Daily Market Update


Reference from Wall Street Journal

[Business & Finance]

Dow:7920 (-138)   NASDAQ 1625   Oil $49   Gold $890 (-$3.8)

Bank stocks fell on fading optimism for the secotr and overall economy.
Retails sales tumbled 1.1% last month. Bernanke, however, is optimistic about the economy’s prospect.

Intel’s computer sales “bottomed out” in Q1, net dropped 55%.

J.P Morgan & Wells Fargo and others are stepping up foreclosures on delinquent home-owners. That could futher depress home prices.

The U.S. is considering announcing the resultes of bank stress test to give investors a clear picture into lender.

Some big U.S. banks are getting around TARP restriction on the hiring of foreign workers by placing recruits in overseas offices.

Drug companies & hospitals are raising prices despite economic slump.

UBS & Ashmore will start a fund to by distressed emerging-maket assets, an example of a private venture to repair the markets.

eBay to spin off its Skype Web-calling business in an IPO (Initial Public Offering, first sale of stock by a private company to the public) next year rather than selling the unit.

Yahoo to cut a significant numbers of jobs as its new CEO Bartz seeks to turn the company around.

Chrysler Financial raised some of its lending rates to vehicle buyers more than 1%.

[World-wide]

N. Korea vowed to pull out of disarmament talks.

White House leaning toward keeping secret details allowed in CIA interrogations, despite calls to make the information public.

Pirates attacked three more cargo ships off the horn of Africa.

Reference from Wall Street Journal

[Business & Finance]

Dow Jones: 8083 Nasdaq: 1652 Oil: $52 Gold: $894

Banking institutions bolstered by capital infusions from government face intensified scrutiny from TARP’s oversight committee.

AIG’s financial products head said employee bonus may make wind-down of the unit more costly to taxpayers

Goldman Sachs is wrapping up $5.5b in commitment for a new fund to buy private-equity investments on the secondary market.

General Motors‘s plan for a brief stay in bankruptcy is likely to get challenged by bondholders who fear getting streamrolled.

Financial markets tied to environment have had mixed success. A market tied to greenhouse-gas emissions has doen better than one that rewards cuts in electricity.

Euro & US Dollar face volatility this week.

[World-wide]

US ship Captain Phillip was rescued from the pirates.

Thai protesters clashed with troops in Bangkok amid a state of emergecy and after ex-leader Thaksin threatened to lead a revolution.

UN Security Council to approve a statement condemining N.Korea’s recent rocket launch and enforcing sactions.

China pledged $25b to aid Southeast Asian economies, including an infrastructure fund, loans and credits.

Obama plans to tell Western hemispheres that US is willing to discuss how to improve relations with Cuba but with stipulations.

Pope Benedict XVI said in an Easter message reconciliations is the only way to resolve Israeli-Palestinian conflict.