Wall Street

2009-11-11T17:28:00.002+02:00

Moving the Market

* Dollar comes under renewed pressure
* Overseas markets make strong gains amid strong data from Asia and strong earnings from some major European companies
* Gold prices ascend to new record highs

2009-11-11T17:28:00.001+02:00

Dow 10312.11 +65.14 (+0.63%)
Nasdaq 2171.03 +19.95 (+0.92%)
SP 500 1101.47 +8.46 (+0.77%)
10-yr Note 00/32 3.48%
NYSE Adv 2051 Dec 659 Vol 139 mln
Nasdaq Adv 1734 Dec 577 Vol 245 mln

Industrial production and foreign trade up, but the Yuan remains low

2009-11-11T14:56:00.001+02:00

Maximum growth in 19 months: +16.1 production, retail sales +16.2. The Yuan depreciated by at least 50%. Barack Obama makes requests to APEC. Some doubt on the recovery.
Beijing (AsiaNews) - In October, industrial production in China reached its highest level in over 19 months, showing signs of recovery from the global crisis. Several analysts attribute this growth to the low value of the Yuan and ask that it be appreciated.
According to figures published today by the statistics bureau, production increased by 16.1%, the strongest increase since March 2008.
Retail sales were up by 16.2%, showing that domestic consumption in China has also grown. The surplus in trade balance has doubled compared to September, reaching $ 24 billion, a sign that the reduction in exports, registered in the past months, has become less harsh: the minimum in 10 months.
The figures published today come just a few days from the meeting of the leaders of the Asia-Pacific area (APEC) in Singapore (14-15 November), where President Barack Obama will also speak. Obama almost certainly will ask China to appreciate the value of the Yuan, too undervalued and therefore considered able to impose itself unfairly in the export market. Premier Wen Jiabao has so far refused pressures on the value of the Yuan, hoping to increase exports even further and provide more jobs and more stability in his country.
Since July 2008, China has fixed the value of the Yuan at 6.83 to one U.S. dollar, with an increase of 21% compared to three years ago. But according to many economists, the real exchange rate should be 1 U.S. dollar to 3.821 Yuan (cf. AsiaNews.it, 09/12/2008 Economic crisis: US, China and the coming monetary storm).
There are also doubts whether all this apparent recovery is not due to the aid package against the crisis of $ 4 trillion Yuan (over 390 billion) launched by the government last year as well as the indiscriminate granting of bank loans. According to the World Bank, more than 80% growth this year was produced by State support.
At the grassroots level, among the population increasingly high consumer prices were registered. At the same time, tens of millions of migrant workers have been laid off (because of fall in exports), who have since been re-employed on a part time basis on even lower wages than before.
.asianews.it

2009-11-04T23:02:00.000+02:00

The Fed decision: almost exactly as expected!
The Federal Reserve Open Market Committee (FOMC) issued its statement almost exactly as expected. The language on interest rates is remaining low for an extended period of time remained largely unchanged, and the decision was unanimou

2009-11-02T22:58:00.003+02:00

Fed Expected To Hold Rates At Record-Low
WASHINGTON -- Even with the Federal Reserve widely expected to leave interest rates at a record low this week to nurture the fragile recovery, fissures are growing among policymakers about when to start boosting rates to head off inflation.
A shift to higher borrowing costs is probably months away, but Fed Chairman Ben Bernanke and his colleagues likely will privately debate how best to signal a change in stance to investors, businesses and ordinary Americans when they open a two-day meeting Tuesday.
.wsoctv.com

2009-11-02T20:34:00.002+02:00

Construction Spending

September 2009

0.8%
Pending Home Sales
Sep 6.1%

2009-11-02T20:24:00.000+02:00

October 2009 Manufacturing ISM Report On Business
PMI at 55.7%

2009-11-01T12:23:00.004+02:00

Fed unlikely to raise interest rates

WASHINGTON: The US Federal Reserve is unlikely to raise key interest rates this week or unwind emergency support as the economy starts a tough recovery from recession, analysts say.
Fed policymakers were expected to hold the base lending rate at near-zero and maintain a trillion-plus dollar program to underpin the recovery at the conclusion of their two-day meeting Wednesday.
Economists and traders will be poring over the Federal Open Market Committee statement released after the meeting in search of signals for the direction of monetary policy.
"The Federal Open Market Committee will use its post-meeting statement to acknowledge the recession has ended and revise its near-term forecast to reflect the better tone of the data," said Joseph Brusuelas of Moody's Economy.com.
www.timesofoman.com

U.S. Preview: Consumer Confidence to Rise in Response to Equity Rallies

2009-04-17T19:31:00.004+03:00

(CEP News) - Economists expect the Reuters/University of Michigan Consumer Confidence Index to climb slightly higher in April as U.S. consumers react to the recent gains in stock markets. Nevertheless, relentless job losses and higher gas prices will keep any improvement in sentiment subdued.
The index is forecast to climb to 58.5 from 57.3 in March.
"The boost to confidence from the stock market rally will outweigh the continuing downdraft from widespread job losses and rising unemployment," said economists at IHS Global Insight. They expect the index to reach 60.0.
The S&P 500 stock index has climbed 8.5% in the month of April, while the Dow Jones is up 6.9% on the month.
Paul Dales, economist with Capital Economics, pointed out that weekly initial jobless claims have fallen unexpectedly in the last two weeks - another reason for improvement.
"That said, the jobless claims figures are still consistent with payrolls plunging by at least 600,000 a month," he said. In March, the U.S. nonfarm payrolls report revealed 663,000 job losses in the United States.
Economists at Desjardins were reluctant to call any optimism amongst consumers sustainable.
They said there have been incremental gains the index, but it still remains very low, adding that while healthy financial markets could inspire a boost, there are still the effects of higher gas prices and ongoing job losses to consider.
The Reuters/University of Michigan Consumer Confidence Index wil be released at 10:00 a.m. EDT on Friday.

