Monthly Archives: August 2011

Dow Jones And The US Economy

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The Dow gained nearly 3% and the Nasdaq more than 4% at the end despite the disappointing statistics. The markets are optimistic before the Fed announcements. Side values, the bank managed to regain ground.

The rebound was confirmed on Tuesday on Wall Street after two weeks of choppy stock markets worldwide. The New York indexes opened higher in small (0.22% for the Dow, 0.36% for the Nasdaq), after a session very agitated. But they gradually accelerated their progress. Only the earthquake of magnitude 6 that shook the East Coast of the United States shortly before 20h (French time) slightly slowed the increase without transactions are disrupted. The Dow Jones gained 2.95% to close at 11,175.10 points and the Nasdaq dominated by technology wins at 4.29% to 2446.06 points. The broader index S & P 500 finished its part of a gain of 3.43% (38.53 points) to 1162.35 points.

The only macroeconomic indicator on the agenda on Tuesday, however, was likely to reinforce fears of the market: sales of new housing in the United States have in fact declined by 0.7% in July, following declines of 2 9% in June, according to the Commerce Department. On an annual basis, the sales trend to 298,000 units (300,000 in June after), while analysts on average had forecast 310,000. If other indicators will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

Libya Conflict Goes On

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Obama and Sarkozy agree to continue their military effort as Gaddafi and his family have not surrendered.

Barack Obama and Nicolas Sarkozy agreed Tuesday to continue their military effort in Libya as Muammar Qaddafi and his family have not surrendered, announced on Tuesday the Elysée in a statement. The American and French presidents, who spoke by telephone, also expressed their desire to “unite the international community behind the Libyan people to help initiate the transition policy in a spirit of reconciliation and national unity,” said a statement. The goal is “building a new Libya, democratic and pluralistic.”

In this regard, Barack Obama and Nicolas Sarkozy stressed the valuable contribution improvements related to the organization next to Paris for an international conference in support of Libya. Libyan insurgents entered Tuesday inside the fortified complex of Muammar Gaddafi in Tripoli and fired shots into the air to celebrate. The Libyan leader, who claimed to be healthy, but assured the President of the International Federation of Chess (FIDE) Kirsan Ilioumdjinov, he was determined to fight to the end.

Earthquake Rocks The East Coast

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An earthquake measuring 5.8 struck Tuesday the East Coast of the United States, the State of Virginia to Boston and even Toronto, Canada, a rare phenomenon in this part of North America. Buildings shook and had to be evacuated, the White House, the Capitol, which houses the Senate and House of Representatives, and the Pentagon, headquarters of the Defense Department in Washington.

Drywall and painting became detached at the top of some walls of the Capitol and a crack was also visible in a corridor but staff were able to return to the building to retrieve their belongings after an inspection of the structures.

There were no reports yet of casualties or major damage following the earthquake whose epicenter was located, according to the U.S. Geological Survey (USGS), in Mineral, locality of Virginia between Charlottesville and Richmond. Its depth is estimated at half a mile underground.

Virginia had not experienced an earthquake of this magnitude since 1897. Besides the earthquake, nine shocks were recorded around Cokedale, Colorado, near the New Mexico. In New York, several buildings such as courthouses and City Hall were evacuated. The construction site of the World Trade Center was arrested.

The rail operator Amtrak announced that its trains were traveling at reduced speed between Baltimore and Washington to allow the inspection of track, stations and structures after the earthquake.

Control towers at airports JFK and Newark were also evacuated. Traffic has resumed normal in these two airports in the New York area after delays caused by the decision of the airport to inspect the tracks and facilities.

In Washington, many office workers rushed into the streets after the tremor, which lasted about five seconds.

The Washington National Cathedral was damaged by the quake, three peaks of the central spire collapsed. It was noted other minor structural damage to the building with a height of 30 storeys, the highest of the federal capital.