NEW YORK (Reuters) – Normally a big decline would set up Wall Street for a technical rebound. But that may not be the case next week, even after the market posted its worst weekly loss for the year and the S&P fell for six straight sessions.
With the corporate earnings season drawing to an end and recent U.S. economic data raising doubts about the pace of growth, the S&P 500, which is down 7.3 percent so far in May, could decline further next week as concerns about the financial health of Europe persist.
“What has changed in the world since April? We went from hearing a constant refrain that the world is awash in money and markets must go higher to hearing nobody wants to take any risk. … All in a week,” said Peter Cecchini, global head of institutional equity derivatives at Cantor Fitzgerald & Co in New York.
The S&P 500 fell 4.3 percent for the week, its steepest weekly decline this year, and closed below 1,300 for the first time in four months.
The hotly awaited market debut of Facebook on Friday was marred by technology glitches on the Nasdaq in sending messages back to the brokerages that handled orders of Facebook Inc for individual, or “retail,” investors. Those problems rekindled fears about the market’s electronic trading system and caused some investors to stay away from equities.
Weighing on sentiment is a growing sense among investors that the euro zone debt crisis is nearing new heights, fueled by fears of the potential for a Greek euro exit and the deteriorating health of the Spanish banking system.
Solid corporate earnings and upbeat U.S. economic indicators had fueled the rally in U.S. stocks, offsetting jitters over Europe. But with earnings almost out of the way and data starting to disappoint, investors have shifted their focus back to headlines out of Europe.
Leaders of the Group of 8 major industrial economies meet this weekend to try to tackle the financial crisis in Europe. U.S. President Barack Obama, the G8 host, has urged European leaders repeatedly to do more to stimulate growth, fearing contagion from the euro crisis that could hurt the U.S. economy and his chances of re-election in November.
“The market is extremely oversold. Nonetheless, all major indicators remain on sell signals,” said Larry McMillan, president of options research firm McMillan Analysis Corp, in a report on Friday.
“We expect a powerful but short-lived rally should be coming soon. But at this point, barring some major shifts in our indicators, it may only be a rally in a larger down-trending market,” McMillian said.
THE FACEBOOK EFFECT
Facebook, the No. 1 online social network, disappointed investors with a tepid market debut on Friday. Shares rose a scant 0.6 percent – nowhere near expectations for double-digit gains on the first trading day – and the day was marred by technical problems due to huge order volume. The stock closed at $38.23 after falling as low as $38, its initial offer price.
The disappointing debut curbed investors’ appetite for other social media stocks. Hardest hit was Zynga Inc , which closed down 13.4 percent to $7.16 after falling as low as $6.40. The stock was temporarily halted twice due to sudden declines.
LinkedIn shares fell 5.7 percent to $99.02, and Groupon fell 6.7 percent to $11.58. Zynga and Groupon, both of which went public late last year, are also trading below their IPO prices.
Despite the disappointing market debut and the weak performance of social media stocks, market participants are still optimistic about Facebook going forward.
“In any brand new area, social media in this case, most are going to be losers and only some are going to be winners. Yes, the IPO was disappointing, but Facebook is clearly the winner here and others aren’t,” said Randy Warren, chief investment strategist at Warren Financial Service.
Next week’s economic data includes April’s existing home sales on Tuesday at 10 a.m. Existing home sales are forecast at a 4.60 million-unit annual, up from 4.48 million in March.
New homes sales figures are due on Wednesday at 10 a.m. April’s new home sales are also expected to post an increase, gaining about 7,000 units over a 328,000-unit annual rate in March.
Initial jobless claims and durable goods orders will be published on Thursday at 8:30 a.m. Consumer sentiment is due at 9:55 a.m. on Friday.
For the week, the Dow is off 3.5 percent and the Nasdaq is down 5.3 percent.
