Friday, March 14, 2008
U.S. stocks plunge on Bear Stearns bailout; wipe out week's gains
U.S. stocks plunge on Bear Stearns bailout; wipe out week's gains
U.S. stocks are hammered for a third session this week after Bear
Stearns Cos. says it is in need of a bailout from the Federal Reserve
and J.P. Morgan Chase, with shares of the investment bank plunging 55%.
Bear Stearns goes on life support as trading crisis turns dire
Bear Stearns Cos. says it got short-term financing from J.P. Morgan and
the Federal Reserve as its liquidity has "significantly
deteriorated" during the past 24 hours.
Financial Stocks: Bear Stearns almost halved, drags sector lower
Investors hammer financial stocks, highlighted by Bear Stearns losing
more than half its value amid bailout news.
Optimistic Bush says economy will bounce back
President tells New York Economic Club the U.S. economy will emerge from
its current problems "better and stronger than ever."
Economic Report: Consumer inflation moderates in February on energy's
drop
Led by a quirky decline in energy costs, U.S. consumer inflation
moderated in February, opening the door for the Federal Reserve to keep
cutting interest rates to support flagging economic growth. The consumer
price index was flat in February, the Labor Department said Friday. Wall
Street economists had expected a 0.2% increase. In addition, core prices
-- which exclude volatile food and energy costs -- were also unchanged,
below the 0.2% gain in retail-level inflation that economists surveyed
by MarketWatch had been looking for. This was the lowest core rate since
November 2006.
Market Friday, 03/14/2008
| Dow : 11951.09 down 194.65
| S & P : 1288.14 down 27.34
| NASDAQ: 2212.49 down 51.12
| Bond (10Y): 3.44%, 100.44
MARKETS:
Stocks tumble on Bear scare
Wall Street tanks - but manages to close off its lows - as investors
worry about Bear Stearns' liquidity, record oil, gas and gold prices and
the weak dollar.
U.S. stocks plunge on Bear Stearns bailout; wipe out week's gains
U.S. stocks plunge on Bear Stearns bailout; wipe out week's gains
U.S. stocks are hammered for a third session this week after Bear
Stearns Cos. says it is in need of a bailout from the Federal Reserve
and J.P. Morgan Chase, with shares of the investment bank plunging 55%.
Bear Stearns goes on life support as trading crisis turns dire
Bear Stearns Cos. says it got short-term financing from J.P. Morgan and
the Federal Reserve as its liquidity has "significantly
deteriorated" during the past 24 hours.
Financial Stocks: Bear Stearns almost halved, drags sector lower
Investors hammer financial stocks, highlighted by Bear Stearns losing
more than half its value amid bailout news.
Optimistic Bush says economy will bounce back
President tells New York Economic Club the U.S. economy will emerge from
its current problems "better and stronger than ever."
Economic Report: Consumer inflation moderates in February on energy's
drop
Led by a quirky decline in energy costs, U.S. consumer inflation
moderated in February, opening the door for the Federal Reserve to keep
cutting interest rates to support flagging economic growth. The consumer
price index was flat in February, the Labor Department said Friday. Wall
Street economists had expected a 0.2% increase. In addition, core prices
-- which exclude volatile food and energy costs -- were also unchanged,
below the 0.2% gain in retail-level inflation that economists surveyed
by MarketWatch had been looking for. This was the lowest core rate since
November 2006.
The Dow manages to cut losses, ending 180 points lower, after Bear Stearns is rescued by a Fed-backed emergency loan.
The Dow manages to cut losses, ending 180 points lower, after Bear
Stearns is rescued by a Fed-backed emergency loan.
Dow drops 300 points, then recovers slightly, as worries about Bear Stearns, record oil, gas and gold prices batter stocks.
Dow drops 300 points, then recovers slightly, as worries about Bear
Stearns, record oil, gas and gold prices batter stocks.
Fed chief Bernanke, citing substantial rise in foreclosures, says central bank is 'strongly committed' to easing housing crisis.
Fed chief Bernanke, citing substantial rise in foreclosures, says
central bank is 'strongly committed' to easing housing crisis.
U.S. stocks briefly collapse on Bear Stearns bailout news
U.S. stocks briefly collapse on Bear Stearns bailout news
News that Bear Stearns was receiving a financial rescue sent U.S. stocks
into a freefall breifly, before the market stabilized and moved off its
lows.
