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Archive for August, 2011

US markets fall sharply after S&P downgrade

Posted by Vince Marcantonio in Daily News on 8.8.2011

Stan Choe, AP Business Writer, On Monday August 8, 2011, 10:23 am

NEW YORK (AP) — The U.S. stock market joined a sell-off around the world Monday in the first trading since Standard & Poor’s downgraded American debt and gave investors another reason to be anxious.

The Dow Jones industrial average fell more than 250 points minutes after the opening bell on Wall Street. It recovered some of those losses, then fell again and was down 295 points in mid-morning trading.

Stock markets in Asia began the global rout. The main stock index fell almost 4 percent in South Korea and more than 2 percent in Japan. European markets opened later and fell, too, with Germany down 3 percent and France 2.5 percent.

It was …


Dollar to Be ‘Discarded’ by World: China Rating Agency

Posted by Vince Marcantonio in Daily News on 8.8.2011

By: Ee Sing Wong

The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating.

In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”

Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” after policymakers in Washington failed to act in a timely manner to lift its debt celing.

However, the announcement failed to register …


Gold hits record over $1,715/oz as risk assets slip

Posted by Vince Marcantonio in Daily News on 8.8.2011

By Amanda Cooper

(Reuters) – Gold vaulted above $1,700 an ounce for the first time on Monday after pledges by the G7 and the European Central Bank to quell the turbulence in the financial markets did nothing to put investors at ease.

Traders said the ECB had made good on its promise to tackle the euro zone debt crisis by widening its bond-buying program to include paper from Spain and Italy but the move was not enough to allay deep concerns.

Friday’s downgrade to the quality of U.S. sovereign debt by ratings agency Standard & Poor’s had been widely anticipated, but its longer-term impact on anything from mortgage rates to the


P.M. Kitco Metals Roundup: Comex Gold Soars to New All-Time High on Strong Investor Safe-Haven Demand

Posted by Vince Marcantonio in Daily News on 8.2.2011

02 August 2011, 2:34 p.m.
By Jim Wyckoff
Of Kitco News

(Kitco News) – Comex gold futures prices ended the U.S. day session sharply higher and set another new all-time record high of $1,647.80, basis December futures. Strong safe-haven investor demand amid several market place worries continues to boost the precious metals markets, and especially gold. It did not take traders and investors long to look past the U.S. debt limit drama that has drawn to at least a temporary close. December gold last traded up $24.20 at $1,645.90 an ounce. Spot gold last traded up $23.30 an ounce at $1,644.00. December Comex silver last traded up $0.906 at $40.24 an ounce.

Not surprisingly, the market place has moved on to fresh worries regarding …


Economic Fears Slam Wall Street, Stocks Plunge

Posted by Vince Marcantonio in Daily News on 8.2.2011


Published August 02, 2011| FOXBusiness

FOX Business: The Power to Prosper

The markets fell sharply after concerns over the sluggish pace of the economic recovery, coupled with a late-day selloff in European markets, overshadowed the Senate’s passage of the debt ceiling increase.

Today’s Markets

As of 2:45 p.m. ET, the Dow Jones Industrial Average fell 180 points, or 1.5%, to 11,951, the S&P 500 slipped 23.2 points, or 1.8%, to 1,263 and the Nasdaq Composite slumped 52.3 points, or 1.9%, to 2,692. The FOX 50 fell 12.9 points to 905.

Foreign markets sold off in late trading, with European shares hitting an 11-month closing low.  Additionally, the blue chips are presently on a seven-day losing streak — the longest …