| (AFX UK Focus) 2008-03-04 22:24 GMT: Stocks pull off lows on bargain hunting
NEW YORK (AP) - Wall Street closed mixed Tuesday, recuperating from a sharp plunge as investors snapped up bargain stocks on rumors that a bond insurer rescue plan is progressing and upbeat comments from Cisco Systems Inc. and Amazon.com Inc. Earlier in the session, the market sank after Merrill Lynch lowered its full-year earnings prediction for Citigroup Inc., which a Dubai fund executive said will need to raise more cash to stay in business. Another damper on trading was Intel Corp., which lowered its forecast for first-quarter profit margins. But in afternoon trading, the stock market showed signs of optimism. The financial sector regained some steam after CNBC reported that a plan to save the bond insurer Ambac Financial is advancing nicely. Technology stocks rebounded too after a Dow Jones Newswires report that Cisco CEO John Chambers said he is "even more comfortable" with the long-term growth targets the company has outlined, and after Amazon.com's chief financial officer reiterated the online retailer's 2008 revenue forecast.
Time to get out or get in?
Worried onlookers watch falling stock prices on the giant screen outside the Bombay Stock Exchange on Friday. Shares fell sharply by another 566.56 points or 3.42 per cent, forcing the 30-share sensitive Index to close below the 16000 mark. — Jayanta Mallick Kolkata, March 7 Market condition has forced the leading brokerages and equity strategists to come out with short-term direction calls and tactical advices. Predictably, not all suggestions are alike. The opinions varied between two extremes — reduce probable loss and get out, or enter, this is an opportunity. But some have chosen to tread the middle path with a suggestion of staying put for some more time. Religare has given a call to its clients to quit the market and stay in cash.
Buying Interest Waning In Early-Afternoon Trading - U.S. Commentary
(RTTNews) - Buying interest has waned in early-afternoon trading on Friday, although stocks mostly remain in positive territory. A moderately positive economic report has been counteracting negative corporate news. The Department of Commerce released its report on personal income and spending in the month of February. The report showed that personal income rose 0.5 percent in February compared to a 0.3 percent increase in January. The increase exceeded the estimates of economists, who had expected personal income to increase by 0.3 percent. However, the Commerce Department also said that personal spending edged up only 0.1 percent in February, which is the weakest reading in over a year, after a 0.4 percent increase in the previous month. Economists had been expecting personal spending to increase by 0.1 percent.
|
