Category Archives: eBusiness
Sliding Equity Markets Pressure Euro
NEW YORK—The euro declined 1% versus the dollar as risk aversion swept through markets. The euro fell to $1.4293 compared with session highs of $1.4452 against the greenback. U.S. data added to the pain. A disappointing Philadelphia Federal Reserve survey, with negative readings on overall activity, orders shipments and employees, echoed the unexpected drop in … Continue reading
Stocks Tumble
U.S. stocks tumbled as further concerns rose about flagging global economic activity, as investors digested a grim mix of weak U.S. economic data and fresh concerns about the health of Europe’s banks.The Dow Jones Industrial Average fell 434 points, or 3.8%, to 10978. The Standard & Poor’s 500-stock index dropped 51 points, or 4.3%, to … Continue reading
Stocks Post Second Day of Gains
Getty Images The Dow industrials had lost 301.30 points as of Thursday’s close. Above, traders work on the floor of the New York Stock Exchange Friday. NEW YORK—The Dow Jones Industrial Average had its first back-to-back gain in more than a month.As one of the most volatile weeks in Wall Street history ended, the blue-chip … Continue reading
Getting the U.S. Out of the Money Trap
The attention-grabbing event in the economy over the past week was Thursday’s 512.76-point plunge in the Dow Jones Industrial Average.The more significant event may have been Bank of New York Mellon’s move to charge big corporate customers a fee for putting money on deposit instead of paying them interest.It is a symptom of an economic … Continue reading
Kraft to Split Businesses, Pleasing Activist Investors
After spending $19 billion last year to buy Cadbury PLC, food giant Kraft Foods Inc. said it was splitting in two, a move that came as shareholders behind the scenes were advocating for a break-up. Associated Press Shelves of Nabisco brand products, all part of the Kraft Foods family of brands and products, are seen … Continue reading
Obama: Leaders Have Agreed to Debt Deal
After weeks of partisan wrangling, President Obama and congressional leaders reached a deal Sunday night to raise the government’s debt ceiling, avoiding a government default but setting the stage for months more of stormy debates over how Washington taxes and spends. The Senate and House are expected to vote on the deal Monday.?Follow developments in … Continue reading
Little to Smile About With Growth Outlook
The U.S. economy doesn’t have much wiggle room.As the government continues to grapple with the debt ceiling, the Commerce Department will Friday release its first estimate of second-quarter gross domestic product. Private-sector forecasts are wide-ranging but emphatically subpar. Macroeconomic Advisers estimates real GDP grew at just a 1.3% annualized rate. Capital Economics, which is on … Continue reading
Consumer Confidence Gains
Consumers turned more confident in July, despite persistent troubles in the labor and housing markets.Separate data indicated U.S. home prices moved sideways in May, while new-home sales dropped in June.The Conference Board said on Tuesday that its July index of consumer confidence hit 59.5, from 57.6 in June. Economists surveyed by Dow Jones Newswires had … Continue reading
Cotton’s Fall Has Clothing Makers Scrambling
Cotton prices, which surged to historic highs this spring, have plunged 38% so far this month, roiling mill owners and apparel makers. It’s a reversal for clothing makers that spent the last year grappling with higher costs and how much, if any, could be passed along to consumers. Now, retailers are wondering if lower cotton … Continue reading
Downgrade Threat Looms in U.S.
Financial markets on Monday began taking seriously the prospect of a downgrade of the U.S.’s triple-A credit rating, which it has held for nearly a century.The new worries came as Republicans and Democrats moved even further apart, pushing separate plans for reducing the nation’s deficit and raising its borrowing limit. House Republican Speaker John Boehner … Continue reading
Debt Progress Spurs Stocks
Signs of progress in dealing with debt woes on both sides of the Atlantic Thursday propelled U.S. stocks, European bonds and the euro sharply higher in volatile trading.In the U.S., the good news came in the form of hints that talks between the White House and congressional Republicans are moving closer to a deal that … Continue reading
Citadel Pushes E*Trade to Sell
Citadel LLC, a hedge-fund giant still clawing its way back from losses during the 2008-09 financial crisis, pushed E*Trade Financial Corp. to explore a possible sale of the company. Bloomberg News Citadel sold half its stake in E*Trade Financial in April.In a letter addressed to E*Trade’s chief executive that was filed with regulators, Citadel said … Continue reading
Stocks Rise 1.5%
NEW YORK—U.S. stocks rallied, as encouraging earnings and a hint of housing optimism drove prompted investors to shift into riskier assets. The Dow Jones Industrial Average was up 126 points, or 1%, at 12511 in early afternoon trade, led higher by International Business Machines, which jumped 4.5%.IBM shares hit a fresh intraday record a day … Continue reading
U.S. Stocks Surge on Fed Hopes
U.S. stocks jumped as investors saw hope for further economic stimulus from the Federal Reserve.Dow Jones Industrial Average surged 151 points, or 1.2%, to 12597 in morning trading, and the Standard & Poor’s 500-stock index climbed 16 points, or 1.2%, to 1330. The Nasdaq Composite advanced 42 points, or 1.5%, to 2824.The surge put indexes … Continue reading
Stocks Push Higher
NEW YORK—U.S. stocks bobbed in and out of positive territory on as investors digested a flat reading on consumer spending and cautiously wait for the latest developments on Greece’s debt troubles. The Dow Jones Industrial Average rose seven points, or 0.1%, to 11941 shortly after the opening bell, with Bank of America gaining 1.1% and … Continue reading