Friday, November 28, 2008
Markets Friday, 11/28/2008
| Dow : 8829.04 up 102.43 | S & P : 896.24 up 8.56 |
| NASDAQ: 1535.57 up 3.47 | Bond (10Y): 2.92%, 107.03
MARKETS:
Dow, S&P 500 in 5-day win streak
Major indexes advance at the end of a thinly traded, post-holiday session.
U.S. stocks rise on Black Friday to post strong weekly gains
U.S. stocks rise on Black Friday to post strong weekly gains
U.S. stocks end higher, leaving the market with monthly losses but
with large gains for a holiday-shortened week that saw investors
increasingly confident that much of a dire economic outlook already
has been priced in.
RETAILERS HOPE BlACK FRIDAY SETS TONE FOR HOLIDAY SEASON
Outside Minneapolis at the Mall of America, more than 5,000 shoppers
had lined up outside of the 520-store complex for free gifts and
"door-buster" specials by the time all the mall's stores opened at 6
a.m.
TOY BUSINESS FACES APPREHENSIVE CONSUMERS
America's retailers of toys want to make this gift-giving season an
easier sell for budget-conscious parents squeezed by the deteriorating
economy.
HEDGE FUNDS: HEDGE FUNDS TRY TO HOLD BACK WAVE OF INVESTOR REDEMPTIONS
Hundreds of hedge funds will shut this year as an estimated wave of as
much as $700 billion in investor redemptions crashes over the
industry, but some managers are trying to hold back the tsunami.
ASIA MARKETS: HONG KONG EXTENDS RALLY, MUMBAI TRADING VOLATILE
Most Asian markets advance Friday, with Hong Kong and South Korean
shares taking gains into a fourth straight session, paced by banks as
investors snap up beaten-down lenders such as Industrial Bank of Korea
and HSBC Holdings.
Dow ends abbreviated session up 100 points; U.S. stocks rise 12% on week
Dow ends abbreviated session up 100 points; U.S. stocks rise 12% on week
11/28/2008 1:08:00 PM EDT
U.S. stocks nearly flat on Black Friday
U.S. stocks nearly flat on Black Friday
Stocks trade little changed on Black Friday, the traditional start of
the U.S. holiday shopping season, with subdued prospects for retailers
apparently already factored in by investors.
BLACK FRIDAY SETS TONE FOR HOLIDAY SHOPPING SEASON
At suburban Minneapolis' Mall of America, the biggest U.S. shopping
center, thousands line up outside of the 520-store complex for free
gifts and "door buster" specials before the mall's first full-store
opening at 6 a.m. Is that indicative of the Black Friday trend or an
abberation?
ASIA MARKETS: HONG KONG EXTENDS RALLY, MUMBAI TRADING VOLATILE
Most Asian markets advance Friday, with Hong Kong and South Korean
shares taking gains into a fourth straight session, paced by banks as
investors snap up beaten-down lenders such as Industrial Bank of Korea
and HSBC Holdings.
RESCUE EFFORTS ON AS INDIA-PAK OFFICIALS TRADE WORDS
Army commandos battle to flush out terrorists and rescue hostages in
Mumbai early Friday, while Indian newspapers claim the coordinated
attacks Wednesday night that left at least 119 people dead and 315
wounded were carried out by a terrorist group based in Pakistan.
NOV. EURO-ZONE INFLATION TUMBLES NEAR ECB TARGET
Economists say any lingering inflation worries for the euro zone were
likely put to rest Friday after preliminary data shows that consumer
prices rose at an annual rate of 2.1% in November.
Energy: Oil stocks clipped by weaker crude, end of month profit-taking
Energy stocks were trading lower in Friday's abbreviated
post-Thanksgiving Day session, pressured by weaker crude-oil prices
and a bout of profit-taking that looked set to snap a four-day winning
streak.
Dow industrials turn modestly positive early Friday; S&P follows suit; tech lags
Dow industrials turn modestly positive early Friday; S&P follows suit; tech lags
11/28/2008 9:39:07 AM EDT
Energy: Crude falls on speculation OPEC may delay cuts
Crude-oil futures fall on speculation that OPEC may wait until
December to decide whether to cut oil production further.
Thursday, November 27, 2008
Markets Thursday, 11/27/2008
| Dow : 8726.61 up 247.14 | S & P : 887.68 up 30.29 |
| NASDAQ: 1532.10 up 67.37 | Bond (10Y): 2.98%, 106.50
|MARKETS:
World markets advance after U.S. rally
European and Asian markets close positive. Indian markets shuttered
after terror attack rocked Mumbai.