WallStreetBlips - U.S. Preview: Consumer Confidence to Rise in Response to Equity Rallies

JPMorgan Chase posts better-than-expected profit

2009-04-16T17:50:00.008+03:00

NEW YORK businessweek.com

JPMorgan Chase said Thursday it earned $2.14 billion for the first quarter, thanks to a boost in trading activity and deposits. The profit was 10 percent lower than last year, but better than expected.
JPMorgan has not posted a quarterly loss since the financial crisis began.
Like other banks, JPMorgan's loans are still seeing defaults increase. Credit costs amounted to $10 billion, JPMorgan said.
But the company is benefiting from a jump in mortgage refinancing and deposits, as well as low interest rates. When a bank can borrow cheaply, it can profit more from lending.

2009-04-16T17:41:00.000+03:00

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 16 08:30 Building Permits Mar 513K 545K 549K 564K 547K
Apr 16 08:30 Housing Starts Mar 510K 560K 540K 572K 583K
Apr 16 08:30 Initial Claims 04/11 610K 645K 658K 663K 654K

Retail sales fall unexpectedly in March

2009-04-15T02:13:00.001+03:00

WASHINGTON - Retail sales fell unexpectedly in March, delivering a setback to hopes that the economy's steep slide could be bottoming out.
President Barack Obama and Federal Reserve Chairman Ben Bernanke said in separate speeches Tuesday that while other recent economic signs have been hopeful, problems persist and a true recovery will take more time.
The Commerce Department said retail sales dipped 1.1 percent in March. It was the biggest decline in three months and a much weaker showing than the 0.3 percent increase that analysts expected.
A big drop in auto sales led the overall slump in demand. Sales also plunged at clothing stores, appliance outlets and furniture stores.
Meanwhile, the Labor Department reported that wholesale prices plunged 1.2 percent in March as the cost of gasoline, other energy products and food fell sharply.
Gas prices fell 13.1 percent, the steepest drop since December, while food costs dipped 0.7 percent. Excluding volatile food and energy prices, the Producer Price Index was unchanged, below analysts' forecasts of a 0.1 percent rise..poststar.com

Goldman Sachs Ready to Repay Some Gov't Loan

2009-04-15T01:50:00.002+03:00

Goldman Sachs Ready to Repay Some Gov't Loan
Goldman Sachs says it has sold $5 billion in stocks to help repay emergency funds it received from the U.S. government.
The bank raised the money after reporting first quarter profits of $1.66 billion, far more than expected.
Goldman Sachs is eager to pay all of the $10 billion it received from the federal Troubled Asset Relief Program, as soon as the government approves.
It would be the first major U.S. bank to repay federal loans handed out last year to try to keep the institutions running.
If Goldman Sachs repays the debt, it would not have to abide by government restrictions, such as limits on executive pay.
Some analysts say the government may not want Goldman Sachs to repay its loan so soon, because it could pressure other banks to settle their debt before they are financially stable. voanews

2009-04-15T01:45:00.001+03:00

Dow 7943.04 -120.75 (-1.52%)
Nasdaq 1631.67 -21.64 (-1.33%)
SP 500 845.28 -13.45 (-1.59%)
10-yr Note +24/32 2.78
NYSE Adv 1038 Dec 1997 Vol 1.3 bln
Nasdaq Adv 899 Dec 1812 Vol 1.9 bln

Energy Stocks: The Economic Recovery May Be Slow

2009-04-14T20:05:00.001+03:00

Stocks in the energy sector slipped on Apr. 13 after Chevron (CVX) warned of "sharply lower" profits, underlining expectations that the sector's earnings face a rough first quarter.
Yet many investors continue to stick with energy stocks. After a steep decline in both energy shares and the price of oil and other commodities last year, many still hope for a revival for big oil and other energy companies in the second half of this year. So far this year through Apr. 9, the S&P Energy index has fallen 6.3%, vs. a 5.2% drop in the S&P 500 index. But some groups within energy, such as oil and gas drilling and energy equipment and services, are up for the year. businessweek.com

2009-04-14T20:01:00.001+03:00

Apr 14 08:30 Core PPI Mar 0.0% 0.0% 0.1% 0.2% --
Apr 14 08:30 PPI Mar -1.2% 0.0% 0.0% 0.1% --
Apr 14 08:30 Retail Sales Mar -1.1% 0.5% 0.3% 0.3% -0.1%
Apr 14 08:30 Retail Sales ex-auto Mar -0.9% 0.2% 0.0% 1.0% 0.7%
Apr 14 10:00 Business Inventories Feb -1.3% -1.2% -1.2% -1.3% -1.1%

U.S. budget gap grows to $957 billion Treasury Department says the federal budget deficit for current fiscal year increased by $192.3 billion last mon

2009-04-13T03:38:00.001+03:00

NEW YORK (CNNMoney.com) -- The government said Friday the federal budget deficit for the first half of fiscal 2009 jumped to $956.8 billion, more than $500 billion above the gap for all of the prior fiscal year.
The Treasury Department said the federal budget deficit grew by $192.3 billion in March, according to the report released Friday.
Economists were expecting the budget deficit to grow by $160 billion in March, according to a consensus estimate compiled by Briefing.com.
In February, the government added $192.8 billion to the deficit. Last March, the government added $48.2 billion to the deficit.
The deficit for the year that began in October is 110% above the $454.8 billion gap in all of fiscal 2008.
The government has been spending at a record pace recently in an effort to pull the economy out of recession, jumpstart lending, and recapitalize the nation's financial system.
Overall, the government expects a budget deficit of $1.75 trillion for the full fiscal year.
Spending on the rise, even as income slows: The total outlays for March were $321.2 billion, an increase from $280.1 billion spent in February.
So far this fiscal year, the government has spent $1.95 trillion, a 33% increase over the $1.46 trillion spent by the same time last year.
The government expects to spend $3.94 trillion for the full year ending Sept. 30.
Even as the pace of spending has increased in an effort to extricate the economy from recession, the government is taking in less in taxes from both individuals and companies.
Total receipts for March were $129 billion, bringing the total amount that the government has taken in so far this year to $989.8 billion. That represents a 14% decline from the $1.1 trillion the government had collected by the same time last year.
The government collected $3.4 billion in corporate income taxes in March and $41.2 billion in individual income taxes.
So far in this fiscal year, the government has collected $56.2 billion in corporate taxes, a 57% plunge from the $129.5 billion taken in by the same time a year earlier. About $429.7 billion in individual income taxes has been collected, a 15% decline from $503.5 billion a year ago.
The government expects to take in total receipts of $2.2 trillion
CNNMoney.com

