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Market News that affect STI
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smartrader
Elite |
21-Dec-2009 15:27
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Everything looks good....as predicted... |
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Blastoff
Elite |
21-Dec-2009 15:15
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TOKYO Japanese stocks ended on Monday at the highest level in almost eight weeks, lifted by a positive lead from Wall Street and upbeat domestic trade data, dealers said. The Tokyo Stock Exchange's benchmark Nikkei-225 index gained 0.41 per cent, or 41.42 points, to 10,183.47, the best finish since Oct 27. But the broader Topix index of all first-section shares slipped 2.11 points, or 0.24 per cent, to 891.48. HONG KONG Hong Kong shares fell 0.64 per cent by the break on Monday due to concerns about Beijing's plans to cool property prices, dealers said. The benchmark Hang Seng Index fell 135.69 points to 21,040.19. Turnover was 27.13 billion Hong Kong dollars (3.50 billion US). SHANGHAI Chinese shares fell 0.62 per cent by midday on Monday led by property developers on persistent concerns that Beijing could take further measures to cool the real estate market, dealers said. The Shanghai Composite Index, which covers both A and B shares, was down 19.30 points at 3,094.59. 'It is still likely that Beijing may adopt further measures to curtail property price rises, especially on speculation activities,' Guosen Securities analyst Wang Junqing told Dow Jones Newswires. Last week China said it would tighten payment rules for land sales to developers, requiring a minimum downpayment of 50 per cent on land purchases from the government - and full payment within a year. Banks tumbled after state media reported that Chinese lenders will need to raise 500 billion yuan (73.2 billion dollars) from capital markets next year to boost their capital adequacy ratio. The Shanghai A-share index lost 20.23 points, or 0.62 per cent, to 3,245.96, while the Shenzhen A-share index fell 1.81 points, or 0.15 per cent, to 1,182.47. KUALA LUMPUR At 12.30pm on Monday, there were 149 gainers, 322 losers and 229 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,265.70 down 1.27 points, the FBMACE was at 4,208.15 up 12.65 points, and the FBMEmas was at 8,420.59 down 12.40 points. Turnover was at 228.377 million shares valued at RM364.995 million. |
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Blastoff
Elite |
21-Dec-2009 08:47
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Stocks: Bracing for volatility
NEW YORK (CNNMoney.com) -- Wall Street is in for a quiet three and a half days of trading this week with many market participants on vacation and traders mostly focused on defending this year's gains. "There are a lot of lights out in investment management offices," said Lawrence Creatura, a portfolio manager with Federated Clover Investment Advisors. "It's likely to be a quiet week." The stock exchange will close early Thursday and will remain dark Friday for the Christmas Holiday. Many traders will take the entire week off. And with the major indexes on track to post double-digit percentage gains for the year, those money managers who are on the clock next week will probably not be making any aggressive plays. "Investors will have a very limited focus," said Doug Roberts, chief investment strategist for Channel Capital Research. "For the most part, people are trying to protect gains." Still, traders will have to contend with a number of economic reports this week, including the final revision to third-quarter gross domestic product, data on personal income and spending, as well as weekly jobless claims numbers. What's more, the lack of participation means trading volumes could be low, which tends to amplify small moves and cause market volatility. Meanwhile, investors continue to focus on the economic outlook for next year. The Federal Reserve said last week that economic conditions continue to pick up, even as the central bank held interest rates at historic lows. It also noted that conditions in the financial markets have improved, and that it will allow most of its asset purchase programs, launched during the height of the financial crisis, to wind down on schedule. "The consensus is for stepwise improvement in the economy in 2010," Creatura said. "Any deviation from that script will have pronounced effect on the market." The market may also look to the dollar for direction. The greenback regained ground against the euro last week as concerns about the economic health of some major European economies weighed on the shared currency. Greece's credit rating was downgraded by Standard & Poors last week, and investors will be on the lookout for red flags from other euro zone economies. "If we see further talk that S&P and Moody's are going to look closer at Spain, another major economy, stocks here could take a hit," said Charlie Smith, an analyst at Fort Pitt Capital Group. On the docket
