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Latest Ireland news and updates

Money Matters - Simplified


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The U.S.

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 Welcome to week 119 of my stock-picking throwdown with Mr. Market. Let's get right to the numbers.


Markets lack spark with Irish bailout

New York -- U.S. markets opened sharply lower Monday after the European Union announced a $90 billion rescue package for Ireland.

Financial ministers are trying to stop the erosion of investor confidence before it spreads to Portugal and Spain. In Asia, stocks were mostly higher Monday, but stocks were lower in most of Europe after the deal was announced Sunday.

On Wall Street in early-afternoon trading, the Dow Jones industrial average lost 116.37 points, 1.05 percent, to 10,975.63. The Standard & Poor's 500 index lost 0.88 percent, 10.45, to 1,178.95. The Nasdaq composite index lost 1.14 percent, 28.77, to 2,507.79.

The benchmark 10-year treasury note rose 9/32 to yield 2.839 percent.

Gold, a haven, gains with dollar flat

New York -- Gold prices rose in New York Monday as equities closed lower on worries a $90 billion bailout for Ireland did not cordon off investor fears in Europe.

The Dow Jones industrial average spent most of the day clawing back from early losses, closing with a loss of 39.51 points or 0.36 percent, to 11,052.49. The Standard & Poor's index dropped 0.14 percent, losing 1.64 points to 1,187.76.

Stocks were mostly higher in Asia, but lower in Europe Monday. Investors are concerned a flight from bond markets could spread to Portugal and from there to Spain, a far larger economy than the European Union has attempted to rescue so far.

7 Reasons Not to Worry This Week

 With a little more than a month of trading left in 2010, one would think that investors are getting the hang of the global volatility that's been moving the markets in different directions lately.

U.S. markets close mixed Monday

New York -- U.S. markets closed mixed Monday after Ireland said it would apply for international assistance to curb its bank crisis.

The size of the loan is not known, but it is expected to be a three-year package of around $110 billion, The Wall Street Journal reported.

On Sunday, Irish Finance Minister Brian Lenihan said the deal would include a mandate to have the Bank of Ireland and Allied Irish Banks PLC sell its "non-essential assets."

By close of trading, the Dow Jones industrial average lost 24.97 points or 0.22 percent to 11,178.58. The Standard & Poor's 500 index lost 1.89 or 0.16 percent to 1,197.84. The Nasdaq composite index added 13.90 or 0.55 percent to 2,532.02.

Dow skid halts Tuesday near 11,000

New York -- Concerns over Europe's debt crisis spreading weighed on U.S. markets Tuesday as financial ministers discussed a possible bailout for Ireland.

Ireland denies an EU bailout will be needed but still does not know the depths of the problem within its banking system. An escalating crisis, meanwhile, "will have a contagion impact on the other eurozone economies," The New York Times quoted Portuguese Finance Minister Fernando Teixeira dos Santos as saying.

Stocks fell in Europe following a broad downturn in Asia. In Hong Kong, the Hang Seng index fell 1.39 percent. In China, the Shanghai composite index lost 3.98 percent.

Market rally falls flat

New York -- A market rally faded Monday as the dollar index rose on fears that Ireland may need to borrow to dig itself out of its financial crisis.

Worries over Ireland eroded confidence in the euro, sending the dollar index 0.69 percent higher, which weighed on commodities and took the legs out from under modest gains on Wall Street.

Markets rose early after the Commerce Department issued a positive report on the nation's retail sector. But most of the gains did not hold.

Ireland says no to EU bailout

Brussels -- Officials in Europe said Ireland has made no formal request for an international bailout although erosion of the euro might force it to do so.

"There is a risk of a self-fulfilling prophecy. Even a denial (that a bailout was needed) is seen as some sort of affirmation that there is something to deny," a European diplomat told The New York Times.

The Times withheld the diplomat's name in the Monday report because he was not authorized to speak on the matter.

Irish Finance Minister Brian Lenihan is scheduled to present an austerity budget to EU commissioners this week before presenting it the Irish Parliament Dec. 7.