U.S. stock rally translates into weekly gain
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U.S. stocks tallied robust gains Friday, with the Dow Jones Industrial Average capping its longest weekly win streak in six months, after a surge in retail sales and Google Inc.’s earnings lifted sentiment.
“Retail sales were a little better than expected, and earnings so far have been pretty good,” said Randy Frederick, director of trading and derivatives at the Schwab Center for Financial Research.
He noted the S&P 500 Index /quotes/zigman/3870025 SPX +1.74% was testing 1,220, the upper part of a two-month trading range.
On Friday, the index added 20.92 points, or 1.7%, to 1,224.58, with energy, natural-resource and technology companies leading the gains among its 10 industry groups.
Tallying a second weekly gain, the S&P 500 rose 6% from last Friday’s close, its biggest weekly rise since July 2009.
Closing in positive territory for 2011 for the first time in more than six weeks, the Dow Jones Industrial Average /quotes/zigman/627449/delayed DJIA +1.45% added 166.36 points, or 1.5%, to 11,644.49, a level that has the blue-chip index 4.9% higher on the week and scoring its third consecutive weekly advance, the last occurrence of which took place in the three-week period ending April 8.
Up 7.6% from last Friday’s finish, the Nasdaq Composite Index /quotes/zigman/123127 COMP +1.82% advanced 47.61 points, or 1.8%, to 2,667.85. Year-to-date, the Nasdaq is up 0.6%. It was the Nasdaq Composite’s biggest weekly gain since March 2009.
Volume was light. For every stock on the decline, more than five rose on the New York Stock Exchange, where 847 million shares traded; composite volume neared 3.7 billion
Full story http://www.marketwatch.com/story/us-stocks-cheer-retail-sales-google-2011-10-14
Liam @ October 15, 2011
Stocks headed for ugly start
Posted in: Business, Politics, Updates, US | Comments (0)
- U.S. stocks were headed for an early sell-off Friday, after the government reported no job growth in August.
Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures fell about 1.5% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.
The Labor Department said employers didn’t add or eliminate jobs during the month. That was the weakest reading since September 2010, when the economy lost about 27,000 jobs. The last time the headline employment number was zero was in February 1945.
A CNNMoney survey of 21 economists forecasts that the U.S. economy added 75,000 jobs overall.
Unemployment rate remained unchanged at 9.1%, as expected.
The bad news sent investors flocking to gold and U.S. Treasuries – traditional safe havens. Concerns about the U.S. economy slipping back into a recession have been in the spotlight during the last several weeks.
White House: Slower jobs recovery ahead
Early Friday, gold prices jumped $46 to $1,875 an ounce, while the yield on the 10-year note slid closer to 2% — a level it hasn’t seen since mid-August.
Stocks ended Thursday’s session solidly lower, as weakness in financial shares offset a stronger-than-expected manufacturing report that initially eased some investor jitters.
Companies: Netflix (NFLX) shares sank almost 10% in early trading, after Starz said late Thursday that it has ended contract renewal negotiations. Starz will pull its movies and TV shows from Netflix early next year.
Financial stocks could come under pressure following news reports, citing unnamed sources, that said the Federal Housing Authority was gearing up to file lawsuits against Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Goldman Sachs (GS, Fortune 500), among others.
Full story http://money.cnn.com/2011/09/02/markets/premarkets/index.htm
Liam @ September 2, 2011
Stocks break four-week losing streak
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NEW YORK (CNNMoney) — Stocks saw a Ben Bernanke-fueled rally Friday, even though the Fed Chief warned that the economy continues to remain weak in the short term.
Bernanke did not lay out or allude to any new plans to introduce more stimulus measures, but investors said they believe the Fed is in “wait and see” mode.
The Dow Jones industrial average (INDU) rose 135 points, or 1.2%, to close at 11,285. The index had been down more than 200 points earlier in the day.
The S&P 500 (SPX) added 18 points, or 1.5%, to 1,180 and the Nasdaq Composite (COMP) gained 60 points, or 2.5%.
Tech stocks led the way. Dow members Microsoft (MSFT, Fortune 500) and Intel (INTC, Fortune 500) were up more than 2%, while the S&P 500 was led higher by shares of Electronic Arts (ERTS), Dell (DELL, Fortune 500) and Nvidia (NVDA).
It was a solid week for Wall Street, with the Dow and the S&P gaining more than 4%, and the Nasdaq climbing 5.7%. It ends what had been a four-week losing streak for stocks.
In his Friday morning speech, Bernanke made no reference to the Fed introducing additional measures to boost economic growth, noting that such moves may have to come from bodies outside of the Fed’s control, like Congress.
