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No 1 International thread; I hope you have just a minute to vote for your favourite forum at: http://www.thebull.com.au/the_stockies/forums.html
bigdog
Retired many years ago
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Source: http://finance.yahoo.com
The stock market fell Monday after a jump in Italy's borrowing costs reminded investors of how much work remains to be done to contain Europe's debt problems.
The Dow Jones industrial average lost nearly 75 points. European markets also fell and the euro weakened against the dollar.
Major indexes closed higher last week as Greece and Italy took steps toward getting their debt troubles under control. New governments are taking over in both countries, which are at the center of the crisis.
But worrisome signs about Europe re-emerged Monday. The Italian government had to pay the highest rate at an auction of five-year bonds since 1997. That's a sign investors are still concerned about Italy's ability to repay its debts. And Italy's biggest bank, Unicredit, reported a $14.4 billion loss.
"The problems these countries are dealing with go well beyond their prime ministers," said Dan Greenhaus, chief global strategist at the brokerage BTIG. "Italy didn't get where it is in five minutes. And it's not going to get out of where it is in five minutes. This is going to take months."
The Dow fell 74.70 points, or 0.6 percent, to close at 12,078.98. Bank of America Corp. fell 2.6 percent and JPMorgan Chase & Co. fell 2.2 percent, the largest drops among the 30 large companies in the Dow.
The Standard & Poor's 500 index fell 12.06 points, or 1 percent, to 1,251.79. The Nasdaq composite index fell 21.53, or 0.8 percent, to 2,657.22.
Three stocks fell for every one that rose on the New York Stock Exchange. Volume was very light at 3 billion shares.
The NYSE DOW NYSE DOW closed -74.70 points LOWER or -0.61% on Monday November 14
Sym .......Last .......Change..........
Dow 12,078.98 -74.70 -0.61%
Nasdaq 2,657.22 -21.53 -0.80%
S&P 500 1,251.78 -12.07 -0.96%
30-yr Bond 3.0900 % -0.0180
NYSE Volume 3,075,400,750
Nasdaq Volume 1,398,959,750
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,519.04 -26.34 -0.47%
CAC 40 3,108.95 -40.43 -1.28%
DAX 5,985.02 -72.01 -1.19%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,369.10 +10.50 +0.24%
Shanghai Comp 2,528.71 +47.63 +1.92%
Taiwan Wei... 7,525.65 +158.36 +2.15%
Nikkei 225 8,603.70 +89.23 +1.05%
Hang Seng 19,508.18 +371.01 +1.94%
Straits Times 2,830.14 +39.20 +1.40%
http://news.yahoo.com/stocks-slip-italian-bond-sale-renews-euro-fears-202344934.html
Stocks slip as Italian bond sale renews euro fears
By MATTHEW CRAFT - AP Business Writer
NEW YORK (AP) ”” The stock market fell Monday after a jump in Italy's borrowing costs reminded investors of how much work remains to be done to contain Europe's debt problems.
The Dow Jones industrial average lost nearly 75 points. European markets also fell and the euro weakened against the dollar.
Major indexes closed higher last week as Greece and Italy took steps toward getting their debt troubles under control. New governments are taking over in both countries, which are at the center of the crisis.
But worrisome signs about Europe re-emerged Monday. The Italian government had to pay the highest rate at an auction of five-year bonds since 1997. That's a sign investors are still concerned about Italy's ability to repay its debts. And Italy's biggest bank, Unicredit, reported a $14.4 billion loss.
"The problems these countries are dealing with go well beyond their prime ministers," said Dan Greenhaus, chief global strategist at the brokerage BTIG. "Italy didn't get where it is in five minutes. And it's not going to get out of where it is in five minutes. This is going to take months."
The Dow fell 74.70 points, or 0.6 percent, to close at 12,078.98. Bank of America Corp. fell 2.6 percent and JPMorgan Chase & Co. fell 2.2 percent, the largest drops among the 30 large companies in the Dow.
The Standard & Poor's 500 index fell 12.06 points, or 1 percent, to 1,251.79. The Nasdaq composite index fell 21.53, or 0.8 percent, to 2,657.22.
Three stocks fell for every one that rose on the New York Stock Exchange. Volume was very light at 3 billion shares.
Stocks have risen since early October on encouraging signs of progress in containing Europe's debt crisis, stronger U.S. corporate earnings and better news on the U.S. economy. The S&P 500 has soared 13.7 percent since hitting its low for the year on Oct. 3.
That surge has drawn big investors back into the stock market and opened the door to a long line of companies waiting to go public. The flow of money from institutions into U.S. stock funds hit $7.3 billion last week, the third largest tally this year, according to fund tracker EPFR Global.
Angie's List, a customer review website, Delphi Automotive and seven other companies are scheduled to go public this week. If they all wind up going through, it would be the biggest week for IPOs in four years, according to Renaissance Capital, an IPO advisory firm.
In corporate news, the airline Emirates placed an order for 50 Boeing 777s, one of the largest orders ever placed with the aircraft maker. Boeing Co. also picked up a new customer, Oman Air, which ordered six 787s. Boeing rose 1.5 percent.
J.C. Penney Co. fell 2.8 percent after reporting a quarterly loss. The department store operator said its results were weighed down by restructuring costs. The company also lowered its earnings outlook for the rest of the year.
Lowe's Cos. rose 1.7 percent after the country's second-largest home-improvement retailer reported revenue and earnings that beat analysts' expectations.
The Dow has made gains in six of the past 7 weeks, and is still up 1 percent for the month. The S&P 500 and the Nasdaq are slightly lower.
No major economic reports came out Monday
The stock market fell Monday after a jump in Italy's borrowing costs reminded investors of how much work remains to be done to contain Europe's debt problems.
The Dow Jones industrial average lost nearly 75 points. European markets also fell and the euro weakened against the dollar.
Major indexes closed higher last week as Greece and Italy took steps toward getting their debt troubles under control. New governments are taking over in both countries, which are at the center of the crisis.
But worrisome signs about Europe re-emerged Monday. The Italian government had to pay the highest rate at an auction of five-year bonds since 1997. That's a sign investors are still concerned about Italy's ability to repay its debts. And Italy's biggest bank, Unicredit, reported a $14.4 billion loss.
"The problems these countries are dealing with go well beyond their prime ministers," said Dan Greenhaus, chief global strategist at the brokerage BTIG. "Italy didn't get where it is in five minutes. And it's not going to get out of where it is in five minutes. This is going to take months."
The Dow fell 74.70 points, or 0.6 percent, to close at 12,078.98. Bank of America Corp. fell 2.6 percent and JPMorgan Chase & Co. fell 2.2 percent, the largest drops among the 30 large companies in the Dow.
The Standard & Poor's 500 index fell 12.06 points, or 1 percent, to 1,251.79. The Nasdaq composite index fell 21.53, or 0.8 percent, to 2,657.22.
Three stocks fell for every one that rose on the New York Stock Exchange. Volume was very light at 3 billion shares.
The NYSE DOW NYSE DOW closed -74.70 points LOWER or -0.61% on Monday November 14
Sym .......Last .......Change..........
Dow 12,078.98 -74.70 -0.61%
Nasdaq 2,657.22 -21.53 -0.80%
S&P 500 1,251.78 -12.07 -0.96%
30-yr Bond 3.0900 % -0.0180
NYSE Volume 3,075,400,750
Nasdaq Volume 1,398,959,750
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,519.04 -26.34 -0.47%
CAC 40 3,108.95 -40.43 -1.28%
DAX 5,985.02 -72.01 -1.19%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,369.10 +10.50 +0.24%
Shanghai Comp 2,528.71 +47.63 +1.92%
Taiwan Wei... 7,525.65 +158.36 +2.15%
Nikkei 225 8,603.70 +89.23 +1.05%
Hang Seng 19,508.18 +371.01 +1.94%
Straits Times 2,830.14 +39.20 +1.40%
http://news.yahoo.com/stocks-slip-italian-bond-sale-renews-euro-fears-202344934.html
Stocks slip as Italian bond sale renews euro fears
By MATTHEW CRAFT - AP Business Writer
NEW YORK (AP) ”” The stock market fell Monday after a jump in Italy's borrowing costs reminded investors of how much work remains to be done to contain Europe's debt problems.
The Dow Jones industrial average lost nearly 75 points. European markets also fell and the euro weakened against the dollar.
Major indexes closed higher last week as Greece and Italy took steps toward getting their debt troubles under control. New governments are taking over in both countries, which are at the center of the crisis.
But worrisome signs about Europe re-emerged Monday. The Italian government had to pay the highest rate at an auction of five-year bonds since 1997. That's a sign investors are still concerned about Italy's ability to repay its debts. And Italy's biggest bank, Unicredit, reported a $14.4 billion loss.
"The problems these countries are dealing with go well beyond their prime ministers," said Dan Greenhaus, chief global strategist at the brokerage BTIG. "Italy didn't get where it is in five minutes. And it's not going to get out of where it is in five minutes. This is going to take months."
The Dow fell 74.70 points, or 0.6 percent, to close at 12,078.98. Bank of America Corp. fell 2.6 percent and JPMorgan Chase & Co. fell 2.2 percent, the largest drops among the 30 large companies in the Dow.
The Standard & Poor's 500 index fell 12.06 points, or 1 percent, to 1,251.79. The Nasdaq composite index fell 21.53, or 0.8 percent, to 2,657.22.
Three stocks fell for every one that rose on the New York Stock Exchange. Volume was very light at 3 billion shares.
Stocks have risen since early October on encouraging signs of progress in containing Europe's debt crisis, stronger U.S. corporate earnings and better news on the U.S. economy. The S&P 500 has soared 13.7 percent since hitting its low for the year on Oct. 3.
That surge has drawn big investors back into the stock market and opened the door to a long line of companies waiting to go public. The flow of money from institutions into U.S. stock funds hit $7.3 billion last week, the third largest tally this year, according to fund tracker EPFR Global.
Angie's List, a customer review website, Delphi Automotive and seven other companies are scheduled to go public this week. If they all wind up going through, it would be the biggest week for IPOs in four years, according to Renaissance Capital, an IPO advisory firm.
In corporate news, the airline Emirates placed an order for 50 Boeing 777s, one of the largest orders ever placed with the aircraft maker. Boeing Co. also picked up a new customer, Oman Air, which ordered six 787s. Boeing rose 1.5 percent.
J.C. Penney Co. fell 2.8 percent after reporting a quarterly loss. The department store operator said its results were weighed down by restructuring costs. The company also lowered its earnings outlook for the rest of the year.
Lowe's Cos. rose 1.7 percent after the country's second-largest home-improvement retailer reported revenue and earnings that beat analysts' expectations.
The Dow has made gains in six of the past 7 weeks, and is still up 1 percent for the month. The S&P 500 and the Nasdaq are slightly lower.
No major economic reports came out Monday
Attachments
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
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- 5,476
Source: http://finance.yahoo.com
A day of broad swings in the stock market ended with modest gains Tuesday, as investors balanced an increase in U.S. retail sales with Europe's lingering debt crisis. The Dow Jones industrial average gained 17 points.
The Dow ping-ponged between gains and losses for much of the day. It had been down as many as 78 at noon and up as much as 86 points during a late afternoon rally that fizzled just before the market closed.
Technology stocks had the biggest gains. Intel Corp. rose 2.9 percent a day after Warren Buffett revealed that his company, Berkshire Hathaway Inc., had bought a stake in the company. Hewlett-Packard Co. rose 3.4 percent, the most among the 30 stocks in the Dow.
Americans spent more on autos, electronics and building supplies in October, raising retail sales for a fifth straight month. Sales increased 0.5 percent from the previous month, a faster rate than economists expected and the latest indication that the U.S. economy is likely to avoid another recession.
The retail sales report helped the U.S. stock market "show a certain degree of resilience in the wake of the negative headlines out of Europe," said Todd Salamone, director of research at Schaeffer's Investment Research.
But Europe's debt woes continued to weigh on markets. Higher interest rates on government debt issued by Italy, Spain and other countries rattled European stock markets Tuesday. The interest rate on Italy's 10-year bond jumped back above 7 percent, a dangerously high level. When that rate crossed the 7 percent threshold last week, it raised worries about Italy's ability to manage its debts. Greece, Ireland and Portugal had to get rescued by international lenders when their borrowing rates crossed the same level.
The Dow rose 17.18 points, or 0.1 percent, to 12,096.16. The S&P 500 gained 6.02, or 0.5 percent, to 1,257.81. The Nasdaq added 28.98, or 1.1 percent, to 2,686.20.
The NYSE DOW NYSE DOW closed +17.18 points HIGHER or +0.14% on Tuesday November 15
Sym .......Last .......Change..........
Dow 12,096.16 +17.18 +0.14%
Nasdaq 2,686.20 +28.98 +1.09%
S&P 500 1,257.81006 +6.03 +0.48%
30-yr Bond 3.10 +0.00 +0.16%
NYSE Volume 3,601,243.00
Nasdaq Volume 1,709,014.75
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,517.44 -1.60 -0.03%
CAC 40 3,049.13 -59.82 -1.92%
DAX 5,933.14 -51.88 -0.87%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,351.50 -17.60 -0.40%
Shanghai Comp 2,529.76 +1.05 +0.04%
Taiwan Wei... 7,491.06 -34.59 -0.46%
NIKKEI 225 8,541.93 -61.77 -0.72%
STI 2,811.58 -18.56 -0.66%
HANG SENG INDEX 19,348.44 -159.74 -0.82%
http://finance.yahoo.com/news/stock...RhaWQDBHBzdGNhdANuZXdzBHB0A3NlY3Rpb25z;_ylv=3
Stocks edge higher on retail gains; Dow rises 17
Dow, S&P notch modest gains after retail sales surprise; Intel, other tech stocks gain most
By David k. Randall, AP Business Writers
NEW YORK (AP) -- A day of broad swings in the stock market ended with modest gains Tuesday, as investors balanced an increase in U.S. retail sales with Europe's lingering debt crisis. The Dow Jones industrial average gained 17 points.
The Dow ping-ponged between gains and losses for much of the day. It had been down as many as 78 at noon and up as much as 86 points during a late afternoon rally that fizzled just before the market closed.
Technology stocks had the biggest gains. Intel Corp. rose 2.9 percent a day after Warren Buffett revealed that his company, Berkshire Hathaway Inc., had bought a stake in the company. Hewlett-Packard Co. rose 3.4 percent, the most among the 30 stocks in the Dow.
Americans spent more on autos, electronics and building supplies in October, raising retail sales for a fifth straight month. Sales increased 0.5 percent from the previous month, a faster rate than economists expected and the latest indication that the U.S. economy is likely to avoid another recession.
The retail sales report helped the U.S. stock market "show a certain degree of resilience in the wake of the negative headlines out of Europe," said Todd Salamone, director of research at Schaeffer's Investment Research.
But Europe's debt woes continued to weigh on markets. Higher interest rates on government debt issued by Italy, Spain and other countries rattled European stock markets Tuesday. The interest rate on Italy's 10-year bond jumped back above 7 percent, a dangerously high level. When that rate crossed the 7 percent threshold last week, it raised worries about Italy's ability to manage its debts. Greece, Ireland and Portugal had to get rescued by international lenders when their borrowing rates crossed the same level.
The Dow rose 17.18 points, or 0.1 percent, to 12,096.16. The S&P 500 gained 6.02, or 0.5 percent, to 1,257.81. The Nasdaq added 28.98, or 1.1 percent, to 2,686.20.
The prices of assets commonly used as havens from market turmoil, like U.S. government debt and gold, held steady. The yield on the benchmark 10-year Treasury note edged up to 2.05 percent from 2.04 percent late Monday. The yield has been below 2.10 percent all month, a sign of strong demand. Gold rose $3.80 to $1,782.20 an ounce.
In corporate news, sales at Staples Inc. fell short of analysts' expectations, and the company also cut its earnings forecast for the year. Its stock dropped 3.6 percent. Department store chain Saks Inc. rose 1.7 percent after reporting stronger sales. Dell Inc. fell 2 percent in after-hours trading after the company missed Wall Street's revenue forecasts.
Trading volume was light; 3.5 billion shares were traded on the New York Stock Exchange, well below the average of 4.4 billion over the past 200 days.
A day of broad swings in the stock market ended with modest gains Tuesday, as investors balanced an increase in U.S. retail sales with Europe's lingering debt crisis. The Dow Jones industrial average gained 17 points.
The Dow ping-ponged between gains and losses for much of the day. It had been down as many as 78 at noon and up as much as 86 points during a late afternoon rally that fizzled just before the market closed.
Technology stocks had the biggest gains. Intel Corp. rose 2.9 percent a day after Warren Buffett revealed that his company, Berkshire Hathaway Inc., had bought a stake in the company. Hewlett-Packard Co. rose 3.4 percent, the most among the 30 stocks in the Dow.
Americans spent more on autos, electronics and building supplies in October, raising retail sales for a fifth straight month. Sales increased 0.5 percent from the previous month, a faster rate than economists expected and the latest indication that the U.S. economy is likely to avoid another recession.
The retail sales report helped the U.S. stock market "show a certain degree of resilience in the wake of the negative headlines out of Europe," said Todd Salamone, director of research at Schaeffer's Investment Research.
But Europe's debt woes continued to weigh on markets. Higher interest rates on government debt issued by Italy, Spain and other countries rattled European stock markets Tuesday. The interest rate on Italy's 10-year bond jumped back above 7 percent, a dangerously high level. When that rate crossed the 7 percent threshold last week, it raised worries about Italy's ability to manage its debts. Greece, Ireland and Portugal had to get rescued by international lenders when their borrowing rates crossed the same level.
The Dow rose 17.18 points, or 0.1 percent, to 12,096.16. The S&P 500 gained 6.02, or 0.5 percent, to 1,257.81. The Nasdaq added 28.98, or 1.1 percent, to 2,686.20.
The NYSE DOW NYSE DOW closed +17.18 points HIGHER or +0.14% on Tuesday November 15
Sym .......Last .......Change..........
Dow 12,096.16 +17.18 +0.14%
Nasdaq 2,686.20 +28.98 +1.09%
S&P 500 1,257.81006 +6.03 +0.48%
30-yr Bond 3.10 +0.00 +0.16%
NYSE Volume 3,601,243.00
Nasdaq Volume 1,709,014.75
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,517.44 -1.60 -0.03%
CAC 40 3,049.13 -59.82 -1.92%
DAX 5,933.14 -51.88 -0.87%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,351.50 -17.60 -0.40%
Shanghai Comp 2,529.76 +1.05 +0.04%
Taiwan Wei... 7,491.06 -34.59 -0.46%
NIKKEI 225 8,541.93 -61.77 -0.72%
STI 2,811.58 -18.56 -0.66%
HANG SENG INDEX 19,348.44 -159.74 -0.82%
http://finance.yahoo.com/news/stock...RhaWQDBHBzdGNhdANuZXdzBHB0A3NlY3Rpb25z;_ylv=3
Stocks edge higher on retail gains; Dow rises 17
Dow, S&P notch modest gains after retail sales surprise; Intel, other tech stocks gain most
By David k. Randall, AP Business Writers
NEW YORK (AP) -- A day of broad swings in the stock market ended with modest gains Tuesday, as investors balanced an increase in U.S. retail sales with Europe's lingering debt crisis. The Dow Jones industrial average gained 17 points.
The Dow ping-ponged between gains and losses for much of the day. It had been down as many as 78 at noon and up as much as 86 points during a late afternoon rally that fizzled just before the market closed.
Technology stocks had the biggest gains. Intel Corp. rose 2.9 percent a day after Warren Buffett revealed that his company, Berkshire Hathaway Inc., had bought a stake in the company. Hewlett-Packard Co. rose 3.4 percent, the most among the 30 stocks in the Dow.
Americans spent more on autos, electronics and building supplies in October, raising retail sales for a fifth straight month. Sales increased 0.5 percent from the previous month, a faster rate than economists expected and the latest indication that the U.S. economy is likely to avoid another recession.
The retail sales report helped the U.S. stock market "show a certain degree of resilience in the wake of the negative headlines out of Europe," said Todd Salamone, director of research at Schaeffer's Investment Research.
But Europe's debt woes continued to weigh on markets. Higher interest rates on government debt issued by Italy, Spain and other countries rattled European stock markets Tuesday. The interest rate on Italy's 10-year bond jumped back above 7 percent, a dangerously high level. When that rate crossed the 7 percent threshold last week, it raised worries about Italy's ability to manage its debts. Greece, Ireland and Portugal had to get rescued by international lenders when their borrowing rates crossed the same level.
The Dow rose 17.18 points, or 0.1 percent, to 12,096.16. The S&P 500 gained 6.02, or 0.5 percent, to 1,257.81. The Nasdaq added 28.98, or 1.1 percent, to 2,686.20.
The prices of assets commonly used as havens from market turmoil, like U.S. government debt and gold, held steady. The yield on the benchmark 10-year Treasury note edged up to 2.05 percent from 2.04 percent late Monday. The yield has been below 2.10 percent all month, a sign of strong demand. Gold rose $3.80 to $1,782.20 an ounce.
In corporate news, sales at Staples Inc. fell short of analysts' expectations, and the company also cut its earnings forecast for the year. Its stock dropped 3.6 percent. Department store chain Saks Inc. rose 1.7 percent after reporting stronger sales. Dell Inc. fell 2 percent in after-hours trading after the company missed Wall Street's revenue forecasts.
Trading volume was light; 3.5 billion shares were traded on the New York Stock Exchange, well below the average of 4.4 billion over the past 200 days.
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bigdog
Retired many years ago
- Joined
- 19 July 2006
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Source: http://finance.yahoo.com
A warning from Fitch Ratings that large U.S. banks could be hit hard if Europe's debt crisis spreads sent stocks on a downward spiral late Wednesday.
U.S. indexes were moving between small gains and losses before Fitch released its report around 3:15 p.m. Eastern time. The Dow was down just 36 points with an hour of trading left, then plunged to end the day down 190.
Fitch, one of the three main credit ratings agencies besides S&P and Moody's, said in its report that U.S. banks could be "greatly affected" if Europe's debt crisis continues to spread beyond the financially distressed countries of like Greece, Ireland, Italy, Portugal and Spain.
Large banks took a late afternoon dive. Bank of America Corp. and JPMorgan Chase & Co. each lost 3.7 percent. Goldman Sachs dropped 4.1 percent and Morgan Stanley 7.9 percent.
"This is a long-running, slow developing story," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. U.S. stocks had rallied in the past week as new governments took over in Greece and Italy and promised to implement budget reforms. It's a familiar pattern, Ablin said. "It seems like it's always one step forward and two steps back."
The Dow Jones industrial average closed at 11,905.59, a loss of 190.57, or 1.6 percent. It was the Dow's first close below 12,000 since last Thursday.
The Standard & Poor's 500 index fell 20.89 points, or 1.7 percent, to 1,236.92. The Nasdaq composite lost 46.59, or 1.7 percent, to 2,639.61.
Concerns that the debt troubles of Greece and Italy could spread have been driving the borrowing rates of France higher on bond markets since the beginning of November. The benchmark borrowing rate on France's 10-year bonds was just 2.54 percent on Oct. 5 but has risen steadily since then, reaching 3.69 percent Wednesday. That's a sign investors worry that France might be in danger of losing its top-drawer triple-A credit rating.
The NYSE DOW NYSE DOW closed -190.57 points LOWER or -1.58% on Wednesday November 16
Sym .......Last .......Change..........
Dow 11,905.59 -190.57 -1.58%
Nasdaq 2,639.61 -46.59 -1.73%
S&P 500 1,236.91 -20.90 -1.66%
30-yr Bond 3.0600% -0.0420
NYSE Volume 4,035,975,750
Nasdaq Volume 1,957,676,750
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,509.02 -8.42 -0.15%
CAC 40 3,064.90 +15.77 +0.52%
DAX 5,913.36 -19.78 -0.33%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,313.80 -37.70 -0.87%
Shanghai Comp 2,466.96 -62.80 -2.48%
Taiwan Wei... 7,387.52 -103.54 -1.38
Nikkei 225 8,463.16 -78.77 -0.92%
Hang Seng 18,960.90 -387.54 -2.00%
Straits Times 2,807.44 -4.14 -0.15%
http://finance.yahoo.com/news/Stocks-sink-Fitch-warns-US-apf-3392363806.html?x=0&l=1
Stocks sink after Fitch warns on US bank exposure
Stocks take a late slide as a Fitch report on US bank exposure sets off more Europe jitters
By David k. Randall, AP Business Writer
NEW YORK (AP) -- A warning from Fitch Ratings that large U.S. banks could be hit hard if Europe's debt crisis spreads sent stocks on a downward spiral late Wednesday.
U.S. indexes were moving between small gains and losses before Fitch released its report around 3:15 p.m. Eastern time. The Dow was down just 36 points with an hour of trading left, then plunged to end the day down 190.
Fitch, one of the three main credit ratings agencies besides S&P and Moody's, said in its report that U.S. banks could be "greatly affected" if Europe's debt crisis continues to spread beyond the financially distressed countries of like Greece, Ireland, Italy, Portugal and Spain.
Large banks took a late afternoon dive. Bank of America Corp. and JPMorgan Chase & Co. each lost 3.7 percent. Goldman Sachs dropped 4.1 percent and Morgan Stanley 7.9 percent.
"This is a long-running, slow developing story," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. U.S. stocks had rallied in the past week as new governments took over in Greece and Italy and promised to implement budget reforms. It's a familiar pattern, Ablin said. "It seems like it's always one step forward and two steps back."
The Dow Jones industrial average closed at 11,905.59, a loss of 190.57, or 1.6 percent. It was the Dow's first close below 12,000 since last Thursday.
The Standard & Poor's 500 index fell 20.89 points, or 1.7 percent, to 1,236.92. The Nasdaq composite lost 46.59, or 1.7 percent, to 2,639.61.
