U.S. stock-index futures climbed as Japan pledged to buy 5 trillion yen ($60 billion) of assets and cut its benchmark interest rate to stimulate economic growth.
Apple Inc. gained 1 percent after Jefferies Group Inc. advised buying the shares. Chevron Corp., the second-largest U.S. oil company, climbed 1 percent after saying it will start buying back its stock at a rate of $500 million to $1 billion a quarter as it continues investing in petroleum projects.
Futures on the Standard & Poor’s 500 Index expiring in December rose 0.4 percent to 1,139.3 as of 10:08 a.m. in London. Dow Jones Industrial Average futures climbed 0.3 percent to 10,738 and Nasdaq-100 Index futures advanced 0.5 percent to 1,986.75.
The Bank of Japan pledged to expand its balance sheet in a bid to shore up the nation’s slowing economic recovery, and lowered the benchmark interest rate to a range of zero percent to 0.1 percent from the previous 0.1 percent target. The Stoxx Europe 600 Index and the MSCI Asia Pacific Index also advanced today.
A pickup at service industries in September probably wasn’t strong enough to quicken the U.S. recovery, economists said before a report today.
The Institute for Supply Management’s non-manufacturing index, which covers about 90 percent of the economy, rose to 52 from 51.5 in August, according to the median forecast of 75 economists surveyed by Bloomberg News. The gauge, where readings greater than 50 signal growth, averaged 55.3 during the six-year expansion that ended in December 2007.
Apple, Chevron
Apple climbed 1 percent to $281.49 in German trading. Jefferies gave the company a “buy” recommendation in new coverage, the 48th positive recommendation among 51 analyst calls tracked by Bloomberg.
The tablet market “is being vastly underestimated by the Street,” analyst Peter Misek in New York wrote in a report today. “Our Apple estimates are the highest on the Street for this quarter and next.” He gave the shares a price estimate of $365. The stock has the most positive recommendations among 1,657 companies in the MSCI World Index. There are no “sell” ratings on Apple, Bloomberg data show, while three brokerages rate the shares as “hold.”
Chevron gained 1 percent to $82.09 in Germany. The repurchases will begin in the current quarter under a plan approved by the board of directors and disclosed previously, San Ramon, California-based Chevron said in a statement.
Mosaic Co. fell 1 percent to $58.20. The world’s largest maker of phosphate fertilizer posted first-quarter earnings of 67 cents a share, compared with the average analyst estimate for 71 cents.
To contact the reporter on this story: Adam Haigh in London at ahaigh1@bloomberg.net.
To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.
http://jodnet.blogspot.com
Apple Inc. gained 1 percent after Jefferies Group Inc. advised buying the shares. Chevron Corp., the second-largest U.S. oil company, climbed 1 percent after saying it will start buying back its stock at a rate of $500 million to $1 billion a quarter as it continues investing in petroleum projects.
Futures on the Standard & Poor’s 500 Index expiring in December rose 0.4 percent to 1,139.3 as of 10:08 a.m. in London. Dow Jones Industrial Average futures climbed 0.3 percent to 10,738 and Nasdaq-100 Index futures advanced 0.5 percent to 1,986.75.
The Bank of Japan pledged to expand its balance sheet in a bid to shore up the nation’s slowing economic recovery, and lowered the benchmark interest rate to a range of zero percent to 0.1 percent from the previous 0.1 percent target. The Stoxx Europe 600 Index and the MSCI Asia Pacific Index also advanced today.
A pickup at service industries in September probably wasn’t strong enough to quicken the U.S. recovery, economists said before a report today.
The Institute for Supply Management’s non-manufacturing index, which covers about 90 percent of the economy, rose to 52 from 51.5 in August, according to the median forecast of 75 economists surveyed by Bloomberg News. The gauge, where readings greater than 50 signal growth, averaged 55.3 during the six-year expansion that ended in December 2007.
Apple, Chevron
Apple climbed 1 percent to $281.49 in German trading. Jefferies gave the company a “buy” recommendation in new coverage, the 48th positive recommendation among 51 analyst calls tracked by Bloomberg.
The tablet market “is being vastly underestimated by the Street,” analyst Peter Misek in New York wrote in a report today. “Our Apple estimates are the highest on the Street for this quarter and next.” He gave the shares a price estimate of $365. The stock has the most positive recommendations among 1,657 companies in the MSCI World Index. There are no “sell” ratings on Apple, Bloomberg data show, while three brokerages rate the shares as “hold.”
Chevron gained 1 percent to $82.09 in Germany. The repurchases will begin in the current quarter under a plan approved by the board of directors and disclosed previously, San Ramon, California-based Chevron said in a statement.
Mosaic Co. fell 1 percent to $58.20. The world’s largest maker of phosphate fertilizer posted first-quarter earnings of 67 cents a share, compared with the average analyst estimate for 71 cents.
To contact the reporter on this story: Adam Haigh in London at ahaigh1@bloomberg.net.
To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.
http://jodnet.blogspot.com
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