Yahoo: US economy appears poised to start growing again
"In theory there is no difference between theory and practice. In practice there is." - Yogi Berra
Oil rose 3.75 percent on Friday after data showed the U.S. economy shrunk less than expected in the second quarter, raising hopes the recession was easing.
U.S. light crude traded up $2.51 to settle at $69.45 a barrel...source
The pace of economic decline slowed substantially in the second quarter, as the U.S. economy shrank at an annual rate of 1%...
Economists surveyed on Briefing.com expected the second-quarter reading to show the economy contracted at an annual rate of 1.5%.
The government will release second-quarter gross domestic product figures, a measure of all goods and services produced within the U.S. borders, at 8:30 a.m. EDT.
...Hawaii state officials said again this week that they've examined the original and affirmed that it shows that Obama was born there.
...economic data sparked fresh optimism that the recession may be bottoming out.Reuters: Nikkei hits 10-month high, exporters gain on yen
The number of U.S. workers staying on jobless rolls fell to the lowest in three months last week, government data showed, while the four-week moving average for new claims dropped by 8,250, to 559,000 -- the lowest level since late January. source
On the economic front, U.S. government data showed initial claims for state unemployment insurance benefits rose a tad above market expectations in the week ended July 25.
However, the four-week moving average for new claims, considered to be a better gauge of underlying trends as it irons out volatility, fell to its lowest level since January. source
The U.S. Government officially takes a 30 percent equity stake in Citigroup on Thursday, becoming the bank's biggest shareholder in connection with the February bailout.
Jobless numbers, due at 1230 GMT, are expected to have risen to 570,000 from 554,000 the previous week.
Key economic reports due on Wednesday include data on June durable goods at 8:30 a.m., and the Federal Reserve's Beige Book at 2 p.m....- which is the central bank's snapshot of regional economic conditions.
Holding one's arms as one walks requires 12 percent more metabolic energy, compared with swinging them.
The arms' pendulum swing also helps dampen the bobbly up-and-down motion of walking, which is itself an energy drain for the muscles of the lower legs.
If you hold your arms while walking, this movement, called vertical ground reaction moment, rises by a whopping 63 percent.
...the markets technically overbought, and looking for a reason to take a breather, the stock market's slight decline is a good performance.
(On home prices) Economists in a Reuters survey expect a decrease of 0.5 percent versus a 0.6 percent all in April.
"I will never again trust anyone who is commission-driven to manage my portfolio..."
"When the market took a hit, I thought, hey, these people don't look any brighter than me..."
The charges are related to allegations that they helped raise money and provide training for terrorism operations in Tel Aviv, Israel.
Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday.And there you have it. More and more economists are leaning towards the recession has bottomed out line of thought.
That is really good news. Considering what's going on in existing home sales, with all the foreclosure activity sending down home prices, for new homes to jump like that is a good indicator that the economy is bottoming out." source
...investors rotated into financial shares...
Upbeat data on new home sales underpinned financial stocks...
...U.S. new home sales posted their biggest monthly gain in eight years in June...
Oil rose for a third session on Monday to hit its highest level in more than three weeks, near $69 a barrel...
Powerful computers, some housed right next to the machines that drive marketplaces like the New York Stock Exchange, enable high-frequency traders to transmit millions of orders at lightning speed and, their detractors contend, reap billions at everyone else’s expense.
These systems are so fast they can outsmart or outrun other investors, humans and computers alike.
The Obama administration's strategy rests on what some might call industrial policy or excessive government intervention—or even creeping socialism. I call it "the smart economy." It means eschewing the blunt economic instruments we've always used and focusing resources and rhetoric on strategic sectors: renewable energy/green technology, infrastructure, broadband, and health care. It means making investments to run vital systems more intelligently and efficiently, thus creating a new infrastructure on which the private sector can work its magic. This philosophy, legislated in the $787 billion American Recovery and Reinvestment Act, holds that a mixture of targeted investments, tax credits, subsidies, reforms, and direct purchases can preserve or create jobs in the short term, improve America's economic competitiveness in the long term, and catalyze private-sector investment.
Photos from US spy satellites declassified by the Obama White House provide the first graphic images of how the polar ice sheets are retreating in the summer. The effects on the world's weather, environments and wildlife could be devastating.
The pictures, kept secret by Washington during the presidency of George W Bush...
The photographs demonstrate starkly how global warming is changing the Arctic. More than a million square kilometres of sea ice - a record loss - were missing in the summer of 2007 compared with the previous year.
“We believe that we have a good bill..."McClatchy: Distrust of government blunting Obama's pursuit of new programs
“This isn’t about rushing,” the leading Democrat says amid criticism from Republicans that her party is trying to rush through massive changes to a sector that makes up a sixth of the U.S. economy.
Even if they like Obama himself, people just don't think that the government can handle anything big, let alone something as personal to them as their health care.
"There is a lack of trust in government right now, and the average American does not trust the federal government to make heath care decisions on their behalf."
The Bush administration debated testing the U.S. Constitution by sending troops into the suburbs of Buffalo, New York to arrest a group of men suspected of plotting with al Qaeda, The New York Times reported on Friday.
