Saturday, July 30, 2011
Late Sell-Off Closes Bad Week for Stocks
A difficult week on Wall Street came to a dismal end, with storm clouds of another recession and a crippling debt crisis circling overhead and dampening investor appetite for risk.
Major averages again sold off into the close, capping a week in which the market lost more than 4 percent and prepared for the worst that could lie ahead. Washington leaders failed to reach an agreement on raising the $14.3 trillion debt ceiling, setting the table for more troubles when the market reopens next week.
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Major averages again sold off into the close, capping a week in which the market lost more than 4 percent and prepared for the worst that could lie ahead. Washington leaders failed to reach an agreement on raising the $14.3 trillion debt ceiling, setting the table for more troubles when the market reopens next week.
Read more
Thursday, July 28, 2011
Deadlock, durables, dismal earnings hit Wall Street
NEW YORK (Reuters) - Wall Street suffered its worst day in eight weeks on Wednesday, hit by weak earnings, lackluster economic data and no movement in Washington talks as the deadline for a default looms.The debt ceiling debate has grabbed much of investors' attention this week as the August 2 deadline approaches, but it took a back seat for much of the day as the market reacted to earnings disappointments in industrial and technology sectors.
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Tuesday, July 5, 2011
Saturday, July 2, 2011
Wall St rises for 5th day on strong data
NEW YORK (Reuters) - July started on a positive note for U.S. stocks with Wall Street notching its fifth day of gains on Friday after a surprising jump in manufacturing data eased concerns about a tepid economic recovery.
The gains put equities on track for their best week in nearly a year, as the data and a temporary resolution to Greece's debt situation spurred increased demand for riskier assets.
"It's been quite a week, that's for sure. The strength just keeps getting better," said Andy Fitzpatrick, director of investments at Hinsdale Associates, in Hinsdale, Illinois. "It was positive to see a resolution in Greece and (the strength) could continue into July ... my view is that the outlook is pretty positive."
The pace of growth in manufacturing picked up for the first time in four months, with an index of national factory activity rising to 55.3 in June from 53.5 in May, Institute for Supply Management (ISM) data showed.
The ISM survey built on surprisingly strong regional business data on Thursday, reversing a recent trend of weaker-than-expected data.
The Dow Jones industrial average (DJI:^DJI - News) was up 157.30 points, or 1.27 percent, at 12,571.64. The Standard & Poor's 500 Index (^SPX - News) was up 16.98 points, or 1.29 percent, at 1,337.62. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was up 39.26 points, or 1.42 percent, at 2,812.78.
Friday marks the fifth day of a rally as stocks rebounded from a spate of weakness over the last two months. The S&P 500 (^SPX - News) climbed further above resistance at its 50-day moving average at 1,317, establishing another floor in the market after the benchmark index moved above a number of technical resistance levels. The S&P is up 5.4 percent this week.
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The gains put equities on track for their best week in nearly a year, as the data and a temporary resolution to Greece's debt situation spurred increased demand for riskier assets.
"It's been quite a week, that's for sure. The strength just keeps getting better," said Andy Fitzpatrick, director of investments at Hinsdale Associates, in Hinsdale, Illinois. "It was positive to see a resolution in Greece and (the strength) could continue into July ... my view is that the outlook is pretty positive."
The pace of growth in manufacturing picked up for the first time in four months, with an index of national factory activity rising to 55.3 in June from 53.5 in May, Institute for Supply Management (ISM) data showed.
The ISM survey built on surprisingly strong regional business data on Thursday, reversing a recent trend of weaker-than-expected data.
The Dow Jones industrial average (DJI:^DJI - News) was up 157.30 points, or 1.27 percent, at 12,571.64. The Standard & Poor's 500 Index (^SPX - News) was up 16.98 points, or 1.29 percent, at 1,337.62. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was up 39.26 points, or 1.42 percent, at 2,812.78.
Friday marks the fifth day of a rally as stocks rebounded from a spate of weakness over the last two months. The S&P 500 (^SPX - News) climbed further above resistance at its 50-day moving average at 1,317, establishing another floor in the market after the benchmark index moved above a number of technical resistance levels. The S&P is up 5.4 percent this week.
Read more
Friday, July 1, 2011
Petronas Chemicals to go ahead with US$1.5b Sabah urea project
It said on Thursday, June 30 the plant would be built on 166 acres in the Sipitang industrial park in Sabah. The RM1.5 billion development cost would be financed from internal cash reserves and external borrowings.
Petronas Chemicals said a special purpose vehicle would undertake the project and work is expected to start in the second quarter of 2012 and commissioning in 2015.
It said the new plant supported its strategy to expand its production capacity and would provide it opportunities to further capitalise on its strengths and marketing position in Asia Pacific.
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Stocks Seek Strong End to Weak June
NEW YORK—U.S. stocks climbed, on pace for a fourth straight day of gains, as encouraging Chicago-area economic data and a pledge from German banks to support heavily indebted Greece boosted investor sentiment as the second quarter comes to a close.
The Dow Jones Industrial Average rose 129 points, or 1.1%, to 12390. The Dow is still in negative territory for the month, but it turned positive for the quarter Thursday, led by Intel, which rose 3.6%, and Hewlett-Packard, which gained 3.5%. The blue-chip index surged 327 points over the past three sessions, marking its strongest three-day performance since mid-March.
The Standard & Poor's 500-stock index jumped 12 points, or 0.9%, to 1319, led by industrial and technology stocks. All 10 of the S&P 500's sectors traded in positive territory. The technology-heavy Nasdaq Composite advanced 33 points, or 1.2%, to 2774. Both measures are now a hair's width from positive territory for the second quarter.
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The Dow Jones Industrial Average rose 129 points, or 1.1%, to 12390. The Dow is still in negative territory for the month, but it turned positive for the quarter Thursday, led by Intel, which rose 3.6%, and Hewlett-Packard, which gained 3.5%. The blue-chip index surged 327 points over the past three sessions, marking its strongest three-day performance since mid-March.
The Standard & Poor's 500-stock index jumped 12 points, or 0.9%, to 1319, led by industrial and technology stocks. All 10 of the S&P 500's sectors traded in positive territory. The technology-heavy Nasdaq Composite advanced 33 points, or 1.2%, to 2774. Both measures are now a hair's width from positive territory for the second quarter.
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