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Wall Street wrap for 1 October 2010

Wall Street wrap for 1 October 2010
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First Published: Sat, Oct 02 2010. 01 45 PM IST
Updated: Sat, Oct 02 2010. 01 45 PM IST
New York: After logging the best September in 71 years, markets started off October on a high note. Moving the markets included a report out on manufacturing, which showed a decline in August to 54.4 from 56.3 in July. Although a figure above 50 indicates expansion, the report also showed new orders for manufactured goods slowed significantly in August, and production also fell, indicating the recovery in manufacturing could be slowing. Separately, personal income and spending also rose in August, slightly more than economists expected.
In corporate news, several automakers reported sales increased significantly from a year ago but slumped for the month.
The US Security & Exchange Commission is close to filing civil fraud charges against Satyam Computers, in connection with its $1 billion accounting scheme.
And HP named an outsider, who has held high positions in companies like SAP, as its new president and CEO. Shares fell 3%.
In world markets, manufacturing in China picked up, rising to 53.8 in September, from 51.7 in August. A reading above 50 means growth in the sector. China is expected to clock a 10.5% growth rate in 2010, versus 4.5% growth for the global economy in 2010. Asian markets ended mostly higher on the news. Hong Kong’s Hang Seng fell slightly. European indices ended mixed.
Oil for November delivery soared 2%, rising $1.61 a barrel to $81.58, while gold for December delivery climbed to another all-time high, up $8.20 to $1,317.80 an ounce.
The yield on the 10-year bond rose to 2.55% from 2.52% on Thursday.
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First Published: Sat, Oct 02 2010. 01 45 PM IST
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