MarketWatch

A late rally led by the energy sector saw Wall Street climb deeper into 10,000 territory on Thursday. Financials dragged after results released did not live up to the high expectations created by JPMorgan the previous day.

In economic news, the Consumer Price index (CPI) rose in line with expectations at 0.2% in September following a 0.4% increase the previous month. Core CPI rose a slightly better than expected 0.2%.

Meanwhile, about 514,000 new unemployment claims were filed last week, better than the 520,000 economists expected. A revised 524,000 new claims were filed the previous week.

Continuing claims dropped from 6.067 million the previous week to a better than expected 5.992 million last week.

Elsewhere, the Philadelphia Fed index fell from 14.1 in September to 11.5 in October, down on the forecast dip to 12.

In a separate report, a measure of manufacturing activity in the New York region climbed from 18.8 in September to 34.57 in October. Economists forecast the Empire State Manufacturing Index to slide to 17.25.

The Dow Jones gained 47.08 points, or 0.47%, to 10,062.94, the S&P 500 put on 4.54 points, or 0.42%, to 1,096.56 and the NASDAQ rose 1.06 points, or 0.05%, to 2,173.29.

Goldman Sachs weakened 1.9% despite reporting quarterly revenue and earnings that increased from a year ago and topped estimates. The company posted a US$3.2 billion profit for the quarter.

Citigroup dropped 5% after reporting better then expected loss for the quarter. The loss was attributed to the ongoing impact of the credit crisis.

Bank of America lost 2.6%.

The losses among the financials were countered by gains in energy stocks after a 3% rise in the price of crude. Exxon Mobil, Chevron and ConocoPhillips were up between 1.5% and 1.8%.

Tech bellwether Microsoft rallied 2.9%, while Pfizer advanced 1.7%.

Search engines Yahoo! and Google slipped 2.3% and 1%. After the close Google posted a third quarter profit that beat expectations.

NYMEX light crude oil for November delivery rose US$2.41 to US$77.59 a barrel.

COMEX gold for December delivery fell US$14.90 to US$1,049.00 an ounce.

European Markets

European markets were mixed as Nokia posted its first net loss since the mobile phone maker started reporting quarterly results 13 years ago. Takeover talks within retail boosted the sector.

The UK benchmark FTSE 100 shed 33.15 or 0.63% to 5,222.95. The French CAC40 added 1.16, or 0.03 to 3,883.83, while the German DAX lost 23.37, or 0.40% to 5,830.77.

UK banks lost ground. HSBC fell 2.1%, while Standard Chartered and Lloyds lost 1.8% each.

Deutsche Bank and BNP Paribas added 0.7% and 0.5%.

Commerzbank slid 0.7%, while insurer AXA gained 1.2%.

J Sainsbury surged 10.1% following reports of a planned takeover offer for the British grocer fromQatar's sovereign wealth fund. Kingfisher and Tesco put on 2.1% and 1.7%.

Tech stocks dropped after Nokia unveiled a large writedown at its networks unit and posted a fall in quarterly smartphone sales. Alcatel-Lucent and Infineon fell 2.3% and 3.7%.

Miners Anglo American and Xstrata shed 4.1% and 2%, while Aussie peers BHP Billiton and Rio Tinto lost 1.6% and 1.7%.

Royal Dutch Shell was the biggest loser among the major energy stocks with a 1.5% drop.

Japanese Market

The Nikkei climbed on exporter strength and tech shares. The Japanese market is prone to movements around the strength of their currency more than most other international markets.

The Nikkei 225 added 178.44, or 1.77% to 10,238.65.

Japan’s number one bank Mitsubishi UFJ Financial Group was flat, while Mizuho Financial Group lost 1.7% Sumitomo Mitsui Financial Group fell 0.6%.

Panasonic climbed 3% on a Credit Suisse broker upgrade. Sony and Sharp paced the sectors gains, with a rise of 3.6% and 3% respectively.

Chipmaker Elpida jumped 2.9% after an increase in demand saw an increase in price for its goods.

Heavy weight steel marker Nippon Steel added 3.1% after a South Korean rival lift its guidance.

Hong Kong Markets

The Hang Seng made ground Thursday despite a bout of profit taking late in the day, which pushed the market just under 22,000. Retail focused stocks were strong on US earnings while bank stocks continued to rally.

The Hang Seng climbed 112.60, or 0.51% to 21,999.08.

The Bank of China rose 1.8%, while Bank of Communications added 1%. HSBC climbed 1.3%.

Third party mobile phone maker, Foxconn International spiked 6.7% after a better than expected US retail figures.

Li & Fung, which supplies clothes to Wal-Mart, jumped 3.9% after tapping into similar investor sentiment.

CNOOC and Petrochina, the two key players in the Chinese oil market tacked on 1% and 0.4% respectively.

The Overnight MarketWatch report is provided by SHAW Stockbroking's egoli - simple but informative market news for the everyday investor.

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