| Dow : 8776.39 up 108.00 | S & P : 903.25 up 12.61 |
|
| NASDAQ: 1577.03 up 26.33 | Bond (10Y): 2.24%, 113.19 |
MARKETS:
Wall Street: Bring on '09
Investors close the books on Wall Street's worst year since the 1930s.
Treasurys ease on last day of a very good year
Treasurys lower amid very thin trading, after the government said initial
claims for jobless benefits fell last week.
ECONOMIC REPORT: INITIAL JOBLESS CLAIMS FALL; CONTINUING CLAIMS AT 26-YEAR HIGH
First-time applications for state unemployment benefits fall 94,000 to
stand at 492,000 in the week ended Dec. 27, as the Labor Department
cites seasonal
volatility in explaining the surprising drop.
ANALYST EXPECTS CHEAPER IPHONE, MACBOOK MODELS IN 2009
Apple may be gearing up to introduce cheaper iPhone and MacBook models in 2009,
possibly including a device dubbed the iPhone nano, an analyst says.
MADOFF'S ALLEGED FRAUD CLAIMS SOME FAMOUS VICTIMS: REPORTS
Among those who have lost money in the alleged Ponzi scheme run by
Bernard Madoff are some high-profile names, such as economist Henry
Kaufman and actor Kevin Bacon, according to media reports.
Wall Street ends one of its most dismal years ever with a gain; Dow up
105 points at the close, Nasdaq gains 1.6%, S&P rises 1.5%.
Oil settles up $5.57 to $44.60 a barrel, a 14% gain, on Russia-Ukraine
gas dispute.
1
VIX stock-market volatility gauge at lowest level since October
12:49:50 PM EDT
Canadian stocks edge higher during the last trading session of 2008, a
bruising year during which the credit crunch and tumult in the
commodities markets have delivered a one-two punch for Toronto
investors.
Treasurys lower amid very thin trading, after the government said
initial claims for jobless benefits fell last week.
ECONOMIC REPORT: INITIAL JOBLESS CLAIMS FALL; CONTINUING CLAIMS AT 26-YEAR HIGH
First-time applications for state unemployment benefits fall 94,000 to
stand at 492,000 in the week ended Dec. 27, as the Labor Department
cites seasonal volatility in explaining the surprising drop.
EUROPE MARKETS: LONDON ENDS HIGHER TO CAP OFF A DISMAL YEAR; FLAT ACTION IN
PARIS
European shares move broadly higher at the end of a dismal year for
global markets, with London scoring gains and Paris ending all but
flat.
MADOFF'S ALLEGED FRAUD CLAIMS SOME FAMOUS VICTIMS: REPORTS
Among those who have lost money in the alleged Ponzi scheme run by
Bernard Madoff are some high-profile names, such as economist Henry
Kaufman and actor Kevin Bacon, according to media reports. Key
disclosures about investors losses are due later Wednesday.
CAPITOL REPORT: OBAMA'S 'GOING GREEN' POLICIES HOLD PROMISES -- AND PITFALLS
They're calling it the "transition to green," a motto fashioned by
environmental groups' pining for the first 100 days of Barack Obama's
presidency. It envisions, among other things, increased funding for
alternative-energy development. Federal outlays for new jobs in this
sector would also constitute a "massive" transition to an economy that
looks favorablyon emissions-free energy sources and rewards ways to
save energy, and potentially create many jobs along the way. But such
ambitious policy proposales carry pitfalls as well as promises.
Petroleum, natural gas shares and oil service shares fall ahead of
weekly inventory data in the last trading day of 2008, closing the
books on a wild and weaker year.
Crude-oil futures fell for a second session ahead of the government's
petroleum inventories data, heading for their worst year on record on
concerns that the economic recession will cut energy demand.
The number of people filing initial jobless claims fell last week by
94,000 to 492,000 - fewer than expected.
Stock market futures were mostly higher Wednesday ahead of the final
trading session of 2008 as investors took stock of a terrible year for
global markets.
Most Americans who adjusted their driving habits in a big way when
gasoline prices surged are sticking with their economizing ways,
according to a Gallup poll released Tuesday.
| Dow : 8668.39 up 184.46 | S & P : 890.64 up 21.22 |
|
| NASDAQ: 1550.70 up 40.38 | Bond (10Y): 2.06%, 115.00
MARKETS:
Stocks surge near year end
Wall Street gains in a thinly-traded session at the end of an abysmal year.
U.S. blue-chips get a boost from GM; financials rally late
U.S. stocks rise after the government expands its bailout plans for General
Motors, which in turn says it will make more financing options
available to consumers.
ECONOMIC REPORT: HOME PRICES OFF RECORD 18% IN PAST YEAR, CASE-SHILLER SAYS
Home prices in 20 major U.S. cities drop a further 2.2% in October
from September, with their annualized drop working out to a record 18%
, according to the Case-Shiller price index compiled by Standard &
Poor's. An IHS Global Insight analysts sees little respite for
homeowners.
AUTO SECTOR MOVES HIGHER AS GMAC SECURES U.S. FUNDING
Shares of U.S. automakers General Motors and Ford rally ahead of the
opening bell, buoyed by news that GMAC Financial Services had received
government funding.
CAPITOL REPORT: OBAMA'S 'GOING GREEN' POLICIES HOLD PROMISES -- AND PITFALLS
They're calling it the "transition to green," a motto fashioned by
environmental groups' pining for the first 100 days of Barack Obama's
presidency. It envisions, among other things, increased funding for
alternative-energy development. Federal outlays for new jobs in this
sector would also constitute a "massive" transition to an economy that
looks favorably on emissions-free energy sources and rewards ways to
save energy, and potentially create many jobs along the way. But such
ambitious policy
proposales carry pitfalls as well as promises.
ECONOMIC REPORT: U.S. CONSUMER CONFIDENCE HITS RECORD LOW ON JOB, BUSINESS
WORRIES
Consumer confidence hit a record low in December, according to the monthly
Conference Board index reported Tuesday, as worries increased about current
business and labor-market conditions.
Stocks rally on the government's $6 billion GMAC investment. Dow up
183 points at the close, S&P gains 2.4%, Nasdaq 2.6% higher.
Oil settles 99 cents lower at $39.03 a barrel on continuing signs of a
weak economy.
Home prices off record 18% in past year, Case-Shiller says
Home prices in 20 major U.S. cities drop a further 2.2% in October
from September, with their annualized drop working out to a record 18%
, according to the Case-Shiller price index compiled by Standard &
Poor's. An IHS Global Insight analysts sees little respite for
homeowners.
ECONOMIC REPORT: U.S. CONSUMER CONFIDENCE HITS RECORD LOW ON JOB,
BUSINESS WORRIES
Consumer confidence hit a record low in December, according to the
monthly Conference Board index reported Tuesday, as worries increased
about current business and labor-market conditions.
AUTOMAKERS SET TO RALLY AS GMAC SECURES U.S. FUNDING
Shares of U.S. automakers General Motors and Ford rally ahead of the
opening bell, buoyed by news that GMAC Financial Services had received
government funding.
MARK HULBERT: GOLD TIMERS MORE BULLISH THAN THEY'VE BEEN IN FIVE MONTHS
The editor of the average gold-timing newsletter is more bullish today
than he has been in nearly six months.
ISRAEL VOWS A 'LONG' GAZA CAMPAIGN: REPORTS
As Israel marks the fourth day of a fierce air assault on Gaza, the
country's interior minister Meir Sheetrit rejects the possibility of a
ceasefire, vowing the attacks will continue until the threat of
rockets from Hamas is completely eliminated.
Attempt will be made at a two-day truce and suspension of Israel's
operations in Gaza, Israel's Haaretz newspaper reports.
Canadian stocks rose for a second straight session Tuesday, as
financial and telecommunications shares led the gains, while mining
stocks fell amid declining commodity prices.
Key measure of consumer confidence shows surprise plunge to an
all-time low in December.
Stocks open higher as investors cheer government's $6 billion
intervention to prop up GM financing arm GMAC.
As Israel marks the fourth day of a fierce air assault on Gaza, the
country's interior minister Meir Sheetrit rejects the possibility of a
ceasefire, vowing the attacks will continue until the threat of
rockets from Hamas is completely eliminated.
Home prices plummeted a record 18% in October, according to a closely
watched index tracking 20 metro areas.
Treasury to invest $5 billion in GMAC as part of automaker bailout plan.
| Dow : 8483.93 down 31.62 | S & P : 869.42 down 3.38 |
| NASDAQ: 1510.32 down 19.92 | Bond (10Y): 2.09%, 114.63
MARKETS:
Stocks falter to start the week
Major indexes slump after a high-profile deal falls through and
geopolitical tensions arise.
U.S. stocks fall as rising oil prices pressure consumer stocks
Rising oil prices pressured consumer-related stocks, while investors
ditched some of their worst-performing financial stocks in the final
week of 2008.
U.S. BLAMES HAMAS FOR MIDDLE EAST VIOLENCE
For a third day, Israeli air forces strike targets linked to militant group
Hamas in the Gaza Strip Monday, bringing the death toll to more than 300,
according to a BBC report.
FUTURES MOVERS: OIL FUTURES RALLY AS ISRAELI AIR RAIDS IN GAZA CONTINUE
Crude-oil futures pare their early strong gains as Israel kept up its
air raids in the Gaza Strip, raising fears that escalating
geopolitical tensions could lead to a disruption of oil supplies from
the Middle East.
BOND REPORT: TREASURYS UP AS FLIGHT TO SAFETY RESUMES AFTER GAZA FIGHTING
Treasurys higher pushing short-term yields down by the most in almost
two months, as investors seek the safety of U.S. government debt.
REAL ESTATE: FOUR REFINANCING STRATEGIES FOR TODAY'S LOW-INTEREST-RATE CLIMATE
Lured by low mortgage rates, many homeowners have been rushing to
refinance. Interest is gaining for good reason: Eligible borrowers can
lock in rates that
haven't been this attractive in decades.
Oil and mining companies may get another round of trading action in
Monday's after-hours session, after rising crude-oil prices jolted
commodities firms in dayside trade.
Stocks finish lower in lackluster holiday trade. Dow industrials down
35 points at the close, Nasdaq slides 1.4%, S&P off 0.5%.
Oil settles at $40.02 a barrel, up $2.31, as Mideast fighting raises
concern about supply.
Oil pares gains as Israeli air raids in Gaza continue
Crude-oil futures pare their early strong gains as Israel kept up its
air raids in the Gaza Strip, raising fears that escalating
geopolitical tensions could lead to a disruption of oil supplies from
the Middle East.
MARKET SNAPSHOT: U.S. STOCKS FALL AS RISING OIL PRICES PRESSURE CONSUMER STOCKS
U.S. stocks erase early gains as rising crude oil prices pressure
consumer-related stocks and after news that Kuwait scrapped plans for
a $17.4 billion joint venture with Dow Chemical.
ISRAELI AIR FORCES STRIKE MORE HAMAS TARGETS IN GAZA
For a third day, Israeli air forces strike targets linked to militant
group Hamas in the Gaza Strip Monday, bringing the death toll to more
than 300, according to a BBC report.
LONDON MARKETS: OIL PRODUCERS, MINERAL EXTRACTORS CLIMB IN HIGHER LONDON
London shares advance, as investors return from a two-session holiday
break and buy up oil producers and mineral extractors.
ASIA MARKETS: TOKYO, HONG KONG END UP AFTER ROLLER-COASTER RIDE
Most Asian markets retreat in light trading Monday, shadowed by a weak
economic outlook for 2009, with Japanese stocks lower as exporters
such as Canon Inc. and Toyota Motor Corp. decline after advancing
during the previous two sessions.
Oil and gas stocks move as oil traders pushed crude prices back above
$40 a barrel on concerns over violence in the Middle East as Israeli
forces bombed Hamas targets in the Gaza Strip for a third straight
day.
Dow tumbles 100 points as selling accelerates in thin holiday-week trading.
Canadian stocks post strong gains with energy and mining shares
leading the market higher as oil prices rallied on continuing Israeli
air raids against Hamas targets in the Gaza Strip.
U.S. stock market futures point slightly higher Monday as oil prices
continue to recover from lows and after Kuwait scraps plans for a
$17.4 billion joint venture with Dow Chemical.
Stocks open mixed in holiday-shortened week as investors count down
the days to the end of one of the worst years on Wall Street.
Crude-oil futures rally above $40 a barrel in electronic trading
Monday, as Israeli air raids continued in the Gaza Strip, heightening
geopolitical tensions in the Middle East.
Kuwait terminates plans for its $17.4 billion dollar joint venture
with Dow amid political opposition, dealing a heavy blow to the U.S.
chemical giant.
| Dow : 8515.55 up 47.07 | S & P : 872.80 up 4.65 |
|
| NASDAQ: 1530.24 up 5.34 | Bond (10Y): 2.13%, 114.31 |
MARKETS:
Wall Street ends higher
Stocks advance as investors respond to preliminary holiday sales figures.
U.S. stocks move mostly higher, led by gains in energy shares as crude
oil prices advance, while retailers are in focus as post-Christmas
sales kick off in earnest.
EARLY SIGNS OF GLOOM FOR RETAILERS, BUT E-TAILERS MAY SHINE
Aggressive price discounting by U.S. retailers are apparently to no
avail, with a new survey showing sinking sales across several
categories as consumers curtailed their holiday shopping this year.
GM SHARES RALLY AFTER LENDING UNIT GETS BANK STATUS
General Motors shares jump after lending unit GMAC receives approval
to become a bank holding company, opening the door to a much-needed
pool of federal funds.
FUTURES MOVERS: OIL RISES FOR FIRST DAY IN FOUR, GAINING 6.7%
Crude-oil futures rise for the first session in four as traders buy the
contracts on the heels of a 33% slump this month.
BULLETIN: U.S. stock gauges close low-volume session with gains; oil
jumps 6.7% to end losing streak
[4:04:17 PM EDT]
Stocks finish higher in quiet post-Christmas trading. Dow up 42 points
at the close, Nasdaq rises 0.3%, S&P gains 0.8%.
U.S. stocks opened higher on Friday, led by gains in energy shares as
crude oilprices advanced, while retailers were in focus as
post-Christmas sales kick off in earnest.
AMAZON SAYS 2008 HOLIDAY SEASON IS ITS 'BEST EVER'
Amazon says the 2008 holiday season "finished as its best ever," in
spite of grim results across much of the overall retail sector.
JAPAN NOVEMBER INDUSTRIAL OUTPUT FALLS 'OFF THE CLIFF'
Japan's industrial output tumbles at a record pace
in November, stoking fears the country's recession may stretch longer
and be more painful than anticipated.
ASIA MARKETS: TOKYO EXTENDS GAINS ON ASAHI BREWERIES, EXPORTERS
Asian markets mostly advance thin holiday trading,
with Japanese shares rising for a second session as Asahi Breweries
climb on a report the brewer was likely to beat its profit forecast,
while exporters such
as Toyota Motor Corp. extend gains as investors snap them up before
the end of the year.
DIVORCE RATES DROP AS COUPLES STAY TOGETHER DUE TO TIGHT FINANCES
The recession and economic turmoil is creating a new class of casualties:
Married couples who can't afford to get divorced. In these tough times
many people are finding it's cheaper to stay together, even when they
can't stand each other.
Crude-oil futures rise for the first session in four as traders buy
the contracts on the heels of a 33% slump this month.
Markets open higher even as a report indicates dismal holiday sales
for retailers.
| Dow : 8468.48 up 48.99 | S & P : 868.15 up 4.99 |
|
| NASDAQ: 1524.90 up 3.36 | Bond (10Y): 2.18%, 113.84 |
MARKETS:
Stocks end higher
Major indexes rise in quiet trading as investors mull the latest
economic data. Markets to close early.
Obama has the most work cut out for him in one area: jobs
As the recession rolls on, keeping workers at work may be
President-elect Barack Obama's toughest job.
MARKET SNAPSHOT: U.S. STOCKS MAKE MODEST GAINS IN LIGHT PRE-HOLIDAY TRADING
Stocks close slightly higher in light, pre-holiday trading after U.S.
data on consumer spending and durable goods reported for November come
in better than expected.
FUNDWATCH: CHOOSE CORPORATE DEBT OVER STOCKS, SAY MANAGERS
Falling stock prices this year have left many investors' portfolio
balances out of whack. But some managers argue against the need to
rebalance holdings.
MORTGAGES: RATES ON 30-YEAR MORTGAGES AT LOWEST SINCE AT LEAST 1971
Fixed-rate mortgage rates fell again this week, with the 30-year
fixed-rate mortgage setting another record low, at least since Freddie
Mac began doing its weekly survey in the early 1970s.
DIVORCE RATES DROP AS COUPLES STAY TOGETHER DUE TO TIGHT FINANCES
The recession and economic turmoil is creating a new class of
casualties: Married couples who can't afford to get divorced. In these
tough times many people are finding it's cheaper to stay together,
even when they can't stand each other.
Oil plummets 9.3% - among largest drops ever - to $35.35 a barrel as
worsening economy signals contraction of energy demand.
Stocks end slightly higher despite grim economic news, as investors
prepare for a day-long holiday break,
Fixed-rate mortgage rates fell again this week, with the 30-year
fixed-rate mortgage setting another record low, at least since Freddie
Mac began doing its weekly survey in the early 1970s.
MARKET SNAPSHOT: U.S. STOCKS RISE SLIGHTLY IN LIGHT PRE-HOLIDAY TRADE
Stocks open higher in light pre-holiday trading, gaining ground as
U.S. data on consumer spending and durable goods reported for November
come in better than expected.
ECONOMIC REPORT: U.S. DURABLE-GOODS ORDERS OFF 1% LAST MONTH ON TRANSPORTATION
Orders for U.S.-made durable goods were not as weak as forecast in
November, Commerce Department data indicate.
ECONOMIC REPORT: UNEMPLOYMENT LINES LONGEST IN 26 YEARS
The U.S. labor market continues to worsen, with unemployment lines
stretching to the longest in 26 years last week, the Labor Department
reports.
EXPORTERS MEET TO CREATE OPEC-STYLE GAS CARTEL: REPORT
Energy ministers from some of the world's biggest exporters of natural
gas have agreed to create a producers' group that will coordinate
forecasts, investments and relations to make the gas market less
unpredictable, according media
reports on Wednesday.
Investors find little reason to bid up equities from the petroleum and
natural gas sectors, as oil futures move below $37 a barrel ahead of
weekly inventory data.
Stocks rise at the start of a shortened Christmas Eve session as a
dismal year on Wall Street stumbles to a close.
February crude down 6% to $36.63 a barrel in electronic trading
12/24/2008 9:04:02 AM EDT
MADOFF INVESTOR FOUND DEAD IN APPARENT SUICIDE
Thierry de la Villehuchet, a hedge fund adviser and investor
whose firm said he lost $1.5 billion investing with Wall Street
adviser Bernard Madoff, has been found dead in his office in an
apparent suicide.
HAMAS MILITANTS LAUNCH MORE ROCKETS INTO ISRAEL
Palestinian militants fired more rockets and mortars from Gaza
into Israel on Wednesday days after Israeli Prime Minister Ehud
Olmert threatened to respond to the ongoing attacks.
FEARS OF TUMULT AFTER GUINEA PRESIDENT DIES
The African country of Guinea, reeling after the death of its
leader, is staring at the prospect of political instability. A
journalist in Conakry said the Guinean military had staged an
apparent coup, and were holding talks to determine who will
succeed Lansana Conte, who ruled the country for nearly 25
years.
POLL: MOST SUPPORT OBAMA'S $800B STIMULUS PLAN
A new national poll suggests most Americans favor an economic
stimulus package even if it comes with an $800 billion price
tag, although that support doesn't indicate the public wants to
see a new era of big government.
SRINAGAR TENSE AHEAD OF FINAL ELECTIONS
Authorities have imposed curfew-like restrictions in Srinagar in
a bid to thwart separatist anti-vote protests in the capital of
Indian-administered Kashmir during the final phase of state
assembly elections on Wednesday.
CAR BOMB IN PAKISTAN KILLS WOMAN
A woman was killed and four others were injured after a car bomb
exploded Wednesday in the Pakistani city of Lahore.
SATELLITES UNEARTH ANCIENT EGYPTIAN RUINS
Archaeologists believe they have unearthed only a small fraction
of Egypt's ancient ruins, but they're making new discoveries
with help from high-tech allies -- satellites that peer into the
past from the distance of space.
