Friday, October 17, 2008
Weekly Roundup: MarketWatch's top stories of the week, Oct. 13-17
Warren Buffett says we should all buy stocks. He also says the people
who lost money buying equities in the 20th century were those who only
bought when they were comfortable doing so, which he says is a clear
sign of their failings as investors.
The conventional wisdom is that we should at the very least give Buffett
the benefit of the doubt where investing advice is concerned. Many small
investors and retirement savers will probably enthusiastically cheer
what he says.
But Buffett's plea, printed in the New York Times on Friday, seems
somewhat superfluous. We are all buying stocks now, whether we want to
or not. As taxpayers we own huge chunks of the country's financial
system. Our central bank has put itself, and by extension the rest of
us, in the business of lending to companies. And in any case, most of us
with jobs that offer market-based retirement accounts buy stocks each
pay cycle. Since most of us work for companies where pensions are not an
option, we don't necessarily have very much choice about how we go about
trying to build a retirement nest egg.
Looking Ahead: More Stimulus?
So thanks Mr. Buffett, for your insight and your advice, but it's a
little unclear where many retirement savers will get the money to buy
more U.S. equities at this point. After all, the 401(k) statements that
will soon be arriving in the mail are unlikely to inspire confidence, or
show that we have the money to buy equities even as the economy tanks.
A short-sighted argument? Perhaps, but as people around the country
rethink retirement, or put off collecting Social Security in the hope of
getting bigger checks later, the advice of a billionaire who has
profited mightily during this downturn sticks in the craw. Just a
little.
Europe Focuses on Earnings
After a mad week of trading, U.S. stocks ended well above where they
started the week. Not much of an accomplishment, given current market
levels, but it's better than more losses. The Dow Jones Industrial
Average (.DJI) closed Friday at 8,852.22, a loss of 127.04 points or
1.4%. For the week the blue chip index rose 4.8%. The technology-heavy
Nasdaq Composite Index (.COMP) fell 6.42 points, or 0.4%, to close at
1,711.29, bringing it to a weekly gain of 3.8%. The broader Standard &
Poor's 500 Index (.SPX) fell 5.88 points, or 0.6%, to close at 940.55.
For the week the index rose 4.6%.
Chinese GDP In Focus
Stay tuned to MarketWatch over the weekend for more news and information
that affects your life and your portfolio. Our weekend feature is a
market playbook and should offer insight into how to navigate these
turbulent times.
-- Christopher Noble, assistant managing editor
Building up the banks
Treasury Secretary Henry Paulson announced an extraordinary investment
by the federal government in the U.S. banking system this week, laying
out an unprecedented plan to give $250 billion to banks to repair the
faltering financial system and get lending started again. Only a few
weeks ago, Paulson said that giving banks capital would be a sign of
failure, but he changed his mind after global stock markets crashed and
stress in the financial system rose to previously unimaginable levels.
Get more details .
A helping hand for UBS
The Swiss government became the first to take troubled assets off a
bank's balance sheet, reaching a deal with UBS to absorb up to $60
billion in mostly mortgage-related assets. In addition, the government
is taking a 9% stake in UBS (UBS)(CH: 002489948) in return for an
injection of 6 billion Swiss francs ($5.25 billion) into the world's
largest asset manager. Find out more .
More profit declines
J.P. Morgan Chase (JPM) said its third-quarter net income fell 84% amid
the worst banking environment in 70 years, and the firm cautioned that
earnings would remain weak for several quarters to come. The results
included $3.6 billion of write-downs, as well as $640 million of losses
linked with the Washington Mutual takeover. Read the full report .
Slowing sales
U.S. retail sales fell 1.2% in September, the worst drop in three years
and the third decline in a row, a further sign that the economy has sunk
into a recession led by an exhausted consumer. The 1.2% decline reported
by the Commerce Department on Wednesday was worse than the 0.8% drop
forecast by economists surveyed by MarketWatch. Sales in July and August
were revised marginally lower, signaling that real consumer spending
likely fell in the quarter for the first time in 17 years. Get more
details .
