Swingin' Dreidel

Silent Night - Stevie Nicks

Happy Christmas~~John Lennon





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Oil hovers above $73 ahead of OPEC meeting
Oil hovers above $73 in European trade ahead of OPEC meet Tuesday, no output change expected


Buzz up! 0 Print..By Pablo Gorondi, Associated Press Writer , On Monday December 21, 2009, 8:07 am
Oil prices hovered above $73 a barrel Monday ahead of an OPEC meeting where investors expect the cartel to keep production levels unchanged.

By early afternoon in Europe, benchmark crude for January delivery was up 16 cents to $73.52 in electronic trading on the New York Mercantile Exchange. The January contract, which expires later on Monday, rose 71 cents to settle at $73.36 on Friday.

Traders also have begun to watch the February contract, which was up 54 cents to $74.96 on Monday.

Leaders of the Organization of Petroleum Exporting Countries have signaled in recent weeks the group doesn't plan to change output levels at its meeting Tuesday in Luanda, Angola.

"The market would be surprised if there was any change to output," said Clarence Chu, a trader with Hudson Capital Energy in Singapore. "At near $75, the price is high enough to fund governments and investment, but not so high it damages the global economic recovery."

Iraq took back a remote oil well from Iranian forces over the weekend, a confrontation that briefly sent oil prices higher Friday on investor concerns about a wider conflict, although analysts quickly excluded a lasting impact on the market.

"There are continued issues on the exact positioning of the Iranian-Iraqi border but there will not be a new Iraq-Iran war," said Olivier Jakob of Petromatrix in Switzerland. "While it does create some nice headlines in a holiday market, the market reaction on Friday shows the risk of buying oil on such hyped headlines."

A slight recovery of the euro against the dollar also helped oil prices, as crude valued in dollars becomes cheaper for investors holding other currencies when the greenback weakens.

On Monday, the euro was up to $1.4345 from $1.4329 in New York on Friday.

"In a holiday environment of low liquidity for commodity markets, we will this week mainly focus on the dollar," Jakob said.

In other Nymex trading in January contracts, heating oil advanced 2.57 cents to $1.9824 while gasoline rose 0.5 cent to $1.8998. Natural gas gained 12.7 cents to $5.909 per 1,000 cubic feet.

"The weather has been cold and the U.S. East Coast has seen some of the highest snowfalls since 2003, but ... there are enough stocks of distillates and refining spare capacity to answer any surge of demand without necessarily creating any imbalances," Jakob said.

In London, Brent crude for February delivery rose 70 cents to $74.45 on the ICE Futures exchange.

Associated Press writer Alex Kennedy in Singapore contributed to this report.

Stock futures pointing toward modestly higher open
Stock futures indicate Wall Street set for modest gains following rise overseas


Buzz up! 0 Print..Companies:Bucyrus International Inc.Chattem Inc.Oracle Corp..Related Quotes
Symbol Price Change
BUCY 50.84 0.00

CHTT 69.98 0.00

ORCL 24.34 0.00

RIM.TO 73.96 0.00

SAN 61.05 0.00


{"s" : "bucy,chtt,orcl,rim.to,san,tex","k" : "c10,l10,p20,t10","o" : "","j" : ""} By Stephen Bernard, AP Business Writer , On Monday December 21, 2009, 8:37 am
NEW YORK (AP) -- Stock futures are pointing to a higher opening Monday, following gains in major markets overseas in what is expected to be a quiet week of trading.

Trading is likely to be light during the Christmas holiday-shortened week, but that can add to volatility. Markets will be closed Friday.

Investors traditionally avoid placing big bets during the last two weeks of the year. Traders are likely to be closing out books and locking in gains from a nine-month rally. Major indexes are all sharply higher in 2009.

Those still trading will get plenty of economic data throughout the week to determine if the ongoing rally has been justified.

The government on Tuesday releases its final report on third-quarter gross domestic product, which measures the total economic output of the country. Economists polled by Thomson Reuters predict third-quarter growth was unchanged at an annual rate of 2.8 percent.

Data on existing and new home sales are also due out later in the week. Both reports are expected to show sales rose about 2 percent in November. A recovery in the housing market is considered vital to foster a recovery because a collapse in sales and prices coupled with mounting mortgage defaults helped throw the nation's economy into recession.

Orders to U.S. factories for big-ticket manufactured goods likely rebounded in November. Orders for durable goods that are expected to last more than three years likely rose 0.5 percent in November, after a 0.6 percent drop a month earlier. The report is due out Thursday.

Ahead of the opening bell, Dow Jones industrial average futures rose 40, or 0.4 percent, to 10,311. Standard & Poor's 500 index futures increased 5.60, or 0.5 percent, to 1,103.30, while Nasdaq 100 index futures rose 10.25, or 0.6 percent, to 1,817.25.

In corporate news, mining equipment maker Bucyrus International Inc. said it will acquire Terex Corp.'s mining equipment division for $1.3 billion in cash.

French drug maker Sanofi-Aventis SA said it will buy Chattem Inc., a U.S. maker of consumer health-care products, for about $1.9 billion in cash. The deal values Chattem at $93.50 per share, a 34 percent premium over Friday's closing price.

Stocks are looking to extend gains into a second day. Major indexes rose Friday following upbeat earnings reports from software company Oracle Corp. and BlackBerry maker Research In Motion Ltd.

Volume was exceptionally high Friday as several types of options contracts expired and S&P made changes to the S&P 500. That index is the basis for many indexed mutual funds, so those funds were forced to alter their holdings to match the reconstituted index.

Meanwhile, bond prices fell Monday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.60 percent from 3.54 percent late Friday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.05 percent from 0.03 percent.

The dollar was mixed against other major currencies, while gold prices rose.

Overseas, Japan's Nikkei stock average rose 0.4 percent. Britain's FTSE 100 rose 1.3 percent, Germany's DAX index gained 0.8 percent, and France's CAC-40 rose 1.2 percent.

lol...

ttwo is kicking a$$...

bring it on !

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Oil rises to near $74 as traders eye OPEC, demand
Oil rises above $73 in Europe PM trade on cold weather in US, hope of rising crude demand


Buzz up! 0 Print..By Pablo Gorondi, Associated Press Writer , On Friday December 18, 2009, 7:59 am
Oil prices rose to near $74 a barrel Friday amid expectations OPEC plans to leave production levels unchanged at its meeting next week. A slightly weaker dollar and cold weather on the U.S. East coast also helped support prices.

By early afternoon in Europe, benchmark crude for January delivery was up $1.22 to $73.87 in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract fell 1 cent to settle at $72.65.

Investors will be watching closely the output policy decided at the Organization of Petroleum Exporting Countries' meeting Tuesday in Luanda, Angola. Leaders of the 12-member cartel have said they would like the price of oil above $70 a barrel and so far signaled they plan to keep production unchanged.

"Crude oil prices are likely to remain within the range of $70-$80 by the end of the year, with investors waiting for confirmation over OPEC compliance decisions, oil inventories, and global economic figures," said a report from Sucden Research in London.