Concerns that the debt troubles of Greece and Italy could spread have been driving the borrowing rates of France higher on bond markets since the beginning of November. The benchmark borrowing rate on France's 10-year bonds was just 2.54 percent on Oct. 5 but has risen steadily since then, reaching 3.69 percent Wednesday. That's a sign investors worry that France might be in danger of losing its top-drawer triple-A credit rating.
For the moment, Fitch said the risks to U.S. banks from Europe appeared to be "manageable," however investors have been quick to respond to even seemingly minor negative news about how Europe's debt woes might affect the rest of the global financial system.
Fitch said the top five U.S. banks have a total of $114 billion in loans, deposits and other assets tied to French banks. French banks are also large holders of bonds issued by Greece and Italy.
Stock indexes had wavered between gains and losses earlier Wednesday as the price of oil crossed above $100 a barrel for the first time since July.
The jump in the price of crude could weaken the already U.S. fragile economy by raising costs for gasoline, heating oil and airline fuel. Oil futures jumped 3 percent to $102 a barrel as U.S. supplies dropped and a new pipeline deal by a Canadian company threatened to cut them even more.
U.S. economic reports were mixed. Output at the nation's factories, utilities and mines rose at the fastest pace in three months in October, the Federal Reserve said. Production of autos and parts surged 3.1 percent.
Consumer prices largely held steady last month. The Consumer Price Index dropped 0.1 percent in October, led by a steep decline in gas prices. An index of builder sentiment rose to the highest level since May 2010, but is still well below a level consistent with a strong housing market.
In corporate news, Abercrombie & Fitch Co. plunged 13.6 percent after the company reported earnings that fell far short of Wall Street's expectations. The company said rising costs for cotton and other commodities cut into profits.
Dell Inc. dropped 3.2 percent after the company said late Tuesday that its revenues will be held back by an industry-wide shortage of hard drives.
A warning from Fitch Ratings that large U.S. banks could be hit hard if Europe's debt crisis spreads sent stocks on a downward spiral late Wednesday.
U.S. indexes were moving between small gains and losses before Fitch released its report around 3:15 p.m. Eastern time. The Dow was down just 36 points with an hour of trading left, then plunged to end the day down 190.
Fitch, one of the three main credit ratings agencies besides S&P and Moody's, said in its report that U.S. banks could be "greatly affected" if Europe's debt crisis continues to spread beyond the financially distressed countries of like Greece, Ireland, Italy, Portugal and Spain.
Large banks took a late afternoon dive. Bank of America Corp. and JPMorgan Chase & Co. each lost 3.7 percent. Goldman Sachs dropped 4.1 percent and Morgan Stanley 7.9 percent.
"This is a long-running, slow developing story," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. U.S. stocks had rallied in the past week as new governments took over in Greece and Italy and promised to implement budget reforms. It's a familiar pattern, Ablin said. "It seems like it's always one step forward and two steps back."
The Dow Jones industrial average closed at 11,905.59, a loss of 190.57, or 1.6 percent. It was the Dow's first close below 12,000 since last Thursday.
The Standard & Poor's 500 index fell 20.89 points, or 1.7 percent, to 1,236.92. The Nasdaq composite lost 46.59, or 1.7 percent, to 2,639.61.
Concerns that the debt troubles of Greece and Italy could spread have been driving the borrowing rates of France higher on bond markets since the beginning of November. The benchmark borrowing rate on France's 10-year bonds was just 2.54 percent on Oct. 5 but has risen steadily since then, reaching 3.69 percent Wednesday. That's a sign investors worry that France might be in danger of losing its top-drawer triple-A credit rating.
The NYSE DOW NYSE DOW closed -190.57 points LOWER or -1.58% on Wednesday November 16
Sym .......Last .......Change..........
Dow 11,905.59 -190.57 -1.58%
Nasdaq 2,639.61 -46.59 -1.73%
S&P 500 1,236.91 -20.90 -1.66%
30-yr Bond 3.0600% -0.0420
NYSE Volume 4,035,975,750
Nasdaq Volume 1,957,676,750
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,509.02 -8.42 -0.15%
CAC 40 3,064.90 +15.77 +0.52%
DAX 5,913.36 -19.78 -0.33%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,313.80 -37.70 -0.87%
Shanghai Comp 2,466.96 -62.80 -2.48%
Taiwan Wei... 7,387.52 -103.54 -1.38
Nikkei 225 8,463.16 -78.77 -0.92%
Hang Seng 18,960.90 -387.54 -2.00%
Straits Times 2,807.44 -4.14 -0.15%
http://finance.yahoo.com/news/Stocks-sink-Fitch-warns-US-apf-3392363806.html?x=0&l=1
Stocks sink after Fitch warns on US bank exposure
Stocks take a late slide as a Fitch report on US bank exposure sets off more Europe jitters
By David k. Randall, AP Business Writer
NEW YORK (AP) -- A warning from Fitch Ratings that large U.S. banks could be hit hard if Europe's debt crisis spreads sent stocks on a downward spiral late Wednesday.
U.S. indexes were moving between small gains and losses before Fitch released its report around 3:15 p.m. Eastern time. The Dow was down just 36 points with an hour of trading left, then plunged to end the day down 190.
Fitch, one of the three main credit ratings agencies besides S&P and Moody's, said in its report that U.S. banks could be "greatly affected" if Europe's debt crisis continues to spread beyond the financially distressed countries of like Greece, Ireland, Italy, Portugal and Spain.
Large banks took a late afternoon dive. Bank of America Corp. and JPMorgan Chase & Co. each lost 3.7 percent. Goldman Sachs dropped 4.1 percent and Morgan Stanley 7.9 percent.
"This is a long-running, slow developing story," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. U.S. stocks had rallied in the past week as new governments took over in Greece and Italy and promised to implement budget reforms. It's a familiar pattern, Ablin said. "It seems like it's always one step forward and two steps back."
The Dow Jones industrial average closed at 11,905.59, a loss of 190.57, or 1.6 percent. It was the Dow's first close below 12,000 since last Thursday.
The Standard & Poor's 500 index fell 20.89 points, or 1.7 percent, to 1,236.92. The Nasdaq composite lost 46.59, or 1.7 percent, to 2,639.61.
Concerns that the debt troubles of Greece and Italy could spread have been driving the borrowing rates of France higher on bond markets since the beginning of November. The benchmark borrowing rate on France's 10-year bonds was just 2.54 percent on Oct. 5 but has risen steadily since then, reaching 3.69 percent Wednesday. That's a sign investors worry that France might be in danger of losing its top-drawer triple-A credit rating.
For the moment, Fitch said the risks to U.S. banks from Europe appeared to be "manageable," however investors have been quick to respond to even seemingly minor negative news about how Europe's debt woes might affect the rest of the global financial system.
Fitch said the top five U.S. banks have a total of $114 billion in loans, deposits and other assets tied to French banks. French banks are also large holders of bonds issued by Greece and Italy.
Stock indexes had wavered between gains and losses earlier Wednesday as the price of oil crossed above $100 a barrel for the first time since July.
The jump in the price of crude could weaken the already U.S. fragile economy by raising costs for gasoline, heating oil and airline fuel. Oil futures jumped 3 percent to $102 a barrel as U.S. supplies dropped and a new pipeline deal by a Canadian company threatened to cut them even more.
U.S. economic reports were mixed. Output at the nation's factories, utilities and mines rose at the fastest pace in three months in October, the Federal Reserve said. Production of autos and parts surged 3.1 percent.
Consumer prices largely held steady last month. The Consumer Price Index dropped 0.1 percent in October, led by a steep decline in gas prices. An index of builder sentiment rose to the highest level since May 2010, but is still well below a level consistent with a strong housing market.
In corporate news, Abercrombie & Fitch Co. plunged 13.6 percent after the company reported earnings that fell far short of Wall Street's expectations. The company said rising costs for cotton and other commodities cut into profits.
Dell Inc. dropped 3.2 percent after the company said late Tuesday that its revenues will be held back by an industry-wide shortage of hard drives.
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bigdog
Retired many years ago
- Joined
- 19 July 2006
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Source: http://finance.yahoo.com
A spike in borrowing costs for the Spanish government renewed worries about Europe's debt crisis and pushed stocks lower for the second day in a row.
A stalemate in Congress over cutting the budget deficit also pulled the market down Thursday. Technology stocks sank after NetApp and Applied Materials predicted weaker earnings.
In Spain, an auction of 10-year bonds left the country paying interest rates of nearly 7 percent, the highest rate since 1997. Economists see that level as unsustainable because it would make the interest payments on Spain's debt so high that the government would barely be able to afford them. Greece and Ireland were forced to seek rescue loans from the European Union after their bond yields jumped above the same level.
Concerns about Europe's debt crisis overshadowed better economic reports in the U.S. The number of people seeking unemployment benefits last week fell to the lowest level in 7 months, a sign layoffs are easing.
"The economic data in the U.S. has been improving," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Conn. "If it weren't for Europe, I think equity markets would be doing much better right now."
The Dow Jones industrial average dropped 134.86 points, or 1.1 percent, to close at 11,770.73. The index wavered most of the morning, then turned sharply lower shortly after noon. It fell as many as 229 points at 2:30 p.m.
Spain has more than twice the amount of debt as Greece and Ireland combined, which would make it difficult for other countries to rescue. Like Italy, whose main borrowing rate also spiked above 7 percent in the last week, the country is trying to pay down its debts as its economy slows.
The NYSE DOW NYSE DOW closed -134.86 points LOWER or -1.13% on Thursday November 17
Sym .......Last .......Change..........
Dow 11,770.73 -134.86 -1.13%
Nasdaq 2,587.99 -51.62 -1.96%
S&P 500 1,216.13 -20.78 -1.68%
30-yr Bond 2.9750 % -0.08
NYSE Volume 4,596,486,000
Nasdaq Volume 2,225,310,000
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,423.14 -85.88 -1.56%
CAC 40 3,010.29 -54.61 -1.78%
DAX 5,850.17 -63.19 -1.07%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,324.10 +10.30 +0.24%
Shanghai Comp 2,463.05 -3.91 -0.16%
Taiwan Wei... 7,387.81 +0.29 +0.00%
Nikkei 225 8,479.63 +16.47 +0.19%
Hang Seng 18,817.47 -143.43 -0.76%
STI 2,778.25 -29.19 -1.04%
http://finance.yahoo.com/news/Stocks-sink-Spain-becomes-apf-2590190128.html?x=0&l=1
Stocks sink; Spain becomes latest worry in Europe
Indexes sink in the afternoon; Spiking bond yields in Spain renew worries about European debt
By David k. Randall, AP Business Writers
NEW YORK (AP) -- A spike in borrowing costs for the Spanish government renewed worries about Europe's debt crisis and pushed stocks lower for the second day in a row.
A stalemate in Congress over cutting the budget deficit also pulled the market down Thursday. Technology stocks sank after NetApp and Applied Materials predicted weaker earnings.
In Spain, an auction of 10-year bonds left the country paying interest rates of nearly 7 percent, the highest rate since 1997. Economists see that level as unsustainable because it would make the interest payments on Spain's debt so high that the government would barely be able to afford them. Greece and Ireland were forced to seek rescue loans from the European Union after their bond yields jumped above the same level.
Concerns about Europe's debt crisis overshadowed better economic reports in the U.S. The number of people seeking unemployment benefits last week fell to the lowest level in 7 months, a sign layoffs are easing.
"The economic data in the U.S. has been improving," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Conn. "If it weren't for Europe, I think equity markets would be doing much better right now."
The Dow Jones industrial average dropped 134.86 points, or 1.1 percent, to close at 11,770.73. The index wavered most of the morning, then turned sharply lower shortly after noon. It fell as many as 229 points at 2:30 p.m.
Spain has more than twice the amount of debt as Greece and Ireland combined, which would make it difficult for other countries to rescue. Like Italy, whose main borrowing rate also spiked above 7 percent in the last week, the country is trying to pay down its debts as its economy slows.
The Spanish bond auction came a day after Fitch Ratings warned that major U.S. banks could be "greatly affected" if Europe's debt crisis continues to spread beyond the financially troubled Greece, Ireland, Portugal, Italy and Spain.
Another looming concern for investors is that a Congressional supercomittee will fail to agree on $1.2 trillion in budget cuts before a Nov. 23 deadline. If they don't, huge cuts to government spending are scheduled to kick in across the board.
"I get the impression we're watching a slow-motion train wreck," said Phil Orlando, chief equity market strategist at Federated Investors.
The Standard & Poor's 500 index lost 20.75, or 1.7 percent, to 1,216.16. The index fell below its average over the past 100 days. That's a bearish signal because many traders wait until indexes fall below such technical levels before deciding to unload their positions.
Technology stocks fell more than the rest of the market. The Nasdaq slid 51.62, or 2 percent, to 2,587.99. All three major indexes are now down more than 3 percent for the week.
NetApp Inc. plunged 12.3 percent, the most in the S&P 500 index, after the data storage company forecast earnings below Wall Street's estimates. Applied Materials Inc. also said its earnings for the current quarter would be weaker than analysts' forecasts. The stock fell 7.5 percent.
In corporate news:
”” Consumer review site Angie's List soared 25 percent on the company's first day of trading. Angie's List Inc., which runs reviews of veterinarians, plumbers and other local services, priced its initial public offering of 8.8 million shares at $13 late Wednesday.
”” The mutual fund company Legg Mason Inc. said the well-known money manager Bill Miller will step down from its flagship mutual fund next year. Legg Mason's stock dropped 2.8 percent.
”” Sears Holdings Corp. fell 4.6 percent after its third-quarter results missed Wall Street's expectations. The retailer's sales were dragged down by declining consumer electronics sales and softer sales at its Kmart stores.
”” J.M. Smucker Co. lost 1.8 percent after reporting that rising costs for ingredients were cutting into profits.
A spike in borrowing costs for the Spanish government renewed worries about Europe's debt crisis and pushed stocks lower for the second day in a row.
A stalemate in Congress over cutting the budget deficit also pulled the market down Thursday. Technology stocks sank after NetApp and Applied Materials predicted weaker earnings.
In Spain, an auction of 10-year bonds left the country paying interest rates of nearly 7 percent, the highest rate since 1997. Economists see that level as unsustainable because it would make the interest payments on Spain's debt so high that the government would barely be able to afford them. Greece and Ireland were forced to seek rescue loans from the European Union after their bond yields jumped above the same level.
Concerns about Europe's debt crisis overshadowed better economic reports in the U.S. The number of people seeking unemployment benefits last week fell to the lowest level in 7 months, a sign layoffs are easing.
"The economic data in the U.S. has been improving," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Conn. "If it weren't for Europe, I think equity markets would be doing much better right now."
The Dow Jones industrial average dropped 134.86 points, or 1.1 percent, to close at 11,770.73. The index wavered most of the morning, then turned sharply lower shortly after noon. It fell as many as 229 points at 2:30 p.m.
Spain has more than twice the amount of debt as Greece and Ireland combined, which would make it difficult for other countries to rescue. Like Italy, whose main borrowing rate also spiked above 7 percent in the last week, the country is trying to pay down its debts as its economy slows.
The NYSE DOW NYSE DOW closed -134.86 points LOWER or -1.13% on Thursday November 17
Sym .......Last .......Change..........
Dow 11,770.73 -134.86 -1.13%
Nasdaq 2,587.99 -51.62 -1.96%
S&P 500 1,216.13 -20.78 -1.68%
30-yr Bond 2.9750 % -0.08
NYSE Volume 4,596,486,000
Nasdaq Volume 2,225,310,000
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,423.14 -85.88 -1.56%
CAC 40 3,010.29 -54.61 -1.78%
DAX 5,850.17 -63.19 -1.07%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,324.10 +10.30 +0.24%
Shanghai Comp 2,463.05 -3.91 -0.16%
Taiwan Wei... 7,387.81 +0.29 +0.00%
Nikkei 225 8,479.63 +16.47 +0.19%
Hang Seng 18,817.47 -143.43 -0.76%
STI 2,778.25 -29.19 -1.04%
http://finance.yahoo.com/news/Stocks-sink-Spain-becomes-apf-2590190128.html?x=0&l=1
Stocks sink; Spain becomes latest worry in Europe
Indexes sink in the afternoon; Spiking bond yields in Spain renew worries about European debt
By David k. Randall, AP Business Writers
NEW YORK (AP) -- A spike in borrowing costs for the Spanish government renewed worries about Europe's debt crisis and pushed stocks lower for the second day in a row.
A stalemate in Congress over cutting the budget deficit also pulled the market down Thursday. Technology stocks sank after NetApp and Applied Materials predicted weaker earnings.
In Spain, an auction of 10-year bonds left the country paying interest rates of nearly 7 percent, the highest rate since 1997. Economists see that level as unsustainable because it would make the interest payments on Spain's debt so high that the government would barely be able to afford them. Greece and Ireland were forced to seek rescue loans from the European Union after their bond yields jumped above the same level.
Concerns about Europe's debt crisis overshadowed better economic reports in the U.S. The number of people seeking unemployment benefits last week fell to the lowest level in 7 months, a sign layoffs are easing.
"The economic data in the U.S. has been improving," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Conn. "If it weren't for Europe, I think equity markets would be doing much better right now."
The Dow Jones industrial average dropped 134.86 points, or 1.1 percent, to close at 11,770.73. The index wavered most of the morning, then turned sharply lower shortly after noon. It fell as many as 229 points at 2:30 p.m.
Spain has more than twice the amount of debt as Greece and Ireland combined, which would make it difficult for other countries to rescue. Like Italy, whose main borrowing rate also spiked above 7 percent in the last week, the country is trying to pay down its debts as its economy slows.
The Spanish bond auction came a day after Fitch Ratings warned that major U.S. banks could be "greatly affected" if Europe's debt crisis continues to spread beyond the financially troubled Greece, Ireland, Portugal, Italy and Spain.
Another looming concern for investors is that a Congressional supercomittee will fail to agree on $1.2 trillion in budget cuts before a Nov. 23 deadline. If they don't, huge cuts to government spending are scheduled to kick in across the board.
"I get the impression we're watching a slow-motion train wreck," said Phil Orlando, chief equity market strategist at Federated Investors.
The Standard & Poor's 500 index lost 20.75, or 1.7 percent, to 1,216.16. The index fell below its average over the past 100 days. That's a bearish signal because many traders wait until indexes fall below such technical levels before deciding to unload their positions.
Technology stocks fell more than the rest of the market. The Nasdaq slid 51.62, or 2 percent, to 2,587.99. All three major indexes are now down more than 3 percent for the week.
NetApp Inc. plunged 12.3 percent, the most in the S&P 500 index, after the data storage company forecast earnings below Wall Street's estimates. Applied Materials Inc. also said its earnings for the current quarter would be weaker than analysts' forecasts. The stock fell 7.5 percent.
In corporate news:
”” Consumer review site Angie's List soared 25 percent on the company's first day of trading. Angie's List Inc., which runs reviews of veterinarians, plumbers and other local services, priced its initial public offering of 8.8 million shares at $13 late Wednesday.
”” The mutual fund company Legg Mason Inc. said the well-known money manager Bill Miller will step down from its flagship mutual fund next year. Legg Mason's stock dropped 2.8 percent.
”” Sears Holdings Corp. fell 4.6 percent after its third-quarter results missed Wall Street's expectations. The retailer's sales were dragged down by declining consumer electronics sales and softer sales at its Kmart stores.
”” J.M. Smucker Co. lost 1.8 percent after reporting that rising costs for ingredients were cutting into profits.
Attachments
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
Source: http://finance.yahoo.com
U.S. stock indexes mostly rose early Friday on a strong report on future economic activity and signals that fiscal pressure on some European countries is easing.
The Conference Board said its index of leading economic indicators rose 0.9 percent last month, better than Wall Street estimates and the 0.1 percent increase it had in September.
Borrowing costs for Italy and Spain declined, a signal that bond investors are less fearful of a default by those countries.
The Dow Jones industrial average rose 29 points, or 0.3 percent, to 11,800 in the first half-hour of trading. The Standard & Poor's 500 index rose 2, or 0.1 percent, to 1,218. The Nasdaq composite index fell 6, or 0.2 percent, to 2,582.
Spain and Italy have had to pay high interest rates because bondholders fear that that they will default. Holders of Greek bonds were all but forced to take steep losses on that nation's debt.
Fears about the European crisis sent stocks lower this week. Even nations with relatively strong finances, such as France, are being forced to pay higher interest rates.
Uncertainty about Europe persisted on Friday after comments by German and British leaders suggested that they have divergent views on how to address the debt crisis. German Chancellor Angela Merkel cautioned against expecting too much from the region's leaders. British Prime Minister David Cameron called for "decisive action" to shore up the struggling currency union.
The NYSE DOW NYSE DOW closed +25.43 points HIGHER or +0.22% on Friday November 18
Sym .......Last .......Change..........
Dow 11,796.16 +25.43 +0.22%
Nasdaq 2,572.50 -15.49 -0.60%
S&P 500 1,215.65 -0.48 -0.04%
30-yr Bond 3.0000% +0.0210
NYSE Volume 3,827,603,250
Nasdaq Volume 1,757,468,000
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,362.94 -60.20 -1.11%
DAX 5,800.24 -49.93 -0.85%
CAC 40 2,997.01 -13.28 -0.44%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,246.70 -77.40 -1.79%
Shanghai Comp 2,416.56 -46.48 -1.89%
Taiwan Wei... 7,233.78 -154.03 -2.08%
Nikkei 225 8,374.91 -104.72 -1.23%
Hang Seng 18,491.23 -326.24 -1.73%
Straits Times 2,730.34 -47.91 -1.72%
http://finance.yahoo.com/news/stocks-mostly-rise-mixed-signals-152045349.html
Stocks mostly rise; mixed signals from Europe
US stocks open mixed as pressure on Italy, Spain eases; solution for Europe remains elusive
By Daniel Wagner, AP Business Writer
U.S. stock indexes mostly rose early Friday on a strong report on future economic activity and signals that fiscal pressure on some European countries is easing.
The Conference Board said its index of leading economic indicators rose 0.9 percent last month, better than Wall Street estimates and the 0.1 percent increase it had in September.
Borrowing costs for Italy and Spain declined, a signal that bond investors are less fearful of a default by those countries.
The Dow Jones industrial average rose 29 points, or 0.3 percent, to 11,800 in the first half-hour of trading. The Standard & Poor's 500 index rose 2, or 0.1 percent, to 1,218. The Nasdaq composite index fell 6, or 0.2 percent, to 2,582.
Spain and Italy have had to pay high interest rates because bondholders fear that that they will default. Holders of Greek bonds were all but forced to take steep losses on that nation's debt.
Fears about the European crisis sent stocks lower this week. Even nations with relatively strong finances, such as France, are being forced to pay higher interest rates.
Uncertainty about Europe persisted on Friday after comments by German and British leaders suggested that they have divergent views on how to address the debt crisis. German Chancellor Angela Merkel cautioned against expecting too much from the region's leaders. British Prime Minister David Cameron called for "decisive action" to shore up the struggling currency union.
News from Europe has generally overshadowed stronger economic news in the U.S. Far fewer people applied for unemployment benefits last week, the government said Thursday. Factory output in October rose by the most since July.
European stocks fell in volatile trading after a week of political and financial upheaval caused by the debt crisis. The regional Stoxx 50 index lost 0.9 percent, and London's FTSE 100 fell 1.2 percent. Italy's FTSE MIB was nearly flat, reversing earlier gains.
European stocks have been battered by fears that Spain and Italy will succumb to the same pressures that forced Greece, Ireland and Portugal to accept international bailouts. Greece's lenders were all but forced to write off half the value of Greek bonds that they hold.
The island nation of Cyprus said Friday that it will need a bailout from European neighbors unless its government can pass much-tougher spending cuts and tax hikes.
Traders fear the more countries will follow Greece into default. Borrowing costs for Italy and Spain are as approaching levels that forced smaller nations to accept bailouts. Many fear that international lenders lack the resources or political will to bail out nations as large as Italy and Spain.
Europe's economy is barely growing, and might already be in recession. Governments there have imposed steep austerity measures to reduce their crippling debts. As governments spend less, the economic situation grows more dire.
Ketchup maker H.J. Heinz Co. fell 2.5 percent after it said its second-quarter net income fell almost 6 percent, although its adjusted results narrowly beat expectations. Sales in emerging markets remained strong, and price hikes in other areas helped offset lower volumes.
8883
U.S. stock indexes mostly rose early Friday on a strong report on future economic activity and signals that fiscal pressure on some European countries is easing.
The Conference Board said its index of leading economic indicators rose 0.9 percent last month, better than Wall Street estimates and the 0.1 percent increase it had in September.
Borrowing costs for Italy and Spain declined, a signal that bond investors are less fearful of a default by those countries.
The Dow Jones industrial average rose 29 points, or 0.3 percent, to 11,800 in the first half-hour of trading. The Standard & Poor's 500 index rose 2, or 0.1 percent, to 1,218. The Nasdaq composite index fell 6, or 0.2 percent, to 2,582.
Spain and Italy have had to pay high interest rates because bondholders fear that that they will default. Holders of Greek bonds were all but forced to take steep losses on that nation's debt.
Fears about the European crisis sent stocks lower this week. Even nations with relatively strong finances, such as France, are being forced to pay higher interest rates.
Uncertainty about Europe persisted on Friday after comments by German and British leaders suggested that they have divergent views on how to address the debt crisis. German Chancellor Angela Merkel cautioned against expecting too much from the region's leaders. British Prime Minister David Cameron called for "decisive action" to shore up the struggling currency union.
The NYSE DOW NYSE DOW closed +25.43 points HIGHER or +0.22% on Friday November 18
Sym .......Last .......Change..........
