Dow 10,776.13 -50.99 (-0.47%)
Nasdaq 2,154.22 -6.40 (-0.30%)
S&P 500 1,204.92 -5.21 (-0.43%)
10-Yr Bond 4.291 +0.73 (+1.73%) NYSE Volume 920,894,000
Nasdaq Volume 1,484,716,000
Close: Market gives up early gains, despite a 6.6% decline in oil prices, as a quiet day of trade, split industry leadership, bearish breadth figures, higher interest rates and another record low on the dollar stall last week's rally... Seasonally light volumes in both stocks and bonds, which contributed to quick reversals in early trading, provided little direction throughout the session as there were also no notable earnings reports or economic releases for investors to digest...
Meanwhile, crude oil ($41.26/bbl -$2.92), which could still finish the year up over 30%, closed at its lowest level in two weeks as existing supplies were considered sufficient enough to meet milder-than-normal U.S. winter weather forecasts... Oil hitting its lowest level in two weeks pushed energy (-1.8%) lower than any other sector while homebuilding (-1.3%) extended last week's losses following a 12% decline in November new home sales (last Thursday) and higher interest rates... Bonds were under pressure all day after a third straight downturn in the dollar left the greenback near another record low against the euro (1.3623) and pushed gold ($446.20/ounce) to its highest levels in three weeks...
Every major treasury remained under pressure all day, with the benchmark 10-year note closing down 19 ticks, yielding 4.29%, as strong holiday sales may have assisted in bringing yields in correspondence with the current level of economic activity...Last trade 80.73 Change -0.49 (-0.60%)
Settle 80.72 Settle Time 16:35
Open 81.28 Previous Close 81.22
High 81.37 Low 80.54
Last tick: 2004-12-27 16:43:05 ET
30-min delayed quote.
http://cbs.marketwatch.com/news/story.asp?guid=%7B5E1F89B1%2DB6C5%2D47A9%2DBF37%2D0DA9A5207985%7D&siteid=mktwDollar hits record low vs. euro, again
Analysts cite lack of signs hinting at any interventionCHICAGO (CBS.MW) -- The dollar retreated to another record low against the euro in U.S. trading Monday, amid market talk that the United States and Europe have no plans to intervene to stop the greenback's slide.
"Thin market conditions between Christmas and New Year, America's twin deficits, U.S. officials' tolerance of a weaker dollar and the low probability of major central bank intervention are the key ingredients behind the greenback's latest slide," said Alex Beuzelin, senior market analyst at Ruesch International.
Against the euro, the dollar fell to a new record low of $1.3638 in New York trading, before moving back to $1.3615 in late U.S. trade, compared to $1.3525 in U.S. dealings late last week.
The dollar has stabilized at slightly firmer levels in the past few sessions in a move that most currency traders said was position-squaring ahead of year's end.
But the currency market continues to focus on the sustainability of record U.S. trade and budget deficits and on whether an orderly reversal of these gaps without upsetting the global economy is plausible.
The market also remains convinced the Bush administration will do little to stand in the way of a depreciating U.S. currency, even as officials pledge their support for a "strong" dollar.
"Thoughts persist that the United States will not intervene to stop the carnage," said Mary Ann Hurley, an analyst with D.A. Davidson & Co. "While the administration espouses a strong dollar policy, talk is cheap, and it is highly unlikely anything will be done to slow the decline."
...more...
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
