- GM’s Barra to be first woman to run top American carmaker
- China: Poisonous smog is a military asset, if you think about it
- Texas woman admits to sending ricin to Obama
- Ron Paul on son Rand: ‘I think he probably will’ run for president
- Cold War heats up again in the Arctic: Russian airfield reactivated after 20 years
- 6-year-old boy suspended for sexual harassment over kiss
- Voters deciding Mass. congressional contest
- Holiday cheer: Airline grants Christmas wishes for 250 unsuspecting passengers
- U.S. vet held in North Korea says statement was coerced
- NTSB hearing on San Francisco airliner crash postponed
Stock rally evaporates after Bernanke testimony
On Friday, after the government reported that the country created only 69,000 jobs in May, gold rocketed $58 an ounce, partly because investors believed the Fed might step in.
The sharp moves up and down aren’t likely to stop until there’s a clear answer from the Fed, said Jon Nadler, senior analyst at Kitco Metals. That may take until June 20, when the Fed holds its next policy meeting.
“This is a market built on anticipation and little else,” he said.
Michelle Girard, senior U.S. economist with Royal Bank of Scotland, said the Fed may extend a program called Operation Twist, in which it sells short-term securities and buys long-term bonds to drive down long-term interest rates, for a few months. That program is set to expire at the end of this month.
Investor fear has grown recently that Greece will leave the euro currency union, triggering a financial a panic in Europe and dragging down the rest of the world economy.
Some fear over Europe was allayed Thursday when Spain raised $2.6 billion from the bond market. The interest rate on its benchmark 10-year note fell to 6.02 percent from 6.26 percent late Wednesday in trading on the secondary market, a sign that bond investors have more confidence in Spain’s finances.
Among stocks making big moves in the U.S.:
• Pharmacyclics Inc. rose $1.96, or 6 percent, to $36.73 after an analyst predicted that the company’s experimental lymphoma drug could grow into a blockbuster product.
• Molina Healthcare, an insurance company, plunged $7.99, or 31 percent, to $17.77 after it withdrew its 2012 profit forecast, citing a possible revenue shortfall in Texas.
• Men’s Wearhouse dropped $6.72, or 19 percent, to $28.85 after reporting disappointing financial results and issuing a weak forecast for its second quarter.
By Tom Fitton
New photos confirm the attack's coordination and its cover-up
- American bourbon now better than Scottish whiskey: U.K.-born expert
- Obama takes 'selfie' at Mandela's funeral service
- FITTON: A closer look at the Benghazi lie
- Chinese man fed up with his girlfriend's shopping jumps to his death
- Troops forced to rely on welfare, holiday charity
- Israeli P.M. Benjamin Netanyahu backs out of Nelson Mandela funeral
- PRUDEN: Waiting for Nelson Mandela without the tears
- Oregon fails to sign up single person on health care website as states struggle
- Obama shakes hands with Cuba's Raul Castro at Nelson Mandela's funeral
- Obama lied about Syrian chemical attack, 'cherry-picked' intelligence: report
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