Monday: Nothing scheduled Tuesday: The Commerce Department will release its final revision of third-quarter Gross Domestic Product before the opening bell. Economists surveyed by Briefing.com expect GDP, the broadest measure of economic activity, to have risen at an annual rate of 2.7% in the three months ending in September. While that would be below the 3.5% growth rate the government projected in October, it still marks a substantial improvement over the previous four quarters, in which economic activity shrank. Shortly after the market opens, the National Association of Realtors will release a report on existing home sales in November. Wednesday: Government figures on personal income and spending in November come out in the morning. Economists forecast a 0.5% increase in personal incomes, while spending is expected to be unchanged from the month before. Reports on consumer confidence and new home sales are due out shortly after the opening bell. The weekly crude oil inventories report is also due in the morning. Thursday: A report on durable goods orders comes out before the start of trading. Economists believe new orders for long-lasting manufactured goods rose 0.4% in November after a decline of 0.6% the month before. Excluding transportation, durable goods orders are expected to rise 1.0%. The government's weekly jobless claims report is also due in the morning, but no estimates were available yet. The stock exchange will close at 1 p.m. ET and will remain dark Friday. |
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Blastoff
Elite |
17-Dec-2009 15:47
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Asian shares mostly lowerTOKYO Japanese stocks ended slightly lower on Thursday, mirroring losses on other markets in the region following a mixed performance overnight on Wall Street. The Tokyo Stock Exchange's benchmark Nikkei-225 index dropped 13.61 points, or 0.13 per cent, to 10,163.80. The broader Topix index of all first-section shares slipped 2.01 points, or 0.22 per cent, to 896.28. HONG KONG Hong Kong shares were down 0.91 per cent by the break on Thursday, following losses on the mainland and on fears of capital outflows as the greenback strengthens. The benchmark Hang Seng Index fell 197.24 points to 21,414.50. Turnover was HK$35.01 billion (S$6.3 billion). SHANGHAI Chinese shares dropped 1.43 per cent by midday on Thursday on lingering concerns that a glut of new shares coming on the market will reduce market liquidity, dealers said. 'Buying interest in banks at the market's opening quickly fizzled out. In the absence of news, liquidity is the one thing investors are mulling,' Shen Yang, an analyst at Orient Securities told Dow Jones Newswires. The Shanghai Composite Index, which covers both A and B shares, was down 46.62 points at 3,208.59. The Shanghai A-share index fell 48.84 points, or 1.43 per cent, to 3,365.45 30.93, while the Shenzhen A-share index lost 24.07 points, or 1.91 per cent, to 1,237.79. KUALA LUMPUR At 12.30pm on Thursday, there were 216 gainers, 247 losers and 248 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,269.08 up 0.05 of a point, the FBMACE was at 4,216.98 down 29.80 points, and the FBMEmas was at 8,439.67 up 2.25 points. Turnover was at 313.628 million shares valued at RM419.586 million. |
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lim888
Member |
17-Dec-2009 08:33
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I dun understand why Dow skid downward when Fed Holds rates... Should be a good news right? | ||||
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Blastoff
Elite |
17-Dec-2009 08:16
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With Fed holding rates, what do you think will be the impact on today's STI?
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Blastoff
Elite |
17-Dec-2009 08:13
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Stocks skid after Fed holds ratesNEW YORK (CNNMoney.com) -- Stocks ended mixed Wednesday after the Federal Reserve left interest rates unchanged, saying market conditions were helping the recovery but weakness will persist. The Dow Jones industrial average (INDU) fell 11 points, 0.1%. The S&P 500 index (SPX) rose 1 point, or 0.1%, while the Nasdaq composite (COMP) gained 6 points, or 0.3%.  The U.S. central bank released its final policy statement of the year at 2:15 p.m. ET to capstone its two-day meeting. The Federal Reserve said it would hold the fed funds rate, a key overnight bank lending rate, unchanged at historic lows near 0% -- the level at which the rate has stood for a year. Stocks had started the day higher, but the market was unable to sustain those gains after the Fed released its statement. "There are no real surprises here," said Peter Cardillo, analyst at Avalon Partners. "Investors know what's going on with the economy, so it's priced into the market." In its statement, the Fed said weakness will remain for a bit but a combination of government action, stimulus and market forces "will contribute to a strengthening of economic growth." The central bank has kept rates low and injected trillions of dollars into the economy in an effort to offset the recession's impact. The Fed's statement singled out strength in a few sectors, including housing and consumer spending, and it noted that while the labor market continued to lose ground, the pace was slowing. "This is the vague pronouncement you typically see," said Balestra Capital analyst Ryan Atkinson. "Day traders are jockeying for position, not reacting to some huge change that had a significant effect on policy." Atkinson said equities tend to make a move just before the Fed releases its statement, but it usually "ends up turning sideways." The markets have been somewhat volatile this week, partly due to quadruple witching, which is coming up on Friday. Quadruple witching occurs when contracts expire for stock market index futures, market index options, stock options and stock