Former UBS executives give back bonuses as bank agrees to probe
Former UBS executives give back bonuses as bank agrees to probe
Troubled Swiss banking group UBS on Thursday reveals that former
executives have repaid around 70 million Swiss francs ($59 million) of
bonuses and says it will allow an independent investigation to examine
whether any lawsuits should be filed against individuals.
EUROPE MARKETS: EUROPE SHARES MOVE HIGHER ON U.S. HOLIDAY
European shares climb on Thursday, as oil majors and banks advance on
a day when U.S. markets are closed for the Thanksgiving holiday.
ASIA MARKETS: SHANGHAI, HONG KONG, SEOUL RALLY; MUMBAI CLOSED
Asian markets ended with strong gains Thursday, paced by Shanghai- and
Hong Kong-listed shares a day after the Chinese central bank slashed
interest rates to kick-start weakening economic growth.
ONLINE RETAILERS MAY SEE HOLIDAY SLUMP
Online retailers are likely to feel the pressure of the slowing
economy, with sales for the core holiday-shopping season expected to
remain flat with last year.
PANASONIC SLASHES '09 VIEW ON STRONG YEN, WEAK CONSUMER SPENDING
Panasonic Co. slashes its forecast of fiscal 2009 net income by 97%,
saying that "business conditions are deteriorating sharply."
Energy: Shares in London advance as banks, insurers gain
Banks and insurance firms help the top London share index to climb on
Thursday, a day when U.S. markets are closed for a holiday.
Wednesday, November 26, 2008
Terrorist attacks in Mumbai shut Indian stock exchange
Terrorist attacks in Mumbai shut Indian stock exchange
11/26/2008 9:50:45 PM EDT
Markets Wednesday, 11/26/2008
| Dow : 8726.61 up 247.14 | S & P : 887.68 up 30.29 |
|NASDAQ: 1532.10 up 67.37 | Bond (10Y): 2.98%, 106.50 |
MARKETS:
Dow's winning streak rises to 4
Stocks surge ahead of Thanksgiving as Obama news and automaker
strength boost stocks.
Tech sector paces Wall Street rally after glum economic data
Tech sector paces Wall Street rally after glum economic data
Stocks rally, marking the market's fourth session of gains in a row,
as investors focused on deals in the battered technology sector
following gloomy economic data and downcast corporate reports by Deere
and Tiffany.
SCORES ARE KILLED IN MUMBAI IN COORDINATED ATTACKS
A series of coordinated bomb and gun attacks on Wednesday night in
Mumbai, India's financial capital, have claimed dozens of lives while
sowing chaos and confusion.
ONLINE RETAILERS MAY SEE HOLIDAY SLUMP
Online retailers are likely to feel the pressure of the slowing
economy, with sales for the core holiday-shopping season expected to
remain flat with last year.
CHINA SLASHES RATES TO KICK-START SLOWING ECONOMY
The People's Bank of China Wednesday slashes its lending and borrowing
rates by more than 1%, in addition to cutting banks' reserve
requirements sharply, to deliver its strongest response yet to a
recent slowdown in the mainland's economic growth.
EUROPEAN UNION PROPOSES $260 BILLION STIMULUS
The European Union proposes a 200 billion euro ($260 billion) effort
that would see member states coordinate attempts to provide a fiscal
jolt to the region's stagnating and shrinking economies.
Dow's rally extends to 4th day, with blue-chip measure up 244 points at the close; Nasdaq up 4.5%, S&P gains 3.4%.
Dow's rally extends to 4th day, with blue-chip measure up 244 points
at the close; Nasdaq up 4.5%, S&P gains 3.4%.
Oil settles $3.67 higher at $54.44 a barrel as new talk of Chinese demand spurs investors.
Oil settles $3.67 higher at $54.44 a barrel as new talk of Chinese
demand spurs investors.
Attacks in Mumbai, India leave at least 25 dead
Attacks in Mumbai, India leave at least 25 dead
11/26/2008 1:56:12 PM EDT
Oil prices slip off their highs as investors react to a stronger-than-expected government energy supply report.
Oil prices slip off their highs as investors react to a
stronger-than-expected government energy supply report.
Obama names former Fed Chief Paul Volker to chair the U.S. Economic Recovery Advisory Board.
Obama names former Fed Chief Paul Volker to chair the U.S. Economic
Recovery Advisory Board.
Energy: Oil shares open lower but mount rebound amid bearish supply data
Energy stocks tip lower after another set of weak bearish oil supply
data, but a rally was in the works at midday.