Traders are also looking for evidence demand for crude and its products is improving. Energy Department data released earlier this week showed U.S. demand for distillates such as heating oil and diesel were at its highest since March due to colder weather and a growing economy, Barclays Capital said.

"Distillate demand showed the first signs of inspiration," Barclays Capital said in a report. "Cold weather should complement the advent of greater trucking activity, thereby providing a boost to demand."

While the dollar was still near three month highs, it weakened slightly against the euro and British pound Friday, sustaining prices by making crude cheaper and more attractive to investors holding other currencies.

The euro rose to $1.4354 from $1.4349 late Thursday in New York, while the British pound advanced to $1.6187 from $1.6156.

"Continued strength in the Dollar Index kept most of the commodity complex under pressure (Thursday) and the evolution of the dollar will remain a strong market input as we start to approach the end of the year," said Olivier Jakob of Petromatrix in Switzerland.

In other Nymex trading in January contracts, heating oil rose 2.90 cents to $1.9864 while gasoline rose 3.62 cent to $1.8882. Natural gas jumped up 15 cents to $5.918 per 1,000 cubic feet.

"The cold weather and strong stock draws are maintaining a strong support in U.S. natural gas," Jakob said.

In London, Brent crude for February delivery rose 91 cents to $74.28 on the ICE Futures exchange.

Associated Press writer Alex Kennedy in Singapore contributed to this report.

Futures Climb; 'Witching' Volatility Expected
Published: Friday, 18 Dec 2009 | 6:04 AM ET Text Size By: CNBC.com
Stocks are set to bounce back from the previous session's decline at the start of trading Friday. Buying in Europe helped stocks index futures climb ahead of the opening bell.

But barring a significant rally, Wall Street's major averages are likely to end the week with a mixed-to-lower performance.


FOR INVESTORS
Dow 30: Extra-Hour Quotes
Pre-Markets/Futures Data
Video: Market Task Force
Earnings could provide a positive spark this morning, following upbeat after-the-bell reports from Blackberry maker Research In Motion [RIMM 63.46 --- UNCH (0) ] and Oracle [ORCL 22.88 --- UNCH (0) ]. Both beat consensus estimates, as did Nike [NKE 63.25 --- UNCH (0) ].

RIM shares jumped 11.5 percent in premarket trading and Oracle rose 4.7 percent.

Citigroup's [C 3.20 --- UNCH (0) ] secondary offering and a dollar rally were the most significant weights on the stock market during the Thursday session.

But volatility and high volume could well spark wide swings today as Wall Street goes through its final "quadruple witching" day of 2009, with the simultaneous expirations of various options and futures contracts.

Darden Restaurants [DRI 32.75 --- UNCH (0) ], owner of Olive Garden and Red Lobster, saw its quarterly profit of 43 cents a share narrowly beat estimates. But the company narrowed its outlook going forward due to "sluggish" sales trends, and shares dropped about 3 percent after the closing bell Thursday..


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Current DateTime: 04:57:17 18 Dec 2009
LinksList Documentid: 34475995
European Shares Higher; Oils GainAsia Stocks End Lower on Wall Street's SlideDollar Lackluster; Swiss Franc Off HighsGold Rises 1% as Dollar Surrenders Some GainsOil Rises Toward $74 on Iran, Iraq Reports
Videogame maker Take Two Interactive [TTWO 8.25 --- UNCH (0) ] matched estimates with its latest earnings, but more notable was news that activist investor Carl Icahn has taken an 11.3 percent stake in the company, sending the shares up 3.5 percent in after-hours trading.

A Securities and Exchange Commission filing said Icahn may seek talks with Take Two, but it did not elaborate.

The economic calendar has no release of note today, while this morning's earnings releases include the latest numbers from cruise line operator Carnival [CCL 33.36 --- UNCH (0) ] , and car dealership chain CarMax [KMX 21.82 --- UNCH (0) ] .



Boeing [BA 54.47 --- UNCH (0) ] also could be in focus following news that budget carrier Ryanair [RYA-LN 3.265 0.165 (+5.32%)] has halted discussions to purchase as many as 200 Boeing jets.

Jeweler Zale [ZLC 2.53 --- UNCH (0) ] is also a stock to watch today, after a report in the Wall Street Journal saying that the nation's second-biggest jewelry retailer has canceled some orders with suppliers as debt increases and sales decline.

Stock futures signal stronger open on tech earns
Stock futures point to higher open after strong technology sector earnings


Buzz up! 0 Print..Companies:Oracle Corp.Palm, Inc.Research In Motion Ltd.Related Quotes
Symbol Price Change
ORCL 22.88 0.00

PALM 11.72 0.00

RIM.TO 67.05 0.00


{"s" : "orcl,palm,rim.to","k" : "c10,l10,p20,t10","o" : "","j" : ""} By Ieva M. Augstums, AP Business Writer , On Friday December 18, 2009, 7:30 am
Stock futures are indicating a higher opening Friday on Wall Street following better than expected earnings reports from the technology sector.

European stock markets were mixed after Asian markets retreated.

Software company Oracle Corp. and BlackBerry maker Research In Motion Ltd. each reported strong earnings that beat analysts' expectations after the markets closed Thursday.

Oracle's results suggested companies are becoming less reluctant to spend on technology projects.

Palm Inc., however, reported a wider second-quarter loss than analysts predicted as sales of its smart phones declined.

Ahead of the opening bell, Dow Jones industrial average futures are up 35, or 0.3 percent, at 10,368. Standard & Poor's 500 index futures are up 4.5, or 0.4 percent, at 1,098.70, while Nasdaq 100 index futures are up 5.25, or 0.3 percent, at 1,790.75.

U.S. stocks tumbled on Thursday as the dollar's rebound spurred a safe-haven trade, cutting demand for riskier assets. Weak job figures and the Federal Reserve indicating it would start pulling back some emergency supports as the economy improves also pulled markets down.

Investors have been looking for signs that a nine-month advance in the stock market is justified by improvements in the economy. At the same time, as year-end approaches many investors are also eager to secure gains for 2009.

Attention remains Friday on Copenhagen as world leaders including President Barack Obama gather in a bid to create a pact designed to tackle climate change.

Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was unchanged from 3.48 percent late Thursday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.04 percent from 0.03 percent.

The dollar mostly fell against other major currencies, while gold prices rose.

Overseas, Japan's Nikkei stock average fell 0.2 percent. In afternoon trading, Britain's FTSE 100 was up 0.4 percent, Germany's DAX index was up 0.3 percent, and France's CAC-40 was down 0.9 percent

tomorrow is...



quadruple witching hour

you know what i say about them...

FedEx issues cautious 3Q forecast
FedEx cautious in 3Q forecast, reporting fiscal 2Q results fell 30 percent


Buzz up! 1 Print..Companies:Fedex CorporationUnited Parcel Service, Inc..
AP - In this photo made Monday, Dec. 14, 2009, drivers organize packages for their delivery trucks at a FedEx ...

Related Quotes
Symbol Price Change
FDX 89.95 0.00

UPS 59.00 0.00


{"s" : "fdx,ups","k" : "c10,l10,p20,t10","o" : "","j" : ""} By Samantha Bomkamp, AP Transportation Writer , On Thursday December 17, 2009, 8:50 am
NEW YORK (AP) -- FedEx offered a tepid outlook for the current quarter on Thursday, after reporting second-quarter results fell 30 percent from a year ago.

Although the package delivery company expects a modest economic recovery next year, FedEx said "there is some uncertainty regarding the sustainability of current demand trends after our peak shipping season." The company, based in Memphis, Tenn., predicts earnings of 50 to 70 cents per share in the third quarter, well under analysts' expectations of 84 cents per share.

FedEx shares fell 3.6 percent in premarket trading.

The third-quarter, which ends in January, is usually weak because it includes the typical slowdown after the holiday season. But predictions from FedEx and its larger rival UPS are considered an indicator of how the broader economy is faring. UPS reported lower third-quarter profit and revenue in October.

FedEx Corp. said it earned $345 million, or $1.10 per share, compared with $493 million, or $1.58 per share a year earlier. Revenue fell 10 percent to nearly $8.6 billion.

Thomson Reuters says analysts expected profit of $1.06 per share on revenue of $8.46 billion.

FedEx reported double-digit sales declines in major segments including Express, Freight and Services. But revenue in the company's Ground segment, in most cases the least-expensive shipping option, rose 3 percent mostly due to added volume from a partnership with the U.S. Postal Service and DHL's exit from the U.S. market.

Despite the company's cautious prediction for the third-quarter, it forecast full-year earnings mostly above what Wall Street currently expects. FedEx sees profit of between $3.45 and $3.75 per share, compared with a current average analyst estimate of $3.46. FedEx said continued cost cuts will boost results.

The company said it will resume merit salary increases in 2010 and half of the 401(k) company match for most U.S. workers. The program was suspended a year ago

Stock futures extend decline after jobs data
Stock futures extend decline after jobs data, dollar continues to rise against euro


Buzz up! 1 Print..Companies:Citigroup, Inc.Discover Financial ServicesFedex Corporation.Related Quotes
Symbol Price Change
C 3.45 0.00

DFS 16.42 0.00

FDX 89.95 0.00

GIS 68.29 0.00


{"s" : "c,dfs,fdx,gis","k" : "c10,l10,p20,t10","o" : "","j" : ""} By Ieva M. Augstums, AP Business Writer , On Thursday December 17, 2009, 8:45 am
Stock futures are extending their decline after an unexpected rise in new jobless claims suggested continued labor market weakness.

The Labor Department says that the number of new jobless claims rose to 480,000 last week, up 7,000 from the previous week.

Overseas markets are also down Thursday after the Federal Reserve indicated it would start pulling back some emergency supports as the economy improves.

The dollar rose against the euro on speculation the central bank might increase rates sooner than expected.

Dow Jones industrial average futures were down 69, or 0.7 percent, at 10,382. Standard & Poor's 500 index futures were down 9.50, or 0.9 percent, at 1,096.20, while Nasdaq 100 index futures were down 10.75, or 0.6 percent, at 1,789.25.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

Stock futures are indicating a lower opening on Wall Street following declines in overseas markets after the Federal Reserve indicated it would start pulling back some emergency supports as the economy improves.

Markets in Europe and Asia slipped Thursday as the dollar rose against the euro on speculation the central bank might increase rates sooner than expected.

Investors will get more evidence on the nation's economic recovery as the Labor Department reports on weekly jobless claims.

Economists surveyed by Thomson Reuters expect first-time unemployment claims to dip to a seasonally adjusted 465,000 last week, down from 474,000 the previous week. The report is due at 8:30 a.m. EST.

Later in the morning, the Conference Board issues its forecast of economic activity for November. Analyst expect the index to show a 0.7 percent rise last month following a 0.3 percent increase in October. The report is expected at 10 a.m. EST.

Ahead of the opening bell, Dow Jones industrial average futures fell 55, or 0.5 percent, at 10,396. Standard & Poor's 500 index futures fell 8.00, or 0.7 percent, at 1,097.70, while Nasdaq 100 index futures fell 13.50, or 0.8 percent, at 1,786.50.

The stock market stalled after an early advance Wednesday as the Federal Reserve reiterated its commitment to keep rates low. It also said it expects to wind down several emergency lending programs launched at the height of the financial crisis as the programs are set to expire next year. The Dow Jones industrials slipped 11 points, while broader indexes ended with modest gains but off their highest levels of the day.

In earnings news, package delivery FedEx provided a cautious outlook for its fiscal third quarter on Thursday, after reporting second-quarter results fell 30 percent from a year ago.

Drugstore operator Rite Aid said its fiscal third-quarter loss narrowed, as a rise in prescriptions helped offset a continued slump in same-store sales. And General Mills Inc. said its fiscal second-quarter profit rose 50 percent as shoppers spent more on its cereal and snacks. The company also boosted its full-year earnings guidance.

Late Wednesday, the Treasury Department backed out of its plans to sell its 34 percent stake in Citigroup Inc.

The move came after investors responded tepidly to a massive stock offer by the New York-based bank, which is trying to repay $20 billion of the $45 billion in government support it received to weather the financial crisis.

Citi is the last remaining Wall Street bank in which the government still owns a major stake.

Also, Bank of America announced that insider Brian Moynihan will succeed outgoing CEO Ken Lewis, ending a months-long search complicated by pay restrictions.

Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.55 percent from 3.60 percent late Wednesday. The yield on the three-month T-bill, considered one of the safest investments, was unchanged from 0.05 percent.

The dollar rose against other major currencies, while gold prices fell.

Overseas, Japan's Nikkei stock average fell 0.9 percent. In afternoon trading, Britain's FTSE 100 was down 0.9 percent, Germany's DAX index was down 0.7 percent, and France's CAC-40 was down 0.6 percent

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low dly vol, but nice dly spread...




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Oil up above $71 as US crude supply seen higher
Oil rises to over $71 in European trade amid signs of rising US crude supplies, weaker dollar


Buzz up! 0 Print..Companies:The Mcgraw-Hill Companies, Inc..
AP - Roberto Ayala, a driver with Hess Oil, delivers 6,200 gallons of heating oil to a hotel, Tuesday, Dec. ...

Related Quotes
Symbol Price Change
MHP 34.61 +0.06


{"s" : "mhp","k" : "c10,l10,p20,t10","o" : "","j" : ""} By Pablo Gorondi, Associated Press Writer , On Wednesday December 16, 2009, 7:35 am EST
Oil prices edged above $71 a barrel Wednesday as the dollar weakened, but gains were tempered by a U.S. crude supply report showing an unexpected rise in inventories last week.

By early afternoon in Europe, benchmark crude for January delivery was up 43 cents to $71.12 in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract added $1.18 to settle at $70.69.

