NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed LOWER by 39 points on Monday September 17:

Sym Last........ ........Change..........
Dow 13,403.42 -39.10 -0.29%
-- Day's Range: 13362.37 - 13451.54 and 52wk Range: 11,423.60 - 14,121.00
Nasdaq 2,581.66 -20.52 -0.79%
-- Day's Range: 2575.36 - 2596.09 and 52wk Range: 2,202.93 - 2,724.74
S&P 500 1,476.65 -7.60 -0.51%
-- Day's Range: 1471.82 - 1484.24 and 52wk Range: 1,310.94 - 1,555.90
30-yr Bond 4.7140% -0.0100
NYSE Volume 2,598,393,000
Nasdaq Volume 1,526,387,000

In Europe, Britain's FTSE 100 fell 1.69 percent, Germany's DAX index fell 0.24 percent, and France's CAC-40 fell 1.80 percent.

Japanese markets were closed Monday for a holiday.

China's volatile Shanghai Composite Index rose 2.1 percent to a record, but most Asian stocks fell. Hong Kong's Hang Seng Index declined 1.20 percent.

http://biz.yahoo.com/ap/070917/wall_street.html?.v=33
Stocks Fall As Fed Decision Looms
Monday September 17, 5:50 pm ET
By Madlen Read, AP Business Writer
Stocks Dip As Wall Street Refrains From Big Bets Ahead of Fed Meeting; Oil at Record High

NEW YORK (AP) -- Wall Street fell moderately Monday as investors anxiously awaited the Federal Reserve's impending decision on interest rates.

The market is betting on a rate cut from the Fed when the central bank meets Tuesday, but investors are not completely sure what it will do and what it will say in its accompanying economic statement. Furthermore, with the major brokerages' third-quarter results yet to be released, investors are uncertain about how badly the summer's stock downturn, souring home loans, and credit squeeze hit the banking industry.

Adding to the uneasiness, Northern Rock PLC, Britain's fifth-largest mortgage lender, saw its stock plunge and customers withdraw billions of dollars after it issued a profit warning Friday and requested emergency funds from the Bank of England. That gave U.S. investors an added impetus to pare their stock holdings, particularly in the financial sector.

Talk from former Fed Chairman Alan Greenspan of the possibility of a recession amid high inflationary pressures also elevated Wall Street's jitters, as did job cuts at Merrill Lynch & Co.'s First Franklin Financial Corp.

It's possible the Fed won't go through with a rate cut at all if it believes the economy is still growing moderately and that inflation remains a threat, but most investors expect the Fed to cut the bench mark federal funds rate, now at 5.25 percent, by at least a quarter-point. And because negative economic data have trickled in over the last couple weeks -- such as a decrease of 4,000 jobs in August and weaker-than-expected retail sales -- some anticipate a half-point rate cut.

"A quarter-point is going to be disappointing. It's already priced in," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. But the Fed probably won't want to lower rates by more than that, he said, and the central bank may not indicate in its statement that more reductions are in the offing.

"The big issue is gold and oil have been spiking higher, which people could argue is inflationary, but economic data has been weak. The Fed's in a tough place." Higher interest rates prevent costs from rising; lower rates fuel growth but also tend to accelerate inflation.

The Dow Jones industrial average fell 39.10, or 0.29 percent, to 13,403.42.

Broader stock indicators showed somewhat steeper losses. The Standard & Poor's 500 index fell 7.60, or 0.51 percent, to 1,476.65, and the Nasdaq composite index lost 20.52, or 0.79 percent, to 2,581.66. The Russell 2000 index, which tracks small company stocks, fell 7.68, or 0.98 percent, to 775.81.

Bonds rose modestly, pushing the yield on the 10-year Treasury note down to 4.47 percent from 4.48 percent late Friday.

Volume on the New York Stock Exchange was among the lightest of any day this year, indicating that many market participants were staying on the sidelines ahead of the Fed's decision. Consolidated volume totaled 2.47 billion shares compared with 2.65 billion traded Friday.

Declining issues outnumbered advancers by more than 2 to 1 on the NYSE.

Last week, stocks saw sizable gains, due largely to high expectations of a rate cut. The Dow ended up 2.51 percent, the Standard & Poor's 500 index rose 2.11 percent, and the Nasdaq composite index rose 1.42 percent. The Dow is just 4 percent below its all-time high of 14,000.41, reached in July before fears escalated about bad home loans and excessive leveraged debt.

The prospect of a recession has been keeping the markets volatile.

Greenspan said in an interview with NBC before the markets opened Monday that the risk of a recession is higher than it was at the beginning of the year, but not by much.

Meanwhile, U.S. Treasury Secretary Henry Paulson said in Paris that regulators should not rush to impose new rules on the market because of the recent tightening in credit.

"There's tremendous growth going on in many parts of our world economy, and that's driving a lot of business here in the U.S.," said Rob Lutts, chief investment officer of Cabot Money Management, noting that the markets are focused on the U.S. housing market right now. "I'm not going to say let's not worry, but let's put it in perspective."

The dollar was mixed against other major currencies while gold jumped.

Crude oil prices rose $1.47 to settle at a record $80.57 per barrel on the New York Mercantile Exchange. Crude closed over $80 for the first time last week; oil futures also set a trading record Monday, moving as high as $80.70.

In Europe, Britain's FTSE 100 fell 1.69 percent, Germany's DAX index fell 0.24 percent, and France's CAC-40 fell 1.80 percent.

Japanese markets were closed Monday for a holiday. China's volatile Shanghai Composite Index rose 2.1 percent to a record, but most Asian stocks fell. Hong Kong's Hang Seng Index declined 1.20 percent.

Later in the week the major investment banks -- Bear Stearns Cos., Lehman Brothers, Morgan Stanley and Goldman Sachs Group Inc. -- release their fiscal third-quarter results. On Monday, Bear Stearns fell $1.81 to $115.38; Lehman fell 88 cents to $58.62; Morgan Stanley fell $1.20 to $64.91; and Goldman fell $2.98 to $187.61.

Merrill fell $1.80, or 2.4 percent, to $72.85, after saying it was eliminating an undisclosed number of jobs.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Dow 13,651.27 +247.85 +1.85% at at 2:40 PM with 100 minutes to closing
http://finance.yahoo.com/

http://biz.yahoo.com/ap/070918/fed_interest_rates.html?.v=14
Fed Cuts Key Interest Rate
Tuesday September 18, 2:39 pm ET
By Martin Crutsinger, AP Economics Writer
Fed Cuts Key Interest Rate in Effort to Fend Off Recession

WASHINGTON (AP) -- The Federal Reserve cut a key interest rate for the first time in four years, starting with an aggressive half-point move to prevent a steep housing slump and turbulent financial markets from triggering a recession. The action triggered a huge rally on Wall Street.

The Fed announced Tuesday that it was reducing its target for the federal funds rate, the interest that banks charge each other, from 5.25 percent to 4.75 percent.

The half-point reduction was double the quarter-point move that many had expected and sparked euphoria among investors, who had been worried that the central bank would be too slow in responding to recent market turmoil.

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed HIGHER by 335 points on Tuesday September 18:

Sym Last........ ........Change..........
Dow 13,739.39 +335.97 +2.51%
-- Day's Range: 13403.18 - 13739.96 & 52wk Range: 11,423.60 - 14,121.00
Nasdaq 2,651.66 +70.00 +2.71%
-- Day's Range: 2583.14 - 2651.66 & 52wk Range: 2,202.93 - 2,724.74
S&P 500 1,519.78 +43.13 +2.92%
-- Day's Range: 1476.63 - 1519.89 & 52wk Range: 1,310.94 - 1,555.90
30-yr Bond 4.7590% +0.0450
NYSE Volume 3,708,936,000
Nasdaq Volume 2,154,371,000

In European trading, which ended before the Fed released its decision, Britain's FTSE 100 rose 1.63 percent, Germany's DAX index rose 1.27 percent and France's CAC-40 rose 2.02 percent.

In Asia, Japan's Nikkei index fell 2.02 percent and Hong Kong's Hang Seng Index fell 0.09 percent.

Stocks Skyrocket After Big Rate Cut
http://biz.yahoo.com/ap/070918/wall_street.html?.v=53
Stocks Soar After Half-Point Rate Cut
Tuesday September 18, 5:25 pm ET
By Madlen Read, AP Business Writer
Stocks Soar After Fed's Bigger-Than-Expected Half-Point Cut in Interest Rates

NEW YORK (AP) -- A jubilant Wall Street barreled higher Tuesday after the Federal Reserve cut its benchmark interest rate by a larger-than-expected half percentage point. The Dow Jones industrial average reacted by surging 335 points -- its biggest one-day point jump in nearly five years.

Although some investors hoped for a rate cut of that magnitude, most were betting on a smaller, quarter-point cut in the federal funds rate. The Fed responded to the spilling of credit market problems into the rest of the economy by saying, "the tightening of credit conditions has the potential to intensify the housing (market) correction and to restrain economic growth more generally."

The Fed lowered the benchmark fed funds rate to 4.75 percent after keeping it unchanged for more than a year and not lowering the rate since 2003. It also reduced the discount rate -- what it charges banks borrowing from its discount window -- by a half percentage point to 5.25 percent. On Aug. 17, the central bank lowered the discount rate by a half-point to help keep cash moving in the U.S. banking system.

The central bank's decision and the wording of its accompanying economic assessment gratified a market that plunged during August amid fears that credit market tightness, spawned by a continuum of mortgage defaults and delinquencies, would send the economy toward recession.

There was no direct signal in the Fed's statement that it would make further rate cuts. It said "some inflation risks remain" and that it will keep monitoring inflation developments. Still, it did not call inflation its "predominant policy concern" as it did after holding rates steady in early August.

"What it says to me is you had a major shift in the last couple of months from a Fed that was very concerned about inflation to one that is concerned about the health of the financial markets, the availability of liquidity," said Jerry Webman, chief economist at Oppenheimer Funds Inc.

The Dow soared 335.97, or 2.51 percent, to 13,739.39. The last time it rose more than 300 points in one session was Oct. 15, 2002, when it gained 378 points, and Tuesday's percent increase was the biggest since April 2, 2003. The blue-chip index is now only about 1.9 percent below its record close of 14,000.41, reached in mid-July.

The Standard & Poor's 500 index rose 43.13, or 2.92 percent, to 1,519.78. The Nasdaq composite index gained 70.00, or 2.71 percent, to 2,651.66. The S&P and the Nasdaq had their largest point gains since July 29, 2002.

Small-cap stocks, badly beaten during the market's summer turmoil, shot higher. The Russell 2000 index surged 30.82, or 3.97 percent, to 806.63, the largest percentage gain since July 29, 2002.

"People had been reducing their exposure to small-caps because they're viewed as a potential riskier asset class," said John Thornton, co-portfolio manager at Stephens Investment Management Group in Houston. Also, credit tightness had stirred investor concern about smaller companies' ability to access cash.

Shorter-term Treasury issues rose and longer-term bonds fell. The yield on the benchmark 10-year Treasury note finished at 4.47 percent, the same as late Monday.

Wall Street's reaction to the rate cut was clearly positive; the Dow's gain was the biggest rise immediately following a Fed decision since April 18, 2001, when the central bank surprised the market with an unannounced rate cut. But some analysts said the Fed's response to this summer's market tumult may eventually lead investors to worry more about how bad the current credit climate is, and how vulnerable the U.S. economy might be to it.

"The market's initial response is 'Thank you, Ben,' " Webman said. "But we also know that when people stop and look at this, people might say, 'Could this house of cards be shaky, more than even we thought it was?'"

Meanwhile, the dollar tumbled to a new all-time low against the euro after the rate cut, because lower rates make a currency a less attractive investment. Crude oil futures catapulted further into record terrain, rising 94 cents to $81.51 a barrel, and gold prices rallied to a multi-decade high.

These factors could add up to trouble for the consumer. Though the Fed tends to measure inflation after stripping out volatile food and energy prices, high commodity costs trickle down to average Americans and can dampen their spending power.

"If they were concerned about inflation before, they should be more concerned now," said Alexander Paris, economist and market analyst for Chicago-based Barrington Research. He called the half-point rate slash "overkill."

However, the mood was cheery on Wall Street, especially since the central bank's decision capped an already strong day that saw economic and corporate data come in better than expected.

Lehman Brothers Holdings Inc., the nation's fourth-largest investment bank, posted a smaller-than-anticipated 3 percent decline in its third-quarter profit compared with a year ago. Other investment banks are due to report later in the week on the most recent, tumultuous quarter.

Lehman rose $5.87, or 10 percent, to $64.49. The rest of the financial sector also soared.

Earlier Tuesday, the Labor Department's August producer price index was more favorable than the market predicted. Wholesale prices fell 1.4 percent last month, the biggest decline in 10 months. Core inflation, which eliminates food and energy prices, rose by a mild 0.2 percent, as expected.

