Dow tumbles 500 points on Friday to end September down nearly 9%

Stocks fell in choppy trading Friday as Wall Street closed out a terrible week, month and quarter that brought the S&P 500 to a new 2022 low.

The Dow Jones Industrial Average closed below 29,000 for the first time since November 2020. The index fell 500.10 points, or 1.71%, to 28,725.51. The Nasdaq Composite was 1.51% lower, ending the day at 10,575.62.

Meanwhile, the S&P 500 was down 1.51% on Friday, falling to 3,585.62. The index closed out its worst month since March 2020.

Friday marked the last day of the month and the third quarter. For September, the Dow tumbled 8.8%, while the S&P 500 fell 9.3%. The Nasdaq lost 10.5%.

Let see any panic from Panda/Koala on Monday to begin Oct!

Stocks rally for a third day to cap a winning week, major averages post best month since 2020

No more fear of Recession?

STI struggling because of fear of China bad loans by our bankers! DBS has more loan exposure to China! 

Uncle8888 only has DBS and OCBC.

DBS : Likely to maintain quarterly dividend at $0.36 to suck Panadols liao!

OCBC : Expecting/hope for $0.25. OK OK! Hope is not a strategy!

SCI : Expecting/hope for $0.03 or more.

Now; Uncle8888 can understand why some younger folks also like dividend income investing strategy. It is comfortable to count or estimate how much "passive" income to receive in the year! Shiok!

Amazing STI : COVID-19 Knock Out In One Round???

Small boy STI has just run ahead of Uncle DOW. Steady boy!!!

Dow tanks 800 points in worst day of 2019 after bond market sends recession warning

Stocks plunged Wednesday in the Dow Jones Industrial Average’s worst performance of 2019 after the bond market flashed a troubling signal about the U.S. economy.

The Dow dropped 800.49 points or 3.05% to 2,5479.42, its worst percentage drop of the year and fourth-largest point drop of all time. The S&P 500 fell 85.72 points or 2.93% to 2,840.6, while Nasdaq Composite declined 3.02% to 7,773.94. The Dow gave up the entire rebound from a sell-off earlier in August and fell to a two-month low.

The yield on the benchmark 10-year Treasury note on Wednesday briefly broke below the 2-year rate, an odd bond market phenomenon that has been a reliable indicator of economic recessions. Investors, worried about the state of the economy, rushed to long-term safe haven assets, pushing the yield on the benchmark 30-year Treasury bond to a new record low on Wednesday.


How about STI immediate reaction to DOW?

SINGAPORE shares skidded when trading began on Thursday, with the Straits Times Index plunging 1.7 per cent, or 54.85 points to 3,092.75 as at 9am. 

By 9.13am, the benchmark index had slipped even further, losing almost 2 per cent, or more than 60 points. 

This comes after Wall Street stocks sold off sharply overnight as recession fears gripped the market. All three major US indexes closed down about 3 per cent on Wednesday, with the blue-chip Dow posting its biggest one-day point drop since October, after two-year Treasury yields surpassed those of 10-year bonds, a widely-viewed US recession warning. 


On the Singapore bourse, decliners outnumbered advancers 131 to 18, after about 46 million shares worth S$64 million changed hands. 


Let see how STI closes today?

STI is a STALE BULL???

What did you see?

STI is a STALE BULL?

May be ...









May those who believe in blue chips huat; especially for those on the three local banks: DBS, UOB, and OCBC!

Dow, S&P 500 at records

NEW YORK: The Dow and S&P 500 edged to fresh records on Friday as the chances rose for GE's acquisition of parts of France's Alstom and fighting in Iraq lifted oil prices.

The Dow Jones Industrial Average rose 25.62 points (0.15 per cent) to 16,947.08, a new high.

The S&P 500 advanced 3.39 points (0.17 per cent) to 1,962.87, while the tech-rich Nasdaq Composite Index gained 8.71 points (0.20 per cent) to 4,368.04.

General Electric shares added 0.2 per cent to $26.98 after the French government said it favored the company's proposal to take over Alstom's energy assets for $16.8 billion over a rival bid by Germany's Siemens and Japan's Mitsubishi Heavy Industries.

As part of the deal, France will take a dominant 20 per cent stake in Alstom by buying two-thirds of the shares owned by French group Bouygues.

