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Showing posts from March 1, 2009

Asian markets start week on a positive note

09 Feb 2009 | 18:29 Asian markets start week on a positive note Asian markets started the week on a positive note with the market participants hoping for the quick passage of a large U.S. economic stimulus package and a less than expected slide in December core machinery orders in Japan supporting the Asian exporters. However, on the whole, the global economic outlook is still messy as the US economy reported a dismal piece of economic data in the form of the form of non-farm payrolls  The statistics from the US Labor Department's employment situation report showed that through January, national payrolls shrunk by 598,000 jobs. This was the largest contraction since December of 1971.  Meanwhile, the Asian markets drew comfort from the fact that the utterly negative non farm payrolls is likely to quicken the pace for the passage of a large U.S. economic stimulus package and in turn displayed the same exuberanc

Asian Market Support Stimulus With Surge

03 Feb 2009 | 16:28 Asian Market Support Stimulus With Surge Stock markets in Asian region closed mostly higher on Tuesday 3 February 2009, despiteof lackluster performance on Wall Street overnight and stimulus measures in Japan andAustralia to stabilize markets and support their economies. The Bank of Japan announced tobuy about 1 trillion yen ($11.2 billion) in corporate shares held by banks, while theReserve Bank of Australia announced a $ 26 billion fresh spending to help the country'sresources-based economy accompanied by 100 basis point rate cut from Reserve Bank ofAustralia taking the interest rate to 3.25%. Stocks at Wall Street ended on a mixed note trimming some of its early losses after datashowed a smaller-than-expected contraction in the manufacturing sector. The Dow JonesIndustrial Average finished down 64.11 points, or 0.8%, to 7,936.75. The S&P 500gained half of a point to stand at 825.43,

US stocks end higher

04 Feb 2009 | 09:34 US stocks end higher Stocks at Wall Street ended higher on Tuesday, 03 January, 2009. Couple of better than expected earning reports and a positive economic data pertaining to the housing industry gave a good boost to the stocks. Even though January car sales data checked in line with expectations, each company witnessing major drop, stocks ignored the data and Dow continued to climb upwards. The Dow Jones Industrial Average ended higher by 141 points at 8,078, the Nasdaq closed higher by 22 points at 1,516 and the S&P 500 closed higher by 13 points at 838. Nine of the ten sectors ended in the green today. Financials were the only laggard. GM was one of the few laggards among Dow components today. The auto sales of January that checked in came in as usual. Ford announced January sales declined approximately 40% year-over-year, while General Motors reported a near 51% year-over-year drop

Asian Market extends Wall Street Rally

04 Feb 2009 | 16:48 Asian Market extends Wall Street Rally Stock markets in Asian region closed mostly higher on Wednesday 4 February 2009, asheartening news on the housing market in the US and a recovery in China's manufacturingactivity in January improved the outlook for the battered global economy. Following theAustralian stimulus package China's central government has launched a new stimulusplan totaling 130 billion Yuan (19 billion U.S. dollars) to boost its economy. Stocks at Wall Street ended higher as couple of better than expected earning reports and apositive economic data pertaining to the housing industry gave a good boost to the stocks.The Dow Jones Industrial Average ended higher by 141 points at 8,078, the Nasdaq closedhigher by 22 points at 1,516 and the S&P 500 closed higher by 13 points at 838. Among major economic reports for the day, the National Association of Realtors reportedtoda

A weak finish to a strong start at Wall Street

05 Feb 2009 | 09:37 A weak finish to a strong start at Wall Street A strong start to the day ended in a weak finish at Wall Street on Wednesday, 04 January, 2009. Couple of better than feared economic reports gave a good start to stocks early during the day. But the momentum faded after a few companies missed their earning estimates. Oil prices too gave up early gains after Energy Department reported more than expected build up in crude inventory during last week. After trading higher by 65 points earlier during the day, The Dow Jones Industrial Average ended lower by 122 points at 7,956, the Nasdaq closed lower by 1.2 points at 1,515 and the S&P 500 closed lower by 6.3 points at 832. Six of the ten sectors ended in the red today led by the telecom sector. Today, disappointing earnings came from Disney and Kraft. Kraft also disappointed by lowering its outlook. Both companies weighed on the Dow. Earlier d