futures. Stocks broke a four-day winning streak Tuesday as bank shares led a late-session selloff and investors weighed mixed reports on inflation and manufacturing. Companies: The Federal Trade Commission said Wednesday it is suing Intel (INTC, Fortune 500) for anticompetitive practices against its rivals. Intel shares ended down 2.1%. The European Union decided to drop antitrust charges against software maker Microsoft (MSFT, Fortune 500) after it agreed to allow computer makers to install competing software. Economy: Stocks showed little reaction to economic indicators released early Wednesday. This includes the Commerce Department's release of the Consumer Price Index (CPI), a measure of consumer inflation. November CPI rose 0.4% after climbing 0.2% the previous month, matching expectations. Core CPI was unchanged from the prior month, compared to the expected gain of 0.1% for November, according to a Briefing.com consensus. The Commerce Department released a pair of housing market indicators in the morning as well. Housing starts increased to a 574,000 annual unit rate in November from a revised 527,000 unit annual rate in October, matching expectations from Briefing.com consensus. Building permits, a measure of builder confidence, rose to a 584,000 unit annual rate in November, which was more than the 570,000 rate forecast by Briefing.com consensus. The weekly crude oil inventory report from the Energy Information Administration said stockpiles decreased by 3.7 million barrels last week. World markets: Stocks in Asia ended mixed, with Tokyo's Nikkei index up 0.9% and Hong Kong's Hang Seng index down 0.9%. European indexes ended higher. Other markets: The dollar was mixed against the major international currencies, slipping versus the euro and the pound but rising against the yen. Crude oil for January delivery rose $1.97 to settle at $72.66 a barrel. Gold futures for February delivery gained $13.20 to settle at $1,136.20 an ounce. Bonds were slightly lower in late trading, with the 10-year yield holding at 3.59%. Market breadth was positive. On the New York Stock Exchange, winners beat losers nine to six on volume of 1.2 billion shares. On the Nasdaq, advancers topped decliners five to four on volume of 2.1 billion shares. |
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cyjjerry85
Elite |
15-Dec-2009 15:50
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the activity is low in volume la...somemore near X'mas...the festive mood makes one stay away from the stock market (so as not to have any "unhappy" presents from the market if there's a sudden cause of something) jux enjoy the season
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risktaker
Supreme |
15-Dec-2009 15:33
Yells: "Sometimes you think you know, but in fact you dont" |
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Most people off the market already la. We on Holiday how to pump :) | ||||
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Blastoff
Elite |
15-Dec-2009 15:30
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Asian shares lowerTOKYO Japanese stocks ended down 0.22 per cent on Tuesday as investors refrained from buying due to uncertainty over a Federal Reserve policy meeting later in the week, dealers said. The Tokyo Stock Exchange's benchmark Nikkei-225 index dropped 22.20 points to 10,083.48. The broader Topix index of all first-section shares slipped 0.45 points, or 0.05 percent, to 884.63. HONG KONG Hong Kong shares were down 0.73 per cent by the break on Tuesday as dealers stayed cautious ahead of a rates meeting by the US Federal Reserve policy board, dealers said. The benchmark Hang Seng Index fell 162.31 points to 21,923.44. Turnover was HK$39.80 billion (S$7.21 billion). SHANGHAI Chinese shares fell 0.15 per cent by midday on Tuesday, weighed by property developers after Beijing said it would act to curb an 'overly fast' rise in real estate prices, dealers said. The Shanghai Composite Index, which covers both A and B shares, was down 4.95 points at 3,297.95. The State Council, or cabinet, said on Monday the government would 'restrain speculative housing purchases' using tools such as taxes and land-use policies. 'If media reports about high real estate prices and easy bank loans continue to emerge one after another, we may see more stringent policies to follow,' Greatwall Securities said in a research note. 'We suggest investors take due caution about the sector in the near term,' it said. The Shanghai A-share index declined 5.26 points, or 0.15 per cent, to 3,459.18, while the Shenzhen A-share index gained 4.52 points, or 0.35 percent, to 1,283.19. KUALA LUMPUR At 12.30pm on Tuesday, there were 186 gainers, 257 losers and 225 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,263.87 down 1.58 points, the FBMACE was at 4,225.77 down 0.83 of a point, and the FBMEmas was at 8,412.19 down 8.96 points. Turnover was at 245.729 million shares valued at RM294.204 million. |
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Blastoff
Elite |
15-Dec-2009 08:29
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Wall Street jumps to 14-month highsStocks advance as financing from Abu Dhabi cools default worries. Citigroup closes deal to repay TARP. NEW YORK (CNNMoney.com) -- Stocks gained Monday, with the three leading indexes closing at 14-month highs, after Citigroup said it will pay back government bailout funds and Dubai received $10 billion to cover its debt, easing worries the emirate might default on billions it owes.
