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Nasdaq down 2.1%
May 11, 4:20 PM EDT |
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| Nasdaq closed 2.1% lower and Dow closed 1.2% lower on interest rate worries. Precious metals trade at record levels. |
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| Market Averages closed lower on Federal Reserve interest rate rise. Dow lost close to 1.2% and Nasdaq lost 2.1%. Gold, Silver, and Platinum trade at record levels. Emerging markets in Mexico, Brazil, and India are down 1% or more. Viacom reported earnings of 43 cents a share vs. year-earlier earnings of 47 cents a share. JC Penny reported net earnings of 89 cents a share in comparison to 62 cents a share last year. On average, analysts had been expecting earnings of 88 cents a share. |
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Gold and Platinum at Record
May 11, 1:56 PM EDT |
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| Gold, silver and platinum trade at record level reached in last 26-years. Precious metals are rising largely on the weakness in the dollar value. |
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| Market averages are trading at their worst levels of the day. Interest rate worries have resurfaced in the trading sentiment. Dollar continues to lose grounds in the international currency markets. Gold, silver and platinum reach record levels not seen in 26-years. Google lose $14 after yet another release of prducts that aere not well received in the market. Industry watchers labeled recent release of Google Finance as me-too product. |
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Telecoms Drag Europe
May 11, 12:54 PM EDT |
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| Gold futures rallied to a new multi-year high of nearly $730 an ounce. Silver hit a 25-year peak, copper and platinum hit new records. |
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| European markets reversed from early gains to close down, pressured by weakness in the telecom sector, surging commodity prices and a steep decline in the Dow Industrial average. Deutsche Telekom fell 2.6%, followed by France Telecom and PT Group. The German DAX 30 dropped 1%, the French CAC 40 lost 0.3%, while London FTSE 100 slipped 0.7%, despite gains in miners and oil giants. |
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Movie Gallery up 61%
May 11, 11:50 AM EDT |
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| Shares of Dow component General Motors fell 3.6% amid worries about labor issues at its former auto parts unit Delphi Corp. |
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| Surging oil prices pressured stock markets. The Nasdaq and the Dow were down 1%. Apple lost 2.6%, Dow component AIG lost 4.1%, while GM dropped 3.6%. Big energy companies and commodities users fell, including heavy equipment maker Caterpillar and diversified manufacturer 3M Co. Shares of Movie Gallery skyrocketed 61%, to 5.10 after reporting better-than-expected Q1 earnings of $40.3 million, or $1.27 a share on revenue growth of $694.4 million. |
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Reliance Sinks Sensex in India
May 11, 10:39 AM EDT |
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| Sensex surged, led by steep sell off in Reliance Industries, proposed hike in petrol price and election win of socialist parties in 2 cointries. |
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| The market weakness sprang from the left parties’ election victory in Kerala and West Bengal. Traditionally these parties rule have meant lower economic growth rates. Another reason for the late sell off in the trading was the U.S. Fed decision to continue raising the interest rates. Sensex traded in a range of 274 points. Oil ministry proposes a steep price hikes. |
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April Sales Disappoint
May 11, 10:16 AM EDT |
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| Jobless claims fell to 324,000 for the week May 6 from the previous week's revised figure of 325,000. Economists expected claims down to 315,000. |
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| April retail sales rose slightly below expectations. The Commerce Department said that retail sales rose 0.5% in April against economist estimates of an increase of 0.7%. The report also showed that sales at motor vehicle and parts dealers fell 0.4% after increasing 1% in March.The weaker-than-expected sales added to speculation that the Fed Reserve will leave interest rates unchanged at its June meeting. |
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AIG Profit down 16%
May 11, 9:22 AM EDT |
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| Light crude rose 36 cents to $72.49 a barrel on supply shortage concerns. European gold surged to $707. The dollar rose vs. the euro. |
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| Stock futures were set to open in the positive, boosted by strength in oil and mining companies, following a sharp advance in the price of oil, copper, gold and platinum. Shares of Exxon Mobil Corp. and ConocoPhillip gained. Dow component AIG reported after closing bell disappointing quarterly results as Q1 profit declined 16% on increased expenses. |
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Commodities Lift Europe
May 11, 8:35 AM EDT |
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| Deutsche Telekom fell 1.9% after reporting Q1 profit rise of 9 .7% on growth at its mobile operations and the sales of a stake in Celcom Malaysia. |
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| European markets recovered on Thursday, following U.S. interest-rate increase overnight and receiving a strong support from commodity stocks. The biggest gainers were copper miner Xstrata and oil company BP. The German DAX 30 rose 0.5%, the French CAC 40 climbed 0.8%, and London FTSE 100 gained 0.3%. |
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Weak Dollar Weighs in Asia
May 11, 8:05 AM EDT |
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| In Tokyo at close, shares of Softbank fell 1.6% on profit-taking after posting 33% sales jump in 2005. Electronics-component maker Kyocera lost 2.6%. |
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| Asian markets finished mixed Thursday. The Nikkei dropped for a third session in a row, pressured by strengthening yen and possible slowdown in Japanese corporate earnings as a result. The index fell 0.5% to 16,862.10 reflecting weakness in automakers and bank stocks. China Shanghai Composite reversed from recent strength and dropped 0.5% on profit-taking. |
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Gold Keeps Moving up
May 11, 5:43 AM EDT |
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| Gold prices kept their steady movement up on Wednesday, proving into new heights of over $700 an ounce, along with price hikes of other metals. |
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| Worries over inflation have been an integral part of the bullish mood powering the rally in the metal trading, together with tensions over Iran’s nuclear policies and the soft dollar. Platinum and copper also followed suit to reach new all-time highs. Silver and copper settled lower for the day, hitting life-of contract highs for 27 out of 34 trading days. |
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