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SABB Daily 06-11-2009
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Market Update
U.S. Stocks jumped on Thursday, pushing the S&P 500 up for a fourth day, as economic data boosted confidence in the recovery and strong results from Cisco Systems suggested a rebound in technology spending. Shares of Cisco, which makes computer network equipment, rose 2.8 percent to $23.93 and helped lead the session's gains, a day after it posted a stronger-than-expected profit and said business was recovering. Data showed U.S. non-farm productivity rose more than expected in the third quarter as companies squeezed more output from a smaller pool of labor. A separate report showed fewer U.S. workers filed new jobless insurance claims than forecast last week – hitting a 10-month low. The S&P 500 was higher 1.92%, Dow Jones increased 2.08%, and NASDAQ was up 2.42%.
European shares set a one-week closing high on Thursday after data showed new claims for U.S. jobless aid fell to a 10-month low and business productivity in the third quarter grew at the fastest pace in six years. Investors risk appetite grew, with the VDAX-NEW volatility index down 4 percent. The lower the volatility index, based on sell and buy options on Frankfurt's top-30 stocks, the higher is investors' desire for risky assets such as equities. The Dow Jones Stoxx 50’s up 1.09% and FTSE 100’s higher 0.35%.
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All data at market close |
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