Advancing issues outnumbered decliners by nearly 10 to 1 on the New York Stock Exchange, where volume came to 1.65 billion shares, up from 1.11 billion shares Monday.

In European trading, which ended before the Fed released its decision, Britain's FTSE 100 rose 1.63 percent, Germany's DAX index rose 1.27 percent and France's CAC-40 rose 2.02 percent.

In Asia, Japan's Nikkei index fell 2.02 percent and Hong Kong's Hang Seng Index fell 0.09 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed HIGHER by 76 points on Wednesday September 19:

Sym Last........ ........Change..........
Dow 13,815.56 +76.17 +0.55%
-- Day's Range: 13739.88 - 13867.50 & 52wk Range: 11,423.60 - 14,121.00
Nasdaq 2,666.48 +14.82 +0.56%
-- Day's Range: 2654.90 - 2683.02 & 52wk Range: 2,202.93 - 2,724.74
S&P 500 1,529.03 +9.25 +0.61%
-- Day's Range: 1519.75 - 1538.74 & 52wk Range: 1,310.94 - 1,555.90
30-yr Bond 4.82% +0.06
NYSE Volume 3,305,395,000
Nasdaq Volume 2,183,625,000

European and Asian stocks surged following the Fed's rate cut. Britain's FTSE 100 finished up 2.81 percent, Germany's DAX index rose 2.32 percent, and France's CAC-40 rose 3.27 percent. Japan's Nikkei index closed up 3.67 percent and Hong Kong's Hang Seng Index rose 3.98 percent.

http://biz.yahoo.com/ap/070919/wall_street.html?.v=34
Stocks End Higher Amid Rate Cut Momentum
Wednesday September 19, 4:40 pm ET
By Tim Paradis, AP Business Writer
Stocks End Higher, Building on Big Gains After Fed Rate Cut and a Mild Reading on Inflation

NEW YORK (AP) -- Wall Street built on its gains Wednesday as investors bet that the cheaper money the Federal Reserve unleashed with its decision to cut interest rates will give a boost to corporate profits and the overall economy.

The rise in stocks for a second day reassured some investors that Tuesday's huge advance was based on somewhat solid footing and not simply a one-day pop. A mild reading of the Labor Department's August consumer price index, which slipped 0.1 percent, helped reassure investors about the Fed's decision to focus on the economy and set aside some of its concerns about inflation. Further, the Commerce Department's report that new home construction fell for the third month in a row in August confirmed that the housing market is still struggling.

Wall Street took comfort from the Fed's move to lower the target federal funds rate to 4.75 percent from 5.25 percent and were able to look past another rise in energy prices. Oil settled at a fresh record Wednesday.

According to preliminary calculations, the Dow Jones industrials rose 76.17, or 0.55 percent, to 13,815.56. While the Dow came off its highs of the session the move higher came a day after the 30-stock index climbed nearly 336 points -- its biggest one-day point gain in nearly five years.

Broader stock indicators also rose. The Standard & Poor's 500 index rose 9.25, or 0.61 percent, to 1,529.03. The Nasdaq composite index rose 14.82, or 0.56 percent, to 2,666.48.

The Russell 2000 index of smaller companies was the biggest advancer Wednesday as it had been the day before. The index rose 10.77, or 1.34 percent, to 817.40. Small-cap stocks had taken a hit in Wall Street's recent retrenchment as investors often regard bigger companies as better able to weather an economic downturn because of substantial overseas operations and an ability to perhaps skate by on thinner profit margins.

Bonds ended sharply lower as investors transferred more money from fixed income investments to stocks. The yield on the benchmark 10-year Treasury note rising to 4.52 percent from 4.47 percent at Tuesday's close.

Economic data supported a case for pushing stocks higher. The August consumer price index and the core CPI, which excludes often volatile food and energy prices, came in as expected. The core CPI advanced 0.2 percent.

And the Commerce Department reported that construction of new homes and apartments dipped last month by 2.6 percent to a seasonally adjusted annual rate of 1.331 million units, the slowest pace in 12 years.

In August, commodity prices fell along with stocks as investors drew their cash out of riskier assets and moved into safer government securities. However, crude oil prices are back at record highs, moving briefly above $82 per barrel. Light, sweet crude settled up 42 cents at $81.93 per barrel on the New York Mercantile Exchange. The record came a day after oil closed above $81 for the first time.

And in a trend that's likely to exacerbate the effects of high commodities prices on U.S. consumers, the dollar slumped to a new low against the euro Wednesday. The dollar was mixed against other major currencies, while gold prices rose, extending the strong gains it made Tuesday.

"I would have thought that based on prior pattern we wouldn't have seen this kind of follow through. The fact that we're continuing today is pretty encouraging," said Joe Vietri, vice president of active trading and investing at Charles Schwab & Co.

"The aggressive move -- I think people are applauding that. They're really trying to get ahead of this thing to make sure we don't slip into a recession," he said of the Fed. "Certainly this is going to have a positive impact on corporate profits."

However, he remains cautious. "I'm certainly not thinking that we're in a long-term bull market here."

But enthusiasm from Tuesday's rate cut extended in particular to industries related to financing. Mortgage lender Countrywide Financial Corp. rose 66 cents, or 3.3 percent, to $20.54 after its chief executive, Angelo Mozilo, late Tuesday issued a positive forecast for his company.

Morgan Stanley fell $1.48 to $67.03 after the No. 2 U.S. investment bank said its third-quarter profit sank 17 percent as it was forced to write down nearly $1 billion in loans following the summer's global credit upheaval.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to 1.67 billion shares compared with 1.65 billion shares traded Tuesday.

European and Asian stocks surged following the Fed's rate cut. Britain's FTSE 100 finished up 2.81 percent, Germany's DAX index rose 2.32 percent, and France's CAC-40 rose 3.27 percent. Japan's Nikkei index closed up 3.67 percent and Hong Kong's Hang Seng Index rose 3.98 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed LOWER by 48 points on Thursday September 20:

Sym Last........ ........Change..........
Dow 13,766.70 -48.86 -0.35%
-- Day's Range: 13741.01 - 13822.14 & 52wk Range: 11,423.60 - 14,121.00
Nasdaq 2,654.29 -12.19 -0.46%
-- Day's Range: 2648.07 - 2669.43 & 52wk Range: 2,210.13 - 2,724.74
S&P 500 1,518.75 -10.28 -0.67%
-- Day's Range: 1516.42 - 1529.14 & 52wk Range: 1,310.94 - 1,555.90
30-yr Bond 4.9440% +0.1200
NYSE Volume 2,923,753,000
Nasdaq Volume 1,788,223,000

In European trading, Britain's FTSE 100 fell 0.48 percent, Germany's DAX index fell 0.20 percent, and France's CAC-40 fell 0.73 percent.

In Asia, Japan's Nikkei index rose 0.20 percent and Hong Kong's Hang Seng Index rose 0.57 percent.

http://biz.yahoo.com/ap/070920/wall_street.html?.v=36
Stocks Fall After Mixed Earnings
Thursday September 20, 4:34 pm ET
By Madlen Read, AP Business Writer
Stocks Decline After Mixed Earnings Reports, Rate Cut Giddiness Settles Down

NEW YORK (AP) -- Stocks retreated Thursday as Wall Street took a breather from this week's recent rally, sobered a bit by mixed earnings reports, a tumbling dollar and surging oil prices.

Wall Street had driven the Dow Jones industrials up more than 400 points in the two days following the Fed's half-point rate reduction, so it was to be expected that investors would eventually stop to cash in gains.

So when a few major companies, particularly Bear Stearns & Cos. and Circuit City, posted wider-than-expected drops in third-quarter profit Thursday, Wall Street's giddiness following the Fed's rate cut waned, and nervousness resurfaced about how long it might take for the economy and corporate America to rebound from the recent market turmoil.

"Historically, after the Fed eases, the market takes about a month to figure out whether the easing was a good thing or a bad thing," said Brian Gendreau, investment strategist for ING Investment Management.

Although the credit markets are improving, investors remain worried about the economy dipping into recession and unsure of where to put their money, Gendreau said. "Now that the crisis is abating, the question is, what are we going to do next?"

Wall Street did get some good news Thursday. The Labor Department said jobless claims declined by 9,000 last week, despite August's decrease in payrolls, and Goldman Sachs Group Inc. reported a surprisingly large 79 percent profit rise in the third quarter. In August, stocks plunged and credit markets tightened up due largely to housing market troubles.

But Bear Stearns & Cos. didn't weather the market turmoil as well, and suffered a larger-than-anticipated 62 percent profit drop. Electronics retailer Circuit City Stores Inc. also posted a big quarterly loss that troubled Wall Street, sending its shares tumbling. Meanwhile, the euro fell to another record low against the euro and crude oil prices surged to a new all-time high above $83 a barrel.

According to preliminary calculations, the Dow slipped 48.86, or 0.35 percent, to 13,766.70.

Broader stock indexes also declined. The Standard & Poor's 500 index fell 10.28, or 0.67 percent, to 1,518.75, and the technology-dominated Nasdaq composite index fell 12.19, or 0.46 percent, to 2,654.29.

The Russell 2000 index of smaller companies fell 7.64, or 0.93 percent, to 809.76.

Declining issues outnumbered advancers by about 8 to 3 on the New York Stock Exchange, where volume came to 1.27 billion shares, down from 1.67 billion on Wednesday.

Bonds plummeted, pushing the yield on the benchmark 10-year Treasury note up to 4.67 percent from 4.52 percent late Wednesday. Prices fell due to concerns that U.S. rate cuts will spur inflation and that the falling dollar might cause Saudi Arabia to unload their Treasury holdings.

Like its earnings data, Thursday's economic reports were mixed. The Conference Board said its August index of leading economic indicators declined, but the Philadelphia Fed reported a solid rebound in its region's manufacturing in September.

Meanwhile, Fed Chairman Ben Bernanke's testimony Thursday about the mortgage and credit markets before the House Financial Services Committee offered few hints about the central bank's next move. Bernanke said the credit crisis has created "significant market stress" and reassured the market that regulators are willing to step in to curb the fallout.

Wall Street is split over what the Fed will do when it meets again in October. Many predict a quarter-point rate decrease, but others expect the target fed funds rate to hold at 4.75 percent.

The main reason the central bank may be against another rate cut is the risk of inflation. Core inflation, which strips out food and energy prices, has been stable in recent months, but could accelerate if the effects of high food and energy prices trickle down to other consumer prices.

"The one thing we're going to be susceptible to is data shocks, especially on the inflation front," said Doug Roberts, chief investment strategist for Channel Capital Research.

Crude oil prices rose further into record territory on the New York Mercantile Exchange to settle at $83.32 a barrel. Gold also extended its recent streak.

Meanwhile, the euro surpassed $1.40 for the first time since the 13-nation currency was introduced in 1999. A weak dollar is a double-edged sword for the U.S. economy -- it makes imports more expensive, but it makes U.S. exports cheaper, and thus more attractive, to foreign buyers.

Circuit City plunged $1.90, or 18 percent, to $8.67 after its weak earnings, and Goldman dipped $1.97 to $203.53 despite its strong profit.

Bear Stearns shares fell 18 cents to $115.46. Bear Stearns' stock has been battered in recent months. Over the summer, two of its hedge funds that bet on mortgage debt went bankrupt, and the news led to a selloff in its own stock and throughout the industry.

In deal-making news, Nasdaq Stock Market Inc. and Borse Dubai announced that Nasdaq will take over Nordic bourse operator OMX AB, while Borse Dubai will buy about 20 percent of Nasdaq and 28 percent of the London stock exchange. Nasdaq rose 49 cents to $36.51.

In European trading, Britain's FTSE 100 fell 0.48 percent, Germany's DAX index fell 0.20 percent, and France's CAC-40 fell 0.73 percent.

In Asia, Japan's Nikkei index rose 0.20 percent and Hong Kong's Hang Seng Index rose 0.57 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed HIGHER by 53 points on Friday September 21:

Sym Last........ ........Change..........
Dow 13,820.19 +53.49 +0.39%
-- Day's Range: 13768.25 - 13877.17 & 52wk Range: 11,423.60 - 14,121.00
Nasdaq 2,671.22 +16.93 +0.64%
-- Day's Range: 2666.32 - 2678.69 & 52wk Range: 2,210.13 - 2,724.74
S&P 500 1,525.75 +7.00 +0.46%
-- Day's Range: 1518.75 - 1530.89 & 52wk Range: 1,310.94 - 1,555.90
30-yr Bond 4.8910% -0.0530
NYSE Volume 3,682,163,000
Nasdaq Volume 2,395,764,000

In trading abroad, Britain's FTSE 100 finished up 0.43 percent, Germany's DAX index rose 0.77 percent, and France's CAC-40 rose 0.21 percent.