Apocalypse now? Maybe not
At times like these, where new records are set daily and 500- and
600-point days in either direction are regarded as more of the same,
it's easy to suspend reality and indulge in talk of new eras, ends of
Wall Street and capitalism, and collapsing of empires. But a quick look
at history shows that very often these grand statements and feelings are
nothing but just that -- statements and feelings. In reality, not much
really changes. Read David Callaway's column .
Growing unemployment lines
More than 750,000 jobs have disappeared from the U.S. economy this year,
and workers face the prospect of more layoffs ahead. The good news is
that workers can look for red flags. After all, experts say that knowing
that a job loss is coming is a first step to getting back on your feet.
Learn five omens that may portend a pink slip .
Making sense of a deal
Give Microsoft Corp. (MSFT) Chief Executive Steve Ballmer a platform,
and the odds are good that he'll use it to express his opinion about
something. On Thursday at the Gartner ITXpo, Ballmer let it be known
what he thinks of the possibility that Microsoft might still try to
acquire Yahoo (YHOO). Find out what he said .
More M&A talks
Skeptics may question the upside of a merger between two of America's
struggling car giants, but Wall Street clearly backed the concept Monday
as shares of General Motors Corp. (GM) and Ford Motor Co. (F) mounted
stunning rallies. With the credit crisis in full swing and car sales
plunging to levels not seen in 15 years, GM has lost 74% year to date
and Ford is down 64%. But reports over the weekend of a possible merger
between GM and privately held Chrysler and of prior discussions between
GM and Ford apparently gave investors some hope that consolidation could
help cure the ailing industry. Find out more .
Signs of stress
Chip giant Intel Corp. (INTC) reported better-than-expected results this
week, while warning that the global financial crisis has led to "signs
of stress" and market uncertainty. The tech giant posted a 12% jump in
third-quarter net profit, but came out with a cautious outlook for the
fourth quarter, confirming what many analysts already believe is a
weakening tech market. Read the full story .
Google tops estimates
Shares of Google Inc. (GOOG) jumped Friday, a day after the Internet
giant's third-quarter profit bested Wall Street's expectations despite
uncertainty about the health of the online advertising market and a
strengthening dollar. Chief Executive Eric Schmidt said during a
conference call with analysts that in addition to keeping tight control
on costs, the company also benefited from advertisers seeking out more
targeted search advertisements on Google in order to trim their budgets.
Read the report .
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MarketWatch - Attn: Customer Service, 201 California St., San Francisco,
CA 94111
Markets Friday, 10/17/2008
| Dow : 8852.22 down 127.04
| S & P : 940.55 down 5.88
| NASDAQ: 1711.29 down 6.42
| Bond (10Y): 3.92%, 100.56
MARKETS:
Stocks down for day, up for week
Recession fears overpower Google's earnings and Buffett's comments in
choppy session.
U.S. stock indexes down for day but up for the week
U.S. stock indexes down for day but up for the week
U.S. stocks erase late gains as profit-takers step in ahead of the
close, with the major indexes ending with daily losses but up on the
week, capping a volatile streak involving wild swings in either
direction amid signs of a possible thaw in the credit markets.
MarketWatch First Take: OPEC left to its own devices as hedge funds
flee
The Organization of Petroleum Exporting Nations has called an emergency
meeting for Oct. 24 aimed at halting a precipitous drop in crude-oil
prices. This time, they won't have much help from the hedge funds.
MarketWatch First Take: Hedge funds represent big threat to market
recovery
As a growing number of hedge funds struggle with volatile markets, the
industry is hoping Washington will open up the bailout spigot for
cash-strapped funds to help them avoid collapse and panic selli
The Stockpickers: Fund manager finds value in products consumers won't
give up
SAN FRANCISCO
The stock market's wild waves are causing seasickness for many
investors, but some see current conditions as an opportune time to dive
in -- as long as you've taken your Dramamine in the form of careful,
daily research.
Earnings Outlook: Yahoo to post results in contentious atmosphere
Yahoo is expected to report fiscal third-quarter financial results next
week with analysts and investors questioning its ability to weather the
financial downturn without cutbacks.
U.S. stocks shift lower in latest about-face
U.S. stocks shift lower in latest about-face
The roller-coaster ride in equity markets continues as the major indexes
bounce between positive and negative territory, with industrials
fronting losses and the energy sector fronting gains.
