The second largest stock exchange market in the world by market value, second only to the New York Stock Exchange, it outstripped the London Stock Exchange in its day. With the background of 130 years it represents a modern institution that helps the business of huge holding companies incorporating best global practices and native principles peculiar to the local mentality. Its motto runs: “To strive to create a sound market with a high level of reliability and convenience from the standpoint of investors and other market users, thereby contributing to the realization of a more prosperous society.”
Thursday, December 11, 2008
Tokyo Stock Exchange: 130 years of success
The second largest stock exchange market in the world by market value, second only to the New York Stock Exchange, it outstripped the London Stock Exchange in its day. With the background of 130 years it represents a modern institution that helps the business of huge holding companies incorporating best global practices and native principles peculiar to the local mentality. Its motto runs: “To strive to create a sound market with a high level of reliability and convenience from the standpoint of investors and other market users, thereby contributing to the realization of a more prosperous society.”
BOND REPORT: Treasurys Gain On Dismal Jobless Data, 10-year Auction
Treasury prices gained ground Thursday, pushing yields lower, following more gloomy data on U.S. employment, and after a successful government auction of 10-year bonds.
The Treasury sold nearly $16 billion of 10-year bonds at a high yield at 2.67% , the lowest-yield ever offered by the government in a 10-year auction, a silver lining of mounting debt to pay for bailouts of banks, mortgage-buying agencies, insurers and possibly, auto manufacturers.
The previously lowest-yield auction was in March, at 3.51%.
The bid to cover ratio stood at 2.44, an indication of firm demand.
MARKET SNAPSHOT: U.S. Stocks Trade Flat As Energy Gains Offset Car Worries
U.S. stocks rebounded from early weakness to flirt with positive territory on Thursday, with energy stocks rising as crude oil prices surged another 11% on a weak dollar and expectations of upcoming production cuts.
The energy sector jumped 4% as crude oil futures rose $5.12, or 11.6%, to $ 48.57 a barrel, extending a rally from the previous session.
The rest of the market, however, remained flat to negative amid ongoing concerns about a bailout for the U.S. auto industry. Late Wednesday, the U.S. House of Representatives approved a $14 billion federal loan package to the Big Three automakers in a 237-170 vote.
"The bill now has to go through the Senate where it is expected to face a tougher challenge," said Robert Kavcic, an analyst at BMO Capital Markets.
The Dow Jones Industrial Average (DJI) was up 20 points, or 0.2%, at 8,782, off a morning low of 8,617.
Among blue-chips, shares of Chevron Corp. (CVX) jumped 4% and those of Exxon Mobil Corp. (XOM) rose nearly 2%.
Weighing on the Dow, shares of General Motors Corp. (GM) slumped 6%, while away from the Dow, Ford Motor Co. (F) shares fell 4%.
Financial blue chips were also under pressure, with JP Morgan Chase (JPM) off 4.5%, Citigroup (C) down 5% and Bank of America (BAC) down 3.6%.
Also on the Dow, household products giant Procter & Gamble lowered its sales growth forecasts for the current quarter. The company, however, said it still expects to meet its previously earnings forecasts and its shares rose 0.6%.
The S&P 500 index (SPX) rose 1.9 point