Oil price continues to rise as the cold weather, demand in consumer goods manufacturing and a weak US dollar fuel demand
Oil has continued to climb higher in recent weeks, breaking the previous resistance level of $88.54 in which traders sold off positions and went short. From a purely technical perspective this was due mostly to a Fibonacci projection at play where the re-tracement found support at the 38.2% level. Sellers looking to come into the markets looked for the 138.2 projection level to enter the markets.
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Senate Defeats Move to Extend Tax Cuts
The U.S. Senate defeated a move by Democrats to extend the Bush-era tax cuts for the middle classes permanently, in a vote that likely had little effect on wider negotiations to reach a compromise on how to extend the tax cuts.
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Expansion of Beach Bend Park in Bowling Green nears completion
Despite delays caused by flooding last May, Beech Bend Park in Bowling Green is completing a multi-million dollar expansion that includes a new amphitheater, three new water park attractions and two new amusement rides that will open for the 2011 season starting in May.
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Coming up: Nonfarm payroll for Nov.
WASHINGTON (MarketWatch) – The Labor Department’s nonfarm payroll report for November is due for release at 10 a.m. Eastern. Economists are expecting the pace of job growth to improve a bit. Analysts polled by MarketWatch expect nonfarm payroll to rise 155,000 in November, slightly higher than 151,000 in October. The unemployment rate is expected to hold steady at 9.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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US Dollar rises: Thanks Europe!
Critics who worried that QE2 would crush the dollar have been silenced, thanks in part to a widening debt crisis in Europe.
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Euro-zone third-quarter GDP unrevised at +0.4%
LONDON (MarketWatch) — Gross domestic product in the 16-nation euro zone expanded 0.4% in the third quarter and grew 1.9% compared to same period last year, the European Union statistics agency Eurostat said Thursday. The figures were unchanged from an earlier Eurostat estimate. GDP grew at 1% quarterly pace in the second quarter.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Most Asian markets rebound to trade higher
HONG KONG (MarketWatch) — Most Asian markets bounced off their earlier lows in choppy trading Wednesday on a rise in U.S. index futures and as a weaker U.S. dollar lifted commodity prices and spurred buying in resource sector stocks. Japanese stocks finished higher; the Nikkei Stock Average finished 0.5% up at 9,988.05, with Honda Motor Co. rising 2.3% and Toyota Motor Corp. climbing 2.8%. China’s Shanghai Composite overcame policy tightening fears to trade 0.1% higher in volatile afternoon trading, while Hong Kong’s Hang Seng Index pared losses and was flat. Australia’s S&P/ASX 200 ended 0.1% higher, India’s Sensex rose 0.9%, South Korea’s Kospi gained 1.3% and Taiwan’s Taiex advanced 1.8%. Resource stocks were generally higher, with BHP Billiton Ltd. rising 1.1% in Sydney, Zijin Mining Group Co. climbing 2.2% in Shanghai, Jiangxi Copper Co. adding 1.1% in Hong Kong, Hindalco Industries Ltd. jumping 3.4% in Mumbai and commodities trader Marubeni Corp. adding 1.1% in Tokyo.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shanghai Composite drops 3.1% in late morning
HONG KONG (MarketWatch) — China stocks were under sharp selling pressure late in the morning session Tuesday amid reports that Beijing is preparing to tighten policy as part of efforts to clamp down on inflation. Shanghai’s Composite Index was off 3.1% at 2,778.9, while the China CSI 300 was down 3.4%. Investors were reportedly skittish following news that China’s State Council on Monday announced it would stiffen penalties and step up monitoring to discourage hoarding of goods and price manipulation. Shanghai-listed shares of coal miner China Shenhua Energy Co. were down 3%, while China Southern Airlines’ fell 5.9%. Banking and financials were also lower, with Industrial & Commercial Bank of China’s shares falling 2.6% in Shanghai and 1.3% in Hong Kong.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Crude oil rallies to best in two weeks
SAN FRANCISCO (MarketWatch) — Crude-oil futures rallied more than 2% Monday, surpassing $85 a barrel on a momentum-buying not even a rising dollar could twart. Oil for January delivery added $1.97 to $85.73 a barrel on the New York Mercantile Exchange, the best finish for a most-active oil contract since Nov. 11.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Hooking Up Unserved Pockets of Europe to High-Speed Internet
Broadband satellite providers are gearing up services for the 30 million households in Europe for which high-speed Internet is unavailable.
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Day Trading Guide- Fitch downgrades Greek sovereign debt
- Clinton urges Americans to invest in Myanmar, names ambassador
- Gambia: Small country with a big crisis
- Verizon ending unlimited data for phone upgrade
- Senate confirms Federal Reserve nominees
- Aiming to leave least developed country list
- Bret Michaels settles lawsuit over Tony awards injury
- JC Penney store sales plunge nearly 20 percent
- Skechers to pay $40 million to settle false ad claims
- French lingerie exhibit gets intimate
- Trade Online, Online Opportunities
- Business Credit Information
- Honda widens recall for airbag problem
- GM CEO: Earnings good, but not good enough
- Chinese companies buying automaker Saab
- Suzuki demands VW return shares after alleged contract breach
- Chrysler has best September since 2007
- Honda recalls million cars worldwide
- General Motors to manufacture plug-in Cadillac ELR plug-in hybrid electric car
- GM earnings soar 92 percent on global sales
- Volkswagen postpones MAN supervisory board takeover
- Business Loans
- Consumer credit card debt down
- Remittances to developing countries rebound
- Fixed mortgage rates steady near 4 percent
- Bank fee hike gives credit unions a boost
- Study: Canadians want to retire at 63
- Study: Growing number of college grads filing for bankruptcy protection
- Survey: Canadians expect to be free from debt when they reach 55
- Monthly Payments Lowered on Defaulted Debt?
- Number of hacked Citi credit card accounts rises to 360,000
- Virgin Atlantic pilots vote to strike over lack of pay increase
- Private Personal Loans
- personal loans
- U.S. Treasury should make $15 billion profit on AIG bailout
- Costco to offer mortgages
- Medicare to tie doctors’ pay to quality, cost of care
- Report: E-books encouraging reading in America
- Justice Dept. Broadens Investigations of Terrorism in Private Records
- Gold falls following Fed policy decision
- Average rate on 30-year fixed mortgage falls to 3.9 percent
- Stocks cross 13,000 for first time since May 2008
- CIA site down, Anonymous claims responsibility
- Mass. Governor Patrick disappointed in Bruins goalie’s snub of Obama
- Personal and Business Loans
- Moody’s downgrades credit of 26 Italian banks
- Initial unemployment claims drop by 1,000
- Fannie Mae not seeking new bailout funds after good quarter
- Mortgage rates fall to record low
- Spain, economic data weigh on U.S. stocks
- Costco to offer mortgages
- U.S. stocks mixed Thursday on weak jobless claims
- Short sales up in housing market
- Beyond the drought – ‘Families will disappear’
- Job growth weaker in March than prior three months