Meanwhile, US oil prices moved to a fresh nine-month high of $107.26 a barrel as the battle against Sunni extremists showed no signs of abating. Grand Ayatollah Ali al-Sistani, Iraq's leading Shiite cleric, called on people to unite to fight the insurgents.

Used-car company CarMax surged 16.5 per cent higher as it reported record quarterly sales and earnings for the first quarter that easily topped expectations. Total unit sales rose nearly 10 per cent.
Other companies to see gains included Dow components Caterpillar (+2.0 per cent) and Johnson & Johnson (+1.4 per cent), Wells Fargo (+1.7 per cent) and American Airlines (+3.5 per cent).
Shire Pharmaceuticals, which is based in Dublin but listed in London and New York, rejected a $46 billion takeover proposal from US company AbbVie. Shire said the bid "fundamentally undervalued" the company and objected to AbbVie's plan to relocate its headquarters in Britain for tax purposes.
Shire climbed 16.3 per cent, while AbbVie dropped 1.4 per cent.
Software company Oracle fell 4.0 per cent as fiscal fourth-quarter earnings came in at 92 cents per share, three cents less than expected. Analysts said the company's weak performance in cloud computing software was particularly disappointing.
Gun manufacturer Smith & Wesson slumped 8.7 per cent as the company's outlook for fiscal 2015 sales of $585-600 million lagged analyst estimates for $621.9 million.

Bond prices were mixed. The yield on the 10-year US Treasury held steady at 2.62 per cent, the same level as Thursday. The yield on the 30-year bond, slipped to 3.45 per cent from 3.46 per cent. Bond prices and yields move inversely.

- AFP/ec

S&P 500 at new record after solid US data

NEW YORK: The S&P 500 on Tuesday notched a record close for the second straight session as US stocks rallied following some solid economic data.

The broad-based S&P 500 gained 11.38 points (0.60 per cent) at 1,911.91. On Friday the index closed above 1,900 for the first time; markets were closed Monday for a holiday.

The Dow Jones Industrial Average advanced 69.23 (0.42 per cent) to 16,675.50, while the strongest move came from the tech-rich Nasdaq Composite Index, which jumped 51.26 (1.22 per cent) to 4,237.07.

Fresh US economic data showed a rise in consumer confidence for May, a surprising increase in durable goods orders for April and an increase in home prices for March on the widely watched S&P/Case-Shiller index.

Wells Fargo Advisors called the economic data "encouraging" in a market note.
Mace Blicksilver, director of Marblehead Asset Management, said the rally in technology stocks was a sign of improving sentiment.

Leading tech companies to gain included Apple (+1.9 per cent), Facebook (+3.5 per cent), Priceline (+5.2 per cent) and Tesla Motors (+2.1 per cent)
.
US chicken producer Pilgrim's Pride announced a bid to acquire prepared-meats and frozen-foods company Hillshire Brands in a deal worth $6.4 billion, on condition Hillshire scraps its proposed $6.6 billion takeover of Pinnacle Foods. Hillshire said the company stands by its proposed takeover of Pinnacle, but promised to study the offer.

Hillshire shot up 22.1 per cent, Pilgrim's advanced 1.7 per cent and Pinnacle slumped 5.4 per cent.
Bank of America rose 3.4 per cent as it resubmitted its capital plan after the Federal Reserve required the bank to halt shareholder distributions due to a $4 billion overstatement of its capital position.

Botox-maker Allergan released a presentation attacking Valeant Pharmaceuticals in its latest effort to thwart an unsolicited takeover bid. The company raised numerous issues, including Valeant's ability to promote products of Allergan's scale and the extensive turnover in Valeant management. Allergan shares lost 1.1 per cent, while Valeant fell 2.6 per cent.

Bond prices rose. The yield on the 10-year US Treasury dipped to 2.52 per cent from 2.54 per cent Friday, while the 30-year dropped to 3.37 per cent from 3.40 per cent. Bond prices and yields move inversely.

- AFP/fl

Dow, S&P notch new records

NEW YORK: The Dow and S&P 500 on Tuesday edged to record closing highs for the second day in a row even as the Nasdaq fell on concerns technology stocks are overvalued.

The Dow Jones Industrial Average advanced 19.97 points (0.12 per cent) to 16,715.44, while the S&P 500 added 0.80 points (0.04 per cent) at 1,897.45 after breaching 1,900 for the first time.

But the Nasdaq Composite Index dropped 13.69 points (0.33 per cent) to 4,130.17.

