I thought the headlines on Friday were interesting. There was ZERO good news about the economy, and all the economic and earnings reports were worse than expected. But the stock market went up. Makes no sense to me.
Here are the top headlines from Reuters Business news as of 12:57pm (ET) yesterday.
GM, Ford losses worse than expected, burning cash - 33 minutes ago
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General Motors Corp and Ford Motor Co reported far deeper-than-expected quarterly losses on Friday, and said their rate of cash burn was accelerating, as an extended slump in car sales raised question…
· Pending home sales fall, tight credit bites - 18 minutes ago
Pending sales of existing homes fell in September, reversing the previous month’s gains, as access to credit tightened, a private report showed on Friday, adding more gloom to the broader economic…
· Bargain hunters buoy stocks, but GM slides - 10 minutes ago
Stocks rose on Friday as investors followed two days of losses in the mood to buy beaten-down sectors, including energy and technology, offsetting a blitz of bleak news indicating economic gloom.
· Job losses soar, jobless rate at 14-year high - 1 hour ago
U.S. employers slashed an unexpectedly steep 240,000 jobs from payrolls last month and the jobless rate shot up to a 14-1/2-year high, the government said on Friday in a report underscoring the econom…
· Microsoft CEO pours cold water on Yahoo interest - 2 hours ago
Microsoft Corp Chief Executive Steve Ballmer dismissed speculation the software giant might still be interested in buying Yahoo Inc, sending shares of the Internet company down 14 percent.
· Paulson considering all options for TARP funds - 30 minutes ago
Treasury Secretary Henry Paulson is considering “all options” regarding implementation of the $700 billion financial rescue plan, including areas of the financial sector beyond traditional b…
· JPMorgan sees consumer loan defaults rising - 2 hours ago
JPMorgan Chase & Co (JPM.N) said on Friday it expects consumer loan defaults to increase in the current quarter and sees higher loan loss provisions.
· Oil rises as U.S. jobs data hits dollar - 43 minutes ago
Oil prices rose on Friday as the dollar slumped following bleak employment data in the United States, the world’s top energy consumer.
· Sprint suffers loss as customers flee, shares slump - 36 minutes ago
Sprint Nextel Corp (S.N), the No. 3 U.S. mobile service, posted a third-quarter loss and a 12 percent drop in revenue as customers fled to rival services.
· Major banks ask Citadel to post more collateral: report - 28 minutes ago
Citadel Investment Group, one of the largest hedge funds, is being asked by several major banks to post additional collateral to cover big losses on its investments, the Wall Street Journal said, citi…
Filed under: Economy Tagged: | earnings, Economy, S&P 500, Stock Market
