Dow, S&P end at 19-month highs
01.05.10
Stocks rallied Friday, with the Dow, Nasdaq and S&P 500 all ending at fresh 2010 highs, after a surprisingly strong new-home sales report, a surge in commodities and improved earnings from American Express.
The stakes are high whenever you invest, but they're extra high when you're managing your money amid a historic financial mess and record volatility. For advice equal to the task - in a setting chosen to inspire thoughts of security - we invited five champion fund managers to sit down inside a massive underground vault that's now part of a restaurant a block from Wall Street: Bob Rodriguez of First Pacific Advisors, who manages the FPA Capital and New Income funds; Susan Byrne, who heads Westwood Holdings Group; Leslie Christian, president and chief investment officer of Portfolio 21 Investments; Tom Forester, manager of the Forester Value fund; and Jeremy Grantham, chairman of asset manager GMO. Fortune's Geoff Colvin led the discussion. Edited excerpts follow; stock prices are as of Dec. 1. Oil prices fell Thursday, as stocks got hammered on worries about spreading European debt problems.
The dollar goes down. Stocks go up. Lather. Rinse. Repeat.
Money manager Ron Muhlenkamp gets a lot of credit for his bold, macro-driven investing style, and he deserves it: His namesake fund has returned 9% annually over the last 15 years, 2% better than the S&P 500. The dollar weakened Thursday as investors regained some appetite for risk amid easing concerns about Greece and strong corporate results.
Oil fell below $70 a barrel Wednesday after a government report showed demand for oil plunged.
The dollar was mixed against its main trading partners Wednesday as a retreat on Wall Street boosted some demand for the greenback as a safe haven.
Truckers, railroads and other transportation companies are seeing a pickup in demand for the first time in four years, a strong vote for the economic recovery. But for stock investors, timing an entry point into the sector is tricky. The euro continued bouncing off four-year lows seen earlier this week, as investors unwound bets against the shared currency on speculation that the European Central Bank will intervene in the market for the first time in 10 years.
Treasury bonds inched up Thursday, after investors showed a healthy appetite for U.S. bonds in the government's last of several auctions totaling $129 billion this week.
Treasurys held gains Wednesday after the most recent phase of this week's $78 billion offering of U.S. debt received above-average demand.
Treasurys were little changed Wednesday, as investors looked for direction amid mixed signals out of Europe and the United States.
Treasury prices rose Friday, as investor worries grew about Greece's aid package and a credit rating agency downgraded Goldman Sachs stock. Australia's raising interest rates! The global recession is over! The only question now is how strong and fast the economic rebound will be. Hip hip hooray!
Signs of gold fever are everywhere. TV commercials scream, "Sell your baubles, prices are reaching the sky!" Investors have poured more than $12 billion this year into SPDR Gold Trust, the big exchange-traded fund.
Oil backs off 7-month low
22.05.10
After hitting a new 7-month low earlier in the day, oil prices rebounded as investors looked ahead to the expiration date of the active futures contract.
Euro extends gains on dollar
22.05.10
The euro pared back earlier losses against the dollar Wednesday, after Germany said it would ban short selling on some European bank shares and the zone's government bonds.
Treasurys little changed amid volatile trading
22.05.10
Treasurys were little changed Wednesday, as investors looked for direction amid mixed signals out of Europe and the United States.
Stocks skid on global economic jitters
22.05.10
Stocks recovered from deep losses posted earlier in the session but ended lower Wednesday, as investors welcomed the Fed's forecast of an improving economy amid lingering fears about the global economy.
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Oil slides nearly 3%
22.05.10
Oil prices fell Thursday, as stocks got hammered on worries about spreading European debt problems.
Euro rebounds on ECB intervention talk
22.05.10
The euro recovered from earlier losses Thursday amid speculation that the European Central Bank could intervene in the currency market, following signs the Swiss National Bank is already doing so.
Treasurys rally on flight to safety
22.05.10
Treasurys rallied Thursday as stocks plunged and investors worried about European debt and its effect on the global economy.
Fear index soars to 14-month high
22.05.10
Wall Street's key measure of volatility skyrocketed on Thursday, as all major stock indexes plummeted on concerns about the European debt crisis.
Fear spikes, stocks tank
22.05.10
Stocks got pummeled Thursday, with the Dow, Nasdaq and S&P 500 losing enough to fall into "correction territory" - marked by a drop of more than 10% off the rally highs.
Euro continues rebound
22.05.10
The euro continued bouncing off four-year lows seen earlier this week, as investors unwound bets against the shared currency on speculation that the European Central Bank will intervene in the market for the first time in 10 years.