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Stocks Seen Unchanged; Oil Hits Record
By Mark McSherry NEW YORK (Reuters) - U.S. stocks looked set to open nearly unchanged on Monday, with high oil prices hitting a new record amid light trading volume on the Columbus Day holiday. U.S. bond markets are closed, and Monday is expected to be a thin day for corporate and economic news. "No matter what, oil is going to be a major market mover -- there's no question about that," said Peter Cardillo, chief market analyst at SW Bach and Co. "Today is going to be light volume," he said. "It's basically a semiholiday. There is no economic news -- the big story is going to be what's happening in the oil market." Oil prices hit fresh records on Monday, pushing London Brent crude to $50 for the first time and extending a relentless rise that has added around 65 percent to the cost of crude this year. U.S. light crude (CLc1: Quote , Profile , Research ) hit a new high of $53.63 a barrel, up 30 cents. Strong demand, growth from China and elsewhere, has eroded spare world production capacity this year, leaving the global market little flexibility to cope with disruptions to supply. S&P 500 futures were indicating a slightly higher open for the index. Semiconductor stocks could come under pressure. Deutsche Bank on Monday lowered its investment rating on communications chip maker Texas Instruments Inc. (TXN.N: Quote , Profile , Research ) to "sell" from "buy." Additional details were not immediately available. "That's not going to help the semiconductors," said Arthur Hogan, chief market analyst at Jefferies & Co. "They are not just speaking of valuation. They are also speaking of fundamentals in the handset market." Also in focus will be SunTrust Banks Inc. (STI.N: Quote , Profile , Research ) , the No. 7 U.S. bank, which on Monday said it expects to restate first- and second-quarter results to change how it accounts for loan losses. It also said it has put some executives on paid administrative leave. Continued ... Source: reuters.commortgage
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US Stocks Up a Bit in Thin Trade
By Mark McSherry NEW YORK (Reuters) - U.S. stocks rose slightly in light trading on Thursday after data gave a mixed picture of the U.S. economy, but steel shares fell as investors worried about weaker demand from China that could depress steel prices. Fannie Mae (FNM.N: Quote , Profile , Research ) rose 1.8 percent to $71.65 a day after the largest U.S. buyer of home mortgages said it agreed to sell $5 billion in preferred stock to institutional buyers. The Dow Jones industrial average was up 7 points, or 0.07 percent, at 10,836. The Standard & Poor's 500 Index was up 3 points, or 0.22 percent, at 1,216. The technology-laced Nasdaq Composite Index was up 4 points, or 0.20 percent, at 2,182. Before the market opened, the government reported that the number of Americans applying for first-time jobless aid unexpectedly fell by 5,000 last week to 326,000 -- a sign that the job market might be improving. But a different picture emerged at mid-morning when the National Association of Purchasing Management-Chicago said its index of Midwest manufacturing activity fell to 61.2 in December from 65.2 in November as the pace of hiring slowed for the first time in six months. Economists polled by Reuters had forecast 63.0. "The unemployment claims were OK, the Chicago purchasing managers were a little disappointing, the price of oil moves lower -- but there is nobody around to move stocks around," said Larry Wachtel, senior vice president at Wachovia Securities LLC. Shares of U.S. steel companies such as United States Steel Corp. (X.N: Quote , Profile , Research ) and Nucor Corp. (NUE.N: Quote , Profile , Research ) fell on concerns that slowing Chinese demand could lead to oversupply and drive down steel prices. U.S. Steel slumped 4.8 percent to $50.40, while Nucor plunged 6.7 percent to $51.20. NYMEX February crude settled 19 cents lower at $43.45 a barrel. Traders took profits from a rally on Wednesday amid forecasts of milder weather in the U.S. Northeast, the world's largest consuming region for heating oil. High oil prices dampen corporate profits and consumer spending, but a fall in crude prices usually helps most stocks. The Dow Jones industrial average is on track to end the year about 3.6 percent higher, the S&P 500 is on track to finish the year about 9.3 percent higher and the Nasdaq is set to climb about 8.8 percent for the year. Two Dow components -- drug maker Pfizer Inc. (PFE.N: Quote , Profile , Research ) and Alcoa Inc.(AA.N: Quote , Profile , Research ) , the world's largest aluminum producer -- limited the gains of the blue-chip Dow average. Shares of Pfizer fell 0.8 percent to $27.05 following a report in The Wall Street Journal, which said Celebrex prescriptions slid 56 percent last week in the United States after a study linked the Pfizer drug to a higher risk of heart attacks and strokes. Alcoa's stock fell about 1 percent to $31.60 after Lehman Brothers cut its fourth-quarter and 2005 earnings estimates for the No. 1 aluminum producer, citing margin pressures from higher costs and a weaker dollar. (Additional reporting by Anupama Chandrasekaran) Source: reuters.cominsurance
News on insurance, for more information please visit the website:Weekly Jobless Claims Dip as Expected
WASHINGTON (Reuters) - The number of Americans filing initial jobless claims dipped last week to 310,000, as expected, suggesting continued improvement in the nation's labor market, a government report showed on Thursday. First-time claims for state unemployment insurance benefits fell 1,000 in the week ended Feb. 26 from 311,000 the previous week, the Labor Department said. The closely watched four-week moving average of claims, which is considered a more reliable indicator of job market trends because it smooths week-to-week volatility, declined 1,500 to 307,000 - its lowest level since October 2000. The slowing in the pace of layoffs last week was expected by Wall Street economists. The previous week's initial claims total was revised slightly lower from an originally reported 312,000. The number of people who remained on the unemployment rolls after claiming an initial week of aid rose 12,000 to 2.67 million in the week ended Feb. 19, the latest period for which data are available. A more comprehensive look at the U.S. job market will come on Friday, when the Labor Department releases its employment report for February. Economists expect that survey to show a gain of some 220,000 jobs last month, well above January's disappointing 146,000 increase. Source: reuters.comTerug naar verzekering