In Asia, Japan's Nikkei index closed down 0.62 percent and Hong Kong's Hang Seng Index rose 0.56 percent.

http://biz.yahoo.com/ap/070921/wall_street.html?.v=31
Stocks End Higher After Oracle Earnings
Friday September 21, 8:52 pm ET
By Tim Paradis, AP Business Writer
Stocks Finish Higher Following Strong Oracle Earnings; 'Triple Witching' Adds to Volume

NEW YORK (AP) -- Stocks rose soundly Friday, capping a strong week for Wall Street, as investors drew confidence from strong results at Oracle Corp. and a continued sense that lower interest rates should help bolster the economy.

Oracle's report that quarterly profits rose 25 percent as sales grew at their fastest pace in seven years offered fresh evidence that some sectors of the economy continue to hum along even as areas such as housing cause consternation for many investors.

Wall Street found renewed optimism this week after the Federal Reserve lowered interest rates a larger-than-expected one-half percentage point Tuesday. The central bank also lowered the rate it charges to lend directly to banks by the same amount.

"As much as we often underestimate the depth of our problems it's also natural for us to underestimate the depth and robustness of our economy. There are many industry segments that are very healthy," said Robert Brown, chief investment officer at Genworth Financial Asset Management, pointing to stronger-than-expected earnings reports. He contended while Wall Street's exuberance over the Fed's rate cuts is understandable, some investors are blithely looking past some of the concerns the economy faces.

The Dow Jones industrial average rose 53.49, or 0.39 percent, to 13,820.19.

Broader stock indicators also rose. The Standard & Poor's 500 index advanced 7.00, or 0.46 percent, to 1,525.75, while the Nasdaq composite index rose 16.93, or 0.64 percent, to 2,671.22.

For the week, the Dow was up 2.8 percent, while the S&P 500 index added 2.8 percent. It was the strongest weekly showing for the indexes since March. Nasdaq rose 2.7 percent, its best weekly gain since last month.

Friday's session brought "triple-witching," a once-a-quarter occurrence when investors face simultaneous expiration of contracts for stock index futures, index options and stock options. Such days often bring higher-than-normal volume as investors jockey for new positions, although analysts noted Friday's volume wasn't as heavy as might have been expected.

Advancing issues outnumbered decliners about 2 to 1 on the New York Stock Exchange, where consolidated volume came to 3.67 billion shares, compared with 2.96 billion shares traded Thursday.

Bonds rose, with the yield on the benchmark 10-year Treasury note falling to 4.63 percent from Thursday's close of 4.69 percent. Treasurys had sold off in recent sessions amid concerns about the possibility of increasing inflation and the prospect of Saudi Arabia lightening its U.S. government holdings. The gains on Wall Street have also drained some money out of the bond market.

Brown contends the stock and bond markets have diverged and that the equity market is regarding the Fed's rate cut as providing adequate liquidity to propel stocks to new highs.

"These rates cuts are not turning bad debt into good debt. And this rate cut is not changing the housing debacle's impact on slowing economic growth. There is no question that the effect is potent, that we will incur significantly slower economic growth and the probability of a recession is now great. Their actions are honestly not having any impact on that probability," he said of the Fed.

Noman Ali, portfolio manager with MFC Global Investment Management, said Friday's advance in part reflected a renewed sense of enthusiasm from the Fed's rate cuts. He said Wall Street was relieved, too, that some of the major brokerages reporting results this week didn't fare worse during the quarter given the recent upheaval in the credit markets.

Ali also said inflation readings during the week, such as the consumer price index, didn't show unnerving increases in prices.

"We expect another rate cut in October because inflation is still not an issue," he said, noting the economy seemed to be absorbing higher food prices and oil prices at record levels.

Crude oil futures for November delivery fell 16 cents to settle at $81.61 per barrel on the New York Mercantile Exchange. On Thursday, the October contract, now expired, closed at an all-time high above $83 a barrel.

Ali noted investors next week will be looking for profit forecasts as it is the final week of the quarter.

Gold prices rose Friday, while the dollar bounced back after hitting another record low against the euro, which surpassed $1.41 for the first time. The dollar slumped against other major currencies.

With no major economic reports, Wall Street looked to corporate news.

Oracle rose 93 cents, or 4.4 percent, to $21.98 following its earnings report.

Harman International Industries Inc. closed down $27.25, or 24 percent, at $85 after the maker of upscale audio equipment confirmed reports that two private equity firms backed out of an $8 billion buyout deal to acquire the company.

Meanwhile, cosmetics maker Estee Lauder Cos. advanced $1.95, or 4.8 percent, to $42.58 amid takeover rumors. And Joy Global Inc. rose 91 cents to $49.59 after the mining equipment company affirmed its full-year earnings and revenue forecasts.

The Russell 2000 index of smaller companies rose 3.35, or 0.41 percent, to 813.11.

In trading abroad, Britain's FTSE 100 finished up 0.43 percent, Germany's DAX index rose 0.77 percent, and France's CAC-40 rose 0.21 percent. In Asia, Japan's Nikkei index closed down 0.62 percent and Hong Kong's Hang Seng Index rose 0.56 percent.

The Dow Jones industrial average ended the week up 377.67, or 2.81 percent, at 13,820.19. The Standard & Poor's 500 index finished up 41.50, or 2.80 percent, at 1,525.75. The Nasdaq composite index ended up 69.04, or 2.65 percent, at 2,671.22.

The Russell 2000 index finished the week up 37.30, or 2.80 percent, at 813.11.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 15,338.93, up 411.33, or 2.76 percent, for the week. A year ago, the index was at 13,186.04.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[vishalt]

Our futures are up 0.3%, should be a decent day in the markets imo, Rio has been smashing past its all time highs in the US & UK and I antcipate the same in Aus.

If not I just buy more lol!

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed LOWER by 61 points on Monday September 24:

Sym Last........ ........Change..........
Dow 13,759.06 -61.13 -0.44%
-- Day's Range: 13750.93 - 13874.41 & 52wk Range: 11,423.60 - 14,121.00
Nasdaq 2,667.95 -3.27 -0.12%
-- Day's Range: 2660.52 - 2692.16 & 52wk Range: 2,210.13 - 2,724.74
S&P 500 1,517.73 -8.02 -0.53%
-- Day's Range: 1516.15 - 1530.18 & 52wk Range: 1,310.94 - 1,555.90
30-yr Bond 4.8770% -0.0140
NYSE Volume 3,131,313,000
Nasdaq Volume 1,924,463,000

In European trading,
Britain's FTSE 100 rose 0.14 percent, Germany's DAX index fell 0.08 percent, and France's CAC-40 shed 0.14 percent.

In Asia, Hong Kong's Hang Seng Index rose 2.74 percent. Japan's market was closed for a holiday.

Super gains as resource shares soar
http://www.theage.com.au/news/busin...rce-shares-soar/2007/09/24/1190486224929.html
Marc Moncrief and Vanessa Burrow
September 25, 2007

AUSTRALIAN shares have returned to record highs after last month's bronco ride, and superannuation funds are back to counting gains.

The S&P/ASX 200 Index, the most-watched index of Australian shares, climbed 1.5 per cent to 6451.5 points yesterday as the price of resource stocks ballooned.

The market raced past its July 24 record close of 6422.3 points, a milestone reached just days before credit troubles in the US hit Australian shares.


http://biz.yahoo.com/ap/070924/wall_street.html?.v=20
Stocks Give Up Early Gains to End Lower
Monday September 24, 6:24 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks Finish Lower As Wall Street Gives Up Early Gains Amid Concerns About Credit

NEW YORK (AP) -- Wall Street retreated Monday, taking a break from last week's big advances, as financial stocks fell amid fresh concerns about tightness in the credit markets. With little fresh data to go on Monday, investor enthusiasm weakened by midsession. Sectors from banks to homebuilders showed declines, while technology stocks fared better.

Investors worried that the credit markets might not loosen up despite last week's half-point rate cut by the Federal Reserve. Stocks began to give up their gains after the International Monetary Fund warned the credit upheaval hurting international financial markets would likely be "protracted" and dampen growth of the global economy. The financial sector also weakened after Reuters reported that Deutsche Bank might have to write down a portion of its loan portfolio.

While its stock didn't fall sharply, General Motors Corp. shares lost ground after the United Auto Workers began its first nationwide strike during auto contract negotiations since 1976.

In addition, the stock market's pullback might have been expected following gains last week of more than 2.5 percent in the major stock market averages.

"I think you're seeing some profit taking after last week's rally," said Scott Fullman, director of investment strategy at Israel A. Englander & Co. "You have consumer confidence that is something being closely watched, and you're seeing a general end of quarter nervousness."

The Dow Jones industrials fell 61.13, or 0.44 percent, to 13,759.06.

Broader indicators fell, with the Standard & Poor's 500 index declining 8.02, or 0.53 percent, to 1,517.73, while the Nasdaq composite index lost 3.27, or 0.12 percent, to 2,667.95.

Bonds edged higher, with the yield on the benchmark 10-year Treasury note falling to 4.62 percent from 4.63 percent late Friday. Treasury prices have fallen since last week's rate cut as investors moved back into stocks.

The dollar fell against major currencies, hitting a fresh low against the euro, and gold prices rose.

Oil prices fell as a tropical depression in the Gulf of Mexico dissipated without causing damage to key oil and gas infrastructure. A barrel of light, sweet crude settled down 67 cents at $80.95 on the New York Mercantile Exchange.

There were no major economic reports Monday. However, Dallas Fed President Richard Fisher said a downturn in inflation gives policy makers "some wiggle room" to further cut interest rates. Fed Chairman Ben Bernanke gave a speech on education but did not touch upon economic issues.

Economic data expected to roll out this week could give investors a better sense of whether to expect more of the interest rate cuts that touched off last week's rally. Findings due Tuesday include reports on existing home sales for August and the Richmond Fed's regional survey. Many investors hope readings on durable goods and consumer spending later this week will give the Fed room to cut rates still further when it meets next month.

Among financial stocks, Citigroup Inc. fell 92 cents to $46.59 while JPMorgan Chase & Co. declined 79 cents to $46.34 following the IMF concerns about prolonged tightness in the credit markets and its contention that regulators should tighten their oversight of financial institutions to reign in some of the newer debt products that have in part allowed easy access to credit in recent years.

Housing stocks fell sharply ahead of the data on existing home sales and a report on quarterly results from Lennar Corp. Lennar fell $1.14, or 4.5 percent, to $24.18, while Pulte Homes Inc. ended down $1.06, or 6.6 percent, to $15.10, and D.R. Horton Inc. fell 54 cents, or 3.8 percent, to $13.56.

In corporate news, GM fell 20 cents to $34.74 after thousands of UAW workers walked off the job as negotiations between the union and the automaker remained stymied -- mainly over the issue of job security.

Ford Motor Co. shares rose 25 cents, or 3 percent, to $8.48 after Chief Executive Alan Mullaly said the automaker is in talks with potential buyers of the company's Jaguar and Land Rover brands. The company also began operations of its newest joint-venture factory in China, where it will produce both the Ford and Mazda brands.

Dell Inc. rose 11 cents to $27.87 after it announced it would set up a retail presence in China by selling computers through the country's biggest chain of electronics stores. The deal extends Dell's strategy of expanding beyond its traditional Internet-and-phone sales model into retail to better compete with rivals.

The Russell 2000 index of smaller companies fell 7.31, or 0.90 percent, 805.80.

Declining issues beat out advancers 5-to-3 on the New York Stock Exchange. Consolidated volume came to 3.12 billion shares, down from 3.67 billion shares Friday.

In European trading, Britain's FTSE 100 rose 0.14 percent, Germany's DAX index fell 0.08 percent, and France's CAC-40 shed 0.14 percent. In Asia, Hong Kong's Hang Seng Index rose 2.74 percent. Japan's market was closed for a holiday.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed HIGHER by 19 points on Tuesday September 25:

Sym Last........ ........Change..........
Dow 13,778.65 +19.59 +0.14%
-- Day's Range: 13696.31 - 13787.19
-- 52wk Range: 11,486.00 - 14,121.00
Nasdaq 2,683.45 +15.50 +0.58%
-- Day's Range: 2656.33 - 2683.92
-- 52wk Range: 2,212.02 - 2,724.74
S&P 500 1,517.21 -0.52 -0.03%
-- Day's Range: 1507.13 - 1518.27
-- 52wk Range: 1,311.58 - 1,555.90
30-yr Bond 4.8860% +0.0090
NYSE Volume 3,146,378,000
Nasdaq Volume 1,921,804,000

In European trading,
Britain's FTSE 100 closed down 1.07 percent, Germany's DAX index fell 0.24 percent, and France's CAC-40 finished down 0.89 percent.

In Asia,
Japan's Nikkei index rose 0.55 percent and Hong Kong's Hang Seng Index fell 0.46 percent.