The weak dollar also helped, lifting commodity shares and the stocks of companies that do a lot of business overseas. The Dow Jones industrial average (INDU) rose 30 points, or 0.3%, closing at the highest point since Oct. 1, 2008. The S&P 500 index (SPX) gained 8 points, or 0.7%, closing at the highest point since Oct. 2, 2008. The Nasdaq composite (COMP) rose 22 points, or 1%, closing at the highest point since Sept. 19, 2008. After propelling the market off of 12-year lows hit in March, the S&P 500 has risen 64% as of Friday's close. "The market has shown some extraordinary strength here, but I think we're moving into a period of greater volatility," said Don DeWaay, CEO at DeWaay Capital Management. "This market is running a lot more on emotion now, rather than fundamentals," he said. The Dow closed at a 14-month high Friday after better-than-expected reports on retail sales and consumer sentiment, but broader gains were limited by tech weakness and a strong dollar. Citigroup: Citigroup said Monday that it will return $20 billion in bailout money to the government through a combination of stock and debt offerings. Citigroup (C, Fortune 500) said the bulk of the payment will be funded through a $17 billion common stock offering. The company also said Treasury will sell up to $5 billion of the $25 billion in Citigroup common stock it holds shortly, and sell the rest of it over the next year. Obama: President Obama met Monday with top executives of some of the nation's biggest banks, including JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500) and Wells Fargo (WFC, Fortune 500). He said his main message to bankers was that banks received extraordinary assistance during the crisis, and now that the industry is back on its feet, it needs to reciprocate. He is expected to urge bankers to provide greater lending, cut back on bonuses and support financial reform efforts. Exxon-XTO deal: Dow component Exxon Mobil (XOM, Fortune 500) said it will buy XTO Energy (XTO, Fortune 500) in a $41 billion stock and debt deal that values XTO shares at a 25% premium to its Friday closing price. The deal also includes the assumption of $10 billion in debt. Exxon shares fell 4% and limited any gains on the Dow. XTO shares rallied 17%. Dubai: Worries that Dubai might default on billions of dollars in debt rattled world markets at the end of last month. But some of those fears have eased over the last few weeks on signs that any fallout will be limited. Fears were further soothed Monday after the city-state received $10 billion in financing from Abu Dhabi, another of the United Arab Emirates. World markets: Overseas markets gained. In Europe, London's FTSE 100 rose 1%, the German DAX rose 0.8% and France's CAC 40 rose 0.7%. Asian markets rose, with the exception of Japan's Nikkei, which was little changed. Dollar: The dollar slipped versus the euro and the yen, turning lower after the recent rally. A weak dollar has added to the more than nine-month-old stock rally over the past nine months, giving a boost to dollar-traded commodities, as well as commodity shares and the stocks of companies that do business overseas. But so far in December, the dollar has been mixed or stronger, putting some pressure on stocks. Commodities: The weak dollar gave a lift to dollar-traded commodities. COMEX gold for February delivery rose $3.90 to settle at $1,123.80 an ounce. Gold closed at an all-time high of $1,218.30 an ounce earlier this month. U.S. light crude oil for January delivery fell 36 cents to settle at $69.51 a barrel on the New York Mercantile Exchange. Bonds: Treasury prices were little changed, with the yield on the 10-year note standing at 3.55%, unchanged from late Friday. Treasury prices and yields move in opposite directions. Market breadth was positive. On the New York Stock Exchange, winners topped losers roughly three to one on volume of 1.08 billion shares. On the Nasdaq, advancers beat decliners two to one on volume of 1.86 billion shares. |
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Blastoff
Elite |
14-Dec-2009 16:46
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TOKYO Tokyo stocks ended slightly weaker on Monday after a survey of corporate Japan showed firms plan to slash investment to cope with the fallout from the recession. But the market finished off its lows of the day as investors welcomed news that Dubai has received 10 billion dollars in support from Abu Dhabi to help it through its financial troubles. The Tokyo Stock Exchange's benchmark Nikkei-225 index dropped 2.19 points, or 0.02 per cent, to 10,105.68. The broader Topix index of all first-section shares slipped 3.49 points, or 0.39 per cent, to 885.08. HONG KONG Hong Kong shares finished 0.84 per cent higher on Monday with sentiment boosted by Abu Dhabi's US$10 billion bailout for troubled Dubai. The benchmark Hang Seng Index rose 183.64 points to 22,085.75. Turnover was HK$70.06 billion (S$12.5 billion). SHANGHAI Chinese shares closed up 1.71 per cent on Monday following news that Dubai had received a US$10 billion bailout from Abu Dhabi, dealers said. The Shanghai Composite Index, which covers both A and B shares, was up 55.58 points at 3,302.9 on turnover of 139.3 billion yuan (S$28.39 billion). The Shanghai A-share index gained 58.57 points, or 1.72 per cent, to 3,464.44 on turnover of 138.9 billion yuan, while the Shenzhen A-share index dipped 0.84 points, or 0.07 per cent, to 1,278.67 on turnover of 84.6 billion yuan. KUALA LUMPUR At 12.30pm on Monday, there were 147 gainers, 332 losers and 205 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,256.77 down 3.23 points, the FBMACE was at4,217.14 down 23.06 points, and the FBMEmas was at 8,373.19 down 20.72 points. Turnover was at 215.057 million shares valued at RM236.441 million. |
