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Stocks gain ground as energy stocks rally on Exxon Mobil's $31 billion deal

AP — 2009-12-14T21:15:00Z

Easing concerns over global credit problems and more signs of corporate dealmaking are giving stocks a moderate boost. Major stock indexes rose less than 1% in late afternoon trading Monday following news that Abu Dhabi had extended $10 billion to Dubai to help the Middle Eastern city-state stay afloat. Markets had been worried in recent weeks that debt problems in the struggling former boomtown could send ripples through global credit markets.

Investors were also encouraged by Exxon Mobil's (XOM) $31 billion purchase of XTO Energy (XTO), which sent energy stocks sharply higher. The deal will help Exxon tap into the growing supply of natural gas in the U.S. and could signal more consolidation in the energy industry.

Continue reading Stocks gain ground as energy stocks rally on Exxon Mobil's $31 billion deal

Stocks gain ground as energy stocks rally on Exxon Mobil's $31 billion deal originally appeared on DailyFinance on Mon, 14 Dec 2009 16:15:00.

Filed Under: Investing

Exxon Mobil will buy natural-gas producer XTO Energy for $31 billion

AP — 2009-12-14T14:40:00Z

Exxon Mobil (XOM) will buy XTO Energy (XTO) in an all-stock deal worth $31 billion as the oil giant moved aggressively Monday to capitalize on the growing supply of natural gas at home. The deal could signal a new rush to own natural gas assets by major integrated producers, and perhaps the start of a significant consolidation in the energy industry.

"Exxon is the group leader and it sets the trend. I would expect more acquisitions in the next three to six months," said Fadel Gheit, senior energy analyst for Oppenheimer. "Who that will be is the $64,000 question."

Continue reading Exxon Mobil will buy natural-gas producer XTO Energy for $31 billion

Exxon Mobil will buy natural-gas producer XTO Energy for $31 billion originally appeared on DailyFinance on Mon, 14 Dec 2009 09:40:00.

Filed Under: Energy, Company News, Technology, Exxon Mobil

Citigroup to repay $20 billion in bailout money

AP — 2009-12-14T13:31:00Z

Citigroup (C) said Monday it is repaying $20 billion in bailout money it received from the Treasury Department, in an effort to reduce government influence over the banking giant.

The New York-based bank was among the hardest hit by the credit crisis and rising loan defaults. It has received one of the largest bailouts of any bank during the financial crisis. The government gave it $45 billion in loans and agreed to protect losses on nearly $300 billion in risky investments.

Continue reading Citigroup to repay $20 billion in bailout money

Citigroup to repay $20 billion in bailout money originally appeared on DailyFinance on Mon, 14 Dec 2009 08:31:00.

Filed Under: Citigroup

Stronger retail sales, consumer sentiment boost stocks

AP — 2009-12-11T21:45:00Z

Stocks mostly rose as a report on retail sales indicates consumers are picking up their spending.

The Commerce Department says Friday that retail sales rose 1.3 percent in November. That's more than double the increase analysts had been expecting.

More good news came as the preliminary Reuters/University of Michigan consumer sentiment index increased more than expected for December.

Continue reading Stronger retail sales, consumer sentiment boost stocks

Stronger retail sales, consumer sentiment boost stocks originally appeared on DailyFinance on Fri, 11 Dec 2009 16:45:00.

The House OK's a sweeping overhaul of financial regulations

AP — 2009-12-11T20:30:00Z

The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession.

The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.

Continue reading The House OK's a sweeping overhaul of financial regulations

The House OK's a sweeping overhaul of financial regulations originally appeared on DailyFinance on Fri, 11 Dec 2009 15:30:00.

Filed Under: Economy

Retail sales gain steam in November, doubling expectations

AP — 2009-12-11T13:47:00Z

Retail sales rose more than expected in November, boosting hopes that the all-important consumer sector will support the fragile recovery.

The government's report came as a surprise because the nation's retailers have been reporting generally lackluster results for the start of the holiday shopping season and consumer spending accounts for 70 percent of overall economic activity.

But retail sales rose 1.3 percent last month, after a 1.1 percent October gain, the Commerce Department said Friday. It was the biggest advance since sales jumped 2.4 percent in August, and more than double the 0.6 percent increase economists had expected.

Continue reading Retail sales gain steam in November, doubling expectations

Retail sales gain steam in November, doubling expectations originally appeared on DailyFinance on Fri, 11 Dec 2009 08:47:00.

