us stocks see modest drag from cyprus so far
Last Updated : GMT 03:01:40
Arab Today, arab today
Arab Today, arab today

US stocks see modest drag from Cyprus so far

Arab Today, arab today

Arab Today, arab today US stocks see modest drag from Cyprus so far

New York - AFP

The talk on Wall Street shifted this week from the pursuit of record highs to the future of the eurozone after the Cyprus banking crisis took center stage. The week featured a meeting of a key Federal Reserve policy committee, some important earnings reports and scores of fresh economic data. But Wall Street\'s eyes were focused squarely on the tiny island nation. The Cyprus crisis exploded into view last weekend when Cyprus accepted a bailout from the European Union and International Monetary Fund that included a tax on Cyprus bank deposits to raise 5.8 billion euros ($7.5 billion). The controversial measure was rejected by the Cyprus parliament. By Thursday, the clock was ticking on Cyprus after the European Central Bank vowed to halt emergency financing for Cypriot banks if the country did not come up with a bailout package by Monday. The Cyprus crisis helped push markets lower three days this week. Still, the market rallied the other two days, including Friday, when equities made up much of the week\'s earlier losses. In the end, stocks moved sideways. The Dow Jones Industrial Average closed the week out at 14,512.03, just a hair under last week\'s level. The broad-based S&P 500 finished the week at 1,556.89, down 0.2 percent, while the tech-rich Nasdaq Composite Index settled at 3,245.00, down 0.1 percent. The market\'s response to the latest flare-up in the eurozone crisis was moderate compared with other times, said Dan Greenhaus, chief global strategist for BTIG. \"Whereas in the past, investors reacted quickly and negatively to any eurozone headline, obviously that was not the case this time as investors seem to have learned a bit of a lesson,\" Greenhaus said. The market\'s response also reflected Wall Street\'s increasing confidence in the US economy following recent positive trends, said Anthony Conroy, a trader at BNY Convergex Group. \"Had this market not been as resilient as its been, we could have been down a couple of percent\" on some of the days this week,\" Conroy said. Markets continued to smile on the Federal Reserve\'s aggressive policy of purchasing bonds to depress interest rates. The policy was reaffirmed by the Federal Open Market Committee (FOMC) at the conclusion of a two-day policy meeting Wednesday. Fed Chairman Ben Bernanke said the economy has made modest progress in recent months. But he pointed to continued concerns about unemployment and the effect of federal budget cuts. Most FOMC members agreed that the bond purchases \"continue to provide meaningful support to economic growth and job creation,\" Bernanke said. These include a batch of solid corporate earnings and generally positive indicators in the housing sector and jobs market. Construction of new US homes edged higher in February, while existing-home sales reached their highest level since November 2009. Jobless claims continued to hover near five-year lows. But weaker-than-expected earnings results from FedEx and Oracle cast a cloud on sentiment. The coming week will see some important economic indicators, including durable goods orders, consumer spending and a revision on fourth-quarter economic growth. But Cyprus is expected to remain in focus, at least in the early part of the week. \"If something happens this weekend, that\'ll be what you talk about on Monday and Tuesday,\" Greenhaus said. \"If Cyprus leaves the eurozone, then you start pricing in all sorts of contagion. People will start freaking out about the eurozone banking sector and, by extension, the global economy,\" Greenhaus said. \"It would be -- in the short-term -- mayhem.\"

arabstoday
arabstoday

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us stocks see modest drag from cyprus so far us stocks see modest drag from cyprus so far

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us stocks see modest drag from cyprus so far us stocks see modest drag from cyprus so far

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday