By Caroline Valetkevitch NEW YORK (Reuters) - Five years ago, the United States was in the midst of its worst recession in seven decades, and stocks were feeling it. On this day in 2009, the S&P 500 hit its nadir, closing at 676.53. That low marked a climax of a 16-month selloff that took more than half the S&P 500's value. Naturally, some investors are questioning whether the bull run is nearing an end.
The Shanghai Stock Exchange has secured approvals from regulators to set up an international trading center in the free-trade zone, the chairman of the bourse said on Saturday. The move could pave the way for more foreign investors to tap the world's fourth-largest stock market by capitalization and also for foreign companies to issue shares in the world's second-largest economy. Gui Minjie, chairman of the Shanghai Stock Exchange, said significant progress has been made in recent years allowing Chinese firms to list on overseas markets. However, no foreign companies are allowed to issue shares on Chinese bourses.
By Ryan Vlastelica NEW YORK (Reuters) - Friday's stronger-than-expected payrolls report did more than ease concerns about U.S. economic fundamentals - it also seemed to justify Wall Street's record levels, suggesting the market's uptrend could continue. That bet has helped equities shrug off bearish data and geopolitical uncertainties in Ukraine, taking the S&P 500 to a series of record highs. "We're hoping the payroll report means we're on a stronger footing going ahead and that we can get more robust growth going forward," said Michael Mullaney, chief investment officer of Fiduciary Trust Co in Boston.
By Angela Moon NEW YORK (Reuters) - U.S. stocks finished mostly higher on Friday, with the S&P 500 closing at a record after more jobs than expected were created in February and January's figure was revised higher. The S&P 500 ended at a record closing high for the second day in a row. Friday's milestone also was the S&P 500's fifth record closing high in the past seven sessions. The S&P 500 had climbed to an intraday record of 1,883.57 shortly after the opening bell, lifted by the Labor Department's report showing that U.S. employers added 175,000 jobs to their payrolls in February.
Bill Gross, the co-founder and co-chief investment officer of Pacific Investment Management Co, has accused departing CEO Mohamed El-Erian of seeking to "undermine" him by talking to The Wall Street Journal about deepening tensions between the two executives who have been jointly running the world's largest bond house. Gross told Reuters that he had "evidence" that El-Erian "wrote" a February 24 article in the Journal, which described the worsening relationship between the two men as Pimco's performance deteriorated last year, including a showdown in which they squared off against each other in front of more than a dozen colleagues at the firm's Newport Beach, California headquarters. Gross, who oversaw more than $1.91 trillion in assets as of the end of last year and who is known on Wall Street as the 'Bond King', said in a phone call to Reuters last Friday: "I'm so sick of Mohamed trying to undermine me." When asked if Reuters could see the evidence about El-Erian and the allegation he was involved in the article, Gross said: "You're on his side.
By Duncan Miriri NAIROBI (Reuters) - The Kenyan shilling held steady against the dollar on Friday, while shares eked out meagre gains on expectations that some firms may post higher earnings for last year. "It's really range-bound," said Duncan Kinuthia, head of trading at Commercial Bank of Africa, adding there was a good supply of dollars at 86.50 and good demand for them at 86.30. In the stock market, the benchmark NSE-20 share index inched up 0.2 percent to close at 4906.72 points as investors bet firms that have not posted their full-year earnings will report profit growth. "They did 28 percent growth in earnings per share in the third quarter so for the full year they will be around that level," said Kuria Kamau, a research analyst at Kestrel Capital.
Reuters Market Eye - Shares of Bharti Airtel rise after Standard & Poor's Ratings Services upgrades the company's ratings, traders said. S&P, late on Thursday, raised Bharti's long-term corporate credit rating to 'BBB-' from 'BB+'. The rating agency says the upgrade reflects expectation that Bharti will use its significant free operating cash flows and funds from strategic measures to reduce its leverage to a level that is in line with an "intermediate" financial risk profile. Bharti shares were trading 4.2 percent higher at 298.95 rupees as of 1.05 p.m. (Reporting by Indulal PM)
By Lisa Twaronite and Shinichi Saoshiro TOKYO (Reuters) - Asian stocks rose on Friday, buoyed by Wall Street's gains the previous day, but investors remained cautious ahead of the U.S. nonfarm payrolls report later in the session. The dollar index, which weighs the dollar against a basket of major currencies, was at 79.659, after skidding as low as 79.590, its lowest since late October, in wake of the euro's surge.
By Angela Moon NEW YORK (Reuters) - U.S. stocks mostly rose on Thursday, with the S&P 500 closing at yet another record on better-than-expected jobless claims data and the European Central Bank's move to keep rates unchanged. But the overall sentiment was cautious ahead of Friday's all-important U.S. nonfarm payrolls report and tensions between Ukraine and Russia. The CBOE Volatility Index or VIX, Wall Street's so-called fear gauge, ended up 2.3 percent at 14.21.The VIX generally moves inversely to the performance of the S&P 500 and is often used to hedge against a market decline. Thursday's milestone marked the S&P 500's fourth record closing high over the past six sessions.
(Reuters) - UBS AG has hired Doug Simons and Tannon Krumpelman as managing directors as part of the bank's efforts to expand its financial institutions group. Simons is a Wall Street veteran of more than 20 years who specializes in commercial banks and depository institutions, UBS said on Thursday. He joins UBS from Credit Suisse . Prior to Credit Suisse, Simons worked at Morgan Stanley and Citigroup . Simons has worked on deals such as Capital One Financial Corp's acquisition of Chevy Chase Bank and BB&T Corp's purchase of Colonial Bank. ...