Reuters - Video

EDITION: U.S. | U.K. | IN

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 »

Business »

Moving Pictures »

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)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

Images of August Images of August

Fri, 29 Aug, 2014 - (1:00)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, 11 Aug, 2014 - (2:27)

Oddly Enough »

Calling all men: here's your chance to experience labor pains Calling all men: here's your chance to...

Thu, 20 Nov, 2014 - (1:43)

Annie Leibovitz showcases historic "Pilgrimage" Annie Leibovitz showcases historic...

Thu, 20 Nov, 2014 - (1:38)

Block-long billboard lights up Times Square Block-long billboard lights up Times Square

Wed, 19 Nov, 2014 - (1:19)

Japan’s military gets sexy Japan’s military gets sexy

Tue, 18 Nov, 2014 - (1:30)

Paris turns on holiday spirit Paris turns on holiday spirit

Mon, 17 Nov, 2014 - (0:57)

Belgian artists sculpt Disney on ice Belgian artists sculpt Disney on ice

Mon, 17 Nov, 2014 - (1:32)

A whale of a tale A whale of a tale

Fri, 14 Nov, 2014 - (0:32)

Sandcastle hits new heights Sandcastle hits new heights

Wed, 12 Nov, 2014 - (0:59)

Rothko and Jasper Johns are top lots at Sotheby's Rothko and Jasper Johns are top lots at...

Wed, 12 Nov, 2014 - (1:52)

Reuters Investigates »

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 - (13:21)

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

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

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, 17 Dec, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sun, 09 Dec, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Mon, 10 Dec, 2012 - (10:39)