Dow 11,796.16 +25.43 +0.22%
Nasdaq 2,572.50 -15.49 -0.60%
S&P 500 1,215.65 -0.48 -0.04%
30-yr Bond 3.0000% +0.0210
NYSE Volume 3,827,603,250
Nasdaq Volume 1,757,468,000
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,362.94 -60.20 -1.11%
DAX 5,800.24 -49.93 -0.85%
CAC 40 2,997.01 -13.28 -0.44%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,246.70 -77.40 -1.79%
Shanghai Comp 2,416.56 -46.48 -1.89%
Taiwan Wei... 7,233.78 -154.03 -2.08%
Nikkei 225 8,374.91 -104.72 -1.23%
Hang Seng 18,491.23 -326.24 -1.73%
Straits Times 2,730.34 -47.91 -1.72%
http://finance.yahoo.com/news/stocks-mostly-rise-mixed-signals-152045349.html
Stocks mostly rise; mixed signals from Europe
US stocks open mixed as pressure on Italy, Spain eases; solution for Europe remains elusive
By Daniel Wagner, AP Business Writer
U.S. stock indexes mostly rose early Friday on a strong report on future economic activity and signals that fiscal pressure on some European countries is easing.
The Conference Board said its index of leading economic indicators rose 0.9 percent last month, better than Wall Street estimates and the 0.1 percent increase it had in September.
Borrowing costs for Italy and Spain declined, a signal that bond investors are less fearful of a default by those countries.
The Dow Jones industrial average rose 29 points, or 0.3 percent, to 11,800 in the first half-hour of trading. The Standard & Poor's 500 index rose 2, or 0.1 percent, to 1,218. The Nasdaq composite index fell 6, or 0.2 percent, to 2,582.
Spain and Italy have had to pay high interest rates because bondholders fear that that they will default. Holders of Greek bonds were all but forced to take steep losses on that nation's debt.
Fears about the European crisis sent stocks lower this week. Even nations with relatively strong finances, such as France, are being forced to pay higher interest rates.
Uncertainty about Europe persisted on Friday after comments by German and British leaders suggested that they have divergent views on how to address the debt crisis. German Chancellor Angela Merkel cautioned against expecting too much from the region's leaders. British Prime Minister David Cameron called for "decisive action" to shore up the struggling currency union.
News from Europe has generally overshadowed stronger economic news in the U.S. Far fewer people applied for unemployment benefits last week, the government said Thursday. Factory output in October rose by the most since July.
European stocks fell in volatile trading after a week of political and financial upheaval caused by the debt crisis. The regional Stoxx 50 index lost 0.9 percent, and London's FTSE 100 fell 1.2 percent. Italy's FTSE MIB was nearly flat, reversing earlier gains.
European stocks have been battered by fears that Spain and Italy will succumb to the same pressures that forced Greece, Ireland and Portugal to accept international bailouts. Greece's lenders were all but forced to write off half the value of Greek bonds that they hold.
The island nation of Cyprus said Friday that it will need a bailout from European neighbors unless its government can pass much-tougher spending cuts and tax hikes.
Traders fear the more countries will follow Greece into default. Borrowing costs for Italy and Spain are as approaching levels that forced smaller nations to accept bailouts. Many fear that international lenders lack the resources or political will to bail out nations as large as Italy and Spain.
Europe's economy is barely growing, and might already be in recession. Governments there have imposed steep austerity measures to reduce their crippling debts. As governments spend less, the economic situation grows more dire.
Ketchup maker H.J. Heinz Co. fell 2.5 percent after it said its second-quarter net income fell almost 6 percent, although its adjusted results narrowly beat expectations. Sales in emerging markets remained strong, and price hikes in other areas helped offset lower volumes.
8883
Attachments
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
Source: http://finance.yahoo.com
The stock market was not exactly surprised that a so-called supercommittee in Congress failed to reach a deal to cut the federal budget deficit. But since summer, investors have sold at the first hint of trouble.
So on Monday, they sold big. The Dow Jones industrial average lost almost 250 points on a day when investors despaired over debt problems at home and abroad.
Members of the special committee, created in August to come up with $1.2 trillion in deficit cuts over 10 years, indicated all day that there would be no deal. After the market closed, the committee's bipartisan leadership made it official.
"They're essentially giving up," said Robert Robis, head of fixed income macro strategies at ING Investment Management.
The supercommittee stalemate is supposed to trigger automatic spending cuts across the government, but there were already hints that Congress would find a way around them. Analysts say that could lead to another downgrade of the U.S. credit rating.
In addition, the failure raises the question of how a gridlocked Congress will find a way to renew a cut in the Social Security tax or agree on whether to extend long-term unemployment benefits.
Congress passed the tax cut last December for one year, and some lawmakers support extending it through 2012 because economic growth remains weak. Both measures would put cash in the pockets of Americans, who can spend it and help the economy grow.
The stalemate also shows lawmakers may not be able to make progress on anything budget-related in the coming months, said Robert Pavlik, chief market strategist with Banyan Partners LLC in New York.
"It shows that there's a bigger problem at hand, and if they can't work to resolve these relatively small yet meaningful issues, what's going to happen if we get into a situation like Europe is in?" he said. "And we're kind of headed there."
The result was another day of heavy selling in a market that has grown used to big swings. The Dow finished down 248.85 points, or 2.1 percent, at 11,547.31. At its low point of the day, the Dow was down 342.
The NYSE DOW NYSE DOW closed -248.85 points LOWER or -2.11% on Monday November 21
Sym .......Last .......Change..........
Dow 11,547.31 -248.85 -2.11%
Nasdaq 2,523.14 -49.36 -1.92%
S&P 500 1,192.98 -22.67 -1.86%
30-yr Bond 2.9400 % -0.0510
NYSE Volume 4,050,063,750
Nasdaq Volume 2,063,252,500
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,222.60 -140.34 -2.62%
DAX 5,606.00 -194.24 -3.35%
CAC 40 2,894.94 -102.07 -3.41%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,233.60 -13.10 -0.31%
Shanghai Comp 2,415.13 -1.43 -0.06%
Taiwan Wei... 7,042.64 -191.14 -2.64%
Nikkei 225 8,348.27 -26.64 -0.32%
Hang Seng 18,225.85 -265.38 -1.44%
Straits Times 2,697.98 -32.36 -1.19%
http://news.yahoo.com/supercommittee-sell-off-dow-loses-almost-250-221442632.html
The supercommittee sell-off: Dow loses almost 250
By DANIEL WAGNER and MATTHEW CRAFT
NEW YORK (AP) — The stock market was not exactly surprised that a so-called supercommittee in Congress failed to reach a deal to cut the federal budget deficit. But since summer, investors have sold at the first hint of trouble.
So on Monday, they sold big. The Dow Jones industrial average lost almost 250 points on a day when investors despaired over debt problems at home and abroad.
Members of the special committee, created in August to come up with $1.2 trillion in deficit cuts over 10 years, indicated all day that there would be no deal. After the market closed, the committee's bipartisan leadership made it official.
"They're essentially giving up," said Robert Robis, head of fixed income macro strategies at ING Investment Management.
The supercommittee stalemate is supposed to trigger automatic spending cuts across the government, but there were already hints that Congress would find a way around them. Analysts say that could lead to another downgrade of the U.S. credit rating.
In addition, the failure raises the question of how a gridlocked Congress will find a way to renew a cut in the Social Security tax or agree on whether to extend long-term unemployment benefits.
Congress passed the tax cut last December for one year, and some lawmakers support extending it through 2012 because economic growth remains weak. Both measures would put cash in the pockets of Americans, who can spend it and help the economy grow.
The stalemate also shows lawmakers may not be able to make progress on anything budget-related in the coming months, said Robert Pavlik, chief market strategist with Banyan Partners LLC in New York.
"It shows that there's a bigger problem at hand, and if they can't work to resolve these relatively small yet meaningful issues, what's going to happen if we get into a situation like Europe is in?" he said. "And we're kind of headed there."
The result was another day of heavy selling in a market that has grown used to big swings. The Dow finished down 248.85 points, or 2.1 percent, at 11,547.31. At its low point of the day, the Dow was down 342.
Volatility seized the stock market in late July, when Congress was wrestling with whether to raise the limit on how much the federal government can borrow.
The Dow rose or fell 100 points or more on 15 trading days in August, 16 in September and 15 in October. Monday was its 10th triple-digit move this month, with six trading days to go.
"People are getting so short-term oriented now that all they know is how to make day trades," he said.
The selling swung the Dow from a gain for the year to a loss, the first time that has happened in a month.
In Europe, Moody's, a prominent ratings agency, warned that France could face a downgrade because the debt crisis in Europe has pushed borrowing costs higher for the French government. For now, France has a rating of AAA, the best.
One European country after another has fallen into crisis because of debt. Wary of the ability of countries to pay back their loans, bond investors have insisted on higher returns on national bonds, pushing borrowing costs to dangerous levels.
Stock indexes fell 3.4 percent in both Germany and France — bigger declines than in the United States. Germany and France are the two largest economies in Europe.
Investors still see American debt as safe, despite the failure of the supercommittee. On Monday, the yield on the benchmark 10-year Treasury note fell to 1.97 percent. It traded at 2.01 percent late Friday.
Bond yields move down when bond prices go up. The higher demand for U.S. bonds Monday was a sign that investors believe in their safety.
The Standard & Poor's 500 index dropped 22.67, or 1.9 percent, to 1,192.98. The S&P 500 fell 3.8 percent last week, its worst since September. The Nasdaq composite index declined 49.36, or 1.9 percent, to 2,523.14.
Last week's steepest falls were Wednesday and Thursday, after Fitch, another ratings agency, warned that the European debt crisis could hit the largest American banks. The S&P 500 is down more than 5 percent for the year. On Nov. 15, it was still up slightly.
The declines Monday were broad. Energy and technology stocks lost the most. All 30 stocks in the Dow average fell, led by Boeing Co. with a 4.7 percent decline. The dollar rose along with U.S. Treasury prices.
Gilead Sciences Inc. stock plunged 9 percent, the most in the S&P 500. The company plans to buy drug developer Pharmasset Inc. for $11 billion. Pharmasset, which has an experimental hepatitis C drug in late-stage clinical trials, jumped almost 85 percent.
Alleghany Corp. fell almost 7 percent after the property and casualty insurer said it had agreed to buy the reinsurance company Transatlantic Holdings Inc. for $3.4 billion. Transatlantic edged up almost 1 percent.
Irish electronics company Cooper Industries PLC bucked the market trend, rising 2.6 percent, after S&P said it will be added to the S&P 500 index. Stocks often rally when they are added to major indexes, because investment funds that mirror the indexes must buy them.
The stock market was not exactly surprised that a so-called supercommittee in Congress failed to reach a deal to cut the federal budget deficit. But since summer, investors have sold at the first hint of trouble.
So on Monday, they sold big. The Dow Jones industrial average lost almost 250 points on a day when investors despaired over debt problems at home and abroad.
Members of the special committee, created in August to come up with $1.2 trillion in deficit cuts over 10 years, indicated all day that there would be no deal. After the market closed, the committee's bipartisan leadership made it official.
"They're essentially giving up," said Robert Robis, head of fixed income macro strategies at ING Investment Management.
The supercommittee stalemate is supposed to trigger automatic spending cuts across the government, but there were already hints that Congress would find a way around them. Analysts say that could lead to another downgrade of the U.S. credit rating.
In addition, the failure raises the question of how a gridlocked Congress will find a way to renew a cut in the Social Security tax or agree on whether to extend long-term unemployment benefits.
Congress passed the tax cut last December for one year, and some lawmakers support extending it through 2012 because economic growth remains weak. Both measures would put cash in the pockets of Americans, who can spend it and help the economy grow.
The stalemate also shows lawmakers may not be able to make progress on anything budget-related in the coming months, said Robert Pavlik, chief market strategist with Banyan Partners LLC in New York.
"It shows that there's a bigger problem at hand, and if they can't work to resolve these relatively small yet meaningful issues, what's going to happen if we get into a situation like Europe is in?" he said. "And we're kind of headed there."
The result was another day of heavy selling in a market that has grown used to big swings. The Dow finished down 248.85 points, or 2.1 percent, at 11,547.31. At its low point of the day, the Dow was down 342.
The NYSE DOW NYSE DOW closed -248.85 points LOWER or -2.11% on Monday November 21
Sym .......Last .......Change..........
Dow 11,547.31 -248.85 -2.11%
Nasdaq 2,523.14 -49.36 -1.92%
S&P 500 1,192.98 -22.67 -1.86%
30-yr Bond 2.9400 % -0.0510
NYSE Volume 4,050,063,750
Nasdaq Volume 2,063,252,500
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,222.60 -140.34 -2.62%
DAX 5,606.00 -194.24 -3.35%
CAC 40 2,894.94 -102.07 -3.41%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,233.60 -13.10 -0.31%
Shanghai Comp 2,415.13 -1.43 -0.06%
Taiwan Wei... 7,042.64 -191.14 -2.64%
Nikkei 225 8,348.27 -26.64 -0.32%
Hang Seng 18,225.85 -265.38 -1.44%
Straits Times 2,697.98 -32.36 -1.19%
http://news.yahoo.com/supercommittee-sell-off-dow-loses-almost-250-221442632.html
The supercommittee sell-off: Dow loses almost 250
By DANIEL WAGNER and MATTHEW CRAFT
NEW YORK (AP) — The stock market was not exactly surprised that a so-called supercommittee in Congress failed to reach a deal to cut the federal budget deficit. But since summer, investors have sold at the first hint of trouble.
So on Monday, they sold big. The Dow Jones industrial average lost almost 250 points on a day when investors despaired over debt problems at home and abroad.
Members of the special committee, created in August to come up with $1.2 trillion in deficit cuts over 10 years, indicated all day that there would be no deal. After the market closed, the committee's bipartisan leadership made it official.
"They're essentially giving up," said Robert Robis, head of fixed income macro strategies at ING Investment Management.
The supercommittee stalemate is supposed to trigger automatic spending cuts across the government, but there were already hints that Congress would find a way around them. Analysts say that could lead to another downgrade of the U.S. credit rating.
In addition, the failure raises the question of how a gridlocked Congress will find a way to renew a cut in the Social Security tax or agree on whether to extend long-term unemployment benefits.
Congress passed the tax cut last December for one year, and some lawmakers support extending it through 2012 because economic growth remains weak. Both measures would put cash in the pockets of Americans, who can spend it and help the economy grow.
The stalemate also shows lawmakers may not be able to make progress on anything budget-related in the coming months, said Robert Pavlik, chief market strategist with Banyan Partners LLC in New York.
"It shows that there's a bigger problem at hand, and if they can't work to resolve these relatively small yet meaningful issues, what's going to happen if we get into a situation like Europe is in?" he said. "And we're kind of headed there."
The result was another day of heavy selling in a market that has grown used to big swings. The Dow finished down 248.85 points, or 2.1 percent, at 11,547.31. At its low point of the day, the Dow was down 342.
Volatility seized the stock market in late July, when Congress was wrestling with whether to raise the limit on how much the federal government can borrow.
The Dow rose or fell 100 points or more on 15 trading days in August, 16 in September and 15 in October. Monday was its 10th triple-digit move this month, with six trading days to go.
"People are getting so short-term oriented now that all they know is how to make day trades," he said.
The selling swung the Dow from a gain for the year to a loss, the first time that has happened in a month.
In Europe, Moody's, a prominent ratings agency, warned that France could face a downgrade because the debt crisis in Europe has pushed borrowing costs higher for the French government. For now, France has a rating of AAA, the best.
One European country after another has fallen into crisis because of debt. Wary of the ability of countries to pay back their loans, bond investors have insisted on higher returns on national bonds, pushing borrowing costs to dangerous levels.
Stock indexes fell 3.4 percent in both Germany and France — bigger declines than in the United States. Germany and France are the two largest economies in Europe.
Investors still see American debt as safe, despite the failure of the supercommittee. On Monday, the yield on the benchmark 10-year Treasury note fell to 1.97 percent. It traded at 2.01 percent late Friday.
Bond yields move down when bond prices go up. The higher demand for U.S. bonds Monday was a sign that investors believe in their safety.
The Standard & Poor's 500 index dropped 22.67, or 1.9 percent, to 1,192.98. The S&P 500 fell 3.8 percent last week, its worst since September. The Nasdaq composite index declined 49.36, or 1.9 percent, to 2,523.14.
Last week's steepest falls were Wednesday and Thursday, after Fitch, another ratings agency, warned that the European debt crisis could hit the largest American banks. The S&P 500 is down more than 5 percent for the year. On Nov. 15, it was still up slightly.
The declines Monday were broad. Energy and technology stocks lost the most. All 30 stocks in the Dow average fell, led by Boeing Co. with a 4.7 percent decline. The dollar rose along with U.S. Treasury prices.
Gilead Sciences Inc. stock plunged 9 percent, the most in the S&P 500. The company plans to buy drug developer Pharmasset Inc. for $11 billion. Pharmasset, which has an experimental hepatitis C drug in late-stage clinical trials, jumped almost 85 percent.
Alleghany Corp. fell almost 7 percent after the property and casualty insurer said it had agreed to buy the reinsurance company Transatlantic Holdings Inc. for $3.4 billion. Transatlantic edged up almost 1 percent.
Irish electronics company Cooper Industries PLC bucked the market trend, rising 2.6 percent, after S&P said it will be added to the S&P 500 index. Stocks often rally when they are added to major indexes, because investment funds that mirror the indexes must buy them.
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bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
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- 5,476
Source: http://finance.yahoo.com
A downward revision of U.S. economic growth in the third quarter sent stocks lower Tuesday. Higher borrowing costs for Spain also renewed worries about Europe's debt crisis.
The Commerce Department reported that the U.S. economy grew at a 2 percent annual rate from July through September, down from its initial estimate of 2.5 percent. Economists had expected the figure to remain the same.
The Dow Jones industrial average lost 53.59 points, or 0.5 percent, to close at 11,493.72. Aluminum maker Alcoa Inc. led the Dow lower. The Dow had been down as many as 113 points shortly before noon.
The Dow plunged 249 points Monday as a congressional committee failed to reach a deal to cut budget deficits. The deadlock raised fears that rating agencies might lower the U.S. government's credit rating if Congress tries to circumvent the automatic spending cuts that are supposed to occur in the event of an impasse. Some Republicans have said they would try to block cuts to defense spending.
"Markets are looking for clarity, and you didn't get that from the super-committee," says Steven Ricchiuto, chief economist at Mizuho Securities. "There's no reason to believe the economy is going to get stronger."
Across the Atlantic, there were more signs of trouble in Europe's debt crisis. Spain was forced to pay sharply higher interest rates in an auction of short-term debt. The higher rates suggest that investors are still skeptical that the country will get its budget under control despite a new, center-right government coming to power this week.
Investors have been worried that Spain could become the next country to need financial support from its European neighbors if its borrowing rates climb to unsustainable levels. Greece was forced to seek relief from its lenders after its long-term borrowing rates rose above 7 percent on the bond market. The rate on Spain's own benchmark 10-year bond is dangerously close to that level, 6.58 percent.
The Standard & Poor's 500 fell 4.94 points, or 0.4 percent, to 1,188.04. The Nasdaq composite fell 1.86, or 0.1 percent, to 2,521.28.
It was the fifth straight decline for the S&P 500, the longest losing streak since August. The S&P has lost 5.5 percent over the past week on worries that Spain could get dragged into Europe's debt crisis and as Congress neared a deadlock over cutting the U.S. budget deficit.
The NYSE DOW NYSE DOW closed -53.59 points LOWER or -0.46% on Tuesday November 22
Sym .......Last .......Change..........
Dow 11,493.72 -53.59 -0.46%
Nasdaq 2,521.28 -1.86 -0.07%
S&P 500 1,188.04 -4.94 -0.41%
30-yr Bond 2.9100 % -0.0350
NYSE Volume 3,911,717,000
Nasdaq Volume 1,798,200,125
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,206.82 -15.78
DAX 5,537.39 -68.61 -1.22%
CAC 40 2,870.68 -24.26 -0.84%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,204.20 -29.40 -0.69%
Shanghai Comp 2,412.62 -2.50 -0.10%
Taiwan Wei... 7,000.03 -42.61 -0.61%
Nikkei 225 8,314.74 -33.53 -0.40%
Hang Seng 18,251.59 +25.74 +0.14%
Straits Times 2,717.20 +19.22 +0.71%
http://finance.yahoo.com/news/stocks-slide-government-lowers-growth-211427931.html
Stocks slide as government lowers growth estimate
Weaker estimate of US economic growth sends stocks lower; Spain's borrowing rates rise
By Matthew Craft, AP Business Writer
NEW YORK (AP) -- A downward revision of U.S. economic growth in the third quarter sent stocks lower Tuesday. Higher borrowing costs for Spain also renewed worries about Europe's debt crisis.
The Commerce Department reported that the U.S. economy grew at a 2 percent annual rate from July through September, down from its initial estimate of 2.5 percent. Economists had expected the figure to remain the same.
The Dow Jones industrial average lost 53.59 points, or 0.5 percent, to close at 11,493.72. Aluminum maker Alcoa Inc. led the Dow lower. The Dow had been down as many as 113 points shortly before noon.
The Dow plunged 249 points Monday as a congressional committee failed to reach a deal to cut budget deficits. The deadlock raised fears that rating agencies might lower the U.S. government's credit rating if Congress tries to circumvent the automatic spending cuts that are supposed to occur in the event of an impasse. Some Republicans have said they would try to block cuts to defense spending.
"Markets are looking for clarity, and you didn't get that from the super-committee," says Steven Ricchiuto, chief economist at Mizuho Securities. "There's no reason to believe the economy is going to get stronger."
Across the Atlantic, there were more signs of trouble in Europe's debt crisis. Spain was forced to pay sharply higher interest rates in an auction of short-term debt. The higher rates suggest that investors are still skeptical that the country will get its budget under control despite a new, center-right government coming to power this week.
Investors have been worried that Spain could become the next country to need financial support from its European neighbors if its borrowing rates climb to unsustainable levels. Greece was forced to seek relief from its lenders after its long-term borrowing rates rose above 7 percent on the bond market. The rate on Spain's own benchmark 10-year bond is dangerously close to that level, 6.58 percent.
The Standard & Poor's 500 fell 4.94 points, or 0.4 percent, to 1,188.04. The Nasdaq composite fell 1.86, or 0.1 percent, to 2,521.28.
It was the fifth straight decline for the S&P 500, the longest losing streak since August. The S&P has lost 5.5 percent over the past week on worries that Spain could get dragged into Europe's debt crisis and as Congress neared a deadlock over cutting the U.S. budget deficit.
Trading was relatively quiet ahead of the Thanksgiving holiday Thursday. Volume on the New York Stock Exchange was 3.9 billion shares, below the average of 4.7 billion over the previous 100 days.
Netflix Inc. sank 5.4 percent to $70.45, the lowest level since March 2010. The online video rental company said it raised $400 million from selling debt and stock as it tries to recover from a consumer backlash following price hikes.
Campbell Soup Co. sank 5.3 percent to $31.84 after reporting a 5 percent drop in net income. The company said price increases were not enough to offset lower volume in its soup and beverage businesses.
Medtronic Inc. rose 4.4 percent to $34.75. The world's largest medical device maker reported higher-than-expected earnings and reaffirmed its full-year earnings outlook.
A downward revision of U.S. economic growth in the third quarter sent stocks lower Tuesday. Higher borrowing costs for Spain also renewed worries about Europe's debt crisis.
The Commerce Department reported that the U.S. economy grew at a 2 percent annual rate from July through September, down from its initial estimate of 2.5 percent. Economists had expected the figure to remain the same.
The Dow Jones industrial average lost 53.59 points, or 0.5 percent, to close at 11,493.72. Aluminum maker Alcoa Inc. led the Dow lower. The Dow had been down as many as 113 points shortly before noon.
The Dow plunged 249 points Monday as a congressional committee failed to reach a deal to cut budget deficits. The deadlock raised fears that rating agencies might lower the U.S. government's credit rating if Congress tries to circumvent the automatic spending cuts that are supposed to occur in the event of an impasse. Some Republicans have said they would try to block cuts to defense spending.
"Markets are looking for clarity, and you didn't get that from the super-committee," says Steven Ricchiuto, chief economist at Mizuho Securities. "There's no reason to believe the economy is going to get stronger."
Across the Atlantic, there were more signs of trouble in Europe's debt crisis. Spain was forced to pay sharply higher interest rates in an auction of short-term debt. The higher rates suggest that investors are still skeptical that the country will get its budget under control despite a new, center-right government coming to power this week.
Investors have been worried that Spain could become the next country to need financial support from its European neighbors if its borrowing rates climb to unsustainable levels. Greece was forced to seek relief from its lenders after its long-term borrowing rates rose above 7 percent on the bond market. The rate on Spain's own benchmark 10-year bond is dangerously close to that level, 6.58 percent.
The Standard & Poor's 500 fell 4.94 points, or 0.4 percent, to 1,188.04. The Nasdaq composite fell 1.86, or 0.1 percent, to 2,521.28.
It was the fifth straight decline for the S&P 500, the longest losing streak since August. The S&P has lost 5.5 percent over the past week on worries that Spain could get dragged into Europe's debt crisis and as Congress neared a deadlock over cutting the U.S. budget deficit.
The NYSE DOW NYSE DOW closed -53.59 points LOWER or -0.46% on Tuesday November 22
Sym .......Last .......Change..........
Dow 11,493.72 -53.59 -0.46%
Nasdaq 2,521.28 -1.86 -0.07%
S&P 500 1,188.04 -4.94 -0.41%
30-yr Bond 2.9100 % -0.0350
NYSE Volume 3,911,717,000
Nasdaq Volume 1,798,200,125
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,206.82 -15.78
DAX 5,537.39 -68.61 -1.22%
CAC 40 2,870.68 -24.26 -0.84%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,204.20 -29.40 -0.69%
Shanghai Comp 2,412.62 -2.50 -0.10%
Taiwan Wei... 7,000.03 -42.61 -0.61%
Nikkei 225 8,314.74 -33.53 -0.40%
Hang Seng 18,251.59 +25.74 +0.14%
Straits Times 2,717.20 +19.22 +0.71%
http://finance.yahoo.com/news/stocks-slide-government-lowers-growth-211427931.html
Stocks slide as government lowers growth estimate
Weaker estimate of US economic growth sends stocks lower; Spain's borrowing rates rise
By Matthew Craft, AP Business Writer
NEW YORK (AP) -- A downward revision of U.S. economic growth in the third quarter sent stocks lower Tuesday. Higher borrowing costs for Spain also renewed worries about Europe's debt crisis.