The Nasdaq has underperformed the other two indices since early March on worries that tech-sector earnings will not live up to lofty expectations.

Sell in May and Go away???

Next week is May 2014.

Will History repeat itself one more time?

 

 

Uncle8888 has more cash rotting in the bank!!!

 

Not sure it is still a good problem to have?

 

S&P 500 hits new record

 

NEW YORK: US stocks on Friday finished mostly higher with the S&P 500 hitting a new record peak, even as the tech-rich Nasdaq Composite Index declined on profit taking.

The Dow Jones Industrial Average rose 49.06 points (0.30 per cent) to 16,321.71, while the S&P 500 tacked on 5.16 (0.28 per cent) at 1,859.45, setting a new closing record.

But the Nasdaq shed 10.81 (0.25 per cent) at 4,308.12, stepping back after striking a 14-year high Thursday.
For the entire month of February, the Dow rose 622.86, or 3.97 per cent, its biggest monthly gain since January 2013.
The S&P 500 jumped 76.86 (4.31 per cent) in February, while the Nasdaq powered up 204.24 (4.98 per cent).

"The Nasdaq has been a clear outperformer and you're seeing a number of companies taking it on the chin," said Michael James, managing director of equity trading at Wedbush Securities.

"They've had a pretty good run," James said. "It's time to take some profits."

Analysts said investors were generally optimistic about growth in the US economy, dismissing recent weak economic data as largely the result of unusually cold winter weather that has depressed economic activity.

Among the Nasdaq companies to see declines were software maker Splunk, which finished 2.9 per cent lower after surging early in the day, and cloud-computing company Salesforce.com, which dropped 5.8 per cent after a big rise on Thursday.

Other prominent Nasdaq members also fell, including Facebook (-0.7 per cent), Netflix (-1.5 per cent) and Tesla Motors (-3.1 per cent).

Men's retailer Jos. A Bank Clothiers rejected a $63.50 per-share takeover offer from rival Men's Wearhouse, but agreed to meet to discuss a potential deal. Jos. A Bank rose 3.0 per cent to $62.08, while Men's Wearhouse jumped 6.7 per cent.
Banking giant Citigroup slipped 0.1 per cent after disclosing that it would trim its 2013 earnings by $235 million due to fraud uncovered at its Banamex subsidiary in Mexico.

Retailer Gap Inc. edged 0.2 per cent higher as it boosted its divided by 10 per cent to 88 cents per share in fiscal year 2014.

Bond prices were mixed. The yield on the 10-year US Treasury rose to 2.66 per cent from 2.64 per cent, while the 30-year slipped to 3.59 per cent from 3.60 per cent. Bond prices and yields move inversely.

 

- AFP/fl

Stocks post 5-day decline as DC drama lingers

By: JeeYeon Park | CNBC.com Stock Market Writer

                

Stocks ended lower Wednesday, with the Dow and S&P closing in the red for the fifth-straight day, as jitters over budget talks in Washington continued to weigh on markets.

Major averages are on track for their first losing week in four.

The Dow Jones Industrial Average slumped 61.33 points to end at 15,273.26,

The S&P 500 dipped 4.65 points to finish at 1,692.77. The Nasdaq slid 7.16 points to close at 3,761.10. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended near 14.

 

Dow posts 185-point drop

By: JeeYeon Park | CNBC.com Stock Market Writer

                

Stocks sold off sharply Friday, with the Dow erasing all of its gains since the Fed's announcement, as uncertainty over the central bank's bond-buying program spooked Wall Street.

Volatility was amplified as Friday also marked the "quadruple witching," when stock index futures, stock index options, stock options and single stock futures all expire. This event takes place four times a year on the third Friday of March, June, September and December.

The Dow Jones Industrial Average plunged more than 180 points, dragged by Caterpillar and Microsoft. The blue-chip index set an all-time high on Wednesday and is still posted a gain for the third-straight week.

The S&P 500 and the Nasdaq also closed sharply lower.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended above 13.

For the week, the Dow rose 0.49 percent, the S&P 500 rallied 1.30 percent and the Nasdaq jumped 1.41 percent. Boeing led the weekly Dow gainers, while UnitedHealth slumped.

 

DOW vs. STI since Jan 2009

STI vs. DOW since Oct 2008

What did you see from the chart?

Will STI play catching up game with DOW?