China considers same tax rate for domestic, overseas firms (AFP)
AFP - Chinese lawmakers have mulled a draft law that would impose a 25 percent income tax on both domestic and foreign firms, eliminating the preferential rate for overseas companies, according to state media.
Techs, rebounding financials lift Wall St. (Reuters)
2008.08.2036 minutes ago
NEW YORK (Reuters) - Stocks rose in choppy trading on Wednesday as investors snapped up shares of major technology companies after Hewlett-Packard (HPQ.N) reported a strong profit and outlook.
A rebound in shares of financial services companies also lifted the market despite lingering worries about the soundness of home financing providers Freddie Mac (FRE.N) and Fannie Mae (FNM.N).
Oil prices reversed earlier gains following a government report that showed U.S. crude oil inventories rose far more than expected last week while gasoline inventories dipped more than expected.
The Dow Jones industrial average (.DJI) rose 73.19 points, or 0.64 percent, to 11,421.74. The Standard & Poor's 500 Index (.SPX) gained 7.43 points, or 0.59 percent, to 1,274.12. The Nasdaq Composite Index (.IXIC) climbed 18.49 points, or 0.78 percent, to 2,402.85.
HP shares contributed the biggest boost to the Dow and the S&P 500, rising more than 5 percent to $46 a day after the world's largest computer maker reported net profit rose 14 percent and forecast fourth-quarter earnings ahead of expectations.
The HP news boosted hopes that technology spending will hold up, particularly as demand from abroad offsets weakness in the United States.
The S&P financial index (.GSPF) rose to 1.4 percent after slipping earlier.
(Reporting by Ellis Mnyandu; Editing by Kenneth Barry)
Top News
More articles on this topic:
China says to continue stable monetary policy (Reuters)
Reuters - China's central bank said on Monday that it would continue to take steps to keep investment and credit growth in check, while pressing ahead with efforts to make the value of its currency more market-driven.
Reuters - China's central bank said on Monday that it would continue to take steps to keep investment and credit growth in check, while pressing ahead with efforts to make the value of its currency more market-driven.
Economic growth concerns drag down indexes (Reuters)
Reuters - U.S. stocks dropped on Friday as concerns about slowing economic growth persisted, causing investors to sell shares of bellwether companies such as plane maker Boeing Co. and leaving all three major indexes in the red for the week.
Reuters - U.S. stocks dropped on Friday as concerns about slowing economic growth persisted, causing investors to sell shares of bellwether companies such as plane maker Boeing Co. and leaving all three major indexes in the red for the week.
Russia tax office files suit vs PWC on YUKOS audit (Reuters)
Reuters - Russian tax authorities have filed a suit against the local branch of PricewaterhouseCoopers (PwC) accusing it of producing a false audit for fallen oil company YUKOS, the auditor said on Monday.
Reuters - Russian tax authorities have filed a suit against the local branch of PricewaterhouseCoopers (PwC) accusing it of producing a false audit for fallen oil company YUKOS, the auditor said on Monday.
Japan keeps view that economy is recovering (Reuters)
Reuters - The Japanese government kept its assessment of the economy unchanged in a monthly report on Monday, after downgrading it for the first time in almost two years last month.
Reuters - The Japanese government kept its assessment of the economy unchanged in a monthly report on Monday, after downgrading it for the first time in almost two years last month.