2009-04-13T03:04:00.002+03:00

Apr 14 08:30 Core PPI Mar NA 0.1% 0.2%
Apr 14 08:30 PPI Mar NA 0.0% 0.1%
Apr 14 08:30 Retail Sales Mar NA 0.3% -0.1%
Apr 14 08:30 Retail Sales ex-auto Mar NA 0.1% 0.7%
Apr 14 10:00 Business Inventories Feb NA -1.1% -1.1%
Apr 15 08:30 Core CPI Mar NA 0.1% 0.2%
Apr 15 08:30 CPI Mar NA 0.2% 0.4%
Apr 15 08:30 Empire Manufacturing Apr NA -35.0 -38.2
Apr 15 09:00 Net Long-Term TIC Flows Feb NA NA -$43.0B
Apr 15 09:15 Capacity Utilization Mar NA 69.7% 70.9%
Apr 15 09:15 Industrial Production Mar NA -0.9% -1.4%
Apr 15 10:30 Crude Inventories 04/10 NA NA +1645K
Apr 15 14:00 Fed's Beige Book
Apr 16 08:30 Building Permits Mar NA 550K 547K
Apr 16 08:30 Housing Starts Mar NA 550K 583K
Apr 16 08:30 Initial Claims 04/11 NA NA 654K
Apr 16 10:00 Philadelphia Fed Apr NA -32.0 -35.0
Apr 17 09:55 Mich Sentiment-Prel Apr NA 58.5 57.3

2009-04-13T02:11:00.000+03:00

The Week Ahead North America.: Q1 Earnings to Dictate Market Direction
(CEP News) - First-quarter corporate earnings season kicks into full swing next week and market sentiment will be the dominate driver for trading.
Francis Campeau, equities broker at MF Global Canada, said it appears the recent run in North American equities may still have further to run next week.
"It seems that most of the bad news has been priced in," he said. "The technicals are also starting to turn positive, which could add some traction to the rally."
Bank earnings next week, which include Goldman Sachs, on Tuesday, JPMorgan on Thursday and Citigroup on Friday, will be the most closely watched. Markets are relatively optimistic ahead of the bank earnings following positive guidance from Wells Fargo on April 9.
"The financials have been the most beaten up in this down turn," said Campeau. "And positive earnings will drive markets higher."

2009-04-13T02:02:00.001+03:00

[BRIEFING.COM] A better-than-expected earnings preannouncement from Wells Fargo sent the financial sector surging 15.5%, which induced buying in the broader market and helped the Dow move back above 8,000.
Wells Fargo (WFC 19.61, +4.72) isn't scheduled to officially announce first quarter earnings results until April 22, but came out this morning to let investors know it expects to earn $0.55 per share for the quarter. Analysts had forecast earnings of just $0.24 per share. Wells Fargo also indicated its combined net charge-offs are down sequentially and that the legacy Wachovia business is operating well.

2009-04-13T01:58:00.001+03:00

Dow 8083.38 +246.27 (+3.05%)
Nasdaq 1652.54 +61.88 (+3.74%)
SP 500 856.56 +31.40 (+3.67%)
10-yr Note -17/32 2.92%
NYSE Adv 2741 Dec 366 Vol 1.84 bln
Nasdaq Adv 2290 Dec 455 Vol 2.15 bln

2009-04-10T17:50:00.001+03:00

* Wells Fargo issues upside guidance for first quarter, bolstering bank shares and financial stocks
* Wal-Mart posts positive monthly same-store sales, but the increase falls short of expectations; other retailers report mixed results
* Weekly jobless claims dip in-line with expectations, but continuing claims climb to new record highs

2009-04-09T23:11:00.001+03:00

Dow 8060.20 +223.25 (+2.77%)
Nasdaq 1644.27 +53.64 (+3.26%)
SP 500 852.20 +27.34 (+3.21%)
10-yr Note -17/32 2.92%
NYSE Adv 2697 Dec 394 Vol 1.19 bln
Nasdaq Adv 2221 Dec 512 Vol 1.73 bln

U.S. trade deficit shrank in February

2009-04-09T19:47:00.000+03:00

WASHINGTON, April 9 (UPI) -- The U.S. trade deficit fell for the fifth consecutive month in February, the U.S. Bureau of Economic Analysis said Thursday.
Exports in February totaled $126.8 billion, while imports totaled $152.7 billion, resulting in a trade deficit of slightly under $26 billion, a decrease from January's trade gap of $36.2 billion, the bureau said.
The goods deficit decreased $10.1 billion to $36.9 billion as exports decreased $2.5 billion to $84.7 billion. Exports of services decreased $400 million to $42.1 billion.
But, imports of goods and services fell by $8.2 billion to $160.9 billion.
From a year ago, exports have fallen 16.9 percent, but imports have fallen faster -- at a rate of 28.8 percent -- as the recession has slowed consumption in the United States and abroad.
In February, the United States recorded shrinking deficits in trades with China, the European Union, Japan and the Organization of Petroleum Exporting Countries. The trade gap grew larger with Hong Kong, Australia, Egypt and Nigeria.

