Entries in Stock Market (110)


Stock Market Recovers Losses for the Year

H-Gall/Getty Images(NEW YORK) -- Stocks are set to recover back to even for the year on Wednesday, just a week after Europe’s debt crisis sent U.S. markets down nearly 9 percent.

The Dow Jones Industrial Average climbed 163 points, or 1.4 percent, to 11,579 at 1:55 p.m. The Standard & Poor’s 500 increased 1.7 percent to 1,216. Stocks have posted solid gains since touching bottom Oct. 3., rallying more than 1,000 points on the Dow.

Adding to the optimism, the European Union released a blueprint today of how it will recapitalize banks to stem the region’s debt crisis.

In addition, a Slovakian opposition party leader said that country’s political parties have agreed to approve a deal to strengthen Europe’s financial rescue program. Slovakia’s parliament blocked the deal Tuesday, setting back efforts to free up more funds for indebted European countries and banks. All 16 of the other countries that use the euro have approved the measure.

Copyright 2011 ABC News Radio


Stock Futures Point Up; Eyes on Apple after Steve Jobs' Death

Peter Macdiarmid/Getty Images(NEW YORK) -- Despite worries about European debt and the shaky U.S. economy, stocks made strong gains for a second day in a row Wednesday and futures are pointed up ahead of Thursday’s opening bell.

The Dow closed up 131 points on Wednesday, the Nasdaq gained 56 and the S&P 500 added 20.

Asian stocks saw solid gains after days of losses. Hong Kong's leading stock index closed up 5.7 percent.

A day after the death of Apple visionary Steve Jobs, a big question mark looms over the future of the company he co-founded. Its shares dropped slightly in overnight trading. Jobs stepped down as the company’s chief executive in August, saying he could no longer perform the daily tasks required of him in the role.

Moderate growth for holiday sales is the forecast from the National Retail Federation; it expects totals to rise 2.8 percent this year, smaller growth than last year but much stonger than in 2008 or 2009.

Toyota says its global car and truck production is back up to pre-disaster levels, before Japan's devastating earthquake and tsunami.

A high-speed passenger train service between Chicago and Detroit has taken a big step forward with Michigan’s purchase of a 135-mile stretch of track. The federal government is giving a major grant to the state.

Copyright 2011 ABC News Radio


Stocks Slide; Bernanke Cites Job Losses

Alex Wong/Getty Images(NEW YORK) -- After its lowest close in more than a year, the U.S. stock market opened down again Tuesday into bear market territory as Europe’s debt crisis continued to remain a concern for U.S. investors.

The Dow Jones Industrial Average fell to 10,468, down 168 points, or 1.58 percent, at 10:38 a.m. The broader S&P 500 was down 12 points to 1086 -- that’s a 20 percent decline from its April high, enough to herald a bear market on Wall Street if the losses hold until the closing bell.

Federal Reserve Chairman Ben S. Bernanke told a Congressional committee Tuesday that revisions based on economic data show an even longer recovery from the even deeper than previously judged recession.

“It is clear that, overall, the recovery from the crisis has been much less robust than we hoped,” said Bernanke during the hearing.

“Households have been very cautious in their spending decisions, as declines in the house prices and in the values of financial assets have reduced household wealth, and many families continue to struggle with high debt burdens or reduced access to credit,” said Bernanke.

“Probably the most significant factor depressing consumer confidence, however, has been the poor performance of the job market,” he continued. In the summer of 2011, private payrolls only added an average of 100,000 jobs per month, according to his report.

Bernanke shared some good news during his testimony, including a 15 percent rise in U.S. manufacturing production, saying “the functioning of the financial markets and the banking system in the United States has improved significantly.”

Copyright 2011 ABC News Radio


Market Report: Stocks Spinning after Worst Quarter Since ’08 

Mario Tama/Getty Images(NEW YORK) -- After closing out the worst quarter since the depths of the financial crisis in 2008, stocks continued to gyrate Monday on worries that Greece may default on its debt.

