MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Fall Before Corporate Earnings Season Starts: as investors awaited the start of the corporate earnings season. The S&P 500 fell 0.3 percent to 1,457.15 at 4 p.m. New York time. The Dow Jones Industrial Average lost 55.44 points, or 0.4 percent, to 13,328.85. About 6.2 billion shares changed hands on U.S. exchanges, in line with the three-month average. Stocks had the biggest gain in 13 months last week as lawmakers passed a bill averting spending cuts and tax increases known as the fiscal cliff. Fourth-quarter profits from S&P 500 companies probably increased 2.9 percent, according to analysts’ estimates compiled by Bloomberg. That would be the second- slowest quarterly growth since 2009, the data show.
Oil Fluctuates on Signs U.S. Crude, Fuel Stockpiles Increasing; an industry report showed rising stockpiles in the U.S., the world’s biggest crude-consuming nation. West Texas Intermediate futures swung between gains and losses after slipping 4 cents yesterday. U.S. crude supplies increased 2.4 million barrels last week, the American Petroleum Institute said. An Energy Department report today may show inventories gained 2 million barrels, according to a Bloomberg News survey of analysts. Gasoline and distillate inventories also climbed, the API said. Crude for February delivery was at $93.14 a barrel, down 1 cent, in electronic trading on the New York Mercantile Exchange at 10:34 a.m. Sydney time. The contract dropped to $93.15 yesterday, the lowest settlement since Jan. 4. Prices declined 7.1 percent last year. The API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.
Jupiter Securities Research - 09 January 2013
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