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Wall St drops on recovery concerns, tech rout

U.S. stocks slid on Thursday as another batch of economic data pointed to the fragility of the recovery and a brokerage's dim view on the semiconductor sector hit technology shares.

Daily Forecast - 20/11/2009

Australian Dollar: Average weekly wages increased by 5.2% in August and 0.9% for the year to date, down from 6.1% the previous month and 1.2% for the year to July. The news was enough to tip the AUD/USD below intraday technical support at 0.9270 to a low of 0.9220 in Asia yesterday. The Aussie dollar followed the Euro lower in early trade to revisit the 0.9130 level before bouncing back in late U.S trade following some relatively upbeat North American economic data. This morning sees the AUD ope...

Goldman Sachs makes 272 managing directors: source

Goldman Sachs Group Inc , in the spotlight over its controversial plans to pay billions of dollars in year-end bonuses to executives, has invited 272 executives to join the ranks of managing directors, a source familiar with the matter said.

Wall St sinks on tech and recovery concerns

Technology stocks drove a broad-based U.S. sell-off on Thursday as a brokerage took a dim view of demand prospects for the semiconductor sector, while economic data underscored the fragility of the recovery.

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Chip stocks fall on BofA Merrill downgrades

Semiconductor stocks fell sharply after BofA Merrill Lynch turned bearish on the industry and downgraded several chipmakers, including Intel Corp , citing a modest rise in inventories.

Regional factory activity, labor market improve

Manufacturing activity in the U.S. Mid-Atlantic region hit a two-year high in November, indicating the economic recovery was gaining momentum, while the trend in claims for jobless aid continued downward.

Fidelity launches new tool for breakaway brokers

Fidelity Investments has launched a service to help retail brokers determine how profitable it would be for them to leave their brokerage house and hang out their own shingle.

Wall Street tax must be international: Pelosi

Any tax imposed on financial transactions would have to take effect internationally to prevent Wall Street jobs and related business moving overseas, U.S. House Speaker Nancy Pelosi said on Thursday.

U.S. dollar to be reserve currency for years: IMF

The U.S. dollar will remain the world's primary reserve currency for many years or decades, an International Monetary Fund official said on Thursday.

Gamestop Q3 profit beats estimates

GameStop Corp's quarterly profit beat expectations helped by price cuts that stoked video game console demand and as used-game sales boosted margins -- signs a months-long period of gloom may be easing.

Tech, commods lead Wall Street's broad decline

Technology and basic materials shares led Wall Street's broad decline on Thursday, as bearish analyst comments on the semiconductor sector and a stronger U.S. dollar dented recent gains.

U.S. election, iPhone among decade's top 10 Internet moments

The launch of Wikipedia, emergence of the iPhone and the election of U.S. President Barack Obama were among the 10 most influential moments on the Internet in the past decade, according to the annual Webby awards.

U.S. leading economic index up at two-year high

A gauge of the U.S. economy's prospects rose for a seventh straight month in October to a two-year high, a private research group said on Thursday, indicating the recovery was becoming entrenched.

Pimco's Gross does not see rate rise soon

Bond-fund manager Bill Gross on Thursday said that investors should disabuse themselves of the notion that interest rates are going to be lifted any time soon, even though assets such as gold have streaked to new records.

Wal-Mart cuts money transfer fees for holidays

Wal-Mart Stores Inc , which has already cut prices on everything from toys to turkeys to TVs to win holiday shoppers, is now reducing the price it charges for money transfers.

Vodafone eyeing new Internet revenue options

Britain's Vodafone is looking at new ways of making money from the mobile Internet, such as offering premium services, as the battle for control of an expanding market dominated by search engine Google hots up.

Pimco's Gross suggests buying utilities shares

Pimco's Bill Gross said on Thursday that utilities stocks provide opportunity for investors in a low growth environment, due to their high dividend yield and steady earnings potential.

Geithner: Largest firms need single regulator

U.S. Treasury Secretary Timothy Geithner said on Thursday that no financial firm should be able to escape regulation, and the largest institutions need oversight from a single, strong regulator.

CIT Group says bankruptcy plan wins wide support

CIT Group Inc on Thursday said it has won overwhelming support from bondholders for its reorganization plan, as the big finance company tries to emerge from bankruptcy by the end of the year.

Fed officials play down impact of weak dollar

Federal Reserve officials on Thursday downplayed the consequences of the falling U.S. dollar, underscoring that deflation is still a threat, especially with commercial real estate prices falling.

Geithner: Recovery not enough without reforms

U.S. Treasury Secretary Timothy Geithner said on Thursday that without sweeping financial regulatory reforms, economic recovery would not be enough to ensure U.S. strength and stability.

U.S. jobless claims unchanged last week

The number of U.S. workers filing new applications for jobless insurance was unchanged last week, according to government data on Thursday that showed the labor market was slowly healing.

Stocks point to lower open on bearish semis note

U.S. stock index futures pointed to a lower open on Thursday after a bearish analyst comment on semiconductor stocks pressured the technology sector, even as data showed no change in weekly jobless claims.

U.S. jobless claims steady last week

The number of U.S. workers filing new applications for jobless insurance was unchanged last week, but the four-week moving average of claims dropped to its lowest in almost a year, according to government data on Thursday that showed the labor market slowly healing.

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