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risktaker
Supreme |
07-Dec-2009 10:20
Yells: "Sometimes you think you know, but in fact you dont" |
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what if i already know what will happen in DJ and HSI ?
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thulasiappan
Senior |
07-Dec-2009 10:17
Yells: "Just a Beginner in trading" |
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x 0 Alert Admin |
Much depends on Dow futures and HSI.
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risktaker
Supreme |
07-Dec-2009 10:10
Yells: "Sometimes you think you know, but in fact you dont" |
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x 0
x 0 Alert Admin |
Afternoon & Tomorrow - > I Expect STI to rally up - Collection is good in the morning | ||||
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Blastoff
Elite |
07-Dec-2009 07:57
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Stock rally: Rest or rechargeSigns that the battered labor market is starting to heal lifted stocks last week. But with Wall Street at 14-month highs, the advance could be set to stall out. NEW YORK (CNNMoney.com) -- Wall Street has finally gotten the piece of economic news it has been waiting for: the battered labor market may be starting to heal. But with major stock gauges at their highest levels in more than a year, recovery bets could already be baked into the cake. The week ahead brings a modest array of economic reports. Highlights include readings on retail sales, consumer sentiment and the trade gap. President Obama and Federal Reserve Chairman Ben Bernanke are among the speakers on tap. But none of these events are likely to change the markets' direction much. Through the end of 2009 and the first quarter of 2010, stocks are bound to stick to a narrow range, as investors hold onto gains off March lows and seek the next catalyst, said Jamie Cox, managing partner at Harris Financial Group. "The broad averages are probably going to go sideways and for a while," Cox said. "It's not going to be as hard or as easy as it's been in the last 24 months, where everything rose, everything fell, then everything rose again. The next few months are going to be stock by stock." Jobs report lifts spirits: Employers cut 11,000 jobs from their payrolls last month, the Labor Department reported Friday. It was the smallest number of job losses since the start of the recession in December 2007. The unemployment rate, generated by a separate survey, fell to 10% from a 26-year high of 10.2% in October. Job losses from the previous two months were revised lower too, indicating that a slow but steady pattern of lessening job cuts is emerging. But the drop in the unemployment rate is also points to the millions of people who have been out of work so long that they've given up looking for a job. "It's going to be years until we get back to where we were in 2007, but this report is a clear sign that the labor market is improving," said Phil Orlando, chief equity market strategist at Federated Investors. Bets that the recession was ending -- combined with substantial fiscal and monetary stimulus -- drove stocks higher over the last 9 months. The Dow (INDU) has risen 59% as of Friday's close since bottoming at a 12-year low on March 9. Following the release of Friday's jobs report, the blue-chip average and the S&P 500 (SPX) both hit 14-month highs, touching levels not seen since just after the collapse of Lehman Brothers last year. The Nasdaq (COMP) is also near 14-month levels. While the gains off the lows have been tremendous, most investors have still not recovered the bulk of what they lost in the slow market crash of 2008 through early 2009. The wish to recover more of what was lost -- and the need to put to work the trillions still sitting in cash or other low-yielding holdings -- should give stocks a continued upward bias, the analysts said. But at the very least it's likely to be much more slow going than it was for most of this year, even with signs of the labor market starting to recover. "It's going to be a slow slog for the labor market, but I think stocks can continue to grind higher from here," said Orlando. On the docket Monday: Fed Chairman Ben Bernanke speaks about the economic outlook and Fed policy at the Economic Club of Washington in the early afternoon. Fed Vice-Chairman William Dudley speaks in the late afternoon. A report on October consumer credit is also due in the afternoon, but it's not usually a market mover. Tuesday: President Obama speaks about the economy at the Brookings Institution in Washington. Intel (INTC, Fortune 500), Microsoft (MSFT, Fortune 500) and Netflix (NFLX) are among the companies due to attend Barclays Technology conference in San Francisco. JPMorgan Chase (JPM, Fortune 500), MasterCard (MA, Fortune 500) and Regions Financial (RF, Fortune 500) are among the companies due to attend the Goldman Sachs U.S. Financial Services conference in New York. After the