U.S. crude inventories unexpectedly rose last week, the American Petroleum Institute said late Tuesday. Crude stocks rose 920,000 barrels while analysts had expected a drop of 2.0 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

"The market interpreted the API figures as bullish due to the strong distillate draw that was reinforced by plummeting temperatures in the U.S. Northeast, the country's key heating oil market," said analysts at JBC Energy in Vienna. "However, it is questionable how bullish it really is when refinery utilization collapses ... while global floating storage alone would be (theoretically) sufficient to meet the entire U.S. heating oil demand this winter."

The Energy Department's Energy Information Administration plans to announce its own inventory report -- the market benchmark -- later Wednesday.

"There's clearly a lot of inventory to chew through," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. "Crude demand is weak right now, but it should slowly improve in 2010."

Oil prices have fallen from $82 a barrel in October after surging from $32 in December 2008.

Oil prices tend to rise as the dollar weakens, with investors looking to commodities as a hedge against inflation.

On Wednesday, the euro rose to US$1.4575 from $1.4529 in New York late Tuesday. The British pound also gained, climbing to $1.6367 from $1.6256. The dollar retreated to 89.51 Japanese yen from 89.74 yen.

In other Nymex trading in January contracts, heating oil rose 2.37 cents to $1.9270 while gasoline gained 1.55 cents to $1.8606. Natural gas jumped 2.3 cents to $5.546 per 1,000 cubic feet.

In London, Brent crude for January delivery rose 78 cents to $72.83 on the ICE Futures exchange.

Associated Press writer Alex Kennedy in Singapore contributed to this report.

Stocks rise on benign reading for consumer prices
Stocks open higher on tame reading for consumer inflation and a rebound in housing starts


Buzz up! 0 Print..By Ieva M. Augstums, AP Business Writer , On Wednesday December 16, 2009, 9:54 am
Stocks are rising in early trading following a benign reading on consumer inflation and a rebound in housing starts last month.

Consumer prices excluding food an energy were flat in November, signaling that inflation isn't rising through the economy. It was the first time that "core" inflation was unchanged after 10 monthly increases.

Meanwhile the Commerce Department said construction of new homes and apartments rose 8.9 percent last month.

The Dow Jones industrial average rose 52.45, or 0.5 percent, to 10,504.45, the Standard & Poor's 500 index is up 6.82, or 0.6 percent, to 1,114.75, and the Nasdaq composite index is up 15.69, or 0.7 percent, at 2,216.74.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

Stocks are higher in early trading after the government said consumer prices rose in November, led by higher energy costs.

A separate government report on housing showed construction rebounded last month with all areas of country showing strength.

The data is likely being discussed by Federal Reserve policymakers who finish a two-day meeting on interest rate policy Wednesday afternoon. Investors expect the Fed will hold rates steady even as the economy is showing signs of recovery.

The Dow Jones industrial average is up 37.87, or 0.4 percent, at 10,489.87, the Standard & Poor's 500 index is up 4.81, or 0.4 percent, at 1,112.74, and the Nasdaq composite index is up 10.07, or 0.5 percent, to 2,211.12.

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November housing construction up 8.9 percent
Housing construction rebounds in November with all areas of country showing strength


Buzz up! 0 Print..By Martin Crutsinger, AP Economics Writer , On Wednesday December 16, 2009, 9:05 am
WASHINGTON (AP) -- Construction of new homes, helped by better weather, rebounded in November following a setback in the previous month.

The gain is a hopeful sign that the housing recovery is continuing, a development viewed as critical to lifting the overall economy out of recession.

The Commerce Department says construction of new homes and apartments rose 8.9 percent in November to a seasonally adjusted annual rate of 574,000 units. The gain represented strength in all areas of the country although the increase was slightly lower than economists had expected.

Applications for new building permits were also up, rising 6 percent to an annual rate of 584,000 units, a stronger showing than economists predicted.

moanin' !

White House pushes policies to spur manufacturing

Buzz up! 1 Print..
Reuters - President Barack Obama tours Allentown Metal Works with Vice President of Manufacturing Ed Rowlands in Allentown, Pennsylvania, December ...
On Wednesday December 16, 2009, 6:39 am EST
By Jeff Mason

WASHINGTON (Reuters) - The United States must improve the business climate for manufacturers and not place undue regulatory burdens on the sector, the White House said on Wednesday ahead of a meeting focused on the industry.

Vice President Joe Biden hosts a meeting later in the day with chief executives from U.S. manufacturing companies to lay out a "framework" for boosting business for the sector.

"We need legal, tax and regulatory regimes that promote American manufacturing and do not place an undue burden on those who wish to manufacture products in America," the White House said in a statement outlining an "Obama framework" on manufacturing.

It said those policies should be consistent with the country's fiscal and environmental goals.

"We must be sure that those who wish to sell the goods that they make in the U.S. in other countries have the market access they need and that those who sell domestically do not face unfair competition from advantaged foreign producers," it said.

Politically important U.S. states including Michigan and Ohio, which historically alternate their support for Republicans and Democrats in presidential elections, have been especially hard hit by a manufacturing downturn.

The White House's push for job creation to combat double-digit employment has those states -- and their struggling industries -- in mind.

President Barack Obama's focus on manufacturing comes as his administration promotes policies to reduce industrial greenhouse gas emissions, which critics say will cost jobs and hurt the economy.

Other aspects of Obama's "framework" include providing training for manufacturing workers, investing in research, making sure credit is available for companies upgrading their facilities and helping communities transition when manufacturing jobs disappear.

"A strong manufacturing sector is a cornerstone of American competitiveness and a critical part of President Obama's strategy for economic growth," Ron Bloom, a senior counselor to Obama on manufacturing policy, said in the statement.

"It is vital to have a concerted effort across the administration to support an innovative, vibrant manufacturing sector that creates and sustains good paying jobs."

Leaders from Dow Corning, Procter & Gamble, Goodyear Tire & Rubber Co and others will attend the meeting on ways to promote a healthy manufacturing sector.

(Editing by Todd Eastham)

Fed to strike upbeat note on economy
Fed poised to keep rates at record low to feed recovery, lower unemployment


Buzz up! 3 Print..
AP - FILE - In this Dec. 7, 2009 file photo, Federal Reserve Chairman Ben Bernanke is introduced before speaking ...
By Jeannine Aversa, AP Economics Writer , On Wednesday December 16, 2009, 6:20 am EST
WASHINGTON (AP) -- Focused on keeping the recovery going and driving down double-digit unemployment, the Federal Reserve is poised to leave interest rates at a record low.

Fed Chairman Ben Bernanke and his colleagues, at the end of their two-day meeting Wednesday afternoon, will likely to strike an upbeat note about the progress the economy is making. But they'll also caution that now is not the time to be complacent against risks.

Signs are growing that the economy is on the mend. Consumers and businesses are spending again. The housing market is stabilizing. Manufacturing is growing. And layoffs are moderating.

But there's much uncertainty about how the recovery will fare next year after government stimulus starts to fade. Loans are also still difficult for many people and businesses to get, a force putting a damper on an energetic economic rebound.

Against that backdrop, the Fed is all but certain to keep the target range for its bank lending rate at zero to 0.25 percent, where it's stood since last December.

