Entries in Markets (231)


Markets Close Lower on Fed Chief Warning on Fiscal Cliff

Hemera/Thinkstock(NEW YORK) -- A warning from the head of the Federal Reserve led the market to close lower Tuesday.
The Dow lost seven points for the day, slipping to 12,788.51. The Nasdaq and the S&P both lost a fraction at the close, falling to 2,916.68 and 1,387.81, respectively.
Fed Chairman Ben Bernanke had some advice for Congress and President Obama: do what you must to reach a deal to the fiscal cliff that could lead to a recession next year.  Bernanke made the comments Tuesday while speaking to the Economic Club of New York.  The deadline for the so-called fiscal cliff is Dec. 31.
An increase in hirings helped lower unemployment rates in 37 states last month.  The Labor Department says the jobless rate's now below seven percent in 23 states.
Copyright 2012 ABC News Radio


Markets Continue to Slide

Hemera/Thinkstock(NEW YORK) -- The markets spent most of the session mixed before declining ahead of the closing bell.
The Dow lost 58 points and closed at 12,756.18 on Tuesday. Technology and financial stocks led the Nasdaq to a 20-point loss to close at 2,883.89. The S&P closed down five points, finishng at 1,374.53.
Home Depot completed the latest quarter with profits at a 12-year high, the Wall Street Journal reports. The continuing housing market recovery and preparations for Superstorm Sandy helped offset costs of closing stores in China.
Used car prices are also rising because of Sandy.  Analysts say used vehicles are becoming a hot commodity as legions of victims try to replace all those cars destroyed by the storm.
Copyright 2012 ABC News Radio


Markets Close with Small Gains

Hemera/Thinkstock(NEW YORK) -- Stocks swung between positive and negative territory Friday before calling it a week just barely in the plus column.
The Dow closed at 12,815.39, up four points. The blue chip index lost 2.1 percent on the week, its largest weekly slide since June, according to the Wall Street Journal. The  Nasdaq completed its fifth week of losses, but added nine points Friday to close at 2,904.87. The S&P 500 gained  two points at 1,379.85.
Talk of compromise over a budget deal that would keep the U.S. economy from falling off the fiscal cliff of tax hikes and government spending cuts encouraged investors. Still, analysts say they'll remain skittish until a deal is firmly in place.
Meanwhile, a jump in sales prompted wholesale businesses to increase stockpiles at a faster pace in September. The Commerce Department says they grew just over one percent as sales at the wholesale level jumped two percent, the largest gain in 18 months.
The increase could mean the economy grew at a faster rate in the July-September quarter than first estimated.

Copyright 2012 ABC News Radio


Global Stocks Drag on Concerns Over Spain

Hemera/Thinkstock(NEW YORK) -- Growing fears that Spain will need to be bailed out hit markets hard Monday, sending global stocks sharply lower and the euro down to a fresh two-year low against the dollar.

The Dow lost 101 points Monday to close at 12,721. The Nasdaq closed down 35 points, and the S&P lost 12 points.

In Europe stocks took a hit. The Stoxx 600 fell 2.5 percent, while the IBEX 35 of Spain lost 1.1 percent. With the yield on Spain's benchmark 10-year bond well above seven percent, investors appear to be resigned to the prospect of Spain needing a financial rescue like Greece, Ireland and Portugal.

As for earnings reports, McDonald's said Monday that its net income slipped 4 percent in the second quarter as a result of unfavorable "currency exchange rates."

In the energy sector, Halliburton says net income was flat in the second quarter as an increase in international drilling was offset by a slowdown in North America. Still, earnings beat estimates, pushing the company's stocks up 2.4 percent.

Copyright 2012 ABC News Radio


Fiscal Pressures in Spain Trouble US Markets

Hemera Technologies/Thinkstock(NEW YORK) -- The markets developed a new case of worries about Europe, particularly Spain, and stocks sank after three previously strong sessions.
The Dow ended the week down 121 points, falling to 12,823. The Nasdaq and S&P 500 also lost 41 points and 14 points, respectively.
Spain's financial problems have taken a turn for the worse after the heavily indebted region of Valencia asked Madrid for help. The Spanish government is predicting even more recession next year, and that's prompted investors to dump stocks and government bonds.
Not surprisingly, markets in Europe also suffered losses with the Stoxx Europe 600 finishing the week down 1.4 percent, and Spain's IBEX-35 falling 5.8 percent.

Copyright 2012 ABC News Radio


Markets Down in Technology and Oil

Hemera/Thinkstock(NEW YORK) -- Stocks were down on Tuesday, with The Dow dropping 83 points, the Nasdaq losing 29 and the S&P giving up 11. The tech and oil sectors were the biggest losers on the day.

A slowdown in China and Europe led to an 11 percent slump in revenue for Chip maker Advanced Micro Devices.  

Also crude prices fell nearly a dollar to 85-2, but gas prices rose about a nickel over the past week.  

Copyright 2012 ABC News Radio


Stocks Reflect Investor Anxiety as Earnings Season Begins

Hemera/Thinkstock(NEW YORK) -- Investors were not optimistic at the start of corporate earnings season. On Monday the stock market was down for a third straight session with more signs of instability coming out of Europe.

The Dow lost 36 points Monday to close at 12,736. The Nasdaq closed off six points, while the S&P gave up two points.

After the close, Alcoa kicked off the U.S. earnings season with its second-quarter results, which were better than expected.  But more than 40 companies have already cautioned investors that global customer demand has slowed down, which means profits may be lower than expected, the Wall Street Journal reports.

Analysts expect earnings for S&P 500 companies to decline one percent for April through June, compared to a year ago.

European financial leaders gathered in Brussels again to hash out a bailout plan for Spain as borrowing costs for the country have hit dangerous levels.

Americans stepped up their borrowing in May, helped by the largest monthly gain in credit card debt in more than four years. But overall credit card use is still well below where it was just before the  recession began.

Copyright 2012 ABC News Radio


Stocks Lose Ground Despite Positive Jobs Reports

Hemera/Thinkstock(NEW YORK) -- An encouraging weekly employment report didn't do much to help the markets Thursday.

The Dow closed down 23 points to 12,920. The Nasdaq added four points to close at 2,980. The S&P closed at 1,370 with a four point loss for the session.
It's still difficult to find a job, but there are some signs that that could be changing.  The number of people filing first-time claims hit its lowest level since mid-May, and the new payroll report from ADP showed a rise in employment during June.
The June unemployment numbers come out on Friday.
Meanwhile, it's a good time to buy a home if you can qualify for a mortgage. Freddie Mac says they're down to new record lows.  A thirty-year loan averages 3.62 percent.  A 15-year mortgage is down to 2.89 percent.

Copyright 2012 ABC News Radio


Markets Slump with Slowing Factory Activity; Gas Prices Down

Hemera/Thinkstock(NEW YORK) --  The markets were steady at the open Monday, but by the end of the session, investors grew nervous about the dragging manufacturing sector.

Stocks turned negative after new data showed U.S. manufacturing shrank in June for the first time in three years, a troubling sign for the economy.

The Dow lost nine points Monday to close at 12,871.  The Nasdaq gained 16 points, and the S&P managed to close up three points.

Meanwhile, a surge in homebuilding pushed construction spending up by the largest amount in five months, an indication that the housing sector is slowly recovering. Construction spending climbed 0.9 percent in May -- more than the 0.6 percent increase in April.

As for gas prices, Americans are seeing more relief at the pump. The national average for regular unleaded gasoline is $3.36 per gallon, down 8 cents from the week prior. In California, gas prices are down 11 cents this week to $3.77, but the state remains the most expensive to fill up.

Copyright 2012 ABC News Radio


Markets Advance with Reports on European Bailouts 

Hemera/Thinkstock(NEW YORK) -- Encouraging news out of Europe pushed the markets to their best June in more than 10 years and ended the week with gains.
The Dow closed up 278 points, while the Nasdaq and S&P added 86 points and 33 points, respectively.
At a summit in Brussels, European Union leaders unveiled a plan to bail out banks in the region by using an existing financial rescue fund.  They also said they'd ease the austerity measures that have been causing political unrest -- not to mention recessions in Greece and other nations that have received financial lifelines.
The German parliament's lower house has also approved a discipline pact among european union members in a new effort to save the euro.
Copyright 2012 ABC News Radio

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