Financial Market News

Hollywood's summer at the box office isn't just missing nearly 20 percent of last summer's revenue.

This March 14, 2014 file photo shows the Federal Reserve headquarters building in Washington.

Stocks inched higher midday Wednesday, reversing a two-day decline, as the quarterly earnings season got underway with some positive news from the giant aluminum company Alcoa.

The Dow Jones industrial average, the S&P 500 and the Nasdaq were all up around 0.2% to 0.4%.

As global watchdogs warn that euphoric financial markets are divorced from economic reality and acting out some reprise of the credit bubble and bust of the past decade, fears of another subprime timebomb are inevitable.

The New Zealand dollar rose to a post-float high on a trade weighted basis after a more upbeat outlook from credit rating agency Fitch Ratings attracted investors seeking bigger returns.

The selling Tuesday follows record closes last week. The Dow Jones industrial average ended below 17,000, a level it topped Thursday for the first time in its 118-year history.

The dollar eased and global equity markets fell on Tuesday as investors stepped back ahead of second-quarter earnings reports and after successive record highs last week for several major stock indices.

This was the 30th trading day so far this year that the Nasdaq has moved more than 1 percent up or down.

HSBC downgraded its investment outlook on Hong Kong, citing fears over a pro-democracy movement in the city but the banking giant later altered its report, severely toning down the emphasis on public unrest.

The Dow Jones industrial average fell below 17,000 for the first time since crossing that threshold last week on news that employers have been hiring more.

Europe's main stock indices and lower-rated government bonds slipped on Tuesday amid reports of new U.S. fines for banks and dimming prospects the European Central Bank will launch an asset purchase program.

It's a downbeat start to Tuesday in Europe but all eyes will be on Alcoa as investors ponder whether corporate profits are strong enough to push stocks higher.

Asian stocks were subdued on Tuesday as Wall Street turned cautious ahead of the corporate reporting season and earnings guidance from regional tech heavyweight Samsung came in well short of forecasts.

Samsung Electronics Co. said its second-quarter operating income has declined to a two-year low hit by the strong local currency and slowing demand for smartphones in China.

After pushing stocks to records last week, investors turned cautious on Monday ahead of a batch of corporate earnings reports.

Investors wanting a slice of the crazy demand expected for Apple Inc's next version of the iPhone are rushing for what they believe is more profitable than investing in the U.S. smartphone maker: Taiwanese Apple component suppliers.

The Dow Jones industrial average fell 59 points, or 0.4 percent, to 17,009 Monday.

The market opened lower, with the Dow Jones Industrial Average starting about 60 points down.

Tokyo stocks slipped 0.37 percent in lacklustre trade Monday as investors wait for Wall Street to return to action after an extended weekend.