Weekly Roundup - DECEMBER 03, 2010
By Greg Morcroft, MarketWatch
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Top 10 MarketWatch stories Nov 29-Dec 3
NEW YORK (MarketWatch) — The Dow Jones Industrial Average climbed 2.6% this week, bolstered by a dose of better-than-expected economic reports, discounting Friday's disappointing jobs numbers. The Nasdaq Composite Index and the S&P 500 Index also rose more than 2% for the five-day period.
Market players chose to put their bets on the week's earlier economic data hinting at a steadily, if slowly improving economy, which showed strong housing data and decent growth in the nation's several large economic districts. A significant upside revision to an estimate for U.S. GDP growth by Goldman Sachs helped too.
For a look at what's coming, please check out our Week Ahead videos for Asia, Europe and the United States.
Asia's Week Ahead: Central-bank policy decisions
http://www.marketwatch.com/News/Story/Story.aspx?guid=562b0f770cdd4d11a8b3233a33d042c5&siteid=nwtwk
Europe's Week Ahead: Ireland in focus(http://www.marketwatch.com/video/asset/v/00000000-0000-0000-0000-000000000000?siteid=nwtwk)
U.S Week Ahead: Consumer confidence on tap
http://www.marketwatch.com/News/Story/Story.aspx?guid=32f92be14eea42bbb149c153cd769eed&siteid=nwtwk
Greg Morcroft, assistant managing editorUNEMPLOYMENT HITS 9.8%
The U.S. economy added jobs at a much slower pace in November than in October, suggesting that the economy will continue to struggle in coming months.Nonfarm payrolls rose by 39,000 in November, far lower than the 155,000 gain expected by economists surveyed by MarketWatch and the upwardly revised figure of 172,000 jobs gained in October. The unemployment rate unexpectedly rose to 9.8% in November from 9.6% in October according to a separate survey of 60,000 households. Economists had been expecting the unemployment rate to remain steady. This is the highest unemployment rate since April. Read story on MarketWatch about rising U.S. inflation.
http://www.marketwatch.com/News/Story/Story.aspx?guid=809a6d8afeda11df8dd400212804637c&siteid=nwtwk
CHINA SAYS IT WILL ESTABLISH "PRUDENT" MONETARY POLICY, SIGNALLING TIGHT MONEY
China will adopt a "prudent" stance in its management of liquidity in the economy next year, signaling tighter conditions as it seeks to restrain rising inflation, including soaring food prices linked to sporadic outbursts of social unrest. Emphasis will shift to "proactive fiscal policy and prudent monetary policy." Analysts said the tone of the statement signalled policy makers were preparing to take a harder line on credit conditions. Read more from MarketWatch on China's plans for monetary restraint.
http://www.marketwatch.com/News/Story/Story.aspx?guid=316b2306fec811df8dd400212804637c&siteid=nwtwk
EUROPE BAILS OUT IRELAND
European financial leaders on Sunday approved an aid package of 85 billion euro, or $112.53 billion, for debt-stricken Ireland. The financial package includes 10 billion euros for immediate recapitalization measures, 25 billion euros on a contingency basis for banking-system supports and 50 billion euros covering budget-financing needs, according to a statement from the euro-zone finance ministers."This program is absolutely essential for the country," said Irish Prime Minister Brian Cowen at a press conference in Dublin. "We have carefully considered all available policy options. [It's] the best available deal for Ireland." Read MarketWatch coverage of European bailout of Ireland.
http://www.marketwatch.com/News/Story/Story.aspx?guid=1c8fdc7afb0711df8dd400212804637c&siteid=nwtwk
DEBT COMMISSION REJECTS SWEEPING REFORM PLAN
A sweeping plan to cut federal spending and remake the U.S. tax code failed to win enough votes from an 18-member presidential panel to send the proposal to Congress. Eleven members supported the plan, a number that fell short of the 14-vote supermajority called for by President Barack Obama and lawmakers for the plan to be sent to Congress for a possible legislative vote. Even without the backing of a supermajority of panelists, the plan did receive the support of 60% of participants. Because of the strong support, some argued that the package or many of the proposals within it are likely to come to a vote on Capitol Hill. Read MarketWatch story on deficit panel to and fro.
