This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Market Enthusiasm Over Fed Stimulus Fades

By PAMELA SAMPSON

BANGKOK (AP) â¿¿ Asian stock markets stuttered Friday after a survey showed a sharp drop in Japanese business confidence and a lack of progress in U.S. budget negotiations intensified fears that the world's largest economy faces a new recession.

Japan's Nikkei 225 index fell 0.4 percent to 9,706.50 after a Bank of Japan survey showed large Japanese manufacturers becoming more pessimistic about business conditions. The index in three months to December dropped from September's minus three to minus 12, much worse than expected.

The survey suggested than an economic recovery might come even later than the central bank is currently envisaging, said Yoshiro Sato of Credit Agricole CIB in a market commentary.

South Korea's Kospi fell 0.6 percent to 1,989.66. Benchmarks in Singapore and Taiwan also fell. Hong Kong's Hang Seng rose 0.3 percent to 22,519.7 and Australia's S&P/ASX added 0.1 percent to 4,588.90.

Among individual stocks, Japan's Fujitsu Ltd. surged 5.5 percent and Sharp Corp. jumped 5.2 percent.

Wall Street stocks slid Thursday after investors registered their dismay at an apparent lack of progress during budget talks in Washington between President Barack Obama and key Republican lawmakers.

A deal must be reached by the end of the year to avoid what has been dubbed the "fiscal cliff" â¿¿ hundreds of billions of dollars in automatic spending cuts and tax increases that could plunge the world's largest economy back into recession.

The Dow Jones industrial average fell 0.6 percent to 13,170.72. The Standard & Poor's 500 index fell 0.6 percent to 1,419.45. The Nasdaq composite index fell 0.7 percent to 2,992.16.

The decline in stocks came despite the fourth straight weekly drop in applications for unemployment benefits. Applications fell 29,000 last week to 343,000, the second-lowest this year, the Labor Department reported.

Benchmark crude was up 36 cents to $86.25 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost 88 cents to end at $85.89 per barrel in New York on Thursday.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,097.38 -105.99 -0.58%
S&P 500 2,096.31 -11.47 -0.54%
NASDAQ 4,961.6430 -18.2580 -0.37%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs