| Stocks slip on retail sales
Stocks slipped early Thursday as investors mulled a mixed bag of January retail sales and the tech sector came under pressure after rallying the previous session. The Dow Jones industrial average (down 39.81 to 12,627.06, Charts) lost about 0.3 percent after touching a record trading high Wednesday. The broader S&P 500 (up 2.02 to 1,450.02, Charts) index also slid about 0.3 percent, after ending the previous session at a fresh 6-1/2-year high. .
Currencies: Dollar mixed as traders await US jobless report
NEW YORK: The dollar was little changed against the euro and the yen Thursday as traders awaited a report on Friday that was expected to show that in January U.S. employers hired the fewest workers in three months. "People are waiting for a clearer signal of which way the U.S. economy is heading," said Brian Dolan, research director at Forex.com, a unit of the online currency trading firm Gain Capital in Bedminster, New Jersey. "They don't want to put big positions before the payroll report." In late trading, the euro fell to $1.3020 from $1.3034 late Wednesday. The dollar rose to ¥120.720 from ¥120.678 and to 1.2440 Swiss francs from 1.2437 francs. The pound rose to $1.9672 from $1.9647. Analysts surveyed by Bloomberg News forecast that the U.S.
Seek more, not less, economic freedom
President Bush's recent visit to Central Illinois has sparked a lot of talk about trade and what is best for the American economy.Some have called for the United States to adopt more protectionists trade policies, but this would not be in the best interest of the public.Protectionist trade policies benefit a small, select portion of society at the expense of everyone else - by restricting economic freedom and consumer choice, lowering quality, raising prices, lowering the growth of productivity and reducing economic growth.Tariffs would just be another tax imposed on the public, and a regressive tax at that, while import quotas restrict customer choice and lead to higher prices.The cost that protectionist policy imposes on the public, in the form of higher prices, lost revenue for most sectors of the economy and lower economic growth, would far outweigh the value of any jobs that might be protected.Instead of lapsing into a protectionist mindset, the United States should put pressure on other nations to open up their markets and pursue an agenda that promotes global free trade.What we and the rest of the world need is more economic freedom and trade, not less.Robert MW StanfordRural Mackinaw .
Taiwan dollar weakens on NDF short covering
TAIPEI, Feb 7 (Reuters) - The Taiwan dollar fell on Wednesday as there was some short-covering in the U.S. dollar in the non-deliverable forward market, though some foreign fund inflows kept the trading range narrow. The Taiwan dollar ended at T$32.995 to the U.S. dollar after opening at the previous close of T$32.968. Volume on the main Taipei Forex Inc. exchange rose to US$1.204 billion from US$990 million a day earlier. "There was some short-covering in the U.S. dollar in the NDF market. Although stocks fell, we saw some foreign fund inflows, which gave the Taiwan dollar some support," said a dealer in Taipei. The yen stood at 120.42/48 to the U.S. dollar, softer than 120.16/21 in earlier trade and roughly steady from 120.36/39 in the previous Asian trade. The market was closely watching whether G7 officials will bring up the issue of the Japanese currency being too weak when they meet on Feb.
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