The Fed also is likely to retain a pledge first made in March to hold rates at such levels for "an extended period."

In response, commercial banks' prime lending rate, used to peg rates on home equity loans, certain credit cards and other consumer loans, will remain about 3.25 percent. That's its lowest point in decades.

Super-low interest rates are good for borrowers who can get a loan and are willing to take on more debt. But those same low rates hurt savers. They're especially hard on people living on fixed incomes who are earning measly returns on savings accounts and certificates of deposit.

Tight credit is clobbering small businesses, normally an engine of job creation during economic recoveries. That's crimping their ability to hire and expand.

Many small businesses rely on smaller banks for credit. But troubled commercial real estate loans are concentrated at those banks. That's hobbled the flow of credit. At a White House meeting Monday, President Barack Obama urged top bankers to increase lending to small businesses. Afterward, some banks pledged to do so.

The central bank also isn't expected to make any major changes to a program, set to expire in March, to help further drive down mortgage rates.

A big question is whether the Fed will hint about when they will reverse course and start boosting rates.

Plans for reeling in the unprecedented amount of money the Fed has plowed into the economy to bolster the recovery are likely to figure prominently during the closed-door discussions.

The central bank faces a high-stakes challenge: If it removes the stimulus too soon, it could short-circuit the fragile recovery. But if it moves too late, it could unleash inflation or new speculative asset bubbles.

Bernanke, who's seeking a second term as Fed chief, has made clear his No. 1 task is sustaining the recovery. Last week, he and other Fed officials signaled they are in no rush to start raising rates.

At the same time, Bernanke has sought to assure skeptical lawmakers and investors that when the time is right, he's prepared to sop up all the money. Some worry that the Fed's cheap-money policies will stoke inflation.

A government report out Tuesday showed that wholesale prices shot up last month, but most economists think it will prove fleeting.

Federal Reserve Chairman Ben Bernanke repeated his belief that slack in the economy -- meaning plants operating below capacity and the weak employment market -- will keep inflation under wraps.

"The bulk of evidence indicates that resource slack is now substantial," Bernanke wrote, in a letter released Tuesday. The Fed chief was responding to wide-ranging questions posed earlier this month by Sen. Jim Bunning, R-Ky.

Some encouraging signs for the economy have emerged lately. The economy finally returned to growth in the third quarter, after four straight losing quarters. And all signs suggest it picked up speed in the current final quarter of this year.

The nation's unemployment rate dipped to 10 percent in November, from 10.2 percent in October. And layoffs have slowed. Employers cut just 11,000 jobs last month, the best showing since the recession started two years ago.

Still, the Fed predicts unemployment will remain high because companies won't ramp up hiring until they feel confident the recovery will last.

Consumers did show a greater appetite to spend in October and November. But high unemployment and hard-to-get credit are likely to restrain shoppers during the rest of the holiday season and into next year.

Thus, keeping rates low "is still central to the Fed's economic game plan," said Greg McBride, analyst at Bankrate.com. "Even a better than expected November employment report may prove to be a one-hit wonder and won't be enough to shift the Federal Reserve away from a cautious economic tone."

Stock futures move higher ahead of Fed decision
Stock futures extend gains after consumer price, housing data; Fed rate meeting continues


Buzz up! 0 Print..By Ieva M. Augstums, AP Business Writer , On Wednesday December 16, 2009, 8:47 am
Stock futures are extending their gains after the government said consumer prices rose in November, led by higher energy costs.

A separate government report on housing shows construction rebounded last month with all areas of country showing strength.

The data will likely be discussed by Federal Reserve policymakers who finish a two-day meeting on interest rate policy later Wednesday. The Fed is expected to keep rates unchanged.

Dow Jones industrial average futures are up 41, or 0.4 percent, to 10,500. Standard & Poor's 500 index futures are up 4.80, or 0.4 percent, to 1,108.70, while Nasdaq 100 index futures are up 8.00, or 0.5 percent, to 1,803.00.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

Stock futures are indicating a higher opening on Wall Street Wednesday amid expectations that the Federal Reserve will hold rates steady even as the economy is showing signs of recvery.

Overseas markets were mostly higher.

The Fed, which concludes its two-day meeting this afternoon, is expected to stick to its easy monetary policy and keep rates unchanged.

Before that decision, the Labor Department is set to report on consumer prices for November, a day after government data showed wholesale prices jumped more than expected. Consumer prices are expected to have risen, driven by more expensive energy products.

Economists surveyed by Thomson Reuters expect consumer prices rose by 0.4 percent last month following a 0.3 percent increase in October. Excluding food and energy, they expect core inflation will show a smaller 0.1 percent rise, lower than the 0.2 percent increase in October.

The report is due at 8:30 a.m. EST.

At the same time, the Commerce Department reports on housing construction and applications for building permits in November. Housing construction likely posted a big rebound, helped by better weather. Economists expect new home construction to increase to an annual rate of about 580,000 in November.

Ahead of the opening bell, Dow Jones industrial average futures rose 38, or 0.4 percent, to 10,497. Standard & Poor's 500 index futures rose 5.20, or 0.5 percent, to 1,109.10, while Nasdaq 100 index futures rose 11.00, or 0.6 percent, to 1,806.00.

On Tuesday, stocks fell for the first time in five days and Treasurys slipped after a jump in wholesale prices spooked investors, wondering if the Federal Reserve would be forced to raise interest rates.

The Fed isn't expected to raise rates from their record low level, but the economic data was a reminder the central bank could be forced to act sooner than expected to keep inflation at bay.

The Fed's statement on rates and policies is expected at 2:15 p.m. EST.

Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.59 percent from 3.60 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.05 percent from 0.03 percent.

The dollar fell against other major currencies, while gold prices rose.

Overseas, Japan's Nikkei stock average rose 0.9 percent. In afternoon trading, Britain's FTSE 100 was up 0.3 percent, Germany's DAX index was up 1.1 percent, and France's CAC-40 was up 0.8 percent.

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New jobless claims rise more than expected to 474K
New jobless claims rise more than expected to 474,000, continuing claims fall sharply

By Christopher S. Rugaber, AP Economics Writer
On 8:41 am EST, Thursday December 10, 2009
Buzz up! 1 Print.WASHINGTON (AP) -- The number of newly laid-off workers seeking jobless benefits rose more than expected last week, after falling for five straight weeks.


AP - In this photo made Friday, Dec. 4, 2009, James Lorentz uses a computer to apply for a job ...
Despite the increase, claims have fallen steadily since this summer, a sign that job cuts are slowing and hiring could pick up as soon as early next year amid a broad economic recovery.

Initial claims for unemployment insurance rose by 17,000 to a seasonally adjusted 474,000, the Labor Department said Thursday. That was above analysts' expectations of 460,000 new claims.

Claims were partly inflated by a surge following the Thanksgiving holiday week, when many state unemployment offices are closed, a department analyst said. Seasonal layoffs in the construction industry also played a role.

Economists closely monitor initial claims, which are considered a gauge of the pace of layoffs and an indication of companies' willingness to hire new workers.

