NEW YORK (AP) -- Wall Street pulled back Wednesday, sending the Dow
Jones industrials down more than 130 points on Merrill Lynch & Co.'s
severe credit-related losses and a sharp September drop in existing
home sales.
The market got one of its most-feared scenarios: Not only is the
housing implosion dampening corporate profits, it's accelerating.
Merrill said it wrote down $7.9 billion in fixed-income instruments
called collateralized debt obligations and from defaulting subprime
mortgages -- more than the $5 billion writedown the investment bank
estimated earlier this month. The result was a net loss for the
quarter of $2.3 billion.
The worse-than-anticipated loss indicated the financial sector may be
in a more dire situation than anticipated because of the credit
squeeze that was triggered in part by spikes in mortgage defaults. In
a conference call with investors, Merrill CEO Stan O'Neal pointed to
"renewed signs of volatility and weakness" in the market environment.
Merrill shares dropped $4, or 5.9 percent, to $63.12.
The sinking housing market could aggravate the financial sector's
troubles. The National Association of Realtors reported that existing
home sales fell in September for the seventh straight month by a
larger-than-expected 8 percent -- the largest decline in records
dating back to 1999.
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| User: "alexy" |
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| Title: Re: Further turmoil |
25 Oct 2007 10:16:43 AM |
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wrote:
NEW YORK (AP) -- Wall Street pulled back Wednesday, sending the Dow
Jones industrials down more than 130 points on Merrill Lynch & Co.'s
severe credit-related losses and a sharp September drop in existing
home sales.
Then, this morning,
Market rises after new homes sales
By Caroline Valetkevitch 37 minutes ago
NEW YORK (Reuters) - Stocks edged higher on Thursday after data showed
an unexpected rise in sales of new homes in September, while earnings
from tech companies Motorola Inc (MOT.N) and EMC Corp (EMC.N) helped
eased worries about third-quarter profits.
ADVERTISEMENT
New single-family home sales rose, while analysts polled by Reuters
were expecting September sales to fall.
The Dow Jones home construction index (.DJUSHB) was up 2.2 percent.
"The stock market might be looking for any glimmer of hope," said
Michael Strauss, chief economist and market strategist for Commonfund
in Wilton, Connecticut.
The Dow Jones industrial average (.DJI) was up 45.85 points, or 0.34
percent, at 13,721.10. The Standard & Poor's 500 Index (.SPX) was up
4.85 points, or 0.32 percent, at 1,520.73. The Nasdaq Composite Index
(.IXIC) was up 5.65 points, or 0.20 percent, at 2,780.41.
Shares of EMC jumped 6.3 percent to $23.95, while shares of Motorola
gained 4.8 percent to $19.43.
Don't you just hate it when that happens? ;-)
--
Alex -- Replace "nospam" with "mail" to reply by email. Checked infrequently.
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| User: "" |
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| Title: Re: Further turmoil |
25 Oct 2007 11:47:29 AM |
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On Oct 25, 10:16 am, alexy <nos...@asbry.net> wrote:
retrogro...@comcast.net wrote:
NEW YORK (AP) -- Wall Street pulled back Wednesday, sending the Dow
Jones industrials down more than 130 points on Merrill Lynch & Co.'s
severe credit-related losses and a sharp September drop in existing
home sales.
Then, this morning,
Market rises after new homes sales
By Caroline Valetkevitch 37 minutes ago
NEW YORK (Reuters) - Stocks edged higher on Thursday after data showed
an unexpected rise in sales of new homes in September, while earnings
from tech companies Motorola Inc (MOT.N) and EMC Corp (EMC.N) helped
eased worries about third-quarter profits.
ADVERTISEMENT
New single-family home sales rose, while analysts polled by Reuters
were expecting September sales to fall.
The Dow Jones home construction index (.DJUSHB) was up 2.2 percent.
"The stock market might be looking for any glimmer of hope," said
Michael Strauss, chief economist and market strategist for Commonfund
in Wilton, Connecticut.
