U.S. stocks were down and mixed in early afternoon trading today, a day after a strong rally pushed the Nasdaq Composite index to a record high, but the major indexes were still on track for their strongest weekly performance in about two months.
China shares suffered their worst week in over seven years amid rising fears of an equity bubble.
Here is the current market situation from CNN Money
North and South American markets are mixed. The IPC is higher by 0.04%, while the Bovespa is leading the S&P 500 lower. They are down 1.14% and 0.28% respectively.
Crude oil fell about 2 percent on Friday, the first decline after three days of gains, as worries over the Greek fiscal crisis, weaker oil products prices and pre-weekend profit taking undercut the market.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages.
(Reuters) - News Corp has been ordered by a Manhattan federal judge to face a class action lawsuit accusing it of monopolizing the market for in-store promotions at some 52,500 retail stores across the United States.
ATHENS/LUXEMBOURG (Reuters) - The European Central Bank expanded emergency funding for Greek banks as savers pulled out 1.2 billion euros in a single day on Friday, bankers said, but Prime Minister Alexis Tsipras insisted the nation's future in the euro was secure.
(Reuters) - U.S. stocks were down in early afternoon trading on Friday, a day after a strong rally pushed the Nasdaq Composite index to a record high, but the major indexes were still on track for their strongest weekly performance in about two months.
SAN FRANCISCO (Reuters) - A top Federal Reserve policymaker signaled Friday that despite a "nearly healed" U.S. labor market, he will not support raising U.S. interest rates until he sees stronger signs of inflation.
LONDON (Reuters) - Tom Hayes, the former star trader on trial for alleged Libor-rigging, tried to build up relationships at Citigroup soon after joining from UBS , hoping to influence the rate-setting process there, according to evidence presented in a London court on Friday.
Ghana may not be able to deliver enough cocoa to fulfill its contracts as dry weather and the late application of pesticides and fungicides on cocoa trees have caused the crop to shrink by nearly a third.
PARIS (Reuters) - Top U.S. and European helicopter executives said this week that the oil price-led commercial helicopter market slump would be temporary and that they will keep investing in new technologies given the sector's positive long-term outlook.
NEW YORK (Reuters) - Crude oil fell about 2 percent on Friday, the first decline after three days of gains, as worries over the Greek fiscal crisis, weaker oil products prices and pre-weekend profit taking undercut the market.
Yesterday during an interview on MSNBC, presidential candidate Donald Trump said he has some big names in mind for the Treasury secretary if he wins the White House. "I'd like guys like Jack Welch. I like guys like Henry Kravis. I'd love to bring my friend Carl Icahn." He also opined on the economy and the stock market, admitting that the Fed has benefited people like him but that the economy and is in a "big fat economic and financial bubble like you've never seen before."
Moments ago Carl Icahn decided to use his Shareholders' Square Table as the venue in which to respond to his quasi-nomination for Treasury Secretary (he politely declines), and also to opine on Trump's warning that the market is "one big fat bubble" (he agrees).
My comments re Donald Trump running for President & wanting to nominate me for the Secretary of Treasury
I was extremely surprised to learn that Donald was running for President and even more surprised that he stated he would make me Secretary of Treasury. I am flattered but do not get up early enough in the morning to accept this opportunity.
There are others much more knowledgeable than I concerning Presidential elections. I will therefore decline to opine on his chances. But I am knowledgeable concerning markets and believe Donald is completely correct to be concerned that we have "a big fat bubble coming up. We have artificially induced low interest rates."
I personally believe we are sailing in dangerous unchartered waters. I can only hope we get to shore safely. Never in the history of the Federal Reserve have interest rates been arti ...
WASHINGTON (Reuters) - U.S. regulators on Friday proposed a 24 percent improvement in fuel efficiency for heavy trucks by 2027 as part of the Obama administration's plan to reduce greenhouse gas emissions.
Gold is on track for its second weekly rise aided by a softer dollar, the Greek debt debacle and the U.S. Federal Reserve chairperson, Janet Yellen's, dovish comments from this week's monetary policy statement.
Gold in USD - 1 Week
The Fed said yesterday that a rate hike would come only after further improvement in the U.S. labor markets and more confidence that inflation would rise. The Fed is estimating lower rates now in 2016-2017, than those which had been forecasted in March. In addition, most policy makers are in favor of hiking rates only once this year or waiting until next year.
Shanghai Gold Exchange premiums were at $2 an ounce to the global benchmark, from a premium of about $1-$2 yesterday. In China, surging stock markets appear to have drawn investors away from the yellow metal in recent months but the recent sharp falls in the Chinese stock market may lead to renewed Chinese demand.
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