The Dow Jones industrial average finished the third quarter Friday with a 12 percent loss to 10,913 -- the broader S&P 500 did worse, declining 14 percent.  Investors sold shares on concerns that the economy may fall into another recession, European banks and government are on shaky financial ground and that the U.S. government won’t be able to tame its growing budget deficit.

After opening sharply down, stocks recovered somewhat on news that manufacturing in the U.S. ticked up in August. The Institute for Supply Management’s factory index rose to 51.6 for the month, and construction spending edged up 1.4 percent, the Commerce Department reported.

The Dow Jones Industrial Average fell 62 points to 10,851 at 11:08 a.m. ET. The S&P 500 fell 6 points or .5 percent; for the year, it’s down 5.74 percent.

Copyright 2011 ABC News Radio


Warren Buffett Sees a Stock Market Bargain

Jemal Countess/Getty Images for Time Inc.(NEW YORK) -- Warren Buffett’s Berkshire Hathaway, which has one of the highest share prices in the world, announced Monday its first buyback plan in at least four decades.

Companies buy back their own shares when they believe they are especially cheap, and Berkshire Hathaway is going for fire-sale prices these days. The shares closed Friday at $100,320 each, down 17 percent this year. They jumped $5,700 Monday on the news of the buyback, even though the Omaha, Neb.-based company didn’t say how many shares it would repurchase.

In a statement, the company said: “The underlying businesses of Berkshire are worth considerably more than this amount. If we are correct in our opinion, repurchases will enhance the per-share intrinsic value of Berkshire shares.”

Berkshire owns diverse businesses including insurance, retail, railroads, furnishings, newspapers and electric and gas utilities.  The firm has a pile of cash: $47.9 billion as of June 30.

But shareholders don’t get to see any of that cash. Over the years, Berkshire hasn’t paid a dividend; instead it plows the money back into the company and uses the earnings from it to boost profits.

Copyright 2011 ABC News Radio


Forty Percent of Americans Cut Spending in Past 60 Days 

Jupiterimages/Thinkstock(NEW YORK) –-  A new study done by Princeton Survey Research Associates International reveals just how Americans feel about the economy. According to’s September Financial Security Index, 40% of Americans cut their spending in the past 60 days.

The spending reductions were evident across all income groups, from 75% of the highest income households (earning $75,000) to 43% of the lowest income households (earning less than $30,000).

Also found in the survey: among those under 30 years old, 23% feel more secure in their jobs now than they did a year ago, compared to the 10% or less of individuals at least 50 years of age.

Copyright 2011 ABC News Radio


Markets Closed as Jobless Rate Worries Investors

Comstock/ThinkstockThe markets may be closed but there's plenty for investors to consider.

Last Friday's jobs report was a disappointment -- more confirmation the U.S. economy is limping along between a recession and growth -- as unemployment rates continue to tread water.

Banks are among the biggest losers, as federal government regulators file a giant lawsuit seeking damages over the way mortgage backed investments were marketed before the 2008 financial crisis.

President Obama's speech on jobs this week could move the markets. Many supporters are urging him to be bold in proposing a range of ideas to jump start the jobs market. Republicans are likely to resist any real push to raise government spending on construction or other areas.

European stock averages are down sharply, while gold is now above $1,900 an ounce. Global oil prices are at $85 a barrel -- signalling more price cuts in the weeks ahead for U.S. gas prices.

Copyright 2011 ABC News Radio


Gold Thefts Rise as Prices Shoot Up ANGELES) -- The stock market was down four percent last week, but gold continues to soar.

The precious metal is now so valuable that police have issued a warning to anyone wearing gold. LAPD Commander Andy Smith says with the price of gold sky rocketing, criminals are trying to profit too, even if it means snatching it right off of people's necks.

"I think they see the dollar sign and I think they are going for it and willing to take a lot more of a chance than they use to," Smith says.

The price of gold is currently at $1,800 per ounce.