The four-week average of claims, which smooths fluctuations, fell to 473,750, its 14th straight decline and the lowest level since September 2008.

Still, claims will have to fall to about 425,000 for several weeks to signal the economy is actually adding jobs, according to many economists.

The number of people continuing to claim benefits fell by 303,000 to 5.16 million, the lowest level since February. The total unemployment benefit rolls have fallen in 11 of the past 12 weeks.

But the so-called continuing claims do not include millions of people that have used up the regular 26 weeks of benefits typically provided by states, and are receiving extended benefits for up to 73 additional weeks, paid for by the federal government.

About 4.6 million people were receiving extended benefits in the week ended Nov. 21, the latest data available. That's an increase of about 130,000 from the previous week, and is partly due to an extension of benefits that Congress enacted last month.

The economy grew at a 2.8 percent pace in the July-September quarter and analysts say it is likely growing at a similar pace in the current quarter. But that is much slower than the average 6 percent rate in previous economic recoveries.

As a result, most economists expect the unemployment rate to rise in coming months and remain above 9 percent through the end of next year.

Federal Reserve Chairman Ben Bernanke said Monday that he expects "modest" economic growth next year. That should help push down the nation's unemployment rate -- now at 10 percent -- "but at a pace slower than we would like," he acknowledged.

The Labor Department last week said employers shed 11,000 jobs in November, much better than economists expected and below the 111,000 lost the previous month.

Some employers are continuing to lay off workers. Consol Energy said Tuesday that it will lay off nearly 500 workers and idle a mountaintop removal mining operation near Bickmore, W.Va. The Pittsburgh-based company blamed an environmental lawsuit.

The Los Angeles School Board on Tuesday approved a budget plan that would cut 5,000 jobs, including about 1,400 teachers.

Among the states, the largest increases in initial claims was in Wisconsin, at 8,067, which it attributed to layoffs in construction and manufacturing industries. The state data lag initial claims by a week.

The next largest increases in claims were in Kansas, Missouri, Iowa and Indiana.

California reported the largest drop in claims, down 28,672, which it attributed to fewer layoffs in the service industry. Texas, North Carolina, Florida and Illinois had the next largest drops.

Stock futures hold on to gains after jobs data
Stock futures hold on to early gains even as government says unemployment claims rise

By Sara Lepro, AP Business Writer
On 9:09 am EST, Thursday December 10, 2009
Buzz up! 0 Print.NEW YORK (AP) -- Stock futures pointed to a higher market open Thursday, as more signs of weakness in the labor market led investors to bet that the government will keep interest rates low.

The Labor Department said the number of newly laid-off workers seeking jobless benefits rose more than expected last week to 474,000 after falling for five straight weeks. Economists had been expecting initial claims of 460,000.

Claims have fallen steadily since this summer, but investors want to see signs that employers are hiring, not just laying off fewer workers.

The report was the latest evidence that the economic recovery will be bumpy, which means the Federal Reserve will likely keep interest rates low for some time. Low interest rates and the resulting decline in the dollar have encouraged investors to buy stocks and commodities this year.

High unemployment has been seen as one of the economy's biggest obstacles to sustained growth. Last week, the Labor Department said employers cut just 11,000 jobs in November, far less than expected and the fewest monthly job losses since the recession began in late 2007.

That news stirred concerns that the Fed would raise interest rates sooner than expected, which would make the dollar look more attractive again. Since then, investors have been adding the dollar to their portfolio.

Following the report, the dollar slumped against other major currencies. A weaker dollar makes commodities cheaper for foreign buyers and boosts profits at U.S. companies that do business overseas.

The weaker dollar drove exports to their highest level in nearly a year in October, the Commerce Department said Thursday. The surge in exports helped narrow the trade deficit to $32.9 billion from $35.7 billion in September. Economists had expected the deficit to increase.

Ahead of the market's open, Dow Jones industrial average futures rose 52, or 0.5 percent, to 10,382. Standard & Poor's 500 index futures rose 6.90, or 0.6 percent, to 1,102.50, while Nasdaq 100 index futures gained 5.50, or 0.3 percent, to 1,798.

Foreclosure filings fall 8 percent in November
Foreclosure filings back off in Nov. for 4th straight month as borrowers evaluated for help

By Alan Zibel, AP Real Estate Writer
On 12:42 am EST, Thursday December 10, 2009
Buzz up! 8 Print.Companies:Bank Of America CorporationCitigroup, Inc.Fannie Mae
WASHINGTON (AP) -- The number of homeowners on the brink of foreclosure fell in November, the fourth straight monthly decline, as mortgage companies evaluated whether borrowers were eligible for help.


AP - FILE - In this March 6, 2009 file photo, a chain and padlock take the place of door ...

Related Quotes
Symbol Price Change
BAC 15.39 0.00

C 3.86 0.00

FNM 0.92 0.00

FRE 1.11 0.00

JPM 41.19 0.00


{"s" : "bac,c,fnm,fre,jpm,wfc","k" : "c10,l10,p20,t10","o" : "","j" : ""} Nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November, down 8 percent from a month earlier, RealtyTrac Inc. said Thursday. Banks repossessed about 77,000 homes last month, down slightly from October.

Millions of borrowers are still being evaluated for the Obama administration's foreclosure prevention effort. States are also trying to delay the foreclosure process, temporarily lowering foreclosure numbers.

But the foreclosure crisis is likely to get worse before it gets better.

"We don't really believe the underlying problems have been resolved," said Rick Sharga, senior vice president at the Irvine, Calif.-based foreclosure listing service. Many borrowers, he said, "simply aren't going to qualify" for help.

Foreclosure filings were still up 18 percent from a year ago, and a new wave is expected next year as unemployment remains high and borrowers fall out of loan modification programs.

Nevada's posted the nation's highest foreclosure rate, followed by Florida, California, Arizona and Idaho. Rounding out the top 10 were Michigan, Illinois, Utah, Maryland and New Jersey.

Among cities, Merced, Calif. had the highest rate, with one in 83 homes receiving a foreclosure filing. It was followed by fellow California cities Stockton and Modesto, and Cape-Coral-Fort Myers, Fla.

Las Vegas, which had been No. 1 on that list for four-straight months, fell to No. 5. Nevada recently adopted a program that requires mediation before banks can seize a property.

Nationwide, a report Wednesday showed only about 10,000 homeowners received permanent loan modifications this fall under the Obama administration's mortgage relief plan, more evidence of serious failings in the government's effort.

Elizabeth Warren, chair of a watchdog panel, told reporters that the program is "not working" and that it had failed to make a dent in the record level of foreclosures. More than 14 percent of homeowners with a mortgage are either late on their payments or in foreclosure, and that number is expected to keep rising as unemployment remains stubbornly high.

The Treasury Department is expected to release updated figures Thursday, but data through October showed that fewer than 5 percent of homeowners who completed the trial periods had their mortgage payments permanently lowered to more affordable levels

Under the program, eligible borrowers who are behind or at risk of default can have their mortgage interest rate reduced to as low as 2 percent for five years. They are given temporary modifications, which are supposed to become permanent after borrowers make three payments on time and complete the required paperwork, including proof of income and a hardship letter.