The Commerce Department reported that the U.S. economy grew at a 2 percent annual rate from July through September, down from its initial estimate of 2.5 percent. Economists had expected the figure to remain the same.
The Dow Jones industrial average lost 53.59 points, or 0.5 percent, to close at 11,493.72. Aluminum maker Alcoa Inc. led the Dow lower. The Dow had been down as many as 113 points shortly before noon.
The Dow plunged 249 points Monday as a congressional committee failed to reach a deal to cut budget deficits. The deadlock raised fears that rating agencies might lower the U.S. government's credit rating if Congress tries to circumvent the automatic spending cuts that are supposed to occur in the event of an impasse. Some Republicans have said they would try to block cuts to defense spending.
"Markets are looking for clarity, and you didn't get that from the super-committee," says Steven Ricchiuto, chief economist at Mizuho Securities. "There's no reason to believe the economy is going to get stronger."
Across the Atlantic, there were more signs of trouble in Europe's debt crisis. Spain was forced to pay sharply higher interest rates in an auction of short-term debt. The higher rates suggest that investors are still skeptical that the country will get its budget under control despite a new, center-right government coming to power this week.
Investors have been worried that Spain could become the next country to need financial support from its European neighbors if its borrowing rates climb to unsustainable levels. Greece was forced to seek relief from its lenders after its long-term borrowing rates rose above 7 percent on the bond market. The rate on Spain's own benchmark 10-year bond is dangerously close to that level, 6.58 percent.
The Standard & Poor's 500 fell 4.94 points, or 0.4 percent, to 1,188.04. The Nasdaq composite fell 1.86, or 0.1 percent, to 2,521.28.
It was the fifth straight decline for the S&P 500, the longest losing streak since August. The S&P has lost 5.5 percent over the past week on worries that Spain could get dragged into Europe's debt crisis and as Congress neared a deadlock over cutting the U.S. budget deficit.
Trading was relatively quiet ahead of the Thanksgiving holiday Thursday. Volume on the New York Stock Exchange was 3.9 billion shares, below the average of 4.7 billion over the previous 100 days.
Netflix Inc. sank 5.4 percent to $70.45, the lowest level since March 2010. The online video rental company said it raised $400 million from selling debt and stock as it tries to recover from a consumer backlash following price hikes.
Campbell Soup Co. sank 5.3 percent to $31.84 after reporting a 5 percent drop in net income. The company said price increases were not enough to offset lower volume in its soup and beverage businesses.
Medtronic Inc. rose 4.4 percent to $34.75. The world's largest medical device maker reported higher-than-expected earnings and reaffirmed its full-year earnings outlook.
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bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
Source: http://finance.yahoo.com
Europe's widening debt crisis and a weak report on Chinese manufacturers pushed stocks sharply lower Wednesday. The Dow Jones industrial average dropped 236 points.
Traders were spooked by the poor results at an auction of German debt, which drew too few bids to sell all of the 10-year notes being offered. Germany has Europe's strongest economy, and traders have bought its debt as a safe place to store value during turbulent times.
The weak buying suggests that Europe's crisis might be infecting strong nations that are crucial to keeping the euro currency afloat. Germany bears much of the burden of bailing out weaker neighbors such as Greece and Portugal.
Borrowing costs for Italy and Spain rose from levels that already were considered dangerously high. Europe lacks the resources to bail out those countries, which have its third- and fourth-biggest economies.
The Dow fell 236.17 points, or 2.1 percent, to close at 11,257.55. It has slumped 4.6 percent over the past three days as Congress neared a deadlock on cutting the budget deficit and as Europe's debt woes appeared to worsen. The Dow has now given back more than half of its big October rally. It jumped 9.5 percent last month, the biggest gain since 2002.
The Standard & Poor's 500 index fell 26.25, or 2.2 percent, to 1,161.79. All 10 industry groups fell sharply, led by energy companies, materials makers and banks. The index is headed for its sixth straight decline, the longest losing streak since August.
The Nasdaq fell 61.20, or 2.4 percent, to 2,460.08.
The NYSE DOW NYSE DOW closed -236.17 points LOWER or -2.05% on Wednesday November 23
Sym .......Last .......Change..........
Dow 11,257.55 -236.17 -2.05%
Nasdaq 2,460.08 -61.20 -2.43%
S&P 500 1,161.79 -26.25 -2.21%
30-yr Bond 2.8200 % -0.0870
NYSE Volume 3,798,939,000
Nasdaq Volume 1,715,329,750
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,139.78 -67.04 -1.29%
CAC 40 2,822.43 -48.25 -(1.68%
DAX 5,457.77 -79.62 -1.44%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,125.80 -78.40 -1.86%
Shanghai Comp 2,395.06 -17.56 -0.73%
Taiwan Wei... 6,806.43 -193.60 -2.77%
Nikkei 225 8,314.74 -closed
Hang Seng 17,864.43 -387.16 -2.12%
Straits Times 2,676.57 -40.63 -1.50%
http://finance.yahoo.com/news/Spreading-Europe-stress-sends-apf-3520356669.html?x=0&l=1
Spreading Europe stress sends stock market lower
Stocks slump as Europe's debt crisis appears to spread; Dow average sheds 236 points
By Daniel Wagner, AP Business Writers
Europe's widening debt crisis and a weak report on Chinese manufacturers pushed stocks sharply lower Wednesday. The Dow Jones industrial average dropped 236 points.
Traders were spooked by the poor results at an auction of German debt, which drew too few bids to sell all of the 10-year notes being offered. Germany has Europe's strongest economy, and traders have bought its debt as a safe place to store value during turbulent times.
The weak buying suggests that Europe's crisis might be infecting strong nations that are crucial to keeping the euro currency afloat. Germany bears much of the burden of bailing out weaker neighbors such as Greece and Portugal.
Borrowing costs for Italy and Spain rose from levels that already were considered dangerously high. Europe lacks the resources to bail out those countries, which have its third- and fourth-biggest economies.
The Dow fell 236.17 points, or 2.1 percent, to close at 11,257.55. It has slumped 4.6 percent over the past three days as Congress neared a deadlock on cutting the budget deficit and as Europe's debt woes appeared to worsen. The Dow has now given back more than half of its big October rally. It jumped 9.5 percent last month, the biggest gain since 2002.
The Standard & Poor's 500 index fell 26.25, or 2.2 percent, to 1,161.79. All 10 industry groups fell sharply, led by energy companies, materials makers and banks. The index is headed for its sixth straight decline, the longest losing streak since August.
The Nasdaq fell 61.20, or 2.4 percent, to 2,460.08.
The dollar rose sharply against the euro as investors moved money into assets considered to be relatively safe. The euro fell near $1.33, from $1.35 late Tuesday. The yield on the 10-year Treasury note fell to 1.89 percent from 1.94 percent late Tuesday, signaling higher demand for Treasurys.
Fears about Europe also dragged U.S. bank stocks lower. Investors were unnerved by the Federal Reserve's announcement late Tuesday of a fresh round of stress tests of the biggest banks, said Peter Tchir, who runs the hedge fund TF Market Advisors.
The Fed said 31 banks will be tested to see how they would withstand a recession that would push unemployment above 13 percent by early 2013. The jobless rate now stands at about 9 percent.
The announcement undermined weeks of market-boosting talk by Fed officials, Tchir said. The stress tests, apparently related to fears about European exposure, exposed a darker view of the market held by some central bank officials, he said.
"They went ahead and put weakness into the market for the first time" in months, Tchir said. "No one was that afraid, and now all of a sudden, they're saying 'Our own Fed is worried.' That really spooked people."
Bank stocks fell broadly. Bank of America Corp. lost 4.3 percent to close at $5.14; Citigroup Inc. fell 3.9 percent to $23.51 and Morgan Stanley fell 3.6 percent to $13.03.
Asian markets fell earlier after a survey showed that manufacturing appears to be slowing in China. A day earlier, the U.S. government had lowered its estimate of third-quarter economic growth.
Trading was light ahead of the Thanksgiving holiday. U.S. markets will be closed on Thursday and will have shortened hours on Friday. Volume on the New York Stock Exchange was 3.8 billion shares, below the average of 4.7 billion over the past 100 days.
In corporate news, Deere & Co. rose 3.9 percent to $74.72 after the company reported net income growth of 46 percent. Deere credited strong sales of farm equipment.
Groupon Inc. plunged 15.5 percent to $17.96, falling below its initial price of $20 for the first time. The online deals company went public less than three weeks ago.
Companies that make raw materials were hurt by signs of slower growth in China and worries that Europe might fall into recession. United States Steel Corp. plunged 7.6 percent to $22.41. Aluminum maker Alcoa Inc. declined 4.1 percent to $8.88.
The U.S. government released a mixed batch of economic reports before the market opened. Concerns about developments overseas appeared to overshadow a handful of hopeful signals.
Slightly more people applied for unemployment benefits last week, a sign that layoffs continue. Consumer spending grew by the least in four months, but incomes rose a bit more than expected. Orders for long-lasting manufactured products fell for a second month and business investment dropped off.
Europe's widening debt crisis and a weak report on Chinese manufacturers pushed stocks sharply lower Wednesday. The Dow Jones industrial average dropped 236 points.
Traders were spooked by the poor results at an auction of German debt, which drew too few bids to sell all of the 10-year notes being offered. Germany has Europe's strongest economy, and traders have bought its debt as a safe place to store value during turbulent times.
The weak buying suggests that Europe's crisis might be infecting strong nations that are crucial to keeping the euro currency afloat. Germany bears much of the burden of bailing out weaker neighbors such as Greece and Portugal.
Borrowing costs for Italy and Spain rose from levels that already were considered dangerously high. Europe lacks the resources to bail out those countries, which have its third- and fourth-biggest economies.
The Dow fell 236.17 points, or 2.1 percent, to close at 11,257.55. It has slumped 4.6 percent over the past three days as Congress neared a deadlock on cutting the budget deficit and as Europe's debt woes appeared to worsen. The Dow has now given back more than half of its big October rally. It jumped 9.5 percent last month, the biggest gain since 2002.
The Standard & Poor's 500 index fell 26.25, or 2.2 percent, to 1,161.79. All 10 industry groups fell sharply, led by energy companies, materials makers and banks. The index is headed for its sixth straight decline, the longest losing streak since August.
The Nasdaq fell 61.20, or 2.4 percent, to 2,460.08.
The NYSE DOW NYSE DOW closed -236.17 points LOWER or -2.05% on Wednesday November 23
Sym .......Last .......Change..........
Dow 11,257.55 -236.17 -2.05%
Nasdaq 2,460.08 -61.20 -2.43%
S&P 500 1,161.79 -26.25 -2.21%
30-yr Bond 2.8200 % -0.0870
NYSE Volume 3,798,939,000
Nasdaq Volume 1,715,329,750
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,139.78 -67.04 -1.29%
CAC 40 2,822.43 -48.25 -(1.68%
DAX 5,457.77 -79.62 -1.44%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,125.80 -78.40 -1.86%
Shanghai Comp 2,395.06 -17.56 -0.73%
Taiwan Wei... 6,806.43 -193.60 -2.77%
Nikkei 225 8,314.74 -closed
Hang Seng 17,864.43 -387.16 -2.12%
Straits Times 2,676.57 -40.63 -1.50%
http://finance.yahoo.com/news/Spreading-Europe-stress-sends-apf-3520356669.html?x=0&l=1
Spreading Europe stress sends stock market lower
Stocks slump as Europe's debt crisis appears to spread; Dow average sheds 236 points
By Daniel Wagner, AP Business Writers
Europe's widening debt crisis and a weak report on Chinese manufacturers pushed stocks sharply lower Wednesday. The Dow Jones industrial average dropped 236 points.
Traders were spooked by the poor results at an auction of German debt, which drew too few bids to sell all of the 10-year notes being offered. Germany has Europe's strongest economy, and traders have bought its debt as a safe place to store value during turbulent times.
The weak buying suggests that Europe's crisis might be infecting strong nations that are crucial to keeping the euro currency afloat. Germany bears much of the burden of bailing out weaker neighbors such as Greece and Portugal.
Borrowing costs for Italy and Spain rose from levels that already were considered dangerously high. Europe lacks the resources to bail out those countries, which have its third- and fourth-biggest economies.
The Dow fell 236.17 points, or 2.1 percent, to close at 11,257.55. It has slumped 4.6 percent over the past three days as Congress neared a deadlock on cutting the budget deficit and as Europe's debt woes appeared to worsen. The Dow has now given back more than half of its big October rally. It jumped 9.5 percent last month, the biggest gain since 2002.
The Standard & Poor's 500 index fell 26.25, or 2.2 percent, to 1,161.79. All 10 industry groups fell sharply, led by energy companies, materials makers and banks. The index is headed for its sixth straight decline, the longest losing streak since August.
The Nasdaq fell 61.20, or 2.4 percent, to 2,460.08.
The dollar rose sharply against the euro as investors moved money into assets considered to be relatively safe. The euro fell near $1.33, from $1.35 late Tuesday. The yield on the 10-year Treasury note fell to 1.89 percent from 1.94 percent late Tuesday, signaling higher demand for Treasurys.
Fears about Europe also dragged U.S. bank stocks lower. Investors were unnerved by the Federal Reserve's announcement late Tuesday of a fresh round of stress tests of the biggest banks, said Peter Tchir, who runs the hedge fund TF Market Advisors.
The Fed said 31 banks will be tested to see how they would withstand a recession that would push unemployment above 13 percent by early 2013. The jobless rate now stands at about 9 percent.
The announcement undermined weeks of market-boosting talk by Fed officials, Tchir said. The stress tests, apparently related to fears about European exposure, exposed a darker view of the market held by some central bank officials, he said.
"They went ahead and put weakness into the market for the first time" in months, Tchir said. "No one was that afraid, and now all of a sudden, they're saying 'Our own Fed is worried.' That really spooked people."
Bank stocks fell broadly. Bank of America Corp. lost 4.3 percent to close at $5.14; Citigroup Inc. fell 3.9 percent to $23.51 and Morgan Stanley fell 3.6 percent to $13.03.
Asian markets fell earlier after a survey showed that manufacturing appears to be slowing in China. A day earlier, the U.S. government had lowered its estimate of third-quarter economic growth.
Trading was light ahead of the Thanksgiving holiday. U.S. markets will be closed on Thursday and will have shortened hours on Friday. Volume on the New York Stock Exchange was 3.8 billion shares, below the average of 4.7 billion over the past 100 days.
In corporate news, Deere & Co. rose 3.9 percent to $74.72 after the company reported net income growth of 46 percent. Deere credited strong sales of farm equipment.
Groupon Inc. plunged 15.5 percent to $17.96, falling below its initial price of $20 for the first time. The online deals company went public less than three weeks ago.
Companies that make raw materials were hurt by signs of slower growth in China and worries that Europe might fall into recession. United States Steel Corp. plunged 7.6 percent to $22.41. Aluminum maker Alcoa Inc. declined 4.1 percent to $8.88.
The U.S. government released a mixed batch of economic reports before the market opened. Concerns about developments overseas appeared to overshadow a handful of hopeful signals.
Slightly more people applied for unemployment benefits last week, a sign that layoffs continue. Consumer spending grew by the least in four months, but incomes rose a bit more than expected. Orders for long-lasting manufactured products fell for a second month and business investment dropped off.
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bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
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Source: http://finance.yahoo.com
U.S. markets were closed on Thursday for the Thanksgiving holiday and will have shortened hours on Friday.
Europe's major stock markets resumed their long losing streak Thursday after German Chancellor Angela Merkel dismissed calls for the European Central Bank to play a bigger role in resolving the debt crisis that's threatening the 17-country eurozone.
Though she managed to get French President Nicolas Sarkozy to back changes to current EU treaties in order to get the eurozone more unified, she explicitly said there would be no new provision involving the ECB.
"In the treaty changes we are dealing with the question of a fiscal union, a deeper political cooperation ... there will be proposals on this, but they have nothing to do with the ECB," Merkel said.
Many think the ECB is the only institution capable of calming frayed market nerves and Merkel's continued dismissal of a greater ECB role knocked market sentiment.
Potentially, the ECB has unlimited financial firepower through its ability to print money. However, Germany finds the idea of monetizing debts unappealing.
The U.S. markets were closed on Thursday for the Thanksgiving holiday on November 24
Sym .......Last .......Change..........
Dow 11,257.55
Nasdaq 2,460.08
S&P 500 1,161.79
30-yr Bond 2.8200%
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,127.57 -12.21 -0.24%
DAX 5,428.11 -29.66 -0.54%
CAC 40 2,822.25 -0.18 -0.01%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,115.30 -10.50 -0.25%
Shanghai Comp 2,397.55 +2.49 +0.10%
Taiwan Wei... 6,864.39 +57.96 +0.85%
Nikkei 225 8,165.18 -149.56 -1.80%
Hang Seng 17,935.10 +70.67 +0.40%
Strait Times 2,677.15 +0.58 +0.02%
http://finance.yahoo.com/news/stocks-down-again-merkel-rules-170400234.html
Stocks down again as Merkel rules out ECB role
Stocks resume losing streak as Merkel rules out bigger role for ECB in debt crisis resolution
By Pan Pylas, AP Business Writer
LONDON (AP) -- Europe's major stock markets resumed their long losing streak Thursday after German Chancellor Angela Merkel dismissed calls for the European Central Bank to play a bigger role in resolving the debt crisis that's threatening the 17-country eurozone.
Though she managed to get French President Nicolas Sarkozy to back changes to current EU treaties in order to get the eurozone more unified, she explicitly said there would be no new provision involving the ECB.
"In the treaty changes we are dealing with the question of a fiscal union, a deeper political cooperation ... there will be proposals on this, but they have nothing to do with the ECB," Merkel said.
Many think the ECB is the only institution capable of calming frayed market nerves and Merkel's continued dismissal of a greater ECB role knocked market sentiment.
Potentially, the ECB has unlimited financial firepower through its ability to print money. However, Germany finds the idea of monetizing debts unappealing.
Merkel also maintained her opposition to the European Commission's new drive for eurobonds.
Germany has opposed the use of eurobonds and has long called on fiscally wayward member states to clean up their own houses with as little outside intervention as possible. A big worry for Germany is that its low borrowing costs would get diluted if eurobonds came into issue and it would then be forced to pay higher rates to tap bond markets.
The outcome of the meeting in Strasbourg, France, between Merkel, Sarkozy and Italy's new Premier Mario Monti soured the mood ”” after all, treaty changes are more often than not a notoriously laborious endeavor.
"While stock markets don't feel like they are about to go into the nosedive we witnessed in August, there is no sign of any positive news to suggest a compelling reason why we will see notable gains for shares in the months to come," said David Jones, chief market strategist at IG Index.
Britain's FTSE 100 index of leading British shares closed down 0.2 percent to 5,127.57 while Germany's DAX fell 0.5 percent to 5,428.11. The CAC-40 in France ended less than a point lower at 2,822.55.
The euro meanwhile ended 0.2 percent lower at $1.3330.
Trading though was fairly light as U.S. markets were closed for the Thanksgiving holiday.
Earlier, stocks had been trading noticeably higher as they looked to end their poor run, helped along by a better than expected survey of German business confidence from the Ifo Institute. The unexpected rise in its monthly confidence index for the continent's biggest economy to 106.6 in November from 106.4 the previous month helped ease frayed nerves following Wednesday's failed German bond auction, which stoked fears that no one was immune from the crippling debt crisis.
Europe's debt crisis remains the main focus in the markets and is likely to remain so Friday when U.S. traders ”” by no means all ”” return to their desks.
Fitch's decision Thursday to downgrade Portugal to junk bond status was another reminder ”” if one indeed were needed ”” that Europe's debt crisis is a long way from being solved.
Fitch, citing Portugal's large fiscal imbalances, its high indebtedness across all sectors and an adverse macroeconomic outlook, reduced Portugal's credit rating to BB+. That means Portugal is considered non-investment grade by Fitch, making it even more difficult for the bailed-out country to return to the bond markets.
Earlier in Asia, the Nikkei 225 index in Tokyo, reopening after a one-day public holiday in Japan, fell 1.8 percent to close at 8,165.18. But Hong Kong's Hang Seng reversed an early loss to post a 0.4 percent gain to 17,935.10. South Korea's Kospi closed 0.7 percent higher at 1,795.06.
Mainland China's benchmark Shanghai Composite Index ended a six-session losing streak, but just barely, gaining 0.1 percent to 2,397.55. Speculation that China's central bank is preparing to ease its tight monetary policy in favor of a pro-growth one helped spur a wave of buying in Hong Kong, analysts said.
Oil prices traded higher amid light trading volume because of the Thanksgiving holiday ”” benchmark crude for January delivery was up 76 cents at $96.93 a barrel in electronic trading on the New York Mercantile Exchange.
U.S. markets were closed on Thursday for the Thanksgiving holiday and will have shortened hours on Friday.
Europe's major stock markets resumed their long losing streak Thursday after German Chancellor Angela Merkel dismissed calls for the European Central Bank to play a bigger role in resolving the debt crisis that's threatening the 17-country eurozone.
Though she managed to get French President Nicolas Sarkozy to back changes to current EU treaties in order to get the eurozone more unified, she explicitly said there would be no new provision involving the ECB.
"In the treaty changes we are dealing with the question of a fiscal union, a deeper political cooperation ... there will be proposals on this, but they have nothing to do with the ECB," Merkel said.
Many think the ECB is the only institution capable of calming frayed market nerves and Merkel's continued dismissal of a greater ECB role knocked market sentiment.
Potentially, the ECB has unlimited financial firepower through its ability to print money. However, Germany finds the idea of monetizing debts unappealing.
The U.S. markets were closed on Thursday for the Thanksgiving holiday on November 24
Sym .......Last .......Change..........
Dow 11,257.55
Nasdaq 2,460.08
S&P 500 1,161.79
30-yr Bond 2.8200%
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,127.57 -12.21 -0.24%
DAX 5,428.11 -29.66 -0.54%
CAC 40 2,822.25 -0.18 -0.01%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,115.30 -10.50 -0.25%
Shanghai Comp 2,397.55 +2.49 +0.10%
Taiwan Wei... 6,864.39 +57.96 +0.85%
Nikkei 225 8,165.18 -149.56 -1.80%
Hang Seng 17,935.10 +70.67 +0.40%
Strait Times 2,677.15 +0.58 +0.02%
http://finance.yahoo.com/news/stocks-down-again-merkel-rules-170400234.html
Stocks down again as Merkel rules out ECB role
Stocks resume losing streak as Merkel rules out bigger role for ECB in debt crisis resolution
By Pan Pylas, AP Business Writer
LONDON (AP) -- Europe's major stock markets resumed their long losing streak Thursday after German Chancellor Angela Merkel dismissed calls for the European Central Bank to play a bigger role in resolving the debt crisis that's threatening the 17-country eurozone.
Though she managed to get French President Nicolas Sarkozy to back changes to current EU treaties in order to get the eurozone more unified, she explicitly said there would be no new provision involving the ECB.
"In the treaty changes we are dealing with the question of a fiscal union, a deeper political cooperation ... there will be proposals on this, but they have nothing to do with the ECB," Merkel said.
Many think the ECB is the only institution capable of calming frayed market nerves and Merkel's continued dismissal of a greater ECB role knocked market sentiment.
Potentially, the ECB has unlimited financial firepower through its ability to print money. However, Germany finds the idea of monetizing debts unappealing.
Merkel also maintained her opposition to the European Commission's new drive for eurobonds.
Germany has opposed the use of eurobonds and has long called on fiscally wayward member states to clean up their own houses with as little outside intervention as possible. A big worry for Germany is that its low borrowing costs would get diluted if eurobonds came into issue and it would then be forced to pay higher rates to tap bond markets.
The outcome of the meeting in Strasbourg, France, between Merkel, Sarkozy and Italy's new Premier Mario Monti soured the mood ”” after all, treaty changes are more often than not a notoriously laborious endeavor.
"While stock markets don't feel like they are about to go into the nosedive we witnessed in August, there is no sign of any positive news to suggest a compelling reason why we will see notable gains for shares in the months to come," said David Jones, chief market strategist at IG Index.
Britain's FTSE 100 index of leading British shares closed down 0.2 percent to 5,127.57 while Germany's DAX fell 0.5 percent to 5,428.11. The CAC-40 in France ended less than a point lower at 2,822.55.
The euro meanwhile ended 0.2 percent lower at $1.3330.
Trading though was fairly light as U.S. markets were closed for the Thanksgiving holiday.
Earlier, stocks had been trading noticeably higher as they looked to end their poor run, helped along by a better than expected survey of German business confidence from the Ifo Institute. The unexpected rise in its monthly confidence index for the continent's biggest economy to 106.6 in November from 106.4 the previous month helped ease frayed nerves following Wednesday's failed German bond auction, which stoked fears that no one was immune from the crippling debt crisis.
Europe's debt crisis remains the main focus in the markets and is likely to remain so Friday when U.S. traders ”” by no means all ”” return to their desks.
Fitch's decision Thursday to downgrade Portugal to junk bond status was another reminder ”” if one indeed were needed ”” that Europe's debt crisis is a long way from being solved.
Fitch, citing Portugal's large fiscal imbalances, its high indebtedness across all sectors and an adverse macroeconomic outlook, reduced Portugal's credit rating to BB+. That means Portugal is considered non-investment grade by Fitch, making it even more difficult for the bailed-out country to return to the bond markets.
Earlier in Asia, the Nikkei 225 index in Tokyo, reopening after a one-day public holiday in Japan, fell 1.8 percent to close at 8,165.18. But Hong Kong's Hang Seng reversed an early loss to post a 0.4 percent gain to 17,935.10. South Korea's Kospi closed 0.7 percent higher at 1,795.06.
