A "modest contagion" for financial stocks "should allow domestically focused financial stocks to stabilize in the coming weeks," despite the JPMorgan Chase trading mess and the "deteriorating conditions in Europe, according to KBW analyst Fred Cannon.
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Christmas is four months away, and already the experts are weighing in on which holiday toys and gadgets will be worth the credit card debt. Online shopping comparison site PriceGrabber is one of the first to release a "top products" list of the items it predicts will be this year's hottest.
A fall in U.S. applications for unemployment benefits sparked a buying spree in Asia. In Hong Kong the Hang Seng Index gained 1.2%, the Shanghai Composite Index advanced 1.4% and Japan's's Nikkei 225 Index added 1%.
Asian investors brushed aside worries over continuously rising Chinese inflation today, focusing instead on bargain shopping. Energy companies were a major attraction as oil prices surged. Hong Kong's Hang Seng Index climbed 1.1% and China's Shanghai Composite Index advanced 0.9%. In Japan the Nikkei 225 Index edged up 0.6%.
In Asia Thursday the Shanghai Composite Index climbed 1.5% to 2,749 and the Hang Seng Index fell 0.3% to 23,780. In Japan the Nikkei 225 Index advanced 0.7% to end the day at 10,479.
Bargain hunters poured money into Chinese shares Friday, sending the Shanghai Composite Index surging 1.4%. In Hong Kong, however, the Hang Seng Index lost 0.5%, and in Japan, the Nikkei 225 tumbled 1.6%.
