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U.S. stocks grind into the black
Osaka News.Net
Wednesday 20th August, 2008
U.S. traders sat on the sidelines for much of the day Wednesday with little interest in bidding up stocks.
After slipping in and out of negative territory, however, stocks did manage to nudge into the black towards the close
Fannie Mae and Freddie Mac shares dived to their lowest level in more than twenty years as fears of a goverment bail-out mounted.
At the close of trading the Dow Jones Industrials were ahead 68.88 points or 0.61% at 11,417.43.
The Nasdaq Composite was up 4.72 points or 0.20% at 2,389.08.
The Standard and Poor's 500 was up 7.86 points or 0.62% at 1,274.54.
The U.S. dollar was a touch weaker against most currencies, except against the euro.
Around the New York close the euro was quoted at 1.4741. The Japanese yen was firmer at 109.77, while the British pound was fetching 1.8615.
The Swiss franc rose a touch to 1.0987. The Australian dollar was stronger at .8730, whereas the Canadian dollar was little changed at 1.0611.
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Anonymous
08-21-08, 05:06 AM |
U.S. stocks grind into the black
US Needs a money or credit supply to keep ticking over -But its all spiraling out of control of the Fed ,as foreign credit supply starts to dry up.
Its a dead parrot dollar and banks appear bankrupt .check out this at:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/19/cnusecon119.xml
The US money supply has experienced the sharpest contraction in modern history, heightening the risk of a Wall Street crunch and a severe economic slowdown in coming months.
Data compiled by Lombard Street Research shows that the M3 ''broad money” aggregates fell by almost $50bn (£26.8bn) in July, the biggest one-month fall since modern records began in 1959.
“Monthly data for July show that the broad money growth has almost collapsed," said Gabriel Stein, the group’s leading monetary economist.
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On a three-month basis, the M3 growth rate has fallen from almost 19pc earlier this year to just 2.1pc (annualised) for the period from May to July. This is below the rate of inflation, implying a shrinkage in real terms.
The growth in bank loans has turned negative to a halt since March.
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Anonymous
08-21-08, 05:36 AM |
banks to shutter their window soon?
"The US money supply has experienced the sharpest contraction in modern history, heightening the risk of a Wall Street crunch and a severe economic slowdown in coming months...
The growth in bank loans has turned negative to a halt since March.[/QUOTE]”
Manufacturing exported ,construction industry?-dont ask! bankrupt banks its Time to sell off the farm.
Reuters) – Lehman Brothers (LEH.N) Chief Executive Dick Fuld nearly struck a deal to raise almost $5 billion from South Korean wealth funds and institutions but the pact disintegrated, the New York Post said citing sources familiar with the matter.
One source told the paper that Lehman was aiming to raise more capital than the Korean investor was willing to invest at the time.
The precise terms of the deal could not be learned, the paper said.
Lehman has more than $60 billion of mortgage and mortgage security exposure, where losses are creeping higher even on loans to the highest quality borrowers.
The investment bank is considering selling at least part of its asset management unit, one of its best-performing assets, people close to the matter said on Monday.
http://news.yahoo.com/story//nm/20080820/bs_nm/lehman_korean_funds_dc
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