Opening Bell Debt clouds linger
Post on: 2011-08-25 By: admin
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Opening Bell: Small boost for markets on jobs numbers but debt cloudlingers
Markets got a small boost from good U.S. jobs data Thursday morning after Wednesday's brutal close.
Jul 28, 2011 – 9:45 AM ET
| Last Updated: Jul 28, 2011 11:28 AM ET
The Opening Bell is our daily snapshot of the stock markets, including a wrap up of the must-read business stories for the day.
Optimism following better-than-expected U.S. job market news gave markets a small boost Thursday morning as they strove to shake off Wednesday’s dismal close (the TSX and SP 500 were both down about 2% while the Dow shed 1.6% and the Nasdaq lost 2.7%).
But both the Nasdaq and TSX were still down slightly and the Dow and SP 500 made only small gains at the open as default fears linger. Investors will be keeping a close eye on a key vote planned for Thursday in Washington.
Here is a look at what the markets were doing just after the opening bell on Thursday, July 28:
The Dow Jones gained 19.60 points, or 0.16%, to 12,322.15
The SP 500 gained 1.44 points, or 0.11%, to 1,306.33
The Nasdaq lost 3.44 points, or 0.12%, to 2,761.35
The SP/TSX lost 57.89 points, or 0.44%, to 12,974.78
A frenzy of gold-buying Wednesday pushed the precious metal to a record of US$1,628 an ounce before a sharp correction later in the day. Although interest in it was more muted, spot gold XAU was up 0.1% early Thursday at US$1,614.80 an ounce. Gold futures traded at US$1,618.00 an ounce, up 0.04% from the previous day’s close just after 9 a.m. Thursday. Crude futures were down 0.45% to US$96.96 a barrel in New York.
Major Canadian companies are reporting quarterly earnings today. Barrick Gold beat the Street’s expectations and Suncor Engery Inc.’s profit rose along with oil prices. Keep tabs on all the earnings news today with our Canadian roundup.
Here are the stories that will be impacting trading throughout the day:
World watching Washington cliffhanger today
A bill to cut the U.S. deficit faces a nail-bitingly close vote in Congress on Thursday as Republican House of Representatives Speaker John Boehner seeks to quell an internal revolt and push his plan to avoid a ruinous default. President Barack Obama has threatened to veto the bill and a majority of the Democratic-controlled Senate has vowed to vote against it, but a successful vote in the House would give the bill legitimacy and make it a crucial element of the legislative chess game that is likely to play out up to Aug. 2. http://natpo.st/ql2eim
Amid the gloom, U.S. job market shows signs of life
New U.S. claims for unemployment benefits fell more than expected last week, dropping below the key 400,000 level — dropping 24,000 to 389,000 — for the first time since early April, according to a government report on Thursday that pointed to some labor market improvement. http://natpo.st/ohY2PH
Investors embrace equities, shun euro zone
Investors raised their exposure to equities for the second month in a row in July, taking on some risk in their portfolios despite worries about both euro zone and U.S. debt stability, while appetite for equities in the euro zone fell to levels not seen for at least a year, with Britain and Asia being the main beneficiaries. http://natpo.st/rhbBLK
Gold steadied on Thursday, surrendering earlier gains, as the dollar rose against a currency basket, but prices were underpinned by concerns over a potential U.S. debt default as lawmakers in Washington argued over deficit-cutting measures. http://natpo.st/pwaO4Z
Thomson Reuters profit up, but Markets unit a worry
Thomson Reuters Corp. reported a 92.5% surge in profit in its second quarter Thursday largely on strong growth in its Professional division, although the company expressed concern about sluggishness in its Markets segment. http://natpo.st/qjZcui
Weather-related risk for Canadian Pacific Railway Ltd. has receded, but the negative sentiment around the stock and its valuation have prevailed. http://natpo.st/qiGHbV
Also, be sure to check out our in-depth overview of Canadian stocks to watch, analyst recommendations and other market advice: http://natpo.st/rrt8fZ
Posted in: Marketscope
Tags: Canadian Pacific Railway Ltd., Dow Jones, earnings, gold, Jobs Market, markets, Nasdaq, oil, Opening Bell, SP 500, SP/TSX, stocks, Thomson Reuters, U.S. debt crisis
cdobby@nationalpost.com
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Brace for bumpy flight to safety
The fear in early August was almost palpable as stock markets plunged. The spectre of financial contagion from Europe, the downgrade of U.S. long-term debt and ever-worsening economic news was just too much for many investors. Anxiety that had never fully dissipated since the 2008/09 market crash reasserted itself with a vengeance, triggering a rush for the exits by many.
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Article original from: http://business.financialpost.com/2011/07/28/opening-bell-small-boost-for-markets-on-jobs-numbers-but-debt-cloud-lingers/
