News Column

Coutts-US Close: Stocks little changed after US data, Yellen speech

July 3, 2014



ENP Newswire - 03 July 2014

Release date- 03072014 - US stocks were little changed as reports showed jobs rose and factory orders fell in the world's biggest economy.

US private payrolls increased by 281,000 in June, according to the ADP Research Institute, much higher than the 179,000 gain in May.

It beat the consensus estimate of a smaller rise to 205,000. The data comes ahead of tomorrow's official government figures on the labour MARKET. Another report today revealed US factory orders declined 0.5% in May after rising 0.7% a month earlier.

Economists had pencilled in a 0.3% drop. Meanwhile, Federal Reserve Chair Janet Yellen said today there is no need to change current monetary policy, including interest rates, to address FINANCIAL stability concerns.

Speaking at the International Monetary Fund in Washington, she said: 'Monetary policy faces significant limitations as a tool to promote financial stability,' Yellen said today at theInternational Monetary Fund in Washington.

'Its effects on financial vulnerabilities, such as excessive leverage and maturity transformation, are not well understood and are less direct than a regulatory or supervisory approach.' US airlines decline US carriers retreated the most in three weeks after Delta Air Lines reported that excess capacity in some international markets forced fares down more than expected. Constellation Brands gained after boosting its earnings forecast. Rackspace Hosting jumped after TechCrunch reported the company may go private. Harley-Davidson slumped after Raymond James Financial lowered its recommendation on the motorcycle maker to 'market perform' from 'strong buy'. Go Pro fell for the first time since its initial public offering last week. Bank of America Corp.

edged higher as Deutsche Bank advised investors to buy the STOCK. The US 10-year government yield rose six basis points to 2.62%.

West Texas Intermediate crude futures fell 1.094% to $104.20 per barrel, according to the ICE.


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Source: ENP Newswire


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