S&P 500 Plunges 9%, Nasdaq Dives 8.5%
Oct 15, 5:02 PM ET |
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| Investors are increasingly betting that Secretary Paulson led bailout plan is not going to prevent the U.S. from slipping into a recession. September retail sales decline drove market averages to plunge more than 8%. Of the S&P 500 index, 9 dived more than 20%, 224 declined 10% or more and 495 fell. |
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Coca-Cola Up; State Street, Cemex , Visa Fall
Oct 15, 2:41 PM ET |
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| Coca-Cola Company edged higher after reporting better than expected earnings a day after PepsiCo said earnings fell 9%. State Street fell after it reported 33% increase in earnings but also unrealized losses in the investments soared 65% to $3.3 billion. |
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CSX, Intel, Domino's Fall on Earnings
Oct 15, 3:08 PM ET |
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| CSX Corp third quarter revenues rose 18% to $2.96 billion and net income fell 6% to $382 million or 94 cents a share. Dominos Pizza Inc third quarter revenue fell 4% to $323.6 million and net income dropped 8% to $10 million or 17 cents a share. Intel net income rose 11%. |
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Retailers, Metals, Energy Sectors Drop
Oct 15, 12:56 PM ET |
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| Weak September month retail sales dragged market averages and the retail sector stocks lower. Mining and metals and energy complex stocks dropped after the crude oil, gasoline and natural gas prices fell to a low for the year. Of the stocks in S&P 500 index, 470 declined and 28 gained. |
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Weak Retail Sales, Stocks Down 3%
Oct 15, 11:01 AM ET |
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| September retail sales declined from August and from the previous year as consumers pull back. Auto, furniture, restaurant and apparel retail sales were down more than expected in the month. Sales at convenience stores and healthcare outlets were up. Crude oil dropped to $75 a barrel. |
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UK Stocks Plunge 7%
Oct 15, 2:18 PM ET |
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| UK stocks plunged after the markets in Europe fell more than 5%. Weak metals and commodities prices, a decline of 5% in crude oil futures and a rise in unemployment dragged the benchmark index down 7.2%. The copper miner, Antofagasta and BHP Billiton plunged 15%. |
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Record August Trade Deficit in Japan
Oct 15, 7:09 PM ET |
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| Stocks in Japan rose after South Korean steel maker Posco offered weak outlook for the current quarter. Weakness in the ocean freight index also dragged shipping lines lower. Financials and realty stocks fell on the worries that the U.S. recession will be longer and deeper than anticipated. |
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Shanghai Drops 4%, Hong Kong Falls 5%
Oct 15, 7:37 PM ET |
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| China foreign exchage reserves rose to $1.9 trillion, the largest of any nation. Trade surplus contributes $27 billion a month and depositors looking for stable currency convert foreign currency into yuan denominated deposits. Benchmark index in Shanghai dropped 4% and in Hong Kong fell 5%. |
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Australian Stocks Fall, Posco Warnings
Oct 15, 6:10 PM ET |
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| Stocks in Australia fell after South Korean steel giant Posco offered cautious outlook for the current quarter. Rio Tinto, the mining company also hinted weaker deamnd from China and Europe. Australia considers additional economic stimulus of A$10.4 billion. |
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U.S. Earnings Worries; Europe Rally on Bailout
Oct 14, 6:15 PM ET |
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| U.S. stocks declined after weaker than earnings from PepsiCo unnerved investors. Analysts lowered their outlook for the tech sectors but after the close Intel reported better than exepcted third quarter earnings. Metals and mining companies fell. Financials gained on $250 billion Treasury action. |
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