posted on February 27, 2007 09:55:57 AM
Stocks Plunge After Big Drop in China
Updated 11:26 AM ET February 27, 2007
By MADLEN READ
NEW YORK (AP) - Wall Street fell sharply Tuesday, joining a global stock decline sparked by growing concerns that the U.S. and Chinese economies are cooling and that U.S. stocks are about to embark on a major correction. The Dow Jones industrials dropped more than 140 points.
A 9 percent slide in Chinese stocks earlier set the tone for U.S. trading, a day after investors sent Shanghai's benchmark index to a record high close.
"Corrections usually happen because of a catalyst, and this may be it," said Ed Peters, chief investment officer at PanAgora Asset Management. "The move in China was a surprise, and when a major market has a shock it ripples through the rest of the market. With all the trade that goes on with China, there tends to be a knee-jerk reaction with that kind of drop."
Investors' confidence has been knocked down by a slew of data showing that the economy may be decelerating more than anticipated. A Commerce Department report that orders for durable goods in January dropped by the largest amount in three months exacerbated jitters about the direction of the U.S. economy, which were raised a day earlier when former Federal Reserve Chairman Alan Greenspan said the economy may be headed for a recession.
posted on February 27, 2007 10:23:00 AM
"Wall Street fell sharply Tuesday, joining a global stock decline sparked by growing concerns that the U.S. and Chinese economies are cooling"
must be something to do with global warming..
"exacerbated"....damn,I thought only Helen used that word...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
If you dont want to hear the truth....dont ask the question.
posted on February 27, 2007 10:42:25 AM
Consumer Confidence Gains in February
By ANNE D'INNOCENZIO
The Associated Press
Tuesday, February 27, 2007; 12:52 PM
NEW YORK -- Consumer confidence rose to its highest level in five-and-a-half years amid optimism that the nation's economy is creating enough jobs, a private research group said Tuesday.
The New York-based Conference Board said that its Consumer Confidence Index rose to 112.5, up from a revised 110.2 in January. Analysts had expected the reading to be 109.
The February index was the highest since August 2001, when the reading was 114, indicating that consumers will continue to fuel the nation's economic growth in the near future.
In a statement, Lynn Franco, director of The Conference Board Consumer Research Center, said that "improving present-day business conditions and an easing in the proportion of consumers claiming jobs are hard to get have combined to lift consumers' spirits."
"All in all, it appears that the pace of economic growth exhibited in the final months of 2006 has carried over into early 2007 and may have even gained a little momentum," she added.
The Present Situation Index, which measures how shoppers feel now about economic conditions, increased to 139.0 from 133.9. The Expectations Index, which measures consumers' outlook in the next six months, edged up slightly to 94.8 from 94.4 last month.
Economists closely monitor consumer confidence because consumer spending accounts for two-thirds of all U.S. economic activity
The upbeat report from the Conference Board came amid largely sober news about the global economy, which dragged down the stock market. In late morning trading, the Dow Jones industrial average dropped 142.28, or 1.13 percent, to 12,489.98 as stock markets around the world slipped when worries rose that the U.S. and Chinese economies are cooling.
A warning from former Federal Reserve Chairman Alan Greenspan Monday that the U.S. economy may be headed for a recession also dampened investors' moods.
On Tuesday, the Commerce Department that orders for durable goods in January dropped by the largest amount in three months exacerbated worries about the U.S. economy, as did a Standard & Poor's index showing single-family home prices across the nation were unchanged in December.
The National Association of Realtors announced Tuesday that sales of existing homes rose in January by the largest amount in two years, but it also reported that median home prices declined for a sixth straight month.
"We have had a soft patch of data this month. It shows that the economy is still growing but at a below average rate," said Gary Thayer, chief economist at A.G. Edwards & Sons Inc.
Thayer said he doesn't expect consumer sentiment to drop off unless unemployment increases significantly, however.
The Conference Board's consumer confidence report _ derived from responses through February 20 _ said that consumers who believe that jobs are "hard to get" declined to a five-and-a-half year low.
