MARKET ROUNDUP (Source Bloomberg)
S&P 500 Advances in Shortened Week Ahead of Elections; as the market reopened after Hurricane Sandy caused the longest weather-related shutdown since 1888, and American voters prepared to choose a president. Equities retreated on the last day of the week as a better- than-forecast payrolls report failed to keep technology and commodity shares from slumping. The S&P 500 rose 0.2 percent to 1,414.20 for the week. The Dow Jones Industrial Average slid 14.05 points, or 0.1 percent, to 13,093.16. The equity market was closed Oct. 29 and 30. The S&P 500 gained as 71 percent of companies that released quarterly results have beaten analysts’ estimates, according to data compiled by Bloomberg. Reports showing better-than-forecast manufacturing data and a surge in consumer confidence gave benchmark indexes their biggest gains in seven weeks on Nov. 1. Hiring in the U.S. increased more than forecast in October as employers looked past slowing global growth and political gridlock at home.
European Stocks Advance as U.S. Jobs Data Beat Forecasts; as companies from Royal Dutch Shell Plc to Deutsche Bank AG (DBK) reported earnings that topped estimates, American jobs data beat forecasts and U.S markets reopened after Hurricane Sandy forced their closure for two days. Germany’s DAX Index rose 1.8 percent, France’s CAC 40 climbed 1.7 percent and the U.K.’s FTSE 100 added 1.1 percent.
Oil Trades Near Four-Month Low as Storm-Hit Refineries Stay Shut; as refineries in New Jersey remained shut after Hurricane Sandy, curbing demand for crude. Crude for December delivery was at $84.79 a barrel, down 7 cents, in electronic trading on the New York Mercantile Exchange at 8:01 a.m. Singapore time. The contract slid 1.7 percent last week to $84.86 a barrel, the lowest close since July 10. Prices have dropped 14 percent this year.
Source:Jupiter Securities Research, 05 November 2012
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