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The dollar rallied to trade at a fresh 4 1/2-year high against the yen after Fed Chairman Ben Bernanke warned that holding interest rates too low for too long has its risks.
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Lousy sales, weak earnings and more layoffs reigned over Thursday, with glum news from Nokia, Viacom, Merck, AT&T, DuPont, Credit Suisse and retailers across the board. European central banks enacted big rate cuts. And Fed Chairman Ben Bernanke urged more government efforts to stanch soaring home foreclosures. But CNBC heard from experts who say that while the news will get worse through 2009, markets will periodically rally — and one strategist sees the Dow at 12,000 in 2010.
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The yen is set to slip versus the dollar and euro throughout the week as the recent upswing in stock-market sentiment eases investors' fear, Max Knudsen, director of PIA - First.com, told CNBC.
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The U.S. dollar rallied to a two-week high against a basket of currencies Tuesday as worries about a deteriorating global economy prompted investors to shun riskier assets and flock to the safety of the greenback.
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The group of euro-member countries fell into "a serious recession in September" and economic contraction will continue through next year, pushing interest rates sharply lower, Bank of America said in a research note Tuesday.
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The U.S. dollar fell against the euro Monday as news of a large economic stimulus package from China made traders more willing to take on risk.
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Following rate cuts from the Fed, China and Japan last week, the Bank of England and European Central Bank slashed their key interest rates today. Central Banks from around the world are modifying their monetary policies in a coordinated effort to contain the impact of the global financial crisis.
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The dollar trimmed gains against the euro Wednesday after data showed the U.S. services sector shrank more than expected in October.
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The dollar fell against most major currencies Tuesday as investors await the result of the U.S. Presidential election and look toward central bank meetings later in the week.
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European Union finance ministers backed on Tuesday proposals for a reform of the G8 club of major industrial nations and an end to self-regulation in global financial markets that critics say caused the credit crisis.
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In these volatile conditions, the currency market is a good signal for where stocks are going, and investors should pay attention to it, Dennis Gartman, founder of the Gartman letter, told CNBC.
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The European Union will not respond with a U.S.-style bailout package to the current crisis but it will probably decide to guarantee all private deposits in banks across its territory to boost citizens' confidence in financial institutions, analysts told CNBC on Tuesday.
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Countries across Europe are following the move by Ireland to guarantee all its bank deposits. Should governments guarantee deposits? Vote in our poll.
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For the week ending Friday, October 3, 2008, the major U.S. Indices declined steeply on continued uncertainties over the financial bailout / rescue plan, concerns in the credit markets and more economic deterioration.
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Greece's banking system "is totally safe and reliable" despite the world financial turmoil and all bank deposits in the country are guaranteed, Finance Minister George Alogoskoufis said on Friday, according to the Associated Press.
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These are turbulent times for investors. How do you keep the wealth you have intact? That's the question we've posed to analysts on CNBC Asia and this is what they have to say.
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Ireland's decision to guarantee all bank deposits will contribute to the demise of the single European currency, because it will erode the euro's credibility if it's allowed to go ahead, Hugh Hendry, chief investment officer and Partner at Eclectica Fund, told CNBC on Thursday.
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The European Central Bank left interest rates unchanged as expected on Thursday despite the financial turmoil engulfing European banks and increased signs of weakness from the euro zone economy.
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For the week ending Friday, September 26, 2008, the major U.S. Indices tumbled for the week as uncertainty lingered over the Congressional $700B bailout package. We also witnessed a historic bank failure, unsatisfying housing data, a continued rise in jobless claims, and a record one-day gain in the price of crude. The S&P 500 and NASDAQ Composite shed more than 3% for the week. The NASDAQ had the worst weekly performance amongst the three major indices, losing 3.98%, followed by S&P 500 which lost 3.3%, marking their biggest weekly drops since the start of Sept. for the NASDAQ & since mid May for the S&P.
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For the historic week ending Friday, September 19, 2008, the major U.S. Indices managed to close mixed and almost flat after one of the most volatile trading weeks ever, driven by the collapse of investment bank, Lehman Brothers, enormous government actions around the globe, and billion dollar deal making. In one week, the government bailed out AIG, pumped funds into money markets, and banned short selling of financials - all while keeping the Fed Funds target unchanged and taking unprecedented actions to halt the liquidity crisis. The CBOE Volatility Index (VIX) surpassed the benchmark level of 30, hitting an intraday high of 42.16 on Thursday, its highest level since 10/2002. The major indices were all up and down +/- 3% for 4 of the past 5 days. The Dow posted a 2 day point move of more than 778 points as of Friday’s close, after plummeting 811 between Monday and Wednesday and hitting 10,609.66, its lowest level since 11/9/2005. On Friday, The Nasdaq Composite recorded a 2-day point move of greater than 175 points after it closed down 109.05 points on Wednesday, its first triple digit decline for one day since it began trading after the 9/11 attacks. The S&P 500 flirted with record territory closing up 98.7 over the last two days, marking its biggest 2-day point move since 3/16/2000, the largest 2-day point move ever.