Index topples Monday's record as its metals-powered rise continues
http://www.theage.com.au/news/busin...s/2007/09/25/1190486309812.html?page=fullpage
Vanessa Burrow
September 26, 2007

THE sharemarket has more than recovered its losses from the plunge that began in late July. And the key has been high metals prices, the projected prices of bulk commodities such as iron ore and coal — and a dash of confidence.

The S&P/ASX 200 yesterday reached a record for a second day in a row, and even briefly topped the 6500-point mark. By the end of trade it was up 31.5 points, or 0.5 per cent, at 6483.

http://biz.yahoo.com/ap/070925/wall_street.html?.v=26
Stocks End Mixed After Profit Warnings
Tuesday September 25, 5:22 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks Finish Mixed With Tech Stocks Gaining As Investors Weigh Strength of Economy

NEW YORK (AP) -- Stocks ended mixed Tuesday as investors grappled with concerns about consumer spending in some parts of the economy while technology stocks showed broad gains.

Stocks pared losses from early in the session to trade largely flat when investors tried to balance concerns about weakness in the economy with hopes that lackluster indications about the health of the consumer and the housing market could bolster the case for lower interest rates. Meanwhile, falling energy prices appeared to lend some support to stocks.

Traders weighed a series of negative reports from companies whose fortunes are tied to the health of the consumer. Retailers Target Corp. and Lowe's Cos. trimmed their expectations for the year because of slowing sales, while homebuilder Lennar Corp. posted a fiscal third-quarter loss and sharply lower revenues.

The latest economic reports offered fresh evidence that consumer sentiment is taking a hit amid the worst housing slump in more than a decade.

In the reports, the Conference Board said its Consumer Confidence Index for September fell to its lowest level in almost two years and the National Association of Realtors reported sales of existing homes fell for a sixth straight month in August to the lowest point in five years.

"There are still some mental factors at play. The market has leaped substantially off the recent lows," said Steven Goldman, chief market strategist for Weeden & Co. "We're consolidating ahead of a seasonally strong time, and there are still lingering concerns about the economy."

The Dow Jones industrial average rose 19.59, or 0.14 percent, to 13,778.65.

Broader stock indicators were mixed. The Standard & Poor's 500 slipped 0.52, or 0.03 percent, to 1,517.21, while the Nasdaq composite rose 15.50, or 0.58 percent, to 2,583.45.

The Russell 2000 index of smaller companies fell 2.80, or 0.35 percent, to 803.00.

Bonds prices rose, with the yield on the benchmark 10-year note falling to 4.61 percent from 4.62 percent late Monday. The dollar resumed its decline against the euro -- the fourth session in which it hit record lows. Meanwhile, gold edged lower after a recent run-up.

A barrel of light, sweet crude fell $1.42 to $79.53 on the New York Mercantile Exchange. It was the first time in more than a week that oil closed below $80 per barrel; last week oil neared $84 a barrel.

The markets moves followed mostly negative economic news. Not all findings were bad, however. The Federal Reserve Bank of Richmond, which serves the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia, said economic growth picked up in September. Its manufacturing index for the month came in at 14, double the August reading of 7. A positive figure indicates growth, while negative figures denote a shrinking economy.

These reports take on even more significance as Wall Street speculates about what the Federal Reserve's next move will be after last week's half-point interest rate cut. Data that show the economy is continuing to slow could bolster the case for further cuts when the Fed meets next month.

Lennar shares fell 96 cents, or 4 percent, to $23.22 after it posted a loss of $513.9 million for its fiscal third quarter as the company saw sharply lower revenue from falling home prices and booked hefty charges to write down land values.

Target and Lowe's cut their sales forecasts for the year because of uncertainty about the upcoming holiday shopping season. Target fell $2.95, or 4.6 percent, to $61.35, while Lowe's declined $2.04, or 6.7 percent, to $28.51.

Some investors appeared to regard technology stocks as less at risk of seeing demand for their products slump should the economy falter. Apple Inc. rose to another record, while Research in Motion Ltd. hit a 52-week high. Apple traded as high as $153.22, topping its earlier trading high of $149.85, and finished up $4.90, or 3.3 percent, to $153.18. Research in Motion, meanwhile, rose to $96.85 -- above its previous 52-week high of $96.35 -- and closed at $96.82, a gain of $2.32, or 2.5 percent.

Declining issues outnumbered advancers by about 3 to 2 on the New York Stock Exchange, where volume came to 1.33 billion shares compared with 1.35 billion shares traded Monday.

In European trading, Britain's FTSE 100 closed down 1.07 percent, Germany's DAX index fell 0.24 percent, and France's CAC-40 finished down 0.89 percent. In Asia, Japan's Nikkei index rose 0.55 percent and Hong Kong's Hang Seng Index fell 0.46 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed HIGHER by 99 points on Wednesday September 26:

Sym Last........ ........Change..........
Dow 13,878.15 +99.50 +0.72%
-- Day's Range: 13779.30 - 13915.79 approaching 52 week high!
-- 52wk Range: 11,517.50 - 14,121.00
Nasdaq 2,699.03 +15.58 +0.58%
-- Day's Range: 2689.59 - 2709.23
-- 52wk Range: 2,224.21 - 2,724.74
S&P 500 1,525.42 +8.21 +0.54%
-- Day's Range: 1518.62 - 1529.39
-- 52wk Range: 1,325.30 - 1,555.90
30-yr Bond 4.8930% +0.0070
NYSE Volume 3,146,845,000
Nasdaq Volume 2,073,180,000

Overseas, Britain's FTSE 100 closed up 0.56 percent, Germany's DAX index rose 0.45 percent, and France's CAC-40 rose 0.87 percent. In Asia, Japan's Nikkei index closed up 0.21 percent and Hong Kong's Hang Seng Index fell 0.46 percent.

http://biz.yahoo.com/ap/070926/wall_street.html?.v=30
Stocks Rise on Good Corporate News
Wednesday September 26, 4:59 pm ET
By Tim Paradis, AP Business Writer
Wall Street Rises Following GM Pact With UAW, Report of Stake in Bear Stearns

NEW YORK (AP) -- Stocks rose soundly Wednesday following word that some of the problems dogging big companies like General Motors Corp. and Bear Stearns Cos. could be on the mend.

GM, one of the 30 stocks that makes up the Dow Jones industrial average, led the market higher from the outset Wednesday with word it had struck a tentative contract agreement with the United Auto Workers that could allow the company to shed some of its burdensome health care costs.

While stocks held onto gains throughout the session, rumors that Bear Stearns Cos. would sell a stake in the company took on new urgency in the final hour of the session with a report that billionaire investor Warren Buffett was a potential suitor.

Wall Street shrugged off broader economic news from the Commerce Department, which said demand for durable goods fell in August by the largest amount in seven months. The findings could indicate that recent upheaval in the credit and stock markets as well as the housing sector dented the economy.

The report followed data released Tuesday showing that existing home sales stalled in August and consumer confidence fell in September.

However, Wall Street often regards such readings as good news because it could pressure the Federal Reserve to lower interest rates again when it meets next month. The central bank last week surprised Wall Street with a larger-than-expected half-point cut in rates -- its first in four years -- and sent stocks surging.

According to preliminary calculations, the Dow Jones industrial average rose 99.50, or 0.72 percent, to 13,878.15.

Broader stock indicators also rose. The Standard & Poor's 500 index advanced 8.21, or 0.54 percent, to 1,525.42, and the Nasdaq composite index increased 15.58, or 0.58 percent, to 2,699.03.

The Russell 2000 index of smaller companies rose 6.12, or 0.76 percent, to 809.12.

Treasury prices turned higher Wednesday after there was surprisingly strong investor demand in a government sale of $18 billion in new 2-year Treasurys. The yield on the benchmark 10-year Treasury note fell to 4.62 percent from 4.64 percent at Tuesday's close. Prices and yields move in opposite directions.

The dollar recovered slightly against major currencies Wednesday despite lackluster economic data, but not before hitting another record low against the euro. Gold prices fell.

Oil futures ended higher Wednesday, closing above $80 a barrel as a turbulent day ended with a late rally led by investors who saw an early price dip as a buying opportunity.

In addition to corporate and economic news, some of the session's gains could owe to the approaching end of the quarter.

"I do think what you're seeing here is because we had such a big turnaround from August into September, the quarter is ending on a positive note. As you get closer to the end in the next couple of days, you could get some window dressing," said Marc Pado, U.S. market strategist at Cantor Fitzgerald, referring to some investors' plans to buy stocks to shore up their end-of-the-quarter holdings.

In corporate news, GM jumped $3.22, or 9.4 percent, to $37.64 after workers agreed to return to their jobs after a two-day nationwide strike. GM was by far the biggest advancer among the Dow stocks. The deal would allow GM to shed some of its costs and have the union oversee management of retiree health care.

Bear Stearns, which had been higher through the session amid rumors it would sell off a piece of the company. The nation's fifth-largest investment bank doubled its gains after The New York Times reported Buffett, among others, had shown interest in a minority stake in the company. The stock finished up $8.76, or 7.7 percent, at $123.

In other corporate news, technology stocks showed gains Wednesday after Red Hat Inc., a maker of open-source software, reported its fiscal second-quarter profit rose sharply and that its revenue came in ahead of Wall Street's expectations. Red Hat advanced $1, or 5.3 percent, to $19.89.

Tech stocks have done well in recent sessions in part based on the notion that a slowing economy and even a retrenchment in consumer spending could spare some technology companies and consumer technology names, said Pado.

"My expectation is that they are going to buy fewer things but maybe at greater cost," he said, referring to consumers looking at technology for the coming holiday season.

Advancing issues outnumbered decliners by more than 2 to 1 on the New York Stock Exchange, where volume came to 1.29 billion shares compared with 1.33 billion shares traded Tuesday.

Overseas, Britain's FTSE 100 closed up 0.56 percent, Germany's DAX index rose 0.45 percent, and France's CAC-40 rose 0.87 percent. In Asia, Japan's Nikkei index closed up 0.21 percent and Hong Kong's Hang Seng Index fell 0.46 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed HIGHER by 34 points on Thursday September 27:

Sym Last........ ........Change..........
Dow 13,912.94 +34.79 +0.25%
-- Day's Range: 13868.15 - 13920.42
-- 52wk Range: 11,595.80 - 14,121.00
Nasdaq 2,709.59 +10.56 +0.39%
-- Day's Range: 2702.02 - 2712.79
-- 52wk Range: 2,224.21 - 2,724.74
S&P 500 1,531.38 +5.96 +0.39%
-- Day's Range: 1525.81 - 1532.46
-- 52wk Range: 1,327.10 - 1,555.90
30-yr Bond 4.8370% -0.0560
NYSE Volume 2,872,178,000
Nasdaq Volume 1,789,295,000

In European trading, Britain's FTSE 100 closed up 0.83 percent, Germany's DAX index rose 0.64 percent, and France's CAC-40 rose 0.75 percent.

In Asia, Japan's Nikkei index and Hong Kong's Hang Seng Index each closed up 2.4 percent.

http://biz.yahoo.com/ap/070927/wall_street.html?.v=22
Stocks Rise After Mixed Economic Data
Thursday September 27, 5:48 pm ET
By Tim Paradis, AP Business Writer
Stocks Extend Gains Following Mixed Economic Data, Spiking Oil; New Home Sales Fall Sharply

NEW YORK (AP) -- Stocks extended their gains Thursday with a moderate advance as investors weighed fresh economic data, including a sharp drop in new home sales, for clues to whether more interest rate cuts are in the offing.

The Commerce Department's report that sales of new homes plunged 8.3 percent in August to the lowest level in seven years was the latest round of bad news for the housing sector, but its arrival didn't spook investors. Instead, stocks built on the sizable gains logged Wednesday.

While concerns that housing market ills could drag the broader economy into a recession have bubbled up in recent months, the Federal Reserve's larger-than-expected interest rate cut last week appears to have left investors hopeful that cheaper capital would help stave off a broad slowdown.

And with the final trading day of the quarter arriving Friday, some investors likely engaged in buying and selling designed to spruce up their portfolios.

"You have positioning for the family photo," said Erik Davidson, senior director of investments at Wells Fargo Private Bank. He noted that as investors go about the usual business of shoring up their positions for the end of the quarter some have been surprised by the absence of further bad news about tightness in the credit markets or about investments soured by bad mortgages.

"It's almost a return to normalcy. This is a bit of a relief rally, and the bad things that people are afraid of aren't really happening," he said of gains in recent sessions.

The Dow Jones industrial average rose 34.79, or 0.25 percent, to 13,912.94. The Dow now sits only about 87 points below its record close of 14,000.41 set July 19.

Broader indexes also advanced. The Standard & Poor's 500 index rose 5.96, or 0.39 percent, to 1,531.38, and the technology-heavy Nasdaq composite index rose 10.56, or 0.39 percent, to 2,709.59.