Mainland China's benchmark Shanghai Composite Index ended a six-session losing streak, but just barely, gaining 0.1 percent to 2,397.55. Speculation that China's central bank is preparing to ease its tight monetary policy in favor of a pro-growth one helped spur a wave of buying in Hong Kong, analysts said.
Oil prices traded higher amid light trading volume because of the Thanksgiving holiday ”” benchmark crude for January delivery was up 76 cents at $96.93 a barrel in electronic trading on the New York Mercantile Exchange.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
Source: http://finance.yahoo.com
The worst week for the stock market in two months ended with a whimper in thin trading Friday.
The Dow Jones industrial average lost 4.8 percent this week, while the broader Standard & Poor's 500 index fell 4.7 percent. Both had their worst weeks since Sept. 23.
Major indexes wavered throughout Friday's session, which was shortened because it's the day after Thanksgiving. Worries about Europe's debt crisis flared up again after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It's another sign that investors are increasingly hesitant to lend to European countries.
The euro slipped to $1.32, losing 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 4.
Higher interest rates on government debt of Italy, Spain and other European countries have rattled stock markets in recent weeks. When borrowing costs climb above the 7 percent threshold, it deepens investor fears about a government's ability to manage its debts. Greece, Ireland and Portugal had to seek financial lifelines when their interest rates crossed the same mark.
The Dow fell 25.77 points, or 0.2 percent, to close at 11,231.78. Of the Dow's 30 stocks, Chevron Corp. lost 1.6 percent Friday, the biggest drop. Travelers Cos. Inc. added 1.2 percent, the largest gain.
The S&P 500 lost 3.12 points, or 0.3 percent, to 1,158.67. The Nasdaq composite dropped 18.57, or 0.8 percent, to close at 2,441.51.
Trading volume was 1.6 billion, less than half the daily average.
Markets were battered this week as governments in Europe and the U.S. struggle to tackle their debts. The Dow lost 248 points on Monday as a Congressional committee failed to reach a deal to cut federal budget deficits. It plunged 236 points Wednesday after investors balked at buying German government debt.
The NYSE DOW NYSE DOW closed -25.61 points LOWER or -0.23% on Friday November 25
Sym .......Last .......Change..........
Dow 11,231.94 -25.61 -0.23%
Nasdaq 2,441.51 -18.57 -0.75%
S&P 500 1,158.67 -3.12 -0.27%
30-yr Bond 2.9200 % +0.0990
NYSE Volume 1,664,196,000
Nasdaq Volume 740,202,062
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,164.65 +37.08 +0.72%
DAX 5,492.87 +64.76 +1.19%
CAC 40 2,856.97 +34.72 +1.23%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,057.60 -57.70 -1.40%
Shanghai Comp 2,380.22 -17.33 -0.72%
Taiwan Wei... 6,784.52 -79.87 -1.16%
Nikkei 225 8,160.01 -5.17 -0.06%
Hang Seng 17,689.48 -245.62 -1.37%
Straits Times 2,643.93 -33.22 -1.24%
http://finance.yahoo.com/news/Stocks-slip-end-roughest-week-apf-2525140832.html?x=0
Stocks slip to end the roughest week since Sept.
Stocks fall in light trading session as Europe fears linger; Dow drops 4.8 percent for week
By Matthew Craft, AP Business Writer
NEW YORK (AP) -- The worst week for the stock market in two months ended with a whimper in thin trading Friday.
The Dow Jones industrial average lost 4.8 percent this week, while the broader Standard & Poor's 500 index fell 4.7 percent. Both had their worst weeks since Sept. 23.
Major indexes wavered throughout Friday's session, which was shortened because it's the day after Thanksgiving. Worries about Europe's debt crisis flared up again after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It's another sign that investors are increasingly hesitant to lend to European countries.
The euro slipped to $1.32, losing 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 4.
Higher interest rates on government debt of Italy, Spain and other European countries have rattled stock markets in recent weeks. When borrowing costs climb above the 7 percent threshold, it deepens investor fears about a government's ability to manage its debts. Greece, Ireland and Portugal had to seek financial lifelines when their interest rates crossed the same mark.
The Dow fell 25.77 points, or 0.2 percent, to close at 11,231.78. Of the Dow's 30 stocks, Chevron Corp. lost 1.6 percent Friday, the biggest drop. Travelers Cos. Inc. added 1.2 percent, the largest gain.
The S&P 500 lost 3.12 points, or 0.3 percent, to 1,158.67. The Nasdaq composite dropped 18.57, or 0.8 percent, to close at 2,441.51.
Trading volume was 1.6 billion, less than half the daily average.
Markets were battered this week as governments in Europe and the U.S. struggle to tackle their debts. The Dow lost 248 points on Monday as a Congressional committee failed to reach a deal to cut federal budget deficits. It plunged 236 points Wednesday after investors balked at buying German government debt.
Retailers traded mixed on the Friday after Thanksgiving, the traditional start of the holiday shopping season and usually the busiest day of the year for retailers. Amazon.com Inc. dropped 3.5 percent. Wal-Mart Stores Inc. inched up 0.4 percent.
A record number of people were expected to show up at stores this weekend to take advantage of deep discounts. The National Retail Federation estimates that 152 million people will go shopping over the three days starting on Friday. That would be an increase of 10 percent from last year.
AT&T's stock dipped less than 1 percent. The company said Thursday that it is budgeting to pay $4 billion in break-up fees if its attempted $39 billion takeover of T-Mobile USA from Deutsche Telekom falls apart.
Four stocks fell for every three that rose on the New York Stock Exchange.
9422
The worst week for the stock market in two months ended with a whimper in thin trading Friday.
The Dow Jones industrial average lost 4.8 percent this week, while the broader Standard & Poor's 500 index fell 4.7 percent. Both had their worst weeks since Sept. 23.
Major indexes wavered throughout Friday's session, which was shortened because it's the day after Thanksgiving. Worries about Europe's debt crisis flared up again after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It's another sign that investors are increasingly hesitant to lend to European countries.
The euro slipped to $1.32, losing 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 4.
Higher interest rates on government debt of Italy, Spain and other European countries have rattled stock markets in recent weeks. When borrowing costs climb above the 7 percent threshold, it deepens investor fears about a government's ability to manage its debts. Greece, Ireland and Portugal had to seek financial lifelines when their interest rates crossed the same mark.
The Dow fell 25.77 points, or 0.2 percent, to close at 11,231.78. Of the Dow's 30 stocks, Chevron Corp. lost 1.6 percent Friday, the biggest drop. Travelers Cos. Inc. added 1.2 percent, the largest gain.
The S&P 500 lost 3.12 points, or 0.3 percent, to 1,158.67. The Nasdaq composite dropped 18.57, or 0.8 percent, to close at 2,441.51.
Trading volume was 1.6 billion, less than half the daily average.
Markets were battered this week as governments in Europe and the U.S. struggle to tackle their debts. The Dow lost 248 points on Monday as a Congressional committee failed to reach a deal to cut federal budget deficits. It plunged 236 points Wednesday after investors balked at buying German government debt.
The NYSE DOW NYSE DOW closed -25.61 points LOWER or -0.23% on Friday November 25
Sym .......Last .......Change..........
Dow 11,231.94 -25.61 -0.23%
Nasdaq 2,441.51 -18.57 -0.75%
S&P 500 1,158.67 -3.12 -0.27%
30-yr Bond 2.9200 % +0.0990
NYSE Volume 1,664,196,000
Nasdaq Volume 740,202,062
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,164.65 +37.08 +0.72%
DAX 5,492.87 +64.76 +1.19%
CAC 40 2,856.97 +34.72 +1.23%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,057.60 -57.70 -1.40%
Shanghai Comp 2,380.22 -17.33 -0.72%
Taiwan Wei... 6,784.52 -79.87 -1.16%
Nikkei 225 8,160.01 -5.17 -0.06%
Hang Seng 17,689.48 -245.62 -1.37%
Straits Times 2,643.93 -33.22 -1.24%
http://finance.yahoo.com/news/Stocks-slip-end-roughest-week-apf-2525140832.html?x=0
Stocks slip to end the roughest week since Sept.
Stocks fall in light trading session as Europe fears linger; Dow drops 4.8 percent for week
By Matthew Craft, AP Business Writer
NEW YORK (AP) -- The worst week for the stock market in two months ended with a whimper in thin trading Friday.
The Dow Jones industrial average lost 4.8 percent this week, while the broader Standard & Poor's 500 index fell 4.7 percent. Both had their worst weeks since Sept. 23.
Major indexes wavered throughout Friday's session, which was shortened because it's the day after Thanksgiving. Worries about Europe's debt crisis flared up again after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It's another sign that investors are increasingly hesitant to lend to European countries.
The euro slipped to $1.32, losing 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 4.
Higher interest rates on government debt of Italy, Spain and other European countries have rattled stock markets in recent weeks. When borrowing costs climb above the 7 percent threshold, it deepens investor fears about a government's ability to manage its debts. Greece, Ireland and Portugal had to seek financial lifelines when their interest rates crossed the same mark.
The Dow fell 25.77 points, or 0.2 percent, to close at 11,231.78. Of the Dow's 30 stocks, Chevron Corp. lost 1.6 percent Friday, the biggest drop. Travelers Cos. Inc. added 1.2 percent, the largest gain.
The S&P 500 lost 3.12 points, or 0.3 percent, to 1,158.67. The Nasdaq composite dropped 18.57, or 0.8 percent, to close at 2,441.51.
Trading volume was 1.6 billion, less than half the daily average.
Markets were battered this week as governments in Europe and the U.S. struggle to tackle their debts. The Dow lost 248 points on Monday as a Congressional committee failed to reach a deal to cut federal budget deficits. It plunged 236 points Wednesday after investors balked at buying German government debt.
Retailers traded mixed on the Friday after Thanksgiving, the traditional start of the holiday shopping season and usually the busiest day of the year for retailers. Amazon.com Inc. dropped 3.5 percent. Wal-Mart Stores Inc. inched up 0.4 percent.
A record number of people were expected to show up at stores this weekend to take advantage of deep discounts. The National Retail Federation estimates that 152 million people will go shopping over the three days starting on Friday. That would be an increase of 10 percent from last year.
AT&T's stock dipped less than 1 percent. The company said Thursday that it is budgeting to pay $4 billion in break-up fees if its attempted $39 billion takeover of T-Mobile USA from Deutsche Telekom falls apart.
Four stocks fell for every three that rose on the New York Stock Exchange.
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bigdog
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- 19 July 2006
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A weekend of exuberant holiday shopping in the U.S. and radical proposals for stanching Europe's debt crisis sent stocks soaring Monday. The Standard & Poor's 500 index broke a seven-day losing streak.
The Dow Jones industrial average jumped 291 points, its biggest gain in a month. The Dow plunged 564 points last week on fear that Europe's debt crisis was spreading to large countries like Spain, Italy and even Germany.
Markets in Europe also surged as leaders there discussed previously unthinkable approaches for containing the region's debt troubles, such as joint bond sales and a tighter fiscal union. France's CAC-40 jumped 5.5 percent. Indexes in Germany and Italy rose 4.6 percent. The battered euro rose against the dollar.
Retail stocks spiked after initial reports showed a record number of shoppers hit the mall or bought gifts online during the holiday weekend. Macy's Inc. rose 4.7 percent and Best Buy Co. rose 3.4 percent. Thanksgiving weekend is a make-or-break time for many retailers. For the past six years, Black Friday has been the biggest retail sales day of the year.
European finance ministers discussed radical measures to stop the debt crisis from destroying the 17-nation currency union. In a sign of how desperate the situation has become, one proposal being discussed ahead of a financial summit Tuesday calls for having nations cede control over their budgets to a central European authority. Profligate borrowing and spending by Greece and other countries helped trigger the two-year old crisis.
Another plan calls for Europe's most stable economies like Germany, France and Austria to jointly sell bonds to provide assistance to the region's most indebted members.
The Dow soared 291.23 points, or 2.6 percent, to 11,523.01. Alcoa Inc. jumped 5.7 percent, the most of the 30 stocks in the Dow.
The S&P 500 rose 33, or 2.9 percent, to 1,192.55. The gains came across industries and sectors; only six stocks in the index fell. The Nasdaq composite rose 85, or 3.5 percent, to 2,527.34.
As the threat of an imminent meltdown in Europe ebbed, U.S. investors focused on a strong weekend of holiday shopping. A record 226 million shoppers visited stores and websites during the four-day holiday weekend starting on Thanksgiving Day, up from 212 million last year, according to early estimates by The National Retail Federation. They spent more, too: The average holiday shopper spent $398.62 over the weekend, up from $365.34 a year ago. That's an encouraging sign for consumer spending.
The NYSE DOW NYSE DOW closed +291.23 points HIGHER or +2.59% on Monday November 28
Sym .......Last .......Change..........
Dow 11,523.01 +291.23 +2.59%
Nasdaq 2,527.34 +85.83 +3.52%
S&P 500 1,192.55 +33.88 +2.92%
30-yr Bond 2.9110 % -0.0110
NYSE Volume 3,839,997,500
Nasdaq Volume 1,623,544,875
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,312.76 +148.11 +2.87%
DAX 5,745.33 +252.46 +4.60%
CAC 40 3,012.93 +155.96 +5.46%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,125.80 +68.20 +1.68%
Shanghai Comp 2,383.03 18:00 +2.81 +0.12%
Taiwan Wei... 6,898.78 +114.26 +1.68%
Nikkei 225 8,287.49 +127.48 +1.56%
Hang Seng 18,037.81 +348.33 +1.97%
Straits Times 2,694.43 +50.50 +1.91%
http://finance.yahoo.com/news/stocks-soar-big-holiday-shopping-143913389.html
Stocks soar after big holiday shopping weekend
Stocks sharply higher after strong start to holiday shopping season, signs of Europe progress
By Francesca Levy, AP Business Writer | AP
NEW YORK (AP) — A weekend of exuberant holiday shopping in the U.S. and radical proposals for stanching Europe's debt crisis sent stocks soaring Monday. The Standard & Poor's 500 index broke a seven-day losing streak.
The Dow Jones industrial average jumped 291 points, its biggest gain in a month. The Dow plunged 564 points last week on fear that Europe's debt crisis was spreading to large countries like Spain, Italy and even Germany.
Markets in Europe also surged as leaders there discussed previously unthinkable approaches for containing the region's debt troubles, such as joint bond sales and a tighter fiscal union. France's CAC-40 jumped 5.5 percent. Indexes in Germany and Italy rose 4.6 percent. The battered euro rose against the dollar.
Retail stocks spiked after initial reports showed a record number of shoppers hit the mall or bought gifts online during the holiday weekend. Macy's Inc. rose 4.7 percent and Best Buy Co. rose 3.4 percent. Thanksgiving weekend is a make-or-break time for many retailers. For the past six years, Black Friday has been the biggest retail sales day of the year.
European finance ministers discussed radical measures to stop the debt crisis from destroying the 17-nation currency union. In a sign of how desperate the situation has become, one proposal being discussed ahead of a financial summit Tuesday calls for having nations cede control over their budgets to a central European authority. Profligate borrowing and spending by Greece and other countries helped trigger the two-year old crisis.
Another plan calls for Europe's most stable economies like Germany, France and Austria to jointly sell bonds to provide assistance to the region's most indebted members.
The Dow soared 291.23 points, or 2.6 percent, to 11,523.01. Alcoa Inc. jumped 5.7 percent, the most of the 30 stocks in the Dow.
The S&P 500 rose 33, or 2.9 percent, to 1,192.55. The gains came across industries and sectors; only six stocks in the index fell. The Nasdaq composite rose 85, or 3.5 percent, to 2,527.34.
As the threat of an imminent meltdown in Europe ebbed, U.S. investors focused on a strong weekend of holiday shopping. A record 226 million shoppers visited stores and websites during the four-day holiday weekend starting on Thanksgiving Day, up from 212 million last year, according to early estimates by The National Retail Federation. They spent more, too: The average holiday shopper spent $398.62 over the weekend, up from $365.34 a year ago. That's an encouraging sign for consumer spending.
The retail numbers added to a growing set of indicators, including steady drops in the number of new applications for unemployment benefits, that suggest the U.S. economy is continuing to heal. As recently as August, there were widespread concerns that the U.S. could enter another recession.
"This goes in stark contrast to the gloom and doom that had been over markets," said Rob Lutts, president of Salem, Ma.-based investment firm Cabot Money Management. "A lot of the stocks I follow have been more oversold than any time I can remember in the last few years."
That negativity has helped drag the S&P 500 down 5.9 percent in November. Monday's gains broke a seven-day losing streak for the index, its longest since the wild market swings from this August. That slide took the S&P down 7.9 percent.
Bank stocks rose sharply as investors became less fearful of an imminent freeze-up in Europe's financial system. Citigroup Inc. leapt 6 percent and Morgan Stanley jumped 4.1 percent.
Despite the big move in the markets Monday, many troubling questions remain about the situation in Europe. Borrowing rates remain onerously high for several major European countries including Spain and Italy. That's a sign markets still don't believe enough is being done to get the region's finances in order.
Credit rating agency Moody's warned on Monday that the "rapid escalation" of Europe's financial crisis is threatening the creditworthiness of all euro zone governments, even the most highly rated. Only six of the euro zone's 17 countries have the top rating — Germany, France, Austria, the Netherlands, Luxembourg and Finland.
Also, the Organization for Economic Cooperation and Development issued a report Monday saying the continued failure by EU leaders to stem the debt crisis "could massively escalate economic disruption" and end in "highly devastating outcomes."
A weekend of exuberant holiday shopping in the U.S. and radical proposals for stanching Europe's debt crisis sent stocks soaring Monday. The Standard & Poor's 500 index broke a seven-day losing streak.
The Dow Jones industrial average jumped 291 points, its biggest gain in a month. The Dow plunged 564 points last week on fear that Europe's debt crisis was spreading to large countries like Spain, Italy and even Germany.
Markets in Europe also surged as leaders there discussed previously unthinkable approaches for containing the region's debt troubles, such as joint bond sales and a tighter fiscal union. France's CAC-40 jumped 5.5 percent. Indexes in Germany and Italy rose 4.6 percent. The battered euro rose against the dollar.
Retail stocks spiked after initial reports showed a record number of shoppers hit the mall or bought gifts online during the holiday weekend. Macy's Inc. rose 4.7 percent and Best Buy Co. rose 3.4 percent. Thanksgiving weekend is a make-or-break time for many retailers. For the past six years, Black Friday has been the biggest retail sales day of the year.
European finance ministers discussed radical measures to stop the debt crisis from destroying the 17-nation currency union. In a sign of how desperate the situation has become, one proposal being discussed ahead of a financial summit Tuesday calls for having nations cede control over their budgets to a central European authority. Profligate borrowing and spending by Greece and other countries helped trigger the two-year old crisis.
Another plan calls for Europe's most stable economies like Germany, France and Austria to jointly sell bonds to provide assistance to the region's most indebted members.
The Dow soared 291.23 points, or 2.6 percent, to 11,523.01. Alcoa Inc. jumped 5.7 percent, the most of the 30 stocks in the Dow.
The S&P 500 rose 33, or 2.9 percent, to 1,192.55. The gains came across industries and sectors; only six stocks in the index fell. The Nasdaq composite rose 85, or 3.5 percent, to 2,527.34.
As the threat of an imminent meltdown in Europe ebbed, U.S. investors focused on a strong weekend of holiday shopping. A record 226 million shoppers visited stores and websites during the four-day holiday weekend starting on Thanksgiving Day, up from 212 million last year, according to early estimates by The National Retail Federation. They spent more, too: The average holiday shopper spent $398.62 over the weekend, up from $365.34 a year ago. That's an encouraging sign for consumer spending.
The NYSE DOW NYSE DOW closed +291.23 points HIGHER or +2.59% on Monday November 28
Sym .......Last .......Change..........
Dow 11,523.01 +291.23 +2.59%
Nasdaq 2,527.34 +85.83 +3.52%
S&P 500 1,192.55 +33.88 +2.92%
30-yr Bond 2.9110 % -0.0110
NYSE Volume 3,839,997,500
Nasdaq Volume 1,623,544,875
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,312.76 +148.11 +2.87%
DAX 5,745.33 +252.46 +4.60%
CAC 40 3,012.93 +155.96 +5.46%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,125.80 +68.20 +1.68%
Shanghai Comp 2,383.03 18:00 +2.81 +0.12%
Taiwan Wei... 6,898.78 +114.26 +1.68%
Nikkei 225 8,287.49 +127.48 +1.56%
Hang Seng 18,037.81 +348.33 +1.97%
Straits Times 2,694.43 +50.50 +1.91%
http://finance.yahoo.com/news/stocks-soar-big-holiday-shopping-143913389.html
Stocks soar after big holiday shopping weekend
Stocks sharply higher after strong start to holiday shopping season, signs of Europe progress
By Francesca Levy, AP Business Writer | AP
NEW YORK (AP) — A weekend of exuberant holiday shopping in the U.S. and radical proposals for stanching Europe's debt crisis sent stocks soaring Monday. The Standard & Poor's 500 index broke a seven-day losing streak.
The Dow Jones industrial average jumped 291 points, its biggest gain in a month. The Dow plunged 564 points last week on fear that Europe's debt crisis was spreading to large countries like Spain, Italy and even Germany.
Markets in Europe also surged as leaders there discussed previously unthinkable approaches for containing the region's debt troubles, such as joint bond sales and a tighter fiscal union. France's CAC-40 jumped 5.5 percent. Indexes in Germany and Italy rose 4.6 percent. The battered euro rose against the dollar.
Retail stocks spiked after initial reports showed a record number of shoppers hit the mall or bought gifts online during the holiday weekend. Macy's Inc. rose 4.7 percent and Best Buy Co. rose 3.4 percent. Thanksgiving weekend is a make-or-break time for many retailers. For the past six years, Black Friday has been the biggest retail sales day of the year.
European finance ministers discussed radical measures to stop the debt crisis from destroying the 17-nation currency union. In a sign of how desperate the situation has become, one proposal being discussed ahead of a financial summit Tuesday calls for having nations cede control over their budgets to a central European authority. Profligate borrowing and spending by Greece and other countries helped trigger the two-year old crisis.
Another plan calls for Europe's most stable economies like Germany, France and Austria to jointly sell bonds to provide assistance to the region's most indebted members.
The Dow soared 291.23 points, or 2.6 percent, to 11,523.01. Alcoa Inc. jumped 5.7 percent, the most of the 30 stocks in the Dow.
The S&P 500 rose 33, or 2.9 percent, to 1,192.55. The gains came across industries and sectors; only six stocks in the index fell. The Nasdaq composite rose 85, or 3.5 percent, to 2,527.34.
As the threat of an imminent meltdown in Europe ebbed, U.S. investors focused on a strong weekend of holiday shopping. A record 226 million shoppers visited stores and websites during the four-day holiday weekend starting on Thanksgiving Day, up from 212 million last year, according to early estimates by The National Retail Federation. They spent more, too: The average holiday shopper spent $398.62 over the weekend, up from $365.34 a year ago. That's an encouraging sign for consumer spending.
The retail numbers added to a growing set of indicators, including steady drops in the number of new applications for unemployment benefits, that suggest the U.S. economy is continuing to heal. As recently as August, there were widespread concerns that the U.S. could enter another recession.
"This goes in stark contrast to the gloom and doom that had been over markets," said Rob Lutts, president of Salem, Ma.-based investment firm Cabot Money Management. "A lot of the stocks I follow have been more oversold than any time I can remember in the last few years."
That negativity has helped drag the S&P 500 down 5.9 percent in November. Monday's gains broke a seven-day losing streak for the index, its longest since the wild market swings from this August. That slide took the S&P down 7.9 percent.
Bank stocks rose sharply as investors became less fearful of an imminent freeze-up in Europe's financial system. Citigroup Inc. leapt 6 percent and Morgan Stanley jumped 4.1 percent.
Despite the big move in the markets Monday, many troubling questions remain about the situation in Europe. Borrowing rates remain onerously high for several major European countries including Spain and Italy. That's a sign markets still don't believe enough is being done to get the region's finances in order.
Credit rating agency Moody's warned on Monday that the "rapid escalation" of Europe's financial crisis is threatening the creditworthiness of all euro zone governments, even the most highly rated. Only six of the euro zone's 17 countries have the top rating — Germany, France, Austria, the Netherlands, Luxembourg and Finland.
Also, the Organization for Economic Cooperation and Development issued a report Monday saying the continued failure by EU leaders to stem the debt crisis "could massively escalate economic disruption" and end in "highly devastating outcomes."
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bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
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- 5,476
Source: http://finance.yahoo.com
A jump in U.S. consumer confidence sent stocks modestly higher Tuesday. Investors were also encouraged by new efforts from European leaders to find more aggressive cures for the region's debt crisis.
The Dow Jones industrial average ended with a gain of 32 points, following a 291-point surge Monday.
Technology stocks were weak. Corning Inc., which makes glass for flat-screen TVs, slumped 10.8 percent, the most in the S&P 500, after saying a major South Korean customer would no longer do business with it.
Stocks started higher and gained momentum after 10 a.m., when the Conference Board, a private research group, reported that its Consumer Confidence Index jumped in November to its highest level since July. That news and strong retail sales over the Thanksgiving weekend reassured investors that the U.S. economy might be sputtering back to life, said Quincy Krosby, market strategist for Prudential Financial.
"For the market, the fact that Americans are spending is a positive force."
Europe's proposals for wriggling out of a potential financial catastrophe have become more radical as borrowing costs for the region's large economies, including Spain and Italy, spike. President Barack Obama said in a meeting with top EU officials Monday that if Europe failed to solve its crisis, the U.S. economy would suffer.
Acting with new urgency, Europe's finance ministers were considering wide-ranging plans for protecting its shared currency, the euro, from collapsing. Many of those ideas would have been off-limits until recently, including having countries cede some control over their finances to a central European authority.
