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U.S. markets rally Tuesday

Wed, 18/08/2010 - 09:10 by Prince damin

New York -- U.S. markets rebounded from recent losses Tuesday after the Commerce Department reported housing starts rose 1.7 percent in July.

Treasury Secretary Tim Geithner, at a housing forum in Washington, indicated the government would keep backing the mortgage market but said reforms should create a fundamentally changed system to prevent another collapse of mortgage giants Fannie Mae and Freddie Mac. New home construction increased to an annual rate of 546,000 units, the Commerce Department said.

U.S. markets higher Tuesday

Tue, 17/08/2010 - 22:25 by Prince damin

New York -- U.S. markets headed higher Tuesday after Treasury Secretary Tim Geithner indicated the government would keep backing the mortgage market.

Geithner opened a housing forum in Washington saying the government likely would continue to play a role in backing home mortgages, but that reforms should create a system to prevent another collapse of mortgage giants Fannie Mae and Freddie Mac.

In early trading, the Dow Jones industrial average was up 57.15 points, 0.55 percent, to 10.359.16. The S&P 500 added 7.30 points, 068 percent, to 1,086.68. The tech-heavy Nasdaq composite index rose 0.72 percent, 15.59 points, to 2,197.56.

The benchmark 10-year U.S. Treasury note fell 11/32 to yield 2.61 percent.

Markets mixed Friday

Sat, 14/08/2010 - 00:51 by Prince damin

New York -- Positive retail sales numbers and economic growth in Europe lent some support to U.S. markets Friday although the Nasdaq index continued to slump.

Economists predicted second quarter growth as low as zero percent for the 27-member European Union and the 16-member eurozone. Eurostat said Friday the economies of both regions expanded 1 percent in April through June.

The U.S. Commerce Department said Friday that retail sales tacked higher in July compared to June, rising 0.4 percent to $362.7 billion.

Markets lower Friday morning

Fri, 13/08/2010 - 22:52 by Prince damin

New York -- U.S. markets moved lower Friday morning for the fourth straight day after Eurostat said economic growth in Europe beat expectations in the second quarter.

Expectations were not high, but some economists predicted zero growth for the 27-member European Union and the 16-member eurozone. Growth in both areas reached 1 percent for both regions, Eurostat said.

The Dow Jones industrial average fell 14.38 points or 0.14 percent to 10,305.57. The Standard & Poor's 500 index dipped 2.34 or 0.22 percent to 1,081.27. The Nasdaq composite index fell 9.64 or 0.44 percent to 2,180.63.

The benchmark 10-year Treasury note rose 9/32 to yield 2.71 percent.

Markets close lower

Wed, 11/08/2010 - 06:59 by Prince damin

New York -- U.S. markets closed lower Tuesday after the Federal Reserve said the economic recovery had slowed.

The Fed's Open Market Committee said "the pace of recovery in output and employment … slowed in recent months."

The announcement signals a change in economic strategies, as the central bank turns its attention from keeping a recovery going to keeping it from slipping away.

Markets turned higher with the announcement but did not make it to break even by the close of trading.

Stocks weighed down by earnings reports

Fri, 30/07/2010 - 01:50 by Prince damin

New York -- U.S. markets turned lower Thursday despite a Department of Labor report that said 11,000 fewer first-time jobless claims were filed last week.

The department said 457,000 initial benefits claims were filed in the week ending July 24.

Corporate earnings reports were mixed. Exxon said its profits surged 91 percent in the second quarter compared to the same period a year ago. Royal Dutch Shell profits rose 15 percent, while Sony Corp. said revenue rose 3.8 percent.

Several technology firms, including LSI, Akami Technologies, Nvidia, and Symantec found their shares lower after submitting disappointing quarterly results. Shares of Dow component Intel lost 2 percent.

U.S. markets mixed after EU bank report

Fri, 23/07/2010 - 23:18 by Prince damin

New York -- U.S. markets turned higher Friday after the EU reported seven European banks failed financial stress tests.

Of 91 European banks examined to find those that might not survive an economic downturn only five banks in Spain, one in Germany and one in Greece failed.

In early afternoon trading, the Dow Jones industrial average was up 45.18 or 0.44 percent to 10,367.48.

The Standard & Poor's 500 index rose 3.50 or 0.32 percent to 1,097.17. The Nasdaq composite index added 5.72 or 0.25 percent to 2,251.61.

The benchmark 10-year U.S. Treasury note fell 6/32 to yield 2.95 percent.

The euro fell to $1.2857 from Thursday's $1.2888. Against the yen, the dollar rose to 87.315 from Thursday's 86.9.

U.S. markets mixed ahead of Alcoa earnings

Tue, 13/07/2010 - 00:21 by Pankaj Damin

New York -- U.S. stock indexes were mixed Monday afternoon as traders braced for Alcoa Inc. to release its earnings and Aon Corp. said it would buy Hewitt Associates Inc.

The Dow Jones industrial average rose 3.7 points, or 0.4 percent, to 10,201.73 in early afternoon trading.

Dow component Alcoa slid 13 cents, or 1.2 percent, to $10.81. The bellwether aluminum producer was to release its second-quarter earnings report after the market's close. Analysts forecast earnings of 12 cents a share on revenue of $5.05 billion.

The broader Standard & Poor's 500-stock index fell 0.99 points, or 0.9 percent, to 1,076.97

The technology-heavy Nasdaq slipped 1.08 points, or 0.05 percent, to 2,195.37.

U.S. markets flat Tuesday

Tue, 17/11/2009 - 23:44 by Shruti Sharma

New York -- U.S. markets fell flat Tuesday, much like the Federal Reserve's report on industrial production in October.

The Fed said production at factories rose 0.1 percent in October after a three-month streak in which the average gain was 0.9 percent.

In early afternoon trading, markets moved in a narrow range. The Dow Jones industrial average dropped 11.34 points or 0.11 percent to 10,395.62. The Standard & Poor's 500 lost 3.80 or 0.34 percent to 1,105.50. The Nasdaq composite index lost 4.73 or 0.22 percent to 2,193.12.

The benchmark 10-year U.S. Treasury bill rose 9/32 to yield 3.31 percent.