The Dow Jones industrial average (.DJI) was up 45.85 points, or 0.34
percent, at 13,721.10. The Standard & Poor's 500 Index (.SPX) was up
4.85 points, or 0.32 percent, at 1,520.73. The Nasdaq Composite Index
(.IXIC) was up 5.65 points, or 0.20 percent, at 2,780.41.
Shares of EMC jumped 6.3 percent to $23.95, while shares of Motorola
gained 4.8 percent to $19.43.
Don't you just hate it when that happens? ;-)
--
Alex -- Replace "nospam" with "mail" to reply by email. Checked infrequently.
snicker, at fire sales. the markets are not based in reality. reality
has a habit of catching up to you no matter how huge the lies are. its
accelerating, snicker. the only thing america has left that has not
been destroyed by the milton friedmans is the stock market. of course
it is being held up by taxpayer money, a direct contradiction of free
market economics. and that relies on the dollar, oops, the dollar
seems to have been debased also.
so the markets are way over priced in dollars, dollars that are
almost worthless. hug your paper with all of your misplaced gullible
love. maybe you can recycle the stuff someday for a few bucks.
otherwise you should be on your knees praying for a miracle. the rest
of us are. we are praying that your type gets tossed out of office on
their conservative fat *****'s to save the world from another meltdown.
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| User: "alexy" |
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| Title: Re: Further turmoil |
25 Oct 2007 12:19:44 PM |
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wrote:
snicker, at fire sales. the markets are not based in reality.
Right. Markets are based on what people are willing to spend and what
others are willing to accept in return, But that is not reality.
Reality is what is bouncing around in your head. Understood.
<snip incoherent rant>
the rest
of us are. we are praying that your type gets tossed out of office
I'm not aware of many of "my type" in office. Unless by "my type" you
mean the kind of person who would find your rants nonsensical, in
which case, I'm relatively certain that most of those in office are
"my type" in at least that small regard.
--
Alex -- Replace "nospam" with "mail" to reply by email. Checked infrequently.
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| User: "" |
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| Title: Re: Further turmoil |
25 Oct 2007 05:19:59 PM |
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On Oct 25, 12:19 pm, alexy <nos...@asbry.net> wrote:
Vide...@tcq.net wrote:
snicker, at fire sales. the markets are not based in reality.
Right. Markets are based on what people are willing to spend and what
others are willing to accept in return, But that is not reality.
Reality is what is bouncing around in your head. Understood.
who said you were smart. stupid people over pay all of the time. this
is nothing new. without the fed you would be dead meat 20 years ago.
<snip incoherent rant>
the rest
of us are. we are praying that your type gets tossed out of office
I'm not aware of many of "my type" in office. Unless by "my type" you
mean the kind of person who would find your rants nonsensical, in
which case, I'm relatively certain that most of those in office are
"my type" in at least that small regard.
--
remember, you called my type willy nillies. you have insinuated there
is nothing to worry about. you are for the status quo.
Alex -- Replace "nospam" with "mail" to reply by email. Checked infrequently.
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| User: "alexy" |
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| Title: Re: Further turmoil |
25 Oct 2007 05:30:10 PM |
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wrote:
On Oct 25, 12:19 pm, alexy <nos...@asbry.net> wrote:
Vide...@tcq.net wrote:
snicker, at fire sales. the markets are not based in reality.
Right. Markets are based on what people are willing to spend and what
others are willing to accept in return, But that is not reality.
Reality is what is bouncing around in your head. Understood.
who said you were smart. stupid people over pay all of the time.
Yes, and so do smart people. That is reality. You think it is not
reality that people overpay?
this
is nothing new.
Nope. It is reality, and has been happening much longer than your
imagined reality.
without the fed you would be dead meat 20 years ago.
You, me and the rest of us
<snip incoherent rant>
the rest
of us are. we are praying that your type gets tossed out of office
I'm not aware of many of "my type" in office. Unless by "my type" you
mean the kind of person who would find your rants nonsensical, in
which case, I'm relatively certain that most of those in office are
"my type" in at least that small regard.
--
remember, you called my type willy nillies.
