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 A hedge fund may go bust this week, losing 1 billion |
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hghg11
头衔: 海归中尉
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加入时间: 2004/04/07
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作者：hghg11 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
AP NEW YORK May 10, 2005 — Wall Street meandered lower Tuesday as investors stuck to the sidelines amid a dearth of good news and speculation that a number of hedge funds have come under pressure due to steep investments in the stock and debt of troubled automaker General Motors Corp.
Wall Street's now-chronic concerns about whether the economy will slow down or whether inflation will take hold wiped out Monday's moderate gains, when merger news gave the market a shot of optimism. The day's nervousness was partly due to rumors that several global hedge funds had suffered losses in the credit market related to positions taken in auto companies following the significant investment in GM by billionaire investor Kirk Kerkorian's Tracinda Corp.
"Obviously GM's stock got a boost last week on the Tracinda offer, then the bonds got crushed by downgrades by Moody's, so they would've gotten hurt on both sides of that trade," said Todd Clark, head of listed equity trading at Wells Fargo Securities. "Against the backdrop of crude trading higher … it's a little unsettling."
Crude prices were volatile. Up most of the day, oil prices fell off their highs late in the day, sliding 23 cents to $51.80 on the New York Mercantile Exchange. Still, many investors remain concerned that high gasoline prices will either drive other prices higher or curtail consumer spending.
In midday trading, the Dow Jones industrial average fell 64.71, or 0.6 percent, to 10,319.63.
Broader stock indicators also lost ground. The Standard & Poor's 500 index was down 8.12, or 0.69 percent, at 1,170.72, and the Nasdaq composite index lost 11.55, or 0.6 percent, to 1,968.12.
The bond market rallied as stocks slipped, with the yield on the 10-year Treasury note skidding to 4.24 percent, down from 4.28 percent late Monday. The dollar was mostly lower against other major currencies, while gold prices rose.
"There's nothing really going on here. The economic calendar's backloaded for later this week, no real earnings this morning, nothing really that you can move higher on," said Brian Williamson, an equity trader at The Boston Company Asset Management. "You've got rumors here and there, oil's hurting us a little, but when there's nothing to really move on, you'll head down."
作者：hghg11 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 A hedge fund may go bust this week, losing 1 billion -- hghg11 - (2300 Byte) 2005-5-11 周三, 05:10 (1278 reads)
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