Stocks truck ahead as a jump in U.S. exports overshadowed jobless figures

AP — 2009-12-10T21:15:00Z

Stock indexes rose Thursday as a jump in exports offset concerns about an increase in weekly unemployment claims. A weaker dollar is lifting demand for U.S. goods, which become less expensive for foreign buyers when the greenback falls. The Commerce Department said a rise in exports helped narrow the nation's trade gap to $32.9 billion in October. Economists had been expecting an increase. Exports rose 2.5%, the sixth straight monthly increase.

James Cox, managing partner at Harris Financial Group in Colonial Heights, Va., said the increased demand for U.S. goods will help boost the nation's economy. "These smaller trade balances are great news," Cox said. "Any time you have a small trade balance, that will really contribute greatly to GDP."

Continue reading Stocks truck ahead as a jump in U.S. exports overshadowed jobless figures

Stocks truck ahead as a jump in U.S. exports overshadowed jobless figures originally appeared on DailyFinance on Thu, 10 Dec 2009 16:15:00.

Filed Under: Investing

Geithner: TARP will run until October 2010

AP — 2009-12-09T14:45:00Z

Treasury Secretary Timothy Geithner announced Wednesday that the administration will extend the government's financial bailout program until next fall.

In a letter to House and Senate leaders, Geithner said the extension is "necessary to assist American families and stabilize financial markets." Money from the $700 billion taxpayer-funded bailout program has helped rescue big Wall Street firms, auto companies and others. That's angered many Americans, who feel the government hasn't provided them with relief from high unemployment and rising home foreclosures.

Continue reading Geithner: TARP will run until October 2010

Geithner: TARP will run until October 2010 originally appeared on DailyFinance on Wed, 09 Dec 2009 09:45:00.

Filed Under: Economy

Stocks end mixed after Fed's talk about low interest rates leaves Wall Street cold

AP — 2009-12-07T21:45:00Z

Slumping financial shares pulled the stock market mostly lower Monday after Federal Reserve Chairman Ben Bernanke's prediction that interest rates will remain low failed to galvanize investors. Stocks initially rose Monday afternoon after Bernanke said that forces like unemployment and tight credit would hold the economy to "moderate" improvements. He also reaffirmed the Fed's position that interest rates are likely to remain low for an extended period.

But the glow from Bernanke's comments faded by the early afternoon, sending stocks generally lower as investors went back to being cautious about the economy. Dan Deming, a trader with Stutland Equities, said there were simply too few buyers to propel the market much higher. "It just feels like it's drifting," he said. "The market feels tired."

Continue reading Stocks end mixed after Fed's talk about low interest rates leaves Wall Street cold

Stocks end mixed after Fed's talk about low interest rates leaves Wall Street cold originally appeared on DailyFinance on Mon, 07 Dec 2009 16:45:00.

Filed Under: Investing

As interim CEO, GM's Whitacre wastes no time in shaking up management

AP — 2009-12-04T21:44:00Z

General Motors Co. Chairman Ed Whitacre Jr. urged the troubled automaker's employees to forget their old bureaucratic culture, telling them Friday not to fear being fired for taking risks.

Whitacre, who also announced key management changes, wants to speed up the automaker's shift to an entrepreneurial culture where decisions are made quickly.

"We want you to step up. We don't want any bureaucracy," Whitacre told employees, strolling back and forth across a stage at the company's headquarters here. "We're not going to make it if you won't take a risk," he told the audience of 800.

Continue reading As interim CEO, GM's Whitacre wastes no time in shaking up management

As interim CEO, GM's Whitacre wastes no time in shaking up management originally appeared on DailyFinance on Fri, 04 Dec 2009 16:44:00.

Filed Under: Company News, People, General Motors

Stocks stumble as investors grow skittish ahead of report on unemployment

AP — 2009-12-03T21:35:00Z

A late-day slide pulled stocks lower on Thursday as investors grew skittish ahead of the government's report on November unemployment. Stocks began falling in the final half-hour of trading and the drop intensified in the final 20 minutes. Worries about the economy had been dogging investors Thursday following a weak snapshot of the service industry.

The government releases November unemployment figures Friday. For the day, the Dow Jones industrials are down 87 at 10,366. The Standard & Poor's 500 index down 9 at 1,100. The Nasdaq composite index is down 12 at 2,173. Two stocks fell for every one that rose on the New York Stock Exchange. Volume totaled 1.1 billion compared with 1 billion Wednesday.

