Wall Street began the final day of the week in the green but without euphoria. At the opening, the Dow Jones gained 0.21% at 10,864 points, the Nasdaq climbed 0.33% to 2405 points and the S & P 500 is 0.69% at 1168 points.
The opening in the green indicates a positive response to the European Agreement on aid to Greece. However, enthusiasm is not appropriate, the dissent is still present between the leaders of the European Union. Discussions are also continuing this Friday. Yesterday the U.S. markets have ended almost in equilibrium, the indices being taken down at the very end of the meeting by the rising dollar.
Indeed, the foreign exchange market, the Franco-German compromise obviously does not reassure. The stern warning from the ECB president, Jean-Claude Trichet, the idea of intervention by the International Monetary Fund, weighs on the currency.This Friday, the euro recovers slightly (0.44%): 1 euro traded at 1.3363 dollar opening on Wall Street.
Note that oil prices rose slightly in the opening exchanges in New York, driven by a decline in the dollar. The barrel of light sweet crude for May delivery traded at 80.79 dollars, up 26 cents from the close of yesterday.
In the U.S., investors were awaiting the final figure of U.S. economic growth for the fourth quarter of 2009. The first two estimates showed a growth of U.S. GDP by 5.7% and 5.9%.Finally, economic growth was revised slightly downwards to 5.6% yoy overnight pay day loans .
Moreover, the index of consumer confidence from the University of Michigan appears to 73.6 in March, exactly the same level as in February. It is a little better than 73 points expected by analysts.
Oracle released its quarterly results
On the side of values, Oracle (-1.84% to 25.56 dollars) said Thursday after Wall Street closed with a 13% increase in sales of new software under its third fiscal quarter in due to a rebound in corporate investments.
Also in the area of technology stocks, Qualcomm (+0.26% to 42.30 dollars) a manufacturer of chips for mobile phones, has revised upward its sales for the second quarter.
The values related to energy and raw materials should still be under pressure, affected by fluctuations in the dollar on the foreign exchange market. Exxon Mobil (0.62%) and Chevron (0.87%) regained some ground from yesterday, as the DuPont chemist (0.54%). These companies mainly produce and bill dollar suffer doubly from the rising greenback against other currencies.
Ambac is in trouble again. Authorities in Wisconsin have reported taking control of about 64 billion dollars of impaired assets of U.S. credit enhancer, because a group's financial situation became uncertain. The Exchange sanctions: -8.94% to 0.60 dollars.
The marketing director of Ford (1.16% to 13.96 dollars) said the U.S. automaker is expected to increase its market share in the United States in March.