A rally in technology and industrial companies helped the Standard & Poor’s 500 Index snap a seven-day slide. MasterCard Inc., the second-biggest payments network, advanced 10 percent after profit rose 33 percent as customers’ spending increased.
The U.S. dollar lost ground against both the euro and the yen, but gained against the Swiss franc, after a surprise move by the Swiss National Bank to cut interest rates close to zero. The central bank warned it could take more action.
U.S. economic news august 3 2011 ,
Automatic Data Processing reported 114,000 new private-sector jobs were added in July, slightly better than consensus expectations for a gain of 105,000 jobs. However, the previous month's increase was revised down to 145,000 new jobs, from an original estimate of 157,000. Challenger Gray & Christmas said announced job cuts in July increased 60% from the previous month, hitting a 16-month high.
Separately, the U.S. nonmanufacturing sector expanded at a very sluggish pace in July although production picked up, according to data released Wednesday by the Institute for Supply Management. The ISM's non-manufacturing purchasing managers' index slipped to 52.7 in July from 53.3 in June, below expectations of a 53.5 reading. Worse, the employment component declined to 52.5, from 54.1 in June.
Orders for U.S. factory goods dropped for the second time in three months during June, falling 0.8% from the prior month, slightly better than an expected 1.0% drop.
US. corporate news august 3 2011
Hertz Global Holdings and CBS both reported earnings and revenue that exceeded Wall Street expectations late Tuesday. Hertz gained 0.1%, while CBS edged up 0.9%. Time Warner declined 2.9% even after its earnings topped forecasts and it increased its stock buyback program.
MasterCard gained 8.4% after second-quarter earnings climbed 33%, benefiting from double-digit increases in volume and processed transactions.
IntercontinentalExchange fell 2.7% after second-quarter earnings jumped 19% as the market operator's revenue was boosted by strong trading volume in its Brent crude and gasoil futures and options contracts.
Dunkin' Brands dropped 5.7% after second-quarter profit fell 1%, weighed down by higher expenses, though the company registered strong international sales growth. The parent company of Dunkin' Donuts and Baskin-Robbins, which went public last month, reported a profit of $17.2 million, down from $17.3 million a year earlier.
KKR & Co. fell 6% after the private-equity firm reported a 32% increase in second-quarter profits, but fell far short of earnings and revenue expectations.
Elsewhere, shares of Garmin slipped 4.9% after the company missed earnings estimates, while AMAG Pharmaceuticals rallied 11% after receiving a buyout bid from MSMB Capital Management.
U.S. nonmanufacturing sector, Hertz Global Holdings, Swiss National Bank, U.S. dollar interest rates august 3 2011, industrial companies, Swiss National Bank,MasterCard, U.S. stocks market august 3 2011. For the latest updates PRESS CTR + D or visit Stock Market news Today
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