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Financial stocks held the market underwater Monday and will continue to figure in Tuesday's trading as investors struggle to sort out what the credit mess means for Wall Street and the banking industry.
Asian Markets closed mixed, with Japan ending weaker after spending most the session in positive territory. South Korea and Australia though finished stronger with Seoul gaining almost 2 percent.
Former Federal Reserve Chairman Alan Greenspan said on Tuesday that falling U.S. home prices and high inventories of unsold properties presented a major risk to the U.S. economy and financial markets.
Citigroup's bombshell that it faces as much as $11 billion more in credit losses has made one thing clear: No one really knows what's hidden in the subprime bond basement.
Oil dropped Monday as the growing U.S. subprime mortgage crisis heightened concern over the economic health of the world's top energy consumer.
The dollar edged up Monday against the euro in European trading, helped by better-than-expected growth in the U.S. services sector.
An increase in new orders helped drive the U.S. services sector to a faster-than-expected growth rate in October, but economists warned the data didn't foretell that economic growth would pick up soon.
European credit spreads widened on Monday on renewed U.S. subprime concerns, but the cost of insuring J Sainsbury's debt against default fell sharply after Qatar's Delta Two dropped its planned bid.
British Chancellor of the Exchequer Alistair Darling said on Monday the global banking industry was experiencing great uncertainty, but it was vital to keep the problems of U.S. bank Citigroup in perspective.
Asian stocks closed sharply lower Monday, pulled down by the financial sector, with fears that the credit crisis is still in full swing returning.
Stocks could be setting up for a bit of a bounce back but first investors need to decide just how radioactive the financial sector has become. Heading into the weekend, market rumors of lurking credit issues plagued bank and brokerage stocks.
The dollar sank to record lows against the euro and a major currency basket on Friday, as persistent worries about unreported losses at financial firms overshadowed a strong U.S. payrolls report.
US crude oil futures ended at a record close of almost $96 on Friday as robust domestic jobs data reassured investors that the current credit crunch had not affected the wider economy.
A move to end tax breaks for wealthy hedge-fund and private-equity managers is sparking a debate about whether the measure will discourage investment--and even hurt the U.S. economy.
Danish political scientist and popular author Bjorn Lomborg is all for doing something about climate change but he is skeptical about some of the efforts, which is why he wants to bring the debate back down to earth.
Bill Miller at Legg Mason just sent a letter to his investors. He correctly identifies the key issue: "The issue for the stock market and for the global economy is the extent to which the slowdown in U.S. consumption will spill over into a decline in global production next year"
U.S. employers added about twice as many new employees last month than expected, while factory orders edged up, according to government reports that implied the economy was strong enough to avoid recession.
The bulls got what they wanted--nonfarm payroll TWICE the estimate at 160,000. Remember the game now: good news is good news, that is, we need strong economic data now to dampen down recession and larger slowdown fears. S&P futures up 10 points. Strength was in professional and business services, leisure and hospitality strong.
A blowout jobs number gave stocks an initial lift, but already some bond market skeptics are doubting the reliability of the data. For now, stock traders are looking at good news as good. October jobs were reported at 166,000. double expectations of 80,000. The jobless rate came in at an expected 4.7 percent.
Jobs data for October will set the course of trading Friday, and maybe even for days after. "I think it will be good for the market to focus on fundamentals rather than the ethereal notions of credit and its relative crappiness," said CNBC senior economic correspondent Steve Liesman.