Friday, September 05, 2008
Market Briefing Newsletter for Friday, 09/5/2008
| Dow : 11220.96 up 32.73
| S & P : 1242.31 up 5.48
| NASDAQ: 2255.88 down 3.16
| Bond (10Y): 3.70%, 102.41
MARKETS:
Stocks mixed at end of tough week
Investors recover from morning fears about the labor market and the
economic slowdown, as financial shares rally.
Obama, McCain begin battle anew as conventions close
Obama, McCain begin battle anew as conventions close
With the ticker tape from the conventions cleaned up and with their
acceptance speeches still ringing in Americans' ears, Sens. John McCain
and Barack Obama now embark on a two-month march to Election Day as they
each try to convince voters to send them to the White House at the end
of this historic campaign.
Economic Report: U.S. jobless rate soars unexpectedly to 6.1% in August
The unemployment rate soars to 6.1% in August, the highest rate in
almost five years, as the economy took a turn for the worse. The rate
has steadily climbed this year from a cycle low of 4.4%.
Commodities Corner: OPEC needs a floor and ceiling for oil stability
Major oil producers will have to feel for a floor and ceiling to guide
their way in the dark as they work to find balance for an oil market
that's seen the price of a barrel of crude drop by nearly 30% in two
months.
Emerging Markets Report: Russian assets tumble amid worries about ruble
Russian assets once again come under heavy selling pressure, as investor
sentiment continues to sour on the back of growing global risk aversion
and intervention by the central bank to support the ruble.
A record 1.2M homes were in foreclosure during the 2nd quarter, according to the Mortgage Bankers Association.
A record 1.2M homes were in foreclosure during the 2nd quarter,
according to the Mortgage Bankers Association.
Jobless rate soars unexpectedly to 6.1% in August
Jobless rate soars unexpectedly to 6.1% in August
The unemployment rate soars to 6.1% in August, the highest rate in
almost five years, as the economy took a turn for the worse. The rate
has steadily climbed this year from a cycle low of 4.4%.
Commodities Corner: OPEC needs a floor and ceiling for oil stability
Major oil producers will have to feel for a floor and ceiling to guide
their way in the dark as they work to find balance for an oil market
that's seen the price of a barrel of crude drop by nearly 30% in two
months.
Dell said to consider sale of PC factories
Dell Inc. reportedly might sell most or all of its factories as part of
a strategy to cut costs and overhaul its production model.
McCain claims long-coveted nomination; vows a shake-up
John McCain, the Arizona senator and former prisoner of war who has
bucked the Republican Party on issues including immigration and campaign
finance, formally claims the GOP's nomination for president and vows to
shake up Washington.
Stocks open lower after government reports August unemployment surged to 5-month high of 6.1% and job losses deepened.
Stocks open lower after government reports August unemployment surged to
5-month high of 6.1% and job losses deepened.
Breaking News: Jobless rate jumps to 5-year high
WASHINGTON (AP) - The government says the nation's unemployment rate
zoomed to a
five-year high of 6.1 percent in August as employers slashed 84,000
jobs.
Breaking News Thu., September 4, 2008
SEN. JOHN MCCAIN ACCEPTS GOP PRESIDENTIAL NOMINATION AT REPUBLICAN
NATIONAL CONVENTION IN MINNEAPOLIS/ST. PAUL
Thursday, September 04, 2008
Markets Thursday, 09/4/2008
| Dow : 11188.23 down 344.65
| S & P : 1236.83 down 38.15
| NASDAQ: 2259.04 down 74.69
| Bond (10Y): 3.62%, 103.06
MARKETS:
Brutal selloff on Wall Street
Dow loses 345 points as mixed retail sales reports, weak job market news
and an oil price slide magnify fears about a global slowdown.
U.S. stocks slide on global economic concerns
U.S. stocks slide on global economic concerns
U.S. stocks fall sharply, with the Dow industrials suffering a 344-point
decline, as rising jobless claims data, mixed retail sales and weaker
oil prices fuel concerns about slowing growth both at home and abroad.