Copyright 2011 ABC News Radio


Wall Street Report: Stocks Surge, Dow Up 400 Points

Mario Tama/Getty Images(NEW YORK) -- The Dow Jones industrial average finished up 423.37 points, or 3.95 percent, to 11,143.31 on Thursday. The Standard & Poor's 500 Index shot up 51.88 points, or 4.63 percent, to 1,172.64. The Nasdaq was up 111.63 points, or 4.69 percent, at 2,492.68. U.S. stocks moved sharply higher Thursday after nearly a week of steep losses over debt fears here and in Europe.

Investors reacted positively to a bit of good news among the gloom: New U.S. claims for unemployment benefits dropped to a four-month low last week, the government reported Thursday. Initial claims for state unemployment benefits fell 7,000 to a seasonally adjusted 395,000, the Labor Department said, the lowest level since the week ended April 2.

Tech giant Cisco turned in an earnings report with better-than-expected sales, sending the shares up 17 percent. CEO John Chambers reported "solid progress" on the networking equipment firm's turnaround effort.

The markets here and abroad were also buoyed by an announcement that French President Nicolas Sarkozy and German Chancellor Angela Merkel will meet in Paris next Tuesday to discuss euro zone governance and other international issues.

Investor worries over French banks have weighed on the stocks over the past two days.

Copyright 2011 ABC News Radio


Gold Rush Is Also a Boon for the Refinery Biz

Norm Betts/Bloomberg via Getty Images(NEW YORK) -- Investors aren't the only ones rushing to profit from the booming value of gold. Refiners, who buy scrap gold from dealers and private owners, say they are also seeing an upsurge in activity.

"It is great for business," says Terry Hanlon, director of the metals division of Dillon Gage, which operates a gold refinery in Texas. He says revenue from the gold refinery business has increased 200 percent in the last year, while silver is up 300 percent.

With gold worth $1,775 an ounce, "it comes out of the woodwork," he said, with individuals bringing their items to dealers, who in turn sell it to refineries where it is melted down to its purest form.

More people are selling gold because they have become aware of its high value in the current economy -- and because they have to. "People of course need money," says Candy Frankel of Midwest Refineries in Michigan. "Most people are very pleased with their settlement."

Individuals who want to cash in on their gold jewelry or coins usually sell them to dealers, who in turn bring scrap gold to a refinery, where it's melted down. A sample is sent for a process called assay, where the purity of the gold is determined. The higher the karat, the greater the value: 18 karat gold is 75 percent pure gold, for example, while 12 karat is 50 percent gold.

Dealers are also bringing in silver, now selling for $39 an ounce, says Hanlon—flatware, serving trays, tea sets. "Many people who have silver look at it and say, 'We never use this, we tuck it away,'" he says. They don't always realize that not all their flatware is sterling silver—knives, he says, have stainless steel blades and only the outside of the handles are sterling.

He says business is booming, and Dillon Gage moved last month to a much larger space. Frankel also described the refinery business as "extremely" good right now.

Steven Polinksy, owner of Dvir and Stoler in New York City's diamond district, has a gloomier outlook. "At this point the scrap business has slowed down," he says, because people who want to sell their jewelry have already done so, while wealthier people will hold onto their gold despite the soaring price.

Polinsky says the gold boom has dealt a knockout blow to the jewelry business because pieces cost too much. Even couples who are getting married have cut back, he says."They're buying thinner wedding rings, 12 karat instead of 18 karat."

He warns that people who are selling gold to be careful. "A lot of these people that are selling jewelry are being taken advantage of," with some buyers offering only 70 percent of value, he said.

But Polinsky thinks the gold rush is far from over. "Gold makes the world go round," he said. "Gold will always have a value. You may one day have to pay for your groceries with gold."

"I absolutely don't think it's a bubble," says Hanlon.

Copyright 2011 ABC News Radio

Page 1 ... 3 4 5 6 7 ... 11 Next 10 Entries »

ABC News Radio