In the latest sign of trouble, Italy was forced to pay an excruciatingly high interest rate on an auction of three-year debt Tuesday. The 7.89 percent rate was nearly three percentage points higher than last month, an enormous increase.
The NYSE DOW NYSE DOW closed +32.62 points HIGHER or +0.28% on Tuesday November 29
Sym .......Last .......Change..........
Dow 11,555.63 +32.62 +0.28%
Nasdaq 2,515.51 -11.83 -0.47%
S&P 500 1,195.19 +2.64 +0.22%
30-yr Bond 2.9600 % +0.0450
NYSE Volume 3,960,963,500
Nasdaq Volume 1,624,788,500
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,337.00 +24.24 +0.46%
CAC 40 3,026.76 +13.83 +0.46%
DAX 5,799.91 +54.58 +0.95%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,167.30 +41.50 +1.01%
Shanghai Comp 2,412.39 +29.36 +1.23%
Taiwan Wei... 6,988.65 +89.87 +1.30%
Nikkei 225 8,477.82 +190.33 +2.30%
Hang Seng 18,256.20 +218.39 +1.21%
Straits Times 2,688.10 -6.33 -0.23%
http://finance.yahoo.com/news/confidence-index-europe-send-stocks-214945253.html
Confidence index, Europe send stocks mostly higher
Jump in consumer confidence, new urgency on Europe debt talks sends stocks mostly higher
By Francesca Levy, AP Business Writer
NEW YORK (AP) -- A jump in U.S. consumer confidence sent stocks modestly higher Tuesday. Investors were also encouraged by new efforts from European leaders to find more aggressive cures for the region's debt crisis.
The Dow Jones industrial average ended with a gain of 32 points, following a 291-point surge Monday.
Technology stocks were weak. Corning Inc., which makes glass for flat-screen TVs, slumped 10.8 percent, the most in the S&P 500, after saying a major South Korean customer would no longer do business with it.
Stocks started higher and gained momentum after 10 a.m., when the Conference Board, a private research group, reported that its Consumer Confidence Index jumped in November to its highest level since July. That news and strong retail sales over the Thanksgiving weekend reassured investors that the U.S. economy might be sputtering back to life, said Quincy Krosby, market strategist for Prudential Financial.
"For the market, the fact that Americans are spending is a positive force."
Europe's proposals for wriggling out of a potential financial catastrophe have become more radical as borrowing costs for the region's large economies, including Spain and Italy, spike. President Barack Obama said in a meeting with top EU officials Monday that if Europe failed to solve its crisis, the U.S. economy would suffer.
Acting with new urgency, Europe's finance ministers were considering wide-ranging plans for protecting its shared currency, the euro, from collapsing. Many of those ideas would have been off-limits until recently, including having countries cede some control over their finances to a central European authority.
In the latest sign of trouble, Italy was forced to pay an excruciatingly high interest rate on an auction of three-year debt Tuesday. The 7.89 percent rate was nearly three percentage points higher than last month, an enormous increase.
Bank stocks lagged the market as investors saw the latest jump in Italy's borrowing costs as a troubling sign for the global financial system. Banks could suffer huge losses in the event of a financial panic in Europe and a freeze-up in global lending markets. Morgan Stanley fell 3.6 percent; Bank of America 3.2 percent.
AMR Corp. plunged 84 percent after the parent company of American Airlines said it would file for Chapter 11 because it could no longer shoulder rising fuel costs and its heavy debt load. Competitor United Continental Holdings Inc. jumped 6.3 percent, and Delta Air Lines Inc. rose 5 percent. AMR Corp. has continued to lose money while other U.S. airlines returned to profitability in the last two years.
The Dow Jones industrial average rose 33.62 points, or 0.3 percent, to close at 11,555.63 Tuesday.
The Dow jumped 291 the day before on expectations that European leaders were moving more aggressively to prevent the region's debt crisis from causing a catastrophic breakup of their currency union. European finance ministers gathered Tuesday to hash out the latest ideas for squelching the crisis. At their regular monthly meeting, the ministers also released the latest installment of emergency loans for Greece.
The Standard & Poor's 500 index rose 2.64, or 0.2 percent, to 1,195.19. The S&P broke a seven-day losing streak Monday.
The Nasdaq composite, which consists mostly of technology stocks, fell 11.83, or 0.5 percent, to 2,515.51. Netflix lost 3.4 percent after Standard & Poor's lowered its rating on the company's debt, saying it expected losses.
Seagate Technology PLC jumped 3.7 percent after the hard drive maker forecast revenue for the current quarter that was higher than analysts were expecting. Citi analyst Joe Yoo said higher hard disk drive prices were driving the gain.
Tiffany & Co. fell 8.7 percent after the luxury retailer forecast fourth-quarter earnings that were below Wall Street's expectations. The quarter includes the holiday shopping season.
Dillard's Inc. slumped 6.8 percent after a Sterne Agee analysts cut his rating on the stock, saying the department store operator's profits could be pressured by an increased in markdowns and sluggish economic conditions.
A jump in U.S. consumer confidence sent stocks modestly higher Tuesday. Investors were also encouraged by new efforts from European leaders to find more aggressive cures for the region's debt crisis.
The Dow Jones industrial average ended with a gain of 32 points, following a 291-point surge Monday.
Technology stocks were weak. Corning Inc., which makes glass for flat-screen TVs, slumped 10.8 percent, the most in the S&P 500, after saying a major South Korean customer would no longer do business with it.
Stocks started higher and gained momentum after 10 a.m., when the Conference Board, a private research group, reported that its Consumer Confidence Index jumped in November to its highest level since July. That news and strong retail sales over the Thanksgiving weekend reassured investors that the U.S. economy might be sputtering back to life, said Quincy Krosby, market strategist for Prudential Financial.
"For the market, the fact that Americans are spending is a positive force."
Europe's proposals for wriggling out of a potential financial catastrophe have become more radical as borrowing costs for the region's large economies, including Spain and Italy, spike. President Barack Obama said in a meeting with top EU officials Monday that if Europe failed to solve its crisis, the U.S. economy would suffer.
Acting with new urgency, Europe's finance ministers were considering wide-ranging plans for protecting its shared currency, the euro, from collapsing. Many of those ideas would have been off-limits until recently, including having countries cede some control over their finances to a central European authority.
In the latest sign of trouble, Italy was forced to pay an excruciatingly high interest rate on an auction of three-year debt Tuesday. The 7.89 percent rate was nearly three percentage points higher than last month, an enormous increase.
The NYSE DOW NYSE DOW closed +32.62 points HIGHER or +0.28% on Tuesday November 29
Sym .......Last .......Change..........
Dow 11,555.63 +32.62 +0.28%
Nasdaq 2,515.51 -11.83 -0.47%
S&P 500 1,195.19 +2.64 +0.22%
30-yr Bond 2.9600 % +0.0450
NYSE Volume 3,960,963,500
Nasdaq Volume 1,624,788,500
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,337.00 +24.24 +0.46%
CAC 40 3,026.76 +13.83 +0.46%
DAX 5,799.91 +54.58 +0.95%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,167.30 +41.50 +1.01%
Shanghai Comp 2,412.39 +29.36 +1.23%
Taiwan Wei... 6,988.65 +89.87 +1.30%
Nikkei 225 8,477.82 +190.33 +2.30%
Hang Seng 18,256.20 +218.39 +1.21%
Straits Times 2,688.10 -6.33 -0.23%
http://finance.yahoo.com/news/confidence-index-europe-send-stocks-214945253.html
Confidence index, Europe send stocks mostly higher
Jump in consumer confidence, new urgency on Europe debt talks sends stocks mostly higher
By Francesca Levy, AP Business Writer
NEW YORK (AP) -- A jump in U.S. consumer confidence sent stocks modestly higher Tuesday. Investors were also encouraged by new efforts from European leaders to find more aggressive cures for the region's debt crisis.
The Dow Jones industrial average ended with a gain of 32 points, following a 291-point surge Monday.
Technology stocks were weak. Corning Inc., which makes glass for flat-screen TVs, slumped 10.8 percent, the most in the S&P 500, after saying a major South Korean customer would no longer do business with it.
Stocks started higher and gained momentum after 10 a.m., when the Conference Board, a private research group, reported that its Consumer Confidence Index jumped in November to its highest level since July. That news and strong retail sales over the Thanksgiving weekend reassured investors that the U.S. economy might be sputtering back to life, said Quincy Krosby, market strategist for Prudential Financial.
"For the market, the fact that Americans are spending is a positive force."
Europe's proposals for wriggling out of a potential financial catastrophe have become more radical as borrowing costs for the region's large economies, including Spain and Italy, spike. President Barack Obama said in a meeting with top EU officials Monday that if Europe failed to solve its crisis, the U.S. economy would suffer.
Acting with new urgency, Europe's finance ministers were considering wide-ranging plans for protecting its shared currency, the euro, from collapsing. Many of those ideas would have been off-limits until recently, including having countries cede some control over their finances to a central European authority.
In the latest sign of trouble, Italy was forced to pay an excruciatingly high interest rate on an auction of three-year debt Tuesday. The 7.89 percent rate was nearly three percentage points higher than last month, an enormous increase.
Bank stocks lagged the market as investors saw the latest jump in Italy's borrowing costs as a troubling sign for the global financial system. Banks could suffer huge losses in the event of a financial panic in Europe and a freeze-up in global lending markets. Morgan Stanley fell 3.6 percent; Bank of America 3.2 percent.
AMR Corp. plunged 84 percent after the parent company of American Airlines said it would file for Chapter 11 because it could no longer shoulder rising fuel costs and its heavy debt load. Competitor United Continental Holdings Inc. jumped 6.3 percent, and Delta Air Lines Inc. rose 5 percent. AMR Corp. has continued to lose money while other U.S. airlines returned to profitability in the last two years.
The Dow Jones industrial average rose 33.62 points, or 0.3 percent, to close at 11,555.63 Tuesday.
The Dow jumped 291 the day before on expectations that European leaders were moving more aggressively to prevent the region's debt crisis from causing a catastrophic breakup of their currency union. European finance ministers gathered Tuesday to hash out the latest ideas for squelching the crisis. At their regular monthly meeting, the ministers also released the latest installment of emergency loans for Greece.
The Standard & Poor's 500 index rose 2.64, or 0.2 percent, to 1,195.19. The S&P broke a seven-day losing streak Monday.
The Nasdaq composite, which consists mostly of technology stocks, fell 11.83, or 0.5 percent, to 2,515.51. Netflix lost 3.4 percent after Standard & Poor's lowered its rating on the company's debt, saying it expected losses.
Seagate Technology PLC jumped 3.7 percent after the hard drive maker forecast revenue for the current quarter that was higher than analysts were expecting. Citi analyst Joe Yoo said higher hard disk drive prices were driving the gain.
Tiffany & Co. fell 8.7 percent after the luxury retailer forecast fourth-quarter earnings that were below Wall Street's expectations. The quarter includes the holiday shopping season.
Dillard's Inc. slumped 6.8 percent after a Sterne Agee analysts cut his rating on the stock, saying the department store operator's profits could be pressured by an increased in markdowns and sluggish economic conditions.
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bigdog
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Source: http://finance.yahoo.com
A move by the world's central banks to lower the cost of borrowing exhilarated investors Wednesday, sending the Dow Jones industrial average soaring 490 points and easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers.
It was the Dow's biggest gain since March 2009.
Large U.S. banks were among the top performers, jumping as much as 7 percent. Markets in Europe surged, too, with Germany's DAX index climbing 5 percent.
"The central banks of the world have resolved that there will not be a liquidity shortage," said David Kotok, chairman and chief investment officer of Cumberland Advisors. "And they have learned their lessons from 2008. They don't want to take small steps and do anything incrementally, but make a big bold move that is credible."
Wednesday's action by the banks of Europe, the U.S., Britain, Canada, Japan and Switzerland represented an extraordinary coordinated effort.
But amid the market's excitement, many doubts loomed. Some analysts cautioned that the banks' move did nothing to provide a permanent fix to the problems facing heavily indebted European nations such as Italy and Greece. It only buys time for political leaders.
"It is a short-term solution," said Jack Ablin, chief investment officer at Harris Private Bank. "The bottom line on any central bank action is that it papers over the problems, buys time and in some respects takes pressure from politicians. ... If nothing's done in a week, this market gain will disappear."
Banks stocks soared as fears about an imminent disaster in the European financial system ebbed.
American and European banks are connected by contracts, loans and other financial entanglements, meaning that a European financial crisis would punish U.S. bank stocks. The brighter outlook that emerged Wednesday relieved some investor concerns.
The NYSE DOW NYSE DOW closed +490.05 points HIGHER or +4.24% on Wednesday November 30
Sym .......Last .......Change..........
Dow 12,045.68 +490.05 +4.24%
Nasdaq 2,620.34 +104.83 +4.17%
S&P 500 1,246.96 +51.77 +4.33%
30-yr Bond 3.0600 % +0.1060
NYSE Volume 5,808,298,500
Nasdaq Volume 2,487,674,500
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,505.42 +168.42 +3.16%
CAC 40 3,154.62 +127.86 +4.22%
DAX 6,088.84 +288.93 +4.98%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,184.70 +17.40 +0.42%
Shanghai Comp 2,333.41 18:00 -78.98 -3.27%
Taiwan Wei... 6,904.12 -84.53 -1.21%
Nikkei 225 8,434.61 -43.21 -0.51%
Hang Seng 17,989.35 -266.85 -1.46%
Straits Times 2,702.46 +14.36 +0.53%
http://finance.yahoo.com/news/move-central-banks-exhilarates-wall-185211005.html
Move by central banks exhilarates Wall Street
Move to ease cost of borrowing exhilarates Wall Street, sends Dow soaring 489 points
By Daniel Wagner, AP Business Writer
A move by the world's central banks to lower the cost of borrowing exhilarated investors Wednesday, sending the Dow Jones industrial average soaring 490 points and easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers.
It was the Dow's biggest gain since March 2009.
Large U.S. banks were among the top performers, jumping as much as 7 percent. Markets in Europe surged, too, with Germany's DAX index climbing 5 percent.
"The central banks of the world have resolved that there will not be a liquidity shortage," said David Kotok, chairman and chief investment officer of Cumberland Advisors. "And they have learned their lessons from 2008. They don't want to take small steps and do anything incrementally, but make a big bold move that is credible."
Wednesday's action by the banks of Europe, the U.S., Britain, Canada, Japan and Switzerland represented an extraordinary coordinated effort.
But amid the market's excitement, many doubts loomed. Some analysts cautioned that the banks' move did nothing to provide a permanent fix to the problems facing heavily indebted European nations such as Italy and Greece. It only buys time for political leaders.
"It is a short-term solution," said Jack Ablin, chief investment officer at Harris Private Bank. "The bottom line on any central bank action is that it papers over the problems, buys time and in some respects takes pressure from politicians. ... If nothing's done in a week, this market gain will disappear."
Banks stocks soared as fears about an imminent disaster in the European financial system ebbed.
American and European banks are connected by contracts, loans and other financial entanglements, meaning that a European financial crisis would punish U.S. bank stocks. The brighter outlook that emerged Wednesday relieved some investor concerns.
JPMorgan Chase & Co. jumped 7.7 percent, the most of the 30 Dow components. Morgan Stanley rose 10 percent and Citigroup Inc. 8.2 percent.
Banking worries ”” and the reluctance of the European Central Bank to intervene ”” have caused borrowing rates for European nations to skyrocket. Wednesday's decision greatly alleviated fears by cutting short-term borrowing rates to banks, giving them much easier access to money. But borrowing costs remain extremely high for indebted countries such as Italy and Spain.
The euro rose sharply, while U.S. Treasury prices fell as demand weakened for ultra-safe assets.
The Dow rose 4.2 percent to close at 12,045. It has more than gained back the 564-point slump it had last week and is up 7 percent so far this week. The last time the Dow closed up more than 400 points was Aug. 11.
The Standard & Poor's 500 closed up 52, or 4.3 percent, at 1,247. The Nasdaq composite index closed up 105, or 4.2 percent, at 2,620.
Seven stocks rose on the New York Stock Exchange for every one that fell. Volume was heavy at 5.7 billion shares.
Surging commodity prices lifted the stocks of companies that make basic materials such as steel. United States Steel Corp. gained 14 percent, the most in the S&P 500. AK Steel Holding Corp. added 11 percent. Energy stocks also leaped. Alpha Natural Resources Inc. rose 14 percent, Peabody Energy Corp. 13 percent.
The move by the banks takes some pressure off the financial system, which has signaled in recent days that banks were losing faith in their trading partners. Banks need dollars to fund their daily operations, and they need to trust each other to maintain healthy flows of credit. Access to dollars has dried up as American money market funds reduced their lending to European banks.
But the banks' most recent steps do little to solve the long-term debt problem in Europe.
"People are taking comfort that it's globally coordinated," said Peter Tchir, who runs the hedge fund TF Market Advisors. "In itself, it does nothing. But the bulls are anticipating that this is just the beginning of central bank and other actions" to ease market pressures.
Any successful plan would have to reduce borrowing costs for Italy and other indebted nations, Tchir said. Italy's borrowing costs edged lower Wednesday, but the nation was still paying more than 7 percent interest for 10-year borrowing ”” a dangerously high level.
European finance ministers in Brussels have been meeting since Tuesday but have failed to deliver a clearer sense of how the currency union will proceed. More leaders gather next week for a summit.
In another attempt to free up cash for lending, China on Wednesday reduced the amount of money its banks are required to hold in reserve. It was the first easing of monetary policy in three years, and analysts are expecting more.
Growth in China, which has the largest economy after the European Union and the U.S., could be crucial to sustaining any recovery after the debt crisis.
A string of positive U.S. economic news also propelled the market higher. An index measuring manufacturing in the Midwest surged to a seven-month high; private company hiring jumped in November to the highest level this year, according to payroll company ADP; and the number of contracts to buy homes jumped in October to the highest level in a year.
A move by the world's central banks to lower the cost of borrowing exhilarated investors Wednesday, sending the Dow Jones industrial average soaring 490 points and easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers.
It was the Dow's biggest gain since March 2009.
Large U.S. banks were among the top performers, jumping as much as 7 percent. Markets in Europe surged, too, with Germany's DAX index climbing 5 percent.
"The central banks of the world have resolved that there will not be a liquidity shortage," said David Kotok, chairman and chief investment officer of Cumberland Advisors. "And they have learned their lessons from 2008. They don't want to take small steps and do anything incrementally, but make a big bold move that is credible."
Wednesday's action by the banks of Europe, the U.S., Britain, Canada, Japan and Switzerland represented an extraordinary coordinated effort.
But amid the market's excitement, many doubts loomed. Some analysts cautioned that the banks' move did nothing to provide a permanent fix to the problems facing heavily indebted European nations such as Italy and Greece. It only buys time for political leaders.
"It is a short-term solution," said Jack Ablin, chief investment officer at Harris Private Bank. "The bottom line on any central bank action is that it papers over the problems, buys time and in some respects takes pressure from politicians. ... If nothing's done in a week, this market gain will disappear."
Banks stocks soared as fears about an imminent disaster in the European financial system ebbed.
American and European banks are connected by contracts, loans and other financial entanglements, meaning that a European financial crisis would punish U.S. bank stocks. The brighter outlook that emerged Wednesday relieved some investor concerns.
The NYSE DOW NYSE DOW closed +490.05 points HIGHER or +4.24% on Wednesday November 30
Sym .......Last .......Change..........
Dow 12,045.68 +490.05 +4.24%
Nasdaq 2,620.34 +104.83 +4.17%
S&P 500 1,246.96 +51.77 +4.33%
30-yr Bond 3.0600 % +0.1060
NYSE Volume 5,808,298,500
Nasdaq Volume 2,487,674,500
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,505.42 +168.42 +3.16%
CAC 40 3,154.62 +127.86 +4.22%
DAX 6,088.84 +288.93 +4.98%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,184.70 +17.40 +0.42%
Shanghai Comp 2,333.41 18:00 -78.98 -3.27%
Taiwan Wei... 6,904.12 -84.53 -1.21%
Nikkei 225 8,434.61 -43.21 -0.51%
Hang Seng 17,989.35 -266.85 -1.46%
Straits Times 2,702.46 +14.36 +0.53%
http://finance.yahoo.com/news/move-central-banks-exhilarates-wall-185211005.html
Move by central banks exhilarates Wall Street
Move to ease cost of borrowing exhilarates Wall Street, sends Dow soaring 489 points
By Daniel Wagner, AP Business Writer
A move by the world's central banks to lower the cost of borrowing exhilarated investors Wednesday, sending the Dow Jones industrial average soaring 490 points and easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers.
It was the Dow's biggest gain since March 2009.
Large U.S. banks were among the top performers, jumping as much as 7 percent. Markets in Europe surged, too, with Germany's DAX index climbing 5 percent.
"The central banks of the world have resolved that there will not be a liquidity shortage," said David Kotok, chairman and chief investment officer of Cumberland Advisors. "And they have learned their lessons from 2008. They don't want to take small steps and do anything incrementally, but make a big bold move that is credible."
Wednesday's action by the banks of Europe, the U.S., Britain, Canada, Japan and Switzerland represented an extraordinary coordinated effort.
But amid the market's excitement, many doubts loomed. Some analysts cautioned that the banks' move did nothing to provide a permanent fix to the problems facing heavily indebted European nations such as Italy and Greece. It only buys time for political leaders.
"It is a short-term solution," said Jack Ablin, chief investment officer at Harris Private Bank. "The bottom line on any central bank action is that it papers over the problems, buys time and in some respects takes pressure from politicians. ... If nothing's done in a week, this market gain will disappear."
Banks stocks soared as fears about an imminent disaster in the European financial system ebbed.
American and European banks are connected by contracts, loans and other financial entanglements, meaning that a European financial crisis would punish U.S. bank stocks. The brighter outlook that emerged Wednesday relieved some investor concerns.
JPMorgan Chase & Co. jumped 7.7 percent, the most of the 30 Dow components. Morgan Stanley rose 10 percent and Citigroup Inc. 8.2 percent.
Banking worries ”” and the reluctance of the European Central Bank to intervene ”” have caused borrowing rates for European nations to skyrocket. Wednesday's decision greatly alleviated fears by cutting short-term borrowing rates to banks, giving them much easier access to money. But borrowing costs remain extremely high for indebted countries such as Italy and Spain.
The euro rose sharply, while U.S. Treasury prices fell as demand weakened for ultra-safe assets.
The Dow rose 4.2 percent to close at 12,045. It has more than gained back the 564-point slump it had last week and is up 7 percent so far this week. The last time the Dow closed up more than 400 points was Aug. 11.
The Standard & Poor's 500 closed up 52, or 4.3 percent, at 1,247. The Nasdaq composite index closed up 105, or 4.2 percent, at 2,620.
Seven stocks rose on the New York Stock Exchange for every one that fell. Volume was heavy at 5.7 billion shares.
Surging commodity prices lifted the stocks of companies that make basic materials such as steel. United States Steel Corp. gained 14 percent, the most in the S&P 500. AK Steel Holding Corp. added 11 percent. Energy stocks also leaped. Alpha Natural Resources Inc. rose 14 percent, Peabody Energy Corp. 13 percent.
The move by the banks takes some pressure off the financial system, which has signaled in recent days that banks were losing faith in their trading partners. Banks need dollars to fund their daily operations, and they need to trust each other to maintain healthy flows of credit. Access to dollars has dried up as American money market funds reduced their lending to European banks.
But the banks' most recent steps do little to solve the long-term debt problem in Europe.
"People are taking comfort that it's globally coordinated," said Peter Tchir, who runs the hedge fund TF Market Advisors. "In itself, it does nothing. But the bulls are anticipating that this is just the beginning of central bank and other actions" to ease market pressures.
Any successful plan would have to reduce borrowing costs for Italy and other indebted nations, Tchir said. Italy's borrowing costs edged lower Wednesday, but the nation was still paying more than 7 percent interest for 10-year borrowing ”” a dangerously high level.
European finance ministers in Brussels have been meeting since Tuesday but have failed to deliver a clearer sense of how the currency union will proceed. More leaders gather next week for a summit.
In another attempt to free up cash for lending, China on Wednesday reduced the amount of money its banks are required to hold in reserve. It was the first easing of monetary policy in three years, and analysts are expecting more.
Growth in China, which has the largest economy after the European Union and the U.S., could be crucial to sustaining any recovery after the debt crisis.
A string of positive U.S. economic news also propelled the market higher. An index measuring manufacturing in the Midwest surged to a seven-month high; private company hiring jumped in November to the highest level this year, according to payroll company ADP; and the number of contracts to buy homes jumped in October to the highest level in a year.
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bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
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- 5,476
Source: http://finance.yahoo.com
A rally that drove major stock indexes up 7 percent this week stalled Thursday. Stock indexes ended slightly lower, a day after the market posted its biggest gain in two and a half years.
Goldman Sachs and other banks, the previous day's star-performers, gave up some of their gains. Costco, Nordstrom and other retailers rose after reporting stronger sales for November.
The Dow Jones industrial average fell 25.65 points, or 0.2 percent, to close at 12,020.03. Travelers Cos. Inc. lost 2.2 percent, the biggest drop of the Dow's 30 stocks. Boeing Co. had the biggest gain, 3.3 percent.
The Dow soared 490 points Wednesday, its seventh-best gain on record, on news that central banks around the world slashed the cost of borrowing in order to shore up European banks and avert a deeper credit crisis in the region.
Another rise in applications for weekly unemployment benefits dampened the mood Thursday. The Labor Department said initial applications rose to 402,000 last week, the second weekly increase in a row. The figures didn't change expectations for the government's monthly labor report, which comes out Friday. Economists forecast that the unemployment rate will remain at 9 percent.
The S&P 500 index slipped 2.37, or 0.2 percent, to 1,244.59. The Nasdaq inched up 5.86, or 0.2 percent, to 2,626.
The NYSE DOW NYSE DOW closed -25.65 points LOWER or -0.21% on Thursday December 1
Sym .......Last .......Change..........