Economic Report: Housing starts fall to second-lowest rate in 50 years
Construction of new homes dwindle to a 17-year low in September as home
builders move to further reduce the number of unsold homes on the market
at a time when few prospective buyers are testing the waters.
Google's shares jump after profit tops estimates
Shares of Google Inc. jump in early trading Friday, a day after the
Internet giant's third-quarter profit bested Wall Street's expectations
despite uncertainty about the health of the online advertising market
and a strengthening dollar.
Forced hedge fund selling knocks some stocks off kilter
Steel Dynamics Inc. has lost more than half its market value in the past
month, despite quarterly results that showed the company in ruddy
health.
GM, Chrysler merger talks gaining support: WSJ
Embattled auto makers General Motors Corp. and Chrysler LLC are picking
up the pace on merger talks, pushed by banks and other lenders eager to
see a deal, according to a report published Thursday.
Dow Industrials turn positive, briefly clear 9,000 level
Dow Industrials turn positive, briefly clear 9,000 level
10/17/2008 10:54:33 AM
University of Michigan's consumer-confidence gauge plunges in October
University of Michigan's consumer-confidence gauge plunges in October
10/17/2008 9:57:56 AM
Dow drops more than 200 points in the first two minutes of trading as selling accelerates after a dismal housing report.
Dow drops more than 200 points in the first two minutes of trading as
selling accelerates after a dismal housing report.
Housing starts tumble to 17-year low as building permits decline more than expected, signaling tough times ahead for housing.
Housing starts tumble to 17-year low as building permits decline more
than expected, signaling tough times ahead for housing.
Thursday, October 16, 2008
Markets Thursday, 10/16/2008
| Dow : 8979.26 up 401.35
| S & P : 946.43 up 38.59
| NASDAQ: 1717.71 up 89.38
| Bond (10Y): 3.96%, 100.25
MARKETS:
Stocks fight back
A volatile session turns positive as lowest oil prices in a year give
investors a reason to jump back into the market.
U.S. stock indexes end higher after late rally ahead of close
U.S. stock indexes end higher after late rally ahead of close
U.S. stocks shoot dramatically higher in a late-session bounce back from
the prior day's rout, with energy shares pacing the climb after the
price of crude drops below $70 a barrel for the first time in more than
a year.
Google beats estimates with profit gain
Google Inc. posts fiscal third-quarter profit that generally beats
forecasts, bucking low expectations for the results based on general
uncertainty about the health of the online advertising market and a
strengthening dollar.
MarketWatch First Take: Yahoo shareholders must be crying 'Please!' to
Ballmer
Poor Yahoo shareholders, grasping for any way to lift themselves out of
their doldrums. Loose comments from Microsoft CEO Steve Ballmer have
caused a rally on the shares - and serves as a reminder of how far they
have fallen.
Morgan Stanley CEO calls for global industry oversight
Morgan Stanley CEO John Mack says that he thinks the securities business
and financial-services industry need to be overseen or regulated by a
global authority.
Google reports earnings that beat estimates, sales in line with projections. Stock up after-hours.
Google reports earnings that beat estimates, sales in line with
projections. Stock up after-hours.
Wall Street jumps, with the Dow ending about 400...
Wall Street jumps, with the Dow ending about 400 points higher, as
investors flee a battered oil market and test the water in stocks.
Oil settles $4.69 lower to $69.85 a barrel - lowest price in more than 13 months - as economic slowdown spooks traders.
Oil settles $4.69 lower to $69.85 a barrel - lowest price in more than
13 months - as economic slowdown spooks traders.
Dow surges over 200 points with about 45 minutes remaining in the session as oil prices close at lowest level in more than 13 months.
Dow surges over 200 points with about 45 minutes remaining in the
session as oil prices close at lowest level in more than 13 months.
Dow industrials up 100 points
Dow industrials up 100 points
10/16/2008 12:23:53 PM
Markets erase losses and briefly turn positive as oil dips below $70 a barrel.
Markets erase losses and briefly turn positive as oil dips below $70 a
barrel.
U.S. stock indexes erase gains after downbeat data
U.S. stock indexes erase gains after downbeat data
U.S. stocks on Thursday pulled firmly lower, extending the prior day's
rout, after a measure of factory activity in the Philadelphia region
swung sharply lower, offsetting earlier cheer on data showing tame
inflation in September. .