close, chipmaker Texas Instruments (TXN, Fortune 500) issues its mid-quarter update. Wednesday: RealtyTrac releases its November foreclosure report. The Commerce Department is expected to report in the morning that wholesale inventories for October fell 0.6% after falling 0.9% in the previous month. The government's weekly crude oil inventories report is also due in the morning. CNNMoney.com parent Time Warner (TWX, Fortune 500) completes its spinoff of AOL. Thursday: The October trade balance from the Commerce Department is due before the markets open. The trade gap is expected to have widened to $37.1 billion from $36.5 billion in September. The flow of funds report from the Federal Reserve is due around noon. The report is likely to show that household net worth continued to fall in the second quarter, along with home values. The Labor Department's weekly jobless claims report is due out in the morning. The Treasury budget is due in the afternoon. Treasury Secretary Timothy Geithner testifies before the Congressional Oversight Committee. Federal Reserve Governor Elizabeth A. Duke speaks in Chicago on Mortgage Foreclosure policy. Friday: The November retail sales report from the Commerce Department is due in the morning. Sales are expected to have risen 0.5% after rising 1.4% in the previous month. Sales excluding autos are expected to have risen 0.5% in November after rising 0.2% in the previous month. The University of Michigan's preliminary consumer sentiment index for December is due just after the start of trading. Sentiment is expected to have improved to 68.5 from 67.4 in late November. Reports on October business inventories and November import and export prices are also due. 
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Blastoff
Elite |
04-Dec-2009 08:28
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Stocks falter ahead of jobs reportWall Street seeks staggers after weekly jobless claims slip ahead of Friday's monthly report. BofA plans to give back $45 billion in federal bailout funds.  Investors were also keeping an eye on the dollar, which fluctuated versus other major currencies, and a joint venture between General Electric and Comcast. The Dow Jones industrial average (INDU) lost 86 points, or 0.8%. The S&P 500 index (SPX) lost 9 points or 0.8%. The Nasdaq composite (COMP) rose 12 points, or 0.5%. Stocks gained in the early going, with Bank of America's news lifting the broader financial sector, but the financial sector turned mixed and the advance lost steam as the session wore on. After watching the market rally more than 60% of the March 9 lows, many investors are now hunkering down in the last weeks of the year. "Most investors have seen dramatic swings in their portfolios this year and there's a bias against making any big changes in this last month," said Larry Glazer, managing director at Mayflower Advisors. "There's a complacency going into year end that's going to make the jobs report less of a market mover than it might otherwise be." Market breadth was negative. On the New York Stock Exchange, losers beat winners nearly two to one on volume of 1.13 billion shares. On the Nasdaq, decliners topped advancers by a narrow margin on volume of 2.02 billion shares. Stocks struggled Wednesday, one day after the Dow industrials closed at a 14-month high. GM's management shakeup, record gold prices above $1,210 an ounce and mixed readings on the job market were all in play. Also in focus: The Senate Banking Committee was holding its confirmation hearing on Ben Bernanke's second term as Federal Chairman. Although Bernanke is widely expected to get the go-ahead to serve a second term, some Senators have been critical of the span of the Fed's power. Committee chairman Christopher Dodd, D-Conn., gave his support to Bernanke in the morning, but also said some of the bank's current powers should be stripped. Jobs and economy: The number of Americans filing new claims for unemployment last week fell to 457,000 from a revised 466,000 the previous week, the lowest level in 15 months. Economists surveyed by Briefing.com thought the number would rise to 480,000. The report had only a minor impact on trading ahead of Friday's bigger monthly jobs report. Employers are expected to have cut 125,000 from their payrolls after reducing 190,000 in the previous month, according to estimates. The unemployment rate, generated by a separate survey, is expected to have held steady at 10.2%. Third-quarter productivity was revised down to an 8.1% annualized unit rate from a previous reading of 9.5%. Economists surveyed by Briefing.com thought it would fall to 8.5%. In other news, the Institute for Supply Management's reading on the services sector of the economy fell to 48.7 in November from 50.6 in October. Economists surveyed by Briefing.com thought it would rise to 51.5. Retail sales: Sales for the month of November failed to benefit from a decent Thanksgiving weekend, according to reports released Thursday. Overall sales for the month of November rose just 0.5% versus forecasts for a 2.1% increase, according to Thomson Reuters. On the upside, Nordstrom (JWN, Fortune 500) said sales rose 2.2% and Limited Brands (LTD, Fortune 500), which owns Victoria's Secret and other chains, said sales rose 3%. Shares of both companies gained. On the downside, clothing chain Abercrombie & Fitch (ANF) said sales at stores open a year or