Loren C. Steffy's Blog, page 74

Stock declines spread to Europe; U.S. futures tumble

(Updates and rewrites throughout.) The stock declines that began in Asia yesterday evening spread to Europe overnight, reflecting concerns about policy makers' ability to intervene in the debt crisis there and casting a pall over the opening of markets in the United States.  The Stoxx Europe 600 Index fell 2 percent in late morning European [...]

Asian stocks fall as U.S. downgrade ripples through world markets

(Updates throughout) Asian stocks fell as investors reacted to the unprecedented decision late Friday by Standard & Poor's Corp. to strip the U.S. of its triple-A credit rating. The declines extended the worst global slump in equities since 2009, although most of the region's major indices pared earlier losses after policy makers indicated they would [...]

Europe gives the markets new worries; U.S. stock futures fall

(Rewrites throughout and updates with the latest declines in U.S. stock futures.) The European Central Bank took a major step toward bailing out European Union's weakest members, saying it is prepared to begin buying Italian and Spanish debt. While this may help stem the spreading European debt problems, which global markets would like, it also [...]

U.S. debt downgrade fallout begins in Middle Eastern markets

The impact of Standard & Poor's unprecedented downgrade of U.S. debt is already being felt in foreign stock markets. Shares in Middle Eastern countries open for trading today are plunging. Dubai's stock index fell the most since February, and similar declines were reported in Abu Dhabi, Oman, Qatar and Bahrain, Bloomberg News reports. Saudi Arabia's [...]

S&P downgrades U.S. debt for the first time in history

(Rewrites and updates throughout with new information.) America's vaunted triple-A credit rating was stripped late today by the credit rating agency Standard & Poor's, an unprecedented move that could roil global financial markets and raise the cost of borrowing for the the U.S. government, corporations and consumers. The decision marks the first time in history [...]

S&P downgrade may be imminent; govt says analysis flawed

Well, I guess we should have expected that this week, of all weeks, would end this way. ABC News is reporting that government officials are bracing for Standard & Poor's to downgrade its rating on U.S. debt, wiping out the triple-A rating that America has had for as long as there have been ratings. The [...]

America: Living on borrowed time?

Had enough of all the discussions about the debt ceiling, the economy, and other failings of our political leaders? Of course you haven't. That's why you'll want to tune into Business1110 KTEK-AM tomorrow at 9 a.m. to hear me discuss these another other issues with host Michael Fjetland on his "Global American" program. Michael came [...]

Market Liveblog: Stocks end the day little changed

(I'll be liveblogging today's market events, as stocks appear to be extending their worst slump in two years and investors sift through a week's worth of major economic news. Updates will come about every hour until the market closes.) 3:00 - The markets have closed. The day ended with the Dow up 60.93 at 11,444.61 [...]

FAA set to return to business, no thanks to Congress

The 13-day shutdown of the Federal Aviation Administration appears to have ended yesterday in a patchwork compromise, and although President Obama praised congressional leaders for "working together," they really aren't. It's Transportation Secretary Ray LaHood that deserves credit for breaking the stalemate. As I wrote earlier, long-term FAA funding has been mired in a political [...]

Jobs number beats forecasts, stocks poised to rise

(Now the that BLS web site is actually working, I've updated this post throughout with details of the report.) Employers added 117,000 jobs in July, bringing the unemployment rate to 9.1 percent from 9.2 percent, according to a report released this morning by the Bureau of Labor Statistics. Those numbers are much better than many [...]