Stocks turn lower on global concerns
A Fed official also expresses doubts about QE3. But US home prices are up more than expected, and consumer confidence is at its highest in 7 months. Toys R Us plans to hire 45,000 holiday employees.
By Andrea Tse
Stocks lost all earlier gains Tuesday as global economic worries overshadowed better-than-expected readings on U.S. housing prices and consumer confidence.
The market pulled back also as Philadelphia Federal Reserve President Charles Plosser said the Fed's latest stimulus effort won't do much to boost economic growth or lower unemployment, CNBC reported.
The S&P/Case-Shiller 20-city home price index showed an annual return of 1.2% in July, beating the consensus of 1% and prior return of 0.6%.
The Conference Board reported that U.S. consumer confidence jumped to its highest level in seven months in September as Americans are more optimistic about the job market and income prospects, Reuters reported. The index rose to 70.3 from an upwardly revised 61.3 in August. It was the highest level since February and topped economists' expectations for 63.
In Europe, a meeting on the state of the euro economic and currency union is expected between European Central Bank President Mario Draghi and German Chancellor Angela Merkel.
In corporate news, Toys "R" Us said it will hire 45,000 holiday employees across the United States. The retailer, which hired about 40,000 seasonal workers last year, said it retained about 15% of its holiday workforce after the season ended, Reuters reported.
Hiring will begin this week and continue through December.
Caterpillar (CAT) on Monday said it's taking a measured view of the global economy over the next few years, issuing a 2015 forecast below estimates.
Yahoo (YHOO) CEO Marissa Mayer is expected to unveil her strategy for turning around the struggling Internet giant. Reports say Mayer will probably focus on search and ad technology.
Red Hat (RHT), the software maker, on Monday came in a penny short of Wall Street's profit expectations for its fiscal second quarter.
Paychex (PAYX), the payroll processor, on Monday posted fiscal-first-quarter earnings that narrowly topped analysts' estimates.
Jabil Circuit (JBL), a provider of electronics manufacturing services, is expected to report fiscal-fourth-quarter earnings of 58 cents a share in the August-ended quarter on revenue of $4.22 billion.
Come on people China just injected 290 billion yuan into it's economy
so now we have
1) USA Bernanke throwing $80 billion a month into the stock market
2) Japan throwing 120 billion yen a month into the stock market
3) ECB throwing 300 billion euros a month into the stock market
4) China throwing 290 billion yuan into the stock market
It's a mad house of monies printing out there and the total collapse of the western and eastern economies are now assured.
For a while there it looked like the eastern economy was going to survive but they have decided to join the march madness. The march to the fiscal cliff and off.
Yep if the stock market doesn't move up 600 points today you will have lost the diff in monies as inflation is now going to be sky high folks.
1. I voted Democrat because I love the fact that I can now marry whatever
I want. I've decided to marry my German Shepherd.
2. I voted Democrat because I believe oil companies' profits of 4% on a
gallon of gas are obscene, but the government taxing the same gallon of
gas at 15% isn't.
3. I voted Democrat because I believe the government will do a better job
of spending the money I earn than I would.
4. I voted Democrat because Freedom of Speech is fine as long as nobody
is offended by it.
5. I voted Democrat because I'm way too irresponsible to own a gun, and
I know that my local police are all I need to protect me from murderers
6. I voted Democrat because I believe that people who can't tell us if
it will rain on Friday can tell us that the polar ice caps will melt
away in ten years if I don't start driving a Prius.
7. I voted Democrat because I'm not concerned about millions of babies
being aborted so long as we keep all death row inmates alive.
8. I voted Democrat because I think illegal aliens have a right to free
health care, education, and Social Security benefits, and we should take
away the social security from those who paid into it.
9. I voted Democrat because I believe that businesses should not be
allowed to make profits for themselves. They need to break even and give
the rest away to the government for redistribution as the Democrats see fit.
10. I voted Democrat because I believe liberal judges need to rewrite the
Constitution every few days to suit some fringe kooks who would never
get their agendas past the voters.
11. I voted Democrat because I think that it's better to pay billions for
their oil to people who hate us, but not drill our own because it
might upset some endangered beetle, gopher or fish.
12. I voted Democrat because my head is so firmly planted up my azz,
it's unlikely that I'll ever have another point of view.
Oh goodie...............now we're going to show 150,000 part-time, temporary, minimum wage, employees show up in the next payroll and jobs reports! And, don't forget, they hope you'll spend all of that minimum wage money back in their store on Christmas gifts for your families.
Wally World is going to hire 52,000
Kohl's is hiring 50,000
Toys R Us is hiring 45,000
Any others? How about target...........can't they hire 50,000 and try to make the next set of jobs reports look better?
Housing prices going up..........just means property taxes are going up! Consumer confidence is up ..............really?
sure, sure....housing "better than expected" but a CAT company saying "don't think so"....... CAT also dropped their bomb before closing Monday afternoon. that is telling
>>>>>Caterpillar (), the heavy equipment company, said Monday it was taking a measured view of the global economy over the next few years, issuing a 2015 forecast below estimates.<<<<
Unless you just did something like $100k worth of improvements, I'm callin a HUGE BS on this one!!!
Like anyone wants to live in Washington..... heading into the winter season...... NOT A CHANCE.
Based on his track record so far, "do what we must" is code for cowering, begging, pleading, whining, weeping, apologizing, bowing and appeasing.
Who would win in a fight between Obama and FDR? While Obama was kneeling to kiss his ring, FDR would pin him under his wheelchair.
housing not better
media lies to make you think things are getting better
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Stocks drift lower and bonds are hit as investors await the Fed. Prepare for higher volatility this week.
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