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Dow, S&P new record highs

Thursday, August 01, 2013 - 02:05

Aug. 1 - Summary of business headlines: Dow, S&P hit records; LinkedIn revenue jumps; data points to manufacturing strength; jobless claims lowest since 2008; Yelp stock skyrockets. Bobbi Rebell reports.

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A record day for the Dow and the S&P 500- the broader index topping 1,700 for the first time ever- after both the European central bank and the Bank of England ended policy meetings- leaving interest rates at record lows. In Europe shares were higher across the board as well. Oil prices jumped more than 2 percent. U.S. manufacturing grew at its fastest pace in four months. New orders increased and companies hired more workers. A separate report showed manufacturing growth was at its highest in two years. And the number of Americans filing first time jobless claims fell by 19,000 - that is more than expected- hitting their lowest since January of 2008. Linkedin stock hit a new high during the regular trading session - then reported a 59 percent jump in second quarter revenue after the bell - that pushed its stock up even more in after hours trading. Yelp stock was a huge winner on Thursday. After the bell Wednesday, the consumer reviews website reported a smaller loss than expected thanks to a strong showing from their mobile advertising business and a hike in its current quarter revenue forecast. Exxon shares fell after the world's largest publicly traded oil company said quarterly profits fell 57 percent compared to a year ago. Oppenheimer analyst Fadel Gheit: SOUNDBITE: FADEL GHEIT, MANAGING DIRECTOR, OPPENHEIMER (ENGLISH) SAYING: "There were basically weakness across all business segments from upstream, lower oil prices, lower volume, and in the refining and marketing business there was huge maintenance so there was basically shut down for a long period of time so that also resulted in much lower earnings. And then in the chemical business basically lower sales, lower margin, lower profit. " Exxon is also cutting its share buyback. U.S. auto sales disappointed in July - despite rising 14 percent. They came in shy of forecasts because they didn't have enough of the most popular models on hand to satisfy consumer demand.

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Dow, S&P new record highs

Thursday, August 01, 2013 - 02:05