Bear gets help from Fed, J.P. Morgan in liquidity crisis
Bear Stearns Cos. says it got short-term financing from J.P. Morgan and
the Federal Reserve as its liquidity has "significantly
deteriorated" during the past 24 hours.
Financial Stocks: Bear's 32% drop drives sector down
NEW YORK
Shares of troubled Wall Street firm Bear Stearns Cos. fell more than 30%
in early trading Friday, plunging after the company reported
deterioration in its liquidity position and said it's reached an
agreement to secure financing from J.P. Morgan Chase and the U.S.
Federal Reserve.
Economic Report: Consumer inflation moderates in February on energy's
drop
Led by a quirky decline in energy costs, U.S. consumer inflation
moderated in February, opening the door for the Federal Reserve to keep
cutting interest rates to support flagging economic growth. The consumer
price index was flat in February, the Labor Department said Friday. Wall
Street economists had expected a 0.2% increase. In addition, core prices
-- which exclude volatile food and energy costs -- were also unchanged,
below the 0.2% gain in retail-level inflation that economists surveyed
by MarketWatch had been looking for. This was the lowest core rate since
November 2006.
U.S. consumer sentiment hits 16-year low
U.S. consumer sentiment hits 16-year low
3/14/2008 10:06:21 AM
Gold prices surge to yet another record, hitting $1,007.30, as the dollar continues its plunge.
Gold prices surge to yet another record, hitting $1,007.30, as the
dollar continues its plunge.
February consumer-level inflation and core CPI rates unchanged
February consumer-level inflation and core CPI rates unchanged
3/14/2008 8:31:30 AM
Thursday, March 13, 2008
Market Briefing Newsletter for Thursday, 03/13/2008
| Dow : 12145.74 up 35.50
| S & P : 1315.48 up 6.71
| NASDAQ: 2263.61 up 19.74
| Bond (10Y): 3.52%, 99.75
MARKETS:
Stocks stage comeback
Wall Street manages gains, with technology, healthcare and financials
leading a comeback at the end of a tough session.
Stocks rally back on hopes write-downs are nearly over
Stocks rally back on hopes write-downs are nearly over
U.S. stocks erase earlier losses to trade higher after Standard & Poor's
suggests that banks may be done with the bulk of write-downs linked to
bad home loans.
End of subprime mortgage write-downs in sight for big banks: S&P
SAN FRANCISCO
The end of subprime mortgage write-downs by big banks and brokers may be
in sight, says rating agency Standard & Poor's.
Paulson prescribes tough medicine for Wall Street
Treasury Secretary Henry Paulson prescribes some tough new medicine for
Wall Street to try to ensure that the current fever of market turmoil is
not repeated.
Metals Stocks: Gold futures soar to record above $1,000 an ounce
Gold futures briefly break the psychologically important level of $1,000
an ounce, propelled by ongoing dollar weakness and bleak news from the
financial sector.
Futures Movers: Crude futures hit new high of $111 a barrel
Crude-oil futures rise for a fourth day, closing above $110 a barrel and
hitting $111 earlier, after the greenback falls further against the euro
and yen, lifting prices of dollar-denominated commodities.
Stocks end the session in positive territory, erasing early losses, as financial stocks recover. Energy and gold prices soar.
Stocks end the session in positive territory, erasing early losses, as
financial stocks recover. Energy and gold prices soar.
Stocks stumble on financial, economic woes
Stocks stumble on financial, economic woes
U.S. stocks fall on news a fund managed by the Carlyle Group is close to
collapse, while weak February retail sales data fuel concerns the
economy is already in recession.
Paulson prescribes tough medicine for Wall Street
Treasury Secretary Henry Paulson prescribes some tough new medicine for
Wall Street to try to ensure that the current fever of market turmoil is
not repeated.
Metals Stocks: Gold futures soar above $1,000 an ounce
Gold futures briefly break the psychologically important level of $1,000
an ounce, propelled by ongoing dollar weakness and bleak news from the
financial sector.
Carlyle Capital on verge of collapse as talks break down
Carlyle Capital, the bond fund affiliated with private equity firm The
Carlyle Group, is on the verge of collapse after failing to agree a new
financing deal with lenders.
Currencies: Dollar notches 12-year low against yen in broad-based
retreat
Renewed fears of financial turmoil send the U.S. dollar plunging against
the Japanese yen and other major currencies.