Asian markets whistle retreat song

05 Feb 2009 | 16:23 Asian markets whistle retreat song Stock market in Asian region finished mostly lower on Thursday 5 February 2009, as mostof the investors booked profit following the previous day's gains amid spreadingconcerns over the global economy. The regional market also followed a weak finish at Wall Street on Wednesday. Couple ofbetter than feared economic reports gave a good start to stocks early during the day. Butthe momentum faded after a few companies missed their earning estimates. Oil prices toogave up early gains after Energy Department reported more than expected build up in crudeinventory during last week. After trading higher by 65 points earlier during the day, TheDow Jones Industrial Average ended lower by 122 points at 7,956, the Nasdaq closed lowerby 1.2 points at 1,515 and the S&P 500 closed lower by 6.3 points at 832. Among major economic reports for the day, the Institute for S

US stocks manage a decent turnaround

06 Feb 2009 | 09:30 US stocks manage a decent turnaround Stocks at Wall Street ended higher on Thursday, 05 January, 2009. Couple of better than earning reports helped stocks gain momentum which had otherwise had a slow start due to a weaker than expected guidance from Cisco Systems after yesterday's close. Economic reports dominated the first half today and all were almost in line with expectations pointing out towards an economy in recession. Financial and technology sectors contributed to the turnaround. After opening 103 points lower earlier in the day, The Dow Jones Industrial Average ended higher by 106 points at 8,063, the Nasdaq closed higher by 31 points at 1,546 and the S&P 500 closed higher by 13 points at 845. Indices managed a turnaround after reports hit the wires that Treasury Secretary Geithner is expected to unveil a comprehensive financial framework plan on next Monday. The traders ant

Asian Markets retracts sharply

23 Jan 2009 | 15:58 Asian Markets retracts sharply Stock markets in the Asian region retracted sharply by closing last day of the week on lower side aggregating the weekly losses. Markets across the region were haunted by the negative cues overnight from Wall Street accompanied by the disappointing corporate earnings results and dismal economic data that pointed to a deepening global recession dragged stocks lower. On the Wall Street, the Dow Jones Industrial Average ended lower by 106 points at 8,122, the Nasdaq closed lower by 42 points at 1,465 and the S&P 500 closed lower by 13 points at 827.5 on Thursday, 22 January 2009. In the commodity market, crude oil fell after U.S. stockpiles rose more than four times forecast last week, raising concern of an oversupply as the global recession deepened. Supplies of crude oil in the U.S. rose 6.1 million barrels to 332.7 million last weeks, the highest since August 2007, the En

Losses despite a historic week at USA

26 Jan 2009 | 07:39 Losses despite a historic week at USA The historic week at Wall Street ended with losses at Wall Street on Friday, 23 January, 2008. Barack Obama was sworn in as the 44th President of USA. Disappointing earning reports and news of job cuts continued to rattle market. Only exception was IBM. In addition there was a slew of banking industry earnings reports that contained sharp increases to loan loss reserves. The Dow Jones Industrial Average lost 203.96 points (2.5%) for the week to end at 8,077.22. Tech - heavy Nasdaq lost 52.26 points (3.4%) to end at 1,477. S&P 500 lost 18.23 points (2.1%) to end at 831.95. During the week, a disappointing earnings report from Microsoft and failure to give guidance for next year coupled with news of 5,000 layoffs rattled market sentiments. On the contrary, better-than expected earnings reports from IBM and Apple proved that good earnings news these da

Asian markets ends flat in holiday thin trading

26 Jan 2009 | 16:23 Asian markets ends flat in holiday thin trading Most of the stock markets in Asian region were closed on the account of Lunar New Year Holiday. However, of the remaining Japanese and New Zealand market followed the lower Wall Street closing registered on Friday. On the Wall Street, the Dow Jones Industrial Average ended lower by 45.24 points, or 0.56%, to 8077.56. The broad Standard & Poor's 500 index rose 4.45, or 0.54%, to 831.95 and the Nasdaq Composite gained 11.80, or 0.81%, to 1477.29 on Friday, 23 January 2009. In the commodity market, crude oil fell from a two-week high on speculation recession in the world's largest economies will curtail demand for fuel and energy. Crude oil for March delivery fell as much as $1.22, or 2.6%, to $45.25 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $45.63 at 8:44 a.m. London time. The contract rose 6.4% to $46

Wall Street continues to deal with more layoffs

27 Jan 2009 | 09:27 Wall Street continues to deal with more layoffs Stocks at Wall Street managed a steady end with some modest gains on Monday, 26 January, 2009, paring most of their earlier gains. Job cut news was the hot topic in Wall Street today with more than 50,000 layoffs announced in one single day, today. Reports of an increase in sales prices of homes in December, 2008 tried to inject some enthusiasm in the US stocks today. The report of Pfizer acquiring Wyeth for a whopping $68 billion deal also acted as a positive catalyst. After being up by more than 140 points earlier during the day, The Dow Jones Industrial Average ended higher by 38 points at 8,116, the Nasdaq closed higher by 12 points at 1,489 and the S&P 500 closed higher by 4.6 points at 836. Dow had slipped in the red for a very brief period of time. Nine out of thirty Dow stocks ended in the red today led by Caterpillar and GM. It wa