(Additional reporting by Doris Frankel in Chicago; Editing by Leslie Adler)
Exercise rider Johnny Garcia rides Preakness Stakes entrant I’ll Have Another during a morning workout at Pimlico Race Course, Friday, May 18, 2012, in Baltimore. The Preakness Stakes horse race takes place Saturday.(AP Photo/Patrick Semansky)
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We’re at Samsung’s NX-series launch event at Citi Field in Queens, NY, taking a closer look at the NX20, NX210 and NX1000 mirrorless ILCs that began hitting stores earlier today (the NX1000 will arrive in June). All three cameras are virtually identical when it comes to core components like the 20.3-megapixel Samsung-designed APS-C image sensor, so performance on that front should be consistent to what we saw with our flagship NX20 sample. From a spec perspective, these are fine shooters, but the systems’ high pricing and (relatively) limited lens selection aren’t likely to contribute to Samsung’s mirrorless success. Join us past the break for some New York Mets action through the lens of Samsung’s NX20.
This undated photo provided by the Burbank, Ill., police department shows Arnoldo Jimenez. Police in the Chicago suburb of Burbank said that they are searching for Jimenez, the newlywed husband of 26-year-old Estrella Carrera, whose body was found stabbed and clothed in the silver sequin cocktail dress she wore at her wedding reception. (AP Photo/Burbank Police Department)
This undated photo provided by the Burbank, Ill., police department shows Arnoldo Jimenez. Police in the Chicago suburb of Burbank said that they are searching for Jimenez, the newlywed husband of 26-year-old Estrella Carrera, whose body was found stabbed and clothed in the silver sequin cocktail dress she wore at her wedding reception. (AP Photo/Burbank Police Department)
This surveillance photo taken Friday, May 11, 2012 and provided by the Burbank Police Department, shows Estrella Carrera, 26, of Burbank, Ill., walking out of a restaurant during her wedding celebration. Estrella was found stabbed to death in her bathtub shortly after she and her husband, Arnoldo Jimenez, 32, celebrated their wedding with friends. Jimenez is accused of first-degree murder in the slaying and the subject of a manhunt by the FBI and 32 law enforcement agencies. (AP Photo/Burbank Police Department)
A southwest suburban Burbank apartment building at 7858 Rutherford is seen in a Tuesday, May 15, 2012 photo. Newly-married Estrella Carrera, 25, was found stabbed to death in her wedding dress on Sunday, May 13, 2012. Burbank police released a statement Monday calling the slaying “a domestic situation.” The statement does not mention the name or whereabouts of the woman’s husband. (AP Photo/Southtown Star, Larry Ruehl)CHICAGO LOCALS OUT
This undated photo provided May 15, 2012 by the Burbank Police Department shows a 2006 Maserati that was last known to be driven by Arnoldo Jimenez, 36, of Burbank, Ill., accused of first-degree murder in the slaying of 26-year-old Estrella Carrera shortly after they celebrated their wedding Friday, May 11, 2012. Carrera was found in her bathtub shortly after they celebrated their wedding with friends. Jimenez is the subject of a manhunt by the FBI and 32 law enforcement agencies. (AP Photo/Burbank Police Department)
CHICAGO (AP) ? Hours after police found Estrella Carrera stabbed to death in her bathtub, still clad in the silver sequined cocktail dress she wore to celebrate her wedding to her on-and-off boyfriend, her family received a haunting phone call from the groom’s family.
Arnoldo Jimenez had called his sister and tearfully told her he had left his bride bleeding after a “bad fight,” Carrera’s sister said Wednesday.
As a manhunt is under way for Jimenez, who is charged with first-degree murder in Carrera’s slaying, the new bride’s family is searching for answers to what happened to the 26-year-old mother of two in the hours after she secretly got married at Chicago’s City Hall.
Most of Carrera’s family disapproved of her relationship with Jimenez, even though he was the father of her 2-year-old son.
Jimenez had hit and bruised Carrera in the past, according to an older sister, Jazmin Carrera, who talked to The Associated Press. Police also said family members reported incidents of violence while the couple was dating.
Jazmin Carrera described 6-foot, 220-pound Jimenez as “very possessive” and jealous. She said she doesn’t understand why her sister married the 30-year-old Jimenez in what seemed like a rushed ceremony ? or why she married him at all.
“That’s the question everyone’s asking themselves,” Jazmin Carrera said.
She got a text message from her sister Friday, inviting her to join them and their friends at a Mexican restaurant and a nightclub to celebrate the nuptials. She didn’t join the festivities.
“It was just all of a sudden,” Jazmin Carrera said. “She didn’t give us enough notice.”