BUSINESS
OBAMA TEAM HAMMERS OUT STIMULUS
U.S. President-elect Barack Obama's economic team and
congressional staffers were close to finalizing a massive
recovery proposal but were still hammering out details, Vice
President-elect Joe Biden and economic adviser Larry Summers
said.
JAPAN'S CABINET APPROVES RECORD BUDGET
Japanese Prime Minister Taro Aso's Cabinet on Wednesday approved
a record budget, including an emergency economic stimulus
package, for the 2009 fiscal year.
Energy ministers from some of the world's biggest exporters of natural
gas have agreed to create a producers' group that will coordinate
forecasts, investments and relations to make the gas market less
unpredictable, according media reports on Wednesday.
Week-to-week mortgage applications jump 48% on lower rates, MBA data show
12/24/2008 7:00:47 AM EDT
U.S. durable-goods orders fall 1%; transportation category is key factor
12/24/2008 8:32:13 AM EDT
Government: Initial jobless claims spiked 30,000 to 586,000 last week.
Personal spending fell for 5th straight month in November.
FEARS OF TUMULT AFTER GUINEA PRESIDENT DIES
The African country of Guinea, reeling after the death of its
leader, is staring at the prospect of political instability. A
journalist in Conakry said the Guinean military had staged an
apparent coup, and were holding talks to determine who will
succeed Lansana Conte, who ruled the country for nearly 25
years.
NASA CAPTURES STUNNING IMAGES OF EARTH
NASA's Earth Observatory has captured some stunning images of
the Earth in 2008 including Hurricane Bertha, a huge section of
the Wilkins Ice Shelf in Antarctica breaking away and cloud
being swept across the Caspian Sea (pictured above).
UGABE: U.S. AND WEST ARE 'STUPID AND FOOLISH'
Zimbabwe President Robert Mugabe described the U.S. government
and Western nations as "quite stupid and foolish" Tuesday for
trying to be involved in the African country's affairs.
DRIVERS TRAPPED IN FLOOD AFTER WATER PIPE BREAK
A harrowing rescue was under way Tuesday morning to save
motorists who were trapped in a fast moving flood created by a
water main break in suburban Maryland.
POPE'S MESSAGE ANGERS GAY RIGHTS ACTIVISTS
Pope Benedict XVI has reiterated the Roman Catholic Church's
opposition to homosexual behavior and warned that humanity could
destroy itself. The pope's year-end message to Church leaders
sparked anger among gay and lesbian religious groups.
IRAQ OKS CONTINUED PRESENCE OF FOREIGN TROOPS
Iraq's parliament on Tuesday approved a resolution that will
allow non-U.S. foreign troops to remain in Iraq after a U.N.
mandate expires at the end of the year.
REPORT: OBAMA, BLAGOJEVICH PROSECUTORS TALKED
Two Democratic officials are predicting that the long-awaited
report about aides to President-elect Barack Obama alleged
contact with the office of embattled Illinois Gov. Rod
Blagojevich will largely exonerate Obama's transition team.
IRAQI SOLDIERS SEIZE APPARENTLY STOLEN RELICS
Iraqi soldiers have seized 228 apparently stolen antiquities and
arrested seven members of a gang suspected of trafficking in
such items, a security official in Basra said Tuesday.
BUSINESS
PUTIN: 'CHEAP GAS ERA' ENDING
The sharp growth of costs in the gas industry will inevitably
lead to a significant increase in global gas prices, Russian
Prime Minister Vladimir Putin said Tuesday.
CHINA SET TO GUARD AFRICAN SHIPPING ROUTE
Two Chinese destroyers and a supply ship will set sail for the
Gulf of Aden on Friday to protect Chinese merchant ships from an
increasing number of pirate attacks in the waters off the coast
of Somalia, navy officials said Tuesday.
| Dow : 8419.49 down 100.28 | S & P : 863.16 down 8.47 |
| NASDAQ: 1521.54 down 10.81 | Bond (10Y): 2.13%, 114.28
MARKETS:
Stocks fall, Wall St. counts days to 2009
Major indexes slump as investors weigh mixed economic data and
concerns about the auto industry.
U.S. stocks decline for a second session this week as worries
intensify that federal funds might not salvage the auto industry, and
economic reports
illustrate the economy's decline and ongoing trouble in the housing market.
DETAILS OF OBAMA'S STIMULUS STILL BEING NEGOTIATED: BIDEN
Barack Obama's transition team is still negotiating the nuts and bolts of its
economic-stimulus plan with Congress, but no deal has been reached, Vice
President-elect Joseph Biden says.
THE TECHNICAL INDICATOR: CLOSING OUT THE HISTORIC 2008 MARKET CRASH
ECONOMIC REPORT: U.S. DATA SHOW SALES OF NEW HOMES AT LOWEST LEVEL IN 17 YEARS
Sales of new homes in the U.S. decline to their lowest level in more
than 17 years during November, falling 2.9% to a seasonally adjusted
annual rate of
407,000, according to the Commerce Department.
ECONOMIC REPORT: U.S. NOV. EXISTING-HOME SALES FALL 8.6%; HOME-PRICE
DROP A RECORD
Resales of U.S. single-family homes and condos fell 8.6% in November to a
seasonally adjusted annual rate of 4.49 million, the National Association of
Realtors reported Tuesday, even as home prices fell at the fastest annual pace
on record.
Dow ends down about 100 points in thin pre-holiday trading as
investors hunker down waiting for end of brutal year.
Crude-oil prices were down again Tuesday, bumping along at around $39
a barrel. This should be music to ears of the nation's independent
refiners. Instead, it's a screeching discord confusing both the
refiners and investors.
Oil and gas stocks stake out gains in thin pre-holiday trading,
regaining some of the ground lost in Monday's session, as all three of
the widely followed sector benchmarks move higher.
U.S. stocks tilt higher after the government reported an as-expected
drop in gross domestic product for the third quarter and as investors
pored over data on the troubled housing market.
ECONOMIC REPORT: U.S. DATA SHOW SALES OF NEW HOMES AT LOWEST LEVEL IN 17 YEARS
Sales of new homes in the U.S. decline to their lowest level in more
than 17 years during November, falling 2.9% to a seasonally adjusted
annual rate of 407,000, according to the Commerce Department.
ECONOMIC REPORT: U.S. NOV. EXISTING HOME FALL 8.6%; HOME-PRICE DROP A RECORD
Resales of U.S. single-family homes and condos fell 8.6% in November
to a seasonally adjusted annual rate of 4.49 million, the National
Association of Realtors reported Tuesday, even as home prices fell at
the fastest annual pace on record.
ECONOMIC REPORT: CONSUMER SENTIMENT IMPROVES IN DEC. AS PRICES FALL
A closely watched index of consumer attitudes
improved in December, data showed Tuesday, rebounding from
multi-decades lows as falling prices took some of the edge off job
losses.
Crude-oil futures make a rebound, trading around $40 a barrel after
having slumped nearly 6% in the previous session on demand concerns.
Other energy contracts also make early gains.
Final reading on U.S. GDP shows 0.5% contraction; inflation contained
8:32:49 AM EDT
| Dow : 8519.69 down 59.42 | S & P : 871.63 down 16.25 |
| NASDAQ: 1532.35 down 31.97 | Bond (10Y): 2.17%, 113.94
MARKETS:
Stocks fall on drip-drop of bad news
Major indexes fall as Toyota issues profit warning and GM is
downgraded. Walgreens misses first-quarter earnings estimates. Oil
falls below $40.
U.S. stocks end lower with Walgreen, Toyota setting tone; Nasdaq's down 2%
12/22/2008 4:06:45 PM EDT
Dow industrials plumb day's lows, off 130 points; Nasdaq's down 3.2%
[2:31:40 PM EDT]
Crude-oil futures fall nearly 6%, closing at $39.91 a barrel
2:55:55 PM EDT
Oil and gas stocks slipped back into the red Monday, surrendering
opening gains as a drop in the broader market outweighed overnight
gains by crude-oil futures.
U.S. stocks mildly lower to begin holiday-shortened week
U.S. stocks fall after starting off on a mixed note, with investors back
concentrating on the fortunes of retailers and consumer discretionaries.
FREE-SHIPPING DEALS FAIL TO LURE MORE LAST-MINUTE ONLINE SHOPPERS
Last-minute deals for free shipping before the holidays were
apparently not enough to light a fire under online shoppers last week.
TOYOTA ON TRACK FOR FIRST-EVER LOSS IN FISCAL 2009
Toyota Motor Corp. slashes its profit, revenue and unit sales
forecasts for the year ending March 31, blaming a shocking slump in
the global automobile market and a sharp appreciation in the Japanese
yen against major currencies.
THREE IRISH BANKS WELCOME GOVERNMENT'S $7.8 BILLION RESCUE
Ireland's three major banks welcome the government's weekend decision
to supply them with 5.5 billion euros ($7.76 billion) in a bid to
rescue a financial system on the verge of collapse.
Crude-oil futures trade higher Monday as news that the Organization of
Petroleum Exporting Countries could resort to further cuts in
production comes into play.
| Dow : 8579.11 down 25.88 | S & P : 887.88 up 2.60 |
| NASDAQ: 1564.32 up 11.95 | Bond (10Y): 2.11%, 114.50
MARKETS:
Auto bailout spurs dollar buying
$13.4 billion loan mutes risk of industrywide collapse, sparking
demand for short-term Treasurys, which investors need dollars to buy.
Detroit gets its wish -- $17 billion in U.S. loans
Ending months of roller-coaster negotiations, President Bush moves to
extend up to $17.4 billion in loans to troubled U.S. auto makers.
MARKET SNAPSHOT: U.S. STOCKS POISED FOR MIXED WEEKLY RESULTS AFTER AUTO RESCUE
U.S. stocks moved higher on Friday after the White House says it would
loan the ailing auto industry $17.4 billion in loans to prevent their
"disorderly liquidation."
AS VALUES TANK, S&P REDEFINES LARGE-CAP
The price of entry into the large-cap universe is
today officially 25% cheaper than it was less than three months ago.
HERALD HEDGE FUNDS SUSPEND REDEMPTIONS ON MADOFF EXPOSURE
Bank Medici, an Austrian private bank part owned
by Italy's UniCredit Group, said Friday that hedge funds it runs had
almost all their money invested with Bernard Madoff, who's been
accused of what could be a $50 billion Ponzi scheme.
