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Dow UP 5.3%, Nasdaq UP 4.6%
Mar 17, 7:50 PM EST |
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| For the year Dow and Nasdaq are up 5.3% and 4.6% respectively and S&P rose 4.7%. For the week three indexes rose more than 1.6%. |
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| Broader averages found their stable footings in a month when investors are ready for a sell-off. Techs lagged the gains in broader averages but still managed to rise. Crude oil and natural gas advanced 6% and 7% respectively. General Motors closed 5% lower on accounting errors and 2005 loss revision by $2 billion. Emerging markets had a sharp correction in the Middle East but Mexico, Brazil and India gained for the week. |
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BRIC Markets Rise
Mar 17, 3:43 PM EST |
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| Mexico advanced every day of the week, India closes near record high and Middle East markets crash in Egypt, Dubai and Saudi Arabia. |
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| Emerging markets for the week advanced in Mexico, India and Brazil but Middle Eastern markets corrected sharply. Mexico advanced every day of the week. Brazil rose on 75 basis points interest decline and India rose on steady flow of funds from local and foreign investors. Dubai, Egypt and Saudi Arabia crashed between 20% and 30% for the week from the three-year highs. Egypt and Dubai has scaled more than 1,000% gains since the year 2002. |
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GM Revises 2005 Loss - $2 B
Mar 17, 2:28 PM EST |
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| General Motors revised the annual loss to $10.6 billion from $8.6 billion for the year 2005 and will restate the earnings back to the years 2000. |
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| It was another day of denials and disappointments at General Motors. The company reported that the annual loss for the year 2005 will be revised to $10.6 billion, by $2 billion, and restate earnings dating back to the year 2000. The accounting errors are related to Delphi bankruptcy filing liabilities, restructuring costs and commercial division of GMAC. |
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Europe Declines From Highs
Mar 17, 1:30 PM EST |
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| Crude oil prices retreated on lowered demand forecast by OPEC. European gold advanced. The dollar traded mixed. |
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| European averages closed mixed, erasing some of the earlier gains. Markets sharply advanced at mid-day, lifted by strong rally in the insurance sector but eventually finished off highs. London FTSE 100 hit an intra-day high, crossing the 6,000 level for the first time in five years, but closed only 0.1% up. The French CAC 40 rose 0.3%, while the German DAX 30 fell 0.3%. |
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Boeing Hits New High
Mar 17, 12:02 PM EST |
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| March consumer sentiment index was quoted at 86.7, unchanged from the prior month but below economists' prediction of 88. |
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| Stocks have traded in a narrow range since opening. Boeing was the most conspicuous gainer within the Dow, up 1.3%. United Technologies rose 1.2%. Other notable movers to the upside were Merck, Pfizer and General Electric, each rising 0.8%. General Motors dropped 3.2% on announcement that company would delay the filing of its annual report, due to an accounting issue. AIG fell 2.4% on disappointing Q4 earnings. |
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Consumer Sentiment Disappoints
Mar 17, 11:13 AM EST |
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| March consumer-sentiment index was quoted at 86.7, unchanged from the prior month but below economists' prediction of 88. |
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| U.S. stocks slightly advanced as upbeat data on industrial production offset disappointing news from General Motors and American International Group. GM shares fell 2.4% on report that its 2005 loss was $2 billion deeper than previously reported. AIG fell 2.5% on 72% drop in Q4 profit, citing a legal settlement charge and hurricane losses. Google said it expects its 2006 capital expenditures to exceed significantly the $838.2 million it spent last year. |
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Industrial Output Recovers on Utilities
Mar 17, 10:24 AM EST |
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| February industrial output rebounded from last-month decline of 0.3% to rise by 0.7%, slightly down than the expected 0.9% rise. |
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| U.S. stocks opened higher, awaiting key consumer sentiment report. General Motors and American International Group weighed on the Dow. GM shares fell 2.4% on report that its 2005 loss was $2 billion deeper than previously reported. AIG fell 2.5% on 72% drop in Q4 profit, citing a legal settlement charge and hurricane losses. |
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AIG Profit Drops 72%
Mar 17, 9:30 AM EST |
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| Crude oil hovered over $63 a barrel on gasoline supply concerns. European gold gained ground. The dollar gained vs. the euro and pound. |
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| Stock futures pointed to a lackluster opening on cautiousness ahead of key consumer sentiment report. General Motors and American International Group weighed on the Dow. GM shares fell 4% before the bell on report that its 2005 loss was $2 billion deeper than previously reported. AIG fell 1.4% on 72% drop in Q4 profit, citing a legal settlement charge and hurricane losses. |
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Insurers Lift Europe
Mar 17, 8:41 AM EST |
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| Zurich Financial surged 10% amid deal speculation. Prudential and Royal & Sun each rose 5%.Legal & General rose 8% on 43% jump in operating income. |
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| European averages posted solid gains at mid-day on strong insurance stocks, including Zurich Financial, Prudential, and Royal & Sun. London FTSE 100 hit a five-year high, rising 0.8% to 6,041. The French CAC rose 0.8% and the German DAX 30 gained 0.75. |
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India Gains 1%
Mar 17, 8:17 AM EST |
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| Industrial stocks remained in favor as Reliance, Bajaj, Tata Steel rose in the week. Zee Telefilms rose more 10% in the week. |
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| Indian market remains a favorite destination of emerging market investors. For the week the index rose 0.9% and industrial, media, banks and software consulting companies rose. The markets in Gulf region suffered worst declines ever in Saudi Arabia, Dubai and Egypt. Indexes in Dubai, Egypt and Saudi Arabia lost between 20% and 30% this week. Since 2002 these markets have gained between 600% and 1,200% before this correction. |
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