Yes, fairly good description.
you have insinuated there is nothing to worry about.
You may have inferred that to be my position, based on my ridiculing
your Chicken Little proclamations. But you'd be wrong. One doesn't
have to buy into your nonsense to believe that there is plenty to
worry about.
you are for the status quo.
And you conclude this because I don't buy into your call for a return
to the 1930's?
--
Alex -- Replace "nospam" with "mail" to reply by email. Checked infrequently.
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| User: "" |
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| Title: Re: Further turmoil |
25 Oct 2007 08:13:59 PM |
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On Oct 25, 5:30 pm, alexy <nos...@asbry.net> wrote:
Vide...@tcq.net wrote:
On Oct 25, 12:19 pm, alexy <nos...@asbry.net> wrote:
Vide...@tcq.net wrote:
snicker, at fire sales. the markets are not based in reality.
Right. Markets are based on what people are willing to spend and what
others are willing to accept in return, But that is not reality.
Reality is what is bouncing around in your head. Understood.
who said you were smart. stupid people over pay all of the time.
Yes, and so do smart people. That is reality. You think it is not
reality that people overpay?
ok, smart people can do dumb things, i agree, but what if you keep
doing it over and over again, then what are you?
this
is nothing new.
Nope. It is reality, and has been happening much longer than your
imagined reality.
since somethings started to change hands.
without the fed you would be dead meat 20 years ago.
You, me and the rest of us
the rest of us would be hurting yes, but we would rebound quicker.
you would be dead meat.
<snip incoherent rant>
the rest
of us are. we are praying that your type gets tossed out of office
I'm not aware of many of "my type" in office. Unless by "my type" you
mean the kind of person who would find your rants nonsensical, in
which case, I'm relatively certain that most of those in office are
"my type" in at least that small regard.
--
remember, you called my type willy nillies.
Yes, fairly good description.
see, you are out of touch, that is a much more kinder gentler
description.
you have insinuated there is nothing to worry about.
You may have inferred that to be my position, based on my ridiculing
your Chicken Little proclamations. But you'd be wrong. One doesn't
have to buy into your nonsense to believe that there is plenty to
worry about.
good for you. but i have never predicted Armageddon, in fact many of
my posts are direct contradiction to you and others who have a what me
worry attitude to any posts that hint at the slightest whiff of
trouble. you should be embarrassed to even respond them.
you are for the status quo.
And you conclude this because I don't buy into your call for a return
to the 1930's?
you have never shown me one idea of what you would call a reform. all
of your arguments that i have remembered have been for the status quo.
you mean 1933-early 1970s, americas golden years.
--
Alex -- Replace "nospam" with "mail" to reply by email. Checked infrequently.
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| User: "Mani Deli" |
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| Title: Re: Further turmoil |
25 Oct 2007 03:17:31 PM |
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On Thu, 25 Oct 2007 13:19:44 -0400, alexy <nospam@asbry.net> wrote:
Video61@tcq.net wrote:
snicker, at fire sales. the markets are not based in reality.
Right. Markets are based on what people are willing to spend and what
others are willing to accept in return, But that is not reality.
Reality is what is bouncing around in your head. Understood.
and your's. As to the market, wait a while.
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| User: "alexy" |
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| Title: Re: Further turmoil |
25 Oct 2007 04:06:31 PM |
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Mani Deli <mani@sympatico.ca> wrote:
As to the market, wait a while.
The fact that the market tomorrow will not be the same as it is today
is not an earth-shaking observation.
--
Alex -- Replace "nospam" with "mail" to reply by email. Checked infrequently.
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| User: "" |
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| Title: Re: Further turmoil |
25 Oct 2007 11:14:09 AM |
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On Thu, 25 Oct 2007 11:16:43 -0400, alexy <nospam@asbry.net> wrote:
retrogrouch@comcast.net wrote:
NEW YORK (AP) -- Wall Street pulled back Wednesday, sending the Dow
Jones industrials down more than 130 points on Merrill Lynch & Co.'s
severe credit-related losses and a sharp September drop in existing
home sales.
