The world’s leading technology index, Nasdaq has closed above 5000 today for the first time since year 2000 dot-com bubble as tech stocks were boosted by deals, while the S&P 500 and Dow Jones indeces also hit record highs after economic data pointed to a slow but steadily growing economy in the USA.
After lumbering around around much of the day, the Nasdaq Composite Index (.IXIC) surged in late afternoon to finish above 5000, marking the third time the index ended above 5000. The last time was March 10, 2000. Nasdaq’s biggest driver was Google, with support from chipmakers NXP Semiconductors NV and Intel Corp, as well as network equipment maker Cisco Systems after news of two big deals. Continue reading Nasdaq 5000 is here again!
Peter Sands, the CEO of Standard Chartered Bank has announced the closure of its equities business, the redundancy of 4000 staff and a plan to making $400 million of cost savings in 2015. In Nov 2014, Standard & Poor’s levied the first ever credit rating downgrade on the bank after three profit warnings in less than 12 months and a worsening bad loan problem. The businesses that Standard Chartered Bank is exiting are: Institutional Cash Equities, Equity Research and Equity Capital Markets, all of which have been loss-making. The bank had acquired most of these businesses from JP Morgan in 2008. The bank believes their exit will deliver US$100 million of cost savings in 2016, and will involve 200 job losses across seven markets. Read More >>
You can’t make these things up, and reality is stranger than fiction. Who would have thought at the start of year in Jan 2014 that we will see almost 50% cut in crude oil prices by Dec 2014? Gas prices in hit another milestone on Monday in the United States: AAA reports that the national average price for gasoline has fallen for a record 88 days in a row. Gas prices have dropped every day since Sep 25th, to the current national average of $2.39 per gallon. The ongoing North American shale oil boom, along with a slow-down in global economy and OPEC’s recent decision to continue its crude oil production at current levels without production custs, have all combined to push down the price of crude oil by around 40 percent since this past June. Read More>>