Wall Street Sharply Declines
Stocks started off the fourth quarter sharply lower as investors revisited worries about the strength of the recovery. It was the sixth drop in seven days for stocks and another reminder of how fragile the market’s recent rebound truly is. The Dow Jones Industrial Average shed 203 points to finish the session off at 9,509.28. Broader stocks indicators followed the same path and ended in negative territory. Reports on manufacturing and unemployment rattled the market during morning trading. Personal income and spending both gained more than anticipated in August, but the reports did not motivate investors to push stocks higher. In other news, Federal Reserve Chairman Ben Bernanke was on Capitol Hill today testifying at a House Financial Services hearing. Cisco (CSCO) announced that is buying Norway’s Tandberg AS, which makes video conferencing hardware. U.S. light crude oil for October delivery rose 21 cents to $70.82 a barrel on the New York Mercantile Exchange. Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.20% from 3.30%.
Latest Headlines
As expected, auto sales have fallen back to the dismal levels they were at before the government’s ‘Cash for Clunkers’ program began. However, luxury brands appear to be unaffected by the termination of the incentive program. GM, Ford (F) and Chrysler all reported a decline in September sales on Thursday. Now that the government is not handing out $4,500 for each clunker, these automakers will have to look into alternatives to bring consumers back to showrooms.
Saturn lovers are facing a bumpy road ahead. General Motors was hoping to unload the brand to Penske Automotive Group (PAG), but that option is dead now. People like this lady will have to find another brand to go crazy over.
Bye Bye Ken Lewis. Bank of America Corp. (BAC) CEO Kenneth Lewis has informed the bank’s board of his decision to retire, starting Dec. 31.The CEO is definitely no dummy. You can’t really blame him for calling it quits after facing so much scrutiny over the last year. In addition to his departure, BofA is about to face the toughest quarter yet in 2009.
Why Ken Lewis Gave Up
Should Shareholders Leave BofA?
Jobless claims may be up, but consumers are starting to unchain their wallets and head back into retail stores. The latest figures showed that spending by U.S. consumers climbed in August by the most since 2001. The thrifty consumer concept may be on its way out.
US mortgage rates held at their lowest level since late May in the latest week. With rates this low, home loan demand will likely continue to tick up and assist the overall housing recovery. In other housing news, the number of pending homes sales rose more than expected in August, according to the National Association of Realtors. Some consider this data to be worthless.
A deal between Comcast (CMCS.A) and NBC Universal may be in the works. Reports surfaced that the cable giant is in talks with General Electric Co. (GE), which currently owns 80% of NBC Universal, about a possible joint venture. Comcast is remaining tight-lipped about any possible deal.
Wall Street to Comcast: Are You Serious?
Federal Reserve Chairman Ben Bernanke is not on a power trip. He has backed away from the idea of giving central bank authority over systemic risk.
Accenture Plc (ACN) said that fiscal fourth-quarter profit slid on restructuring charges and lower revenue. The company also issued weak fiscal first-quarter and full-year targets.
Other Juicy Tidbits
Between the rocky markets, the shaky banks and Bernie Madoff, the relationship between wealth managers and their clients didn’t stand a chance. Wealthy investors are now questions who they can trust?
Fears of the inflation monster are beginning to creep in even as wages are largely stagnant and some prices are dropping. It’s time for an inflation game plan.
You have no clue how bad bank balance sheets really are!
FDIC chief Sheila Bair is hoping that an accounting trick will help the cash-depleted agency.
These billionaires actually got richer during the financial crisis.
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Dow Loses 203 Points; Economic Data Fails to Impress – October 1, 2009
By: InvestorGuide Staff, dated September 30th, 2009Wall Street Sharply Declines
Stocks started off the fourth quarter sharply lower as investors revisited worries about the strength of the recovery. It was the sixth drop in seven days for stocks and another reminder of how fragile the market’s recent rebound truly is. The Dow Jones Industrial Average shed 203 points to finish the session off at 9,509.28. Broader stocks indicators followed the same path and ended in negative territory. Reports on manufacturing and unemployment rattled the market during morning trading. Personal income and spending both gained more than anticipated in August, but the reports did not motivate investors to push stocks higher. In other news, Federal Reserve Chairman Ben Bernanke was on Capitol Hill today testifying at a House Financial Services hearing. Cisco (CSCO) announced that is buying Norway’s Tandberg AS, which makes video conferencing hardware. U.S. light crude oil for October delivery rose 21 cents to $70.82 a barrel on the New York Mercantile Exchange. Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.20% from 3.30%.
Latest Headlines
As expected, auto sales have fallen back to the dismal levels they were at before the government’s ‘Cash for Clunkers’ program began. However, luxury brands appear to be unaffected by the termination of the incentive program. GM, Ford (F) and Chrysler all reported a decline in September sales on Thursday. Now that the government is not handing out $4,500 for each clunker, these automakers will have to look into alternatives to bring consumers back to showrooms.
Saturn lovers are facing a bumpy road ahead. General Motors was hoping to unload the brand to Penske Automotive Group (PAG), but that option is dead now. People like this lady will have to find another brand to go crazy over.
Bye Bye Ken Lewis. Bank of America Corp. (BAC) CEO Kenneth Lewis has informed the bank’s board of his decision to retire, starting Dec. 31.The CEO is definitely no dummy. You can’t really blame him for calling it quits after facing so much scrutiny over the last year. In addition to his departure, BofA is about to face the toughest quarter yet in 2009.
Why Ken Lewis Gave Up
Should Shareholders Leave BofA?
Jobless claims may be up, but consumers are starting to unchain their wallets and head back into retail stores. The latest figures showed that spending by U.S. consumers climbed in August by the most since 2001. The thrifty consumer concept may be on its way out.
US mortgage rates held at their lowest level since late May in the latest week. With rates this low, home loan demand will likely continue to tick up and assist the overall housing recovery. In other housing news, the number of pending homes sales rose more than expected in August, according to the National Association of Realtors. Some consider this data to be worthless.
A deal between Comcast (CMCS.A) and NBC Universal may be in the works. Reports surfaced that the cable giant is in talks with General Electric Co. (GE), which currently owns 80% of NBC Universal, about a possible joint venture. Comcast is remaining tight-lipped about any possible deal.
Wall Street to Comcast: Are You Serious?
Federal Reserve Chairman Ben Bernanke is not on a power trip. He has backed away from the idea of giving central bank authority over systemic risk.
Accenture Plc (ACN) said that fiscal fourth-quarter profit slid on restructuring charges and lower revenue. The company also issued weak fiscal first-quarter and full-year targets.
Other Juicy Tidbits
Between the rocky markets, the shaky banks and Bernie Madoff, the relationship between wealth managers and their clients didn’t stand a chance. Wealthy investors are now questions who they can trust?
Fears of the inflation monster are beginning to creep in even as wages are largely stagnant and some prices are dropping. It’s time for an inflation game plan.
You have no clue how bad bank balance sheets really are!
FDIC chief Sheila Bair is hoping that an accounting trick will help the cash-depleted agency.
These billionaires actually got richer during the financial crisis.
Other relevant articles you may like
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