Stocks try to shrug off earlier declines
Stocks try to shrug off earlier declines
U.S. stocks on Wednesday try to brush off early declines, pulling
mildly higher as President-elect Barack Obama details plans for an
economic advisory board.
RETAILERS PULL OUT ALL STOPS TO STIR BLACK FRIDAY BUYING
Retailers are making a historic Black Friday push, laying bets that
aggressive discounting and other incentives will set a more upbeat
tone than expected for the holiday shopping season.
ECONOMIC REPORT: OCTOBER DURABLE ORDERS DOWN 6.2%, TRANSPORTATION ORDERS FALL
Orders for U.S.-made durable goods fall 6.2% in October, the largest
decline in two years, the Commerce Department estimated, as orders for
transportation goods fell 11.1%.
CHINA SLASHES RATES TO KICK-START SLOWING ECONOMY
The People's Bank of China Wednesday slashes its lending and borrowing
rates by more than 1%, in addition to cutting banks' reserve
requirements sharply, to deliver its strongest response yet to a
recent slowdown in the mainland's economic growth.
EUROPEAN UNION PROPOSES $260 BILLION STIMULUS
The European Union proposes a 200 billion euro ($260 billion) effort
that would see member states coordinate attempts to provide a fiscal
jolt to the region's stagnating and shrinking economies.
October new home sales tumbled more than expected to 433,000 - their lowest level in nearly 18 years. Prices also fell.
October new home sales tumbled more than expected to 433,000 - their
lowest level in nearly 18 years. Prices also fell.
Stocks skid at the open as a spate of bleak economic reports threaten the Dow's three-day rally.
Stocks skid at the open as a spate of bleak economic reports threaten
the Dow's three-day rally.
U.S. orders for durable goods plunge 6.2% in October on transportation
U.S. orders for durable goods plunge 6.2% in October on transportation
11/26/2008 8:36:09 AM EDT
Energy: Oil gains on China rate cuts, EU stimulus plan
Oil futures buoyed by China's decision to cut interest rates and the
European Union's proposal of a $260 billion stimulus plan.
Initial jobless claims down 14,000 to 529,000 in the latest week; personal spending down 1% in October.
Initial jobless claims down 14,000 to 529,000 in the latest week;
personal spending down 1% in October.
Breaking News Wed., November 26, 2008
Consumer Spending Falls 1 Percent in October in Largest Drop Since
Sept. 11 Attacks [8:46 a.m. ET]
Tuesday, November 25, 2008
Energy: Young Americans are the key to economy's -- and Obama's -- future
Americans in their late teens and 20s offer President-elect Barack
Obama an extraordinary chance to capitalize on a demographic golden
goose.
Markets Tuesday, 11/25/2008
| Dow : 8479.47 up 36.08 | S & P : 857.39 up 5.58 |
|NASDAQ: 1464.73 down 7.29 | Bond (10Y): 3.10%, 105.53 |
MARKETS:
Dow makes it 3-for-3
Blue-chip indicator rises again, but Nasdaq loses steam. New
government lending plan and weak economy are in focus.
U.S. stocks mostly extend three-day stretch of gains
Date: Tue, Nov 25, 2008 at 2:01 PM
U.S. stocks mostly extend three-day stretch of gains
U.S. stocks turn again -- this time mostly higher -- as financials and consumer
discretionary shares gain in the wake of the government's latest move to help
revive the ailing economy.
FED UNVEILS $800 BILLION PLAN TO BOLSTER LENDING, HOUSING
With financial markets still not working smoothly two months after almost
shutting down, the Federal Reserve unveils further steps aimed at lowering
borrowing costs for consumers and home buyers.
ECONOMIC REPORT: HOME PRICES OFF RECORD 17.4% IN PAST YEAR, CASE-SHILLER SAYS
Home prices in 20 major U.S. cities drop by 1.8% in September from the prior
month and by a record 17.4% on a year-over-year basis, according to the
Case-Shiller data compiled by Standard & Poor's.
METALS STOCKS: GOLD GIVES UP GAINS ON FALLING CRUDE, STOCK MARKETS
Gold futures give up earlier gains and move lower, as crude-oil prices tumble
and as U.S. equity markets erase gains.
BHP BILLITON SCRAPS $66 BILLION RIO TINTO BID
BHP Billiton on Tuesday scrapped its roughly $66 billion hostile bid for mining
rival Rio Tinto, saying the deal is no longer in the best interests of
shareholders after the global economic downturn led to a slump in commodity
prices.