AP Business Writer Daniel Wagner contributed to this report.

Weaker dollar boosts US stock futures
Investors send stock futures higher as dollar weakens; report on jobless benefits expected

By Sara Lepro, AP Business Writer
On 7:14 am EST, Thursday December 10, 2009
Buzz up! 1 Print.NEW YORK (AP) -- A weaker dollar and hopes for more good news on employment are lifting stock futures.

Following a now-familiar pattern, stock futures rose Thursday as the dollar slipped against other major currencies. A weaker dollar makes commodities cheaper for foreign buyers and boosts profits at U.S. companies that do business overseas.

Investors were also awaiting the Labor Department's weekly report on the number of newly unemployed workers seeking jobless benefits. Analysts expect initial claims for unemployment insurance to have risen last week after dropping for five straight weeks. Initial claims are considered a good gauge of the pace of layoffs and an indication of companies' willingness to hire.

High unemployment has been seen as one of the economy's biggest obstacles to sustained growth. Last week, the Labor Department said employers cut just 11,000 jobs in November, far better than expected and the fewest monthly job losses since the recession began in late 2007.

That news renewed investors' belief that the economy was indeed improving. But it also stirred concerns that the Federal Reserve will raise interest rates sooner than expected, which would strengthen the dollar and potentially upend a nine-month rally in stocks. Since then, investors have been adding dollars to their portfolio, betting that interest rates will rise.

For much of this year, low interest rates and the resulting decline in the dollar have led investors to buy assets like stocks and commodities that can earn better returns than cash. If rates were to rise, the dollar would look more attractive again.

Also Thursday morning, the Commerce Department will release international trade data for October.

Ahead of the market's open, Dow Jones industrial average futures rose 30, or 0.3 percent, to 10,360. Standard & Poor's 500 index futures gained 4.20, or 0.4 percent, to 1,099.80, while Nasdaq 100 index futures rose 3.75, or 0.2 percent, to 1,796.25.

Stocks rose moderately Wednesday, giving the Dow Jones industrial average a 51 point gain after a more than 100-point drop the day before. Analyst upgrades of a handful of big-name companies helped offset lingering concerns about rising government debt levels in Spain, Greece and other countries.

As the end of the year approaches, investors have become more cautious in their trading, not wanting to lose the big gains they've made since the market's rally began in March. At the same time, they are trying to determine how best to position their portfolios for the new year, balancing issues like unemployment and foreign debt problems with the prospects of a rate hike.

In other trading Thursday, bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.46 percent from 3.44 percent late Wednesday.

Commodities prices were mostly higher as the dollar slipped against other major currencies. The price of gold rose $4 to $1,125, breaking a four-day slide, while oil prices added 33 cents to $71 a barrel in electronic premarket trading on the New York Mercantile Exchange.

Overseas, Japan's Nikkei stock average dropped 1.4 percent and Hong Kong's Hang Seng index gave up 0.2 percent. In late morning trading in Europe, Britain's FTSE 100 was up 0.5 percent, Germany's DAX index rose 0.7 percent, and France's CAC-40 was down 0.7 percent.

European stocks higher as debt worries subside
European stocks advance despite lingering sovereign debt worries; Wall Street futures up

By Louise Watt, Associated Press Writer
On 7:35 am EST, Thursday December 10, 2009
Buzz up! 0 Print.LONDON (AP) -- European markets inched higher Thursday as investors set aside concerns about government finances in the West that had earlier weighed on Asian stocks.

In afternoon trading in Europe, Britain's FTSE 100 was 0.4 percent higher at 5,223.96, Germany's DAX rose 0.7 percent to 5,689.44 and France's CAC 40 grew 0.8 percent to 3,787.40.

In Asia, Tokyo's benchmark Nikkei 225 stock average fell 1.4 percent to 9,862.82. Hong Kong's Hang Seng retreated 0.2 percent to 21,700.04, while South Korea's Kospi rose 1.1 percent to 1,652.73.

Trading was lackluster despite gains on Wall Street the previous day. Stock futures augured a moderately higher open Thursday in the U.S. The Dow Jones industrial average futures added 0.3 percent to 10,359 and Standard & Poor's 500 futures climbed 0.4 percent to 1,099.90.

Earlier, investors were unsettled after a top ratings agency lowered its credit rating outlook on Spain to negative. Wednesday's move by Standard & Poor's raised more fears about the consequences of governments piling up massive debts as they massage battered economies with unprecedented stimulus spending.

It also added to warnings from other ratings agencies about government finances in Britain and the U.S., as well as downgrades of Greece and state-linked companies in debt-laden Dubai.

"We have still got these concerns over sovereign debt and these are factors still undermining confidence to some extent," said Keith Bowman of Hargreaves Lansdown Stockbrokers. "Although Spain has been brought under the umbrella, their position is still significantly better than Greece and investors are still evaluating those positions."

In Britain, the Bank of England held its interest rates steady at 0.5 percent and left its 200 billion pound ($325 billion) asset purchasing program unchanged, as widely expected.

Banks gave impetus to European markets, led by Royal Bank of Scotland, which jumped 5 percent. Its advance followed speculation over the sale of a stake in its commodities trading venture, according to Anthony Grech, market analyst at IG Index.

Meanwhile, economic news in Asia gave investors more reason to worry about a pullback in the markets, which have risen dramatically from their crisis lows in March.

Japan's core machinery orders, a closely watched indicator of corporate capital spending, tumbled 4.5 percent in October from a month earlier, suggesting that companies are reigning in spending as the recovery in the world's No. 2 economy slows.

Ben Kwong Man Bun, the chief operating officer at KGI Asia Limited in Hong Kong, said uncertainties surrounding the U.S. economy and the financial system, given troubles in Dubai and other countries, were leading investors to book gains from this year's rally.

"All this is a very good excuse to lock in their profits and go on holiday before the end of the year," he said. "Market sentiment remains relatively cautious."

Elsewhere, Australia's market shed 0.7 percent as sinking commodity prices weighed on resource companies like BHP Billiton and Rio Tinto, overshadowing upbeat news of an unexpectedly sharp rise in new jobs last month.

China's Shanghai index climbed 0.5 percent. Thailand's stock market was closed for a national holiday.

In the U.S. Wednesday, the Dow rose 0.5 percent to 10,337.05 after crossing the unchanged mark 59 times.

The broader S&P 500 index rose 0.4 percent to 1,095.95, its first gain of the week.

Oil prices rose 37 cents to $71.04 a barrel in European trading. The contract dropped $1.95 to settle at $70.67 on Wednesday.

AP Business Writers Stephen Wright in Bangkok and Jeremiah Marquez in Hong Kong contributed to this report.

Buzz up! 0

Ahead of the Bell: Budget and Trade Deficits
Wall Street expects budget deficit rose in November; trade deficit grew in October

On 6:31 am EST, Thursday December 10, 2009
Buzz up! 0 Print.Companies:Thomson S.A.
WASHINGTON (AP) -- Wall Street economists expect the federal budget deficit for November grew compared with the same month last year, while the October trade imbalance rose from September.

