Friday, March 20, 2009
U.S. STOCKS: Stocks Slide as Financials Get Hammered
| DOW............7273........... -127.84.........-1.72%....|
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| NASDAQ .....1457............ -26.21..........-1.76%....|
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| S & P 500......768.............-15.80.........- 2.01%.....|
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| OIL............... 52.09......... +0.05...........+0.09%....|
Breaking News Fri., March 20, 2009
Congressional Budget Office Says Federal Deficit Will Top $1.8
Trillion This Year [12:09 p.m. ET]
Thursday, March 19, 2009
Energy: Oil's climb above $50 buoys Asian oil shares
Crude-oil's surge above the $50-a-barrel benchmark is bringing
investors back to Asian energy stocks, along with expectations the
U.S. dollar's weakness may also feed oil's price gains.
House passes bill to tax AIG bonuses at 90%
BULLETIN: House passes bill to tax AIG bonuses at 90%
3/19/2009 2:50:30 PM EDT
Treasury announces $5 billion bailout of auto suppliers, which have been hammered by the severe downturn facing U.S. automakers.
Treasury announces $5 billion bailout of auto suppliers, which have
been hammered by the severe downturn facing U.S. automakers.
Rally's legs may wobble if gains based on short-covering
Rally's legs may wobble if gains based on short-covering
Some of the recent rally in the market's most beaten-down stocks, such as
financials, may be a result of investors covering their short positions,
raising questions about the long-term endurance of the current climb.
FEARS GROW AS MORE CONSUMERS JUST A PAYCHECK OR TWO FROM RUIN
Americans are in a collective state of financial depression as many admit they
could only cover their bills for two months at most if they found themselves
suddenly jobless, a nightmare more and more worry may come true.
ECONOMIC REPORT: CONTINUING JOBLESS CLAIMS JUMP BY 185,000 TO RECORD 5.47
MILLION
The number of people collecting state unemployment benefits jumps by 185,000 to
a record seasonally adjusted 5.47 million in the week ending March 7, while new
claims dip by 12,000 to 646,000 in the week ending March 14, the Labor
Department reports.
U.K. REGULATOR FORCES BAA TO SELL GATWICK AND STANSTED
The U.K. Competition Commission on Thursday orders airport operator BAA to sell
three of its seven British airports, including Gatwick and Stansted in London,
but the company says this may be impractical and it will consider an appeal.
MORTGAGES: AVERAGE 30-YEAR MORTGAGE FALLS BELOW 5% TO NEAR-RECORD LOW
Rates on fixed-rate mortgages dropped to near record lows this week, with the
30-year fixed-rate mortgage making an encore appearance below 5%, according to
Freddie Mac's weekly survey of conforming mortgage rates, released on Thursday.
House passes bill that increases tax on bonuses for recipients of TARP funds, in wake of AIG controversy.
House passes bill that increases tax on bonuses for recipients of TARP
funds, in wake of AIG controversy.
U.S. STOCKS: STOCK GIVE BACK FED GAINS AS BANKS TANK
| DOW............7401........... - 85.78.........-1.14%....|
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| NASDAQ .....1483............ -7.74..........-0.51%.....|
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| S & P 500......784.............-10.31........- 1.29%.....|
|
| OIL............... 51.45......... +2.55..........+5.21%....|
Stocks end lower -- day after big rally -- as investors ponder government move to tax bonuses.
Stocks end lower -- day after big rally -- as investors ponder
government move to tax bonuses.
Oil futures leap to near $52 a barrel following Fed move
Oil futures leap to near $52 a barrel following Fed move
Oil futures rally 6% to above $50 for the first time in more than two
months after the Federal Reserve takes extraordinary steps to lower
borrowing costs, raising hopes for an economic recovery and higher oil
demand.
MORTGAGES: AVERAGE 30-YEAR MORTGAGE FALLS BELOW 5% TO NEAR-RECORD LOW
Rates on fixed-rate mortgages dropped to near record lows this week,
with the 30-year fixed-rate mortgage making an encoreappearance below
5%, according to Freddie Mac's weekly survey of conforming mortgage
rates, released on Thursday.
ECONOMIC REPORT: CONTINUING JOBLESS CLAIMS JUMP BY 185,000 TO RECORD
5.47 MILLION
The number of people collecting state unemployment benefits jumps by
185,000 to a record seasonally adjusted 5.47 million in the week
ending March 7, while new claims dip by 12,000 to 646,000 in the week
ending March 14, the Labor Department reports.
