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May 2, 2015

NYT Today's Headlines - May 2, 2015: Top News | Editors Picks | Today's video | World | U.S. | Politics | Business | Technology |

The New York Times

Today's Headlines

Saturday, May 2, 2015

Top News
A frame grab from video showing Freddie Gray being put into a police van during his arrest on April 12.
6 Baltimore Police Officers Charged in Freddie Gray Death


Prosecutors in Baltimore described repeated mistreatment of a 25-year-old man whose death has set the city on edge.

ESA | EI: Construction Put in Place - Released on May 1, 2015: Construction spending in March 2015 was down 0.6% seasonally adjusted annual rate from revised February estimate but up 2.0% from March 2014

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Construction spending in March 2015 was $966.6 billion at a seasonally adjusted annual rate, down 0.6 percent from the revised February 2015 estimate and up 2.0 percent from March 2014. 

DealBook P.M. and A.M. Editions on Friday May 1, 2015.

FRIDAY, MAY 1, 2015
Sergey Aleynikov, left, a former Goldman Sachs programmer, and his lawyer, Kevin Marino, leave State Supreme Court in Manhattan last week.
Ex-Goldman Sachs Programmer Found Guilty in Split Verdict Sergey Aleynikov was convicted on a charge of stealing confidential computer trading code from his former employer.

Selected Stock Markets News on Friday May 1, 2015: Asia | Europe | U.S.

Selected Stock Markets News on Friday May 1, 2015
Asian Markets at Close report by MarketWatch
Japan stocks slip on Friday, with other Asian shares also weaker.


Japanese stocks posted paltry gains Friday, helped by several solid earnings results, but struggled to recover from a selloff Thursday following unexpectedly weak U.S. gross domestic product figures earlier in the week.
The Nikkei Stock Average NIK, +0.06%  added 0.1% to 19,531.63, ending the week with a 2.4% fall, the sharpest since December. New Zealand stocks NZ50GR, +0.10%rose 0.1% and the Australian market was up 0.4%. Most other Asian markets were closed for Labor Day, including China, Hong Kong, Singapore and South Korea.
Japanese stocks have been helped by the prospect of U.S. economic recovery, with the benchmark Nikkei gaining 12% in 2015. But data showed Wednesday that the U.S. economy grew only 0.2% in the first quarter, slowing down from a 2.2% pace in the fourth quarter.
The Bank of Japan maintained its current easing program Thursday, giving market participants a signal to sell for now, as uncertainty remains over the pace of the U.S. recovery and when the Federal Reserve may start raising interest rates, said Yoshihiro Okumura, general manager of research at Chibagin Asset Management.
Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management, said there has been a reversal of money flows in several assets, with the dollar losing ground against the euro as expectations weaken that the U.S. central bank will raise rates in the coming weeks.
Nonetheless, several strong Japanese earnings supported the Tokyo market.
Bathroom products manufacturer Toto Ltd. 5332, +7.94%  rose 7.9% after the firm said it expects its net profit to increase by 28% to ¥31.8 billion ($265 million) in the fiscal year ending in March 2016.
Japan Tobacco Inc. 2914, +3.60%  gained 3.6% after the company said it logged a net profit of ¥104.2 billion in the January-March quarter, roughly unchanged from last year.
Meanwhile, a rise in mining stocks helped keep Australia’s stock market out of negative territory after Brazilian iron-ore producer Vale S.A. VALE5, +5.16%VALE, +5.08%  gave the strongest signals yet Thursday that it could temper outputin the face of an oversupplied global market. Big iron-ore miners were higher — BHP Billiton Ltd. BHP, +1.66% BHP, +1.23% BLT, +2.98%  was up 1.7% and Rio Tinto Ltd. RIO, +1.99% RIO, +2.41% RIO, +3.88%  was 2% higher.
The S&P/ASX 200 XJO, +0.42%  ended the day at 5,814.4. That narrowed the week’s decline to 2% after the index on Monday came within 20 points of 6,000—a level last breached in January 2008 despite several attempts in recent months.
Among other individual stock movers, Fujitsu Ltd. 6702, -17.93% lost 18% after the company said it expects net profit to drop 29% in the fiscal year ending March 2016.
—Robb Stewart in Melbourne and Megumi Fujikawa in Tokyo contributed to this article.

