The major US indices were mixed yesterday, with the Dow and S&P 500 rising while the Nasdaq finished lower. The session epitomised that of recent weeks as stocks swung between gains and losses with the final direction only becoming clear in the last minutes of trading. In economic news, the number of American's filing new claims for unemployment last week jumped 15,000 to 478,000, topping forecasts for a smaller rise to 465,000.
The Dow Jones jumped 172.04 points to close at 8,691.25, the S&P 500 gained 11.33 points to end at 908.11. The Nasdaq slipped 11.84 points to finish at 1,603.91.
Health related stocks were among the strongest performing after results from three major drug makers. Amgen Inc, Bristol-Myers Squibb and Eli Lilly and Co all reported stronger than expected figures, sending the S&P healthcare index 1.6% higher.
Dow Chemical rallied 10.5% following third quarter results that beat expectations. Although the US's largest chemical maker warned that the global economy was likely to struggle through a recession for most of 2009.
Adding to the weak jobs data from the government, Goldman Sachs will reportedly cut around 3,260 jobs or about 10% of its work force due to difficult financial conditions. Furthermore, General Motors hinted that it would announce more job cuts as part of its ongoing restructuring program aimed at cutting costs.
After the bell, Microsoft said revenue and profits rose in its first quarter, but that second quarter and full year sales and earnings would be slightly lower than consensus estimates.
US light crude oil for December delivery gained $1.09 to settle at $67.84 a barrel. COMEX gold for December delivery dropped $20.50 to settle at $714.70 an ounce. Treasury prices went higher, lowering the yield on the 10 year note 3.54% from 3.59%.
The Nikkei sank 811.90 points to 7,649.08 this morning as Sony Corp cut its forecast, Toyota Motor's quarterly car sales fell for the first time in seven years, and the yen reached a 13 year high. The Nikkei now sits at its lowest level since April 2003, just 41 points from its lowest since 1982!
The Hang Seng is currently 896.17 points lower at 12,864.32. HSBC Holdings Plc slumped 7.9% after Morgan Stanley cut its share price estimate on the stock. Cathay Pacific Airways, the country 's biggest airline, dropped 8.5% as crude oil prices climbed yesterday.
The FTSE 100 is currently 157.71 points lower at 3,930.12, with all but one of the UK's blue chip index in negative territory. HSBC tops the fallers board, down 9% after Morgan Stanley lowered its price target on the stock by 25%. Barclays loses 5.2% after UBS lowered its rating on the stock to "neutral" from "buy". BG leads energy firms lower after declining to comment on a report in Australia that it will make a full offer for Queensland. Vedanta Resources leads miners lower, sliding 9%, after copper, nickel, lead, zinc and aluminium prices also fell.