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1008 ET 05June2009-Markets turn negative as jobs optimism fades
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Major U.S. indexes turned negative on Friday, erasing an earlier bounce
following mixed news on the labor market.
Earlier, government data showed that while employers cut fewer jobs than
expected in May, the unemployment rate jumped to 9.4 percent, the highest since
July 1983.
For details, see [ID:nN05278715]
The Dow Jones industrial average .DJI fell 0.2 percent to 8,728.29 while
the S&P 500 .SPX lost 0.5 percent to 937.40 and the Nasdaq .IXIC was off
0.6 percent to 1,839.17.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1001 ET 05June2009-BofA CEO asked to testify before Congress
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Kenneth Lewis, the chief executive officer of Bank of America Corp (BAC.N),
has been asked to testify before a congressional committee about when the bank
became aware of deteriorating conditions late last year at Merrill Lynch & Co,
which prompted a federal bailout.
Separately, the largest U.S. bank is balking at paying a "substantial" sum
to the government to exit an agreement covering losses on troubled assets, and
believes it should pay nothing, the New York Times said on Friday, citing three
people briefed on the talks.
For details, see [ID:nN05274590]
Shares of the Dow component rose 1.5 percent to $12.05.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0953 ET 05June2009-Lockhart: Fed can't wait long to tighten policy
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The Federal Reserve needs to be "anticipatory" and not wait too long to
tighten monetary policy, Atlanta Fed President Dennis Lockhart said in an
interview published on Friday.
"We're not there yet," he told Market News International.
Lockhart said that with rising market concerns about inflation, he could
envision the Fed eventually raising U.S. benchmark interest rates while
continuing to run an expansionary monetary policy.
For details, see [ID:nN05506543]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0948 ET 05June2009-Citi downgrades Harley-Davidson, shares fall
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Shares of Harley-Davidson Inc (HOG.N) tumbled on Friday, after the
motorcycle company was downgraded to sell at Citi, which forecast "sluggish
U.S. retail sales growth of down over 20 percent in April and May."
The firm added that international sales would likely continue to be weak,
and cut its price target on the company to $16 from $21.
Shares of Harley dropped 5 percent to $17.78.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0942 ET 05June2009-Kraft sees China sales growth of 10 pct in 2009
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Kraft Foods Inc (KFT.N) expects its China sales to rise more than 10
percent in 2009, similar with last year's rate of growth, its China chairman
said on Friday.
The Dow component is spending 20 percent more this year on advertising in
the country, one of the essential elements that drives its business, Lorna
Davis told Reuters in an interview.
For details, see [ID:nSHA326229]
Shares fell 0.7 percent to $26.84 on Friday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0930 ET 05June2009-Markets advance at open following data
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Major U.S. indexes opened higher on Friday, following data that showed that
employers cut 345,000 jobs in May, far fewer than had been expected.
"I look through these numbers, and I'm trying to find something that is
very disappointing, and I am very hard-pressed," said Hugh Johnson, chief
investment officer at Johnson Illington Advisors in Albany, New York.
"It seems to be consistent with the current view that although we are in a
recession, the recession is clearly getting less worse."
The Dow Jones industrial average .DJI rose 0.7 percent to 8,810.37 while
the S&P 500 .SPX gained 0.5 percent to 946.66 and the Nasdaq .IXIC was up
0.8 percent to 1,864.02.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