The Russell 2000 index of smaller companies rose 4.89, or 0.60 percent, to 814.01.

Bond prices rose, pushing the yield on the benchmark 10-year Treasury down to 4.57 percent from 4.62 percent at Wednesday's close. Bond prices and yields move in opposite directions.

The dollar was mixed against other major currencies, while gold prices edged higher.

Crude oil prices rose as a tropical depression near Mexico raised concerns about possible disruptions to oil and gas production. A barrel of light sweet crude jumped $2.58 to settle at $82.88 per barrel on the New York Mercantile Exchange.

Dave Hinnenkamp, chief executive KDV Wealth Management in Minneapolis, said that with the Dow not far off its highs, some investors appear to be growing more confident.

"A lot of it has to do with people sitting on the sideline with some cash when the market was coming down," he said. "And now that they've seen it bounce up, I think some of it has to do with people diving back into the market not wanting to miss the rally."

Wall Street saw a relatively calm session despite some potentially unnerving economic news, including a report that the U.S. economy proved a little softer during the second quarter than had been estimated. The Commerce Department said gross domestic product expanded at a 3.8 percent annual rate in the second quarter -- less than the previously reported 4 percent increase.

However, there was some strong news about the nation's labor force Thursday. Jobless claims fell 15,000 to 298,000 in the week ended Sept. 22 -- the lowest level since May and an indication the labor market remains solid. A strong job market is important to Wall Street, which is counting on continued strength in consumer spending to drive the economy.

The reports followed others issued this week that suggested the economy faces obstacles, which could persuade policymakers to lower rates further when they meet at the end of next month. Lower rates make cash cheaper to borrow, so they tend to fuel spending and merger-and-acquisition activity.

"The fact that the Fed has cut a half point, I think it shows that they are willing to act. That is one of the most important things in that it gives the investor community reason to act," said Hinnenkamp. "I think one of the more important factors with regard to where we go from here is the upcoming earnings season."

A continuation of recent investor optimism appeared to help Wall Street shrug off some of the housing news. KB Home said it expects the housing industry will continue to suffer through next year. However, the home builder posted a narrower-than-expected loss for its fiscal third quarter, sending the stock up 62 cents, or 2.6 percent, to $24.71.

In other corporate news, Sallie Mae, the nation's largest student lender officially known as SLM Corp., rose $4.11, or 9.1 percent, to $49.12 after a group of investors that planned to acquire the company said it wanted out of the deal, leading to speculation that the lender might be able to fetch new terms for a buyout.

Advancing issues outnumbered decliners by more than 2 to 1 on the New York Stock Exchange. Consolidated volume came to 2.85 billion shares, down from 3.16 billion shares traded Wednesday.

In European trading, Britain's FTSE 100 closed up 0.83 percent, Germany's DAX index rose 0.64 percent, and France's CAC-40 rose 0.75 percent. In Asia, Japan's Nikkei index and Hong Kong's Hang Seng Index each closed up 2.4 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed LOWER by 17 points on Friday September 28:

Sym Last........ ........Change..........
Dow 13,895.63 -17.31 -0.12%
-- Day's Range: 13850.27 - 13924.81
-- 52wk Range: 11,608.20 - 14,121.00
Nasdaq 2,701.50 -8.09 -0.30%
-- Day's Range: 2692.02 - 2716.75
-- 52wk Range: 2,224.21 - 2,724.74
S&P 500 1,526.75 -4.63 -0.30%
-- Day's Range: 1521.99 - 1533.74
-- 52wk Range: 1,327.10 - 1,555.90
30-yr Bond 4.8330% -0.0040
NYSE Volume 2,876,308,000
Nasdaq Volume 1,928,789,000

In overseas trading,
Britain's FTSE 100 fell 0.30 percent, Germany's DAX index rose 0.10 percent, and France's CAC-40 fell 0.31 percent.

Japan's Nikkei index fell 0.28 percent and Hong Kong's Hang Seng Index rose 0.29 percent.

http://biz.yahoo.com/ap/070928/wall_street.html?.v=21
Stocks Dip, but End Third Quarter Higher
Friday September 28, 4:53 pm ET
By Madlen Read, AP Business Writer
Stocks Make Slight Dip After Data Released on Consumer Spending, Manufacturing

NEW YORK (AP) -- Stocks dipped a bit Friday, the last trading day of the third quarter, with Wall Street relieved about solid readings on the economy but cautious ahead of October's corporate earnings reports.

The market's losses were small, thanks to positive reports on consumer spending, construction spending, inflation and Midwest manufacturing. Though strong economic data might lower the chance that the Federal Reserve will further reduce rates, the tame inflation measure kept hopes of a rate cut alive.

Last week the Fed, reacting to August's tightening credit and plunging stocks, helped restore confidence in the financial markets by decreasing the federal funds rate target by a half point to 4.75 percent. The central bank's rate decrease, the first in four years, helped the major stock indexes finish in positive territory for the quarter.

"A second Fed cut will go a long way in reassuring the stock market that the worst is over. The focus going forward will be whether the Fed is going to lower rates to shore this up, or decide the risk of inflation is too high," said Janna Sampson, director of portfolio management at Oakbrook Investments.

Though energy and food prices are surging, core inflation has been within the Fed's comfort zone of 1 percent to 2 percent. The Commerce Department's consumer spending report showed that a key core inflation gauge logged a year-over-year rise in August of 1.8 percent -- the smallest increase since a similar rise in February 2004.

But continuing to weigh on investors is the concern that corporate profits dropped off in the third quarter. Friday is the last trading day of one of the most volatile periods in years, one that pulled stocks sharply lower after the Dow Jones industrial average closed at a record 14,000.41 in mid-July. Wall Street now is bracing for signs, ahead of the mid-October onslaught of earnings reports, of how companies fared during the summer's tumult.

The Dow slipped 17.31, or 0.12 percent, to 13,895.63. The blue-chip index ended the third quarter 3.6 percent higher.

The Standard & Poor's 500 index fell 4.63, or 0.30 percent, to 1,526.75, finishing the quarter up 1.6 percent.

The Nasdaq composite index fell 8.09, or 0.30 percent, to 2,701.50, and closed the quarter with a gain of 3.8 percent.

But the Russell 2000 index of smaller companies has not recovered from August's drop, during which investors pulled money out of the shares of fledgling companies that rely heavily on the credit markets for cash. The Russell on Friday fell 8.56, or 1.05 percent, to 805.45, and ended the quarter down 3.4 percent.

Bonds declined, pushing the yield on the 10-year Treasury note up to 4.59 percent from 4.57 percent late Thursday.

The dollar slumped against most major currencies as inflation appeared to be easing. The euro surpassed $1.42 for the first time, hitting a record against the U.S. currency for the seventh straight session.

Crude oil prices fell $1.12 to $81.66 a barrel on the New York Mercantile Exchange, but remain near historic highs.

"We're going to see crimped corporate profits if they eat those (commodity) costs, and inflation if they pass those down. Neither of those are good," Sampson said.

So far, consumers and businesses seem to be holding up despite high energy prices, the weak housing market and the summer's market volatility.

The Commerce Department said Friday that consumer spending increased 0.6 percent in August, the fastest growth in more than two years. But Bernard Baumohl at the Economic Outlook Group LLC projected that holiday spending will increase 3.5 percent this year, less than the 4.5 percent of last season.

Meanwhile, August construction spending rose, to analysts' surprise, by 0.2 percent; Chicago's National Association of Purchasing Management said regional business activity increased in September by more than expected; and the University of Michigan said consumer sentiment during the month held steady.

As the turbulent third quarter draws to a close, investors are slightly less concerned about the tightening in the credit markets that sent stocks plummeting in late July and August. On Thursday, the Fed said banks slowed their borrowing from central bank this week to the smallest amount in six weeks, after a huge spike last week.

But while most agree conditions have improved, the credit markets still haven't returned to normal. Levels of outstanding asset-backed commercial paper fell about 17 percent in the week ending Wednesday -- not as steep a decline as seen a few weeks ago, but still suggesting that demand isn't meeting supply.

"We have tentative signs that the financial markets are beginning to recover from the recent upset, but financial fragility is obviously still an issue," said St. Louis Fed President William Poole in prepared remarks Friday in New York.

Declining issues outnumbered advancers by about 9 to 7 on the New York Stock Exchange, where volume came to 1.34 billion shares.

In overseas trading, Britain's FTSE 100 fell 0.30 percent, Germany's DAX index rose 0.10 percent, and France's CAC-40 fell 0.31 percent. Japan's Nikkei index fell 0.28 percent and Hong Kong's Hang Seng Index rose 0.29 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed HIGHER by 191 points on Monday October 1:

Dow Jones Passes 14,000 for Record High

Sym Last........ ........Change..........
Dow 14,087.55 +191.92 +1.38%
-- Day's Range: 13893.51 - 14115.51
-- 52wk Range: 11,608.20 - 14,121.00
Nasdaq 2,740.99 +39.49 +1.46%
-- Day's Range: 2704.25 - 2743.53
-- 52wk Range: 2,224.21 - 2,724.74
S&P 500 1,547.04 +20.29 +1.33%
-- Day's Range: 1527.25 - 1549.02
-- 52wk Range: 1,327.10 - 1,555.90
30-yr Bond 4.7980% -0.0350
NYSE Volume 3,281,935,250
Nasdaq Volume 2,015,476,750

Overseas, Britain's FTSE 100 rose 0.61 percent, Germany's DAX index rose 0.77 percent, and France's CAC-40 added 1.01 percent. In Asia, Japan's Nikkei stock average closed up 0.36 percent, while the market was closed in Hong Kong for a holiday.

http://biz.yahoo.com/ap/071001/wall_street.html?.v=59
Dow Jones Passes 14,000 for Record High
Monday October 1, 6:01 pm ET
By Joe Bel Bruno, AP Business Writer
Dow Jones Surges Past 14,000 to Hit Record High As Credit Worries Begin to Subside

NEW YORK (AP) -- Wall Street began the fourth quarter with a huge rally Monday, sending the Dow Jones industrial average above 14,000 and well into record territory for the first time in 2 1/2 months. Stocks were buoyed by a growing belief that the worst of the credit crisis has passed.

While the beginning of the new quarter was an incentive for institutional investors to buy, they also seemed to be motivated by a sense that banks and other financial companies generally weathered the recent credit market upheaval. Both Citigroup and Switzerland's UBS AG issued third-quarter profit warnings, but indicated the current period might see a return to normal earnings levels.

Meanwhile, the market was optimistic that new economic data might nudge the Federal Reserve toward another interest rate cut at its Oct. 30-31 meeting. The Institute for Supply Management said the manufacturing sector grew in September at the slowest pace in six months; the trade group said its index of manufacturing activity registered at 52.0 in September, below forecasts for a reading of at least 52.5.

"People are getting more confident there is going to be an October rate cut," said John C. Forelli, portfolio manager for Independence Investment. "To some degree, it looks like Citi kitchen-sinked the quarter, and that from here going forward will be calmer. That's underpinning the financials."

Enthusiasm about acquisition activity picked up after Nokia unveiled an $8.1 billion offer to buy navigation-software maker Navteq Corp. The deal was seen as a signal that corporations are feeling comfortable in making big moves despite recent market turbulence.

The Dow rose 191.92, or 1.38 percent, to 14,087.55.

The blue chip index surpassed its closing record of 14,000.41 set in mid-July, and moved into record territory, rising as high as 14,115.51 and eclipsing its previous intraday high of 14,021.95 set July 17.

Broader market indexes also rose sharply. The Standard & Poor's 500 index rose 20.29, or 1.33 percent, to 1,547.04, nearing its all-time trading high of 1,555.90, also reached in mid-July. The Nasdaq composite index rose 39.49, or 1.46 percent, to 2,740.99; the tech-laden index remains well below its high of 5,048.62, reached in 2000 when it was bloated by the dot-com boom.

The Dow finished a turbulent third quarter with a 3.6 percent gain, after the Fed eased investor concerns over the credit and housing markets by lowering key interest rates half a percentage point.

Bonds moved higher Monday, with the yield on the benchmark 10-year Treasury note falling to 4.55 percent from 4.59 percent late Friday. Fixed-income investors, currently concerned about the dollar's recent weakness, interpreted the ISM report as not necessarily portending an interest rate cut, which would further erode the U.S. currency.

The dollar was mixed Monday against other major currencies, while gold prices rose.

A barrel of light, sweet crude fell $1.42 to $80.24 on the New York Mercantile Exchange. This extended last week's decline amid concerns that oil market fundamentals do not support recent high prices.

Arthur Hogan, chief market analyst at Jefferies & Co., said the biggest tipping point of the day was financial stocks. For the first time, Citi -- considered a barometer for the banking industry -- is giving some real numbers about the extent of its damage, he said.

