Mon City brief: Record highs in UK & US; M&S unveils China expansion
The London stock market continued its march towards 7,000 this morning, rising 0.3% to a record intraday high of 6,974.26 points after falling back on new worries over China’s growth and the effect on miners.
It turned negative and closed down 6 points, or 0.1% at 6,940.64.
The Nasdaq closed above 5,000 for the first time since 2000, while the S&P 500 and the Dow Jones Industrial Average scored new records. Investors brushed off slightly disappointing data, seemingly content with the fact the U.S. economy is still growing, albeit, at a more modest clip.
The Nasdaq Composite ended the day up 44.57 points, or 0.9%, at 5,008.10, leaving it only one percentage point off from its record level. The tech-heavy index closed above 5,000 only twice before in 2000.
The S&P 500 added 12.89 points, or 0.6%, to 2,117.39, an all time high. The benchmark index closed at a record for the fifth time this year.
The Dow Jones Industrial Average rose 155.93 points, or 0.9%, to 18,288.63, also scoring its fourth record close this year.
Results and announcements today included:
TRINITY MIRROR: Revenue fell by 4.1% at the newspaper group compared to a decline of 6% for 2013. Publishing digital revenue continued to grow by almost 50% throughout the year. Tight management of the cost base with structural cost savings of £15 million, £5m ahead of target, and a fall in interest costs, underpinned the growth in adjusted profit before tax. PBT £102.3m against £101.3m. Confirms previously announced £12m set aside for phone hacking costs. Proposes 3p final dividend, first payout for six years.
MARKS AND SPENCER: Plans to open stores in key Chinese cities such as Beijing and Guangzhou have been confirmed. It will refurbish one store in Shanghai but close five others in the region. Also opening a store in Macau.
HOUSE PRICES: British house prices fell in February for the first time in five months, taking the annual rate of increase to its lowest since September 2013.