FRANKEN ASSUMES FIRST LEAD IN MINNESOTA SENATE RACE
Former comedian and political activist Al Franken
has opened his first lead in the hotly contested U.S. Senate race in
Minnesota over incumbent Norm Coleman, according to reports.
Stocks end mixed after auto-fueled rally fades; Nasdaq gains 1.5% in week
12/19/2008 4:05:17 PM EDT
The White House announces plans to extend $13.4 billion in loans to
troubled Detroit auto makers GM and Chrysler, with another $4 billion
likely available. in February.
MOVERS & SHAKERS: BIGGEST GAINING AND LOSING STOCKS ON FRIDAY
Stocks expected to move significantly in Friday's trading include
Oracle Corp., Research in Motion Ltd. and Weyerhaeuser Co.
RETAILERS SLASH PRICES, AGAIN, IN LAST BID TO WIN HOLIDAY SALES
Retailers from AnnTaylor Stores Corp. to Gap Inc.'s
Banana Republic this week began marking down their holiday and winter
merchandise and added additional promotions to previously already
discounted products, with bargains to be had at up to more than 80%
off.
BOJ CUTS KEY RATE, PLANS TO BUY CORPORATE DEBT
The Bank of Japan cut its key interest rate to 0.1% from 0.3% Friday,
marking its second rate reduction this year in the wake of worsening
economic. indicators and increasing pressure from the government to do
more to help the economy.
Investors wade into energy stocks as oil and natural gas producers
recover from losses in the previous session on optimism tied to the
latest government bailout plan for Detroit.
WASHINGTON (AP) - President Bush says the federal government will
grant $17.4 billion in loans to ailing U.S. automakers in exchange for
concessions from the firms and their workers.
Oil futures trades near $42 a barrel, as traders prepare to wrap up a
week that saw oil prices tumble to their lowest level since the middle
of 2004.
| Dow : 8604.99 down 219.35 | S & P : 885.28 down 19.14
| NASDAQ: 1552.37 down 26.94 | Bond (10Y): 2.07%, 114.94
MARKETS:
Stocks plunge at the end of day
After flip-flopping most of the session, Wall Street falls sharply;
the Dow plunges more than 200 points, one day ahead of a slew of
options expirations.
Obama to propose stimulus up to $775 billion: report
The president-elect plans to propose a stimulus package of up to $775
billion over two years, news reports say.
RIM EARNINGS CLIMB AS FORECAST BEATS ESTIMATES
Research In Motion sees earnings climb 7% in its fiscal third quarter
as the BlackBerry maker issued a forecast for the current period that
came in above
Wall Street's estimates.
MADOFF'S RISE FUELED BY LEVERAGE, CONTROVERSIAL FEES
Bernard Madoff, the alleged perpetrator of what
could be the largest Ponzi scheme in history, relied on a network of
leverage providers and controversial fee arrangements built up over
more than a decade to feed his operation.
FUTURES MOVERS: OIL FUTURES TUMBLE 10% TO END BELOW $37 A BARREL
Crude touches lowest level in at least four years, underscoring the
market's preoccupation with a sharp slowdown in oil demand.
VETERAN REGULATOR MARY SCHAPIRO TAPPED TO LEAD SEC
The president-elect makes two major picks to head key regulatory
agencies, and calls for significant changes to the
financial-regulatory system in the wake of the credit and economic
crisis.
PAY RAISES IN 2009 WILL BE MEASLIEST IN 32 YEARS, SURVEY FINDS
Thanks in large part to the hit companies are taking from the current
financial crisis, millions of U.S. workers will find their 2009 pay
raises are less than
3%, the lowest average in 32 years.
U.S. stocks finish sharply lower, pressured by energy sector and oil
at four-year lows
12/18/2008 4:01:06 PM EDT
Crude closes at $36.22 a barrel, down 59% this year
3:11:33 PM EDT
Obama to propose stimulus package of up to $775 billion over two years: WSJ
2:55:01 PM EDT
VeraSun leaves corn farmers in limbo as ethanol industry founders
For many American farmers, once-lucrative corn shipments to ethanol
plants run by VeraSun Energy Corp. are now in limbo.
U.S. stocks little changed amid auto woes, oil slides below $40
GM, CHRYSLER REPORTEDLY TALK MERGER AHEAD OF EXPECTED AID PACKAGE
The struggles at General Motors Corp. and Chrysler LLC take a
surprising turn with the two automakers reportedly jumping back in to
merger talks as they await word from the White House on a crucial cash
lifeline.
VETERAN REGULATOR MARY SCHAPIRO TAPPED TO LEAD SEC
The choice of Mary Schapiro to head the Securities and Exchange
Commission indicates that President-elect Barack Obama is serious
about combining the agency and the Commodities Futures Trading
Commission, observers say.
ECONOMIC REPORT: INITIAL JOBLESS CLAIMS FALL 21,000; TREND AT 26-YEAR HIGH
Labor market conditions are weak and jobs are hard to get, according
to government data reported Thursday that showed a 26-year high in the
trend for
initial jobless claims.
Energy stocks surrendered recent gains with oil trading below the
psychological barrier of $40 a barrel, as oil services giant
Schlumberger weighed on a key analyst downgrade.
Philly Fed manufacturing gauge still well under water but shows improvement
12/18/2008 10:03:35 AM EDT
Once-stellar but highly-leveraged energy companies look like potential
takeover targets in what is poised to become a new wave of
consolidation in the industry.
Obama to pick financial regulator Mary Schapiro to head SEC: report
12/17/2008 6:27:26 PM EDT
| Dow : 8824.34 down 99.80 | S & P : 904.42 down 8.76 |
| NASDAQ: 1579.31 down 10.58 | Bond (10Y): 2.18%, 113.81
MARKETS:
Dollar falls against yen, euro
Japanese currency surges to 13-year high against greenback following
U.S. central bank slashing rates.
CHRYSLER TO CLOSE ALL 30 OF ITS MANUFACTURING PLANTS FOR A MONTH [5:15 PM EST]
The Organization of the Petroleum Exporting Countries decides to slash
its daily production by a record 2.2 million barrels from current
levels, but the oil market ignores the widely expected move and sends
oil prices tumbling below $40 a barrel.
FUNDWATCH: INVESTORS DUMP STOCK AND BOND FUNDS, BUT SELLING PRESSURE EASES
Investors pulled more than $40 billion from stock- and bond mutual
funds in November, but the panicked selling of the past several months
seems to be subsiding, according to figures released Wednesday by
research firm Lipper Inc.
APPLE HIT AFTER MACWORLD DECISION; ANALYST DOWNGRADES STOCK
The company's dramatic decision to pull out of future Macworld showsn
also has raised fresh speculation about the health of Chief Executive
Steve Jobs.
SEC CHIEF: INTERNAL REVIEW COULD MEAN AGENCY CHANGES
Trying to contain the damage from what appears to be a major fumbling
by the Securities and Exchange Commission to uncover an alleged $50
billion "Ponzie
scheme," SEC chairman says he may change how the agency examines
investment funds if an internal review finds that regulators dropped
the ball.
Chrysler idling all its plants until at least Jan. 19
12/17/2008 4:59:55 PM EDT
U.S. stocks finish volatile day in the red, pressured by utilities and
financials
12/17/2008 4:02:36 PM EDT
Apple hit after Macworld decision; analyst downgrades stock
The company's dramatic decision to pull out of future Macworld showsn
also has raised fresh speculation about the health of Chief Executive
Steve Jobs.
MORGAN STANLEY POSTS WORSE-THAN-EXPECTED $2.3 BILLION LOSS
Morgan Stanley on Wednesday posts its own quarterly deficit, dogged,
like rivalGoldman Sachs reported a day earlier, by frozen credit
markets, falling asset
prices and stagnant underwriting.
SEC CHIEF ADMITS REGULATOR FAILED TO ACT ON MADOFF WARNINGS
A key congressional lawmaker plans an inquiry into the activities of
accused Ponzi schemer Bernard Madoff, as the chairman of the
Securities and Exchange Commission says the agency failed to look into
allegations dating back nearly adecade.
FUNDWATCH: WORLD FUND MANAGERS SAY ECONOMIC DETERIORATION IS SLOWING
The rate of deterioration of the global economy has started to slow,
according to asset allocators polled by Merrill Lynch for its December
fund manager survey, which was released Wednesday.
An expected rise in petroleum supplies and a likely production cut by
the Organization of Petroleum Exporting Countries kept energy stocks
little-changed in early action.
Valero says it's slashing production to cope with a money-losing
gasoline refining business, as market prices pushed down by depressed
crude demand continue to plumb multi-year lows.
NEW YORK -- The Organization of Oil Exporting Countries began a key
meeting on Wednesday with the Saudi oil minister saying before the
start that the cartels members have already agreed on a cut of about 2
million barrels a day.
U.S. stocks skid 1% and more in opening minute as investors rethink Fed gains
12/17/2008 9:31:39 AM EDT
Crude-oil futures trade nearly 1% higher in early action, as traders
adjusted positions ahead of an official announcement on a production
cut from the Organization of Petroleum Exporting Countries.
WASHINGTON (AP) - The Federal Reserve has cut its target for a key
interest rate to the lowest level on record and pledged to use "all
available tools" to combat the current financial crisis. The central
bank says it reduced the federal funds rate, the interest that banks
charge each other, to a range of zero to 0.25%. That is down from the
1% target rate in effect since the last meeting in October.
| Dow : 8924.14 up 359.61 | S & P : 913.18 up 44.61 |
|NASDAQ: 1589.89 up 81.55 | Bond (10Y): 2.36%, 112.19 |
MARKETS:
Wall Street cheers rate cut
Stocks surge after the central bank cuts a key interest rate to the
lowest level on record.
U.S. stocks rally as investors applaud Fed's easing moves
U.S. stocks soar higher, with banks fronting the surge, as the Federal
Reserve axes its benchmark interest rate to a record low and says it
would buy large amounts of debt and securities to flood the financial
system with money.
THE FED: FED SLASHES RATES AND VOWS TO KEEP THEM LOW FOR SOME TIME
The Federal Reserve pulled out all the stops in its campaign to save
the U.S. economy, slashing interest rates to just about zero and
promising to try an array of new economic measures to stimulate
spending.
MARKETWATCH FIRST TAKE: THE FED GOES TO DEFCON 1
With conventional monetary policy options exhausted, the Federal
Reserve has declared war, promising to do whatever it takes to prevent
a depression.