Oil prices surge, crossing record $111 a barrel.
Oil prices surge, crossing record $111 a barrel.
Retail sales drop 0.6% in February, well below expectations and signaling major consumer pullback.
Retail sales drop 0.6% in February, well below expectations and
signaling major consumer pullback.
Gold prices cross $1,000 for first time, as dollar sinks further.
Gold prices cross $1,000 for first time, as dollar sinks further.
U.S. dollar falls below 100 Japanese yen for first time since 1995
U.S. dollar falls below 100 Japanese yen for first time since 1995
3/13/2008 4:34:14 AM
Stock declines steepen as Treasury chief fails to reassure investors; key gauges down 1.8%
Stock declines steepen as Treasury chief fails to reassure investors;
key gauges down 1.8%
3/13/2008 10:52:13 AM
Treasury Secretary Paulson, citing 'past excesses,' announces plan to overhaul regulation of financial institutions.
Treasury Secretary Paulson, citing 'past excesses,' announces plan to
overhaul regulation of financial institutions.
Dow industrials fall 140 points in opening minutes Thursday
Dow industrials fall 140 points in opening minutes Thursday
3/13/2008 9:32:51 AM
Wednesday, March 12, 2008
Markets Wednesday, 03/12/2008
| Dow : 12110.24 down 46.57
| S & P : 1308.77 down 11.88
| NASDAQ: 2243.87 down 11.89
|Bond (10Y): 3.47%, 100.22
MARKETS:
Stocks can't do 2 in a row
Wall Street abandons attempt to rise for the second session in a row as
record oil and gas prices knock out early enthusiasm.
U.S. stocks close lower as record high crude weighs
U.S. stocks close lower as record high crude weighs
Stocks finish in negative territory, as a falling dollar and crude oil
topping $110 a barrel lead investors to rake in some profits from the
previous session's rally.
Futures Movers: Crude makes fresh gains to surpass $110 a barrel
Crude-oil futures end Wednesday's trading at a new closing high of
$109.92 a barrel after earlier topping $110 for the first time, as the
dollar fell to new lows and speculation increased in the futures
market.
Capitol Report: Unemployment benefits not reflecting today's reality
WASHINGTON
Too many out-of-work Americans are being left out of the unemployment
insurance program, the government's safey net which replaces a portion
of a worker's lost earnings, and critics say the program needs a
comprehensive overhaul to meet contemporary workforce needs.
David Weidner's Writing on the Wall: Commentary: Spitzer's bullying
scared his potential critics
NEW YORK
Wall Street knew what some of his most intimate friends didn't: At
times, Eliot Spitzer was a lying hypocrite.
Financial Stocks: Financials surrender earlier gains
Shares of Bear Stearns rise after the company's CEO Alan Schwartz
rejected speculation the firm was in dire straits.
Oil prices settle at $109.92, topping Tuesday's record $108.75, despite inventory report showing increase in supply.
Oil prices settle at $109.92, topping Tuesday's record $108.75, despite
inventory report showing increase in supply.
Breaking News: N.Y. Governor Eliot Spitzer resigns
NEW YORK (AP) - New York Gov. Eliot Spitzer resigned following intense
pressure to step down because of a prostitution scandal.
Tuesday, March 11, 2008
Markets Tuesday, 03/11/2008
| Dow : 12156.81 up 416.66
| S & P : 1320.65 up 47.28
| NASDAQ: 2255.76 up 86.42
| Bond (10Y): 3.59%, 99.19
MARKETS:
Dow's best day in 5-1/2 years
Stocks surge with the Dow soaring 416 points as investors cheer reports
that the central bank is pumping an additional $200 billion into the
banking system.
Fed turns on the spigot of money again
Fed turns on the spigot of money again
The Federal Reserve joins with other central banks to extend its
temporary lending program to provide more liquidity to global financial
markets.
The Technical Indicator: Will the Fed's action repair recent technical
damage?
CINCINNATI
The U.S. markets have rallied sharply, fueled by the Federal Reserve's
latest liquidity plan.
Financial Stocks: Fed plan sparks biggest gain in 6 weeks for bellwether
gauge
Financial-services stocks surge after the Federal Reserve says it will
inject more cash into the banking system to try to limit the damage from
the broadening credit crunch.
Crude closes at new high of $108.75
Crude closes at new high of $108.75
3/11/2008 2:56:27 PM
Dow soars 300 points as markets cheer the Fed's move to pump $200 billion into the banking system.