Liam @ August 27, 2011
Stocks headed for a strong open
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U.S. stocks were headed for a strong open Tuesday, as investors await the latest reading on new home sales.
Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were up more than 1% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.
U.S. stocks rose modestly Monday, as investors grappled with an uncertain economic outlook ahead of a key speech by Federal Reserve chairman Ben Bernanke.
The choppy advance came on a day with no major economic reports or significant corporate developments.
Investors will continue to remain cautious ahead of Bernanke’s speech, which comes amid ongoing signs of a weakening U.S. economy. His speech will be held at the Kansas City Fed’s annual retreat in Jackson Hole, Wyo., Friday morning.
Stocks may recover. But don’t expect much.
At last year’s annual meeting, the Fed chief prepared the market for QE2 – a bond-buying program that is widely credited for supporting stocks earlier this year.
Meanwhile, a slight improvement in Chinese manufacturing helped boost markets around the globe.
An HSBC survey of manufacturers in China showed that factory activity slowed for a second straight month in August, but the contraction was less than it was in July. The index rose to a two-month high, and investors took that as a sign that China’s “economy remains weak but that growth is at least stabilizing,” said Mark Williams, senior China economist at Capital Economics.
Full Story http://money.cnn.com/2011/08/23/markets/premarkets/index.htm
Liam @ August 23, 2011
Wall Street picks itself up, dusts itself off
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U.S. stocks opened higher Monday, following the biggest four-week loss since March 2009.
The Dow Jones industrial average (INDU) gained 172 points, or 1.6% , shortly after the opening bell. Alcoa (AA, Fortune 500), Hewlett-Packard (HP) and Caterpillar (CAT, Fortune 500) were the biggest gainers on the blue chip index.
The S&P 500 (SPX) rose 18 points, 1.6%, and the Nasdaq Composite (COMP) added 52 points, or 2.2%.
On Friday, U.S. stocks capped a difficult week, with the S&P 500 posting its biggest four-week loss since March 2009, amid fears that the U.S. economy is heading into another recession, and ongoing concerns about Europe’s debt crisis. The Dow, S&P 500 and Nasdaq fell between 4% and 6% last week.
The big event for investors this week will be on Friday, when Federal Reserve Chairman Ben Bernanke will give his keynote speech at the Kansas City Fed’s annual retreat in Jackson Hole, Wyo.
“The Fed’s annual gathering in Jackson Hole this year presents yet another opportunity to calibrate Chairman Bernanke’s thoughts on the forces of structural weakness in the economy and the appropriate Fed policy stance over the medium term,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
At last year’s annual meeting, the Fed chief prepared the market for QE2, a policy that is widely credited for supporting stocks earlier this year.
Liam @ August 22, 2011
Stocks: Fear takes center stage
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NEW YORK (CNNMoney) — Nervous investors hoping for a reprieve this week will be disappointed.
The past month has been nothing but a disaster for stock market investors. The S&P posted its biggest four-week loss since March 2009. Meanwhile, safe haven plays like gold and U.S. treasuries have soared, with gold hitting a new record high day after day.
This week will be fairly quiet as far as scheduled economic and company events, but fears about the U.S. possibly heading into another recession and the financial crisis in Europe are expected to weigh heavily on trading.
The big event for investors will be on Friday, when Federal Reserve Chairman Ben Bernanke will give his keynote speech at the Kansas City Fed’s annual retreat in Jackson Hole, Wyo.
Bernanke is faced with a turbulent and declining market combined with investor fears that the U.S. economy is heading into an economic downturn, just as he was when he appeared at the same event one year ago.
Full Story http://money.cnn.com/2011/08/19/markets/stocks_lookahead/index.htm
Liam @ August 21, 2011
Pre Market Report
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U.S. stocks were headed for another day of losses Friday, as worries of a global slowdown and Europe’s debt crisis sparked a second sell-off in global markets.
Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures fell more than 1% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.
Wall Street got socked on Thursday, as renewed concerns about the U.S. and global economies sent major indexes plunging, pushedgold to a new high and U.S.Treasury bond yields to a record low.
Fears continued to build Friday, sending global markets reeling for a second straight session, and they’re likely to remain at the forefront.
“Global markets remain rattled by a crisis that is fast morphing into a global banking and economic crisis on one side, and a very piecemeal policy approach to contain risks on the other,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
A day after Morgan Stanley cut global growth forecasts and said the United States and Europe are “dangerously close to a recession,” Deutsche Bank downgraded its growth outlook for China.
The German investment bank said a slowdown or recession in the U.S. or European economies would be “the single most important shock to the Chinese economy,” and could slow the nation’s GDP growth to 7%.
Get More At http://money.cnn.com/2011/08/19/markets/premarkets/index.htm?iid=H_MKT_News
Liam @ August 19, 2011
Debt super committee takes shape. What now?