U.S. home builders start construction of new homes at a November pace
far below the worst levels seen in 50 years, Commerce Department data
show. Building
permits, considered a forward-looking indicator, underscore the weakness in
construction.
Stocks end sharply higher after Fed cuts rate target to near zero. Dow
up 369 points at the close, Nasdaq and S&P up 5%.
Drop in consumer prices is most since 1932
U.S. consumer prices fell in November at the fastest rate since 1932,
the Labor Department reports.
ECONOMIC REPORT: HOUSING STARTS DROP 18.9% TO PLUMB RECORD LOW, U.S. DATA SHOW
U.S. home builders start construction of new homes at a November pace
far below the worst levels seen in 50 years, Commerce Department data
show. Building permits, considered a forward-looking indicator,
underscore the weakness in
construction.
THE FED: PULLING OUT ALL THE STOPS
The Federal Reserve is going to do whatever it takes to help offset
the economic downturn, analysts say.
PAY RAISES IN 2009 WILL BE MEASLIEST IN 32 YEARS, SURVEY FINDS
Thanks in large part to the hit companies are taking from the current
financial crisis, millions of U.S. workers will find their 2009 pay
raises are less than 3%, the lowest average in 32 years.
LIQUIDATION OF MADOFF SECURITIES FIRM UNDER WAY
Bernard L. Madoff Investment Securities LLC will be liquidated to try
to salvage some money for the brokerage firm's customers, the
Securities Investor Protection Corporation says.
Goldman Sachs reports quarterly loss of $4.97 a share - $2.1B total.
CEO cites 'extraordinarily difficult operating conditions.'
U.S. housing starts plunge nearly 19% in November to record low
12/16/2008 8:30:54 AM EDT
U.S. consumer prices fall 1.7% in November; energy prices down 17%
12/16/2008 8:32:59 AM EDT
U.S. consumer prices fell in November at the fastest rate since 1932,
the Labor Department reports.
Energy shares get an early lift from higher crude-oil prices and gains
in the broader stock market, ahead of an expected interest-rate cut by
the Federal Reserve.
Stocks open higher on hopes of another Fed rate cut. Dow, S&P 500 and
Nasdaq all jump out of the gate.
Liquidation of Madoff's firm under way to repay brokerage customers
6:13:38 PM EDT
The president-elect introduces members of his energy and environment
team, saying that both the future of the U.S. economy and national
security are linked to energy.
Obama names energy team: Physicist Steven Chu as Energy secretary and
former EPA chief Carol Browner in new role of climate czar.
| Dow : 8564.53 down 65.15 | S & P : 868.57 down 11.16 |
| NASDAQ: 1508.34 down 32.38 | Bond (10Y): 2.50%, 110.88
MARKETS:
Stocks slump ahead of Fed decision
Wall Street retreats as investors mull the central bank's rate
meeting, the outlook for automakers and the Madoff scandal.
U.S. stocks decline as firms detail Madoff exposure
U.S. stocks fall, with financial shares weighing on the broader market
as firms detailed their exposure to the alleged $50 billion fraud by
Bernard Madoff.
MADOFF ARREST RAISES QUESTIONS ABOUT SEC OVERSIGHT
The arrest of investment manager Bernard Madoff on allegations that he
ran a $50 billion "Ponzi scheme" raises questions about the
effectiveness of the Securities and Exchange Commission's oversight of
the $1.5 trillion hedge-fund industry.
THE FED: FED IS COMING TO THE END OF THE LINE ON RATE CUTS
The Federal Reserve is likely to cut the federal funds rate as low as
it can go at this week's meeting, and to begin shifting its focus to
nontraditional policies.
EUROPEAN BANKS REVEAL EXPOSURES TO ALLEGED MADOFF FRAUD
European and Asian banks reveal billion of dollars of exposure to
Bernard Madoff and his alleged ponzi scheme, with customers of Spain's
Santander potentially facing some of the biggest losses.
STATE BUDGETS EXPECTED TO DROP FOR FIRST TIME IN A GENERATION
States will experience a bleak fiscal 2009, a new report says, with
spending expected to decrease for the first time since 1983 and budget
cuts to follow in coming fiscal years.
The energy sector moved up sharply Monday as investors tapped into
higher crude oil prices and shrugged off the latest decrease in
drilling rigs.
U.S. stocks decline as Madoff losses hit home
U.S. stocks declined after a mixed start, with financial shares
weighing on the broader market as firms detailed their exposure to the
alleged $50 billion fraud by Bernard Madoff.
EUROPEAN BANKS REVEAL EXPOSURES TO ALLEGED MADOFF FRAUD
European and Asian banks reveal billion of dollars of exposure to
Bernard Madoff and his alleged ponzi scheme, with customers of Spain's
Santander potentially facing some of the biggest losses.
ECONOMIC REPORT: INDUSTRIAL OUTPUT FALLS 0.6% IN NOVEMBER
The output of the nation's factories, mines and utilities fell 0.6% in
November on broad-based weakness across manufacturing industries, the
Federal Reserve reports.
IRELAND TO INJECT UP TO $13.5 BILLION IN BANKING SECTOR
The Irish government said late Sunday that it will provide as much as
10 billion euros ($13.5 billion) to recapitalize the country's banking
sector.
JAPAN INC. SENTIMENT PLUNGES
Confidence among large manufacturers fell at its fastest pace since
August 1974, the Bank of Japan's quarterly tankan survey showed
Monday, pointing to a deepening recession and rapidly deteriorating
conditions in the world's second-largest economy.
U.S. stocks slump after flat open; Nasdaq paces indexes' decline
12/15/2008 10:22:53 AM EDT
The output of the nation's factories, mines and utilities fell 0.6% in
November on broad-based weakness across manufacturing industries, the
Federal Reserve reports.
Stocks open higher as investors weigh new hope for auto bailout plan.
Dow, Nasdaq, S&P 500 all begin the day in the black.
Oil futures rallied 6% Monday, boosted by expectations that the OPEC
oil cartel will agree on a substantial production cut at its meeting
later this week.
President-elect Barack Obama's expected nominee for energy secretary,
Steven Chu, boasts a résumé that includes not only a 1997 Nobel prize
for physics, report analysts at Lazard, but a record of solar, wind
and ethanol support.
| Dow : 8629.68 up 64.59 | S & P : 879.73 up 6.14 |
| NASDAQ: 1540.72 up 32.84 | Bond (10Y): 2.57%, 110.22 |
MARKETS:
Stocks rally on bailout hopes
Wall Street gains at end of choppy session on bets that the automakers
will get help after all.
Stocks end week with mixed results and hope for carmakers
U.S. stocks on Friday erase early losses to finish nearly flat for the
week after the Bush administration said it would step in to prevent a
failure of U.S. automakers amid worries that more layoffs would deepen
the recession.
WHITE HOUSE PLEDGE REVIVES HOPES FOR AUTO INDUSTRY
The Treasury Department says it would step in and lend funds to the
Big Three automakers until Congress has time to consider a long-term
rescue package for the beleaguered U.S. industry.
CHIP SALES TO FALL FOR JUST FIFTH TIME IN 25 YEARS
The semiconductor industry will post a decline in annual sales this
year, only the fifth time that has happened in past quarter of a
century, an industry research group says.
INVESTOR SUITS EXPECTED AGAINST FUND PONZI SCHEME
High-net-worth and pension-fund investors are expected to launch a
rash of investor lawsuits on the federal and state levels against
Bernard L. Madoff Investment Securities LLC, whose founder was
arrested and charged with securities fraud in what federal prosecutors
are calling a Ponzi scheme that could involve losses of more than $50
billion.
BOSSES TURN TO GRINCHES AS LIGHTS GO OUT ON HOLIDAY PARTIES
Companies big and small are giving the pink slip to traditional
once-a-year gatherings that spread good cheer, give thanks for a tough
year and let the maintenance crew rub elbows and tell tales at the bar
with the higher ups.
The Dow gains 65 points to close at 8,630 amid talk that the White
House may provide help for Detroit carmakers.
Ecuador's President Rafael Correa made good on his threat to default
on the country's foreign debt Friday, saying Ecuador will not make a
payment due Dec. 15, according to media reports.
President-elect Barack Obama's expected nominee for energy secretary,
Steven Chu, boasts a résumé that includes not only a 1997 Nobel prize
for physics, report analysts at Lazard, but a record of solar, wind
and ethanol support.
Stocks off session lows as Treasury vows to help auto industry
U.S. stocks stage a partial recovery from earlier lows after the
Treasury Department says it would step in to prevent a failure of the
U.S. auto industry amid intensifying worries that more layoffs would
deepen the recession.
WHITE HOUSE BREATHES NEW LIFE INTO AUTO BAILOUT
The Treasury Department says it would step in and lend funds to the
Big Three automakers until Congress has time to consider a long-term
rescue package for the beleaguered U.S. industry.
CURRENCIES: FAILED AUTO BAILOUT SENDS DOLLAR TO 13-YEAR LOW VS. YEN
The dollar tumbles to a 13-year low versus the Japanese yen and falls
against most major currencies after a $14 billion loan package
targeted for the U.S. auto industry collapses.
ECONOMIC REPORT: PRODUCER PRICES FALL SHARPLY AGAIN IN NOVEMBER
U.S. wholesale prices fall sharply for the second straight month as
weak demand pulls down prices for energy supplies and other raw
materials.
BANK OF AMERICA TO CUT UP TO 35,000 JOBS OVER THREE YEARS
Bank of America plans to cut up to 35,000 jobs over the next three
years as the financial giant adjusts to a recession and completes the
pending acquisition of brokerage firm Merrill Lynch.
Energy stocks trade deeply in the red, playing off lower oil prices
and fresh predictions of weaker energy demand in the face of the
global economic slowdown.
Crude-oil futures tumbled 7% Friday, a reversal after rallying more
than 10% in the previous session, as last-ditch plans for a bailout of
the U.S. auto industry collapsed.
U.S. stock indexes open lower amid car-industry doubts; Dow off 125 points
12/12/2008 9:37:59 AM EDT
U.S. producer prices decline sharply for second consecutive month
8:31:59 AM EDT
Retail sales slip for the 5th straight month - down 1.8% - while
wholesale prices fall 2.2%, the government reports.
Auto bailout measure collapses in Senate, leaving fate of GM and
Chrysler uncertain.