Dow extends winning streak to 3 days with 38-point gain at close; Nasdaq ends lower, S&P up.
Dow extends winning streak to 3 days with 38-point gain at close; Nasdaq ends lower, S&P up.
Obama nominates congressional budget chief Orszag as director of Office of Management and Budget.
Obama nominates congressional budget chief Orszag as director of
Office of Management and Budget.
U.S. stocks shift course lower as energy and tech weigh
U.S. stocks shift course lower as energy and tech weigh
U.S. stocks tilt lower, erasing an earlier advance, as energy and
technology shares drag down the overall market, offsetting cheer over
the government's plan to help revive the economy.
FED TO BOLSTER CONSUMER LENDING TO THE TUNE OF UP TO $800 BILLION
In a further bid to stimulate lending, the Federal Reserve and the
Treasury announce new steps to lower borrowing costs for consumers and
home buyers, to the tune of up to $800 billion.
ECONOMIC REPORT: HOME PRICES OFF RECORD 17.4% IN PAST YEAR, CASE-SHILLER SAYS
Home prices in 20 major U.S. cities drop by 1.8% in September from the
prior month and by a record 17.4% on a year-over-year basis, according
to the Case-Shiller data compiled by Standard & Poor's.
METALS STOCKS: GOLD GIVES UP GAINS ON FALLING CRUDE, STOCK MARKETS
Gold futures give up earlier gains and move lower, as crude-oil prices
tumble and as U.S. equity markets erase gains.
BHP BILLITON SCRAPS $66 BILLION RIO TINTO BID
BHP Billiton on Tuesday scrapped its roughly $66 billion hostile bid
for mining rival Rio Tinto, saying the deal is no longer in the best
interests of shareholders after the global economic downturn led to a
slump in commodity prices.
Fed, Treasury unveil massive program to boost consumer loans.
Fed, Treasury unveil massive program to boost consumer loans.
Energy: Energy stocks extend gains into third session
Energy stocks push gains into a third straight session, as investors
play off as much as $800 billion in additional economic-stimulus moves
announced by the U.S. government.
FDIC says 171 banks were on its “problem list” at the end of September, most since 1995 and up from 117 in June.
FDIC says 171 banks were on its "problem list" at the end of
September, most since 1995 and up from 117 in June.
Consumer confidence rises in November although economic concerns persist.
Consumer confidence rises in November although economic concerns persist.
S&P 500, Dow industrials pace gains at Tuesday's open; Nasdaq lags
S&P 500, Dow industrials pace gains at Tuesday's open; Nasdaq lags
11/25/2008 9:38:20 AM EDT
Fed to buy $600B in mortgage-related debt, Treasury to pump $20B in TARP funds to boost consumer credit.
Fed to buy $600B in mortgage-related debt, Treasury to pump $20B in
TARP funds to boost consumer credit.
Stocks jump at the open as Wall Street welcomes news of more government bailout help to boost consumer lending.
Stocks jump at the open as Wall Street welcomes news of more
government bailout help to boost consumer lending.
Home prices decline 16.6 percent, record year-over-year pace, according to Case-Shiller national survey.
Home prices decline 16.6 percent, record year-over-year pace,
according to Case-Shiller national survey.
Monday, November 24, 2008
Markets Monday, 11/24/2008
| Dow : 8443.39 up 396.97 | S & P : 851.81 up 51.78 |
|NASDAQ: 1472.02 up 87.67 | Bond (10Y): 3.32%, 103.56 |
MARKETS:
Dow's biggest 2-day run since '87
Citigroup rescue and Obama economic team picks propel stocks. Dow sees
its biggest two-session point gain ever and biggest two-session
percentage gain in 21 years.
stocks end solidly higher on Citi rescue, Obama team
U.S. stocks rally for a second consecutive day after the government
agreed to rescue Citigroup and as President-elect Barack Obama
directed his new economic team to get to work.
OBAMA: WORK BEGINS 'TODAY' ON RECOVERY PLAN
Obama stresses the need for quick action to hasten an economic
recovery, introducing his administration's top advisers and signaling
he may be willing to stave off higher taxes for the wealthy.
CITIGROUP SOARS AS U.S. AGREES TO SWEEPING RESCUE PACKAGE
Washington's latest Hail Mary attempt to support a battered banking
system lifts Citigroup shares more than 50%, and draws kudos from
those who see the effort as setting a new industry framework, as well
as brickbats from those who sense desperation in the move.
