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Stocks Once Again Turn Lower After Seeing Initial Strength – U.S. Commentary
(RTTNews) – For the third consecutive day, stocks have shown a notable move to the downside over the course of morning trading on Friday after failing to sustain an initial upward move. The major averages have all pulled back well off their highs for the session.
The initial strength in the markets came as traders reacted to the release of a Labor Department report showing a much smaller than expected decrease in employment in the month of April.
The report showed that non-farm payroll employment fell by 539,000 jobs in April following a revised decrease of 699,000 jobs in March.…
8May2009 | INO | 0 comments | ContinuedGlobal Investing Roundups
Kenya Growth Stalls Quickly; Caterpillar Cuts Pay and Jobs; Wal-Mart Offers $2.66 Billion for Chile’s Biggest Grocer; Walgreen Falls Short, Cuts Opening Plans; Palm Gets $100 Million Injection; JPMorgan Buys UBS Assets; Oil Falls 6%
- Kenya’s economy grew 2.1% in the third quarter, down significantly from the 6.3% gross domestic product growth it posted a year earlier. On top of the global financial crisis, Kenya suffered from post-election violence and a severe drought, Bloomberg reported.
- Caterpillar Inc. (CAT) said it will offer buyouts to some employees and cut white-collar pay by up to 50%. Last week, the heavy equipment maker announced…
With the Dow in Bearish Territory, and Oil Prices in the Stratosphere, New Potential Problems Abound
With the Dow Jones Industrial Average down 20% from its October peak – placing it firmly in bear-market territory after what’s so far been its worst June since the Great Depression – neither institutional traders nor individual investors seem able to find anything positive about the economy, corporate climate or financial markets.
The subprime-mortgage mess and the ensuing credit crisis continues to exact a toll on the financial-services sector, meaning we can be certain those write-downs won’t be ending anytime soon. Oil prices can’t seem to find a ceiling as new records are again being set – regardless of whether you…
30Jun2008 | Money Morning | Comments Off | Continued
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