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Yen worries sink Nikkei 2% in broadly lower AsiaThe major Asian stock markets declined Friday, with exporters stumbling again in Japan as weak U.S. jobs data and a strong yen hurt Tokyo shares.
The Nikkei Stock Average fell 2% to erase the gains it accumulated earlier this week as the dollar stayed resolutely in the 85-86 yen range -- weaker than the level assumed by several Japanese corporations in their annual forecasts. The dollar's weakness against the yen makes Japanese exports to the rest of the world more expensive.
The Nikkei Stock Average fell 2% to erase the gains it accumulated earlier this week as the dollar stayed resolutely in the 85-86 yen range -- weaker than the level assumed by several Japanese corporations in their annual forecasts. The dollar's weakness against the yen makes Japanese exports to the rest of the world more expensive.
Chinese shares dropped after Beijing announced new property tightening measures, with the Ministry of Land and Resources saying Thursday it will reinforce its campaign to crack down on land hoarding and misuse by property developers.
The Shanghai-listed shares of China Citic Bank(CN:601998 5.80, -0.17, -2.85%) dropped 2.9%, Industrial & Commercial Bank of China
After Thursday's onslaught of negative data, traders were desperately seeking some kind of bullish catalyst today. But with no major economic reports on the docket -- and a decidedly mixed bag of earnings from tech-sector players Dell and Hewlett-Packard investors seemed reluctant to leave money on the table over the weekend. As a result, the bears took control right out of the gate on Friday, with energy stocks pacing the decliners amid ongoing concerns about the pace of the U.S. economic recovery.
However, given a general lack of market-moving developments, it seems that even the bears lacked the courage of their convictions today. Stocks drifted gradually higher throughout the afternoon, and the slow-and-steady push helped the Nasdaq Composite, at least, end the week on positive ground.
The Dow Jones Industrial Average (DJIA – 10,213.62) ended on a drop of 57.6 points, or 0.6%, as 22 of its 30 components closed lower. Hewlett-Packard paced the laggards, while Travelers Companies set the tone for the eight advancing blue chips. The Dow wrapped up the week on a loss of 0.9%, and ended beneath its 10-week moving average for the first time since July 16.
The S&P 500 Index (SPX – 1,071.69) gave up about 4 points, or 0.4%, and notched a second consecutive weekly close beneath its 10-week trendline. However, the SPX is still perched above support at 1,070.
The Nasdaq Composite (COMP – 2,179.76) showed up its broad-market peers by ending fractionally higher -- the COMP tacked on 0.8 point, or 0.04%, after finding intraday support at 2,160.
However, given a general lack of market-moving developments, it seems that even the bears lacked the courage of their convictions today. Stocks drifted gradually higher throughout the afternoon, and the slow-and-steady push helped the Nasdaq Composite, at least, end the week on positive ground.
The Dow Jones Industrial Average (DJIA – 10,213.62) ended on a drop of 57.6 points, or 0.6%, as 22 of its 30 components closed lower. Hewlett-Packard paced the laggards, while Travelers Companies set the tone for the eight advancing blue chips. The Dow wrapped up the week on a loss of 0.9%, and ended beneath its 10-week moving average for the first time since July 16.The S&P 500 Index (SPX – 1,071.69) gave up about 4 points, or 0.4%, and notched a second consecutive weekly close beneath its 10-week trendline. However, the SPX is still perched above support at 1,070.
The Nasdaq Composite (COMP – 2,179.76) showed up its broad-market peers by ending fractionally higher -- the COMP tacked on 0.8 point, or 0.04%, after finding intraday support at 2,160.
On a weekly basis, the SPX shed 0.7%, while the COMP bucked the week's bearish trend by adding 0.3%.
Crude oil for September delivery ended its run as the front-month contract on a negative note. With no new developments to distract traders from Thursday's bleak reports on employment and manufacturing, black gold was pummeled on fears of anemic energy demand. September-dated crude oil closed on a loss of 97 cents, or 1.3%, at $73.46 per barrel.
On a weekly basis, crude futures shed 2.6%.
HAPPY TRADING
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