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Market Ignores Record Trade Deficit
Dec 14, 5:25 PM EST |
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| $68.9 b trade deficit for October did not pressure the market averages. Gold, silver, copper fell. Oil rose but fell near close. Energy stocks up. |
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| October deficit suggests that the U.S. may be set to cross $725 billion in deficit in 2005. Record oil and natural gas import contributed to deficit in month. U.S. recorded deficit with Canada, EU, Japan and China. Last trade surplus was recorded in 1964 and in 1972-73. Apple shares closed down 3% on double downgrades on valuation. 10-year bond yield fell to 4.44%. |
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Two Downgrades on Apple
Dec 14, 1:39 PM EST |
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| Apple was downgraded by Bear Stearns and Banc of America, saying that recent rally overinflated the iPod maker's stock. Apple's shares fell 5.4%. |
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| Oil inventories rose by 900,000 barrels for the week ended Dec 9, climbing to 321.2 million barrels, following an advance of 2.7 million last week. The U.S. October trade deficit unexpectedly rose to an all-time high of 4.4% in October to $68.9 billion as oil shipments soared and the U.S. set deficit records with China, Europe, Canada and Mexico. The Labor Dept report showed that import and export prices in November fell 1.7% and 0.9% respectively. |
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Rise in Oil Inventories
Dec 14, 11:58 AM EST |
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| Oil inventories rose by 900,000 barrels for the week ended Dec 9, climbing to 321.2 million barrels, following an advance of 2.7 million last week. |
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| The U.S. October trade deficit unexpectedly rose to an all-time high of 4.4% in October to $68.9 billion, surpassing the old record of $66 billion in September as oil shipments soared and the United States set deficit records with China, Europe, Canada and Mexico. The Labor Dept report showed that import and export prices in November fell 1.7% and 0.9% respectively. |
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Record Trade Deficit
Dec 14, 9:51 AM EST |
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| Oil prices hovered over $61 ahead of inventory report, expected to show declines. Gold declined after FOMC. The dollar fell against the yen and euro. |
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| Asian-Pacific benchmarks closed mixed with the Nikkei at its sharpest decline in two months, down 2% on disappointing business sentiment survey. European stocks also traded mixed at mid-day with the German DAX 30 and the French CAC 40 dragged by strong euro and weak exporters. In corporate news, General Dynamics agreed to acquire Anteon International for $2.1 billion, or $55.50 a share. Apple declined after Bear Stearns cut its rating on the company to peer perform from outperform. |
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