Economic Report: Consumer prices unchanged; energy prices fall
U.S. consumer prices are unchanged in September, while the core rate
rises just 0.1%, according to the Labor Department.
Futures Movers: Oil futures drop below $70 on economic worry, rising
U.S. supply
Oil futures drop below $70 per barrel for the first time in 14 months as
fears that a global economic recession will slash demand for oil
combined with three week's worth of rising U.S. crude and gasoline
supplies to set prices up for a third-straight session of declines.
EBay shares fall as economy, restructuring takes toll on forecast
Shares of eBay Inc. lose more ground after the company swings to a
third-quarter profit, but issues a disappointing forecast for the
current period.
Citigroup posts nearly $3 billion loss amid more write-downs
Citigroup Inc., the troubled banking giant, reported its fourth straight
quarterly loss on Thursday amid continuing write-downs for soured
investments.
Oil prices fall sharply after government reports bigger-than-expected jump in crude and gasoline inventories.
Oil prices fall sharply after government reports bigger-than-expected
jump in crude and gasoline inventories.
Dow drops more than 200 points after economic reports spark investor fear that a recovery is still a long way off.
Dow drops more than 200 points after economic reports spark investor
fear that a recovery is still a long way off.
Mortgage rates surge to 6.46% this week - the largest weekly increase in 21 years - Freddie Mac reports.
Mortgage rates surge to 6.46% this week - the largest weekly increase in
21 years - Freddie Mac reports.
Stocks open higher - a day after a rout - after an upbeat reading on consumer prices offsets losses from Citi and Merrill.
Stocks open higher - a day after a rout - after an upbeat reading on
consumer prices offsets losses from Citi and Merrill.
U.S. consumer prices contained in September; core CPI rate up 0.1%
U.S. consumer prices contained in September; core CPI rate up 0.1%
10/16/2008 8:31:25 AM
Industrial production drops dramatically in September, largely due to ....
Industrial production drops dramatically in September, largely due to
disruptions from hurricanes and Boeing strike.
Government reports new claims for unemployment declined more than expected last week, Dow Jones reports.
Government reports new claims for unemployment declined more than
expected last week, Dow Jones reports.
Wednesday, October 15, 2008
Markets Wednesday, 10/15/2008
| Dow : 8577.91 down 733.08
| S & P : 907.84 down 90.17
| NASDAQ: 1628.33 down 150.68
| Bond (10Y): 3.95%, 100.31
MARKETS:
Another huge Dow loss
Blue-chip indicator drubbed 733 points - 2nd biggest point loss ever -
as recession fears resurface.
U.S. stocks slammed again; economic data come in bleak
U.S. stocks slammed again; economic data come in bleak
Stocks fall sharply, with the Dow Jones Industrial Average sliding more
than 700 points, battered by evidence a painful recession is already
under way and overshadowing progress in shoring up the global financial
system.
International strength boosts Coca-Cola's profit
As Coca-Cola's third-quarter profit rises 14%, fueled by international
growth, investors make shares of the beverage giant one of the few
winners within the Dow Jones Industrial Average.
Economic Report: Retail sales tumble 1.2%, capping worst quarter in
decade
U.S. retail sales fell 1.2% in September, the worst drop in three years
and the third decline in a row, a further sign that the economy has sunk
into a recession led by an exhausted consumer.
J.P. Morgan Chase profit tumbles; CEO cautions on outlook
J.P. Morgan Chase's third-quarter net income falls 84%, amid the worst
banking environment in about 70 years, and the firm cautions that
earnings would remain weak for several quarters to come.
Oil settles $4.09 lower to $74.54 a barrel, its lowest level in more than 13 months.
Oil settles $4.09 lower to $74.54 a barrel, its lowest level in more
than 13 months.
Recession fears send stocks into another tailspin. Dow drops over 700 points for second time ever. Nasdaq, S&P 500 lose more than 8%.
Recession fears send stocks into another tailspin. Dow drops over 700
points for second time ever. Nasdaq, S&P 500 lose more than 8%.
Dow sinks 400 points as recession fears gain momentum and investors pull back.
Dow sinks 400 points as recession fears gain momentum and investors pull
back.
