Ramsey
05-08-2002, Mon 9:37 AM
عن دواوجونز نيوزواير
US SUMMARY: Economic Troubles Fuel Rate Cut Hopes
DJIA 8313.13 loss 193.49 dn 2.3%
NASDAQ 1247.92 loss 32.08 dn 2.5%
S&P 500 864.24 loss 20.42 dn 2.3%
Dow Future 8305.00 gain 5.00 up 0.1%
NASDAQ Future 893.00 loss 3.00 dn 0.3%
S&P Future 864.50 loss 0.50 dn 0.1%
10-Yr US Treasury: 4.28% down 0.12
NEW YORK (Dow Jones)--Shares fell and Treasurys rallied on sluggish economic data.
STOCKS: An uninspiring jobs report and earnings warnings from Disney and National Semiconductor shattered investors' hopes that business was turning around.
The steep downturn capped what has now been 11 weeks of heavy selling, during which the Dow has suffered seven triple-digit losing streaks.
Analysts said the declines reflect investors' unwillingness to make any bets amid so much uncertainty.
"It is unrealistic for investors to expect a big snap back, given the fact that we have had such a prolonged bad period for stock and in terms of the corporate profit recovery being slower than people had thought," said Brian Belski, fundamental market strategist for US Bancorp Piper Jaffray.
BONDS: Treasury prices rose on a weaker-than-forecast employment report for June, raising hopes for further rate cuts by the Federal Reserve.
Although the unemployment rate remained unchanged at 5.9% in July, non-farm business payrolls grew by a scant 6,000 in July after a 66,000 increase in June, the Labor Department said Friday. A consensus forecast of economists surveyed by Dow Jones Newswires had called for a 68,000 increase in payrolls.
Eurodollar future prices also rallied sharply, with the market now pricing in expectations of the federal funds rate potentially falling to around 1% said traders.
Goldman Sachs economists said Friday that they expect the Federal Reserve to cut interest rates by 75 basis points by year's end, in response to economic data that has been decidedly weaker-than-expected.
US SUMMARY: Economic Troubles Fuel Rate Cut Hopes
DJIA 8313.13 loss 193.49 dn 2.3%
NASDAQ 1247.92 loss 32.08 dn 2.5%
S&P 500 864.24 loss 20.42 dn 2.3%
Dow Future 8305.00 gain 5.00 up 0.1%
NASDAQ Future 893.00 loss 3.00 dn 0.3%
S&P Future 864.50 loss 0.50 dn 0.1%
10-Yr US Treasury: 4.28% down 0.12
NEW YORK (Dow Jones)--Shares fell and Treasurys rallied on sluggish economic data.
STOCKS: An uninspiring jobs report and earnings warnings from Disney and National Semiconductor shattered investors' hopes that business was turning around.
The steep downturn capped what has now been 11 weeks of heavy selling, during which the Dow has suffered seven triple-digit losing streaks.
Analysts said the declines reflect investors' unwillingness to make any bets amid so much uncertainty.
"It is unrealistic for investors to expect a big snap back, given the fact that we have had such a prolonged bad period for stock and in terms of the corporate profit recovery being slower than people had thought," said Brian Belski, fundamental market strategist for US Bancorp Piper Jaffray.
BONDS: Treasury prices rose on a weaker-than-forecast employment report for June, raising hopes for further rate cuts by the Federal Reserve.
Although the unemployment rate remained unchanged at 5.9% in July, non-farm business payrolls grew by a scant 6,000 in July after a 66,000 increase in June, the Labor Department said Friday. A consensus forecast of economists surveyed by Dow Jones Newswires had called for a 68,000 increase in payrolls.
Eurodollar future prices also rallied sharply, with the market now pricing in expectations of the federal funds rate potentially falling to around 1% said traders.
Goldman Sachs economists said Friday that they expect the Federal Reserve to cut interest rates by 75 basis points by year's end, in response to economic data that has been decidedly weaker-than-expected.