-Equities bounce back ahead of quarter close
-Would have preferred wait-and-see attitude from Fed: Bullard
-S&P 500 could rise 11% to 1,160 by year-end -Ed Yardeni
-Philly Fed chief (Plosser) says "watching European crisis" -Bbg
-Plosser: There is plenty to keep you up at night
-Plosser: We risk the credibility of the institution

Dow Jones Industrial: 0.54%
Nasdaq Comp.: 1.39%
S&P 500: 0.96%

Stock markets in Hong Kong, Shanghai and Tokyo registered gains today on speculation that the People's Bank of China injected a net 365bn yuan this week into the Chinese banking system to boost markets ahead of next week's Golden Week holidays.

The initial reaction to the announcement of new measures to reign in the fiscal deficit in Spain also seems to have contributed to the better tone to trading, with a small rise in the euro towards the 1.2910 dollar level. That, at least, is what most headlines are now saying.

All of the above despite the risk of further nasty surprises as regards Spain's current constitutional crisis.

A quarter of an hour before the European close, and several hours later than expected, Mariano Rajoy's government finally announced 43 measures which have been designed to stimulate the economy and cut the deficit by 13bn euros.

Also helping to buttress sentiment a bit this afternoon -perhaps- were the latest weekly initial unemployment claims numbers, although the day's other main reports: durable goods orders and pending home sales numbers, came in weaker than expected.

Worth pointing out, speaking to Bloomberg this afternoon, US Philadelphia Federal Reserve President Charles Plosser indicated the following: "The risks and the costs might be very much higher than whatever small benefits we get (...) If it doesn't work, we risk the credibility of the institution."

Shares of credit card company Discover Financial advanced following the release of its latest quarterly results. Loans at least 30 days overdue, a signal of future defaults, dropped to 1.79% from 2.49%.

Analysts at Goldman Sachs today initiated their coverage of Yahoo at "buy." Over at Jefferies on the other hand analysts downgraded Hewlett Packard to underweight from neutral.

Dollar General moved lower after a secondary placement.

From a sector stand-point the best performance is now to be seen in the following industrial groups: Platinum (5.15%), Furnishings (3.37%) and Gold Mining (2.88%). Mortgage REITs (-1.24%) and Airlines (-1.08%) were the worst performers.

Weak tone to durable goods orders report

US durables goods orders for August were a bit of a horror show, declining 13,2% to show the biggest monthly decline in over three years. Economists were expecting a decline, but nothing of this scale; more something in the region of 5.3%.

The transportation sector had a malign impact on the figures, and with this sector stripped out the fall was a mere 1.6%, while orders for "core capital goods", which exclude defence and aircraft orders, rose 1.1% after declining 5.2% in July. Even so, "a downward revision to July (to -5.2% from -4.0%) and a decline in core capital goods shipments (of 0.9%) gave the report a weak tone overall," comment economists at Barclays Research.

Defence orders dropped by 40%.

Gross domestic product expanded at a revised 1.3% year-on-year clip in quarter two, below the 1.7% forecast, according to the third estimate released today by the US Bureau of Economic Analysis. That as growth in so-called final demand (GDP minus inventories) was revised down by 3 tenths of a percentage point, to 1.7%.

First time jobless claims fell more than expected to a two-month low, by 26,000 to 359,000 (Consensus: 378,000).

The preliminary estimate of the 2012 benchmark revision indicates an upward adjustment of 386,000 to nonfarm employment, or a bit over 32,000 jobs per month from April 2011 to March 2012 on average.

Pending home sales dropped at a 2.6% month-on-month pace during August, well below the 0% expected.

Crude futures bounce back

10 year US Treasuries are falling by 9/32 dollars, with yields at 1.64%.

Front month West Texas crude futures rose by 2.33%, to the 92.11 dollar level on the NYMEX.




