Friday, June 27, 2008
Markets Friday, 06/27/2008
| Dow : 11346.51 down 106.91
| S & P : 1278.38 down 4.77
| NASDAQ: 2315.63 down 5.74
| Bond (10Y): 3.96%, 99.16
MARKETS:
Bear scare on Wall Street
Stocks tumble for the day and the week, with the Dow briefly falling
into bear market, as oil prices set record and dollar slides.
U.S. stocks post sharp weekly losses; bear-market nears
U.S. stocks post sharp weekly losses; bear-market nears
Stocks continue to fall, unable to bounce back a day after the market
plunged on renewed concerns about financials, credit conditions and oil
topping $140 for the first time.
MarketWatch First Take: Bear market? We've been here before
Bear markets have a certain quality about them: They are, by definition,
preceded and followed by good times, writes David Weidner.
Contrarian investor prefers gold over oil
Contrarian investor Marc Faber said he could see oil rocket to $300 a
barrel if the U.S. attacks Iran, but he prefers gold to oil in normal
circumstances because of the U.S. government's potential curbing of
speculative trading.
Santa Barbara learns to live with offshore drilling
As politicians debate the merits of offshore oil drilling to ease
sky-rocketing oil prices, the pricey coastal town of Santa Barbara has
learned to live with offshore drilling but folks who live there are wary
of more oil reserve exploration in the Pacific.
Financial Stocks: Grim talk on Merrill, Morgan pressures bank shares
Financial stocks are hammered again by renewed worries about the
strength of investment banks' balance sheets after bearish broker
comments about Merrill Lynch and Morgan Stanley.
Oil hits all-time intraday high of $142.54 as stocks slide into bear territory and supply concerns persist.
Oil hits all-time intraday high of $142.54 as stocks slide into bear
territory and supply concerns persist.
Stock selloff accelerates with the Dow dropping more than 120 points and crossing into bear market territory.
Stock selloff accelerates with the Dow dropping more than 120 points and
crossing into bear market territory.
Stocks wabble after Thursday plunge as oil tops $142
U.S. stocks wabble after Thursday plunge as oil tops $142
Stocks wabbled in and out of positive territory Friday, unable to bounce back a day after the market plunged
on renewed concerns about financials, credit conditions and oil topping
$140 for the first time.
Financial Stocks: Merrill write-down worries pressure sector
Financial-sector stocks get a brief respite, moving up slightly even
though renewed worries about write-downs at large investment banks and
the soaring cost of oil dull their rise.
Economic Report: Incomes get jolt from tax rebates
U.S. incomes, spending and savings surge in May after the government
sends out $48 billion in tax rebate checks to stimulate the economy.
Sony Ericsson warns of flagging cell phone demand
Mobile-phone maker Sony Ericsson says it might not see any profit growth
in the second quarter due to slowing demand for some of its
higher-priced phones and a delay in shipping new models to the market.
Top Lehman execs to give up 2008 bonuses: report
Lehman's CEO and president reportedly will forgo their 2008 bonuses in a
nod to the beleaguered investment bank's recent troubles.
U.S. consumer spending up 0.8% in May, outpaced by growth in personal incomes
U.S. consumer spending up 0.8% in May, outpaced by growth in personal
incomes
6/27/2008 8:31:58 AM
Stocks open up as oil pushes past $142 a barrel and personal income rises on stimulus payments.
Stocks open up as oil pushes past $142 a barrel and personal income
rises on stimulus payments.
Hong Kong's Hang Seng drops 2.7% in early trading
Hong Kong's Hang Seng drops 2.7% in early trading
6/26/2008 10:21:13 PM
Economic stimulus payments send personal income soaring 1.9%.
Economic stimulus payments send personal income soaring 1.9%.
Thursday, June 26, 2008
MarketsThursday, 06/26/2008
| Dow : 11453.42 down 358.41
| S & P : 1283.15 down 38.82
| NASDAQ: 2321.37 down 79.89
| Bond (10Y): 4.03%, 98.69
MARKETS:
Dow in 350-point tumble
Blue-chip indicator ends at a 21-month low as crude hits record high
above $140 a barrel. Goldman Sachs' downgrades of investment banks, GM
drag on markets.
