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Thursday, February 25, 2016

Wall Street Update: Manufacturing activity data lifts US market at opening

Wall Street Update

Thursday morning saw Wall Street opened slightly higher with data pointing towards a better US manufacturing activity. The market however sees the upside limited by drop in oil prices.

The durable goods orders up by 4.9%, beating the estimated 2.5% as demand picked up across the board. On the other hand, crude prices drop further as global oversupply outweighed the strong U.S gasoline demand.

The investment sentiment is also impacted as fear over the impact on financial sectors increased, with banks preparing for a wave of defaults from oil and gas companies.

According to Reuters report, as at 9:37 a.m. ET (1437 GMT), the Dow Jones industrial average was up 70.06 points, or 0.42 percent, at 16,555.05.

The S&P 500 .SPX was up 7.88 points, or 0.41 percent, at 1,937.68 and the Nasdaq Composite index .IXIC was up 13.41 points, or 0.3 percent, at 4,556.01.

Eight of the 10 major S&P sectors were higher, led by a 0.57 percent rise in financials .SPSY. Banks were the biggest influence.

Jobless data, also released on Thursday, showed claims increased slightly more-than-expected to 272,000 last week, but remained below levels consistent with a tightening labor market.

Advancing issues outnumbered decliners on the NYSE by 1,908 to 702. On the Nasdaq, 1,391 issues rose and 696 fell.

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