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Day Two of Sell-off
Oct 05, 4:37 PM EDT |
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| Inflation talk and feared rising interest rates, falling oil inventories and slowing service sector of the economy led second day of decline. |
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| Down down 1.2%, S&P down 1.5% and Nasdaq down 1.7%. Inflation scare, lack of progress in the restart of energy production in the Gulf of Mexico and survey indicating slowing service sector of the economy caused a steep decline for the second day in a row. Mortgage application and energy inventories declined in the previous week. All sectors suffered decline in the market. |
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Markets On the Slide
Oct 05, 3:40 PM EDT |
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| General Motors, Caterpillar, Hewlett Packard all join in the accelerating market slide. |
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| Crude-oil inventories dropped by 300,000 barrels last week after a decline of 2.4 million barrels in the previous week. Gasoline inventories posted a decline of 4.3 million barrels vs. last-week’s 4.4 million-barrel advance. The market composite index of mortgage loan application volume decreased by a seasonally-adjusted 1.1% for the week ended Sept. 30. The ISM said that its business activity index for the service sector fell to 53.3 in Sept. from 65.0 in August. |
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Oil Rise on Falling inventory
Oct 05, 12:51 PM EDT |
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| Oil prices stay at elevated levels after EIA report shows declining inventories of crude oil, gasoline and heating oil. |
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| The Mortgage Bankers Association revealed that its market composite index of mortgage loan application volume decreased by a seasonally-adjusted 1.1% for the week ended September 30, dropping to 713.5 from 721.2 in the previous week. Yum Brands, fast food restaurants operator, posted Q3 earnings rise of 72 cents a share vs. 61 cents a year ago on higher revenue, beating estimates. The company raised its full-year profit outlook to $2.64 a share. |
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Yum Brands Profit up on China
Oct 05, 9:20 AM EDT |
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| Oil prices hover near $64 a barrel ahead of weekly petroleum report. Gold declines in Europe. U.S. dollar trades down vs. the yen and the euro. |
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| Asian-Pacific markets closed down on speculations of interest-rate increases with the Nikkei down 0.4%, South Korea falling 1.2%, and Hong Kong down 1.4%. European markets also traded lower at mid-day on U.S. market losses. Yum Brands, fast food restaurants operator, posted Q3 earnings rise of 72 cents a share vs. 61 cents a year ago on higher revenue, beating estimates. The company raised its full-year profit outlook to $2.64 a share. |
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