http://www.marketwatch.com/News/Story/Story.aspx?guid=b323097afee811df8dd400212804637c&siteid=nwtwk
CODY WORD BLOG : HOW APPLE GETS TO $1,000 FROM HERE
The last time I upset people with this much of a bullish Apple Inc. (AAPL) prediction, I was telling people in 2005 that someday Apple would have a bigger market cap than Microsoft Corp. (MSFT) Lately, I've been saying that my analysis points to Apple getting to $1,000 by 2015 or so. And people write the most unbelievably mean things to me for predicting such wealth creation — one commenter literally asked me, "Can't you just go die in a fire?" Read Cody Willard's Apple at $1,000 call on MarketWatch.
http://blogs.marketwatch.com/cody/2010/11/30/how-apple-gets-to-1000-revisited/
FED REVEALS CREDIT-CRUNCH AID FOR BANKS AND FUNDS
The U.S. Federal Reserve on Wednesday disclosed more than 21,000 transactions, mostly short-term loans, worth $3.3 trillion that it provided to banks and money-market funds during the credit crunch. And it wasn't just U.S. firms. Foreign institutions participated aggressively, eligible because they had branches stateside. At least one lender directly owned by a foreign government, the Korea Development Bank, also participated. The Fed said it's incurred no credit losses on programs that have been since wound down and that it doesn't expect to incur any losses on remaining programs. Read coverage of the Fed's crisis lending at MarketWatch.
http://www.marketwatch.com/News/Story/Story.aspx?guid=251c220cfd6b11df8dd400212804637c&siteid=nwtwk
PEPSI PLUNGES INTO RUSSIA IN WINTER, BUYS MAJORITY OF WIMM-BILL-DANN
Food and beverage giant PepsiCo Inc. (PEP) will buy a 66% stake in Russia's Wimm-Bill-Dann Foods, and later plans to make an offer for the remaining shares, bringing the company a step closer to building a $30 billion nutrition business by 2020. The deal will raise PepsiCo's annual global revenues from nutritious and functional foods to nearly $13 billion, from around $10 billion today. Read MarketWatch story on Pepsi's Russia play.
http://www.marketwatch.com/News/Story/Story.aspx?guid=21a4c358fe0711df8dd400212804637c&siteid=nwtwk
THE RETIREMENT TAX HIT AND HOW TO AVOID IT
Whether you're already living in retirement or still planning for it, it's impossible to ignore the effect your annual tax bill may have on retirement income. And given the current tax-rate uncertainty, the best year-end strategies for 2010 may surprise you. At a recent MarketWatch roundtable discussion, two of the nations' top retirement-planning experts offered tactics to consider to reduce your tax bill this year and next, and the benefits, and potential dangers, of Roth IRA conversions. Read about retirement tax planning on MarketWatch.
http://www.marketwatch.com/News/Story/Story.aspx?guid=6091f1e8f2a011dfa4c600212804637c&siteid=nwtwk
CHINA GOLD IMPORTS HEADED FOR BIG RISE
China's gold imports are on track for a sharp increase this year, with data for the first 10 months showing bullion shipments up more than four times amid rising interest among investors seeking out a hedge against inflation. Bullion imported into China in the January-to-October period totaled 209.7 metric tons, compared with 45 metric tons in all of 2009, according to Shanghai Gold Exchange Chairman Shen Xiangrong. If current trends hold, China's gold imports could rise nearly sixfold by the end of the year, according to calculations based on monthly averages. Read MarketWatch story about China's surging appetite for gold.
http://www.marketwatch.com/News/Story/Story.aspx?guid=16622038fdcd11df8dd400212804637c&siteid=nwtwk
SIX GREAT GIFTS FOR GUN LOVERS
And a cartridge in a shotgun. … For many a generation, a beribboned firearm under the Christmas tree has been among the most cherished of American Christmas gifts, be it a teenager's first .22, a pistol for the missus or a new double-barrel for grandpa. The tradition continues, at least among some demographic groups, with hard times, political uncertainty and fear of new regulations fueling an unprecedented boom in gun and ammunition sales over the last two years. And this is an especially merry time of year for gun makers and retailers as they typically put up their best numbers in the fourth quarter. Read MarketWatch story about rapid-fire gun sales.
http://www.marketwatch.com/News/Story/Story.aspx?guid=6c65595cfc0e11df8dd400212804637c&siteid=nwtwk
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