U.S. stocks headed for a moderately higher open Wednesday after retail sales showed the largest increase in 16 months, signaling higher gas prices might not be hitting consumers as hard as some on Wall Street had feared.
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Longer-term interest rates have risen sharply in the United States this past week and that has raised concerns about the health of the already depressed housing sector. Central bank officials said Monday that the weak housing market could shave about one percent off U.S. economic growth this year. That is a substantial hit to an economy that in the first quarter registered an annualized growth rate of an anemic 0.6 percent.
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The U.S.-based electronic stock exchange NASDAQ has announced plans to purchase Swedish-based stock exchange operator OMX AB. The two companies announced NASDAQ's $3.7 billion stock-and-cash offer for OMX Friday.
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U.S. stock markets were poised to open strongly as the good employment report contributed to a strong open. After the shock selling of the last week and the 3-day rebound of 250 Dow Jones Average points and recovering just over one-third of the recent 8-day selloff. However; some aggressive traders chose to reduce positions and to wrap up some profits ahead of the weekend.
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Stock Markets worldwide and in USA rallied Tuesday , but the mixed data and uncertainty keep the U.S. Stocks near flat line on Wednesday morning.
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United Community Banks Inc. (NASD: UCBI) will replace Commonwealth Telephone Enterprises Inc. (NASD: CTCO) in the S&P SmallCap 600 after the close of trading on a date to be announced. Commonwealth Telephone is being acquired by S&P 500 constituent Citizens Communications Co. (NYSE: CZN) in a deal that is still pending final approvals.
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Asian stock markets climbed on Tuesday after recent losses, with the Nikkei 225 gaining 1.2% in Tokyo and the Hang Seng up 2.1% in Hong Kong. European stock markets also rose, with the FTSE 100 up 0.5%, Reports Marketwatch.
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US stocks tumbled on Tuesday, pushing the benchmark S&P 500 index down in its biggest one-day drop in almost four years, as a sharp sell-off in China's stock market and weak U.S. data fanned concerns about global economic growth. Trading volume was heavy on the NYSE.
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