Reuters - Video

Edition: U.S. | U.K. | IN | CN

Top News

Economic data keep bulls in headlock

Thursday, February 21, 2013 - 02:13

Feb 21 - Summary of business headlines: Fed official says not taking away the $85 billion a month punch bowl yet; jobs, factory, inflation data suggest Fed policy can continue; Hewlett-Packard beats forecast, guides higher; Wal-Mart sales not hurt as much as feared. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

Wall Street suffers its worst two-day slide of the year as the global economy shows signs of struggle. The Dow lost 46 points, the S&P 500 gave up 9 and the Nasdaq slid 32. Some of the sell-off was follow-through from the day before. Minutes from the last Federal Reserve meeting showed policymakers worried about their pledge to spend $85 billion a month to buy debt until the jobless rate significantly falls. Dallas Fed President Richard Fisher hopes to bring some clarity. SOUNDBITE: DALLAS FEDERAL RESERVE PRESIDENT RICHARD FISHER (ENGLISH) SAYING: "I don't think you go from wild turkey to cold turkey overnight and I was one of the people at the table who actually used the word tapering; that we need to consider not cutting this program off. You know we are doing $85 billion a month, which is a significant amount. The question is: as we go through time when do we not halt the program outright but begin to taper it off? You are still adding accommodation to the system. Again, I didn't support this to begin with but the question is: how do we manage it going forward?" Data out Thursday could provide some clues: Jobless claims jumped more than expected last week Factory activity in the Mid-Atlantic region shrank to a seven-month low But on the positive side... Existing home sales rose slightly last month, with prices up and inventories down to a 13-year low. And consumer prices were flat for a second straight month in January. Hewlett-Packard posted better-than-expected results after the close excluding items and the outlook for the current quarter running ahead of forecasts. More importantly, quarterly revenues at Wal-Mart jumped to nearly $128 billion. Sales at stores opened at least a year were at the low-end of targets. Wal-Mart predicts so-called same-store sales will be even slower this quarter as consumers deal with delayed tax returns, higher payroll taxes, and rising gasoline costs. In Europe: Escalating worries ahead of Italian elections this weekend spooked the market big time and somber data didn't help - sending euro zone stocks to their lowest level of the year.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Economic data keep bulls in headlock

Thursday, February 21, 2013 - 02:13

Editors' Picks »

Most Popular »

Business »

Moving Pictures »

Images of December Images of December

Tue, 23 Dec, 2014 - (0:30)

Tsunami - unclaimed possessions Tsunami - unclaimed possessions

Tue, 23 Dec, 2014 - (2:23)

Images of November Images of November

Tue, 02 Dec, 2014 - (0:30)

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Sports And Leisure »

Mourinho's "Let's go to Wembley" Mourinho's "Let's go to Wembley"

Wed, 28 Jan, 2015 - (1:16)

Diver Daley trains in Rio Diver Daley trains in Rio

Tue, 27 Jan, 2015 - (0:55)

Drogba on his Chelsea hopes Drogba on his Chelsea hopes

Mon, 26 Jan, 2015 - (0:52)

NBA legend shoots from the hip NBA legend shoots from the hip

Wed, 14 Jan, 2015 - (1:13)

Tennis ace Murray proposes to girlfriend Tennis ace Murray proposes to girlfriend

Thu, 27 Nov, 2014 - (0:41)

Sports Spread: Tinkering Liverpool target Chelsea Sports Spread: Tinkering Liverpool target...

Thu, 06 Nov, 2014 - (11:18)

Flying car prototype takes to the skies Flying car prototype takes to the skies

Wed, 29 Oct, 2014 - (2:18)

Dateline Asia »

Chinese firms on overseas shopping sprees Chinese firms on overseas shopping sprees

Thu, 29 Jan, 2015 - (2:28)

iPhone grabs top spot in China iPhone grabs top spot in China

Wed, 28 Jan, 2015 - (1:40)

Robot replacements for Foxconn's workers Robot replacements for Foxconn's workers

Wed, 28 Jan, 2015 - (1:12)

Alibaba could set sights on Yahoo Alibaba could set sights on Yahoo

Tue, 27 Jan, 2015 - (1:24)

Fashion designers finding haste makes waste Fashion designers finding haste makes waste

Tue, 27 Jan, 2015 - (2:07)

Be afraid, the Chinese are spending less Be afraid, the Chinese are spending less

Mon, 26 Jan, 2015 - (1:33)

Asia markets shrug at Greek elections Asia markets shrug at Greek elections

Mon, 26 Jan, 2015 - (1:36)

Asia markets toast ECB stimulus Asia markets toast ECB stimulus

Fri, 23 Jan, 2015 - (1:42)

Asia Week Ahead: Markets await Greece vote Asia Week Ahead: Markets await Greece vote

Fri, 23 Jan, 2015 - (1:18)

Netflix to push play in China Netflix to push play in China

Thu, 22 Jan, 2015 - (1:41)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:22)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)