AP – Stocks got a lift Friday by news that the U.S. economy generated more jobs than anticipated over the past three months, reinforcing hopes that the world’s largest economy will not be sliding back into recession.
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AP – Stocks posted strong gains Thursday after the European Central Bank said it would provide unlimited amounts of dollars to its banking sector for three months, easing one of the concerns that has been behind the recent turbulence in financial markets of late.
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Reuters – Wall Street closed its best three-day run in three months on Wednesday after the Greek parliament approved austerity measures to avoid defaulting on its debt.
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Read More »Reuters – Clear signs the global economy is cooling prompted analysts to trim their outlook for most of the world’s major stock markets compared with three months ago, according to a Reuters poll that still pointed to meaty gains from here.
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AFP – European stocks dipped Thursday but were still set for a first quarter rise, after three months in which the global recovery outshone the eurozone debt crisis and Middle East unrest.
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Reuters – Investors betting on a big gain in U.S. payrolls pushed Wall Street to its best one-day rally in three months on Thursday, but weak volume lingers as a concern for those hoping for another leg higher.
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Read More »The worst U.S. economic slump since the Great Depression abated in the second quarter as government spending programs started to kick in, while the sharpest pullback by consumers since 1980 augured a muted recovery.
Gross domestic product shrank at a better-than-forecast 1 percent annual pace after a 6.4 percent drop the prior three months, Commerce Department figures showed yesterday in Washington. A survey of purchasing managers showed separately that business contracted less than estimated in July.
Consumer spending, which accounts for about 70 percent of the economy, fell at a 1.2 percent pace following a 0.6 percent increase in the prior quarter. It was forecast to drop 0.5 percent, according to the survey median. Purchases slid 2 percent since the peak at the end of 2007 — the most since a 2.4 percent decline in the 1980 recession.
Source: bloomberg.com
Read More »U.S. stocks fell for a second day as plunging Chinese shares and commodities stoked speculation that the surge in equities has outpaced the economy, while the Treasury sold notes at a higher-than-forecast yield.
Stocks in China plunged on speculation the government will curb inflows into a market that had doubled from last year’s low. The benchmark gauge, which has surged 79 percent this year, tumbled 5 percent to end a five-day, 7 percent advance that pushed valuations to the highest since January 2008.
The dollar advanced the most against the currencies of six major U.S. trading partners in almost four weeks as stocks fell and crude oil slumped, bolstering demand for the greenback as a haven.
Crude oil fell the most in three months after a government report showed an unexpected gain in U.S. supplies as imports rose and refiners cut operating rates.
Stockpiles surged 5.15 million barrels to 347.8 million in the week ended July 24, the Energy Department said. It was the biggest weekly increase since April. Supplies were forecast to decline by 1.5 million barrels, according to the median of analyst estimates in a Bloomberg News survey.
Source: Bloombeg.com
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