Continue reading Stocks stumble as investors grow skittish ahead of report on unemployment

Stocks stumble as investors grow skittish ahead of report on unemployment originally appeared on DailyFinance on Thu, 03 Dec 2009 16:35:00.

Filed Under: Company News, Investing

Stocks end mixed as disappointing jobs report tempers upbeat economic news

AP — 2009-12-02T21:35:00Z

The stock market struggled but held its ground Wednesday as an upbeat assessment of the economy from the Federal Reserve offset drops in bank and energy stocks. Most stocks finished higher after the Fed said regional economic activity has generally improved since its last snapshot in October. The central bank also said consumer spending has strengthened even as employment and commercial real estate remain weak.

The Dow Jones industrial average slipped 19 points a day after jumping 126. Reports of analysts' warnings about bank stocks hurt financial shares, while a steep drop in oil weighed on energy companies.

Continue reading Stocks end mixed as disappointing jobs report tempers upbeat economic news

Stocks end mixed as disappointing jobs report tempers upbeat economic news originally appeared on DailyFinance on Wed, 02 Dec 2009 16:35:00.

Filed Under: Investing

Stocks end higher amid reports Dubai is racing to fix its debt problems

AP — 2009-11-30T21:35:00Z

Investors shook off some their worries about the strength of holiday sales and Dubai's financial problems, and extended the stock market's big November gain. Stocks fluctuated through the day Monday, but traders ultimately were not deterred by reports that retail sales were overall uninspiring during the Thanksgiving weekend. Media reports that Dubai is working to restructure its debt gave stocks a late-day lift, while demand for safe havens like the dollar fell.

Stocks are turning in their best monthly performance since July. In late afternoon trading, the Dow Jones industrial average rose 32.58, or 0.3%, to 10,342.50. The broader Standard & Poor's 500 index rose 3.60, or 0.3%, to 1,095.09, and the Nasdaq composite index rose 4.49, or 0.2%, to 2,142.93.

Continue reading Stocks end higher amid reports Dubai is racing to fix its debt problems

Stocks end higher amid reports Dubai is racing to fix its debt problems originally appeared on DailyFinance on Mon, 30 Nov 2009 16:35:00.

Filed Under: Investing

Dubai gets backing from United Arab Emirates. Just a \'first step\'?

AP — 2009-11-30T02:15:00Z

The United Arab Emirates has pledged to stand behind foreign and domestic banks in Dubai, offering additional money while extolling the strength of the Gulf nation's financial sector as world markets brace for a potential day of reckoning Monday over Dubai's crushing debt.

The UAE's immediate priority was arguably to avert any run, however unlikely, on banks by panicked depositors. But the promise of cheap funds also signaled to global investors that the country's federal government -- backed by oil money -- will do what it can to limit the fallout from its indebted emirate's woes. In a statement Sunday, the UAE's central bank said it had sent notice to Emirati banks and foreign banks with branches in the country making clear they would have access to "a special additional liquidity facility."

Continue reading Dubai gets backing from United Arab Emirates. Just a \'first step\'?

Dubai gets backing from United Arab Emirates. Just a \'first step\'? originally appeared on DailyFinance on Sun, 29 Nov 2009 21:15:00.

Filed Under: Company News, Economy, Real Estate

Stocks rise after weekly jobless claims fall to lowest level in a year

AP — 2009-11-25T21:30:00Z

Stocks climbed Wednesday following a drop in weekly unemployment claims to the lowest level of the year and a rise in new home sales. The market's gain was modest on light trading volume ahead of the Thanksgiving holiday.

The government said new claims for unemployment insurance fell by 35,000 last week to 466,000. That's the fewest claims since September last year, and better than the 500,000 that economists had expected. The drop in claims suggests the job market is healing, but concern remains that the improvement will be temporary as the weak economy continues to push unemployment higher. The jobless rate hit 10.2% in October and many analysts believe it will keep rising before starting to improve next summer.

Continue reading Stocks rise after weekly jobless claims fall to lowest level in a year

Stocks rise after weekly jobless claims fall to lowest level in a year originally appeared on DailyFinance on Wed, 25 Nov 2009 16:30:00.

Filed Under: Investing

Stocks sag after crummy reports on economic growth, consumer confidence

AP — 2009-11-24T21:35:00Z

Stocks drifted below 13-month highs after a lackluster reading on consumer confidence and a report showing slower economic growth sapped some of the market's optimism. Major indexes posted modest losses Tuesday, as drops in financial and industrial stocks were tempered by gains in health care companies. The Dow Jones industrial average fell 17 points a day after jumping by 133.

