U.S. stocks fell on Thursday as financial leaders such as American International Group and Merrill Lynch declined, fueling concerns that credit market losses will continue to hit financial shares.
Microsoft Corp lifted its full-year estimates on Thursday after posting a 23 percent rise in quarterly profit on strong demand for both computers running its operating system and Halo 3, sending its shares up 12 percent. The world's largest software maker beat even Wall Street's most bullish forecast with a net profit of $4.29 billion. Revenue rose 27 percent to $13.76 billion.
The dollar's drop is addressing problems - including a big trade deficit and slowing economy - with few ill effects.
Stocks were little changed on Thursday as a batch of weak economic data offset positive earnings from tech companies, including Motorola Inc. Data showed orders for durable goods declined unexpectedly in September. Another report showed a fall in initial jobless claims was smaller than expected. Finally, sales of new homes in September were below expectations.
U.S. Treasuries eased on Thursday, after data on new housing sales came in just short of expectations and added little to existing chances of a modest Federal Reserve interest rate cut next week.
Strong corporate earnings and speculation about another cut in U.S. interest rates boosted stocks on Thursday but the Bank of England issued a stark warning that all is not over in the credit crisis.
The dollar fell closer to a record low versus the euro on Thursday after a report showed an unexpected fall in September durable good orders, bolstering the view a slowing U.S. economy will prompt a cut in U.S. interest rates next week.
Stock futures rose on Thursday as results from mobile phone maker Motorola Inc and fellow tech leader EMC Corp helped ease worries about third-quarter earnings.
Asian indexes were mixed Thursday, with financials dropping in Japan after Mizuho Financial Group reported losses related to U.S. subprime markets, while South Korean shares jumped on Samsung Securities a day after the brokerage firm announced strong earnings.
Stocks fluctuated sharply on Wednesday, first falling on reports of declining home sales and losses related to credit problems at Merrill Lynch but rising amid speculation that the Federal Reserve could lower interest rates.
The U.S. dollar continued to fall against the yen on Wednesday amid speculation that a struggling housing market will continue to have a negative impact on the U.S. economy, adding to the view that money policy makers will make another interest rate cut next week
Stocks recovered from deep losses on Wednesday, amid talk that the Federal Reserve would act to cut the discount rate, the same day that Merrill Lynch rattled markets with its first loss in nearly six years.
U.S. treasuries posted strong gains on Wednesday amid speculation that the Federal Reserve may cut interest rates following bad news about dropping home sales and a troubling earnings report from U.S. brokerage, Merrill Lynch, which reported a bigger than expected loss.
The United States has entered a recession, according to highly-regarded investor Jim Rogers, who told Britain's Daily Telegraph newspaper on Wednesday he was switching out of the dollar and into yen, the yuan and the Swiss franc.
Stocks tumbled on Wednesday as a steep quarterly loss at Merrill Lynch & Co. Inc. and executives' warnings about possible future problems deepened investors' concern about the credit crisis.
Safe-haven assets eased from Wednesday's highs while stocks fell after U.S. investment bank Merrill Lynch posted heavy losses, which were less dire than some predictions but did not dispel investor unease over the impact of the credit crisis.
The dollar held relatively steady and the yen pared gains on Wednesday after Merrill Lynch third quarter losses were deeper than original estimates but not as bad as many traders had feared immediately before the release.
Japan's Nikkei 225 average rose 0.7% to 16,563.51, aided by a higher close on Wall Street for the second straight day, while the broader Topix index advanced 1% to 1,585.86.
U.S. Treasury prices rose Tuesday as bond traders ignored a rising stock market and gravitated towards bonds ahead of possibly weaker home sales report this week which
may give the Federal Reserve a reason to jumpstart the economy with additional interest rate cuts.
The dollar fell on Tuesday as rising global stock markets increased investors’ appetites for riskier investments.
Stocks rose on Tuesday, spurred by technology companies as Apple’s strong quarterly profit report and news of Blackberry-maker Research In Motion’s deal for distribution in China added to and better than expected results from American Express.
The Nasdaq led the market's gains on Tuesday after strong profit at Apple Inc and a Chinese distribution deal for BlackBerry maker Research in Motion showed tech stocks may still have room to grow. The Nasdaq's gain topped 1 percent after RIM said it is teaming up with Alcatel-Lucent to distribute the BlackBerry in China
Stocks rose on Tuesday as strong earnings by Apple Inc. and American Express Co eased concern about consumer spending and profits.
The yen slipped on Tuesday and high yielding currencies rallied as gains in equity markets bolstered risk appetite and saw investors move tentatively back into carry trades.
Investors set aside wide-ranging concerns about the future on Tuesday to send stocks higher after a few sessions of hefty losses and to boost demand for higher-yielding currencies. As they took a break from worries about credit, a slowing U.S. economy and disappointing earnings, money moved into assets that have been battered in recent days.
U.S. Treasuries declined on Monday, ending a five-day runup amid a few credit worries and the eagerness of investors to seek out riskier investments, with two-year note yields reaching their lowest levels in over two years.
Retail shares were mostly higher on Monday, with gainers including Sears Holdings, Staples and Macy’s.
The dollar posted gains on Monday, making a comeback from record lows versus the Euro and other major currencies.
Stocks were mixed in late trading on Monday with broader indexes posting small declines while the technology stocks rose higher ahead of Apple’s quarterly earnings announcement.
The dollar rebounded from a fresh low on Monday as traders pared back bets against the currency after the weekend's Group of Seven meeting yielded no call to action on the falling greenback.
