Market Breaking News 17/11/11

Stocks eased off their worst levels, but still finished lower in another thin, volatile session Thursday as investors sifted through a handful of headlines from the euro zone and after the S&P breached a key technical level.

Alcoa was the worst performer on the blue-chip index. 

1. Jobless Claims Fell by 5,000 to 388,000, Seen Rising; Housing Starts Fell Less Than Expected, Down 0.3% in Oct.


 2. Stocks were narrowly mixed at the open Thursday after a handful of better-than-expected economic news and following a report that the ECB could lend funds to the IMF for euro zone bailouts.

Boeing edged higher, while JPMorgan slipped.

3. Stocks traded mixed in another thin, choppy session Thursday as investors weighed a handful of better-than-expected economic news against further worries over the euro zone.

ExxonMobil gained, while AmEx declined.

4. U.S. stock losses intensified on Thursday as investors sold equities as well as assets more typically used to hedge stock bets, as rising borrowing costs in Europe unnerved Wall Street.

5. The slide in U.S. equities and commodities came on worries about escalating yields on euro-area debt and a Dow Jones Newswires report that Germany had rejected talk of the European Central Bank’s funding International Monetary Fund-European Union bailouts.

6. First, it was Greece. Then it was Italy. Now everyone's talking about Spain and France, and that pattern stinks of contagion. Earlier today, Spain had a horrific 10-year bond auction, where its borrowing cost soared to a staggering 6.975%. France also held a bond auction this morning that didn't go much better. However, based on the country's sovereign debt spread against German debt, people should be worried.

7. Yesterday, Greek and Irish leaders suggested that the European Financial Stability Facility (EFSF) in its proposed leveraged form could prove inadequate in stemming the eurozone debt crisis. Some are hoping for some relief through aggressive ECB intervention. However, Germany has been an outspoken opponent of this. "If politicians think the ECB can solve the euro crisis, then they are mistaken," German Chancellor Angela Merkel told Reuters today.

8. Let's not forget about domestic debt problems and political turmoil. There are concerns the the U.S. congressional super committee will fail to come to an agreement  on a $1.2 trillion deficit reduction plan before the November 23 deadline, which is now less than a week away.

9.Despite the somewhat positive economic data, it was a total risk-off trade today with an across-the-board sell off in commodities.

10. Copper and crude oil each fell more than 3%. Corn fell 4%. Even gold, the on-again off-again safe haven, got dumped, falling 3%.Crude Oil drop to 98.93.