123jump.com Staff
23 Jan, 2008
New York City
U.S. stocks rallied in the last hour of trading as bargain hunters emerged. Three popular indexes, Dow, S&P 500, and Nasdaq recoverd from a loss of near 3% to a high of 2%. Banks, brokerages, retailers, and home builders led the gainers. Miners and energy companies declined. Ambac led the gainers in the S&P 500 index with a rise of 65%. Apple reported record revenue and earnings but fell on weaker than expectes outlook for the current quarter. Carrefour sales rose 10% in q4.
123jump.com Staff
23 Jan, 2008
New York City
UK stocks closed lower after the economic report showed slower growth in the fourth quarter. Growth slowed to 0.6% from 0.7% in the third quarter on weakness in service and retail sectors. FTSE 100 dropped 2.28% or 130.80 to 5,609.3. Of the 102 index stocks, 27 gained, 74 declined, and one was unchanged. Banks rallied after the government indicated that depositors of Northern Rock will be protected in in a private sale, indicating that the lender is not likely to be nationalized.
123jump.com Staff
23 Jan, 2008
New York City
U.S. stocks fell for the second day after the Fed lowered the rates by 0.75% in a surprise move. Dow, S&P 500, and Nasdaq fell between 2% and 3% in the morning hours and continues to trend lower. Apple and Motorola fell more than 15% after reporting earnings. Apple guided lower earnings in the current quarter and Motorola continues to suffer in the competitive market.
123jump.com Staff
23 Jan, 2008
New York City
Stocks in India registered a record one-day gain on the back of rally across Asia. The surprise rate cut from the Federal Reserve in the U.S. lifted markets in India and in the region. Sensex recovred from a loss of 16% in two-day sell-off and 20% decline for the year so far. Sensex advanced 5.2% or 864.13 to 17,594.07. The CNX S&P Nifty surged 6.2% or 304.10 at 5,203.40. Banks, realty, and metal companies rallied.
123jump.com Staff
23 Jan, 2008
New York City
Hong Kong stocks surged in record one-day rally on substantial rate cut in the U.S. Hang Seng index soared 10% after dropping 14% in a two-day sell-off. Hong Kong Monetary Authority today cut its key rate to 5% from 5.75% in tandem with the U.S. Federal Reserve which slashed its benchmark rate o 3.5% from 4.25%. Banks, realty, and telecom stocks led the gainers. Hang Seng Index climbed from a two-day 14% decline to close up 11% or 2,332.54 to 24,090.17.
123jump.com Staff
23 Jan, 2008
New York City
Stocks in Japan recovered on the back of large rate cut in the U.S. The emergency rate cut of 0.75% by the Federal Reserve in the U.S. helped Asian markets to rally in the hope the U.S. action may smoothen the slowing economy. However European investors remained unconvinced and markets in Europe decline by the mid-afternoon. Hong Kong, Japan, India, and Singapore surged on the rate cut.
123jump.com Staff
22 Jan, 2008
New York City
Pound recovered against dollar to $1.958 from $1.955 after the Federal Reserve cut the rates in the U.S. by 0.75% to 3.5%. Stocks in London dropped in the morning trading, for the second day, after Asian markets declined. FTSE 100 dropped at the worst of the day nearly 2%. In the afternoon trading stocks recovered after the rate cut in the U.S. and hopes that the U.S. may avoid recession. Schroders and Wolseley led the gainers in the FTSE index and Imperial Tobacco led the decliners.
123jump.com Staff
22 Jan, 2008
New York City
European markets were all set to lose more than 4% for the second day in a row after similar declines in Asia. Market averages managed to rebound from the low and closed up 2% or more. The Bank of England and ECB may have to lower rates in the next meetings. German market rebounded from its worst decline in five years. Deutsche Bank, commerzbank, and Fraport led the recovery. Heidelberger Druckmaschinen rebounded 12% after the stock yielded 12%. Banks and uitilities led the recovery in France.
123jump.com Staff
22 Jan, 2008
New York City
Margin callls, global worries, and lack of retail buyers, all came together for the second day in a row. Sensex dropped 5% or 875 to 16,729. During the day it had dropped as low as 15,332. Finance Minister Chidambaram urged investors to be calm. Sensex and CNX Nifty are down 20% from the peak and midcap and small cap indexes on BSE are down 30%. Reliance industries, ONGC, HDFC Bank, ICICI Bank, and ITC led the decliners list in the large cap sector. Bhrti Airtel rebouded 3%.
123jump.com Staff
22 Jan, 2008
New York City
The preemptive move by the Fed to lower interest rate by 0.75% was welcomed by investors. Market recovered from the morning loss of 4.5% in Dow, S&P 500, and Nasdaq. Three averages closed between 1% and 2% lower. Investors are now looking for additional rate cut. Retailers and bond insurance companies rallied but base metals and energy companies declined. European markets rebounded 2% and South American markets jumped 4% or more.
123jump.com Staff
22 Jan, 2008
New York City
U.S. stocks rebounded from a sharp loss at the opening. After the Fed cut rates in emergency session by 0.75% and on the back of gloabl decline, U.S. stocks opened 4% lower. After ninety minutes of trading, stocks retraced most of their losses. Bank of America fell after it reported CDO related $5.2 billion.
123jump.com Staff
22 Jan, 2008
New York City
The Federal Reserve Bank lowered interest rate by 0.75% to 3.5% to thwart the economy from sliding into a recession. The Fed cited weakening economy and increasing downside risk to growth. The Fed lowered rate ahead of its two-day meeting schedule at the end of this month shows the gravity of the situation. Globla markets in the last two days have lost between 10% and 15%. European markets rallied after the news but Asian markets closed down between 5% and 8% for the second day in a row.
123jump.com Staff
21 Jan, 2008
New York City
Mumbai witnessed one of its worst one-day losses on dearth of buyers, net selling from international investors, and rising worries that global economic slowdown will hurt corporate profits. Small and mid cap stock indexes on the BSE fell nearly 12%. CNX Nifty index of 50 stocks fell nearly 9%. The sell-off was widespread with every member in the Sensex falling. Relinace Industries plunged 9%. ICICI Bank dropped 6% after reporting 35% rise in earnings. European markets faced sell-off.
123jump.com Staff
21 Jan, 2008
New York City
Global markets faced a widespread sell-off that started in China and Hong Kong. Bank of China may have to take a write-down of $4.5 billion losses related to U.S. subprime loans. Asian markets fell after Hong Kong closed down 5.5% lower on the news. India plunged nearly 11% before recovering to close down 7.5%. Japan,Indonesia,Korea and Thailad declined too. Germany and Spain led the sharp sell-off in Europe with a loss of more than 7%. Brazil and Peru fell more than 6% and 8% respectively.
123jump.com Staff
21 Jan, 2008
New York City
Brazil based iron ore mining company CVRD, known as Vale confirmed that it is in talks to acquire Swiss controlld Xstrata. The deal was valued in the local press in Brazil at anywhere between $60 billion and $90 billion. Vale in the last five years have acquired companies in Canada, Africa, and China. Xstrata, even though it acquired Canda based Falconbridge for $24 billion has been viewed as a target by large mining companies.