Dow 12,020.03 -25.65 -0.21%
Nasdaq 2,626.20 +5.86 +0.22%
S&P 500 1,244.58 -2.38 -0.19%
30-yr Bond 3.1400 % +0.0730
NYSE Volume 3,853,665,250
Nasdaq Volume 1,826,225,250
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,489.34 -16.08 -0.29%
DAX 6,035.88 -52.96 -0.87%
CAC 40 3,129.95 -24.67 -0.78%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,288.10 +103.40 +2.47%
Shanghai Comp 2,386.86 +53.45 +2.29%
Taiwan Wei... 7,178.69 +274.57 +3.98%
Nikkei 225 8,597.38 +162.77 +1.93%
Hang Seng 19,002.26 +1,012.91 +5.63%
Straits Times 2,761.88 +59.42 +2.20%
Stocks waver, a day after biggest rally in 2 years
Market rally on hold; Dow and S&P 500 are little changed as unemployment claims rise again
By Matthew Craft, AP Business Writer
NEW YORK (AP) -- A rally that drove major stock indexes up 7 percent this week stalled Thursday. Stock indexes ended slightly lower, a day after the market posted its biggest gain in two and a half years.
Goldman Sachs and other banks, the previous day's star-performers, gave up some of their gains. Costco, Nordstrom and other retailers rose after reporting stronger sales for November.
The Dow Jones industrial average fell 25.65 points, or 0.2 percent, to close at 12,020.03. Travelers Cos. Inc. lost 2.2 percent, the biggest drop of the Dow's 30 stocks. Boeing Co. had the biggest gain, 3.3 percent.
The Dow soared 490 points Wednesday, its seventh-best gain on record, on news that central banks around the world slashed the cost of borrowing in order to shore up European banks and avert a deeper credit crisis in the region.
Another rise in applications for weekly unemployment benefits dampened the mood Thursday. The Labor Department said initial applications rose to 402,000 last week, the second weekly increase in a row. The figures didn't change expectations for the government's monthly labor report, which comes out Friday. Economists forecast that the unemployment rate will remain at 9 percent.
The S&P 500 index slipped 2.37, or 0.2 percent, to 1,244.59. The Nasdaq inched up 5.86, or 0.2 percent, to 2,626.
Investors often turn cautious following giant leaps, said Sam Stovall, chief equity strategist at S&P Capital IQ. The Dow shot up 813 points in the first three days of the week as fears ebbed that Europe's debt crisis would turn into a global panic. The rally got started Monday with news that a record number of shoppers went to stores over the Thanksgiving weekend.
"It's almost like rooting for a football team that won by a very big score," Stovall said. The next day, people are likely wondering whether the big victory was a one-off event or the start of a lasting trend.
"Lately, it seems like nothing lasts that long," Stovall said. News out of Europe has sent stocks swinging from large gains to deep losses. One week ago, the S&P 500 was down 7.9 percent for the year. The index is now within 13 points of breaking even.
Daily moves in the S&P 500 index have been three times more volatile in the past 13 weeks compared with the long-term average, Stovall said. Since 2000, the S&P 500 index moved up or down by 2 percent an average of 14 days every three months. Over the past 13 weeks, that's happened 45 times.
Traders took little encouragement Thursday from a better manufacturing report. The Institute for Supply Management said that manufacturing grew last month at the fastest pace since June.
The euro inched higher against the dollar as investors became less fearful about Europe's financial problems. Borrowing rates for France and Spain eased after both countries had successful auctions of new debt.
Macy's Inc., Costco Wholesale Corp., Limited Brands Inc. and other retailers reported sales that surpassed Wall Street estimates. Nordstrom Inc. jumped 4 percent. Costco rose 2.1 percent.
Kohl's Corp. slumped 6.4 percent. The department store chain reported that a key revenue measure dropped sharply in November and fell far below Wall Street forecasts. Sales at stores open at least a year fell 6.2 percent; analysts had expected an increase.
Barnes & Noble dropped 16 percent after the bookseller posted a third-quarter loss instead of the slight profit analysts had expected. Sales also fell below analysts' estimates.
Finisar Corp. lost 12 percent after the maker of fiber-optics components reported revenue that was lower than analysts were expecting.
A rally that drove major stock indexes up 7 percent this week stalled Thursday. Stock indexes ended slightly lower, a day after the market posted its biggest gain in two and a half years.
Goldman Sachs and other banks, the previous day's star-performers, gave up some of their gains. Costco, Nordstrom and other retailers rose after reporting stronger sales for November.
The Dow Jones industrial average fell 25.65 points, or 0.2 percent, to close at 12,020.03. Travelers Cos. Inc. lost 2.2 percent, the biggest drop of the Dow's 30 stocks. Boeing Co. had the biggest gain, 3.3 percent.
The Dow soared 490 points Wednesday, its seventh-best gain on record, on news that central banks around the world slashed the cost of borrowing in order to shore up European banks and avert a deeper credit crisis in the region.
Another rise in applications for weekly unemployment benefits dampened the mood Thursday. The Labor Department said initial applications rose to 402,000 last week, the second weekly increase in a row. The figures didn't change expectations for the government's monthly labor report, which comes out Friday. Economists forecast that the unemployment rate will remain at 9 percent.
The S&P 500 index slipped 2.37, or 0.2 percent, to 1,244.59. The Nasdaq inched up 5.86, or 0.2 percent, to 2,626.
The NYSE DOW NYSE DOW closed -25.65 points LOWER or -0.21% on Thursday December 1
Sym .......Last .......Change..........
Dow 12,020.03 -25.65 -0.21%
Nasdaq 2,626.20 +5.86 +0.22%
S&P 500 1,244.58 -2.38 -0.19%
30-yr Bond 3.1400 % +0.0730
NYSE Volume 3,853,665,250
Nasdaq Volume 1,826,225,250
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,489.34 -16.08 -0.29%
DAX 6,035.88 -52.96 -0.87%
CAC 40 3,129.95 -24.67 -0.78%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,288.10 +103.40 +2.47%
Shanghai Comp 2,386.86 +53.45 +2.29%
Taiwan Wei... 7,178.69 +274.57 +3.98%
Nikkei 225 8,597.38 +162.77 +1.93%
Hang Seng 19,002.26 +1,012.91 +5.63%
Straits Times 2,761.88 +59.42 +2.20%
Stocks waver, a day after biggest rally in 2 years
Market rally on hold; Dow and S&P 500 are little changed as unemployment claims rise again
By Matthew Craft, AP Business Writer
NEW YORK (AP) -- A rally that drove major stock indexes up 7 percent this week stalled Thursday. Stock indexes ended slightly lower, a day after the market posted its biggest gain in two and a half years.
Goldman Sachs and other banks, the previous day's star-performers, gave up some of their gains. Costco, Nordstrom and other retailers rose after reporting stronger sales for November.
The Dow Jones industrial average fell 25.65 points, or 0.2 percent, to close at 12,020.03. Travelers Cos. Inc. lost 2.2 percent, the biggest drop of the Dow's 30 stocks. Boeing Co. had the biggest gain, 3.3 percent.
The Dow soared 490 points Wednesday, its seventh-best gain on record, on news that central banks around the world slashed the cost of borrowing in order to shore up European banks and avert a deeper credit crisis in the region.
Another rise in applications for weekly unemployment benefits dampened the mood Thursday. The Labor Department said initial applications rose to 402,000 last week, the second weekly increase in a row. The figures didn't change expectations for the government's monthly labor report, which comes out Friday. Economists forecast that the unemployment rate will remain at 9 percent.
The S&P 500 index slipped 2.37, or 0.2 percent, to 1,244.59. The Nasdaq inched up 5.86, or 0.2 percent, to 2,626.
Investors often turn cautious following giant leaps, said Sam Stovall, chief equity strategist at S&P Capital IQ. The Dow shot up 813 points in the first three days of the week as fears ebbed that Europe's debt crisis would turn into a global panic. The rally got started Monday with news that a record number of shoppers went to stores over the Thanksgiving weekend.
"It's almost like rooting for a football team that won by a very big score," Stovall said. The next day, people are likely wondering whether the big victory was a one-off event or the start of a lasting trend.
"Lately, it seems like nothing lasts that long," Stovall said. News out of Europe has sent stocks swinging from large gains to deep losses. One week ago, the S&P 500 was down 7.9 percent for the year. The index is now within 13 points of breaking even.
Daily moves in the S&P 500 index have been three times more volatile in the past 13 weeks compared with the long-term average, Stovall said. Since 2000, the S&P 500 index moved up or down by 2 percent an average of 14 days every three months. Over the past 13 weeks, that's happened 45 times.
Traders took little encouragement Thursday from a better manufacturing report. The Institute for Supply Management said that manufacturing grew last month at the fastest pace since June.
The euro inched higher against the dollar as investors became less fearful about Europe's financial problems. Borrowing rates for France and Spain eased after both countries had successful auctions of new debt.
Macy's Inc., Costco Wholesale Corp., Limited Brands Inc. and other retailers reported sales that surpassed Wall Street estimates. Nordstrom Inc. jumped 4 percent. Costco rose 2.1 percent.
Kohl's Corp. slumped 6.4 percent. The department store chain reported that a key revenue measure dropped sharply in November and fell far below Wall Street forecasts. Sales at stores open at least a year fell 6.2 percent; analysts had expected an increase.
Barnes & Noble dropped 16 percent after the bookseller posted a third-quarter loss instead of the slight profit analysts had expected. Sales also fell below analysts' estimates.
Finisar Corp. lost 12 percent after the maker of fiber-optics components reported revenue that was lower than analysts were expecting.
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bigdog
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Source: http://finance.yahoo.com
An early rally fizzled on the stock market Friday but still left the Standard & Poor's 500 index up 7.4 percent for the week, its biggest gain since March 2009.
A surprise drop in the U.S. unemployment rate sent stocks higher in early trading, but the gains faded during the afternoon.
The Dow Jones industrial average dropped 0.61 of a point to close at 12,019.42. The Dow ended the week up 7 percent, the largest weekly gain since July 2009.
Bank stocks rose sharply, continuing a weeklong rally. JPMorgan Chase & Co. jumped 6.1 percent, the most among the 30 stocks in the Dow average. Morgan Stanley leapt 6.9 percent, the second-biggest gain of any stock in the S&P 500 index.
European stock indexes and the euro rose after German Chancellor Angela Merkel made a speech pushing for tighter rules on government spending. Merkel said the 17 countries that use the euro must quickly restore market confidence by making financial controls stricter.
Bond yields for Spain and Italy fell, a sign that investors are becoming more confident in the ability of those countries to pay their debt. France's CAC-40 and Britain's FT-SE each rose 1.1 percent.
Markets could be in for more volatility next week as European leaders prepare for a summit to propose new measures for containing the crisis.
The NYSE DOW NYSE DOW closed -0.61 points LOWER or -0.01% on Friday December 2
Sym .......Last .......Change..........
Dow 12,019.42 -0.61 -0.01%
Nasdaq 2,626.93 +0.73 +0.03%
S&P 500 1,244.28 -0.30 -0.02%
30-yr Bond 3.0360 % -0.0990
NYSE Volume 4,177,446,000
Nasdaq Volume 1,658,329,375
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,552.29 +62.95 +1.15%
DAX 6,080.68 +44.80 +0.74%
CAC 40 3,164.95 +35.00 +1.12%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,346.30 +58.20 +1.36%
Shanghai Comp 2,360.66 -26.20 -1.10%
Taiwan Wei... 7,140.68 -38.01
Nikkei 225 8,643.75 +46.37 +0.54%
Hang Seng 19,040.39 +38.13 +0.20%
Straits Times 2,773.36 +11.48 +0.42%
http://news.yahoo.com/stock-market-closes-best-week-since-2009-215813316.html
Stock market closes out its best week since 2009
By FRANCESCA LEVY and MATTHEW CRAFT
NEW YORK (AP) — An early rally fizzled on the stock market Friday but still left the Standard & Poor's 500 index up 7.4 percent for the week, its biggest gain since March 2009.
A surprise drop in the U.S. unemployment rate sent stocks higher in early trading, but the gains faded during the afternoon.
The Dow Jones industrial average dropped 0.61 of a point to close at 12,019.42. The Dow ended the week up 7 percent, the largest weekly gain since July 2009.
Bank stocks rose sharply, continuing a weeklong rally. JPMorgan Chase & Co. jumped 6.1 percent, the most among the 30 stocks in the Dow average. Morgan Stanley leapt 6.9 percent, the second-biggest gain of any stock in the S&P 500 index.
European stock indexes and the euro rose after German Chancellor Angela Merkel made a speech pushing for tighter rules on government spending. Merkel said the 17 countries that use the euro must quickly restore market confidence by making financial controls stricter.
Bond yields for Spain and Italy fell, a sign that investors are becoming more confident in the ability of those countries to pay their debt. France's CAC-40 and Britain's FT-SE each rose 1.1 percent.
Markets could be in for more volatility next week as European leaders prepare for a summit to propose new measures for containing the crisis.
The Labor Department reported before the market opened that the unemployment rate fell to 8.6 percent last month, the lowest level in 2 ½ years. Economists had expected the rate to stay at 9 percent. But a key reason the unemployment rate fell so much was that more than 300,000 people gave up looking for work and were no longer counted as unemployed.
The Nasdaq composite index inched up 0.73 to 2,626.93. The Standard & Poor's 500 index fell 0.31 of a point to 1,244.28. The S&P surged 7.4 percent over the week, the most since March 2009.
Decisive steps by world leaders to right Europe's teetering economy sent stocks soaring on Wednesday. The Dow jumped 490 points, its biggest gain since March 2009 and its seventh-largest one-day point gain in history. The weekly point gain of 787 in the Dow was the second-biggest in its history, following a 946-point gain in October 2008.
"This market has been gripped with fear for a long time," said Peter Cardillo, chief market economist at Rockwell Global Capital. "And I think some of these fear factors are beginning to dissipate."
This week's strong stock performance is partially a reflection of the market's increased volatility since August, when concerns that Europe's debt was spinning out of control made dramatic stock price swings the norm. On Monday the S&P 500 broke a 7-day slide that had taken the index down 7.9 percent.
The improvements in the U.S. job market are "another illustration that the US economy is, for now at least, shrugging off the global economic downturn and fears about the collapse of the euro-zone," Capital Economics Chief U.S. Economist Paul Ashworth said in a note to clients.
Merkel and French President Nicolas Sarkozy will meet Monday to discuss changes to European Union treaties. The talks will culminate in a Dec. 9 summit of EU leaders, where the proposals are expected to be debated and detailed. Analysts say stricter controls on spending could encourage the European Central Bank to offer more short-term help for governments struggling with their debts.
If the European Central Bank takes a larger role in buying government debt, "it will certainly be a relief to markets," Cardillo said, "and maybe even mean Europe avoids falling into a deep recession. Not that it's going to cure all the problems of Europe."
In corporate news:
— Western Digital Corp. soared 7.5 percent, the most in the S&P. The data storage provider raised its revenue estimate for the current quarter and said that recovery efforts at its facility in Thailand following massive flooding there were proceeding faster than had been expected.
— Big Lots Inc. slumped 8.7 percent, after the retailer reported a 76 percent plunge in income because of lower margins and a loss related to a newly acquired Canadian business. The company buys overstocked items including food and housewares and sells them at a discount.
— H&R Block Inc. fell 6.4 percent. The country's largest tax-preparation company reported a wider quarterly loss late Thursday. H&R Block also said there was a jump in claims tied to bad loans made by its former subprime mortgage unit.
0125
An early rally fizzled on the stock market Friday but still left the Standard & Poor's 500 index up 7.4 percent for the week, its biggest gain since March 2009.
A surprise drop in the U.S. unemployment rate sent stocks higher in early trading, but the gains faded during the afternoon.
The Dow Jones industrial average dropped 0.61 of a point to close at 12,019.42. The Dow ended the week up 7 percent, the largest weekly gain since July 2009.
Bank stocks rose sharply, continuing a weeklong rally. JPMorgan Chase & Co. jumped 6.1 percent, the most among the 30 stocks in the Dow average. Morgan Stanley leapt 6.9 percent, the second-biggest gain of any stock in the S&P 500 index.
European stock indexes and the euro rose after German Chancellor Angela Merkel made a speech pushing for tighter rules on government spending. Merkel said the 17 countries that use the euro must quickly restore market confidence by making financial controls stricter.
Bond yields for Spain and Italy fell, a sign that investors are becoming more confident in the ability of those countries to pay their debt. France's CAC-40 and Britain's FT-SE each rose 1.1 percent.
Markets could be in for more volatility next week as European leaders prepare for a summit to propose new measures for containing the crisis.
The NYSE DOW NYSE DOW closed -0.61 points LOWER or -0.01% on Friday December 2
Sym .......Last .......Change..........
Dow 12,019.42 -0.61 -0.01%
Nasdaq 2,626.93 +0.73 +0.03%
S&P 500 1,244.28 -0.30 -0.02%
30-yr Bond 3.0360 % -0.0990
NYSE Volume 4,177,446,000
Nasdaq Volume 1,658,329,375
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,552.29 +62.95 +1.15%
DAX 6,080.68 +44.80 +0.74%
CAC 40 3,164.95 +35.00 +1.12%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,346.30 +58.20 +1.36%
Shanghai Comp 2,360.66 -26.20 -1.10%
Taiwan Wei... 7,140.68 -38.01
Nikkei 225 8,643.75 +46.37 +0.54%
Hang Seng 19,040.39 +38.13 +0.20%
Straits Times 2,773.36 +11.48 +0.42%
http://news.yahoo.com/stock-market-closes-best-week-since-2009-215813316.html
Stock market closes out its best week since 2009
By FRANCESCA LEVY and MATTHEW CRAFT
NEW YORK (AP) — An early rally fizzled on the stock market Friday but still left the Standard & Poor's 500 index up 7.4 percent for the week, its biggest gain since March 2009.
A surprise drop in the U.S. unemployment rate sent stocks higher in early trading, but the gains faded during the afternoon.
The Dow Jones industrial average dropped 0.61 of a point to close at 12,019.42. The Dow ended the week up 7 percent, the largest weekly gain since July 2009.
Bank stocks rose sharply, continuing a weeklong rally. JPMorgan Chase & Co. jumped 6.1 percent, the most among the 30 stocks in the Dow average. Morgan Stanley leapt 6.9 percent, the second-biggest gain of any stock in the S&P 500 index.
European stock indexes and the euro rose after German Chancellor Angela Merkel made a speech pushing for tighter rules on government spending. Merkel said the 17 countries that use the euro must quickly restore market confidence by making financial controls stricter.
Bond yields for Spain and Italy fell, a sign that investors are becoming more confident in the ability of those countries to pay their debt. France's CAC-40 and Britain's FT-SE each rose 1.1 percent.
Markets could be in for more volatility next week as European leaders prepare for a summit to propose new measures for containing the crisis.
The Labor Department reported before the market opened that the unemployment rate fell to 8.6 percent last month, the lowest level in 2 ½ years. Economists had expected the rate to stay at 9 percent. But a key reason the unemployment rate fell so much was that more than 300,000 people gave up looking for work and were no longer counted as unemployed.
The Nasdaq composite index inched up 0.73 to 2,626.93. The Standard & Poor's 500 index fell 0.31 of a point to 1,244.28. The S&P surged 7.4 percent over the week, the most since March 2009.
Decisive steps by world leaders to right Europe's teetering economy sent stocks soaring on Wednesday. The Dow jumped 490 points, its biggest gain since March 2009 and its seventh-largest one-day point gain in history. The weekly point gain of 787 in the Dow was the second-biggest in its history, following a 946-point gain in October 2008.
"This market has been gripped with fear for a long time," said Peter Cardillo, chief market economist at Rockwell Global Capital. "And I think some of these fear factors are beginning to dissipate."
This week's strong stock performance is partially a reflection of the market's increased volatility since August, when concerns that Europe's debt was spinning out of control made dramatic stock price swings the norm. On Monday the S&P 500 broke a 7-day slide that had taken the index down 7.9 percent.
The improvements in the U.S. job market are "another illustration that the US economy is, for now at least, shrugging off the global economic downturn and fears about the collapse of the euro-zone," Capital Economics Chief U.S. Economist Paul Ashworth said in a note to clients.
Merkel and French President Nicolas Sarkozy will meet Monday to discuss changes to European Union treaties. The talks will culminate in a Dec. 9 summit of EU leaders, where the proposals are expected to be debated and detailed. Analysts say stricter controls on spending could encourage the European Central Bank to offer more short-term help for governments struggling with their debts.
If the European Central Bank takes a larger role in buying government debt, "it will certainly be a relief to markets," Cardillo said, "and maybe even mean Europe avoids falling into a deep recession. Not that it's going to cure all the problems of Europe."
In corporate news:
— Western Digital Corp. soared 7.5 percent, the most in the S&P. The data storage provider raised its revenue estimate for the current quarter and said that recovery efforts at its facility in Thailand following massive flooding there were proceeding faster than had been expected.
— Big Lots Inc. slumped 8.7 percent, after the retailer reported a 76 percent plunge in income because of lower margins and a loss related to a newly acquired Canadian business. The company buys overstocked items including food and housewares and sells them at a discount.
— H&R Block Inc. fell 6.4 percent. The country's largest tax-preparation company reported a wider quarterly loss late Thursday. H&R Block also said there was a jump in claims tied to bad loans made by its former subprime mortgage unit.
0125
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bigdog
Retired many years ago
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Source: http://finance.yahoo.com
Stocks closed modestly higher Monday after a reported threat to Germany's credit rating deflated a morning market rally. The Dow Jones industrial average closed up 78 points, giving back much of a 167-point gain from earlier.
News reports Monday afternoon said Standard & Poor's will put all nations that use the euro on "creditwatch negative," meaning there is a 50-50 chance of a downgrade in the coming months. S&P had warned of possible rating demotions for many of the countries. But the inclusion on the list of Germany, Europe's strongest economy, came as a surprise.
Stocks had risen strongly in the morning after the leaders of France and Germany called for a new treaty to impose greater fiscal discipline on European countries. Yields on Italian government bonds receded sharply after the new government of Mario Monti introduced sweeping austerity measures over the weekend. That suggests that traders believe Italy is less likely to default.
"There's pent-up demand, and people will use any excuse to get back in, thinking there's been too much pessimism," said Brian Gendreau investment strategist with Cetera Financial Group. Despite strong signals about the U.S. economy, the market has been weighed down by negative headlines about the U.S. budget impasse, credit-rating downgrades of the U.S. and other nations, and Europe's spreading crisis, Gendreau said.
The Dow Jones industrial average rose 78.41 points, or 0.7 percent, to 12,097.83.
The gains were broad. All 10 industry groups in the S&P 500 rose. Financials stocks were among the biggest winners. Investors have feared that U.S. banks might be dragged down by their close connections to the unstable European financial system.
JPMorgan Chase & Co. jumped 3.7 percent, the most in the Dow. Bank of America was the second-biggest gainer, rising 2.7 percent. Citigroup Inc. rose 5.9 percent, Morgan Stanley 6.8 percent.
The S&P 500 rose 13, or 1 percent, to 1,257. The Nasdaq rose 29, or 1.1 percent, to 2,656.
The NYSE DOW NYSE DOW closed +78.41 points HIGHER or +0.65% on Monday December 5
Sym .......Last .......Change..........
Dow 12,097.83 +78.41 +0.65%
Nasdaq 2,655.76 +28.83 +1.10%
S&P 500 1,257.08 +12.80 +1.03%
30-yr Bond 3.0400 % +0.0060
NYSE Volume 4,156,715,750
Nasdaq Volume 1,708,961,125
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,567.96 +15.67 +0.28%
DAX 6,106.09 +25.41 +0.42%
CAC 40 3,201.28 +36.33 +1.15%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,379.50 +33.20 +0.76%
Shanghai Comp 2,333.23 -27.43 -1.16%
Taiwan Wei... 7,098.08 -42.60 -0.60%
Nikkei 225 8,695.98 +52.23 +0.60%
Hang Seng 19,179.69 +139.30 +0.73%
Straits Times 2,766.23 -7.13 -0.26%
Stocks rise despite threatened Germany downgrade
Stock close higher, but Germany downgrade threat limits gains; traders hope for crisis pact
By Daniel Wagner, AP Business Writer
Stocks closed modestly higher Monday after a reported threat to Germany's credit rating deflated a morning market rally. The Dow Jones industrial average closed up 78 points, giving back much of a 167-point gain from earlier.
News reports Monday afternoon said Standard & Poor's will put all nations that use the euro on "creditwatch negative," meaning there is a 50-50 chance of a downgrade in the coming months. S&P had warned of possible rating demotions for many of the countries. But the inclusion on the list of Germany, Europe's strongest economy, came as a surprise.
Stocks had risen strongly in the morning after the leaders of France and Germany called for a new treaty to impose greater fiscal discipline on European countries. Yields on Italian government bonds receded sharply after the new government of Mario Monti introduced sweeping austerity measures over the weekend. That suggests that traders believe Italy is less likely to default.
"There's pent-up demand, and people will use any excuse to get back in, thinking there's been too much pessimism," said Brian Gendreau investment strategist with Cetera Financial Group. Despite strong signals about the U.S. economy, the market has been weighed down by negative headlines about the U.S. budget impasse, credit-rating downgrades of the U.S. and other nations, and Europe's spreading crisis, Gendreau said.
The Dow Jones industrial average rose 78.41 points, or 0.7 percent, to 12,097.83.
The gains were broad. All 10 industry groups in the S&P 500 rose. Financials stocks were among the biggest winners. Investors have feared that U.S. banks might be dragged down by their close connections to the unstable European financial system.
JPMorgan Chase & Co. jumped 3.7 percent, the most in the Dow. Bank of America was the second-biggest gainer, rising 2.7 percent. Citigroup Inc. rose 5.9 percent, Morgan Stanley 6.8 percent.
The S&P 500 rose 13, or 1 percent, to 1,257. The Nasdaq rose 29, or 1.1 percent, to 2,656.
