20 Jan 2011: Wall Street tracked declines in equities around the world after growth in gross domestic product in China accelerated to a 9.8% rate in the final quarter of 2010. The faster-than-forecast growth rate bolstered concerns that China would do more interest-rate hikes to control inflation, thereby reducing Chinese demand for commodities and raw materials, potentially derailing the global economic recovery.
US stocks were in constant search of direction the whole day. For every five stocks climbing, nine fell on the NYSE, with nearly 1.2 billion shares traded. Stocks suffered a big loss in the initial trading hours but managed to move up later in the day as better than expected economic data tried to pull up stocks. A strong dollar and concerns that China might go for further tightening of its macro economic policies put a brake on this. Continue reading
Posted in Commodity Trading, Stock Market News, Stock Trading, US Stock Market
Tagged Caterpillar, China, Comex silver futures, Federal Reserve Bank of Philadelphia, ICICI Bank, India, interest rate hike, jobless claims data USA, Natural gas prices, Nymex crude oil prices, Tata Motors, US Labor Department
US stocks ended with modest losses on Thursday, 13 January 2011. Stocks started the day in the red right from the start. Economic data dominated the day and the same checked in mixed in nature. The decline was led by commodities today, which slipped despite a weak dollar. Dow ended lower by 23.54 points (0.2%) at 11,731.9. Nasdaq ended lower by 2.04 points (0.02%) at 2,735.29. S&P 500 ended lower by 2.2 points (0.2%) at 1,283.96.
Seven out of ten economic sectors ended lower led by materials, utilities, healthcare and financial sectors. Telecom, industrial, and consumer staples were the sectoral laggards. Pharmaceutical giant Merck fell considerably following the company’s statement on changes to the clinical studies for vorapaxar, an investigational cardiovascular medicine. The fall hurt market sentiment. Continue reading
Posted in Stock Market News, US Stock Market
Tagged Comex silver futures, Economic data, Infosys, intra day trading, investigational cardiovascular medicine, Italy, JP Morgan Chase, Merck, New York Mercantile Exchange, Nymex crude oil prices, sovereign debt offerings, Spain, US Commerce Department, US Labor Department, US trade deficit, Wipro