It all amounts to an economy that experts see as both more predictable and much more poised for a rebound. In fact, some economists say the national recession may already be over. If not, it will probably be over by the winter -- when most analysts predict the economy will start growing again.
...the stock market could dive in the face of either a minor spook or a major shift in good earnings news turning bad. Even a small shift in perceptions could send Wall Street heading for the exits again.
...when gasoline hits $10 a gallon some 20,000 lives will be saved per year.
High oil prices should finally push the United States to catch up with Spain and Japan and develop high-speed rail lines.
Japan boasts one of the leading robotics industries in the world, and the government is pushing to develop the industry as a road to growth.
"The market is continuing to feel the strength of economic optimism from the greater financial markets..."
Europe produced a raft of survey reports on Friday that suggested the worst of the recession may have passed by mid-year and that industrial output has started to stabilize. source
About 4.5 percent of bank commercial real estate loans were 30 or more days delinquent in the second quarter, up from 3.6 percent in the first quarter... sourceBanks however are trying to stall the process of foreclosure on commercial real estate. Another economic Armageddon would cause renewed havoc.
After Thursday's closing bell, Microsoft shares fell 4.1 percent as the company posted a steeper than expected 17 percent drop in quarterly revenue.
...data showed U.S. existing home sales rose in June...
"What I like about the rally that we've seen so far is the breadth of it. It's not really confined to a single sector. It's broadly spread. That gives me confidence."
...U.S. government data showed claims for jobless benefits rose last week, roughly in line with expectations, while continuing claims declined.
"There was pricing of tremendous systemic risk in the marketplace at the beginning of the year...A lot of that has been taken out of the market and that risk has also come down dramatically."Reuters: Futures edge up on earnings; jobs data on tap
"Earnings could get choppy as this reporting season continues because the production side is stronger than the consumption side, and production-oriented companies tend to report sooner than consumer-oriented ones..."
...investors will look for clues on whether the pace of job cuts is slowing when the Labor Department releases first-time claims for jobless benefits for last week at 8:30 a.m. EST
By 1999, he was living in a Buddhist monastery in Thailand—he had saved just enough money for the flight. From there, he made his way to India, where he found himself in good company among the sadhus, the revered ascetics who go penniless for their gods. Numbering as many as 5 million, the sadhus can be found wandering roads and forests across the subcontinent, seeking enlightenment in self-abnegation. "I wanted to be a sadhu," Suelo says. "But what good would it do for me to be a sadhu in India? A true test of faith would be to return to one of the most materialistic, money-worshipping nations on earth and be a sadhu there. To be a vagabond in America, a bum, and make an art of it—the idea enchanted me."
...think of him like the raven, cleaning up the carcasses the rest of us leave behind.
The boys, ages 9 to14, were arrested by Phoenix Maryvale Precinct officers around 5 p.m. Tuesday. The attack occurred Thursday. They are being held at a juvenile detention center on suspicion of sexual assault and kidnapping, police said. The oldest could be tried as an adult.
The girl was taken into Child Protective Services custody after the attack after her parents disowned her. Hill said the parents blamed her for being victimized and bringing shame to the family.
Hill said the girl and the four boys are each refugees from war-torn Liberia in west Africa which, according to investigators, would complicate authenticating names and dates of birth.
...disappointing bank results and declining energy shares weighed on the broader market.
Federal Reserve Chairman Ben Bernanke reiterated in testimony to the Senate Banking Committee on Wednesday that the U.S. economic outlook is improving, but that supportive policies would be necessary for a while to prevent rising joblessness from sapping the recovery.
Apple Inc posted on Tuesday quarterly profits that beat forecasts...
Crude futures fell more than 1 percent to less than $65 per barrel...
...the yen crept up against the dollar.
...unemployment is likely to remain uncomfortably high into 2011 and could sap fragile consumer confidence...
"We will not allow the broad measures of money circulating in the economy to rise at a rate rapid enough that would cause inflation eventually."
...a solid profit from Caterpillar Inc eclipsed unease about the company's outlook for the current quarter...
In one of the busiest days of the earnings schedule, bellwethers including BlackRock, Apple Inc, Yahoo, Advanced Micro Devices, Caterpillar, United Technologies, Coca-Cola and are due to report results.Reuters: Oil creeps above $64, awaits U.S. fuel stocks data
"The market is see-sawing based on people's perception of the U.S. economy -- they don't really know if the recovery is durable, and they are trading based on available data that offers clues on the outlook..."Addendum -
...revived hopes of a U.S. economic recovery...
Two previous wage increases, one in 2007, the other in 2008, pushed the federal wage to $5.85 and then to the current $6.55 an hour. The third, which goes into effect Friday, will push it to $7.25 an hour.
Eighteen states and the District of Colombia already have minimum wages that are higher or equal to $7.25 an hour.
Human Genome Sciences Inc said its experimental drug to treat lupus was successful in a late-stage clinical trial, a likely shock to many on Wall Street who had written the drug off as dead.
Oil rose above $64 a barrel...
U.S. White House Director Peter Orszag said on Sunday that second-quarter U.S. gross domestic product figures are likely to be better than the first quarter...
