Apr 30, 2008 7:54 AM EDT
The Federal Reserve lowered its key interest rate by 0.25% to 2% and indicated that it may pausse for a while, however, the Bank of Japan left its key rate at 0.5%. China reported a surge in its crude oil imports and consumption as production rose only 2% in the first quarter. Hong Kong retail sales surged in March and in the first quarter. Brazil debt rating was raised to investment grade by S&P as it improves its balance of payment situation lifting Real and Bovespa stock index.
Apr 28, 2008 6:10 PM EDT
U.S. stocks traded in a tight range ahead of a rate decision from the Fed on Wednesday. Mars agreed to acquire Wrigley for $80 per share or $23 billion in cash. The deal will be financed by Goldman Sachs, Berkshire Hathaway and the company. Verizon and Humana closed higher after the earnings. RadioShack and AlbertoCulver fell after the earnings. Visa fell in the after hours trading after it reported 39 cents per share or 52 cents per share on adjusted basis. Southern Copper Peru declined.
Apr 25, 2008 5:27 PM EDT
U.S.stocks traded in a tight range after a hectic day of earnings. Microsoft earnings declined and issued a cautious guidance for the rest of the year. American Express earnings and revenue declined but international markets showed healthy gains. Energy producers rose after oil and commodities rebounded. Dollar traded firm against euro and pound.
Apr 22, 2008 5:41 PM EDT
U.S. stocks fell in the final hours of trading on rising oil and falling dollar. Crude oil jumped above $119 in the session on Nigerian oil supply disruption. The dollar fell agaist euro on talks of firm interest rates in Europ. The euro rose above $1.60 to a dollar. Gold rebounded to $925 per ounce. Yahoo after the market hours reported its quarterly net income jumped to 37 cents from 10 cents a year ago on Alibaba.com stake sale.
Apr 21, 2008 5:01 PM EDT
Bank of America earnings plunged 76% on mounting subprime and mortgage losses and it provisioned $6 billion to cover asset write downs. Citigroup plans to sell at least $5 billion of securities to bolster its captial base. National City, the tenth largest U.S. bank cut its dividend to 1 cent from 21 cents and reported a quarterly loss. The embattled bank also sold stock at 40% discount to raise $7 billion.
Apr 18, 2008 4:42 PM EDT
Goolge earnings rise of 30% lifted trading sentiment. Tech stocks surged with Nasdaq climbing 2.6%. S&P 500 index and Dow Jones added 1.8%. Caterpillar earnings lifted export sensitive stocks. Citigroup reported a loss of $5 billion, second in a row and asset write-down of $13 billion. Lower than expected loss from the bank helped financial and brokerage stocks to rebound. European markets closed higher, led by Switzerland. Royal Bank of Scotland to raise 10 billion pounds.
Apr 16, 2008 4:49 PM EDT
U.S. stock surged after earnings from JP Morgan and Wells Fargo met expectations. Earlier Intel reported positive industry outlook and CSX and Coca Cola advacned on better than expected earnings. Separately March home completion, sales, and starts plunged. Inflation and industrial production in the month rose 0.3%. Crude oil reached another record high and the dollar traded at record low against euro. Of the S&P 500 index 458 stocks gained and 42 declined.
Apr 15, 2008 4:48 PM EDT
Crude oil closed at yet another record high even the latest OPEC report suggested a decline in demand in the second quarter. Crude oil closed near $114 a barrel. Exxon Mobil and Chevron led the gainers in the oil complex stocks but refiners Valero and Tessoro took another hit. Several regional banks including Regions Financials, U.S. Bancorp, M&T Bank, reported earnings and stake sales in recently listed credit card processor Visa.
Apr 15, 2008 4:37 PM EDT
Crude oil prices reached another record intra-day high as investors pile in looking for higher returns. Speculators and commodities investors are driving crude oil prices higher as the Fed keeps lowering interest rate. The Fed and the U.S. Treasury talks about strong dollar but have done little to save the dollar. U.S. dollar has fallen 60% against the euro in the last four years. Wheat led commodities with a rise of 120% followed by soybean with 94% and crude oil with 68% in the last year.
Apr 14, 2008 4:26 PM EDT
Wachovia Corp reported quarterly loss in the first quarter, wrote down its assets by $2 billion, cut its dividend by 41% and will raise $7 billion in fresh capital. The news sent market averages and banking sector stocks lower. In the commodities market, sugar, crude oil and gasoline increased, lifting stocks in the energy sector. Petrobras, in Brazil, surged on an oil field find. Berlusconi returned to govern Italy, for the third time.