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Weak

Stocks edge lower as investors wait on Fed

June 19, 2013 By Leave a Comment

The stock market is waiting on the Fed.

Major indexes drifted lower in midday trading Wednesday as traders wondered what the Federal Reserve will say about the U.S. economy and the central bank's huge stimulus program this afternoon.

The U.S. central bank will release its latest policy update at 2 p.m. Eastern Daylight Time and Bernanke will speak at a press conference thirty minutes later. Comments by Bernanke last month suggesting the central bank may soon ease that support unsettled investors and caused this year's rally in stocks to stall.

"All eyes are on Bernanke and markets are being held hostage until he speaks," said Joseph Tanious, Global Market Strategist at J.P. Morgan Funds.

The Fed has been buying $85 billion of bonds a month to support an economy that is still struggling to grow faster following the Great Recession.

The Dow Jones industrial average fell 19 points, or 0.1 percent, to 15,298 as of 12 p.m. Eastern Daylight time. [Read more...]

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U.S. factory output rise just 0.1 percent in May

June 14, 2013 By Leave a Comment

U.S. factories barely increased their output in May after two months of declines, a sign that manufacturing is providing little support for the economy.

The Federal Reserve said Friday that factory production rose just 0.1 percent in May from April. Output fell 0.4 percent in April and 0.3 percent in March.

Factories produced more autos, computers and wood products last month, offsetting declines in the production of primary metals such as steel and furniture.

Manufacturing output has risen just 1.7 percent in the past 12 months. [Read more...]

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Music service, mobile software expected from Apple

June 10, 2013 By Leave a Comment

Apple (NASDAQ:AAPL) is expected to reveal a digital radio service and changes to the software behind iPhones and iPads on Monday as the company opens its annual conference for software developers. Apple hasn't said what it will unveil at the Worldwide Developers Conference in San Francisco. But the major announcements are expected during Monday's keynote presentation. Last year, Apple used the conference to announce its own mapping service, better integration with social networks and improvements to virtual assistant Siri. It also announced thinner MacBooks with high-resolution screens. The conference runs through Friday.

This year, Apple is expected to show off a simplified look on iPhones and iPads. If the speculation is correct, it would be the most radical design change since the iPhone made its debut in 2007, showing consumers that phones could do much more than make calls and exchange messages.

This week's event comes at an important time for Apple. The company's stock price has fallen amid concerns that another breakthrough product isn't imminent. Although CEO Tim Cook has said people shouldn't expect new products until the fall, Apple is likely to preview how future products will function in its unveiling of new services and features. [Read more...]

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U.S. home prices jumped in April by most in 7 years

June 4, 2013 By

U.S. home prices soared 12.1 percent in April from a year earlier, the biggest gain since February 2006, as more buyers competed for fewer homes.

Real estate data provider CoreLogic says prices rose in April from the previous April in 48 states. Prices also rose 3.2 percent in April from March, much better than the previous month-to-month gain of 1.9 percent.

Prices in Nevada jumped 24.6 percent from a year earlier, the most among the states. California's gain was next at 19.4 percent, followed by Arizona's 17.3 percent, Hawaii's 17 percent and Oregon's 15.5 percent.

More people are looking to purchase homes. But the number of homes for sale is 14 percent lower than it was a year ago. The supply shortage has contributed to the price increases.

Rising home prices can help sustain the housing recovery. They encourage more homeowners to sell. And they spur would-be homeowners to buy before prices increase further. [Read more...]

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U.S. home prices rise 10.9 pct., most since 2006

May 28, 2013 By

U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006. A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover.

The Standard & Poor's/Case-Shiller home price index released Monday also showed that all 20 cities measured posted annual gains for the third straight month. [Read more...]

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Stocks edge lower as investors reassess Fed fears

May 23, 2013 By

Investors recovered their poise after a shaky start to trading on Wall Street that sent stocks sharply lower.

U.S. markets plummeted immediately after the opening bell Thursday following a global slump prompted in part by an unexpectedly weak report on manufacturing in China. Concern that the Federal Reserve might ease back on its economic stimulus program sooner than expected had also riled investors.

The dip gave investors who had missed this year's rally in stocks an opportunity to get into the market, and by midday stocks had recouped most of their early losses. The market even climbed into positive territory by midday, before ending the day marginally lower.

"Most institutions, most hedge funds and most individuals have watched the market go up without them, so the dips are being bought," said Jim Russell, regional investment director at U.S. Bank. "There's a very strong case for U.S. stocks." [Read more...]

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Market sell-off goes on

May 23, 2013 By

The momentum of a late sell-off on Wall Street carried over into a second day, sending U.S. futures and global stock markets into retreat.

Uncertainty over how committed the Fed remains to a massive bond-buying program scattered investors and overshadowed a Labor Department report Thursday that was slightly better than most economists had expected.

Dow Jones industrial futures slid 125 points to 15,195. S&P futures lost 16.3 points to 1,639.30. Nasdaq futures fell 26.75 points to 2,974.25.

U.S. stocks began selling off late Wednesday when minutes from the most recent Federal Reserve policy meeting left open the possibility that the U.S. may begin easing off stimulus measures that have helped send major indexes to record highs in recent weeks. [Read more...]

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Exchange-traded funds entering new phase of growth

May 16, 2013 By

The headlines about exchange-traded funds suggest there are no limits to the growth of these low-cost, easily traded alternatives to mutual funds.

Among the recent developments: ETFs have attracted at least $100 billion in new cash for each of the past six years, growing at a far more rapid pace than traditional mutual funds. ETF assets have doubled over the past three years to $1.4 trillion, with one study projecting they'll hit $3.5 trillion by 2016. ETFs have recently begun to appear as investment options in 529 college-savings plans and 401(k)s.

Yet obstacles are beginning to appear. It has become more difficult for fund companies to launch ETFs that are significantly different or lower-cost than what's already on the market.

"We're close to a tipping point in terms of numbers," says Todd Rosenbluth, director of ETF research at S&P Capital IQ. [Read more...]

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Stocks rise further as optimism prevails

May 14, 2013 By

Stocks pushed higher Tuesday as investors remained optimistic that economic growth is picking up, but not so much that the U.S. Federal Reserve will start to wind down its stimulus program imminently.

Over the past few weeks, investors have been picked up by a wave of optimism over a range of issues including the prospects for the U.S. economy following a run of forecast-busting jobs figures.

That has pushed several indexes to record highs. The Dow Jones industrial average and the broader S&P 500 index both hit new highs on Tuesday.

Waning fears over Europe's debt crisis and the bold attempt by Japan's monetary authorities to shake off a two-decade economic stagnation have also helped. [Read more...]

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U.S. medicine spending shows rare dip in 2012

May 9, 2013 By

Spending on prescription medicines in the U.S. fell for the first time in decades last year, slipping as cash-strapped consumers continued to cut back on use of health care services.

Patients also benefited from a surge of new, inexpensive generic versions of widely used drugs for chronic conditions like high cholesterol, according to a new report.

Total spending on medications dropped to $325.8 billion last year from $329.2 billion in 2011. Likewise, average spending per person on medicines fell by $33, to $898 last year, according to the report from the IMS Institute for Healthcare Informatics.

"That's the first time IMS has ever measured the decline in the 58 years we've been monitoring drugs," Michael Kleinrock, director of research development at the institute, told The Associated Press. [Read more...]

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