Then, this morning,
Market rises after new homes sales
By Caroline Valetkevitch 37 minutes ago
NEW YORK (Reuters) - Stocks edged higher on Thursday after data showed
an unexpected rise in sales of new homes in September, while earnings
from tech companies Motorola Inc (MOT.N) and EMC Corp (EMC.N) helped
eased worries about third-quarter profits.
ADVERTISEMENT
New single-family home sales rose, while analysts polled by Reuters
were expecting September sales to fall.
The Dow Jones home construction index (.DJUSHB) was up 2.2 percent.
"The stock market might be looking for any glimmer of hope," said
Michael Strauss, chief economist and market strategist for Commonfund
in Wilton, Connecticut.
The Dow Jones industrial average (.DJI) was up 45.85 points, or 0.34
percent, at 13,721.10. The Standard & Poor's 500 Index (.SPX) was up
4.85 points, or 0.32 percent, at 1,520.73. The Nasdaq Composite Index
(.IXIC) was up 5.65 points, or 0.20 percent, at 2,780.41.
Shares of EMC jumped 6.3 percent to $23.95, while shares of Motorola
gained 4.8 percent to $19.43.
Don't you just hate it when that happens? ;-)
No. For the good of the country I wish we had bottomed out and were on
the upswing again.. But all evidence is to the contrary.
"The Commerce Department reported Thursday that sales of new homes
rose by 4.8 percent last month to a seasonally adjusted annual rate of
770,000 units. That level of activity was still 23.3 percent below a
year ago, indicating that housing remains in a steep downturn."
New homes are mostly done on spec and the builders are desperate to
get their cash back in these scary times for them. I suspect the cost
figures will show prices declined steeply to get rid of this pipeline
clearing of homes planned and started before the subprime mortgage
collapse.
Meanwhile durable goods for Sept. were down 1.7%, after -5.8% in
August. Maybe that's slowing? Initial claims are still over 330,000
and while down 8,000 are still 11,000 above market expectations. OIl
prices are screaming, the inflationary push is starting to be felt in
agriculture and transportation and energy sectors.
While the subprime mortgage debacle has the fed talking of lowering
rates, the inflationary pressures of oil and energy make this a
dangerous thing to do. IMHO of course. They have a very tough choice.
Perhaps they'll do a small cut followed by a bump back in rapid
succession?
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| User: "Mani Deli" |
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| Title: Further turmoil |
25 Oct 2007 03:15:30 PM |
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Great news by your financial pornography channels however;
Oil, gold and foreign currencies are up. The $US is plummeting. The
war and disappearing money costs are staggering. The congress is run
by legalized bribery and blackmail and an unelected president and his
gang of criminals and cronies are running things while the
infrastructure crumbles. The rest is *****, especially the supposed
inflation rate.
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| User: "The Trucker" |
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| Title: Re: Further turmoil |
26 Oct 2007 12:28:31 AM |
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On Thu, 25 Oct 2007 16:15:30 -0400, Mani Deli wrote:
Great news by your financial pornography channels however;
Oil, gold and foreign currencies are up. The $US is plummeting. The
war and disappearing money costs are staggering. The congress is run
by legalized bribery and blackmail and an unelected president and his
gang of criminals and cronies are running things while the
infrastructure crumbles. The rest is *****, especially the supposed
inflation rate.
The Fed has a choice to make and so does the government. You can have
roaring inflation or you can have a depression. Those are the choices. I
opt for the inflation, thank you very much. Either way it is on the
Republicans. They will not be able to dump this train wreck on the
Democrats in any way. They have been creating this storm since 1980.
Bill Clinton and the Democrats showed the way out of it and the maggots
still managed to get control and destroy the American economy. When will
the people every learn that taxes are not burned in a furnace, and that
government actually does have a purpose.
--
"I know no safe depository of the ultimate powers
of society but the people themselves; and
if we think them not enlightened enough to
exercise their control with a wholesome
discretion, the remedy is not to take it from
them, but to inform their discretion by
education." - Thomas Jefferson
http://GreaterVoice.org/extend
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