NEW YORK, Dec 9- Stock markets worldwide rose on Monday and the euro climbed to a six-week high against the dollar after Chinese trade and inflation data boosted optimism about the global economy.» Read More
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.
After Thursday's huge selloff in the stock market, investors are now turning their attention to the October jobs report.
Markets in Asia closed weaker Friday, with financial stocks declining around the region on credit concerns after brokerages downgraded U.S. banking giants Citigroup and Bank of America.
Euro zone factory growth sank to its slowest pace in over two years in October, led by a sharp slowdown in Germany and a contraction in Spain, final figures from a key monthly survey showed on Friday.
Fast-rising oil, steel and coal prices are adding to inflationary pressure in China, the country's top economic planning agency said on Friday.
The yen rose broadly Thursday after brokerages downgraded two of the largest U.S. banks, knocking equities lower and sparking fears that fallout from the credit crisis may sap investor appetite for risk.
If the Fed isn't going to cut rates any more, that means bad news really is ... bad news. And with continuing concerns about the financial sector and oil prices, there is plenty of bad news.
Oil prices ended down after reaching a record high Thursday, as worries over the health of the U.S. economy resurfaced.
Clean energy stocks worldwide, and especially solar, have roared upwards in the past 10 weeks following the latest spiral in oil prices -- but proving a direct link with oil is elusive, analysts say.
The Federal Reserve pumped $41 billion into the U.S. financial system Thursday, one of its largest cash infusions to help companies get through a credit crunch that took a turn for the worse in August.
The mighty U.S. consumer may be starting to crack, just as the Federal Reserve signaled that it was through with interest rate cuts barring a sharper economic downturn.
As expected, Chrysler is wasting little time in downsizing both its work force and struggling line-up of vehicles. Today, the automaker announced it will cut another 8,500 to 10,000 jobs, including 1,000 white collar employees. This round of downsizing is on top of the 13,000 job cuts announced earlier this year as part of the plan to get Chrysler back in the black.
The number of U.S. workers filing new claims for jobless aid fell by a more-than-expected 6,000 last week, government data on Thursday showed, while the four-week moving average of claims edged up to a six-month high.
Asian markets retreated in late afternoon trading, closing mixed after rallying earlier in the session following the Federal Reserve's interest rate cut.
China unexpectedly raised domestic gasoline and diesel prices by a tenth on Thursday, the first increase in 17 months, as officials rushed to tame a worsening supply crisis by easing losses at state refiners.
Australian retail sales easily outpaced expectations in September, setting the seal on a very strong quarter for consumption and adding to an already compelling case for a further rise ininterest rates.