Stocks jumped on Tuesday, helped by optimism about the outlook for technology spending and gains in oil prices that lifted energy shares.
U.S. stock index futures indicated a weaker open on Wall Street on Tuesday before a key economic report forecast to show a dip in manufacturing activity last month.
Stock markets ended one of the most volatile months in years on an impressive note, but this coming week still won't be any easier for investors as the employment report and housing turmoil remain high on radar screens.
U.S. stocks surged on Friday as President Bush and Federal Reserve Chairman Ben Bernanke reassured investors they would do what was needed to shelter the economy from market turmoil. Banks and brokers, which have borne the brunt of the recent credit crisis, rose in thin trading before a long holiday weekend.
Core U.S. consumer prices rose by a less-than-expected 0.1 percent in July, showing stable prices that held the year-on-year rate of nonfood, nonenergy inflation to 1.9 percent for the second month in a row, the Commerce Department said on Friday.
U.S. stock index futures pointed to a firmer opening on Friday, with all eyes on speeches by Federal Reserve Chairman Ben Bernanke and President George W. Bush, both expected by analysts to touch on the U.S. subprime crisis.
China has found microscopic worms in wooden packaging from the United States and uncovered substandard U.S. vitamin pills and fish oil for children, Chinese media said on Friday in the latest volley of cross-border accusations.
U.S. stocks fell on Thursday as financial stocks dropped on credit worries, overshadowing earlier optimism about technology company profits. Lehman Brothers slashed earnings estimates on four top Wall Street banks, adding its voice to the chorus of widely followed research analysts warning credit turmoil would cut into bank profits.
Toys R Us Inc is recalling 27,000 wooden coloring cases that were made in China and sold under its Imaginarium brand because lead was found in the printed ink on the art set's outer packaging and in some watercolor paints.
The U.S. Justice Department and other authorities have stepped up investigations into several large European banks for violating sanctions against Iran, Libya, Cuba and Sudan, the Financial Times reported in its online edition.
An Australian hedge fund felled by its exposure to risky credit derivatives filed for bankruptcy protection in the United States, and liquidators on Thursday were assessing how much money, if any, would be returned to investors.
U.S. stock index futures fell on Thursday, pointing to a weaker open a day after stocks rallied, as investors grappled with mixed signals on whether the Federal Reserve would soon cut rates.
U.S. stocks rebounded on Wednesday, pushing the Nasdaq to its best day in more than a year, as investors snapped up beaten down technology shares, while the energy sector benefited from a surge in oil prices. Also, a letter from Federal Reserve Chairman Ben Bernanke saying the Fed was prepared to act to stabilize the credit market added to investor hopes for a an interest rate cut.
U.S. mortgage applications fell for a second consecutive week, reflecting a drop in demand for home purchase and refinancing loans even as interest rates sank, an industry group said on Wednesday.
Economic confidence among U.S. small business owners fell in August as a slowing housing market soured sentiment, and 41 percent said they had recent cash flow troubles, according to a survey released on Monday.
Stock index futures fell on Tuesday due to renewed global credit concerns and caution ahead of reports on home prices and consumer confidence. Banking stocks took an early beating after MarketWatch reported that Merrill Lynch had downgraded to neutral from buy investment banks Bear Stearns Cos., Lehman Brothers and Citigroup.
U.S. stocks fell on Monday after data showed the number of unsold homes reached its highest level in more than 15 years in July, adding to concerns about the housing market and consumer spending. Bank shares fell on nagging credit worries after Goldman Sachs slashed its earnings forcast on Lehman Brothers, Bear Stearns and Morgan Stanley.
The pace of sales of pre-owned homes fell slightly in July but the inventory of unsold properties soared to the highest level in over 15 years as troubles in the subprime mortgage market continued to wreak havoc on the housing sector. Home sales slid 0.2 percent in July to a seasonally adjusted 5.75 million unit annual rate, according to the National Association of Realtors.
U.S. Steel Corp is to acquire Stelco Inc for about $1.1 billion to strengthen its position as a supplier of flat-rolled steel products in North America, the companies said. Stelco, the last big Canadian-owned steelmaker, had put itself on the auction block in June after a wave of takeovers within the Canadian steel industry.
An end to Wall Street's streak of rising profits in the third quarter is built into investor expectations, but the top brokerages' results will still face scrutiny next month to see just how they value assets bloodied by the summer market meltdown.
Stocks rose on Friday, after data showed new home sales unexpectedly rose in July and new orders for durable goods surged, reassuring investors about the economy's health, although credit concerns remained.
South Korea said on Friday it would end its effective ban on U.S. beef imports, once worth about $850 million annually, which should ease tensions in a trade dispute.