Key indexes fall 3% Thursday; Dow industrials off more than 1,100 points so far in June
Key indexes fall 3% Thursday; Dow industrials off more than 1,100 points
so far in June
6/26/2008 4:04:24 PM
After the Bell: U.S. stocks sharply off; Dow poised for worst close since 2006
U.S. stocks sharply off; Dow poised for worst close since 2006
U.S. stocks fall sharply with the blue-chip index headed for its worst
close since September 2006, with equities slammed as crude oil soars to
new highs and Goldman Sachs Group downgrades U.S. brokers and advises
selling General Motors Corp.
Oil scores record gains as Fed decision weighs on dollar
Crude-oil futures climb to unprecedented levels as weakness in the U.S.
dollar, influenced by the U.S. Federal Reserve's decision to stand pat
on interest rates, sends prices to a peak above $140 a barrel.
Research In Motion shares fall on disappointing outlook
NEW YORK
Shares of Research In Motion slide more than 10% in early trading, a day
after the wireless device maker signaled that future earnings may come
under pressure as it ramps up spending to sustain its breakneck growth
rate.
Europe Markets: Worst Europe finish since Oct. 2005 as banks, dollar
weigh
Stocks in Europe ended Thursday at their worst closing levels in over
two-and-a-half years, with weak U.S. earnings outlooks, a plan by
Dutch-Belgian banking group Fortis to issue new shares and strength of
the euro all combining to weigh on markets.
General Motors shares slump after Goldman says sell
General Motors shares drop 11%, touching lows not seen since the early
1970s, after Goldman Sachs tells its clients to unload their positions
in the face of the deteriorating automotive climate.
Stocks end sharply lower after oil prices surge to a record close. The Dow sinks 350 points, marking its second-worst day this year.
Stocks end sharply lower after oil prices surge to a record close. The
Dow sinks 350 points, marking its second-worst day this year.
Oil settles at all-time high of $139.64/barrel, up $5.09, after setting record intraday high of $140.39.
Oil settles at all-time high of $139.64/barrel, up $5.09, after setting
record intraday high of $140.39.
Dow drops 300 points to 21-month low as oil prices hit record intraday high and blue chips get whacked by downgrades.
Dow drops 300 points to 21-month low as oil prices hit record intraday
high and blue chips get whacked by downgrades.
Oil hits all-time intraday high of $140.05/barrel minutes after surpassing previous record set just last week.
Oil hits all-time intraday high of $140.05/barrel minutes after
surpassing previous record set just last week.
European stocks' close is lowest since 2005; Dow industrials at nearly 2-year intraday low
European stocks' close is lowest since 2005; Dow industrials at nearly
2-year intraday low
6/26/2008 12:24:23 PM
Midday Report: U.S. stocks move sharply lower; GM shares sink 10%
U.S. stocks move sharply lower; GM shares sink 10%
U.S. stocks tumble, amid a negative tone set by Goldman Sachs Group
Inc.'s downgrade of U.S. brokers and cautious outlooks from Research In
Motion Ltd., Nike Inc. and Oracle Corp.
The Ratings Game: Sour on brokers, Goldman puts Citigroup on conviction
sell list
Goldman Sachs analysts lower their view on brokerage stocks while adding
Citigroup to the firm's 'conviction' sell list over the possibility that
further multibillion-dollar write-downs may be in the offing.
Research In Motion shares fall on disappointing outlook
NEW YORK
Shares of Research In Motion slide more than 10% in early trading, a day
after the wireless device maker signaled that future earnings may come
under pressure as it ramps up spending to sustain its breakneck growth
rate. .
Oracle shares down as outlook raises concerns
Oracle Corp. posts a 27% increase in quarterly profit despite a sluggish
U.S. economy, but the company's disappointing outlook for its current
quarter sends shares lower.