Investors are hoping that a summit of European leaders on Thursday and Friday will produce concrete measures to prevent a messy breakup of the euro currency, which is shared by 17 nations. Markets have been jittery because of fears that the euro might disintegrate, causing a sharp recession in Europe that would spread through the world economy.
While the statements from French President Nicolas Sarkozy and German Chancellor Angela Merkel were far from a long-term solution, investors are eager to buy on any hint of good news because they have been earning meager returns from relatively low-risk investments such as Treasurys and CDs, Gendreau said.
Italian bond yields dropped to their lowest level in a month, a day after the nation's new government introduced austerity measures. That suggests traders believe that Italy is far less likely to default. The main Italian stock index jumped 2.9 percent.
Italy's borrowing costs pulled back from a level that might have forced the nation to default. Analysts say bailing out Italy would be too costly and would hurt the credit standing of German and France, which have the strongest economies in the euro group.
The yield on the 10-year Italian bond plunged half a percentage point to 5.93 percent. It rose above 7 percent last month, a level at which other nations were forced to take bailouts. By comparison, bond yields in Germany, Europe's largest and most stable economy, are roughly 2 percent.
Monday's strong gains follow the best week in more than two years for U.S. stock indexes. The S&P 500 rose 7.4 percent last week, the most since March 2009. The Dow jumped 7 percent, the most since July 2009.
Markets are hopeful that, given the gravity of the situation afflicting the euro zone, the German and French leaders will come up with a common proposal for tighter integration on budget matters. Analysts say that such a plan could lead to further emergency aid from the European Central Bank, possibly through the International Monetary Fund.
In corporate news:
”” Gannett Co. leapt 10.2 percent after the media company was upgraded to "buy" from "neutral" by analysts at Lazard Capital Markets.
”” Incyte Corp. fell 2 percent after a Citigroup analyst downgraded the drug maker to "neutral" from "buy," saying its new blood-disease drug Jakafi might not work as a long-term treatment.
”” SuccessFactors Inc. soared more than 50 percent after the company agreed to be sold to German software company SAP for $3.4 billion. SuccessFactors makes software specializing in human resources tasks. The deal is part of SAP's plan to compete with software rival Oracle Corp
Stocks closed modestly higher Monday after a reported threat to Germany's credit rating deflated a morning market rally. The Dow Jones industrial average closed up 78 points, giving back much of a 167-point gain from earlier.
News reports Monday afternoon said Standard & Poor's will put all nations that use the euro on "creditwatch negative," meaning there is a 50-50 chance of a downgrade in the coming months. S&P had warned of possible rating demotions for many of the countries. But the inclusion on the list of Germany, Europe's strongest economy, came as a surprise.
Stocks had risen strongly in the morning after the leaders of France and Germany called for a new treaty to impose greater fiscal discipline on European countries. Yields on Italian government bonds receded sharply after the new government of Mario Monti introduced sweeping austerity measures over the weekend. That suggests that traders believe Italy is less likely to default.
"There's pent-up demand, and people will use any excuse to get back in, thinking there's been too much pessimism," said Brian Gendreau investment strategist with Cetera Financial Group. Despite strong signals about the U.S. economy, the market has been weighed down by negative headlines about the U.S. budget impasse, credit-rating downgrades of the U.S. and other nations, and Europe's spreading crisis, Gendreau said.
The Dow Jones industrial average rose 78.41 points, or 0.7 percent, to 12,097.83.
The gains were broad. All 10 industry groups in the S&P 500 rose. Financials stocks were among the biggest winners. Investors have feared that U.S. banks might be dragged down by their close connections to the unstable European financial system.
JPMorgan Chase & Co. jumped 3.7 percent, the most in the Dow. Bank of America was the second-biggest gainer, rising 2.7 percent. Citigroup Inc. rose 5.9 percent, Morgan Stanley 6.8 percent.
The S&P 500 rose 13, or 1 percent, to 1,257. The Nasdaq rose 29, or 1.1 percent, to 2,656.
The NYSE DOW NYSE DOW closed +78.41 points HIGHER or +0.65% on Monday December 5
Sym .......Last .......Change..........
Dow 12,097.83 +78.41 +0.65%
Nasdaq 2,655.76 +28.83 +1.10%
S&P 500 1,257.08 +12.80 +1.03%
30-yr Bond 3.0400 % +0.0060
NYSE Volume 4,156,715,750
Nasdaq Volume 1,708,961,125
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,567.96 +15.67 +0.28%
DAX 6,106.09 +25.41 +0.42%
CAC 40 3,201.28 +36.33 +1.15%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,379.50 +33.20 +0.76%
Shanghai Comp 2,333.23 -27.43 -1.16%
Taiwan Wei... 7,098.08 -42.60 -0.60%
Nikkei 225 8,695.98 +52.23 +0.60%
Hang Seng 19,179.69 +139.30 +0.73%
Straits Times 2,766.23 -7.13 -0.26%
Stocks rise despite threatened Germany downgrade
Stock close higher, but Germany downgrade threat limits gains; traders hope for crisis pact
By Daniel Wagner, AP Business Writer
Stocks closed modestly higher Monday after a reported threat to Germany's credit rating deflated a morning market rally. The Dow Jones industrial average closed up 78 points, giving back much of a 167-point gain from earlier.
News reports Monday afternoon said Standard & Poor's will put all nations that use the euro on "creditwatch negative," meaning there is a 50-50 chance of a downgrade in the coming months. S&P had warned of possible rating demotions for many of the countries. But the inclusion on the list of Germany, Europe's strongest economy, came as a surprise.
Stocks had risen strongly in the morning after the leaders of France and Germany called for a new treaty to impose greater fiscal discipline on European countries. Yields on Italian government bonds receded sharply after the new government of Mario Monti introduced sweeping austerity measures over the weekend. That suggests that traders believe Italy is less likely to default.
"There's pent-up demand, and people will use any excuse to get back in, thinking there's been too much pessimism," said Brian Gendreau investment strategist with Cetera Financial Group. Despite strong signals about the U.S. economy, the market has been weighed down by negative headlines about the U.S. budget impasse, credit-rating downgrades of the U.S. and other nations, and Europe's spreading crisis, Gendreau said.
The Dow Jones industrial average rose 78.41 points, or 0.7 percent, to 12,097.83.
The gains were broad. All 10 industry groups in the S&P 500 rose. Financials stocks were among the biggest winners. Investors have feared that U.S. banks might be dragged down by their close connections to the unstable European financial system.
JPMorgan Chase & Co. jumped 3.7 percent, the most in the Dow. Bank of America was the second-biggest gainer, rising 2.7 percent. Citigroup Inc. rose 5.9 percent, Morgan Stanley 6.8 percent.
The S&P 500 rose 13, or 1 percent, to 1,257. The Nasdaq rose 29, or 1.1 percent, to 2,656.
Investors are hoping that a summit of European leaders on Thursday and Friday will produce concrete measures to prevent a messy breakup of the euro currency, which is shared by 17 nations. Markets have been jittery because of fears that the euro might disintegrate, causing a sharp recession in Europe that would spread through the world economy.
While the statements from French President Nicolas Sarkozy and German Chancellor Angela Merkel were far from a long-term solution, investors are eager to buy on any hint of good news because they have been earning meager returns from relatively low-risk investments such as Treasurys and CDs, Gendreau said.
Italian bond yields dropped to their lowest level in a month, a day after the nation's new government introduced austerity measures. That suggests traders believe that Italy is far less likely to default. The main Italian stock index jumped 2.9 percent.
Italy's borrowing costs pulled back from a level that might have forced the nation to default. Analysts say bailing out Italy would be too costly and would hurt the credit standing of German and France, which have the strongest economies in the euro group.
The yield on the 10-year Italian bond plunged half a percentage point to 5.93 percent. It rose above 7 percent last month, a level at which other nations were forced to take bailouts. By comparison, bond yields in Germany, Europe's largest and most stable economy, are roughly 2 percent.
Monday's strong gains follow the best week in more than two years for U.S. stock indexes. The S&P 500 rose 7.4 percent last week, the most since March 2009. The Dow jumped 7 percent, the most since July 2009.
Markets are hopeful that, given the gravity of the situation afflicting the euro zone, the German and French leaders will come up with a common proposal for tighter integration on budget matters. Analysts say that such a plan could lead to further emergency aid from the European Central Bank, possibly through the International Monetary Fund.
In corporate news:
”” Gannett Co. leapt 10.2 percent after the media company was upgraded to "buy" from "neutral" by analysts at Lazard Capital Markets.
”” Incyte Corp. fell 2 percent after a Citigroup analyst downgraded the drug maker to "neutral" from "buy," saying its new blood-disease drug Jakafi might not work as a long-term treatment.
”” SuccessFactors Inc. soared more than 50 percent after the company agreed to be sold to German software company SAP for $3.4 billion. SuccessFactors makes software specializing in human resources tasks. The deal is part of SAP's plan to compete with software rival Oracle Corp
Attachments
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
Source: http://finance.yahoo.com
The Dow Jones industrial average ended up 52 points following a report that European leaders are considering more aggressive programs to bail out weaker countries in the region.
Broader market indicators were mixed. The S&P 500 index rose 1 point and the Nasdaq composite edged lower. Materials and health care companies rose the most. Agricultural supplies company Monsanto Co. rose 2.8 percent and drug maker Pfizer Inc. rose 2 percent.
Stocks were stuck in neutral for most of the day after S&P said it might downgrade the AAA rating of Europe's bailout fund. A report in the Financial Times late in the afternoon sent the Dow up as many as 117 points. The newspaper reported that European leaders are considering making more financial aid available to struggling countries.
Investors remain cautious ahead of a summit of European leaders Thursday and Friday where the main task will be coming up with credible plans for preventing a simmering debt crisis from causing a breakup of the euro, the currency shared by 17 European nations.
"We are coming to a head in Europe, and it's no longer about the small countries like Greece," said Paul Zemsky, chief investment officer at ING Investment Management. He said current stock prices reflect traders' expectations of a rate cut from the European Central Bank on Thursday and strong political action on Friday. Any less that, he said, and "it's anyone's guess show bad things will get, but they'll get pretty bad."
The Dow Jones industrial average closed up 52.3 points, or 0.43 percent, at 12,150.13. Among its top performers was 3M Co., which rose 1.5 percent after the maker of Post-It notes forecast 2012 earnings that were stronger that many analysts expected.
The Standard & Poor's 500 index closed up 1.4 points, or 0.1 percent, to 1,258.5. The Nasdaq composite average closed down 6.2, or 0.23 percent, at 2,649.56.
U.S. stock indexes have risen sharply from the lows they hit during a Thanksgiving-week drubbing. The S&P 500 is up 8.6 percent since Nov. 25, when it closed at 1,158.67.
The NYSE DOW NYSE DOW closed +52.30 points HIGHER or +0.43% on Tuesday December 6
Sym .......Last .......Change..........
Dow 12,150.13 +52.30 +0.43%
Nasdaq 2,649.56 -6.20 -0.23%
S&P 500 1,258.47 +1.39 +0.11%
30-yr Bond 3.1100 % +0.0650
NYSE Volume 3,732,697,000
Nasdaq Volume 1,498,584,500
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,568.72 +0.76 +0.01%
DAX 6,028.82 -77.27 -1.27%
CAC 40 3,179.63 -21.65 -0.68%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,321.60 -57.90 -1.32%
Shanghai Comp 2,325.90 -7.32 -0.31%
Taiwan Wei... 6,956.28 -141.80 -2.00%
Nikkei 225 8,575.16 -120.82 -1.39%
Hang Seng 18,942.23 -237.46 -1.24%
Straits Times 2,749.24 20:10 -16.99 -0.61%
The Dow Jones industrial average ended up 52 points following a report that European leaders are considering more aggressive programs to bail out weaker countries in the region.
Broader market indicators were mixed. The S&P 500 index rose 1 point and the Nasdaq composite edged lower. Materials and health care companies rose the most. Agricultural supplies company Monsanto Co. rose 2.8 percent and drug maker Pfizer Inc. rose 2 percent.
Stocks were stuck in neutral for most of the day after S&P said it might downgrade the AAA rating of Europe's bailout fund. A report in the Financial Times late in the afternoon sent the Dow up as many as 117 points. The newspaper reported that European leaders are considering making more financial aid available to struggling countries.
Investors remain cautious ahead of a summit of European leaders Thursday and Friday where the main task will be coming up with credible plans for preventing a simmering debt crisis from causing a breakup of the euro, the currency shared by 17 European nations.
"We are coming to a head in Europe, and it's no longer about the small countries like Greece," said Paul Zemsky, chief investment officer at ING Investment Management. He said current stock prices reflect traders' expectations of a rate cut from the European Central Bank on Thursday and strong political action on Friday. Any less that, he said, and "it's anyone's guess show bad things will get, but they'll get pretty bad."
The Dow Jones industrial average closed up 52.3 points, or 0.43 percent, at 12,150.13. Among its top performers was 3M Co., which rose 1.5 percent after the maker of Post-It notes forecast 2012 earnings that were stronger that many analysts expected.
The Standard & Poor's 500 index closed up 1.4 points, or 0.1 percent, to 1,258.5. The Nasdaq composite average closed down 6.2, or 0.23 percent, at 2,649.56.
U.S. stock indexes have risen sharply from the lows they hit during a Thanksgiving-week drubbing. The S&P 500 is up 8.6 percent since Nov. 25, when it closed at 1,158.67.
The NYSE DOW NYSE DOW closed +52.30 points HIGHER or +0.43% on Tuesday December 6
Sym .......Last .......Change..........
Dow 12,150.13 +52.30 +0.43%
Nasdaq 2,649.56 -6.20 -0.23%
S&P 500 1,258.47 +1.39 +0.11%
30-yr Bond 3.1100 % +0.0650
NYSE Volume 3,732,697,000
Nasdaq Volume 1,498,584,500
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,568.72 +0.76 +0.01%
DAX 6,028.82 -77.27 -1.27%
CAC 40 3,179.63 -21.65 -0.68%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,321.60 -57.90 -1.32%
Shanghai Comp 2,325.90 -7.32 -0.31%
Taiwan Wei... 6,956.28 -141.80 -2.00%
Nikkei 225 8,575.16 -120.82 -1.39%
Hang Seng 18,942.23 -237.46 -1.24%
Straits Times 2,749.24 20:10 -16.99 -0.61%
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bigdog
Retired many years ago
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- Posts
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Source: http://finance.yahoo.com
Hopes for a key European summit this week rose and fell on Wednesday, but U.S. stock indexes barely moved. The Dow Jones industrial average closed 46 points higher, while other indicators were mixed.
French and German leaders sought to downplay expectations for the summit, which wraps up Friday. Traders hope that European countries will link their budgets more closely and impose greater fiscal discipline on heavily indebted nations like Greece. Officials said Wednesday that a deal this week might include only some countries, and crafting a fuller plan might take until Christmas.
"The pattern has been, get your hopes up, then be disappointed by EU summits, and that pattern has been in place for a while," said Steve Van Order, fixed income strategist at Calvert Investment Management.
The Dow rose 46.24 points, or 0.4 percent, to close at 12,196.37. Its biggest gains came from financial companies. JPMorgan Chase & Co. rose 2.3 percent, Bank of America Corp. rose 1.9 percent and insurance giant Travelers Cos. Inc. rose 1.8 percent. Machinery maker Caterpillar Inc. fell 1.1 percent, the most in the Dow 30.
The Standard & Poor's 500 index fell 2.54 points, or 0.2 percent, at 1,261.01. The Nasdaq composite index lost 0.35, or 0.01 percent, to 2,649.21.
The yield on the 10-year Treasury note fell to 2.04 percent from 2.09 percent late Tuesday.
The NYSE DOW NYSE DOW closed +46.24 points HIGHER or +0.38% on Wednesday December 7
Sym .......Last .......Change..........
Dow 12,196.37 +46.24 +0.38%
Nasdaq 2,649.21 -0.35 -0.01%
S&P 500 1,261.01 +2.54 +0.20%
30-yr Bond 3.0400 % -0.0640
NYSE Volume 4,158,220,500
Nasdaq Volume 1,654,001,000
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,546.91 -21.81 -0.39%
DAX 5,994.73 -34.09 -0.57%
CAC 40 3,175.98 -3.65 -0.11%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,351.30 +29.70 +0.69%
Shanghai Comp 2,332.73 +6.82 +0.29%
Taiwan Wei... 7,033.00 +76.72 +1.10%
Nikkei 225 8,722.17 +147.01 +1.71%
Hang Seng 19,240.58 +298.35 +1.58%
Straits Times 2,782.55 +33.31 +1.21%
http://in.finance.yahoo.com/news/Stocks-close-mixed-traders-ap-3049362198.html?x=0
Stocks close mixed as traders await Europe news
Stocks close mixed after trading in narrow range; traders await news from meetings in Europe
By Daniel Wagner, AP Business Writer
Hopes for a key European summit this week rose and fell on Wednesday, but U.S. stock indexes barely moved. The Dow Jones industrial average closed 46 points higher, while other indicators were mixed.
French and German leaders sought to downplay expectations for the summit, which wraps up Friday. Traders hope that European countries will link their budgets more closely and impose greater fiscal discipline on heavily indebted nations like Greece. Officials said Wednesday that a deal this week might include only some countries, and crafting a fuller plan might take until Christmas.
"The pattern has been, get your hopes up, then be disappointed by EU summits, and that pattern has been in place for a while," said Steve Van Order, fixed income strategist at Calvert Investment Management.
The Dow rose 46.24 points, or 0.4 percent, to close at 12,196.37. Its biggest gains came from financial companies. JPMorgan Chase & Co. rose 2.3 percent, Bank of America Corp. rose 1.9 percent and insurance giant Travelers Cos. Inc. rose 1.8 percent. Machinery maker Caterpillar Inc. fell 1.1 percent, the most in the Dow 30.
The Standard & Poor's 500 index fell 2.54 points, or 0.2 percent, at 1,261.01. The Nasdaq composite index lost 0.35, or 0.01 percent, to 2,649.21.
The yield on the 10-year Treasury note fell to 2.04 percent from 2.09 percent late Tuesday.
Traders have been growing restless with the delays in getting a resolution to Europe's debt crisis. Rating agencies have warned of possible downgrades for nations using the euro if they do not quickly set a firm plan for solving the two-year-old ordeal.
In Europe, yields on Spanish and Italian government debt rose. That means investors are demanding higher returns because of fears that one of those nations might default. Borrowing costs for Spain and Italy had fallen sharply until Tuesday, having reached dangerously high levels a week earlier. European stocks were mostly lower. Germany's DAX fell 0.6 percent, Britain's FTSE 0.4 percent.
In corporate news:
”” Struggling women's clothing company Talbots Inc. jumped 70 percent after private-equity firm Sycamore Partners made a $205.2 million takeover offer.
”” Men's Wearhouse Inc. surged 20 percent after reporting third-quarter results that topped Wall Street's expectations. The company also raised its full-year earnings forecast.
”” SAIC Inc. rose 6.6 percent after the defense contractor reported results that beat Wall Street's expectations.
”” First Solar Inc. jumped 4 percent after the company reached a deal to sell a planned California energy farm to MidAmerican Energy Holdings Co.
Hopes for a key European summit this week rose and fell on Wednesday, but U.S. stock indexes barely moved. The Dow Jones industrial average closed 46 points higher, while other indicators were mixed.
French and German leaders sought to downplay expectations for the summit, which wraps up Friday. Traders hope that European countries will link their budgets more closely and impose greater fiscal discipline on heavily indebted nations like Greece. Officials said Wednesday that a deal this week might include only some countries, and crafting a fuller plan might take until Christmas.
"The pattern has been, get your hopes up, then be disappointed by EU summits, and that pattern has been in place for a while," said Steve Van Order, fixed income strategist at Calvert Investment Management.
The Dow rose 46.24 points, or 0.4 percent, to close at 12,196.37. Its biggest gains came from financial companies. JPMorgan Chase & Co. rose 2.3 percent, Bank of America Corp. rose 1.9 percent and insurance giant Travelers Cos. Inc. rose 1.8 percent. Machinery maker Caterpillar Inc. fell 1.1 percent, the most in the Dow 30.
The Standard & Poor's 500 index fell 2.54 points, or 0.2 percent, at 1,261.01. The Nasdaq composite index lost 0.35, or 0.01 percent, to 2,649.21.
The yield on the 10-year Treasury note fell to 2.04 percent from 2.09 percent late Tuesday.
The NYSE DOW NYSE DOW closed +46.24 points HIGHER or +0.38% on Wednesday December 7
Sym .......Last .......Change..........
Dow 12,196.37 +46.24 +0.38%
Nasdaq 2,649.21 -0.35 -0.01%
S&P 500 1,261.01 +2.54 +0.20%
30-yr Bond 3.0400 % -0.0640
NYSE Volume 4,158,220,500
Nasdaq Volume 1,654,001,000
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,546.91 -21.81 -0.39%
DAX 5,994.73 -34.09 -0.57%
CAC 40 3,175.98 -3.65 -0.11%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,351.30 +29.70 +0.69%
Shanghai Comp 2,332.73 +6.82 +0.29%
Taiwan Wei... 7,033.00 +76.72 +1.10%
Nikkei 225 8,722.17 +147.01 +1.71%
Hang Seng 19,240.58 +298.35 +1.58%
Straits Times 2,782.55 +33.31 +1.21%
http://in.finance.yahoo.com/news/Stocks-close-mixed-traders-ap-3049362198.html?x=0
Stocks close mixed as traders await Europe news
Stocks close mixed after trading in narrow range; traders await news from meetings in Europe
By Daniel Wagner, AP Business Writer
Hopes for a key European summit this week rose and fell on Wednesday, but U.S. stock indexes barely moved. The Dow Jones industrial average closed 46 points higher, while other indicators were mixed.
French and German leaders sought to downplay expectations for the summit, which wraps up Friday. Traders hope that European countries will link their budgets more closely and impose greater fiscal discipline on heavily indebted nations like Greece. Officials said Wednesday that a deal this week might include only some countries, and crafting a fuller plan might take until Christmas.
"The pattern has been, get your hopes up, then be disappointed by EU summits, and that pattern has been in place for a while," said Steve Van Order, fixed income strategist at Calvert Investment Management.
The Dow rose 46.24 points, or 0.4 percent, to close at 12,196.37. Its biggest gains came from financial companies. JPMorgan Chase & Co. rose 2.3 percent, Bank of America Corp. rose 1.9 percent and insurance giant Travelers Cos. Inc. rose 1.8 percent. Machinery maker Caterpillar Inc. fell 1.1 percent, the most in the Dow 30.
The Standard & Poor's 500 index fell 2.54 points, or 0.2 percent, at 1,261.01. The Nasdaq composite index lost 0.35, or 0.01 percent, to 2,649.21.
The yield on the 10-year Treasury note fell to 2.04 percent from 2.09 percent late Tuesday.
Traders have been growing restless with the delays in getting a resolution to Europe's debt crisis. Rating agencies have warned of possible downgrades for nations using the euro if they do not quickly set a firm plan for solving the two-year-old ordeal.
In Europe, yields on Spanish and Italian government debt rose. That means investors are demanding higher returns because of fears that one of those nations might default. Borrowing costs for Spain and Italy had fallen sharply until Tuesday, having reached dangerously high levels a week earlier. European stocks were mostly lower. Germany's DAX fell 0.6 percent, Britain's FTSE 0.4 percent.
In corporate news:
”” Struggling women's clothing company Talbots Inc. jumped 70 percent after private-equity firm Sycamore Partners made a $205.2 million takeover offer.
”” Men's Wearhouse Inc. surged 20 percent after reporting third-quarter results that topped Wall Street's expectations. The company also raised its full-year earnings forecast.
”” SAIC Inc. rose 6.6 percent after the defense contractor reported results that beat Wall Street's expectations.
”” First Solar Inc. jumped 4 percent after the company reached a deal to sell a planned California energy farm to MidAmerican Energy Holdings Co.
Attachments
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
Source: http://finance.yahoo.com
The NYSE DOW NYSE DOW closed -198.67 points LOWER or -1.63% on Thursday December 8
Sym .......Last .......Change..........
Dow 11,997.70 -198.67 -1.63%
Nasdaq 2,596.38 -52.83 -1.99%
S&P 500 1,234.35 -26.66 -2.11%
30-yr Bond 3.0000 % -0.0460
NYSE Volume 4,224,843,500
Nasdaq Volume 1,843,290,125
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,483.77 -63.14 -1.14%
DAX 5,874.44 -120.29 -2.01%
CAC 40 3,095.49 -80.49 -2.53%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,338.90 -12.40 -0.28%
Shanghai Comp 2,329.82 -2.91 -0.12%
Taiwan Wei... 6,982.90 -50.10 -0.71%
Nikkei 225 8,664.58 -57.59 -0.66%
Hang Seng 19,107.81 -132.77 -0.69%
STRAITS TIMES 2,728.31 -54.24 -1.95%
The NYSE DOW NYSE DOW closed -198.67 points LOWER or -1.63% on Thursday December 8
Sym .......Last .......Change..........
Dow 11,997.70 -198.67 -1.63%
Nasdaq 2,596.38 -52.83 -1.99%
S&P 500 1,234.35 -26.66 -2.11%
30-yr Bond 3.0000 % -0.0460
NYSE Volume 4,224,843,500
Nasdaq Volume 1,843,290,125
Europe
Symbol... ......Last .....Change.......
FTSE 100 5,483.77 -63.14 -1.14%
DAX 5,874.44 -120.29 -2.01%
CAC 40 3,095.49 -80.49 -2.53%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,338.90 -12.40 -0.28%
Shanghai Comp 2,329.82 -2.91 -0.12%
Taiwan Wei... 6,982.90 -50.10 -0.71%
Nikkei 225 8,664.58 -57.59 -0.66%
Hang Seng 19,107.81 -132.77 -0.69%
STRAITS TIMES 2,728.31 -54.24 -1.95%
