Reuters - Video

Edition: US | UK | IN | CN | JP

video Video

Bernanke steps into the spotlight
Bernanke steps into the spotlight - 02:13
The official royal wedding guest list revealed
The official royal wedding guest list revealed - 01:23
Shuttle astronauts arrive at Cape Canaveral
Shuttle astronauts arrive at Cape Canaveral - 01:18
Waiting for Bernanke
Waiting for Bernanke - 01:51
Hospital staff flee border fighting
Hospital staff flee border fighting - 01:10
Thousands at Sai Baba funeral
Thousands at Sai Baba funeral - 01:03
Al Qaeda releases hostage messages
Al Qaeda releases hostage messages - 01:43
Obama calls birth controversy \
Obama calls birth controversy "distracting" - 05:29
Three blasts hit Kirkuk
Three blasts hit Kirkuk - 01:25
Protests intensify in Yemen
Protests intensify in Yemen - 01:24
Border clashes displace thousands
Border clashes displace thousands - 01:50
S&P Credit Rating Warning Helpful - Lister
S&P Credit Rating Warning Helpful - Lister - 00:53

Wall Street to Merkel: "Danke"

Thursday, August 16, 2012 - 01:54

Aug. 16 - Summary of business headlines: Stocks have best day in two weeks after Germany's Angela Merkel hints EU still working to resolve debt crisis; U.S. economic still cloudy; Facebook shares sink; Wal-Mart beats but cautious. Conway G. Gittens reports.

▲ Hide Transcript

▶ View Transcript

There was an upward bias on Wall Street as Germany's Angela Merkel stands by the European Central Bank's efforts to stop the debt crisis. However, she's no fan of the political process. SOUNDBITE: GERMAN CHANCELLOR ANGELA MERKEL (GERMAN WITH SIMULTANEOUS ENGLISH TRANSLATION) SAYING: "We need a certain degree of solidarity in Europe. We have to learn to use the monies that were already giving these days into structural funds - to use those monies, funds more efficiently in the future because what we've learned is not all the money we've given really gave a boost to competitiveness of those countries and really improved them." Her comments sparked the biggest Wall Street rally in two weeks to a four-month closing high. Economic data was mixed. Applications for unemployment benefits rose slightly last week. But the closely-watched four-week moving average fell close to a four-year low. New housing construction projects slowed in July, but permits for future building jumped to a near four-year high. And business activity in the Mid-Atlantic region shrank for a fourth consecutive month, but the contraction in August was less than July. On the corporate front: shares of Facebook down 6 percent. It was the first day millions of shares held by Facebook's employees and early shareholders could be sold post-IPO. More restrictions will be lifted in the fall. Wal-mart says the American consumer is shopping, so profits topped expectations and it raised its outlook. But budgets remain tight in the U.S. and international operations are slowing, which could mean Wal-Mart's full-year results may fall shy of estimates. Back to Europe now - stocks there were up as well. Conway Gittens, Reuters

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

Close

Wall Street to Merkel: "Danke"

Thursday, August 16, 2012 - 01:54

Featured Videos

Bladerunners - UK lawnmowers in 12-hour endurance race

Bladerunners - UK lawnmowers in 12-hour endurance race

Drivers donned their suits and climbed into their cockpits at the weekend for a 12-hour endurance race with a difference: they weren't driving rallying cars, but lawnmowers
The highs and lows of Macron's first 100 days

The highs and lows of Macron's first 100 days

French President Emmanuel Macron heads into the summer break faced with falling popularity ratings after tough debates in parliament over labour reform and a public ethics law, a standoff with the military and cuts to housing assistance
The vending machine helping fight against HIV

The vending machine helping fight against HIV

An innovative vending machine for HIV tests being piloted in Britain aims to help in the fight to end the epidemic
London's underground mail rail re-opens after 14 years

London's underground mail rail re-opens after 14 years

A never seen before underground mail network is set to open to the public in London, 14 years after it closed down
Dutch students grow their own biodegradable car

Dutch students grow their own biodegradable car

The first car with a biocomposite body structure has been built by Eindhoven University of Technology students