WSJ Markets
Thu, 08 Jul 2010 18:54:52 EDT
Dow's Surge: 452.51 Points in 3 Days ... Market bulls staged a late-day surge, pushing the Dow to a third consecutive gain despite mixed economic reports.
U.S. Declines to Label China a Currency Manipulator ... The U.S. opted against declaring China a currency manipulator, with U.S. Treasury Secretary Timothy Geithner instead shifting the focus forward on the yuan's future appreciation.
Hedge Funds Suffer in June, but Beat Markets ... Hedge funds lost ground in June and some big-name investors hit rough patches. But the average fund fared better than the stock market, as some turned cautious amid a challenging market.
Bulls Sniff Around for Reason to Get Excited ... Should second-quarter earnings season prove to be good, bulls may be running in more than the streets of Pamplona.
Air Products Raises Airgas Bid ... Air Products & Chemicals raised its hostile all-cash offer for Airgas to $63.50 a share, or about $5.3 billion, from $60.
Court Rules for CBOE in Index-Options Battle ... The Chicago Board Options Exchange won a high-stakes legal battle to maintain its exclusive rights to trade index-based options contracts.
Soy Prices Gain on Crop Worry ... Soybean prices are rallying amid worries that this year's U.S. crop may turn out smaller than expected. The July contract rose 2% to $10.125 a bushel.
IMF Urges Bigger U.S. Deficit Cuts ... The International Monetary Fund advised the Obama administration to consider raising taxes and reducing Social Security benefits as ways to contain the U.S. budget deficit and public debt.
Advisers' Use of Build America Bonds Grows ... Financial advisers are using more Build America Bonds in clients' portfolios, and their appetite is only expected to grow if the taxable-bond program is extended—even if federal subsidies are trimmed.
Mortgage Rates Tick Down to New Low ... Mortgage rates mostly fell the past week, with the average rate on 30-year fixed-rate mortgage falling slightly, extending its record low.
Oil Rises 1.9% on Sharp Supply Drop ... Crude-oil futures rose $1.37, or 1.9%, to $75.44, supported by a drop in U.S. oil stockpiles even as a surprise jump in gasoline inventories raised concerns about demand.
Euro Hits Two-Month High ... The euro backed off its highest levels against the dollar in two months as U.S. stocks pared some of their gains, taking some shine off riskier assets.
Treasury Yield Tops 3% on Data, Supply ... Treasury prices fell, sending the 10-year yield above 3%, as concerns about the global economic outlook eased and after the U.S. government announced next week's bond sales.
Consumer Borrowing Dropped Again in May ... Borrowing by U.S. consumers dropped for a fourth straight time during May, as Americans shored up finances amid a tepid economic recovery.
ICE Books Charge On Climate Exchange Deal ... IntercontinentalExchange said it will take a $14 million foreign-exchange charge against its purchase of ClimateExchange and retain founder Richard Sador as an adviser.
Traders Get Dressed Up in Clothiers' Contracts ... Bullish options investors bought up contracts expiring next month in Abercrombie & Fitch, Aeropostale and American Eagle Outfitters.
A. Schulman, Stepan Gain; Utilities Also Receive a Jolt ... Small-capitalization stocks climbed, as better-than-expected jobs data boosted hopes for a more robust U.S. economic recovery.
AmEx Up; Coca-Cola Rises 1.9% ... Stocks climbed as a bigger-than-expected drop in weekly jobless claims and improved same-store sales from a number of retailers lifted McDonald's, American Express and Coca-Cola.
GIC Unit Considers $2 Billion IPO ... Government of Singapore Investment's real-estate arm, GIC Real Estate, is leaning towards an initial public offering of its overseas assets.
China Expects Less Yuan Appreciation ... China's foreign-exchange regulator said foreign currency inflow pressures have declined since May, lowering expectations for yuan appreciation.
Gold Edges Down, at $1,196.10 ... Gold futures eased to just under $1,200 an ounce as investors began to cycle into riskier investments.
SMFG Looks for U.S. Acquisition ... Japan's Sumitomo Mitsui Financial Group is aiming to acquire at least a 20% stake in a U.S. bank with a robust wholesale operation in a bid to strengthen there.
Malaysia Raises Lending Rate ... Malaysia's central bank raised its key overnight policy rate for the third time this year but warned of an increased risk of a slowdown in global growth, reinforcing the view that it has finished tightening rates this year.