Market Retreats After Last Weekâs Leap
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Wall Street retrenched Monday, closing substantially lower as investors cashed in profits from the marketâs best week in nearly five years.
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Wall Street pulled back today amid light volume as investors refrained from making any big bets ahead of the Federal Reserveâs rate decision.
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Retail sales posted a modest gain in August, helped by the biggest jump in auto sales in more than a year. But there are concerns that spending could falter as the steep slump in housing and financial market turbulence weigh on consumer confidence.
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The stock market has been on the upswing, but few investors are relaxing just yet. This week's data on housing, retailers and labor costs will give Wall Street an idea of whether the economy is weakening or inflation is accelerating Â or both.
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The stock market fell sharply last week as the subprime mortgage crisis spilled over into the broad financial markets.
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(InfoWorld) - Mergers and acquisitions and several strong financial reports excited IT investors this week, even as concerns about the U.S. economy continue to roil the stock market. The U.S. Federal Reserve Board decision Tuesday to cut interest rates gave a temporary boost to stock exchanges and benefitted bellwether IT companies, such as Google, Research in Motion, and Dell, which all posted share gains after the Fed's move. Since mid-quarter, investors have dumped shares, including those of IT vendors, as concerns about the faltering U.S. housing sector, mortgage payment failures, and related worries about the credit market have grown.The Fed's move was meant to allay worries about a potential tightening of credit, which is often expected to dampen business and consumer spending. But economic concerns have not appeared to slow the pace of M&A among IT vendors themselves. For example, to expand its foothold in the U.S.,Â T-Mobile announced Monday that it will buy SunCom WirelessÂ for $2.4 billion. SunCom Wireless jumped $3.65 to close at $25.65 after the announcement. Yahoo also helped the week start off with a bang, announcing a $350 million acquisition in the hot software-as-a-service market.Â Yahoo is buying Zimbra, which offers a hosted collaboration and messaging software suite. Yahoo shares closed Monday at $24.95, up by $0.22. There were a host of other M&A news, including Monday's announcement by InfoSpace, that it would sell its Switchboard.com online directory business for $225 million to Idearc, a print and online directory publisher. InfoSpace shares soared $4.13 to close at $17.38 on the news. Meanwhile Leap WirelessÂ rejected an unsolicited buyout offer from cell phone rival MetroPCS, saying the $4.7 billion bid underestimates Leap's growth potential. Generally, M&A news boosts investor confidence because it is taken as a sign that the vendors themselves are certain enough about new technology to bet big on it. Other good news this week came from software bellwetherÂ Oracle, which Thursday announced that strong database, middleware and services revenue helped bring net income for its first fiscal quarter to $840 million, a 25 percent jump from the year-earlier period. In the hardware arena, Best BuyÂ reported Tuesday that due in part to strong sales of computers, net income rose to $250 million for the quarter ended Sept. 1, compared with $230 million a year earlier. Gartner offered more good news for hardware, predicting in a report Thursday that lower prices and the improved performance of laptops will fuel continued growth in PC sales. Worldwide PC shipments will grow 12.3 percent this year, Gartner said.
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Stocks fell for the second straight week as investors recoiled from a major insurance industry scandal, record high oil prices, a worsening trade deficit and a mixed bag of corporate earnings.
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Buffeted by concerns about a weakening economy, the stock market fell last week after two weeks of gains.
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An unexpected drop in unemployment helped stocks post their first back-to-back gains in almost a month.
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The US market was more subdued after finishing last week on a high amid cooling oil prices. The Dow Jones Industrial Average ended up 11.
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NEW YORK - A brokerage downgrade of several semiconductor companies pressured tech shares Thursday, but the broader market hovered near unchanged levels as a jump in jobless claims offset investors' relief over declining oil prices.    Late summer trading is known for being thin, but with the Republican National Convention set for New York next week, Wall Street is even less crowded than usual for the last week of August...
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The stock market started off badly on Monday, dropping more than it had in any single day since July. Wall Street fared better over the next three days, but a plunge on Friday sent the market down for the week.
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NEW YORK - Stocks fell modestly Thursday as a jump in jobless claims offset investors' relief over declining oil prices, and a brokerage downgrade of several semiconductor companies pressured tech stocks.    Late summer trading is known for being thin, but with the Republican National Convention set for New York next week, Wall Street is even less crowded than usual for the last week of August...
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Stocks slid on Friday as investors  sold shares on concerns about increasing risk aversion in  global financial markets.
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Wall Street got the blues yesterday and took it out on blue chip stocks amid concerns about declining corporate profits, recent oil price spikes and an expected boost today in short-term interest rates by the Federal Reserve.
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After a jump in Treasury yields fueled a long-anticipated stock retreat last week, Wall Street will be watching upcoming inflation data to see if its interest rate jitters were justified.
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Most markets in Asia fell by between 2 and 3 percent today as Wall Street was steady after yesterdayâs losses.