"If they are giving us worst-case scenario, then market participants are feeling that most of the stuff we've worried about since July will remain contained," he said. "That's the celebration the market is putting on right now, and the take away is that the black hole of not knowing finally has some numbers around it."

Financial stocks -- from brokerages to retail banks -- slumped during the third quarter as uncertainty grew about the extent of losses from the credit and subprime mortgage turmoil. Comments from Citi Chief Executive Charles Prince that he expects to "return to a more normal earnings environment" during the fourth quarter put investors more at ease.

And, since analysts believe financials must lead a broader Wall Street advance, a rally in bank and brokerage stocks was greeted with enthusiasm. Citigroup shares rose $1.05, or 2.3 percent, to $47.72. Countrywide Financial Corp., the nation's largest home loan provider, rose 95 cents, or 5 percent, to $19.96 on the potential of an easing in subprime loan jitters.

UBS, the largest Swiss bank, rose $1.69, or 3.2 percent, to $54.94 after warning it would take a pretax loss of up to $690 million in the quarter and cut 1,500 jobs. Rival Credit Suisse Group rose $1.66, or 2.5 percent, to $67.99 after it said third-quarter profit will remain healthy despite stormy conditions.

Homebuilding stocks -- another group that has been hard hit in recent weeks -- spiked after several big players in the sector were upgraded by Citigroup. The report said large-cap builders with stronger balance sheets should benefit in the coming quarters.

Lennar Corp. rose 62 cents, or 2.7 percent, to $23.27; D.R. Horton Inc. added 65 cents, or 5.1 percent, to $13.46; and Pulte Homes Inc. was up $1.18, or 8.7 percent, at $14.79.

Hope that acquisition activity would rebound from a sluggish third quarter got a boost when Nokia said it would buy Navteq. The deal is the first announced during the fourth quarter. During the third quarter, there was $992.1 billion worth of deals during the third quarter -- down 43 percent from the second quarter, according to data tracker Dealogic.

Nokia rose 8 cents to $37.96, while Navteq fell $1.52, or 2 percent, to $76.45. The stocks of acquiring companies tend to fall after takeover announcements amid concerns that a deal might burden the purchaser with debt.

The Russell 2000 index of smaller companies was up 19.31, or 2.39 percent, at 824.76.

Advancing issues led decliners by a 3 to 1 basis on the New York Stock Exchange, where consolidated volume rose to 3.26 billion shares from 2.92 billion shares on Friday.

Overseas, Britain's FTSE 100 rose 0.61 percent, Germany's DAX index rose 0.77 percent, and France's CAC-40 added 1.01 percent. In Asia, Japan's Nikkei stock average closed up 0.36 percent, while the market was closed in Hong Kong for a holiday.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed LOWER by 40 points on Tuesday October 2:

Sym Last........ ........Change..........
Dow 14,047.31 -40.24 -0.29%
-- Day's Range: 14012.11 - 14107.47
-- 52wk Range: 11,608.20 - 14,147.30
Nasdaq 2,747.11 +6.12 +0.22%
-- Day's Range: 2732.69 - 2747.11
-- 52wk Range: 2,224.21 - 2,743.53
S&P 500 1,546.63 -0.41 -0.03%
-- Day's Range: 1540.37 - 1548.01
-- 52wk Range: 1,327.10 - 1,555.90
30-yr Bond 4.7780% -0.0200
NYSE Volume 3,074,014,750
Nasdaq Volume 1,780,610,120

Overseas,
Britain's FTSE 100 fell 0.09 percent, Germany's DAX index rose 0.31 percent, and France's CAC-40 rose 0.45 percent. Japan's Nikkei stock average closed up 1.19 percent.

http://biz.yahoo.com/ap/071002/wall_street.html?.v=43
Stocks Mixed Amid Rate Cut Hopes
Tuesday October 2, 4:39 pm ET
By Madlen Read, AP Business Writer
Wall Street Mixed As Investors Sell Large-Cap Stocks and Snap Up Small Caps

NEW YORK (AP) -- Wall Street ended mixed Tuesday, selling off large companies' stocks but buying up those of smaller companies, as investors cashed in gains from Monday's big rally and poked around for new bargains.

It was an unusual day of trading -- normally, the major stock indexes closely track one another, but Tuesday, the Dow Jones industrials closed with a moderate loss while the Nasdaq composite had a moderate gain. Given the market's quick, sharp rebound from August's credit market squeeze and stock selloff, it was to be expected that investors would pause to adjust their portfolios as the fourth quarter gets under way.

Wall Street was only slightly fazed by the National Association of Realtors' report Tuesday that its seasonally adjusted index of pending sales for existing homes fell 6.5 percent in August from July and 21.5 percent from a year ago. The data suggest sales of existing homes will probably keep declining in the coming months -- bad news for the economy, but good news for those hoping for another interest rate cut.

After the Federal Reserve lowered rates on Sept. 18, the stock market is hoping for a similar move again at the Fed's Oct. 30-31 meeting. That optimism drove the Dow up nearly 192 points Monday to close at 14,087.55 -- a new high and its first foray above the 14,000 level since mid-July, right before stocks plunged on worries related to subprime mortgages and overly leveraged debt.

"The economy is soft, you have this big run-up, and the fact is people are just taking some profit," said Scott Fullman, director of investment strategy for I. A. Englander & Co. "There's not a ton of news to trade on, and investors are also looking ahead to the unemployment report on Friday."

The Dow fell as investors sold some of their large-cap stock holdings, which have recently performed well. Also, with commodities prices retreating and the dollar rebounding, big mining and oil companies -- such as Dow component Exxon Mobil Corp. -- may see dampened profits. Small-cap stocks rose, along with homebuilders, airlines and brokerages, as investors returned to companies that were unattractive during the summer's tight credit environment and now appear cheap.

"Larger-cap companies don't need to do borrowing. After the rate cut, those who believe there will be another rate cut would want own smaller-cap stocks," said Matt Kelmon, portfolio manager of the Kelmoore Strategy Funds.

According to preliminary calculations, the Dow fell 40.24, or 0.29 percent, to 14,047.31.

The broader Standard & Poor's 500 index fell 0.41, or 0.03 percent, to 1,546.63, while the tech-dominated Nasdaq rose 6.12, or 0.22 percent, to 2,747.11.

The Russell 2000 index of smaller companies rose 7.23, or 0.88 percent, to 831.97.

Advancing issues outnumbered decliners by about 9 to 7 on the New York Stock Exchange, where volume came to 1.27 billion shares.

Government bond prices rose as the Dow pulled back. The 10-year Treasury note yield, which moves inversely to its price, fell to 4.53 percent from 4.56 percent late Monday.

The dollar rebounded from record lows versus the euro, and also recovered some ground against the pound and the Canadian dollar. Gold, which has recently hit multi-decade highs, tumbled under pressure from the rising dollar; an ounce of gold fell $17.80 to $736.30 on the New York Mercantile Exchange.

Crude oil futures on the Nymex also declined, slipping 19 cents to $80.05 a barrel. Many analysts say oil's September rally to record levels above $83 a barrel was due to speculative buying by investors taking advantage of the weak dollar. A stronger dollar makes commodities more costly to foreign buyers.

Expectations that oil and gold will fall further hurt energy and mining company stocks. Exxon Mobil fell $1.71 to $92.24; ConocoPhillips fell $1.77, or 2 percent, to $85.62; Chevron Corp. fell $1.88, or 2 percent, to $92.56. Barrick Gold Corp. dropped $1.98, or 4.8 percent, to $39.25, and Harmony Gold Mining Ltd. fell 83 cents, or 7 percent, to $11.07.

Meanwhile, top automakers' September sales came in mixed.

General Motors Corp. was the biggest gainer among the 30 Dow components, rising $1, or 2.8 percent, to $37.05 after reporting that its September U.S. sales rose slightly on stronger demand for its light trucks and crossover vehicles.

But Ford Motor Co.'s U.S. sales plummeted 21 percent in September on deep cuts in sales to car rental agencies. Still, its stock rose 34 cents, or 4.1 percent, to $8.57, on an anticipated new contract with union workers.

In other corporate news, a group of investors reduced its cash offer for SLM Corp., known as Sallie Mae, by 17 percent, and SLM insisted that the buyers honor their original $25 billion deal. SLM rose 19 cents to $50.09.

Acquisitions are still happening, though, despite a tighter-than-normal credit market.

Canada-based TD Bank Financial Group agreed to buy Commerce Bancorp Inc. in a cash-and-stock deal valued at $8.5 billion. The news got a lukewarm reception: Commerce fell 35 cents to $39.47, and Toronto Dominion fell $4.29, or 5.6 percent, to $72.65.

And Citigroup Inc. said it is buying the rest of Nikko Cordial Corp. for shares valued at about $4.6 billion. The bank already owned a 68 percent stake in Japan's third-largest brokerage. Citigroup, which estimated Monday that its third-quarter profit will drop 60 percent, rose 14 cents to $47.86.

Overseas, Britain's FTSE 100 fell 0.09 percent, Germany's DAX index rose 0.31 percent, and France's CAC-40 rose 0.45 percent. Japan's Nikkei stock average closed up 1.19 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

All Ords on track to crack 7000 before Christmas
http://www.smh.com.au/news/business...efore-christmas/2007/10/02/1191091114453.html

All Ords on track to crack 7000 before Christmas
October 3, 2007

THE Australian sharemarket soared to dizzy heights again yesterday, with the usual suspects from the commodities sector, Rio Tinto and BHP, helping the bourse to smash records.

Analysts now say the market could reach the symbolically significant 7000-point level by Christmas.

The ASX 200 index closed up 96.2 points or 1.47 per cent at 6659.9, while the All Ordinaries soared 87.8 points to 6667.6.

Both indices also touched record intraday highs. The ASX 200 reached an intraday high of 6666.8, eclipsing the previous high of 6605 set on Monday.

The All Ordinaries set a fresh record intraday high at 6673.6, beating the previous record of 6616.4 set on Monday.

On the Sydney Futures Exchange, the December share price index contract closed the day up 95 at 6724 on a volume of 22,956 contracts.

An ABN Amro Morgan private client adviser, Kylie Macdonald, said she was flabbergasted by the strength of the bourse but said it was driven by large institutions scrambling to get back into the market after deserting it in August.

Bullish predictions that the All Ords could break through 7000 points by Christmas were not out of the question, Mrs Macdonald said.

"Stocks like Babcock and Brown and Macquarie Bank were unnecessarily sold down in August and they're all going great guns now," she said.

"Is it sustainable? That's the million-dollar question.

"I think we'll be higher at Christmas than we are now but the question is what sort of volatility we will see along the way.

"It needs to pull back but it won't stay down for terribly long."

Rio Tinto reached a record close of $112.50, which was up $3.66 on Monday's close. It was a similar story at BHP Billiton, which rose $1.55 to $46.05.

Woodside Petroleum enjoyed a robust rise, climbing 76c to $51.90, hitting a record high of $51.98, while rival Santos slipped 7c to $14.83, Oil Search fell 7c to $4.16 and Beach fell 3c to $1.46.

The goldminers were patchy, with Newmont edging up 1c to $5.10, Lihir shedding 6c to $4.06 and Newcrest dropping 83c to $28.27.

The big banks gained significantly. National Australia Bank put on 63c to end at $40.43 and ANZ gained almost 2 per cent, 59c, to finish at $30.20. Westpac, which announced a partial takeover of Rams Home Loans Group, rose 53c and the Commonwealth was up $1 to $57.60.

St George Bank was up 70c to $36.10, Suncorp rose 26c to $20.61 and AXA closed 9c higher at $7.87.

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed LOWER by 79 points on Wednesday October 3:

Sym Last........ ........Change..........
Dow 13,968.05 -79.26 -0.56%
-- Day's Range: 13947.73 - 14038.94
-- 52wk Range: 11,608.20 - 14,166.20
Nasdaq 2,729.43 -17.68 -0.64%
-- Day's Range: 2721.23 - 2746.14
-- 52wk Range: 2,224.21 - 2,747.11
S&P 500 1,539.59 -7.04 -0.46%
-- Day's Range: 1536.34 - 1545.84
-- 52wk Range: 1,327.10 - 1,555.90
30-yr Bond 4.7870% +0.0090
NYSE Volume 3,065,318,000
Nasdaq Volume 1,916,897,500

Overseas,
Japan's Nikkei stock average closed up 0.90 percent, while Hong Kong's Hang Sang index fell 2.55 percent.
European markets advanced. Britain's FTSE 100 gained 0.54 percent, Germany's DAX index rose 0.11 percent, and France's CAC-40 gained 0.12 percent.

http://biz.yahoo.com/ap/071003/wall_street.html?.v=43
Stocks Slide As Investors Await Catalyst
Wednesday October 3, 5:34 pm ET
By Tim Paradis, AP Business Writer
Stocks Retreat After Economic Data Offer Little Reason to Stanch Losses

NEW YORK (AP) -- Wall Street extended its pullback Wednesday as investors, retrenching from an optimistic stance early in the week, waited to see how well corporate earnings and the job market have held up in an uneven economy.

