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Nasdaq Down 3, Dow Down 20
Aug 25, 4:24 PM EDT |
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| Oil market rose as two storms raged in the Gulf of Mexico and Atlantic Ocean. Oil rose but settled at lower level. |
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| Market averages meandered during the day as traders found no direction for interest rate in the Chairman Bernanke speech. Rise in oil also kept stock market in check. Two developing storms in the Gulf and Caribbean regions kept oil traders on the edge. H&R Block fell 9%. Ford Motor is reported to be in talks to sell its luxury division. Robert Rubin resigned from the Ford board citing potential conflict of interest. |
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Energy Stocks Rally
Aug 25, 11:55 AM EDT |
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| Oil and gas are rising on the worries related to weather in the Gulf of Mexico. Oil is up 1.2% and natural gas is 1.5%. |
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| Market averages are in the negative zone as oil and natural gas mount a comeback. Crude oil for October delivery is 1.2% and natural gas is up 1.5%. Energy explorers, refiners and markets are leading the sector gain. Natural gas is at a two week high and crude oil is at a one week high. Ford Motor is in talks to sell luxury division. H&R Block is down 9% on loan loss reserve of $100 million. |
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Sensex Retains Momentum
Aug 25, 10:31 AM EDT |
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| Sensex on BSE in India maintained its rise for the second day. Cement, technology and consumer stocks led the advancers. |
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| Sensex average in India has gained 6% in the last three weeks of trading. Market sentiment has been supported by a steady buying from mutual funds, international investors and normal monsoon rain. During the trading today, Sensex gained almost 1%, with a steady upward movement of large-caps such as Reliance Industries and SBI, which led the advancers today. Hindalco, Tata Steel and Bajaj Auto led the rally. |
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Oil Market Drags Stocks
Aug 25, 10:04 AM EDT |
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| Market in the early trading faces headwind. Firm oil price, competition from bond market weighs on stocks. |
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| Market averages are hugging the unchanged level with a negative bias. S&P 500 and Dow are down a fraction but Nasdaq is up. Ford Motor is up 4% on the restructuring news. Ford is reported to be in talks to sell its Jaguar and Land Rover division. H&R Block is down 9% on the news that the company has sent aside $100 million to cover potential losses from mortgage loans. |
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Futures Indicate Higher Opening
Aug 25, 9:25 AM EDT |
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| Futures market trading is indicating a higher opening, but market may face headwinds in the early trading. Oil is 1.5%. |
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| Futures market is pointing higher opening but the view is not unanimous. S&P 500 futures are indicating lower opening. Oil in Europe is up 1.5%. Ford Motor is in talks to sell its luxury auto division consisting Jaguar and Land Rover to a group headed by Jacque Nasser, former CEO of the company. Rober Rubin resigned from the Ford board citing potential conflict of interest. Home Depot has placed a buy back plan for $3.5 billion. |
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Japan down, HK up
Aug 25, 7:32 AM EDT |
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| Asian markets closed mixed Friday as weakness blue chips Toyota Motor and Sony dragged the Japan lower, while HK and Seoul ended higher. |
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| Although Toyota Motor and Sony pressed the Nikkei Average down, Asian markets closed broadly higher, as blue-chips Samsung Electronics lifted the Kospi in Seoul, while in Hong Kong gains in some major companies countered a fall in Hutchison. In Taiwan, shares finished lower for the third straight session, led by cement and tourism companies. |
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Banks, Telecoms Rise in European Trade
Aug 25, 6:33 AM EDT |
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| European markets were broadly flat on Friday, but merger talks invigorated the banking sector and telecoms stocks. |
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| As U.S. markets provided little momentum on Thursday, it was the banking sector that enlivened markets in Europe on Friday as a deal between telecommunications companies Vodafone Group and Belgacom offered some direction and after further gains in the Italian banking sector. The FTSE 100 index in U.K. climbed 0.3% the French CAC 40 index added 0.3% and the German DAX 30 index rose 0.2%. |
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Gold Falls Pressured by Rising Dollar
Aug 25, 5:33 AM EDT |
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| Gold ended lower for a third session in a row Thursday, as the U.S. dollar rose in the wake of mixed durable-goods data and a drop in new-home sales. |
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| The conditions for gold seem to project sloppy to sideways and perhaps even lower pricing ahead. However, the December gold contract appears to have pretty solid support above the $625 level. Soft U.S. housing and durable-goods data sent high-grade copper futures lower as well. Silver also declined. |
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