Obama loan modification program languishes
Fri, 12 Mar 2010 19:11:46 GMT
WASHINGTON (MarketWatch) -- With expectations for millions of foreclosures on the horizon, only 170,000 troubled borrowers have had their mortgages modified from three-month temporary plans into more affordable permanent loans as part of a $75 billion Obama administration program, the Treasury Department said Friday. That number is up from 116,000 in January. An additional 91,800 permanent modifications have been approved by lenders, but are waiting for borrower signatures, according to the Treasury.
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Gold ends lower as U.S. sentiment data dips
Fri, 12 Mar 2010 19:11:21 GMT
NEW YORK (MarketWatch) -- Gold futures finished lower on Friday and for the week, as a drop in U.S. consumer sentiment continued concerns that China will further tighten access to money offset a weaker dollar. Gold for April delivery finished down $6.50, or 0.6%, at $1,101.70 an ounce at the New York Mercantile Exchange. For the week, gold fell 2.4%.
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Bristol-Myers, Sanofi update Plavix label warning
Fri, 12 Mar 2010 18:32:43 GMT
SAN FRANCISCO (MarketWatch) -- Bristol-Myers Squibb Co. and Sanofi Aventis said Friday that the blood-thinner Plavix will now come with a safety warning concerning patients who may not be able to metabolize the drug. About 2% to 14% of the U.S. population have difficulty metabolizing the drug because of a faulty enzyme in the liver. The new warning cautions doctors that these patients are at risk for heart problems and stroke because of the lack of effectiveness.
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Used car values up, except Toyota: Edmunds.com
Fri, 12 Mar 2010 18:30:39 GMT
SAN FRANCISCO (MarketWatch) -- Toyota Motor Corp. aside, used car prices have risen about 2% from a month ago, according to a report from Edmunds.com on Friday. The price of Toyota vehicles affected by the recent spate of recalls are down 2.5%. The car-buying research Web site said the trend of rental fleets returning their Toyotas has also helped make it a buyer's market for consumers. "Car-shoppers are in a great position to negotiate, and once they pick up a Toyota - or any used car - they should immediately get their contact information into the automaker's owner database to be kept up to date on recalls and other alerts," Edmunds.com editor Philip Reed said.
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Bankrupt WaMu settles with J.P. Morgan, FDIC
Fri, 12 Mar 2010 17:54:51 GMT
SAN FRANCISCO (MarketWatch) -- Washington Mutual Inc. said Friday that it has reached a global settlement agreement with J.P. Morgan Chase & Co. and the Federal Deposit Insurance Corp. The bankrupt bank said it is confident the settlement "will provide substantial recoveries" for its creditors.
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Goldman says it's never used repo 105 transactions
Fri, 12 Mar 2010 16:12:07 GMT
SAN FRANCISCO (MarketWatch) -- Goldman Sachs Group said Friday that it has never used a transaction known as repo 105. The examiner investigating the collapse of Lehman Brothers said repo 105 used a clause in accounting rules to classify repos as sales, even though Lehman was still obliged to repurchase the assets at a later date. That meant the assets disappeared from the balance sheet, and it could use the cash it received to temporarily pay down other liabilities. This made Lehman look less leveraged than it actually was. "Goldman Sachs has never used this transaction," a spokesman for the investment bank said in an email to MarketWatch.
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Treasurys erase loss as yields attract buyers
Fri, 12 Mar 2010 15:48:00 GMT
NEW YORK (MarketWatch) -- Treasury prices turned higher in late-morning trading on Friday, pushing yields down, as traders digested a report showing consumer sentiment unexpectedly declined this month. Short-term yields had touched the highest since January earlier in the session, providing an attractive level for investors. "We are seeing buying across the Treasury curve from all sorts of money manager, insurance, and bank accounts," said Thomas di Galoma, head of fixed-income rates trading at Guggenheim Partners. Two-year yields near 1% "are in our short-term buy zone," he said. Yields on 10-year notes slid 1 basis point to 3.73%, after earlier reaching 3.79%, the highest in three weeks.
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Crude oil, gold drop after sentiment data
Fri, 12 Mar 2010 15:10:13 GMT
NEW YORK (MarketWatch) -- Crude oil and gold futures turned lower in morning trade Friday after a survey showed U.S. consumers were less optimistic in March. Crude oil for April delivery was down 2 cents at $82.09 a barrel in electronic trade. It earlier rose to a high of $83.20 a barrel, lifted by the International Energy Agency's forecast for higher global oil demand. Gold for April was down 1.10, or 0.1%, at $1,107.10 an ounce, off a morning high of $1,119.50 an ounce.
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U.S. stocks retreat some after sentiment index
Fri, 12 Mar 2010 15:03:07 GMT
NEW YORK (MarketWatch) -- U.S. stocks on Friday scaled back an earlier advance after an index of consumer sentiment dipped in March. The Dow Jones Industrial Average added 17.31 points to 10,629.15. The S&P 500 Index rose 1.55 points to 1,151.79. The Nasdaq Composite Index was fractionally lower at 2,367.71.
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Citi shares may snap winning streak
Fri, 12 Mar 2010 15:01:57 GMT
BOSTON (MarketWatch) -- Citigroup Inc. , one of the market's best-performing stocks in recent weeks, traded lower in early action Friday and posted the highest trading volume on the New York Stock Exchange, followed by Bank of America Corp. . Heading into Friday's session, Citi shares were up 26% for the year-to-date period and had not posted a loss in the previous eight sessions. Shares of Citi were off nearly 2% in morning trade Friday, while the Financial Select Sector SPDR Fund added roughly 0.5%.
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Abbott leads drugs stocks lower
Fri, 12 Mar 2010 15:00:31 GMT
BOSTON (MarketWatch) -- Abbott Laboratories led drug stocks lower early Friday as shares of the medical products conglomerate lost ground after analysts at Citigroup cut their rating of the stock to sell from hold. Both the NYSE Arca Pharmaceutical Index and the NYSE Arca Biotechnology Index were marginally lower at 305.76 and 1230.32, respectively. Shares of Abbott were down over 2% at $54.23.
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Treasurys, dollar stay down after sentiment falls
Fri, 12 Mar 2010 15:00:11 GMT
NEW YORK (MarketWatch) -- Treasury prices declined and the U.S. dollar pared a loss on Friday as an index of consumer sentiment unexpectedly slipped in early March. Bond yields, which move inversely to prices, pared an increase. Yields on 10-year notes increased 2 basis points to 3.75%. The dollar index , which measures the U.S. unit against a trade-weighted basket of six major currencies, traded at 79.942, still down from 80.542 late Thursday.
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