| U.S. stocks "Mixed" Depressed News China and Greece |
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| Saturday, 13 February 2010 09:24 | |||
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New
York - U.S. Stocks Wall Street ends "mixed" or varied on Friday local
time, due to concerns about China's new measures to cool growth and the
debt crisis of the ongoing Greek largely offset the strong report on
U.S. retail sales.
Dow Jones Industrial Average fell 45.05 points (0.44 percent) to 10,099.14, after performing a "rebound" (turned up) the partial opening of the decline. Composite index of technology stocks rebound becomes Nasdaq 6.12 points (0.28 percent) to 2183.53, while indels Standard & Poor `s 500, indicator of the broader market fell 2.96 points (0.27 percent) to 1075 , 51. Opening weaker due to the financial market tensions due to the movement of the euro and other measures to cool China growth by tightening bank reserve requirements. Sentrak Bank of China on Friday ordered financial institutions to increase the amount of money they set as a backup (mandatory minumum deposits), as authorities tried to control the rampant lending amid fears asset bubbles. Bank sentrak (People `s Bank of China) said the deposit reserve ratio will be raised by 50 basis points on February 25, reports an increase in the second time since the beginning of the year. Euro faced heavy selling pressure after EU leaders promise to offer debt relief, but Greece is deteriorating by providing some details. Uncertainty rocked the markets and also spilled into the stock market. "We saw the action by central banks of China and the problems of sustainability of debt refinancing in Greece continue to put a stopper on the near-term rise in the stock market," said Fred Dickson of DA Davidson & Co.. "We saw the U.S. stock market as an extension of the extended phase of consolidation` market `bulish (excited) long-term stock price moves quite wide and volatile trading range." In a positive development, data showed U.S. retail sales rose 0.5 percent rise from December. "After enough hand wringing about the underlying strength of retail sales in the last few months, this is a report that looks solid," said economist Brian Bethune of Global Insight IHS. "U.S. economic recovery is on track, despite recent pressure transmission from the debt crisis in the European countries." The increase in the dollar pushed commodity groups. Aluminum giant Alcoa fell 2.21 percent to 13.28 dollars and conglomerate 3M fell 1.36 percent to 79.18 dollars. Warrants billionaire Buffett `s Berkshire Hathaway rose 1.41 percent to 77.65 dollars as the index into the S & P and set to complete takeover of the Burlington Northern Santa Fe. Bonds due to increased caution. Results in U.S. government bonds were 10-year futures dropped to 3.693 percent from 3.733 percent Thursday and the 30-year bond was reduced to 4.657 percent from 4.679 percent. Results and bond prices move in the opposite direction. | Antaranews.com | tenderoffer.biz |
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