{"id":418120,"date":"2011-05-05T16:32:12","date_gmt":"2011-05-05T16:32:12","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/05\/stocks-under-pressure-as-commodities-tumble\/"},"modified":"2011-05-05T16:32:12","modified_gmt":"2011-05-05T16:32:12","slug":"stocks-under-pressure-as-commodities-tumble","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/05\/stocks-under-pressure-as-commodities-tumble\/","title":{"rendered":"Stocks under pressure as commodities tumble"},"content":{"rendered":"
\n

\"stocks,<\/a>Click the chart for more market data.<\/strong><\/span> By Ben Rooney, staff reporter<\/span>May 5, 2011: 12:32 PM ET<\/span><\/p>\n

NEW YORK\u00a0(CNNMoney) — Stocks faltered Thursday as the dollar strengthened and put pressure on commodity prices.<\/p>\n

In addition, investors were shying away from risky assets as the outlook for the U.S. job market darkened ahead of a key payrolls report on Friday.<\/p>\n

The Dow Jones industrial average (INDU<\/a>) fell 22 points, or 0.2%, at midday. The S&P 500 (SPX<\/a>) was unchanged. But the Nasdaq (COMP<\/a>) bucked the trend rising 17 points, or 0.6%, helped by strength in shares of broadband company JDS Uniphase.<\/p>\n

The dollar gained 1.4% versus the euro after the president of the European Central Bank suggested inflation is a growing concern, but did not say anything specific about interest rates.<\/p>\n

The stronger dollar helped fuel a selloff in the commodities market. Oil prices sank nearly 6% to about $103 a barrel. Silver prices plunged 7% and gold prices were off 2%.<\/p>\n

Investors had been plowing money into the commodities this year, taking advantage of low interest rates in the United States in what is known as the carry trade.<\/p>\n

“That whole trade is looking pretty bad now,” said Dan Greenhaus, market strategist at Miller Taback & Co. “Things are getting worse as the comododity selloff accelerates.”<\/p>\n

On the Dow, energy producers Exxon Mobil and Chevron led the decline. Cisco was the best performer on the blue-chip index, adding 0.7% after the networking equipment maker announced a reorganization of its business lines as part of a plan to streamline operations.<\/p>\n

Thursday’s losses also came after a spate of dour reports on the U.S. job market, including a larger-than-expected jump in first-time unemployment claims<\/a>. Labor Department officials said the increase was due to seasonal anomalies, but jobless claims have been on the rise recently.<\/p>\n

In addition, reports out Wednesday on private sector payrolls and planned layoffs painted a mixed picture.<\/p>\n

The soft jobs data raised worries about Friday’s all-important monthly payrolls report form the Labor Department.<\/p>\n

Economists surveyed by CNNMoney expect the unemployment rate to hold steady at 8.8%, with employers forecasted to add 185,000 jobs in April. For the full year, economists expect 2.3 million new jobs — just under 200,000 per month — and an unemployment rate of 8.4% by year end.<\/p>\n

Stocks have been trending higher since the start of the year, but investors fear the economy is still on shaky ground.<\/p>\n

Meanwhile, concerns over the looming debt ceiling deadline facing Congress and Europe’s debt problems have also weighed on the market.<\/p>\n

Stocks ended in the red Wednesday<\/a>, as disappointing reports on jobs and the service sector weighed on investors.<\/p>\n

Companies<\/strong><\/a>: Automaker General Motors (GM<\/a>) reported a first-quarter net profit of $3.2 billion, its fifth consecutive profitable quarter. Shares fell about 1%.<\/p>\n

JDS Uniphase (JDSU<\/a>) reported mixed quarterly results but issued a sales outlook for the current quarter that topped analysts’ forecasts. Shares of the networking equipment maker were up 10%.<\/p>\n

Shares of Whole Foods (WFMI<\/a>, Fortune 500<\/a>) rose 2% a day after the company reported solid results after Wednesday’s closing bell and raised its outlook.<\/p>\n

Dow component Kraft Foods (KFT<\/a>, Fortune 500<\/a>) reports quarterly results after Thursday’s close, with analysts expecting earnings of 47 cents a share.<\/p>\n

Other companies reporting Thursday include Priceline.com (PCLN<\/a>), Visa (V<\/a>, Fortune 500<\/a>) and insurer AIG (AIG<\/a>, Fortune 500<\/a>).<\/p>\n

Also, retailers — including Target (TGT<\/a>, Fortune 500<\/a>) and Macy’s (M<\/a>, Fortune 500<\/a>) — reported a surge in April sales, boosted by Easter purchases. Shares of Macy’s rose more than 1% and Target’s stock also edged up.<\/p>\n

Currencies<\/strong><\/a> and commodities:<\/a><\/strong> The dollar rose against its main trading partners, including the euro, pound and yen.<\/p>\n

Commodities continued their decline, with oil for June delivery down $6.31, or 6%, to $102.93 a barrel.<\/p>\n

Gold futures for June delivery fell $24.40, or 1.9%, to $1,490.90 an ounce.<\/p>\n

Silver futures for July delivery extended their retreat, sliding $2.64, or 6.7%, to $36.75 an ounce. Just a week ago, silver prices were within spitting distance of breaching $50 an ounce.<\/p>\n

Bonds<\/strong><\/a>:<\/strong> The price on the benchmark 10-year U.S. Treasury eased, pushing the yield up to 3.26% from 3.22% late Wednesday.<\/p>\n

World markets:<\/strong><\/a> European markets closed lower. Britain’s FTSE 100 slipped 1% and France’s CAC 40 sank 0.9%, while the DAX in Germany ended flat.<\/p>\n

The European Central Bank and the Bank of England both left their key interest rates unchanged, as was widely expected.<\/p>\n

Asian markets ended mixed. The Shanghai Composite ticked up 0.2% and the Hang Seng in Hong Kong dipped 0.2%. Japan’s market concluded three days of holidays. \u00a0\"To<\/a><\/p>\n

First Published: May 5, 2011: 9:43 AM ET<\/p>\n<\/div>\n

Visit link:
\nStocks under pressure as commodities tumble<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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