points lower at 3,928.68. Germany’s DAX lost 81.60 points or 1.16 percent to 6,981.49.
Asian markets ended in red Friday. Japan’s Nikkei 225 shed 179.95 points or 1.72 percent to settle at 10,254.43. Hong Kong’s Hang Seng stood at 23,249.78, losing 365.11 points or 1.55 percent. Singapore’s Straits Times ended at $3,043.49, down 31.95 points or 1.04 percent and Shanghai Composite Index finished 21.54 points or 0.73 percent lower at 2,935.61.
In the currency market, euro gained 0.7608 percent to 1.3906 against dollar. GBP gained 0.1152 percent against dollar, last traded at 1.6082. Dollar lost 0.4409 percent against CAD to 0.9710.
Oil lost 2 percent to finish at $100.65 per barrel. Natural gas closed higher by 1.70 percent at $3.90 per MMBtu. Gold futures closed at $1421.50 per ounce, gaining 0.66 percent, whereas, silver ended at 2.26 percent up at $35.85 per ounce.
Economy Watch:
U.S. consumer sentiment declined in March at the fastest pace since the financial crisis began in 2008. The estimate fell to 68.2 in March from 77.5 in February, marking its biggest decline since October 2008. Meanwhile, the University of Michigan gauge of consumer expectations plunged to 58.3 in March from 71.6 in February.
The Department of Commerce reported that retail sales rose 1 percent in February, their biggest sales gain in four months. The seasonally adjusted $387.1 billion in sales marked an 8.9 percent advance from the February 2010 level.
