Archive for August 20, 2011

Global Stock Markets Drop Again on Economy Fears

August 20, 2011 Comments off


Stock markets fell across the globe on Friday, as investors showed new concern about the struggling U.S. economy and the stability of the European banking system.

The three major U.S. stock indexes — the Dow Jones Industrial Average, S&P 500 and NASDAQ — all dropped more than one percent Friday, following their decline of four to five percent on Thursday.

Asian stock indexes dropped sharply Friday, and European markets retreated as well, although not as much as on Thursday.

Analysts said that fear had overtaken stock trading, with many investors worried that officials in Europe and the U.S. will not be able to solve vexing economic and government financing issues.

In Europe, the concern is that banks are not strong enough to handle the continent’s debt problem sweeping through its financially troubled governments. Investors are also worried that Read more…

Gold Prices Soar 6.3% on Week and Top $1880, Silver Jumps 8.5% to Above $42

August 20, 2011 Comments off


U.S. gold futures jumped to a record above $1,800 an ounce Friday, extending its streak of record settlements to four sessions, its string of wins to five days and its successive weekly gains to seven.

Gold prices surged 6.3 percent this week, supported by global economic fears which pounded stocks and drove investors toward safe-haven buys like gold.

“Gold is driven by the uncertainty about a new global recession … and the possibility that Europe will engage in additional quantitative easing,” Reuters quotes James Dailey, portfolio manager of TEAM Financial Asset Management, which oversees $200 million in assets. “While an expected correction could be violent, I don’t think it may last too long.”

On Friday, December gold prices surged $30.20, or 1.7 percent, to close at a new record high of $1,852.20 an ounce on the Comex in New York. Gold prices ranged from $1,824.50 and $1,881.40 — also an intraday record high. The yellow metal has Read more…

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Massive wall of dust swallows the Phoenix area, again

August 20, 2011 Comments off


A layer of dust hovers over Gilbert, Ariz., on Thursday, in the Phoenix area's third major dust storm in weeks.

 A layer of dust hovers over Gilbert, Ariz., on Thursday, in the Phoenix area’s third major dust storm in weeks. / MATT YORK/Associated Press

PHOENIX — Metropolitan Phoenix was shaking itself off Friday after a giant wall of dust smacked the city for the third time in the last six weeks, turning the skies brown and coating anything left outside.

A 1,000-foot-high wall of dust traveled at least 50 miles into metro Phoenix and neighboring Pinal County on Thursday evening before dissipating. It reduced visibility, created dangerous driving conditions and caused some flight delays.

National Weather Service meteorologist Ken Waters said the size and power of three of the storms set this season apart. Thunderstorms moving through southern Arizona brought winds of up to Read more…

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