Bank of America to cut up to 35,000 jobs over three years
Bank of America plans to cut up to 35,000 jobs over the next three
years as the giant lender adjusts to a recession and completes the
pending acquisition of brokerage firm Merrill Lynch.
MARKET SNAPSHOT: U.S. STOCKS TRADE LOWER AS AUTO BAILOUT UNCERTAINTY WEIGHS
U.S. stocks rebound from early weakness to flirt with positive
territory, with energy stocks rising as crude oil prices surged
another 11% on a weak dollar and expectations of upcoming production
cuts.
FUTURES MOVERS: OIL SOARS 10% ON POSSIBLE OPEC OUTPUT CUT, DOLLAR TUMBLE
The benchmark crude contract extends its rally on rising expectations
that the Organization of Petroleum Exporting Countries will cut
production at its meeting next week. A weak dollar also lends a
helping hand. Energy traders bid reformulated gasoline and heating oil
to big gains as well.
HOUSE AUTO BAILOUT IMPERILED IN SENATE
Senate Republicans and Democrats are at odds with each other over a
$14 billion package of loans for the struggling U.S. auto industry,
making passage of the House-approved package unlikely in the Senate.
Bank of America to cut up to 35,000 jobs over the next three years
12/11/2008 4:19:43 PM EDT
Dow industrials down 200 points with GM, J.P. Morgan, B. of A. pacing slide
| 3:14:24 PM EDT
Russia's central bank allows the ruble to weaken, widening its trading
band for the fifth time in a month, as the country's international
reserves fell by nearly $18 billion last week, highlighting the
ongoing pressure on the Russian currency.
Crude-oil futures jump 10%
12:33:32 PM EDT
U.S. stocks rebound from early weakness to flirt with positive
territory , with energy stocks rising as crude-oil prices surge
another 7% on a weak dollar and expectations of upcoming production
cuts. GM and Ford shares are back on the defensive.
FATE OF AID TO BIG THREE AUTOMAKERS RESTS IN SENATE
Senators begin considering a $14 billion package of emergency loans to
the Big Three automakers, as Republicans in the chamber threaten to
block the bill a day after the House approved the aid.
MORTGAGES: 30-YEAR FIXED-RATE IS LOWEST SINCE MARCH 2004: FREDDIE MAC
Rates on fixed-rate mortgages fell again this week, bringing the
30-year fixed-rate to its lowest level in more than four years,
according to Freddie Mac's weekly survey.
FUTURES MOVERS: CRUDE-OIL FUTURES SOAR 8%, EXTENDING RALLY
Oil futures extend their rally on rising expectations that the
Organization of Petroleum Exporting Countries will cut production at
its meeting next week.
CURRENCIES: DOLLAR FALLS SHARPLY ON GRIM ECONOMIC DATA
The British pound rebounds slightly versus the euro Thursday, a day
after tumbling to another record low against the single currency amid
aggressive monetary and fiscal easing by U.K. authorities
The weak U.S. economy pushed exports and imports down in October, but
the overall deficit rose as the volume of oil imports spiked, a
government report showed Thursday.
Average 30-year U.S. mortgage rate at 4 1/2-year low
12/11/2008 10:25:23 AM EDT
Investors move into energy stocks despite weakness in the broad market
on Thursday, as shares of oil and natural gas stocks tapped into
rising commodity prices.
Oil futures extended their rally Thursday on rising expectations that
the Organization of Petroleum Exporting Countries will cut production
at its meeting next week.
New Jobless Claims Jump to 573,000, Highest Level in 26 Years [8:40 a.m. ET]
Marathon Oil will likely wait for market conditions to improve before
it would move ahead with a plan to split into two publicly traded
entities, the company says.
U.S. stocks dip early Thursday; top blue-chip decliners: GM, Bank of
America, Citi
12/11/2008 9:54:43 AM EDT
House Approves Bill to Lend Up to $14 Billion to Bail Out U.S. Auto
Companies [8:55 p.m. ET]
Stocks settle higher. Nasdaq and S&P gain about 1% as investors are
heartened by movement on a $14B auto bailout.
Oil prices gain $1.45 to settle at $43.52 a barrel on news of $14B
Detroit rescue deal between White House, congressional Democrats.
Treasury: U.S. budget deficit reaches $402B in first 2 months of
fiscal year – compared to a $455B shortfall for all of last year.
Congressional Democrats and the White House have struck deal to
provide $15 billion bailout to U.S. auto industry.
Auto-industry bailout bill finalized by White House, congressional
Democrats: report
11:09:56 AM EDT
Canadian stocks rise, propelled by strong gains in commodity prices
and optimism about the U.S. government's possible bailout of the auto
industry.
Stocks jump out of the gate as Wall Street welcomes news of progress
on auto bailout.
Crude-oil futures move up more than 4% in early Globex action, as
energy traders get ready for data on U.S. petroleum stockpiles that
are expected to show an increase in crude supplies last week.
| Dow : 8691.33 down 242.85 | S & P : 888.67 down 21.03 |
| NASDAQ: 1547.34 down 24.40 | Bond (10Y): 2.63%, 109.72
MARKETS:
Stocks slump after rally
Wall Street retreats after surging 21% in 2 1/2 weeks.
U.S. stocks decline, putting the brakes on two sessions of gains, as
companies including Texas Instruments Inc., FedEx Corp. and Danaher
Corp. offer gloomy earnings projections.
GOVERNOR CHARGED WITH SOLICITING BRIBES FOR OBAMA'S SEAT
Federal agents arrest Illinois Gov. Rod Blagojevich and his chief of
staff on fraud and bribery charges related to the appointment of a
successor for President-elect Barack Obama in the U.S. Senate and a
threat to withhold state assistance to the Tribune Co.
BOND REPORT: TREASURYS UP; GOVERNMENT SELLS T-BILLS AT 0%
Treasurys head higher, helped by a strong bill auction that showed
investors simply wanted assurance that they'd get their principal
back.
LAWMAKERS: FANNIE MAE CEO MADE POOR CHOICES
Mortgage giants Fannie Mae and Freddie Mac made irresponsible
investments in recent years that cost taxpayers billion of dollars,
said House Oversight Committee chairman Henry Waxman, citing internal
documents.
CONSUMERS TRADING DOWN ON FOOD, GROCER KROGER SAYS
More shoppers are hunting for bargains in grocery stores and willing
to pay less for a no-name brand, the big U.S. supermarket chain says.
----------------------------------------
The percentage of U.S. mortgage holders who were behind in their
payments soared to a record 6.99% of loans outstanding in the third
quarter, the Mortgage Bankers Association said Friday, and the number
of mortgages somewhere in the foreclosure process was also at a new
high.
Dow ends about 240 points lower, ending a 2-day rally, as investors
mull negative corporate news and possible Detroit bailout.
The largest thermal solar plant in the U.S. clears an important
regulatory hurdle, but financing for the estimated $1 billion Solana
project in Arizona remains in limbo.
Dow drops 200 points, sliding after a 2-day rally, as Wall Street
weighs possible Detroit bailout.
U.S. stocks trim losses after sign of some stability in housing
U.S. stocks scale back losses as a leading indicator of the housing
market proves less dire than expected, offsetting disappointing
forecasts from Texas Instruments and FedEx.
FUTURES MOVERS: OIL TRADES FLAT NEAR $44 A BARREL AFTER MONDAY'S RALLY
Oil futures traded little changed near $44 a barrel Tuesday after
surging 7% in the previous session, as traders considered a possible
production cut by the OPEC oil cartel at its upcoming meeting.
NEW YORK TIMES WARNS OF 'CHALLENGING' YEAR IN 2009
New York Times Co. says it expects next year to be "among the most
challenging" it has ever faced as advertising revenues fall further.
U.K. RETAIL SALES FELL IN NOVEMBER AND 2009 LOOKS EVEN WORSE
Total U.K. retail sales fall for a second month in November, a survey
from the British Retail Consortium shows Tuesday, as cash-strapped
customers rein in. their holiday spending.
SONY TO CUT 8,000 JOBS AND CLOSE 10% OF MANUFACTURING SITES
Sony Corp. plans to cut 8,000, or 5%, of the jobs in its electronics
division and close about 10% of its 57 manufacturing sites worldwide
in an effort to save more than 100 billion yen ($1.08 billion) by
March 2010.
Exco Resources and Petrohawk Energy Corp. shares rose sharply Tuesday
despite flat trading in energy stocks after the companies announced
big natural gas discoveries in the Haynesville shale.
Oil futures traded little changed near $44 a barrel early Tuesday
after surging 7% in the previous session, as traders considered a
possible production cut by the OPEC oil cartel at its upcoming
meeting.
Illinois Gov. Rod Blagojevich taken into federal custody: report
12/9/2008 9:27:46 AM EDT
Realtors group says pending home sales fell 1% in October compared to
2007 - less than expected.
Stocks fall at the open as investor optimism over a proposed auto
bailout is tempered by ongoing economic worry.
| Dow : 8934.18 up 298.76 | S & P : 909.70 up 33.63 |
| NASDAQ: 1571.74 up 62.43 | Bond (10Y): 2.74%, 108.69
MARKETS:
Stocks rally for a second day
Wall Street advances on Obama's comments on the economy and hopes for
an automaker bailout.
U.S. stocks climb, with the Dow Jones Industrial Average closing at
its highest level in a month, as investors cheer President-elect
Barack Obama's pledge of massive infrastructure investment and a
likely deal for the auto industry.
TRIBUNE CO. FILES FOR BANKRUPTCY; CUBS FRANCHISE NOT IN FILING
The media company files for bankruptcy protection to restructure its
nearly $13 billion debt load, a move that dramatically underscores the
dire circumstances clouding the near-term future of the newspaper
industry.
DEAL SEEN ON AID FOR AUTOMAKERS BY END OF DAY
A deal on as much as $17 billion in loans for the struggling Big Three
automakers is likely by the end of the day, according to the White
House and a top Democratic lawmaker.
3M LOWERS FULL-YEAR OUTLOOK, CUTS 1,800 JOBS
The St. Paul, Minn.-based maker of office, display graphics and
industrial products slashes its full-year forecast following a sharp
sales decline, and is reducing its workforce by nearly 2%.
ANALYST SAYS GOOGLE, SEARCH ADS FACE TOUGH QUARTER
Internet search, which has so far served as a dependable source of
growth for online advertising, could possibly see its first-ever
sequential decline in the first quarter of next year, according to a
Wall Street analyst.