2009-04-09T19:04:00.001+03:00

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 09 08:30 Export Prices ex-ag. Mar -0.3% NA NA -0.1% 0.1%
Apr 09 08:30 Import Prices ex-oil Mar -0.7% NA NA -0.7% -0.6%
Apr 09 08:30 Initial Claims 04/04 654K 650k 660K 674K 669K
Apr 09 08:30 Trade Balance Feb -$26.0B -$37.0B -$36.0B -$36.2B -$36.0B

2009-04-09T18:39:00.001+03:00

Dow 7998.63 +161.25 (+2.02%)
Nasdaq 1663.69 +43.03 (+2.59%)
SP 500 845.84 +20.68 (+2.44%)
10-yr Note -22/32 2.94%
NYSE Adv 2601 Dec 368 Vol 551 mln
Nasdaq Adv 2114 Dec 392 Vol 795 mln

2009-04-09T18:38:00.001+03:00

Wells Fargo issues upside guidance for first quarter, bolstering bank shares
Wal-Mart posts positive monthly same-store sales, but the increase falls short of expectations; other retailers report mixed results
Weekly jobless claims dip in-line with expectatins, but continuing claims climb to new record highs
February trade deficit lessens, while import prices increase less than expected month-over-month and decline as expected year-over-year

Double Trouble for Apollo Management

2009-04-09T14:02:00.000+03:00

IN TODAY'S SOUR ECONOMY, A LEVERAGED FUND INVESTED in leveraged buyouts could well mean double trouble. Just ask Leon Black and his partners in Apollo Management, whose AP Alternative Assets has performed disastrously. Its European-listed shares (AAA.Euronext) have plunged to about $1 each from an initial offering price of $20 in 2006.
AP Alternative Assets' net asset value fell 45% in the fourth quarter, to $850 million, or $8.77 a share, capping a 60% decline for the full year. The drop reflected the declining value of many of the fund's investments in Apollo-engineered leveraged buyouts completed in 2006, '07 and early '08. Apollo orchestrated some of the worst LBOs in the buyout boom of recent years, including the privatizations of debt-laden Harrah's Entertainment, the casino operator; Claire's Stores, a costume-jewelry retailer; and Realogy, a real-estate broker.

Economic Research (New York)

2009-04-09T13:05:00.000+03:00

Economic Research (New York)

Factors Affecting Reserve Balances (H41)

2009-04-09T13:04:00.000+03:00

Factors Affecting Reserve Balances (H41)

Money Stock Measures (H6)

2009-04-09T13:03:00.001+03:00

Money Stock Measures (H6)

U.S. Import and Export Price Indexes

2009-04-09T13:01:00.000+03:00

U.S. Import and Export Price Indexes

U.S. International Trade in Goods and Services

2009-04-09T12:59:00.000+03:00

U.S. International Trade in Goods and Services

EMPLOYMENT AND TRAINING ADMINISTRATION

2009-04-09T12:55:00.000+03:00

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

Commercial Paper Rates and Outstanding

2009-04-09T12:53:00.000+03:00

Commercial Paper Rates and Outstanding

Selected Interest Rates

2009-04-09T12:48:00.000+03:00

Selected Interest Rates

2009-04-09T00:49:00.001+03:00

Dow 7837.11 +47.55 (+0.61%)
Nasdaq 1590.66 +29.05 (+1.83%)
SP 500 824.16 +9.61 (+1.17%)
10-yr Note +13/32 2.85%
NYSE Adv 2259 Dec 775 Vol 1.32 bln
Nasdaq Adv 1937 Dec 733 Vol 1.85 bln

2009-04-09T00:48:00.001+03:00

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 09 08:30 Export Prices ex-ag. Mar NA NA 0.1%
Apr 09 08:30 Import Prices ex-oil Mar NA NA -0.6%
Apr 09 08:30 Initial Claims 04/04 650k NA 669K

Federal Open Market Committee

2009-04-09T00:46:00.000+03:00

The FOMC holds eight regularly scheduled meetings during the year and other meetings as needed. Links to policy statements and minutes are in the calendars below. The minutes of regularly scheduled meetings are released three weeks after the date of the policy decision.

US Dollar, Japanese Yen Gain as FOMC Minutes Reflect Dreary GDP, Unemployment Outlooks

2009-04-09T00:24:00.000+03:00

The US dollar and Japanese yen were amongst the stronger currencies on Wednesday, though we’ve seen little in the way of “breakouts”, as the release of the Federal Open Market Committee’s (FOMC) meeting minutes from March wasn’t exactly groundbreaking since there was little in the way of new details revealed. During March, the FOMC left the fed funds target range at 0.0 percent - 0.25 percent but the big surprise was that they officially announced quantitative easing efforts. The only noteworthy part of the minutes was that the FOMC staff projections for the second half of 2009 and 2010 were downgraded from the FOMC’s long-run projections for growth, unemployment, and inflation in January. While the exact revisions were not published, the minutes did say that GDP was expected to “flatten out gradually over the second half of this year and then to expand slowly next year,” and that this “weaker trajectory of real output resulted in the projected path of the unemployment rate rising more steeply into early next year before flattening out at a high level over the rest of the year.” All told, this suggests that Q3 and Q4 GDP results aren’t likely to show any sort of recovery, while the unemployment rate could breach the upper range of the FOMC’s projections of 9.2 percent, and perhaps reach double-digits.
dailyfx.com

2009-04-09T00:06:00.000+03:00

[BRIEFING.COM] Sellers threatened to drag stocks lower for the third straight session, but buyers showed resolve and pushed all three of the major indices higher.

Helped by news that the Treasury is planning to extend bailout funds to insurers, stocks started the session on positive footing. Though an official statement has yet to be made, many expect beaten down names like Lincoln National (LNC 9.15, +2.26) and Hartford (HIG 9.59, +1.14) to benefit.