MarketWatch First Take: Market's plunge gives off the whiff of
deflation
Crude futures close at five-month low on weak petroleum demand
Crude-oil futures lose ground after a U.S. government report shows that
supplies of gasoline fell for a sixth week in a row, but less than
expected as demand for petroleum remains weak and storms in the Atlantic
pose no immediate threat to energy production in the Gulf of Mexico.
Spotlight turns to McCain after rousing speech by Palin
The stakes couldn't be higher. John McCain, the Arizona senator and
former prisoner of war who has bucked his party on issues including
immigration and campaign finance, is set to formally claim the
Republican Party's nomination for president on Thursday night and make
his case for the White House.
Palin speech draws 37 million viewers, just short of Obama
CHICAGO
Wednesday night's acceptance speech by Republican Vice-Presidential
nominee Gov. Sarah Palin drew more than 37.2 million combined viewers on
six networks, just short of Barack Obama's 38.3 million viewers last
week at the Democratic National Convention, according to Nielsen Media
Research.
Stocks fall with the Dow registering a 347 point drop in 4th worst showing of the year. Nasdaq also falls sharply.
Stocks fall with the Dow registering a 347 point drop in 4th worst
showing of the year. Nasdaq also falls sharply.
Dow industrials down 300 points
Dow industrials down 300 points
9/4/2008 2:09:55 PM
Claims for initial unemployment benefits show surprise rise to 440,000 last week, Dow Jones reports.
Claims for initial unemployment benefits show surprise rise to 440,000
last week, Dow Jones reports.
The Dow industrials sink more than 200 points as investors focus on dreary economic news and sluggish retail reports.
The Dow industrials sink more than 200 points as investors focus on
dreary economic news and sluggish retail reports.
U.S. stocks drop sharply on economic, financial woes
U.S. stocks drop sharply on economic, financial woes
U.S. stocks tumble, with rising jobless claims data and weaker oil
prices further fueling concerns about slowing growth in the U.S. and
abroad, while fears about ailing financial firms remain.
Economic Report: Second-quarter productivity revised up, labor costs
revised down
The productivity of U.S. nonfarm businesses for the second quarter gets
revised higher by the Labor Department, to a 4.3% annualized rate, while
unit labor costs are revised down to a drop of 0.5%.
Futures Movers: Crude futures fall, remain below $110 on weak petroleum
demand
Crude-oil futures lose ground after a U.S. government report shows that
supplies of gasoline fell for a sixth week in a row, but less than
expected as demand for petroleum remains weak and storms in the Atlantic
pose no immediate threat to energy production in the Gulf of Mexico.
BP reaches deal to settle bitter Russian dispute
Oil giant BP announces the outline of an agreement to resolve a bitter
dispute over its half-owned Russian venture, TNK-BP, providing relief to
investors after months of wrangling.
McCain formally wins GOP presidential nomination
ST. PAUL - John McCain has officially won enough delegate votes at the
Republican National Convention to formally become the party's
presidential nominee.
Republicans officially nominate John McCain as presidential candidate
Republicans officially nominate John McCain as presidential candidate
9/4/2008 12:05:01 AM
Breaking News
Gov. Sarah Palin receives a standing ovation, tells convention she will
accept the party's vice presidential nomination.
Wednesday, September 03, 2008
Markets Wednesday, 09/3/2008
| Dow : 11532.88 up 15.96
| S & P : 1274.98 down 2.60
| NASDAQ: 2333.73 down 15.51
| Bond (10Y): 3.70%, 102.47
MARKETS:
Stocks end mixed on economic woes
Wall Street close mostly down as investors bet lower oil prices and weak
Fed report reflect slower global demand. But Dow manages gains on banks
and GM.
stocks finish mostly lower in face of economic jitters
U.S. stocks finish mostly lower in face of economic jitters
U.S. stocks tumble into a third day after an upbeat report on the
manufacturing sector fails to offset worries about declining commodities
prices and the collapse of a hedge fund partly owned by Lehman
Brothers.