The Fed: Cause of jump in commodity prices not clear: Fed's Kohn
The cause of the spike in food prices and energy costs this year remains
a mystery, but the increases seen to date are not yet a full-blown
emergency, Federal Reserve Vice-Chairman Donald Kohn says.
The Dow drops 200 points after Goldman Sachs downgrades Citigroup and GM. Oil jumps over $3 a barrel.
The Dow drops 200 points after Goldman Sachs downgrades Citigroup and
GM. Oil jumps over $3 a barrel.
Breaking News: Supreme Court backs 2nd Amendment gun right
WASHINGTON (AP) - The Supreme Court says Americans have a right to own
guns for
self-defense and hunting, the justices' first definitive pronouncement
on gun rights in U.S. history.
Existing home sales rise 2% to an annual rate of 5 million; median price drops 6.3%.
Existing home sales rise 2% to an annual rate of 5 million; median price
drops 6.3%.
Economy grew at 1% annual rate in the first quarter, according to a revised government figure.
Economy grew at 1% annual rate in the first quarter, according to a
revised government figure.
Oil surges by as much as $4.25 a barrel as the dollar weakens; now trading at $137.82.
Oil surges by as much as $4.25 a barrel as the dollar weakens; now
trading at $137.82.
Stocks open lower - Dow drops more than 125 points - as oil spikes $4 and the dollar dips.
Stocks open lower - Dow drops more than 125 points - as oil spikes $4
and the dollar dips.
Wednesday, June 25, 2008
Markets Wednesday, 06/25/2008
| Dow : 11811.83 up 4.40
| S & P : 1321.97 up 7.68
| NASDAQ: 2401.26 up 32.98
| Bond (10Y): 4.10%, 97.72
MARKETS:
Stocks trim gains after Fed
Nasdaq and S&P 500 rise on lower oil prices and Fed decision to hold
rates steady. But the Dow gives up gains on Boeing downgrade, reversal
in financial shares.
Research In Motion earnings double; forecast disappoints
Research In Motion earnings double; forecast disappoints
SAN FRANCISCO
Research In Motion sees both revenue and earnings more than double in
its first fiscal quarter thanks to continued strong sales of its
BlackBerry smart phones, though the company's forecast for the current
period disappointed investors.
U.S. stocks answer Fed with mild rise
U.S. stocks held modest gains in afternoon action as the price of crude
oil slid to under $133 a barrel and investors awaited comments from the
Federal Reserve.
The Fed: Fed sharpens its focus on inflation
The Federal Reserve sharpens its focus on inflation, saying that the
upside risks to inflation have increased and keeping interest rates
unchanged for the time being.
'Oil shock' stems from fears of future shortfall: consultant
A "shortage psychology" in oil markets is overshadowing news of fresh
discoveries and falling demand to drive oil prices to record levels, the
head of influential energy consultancy Cambridge Energy Research
Associates says.
States sue Countrywide, CEO as shareholders approve takeover
Attorneys general from two states file separate lawsuits against
Countrywide and its chief executive, the same day the mortgage lender's
shareholders approved the proposed takeover by Bank of America.
Oil settles $2.45 lower at $134.55 a barrel, after sinking more than $5 at one point following a surprise rise in crude supplies.
Oil settles $2.45 lower at $134.55 a barrel, after sinking more than $5
at one point following a surprise rise in crude supplies.
Breaking News: Fed holds interest rates steady
WASHINGTON - The Federal Reserve has decided to leave a key interest
rate unchanged, bringing an end to a string of consecutive rate cuts
aimed at keeping the country out of a deep recession.
Countrywide shareholders approve buyout offer from Bank of America.
Countrywide shareholders approve buyout offer from Bank of America.
U.S. stocks solidify gains as price of oil drops
U.S. stocks solidify gains as price of oil drops
U.S. stocks on Wednesday solidify gains as the price of crude oil slid
to under $133 a barrel, with investors awaiting comments from the
Federal Reserve, which is expected to voice worries about inflation and
the struggling economy.