CITI FILES TO LAUNCH EXCHANGE OFFER, REVERSE SPLIT
Citigroup files a registration statement with the Securities and
Exchange Commission to seek shareholder approval to convert preferred
shares into common stock under its previously announced plan to build
capital.
ORACLE SHARES JUMP ON BETTER-THAN-EXPECTED RESULTS
Shares of Oracle Corp. jumped 12% Thursday morning after the software
giant reported better-than-expected results for its third fiscal
quarter, despite a negative impact from currency exchange rates.
Stocks open higher after government's unemployment claims report was better than expected.
Stocks open higher after government's unemployment claims report was
better than expected.
Wednesday, March 18, 2009
Stocks close higher; yield on 10-year bond sees biggest one-day decline since 1987
Stocks close higher; yield on 10-year bond sees biggest one-day
decline since 1987
3/18/2009 4:06:35 PM EDT
Stocks finish higher after Fed acts to boost liquidity. Dow up 90 points, Nasdaq gains 1.99%, S&P rises 2.8%.
Stocks finish higher after Fed acts to boost liquidity. Dow up 90.88
points 1.22%, Nasdaq gains 1.99%, S&P rises 2.8%.
| DOW............7487............+90.88..........|
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| NASDAQ .....1491........... +29.11..........|
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| S & P 500......794............+16.23...........|
|
| OIL............... 50.10......... +0.06.......+0.11%............|
Market collapse refutes basic financial theory
The stock market collapse calls into question the soundness of one
cornerstone of modern financial theory -- the idea of "efficient
markets" – since all the components that conspired to produce the mess
were in plain sight, contends one analyst.
AIG'S CHIEF EXECUTIVE DEFENDS CONTROVERSIAL BONUS PAYOUTS
The chief executive of American International Group tells Congress
that while he doesn't personally approve of controversial bonuses paid
to AIG executives, he felt he had no choice but to honor employee
contracts. Lawmakers vow to explore all possibilities aimed at
reclaiming the bonuses, which have sparked
widespread public outrage.
SUN MICROSYSTEMS SURGES ON REPORTS OF IBM BUYOUT TALKS
International Business Machines is in talks to buy Sun Microsystems in
a deal that would expand its offerings on the Internet, in software
and in finance, according to a published report. Sun shareholders
could receive a buyout premium of more than 100%.
FUNDWATCH: MANAGERS' VIEW ON ECONOMY IMPROVES, RISK APPETITE WEAKENS
Fund managers are their most optimistic about the outlook for the
global economy since late 2005, thanks to renewed hopes for growth in
China, though risk appetite has deteriorated, according to Merrill
Lynch's monthly survey.
MORTGAGE APPLICATIONS ROSE 21.2% LAST WEEK: MBA
With homeowners keen to capitalize on attractive refinancing rates,
the volume of mortgage applications filed for the week ended March 13
rises a seasonally adjusted 21.2% from the week before, Mortgage
Bankers Association data show. A surge in refinancings also had paced
applications activity in the week ended March 6.
Madoff's accountant charged with securities fraud
Madoff's accountant charged with securities fraud
3/18/2009 10:58:36 AM EDT
Stocks open lower as AIG CEO Liddy gears up to testify before House panel and Fed wraps up 2-day policy meeting.
Stocks open lower as AIG CEO Liddy gears up to testify before House
panel and Fed wraps up 2-day policy meeting.
Consumer prices rose 0.4% in February, second consecutive monthly increase, U.S. says.
Consumer prices rose 0.4% in February, second consecutive monthly
increase, U.S. says.
Tuesday, March 17, 2009
World Bank cuts China's 2009 GDP estimate to 6.5%
World Bank cuts China's 2009 GDP estimate to 6.5%
3/17/2009 11:15:47 PM EDT
AIG will repay taxpayers for $165 million in bonuses, Geithner says
AIG will repay taxpayers for $165 million in bonuses, Geithner says
3/17/2009 9:39:29 PM EDT
Markets Tuesday, 03/17/2009
| Dow : 7395.70 up 178.73 | S & P : 778.12 up 24.23
|
| NASDAQ: 1462.11 up 58.09 | Bond (10Y): 3.01%, 97.78 |
MARKETS:
Stocks finish with solid gains
Surprisingly strong housing report is one factor as U.S. markets rise
for 5th time in 6 sessions.
