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Treasury Secretary - The Saviour
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Punter77
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02-Aug-2007 00:22
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Now half time (almost) & DOW up by ard 80points.... Hopefully the upwards trend can last, sleepy going to bed soon hope dun get heartattack tomorrow morning.... Pray hard hard.... BBR, Centillion, Yongnam, Olam, Occulus :-l |
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Punter77
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01-Aug-2007 23:46
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Aug. 1 (Bloomberg) -- Manufacturing in the U.S. grew in July at close to the fastest pace in more than a year as factories received more export orders. The U.S. economy is weathering the worst housing recession in 16 years because of a pickup in exports and manufacturing that helped the expansion quicken to 3.4 percent last quarter. Treasury Secretary Henry Paulson said in Beijing today that the ``underlying economy is very healthy.'' ``Overall growth is being boosted by exports and domestic demand is holding up relatively well,'' said Mark Vitner, senior economist at Wachovia Corp. in Charlotte, North Carolina. ``We're at the bottom right now in housing. From here on, we expect home sales are going to be more stable.'' ``Overall it looks as if growth is still muddling along at something below potential,'' said Doug Porter, deputy chief economist at BMO Capital Markets in Toronto. ``Manufacturing is arguably one of the healthiest parts of the economy at this point because of solid export growth and capital spending.'' General Motors Corp., the largest U.S. automaker, is among companies seeing a pickup overseas. GM yesterday reported second-quarter net income that was more than double analysts' estimates partly as a result of rising sales in Europe. ``We ran stronger than people thought, particularly outside of North America,'' Chief Executive Officer Rick Wagoner said in an interview from Detroit. ``There is a little bit of concern about how quickly the U.S. economy may get back on a little stronger track.'' ``It is too early to say if home sales have already passed bottom,'' said Lawrence Yun, senior economist for the Realtors group in Washington. ``Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand.'' |
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Punter77
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01-Aug-2007 23:29
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Don't quite understand.... Based on the sub-prime concern vs the statement by US Treasury Secretary, i didn't expect such volatility on DOW and even STI. Especially past two days when it can go up by 100+ points and the next instance(within an hour) down by 100+ points. Some of STI stocks have really good fundamentals yet the price went down below the right valuation in my opinion... Even if there's panic selling by contra players, shldn't there be more investor who'll buy-in low with a longer term view? Anyone can explain?? |
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Punter77
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01-Aug-2007 22:33
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Aug. 1 (Bloomberg) -- U.S. stocks rose after Treasury Secretary Henry Paulson said the American economy can weather losses from subprime mortgages and a report showed home sales unexpectedly gained in June. Paulson's comments in Beijing helped stocks recover from earlier losses spurred by Bear Stearns Cos.' decision to block investors from withdrawing money from a third fund. European and Asian stocks declined. ``The market views him as a credible Treasury secretary,'' said Kevin Kruszenski, director of equity trading at KeyBanc Capital Markets in Cleveland. ``Anytime he speaks, that's going to help things.'' The Standard & Poor's 500 Index rose 4.87, or 0.3 percent, to 1460.14 as of 10:15 a.m. in New York. Dow Jones Industrial Average added 61.45, or 0.5 percent, to 13,273.44. The Nasdaq Composite Index increased 3.58, or 0.1 percent, to 2549.85. Pending home sales unexpectedly gained 5 percent in June, the National Association of Realtors said. Economists in a Bloomberg survey expected a drop of 0.5 percent. |
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