Stocks pulled off their lows of the day after the Federal Reserve released minutes from its latest rate-setting meeting, during which it pledged to keep rates low for the foreseeable future and said inflation remained at bay. The Fed raised its expectations for economic growth during the second half of this year, but said unemployment will remain high.

Continue reading Stocks sag after crummy reports on economic growth, consumer confidence

Stocks sag after crummy reports on economic growth, consumer confidence originally appeared on DailyFinance on Tue, 24 Nov 2009 16:35:00.

Filed Under: Company News, Investing

Fed officials: Labor market recovery could take up to six years

AP — 2009-11-24T19:29:00Z

The Federal Reserve doesn't expect the recovery will be strong enough to quickly drive down the jobless rate, and acknowledged its efforts to keep the rebound going could feed a new speculative bubble.

Record-low interest rates "could lead to excessive risk-taking in financial markets," according to documents released Tuesday of the Fed's closed-door meeting earlier this month. It also could cause consumers, investors and businesses to worry about inflation taking off.

Although Fed officials saw the current likelihood of that as "relatively low," they pledged to "remain alert to these risks."

Continue reading Fed officials: Labor market recovery could take up to six years

Fed officials: Labor market recovery could take up to six years originally appeared on DailyFinance on Tue, 24 Nov 2009 14:29:00.

Filed Under: Economy

Democrats' health reform moves ahead after Harry Reid snares 60 votes

AP — 2009-11-21T23:10:00Z

Democratic leaders secured the last two votes to move ahead on historic health care legislation, clearing the way for a Saturday night showdown on President Barack Obama's top domestic initiative. In long-awaited speeches, centrist Sens. Blanche Lincoln of Arkansas and Mary Landrieu of Louisiana said they would stand with their party and vote "yes" on the crucial test vote despite deep reservations with elements of the 2,074-page bill to remake the nation's health care system.

"The truth is this issue is very complex. There is no easy fix and it's imperative that we build on what's already working in health care in America," Lincoln told her Senate colleagues. Hours earlier, Landrieu had delivered her news. The two represent votes 59 and 60 for Senate Majority Leader Harry Reid, D-Nev. (pictured), who needs that many in the 100-member Senate to go forward. The Senate's 40 Republicans are unanimously opposed.

Continue reading Democrats' health reform moves ahead after Harry Reid snares 60 votes

Democrats' health reform moves ahead after Harry Reid snares 60 votes originally appeared on DailyFinance on Sat, 21 Nov 2009 18:10:00.

Filed Under: Healthcare

Stocks end lower as investors grow skittish about the rising dollar

AP — 2009-11-20T21:40:00Z

The stock market ended a losing week with light selling as investors grew uneasy about a rising dollar and spiking demand for the safest government debt. After two strong weeks, investors tried unsuccessfully to extend the market's rally after major stock indexes closed at 13-month highs on Tuesday. Disappointing reports on housing and worries about flagging demand at technology companies sapped strength from the market's eight-month rally.

Stocks fell for the third straight day Friday as a disappointing earnings report from computer maker Dell (DELL) weighed on technology shares. The Nasdaq composite index, with a big representation of tech stocks, logged the weakest performance of the major indexes for the week.

Continue reading Stocks end lower as investors grow skittish about the rising dollar

Stocks end lower as investors grow skittish about the rising dollar originally appeared on DailyFinance on Fri, 20 Nov 2009 16:40:00.

Filed Under: Investing

Dell profit falls 54%, missing forecasts and a tech recovery

AP — 2009-11-19T22:30:00Z

Dell (DELL) said Thursday that its net income dropped 54% in the latest quarter amid signs the company isn't fully benefiting from the computer industry's fledgling recovery. Dell's numbers missed Wall Street's forecasts, and the shares fell almost 6% in extended trading.

In the last quarter, Dell lost its ranking as the world's No. 2 personal computer maker, a slot now held by Taiwan's Acer Inc. Dell rivals such as Acer and Hewlett-Packard (HPQ) have stolen market share in part by exploiting their bigger presence in retail stores. That has been a big weapon because consumer interest in little laptops called "netbooks" has helped the PC industry start to pull out of its worst slump in years.

Continue reading Dell profit falls 54%, missing forecasts and a tech recovery

Dell profit falls 54%, missing forecasts and a tech recovery originally appeared on DailyFinance on Thu, 19 Nov 2009 17:30:00.

Filed Under: Company News, Technology, Earnings, Hewlett-Packard, Dell