FUTURES MOVERS: CRUDE SURGES 9.2%, THE MOST IN NEARLY THREE WEEKS
Crude-oil futures surge more than 9%, reclaiming the $50-a-barrel
mark, as a weak dollar and stronger stocks push commodities broadly
higher.
OBAMA TO AUTOMAKERS: COME PREPARED NEXT TIME
President-elect Barack Obama reiterates his stance that the government
needs to extend a financial lifeline to the sinking U.S. auto
industry, but he urged executives to map out a more detailed route to
viability.
Dow soars over 500 points as rally accelerates in final 10 minutes as investors cheer Citi rescue, Obama economic team picks.
Dow soars over 500 points as rally accelerates in final 10 minutes as
investors cheer Citi rescue, Obama economic team picks.
Oil prices jump $4.57 to close at $54.50 a barrel as investors cheer the government's massive Citigroup rescue package.
Oil prices jump $4.57 to close at $54.50 a barrel as investors cheer
the government's massive Citigroup rescue package.
Dow industrials up 400 points, led by Citi, B. of A., J.P. Morgan; Nasdaq up nearly 6%
Dow industrials up 400 points, led by Citi, B. of A., J.P. Morgan;
Nasdaq up nearly 6%
11/24/2008 3:29:28 PM EDT
Pan-European Stoxx 600 posts biggest one-day gain ever; FTSE 100 rise is 20-year best
Pan-European Stoxx 600 posts biggest one-day gain ever; FTSE 100 rise
is 20-year best
|12:08:21 PM EDT
Energy: Equities in Moscow rally; Micex stock index up 17%
Equities in Moscow rally, buoyed by rising oil prices and heightened
risk appetite among investors following the U.S. government's rescue
of Citigroup.
Obama unveils economic team: Timothy Geithner named Treasury secretary, Larry Summers named director of National Economic Council.
Obama unveils economic team: Timothy Geithner named Treasury
secretary, Larry Summers named director of National Economic Council.
U.S. stocks get big boost from Citi rescue
U.S. stock sharply higher higher, extending the prior session's solid
gains, with bank shares in particular bolstered by word of Citigroup's
11th-hour rescue by the government.
CITIGROUP SOARS AS U.S. AGREES TO SWEEPING RESCUE PACKAGE
Citigroup shares rocket higher after federal officials back a $326
billion rescue in a plan aimed at averting chaos in the financial
system.
FINANCIAL STOCKS: UNCLE SAM'S CITI LIFELINE SPARKS RALLY
Citigroup shares jump more than 60%, rallying after the banking giant
rescue agreement reached late Sunday with federal officials, as
investors bid financial-sector shares broadly higher.
OBAMA TO UNVEIL ECONOMIC TEAM MONDAY
President-elect Barack Obama will unveil key members of his
economic-policy team on Monday, making the high-profile announcements
on the heels of the extension of a government lifeline to financial
titan Citigroup.
KING TO BUY ALPHARMA FOR $1.6 BILLION
King Pharmaceuticals Inc. on Monday said Alpharma Inc. has accepted
its revised offer to be acquired in an all-cash deal valued at $1.6
billion.
Dow surges 300 points higher a day after the government's Citigroup rescue.
Dow surges 300 points higher a day after the government's Citigroup rescue.
Energy: Drilling firms lead gains in sector
Energy stocks rose with the broad market in early action on Monday as
investors in oil, natural gas and drilling firms took heart with the
historic bailout of Citi.
U.S. existing-home sales fall; median price at lowest level since 2004
U.S. existing-home sales fall; median price at lowest level since 2004
11/24/2008 10:02:06 AM EDT
Energy: Stocks in Europe climb after Street bounce, paced by oil firms
European shares staged a bit of a rebound on Monday, led by oil
producers, as investors on the Continent had their first opportunity
to react to the news of a new Treasury Secretary and the U.S.
government rescue of Citigroup.
Stocks jump at the open as Wall Street welcomes news of a Citigroup rescue.
Stocks jump at the open as Wall Street welcomes news of a Citigroup rescue.
Sunday, November 23, 2008
The federal government said Sunday it would provide some loss protection for Citigroup assets and invest an additional $20 billion.
The federal government said Sunday it would provide some loss
protection for Citigroup assets and invest an additional $20 billion.
Energy: Polysilicon prices tumble on glut, solar's hit from credit crisis
Prices of polysilicon, already pressured by a coming supply glut, are
tumbling fast as the credit crisis drives down demand for the solar
panels that are the biggest users of the raw material.
