Badgerland Financial

 

 
Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
 
 
Stocks Dive Amid Global Selloff        02/11 09:27

   U.S. stocks moved sharply lower early Thursday following steep market 
declines all around the world as concerns about global economic weakness 
intensified. Financials stocks were among the biggest decliners as investors 
worried that interest rates in the U.S. and elsewhere would remain low.

   (AP) -- U.S. stocks moved sharply lower early Thursday following steep 
market declines all around the world as concerns about global economic weakness 
intensified. Financials stocks were among the biggest decliners as investors 
worried that interest rates in the U.S. and elsewhere would remain low.

   KEEPING SCORE: The Dow Jones industrial average fell 173 points, or 1.1 
percent, to 15,741 as of 10:02 a.m. Eastern Time. The Standard & Poor's 500 
lost 17 points, or 1 percent, to 1,834. The Nasdaq composite shed 23 points, or 
0.6 percent, to 4,259.

   GLOBAL JITTERS: Investors are increasingly worried that the mounting market 
turmoil could put a brake on the global economy at a time it is already 
struggling with a litany of issues --- from China's slowdown, low inflation and 
plunging energy markets. Fed Chair Janet Yellen, giving her semiannual report 
to Congress on Wednesday, cautioned that global weakness and falling financial 
markets could depress the U.S. economy's growth. That could, in turn, slow the 
pace of Fed interest rate hikes. Yellen was scheduled for a second day of 
testimony before U.S. lawmakers on Thursday.

   BANK SLUMP: Several major banks were trading lower. Citigroup fell $1.73, or 
4.6 percent, to $35.68, while JPMorgan slid $2.08, or 3.7 percent, to $53.44. 
Bank of America shed 62 cents, or 5.2 percent, to $11.36. Wells Fargo lost $1, 
or 2.2 percent, to $45.17.

   MORTGAGE HANGOVER: Morgan Stanley fell 4 percent after it agreed to pay $3.2 
billion to settle federal and state claims that the lender engaged in practices 
that contributed to the 2008 financial crisis, including misrepresentations 
about the value of mortgage-backed securities. The stock slid 79 cents to 
$21.91.

   STRONG QUARTER: Cisco Systems jumped 8.8 percent a day after the seller of 
routers, switches, software and services reported better-than-expected 
quarterly results and announced a stock buyback plan and dividend increase. The 
stock climbed $1.97 to $24.49.

   OVERSEAS MARKETS: In Europe, Germany's DAX dropped 1.8 percent, while 
France's CAC 40 slid 2.8 percent, dragged down by a 13 percent drop in the 
shares of bank Societe Generale, which warned about its profits. Britain's FTSE 
100 shed 1.5 percent. In Asia, some indexes reopened after a holiday and caught 
up with several days of market turmoil. Hong Kong's Hang Seng dived 3.9 percent 
after opening as much as 5 percent lower. South Korea's Kospi staged its 
biggest daily drop in nearly four years, down 2.9 percent. China and Taiwan 
will reopen on Monday. Japan was closed Thursday for a separate public holiday.

   ENERGY: Benchmark U.S. crude oil was down 56 cents, or 2.1 percent, to 
$26.86 a barrel in New York. The contract lost 49 cents on Wednesday. Brent 
crude, a benchmark for international oils, was down 31 cents, or 1 percent, to 
$30.53 a barrel in London.

   BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year Treasury 
slid to 1.60 percent from 1.71 percent late Wednesday. In currency markets, the 
dollar took a dive as investors adjusted their expectations for fewer interest 
rate increases in the U.S. It fell to 112.26 yen from 113.35 yen. It also fell 
against the euro, which was up to $1.1342 from $1.1282.


(KA)


 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN