Reuters - Video

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

Business

Trading at Noon: U.S. stocks off; Nasdaq cracks 3000 level

Wednesday, 29 Feb, 2012 - 03:31

Feb. 29 - U.S. stocks are down, as Fed chairman Ben Bernanke testifies on Capitol Hill. Also, the Nasdaq cracked the 3000 level for the first time in nearly 12 years.

▲ Hide Transcript

View Transcript

Checking in on trading at noon US stocks are lower giving up early gains -- Fed Chairman Ben Bernanke. Testifies on Capitol Hill earlier the -- -- all the thirteen thousand level for a bit. And NASDAQ it crack at 3000 -- only -- all act. For the first time in twelve years the last Chinese 3000 on the NASDAQ Bill Clinton was in the White House and The Backstreet Boys were on the media. Materials and energy stocks pushing the S&P 500 index lowered today. Earlier date on GDP on years of slowdown for the economy with a revision GDP at 3% the quickest pace in the second quarter up twenty can't. And more positive news on the economic front -- business activity in the midwest picked up more than expected in February to its highest in ten months. Fed Chairman Ben Bernanke fielding questions from congress this morning on the economy fed policy and job. It's been pretty friendly so far even including questions from that critic Ron Paul. Bernanke for his part says that while the jobs market had shown signs of improvement. Don't pop the champagne. Notwithstanding a better recent data at the job market does remain far from normal yeah. The unemployment rate -- elevated its long term unemployment is still near record levels and a number of persons working part time for economic reasons is very high. Bernanke's remarks suggesting another round of -- on behind stimulate growth is not off the table. Be heir apparent that the news or empire stepping down from heat post. James Murdoch the -- on the river are not leaving his position as executive chairman of news international but he will remain deputy chief operating officer -- news -- -- Iraq has been under intense pressure in Britain since last summer following revelations from the phone hacking scandal. Don't be too surprised if he now see him walking around New York he's moving here and will be focusing on the international side that he has. Shares -- New York are reacting favorably to the news they're up 20% right now. Now for some stocks to watch this -- shares of apple are up more than 1%. They aren't Helen trading above 542. Dollars -- -- Apple's market cap breaking through a 500 billion dollar billion of them need to -- this morning braking -- sees that as a symbol pit stop for the company on its way. One trillion dollars. Shares of staples are down into the and it just about them. Seven point 8% -- supply chain reported a growing profit that nearly beat analysts' estimates. -- it's excellent growth in the US economy and less demand in Europe in 2012. And bonus season was a bomber. In case you need any more confirmation that back in New York State comptroller -- his own numbers forecasting a decline of 14%. Cash bonuses. Despite those headlines from big banks cutting -- twenty even 30%. Comptroller says personal income tax collections indicate the smaller decline which he says it's most likely due to deferred compensation. And if the thinning the ranks in the shrinking of the bonus we'll have you looking for another job. We want to point you to eight portfolio manager position to deal breaker dot com now this was at GQ are global markets. Compensation for this job is listed as astronomical. And that's not a tight -- it's not a show. Actually called the company and they said that they had been inundated not surprisingly applications. But very few people in the end book while -- That's all for trading in and and Rodgers it's his story.

Trading at Noon: U.S. stocks off; Nasdaq cracks 3000 level

Wednesday, 29 Feb, 2012 - 03:31

Top News »

Rough Cuts »

Technology »