"Every time we get to a point where we think we've finished, another report comes out and says we're not done yet"
Stocks fell sharply Friday after a series of depressing economic and corporate reports as well as high oil prices stoked concerns about the health of the economy. via The Huffington Post
Friday, February 29, 2008 WBAL Radio and Associated Press Gloom about the economic outlook helped to pull stocks down sharply. via WBAL-AM Baltimore
"AIG set the tone for the day, and then everybody kind of piled on. I definitely think people are more worried about the financial crisis. It's seen as a major leader in the negatives"
Stocks tumbled on Friday as another round of weak economic data added to U.S. recession fears and a record loss at insurer AIG underscored worries about more write-downs in the financial sector. via Magic 107.9
"Hedge funds are taking advantage of the very weak dollar, but the fundamentals are very poor"
Oil hit a new high above $103 on Friday after Ecuador shut a key export pipeline and a fire hit a major European natural gas plant, while the U.S. dollar's decline to a succession of lows kept fresh funds ... via Reuters
"Implying that some banks may fail stirs concerns for any investor who's familiar with financial and economic history"
- The Toronto stock market is back in positive territory for the year.
Strong advances in energy and mining stocks sent the TSX higher but the market was held back by the financial sector as big Canadian banks reported earnings - and in CIBC's (TSX:CM) case, a huge loss.
Markets in New York registered sharp losses on more signs of a weakening American economy.
Toronto's S&P/TSX composite index advanced 95.51 points to 13,873.89.
The index had started 2008 at the 13,833 level, then slid for most of the first three weeks of the year to as low as 12,132. But a commodity rally has re-energized the market, lifting the TSX about 14 per cent since Jan. 21. Read more
"We do believe this is a moment of truth for our company: We must execute superbly, manage risk and just plain out-compete in this environment"
Wachovia Corp. expects to set aside more money in the first half of 2008 to cover troubled mortgage loans, according to its annual report filed today.
Citing 'rapidly changing conditions in the housing markets,' the Charlotte bank said its expense for bad loans will likely be more than .75 percent of average net loans in the first half of the year. It had previously estimated an expense below this level.
After taking big writedowns in the second half of 2007 because of the falling value of subprime-related investments, the bank did not provide estimates for any potential first-quarter writedowns. Read more
U.S. stocks fell one percent by midday as a round of tepid economic reports and a warning from the head of the Federal Reserve threatened to break a four-day winning streak. via Reuters
"TD's first quarter demonstrated the strength of our retail businesses in both Canada and the U.S. while our wholesale bank performed well relative to the more challenging financial market conditions we're facing"
Higher profits in wealth management and retail banking drove a 5-per-cent rise in first-quarter net income at Toronto-Dominion Bank, it said Thursday. via The Toronto Star
The U.S. dollar hit $1.51 to the Euro for the first time on record, and fell to historic lows against a basket of currencies, as weak data suggest more interest rate cuts. via Reuters Video
02/28 David Resler, economist from Nomura Securities International, says that while there are clear signs of a slowdown, a recession may not be definite. via ClipSyndicate
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