Asian Markets Rejoice A Recovery

27 Jan 2009 | 16:08 Asian Markets Rejoice A Recovery Stock markets in Asian region closed sharply higher on Tuesday, 27 January 2009, led bya nearly 5% gain in the Nikkei average as exporters benefited as the yen weakened andafter Japan said it may use public funds to help companies hurt by the financial crisis. On Wall Street, after being up by more than 140 points earlier during the day, the DowJones Industrial Average ended higher by 38 points at 8,116, the Nasdaq closed higher by12 points at 1,489 and the S&P 500 closed higher by 4.6 points at 836. Dow had slippedin the red for a very brief period of time. In the commodity market, crude oil gained after the U.S. currency retreated against theeuro, spurring investor demand for dollar-priced commodities. Crude oil for March delivery rose as much as $1.42, or 3.1 percent, to $47.15 a barrel inelectronic trading on the New York Mercantile Exchange. The contrac

Modest gains at Wall Street

28 Jan 2009 | 09:31 Modest gains at Wall Street stocks at Wall Street managed a steady end with some modest gains on Tuesday, 27 January, 2009. Though stocks dealt with a couple of worse thane expected earning reports since morning, the indices have managed to stay in the green for the entire session. Crude prices dropped drastically today. After being up by more than 80 points earlier during the day, The Dow Jones Industrial Average ended higher by 58 points at 8,174, the Nasdaq closed higher by 15 points at 1,504 and the S&P 500 closed higher by 9 points at 845. While the financial and technology sectors led today, consumer discretionary and telecom sectors were the laggards for the day. In the earning arena today, Dow component Verizon met expectations. Market is looking forward to AT&T's quarterly report tomorrow. American Express reported better than feared earnings and the company reported th

Asian Markets Continues Celebration

28 Jan 2009 | 16:15 Asian Markets Continues Celebration Stock markets in the Asian region closed higher for the second consecutive session on Wednesday 28 January 2009, as investors shrugged off poor corporate data and bought financials and technology stocks on expectations that credit markets will improve as governments across the world increase stimulus measures and drive down interest rates. Most of the regional indices hurry up to catch the regional rally which followed the Wall Street overnight gain. On Wall Street, U.S. stocks closed Tuesday's trading notably above the unchanged line, although off their highs for the session. Earnings results from American Express, U.S. Steel and others that managed to post profits despite a recession-helped lift the markets. The Dow closed up 58.70 points or 0.7 percent at 8,174.73, the Nasdaq closed up 15.44 points or 1 percent at 1,504.90 and the S&P 500 closed up 9.14 points

Strong rally at Wall Street

29 Jan 2009 | 10:04 Strong rally at Wall Street Stocks at Wall Street managed a strong end with good gains on Wednesday, 28 January, 2009. Financials led the way today as Wells Fargo decided that it will keep its dividend intact and will not ask for additional TRP funds. Stocks also rose today after Federal Reserve's latest policy statement. The Dow Jones Industrial Average ended higher by 200 points at 8,375, the Nasdaq closed higher by 53 points at 1,558 and the S&P 500 closed higher by 28 points at 874. Citigroup, Wells Fargo and Bank Of America were the main Dow winners today. In the earning arena today, Boeing and AT&T reported unimpressive quarterly results. WellPoint's latest earnings were in-line with expectations. Yahoo! and ConocoPhillips both topped earnings estimates. Today, The Federal Open Market Committee kept its interest rate target in a range of zero to 0.25%, as expected. It

Asian Market Cheers As Obama Pass Stimulus Test

29 Jan 2009 | 16:27 Asian Market Cheers As Obama Pass Stimulus Test Stock markets in Asian region advanced further on Thursday, 29 January 2009, after theU.S. House of Representatives passed a much-awaited $825 billion economic stimulus bill.President Barack Obama scored his first major legislative victory on Wednesday withpassage of an $825 billion economic stimulus package by a sharply divided U.S. House ofRepresentatives on a 244-188 vote. But the rally in the regional market was limited aftersubstantial gains seen in the previous session. Asian market also took a positive clue from Wall Street, where stocks managed a strong endwith good gains on yesterday. Financials led the way today as Wells Fargo decided that itwill keep its dividend intact and will not ask for additional TRP funds. Stocks also rosetoday after Federal Reserve's latest policy statement keeping interest rate unchanged. The Dow Jones Indus