Futures Movers: Oil futures drop as U.S. crude supply logs first rise in
6 weeks
Crude-oil futures drop as much as $5 a barrel after a government report
shows that supplies of crude rose unexpectedly for the first time in six
weeks and demand for petroleum products have fallen more than 2% in the
past month.
Monsanto ups '08 view on robust quarter, but shares sink
As Monsanto Co.'s third-quarter earnings grow 42%, the company raises
its profit outlook for fiscal 2008.
Financial Stocks: Countrywide suit, takeover vote in focus as Fed
decision looms
Financial stocks advance as strong gains by regional bank stocks helped
to lift the sector ahead of a Federal Reserve policy statement that
might shape the outlook for U.S. inflation and economic growth.
Potential for Fed rate hikes another reason mortgages are pricy
Expectations the Federal Reserve will raise benchmark interest rates is
not helping the housing market, which is likely to stumble along for
months as long as homeowners find it costly to borrow.
U.S. orders for durable goods unchanged in May but better than expected
U.S. orders for durable goods unchanged in May but better than expected
6/25/2008 8:30:58 AM
Stocks open higher Wednesday as investors await Fed rate decision.
Stocks open higher Wednesday as investors await Fed rate decision.
U.S. new-home sales fall 2.5% in May
U.S. new-home sales fall 2.5% in May
6/25/2008 10:00:51 AM
Tuesday, June 24, 2008
Markets Tuesday, 06/24/2008
Markets Tuesday, 6/24/2008
| Dow : 11807.43 down 34.93
| S & P : 1314.29 down 3.71
| NASDAQ: 2368.28 down 17.46
|Bond (10Y): 4.10%, 98.09
MARKETS:
Stocks slip on economic woes
Wall Street ends a tough session lower as investors weigh weak consumer
confidence and housing reports ahead of the Fed decision.
U.S. stocks end lower on eve of Fed's interest-rate decision
U.S. stocks end lower on eve of Fed's interest-rate decision
U.S. stocks finish an erratic session modestly lower, with sentiment
turning cautious one day ahead of the Federal Reserve's interest rate
decision.
Yahoo shares whipsawed on reports of new Microsoft talks
Shares of Yahoo Inc. see sharp gains as well as drops after various
media outlets report rumors that talks with Microsoft Corp. are back on,
but disagree as to the scope of those discussions.
Economic Report: Four years of home-price gains wiped out: Case-Shiller
data
Home prices in 20 major U.S. cities have dropped a record 15.3% in the
past year and are now back to where they were in 2004, the Case-Shiller
home price index says. A similar regional index compiled by the
government shows a smaller decline.
iPhone subsidies likely to raise stakes, analysts say
The latest parlor game among analysts involves guessing how much AT&T is
going to pay to subsidize the cost of the device for consumers.
Midday Report: U.S. consumer confidence plunges again in June
U.S. consumer confidence plunges again in June
Worries about the economy and jobs drive consumer expectations to a
record low in June, while confidence moved to its fifth-lowest reading
ever.
Economic Report: Four years of home-price gains wiped out: Case-Shiller
data
Home prices in 20 major U.S. cities have dropped a record 15.3% in the
past year and are now back to where they were in 2004, the Case-Shiller
home price index says. A similar regional index compiled by the
government shows a smaller decline.
UPS shares near five-year low after profit forecast is cut
Shares of UPS skid 5% to a nearly five-year low after the
package-delivery giant slashes its second-quarter outlook because of
soaring fuel prices and a sluggish U.S. economy.
Dow Chemical raises prices on energy costs, again
For the second time in a month, Dow Chemical Co. is significantly
raising product prices to offset a surge in costs for energy and raw
materials.
Kroger profit rises better-than-expected 15%
Supermarket chain Kroger says its first-quarter profit rose a
better-than-expected 15% after lowering prices and expanding its generic
drug and discounted gas programs to lure budget-conscious shoppers.
Key measure of consumer confidence tumbles to 5th lowest reading ever as concern grows over jobs, business conditions.