U.S. stocks dragged lower at the start amid recession worries
U.S. stocks dragged lower at the start amid recession worries
U.S. stocks dropped at the start on Wednesday after data underlined a
recession is likely to come or is already under way, dispelling any
optimism on better-than-forecast results from the Coca-Cola Co., Intel
Corp. and J.P. Morgan Chase.
Crude falls below $75 a barrel on economic jitters, OPEC update
Crude-oil futures plunge 4% in electronic trading, as traders sell amid
worries that the global financial crisis will spell a sharp slowdown in
economic growth and thus pinch energy demand.
International strength boosts Coca-Cola's profit
As Coca-Cola's third-quarter profit rises 14%, fueled by international
growth, investors make shares of the beverage giant one of the few
winners within the Dow Jones Industrial Average. S
Economic Report: Retail sales tumble 1.2%, capping worst quarter in
decade
U.S. retail sales fell 1.2% in September, the worst drop in three years
and the third decline in a row, a further sign that the economy has sunk
into a recession led by an exhausted consumer.
J.P. Morgan Chase profit tumbles; CEO cautions on outlook
J.P. Morgan Chase's third-quarter net income falls 84%, amid the worst
banking environment in about 70 years, and the firm cautions that
earnings would remain weak for several quarters to come. .
Stocks open lower after government reports worst retail sales in 3 years and JPMorgan posts surprise profit but warns of tough times.
Stocks open lower after government reports worst retail sales in 3 years
and JPMorgan posts surprise profit but warns of tough times.
Retail sales in September fell more than expected...
Retail sales in September fell more than expected, signaling ongoing
weakness in consumer spending.
Tuesday, October 14, 2008
Markets Tuesday, 10/14/2008
| Dow : 9310.99 down 76.62
| S & P : 998.01 down 5.34
| NASDAQ: 1779.01 down 65.24
|Bond (10Y): 4.07%, 99.34
MARKETS:
Stocks: No staying power
Wall Street retreats, unable to sustain historic rally,with the
tech-heavy Nasdaq hit hardest.
U.S. stocks close lower, led by tech; financials extend gains
U.S. stocks close lower, led by tech; financials extend gains
U.S. stocks tilt lower as cheer over the government's plan to invest
billions in banks gives way to worries over the economy, which
especially dents shares in the consumer-discretionary and technology
sectors.
U.S. to give $250 billion to banks and take ownership stakes
Treasury Secretary Henry Paulson announces an extraordinary investment
by the federal government in the American banking system on Tuesday,
laying out an unprecedented plan to give $250 billion to banks to repair
the faltering financial system and get lending started again.
Libor rates show money-market tensions easing
Short-term lending rates are easing, offering more evidence that massive
government bailouts and wide-ranging debt and deposit guarantees have
started to thaw frozen credit markets.
Futures Movers: Oil drops more than 3% on view of softer consumption
Oil prices close below $80 per barrel as expectations were left largely
intact that the financial crisis will hasten a decline in consumption,
even in light of massive efforts to revive credit markets.
Exchange rate, consumer-product sales lift Johnson & Johnson
Johnson & Johnson reports higher third-quarter earnings, boosted in part
by a favorable foreign-exchange rate and solid sales growth for its
consumer products. J&J's blue-chip shares trade higher.
Dow and S&P flatline and Nasdaq falls 3.5% as initial enthusiasm over U.S. bank bailout plan fizzles.
Dow and S&P flatline and Nasdaq falls 3.5% as initial enthusiasm over
U.S. bank bailout plan fizzles.
Dow reverses course, slumps 200 points as enthusiasm for bailout plan wanes.
Dow reverses course, slumps 200 points as enthusiasm for bailout plan
wanes.
Oil prices settle $2.56 lower to $78.63 a barrel after news of the U.S. bank intervention fails to lift recession fears.
Oil prices settle $2.56 lower to $78.63 a barrel after news of the U.S.
bank intervention fails to lift recession fears.
U.S. stocks turn mixed; Nasdaq dips into the red
U.S. stocks turn mixed; Nasdaq dips into the red
U.S. stocks rock higher at the open but then turn mixed as Nsasdaq slips
into negative territory, as investors reconsider the wisdom of bidding
shares higher in the wake of Monday's stunning gains.