Family members became concerned when Estrella Carrera failed to pick up her two children Saturday as she’d arranged. They were unable to reach Carrera or Jimenez by cellphone, so they asked police to check on her well-being at her apartment in the Chicago suburb of Burbank. That’s when Carrera’s body was found in a bathtub, still clothed in the dress she wore at the wedding reception. Police said she may have worn that dress at the marriage as well.
On Sunday, relatives heard from a sister of Jimenez that he had called that day, Jazmin Carrera told the AP.
“She said that he was crying and he was really nervous,” she said. “He said they had a really bad fight and he had left her bleeding.”
Jimenez hung up on his sister and wouldn’t pick up when she called him back, Carrera said.
The phone call is the first detail to shed light on what evidence investigators may have given a judge to obtain the warrant. Police in Burbank said they are aware of the account and are looking into it.
Police are pleading with Jimenez to turn himself in “for the sake of his family and especially his children,” Capt. Joseph Ford of the Burbank Police Department told the AP. “I am sure they are very concerned for his well-being.”
Ford said Jimenez was previously arrested for domestic violence in another city in a case that did not involve Carrera. Police don’t know what Jimenez does for a living, although he was last known to be driving a black 2006 Maserati, an expensive car.
“We do not believe Jimenez is a danger to others, but we certainly do not know his mind frame at the present time,” Ford told the AP.
Since the killing likely took place mere hours after the couple went to Carrera’s apartment, the suspect had a day to flee the metropolitan area or even the state, Ford said. More than 30 law enforcement agencies and the FBI are hunting for him, he said.
The victim’s sister said she is taking things “a day at a time.”
“The emotions are just on and off,” Jazmin Carrera said. “It’s unbelievable one minute, and then it hits you and becomes real.”
When I first heard about them making the movie Battleship I thought to myself ‘Why’ and I still can’t come up with a good reason. Give me ‘Horatio Hornblower’ with Gregory Peck or ‘The Enemy Below’ with Robert Mitchum any time. The latter was so good it was made into a Star Trek (TOS) episode.
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on May 15th, 2012 | Comments Off
Right before wondering on the subject of any small remodels first use the expertise of companies for instance: artisan-renovation-service, to be sure your work will not get wasted after simply by a poor water pipes! Comprehending some home improvement ideas is hard for some people. Many are just not familiar with them. Life tends to get in the way and it is difficult to keep on top of what is going on. Learning and discovering new things is really what life is all about. Even though we all tend to fantasize about the big, expensive projects, those things are not always affordable. There is actually a lot you can do on a small budget so don?t be discouraged! So today we offer you three good home improvement ideas that will not break your budget.
Hot summers are never fun, and having trees planted near your home to provide shade will help you save on your energy costs. Trees are great, especially when they are tall and thick enough to block the sun on a hot day in the summer. It is important that you get a professional recommendation on the trees that will work best for you. Planting trees can be difficult, which is why you might want to contact a nursery so that they can help you with choosing the right trees and location for them. So contact an expert near you and get started on your tree planting venture.
Ground fault circuit interrupter outlets, or GFCI, are the ideal bathroom outlets to install. A GFCI outlet is different from the normal household power receptacle in both design and appearance.
Electricity normally flows from the hot terminal to the mutual terminal. This electrical device senses the flow of electricity between the two points. If the flow of electricity is broken, it will be recognized as a short-circuit by the outlet in the receptacle for this device. The current flow will automatically stop once the GFCI realizes that there is a short and the circuit itself.
Most people have a heater or an air conditioner in their home. The filters within them need to be changed often. If your heater has a heating pump, the filter should be changed regularly. Dust accumulates on these filters and that is why they must be changed. The simple reason is the air flow will be reduced, and the unit will operate inefficiently. It is also possible that all this dust could blow into your home which would not be good. Make sure that your filter collects dust at the micron level. These are typically higher grade filters that cost more money. If you really want your residence to be safe and secure, you?ll follow these three suggestions in regard to improving your home. After you have lived in your house for years, you can be sure there are some things that will need to be done. Doing home repairs always requires a list of some sort so that you know what needs to be done. In addition, make a schedule on your computer so you will never miss anything, again.
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