Stocks opened slightly higher on Thursday after a report showed jobless claims fell last week. Initial jobless claims fell by 4,000 last week, the third straight week of decline. Meanwhile, nonfarm productivity rose 1.6 percent in the first quarter, much higher than the initial estimate of 0.8 percent and the 0.6 percent drop in the fourth quarter. Read and listen to what experts had to say…
US Banks Bouncing Back Quicker
According to IMF figures, U.S. banks are halfway through write-downs while European banks are only 20 percent through their write-downs. Julian Pendock from Senhouse Capital said U.S. banks have been more proactive since the credit crunch took hold and are now less risky than their European peers.
‘Defibrillator Worked, but Artery Still Clogged’
Steve Crawford of Centerview Partners described the current economic situation as the “defibrillator worked, but the artery is still clogged.” “When you look at the things that are going to drive the economy long term — they haven’t been fixed,” he said. He has an overall bearish outlook for the economy.
Crude Oil at $70-$80 By Year-End
Warren Meyers of Walter J. Dowd said he expects crude oil to trade at $70 to $80 per barrelat the end of the year. Although this may dampen consumer spending because of higher gas prices, it will not be a bad level for oil service companies, he said.
One System Regulator For All?
Tim Ryan of SIFMA proposed the idea of adopting a systemic regulator with veto power over other primary regulators so that “we have one single voice.” Will this idea work and is it feasible? Click to watch the full interview.