Stocks charged ahead on Wednesday as hopes for an interest cut by the Federal Reserve boosted financial services companies for a second day, while falling oil prices eased fears of higher energy costs. The surge put Wall Street on track for its biggest two-day advance in 4 1/2 years. Fed Vice Chairman Donald Kohn said renewed financial market turmoil could slow the economy more abruptly than previously thought.
US stocks surged on Wednesday as all three major indexes climbed more than 2 percent and Dow Jones industrials rose more than 200 points for the second consecutive day. The climb came after a Federal Reserve official hinted that it may lower interest rates.
Technology stocks rallied early Wednesday after the broader market gained and hopes for a Fed interest -rate cut sparked.
World stocks steadied while the dollar hit one-week highs on Wednesday as investors took heart from firmer U.S. stock futures and banking stocks, which calmed investor jitters about the impact of the credit woes on the financial sector.
Stocks rallied on Wednesday as financial shares extended their comeback for a second day, helped by remarks by a Federal Reserve official that raised hopes of an interest rate cut. Financials were leading the Dow and S&P following Fed Vice Chairman Donald Kohn's comments. The group has struggled under tight credit conditions.
Wells Fargo & Co, the second-largest U.S. mortgage lender, said on Tuesday it would take a $1.4 billion fourth-quarter charge largely related to losses on home equity loans as the nation's housing market deteriorates.
Two-year Treasury notes fell on Tuesday as Abu Dhabi’s $7.5 billion investment in Citigroup sent stocks higher, dropping demand for the bond as a hedge against inflation.
Chilean stocks fell in early afternoon trade on Tuesday, as Chile's giant private pension funds (AFPs - the Association for Financial Professionals) sold stocks, while the peso weakened against the dollar.
The U.S. dollar was higher against the euro, the yen and the Swiss franc on Tuesday following news that Citigroup Inc. will sell a $7.5 million stake to Abu Dhabi Investment Authority.
The Nasdaq Composite Index rose $36.16, or 1.4 percent to 25775.15, while the Philadelphia Semiconductor Index rose 2 percent, or $8.01 to $410.38 by mid-day.
U.S. stocks rebounded during Tuesday mid-day trading following news that Abu Dhabi Investment Authority's would invest $7.5 billion in Citigroup Inc, raising investor confidence in the bank.
The Bombay Stock Exchange (BSE) benchmark 30-share sensitivity index, the Sensex, began the new week on a positive note ending up strongly 395 points at 19,248.
GlaxoSmithKline Plc Monday reached an agreement with Merck for the acquisition of marketing rights for Mecavor in the United States.
Crude oil declined for a second day in New York as sliding U.S. equity markets heightened speculation OPEC (Organization of the Petroleum Exporting Countries) will increase output to cap prices and reinforce global demand.
Funds rose, driving 10-year note incomes to the lowest level since March 2004, as concern that subprime losses continue to extend a decrease in stocks and increased the request of fixed-income assets.
The hit a two year low against the yen and hovered near record lows against the euro on Monday as financial services firms continued to warn about the slowing economy and lower expectations, raising the chance that the Federal Reserve may but interest rates.
U.S stocks declined on Monday after turbulent Monday trading as financial sector woes deflated holiday sentiment entering the post Thanksgiving week. The Dow Jones Industrial Average plunged 237.44 points, or 1.83 percent, to close at 12,743.44, while the tech-heavy Nasdaq Composite Index was down 55.61 points, or 2.14 percent, at 2,540.99.
US stocks were nearly flat in Mid-day trading on Monday, recovering after earlier losses following continued concerns over a weakening credit market and a worsening subprime mortgage situation.
Stocks rebounded on Friday in an abbreviated session as the start of holiday shopping lifted retail stocks, while progress in a plan to relieve the credit market's strain aided bank shares. Shares of JPMorgan Chase, Bank of America and Citigroup all rose more than 2 percent. The three banks, spearheading an effort to establish a superfund to ease problems in the credit market, are expected to seek support from others in the industry.
Eager shoppers stormed malls and stores across the country on Friday to snap up the early-bird specials that mark Black Friday, the first official day of the U.S. holiday shopping season. While shoppers were looking for giveaways and discounts, analysts and investors were watching for signs of consumer strength or weakness.
The dollar plumbed record lows against major currencies on Friday and briefly got close to $1.50 to the euro as concerns about the U.S. economy rattled investors but Asian and European stocks advanced.
A near 20-percent correction has wiped 5 trillion yuan ($700 billion) off China's booming stock market in less than six weeks, and some global investment banks now hear the sound of a bubble bursting.
The euro set fresh record highs versus the dollar on Friday, but the $1.50 level proved out of reach for now as the euro was knocked more than a cent off its peak by comments from a euro zone policymaker.
The South Korean won's recent weakening against the U.S. dollar is seen as a natural phenomenon in line with globally-increased risk aversion, Vice Finance Minister Lim Young-rok said on Friday.
The yen surged to its highest level against the dollar in more than two years on Wednesday as investors pared back exposure to risky trades on worries about credit market losses and the health of the U.S. economy.
US stocks fell to the lowest its been in three-months on Wednesday, following the growing unease over the economic outlook and weakening credit markets.
Deere & Co. (DE.N) reported better-than-expected earnings on Wednesday, and provided an upbeat outlook for the coming year, as strong sales to farmers worldwide offset a downturn in construction sales, especially in the United States.
The dollar hit a record low against the euro and a basket of major currencies on Wednesday and the yen rose sharply as concerns on the health of the U.S. economy and global credit markets saw investors flea risky carry trades.
Stocks slid on Wednesday as fears of more credit losses and mortgage defaults sunk shares of financial services companies, while worries about the impact of near record crude oil prices hit retailers and shares of big manufacturers.
World stocks and the dollar tumbled on Wednesday while the yen and government bonds soared as concerns for the health of the U.S. economy stirred the biggest wave of risk aversion since August in global financial markets.
