Stocks Rally on Economic Data; Research In Motion Surges

  • June 29, 2007
  • Darren Wong

Stocks rallied Friday morning after government reports showed
increases in both consumer spending and construction spending.
Tech stocks are being led higher by Research In Motion, which beat
earnings yesterday afternoon, and Apple Inc., which releases its
new iPhone tonight. Shares are up 20% and 2.5% respectively. 

Crude oil futures for August delivery added
1.1% to $70.33 per barrel.  Gold
futures for August delivery rose 0.5% to
$653.30 an ounce.


Around Asia, Shanghai’s Composite index lost 2.4% to 3,820.70,
Hong Kong’s Hang Seng index lost 0.75% to 21,772.73, and Tokyo’s
Nikkei rallied 1.2% to 18,138.36.

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Stocks in
Motion

Research In Motion Q1 Profit Up 73%, Revenue Grew 76.5%;
Declares 3-for-1 Stock Split (full
story). RIMM shares added 20%.

Western Digital To Buy Komag For $1 Bln; Komag Warns Q2
Revenue (full
story). WDC shares fell 0.5%, while KOMG shares 7.7%.

Computer Sciences Secures 63 Previously Unannounced Contracts Worth
$3.1 Bln (full
story). CSC shares rose 0.2%.

Apollo Group Q3 Earnings Flat, EPS Tops Estimate; Revenue Grows 12.2%
(full
story). APOL shares jumped 12%.

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 +59.26 13,481.54

NASDAQ

 +12.29 2,620.66

S&P 500

 +6.95 1,512.66

 

 NYSE NASDAQ

Volume

 1,006,067,000 753,095,000

Advances

 2279 1807

Declines

 800 1059

Up Volume

 633 457

Down Volume

 245 233

New Highs

 108 125

New Lows

 31 43


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Gold Bugs Index (HUI) PHLX / KBW Bank Index (BKX)
CBOE Oil Index (OIX) S&P Banking Index (BIX)
Nasdaq Telecom Index (IXTCX) Dow Jones Internet Commerce Index (ECM)


 


Economic
News

Core PCE Inflation MoM 0.1% vs
0.1% consensus

Personal Spending 0.5% vs 0.7% consensus

Personal Income 0.4% vs 0.6% consensus

Chicago PMI 60.2 vs 58.0 consensus

Construction Spending 0.9% vs +0.2% consensus

 

Darren Wong

Associate Editor

darrenw@tradingmarkets.com