S&P 500 - Risers
First Solar Inc. (FSLR) $23.11 +10.57%
Discover Financial Services (DFS) $39.71 +7.27%
Metropcs Communications Inc. (PCS) $11.95 +6.22%
JDS Uniphase Corp. (JDSU) $12.76 +5.11%
Southwestern Energy Co. (SWN) $34.94 +4.89%
Vulcan Materials Co. (VMC) $47.93 +4.74%
Goodyear Tire & Rubber Co. (GT) $12.46 +3.92%
Teradata Corp. (TDC) $76.20 +3.73%
Red Hat Inc. (RHT) $56.64 +3.62%
Range Resources Corp. (RRC) $70.08 +3.44%

S&P 500 - Fallers
R.R. Donnelley & Sons Co. (RRD) $10.69 -2.20%
McCormick & Co. (MKC) $61.75 -1.81%
Pinnacle West Capital Corp. (PNW) $52.64 -1.57%
PG&E Corp. (PCG) $42.41 -1.37%
American Electric Power Co. Inc. (AEP) $43.82 -1.22%
Windstream Corp. (WIN) $10.30 -1.20%
AGL Resources Inc. (GAS) $40.87 -1.14%
Integrys Energy Group Inc. (TEG) $52.27 -1.13%
SCANA Corp. (SCG) $48.13 -1.13%
Xcel Energy Inc. (XEL) $27.45 -1.08%

Dow Jones I.A - Risers
General Electric Co. (GE) $22.73 +2.85%
Intel Corp. (INTC) $23.08 +1.94%
Bank of America Corp. (BAC) $8.97 +1.76%
Coca-Cola Co. (KO) $38.31 +1.46%
Walt Disney Co. (DIS) $52.58 +1.23%
Home Depot Inc. (HD) $59.88 +1.20%
Cisco Systems Inc. (CSCO) $18.80 +1.18%
JP Morgan Chase & Co. (JPM) $40.68 +1.09%
Alcoa Inc. (AA) $8.98 +1.07%
International Business Machines Corp. (IBM) $205.91 +0.94%

Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $73.98 -0.28%
AT&T Inc. (T) $37.99 -0.24%
United Technologies Corp. (UTX) $78.35 -0.23%
Boeing Co. (BA) $70.10 -0.21%
Kraft Foods Inc. (KFT) $41.19 -0.18%
Caterpillar Inc. (CAT) $86.92 -0.03%
Microsoft Corp. (MSFT) $30.16 -0.02%
Procter & Gamble Co. (PG) $69.30 -0.00%

Nasdaq 100 - Risers
Green Mountain Coffee Roasters Inc. (GMCR) $24.75 +5.23%
Avago Technologies Ltd. (AVGO) $34.90 +4.30%
Maxim Integrated Products Inc. (MXIM) $27.03 +3.62%
Sirius Satellite Radio Inc. (SIRI) $2.59 +3.40%
eBay Inc. (EBAY) $49.12 +3.31%
Randgold Resources Ltd. Ads (GOLD) $123.13 +3.19%
Broadcom Corp. (BRCM) $35.18 +3.18%
Seagate Technology Plc (STX) $31.93 +3.07%
Nuance Communications Inc. (NUAN) $24.70 +2.94%
Garmin Ltd. (GRMN) $41.99 +2.79%

Nasdaq 100 - Fallers
Activision Blizzard Inc. (ATVI) $11.37 -2.65%
Costco Wholesale Corp. (COST) $100.30 -0.69%
Biogen Idec Inc. (BIIB) $150.71 -0.60%
Bed Bath & Beyond Inc. (BBBY) $62.46 -0.40%
Altera Corp. (ALTR) $34.67 -0.29%
Kraft Foods Inc. (KFT) $41.19 -0.18%
O'Reilly Automotive Inc. (ORLY) $84.13 -0.13%
Stericycle Inc. (SRCL) $90.00 -0.06%
Microsoft Corp. (MSFT) $30.16 -0.02%
DIRECTV (DTV) $51.99 -0.01%

AB

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