Results of previous auction

2009-04-09T00:00:00.000+03:00

Press Release
Federal Reserve Press Release
Release Date: April 7, 2009
For release at 10:00 a.m. EDT
On April 6, 2009, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction

Credit-card debt shrinks at fastest pace in 32 years

2009-04-08T23:57:00.000+03:00

WASHINGTON (MarketWatch) -- The balances on American consumers' credit cards fell at a 9.7% annual rate in February, the fastest rate of decline since late 1976, the Federal Reserve reported Tuesday
Total outstanding consumer credit, including both revolving and nonrevolving credit, fell at a 3.5% annual rate, or $7.5 billion, to a seasonally adjusted $2.56 trillion, the Fed said.
Credit has declined in five of the past seven months. Prior to that, credit had declined in only one month in the previous 15 years.
"No other recession has seen monthly changes in consumer credit contract this many times or so deep before going back to January 1943, which is how far the data go back," wrote Young Kim, an analyst for Stone & McCarthy Research. The retrenchment reflects "less available credit, less consumer demand for credit, and consumers' new found propensity to pay down debt.

2009-04-08T16:29:00.001+03:00

* Treasury extends bailout funds to certain life insurance companies
* Fed reports latest TALF auction results
* Corporate headlines pick up as earnings season gets underway
* Minutes from FOMC March meeting due this afternoon (2:00 PM ET)

Commercial Paper Rates and Outstanding

2009-04-08T16:24:00.000+03:00

Commercial Paper Rates and Outstanding

Selected Interest Rates

2009-04-08T16:23:00.000+03:00

Selected Interest Rates

2009-04-08T05:03:00.000+03:00

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 08 10:00 Wholesale Inventories Feb -0.6% -0.6% -0.7%
Apr 08 10:30 Crude Inventories 04/03 NA NA +2840K

2009-04-08T05:02:00.001+03:00

Dow 7789.56 -186.29 (-2.39%)
Nasdaq 1561.61 -45.10 (-2.89%)
SP 500 815.55 -19.93 (-2.44%)
10-yr Note +7/32 2.90%
NYSE Adv 647 Dec 2368 Vol 1.26 bln
Nasdaq Adv 649 Dec 2033 Vol 1.88 bln

Participants Prepare for Earnings Season

2009-04-08T05:00:00.000+03:00

BRIEFING.COM] There weren't any major headlines to digest Tuesday, leaving market participants to prepare for earnings season, which unofficially starts this evening when Dow component Alcoa (AA 7.79, -0.12) reports its latest quarterly results.

Stocks Fall amid Earnings, Bank Worries

2009-04-08T04:53:00.000+03:00

U.S. stocks closed lower for a second consecutive session Tuesday as investors continued to cash in on the market's recent four-week advance that financier George Soros characterized as a "bear-market rally". Nervousness about upcoming first-quarter earnings releases -- and the continued health of the global financial sector -- served to dampen equity investors' recent optimism.

2009-04-07T17:04:00.001+03:00

Dow 7826.43 -146.42 (-1.87%)
Nasdaq 1577.68 -29.03 (-1.84%)
SP 500 818.33 -17.15 (-2.10%)
10-yr Note +2/32 2.91%
NYSE Adv 337 Dec 2283 Vol 82 mln
Nasdaq Adv 406 Dec 1635 Vol 107 mln

2009-04-07T17:03:00.001+03:00

* News flow remains slow ahead of earnings season
* Foreign indices show weakness

Consumer Credit

2009-04-07T15:57:00.000+03:00

Release Dates

Job Openings and Labor Turnover Survey

2009-04-07T15:56:00.001+03:00

Job Openings and Labor Turnover Survey

Commercial Paper Rates and Outstanding

2009-04-07T15:53:00.000+03:00

Commercial Paper Rates and Outstanding

Selected Interest Rates

2009-04-07T15:16:00.001+03:00

Selected Interest Rates

2009-04-07T03:35:00.001+03:00

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 08 10:00 Wholesale Inventories Feb -0.6% -0.6% -0.7%
Apr 08 10:30 Crude Inventories 04/03 NA NA +2840K

2009-04-07T02:11:00.001+03:00

Dow 7975.85 -41.74 (-0.52%)
Nasdaq 1606.71 -15.16 (-0.94%)
SP 500 835.48 -7.02 (-0.84%)
10-yr Note -11/32 2.93%
NYSE Adv 923 Dec 2098 Vol 1.30 bln
Nasdaq Adv 812 Dec 1866 Vol 2.05 bln

Afternoon Lift Pares Losses

2009-04-07T02:09:00.001+03:00

[BRIEFING.COM] The major indices spent the entire session in the red, but some afternoon buying helped pull stocks up from their lows. Early weakness was underpinned by the financial sector, but the afternoon ascent was generally broad-based. Stocks were led lower by financials in the early going. Financials (-2.9%) were put under pressure when a reputable analyst from Calyon Securities gave a pessimistic analysis of the banking industry by stating that banks' loan losses relative to their total loans should increase to levels that exceed those of the Great Depression. ">[BRIEFING.COM] The major indices spent the entire session in the red, but some afternoon buying helped pull stocks up from their lows. Early weakness was underpinned by the financial sector, but the afternoon ascent was generally broad-based.

Stocks were led lower by financials in the early going. Financials (-2.9%) were put under pressure when a reputable analyst from Calyon Securities gave a pessimistic analysis of the banking industry by stating that banks' loan losses relative to their total loans should increase to levels that exceed those of the Great Depression.

Frugality Forged in Today's Recession Has Potential to Outlast It

2009-04-07T01:49:00.002+03:00

With their jobs less secure, their houses worth less and their stock-market portfolios shrunken, Americans are saving more now. But will they still be thrifty when the recession ends?
No one will know for sure for years, but there's good reason to believe Americans will be saving more in the next decade than they did in the last one. "It's hard to believe we're ever going back to the easy credit and free spending of the last 10 years," said economist Richard Berner of Morgan Stanley. He predicts consumer spending will grow at an inflation-adjusted 2% to 2.5% annual rate over the next several years, compared with 3.5% in the decade ended in 2007.