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NEW YORK (CNNMoney) — Washington has a compromise problem. And now, lawmakers face a seemingly impossible task — find a way to institute reforms that have eluded policymakers, all while markets and rating agencies watch with rapt attention.
After risking default, the nation’s lawmakers agreed last week on a plan to raise the debt ceiling.
The deal slashed spending. But it included no tax hikes and no entitlement reforms — items that virtually every budget expert says are needed.
Those tough choices were kicked down to a 12-member bipartisan super committee tasked with finding another $1.5 trillion in budget savings.
“What we need to do now is combine those spending cuts with two additional steps: tax reform that will ask those who can afford it to pay their fair share and modest adjustments to health care programs like Medicare,” President Obama said this week.
That sounds easy enough — but it will actually require mountains of political will and lawmakers who are willing to risk their jobs.
Downgrade turns up heat on Congress
“There is no question about the political backlash they will face,” said Julian Zelizer, a professor of history and public affairs at Princeton University. “There are a lot of reasons to be skeptical.”
The first three lucky lawmakers to be appointed were Democratic Sens. Patty Murray, Max Baucus and John Kerry.
Republicans announced their choices on Wednesday. Reps. Jeb Hensarling, Dave Camp and Fred Upton garnered appointments from the House. And Jon Kyl, Pat Toomey and Rob Portman will represent Senate Republicans.
When the full committee is assembled, job No. 1 will be finding a way to break through the gridlock and partisanship that has Washington tied in knots.
Full Story http://money.cnn.com/2011/08/10/news/economy/debt_super_committee/index.htm
John @ August 10, 2011
Stocks sink as Europe fears return
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U.S. stocks fell sharply in early trading Wednesday, following the previous session’s huge rally, as fears about Europe’s ongoing debt crisis resurfaced.
The Dow Jones industrial average (INDU) dropped 325 points, or 2.9%. The index fell as much as 446 points, which exceeded the gain in Tuesday’s massive advance.
The S&P 500 (SPX) fell 33 points, or 2.8%, and the Nasdaq composite (COMP) lost 68 points, or 2.8%.
Ever since Standard and Poor’s stripped the United States of its AAA credit rating, fears have been building that rating agencies may also downgrade AAA-rated nations in Europe, since they are also struggling with severe debt problems.
On Wednesday, shares of French bank Societe Generale, or SocGen, tumbled almost 20% on the Paris stock exchange amid speculation that France may be first to face a rating cut.
“There’s growing concern that France could get downgraded,” said Tom Schrader, managing director at Stifel Nicolaus. “Moody’s and Fitch have reitereated France’s AAA rating, but there’s still fear that S&P might do something stupid.”
Financial stocks led the decline in U.S markets, as investors worried that problems in the European banking sector could spillover into the U.S. banks.
Bank of America’s (BAC, Fortune 500) stock plunged 9%, while shares of Citigroup (C, Fortune 500), Wells Fargo (WFC, Fortune 500), Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS,Fortune 500) sank more than 7%.
Market volatility: Stocks finished Tuesday’s volatile session with huge gains after the Fed left key interest rates unchanged, saying that deterioration in the labor market and slower-than-expected economic growth will require the central bank to keep interest rates “exceptionally low” until the middle of 2013.
The rally managed to erase a big chunk of the prior session’s steep losses, but volatility has been extremely high the past several sessions.
John @ August 10, 2011
As violence in Syria mounts, U.S. could call for al-Assad to step down
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The international cries for Syria’s government to end a bloody crackdown on civilians could intensify Wednesday as activist groups reported fresh onslaughts in several cities.
The United Nations Security Council is expected Wednesday to follow up on a statement last week that condemned the Syrian regime for attacks on peaceful protesters and called for both sides to end the violence.
Meanwhile, the United States is moving toward issuing an explicit call for Syrian President Bashar al-Assad to step down, U.S. government sources told CNN Tuesday.
The move is expected to be announced in coming days after U.S. officials consult with the United Nations Security Council, the sources said. They said the question of whether to call for al-Assad to step down has been under discussion over the past few weeks, the sources said.
While international leaders mull their next steps, heavy gunfire, explosions and tanks permeated the eastern city of Deir Ezzor on Wednesday, an activist group and a resident said.Businesses and homes belonging to known opposition organizers have been destroyed, said the resident, who did not want to be identified for safety reasons. He said at least 20 motorcycles belonging to residents were burned – a move he suspects was an effort by security forces to hamper residents’ resources.
full story http://www.cnn.com/2011/WORLD/meast/08/10/syria.unrest/index.html?hpt=hp_t1
John @ August 10, 2011
