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Stocks Rebound, Fed Minutes
Aug 29, 4:28 PM EDT |
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| Market averages reversed the course, to positive, after the release of Fed minutes of meeting. Consumer confidence fell. Oil and gold declined. |
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| Market averages traded on light volume and responded positively to the release of Fed minutes of meetings. Nine of the ten voting members felt that raising rate was not necessary during the Aug 8th meeting. Only one voting member felt otherwise. However, future rate hikes are not discounted. Brokerage sector stocks fell. European and Latin American stocks closed up a fraction. Oil fell below $70. |
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Techs, Miners Lead Europe Higher
Aug 29, 12:30 PM EDT |
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| Oil giant BP lost 0.9% on reports that federal regulators began criminal and civil investigations into whether it manipulated U.S. crude oil market. |
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| European markets closed in the positive, supported by gains for mining and technology stocks. The tech sector advanced, with STMicroelectronics and Infineon Technologies each rising 1.7% after Merrill Lynch reiterated its buy rating on STMicroelectronics. The German DAX 30 edged up 0.1%, while the French CAC 40 and London FTSE 100 both rose 0.5%. |
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Prudential to Pay $600 M to Settle Charges
Aug 29, 11:40 AM EDT |
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| Exxon shares fell 1.2%, Chevron stock lost 1.2%, and ConocoPhillips fell 1.4% after oil dropped $1.11 to $69.50 a barrel. |
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| Stocks came under pressure after data showed consumer confidence in August sharply dropped, adding to recent concerns about the strength of economy. Life insurance company Prudential Financial agreed to pay $600 million to settle charges with federal and state regulators that one of its units engaged in inappropriate mutual fund trading. |
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Oil Dips, Sensex Rises
Aug 29, 10:50 AM EDT |
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| Upbeat Asian markets and a weaker oil prices on Monday gave Sensex a boost today, as the benchmark index on BSE finished to a three-month high. |
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| Sensex reached a new three-month high, supported by lower crude oil prices and positive global sentiment. In a late session, trading was subdued and stocks lost or gained little ground but closed well into the positive. Banking, energy, engineering, software and telecom stocks led the advancers today, while cement, petrochemical, power and steel stocks declined. Oil exploration large-cap ONGC gained 2.3%, while Reliance Industries slipped 0.5%. |
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Consumer Confidence Sharply Drops
Aug 29, 10:40 AM EDT |
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| Bookstore chain Barnes & Noble received a subpoena regarding its stock option practices from the U.S. |
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| The Conference Board said that consumer confidence in August dropped to its lowest level since last November. The consumer confidence index fell to 99.6 from a revised 107.0 in July. The fall was sharper than expected. Economists expected the index to drop to 102.7 from the initial estimate of 106.5 in July. |
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Lackluster Opening ahead of FOMC
Aug 29, 10:02 AM EDT |
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| Boeing shares rose 1% after the company announced a new stock buyback plan of up to $3 billion. |
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| Stock markets lacked direction at opening with investors cautious ahead of FOMC meeting minutes and consumer confidence report. Oil prices continued to retreat, falling below $70 per barrel. In earnings news, Sanderson Farms posted Q3 earnings drop of 16 cents a share from a profit of $1.19 a share a year ago, including an income tax benefit. Restoration Hardware surged 15% after the company said it swung to a quarterly profit and expects margin improvements. |
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Bayer Profit up 11% on Sales
Aug 29, 9:02 AM EDT |
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| Light,sweet crude added 18 cents to $70.79 a barrel. The dollar declined against the euro and the yen. |
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| Stock market futures indicated a flat start Tuesday ahead of FOMC meeting minutes release and consumer confidence data. Bayer reported Q2 earnings climbed 11% from the prior year, driven by an upside in sales from continuing operations. In addition, Bayer said it launched restructuring program that includes the closing of certain cites and elimination of 1,500 jobs, especially in North America. |
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Japan up on Weaker Yen
Aug 29, 7:26 AM EDT |
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| Asian markets rose Tuesday due to a rally by U.S. shares lifting sentiment, despite some oil stocks being hurt by weaker crude prices. |
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| Japanese shares rebounded on Tuesday, buoyed by a weaker currency. The yen fell to 149.97 against the euro in overnight markets, a new low. That sparked buying among exporters like carmakers. Hong Kong gained as property companies led advancers, while South Korea rose on exporters. Australia and China also gained. |
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Pharma and Tech Stocks Lift Europe
Aug 29, 6:32 AM EDT |
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| Europe got a boost Tuesday by strong tech and pharma sectors as the London market caught up after a national holiday. |
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| European markets traded in the positive territory on Tuesday, with U.K. stocks riding higher after a three-day weekend and Bayer stronger after announcing job cuts and an 11% profit rise. U.S. markets closed higher on Monday in a broad-based rally, buoyed by a fallback in the price of oil. In Europe, the FTSE 100 in London rose 0.5%, the Frankfurt Xetra Dax advanced 0.2% and the CAC-40 in Paris added 0.1%. |
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Gold Falls on Dropping Energy Prices
Aug 29, 5:16 AM EDT |
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| Gold prices drop Monday due to falling energy prices as an Atlantic storm no longer appeared to threaten Gulf coast refineries. |
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| There was some corroborative selling in gold as oil came down. Oil prices dropped nearly $2 a barrel Monday as Ernesto was downgraded to a tropical storm and forecast to miss the energy production areas of the Gulf of Mexico. Silver, platinum and palladium also declined. Only copper rose. |
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