The market showed little conviction for a second day as economic readings offered few surprises and as investors looked for signs -- possibly from the September employment report due Friday -- of whether the market's rebound from its summer lows has been warranted.

The decline Wednesday preceded earnings reports from the recently completed third quarter and Friday's jobs number, which can signal whether consumer spending will continue apace. Wall Street had little reaction to a report that the nation's service sector, whose industries account for 80 percent of U.S. economic activity, showed a decline last month.

Homebuilder stocks rose amid a sense among some analysts that the housing market might have hit bottom. Meanwhile, semiconductor shares mostly lost ground on concerns about pricing pressures.

"There are a lot of cross currents," said George Shipp, chief investment officer at investment adviser Scott & Stringfellow in Richmond, Va. "The general pattern is that the U.S. economy is slowing."

The Dow Jones industrial average fell 79.26, or 0.56 percent, to 13,968.05. The Dow moved back above 14,000 on Monday after spending 2 1/2 months below that level amid concerns about soured mortgages, tighter access to credit and the housing market slump.

Broader stock indicators also fell. The Standard & Poor's 500 index fell 7.04, or 0.46 percent, to 1,539.59, and the Nasdaq composite index fell 17.68, or 0.64 percent, to 2,729.43.

Bond prices slipped Wednesday after the economic readings. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.54 percent from 4.53 percent late Tuesday.

Wall Street appears to be taking many economic readings in stride, perhaps expecting some slowdown before the Federal Reserve's rate cut is reflected in economic data. Often, such cuts can take more than a year to fully work themselves into the economy.

The Institute for Supply Management reported that the service sector expanded at a slower pace in September than in August. The trade group's non-manufacturing index fell to 54.8 from 55.8 in August as expected; the index is now at its lowest point since March. A reading above 50 indicates economic expansion, while a figure below 50 signals contraction.

A weaker ISM service sector report could have ignited investor enthusiasm for another rate cut by the Fed, which lowered its key lending rate last month by a larger-than-expected half percentage point. Many investors expect the central bank to trim rates further this year, but there is debate over whether another reduction might come at the Fed meeting Oct. 30-31 or in December.

In other economic news, home buying has continued at its sluggish pace. The Mortgage Bankers Association said mortgage application volume fell 2.7 percent in the week ended Sept. 28. The MBA composite index, which gauges the level of mortgage applications, fell to 636.7 from 654.2 a week earlier.

"With all those numbers, unless it's really bad we're fine because people can say it's still a function of the dislocations that we saw in August," said Kurt Wolfgruber, chief investment officer at OppenheimerFunds Inc., adding that it is still too soon to see the full effects of the Fed's move.

Among sectors showing movement, homebuilder stocks rose again as investors bet the sector would see an improvement. Lennar Corp. rose $1.10, or 4.5 percent, to $25.82, while Pulte Homes Inc. rose 46 cents, or 3 percent, to $15.96.

Chip stocks slid amid unease over pricing competition. Micron Technology Inc. fell $1.05, or 8.9 percent, to $10.74 after issuing a forecast that disappointed Wall Street. Intel Corp. fell 57 cents, or 2.2 percent, to $25.81 and was one of the biggest decliners among the 30 stocks that make up the Dow industrials.

But Shipp is optimistic some quarterly results will meet tempered expectations.

"Earnings season is coming up and forecasts have been ratcheted down to very beatable levels."

In corporate news, Germany's Deutsche Bank AG said it would book charges totaling about $3.1 billion in the third quarter due to losses on loans amid turmoil in the mortgage lending market. The bank's forecast follows warnings on results from Citigroup Inc. and Switzerland's UBS AG on Monday. Deutsche Bank rose $1.70 to $134.07, while Citigroup rose 3 cents to $47.89 and UBS rose 37 cents to $56.98.

In commodities trading, gold prices fell, extending a sharp fall seen Tuesday. Oil prices fell for the fourth session, settling down 11 cents at $79.94 per barrel on the New York Mercantile Exchange, after the government reported an unexpected increase in crude oil inventories.

The dollar rose against other major currencies.

Declining issues outnumbered advancers by about 5 to 3 on the New York Stock Exchange, where volume came to 1.25 billion shares compared with 1.27 billion traded Tuesday.

The Russell 2000 index of smaller companies fell 5.82, or 0.70 percent, to 826.15.

Overseas, Japan's Nikkei stock average closed up 0.90 percent, while Hong Kong's Hang Sang index fell 2.55 percent. European markets advanced. Britain's FTSE 100 gained 0.54 percent, Germany's DAX index rose 0.11 percent, and France's CAC-40 gained 0.12 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed HIGHER by 6 points on Thursday October 4:

Sym Last........ ........Change..........
Dow 13,974.31 +6.26 +0.04%
-- Day's Range: 13951.63 - 14010.41
-- 52wk Range: 11,654.00 - 14,166.20
Nasdaq 2,733.57 +4.14 +0.15%
-- Day's Range: 2718.05 - 2735.52
-- 52wk Range: 2,239.26 - 2,747.11
S&P 500 1,542.84 +3.25 +0.21%
-- Day's Range: 1537.63 - 1544.02
-- 52wk Range: 1,331.48 - 1,555.90
30-yr Bond 4.7670% -0.0200
-- Day's Range: 4.7650 - 4.8160
-- 52wk Range: 4.525 - 5.408
NYSE Volume 2,690,420,750
Nasdaq Volume 1,759,147,880

Overseas,
Britain's FTSE 100 closed up 0.19 percent,

Germany's DAX index fell 0.13 percent, and France's CAC-40 slipped 0.03 percent. In Asia, Japan's Nikkei stock average fell 0.62 percent. Hong Kong's Hang Seng index declined 1.84 percent.

http://biz.yahoo.com/ap/071004/wall_street.html?.v=49
Stocks Slightly Up Ahead of Jobs Report
Thursday October 4, 5:39 pm ET
By Madlen Read, AP Business Writer
Stocks Finish Modestly Higher Ahead of September Employment Report

NEW YORK (AP) -- Wall Street finished a quiet session modestly higher Thursday as investors awaited the government's September employment report, hoping it will strike a balance between steady growth and more room for interest rate cuts.

Thursday's economic data, which showed a gain in jobless claims and a drop in factory orders, gave investors little incentive to make any big moves ahead of Friday's payrolls report.

Wall Street appears optimistic that the Labor Department report will indicate a rebound from August and include revisions to that month's dismal numbers. August's job creation report showed a decline in payrolls when economists had predicted a rise, and sent the Dow Jones industrial average down nearly 250 points the day it was released. Since then, the Federal Reserve has lowered a key interest rate and the Dow quickly bounced back to where it was in mid-July, before the credit markets tightened up and caused stocks to fall sharply.

Friday's report is important because this year's relatively stable job market has been an important prop for the U.S. economy, helping to offset the housing slump and sluggish growth.

"The jobs report can be a real distraction for the market, and with good reason. The number of people working, where they work, how much they get paid, tells us a whole lot about the economy," said Alan Gayle, senior investment strategist at Trusco Capital Management. "In the meantime, the markets are pretty much treading water. A strong report (Friday) will revive notions that the Fed is one and done. If the report continues to be soft, that's going to suggest more easing coming our way."

But while investors are angling for the Fed to lower rates again when it meets Oct. 30-31 -- which would spur spending by making borrowing cheaper -- they don't want the job market to weaken. When people don't have incomes, they tend to trim spending and can become delinquent in their bill payments.

"A relatively strong employment report will be good news for stocks in that it will help support profit growth," Gayle said. "Obviously Fed rate cuts are good, but more earnings is always the best."

The Dow rose 6.26, or 0.04 percent, to 13,974.31, after shooting to a record high Monday and then giving back a large chunk of its gains Tuesday and Wednesday.

Broader stock indicators were also little changed on the day, which was notable for its low volume and muted volatility. The Standard & Poor's 500 index rose 3.25, or 0.21 percent, to 1,542.84, and the Nasdaq composite index advanced 4.14, or 0.15 percent, to 2,733.57.

Bonds rose as the markets awaited the employment report. The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell to 4.53 percent from 4.55 percent late Wednesday.

The stock market appeared unfazed by comments from Dallas Fed President Richard Fisher who said, according to Dow Jones Newswires, that while credit markets have stabilized from the gyrations seen in August, problems with products such as asset-backed securities remain. Asset-backed products include loans that are bundled and sold off to investors.

These securities that include subprime loans, which are made to borrowers with poor credit, fell out of favor amid concerns about rising mortgage defaults. However, demand appears to be slowly creeping back to normal: Asset-backed commercial paper outstanding dropped by $6.1 billion in the week ended Wednesday, the Fed said, the smallest decrease since the commercial paper market began contracting in mid-August.

On Thursday, the Labor Department said jobless claims rose 16,000 to 317,000 in the week ended Sept. 29, a bigger jump than analysts anticipated. Meanwhile, the Commerce Department reported that orders to U.S. factories fell in August by 3.3 percent, slightly worse than expected and the largest amount in seven months. Although the activity reflected in the report predates the Fed's rate cut, it still shows the degree to which the economy has been struggling.

The U.S. dollar fell against most major world currencies, pushing gold higher.

Crude oil futures settled higher for the first time in four sessions as investors weighed whether supplies are adequate to meet demand. Light, sweet crude for November delivery rose $1.50 to settle at $81.44 a barrel on the New York Mercantile Exchange.

In corporate news, Bear Stearns Cos. fell 67 cents to $127.61 after the company said it was laying off 310 workers associated with its mortgage operations. Executives said, however, that its business is slowly rebounding after a turbulent summer. Bear Stearns, the investment bank most heavily exposed to the home loan market, booked big charges after two of its hedge funds that bet on mortgage debt imploded.

Meanwhile, Merrill Lynch & Co. fell $1.22 to $74.78 after a CIBC World Markets analyst cut her third-quarter earnings estimate for the company, predicting the tumult that swept through the credit markets this summer will erase $3 billion from the investment bank's revenue.

Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where consolidated volume came to 2.66 billion shares, compared with 3.06 billion shares traded Wednesday.

The Russell 2000 index of smaller companies rose 3.00, or 0.36 percent, to 829.15.

Overseas, Britain's FTSE 100 closed up 0.19 percent, Germany's DAX index fell 0.13 percent, and France's CAC-40 slipped 0.03 percent. In Asia, Japan's Nikkei stock average fell 0.62 percent. Hong Kong's Hang Seng index declined 1.84 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed HIGHER by 91.70 points +0.66% on Friday October 5:

Sym Last........ ........Change..........
Dow 14,066.01 +91.70 +0.66%
-- Day's Range: 13968.83 - 14124.54
-- 52wk Range: 11,743.30 - 14,166.20
Nasdaq 2,780.32 +46.75 +1.71%
-- Day's Range: 2749.85 - 2784.93
-- 52wk Range: 2,287.61 - 2,747.11
S&P 500 1,557.59 +14.75 +0.96%
-- Day's Range: 1543.84 - 1561.91
-- 52wk Range: 1,343.57 - 1,555.90
30-yr Bond 4.8710% +0.1040
-- Day's Range: 4.7710 - 4.8990
-- 52wk Range: 4.525 - 5.408
NYSE Volume 2,919,031,750
Nasdaq Volume 2,022,476,750

Overseas,
European markets advanced following the U.S. jobs report. Britain's FTSE 100 finished up 0.73 percent, Germany's DAX index rose 0.72 percent, while France's CAC-40 rose 0.67 percent.

In Asia, Japan's Nikkei stock average closed down 0.16 percent and Hong Kong's Hang Seng index gained 3.18 percent.

Stocks End Higher Following Jobs Report
http://biz.yahoo.com/ap/071005/wall_street.html?.v=48
Friday October 5, 6:10 pm ET
By Tim Paradis, AP Business Writer
Stocks Jump After Labor Department Reports Big September Job Growth; S&P 500 Sets Record Close

NEW YORK (AP) -- Wall Street capped a huge week with a sharp advance Friday after the government's employment report for September and its revision of August's data cooled the market's fears of a recession. The Standard & Poor's 500 index, the measure most closely followed by market watchers, reached a new closing high.

The Labor Department's report that employers added 110,000 jobs in September -- essentially what analysts had expected -- reassured Wall Street that the job market wasn't pulling back sharply as was feared a month ago. Though the data appeared to lessen the likelihood of an interest rate cut when the Federal Reserve meets Oct. 30-31, investors were relieved that the economy doesn't appear headed for a precipitous slowdown.

Strength this year in the job market amid a housing downturn and tighter credit conditions has been an important pillar for the economy. With consumer spending accounting for about two-thirds of U.S. economic activity, investors are eager for workers to continue to collect their paychecks.