It is foolish and wrong to mourn the men who died. Rather we should thank God that such men lived.George S. Patton
posted on February 27, 2007 12:56:44 PM
Oh good the GRUNTER showed giving us another good laugh. The American people love to see the new-con mindset. LOL
It reminds us all to keep them in the slime they are drowning in.
OVER 360 BILLION U.S. TAX DOLLARS SPENT ON BUSH'S WAR AND STILL COUNTING.
WE ALL REMEMBER THAT BUSHY/CHENEY/RUMMY TOLD US ALL IRAQI OIL WOULD PAY FOR BUSHY'S WAR.
posted on February 27, 2007 01:10:41 PM
Apparently you begrudge the fact that theConsumer Confidence report reflects what CONSUMERS are polled about?
Now you are the Great Mind reader of the American consumer?
You fail to take into consideration that it takes education and a intelligent and insightful mind to read the minds of others. A resource you obviously lack.
Your brain trust (if you ever possessed one) apparently has gone bankrupt, waco.
It is foolish and wrong to mourn the men who died. Rather we should thank God that such men lived.George S. Patton
posted on February 27, 2007 03:14:31 PM
Bear,
You quoiting the Consumer Confidence report on the same day stocks fell 400 points shows you are out of touch and with little understanding.
But stick to your guns and you might make it some day if the laws don't change on ya.
posted on February 28, 2007 07:27:48 PM
The consumer confidence report is way behind the curve when it comes to real time market numbers. It takes quite a while to make and compile that study. In addition, that kind of consumer confidence is exactly the kind of thing Greenspan is worrying about.
He said the U.S. economy has been expanding since 2001 and that there are signs the current economic cycle is coming to an end.
"When you get this far away from a recession invariably forces build up for the next recession, and indeed we are beginning to see that sign," Greenspan said via satellite link to a business conference in Hong Kong. "For example in the U.S., profit margins ... have begun to stabilize, which is an early sign we are in the later stages of a cycle."
posted on March 1, 2007 01:18:40 PM
It would appear that Bear has been getting kicked around an awful lot by profe lately. Profe has been proving Bear WRONG TIME AND TIME AGAIN.
Absolute faith has been shown, consistently, to breed intolerance. And intolerance, history teaches us, again and again, begets violence.
---------------------------------- The duty of a patriot in this time and place is to ask questions, to demand answers, to understand where our nation is headed and why. If the answers you get do not suit you, or if they frighten you, or if they anger you, it is your duty as a patriot to dissent. Freedom does not begin with blind acceptance and with a flag. Freedom begins when you say 'No.'
posted on March 1, 2007 02:42:16 PM
Stocks Rebound, but Still End Lower
Thursday, March 1, 2007 4:55 PM EST
The Associated Press
By MADLEN READ
NEW YORK (AP) — A still skittish Wall Street closed modestly lower Thursday, having clawed its way back from an early-session plunge after upbeat manufacturing data allayed fears about a flagging U.S. economy. The Dow Jones industrials ended 34 points lower after tumbling 209 points in early trading and then briefly reaching positive territory in the afternoon.
Investors, relieved that manufacturing is still expanding, bought some of the stocks pummeled in Tuesday's drop, which sliced 416 points off the Dow. The blue chip index is now down about 400 points, or 3.2 percent, from its closing level Monday, having rebounded halfheartedly Wednesday on calming words about the economy from Fed Chairman Ben Bernanke.
I only really care that you have money for your fellow Americans in need. I support new upcoming laws that will ask us all to help out our needy fellow Americans financially through our taxes.
I am fully retired now. The only work I do now is work against new-cons and research to see what my family can get free or very inexpensively from government programs.
Lots of good stuff out there from the state and feds for women business owners like my wife. She and my son are looking into furthering their educations by becoming Gemologists. Maybe soon some of your tax dollars will help them and millions more like them along their way.
Are YOU a Bunghole?