Health Care Heals Itself

2009-04-06T17:30:00.000+03:00

[BRIEFING.COM] Stocks have extended initial losses to trade markedly lower. Weakness is broad-based.
Only health care (+1.3%) is trading higher. Its strength this session comes in stark contrast to recent sessions; health care lagged the broader market for much of last week. While the S&P 500 made a weekly gain of 3.3% last week, health care slid 1.9% during the same time span.
Health care's losses last week came amid a congressional decision to overhaul health care regulations, which has been seen as detrimental to many of the sector's services companies, facilities companies, and managed providers. Those groups are bouncing back this session, though. Health care services are up 2.4%; health care facilities are up 3.6%, and; managed health care is up 5.0%.
Early movers: Trading down: JAVA -23.1%, AXA -11.3%, RTP -11.3%, IIIN -10.2%. Trading up: SUMT +43.3%, LGCY +34.6%, SAY +19.7%, DNDN +14%, MGM +13.8%

2009-04-06T17:29:00.000+03:00

* Reputable analyst holds pessimistic view of banks
* No earnings or economic data due for market participants to digest

2009-04-06T17:23:00.000+03:00

Dow 7951.80 -65.79 (-0.83%)
Nasdaq 1594.74 -27.13 (-1.70%)
SP 500 832.43 -10.13 (-1.22%)
10-yr Note -5/32 2.91%
NYSE Adv 584 Dec 2150 Vol 173 mln
Nasdaq Adv 573 Dec 1726 Vol 286 ml

2009-04-06T15:21:00.001+03:00

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 07 14:00 Consumer Credit Feb unch -$1.5B $1.8B

Employment Trends Index

2009-04-06T15:18:00.000+03:00

The Conference Board Employment Trends Index (ETI)™ Shows the Fastest Decline in its 35-year History
Employment Trends Index

Commercial Paper Rates and Outstanding

2009-04-06T15:15:00.000+03:00

Discount rates

2009-04-06T15:14:00.001+03:00

Selected Interest Rates

The Week Ahead North America: Canadian Employment, U.S. Trade Balance

2009-04-04T14:17:00.001+03:00

The Week Ahead North America: Canadian Employment, U.S. Trade Balance

Jobless Rate Hits 8.5%

2009-04-04T10:11:00.002+03:00

U.S. employers shed 663,000 jobs in March, pushing the nation's unemployment rate to its highest level since 1983 and casting a shadow over recent signs of a stabilizing economy.
The deepening labor-market contraction brought job losses for the recession to 5.1 million, with two-thirds of the cuts coming since November, the Labor Department said. The jobless rate jumped to 8.5% from 8.1% -- and many forecasters expect it to top 10% by later this year.
The downturn, which started in December 2007, appears to be on track to surpass the two longest recessions since the Great Depression. U.S. officials are counting on the government's fiscal-stimulus package to start kicking in by the second half of the year. A sharp drawdown in business inventories is likely to force a rebound in production in the coming months, some economists believe, halting the economic contraction in the second half of the year and setting the stage for growth.

2009-04-03T22:42:00.000+03:00

Dow 7956.90 -21.18 (-0.27%)
Nasdaq 1607.55 +4.92 (+0.31%)
SP 500 835.08 +0.70 (+0.08%)
10-yr Note -33/32 2.89%
NYSE Adv 1764 Dec 1261 Vol 987 mln
Nasdaq Adv 1334 Dec 1353 Vol 1.74 bln

2009-04-03T22:41:00.000+03:00

Date ET Release For Actual Briefing.com Consensus Prio
Apr 07 14:00 Consumer Credit Feb NA -$1.5B $1.8B
Apr 08 10:00 Wholesale Inventories Feb NA -0.6% -0.7%
Apr 08 10:30 Crude Inventories 04/03 NA NA +2840K
Apr 09 08:30 Export Prices ex-ag. Mar NA NA 0.1%
Apr 09 08:30 Import Prices ex-oil Mar NA NA -0.6%
Apr 09 08:30 Initial Claims 04/04 NA NA NA
Apr 09 08:30 Trade Balance Feb NA -$36.5B -$36.0B
Apr 10 14:00 Treasury Budget Mar NA -$157.0B -$48.2B

World markets steady after US jobs data

2009-04-03T17:20:00.000+03:00

(AP:LONDON) U.S. and European stock markets were steady Friday after further depressing news on the U.S. jobs front further reined in any market euphoria from the previous day's meeting of the Group of 20 world leaders.

Though the Labor Department reported that the U.S. shed 663,000 jobs in March _ more or less what the market was anticipated, it revised up its figure for the number of jobs lost in January by nearly 100,000 more than previously anticipated. In addition it said the unemployment rate rose to a 25-year high of 8.5 percent in March from 8.1 percent in Fe

2009-04-03T17:06:00.001+03:00

Dow 7931.33 -46.75 (-0.59%)
Nasdaq 1597.66 -4.97 (-0.31%)
SP 500 830.97 -4.01 (-0.48%)
10-yr Note -3/32 2.78%
NYSE Adv 1064 Dec 1625 Vol 165 mln
Nasdaq Adv 885 Dec 1326 Vol 286 mln

2009-04-03T17:01:00.001+03:00

Date ET Release For Actual Briefing.com Consensus Prior
Apr 03 10:00 ISM Services Mar 40.8 43.0 42.0 41.6

U.S. Stocks Fluctuate After Unemployment Hits 25-Year High

2009-04-03T16:57:00.000+03:00

April 3 (Bloomberg) -- U.S. stocks drifted between gains and losses after the unemployment rate climbed to a 25-year high of 8.5 percent, matching economists’ estimates. Oil retreated and the dollar gained.
Alcoa Inc. and Microsoft Corp. fell at least 1.6 percent as the government said employers cut 663,000 jobs last month, 3,000 more than the average estimate in a Bloomberg survey of economists. Citigroup Inc. and JPMorgan Chase & Co. slipped more than 1 percent after Goldman Sachs Group Inc. said changes to fair-value accounting rules won’t spur a rally in financials.