Much of Wall Street's collective exhale Friday owed to a revision in August payrolls, which were updated to show a gain of 89,000 jobs compared with an earlier estimate of loss of 4,000 jobs. The release last month of the August figure -- when economists had predicted a rise -- sent the Dow down nearly 250 points in a single session and, market watchers say, played a role in the Fed's decision to cut its key interest rate by a larger-than-expected half-percentage point last month.

"We're not seeing a weakening of the labor market. There's no indication that the wheels are falling off," said T.J. Marta, economic strategist at RBC Capital Markets. He contends that while the employment figures make it less likely the Fed will cut rates this month, many on Wall Street were relieved to see the economy forging ahead.

"It looks bad compared with the rip-roaring days in the housing sector but this is called normalcy."

The Dow Jones industrial average rose 91.70, or 0.66 percent, to 14,066.01. The blue chip index set a new trading high of 14,124.54, topping a high of 14,115.51 set Monday, when the index also saw a record close.

Broader stock indicators also jumped. The S&P 500 index rose 14.75, or 0.96 percent, to 1,557.59. The advance put the S&P 500 ahead of the previous record close of 1,553.08, which occurred July 19 before stocks began a broad retrenchment amid concerns about credit, housing and the overall economy. The S&P 500, which is the basis of many mutual funds and other investments and is used as a benchmark, also set a fresh trading high of 1,561.91, topping a July 16 high of 1,555.90.

The technology-dominated Nasdaq composite index showed bigger gains, rising 46.75, or 1.71 percent, to 2,780.32.

Likewise, the Russell 2000 index of smaller companies rose 15.73, or 1.89 percent, to 844.88.

The gains left stocks sharply higher for the week. The Dow added 1.2 percent, while the S&P 500 2 percent and the Nasdaq advanced 2.9 percent. The Russell 2000 posted the biggest gains, however, jumping 4.9 percent.

Bond prices fell sharply as investors interpreted the jobs data as evidence against a rate cut. The yield on the 10-year Treasury note, which moves opposite its price, climbed to 4.64 percent from 4.53 percent at Thursday's close.

The stock market's advance was reminiscent of a big rally Monday in which the Dow first moved back above 14,000 after a pullback of several months. Comments from Citigroup Inc. Monday that its business could rebound in the current quarter buoyed the market. Investors then gave back gains in subsequent sessions as they awaited the employment reading.

The employment report and news from Citi and other financial companies calmed the market's concerns about the economy.

Wall Street was forced to examine the ramifications of credit market tightness and a slumping housing market on the banking sector again Friday. Merrill Lynch & Co. warned of a loss in the third quarter, and Washington Mutual Inc. forecast sharply lower profit due to problems stemming from turmoil in the mortgage market.

Merrill rose $1.89, or 2.5 percent, to $76.67, and Washington Mutual rose 79 cents, or 2.2 percent, to $36.07 as many investors expect the financial institutions' businesses will return to more normal levels.

Part of the financial upheaval that has hurt some financial houses has also pulled the dollar down sharply in recent weeks, a decline hastened by the Fed's last rate cut. With the employment reading still leaving room for a rate ease in some investors' eyes, the dollar finished mixed against other major currencies. Lower interest rates would make the dollar a less attractive investment.

Meanwhile, gold prices rose and light, sweet crude settled down 22 cents at $81.22 per barrel on the New York Mercantile Exchange.

Fed funds futures are pricing in a rate reduction of a quarter percentage point by the end of the year -- signaling the Fed would likely act at either its October or December meetings.

"There is not enough ammunition for another ease in October," Marta said, pointing to decent economic readings seen in recent weeks. "Maybe the Fed really had it right because they talked about forestalling economic fallout from the financial crisis," he said of the reasoning behind last month's cut.

"It's not like the economy is going gangbusters here but the reason the Fed tightened up through mid-2006 was to slow this economy down without breaking it and I think the employment data we've seen suggest they did a pretty darn good job of that."

In corporate news, aluminum maker and Dow component Alcoa Inc. said it expects to book charges on the planned sale of its packaging and consumer products businesses as well as restructure its electrical and electronic solutions segment. Alcoa rose $1.13, or 3 percent, to $38.79.

BlackBerry maker Research In Motion Ltd. rose $12.83, or 12.8 percent, to $113.37 after reporting its profit and revenue more than doubled in its fiscal second quarter on strong growth in its subscriber base.

Advancing issues outnumbered decliners by more than 3 to 1 on the New York Stock Exchange, where consolidated volume came to 2.93 billion shares compared with 2.66 billion traded Thursday.

Overseas, European markets advanced following the U.S. jobs report. Britain's FTSE 100 finished up 0.73 percent, Germany's DAX index rose 0.72 percent, while France's CAC-40 rose 0.67 percent. In Asia, Japan's Nikkei stock average closed down 0.16 percent and Hong Kong's Hang Seng index gained 3.18 percent.

The Dow Jones industrial average ended the week up 170.38, or 1.23 percent, at 14,066.01. The Standard & Poor's 500 index finished up 30.84, or 2.02 percent, at 1,557.59. The Nasdaq composite index ended up 78.82, or 2.92 percent, at 2,780.32.

The Russell 2000 index finished the week up 39.43, or 4.90 percent, at 844.88.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 15,723.69, up 361.67, or 2.35 percent, for the week. Friday's close topped a record set in July. A year ago, the index was at 13,535.05.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

http://www.theage.com.au/news/busin...t/2007/10/07/1191695740267.html?page=fullpage

Wall Street records and positive news to boost local market
October 8, 2007

THE Australian stock market is expected to open stronger today, after solid monthly jobs data in the US boosted stocks on Wall Street on Friday.

US banks and financial stocks lifted as employment growth eased fears that the American economy was headed for recession as a result of defaults in the subprime mortgage market. US Labour Department figures revealed payrolls lifted by 110,000 jobs in September. Furthermore, a fall of 4000 in the prior month was revised upwards to an increase of 89,000, which calmed investors who were concerned that subprime mortgage losses were weighing upon the economy.

The Dow Jones industrial average rose 91.7 points, or 0.66 per cent, to 14,066.01 while the Standard & Poor's 500 Index was 14.75 points, or 0.96 per cent, higher at a record close of 1557.59.

"I expect the Australian share market to open strongly … up about 50 to 60 points, following record-breaking performances on Wall Street and European markets, as investors responded to solid US employment growth data and indications that a resilient US economy continues to resist the pull of a housing-induced recession," MFS Investment Management chief executive Guy Hutchings said.

"However, I believe the US economy is far from out of the woods yet, and the relative state of composure within the debt markets at present may now face the prospect that successive near-term (interest) rate cuts by the (US) Federal Reserve may be much less certain," he said.

BHP Billiton and Rio Tinto should continue to rally as base metal and commodity prices continue to rise on expectations of global growth continuing above trend levels, he said. Last Friday, the S&P/ASX200 closed 38.5 points higher at 6605.4, and the All Ordinaries gained 37.4 points to 6617.3.

The local bourse will be focusing on a range of economic data this week, including ANZ job advertisements, NAB business survey, housing finance data and monthly job figures.

 

[bigdog]

Source: http://finance.yahoo.com
* the biz.yahoo article link below can be accessed from the finance.yahoo link above under heading "Top Financial News"

The NYSE DOW closed LOWER by 22 points -0.16% on Monday October 8:

Sym Last........ ........Change..........
Dow 14,043.73 -22.28 -0.16%
-- Day's Range: 14009.67 - 14067.96
-- 52wk Range: 11,743.30 - 14,169.50
Nasdaq 2,787.37 +7.05 +0.25%
-- Day's Range: 2771.60 - 2787.37
-- 52wk Range: 2,289.99 - 2,784.93
S&P 500 1,552.58 -5.01 -0.32%
-- Day's Range: 1549.00 - 1556.51
-- 52wk Range: 1,343.57 - 1,561.91
30-yr Bond 4.8610% -0.0100
NYSE Volume 2,070,116,000
Nasdaq Volume 1,547,353,500

Overseas, markets in Japan were closed for a holiday.

Britain's FTSE 100 fell 0.83 percent, Germany's DAX index fell 0.35 percent, and France's CAC-40 declined 0.24 percent.

http://biz.yahoo.com/ap/071008/wall_street.html?.v=47
Stocks End Mostly Down Ahead of Earnings
Monday October 8, 6:26 pm ET
By Madlen Read, AP Business Writer
Wall Street Stocks Mostly Slip After Last Week's Run-Up; Investors Await 3rd-Quarter Earnings

NEW YORK (AP) -- Wall Street finished a quiet session mostly lower Monday as investors cashed in some gains from last week's rally and readied for quarterly corporate earnings reports.

The Treasury bond market was closed for the Columbus Day holiday and there was no major economic news to guide investors, so Wall Street remained cautious ahead of the flood of third-quarter results. Aluminum producer Alcoa Inc., one of the 30 Dow Jones industrial average components, kicks off the earnings season on Tuesday.

Earnings are expected to reflect the difficulty some companies have faced -- particularly in the financial and housing sectors -- following upheaval in the credit markets amid overly leveraged debt and defaults in subprime mortgages. The reports will also give insight into the fourth quarter, which market participants predict will bring more robust growth.

"There's room for a rally if third-quarter earnings come in stronger than expected, but they do want to see that the fourth quarter is going to be strong as well," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

Trucking company Ryder System Inc. contributed to Wall Street's wariness Monday when it lowered its third-quarter and full-year forecasts on weakness in its fleet management business.

The Dow fell 22.28, or 0.16 percent, to 14,043.73.

Broader stock indexes were mixed. The Standard & Poor's 500 index fell 5.01, or 0.32 percent, to 1,552.58, while the Nasdaq composite index rose 7.05, or 0.25 percent, to 2,787.37. The Russell 2000 index of smaller companies fell 4.74, or 0.56 percent, to 840.14.

Trading volumes were low, with many investors on the sidelines for the holiday. Declining issues outnumbered advancers by nearly 2 to 1 on the New York Stock Exchange, where consolidated volume came to 2 billion shares, down from 2.93 billion shares Friday.

There was also light trading because the market is waiting for Tuesday's release of minutes from the Federal Reserve's Sept. 18 meeting, when policy makers lowered interest rates by a half-point. Wall Street hopes the minutes reveal hints that more rate cuts are in store, which could further loosen the credit markets and fuel spending.

The tech-heavy Nasdaq got a boost from Google Inc., which surpassed $600 for the first time and extended a monthlong rally after upbeat projections about third-quarter earnings. The company's initial public offering price was $85 in August 2004, and shares on Monday rose $15.57, or 2.6 percent, to $609.62.

The Nasdaq was also lifted by Business Objects SA, a French company with U.S.-traded shares that rose $7.56, or 15 percent, to $57.83. German software company SAP AG said late Sunday it would pay $6.79 billion for Business Objects SA. SAP fell $2.87, or 4.9 percent, to $56.36.

SAP's bid for Business Objects preceded a $1.1 billion bid Monday morning from diversified conglomerate Textron Inc. for United Industrial Corp. Textron fell $1.37, or 2.1 percent, to $64.01, and United Industrial rose $4.77, or 6.3 percent, to $80.39.

Though the credit market is tighter than it was earlier in the year, companies still appear to have an appetite for deal-making -- which often involves taking on debt.

"We find it encouraging that there were two major buyouts this morning. It shows that the credit markets are firming up and companies are coming back into play," Detrick said.

Last week, the Dow and the S&P both rose to new records as investors sensed that corporations are likely to bounce back from last quarter, and that the economy is unlikely to fall into recession. The Labor Department's jobs report Friday said payrolls increased in September by a net 110,000, and that the August jobs climate was better than previously reported.

Bob Doll at BlackRock Inc. pointed out that jobs growth is still at its lowest level in many years.

"With the U.S. economy continuing to grow at a relatively slow pace, the main risk to equities appears to be the earnings backdrop," Doll wrote in a note. "We are at the cusp of the third-quarter reporting season, and expectations are for earnings to be in the mid-single digits, the slowest pace since 2003."

Many analysts predict third-quarter percentage growth to be in the low-to-mid single digits, but the S&P forecasts a modest decline in total earnings per share for S&P 500 companies. S&P, along with many other market watchers, anticipates double-digit percentage growth in the fourth quarter.

Ryder fell $3.33, or 6.8 percent, to $45.92 after cutting its earnings forecasts.

Light, sweet crude tumbled fell $2.20 to $79.02 per barrel on the New York Mercantile Exchange. Falling oil prices can be taken both positively and negatively by the stock market: they tend to boost consumer spending, but they dampen energy company profits.

Gold fell as the dollar rose against major rival currencies.

Overseas, markets in Japan were closed for a holiday. Britain's FTSE 100 fell 0.83 percent, Germany's DAX index fell 0.35 percent, and France's CAC-40 declined 0.24 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com