Stocks finish solidly higher as auto rescue plan takes shape; GM
rallies 20%; Ford up 24%
12/8/2008 4:05:21 PM EDT
Tribune Co. files for Chapter 11 bankruptcy
12/8/2008 1:48:02 PM EDT
InBev cutting 6% of U.S. jobs after Anheuser-Busch acquisition
1:31:11 PM EDT
U.S. stocks extend prior session's rally, with investors cheered by
President-elect Barack Obama's pledge of massive infrastructure
investment and reports a deal is in the works to help the failing auto
industry.
WHITE HOUSE, LAWMAKERS NEAR AUTO BAILOUT DEAL
The broad outlines of a deal to bail out the failing U.S. auto
industry have been agreed on between congressional Democrats and the
White House, though a leading Republican senator is threatening a
filibuster.
3M LOWERS FULL-YEAR OUTLOOK, CUTS 1,800 JOBS
3M slashes its full-year forecast following a sharp sales decline, and
says it reduced its workforce by nearly 2%.
DOW CHEMICAL CUTS 11% OF WORKFORCE; CLOSES PLANTS
Dow Chemical Co. says it will slash about 5,000 full-time jobs, or
about 11% ofits global staff, and eliminate an additional 6,000
positions in its contractor workforce as it moves to address "current
economic realities."
Natural gas shares and drilling stocks rose sharply Monday after
Chesapeake Energy scrapped plans to issue stock and announced a
healthy cash position.
Shares of Chesapeake Energy Corp. soar after it cancels plans to issue
stock, cuts back its capital spending for the fourth time in recent
months, and says it has more than enough cash on hand.
Dow Chemical slashing workforce by 11%, closing 20 facilities, idling 180 plants
12/8/2008 8:13:57 AM EDT
Dow industrials up 191 points as U.S. stocks rise at Monday's open
12/8/2008 9:34:14 AM EDT
U.S. stock-market futures on Monday pointed to an extension of the
previous session's rally, rising after lawmakers reportedly agreed the
outline of a deal to rescue the auto industry and President-elect
Barack Obama pledged massive new infrastructure investment.
Consumers who have recently enjoyed a sharp fall in gas prices might
see those prices start to creep back upward next year if a cut in oil
production by the Organization of Petroleum Exporting Countries turns
out to be deeper than expected.
Tech Stocks: Technology sector bounces back led by SanDisk
12/5/2008 4:20 PM ET
Technology stocks bounce back, boosted by gains from SanDisk Corp. and
Micron Technology.
-----------------------------------------------------------------
Analyst says Intel could cut forecast, jobs
12/5/2008 5:09 PM ET
Shares of Intel Corp. rebound to close higher after an analyst with
Friedman, Billings, Ramsey & Co. speculates that the chip giant could
reduce its revenue outlook again and drastically slash jobs.
-----------------------------------------------------------------
Facebook's employee-stock-sale delay creates valuation doubts
12/5/2008 4:33 PM ET
Facbook has delayed an innovative plan that would've allowed employees
to cash in before the closely held company is either acquired or goes
public by selling a limited number of their shares. The postponement
raises questions about Facebook's lofty implied valuation.
-----------------------------------------------------------------
Telecom Report: Cable foray into wireless likely a dropped call
12/5/2008 3:15 PM ET
The cable industry needs a wireless business just as much as a cow
needs jumper cables. So says Craig Moffett, the always opinionated and
sometimes acerbic analyst at Bernstein Research.
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Telecom Stocks: Nokia, Sprint lead decline; Leap leaps
12/5/2008 11:03 AM ET
Telecommunications stocks mostly fell in Friday
trades, tracking the broader U.S. market, with Nokia Corp. and Verizon
Communications Inc. among the sharpest decliners.
| Dow : 8635.42 up 259.18 | S & P : 876.07 up 30.85 |
| NASDAQ: 1509.31 up 63.75 | Bond (10Y): 2.70%, 109.06 |
MARKETS:
Stocks rally despite jobs report
Wall Street recovers after a morning slide, with tech and financial
stocks leading the way.
U.S. stocks turn higher as insurers rally
U.S. stocks erase losses and shoot higher as insurer Hartford
Financial Services Group Inc. leads a rally in the financial sector by
hiking its earning forecast for the year.
ECONOMIC REPORT: U.S. ECONOMY SHEDS AN 'ALARMING' 533,000 JOBS IN NOVEMBER
U.S. nonfarm payrolls plunged by 533,000 in November, the worst job
loss in 34 years, the Labor Department reports.
NEARLY 10% OF U.S. MORTGAGES ARE DELINQUENT OR IN FORECLOSURE
The percentage of U.S. mortgage holders who were behind in their
payments soared to a record 6.99% of loans outstanding in the third
quarter, the Mortgage Bankers Association said Friday, and the number
of mortgages somewhere in the foreclosure process was also at a new
high.
RYANAIR MAY BE CLOSING IN ON AER LINGUS WITH SWEETENED TERMS
The near collapse of the Irish economy and a sweetened sales pitch may
finally allow Ryanair Holdings, Europe's largest low-cost airline, to
bag rival Aer Lingus Group after a two-year wait.
Dow industrials finish Friday up 260 points yet close week with 2% loss
12/5/2008 4:07:36 PM EDT
Crude-oil futures close at $40.81; week's decline of 25% is steepest since 1991
2:58:39 PM EDT
O.J. Simpson to Serve at Least Nine Years in Prison for Las Vegas
Hotel Robbery [1:30 p.m. ET]
U.S. stocks slump for second day as jobless count spikes
U.S stocks tally a second straight day of losses after the government
reports a 553,000 drop in payrolls in November.
ECONOMIC REPORT: PAYROLLS PLUNGE BY STUNNING 533,000 IN NOVEMBER
U.S. nonfarm payrolls plunged by 533,000 in November, the worst job
loss in 34 years, the Labor Department reports.
CURRENCIES: DOLLAR RISES AFTER DISMAL NOV. JOBS DATA
The dollar rose against most currencies except the Japanese yen, as a
brutal plunge in November U.S. nonfarm payrolls enhanced the
greenback's safe-haven appeal in the face of an increasingly bleak
outlook for the global economy.
RYANAIR MAY BE CLOSING IN ON AER LINGUS WITH SWEETENED TERMS
The near collapse of the Irish economy and a sweetened sales pitch may
finally allow Ryanair Holdings, Europe's largest low-cost airline, to
bag rival Aer Lingus Group after a two-year wait.
Stocks in Toronto posted steep losses Friday, as falling commodity
prices, domestic political turmoil and worse-than-expected jobs data
from Canada and the United States hurt investor sentiment.
The worst U.S. monthly job loss in 34 years stoked further selling in
the energy sector Friday, with shares of natural gas producers leading
losses in a sector rocked by a stream of bad economic news,
predictions of $25 a barrel oil and steep losses in the broad market.
U.S. foreclosures, mortgage delinquencies hit record highs
12/5/2008 10:00:49 AM EDT
U.S. stocks in retreat following payrolls report; Dow down 125 points
12/5/2008 9:49:51 AM EDT
Oil futures fell 3% Friday after the Labor Department reported that
U.S. nonfarm payrolls plunged by 533,000 in November, adding to
evidence that the economy is mired in a recession.
China plans next month to raise tax on regular gasoline by five fold
and diesel fuel tax by eight fold, in a move to take advantage of
falling crude prices and encourage energy conservation, state-run
media reported Friday.
533,000 Jobs Lost in November, Nearly Twice What Was Expected;
Unemployment Climbs to 6.7% [8:34 a.m. ET]
Tech Stocks: Chip, other tech issues sink after AMD cuts sales outlook
12/4/2008 4:27 PM ET
Technology stocks closed lower Thursday, punctuated by chipmaker
Advanced Micro Devices Inc.'s warning that it expects to report a
decline in its quarterly sales.
-----------------------------------------------------------------
Microsoft names former Yahoo exec to top Internet post
Microsoft Corp. has named a new top executive to oversee its Internet
services business, as it seeks to gear up for a more formidable
challenge to market leader Google Inc.
-----------------------------------------------------------------
After Hours: Novell, Guess rise; Microsoft names ex-Yahoo executive
12/4/2008 5:41 PM ET
Novell Inc. and Guess Inc. shares gain after both companies report
earnings after the close of regular trading, while Microsoft edges up
after hiring a former Yahoo executive to head its internet services
division.
-----------------------------------------------------------------
AMD lowers revenue target, cites weak demand
12/4/2008 5:08 PM ET
Advanced Micro Devices lowers its fourth-quarter revenue outlook,
citing "weaker than expected demand across all geographies and
businesses."
-----------------------------------------------------------------
Applied Materials boosted by upgrade; analyst sees industry gains
12/4/2008 4:42 PM ET
Applied Materials, the world's largest maker of
semiconductor-manufacturing equipment maker, is called buy as an
analyst turns bullish on the sector.
-----------------------------------------------------------------
Stable management helps Synopsys in tough times: analysts
12/4/2008 4:32 PM ET
Shares of Synopsys Inc. are up more than 11% after the chip design
software company posts earnings that beat Wall Street projections.
-----------------------------------------------------------------
MarketWatch First Take: AMD earnings shortfall is bad news for the PC sector
12/4/2008 2:18 PM ET
Advanced Micro Devices Inc.'s fourth-quarter earnings shortfall has
analysts and investors concerned about further weakening of the
personal computer business, including the health of its archrival
Intel Corp.
-----------------------------------------------------------------
Telecom Stocks: AT&T, ADC, telecoms mostly decline
12/4/2008 1:20 PM ET
Shares of telecommunications stocks were deflated on
Thursday after two days of gains, with large job reductions by AT&T
Inc. weighing on the sector.
-----------------------------------------------------------------
AT&T to eliminate 12,000 jobs
12/4/2008 1:06 PM ET
AT&T Inc. on Thursday said it would cut 12,000 jobs, or 4% of its
workforce, and spend less on new equipment in 2009 in response to a
weakening economy.
-----------------------------------------------------------------
Amazon shares get boost from strong online sales, upgrade
12/4/2008 12:39 PM ET
Amazon.com shares climb to their highest level in a month after a
broker upgrades the online retail giant on the belief that the
company's strong competitive position will offset pressures from the
slowing economy.