U.S. to give $250 billion to banks and take ownership stakes
Treasury Secretary Henry Paulson announces an extraordinary investment
by the federal government in the American banking system on Tuesday,
laying out an unprecedented plan to give $250 billion to banks to repair
the faltering financial system and get lending started again. .
Libor rates show money-market tensions easing
Short-term lending rates are easing, offering more evidence that massive
government bailouts and wide-ranging debt and deposit guarantees have
started to thaw frozen credit markets.
Exchange rate, consumer-product sales boost Johnson & Johnson
Johnson & Johnson reports higher third-quarter earnings, boosted in part
by a favorable foreign-exchange rate and solid sales growth for its
consumer products. See
Asia Markets: Nikkei bounces back to end up a record 14.2%
Japanese stocks jump Tuesday, with the benchmark Nikkei 225 Average
ending 14.2% higher, the biggest single-day advance on record, as
financials and exporters soar after U.S. indexes post a double-digit
surge overnight.
Dow industrials turn lower, erasing earlier 400-point gain; Nasdaq down 2.4%.
Dow industrials turn lower, erasing earlier 400-point gain; Nasdaq down
2.4%.
Stocks rally at open - Dow surges 350 points in first two minutes - after government details extensive financial system bailout,
Stocks rally at open - Dow surges 350 points in first two minutes -
after government details extensive financial system bailout,
Treasury says it will use $250 billion to buy preferred shares in banks. Terms: exec pay...
Treasury says it will use $250 billion to buy preferred shares in banks.
Terms: exec pay restrictions, stockholders to get paid back.
Monday, October 13, 2008
Japan's Nikkei 225 opens 131 points, or 1.6%, higher
Japan's Nikkei 225 opens 131 points, or 1.6%, higher
10/13/2008 8:02:29 PM
U.S. set to buy bank equity stakes worth $250 billion: WSJ
U.S. set to buy bank equity stakes worth $250 billion: WSJ
10/13/2008 5:47:07 PM
Markets Monday, 10/13/2008
| Dow : 9387.61 up 936.42
| S & P : 1003.35 up 104.13
| NASDAQ: 1844.25 up 194.74
| Bond (10Y): 3.88%, 100.97
MARKETS:
Raging bulls
Dow jumps 936 points in biggest point gain ever. Dow, S&P, Nasdaq all
gain over 11%.
U.S. stocks rally sharply in cheering global rescue plans
U.S. stocks rally sharply in cheering global rescue plans
U.S. stocks spring back to life, with the Dow Jones Industrial Average
on track for its largest daily jump ever, with shares of General Motors
buoyed by merger talk amid a widespread global rally after government
actions to heal the financial system. .
Global efforts to rescue banking system gather force
Global efforts to rescue the international banking system gather force,
with Europe leading the way to provide funding and guarantees aimed at
calming the nerves of consumers and investors.
Tech Stocks: Nasdaq surges to second-best day on record, boosting tech
stocks
The Nasdaq Composite Index turns in its second-best day on record by
surging nearly 12% by the closing bell following a bruising sell-off the
week before.
Morgan Stanley shares rally on revised Mitsubishi UFJ deal
Morgan Stanley has wrapped up a revised deal with Japan's Mitsubishi
Financial Group. It would give Morgan Stanley badly needed capital after
enduring a massive stock decline last week on concerns over its future.
Democrats work on economic plan as election nears
With congressional and presidential elections fast approaching and Sens.
Barack Obama and John McCain tussling over the economy, congressional
Democrats call for a new economic-recovery package.
Dow gains 500 points as global action to combat financial crisis renews confidence.
Dow gains 500 points as global action to combat financial crisis renews
confidence.
U.K. government to inject $63 billion into three banks, demands no cash bonuses
U.K. government to inject $63 billion into three banks, demands no cash
bonuses
10/13/2008 2:40:45 AM
Dow industrials jump more than 420 points; Nasdaq, S&P 500 up 5%
Dow industrials jump more than 420 points; Nasdaq, S&P 500 up 5%
10/13/2008 9:39:07 AM
Sunday, October 12, 2008
Asian markets gain in early trading as banks rebound; Japan closed for holiday
Asian markets gain in early trading as banks rebound; Japan closed for
holiday
10/12/2008 8:37:37 PM