FTSE 100 ends higher; Lloyds closes up over 5%

Many markets closed

Many financial markets were closed across the world today for International Workers' Day holiday, also known as Labor Day or May Day. The U.K. has a public holiday on Monday, but its financial markets were open on Friday.
In the U.K., April manufacturing data came in below expectations and failed to match March's figure. Sterling fell slightly after the data release.
U.K. equities closed higher on Friday, with the majority of European markets and many international markets closed for the Labor Day holiday.

Lloyds up 4%

The benchmark FTSE 100 index closed around 0.4 percent higher.
Shares of FTSE 100 component Lloyds closed over 5 percent higher, making them the best performers on the FTSE 100. The came after the bank reported a 21 percent rise in underlying pre-tax profit in the first quarter.
Miners Anglo AmericanRio TintoBHP Billiton and Antofagasta were also among the top performers on the index. The basic resources sector is heavily exposed to the Chinese economy and better than expected Chinese data overnight helped the firms post healthy gains.
Anglo American surged to close over 5 percent higher, while Rio Tintoended nearly 4 percent higher.
U.S. stocks traded higher on Friday, rebounding from Thursday's selloff, as investors kept an eye on higher Treasury yields and economic reports.
Holly EllyattAssistant Producer,

Matt ClinchAssistant Producer,
------------------------------------------------------------------------------------------------------------------Wall Street at Close Report by MarketWatch

U.S. stocks rally, limit weekly losses

U.S. stocks ended the week on a high note, with the main indexes advancing more than 1% on Friday. But the main benchmarks still posted modest losses over the week.
The S&P 500 SPX, +1.09%  closed 22.78 points, or 1.1%, higher at 2,108.29, but finished the week 0.4% lower. The Dow Jones Industrial Average DJIA, +1.03%jumped 183.54 points, or 1%, to 18,024.06, but posted a 0.3% loss over the week.
The Nasdaq Composite COMP, +1.29%  gained 63.97 points, or 1.3%, to 5,005.39, but ended the week with a 1.7% loss, mostly due to a large selloff in biotechnology industry.
On Friday, investors digested a raft of economic reports, earnings and monthly car-sales figures, but the rally was mostly attributed to stocks being oversold during the week.
Thursday’s rout in particular was driven by losses in technology and biotech stocks. While this week brought more uncertainty over the timing of the first Federal Reserve rate hike and a weaker-than-expected reading on U.S. gross domestic product in the first quarter.
Readings on manufacturing activity came in below expectations, but the reaction to data was muted. However, consumer confidence indicators ticked higher. Investors are also assessing monthly car sales.
John Manley, chief equity strategist at Wells Fargo Advantage Funds, said investors should not read too much into Friday’s bounce as it’s likely due to stocks being oversold during the week.
“When the GDP number came in and the Federal Reserve issued a statement after its meeting, it was not clear if investors were worried that the rates are going up or because the economy is slowing down,” Manley said.
Friday’s data: The second and final reading of U.S. manufacturing conditions in April was cut to 54.1 from a preliminary 54.2, data provider Markit said Friday.
U.S. manufacturers grew slightly in April as new orders rose, but they also scaled back employment to the lowest level since fall 2009, according to Institute for Supply Management.
Meanwhile, consumer sentiment rose to a final April reading of 95.9, up from 93 in March and matching the preliminary estimate.
Outlays for U.S. construction projects fell 0.6% in March to a seasonally adjusted annual rate of $967 billion.
Separately, car sales in April rose estimated 5.4% to a seasonally adjusted annual rate of 16.5 million, according to preliminary figures from Automotive News.
Earnings: Chevron CVX, -1.82% posted smaller-than-expected drops in its quarterly profit and revenue. Shares fell 1.8%.
CVS Health CVS, +1.18%  reported adjusted earnings above FactSet estimates. Shares rose 1.2%.
After the closing bell, Warren Buffett’s Berkshire Hathaway Inc. BRK.B, +1.52%BRK.A, +1.12% is slated to report, a day ahead of the company’s annual shareholder meeting in Omaha. Read: 50 best things Warren Buffett told investors over past 50 years
Movers and shakers: Shares of LinkedIn CorpLNKD, -18.61%  slumped 19%, after the professional networking company late Thursday issued a profit forecast well below Wall Street estimates.
Other markets: Most markets were closed in Asia and Europe for their Labor Day holiday. Among few open bourses in Asia, Japan’s Nikkei 225 index NIK, +0.06% ended slightly higher.
Oil futures fell 0.8% to settle at $59.15 a barrel, and gained 3.5% over the week. Oil prices jumped 25% in April. Gold futures fell 0.7% to settle at $1,174.50 and were nearly unchanged over the past week.