Layoff plans hit a near 5-year high, says Challenger, Gray & Christmas. Private employers cut 157,000 jobs, according to the ADP jobs report, more than expected. Shares fell 6% late after losing 5% ahead of results. It vowed to cut $1 bil in fiscal year spending via cost cuts and a hiring freeze. Cisco said Q2 sales could fall 5% to 10% - analysts saw a 7% gain. Sales rose 8% to $10.3 bil, in line with views. a year earlier to 42 cents a share - 3 cents over forecasts. The network gear giant’s Q1 profit rose 5% vs. The 10-year Treasury yield fell 3 ticks to 3.70%.
Metal, solar and financial stocks were big losers after leading the market higher Tue. They closed at session lows, but volume fell. More on this pageĪfter several days of relatively mild and positive action, the major averages all sold off more than 5% on weak job and service-sector reports. Dems also won most of the 11 governors’ races. Dems also took control of 4 state legislatures vs 2 for the GOP. Dems also were projected to pick up 20 House seats, adding to their existing 36-seat majority, but several races remained undecided. With 4 tight races undecided, Dems won 5 seats to boost their Senate majority to 56, shy of the filibuster-proof 60 seats. More on this pageĬongress, meantime, may push ahead on stimulus, let other spending wait Dems alsocautioned that a weak economy will likely curb their agenda. A top priority will be selecting a Treasury secretary to address the financial crisis, aides said. Rahm Emanuel, D-Ill., as White House chief of staff, sources said, as he moved to assemble his new administration. Within hours of his historic victory, President-elect Barack Obama tapped Rep. Obama Moving Fast To Assemble Team To Tackle Fin’l Crisis ManTech climbed last week after a report that beat views Inverse commodity funds led performance during October
When the economy goes south, school enrollment heads north Some types of technology firms will likely benefit under Obama John Goodman took a stand to give people medical control Will we see a different Obama once he begins his presidency? 267.97 -10.25 (-3.7%) Wheat, copper, gold fall crude down on supply yenĮURO 1.2942 -0.0101 (-0.8%) Euro continues slide against dollar, yen (MIL) 2,094 -155 (-6.9%) Tuesday’s gains vanish, but distribution avoidedġ0-YEAR T-NOTE 3.70% -0.03 (-0.8%) Treasuries rise on data showing rise in job cutsĭOLLAR-YEN 98.42 -1.20 (-1.2%) Job cuts fuel contraction, hurting buck vs. (MIL) 1,121 -34 (-3.0%) Volume was light, but picked up as losses grew S&P 500 INDEX 952.66 -53.09 (-5.3%) Almost all 197 groups finish day with lossesĭOW JONES IND.
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