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Newspaper
The Gaston Gazette
Location
Gastonia, North Carolina, United States of America
Date
Jun 02, 2007
Page
6
The Dow Jones and S&P 500 finished at all time highs while the Nasdaq hit a six year plus peak. Merger activity remains strong and analysts say more deals could extend the rally in its tenth month. index gains since July 14 show continued strength.
The Gaston Gazette notes signs of an economic rebound with improved factory orders expected in April as first quarter growth slows to its weakest pace in four years. Despite optimism, the rise may be overstated due to gas price inflation and varying productivity signals.
StoryStock shares advanced after strong job creation and manufacturing reports. The Dow gained 40.47 to 13,668.11 and the S&P 500 hit a new closing high for the third straight session. Quarterly profit fell by 28 dollars but beat estimates amid cost cuts and layoffs. Wal Mart Stores Inc. is referenced with a low 52-week figure amid market activity.
The World Bank warns that a pullback in risk appetite could slash foreign investment in emerging markets from 94 billion dollars to around 50 billion. While markets like China Russia India remain exposed Turkey Hungary South Africa could be most vulnerable. Still the bank notes stronger economies lessen crisis impact compared with 1998.
Insurers face higher reserves as the 2005 hurricane season caused estimated insured losses of 50 to 80 billion dollars. The losses cut insurers' net asset values by about 13 percent as securities were liquidated to cover claims. A milder season in 2006 enabled capital replenishment, while Morgan Stanley notes gains on investments improved reserves and maintains overweight ratings on ACE Ltd. and AIG.
U S government bonds slid after robust job growth and an improved manufacturing outlook driven yields higher to multi month peaks. Strong payroll gains and factory optimism spurred investor selling, sending yields up across short and long maturities.
Randy Frederick of Charles Schwab notes increasingly nervous but optimistic five star sentiment as markets push higher on Friday.
Fund managers warn corporate and asset backed securities look expensive and a housing downturn could slow growth. They favor higher rated, short term issues as yields sit around 4.39 percent.
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