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Afternoon New YorkTitle:
Consumer shares lift Wall St, but Greece drags
Consumer shares led a modest rebound on Wall Street on Tuesday, after the S&P 500 fell for four of the past five sessions, but gains were capped as investors kept an eye on the political impasse in Greece.
Quarterly results helped boost the S&P consumer discretionary sector index, with TJX (TJX.N) up 7.4 percent at $42.65 and Dick's Sporting Goods (DKS.N) up 9.2 percent at $51.59. The S&P retail sector index .RLX rose 1.5 percent.
U.S. retail sales rose 0.1 percent in April, slightly below expectations. However, details in the Commerce Department's report indicating underlying strength in demand and a rebound in manufacturing activity in New York State calmed concerns that the economy was stalling.
"Earnings have been pretty good and supporting the market to a certain degree," said John ...
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Euro, stocks, oil slump as Greece crisis deepens
The euro, oil and stocks fell on Tuesday as Greece's political crisis intensified after a call to form a new government renounced the terms of a bailout that is keeping the country's finances afloat.
The results of weekend elections in Greece and France, in which voters soundly rejected harsh austerity measures seen by markets as a way out of the debt crisis, heightened the uncertainty of the path ahead for the euro zone.
Alexis Tsipras, the leader of the Greece's Left Coalition party, began efforts to form a government by renouncing the EU/IMF bailout terms and threatening to nationalize banks.
The head of a centrist conservative party, which won the most votes Sunday, said he would not back a minority government that rejected the bailout, making repeat elections in a few weeks ...
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Dollar rises from 2-1/2 month low vs yen as U.S. data eases fears
(Reuters) - The dollar rebounded from a 2-1/2-month low versus the yen on Tuesday after a barometer of the U.S. manufacturing sector showed unexpected strength, allaying fears the economy was slowing.
The Institute for Supply Management's factory data bucked the trend of other recent data that suggested the economy was losing steam, prompting traders to rebuild long dollar bets that had grown stale as the economy's outlook weakened.
"The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle," said Nick Bennenbroek, head of FX strategy for North America at Wells Fargo in New York. "ISM suggests there's no real reason to get too concerned about the path of the U.S. economy at this point."
The ISM data, which showed the strongest rate ...
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Euro posts worst month vs dollar since December
(Reuters) - The euro dropped against the dollar on Monday and notched its worst monthly performance since December, weighed down by news of Spain slipping back into recession and signs of weaker economic momentum in the United States.
Investors were also wary of buying euros before weekend elections in France and Greece and a European Central Bank meeting this week that could further knock down sentiment.
"Risk aversion was today's theme, with the economic outlook for the euro zone looking bleak," said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto.
"In the U.S., overall deterioration in economic data has left the door squarely open for the Fed to add more stimulus."
Data on U.S. spending and business activity in the Midwest reinforced that view that the U.S. ...
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Euro on track for worst month vs dollar since December
(Reuters) - The euro dropped against the dollar on Monday and was on track for its worst month since December, weighed down by news of Spain slipping back into recession and signs of weaker economic momentum in the United States.
Investors were also wary of buying euros before weekend elections in France and Greece and a European Central Bank meeting this week that could further knock sentiment on the euro zone currency.
"All the news out of Europe is getting worse, although we're still in a range," said Win Thin, senior currency strategist at Brown Brothers Harriman in New York. "I think the European news and the generally weak U.S. data are sort of feeding into this risk-aversion mode."
The euro failed to gain traction despite signs the U.S. economic recovery was losing momentum, ...
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Euro hits three-week high vs. dollar before Fed statement
The euro rose to a three-week high against a weaker dollar on Wednesday ahead of a policy statement from the U.S. Federal Reserve, with lower euro zone peripheral bond yields helping to allay concerns about the outlook for the euro zone.
Traders expected the Federal Reserve to restate its intention to keep rates near zero throughout 2014 and possibly hint at more easing, especially after recent weaker jobs data.
However, traders expected gains in the euro to be limited as the currency remained vulnerable to budget problems and political uncertainty in several euro zone countries.
The dollar extended losses against the yen on Wednesday after data indicated demand for long-lasting U.S. manufactured goods dropped by the most in three years in March and a gauge of business spending plans ...
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Euro slammed by poor data, European political risks
The euro slid against the dollar on Monday after two days of gains, rattled by poor euro zone data and concerns that the region's debt crisis could spread to other healthier European nations after Dutch officials failed to agree on budget cuts.
Analysts said sentiment toward the common currency was bearish, with most investors looking to sell it on any rally before debt auctions this week in Italy and the Netherlands.
After the breakdown in budget negotiations, Dutch Prime Minister Mark Rutte said he tendered his cabinet's resignation to the Dutch queen, adding that she will consider it and had asked for the government in the meantime to keep doing whatever was in the country's interest.
The budget impasse in the Netherlands could threaten its triple-A rating and weighed on the euro.
A ...
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Euro climbs vs. dollar, yen in volatile trade
(Reuters) - The euro climbed against the dollar on Thursday in volatile trading, snapping two days of losses, with the single currency boosted by institutional buying to adjust short positions following generally solid Spanish bond auctions this week.
News that the International Monetary Fund has secured commitments of about $320 billion in funding to help shield member economies from the debt crisis in Europe gave the euro additional support, some analysts said.
Analysts also talked of large repatriations of euros by European banks to increase capital, which also bolstered the currency.
Spain has ordered its battered banking sector to reinforce balance sheets as a correction in the housing market continues and the central bank forecasts lenders will need some 53.8 billion euros ($70.7 ...
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Euro climbs to session high versus dollar
(Reuters) - The euro climbed to the session high against the dollar, recovering from a two-month low earlier in global trading after it did not breach key technical support levels.
In mid afternoon New York trading, the euro last changed hands up 0.1 percent at $1.3086, after climbing as high as $1.3093. Earlier it dropped to a two-month trough of $1.2993.
Stop-loss euro sell orders were reported below $1.2970, but near-term support was seen at $1.2955, around the 61.8 percent retracement of the euro's climb from the January low to the February peak.
With the euro not testing those levels, some buyers stepped in.
(Reporting By Nick Olivari; Editing by Padraic Cassidy)
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