S&P 500 and Nasdaq Down 2.6%
Feb 29, 4:14 PM EST |
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| Sharp sell-off in the afternoon trading dragged U.S. averages, hurt European banks, and Latin American markets. |
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| U.S. stocks fell sharply in the aftenoon trading as worries related to credit market losses mounted. Dow, S&P 500, and Nasdaq fell nearly 3% after AIG reported sharply higher loss. AIG also forecasted more losses in 2008. UBS analyst revised his estimate for the credit market related to losses to $600 billion. Only $175 billion of losses have so far been reported. Gold and silver increased as did most agricultural commodites. Dell earnings fell 6.5% on 10% higher sales. |
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U.S. Stocks Decline on Rising Credit Losses
Feb 29, 12:11 PM EST |
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| AIG reported its laregst loss in nine decades on losses in leveraged loans. AIG fourth quarter loss was $9.31 billion or $5.35 per share. |
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| U.S. stocks fell sharply at mid-day after UBS analyst raised his estimate for credit market related lossses to $600 billion. The current reported losses are $165 billion. Separately, the Commerce Department reported that personal consumption in January rose 0.4% in January from December, which was revised higher to 0.3% from 0.2%. AIG reported lts largest loss in nine decades. Dell fourth quarter revenue rose 10% and earnings per share were 31 cents. |
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CPI and Household Spending Rises in Japan
Feb 29, 8:33 AM EST |
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| For the fourth month in a row, core consumer price index in Japan rose. Household spending rose at a faster pace in January. Jobless rate at 3.8%. |
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| January core consumer price index rose at 0.8% from a year ago, the fourth monthly rise. Rising food and energy prices are lifting prices across Japan. The nationwide CPI which includes fresh food prices rose at slower pace by 0.7%. Monthly household spending in January rose 3.6%, at a slower pace in December rate of 2.2%. January jobless rate was 3.8%, same as in December month. |
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Oil Above $102, Record Low in Dollar
Feb 28, 4:47 PM EST |
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| U.S. stock averages dropped 0.9% after fourth quarter GDP rose at 0.6%. For 2007 growth fell to 2.2%, lower than 2.9% in 2006. |
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| U.S. stock indexes lost nearly 1% after the latest read on GDP showed a sharply lower growth in the fourth qaurter. Dollar fell to a record low for the third day in a row against euro and fell against Swiss Franc, British Pound and Brazilian Real. Oil jumped 3% to $102.53 on weak dollar and continued violence in Nigeria. Separately, Sprint reported a huge loss after it wrote-off $30 billion for its recent purchase of Nextel. Sears earnings declined on weak consumer spending. |
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GDP, Jobless Reports; Sprint Falls
Feb 28, 11:00 AM EST |
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| U.S. stocks struggled after the release of fourth quarter economic growth and jobless claims reports. Sprint books a loss and Sears earnings falls. |
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| Fourth quarter GDP growth declined to 0.6% after the economy expanded at a brisk rate of 4.9% in the third quarter. Real GDP rose at 2.2% in 2007 sharply lower than 2.9% in 2006 according to the Commerce Department. Jobless claims rose 19,000 for the week ending on Feb 23. Separately, Sprint reported a large fourth quarter loss and wrote-off the entire purchase of Nextel, acquired only two years ago. |
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Gross Domestic Product Rises 0.6% in Q4
Feb 28, 9:51 AM EST |
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| Real exports of goods and services increased 4.8% in the fourth quarter, compared with an increase of 19.1% in the third. |
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| Real gross domestic product in the fourth quarter increased at annual rate of 0.6% in the fourth quarter of 2007, according to preliminary estimates released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9%. Real GDP rose at 2.2% in 2007 sharply lower than 2.9% in 2006. |
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Records in Dollar and Gold on Fed Talk
Feb 27, 4:40 PM EST |
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| Gold reached a new three decade high after it closed up $12.10 to $961.00 per ounce. New homes sales fell in January, third monthly decline in a row. |
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| U.S. dollar reached a record low against euro after the comments from the Fed Chairman Bernanke. Investors now believe that the Fed is more likely to lower rates in the coming weeks. The dollar fell on the news and base and precious metals rose. Oil fell but traded at elevated levels. In earnings news, Autodesk reported 20% rise in sales and flat earnings on sharply lower margins as woes of construction industry hurt higher margin software sales. Dollar traded at record low to $1.5134 per euro. |
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Bernanke Talks; Nortel Plunges
Feb 27, 11:36 AM EST |
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| The Fed Chairman comments to the House Finance Committee were interpreted supporting economic growth. Stocks edged higher after soothing comments. |
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| U.S. stocks edged higher as the Fed Chairman gave his assessment to U.S. lawmakers. The comments appear to support growth and less concerned about inflation and support for the currency. Dollar traded at another low against the Euro as investors worried that the Fed will lower rates in the coming weeks. Nortel plans to reduce 2,100 staff and relocated 1,000 jobs to lower cost regions. Nortel fell 10% after reporting larger than expected loss. |
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Stocks, Inflation Up; Home Prices Down
Feb 26, 8:01 PM EST |
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| U.S. stocks jumped higher after IBM board authorized a purchase of $15 billion. Home Depot fell after the earnings. |
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| U.S. stocks closed higher after IBM authorized $15 billion stock buyback and talks of Abu Dhabi controlled fund investing in Lennar. Investors also faced difficult news including rising wholesale inflation, falling consumer confidence, and sharp rise in foreclosure in January. Home price index showed a sharp decline in prices in the top 20 metro areas. Prices in eight cities fell in double digits. Macy''''s Target, Nordstrom, and AutoZone rose but Home Depot fell after the release of earnings. |
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U.S. Stocks Rise, IBM Repurchase
Feb 26, 12:11 PM EST |
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| Consumer confidence declined, home prices in top 20 metro fell sharply, and wholesale price index showed a resurgent inflation. |
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| U.S. stocks edged higher in a cautious trading as investors digested several economic news and earnings. Home prices index measuring home prices in top 20 metropolitan areas registered a sharp fall of 9% across the nation. The sharpest decline in years suggested that housing market reovery may take longer than anticipated. Consumer confidence fell in February and a measure of wholesale price index rose more than expected in January. Earnings from Home Depot missed analysts projections. |
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