Key measure of consumer confidence tumbles to 5th lowest reading ever as
concern grows over jobs, business conditions.
U.S. home prices down 15.3% in past year: S&P/Case-Shiller
U.S. home prices down 15.3% in past year: S&P/Case-Shiller
6/24/2008 9:11:46 AM
Wall Street gets off to slow start as Fed meeting on interest rates begins. Oil prices fall after shooting higher.
Wall Street gets off to slow start as Fed meeting on interest rates
begins. Oil prices fall after shooting higher.
Monday, June 23, 2008
Market Briefing Newsletter for Monday, 06/23/2008
| Dow : 11842.36 down 0.33
| S & P : 1318.00 up 0.07
| NASDAQ: 2385.74 down 20.35
| Bond (10Y): 4.16%, 97.66
MARKETS:
Stocks mixed on banks and oil
Markets are hit by ongoing woes for the bank and auto sectors. Rising
oil prices hurt sentiment, but boost energy stocks, enabling the Dow and
S&P 500 to erase losses.
Market Briefing Newsletter for Monday, 06/23/2008
| Dow : 11842.36 down 0.33
| S & P : 1318.00 up 0.07
| NASDAQ: 2385.74 down 20.35
| Bond (10Y): 4.16%, 97.66
MARKETS:
Stocks mixed on banks and oil
Markets are hit by ongoing woes for the bank and auto sectors. Rising
oil prices hurt sentiment, but boost energy stocks, enabling the Dow and
S&P 500 to erase losses.
Bond insurers seek to cut $125 billion in contracts: report
Bond insurers seek to cut $125 billion in contracts: report
Bond insurers, including Ambac, MBIA and Financial Guaranty Insurance
Co. are trying to unwind $125 billion of guarantees they sold on risky
debt securities, the Financial Times reports.
MarketWatch First Take: Saudis seize oil market's half-baked blame game
Saudi officials put out the word this weekend that a world of
cash-strapped motorists wanted to hear: They plan to boost output. So
why are oil prices up in Monday trading?
Real Estate: Housing slump rivals deepest slowdowns in 60-plus years:
Report
The housing slump, already shaping up to be the worst in a generation,
still hasn't run its full course, according to Harvard University's
annual report on housing, released on Monday.
Dubai's $82 billion aerospace gamble
It's a windswept desert of dunes, rocks and 120-degree heat home to
camels, snakes and antelope. Cutting through this desolate landscape, a
dark tongue of asphalt is the only evidence that a project first dreamt
of 30 years ago -- to make Dubai the world's top airport hub and a
global aerospace player -- is on the verge of coming true.
Speculative trading in crude oil surges: report
Speculative trading in crude oil surges: report
Speculators now account for about 70% of all benchmark crude-oil trading
on the New York Mercantile Exchange, up from 37% in 2000, according to
congressional findings cited in a Wall Street Journal report.
Retail Stocks: Penney rises; Circuit City tumbles in mixed sector
trading
NEW YORK Retail shares were mixed Monday as J.C. Penney Co. got a boost
after an upgrade by Deutsche Bank. Circuit City Stores Inc. shares
dropped for a third straight session after it reported a wider loss last
week and said it was suspending dividend payments to conserve cash.
Republic Services to buy Allied Waste in $6 billion-plus deal
Republic Services will acquire Allied Waste Industries via a stock swap
valued at roughly $6 billion, a deal that would create a major
environmental-services provider.
Bunge to acquire Corn Products International for $4.8 billion
Bunge has agreed to pay $4.8 billion to buy Corn Products International
in a stock swap, as demand for food stokes dealmaking in the
agricultural sector.
Rio, BHP Billiton warn Chinese companies of record iron-ore price rises
HONG KONG Rio Tinto PLC (RTP) and BHP Billiton Ltd. (BHP) have asked
their Chinese steelmaker customers to accept the largest ever increase
in iron ore prices or risk the interruption of supplies from Australia,
the Financial Times reported on its Web site Monday, citing traders and
industry officials.
