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Squeezed Rally
Mar 02, 5:26 PM EST |
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| Rising long-tem yield and energy price and weaker than expected retail sales dampened the rise in averages. Google rebounded 2.9%. |
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| Market tone in the early morning was set by rising interest rates in Europe and fear that Japan may soon follow the global trend of rising interest rates. The February retail sales did not impress the market. Chico, Abercrombie & Fitch CitiTrend lost 10% or more. Yield on 10-year note rose to 4.638%. Auto makers GM and Ford continued their stock-slide for the second day. Crude oil rose to $63.39 per barrel. |
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Squeezed Rally
Mar 02, 5:48 PM EST |
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| Rising long-tem yield and energy price and weaker than expected retail sales dampened the rise in averages. Google rebounded 2.9%. |
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| Market tone in the early morning was set by rising interest rates in Europe and fear that Japan may soon follow the global trend of rising interest rates. The February retail sales did not impress the market. Chico, Abercrombie & Fitch CitiTrend lost 10% or more. Yield on 10-year note rose to 4.638%. Auto makers GM and Ford continued their stock-slide for the second day. Crude oil rose to $63 per barrel. |
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Dana Plunges 31%
Mar 02, 1:05 PM EST |
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| Initial jobless claims in the week ended Feb 25 rose more than expected to 294,000 from the previous week's revised figure of 279,000. |
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| Disappointing February sales and rising oil prices put stocks under pressure. Among retailers posting strong results, Costco reported 7% same-store sales growth, Nordstrom comparable store sales rose 4.9%, and Wal-Mart sales increased 3.2%. Gap announced same-store sales decline of 11%. Talbot posted 6% sales drop. Bebe had a 1.6% gain in same-store sales, below the 4.6% estimate. Dana Corp. dropped 31% on news that it missed a bond interest payment. |
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Disappointing Retail Sales
Mar 02, 11:25 AM EST |
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| Initial jobless claims in the week ended Feb 25 rose more than expected to 294,000 from the previous week's revised figure of 279,000, |
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| Stocks opened lower Thursday as retailers reported mixed February sales and energy supply threats sent oil prices higher. Among retailers posting strong results, Costco reported 7% same-store sales growth, Nordstrom comparable store sales rose 4.9%, and Wal-Mart sales increased 3.2%. Gap announced same-store sales decline of 11%. Talbot posted 6% sales drop. Bebe had a 1.6% gain in same-store sales, below the 4.6% estimate. |
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European Central Bank Raises Rates
Mar 02, 11:30 AM EST |
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| Oil prices climbed to $62.71 a barrel on global supply concerns, despite ample U.S. inventories. Gold rose to a three-week high on weakening dollar. |
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| Asian-Pacific benchmarks finished mixed ahead of Japan CPI data. The Nikkei slipped 0.3%, Shanghai Composite tumbled 1.6%, while Australia All Ordinaries rose 1.1%. European averages recovered from earlier weakness as the European Central Bank raised its main refinancing rate to 2.5%. London FTSE 100 rose 0.4%. In earnings news, Costco posted Q4 earnings rose 15% excluding items and topped analyst estimates. The retailer also reported 11% net sales growth. |
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