more, or same-store sales, fell 17% from a year ago. Shares fell 9%. Retailer Children's Place (PLCE) said same-store sales fell 13%, sending shares down 12.5%. GE-Comcast: Cable operator Comcast (CMCSA, Fortune 500) agreed to buy a majority stake in NBC Universal from General Electric (GE, Fortune 500), in a complex deal that creates a new entertainment company that would be worth $37.25 billion. The joint venture, consisting of NBC businesses and Comcast's cable networks, will ultimately give Comcast a 51% stake and GE a 49% stake. Gold dips after new record: COMEX gold for February delivery rose $5.30 to settle at a new record of $1,218.30 an ounce. The dollar and oil: The dollar fell versus the euro and gained against the yen. U.S. light crude oil for January delivery fell 14 cents to settle at $76.46 a barrel on the New York Mercantile Exchange. World markets: Overseas markets were mixed, with London's FTSE 100 and Germany's DAX each losing about 0.2% and France's CAC 40 ending with modest gains. Asian markets advanced, with Japan's Nikkei ending 3.8% higher. Bonds: Treasury prices slipped, raising the yield on the 10-year note to 3.37% from 3.32% late Tuesday. Treasury prices and yields move in opposite directions. |
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Blastoff
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03-Dec-2009 21:14
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Stocks ready for a boostBank of America's plan to return all $45 billion in federal bailout funds could spark an opening gain. GE, Comcast form joint NBC venture.NEW YORK (CNNMoney.com) -- Stocks were set to open higher Thursday as investors consider Bank of America's decision to pay back all of its federal bailout funds, and as General Electric and Comcast formed a joint entertainment company. Dow Jones industrial average, Nasdaq-100 and S&P-500 futures were higher. Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins. Stocks ended mixed Wednesday as investors reacted to a shakeup in GM's leadership, record gold prices, and mixed reading of the job market. Ken Kam, chief executive and co-founder of Marketocracy in San Mateo, Calif., said the gains in futures stemmed from Bank of America's plan to pay back debt from the Troubled Asset Relief Program. "It's more indication that the banking system is going to be able to earn its way out of its bad debt or bad loans," he said. But Kam added that the gains in futures were "modest" because there is still a sentiment among investors that there are underlying problems with the banking sector, and that bailing out the banks is not going to fix the economy. "There's still substantial uncertainty about this whole financial system," he said. Company news. Bank of America (BAC, Fortune 500) announced late Wednesday that it planned to return the entire $45 billion in bailout money it received from the government in the past year. The bank said the move would be done through the sale of $18.8 billion of securities it would convert into common stock. GE (GE, Fortune 500) and Comcast (CMCSA, Fortune 500) announced Thursday that they signed an agreement to form a joint entertainment company that would be worth $37.25 billion and give the cable company eventual control of NBC Universal. The joint venture will be 51% owned by Comcast and 49% owned by GE, the companies said, and will be comprised of NBC businesses and Comcast's cable networks. Economy. The Labor Department will report the weekly jobless claims before the start of trading. Approximately 480,000 Americans are expected to have filed new claims for unemployment, up from 466,000 the previous week. Continuing claims, a measure of people who have been receiving benefits for a week or more, are expected to have dropped to 5,400,000 from 5,423,000 the previous week. The nation's retailers will release their sales figures for November in the morning. The figures will include the critical Black Friday period. The Senate Banking Committee is scheduled to hold a confirmation hearing on Ben Bernanke's second term as Federal Reserve Chairman at 10 a.m. ET The revised reading on third-quarter productivity, the third-quarter employment cost index and the November ISM services sector index are all due as well. Gold. Gold futures for February delivery surged to a record intraday high of $1,227.50, easing back to $1,217, up $4 from the settlement record of $1,213. World markets. It was the fourth straight day of an Asian stock rally. Tokyo's Nikkei index surged to close up 3.8% amid indication the Japanese government will intervene to lower the yen's value; Hong Kong's Hang Seng index gained 1.1%. European indexes were slightly higher in midday trading. Currency and oil. The dollar fell against the euro, but was up against the yen and the pound in early trading Thursday. Crude oil for January delivery rose 43 cents to $77.03 a barrel. |
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Blastoff
Elite |
03-Dec-2009 08:57
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Stocks struggle after recordWall Street is choppy one day after the blue-chip indicator closes at a 14-month high. Investors consider GM shakeup, record gold prices, employment data. NEW YORK (CNNMoney.com) -- Stocks struggled Wednesday as investors sought more evidence that a recovery is taking hold, one day after the Dow industrials closed at its highest point in 14 months.