U.S. STOCKS
Date: Tue, 17 Mar 2009 4:07 ET
| DOW............7395.70...........+178.73....|
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| NASDAQ .....1462.11...........+58.09......|
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| S & P 500.......778.12...........+24.23......|
Stocks end with solid gains after surprisingly strong housing report. Dow up 179 points, Nasdaq surges 3.9%, S&P rallies 3.1%.
Stocks end with solid gains after surprisingly strong housing report.
Dow up 179 points, Nasdaq surges 3.9%, S&P rallies 3.1%.
Housing starts surge 22% on apartment building
Housing starts surge 22% on apartment building
Boosted by an 82% increase in construction of apartment buildings,
U.S. housing starts surge 22% in February to a seasonally adjusted
annual rate of 583,000, the Commerce Department estimates.
ACKMAN'S PERSHING SQUARE NOMINATES FIVE FOR TARGET BOARD
Pershing Square Capital Management, headed by activist investor Bill
Ackman, plans to nominate five candidates for election to Target's
13-member board. The discounter stands by directors up for reelection
this year.
NOKIA TO CUT 1,700 JOBS AS CELL-PHONE DEMAND FALTERS
Nokia, the world's largest maker of cell phones, says it is cutting
1,700 jobs worldwide in response to "pruned" demand from consumers.
FUTURES MOVERS: OIL RISES NEARLY 3% TO ABOVE $48 A BARREL ON U.S. DATA
Oil futures rally nearly 3% to above $48 a barrel, as data showing a
surge in U.S. housing starts offset expectations that U.S. crude
inventories rose last week.
Energy: Oil futures edge lower to trade near $47 a barrel
Crude-oil futures edge back toward $47 a barrel, down fractionally on
expectations that U.S. data will show higher oil inventories last
week.
Government reports that the number of housing starts jumped 22.2% in February - 1st increase in five months.
Government reports that the number of housing starts jumped 22.2% in
February - 1st increase in five months.
Stocks open flat after reports on housing and producer prices fail to buoy investor sentiment.
Stocks open flat after reports on housing and producer prices fail to
buoy investor sentiment.
Monday, March 16, 2009
Markets Monday, 03/16/2009
| Dow : 7216.97 down 7.01 | S & P : 753.89 down 2.66 |
|
| NASDAQ: 1404.02 down 27.48 | Bond (10Y): 2.95%, 98.25
MARKETS:
Stocks can't sustain rally
After four up sessions, Wall Street takes a breather, with techs
leading the downturn.
STOCKS
| DOW............7217........... - 6.53.........-0.09%....|
| NASDAQ .....1404........... -27.48.......-1.91%.....|
| S & P 500.......754............-2.60........- 0.34%.....|
| OIL............... 47.90......... +0.87........+1.84%....|
Stocks fail to extend rally to 5th day. Dow down 8 points, Nasdaq slumps nearly 2%, S&P loses 0.4%.
Stocks fail to extend rally to 5th day. Dow down -7.01 points, Nasdaq
slumps nearly 2%, S&P loses 0.4%.
US Stocks Climb On Bank Gains; DJIA Up 112 Points
US Stocks Climb On Bank Gains; DJIA Up 112 Points
Bank stocks stayed at the forefront of the broader U.S. stock market's
climb onMonday following upbeat comments from Barclays and weekend
talk of further official action to bolster the global financial
system. At 11:40 a.m. EDT, the
Dow Jones Industrial Average, which leapt nearly 600 points last week,
was up. about 112 points at 7336. The S&P 500 rose 1.8%, boosted by a
5.4% gain in its financial sector. Utilities and industrial shares
also climbed. Barclays' U.S. shares were up 17% after the British
giant said its businesses are continuing to perform strongly. The
remarks echoed recent comments from the company's U.S.
FED'S BERNANKE SEES RECESSION ENDING 'THIS YEAR'
The chairman of the Federal Reserve says in a rare TV interview the
U.S. recession will come to an end "probably this year," but he also
warned that the nation's 8.1% unemployment rate will continue to rise.
ECONOMIC REPORT: INDUSTRIAL PRODUCTION FALLS FOR FOURTH STRAIGHT MONTH IN
FEBRUARY
The decline in output at U.S. factories, mines and utilities continued
at a strong pace in February, the Federal Reserve reports.
Obama vows to block $165 million in bonuses to AIG execs. President also announces broad effort to spur small business lending.
Obama vows to block $165 million in bonuses to AIG execs. President
also announces broad effort to spur small business lending.
