Monday, November 30, 2009

Stocks

Stocks spent the afternoon trading with modest losses after rolling over in the early going, but they managed to make a late push into positive ground during the final hour of trade. The move was led by the financial sector, which actually had been unable to provide a lift to the broader market for most of the session.

Financial stocks outperformed the broader market with relative ease for the entire session. The sector settled with a 2.7% gain, which is more than triple the gain of the next best performing sector, utilities (+0.8%). The financial sector's strength came as banks (BKX 44.48, +1.44) rebounded from the previous session's slide, which came amid concerns regarding the exposure of banks to possible defaults by Dubai World, the corporate flagship of Dubai. Concerns over the matter persisted this morning as reports indicated that the central bank of the United Arab Emirates did not say that it would provide support specifically to Dubai.

However, Dubai World released word this afternoon that its talks with banks revolve around the treatment of roughly $26 billion in debt, a number that is much smaller than what had previously been considered. That recognition propelled financials higher so that they closed at their best levels of the session. The news also quelled some of the broader market's concern and helped it climb out of the red to settle near its own session highs.

The greenback oscillated amid concerns coming from Dubai. However, the Dollar Index surrendered its midsession gains and fell to a fractional loss, which also helped give support to the broader market.


Wednesday, November 25, 2009

Asia shares gain but Nikkei hits 4-month low

Asian stocks climbed on Wednesday after the Federal Reserve raised U.S. growth forecasts for 2010 but Japanese shares fell to a four-month low on worries about capital raisings and government economic policy.

The dollar fell to a seven-week low 88.20 yen in morning Tokyo trade as Japanese exporters sold the U.S. currency and the greenback also fell against other currencies.

Monday, November 23, 2009

There are several places around the world cleaning it up?