-----------------------------------------------------------------
Nokia again cuts fourth-quarter mobile industry outlook
12/4/2008 10:22 AM ET
Nokia Corp., the world's largest maker of mobile phones, on Thursday
lowered its fourth-quarter mobile-industry outlook for the second time
in less than a month, citing worsening economic conditions, and warned
it may lose market share in the period.
-----------------------------------------------------------------
Israel Stocks: Market higher; Hapoalim holder said to want more
12/4/2008 10:21 AM ET
Israel stocks rose Thursday on the back of two of the
country's heavyweight issues: Israel Chemicals, Teva Pharmaceutical,
as well as the banks.
| Dow : 8376.24 down 215.45 | S & P : 845.22 down 25.52
| NASDAQ: 1445.56 down 46.82 | Bond (10Y): 2.55%, 110.44
MARKETS:
Stocks tumble ahead of jobs report
Wall Street retreats on weak economic readings and auto bailout
hearing. Friday's employment report looms.
U.S. stocks decline for first time in thee days as layoffs rise
U.S. stocks close sharply lower as auto executives plead for federal
aid and in the aftermath of mostly dismal retail-sales results and
layoffs from corporate giants including AT&T Inc. and DuPont Co.
FUTURES MOVERS: CRUDE TUMBLES 7% TO LOWEST IN NEARLY FOUR YEARS
Crude-oil futures fall for the fifth straight session, slumping nearly
7% to close at their lowest level in nearly four years amid ongoing
demand worries.
BIG 3 CAR EXECUTIVES AGREE TO TAKE ORDERS FROM WASHINGTON
Chastened leaders of the U.S. automobile industry agree to accept
strong oversight from Washington in return for the immediate govenment
aid they say is needed to keep the industry alive past the new year.
RETAILERS POST WORST MONTH ON RECORD, SETTING SOMBER HOLIDAY TONE
November retail sales miss already-lowered expectations, echoing a
familiar theme that's haunted U.S. retailers this year, as jittery
consumers were pinched by the recessionary economy.
AT&T TO ELIMINATE 12,000 JOBS
AT&T Inc. on Thursday said it would cut 12,000 jobs, or 4% of its
workforce, and spend less on new equipment in 2009 in response to a
weakening economy.
U.S. stocks finish sharply lower; GM paces Dow retreat, down 16%
4:03:35 PM EDT
Exxon Mobil, undaunted by a steep drop in oil prices, held fast
Thursday to its forecast that world energy demand will show steady
overall growth through 2030.
BULLETIN: Dow industrials down 200 points in final hour of trade
12/4/2008 3:07:37 PM EDT
Average 30-year mortgage rate at lowest level since January: Freddie Mac
12/4/2008 11:01:19 AM EDT
Canadian stocks rise, with mining and financial shares leading the
gains, as global central banks aggressively cut interest rates in a
move to revive economic growth.
Latin American markets trade broadly higher, with stocks in Argentina
leading the gains after its president announces a plan to boost
economic growth.
U.S. stocks slip lower on weak retail sales and job losses
U.S. stocks ease after retailers report mostly disappointing sales
results and companies including AT&T Inc. and DuPont Co. say they will
slash thousands of workers from their payrolls.
RETAILERS TURN IN ANOTHER UGLY MONTH WHILE WAL-MART SHINES
November retail sales miss already-lowered expectations, echoing a
familiar theme that's haunted U.S. retailers this year, as jittery
consumers were pinched by the recessionary economy.
ECONOMIC REPORT: INITIAL CLAIMS FALL TO 1-MONTH LOW 509,000
Weekly initial jobless claims fall to a one-month low even as a less
volatile average rises to its highest level in 16 years, Labor
Department data indicate.
AT&T TO ELIMINATE 12,000 JOBS
AT&T Inc. on Thursday said it would cut 12,000 jobs, or 4% of its
workforce, and spend less on new equipment in 2009 in response to a
weakening economy.
U.S. factory orders down more than 5% in October
12/4/2008 10:00:55 AM EDT
Energy stocks fall with both the broad market and crude oil futures in
the face of layoffs at S&P 500 companies and weak retail sales in
November.
Nasdaq sets pace as U.S. stocks decline at opening bell
12/4/2008 9:35:20 AM EDT
Crude-oil futures drop for a fifth straight session, trading near
their lowest level in nearly four years, as global central banks
slashed interest rates amid ongoing worries that slower economic
growth will reduce energy demand.
U.S. jobless claims unexpectedly fall, but four-week moving average is
at 16-year high
12/4/2008 8:34:31 AM EDT
AT&T to cut 12,000 jobs
12/4/2008 8:05:23 AM EDT
Wal-Mart's November same-sales climb 3.4%, topping estimates
12/4/2008 7:55:10 AM EDT
Bank of England cuts rates to 2%, lowest level since 1939
12/4/2008 7:00:30 AM EDT
MARKETS:
Stocks gain for 2nd session
Wall Street manages to advance in a volatile session as investors try
to look beyond weak economic news.
Fed Beige Book says U.S. economy weak coast to coast
12/3/2008 2:03:10 PM EDT
Dow industrials fall 100 points as U.S. stocks reverse course
12/3/2008 1:51:04 PM EDT
U.S. stocks open lower after Research In Motion cuts its forecast and
industry data show the worst job losses since 2001.
ECONOMIC REPORT: U.S. SERVICES SECTOR CONTRACTING AT RECORD PACE
Non-manufacturing companies in the United States were contracting in
November at the fastest pace on record, according to a survey of
companies by the Institute for Supply Management.
RESEARCH IN MOTION CUTS PROFIT AND SALES GOALS
BlackBerry maker Research in Motion slashes its third-quarter revenue
and earnings goals for the fiscal third quarter, becoming the latest
maker of mobile devices to pare estimates as the world economy
languishes.
EUROPE'S CENTRAL BANKERS EXPECTED TO DELIVER BIG RATE CUTS
Increasingly dismal economic data and mounting worries over the
potential for deflation have economists expecting bold steps by
Europe's central bankers on Thursday.
EMERGING MARKETS REPORT: THAILAND SLASHES RATES TO RESUSCITATE ECONOMIC GROWTH
The Bank of Thailand delivered its biggest ever interest rate cut in an
aggressive move to buoy economic growth that has been hurt by domestic
political turmoil and the global financial crisis.
U.S. stock indexes turn positive, led by 1.2% Nasdaq gain
12/3/2008 10:54:09 AM EDT
U.S. service-economy gauge hits record low
12/3/2008 10:06:24 AM EDT
Exxon Mobil Corp. Chairman and Chief Executive Rex W. Tillerson will
receive a 10% base salary increase of $187,000 to $2.06 million in
2009 plus 225,000 shares of restricted stock, according to a filing
with regulators.
U.S. stocks retreat early Wednesday; Dow takes triple-digit hit
12/3/2008 9:31:02 AM EDT
Oil futures trade near their lowest level in over three years, as
investors awaited the latest data on U.S. petroleum supplies due later
in the session.
U.S. stock market futures pointed lower Wednesday after a profit
warning from Research In Motion and data showing a heavy fall in
private sector employment during November.
BULLETIN: ADP monthly figures show largest private-sector job loss in
seven years
12/3/2008 8:42:24 AM EDT
European shares fall on Wednesday, pressured by losses for oil majors
and a sharp sell-off for chip maker Infineon Technologies.
12/2/2008 4:59 PM ET
Technology stocks close solidly higher, marked by a jump in Yahoo
shares on talk about a potential new bidder, and by a late rally by
Palm Inc.
-----------------------------------------------------------------
Tech Stocks: Sell-off slams tech stocks as Nasdaq plunges nearly 9%
12/1/2008 5:28 PM ET
Technology stocks tumble as the broader market retreats on gloomy
economic data, with poor semiconductor sales hurting chip shares.
-----------------------------------------------------------------
Intel, Hitachi unveil solid-state drive joint venture
12/2/2008 5:59 PM ET
Shares of Intel Corp. rise more than 5% after the chip giant unveils a
joint venture with Hitachi Global Storage Technologies to develop and
manufacture solid state drives for business computers.
-----------------------------------------------------------------
Marvell Technology swings to third-quarter profit
12/2/2008 4:50 PM ET
SAN FRANCISCO (MarketWatch) - Marvell Technology swung to a profit in
the third-quarter as the chip maker focused on controlling costs in
what the company's chief executive described as a "challenging
business environment."
-----------------------------------------------------------------
Start-ups still have unrealistic valuation goals, tech giants say
12/2/2008 4:35 PM ET
Deep-pocketed technology giants such as Microsoft Corp. and Google
Inc. plan to continue snapping up companies during the economic
downturn, likely benefiting from an ability to drive a hard bargain
with even red-hot startups, according to executives speaking at a
venture capital conference Tuesday.
-----------------------------------------------------------------
Palm shares swing wildly following warning
12/2/2008 4:15 PM ET
Shares of Palm Inc. plunge to a new record-low after the wireless
device maker's warning of a drop in revenue underscored concerns about
the company's viability. The stock got a boost from the market upswing
late in the day, which erased the earlier losses.
-----------------------------------------------------------------
Staples profit plunges as business, retail customers cut back
12/2/2008 2:28 PM ET
Staples Inc., the largest U.S. office supplies chain, says that its
third-quarter profit dropped 43%, hurt by customers cutting back on
the purchases of furniture, computers and business machines in the
face of the declining economy.
-----------------------------------------------------------------
Yahoo shares jump on report that ex-AOL chief may bid for company
12/2/2008 2:15 PM ET
Shares of Yahoo Inc. jumped more than 8% on a media report that former
America Online CEO Jonathan Miller is trying to raise funds to buy a
portion or the entire beleaguered Internet giant.
-----------------------------------------------------------------
Israel Stocks: Market rises; Africa-Israel snaps back; Shufersal in book deal?
12/2/2008 12:03 PM ET
Israel stocks finished strong in the last hour of
trading and rose on Tuesday, with a double-digit snapback in
Africa-Israel buoying both the top index and the real-estate
benchmark.
| Dow : 8419.09 up 270.00 | S & P : 848.81 up 32.60 |
| NASDAQ: 1449.80 up 51.73 | Bond (10Y): 2.67%, 109.34 |
MARKETS:
Stocks rally after retreat
Hopes that automakers may get a bailout help markets recover from
previous session's drubbing.
