Evening Market Wrap

Evening Market Wrap Wednesday, October 5, 2011, 17:01 Contents Commentary Economic News Corporate News Currency Alerts Political News Commentary Stocks Extend Rally Amid Easing Europe Worries, Upbeat Data - U.S. Commentary Stocks moved sharply higher over the course of the trading day on Wednesday, extending the rally seen late in the previous session. The markets benefited from easing concerns about the European financial crisis and the release of some relatively upbeat U.S. economic data. (Oct 5, 2011) Full Article Economic News U.S. Private Sector Jobs Growth Exceeds Estimates In September Employment in the U.S. private sector increased by more than expected in the month of September, according to a report released by payroll processor Automatic Data Processing, Inc. (ADP) on Wednesday, although the pace of job growth remains moderate. ADP said that private sector employment rose by 91,000 jobs in September following a downwardly revised increase of 89,000 jobs in August. Economists had expected employment to increase by about 75,000 jobs. (Oct 5, 2011) Full Article U.S. Service Sector Sees Slower Growth But Continues To Expand While the Institute for Supply Management released a report Wednesday showing that activity in the U.S. service sector expanded for the 22nd consecutive month in September, the report also showed a modest slowdown in the pace of growth. The ISM said its index of activity in the service sector slipped to 53.0 in September from 53.3 in August, although a reading above 50 indicates continued growth in the sector. Economists had expected the index to dip to a reading of 52.9. (Oct 5, 2011) Full Article Corporate News Costco Wholesale Q4 Profit Grows; Sept. Comps. Up Costco Wholesale Corp.'s (COST) fourth-quarter net income increased to $478 million or $1.08 per share from $432 million or $0.97 per share in the prior-year period. On average, 23 analysts polled by Thomson Reuters expected earnings per share of $1.10 for the quarter. (Oct 5, 2011) Full Article Bayer Sees 6% Annual Sales Growth Through 2015 In Japan German chemical and pharmaceutical giant Bayer AG (BYR.L, BAYRY.PK, BAYZF.PK) said Wednesday that its plans to expand its business in Japan after reporting strong growth in sales for the first half. Despite the difficult conditions following the earthquake and tsunami disaster in March, the company plans to grow its sales by an average 6 percent annually through 2015. (Oct 5, 2011) Full Article Monsanto Reports Q4 Loss Of $112.0 Mln Monsanto Co. (MON) posted fourth-quarter net loss attributable to the company of $112 million or $0.21 per share in the fourth quarter of fiscal 2011. For the fourth quarter, the company reported a loss per share of $0.22 on an ongoing basis. As-reported earnings per share results for the latest quarter reflect the effects of restructuring and discontinued operations. On average, 16 analysts polled by Thomson Reuters expected loss per share of $0.27 for the quarter. Analysts' estimates typically exclude one-time items. (Oct 5, 2011) Full Article Currency Alerts Dollar Cedes Ground As Euro Steadies The dollar continued to give back recent gains versus the euro on Wednesday amid confidence that European leaders will build a firewall around the region's fragile banking system. Private lenders should receive backing "if there is a common view that banks aren't sufficiently capitalized for the current market condition," German Chancellor Angela Merkel said in a joint press conference with European Commission President Jose Manuel Barroso. (Oct 5, 2011) Full Article Political News Democrat Earl Ray Tomblin Wins West Virginia Governor's Race Overcoming a barrage of Republican attack ads, Democrat Earl Ray Tomblin will continue to serve as Governor of West Virginia after winning a special election on Tuesday. Tomblin, who has served as acting governor for the past year, defeated Republican businessman Bill Maloney, receiving nearly 50 percent of the vote compared to 47 percent for Maloney. (Oct 5, 2011) Full Article Obama Signs Temporary Government Funding Measure President Barack Obama Wednesday signed yet another stopgap measure to keep the federal government funded. Although Obama's official schedule had initially indicated he would sign the measure at 11 a.m. Wednesday, the White House sent out a release before 1 a.m. saying Obama had already signed the bill, officially known as the H.R. 2608, the "Continuing Resolution Act, 2012." (Oct 5, 2011) Full Article Perry Raises More Than $17 Million In 49 Days While Rick Perry's run for the Republican presidential nomination got off to a relatively late start, that didn't stop the Texas Governor from securing a sizable fundraising total in the first few weeks of his campaign. Perry's campaign announced Wednesday that it raised more than $17 million in just 49 days, with money donated by more than 22,000 unique contributors. As a result of Perry's August 13th entry into the race, the fundraising total came in just half of the days in the third quarter. (Oct 5, 2011) Full Article Home | Top Stories | Breaking News | Economic News | Forex | Politics | Featured Interviews Sent to autoforextradingpro@gmail.com | Customize your alerts | Unsubscribe Copyright © 2011 RTTNews. All rights reserved. By using this service, you agree to the Terms of Service