2009-04-03T16:50:00.001+03:00

Dow 7991.78 +13.70 (+0.17%)
Nasdaq 1608.49 +6.80 (+0.42%)
SP 500 836.08 +1.70 (+0.20%)
10-yr Note -9/32 2.80%
NYSE Adv 1316 Dec 1250 Vol 104 mln
Nasdaq Adv 912 Dec 1149 Vol 160 mln

Tepid Start

2009-04-03T16:49:00.000+03:00

BRIEFING.COM] Stocks are off to a flat start amid mixed trading. Financials (-0.6%), healthcare (-0.5%), materials (-0.4%), and consumer staples (-0.1%) stocks are showing a bit of early weakness, while telecom (+0.9%), utilities (+0.8%), tech (+0.7%), energy (+0.6%), inustrials (+0.5%), and consumer discretionary (+0.5%) stocks show relative signs of strength.

U.S. jobless rate highest since 1983

2009-04-03T16:44:00.000+03:00

WASHINGTON - America's unemployment rate jumped to 8.5 per cent in March, the highest since late 1983, as a wide range of employers eliminated a net total of 663,000 jobs.
The U.S. Labour Department's report is fresh evidence of the toll the recession has inflicted on America's workers and companies. Most economists expect the job cuts will continue for much of this year.

Jobless rate bolts to 8.5 percent, 663K jobs lost

2009-04-03T16:30:00.001+03:00

(AP:WASHINGTON) The nation's unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide swath of employers eliminated 663,000 jobs. It's fresh evidence of the toll the recession has inflicted on America's workers, and economists say there's no relief in sight.
If part-time and discouraged workers are factored in, the unemployment rate would have been 15.6 percent in March, the highest on records dating to 1994, according to Labor Department data released Friday.

2009-04-03T16:25:00.000+03:00

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 03 08:30 Average Workweek Mar 33.2 33.3 33.3 33.3
Apr 03 08:30 Hourly Earnings Mar 0.2% 0.2% 0.2% 0.2%
Apr 03 08:30 Nonfarm Payrolls Mar -663k -670K -660K -651K
Apr 03 08:30 Unemployment Rate Mar 8.5% 8.5% 8.5% 8.1%

Economic News Release

2009-04-03T11:29:00.000+03:00

Employment Situation

ISM Service Index

2009-04-03T11:28:00.000+03:00

ISM Report On Business

Commercial Paper Rates and Outstanding

2009-04-03T11:26:00.000+03:00

Discount rates

Selected Interest Rates

2009-04-03T11:23:00.000+03:00

The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday
through Friday on this site. If Monday is a holiday, the weekly release will be posted on Tuesday
after the holiday and the daily update will not be posted on that Tuesday.

FEDERAL RESERVE STATISTICAL RELEASE

U.S. March Nonfarm Payrolls Seen Down 650, 000

2009-04-03T11:12:00.000+03:00

CHICAGO (Reuters) - The struggling U.S. economy probably continued to bleed jobs at a rapid rate in March, continuing to drive up the jobless rate at a startling pace.
Forecasters polled by Reuters expect nonfarm payrolls to register a decline of 650,000 for March, similar to the 651,000 shed in February. The 78 estimates ranged from down 522,000 to down 750,000 jobs.
The jobless rate is forecast at 8.5 percent, up from 8.1 percent in February, when the rate unexpectedly surged from 7.6 percent.

Treasuries Little Changed; Report May Show Unemployment Rose

2009-04-03T11:00:00.000+03:00

April 3 (Bloomberg) -- Treasuries were little changed, snapping yesterday’s losses, on speculation a government report will show the U.S. unemployment rate climbed in March to the highest level in 25 years.
Deflation is the biggest risk in the economy, and government notes are poised to reverse some of this year’s decline, strategist Mike Turner at Aberdeen Asset Management Plc wrote in a report. Yields indicate inflation forecasts among traders fell this week for the first time in a month, as a Bloomberg News survey of economists showed the jobless rate rose to 8.5 percent in March from 8.1 percent the previous month

2009-04-03T00:28:00.001+03:00

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 03 08:30 Average Workweek Mar 33.3 33.3 33.3
Apr 03 08:30 Hourly Earnings Mar 0.2% 0.2% 0.2%
Apr 03 08:30 Nonfarm Payrolls Mar -670K -658K -651K
Apr 03 08:30 Unemployment Rate Mar 8.5% 8.5% 8.1%
Apr 03 10:00 ISM Services Mar 43.0 42.0 41.6

How the Dow Jones industrials fared Thursday

2009-04-03T00:22:00.000+03:00

Investors jumped into stocks on Thursday as global efforts to end the financial crisis fed the market's newfound optimism that the economy is on the mend. Stocks rallied broadly in heavy trading, fueled by an accounting rule change that could strengthen banks' balance sheets and commitments from world leaders to boost regulatory oversight of financial institutions.

2009-04-02T23:59:00.000+03:00

Dow 7978.08 +216.48 (+2.71%)
Nasdaq 1602.63 +51.03 (+3.18%)
SP 500 834.38 +23.30 (+2.79%)
10-yr Note -27/32 2.75%
NYSE Adv 2617 Dec 370 Vol 1.87 bln
Nasdaq Adv 2204 Dec 591 Vol 2.82 bln

Optimism Provides Boost to Major Indices

2009-04-02T23:56:00.001+03:00

BRIEFING.COM A renewed sense of optimism helped stocks trade with impressive gains for the entire session, but a weak closing took the exclamation point off of what was the stock market's third straight gain.
The major indices spent the entire session in the green, bolstered by broad-based buying. All 10 major sectors in the S&P 500 closed higher as a result.
Industrial stocks (+5.5%) and consumer discretionary stocks (+5.2%) registered the best gains. Their advance came amid improved investor confidence, which prompted many participants to look for opportunities beyond the financial sector (+2.9%).