Ford posts steep sales drop, cuts production plans
Ford and General Motors post August U.S. vehicle declines in excess of
20% as consumers continue to recoil from still-high gas prices and the
housing slump.
McCain's economic plan aims for tax changes
Sen. John McCain has his work cut out for him in trying to sell voters
on his economic plan this week at the Republican National Convention and
in convincing fiscal conservatives that he breaks from his predecessor's
perceived free-spending ways.
Futures Movers: Oil futures extend their losing streak on demand
worries
Crude-oil futures extend their decline, pressured by worries about
slowing global demand for oil and strength in the U.S. dollar.
Oil settles at $109.35 a barrel - down 36 cents - as dollar strengthens.
Oil settles at $109.35 a barrel - down 36 cents - as dollar
strengthens.
Stocks end on uneven footing, with the Dow up a bit and the Nasdaq inching lower, as falling oil prices spur economic worries.
Stocks end on uneven footing, with the Dow up a bit and the Nasdaq
inching lower, as falling oil prices spur economic worries.
U.S. factory orders rise in July
U.S. factory orders rise in July
9/3/2008 10:05:28 AM
U.S. stocks poke into positive turf on upbeat manufacturing data
U.S. stocks poke into positive turf on upbeat manufacturing data
The Dow is fractionally higher after an upbeat report on the
manufacturing sector, even as some investors fretted about the closure
of a hedge fund partly owned by Lehman Bros.
HSBC and China bank said to be latest Lehman suitors: report
HSBC Holdings and a Chinese bank are among the potential bidders for the
Wall Street investment bank Lehman Brothers, the South Korean daily
Chosun Ilbo reported Wednesday.
Staples profit off 16%, sticks to low growth outlook
Staples Inc. on Wednesday reported fiscal second-quarter profit fell
16%, with the office-supplies retailer sticking to its low-growth
outlook for the year.
Currencies: Dollar off highs but holding gains vs. most rivals
The dollar moves off session highs but still notches solid gains against
most of its major counterparts.
Punch Taverns wobbles as pub chain scraps dividend
Shares of Britain's Punch Taverns drop as much as 15% on Wednesday as
the company scraps its dividend, the latest evidence to reflect that
Brits aren't drowning their economic sorrows at the pub.
Ford Motor says August vehicle sales plummeted 27%, announces production cutback in second half of year.
Ford Motor says August vehicle sales plummeted 27%, announces production
cutback in second half of year.
Tuesday, September 02, 2008
Oil settles at lowest level since April 8 - down $5.75 to $109.71 a barrel as fears over Gustav's impact diminish.
Oil settles at lowest level since April 8 - down $5.75 to $109.71 a
barrel as fears over Gustav's impact diminish.
Markets Tuesday, 09/2/2008
| Dow : 11516.92 down 26.63
| S & P : 1277.58 down 5.25
| NASDAQ: 2349.24 down 18.28
| Bond (10Y): 3.73%, 102.16
MARKETS:
Stocks slump on slowdown fears
Wall Street retreats, giving up early gains, as relief about lower oil
prices turns to worry about slower global growth.
U.S. stock rally fizzles as concerns about oil resurface
U.S. stock rally fizzles as concerns about oil resurface
A U.S. stock rally fades as the energy sector weighs on the overall
market amid speculation that OPEC would cut production at its meeting
next week.
Oil futures drop 5% to close at a five-month low after Gustav
Crude futures tumble as much as $10 per barrel as Hurricane Gustav
doesn't cause the damage to oil installations in the Gulf of Mexico as
many had feared.
Republicans put patriotism at front of campaign
With the issues of the economy and an unpopular president stacked
against them, the Republican plan for victory this fall relies heavily
on the slogan "Country First."
