| Stocks Advance, Led by Techs
Stocks closed higher Wednesday after reversing an earlier drop. Technology issues were among the session's best performers, aided by a strong earnings report from Hewlett-Packard (HPQ). Financial stocks rose later in the day, as minutes from Federal Reserve January policy meetings apparently supported hopes for further interest rate cuts. Stocks tied to precious metals and oil got a lift from gains in commodities futures, as crude oil topped the $100 mark once again to close at a new record. Investors also digested reports showing worsening inflation risks and only slight improvement in the housing market. On Wednesday, the Dow Jones industrial average finished higher by 90.04 points, or 0.73%, at 12,427.26. The broader S&P 500 index added 11.25 points, or 0.83%, to end at 1,360.03.
Stock market drops $147bn in 18 days
A bad attack of nerves about a possible US recession and its effects on demand for Australian commodities has wiped off $147billion in value in just 18days. In the wake of a 300-point drubbing on Wall Street, the local market opened sharply lower, with the All Ordinaries Index sagging 176 points, or 2 per cent, in the first half hour. By the close, however, the late BHP-Rio rumour had closed the gap by two thirds to 57.6 points. The S&P/ASX200 index closed down 48.8 points at 5747.3. Solid speculation that BHP would up its bid by 32 per cent as soon as today drove a strong turnaround in investor sentiment. BHP Billiton is pushing the mega-merger with an unofficial offer of a three-for-one share deal that could create a combined entity worth $400 billion.
Stay diversified in retirement if nest egg not needed immediately
A 60-year-old California reader recently asked if she should purchase staggered-maturity Treasury or inflation-protected bonds for her portfolio, which is now invested mostly in index and retirement-target-date mutual funds.
Although she's retired, she indicated she has sufficient other income for the next 15 to 20 years and won't need to touch her investment portfolio until then.
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CME Group Inc. Names Slate of Director Nominees
CHICAGO, Jan. 30 /PRNewswire-FirstCall/ -- CME Group (NYSE, Nasdaq: CME - News) today announced its slate of candidates for election to serve on the company's Board of Directors. CME Group shareholders will vote for directors at the company's annual meeting to be held Wednesday, May 7, 2008. The nominees for election to CME Group's Board of Directors include eight candidates to be elected by Class A and Class B shareholders voting together as a single class. Additionally, holders of Class B-1 shares will vote on the election of one director and holders of Class B-2 shares will vote for the election of one director for the class(es) in which they hold shares. The following are the eight candidates to be elected by the Class A and Class B shareholders voting together: All directors are to be elected for three-year terms at CME Group's annual meeting.
Time: 15:29 NYT
US stock markets shut trading into the rest of the week, but currency markets remain open, punishing the dollar further. The euro also strengthened on dismal data reported on US industrial production and consumer sentiment.
9/17-18. Euro joins the European currencies and the yen in giving the dollar a harsh drubbing (EUR/USD gained 2.5% to a 6-month high at 92.33 cents) after US stocks reopened following the September 11 attacks. The Dow plunged by 684 points or 7%, its worst decline on record, while NASDAQ tumbled by 6.8% or 115 points to 1579 as markets sold off in reaction to the prior weeks' terrorist attacks. Concerted interest rate cuts by the Fed, ECB and BoE had no noticeable impact on US equities or the currency.
22. 9/20-21
The single currency loses a cent and a half after Germany's August Ifo survey hits a 5-year low of 89.5 from the previous 89.8.
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