The Market Story
Stocks Pinned Down by AIG, Rising Oil
05/09/08 - 11:17 AM EDT
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Activision ATVI was gaining 7% after sales of Guitar Hero 3 and Call of Duty IV led to robust fourth-quarter earnings. Treasury prices were surrendering their early gains. The 10-year note was unchanged in price, yielding 3.78%, and the 30-year bond was gaining just 5/32, yielding 4.53%. The dollar was weak against most of its competitors, including declines of 0.8% against both the yen and the Swiss franc. The euro rose 0.2% to $1.5437. On the data side, the March U.S. trade deficit shrank to $58.2 billion from $61.7 billion in February, in part because the stumbling greenback made domestic goods cheaper overseas. Analysts expected the deficit to be $61 billion. Meanwhile, markets overseas were sinking. Tokyo's Nikkei fell 2.1% overnight, and Hong Kong's Hang Seng shed 1.5%. Europe's major indices weren't much better. London's FTSE was losing 1.2%, and the Paris Cac was retreating 2.5%. Frankfurt's Dax was lower by 1.3%.
AIG and Citigroup are both falling in morning trading in New York, and oil prices surge past $125 a barrel for the first time ever. The dollar is mostly weaker, and Treasuries rise.
The dollar is falling, and Treasury securities rise.
Also, oil's rise above $125 a barrel rattles investors.
Yahoo! is among the most searched stocks on TheStreet.com. Here's what Cramer had to say about the stock recently.
Catch up on his thinking on the hottest topics of the past week.
Investors will have to deal with a Fed meeting and another flood of earnings and economic data.
Ensco International and Echelon have the potential to move higher in coming days.
See who made what calls.
The addition of video is helping telecom companies compete against cable and satellite companies.
The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.
See who made what calls.
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