...recession's grip on the economy appears to be easing...
...creating new lending companies that plan to go public to raise billions of dollars to take advantage of the distress in the commercial real estate market...
...just the beginning of what some bankers expect to be a boom in Real Estate Investment Trusts (REITs) going public over the next few years.
For the first time since the GOP won control of state government in the mid 1990s, the Democratic Party and its leading candidate for governor together raised more money than their Republican counterparts at the start of a gubernatorial election season.
Alex Sink, the state's Democratic Chief Financial Officer, raised almost $1.3 million to Attorney General Bill McCollum's $1.04 million, since April 1. The Democratic Party raised nearly $2 million, while the Republican Party of Florida raised almost $1.2 million.
Regulators on Friday shut two banks in California and two smaller banks in Georgia and South Dakota, boosting to 57 the number of federally insured banks to fail this year.
The 57 bank failures nationwide this year compare with 25 last year and three in 2007.
Miles of the thick, dark gunk had been spotted floating between Barrow and Wainwright, prompting North Slope Borough officials and the Coast Guard to investigate last week. A sample was sent to a DEC lab in Anchorage, where workers looked at it under a microscope and declared it some kind of simple plant -- an algae, Meggert said.
In the coming week, 143 companies in the Standard & Poor's 500 Index will report earnings. Results from big manufacturers will give investors the broadest picture yet of the earnings season. So far, banks and technology companies have set the tone.
"The equity market is the biggest leading indicator for the economy, so what we are going to be looking at is what kind of information is coming out of earnings..."
GE's size and the scope of its operations -- which range from commercial lending to building railroad locomotives to running the NBC television network -- make it a bellwether of the world economy, which is facing a brutal recession. sourceWith Bank of America also posting losses due to loans defaults and such, the day appears to be set to open lower. We had decent gains Monday through Thursday but today the rally has a good chance of falling.
"It's going to be hard to add onto the big gains we've had this week."
"Congress has no oversight of it. It’s an executive assassination ring essentially, and it’s been going on and on and on," Hersh said at the time. He added: "Under President Bush’s authority, they’ve been going into countries, not talking to the ambassador or the CIA station chief, and finding people on a list and executing them and leaving. That’s been going on, in the name of all of us."
Yesterday, The New York Times reported the hidden program in question was a death squad authorized by Dick Cheney without congressional approval.
The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates.
"Investors have ratcheted up expectations for earnings almost across the board, so that optimism is still there even if today's action is rather muted..." sourceJP Morgan posted higher quarterly profits mostly based on trading. They are still losing money on credit cards and loans. This is all directly linked to rising unemployment.
JPMorgan expects its credit card business to lose money this year and next, and sees higher commercial real estate losses for several quarters.Finally, Harley Davidson is laying off 1,000 employees. The company makes a nice bike but people are spending money on the essentials not on the goodies. source
"We're still obviously in a pretty big recession..."
...rising unemployment will put upward pressure on credit losses. source
A Maryland company under contract to the Pentagon is working on a steam-powered robot that would fuel itself by gobbling up whatever organic material it can find — grass, wood, old furniture, even dead bodies.
A record 1.53 million properties were in the foreclosure process -- default notices, auction sale notices and bank repossessions -- during the first six months of 2009. That was 9% more than the previous six months and 15% more than the same period of 2008...
JPMorgan's second quarter results topped Wall Street's estimates, continuing a stream of reassuring news on bank earnings after Goldman Sachs...
"You have record low levels of stock ownership and so on these kinds of days you see people pile in."Reuters: Nikkei gains 1.4 pct on yen, U.S. earnings optimism
...while the start to the financial reporting period was positive, it is too early to do a victory lap regarding second-quarter results. source
The film, Ten Conditions of Love, centres on Rebiya Kadeer, the US-based head of the World Uighur Congress.
"No-one reacts well to strident approaches, or to the appearance of being bullied. I don't think it's a positive way of behaving..."
Partly, this was merely the "snapback" that occurred after Intel throttled back production to as low as 25 percent of factory capacity in the first quarter, amid a glut of unsold chips and shriveling demand.In addition to the news from Intel, oil gained simply because US inventories have dropped. The US is still the world's largest user of oil therefor its time to go shopping for oil. Also oil is central to the rise and fall of most stock market activity. So a 3% bump in crude prices gets the market churning.
Intel is benefiting from healthy demand in China and -- to a lesser extent -- the United States, among consumers rather than businesses. But these are not swing factors for the likes of Nokia, IBM or Google.
Oil rose more than 3 percent to over $61 a barrel on Wednesday, supported by falling U.S. crude oil inventories and economic optimism following positive U.S. data.Finally there is also mention of manufacturing data that suggests the recession is easing. The following Reuters article does not amplify this data but hopefully more specific information will come forward.
Optimism was further reinforced by manufacturing data that suggested the recession is abating, as well as minutes from the Federal Reserve's most recent policy-setting meeting that showed officials judged that the economic contraction was slowing.
...as Intel Corp's solid results and upbeat outlook reinforced hopes for an economic recovery...
In Europe, major indexes were up almost 2 percent.