Related Quotes
Symbol Price Change
TMS 1.42 0.00


{"s" : "tms","k" : "c10,l10,p20,t10","o" : "","j" : ""} The deficit for the 2009 budget year that ended Sept. 30, set an all-time record in dollar terms of $1.42 trillion and economists worry that the surge could push up interest rates, dragging on the fragile economic recovery.

The budget deficit for last month will total $135 billion, according to economists surveyed by Thomson Reuters. That would be larger than the $125 billion deficit in November 2008, but lower than the $176 billion imbalance recorded in October.

The Treasury Department will release the monthly budget report Thursday at 2 p.m. EST.

The October imbalance came mostly from lower receipts of individual and corporate taxes. Spending also dipped, but the October 2008 outlays were inflated by the $33 billion spent on the first round of financial bailouts at the peak of the financial crisis.

The Obama administration expects this year's deficit to reach $1.5 trillion, which would be a third straight record.

In relation to the overall economy, the 2009 deficit was 9.9 percent of the gross domestic product. That was the highest level since the World War II-era deficit hit 21.5 percent of GDP in 1945.

The administration projects the deficit will remain above $1 trillion in 2011. The concern is that government borrowing at such levels will start to push interest rates higher as the economy begins to recover, making it more expensive for businesses and consumers to borrow the money they need. Another worry is that foreigners could become spooked by the size of all the deficits and cut back on their purchases of Treasury debt.

Meanwhile, the trade deficit for October likely will total $36.75 billion, according to a Thomson Reuters survey, a slight increase from September's $36.47 billion imbalance.

The September trade deficit jumped 18.2 percent from August, the biggest monthly gain since February 1999.

Exports grew for a fifth straight month, helped by a declining dollar. But a 20 percent jump in oil shipments helped imports rise faster, signaling that the U.S. economy has begun to rebound from a deep recession.

Higher exports, spurred by a lower dollar, probably won't reduce the trade gap and boost the U.S. economy until 2011, economists said.

When the dollar declines compared with other currencies, it makes U.S. exports cheaper and imports more expensive, narrowing the trade deficit.

The Commerce Department will release the October report Thursday at 8:30 a.m. EST.

SEC targets rating agencies' role in meltdown
SEC enforcement chief: 'looking very closely' at credit rating agencies' role in meltdown

By Marcy Gordon, AP Business Writer
On 4:21 pm EST, Wednesday December 9, 2009
Buzz up! 0 Print.WASHINGTON (AP) -- The Securities and Exchange Commission's enforcement chief says his staff is targeting Wall Street rating agencies and their role in the financial meltdown.

The three dominant agencies -- Moody's Investors Service, Standard & Poor's and Fitch Ratings -- have been widely criticized for failing to give investors adequate warning of the risks in subprime mortgage securities, whose collapse touched off the financial crisis.

SEC Enforcement Director Robert Khuzami told a Senate hearing that his staff is "looking very closely at credit rating agencies" and is "focused on that area."

Khuzami says a 2007 law empowers the SEC to bring enforcement actions against rating agencies based on false statements they may have made.

U.S. mortgage applications driven up by refinancings
On 7:25 am EST, Wednesday December 9, 2009
Buzz up! 0 Print.By Lynn Adler

NEW YORK (Reuters) - Demand for U.S. home loans rose to the highest level in about two months, mainly from borrowers locking in low mortgage rates by refinancing, the Mortgage Bankers Association said on Wednesday.

Nearly three of every four loan requests last week was for a refinancing, the industry group said.

Total mortgage applications, based on the group's seasonally adjusted market index, rose 8.5 percent to 665.6 last week to the highest since early October.

Demand for loans to buy a home increased by 4.0 percent, while refinancing applications jumped 11.1 percent to 3,185.9 last week. This was the highest refinance index level in about two months.

Average 30-year mortgage rates rose 0.09 percentage point to 4.88 percent but haven't strayed far from all-time lows.

The rate was down from 5.44 percent a year ago and compares with a record low of 4.61 percent set in March, according to the Mortgage Bankers Association.

For a related chart of mortgage rates, right click on the code: and select "Related Graph."

Home purchasing has been slowly accelerating as affordability improves and government incentives have broadened.

Borrowing costs are historically low. Home prices have been slashed about 30 percent on average from their 2006 peaks and starting to rise in many areas.

Potential buyers will show up in bigger numbers through the usually slow winter months to take advantage of a tax credit that the Obama administration extended.

An $8,000 credit that was set to end November 30 for first-time buyers was prolonged, with contract signings now due by April 30 and loan closings by June 30. A new $6,500 tax credit to lure move-up buyers was added.

But double-digit unemployment rates, despite some improvement in November to 10 percent from 10.2 percent, will keep many buyers inactive.

(Reporting by Lynn Adler, Editing by Chizu Nomiyama)

Oil rises to near $74 after US crude supply drop
Oil up near $74 in Europe after unexpected US crude supply drop suggests demand recovery

By Pablo Gorondi, Associated Press Writer
On 7:17 am EST, Wednesday December 9, 2009
Buzz up! 1 Print.Companies:The Mcgraw-Hill Companies, Inc.
Oil prices rose above $73 a barrel Wednesday after a report of an unexpected drop in U.S. crude supplies suggested demand may be recovering and the dollar weakened against other currencies.

Related Quotes
Symbol Price Change
MHP 32.73 0.00


{"s" : "mhp","k" : "c10,l10,p20,t10","o" : "","j" : ""} By early afternoon in Europe, benchmark crude for January delivery was up $1.07 to $73.69 in electronic trading on the New York Mercantile Exchange. The contract dropped $1.31 to settle at $72.62 on Tuesday.

U.S. crude inventories unexpectedly dropped last week, the American Petroleum Institute said late Tuesday. Crude stocks fell 5.8 million barrels while analysts had expected an increase of 600,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Department's Energy Information Administration plans to announce its inventory report -- the market benchmark -- later Wednesday.

"If the EIA number is similar, I think the market will jump $2 or $3 because this is a very bullish number," said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore.

Traders were also eyeing the U.S. dollar. Investors tend to buy crude as a hedge against inflation and a weaker U.S. currency. A strengthening dollar usually helps push oil prices down.

The euro rose to $1.4751 from $1.4703 on Tuesday while the dollar fell to 87.97 yen from 88.38.

"Oil market fundamentals are actually improving slightly, but prices have gotten too high on a weak dollar and stronger equities, and they are still well above levels suggested by improving fundamentals," said a report from U.S. energy consultancy Cameron Hanover. "In a phrase: Oil prices are artificially high, even after the last few recent declines."

In other Nymex trading in January contracts, heating oil rose 1.19 cents to $2.0028 while gasoline gained 1.82 cents to $1.9421. Natural gas advanced 9.4 cents to $5.208 per 1,000 cubic feet.

In London, Brent crude for January delivery rose 73 cents to $75.92 on the ICE Futures exchange.

Associated Press writer Alex Kennedy in Singapore contributed to this report.