Fed gets no bids for TSLF for first time

2009-04-02T23:05:00.001+03:00

NEW YORK (MarketWatch) -- The Federal Reserve Bank of New York received no bids for loans through its Term Security Lending Facility, it said Thursday. The central bank got no takers for $25 billion in Treasurys. The TSLF program was started in March 2008 to help banks access liquidity and improve the functioning of financial markets. The program offered 28-day loans in exchange for appropriate collateral from the Fed's 16 primary dealers, the biggest bond traders, which includes most of the biggest U.S. banks. Many of the last several operations have drawn demand for less than the Fed offered to loan. The declining participation is "a sign that dealer financing needs are being met through other means," said Tony Crescenzi, chief bond market strategist at Miller Tabak. It also illustrates how some of the Fed's programs will unwind naturally, he said. End of Story

US jobless claims at 26-year high; orders rebound

2009-04-02T22:41:00.001+03:00

WASHINGTON - The number of U.S. workers filing new claims for jobless benefits surged to a 26-1/2-year high last week, data showed on Thursday, indicating that layoffs have yet to peak even as other reports signaled some improvement in the economy.

The Labor Department report also showed the ranks of unemployed who have claimed more than one week of aid hit a record peak last month, underscoring the hardships of finding a new job in a recession that has entered its 16th month.

2009-04-02T22:21:00.001+03:00

Dow 8042.20 +280.60 (+3.49%)
Nasdaq 1611.57 +59.97 (+3.72%)
SP 500 840.64 +29.56 (+3.52%)
10-yr Note -27/32 2.75%
NYSE Adv 2662 Dec 306 Vol 1.11 bln
Nasdaq Adv 2217 Dec 539 Vol 1.99 bln

Stock Rally Pushes Dow Back Above 8,000

2009-04-02T20:43:00.000+03:00

U.S. stocks were staging a powerful rally Thursday afternoon, with the Dow industrial moving back above the 8,000 level. Investors were encouraged by news that the U.S. accounting standards body eased mark-to-market rules on financial institutions' soured assets. Also, automakers saw glimmers of hope in the March sales figures released Wednesday. There were also signs of agreement on economic stimulus and financial regulation among leaders of the industrialized world at the G20 meeting in London

Wall Street extends rally as economic hopes rise

2009-04-02T19:34:00.000+03:00

Wall Street is extending its rally as it grows more optimistic that the U.S. economy is on the mend.
The major indexes jumped more than 2 percent Thursday, and the Dow Jones industrials rose more than 200 points, as the world's finance leaders met in London to discuss efforts to fix the global economy. The G-20 ministers plan to give the International Monetary Fund $500 billion, and create stricter rules for hedge funds.

2009-04-02T19:29:00.001+03:00

Stocks remain on track for their third straight session of gains, thanks to a fresh sense of optimism. Though gains in the two prior sessions were challenged by late selling efforts, buyers continue to enter the fold.
In recent weeks the financial sector has provided the leadership necessary to pull the broader market off its lows, but in the last couple of sessions financials have lagged a bit as the broader market gains a momentum of its own. Financials are currently up 3.2%, which is less than the S&P 500's 3.4% advance

GE Jumps

2009-04-02T18:38:00.001+03:00

[BRIEFING.COM] The indutrial sector is outpacing every other major sector in the S&P 500 as it spikes to a 6.5% gain. General Electric (GE 10.91, +0.74) is a primary leader among industrial stocks; the company recently confirmed it will team up with Intel (INTC 15.88, +0.85) to develop and market health care technologies. The alliance was somewhat expected after The Wall Street Journal reported yesterday that the two companies were planning a collaboration.

Though GE does not directly benefit from the FASB's decision to relax mark-to-market accounting rules, the positive headline has helped induce more broad-based buying. That buying effort continues to benefit shares of GE, which have been climbing up from their 52-week low for the past month. GE's share price recently crossed above its 50-day moving average.

2009-04-02T18:37:00.001+03:00

Dow 8021.25 +259.65 (+3.24%)
Nasdaq 1613.84 +62.24 (+3.86%)
SP 500 839.65 +28.57 (+3.40%)
10-yr Note -28/32 2.75%
NYSE Adv 2652 Dec 204 Vol 538 mln
Nasdaq Adv 2159 Dec 402 Vol 946 mln

New jobless claims jump unexpectedly to 669,000

2009-04-02T17:59:00.000+03:00

(AP:WASHINGTON) The number of people filing new jobless claims jumped unexpectedly last week, while those continuing to receive benefits hit a 10th straight record-high. Both figures show the labor market remains weak and is unlikely to recover anytime soon, despite some signs the economy's decline is moderating.

The Labor Department said Thursday that initial claims for unemployment insurance rose to a seasonally adjusted 669,000 from the previous week's revised figure of 657,000. That total was above analysts' expectations and the highest in more than 26 years, though the work force has grown by about half since then.

Factory orders up 1.8 percent in February

2009-04-02T17:39:00.000+03:00

WASHINGTON — Orders to U.S. factories posted an increase in February after six straight monthly declines, providing another glimmer of hope that the economy's deep plunge may be starting to moderate.
The Commerce Department said Thursday that orders for manufactured products rose by 1.8 percent in February, much better than the 1.1 percent decline that economists had expected.
The rebound may well prove temporary given all the forces that are continuing to batter the economy. But still, analysts said a string of better-than-expected reports in recent days could at least be signaling that the severe slide that has occurred may be starting to ease slightly.