As Recession Is Declared, Stocks End Five-Day Rally With Severe Slump - washingtonpost. Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Erasing any lingering doubts, there was also a declaration that an economic recession has been in progress in the United States since December 2007, made by the National Bureau of Economic Research , the nonprofit group of economists that classifies business cycles. The price of oil fell sharply after OPEC decided not to cut production over the weekend and as investors bet slowing economic activity would hurt demand.
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Topic: Stock Trading News - US stocks rise on Black Friday to post strong weekly gains - MarketWatch
Looking at the situation differently, though, one could take encouragement from the knowledge that the man who is yet two months from becoming the country?s 44th president had collected his growing team of advisers and hunkered down to begin tackling an array of pressing issues. Intraday data provided by Interactive Data Real Time Services , a division of Interactive Data Corp. Historical and current end-of-day data provided by Interactive Data Pricing and Reference Data . Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges.
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NEW YORK (MarketWatch) — Stocks will enter the month of December with a sense of optimism that much of the dismal environment for corporate profits has already been discounted by the market, even as upcoming reports, including the key jobs report on Friday, are expected to show the economic picture is still worsening. A turning point for the market seemed to start a week ago, with the market gaining more confidence as President-elect Barack Obama began unveiling his economic team. On Thursday, Fed Chairman Ben Bernanke is also expected to speak on housing at a Fed conference in Washington. Also on Wednesday, the Fed is expected to release its Beige Book of economic conditions, which is “likely to paint an even bleaker picture than the October report,” as it captured a near seizure in credit markets “and the resulting knock-out punch to consumers and businesses,” said Sal Guatieri, senior economist at BMO Capital Markets. Intraday data provided by Interactive Data Real Time Services , a division of Interactive Data Corp. Historical and current end-of-day data provided by Interactive Data Pricing and Reference Data .
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NEW YORK (AP) — Wall Street extended its gains into a fourth session Wednesday, rising moderately after President-elect Obama soothed investors by pledging he would have a plan to deal with the nation’s economic crisis on his first day in office. There was still caution in the market, however, not surprising since Wall Street is coming off three sessions of gains that gave the Dow Jones industrials and the Standard & Poor’s 500 index their first triple-session advances in more than two months. The Labor Department said initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week’s upwardly revised figure of 543,000. Tech stocks lagged and sent the Nasdaq moderately lower as investors feared businesses will further cut back on technology spending. Still, the market’s performance in recent sessions has been a welcome show of stability as stocks have generally traded with less volatility than they had in the past three months as the market’s yearlong pullback intensified.
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The Dow Jones industrial average ( INDU ), the Standard & Poor’s 500 ( SPX ) index and the Nasdaq composite ( COMP ) all slumped in the early going. Peter Cardillo, analyst for Avalon Partners, said, in an interview before the economic reports were released, that weak economic data could put further pressure on stocks. Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use . Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data .
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LONDON (AP) — World stock markets stormed higher Monday on the back of investors buoyed by the rescue of Citigroup and the announcement of President-elect Barack Obama’s economic team. A rally on Wall Street ignited buying in Europe and Latin America, although the upsurge came too late for Asian markets, which ended mostly lower. A fiscal stimulus plan in Britain also added to the upbeat sentiment in London, where the FTSE 100 index of leading British shares ended the day up 9. The news continued to be gloomy elsewhere in Europe, with recession fears mounting in Germany after a closely watched survey showed that Europe’s biggest single economy is weakening at an alarming rate.
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TORONTO, Nov 21 (Reuters) - The Toronto Stock Exchange’s main index rose at the open on Friday as energy and materials stocks got a lift from firmer commodity prices after the market dropped 9 percent the previous session to its lowest in five years. The index sank to its lowest in five years on Thursday as an earnings warning from Toronto-Dominion Bank (TD. In economic news, Canadian consumer prices registered their sharpest decline in nearly 50 years in October, dropping 1 percent from September as gasoline prices plummeted from recent high levels, Statistics Canada said on Friday. Thomson Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.
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Bill Richardson for secretary of the Commerce Department, while the New York Times reported Hillary Clinton has decided to accept the nomination for secretary of state. The choice is particularly important in light of Treasury Secretary Hank Paulson’s comments earlier in the week “of being done with Tarp,” said Fitzpatrick of the Paulson’s decision to let the next administration decide how to spend the remaining roughly $350 billion of $700 billion bailout package. Intraday data provided by Interactive Data Real Time Services , a division of Interactive Data Corp. Historical and current end-of-day data provided by Interactive Data Pricing and Reference Data . Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges.
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