Late Market Roundup (UPS, MI, KEY, BBT, FITB)
Crude-oil futures moved up today following a report showing a higher-than-expected decline in weekly jobless claims. Crude for October delivery gained 1.2% to $73.46 per barrel on the New York Mercantile Exchange (NYMEX). Natural gas for September delivery fell 1.1% to $3.83 per million British thermal units.
Standard & Poor's has raised the ratings outlook of United Parcel Service Inc (NYSE: UPS) from “negative” to “stable.” S&P has a corporate credit rating of “AA-” on UPS. Standard & Poor's credit analyst Lisa Jenkins said, "The ratings on Atlanta-based UPS reflect its very strong position in ground parcel delivery and substantial earnings and cash flow. UPS' adoption in early 2008 of a somewhat more aggressive (albeit still conservative) capital structure, and its participation in a competitive industry with some exposure to cyclical demand pressures somewhat offset these strengths."
Regional-banking shares gained momentum following a report estimating a higher-than-expected fall in the weekly jobless claims. The top percentage advancers in the financial-services portion of the S&P 500 Index are Marshall & Ilsely Corp (NYSE: MI), KeyCorp (NYSE: KEY), BB&T Corp (NYSE: BBT) and Fifth Third Bancorp (NASDAQ: FITB).
US Treasurys moved up after the Treasury Department sold 7-year notes worth $29 billion at a yield of 1.989%. The yields on the 10-year note fell about 1%. According to Miller Tabak, the Treasury has reported the bid-to-cover ratio at 2.98, up from 2.78 in the previous month and a 12-auction average of 2.8. Indirect bidders, including foreign central banks, were 56.7%, up from 42.3% in July and a 12-auction average of 52.2%.
Read more from Benzinga's Markets.