U.S. industrial production falls in February for fifth decline in six months
U.S. industrial production falls in February for fifth decline in six months
3/16/2009 9:18:58 AM EDT
Stocks open higher, building on last week's rally, after Fed chair Bernanke says the economy will start to recover in 2010.
Stocks open higher, building on last week's rally, after Fed chair
Bernanke says the economy will start to recover in 2010.
Sunday, March 15, 2009
Energy: OPEC's stance disappoints, but Asia's economies limit control
The Organization of the Petroleum Exporting Countries' decision over
the weekend to keep production quotas unchanged was a nonevent in
disguise and its potential effect on the global markets was starting
to show in Monday's Asian trading.
Special news
AIG names recipients of its bailout money
03/15/09 08:22 PM, EDT
Troubled insurance giant AIG, already under fire for intending to pay
out $165 million in bonuses and compensation, succumbed Sunday to
congressional pressure, identifying banks that received chunks of the
company's billions in federal bailout funds last year.
Special news
AIG's insistence on bonuses raises brows in Washington
03/15/09 01:27 PM, EDT
White House officials and some members of Congress reacted strongly
Sunday to news that insurance giant AIG had intended to pay out $165
million in bonuses and compensation. The company has received at
least $170 billion in federal bailout money.
International
IRAQI PRESIDENT WON'T LIKELY SEEK RE-ELECTION
Iraqi President Jalal Talabani said he will not seek re-election
at the end of his term.
G-20 LEADERS LAY OUT PLAN TO RESTORE GROWTH
Financial experts from 20 nations urged more regulation and
oversight of fiscal institutions to help prevent another
monetary crisis, as they laid the groundwork for next month's
G20 Summit of world leaders.
MADOFF PUTS WORTH AT MORE THAN $820 MILLION
Bernard Madoff, who pleaded guilty to operating a
multibillion-dollar Ponzi scheme, is worth up to $826 million,
according to court documents. In addition to his business -- now
in liquidation -- Madoff and his wife list multimillion-dollar
real estate holdings in New York, Florida and France. full story
.
NINE BODIES FOUND NEAR U.S.-MEXICO BORDER
Nine bodies have been found in a common grave in the desert
south of Ciudad Juarez, Mexico, according to Chihuahua state
prosecutor's spokeswoman Daniela Gonzalez.
RIOTING FOLLOWS ARRESTS IN NORTHERN IRELAND
Rioting flared near Belfast on Saturday after the arrests of
three men in connection with the killings of two soldiers in
Northern Ireland last week, police said. Gangs of youths have
taken to the streets and petrol bombs have been hurled at police
in Lurgan, in County Armagh, police said.
ABDUCTED AID WORKERS FREED IN DARFUR
Four abducted medical workers abducted in Sudan's Darfur region
earlier this week appeared Saturday on Sudanese TV after their
release. All four -- an Italian doctor, a Canadian nurse, a
French coordinator and a Sudanese guard -- work for the Belgian
section of the humanitarian organization Medecins Sans
Frontieres.
AIG RESPONDS TO PRESSURE, CUTS BONUSES
Under pressure from the Treasury Department, insurance giant AIG
plans to scale back bonuses and compensation for some of its
top-earning employees.
_______________________________
BUSINESS
WALL ST. WRAPS BEST WEEK OF 2009
Wall Street managed a gain late Friday at the end of a choppy
session, with investors pushing the stock market advance to a
fourth day in a row -- the best stretch since November. Stocks
have risen in each session since the Dow and S&P 500 ended
Monday at 12-year lows. In those three sessions, the Dow rose
almost 10 percent: reports.
WEN: CHINA WORRIES ABOUT ASSETS IN U.S.
Beijing has high expectations for U.S. President Barack Obama's
economic recovery strategy, but worries remain about the safety
of China's assets in the United States, Premier Wen Jiabao said
on Friday.
EX-GOOGLE EXEC NAMED CEO OF AOL
Tim Armstrong, a former Google executive, was named the new
chairman and Chief Executive Officer of AOL, according to a
statement released by Time Warner's chairman and CEO Jeff
Bewkes.
Fwd: Energy: OPEC to keep output levels steady
Headline: OPEC to keep output levels steady
[3/15/2009 12:43:00 PM ET]11
News Alert!
Commentary: We owe oldest Americans an apology
03/15/09 10:30 AM, EDT
As the country frets about extricating itself from the financial mess,
there is one group of Americans to whom the rest of us owe the most
sincere words of apology.
