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Stocks moved out of bear territory Monday as oil retreated more than $4 a barrel, easing inflation fears, and technology got a boost from two of its largest companies.
Commodities are a bit weaker here as the dollar is stronger, stock futures are flat. Europe and Asia are mostly higher, the Shanghai Composite, however, is up 4.6 percent today, best day in a month on strong earnings forecast from a couple of their banks.
It will be tough for Wall Street to shake off the bear market blues next week if the price of oil keeps rising and the earnings season kick-off from Alcoa and General Electric disappoints investors.
Australia will increase its scrutiny of foreign investments in Australian mining companies, Treasurer Wayne Swan said on Friday, particularly when the investor is also a major customer seeking a majority stake.
Stocks are likely to remain hobbled by gushing oil prices in the week ahead, but it's also the start of the earnings season, and that will ultimately influence direction.
For the short Independence week ending Friday, July 3, 2008, the U.S. Markets ended the week in bear market territory with the Dow and the NASDAQ off more than 20% from their market peak set in October, 2007.
Stocks enjoyed an upbeat session after a not-horrible jobs report but both the Dow and Nasdaq ended the holiday-shortened week in bear-market territory.
Wall Street is bracing for a big round of second-quarter earnings reports that few expect to deliver good news for the state of corporate America.
Bears are arguing that the bear market will not be over until the leadership groups get taken out--energy and materials. Bulls say this is a pipe dream, at least for energy; fundamentals for this group only get better in the second half of 2008 and into 2009
June payrolls came in in line with expectations, though there were revisions downward in prior months. No surprise, the ECB raised rates a quarter point to 4.25 percent; Sweden also raised rates. The dollar rose. What's up in Japan? The Nikkei has fallen 11 days in a row, the longest losing streak since 1953.
In the Fast Money Web Extra, the traders reveal how to play the start of earnings season during the week ahead. Find out what they say about Alcoa, Rockwell Collins and more.
The Dow Jones Industrial Average shed 1.5 percent, ending the day firmly in bear-market territory. GM took a hit as one analyst raised the prospect of bankruptcy. Lehman Brothers rose.
Stocks moved lower midday as oil and heating oil moved up. The dollar was also weaker, as the ECB is set to raise rates tomorrow. The key event today was the weakness in leadership groups. Today coal and energy stocks were notably weaker on no real news.
The Dow closed higher Tuesday after GM surprised Wall Street with stronger-than-expected June sales and financial shares reversed earlier losses. What's the "Word on the Street?"
Stocks coasted to a positive finish, fueled by better-than-expected sales from General Motors, short covering and a pop in a manufacturing gauge, in what was a rollercoaster start to the first half.
There's no doubt we are in unconventional times. The big issues aren't going away: capital raising/writeoff worries for the financials, tapped out consumers, no clear bottom in housing, and global inflation.
Stocks ended mixed Monday, capping a dismal quarter and first half marked by rocketing oil prices and battered financials. The Dow is down 14 percent since the beginning of the year and ended the first half about 20 points from bear-market territory.
Cramer makes the call on viewers' favorite stocks.
For years, Southwest Airlines and JetBlue operated under self-imposed fare caps, promising travelers that no ticket would cost more than $299 one way, the New York Times reported.
China's state-owned aluminum giant Chinalco is keen to buy a range of global resource assets, and may consider raising its stake in global miner Rio Tinto, the Australian newspaper said on Tuesday.