Mixed readings on the labor market, GM's management shakeup and record gold prices above $1,210 an ounce all played a role in the day's trading. The Dow Jones industrial average (INDU) lost 19 points, or 0.2%. The blue-chip average ended the previous session at the highest point since Oct. 2, 2008. The S&P 500 (SPX) index ended little changed. The Nasdaq composite (COMP) rose 9 points, or 0.4%. Stocks struggled as investors sorted through the day's news and geared up for the big monthly jobs report due Friday. Ahead of that, investors will keep an eye on Thursday's weekly jobless claims report from the Labor Department. JPMorgan Chase (JPM, Fortune 500), American Express (AXP, Fortune 500), Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were among the Dow's biggest losers. The Fed released its periodic "Beige Book" reading on economic conditions in the nation's 12 districts. The central bank said economic conditions have improved modestly since its last report in the third week of October. However, labor market conditions remained weak and commercial real estate markets deteriorated. "The report basically confirms that things are better than they have been, but that we are by no means off to the races," said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. Shapiro said that, in the near term, it's fair to say that the data have largely supported the stock gains. But next year is more concerning. "The issue is whether we're going to see enough profit growth and economic growth next year to justify continued equity gains," he said. "I'm concerned that by the second half of the year, we're going to run into more problems." Stocks rallied Tuesday as worries about Dubai's debt problems eased, pushing the Dow to a 14-month high. The Nasdaq and S&P 500 both closed short of 14-month highs. General Motors: GM's CEO Fritz Henderson resigned late Tuesday and will be replaced by chairman Ed Whitacre on a temporary basis, until a successor can be found. Henderson was a 25-year GM veteran who took over as CEO in March after Rick Wagoner was forced out by the Obama administration as part of GM's government-supervised restructuring. Labor market: The first in a three-day blitz of readings on the job market got underway Wednesday with mixed results. Payroll services firm ADP said employers in the private sector cut 169,000 jobs from their payrolls in November versus forecasts for cuts of 150,000 jobs. Employers cut 196,000 jobs in October. The report is seen as something of a precursor to the broader monthly labor market report due out Friday in which employers are expected to have cut 120,000 non-farm payroll jobs in November after cutting 190,000 in October. Employers announced 50,349 planned job cuts in November, according to another report from outplacement firm Challenger, Gray & Christmas, down 9.6% from October and the lowest number in almost two years. But the total number of cuts announced this year have already outpaced last year's total. Gold touches $1,200: COMEX gold for February delivery rallied $12.80 to settle at $1,213 an ounce, a new closing high. Gold rose as high as $1,218.40 during the session. The dollar and oil: The dollar gained versus the euro and the yen after hovering in mixed territory in the morning. U.S. light crude oil for January delivery fell $1.77 to settle at $76.60 a barrel on the New York Mercantile Exchange. World markets: Overseas markets inched higher, with London's FTSE 100, Germany's DAX and France's CAC 40 all ending with slim gains. Asian markets advanced too, with Japan's Nikkei ending 0.4% higher. Bonds: Treasury prices slipped, raising the yield on the 10-year note to 3.31% from 3.28% late Tuesday. Treasury prices and yields move in opposite directions. Market breadth was positive. On the New York Stock Exchange, winners beat losers three to two on volume of 1.03 billion shares. On the Nasdaq, advancers topped decliners by eight to five on volume of 2.08 billion shares. |
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smartrader
Elite |
02-Dec-2009 23:09
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dow has no reason to come down...your guess is as good as mine..hehe | ||||
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