Apple expected to revamp iPod at Sept. 9 event
Apple Inc. may unveil the latest additions to its line of iPod digital
media players at an event next week -- in time for the holiday shopping
season.
Google's Internet browser opens new front with Microsoft
Google's new browser, called Chrome, heats up the Internet giant's
rivalry with Microsoft while adding a new twist to the so-called browser
war.
Manufacturing activity dipped in August, signaling ongoing sluggishness in the sector, according to a key gauge.
Manufacturing activity dipped in August, signaling ongoing sluggishness
in the sector, according to a key gauge.
Dow industrials up 200 points early Tuesday as crude trades as low as $105.46
Dow industrials up 200 points early Tuesday as crude trades as low as
$105.46
9/2/2008 9:44:52 AM
Monday, September 01, 2008
Markets Monday, 09/1/2008
| Dow : 11543.55 down 171.63
| S & P : 1282.83 down 17.85
| NASDAQ: 2367.52 down 44.12
| Bond (10Y): 3.85%, 101.22
MARKETS:
Wall Street looks for economic clues
Investors will be looking to this week's key economic reports for clues
on the health of the U.S. economy. In Gustav's wake rising Oil prices
will be in focus too.
Gustav weakens to Category 1; canal water receding in New Orleans
Gustav weakens to Category 1; canal water receding in New Orleans
A storm surge from Hurricane Gustav causes water to overtop the repaired
Industrial Canal wall in New Orleans.
Scaled-back Republican convention opens Monday
Republicans open a scaled-back version of their presidential nominating
convention Monday after Hurricane Gustav makes landfall in Louisiana and
throws the party's plans into flux.
Japan Prime Minister Fukuda announces resignation
Japanese Prime Minister Yasuo Fukuda unexpectedly announces his
resignation Monday after less than a year in office.
Currencies: British pound plunges on Darling's weak outlook
The beleaguered British pound accelerated its recent fall, plunging 1.3%
against the U.S. dollar to a level last seen in April 2006 after U.K.
Chancellor of the Exchequer said the economic environment is the most
difficult in 60 years.
British home prices down for 11th straight month, survey says
British home prices fell for the eleventh straight month in August,
dropping 0.9% from July and 5.3% below the level seen in the same month
last year, the lowest level since the survey began in 2001, real-estate
data firm Hometrack reported Monday.
Crude prices retreat more than $4 a barrel as traders gauge Gustav
Crude prices retreat more than $4 a barrel as traders gauge Gustav
9/1/2008 12:27:21 PM
Oil falls more than $4 as traders bet that impact of Gustav on energy production and supplies won't be as great as feared.
Oil falls more than $4 as traders bet that impact of Gustav on energy
production and supplies won't be as great as feared.
Hurricane Gustav loses strength as it hits shore
Hurricane Gustav loses strength as it hits shore
Hurricane Gustav is reduced to a Category 2 storm as it approaches the
Louisiana coastline -- potentially sparing the city of New Orleans from
severe damage -- but concerns remain as to what the swirling mass of
wind and water might do to communities west of the Big Easy.
Futures Movers: Oil extends losses as Hurricane Gustav approaches
Oil futures extended losses in electronic trading Monday as the eye of
Hurricane Gustav neared the Louisiana coast.
McCain has to rethink GOP strategy
The events on the Gulf Coast are forcing Sen. John McCain to rethink his
strategy for the Republican National Convention, but the GOP's standard
bearer still will have many of the same hurdles to cross.
Currencies: British pound plunges on Darling's weak outlook
The beleaguered British pound accelerated its recent fall, plunging 1.3%
against the U.S. dollar to a level last seen in April 2006 after U.K.
Chancellor of the Exchequer said the economic environment is the most
difficult in 60 years.
Japan Prime Minister Fukuda announces resignation
Japanese Prime Minister Yasuo Fukuda unexpectedly announces his
resignation Monday after less than a year in office.