Dow soars 300 points as markets cheer the Fed's move to pump $200
billion into the banking system.
U.S. stocks advance, cheering Fed liquidity move
U.S. stocks advance, cheering Fed liquidity move
U.S. stocks rally, reversing course after three sessions of declines, as
investors cheer the Federal Reserve's move to loan as much as $200
billion in securities in a bid to boost liquidity in the financial
system.
Financial Stocks: Thornburg leads financials rally after Fed action
Financial-services stocks surge after the Federal Reserve says it will
inject more cash into the banking system to try to limit the damage from
the broadening credit crunch.
The Fed: Fed turns on the spigot of money again
The Federal Reserve joins with other central banks Tuesday to extend its
temporary lending program to provide more liquidity to global financial
markets.
Google lands EU clearance for DoubleClick acquisition
Google obtains the approval of European regulators for the company's
pending acquisition of online advertising provider DoubleClick.
Economic Report: Trade gap widens slightly in January
The U.S. trade deficit widens slightly in January as strong exports are
offset by higher oil prices.
Federal Reserve unveils plan to lend $200 billion in Treasurys in an effort to 'promote liquidity' in financial markets.
Federal Reserve unveils plan to lend $200 billion in Treasurys in an
effort to 'promote liquidity' in financial markets.
Monday, March 10, 2008
Markets Monday, 03/10/2008
| Dow : 11740.15 down 153.54
| S & P : 1273.37 down 20.00
| NASDAQ: 2169.34 down 43.15
| Bond (10Y): 3.45%, 100.38
MARKETS:
Stocks stumble on recession fears
Major indexes fall on signs of continuing deterioration in the financial
services sector. Oil hits record, closing near $108.
Spitzer apologizes to family, public; future uncertain
Spitzer apologizes to family, public; future uncertain
New York Gov. Eliot Spitzer apologizes to the public and his family
after a newspaper reported that he arranged to meet with a high-priced
prostitute in a Washington, D.C. hotel, but the state's chief executive
did not disclose whether he would stay in office.
Gasoline lags crude spike, but $4-a-gallon prices look likely
Retail gasoline prices haven't kept pace with the historic rally in the
crude-oil futures market, but the cost of filling up the gas tank is
still on the rise despite the fuel being in plentiful supply
domestically.
Fitch to keep rating MBIA, says insurer requested info destroyed
MBIA Inc. expects $200 million in mark-to-market losses from its credit
derivative business and said Fitch Ratings' insurer-financial-strength
ratings can cause serious volatility in how the company is viewed in the
equity markets. MBIA's chief executive in a letter to shareholders
defended the bond insurer's decision to ask Fitch to withdraw its
ratings and also said the company has started to generate new business.
McDonald's February sales top expectations
Consumers, lured by cheap meals, inexpensive coffee and new breakfast
menu items, flocked to McDonald's last month.
Countrywide shares slide on FBI fraud-probe report
Shares of mortgage banker lose ground, undermined by a weekend report
that the FBI is investigating the possibility of securities fraud.
Countrywide shares slide on FBI fraud-probe report
Countrywide shares slide on FBI fraud-probe report
Shares of mortgage banker lose ground, undermined by a weekend report
that the FBI is investigating the possibility of securities fraud.
McDonald's February sales top expectations
SAN FRANCISCO
Consumers, lured by cheap meals, inexpensive coffee, and new breakfast
menu items, flocked to McDonald's last month.
Market Snapshot: U.S. stocks sputter as rate-cut talk loses traction
U.S. stocks lose ground for a third day as hopes dim that the Federal
Reserve might step in and cut interest rates before next week's meeting
in the aftermath of an employment report that fueled thinking the nation
is in a recession.
Economic Report: Wholesale sales jump 2.7% in January, most in nearly 4
years
Sales at U.S. wholesalers rise at the fastest pace in nearly four years
in January, helping them to work down their inventories, the Commerce
Department reports.
Economic worries curtail Europe, especially metals sector
Stocks in Europe fell for the eighth time in nine sessions on Monday, as
growing doubts about the health of the U.S. economy as well as credit
jitters again weighed on sentiment, especially in the metals sector.
Crude oil futures touch record high of $107 a barrel for first time ever.
Crude oil futures touch record high of $107 a barrel for first time
ever.
