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Shares of Wall Street more expensive after good data on economic growth |
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Friday, 29 August 2008 |
Capital markets in the United States registered an increase for the third survey this week, after growth in exports helped the U.S. economy to develop at a faster pace than expected.
Data from the ministry of commerce in the U.S. showed that gross domestic product rose to 3.3% on an annual basis in the second quarter, which is well above the original estimates of 1.9% and even above the expectations of analysts expecting growth of 2.6%.
Weekly data on applications for aid to unemployed were also positive. Last week the number of applications has decreased from 432 000 to 425 000, were expected to rise to 435 000 number.
Once registered weekly peak level of 120.40 dollars for a barrel, oil contracts with delivery in October decreased by over 4% to 115.80 dollars for a barrel petrol . Since the beginning of the week black gold cause interest among investors after the forecast that the hurricane Gustav will enter Gulf of Mexico and may affect the production of oil in the country.
On the corporate level among blue chips shares of Citigroup rose by 5.2% to 19.05 dollars, while those of Bank Of America Corp. grew by 5.6% to 31.30 dollars.
Shares of Tiffany & Co. rose by 11% to 43.95 dollars. The second largest in the world on jewelry trader at record its strong rise from March onwards, after it reported a profit almost double over the expectations of analysts.
Papers of Williams-Sonoma Inc. fell by over 10% to 16.80 dollars after the company reduced its forecasts for earnings per share by 35%.
The main indices registered the third regular rise, as the largest increase of 1.8% noted the Dow Jones Industrial Average to a level of 11715 points. Standard & Poor's 500 added 1.5% to 1300, while the NASDAQ Composite ended the day with growth of 1.2% to 2411 points.
NYSE traded volumes were approximately 616 million shares in the ratio of winning / losers 3 to 1 and on NASDAQ - about 1.2 billion shares in the ratio of winning / losers 5 to 2.
Technical analysisDow Jones
Dow recorded strong growth in the last session, taking samples of short-term resistance 11620. The picture remains rather positive, as a signal that gives us the crossing bottom up to 50 - day SMA of 26 - day SMA. In the breakthrough over 11700, which is 38.2% adjustment declined from 13130 to 10827, short-term resistance is expected to 11860, followed by the key 12000 level, which is 50.0% correction of this movement. In downwards support level has 11260, followed by 11110 and 10815. |
Finances and Markets 
