NYSE Dow Jones finished today at:

[bigdog]

NYSE Dow Jones finished today at:
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 +51.70 points +0.40% on Tuesday November 20:

Sym Last........ ........Change..........
Dow 13,010.14 +51.70 +0.40%
-- Day's Range: 12,839.68 - 13,107.37
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,596.81 +3.43 +0.13%
-- Day's Range: 2,554.32 - 2,633.82
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,439.70 +6.43 +0.45%
-- Day's Range: 1,419.28 - 1,452.64
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.4840% +0.0060

NYSE Volume 4,802,583,000
Nasdaq Volume 2,641,573,750


Overseas
In Asian trading, Japan's Nikkei stock average rose 1.12 percent, while Hong Kong's Hang Seng index rose 1.13 percent.

In European trading, Britain's FTSE 100 increased 1.73 percent, Germany's DAX index lifted 1.58 percent, and France's CAC-40 gained 1.36 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,226.50 +105.70 +1.73%
DAX 7,630.31 +118.34 +1.58%
CAC 40 5,506.68 +74.11 +1.36%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,211.52 +168.96 +1.12%
Hang Seng 27,771.21 +311.04 +1.13%
Straits Times 3,438.27 +26.55 +0.78%

http://biz.yahoo.com/ap/071120/wall_street.html?.v=66
Stocks End Higher After Seesaw Day
Tuesday November 20, 4:44 pm ET
By Madlen Read, AP Business Writer
Wall Street Ends Volatile Session Mostly Higher After Fed Minutes, Amid Countrywide Jitters

NEW YORK (AP) -- Wall Street finished an extremely volatile session mostly higher Tuesday after investors, still jittery about mortgage-related problems at the nation's major lenders, decided to interpret comments from the Federal Reserve as suggestive of another interest rate cut.

In minutes from their Oct. 30-31 meeting, Fed policy makers said their decision to lower rates for a second straight meeting "was a close call." But in a separate economic forecast, they pointed to slowing growth next year, an uptick in unemployment and moderating inflation -- which would seem to portend a possible rate decrease.

Though the markets are pricing in a high chance of a rate reduction Dec. 11, when the Fed meets next, investors were on edge until the closing bell Tuesday, and the major indexes changed direction several times.

Freddie Mac posted a $2 billion quarterly loss Tuesday, escalating jitters about the government-sponsored mortgage lender and its larger counterpart, Fannie Mae. Also, an analyst downgraded Countrywide Financial Corp., pointing to continuing credit problems that had investors uneasy even before the Fed released its minutes.

"The headlines that were really roiling the market were Countrywide, Fannie Mae, Freddie Mac, and the FOMC minutes, which were discouraging for investors," said Joe Sunderman, vice president of financial market analytics at Schaeffer's Investment Research.

Countrywide's downgrade spurred market speculation that it might file for bankruptcy, which the company later denied. After plunging by more than 20 percent, Countrywide shares ended down 29 cents, or 2.7 percent, at $10.28.

"When there's lot of uncertainty in the market, the rumor mill runs full speed ahead," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc. Some market participants had also speculated in pre-market trading that the Fed might hold an emergency meeting to cut rates.

According to preliminary calculations, the Dow Jones industrial average rose 51.70, or 0.04 percent, to 13,010.14, after making 100-point swings in either direction throughout the day. The eventual gain followed Monday's swoon of more than 200 points.

Broader stock indicators also ended higher. The Standard & Poor's 500 index rose 6.43, or 0.45 percent, to 1,439.70, and the Nasdaq composite index rose 3.43, or 0.13 percent, to 2,596.81.

Freddie Mac fell $10.76, or 28.7 percent, to $26.74, and Fannie Mae fell $9.33, or 24.8 percent, to $28.25.

Government bonds rose on the Fed's prediction of a slowing economy in 2008. The yield on the 10-year Treasury note, which moves inversely to its price, fell to 4.05 percent from 4.08 percent late Monday.

Meanwhile, oil prices surpassed $98 a barrel on Tuesday, raising concerns that inflation may not moderate as the Fed anticipates.

Investors want lower rates because they loosen up the credit markets and encourage corporate growth -- which has slowed recently because of the bad bets financial institutions have made on mortgages and mortgage-backed assets.

The major stock indexes remain higher on the year, and Wall Street is desperately hoping they don't fall further. However, an end-of-the-year rally is looking remote, given that stronger economic growth and a rate cut tend to be mutually exclusive.

"The stock market obviously likes when the Fed lowers rates, but maybe they're coming to grips with the fact that there's a reason why," said Joe Balestrino, a portfolio manager at Federated Investors Inc.

The dollar fell against most other major currencies, but rose against the yen. Gold jumped.

Commerce Department data on the housing market gave investors a fuzzy picture of the housing market. The report said that while housing starts rose in October, building permits fell.

Declining issues narrowly outnumbered advancers by on the New York Stock Exchange, where volume came to 1.87 billion shares.

The Russell 2000 index of smaller companies fell 1.00, or 0.13 percent, to 749.33. Stock markets overseas advanced.

In Asian trading, Japan's Nikkei stock average rose 1.12 percent, while Hong Kong's Hang Seng index rose 1.13 percent. In European trading, Britain's FTSE 100 increased 1.73 percent, Germany's DAX index lifted 1.58 percent, and France's CAC-40 gained 1.36 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
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 -211.10 points -1.62% on Wednesday November 21:

Sym Last........ ........Change..........
Dow 12,799.04 -211.10 -1.62%
-- Day's Range: 12786.52 - 13007.71
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,562.15 -34.66 -1.33%
-- Day's Range: 2,542.70 - 2,597.17
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,416.77 -22.93 -1.59%
-- Day's Range: 1,415.64 - 1,436.40
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.4670% -0.0170

NYSE Volume 4,076,233,750
Nasdaq Volume 2,070,904,500

Overseas
Japan's Nikkei stock average closed down 2.5 percent and Hong Kong's Hang Seng index fell 4.15 percent.

Britain's FTSE 100 fell 2.50 percent, Germany's DAX index declined 1.47 percent, and France's CAC-40 lost 2.28 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,070.90 -155.60 -2.50%
DAX 7,518.42 -111.89 -1.47%
CAC 40 5,381.30 -125.38 -2.28%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 14,837.66 -373.86 -2.46%
Hang Seng 26,604.50 -1,166.71 -4.20%
Straits Times 3,350.79 -87.48 -2.54%

http://biz.yahoo.com/ap/071121/wall_street.html?.v=42
Stocks Fall Again Amid Economic Jitters
Wednesday November 21, 4:57 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall Ahead of Thanksgiving Amid Worries About the Mortgage Market, Record-High Oil

NEW YORK (AP) -- Wall Street resumed its slide Wednesday as unease about the wilting mortgage market and the broader economy triggered selling ahead of the unofficial start of the holiday shopping season. The Standard & Poor's 500 index and the Dow Jones industrial average each fell by more than 1.5 percent, with the Dow giving up more than 210 points.

The decline in the S&P 500 left the index in negative territory for the year. Many investments such as mutual funds either track or are measured against the S&P.

The worries over the economy sent investors rushing to the safety of government securities. The yield on the Treasury's 10-year note for a time fell below 4 percent for the first time since 2005. The shift into bonds came as the Dow briefly sank below the lows seen in the market's August pullback.

The stock market has been thrashing about recently as investors attempt to gauge how companies will fare amid a further slowdown in the U.S. housing market, deterioration of credit and record oil prices that crested above $99 a barrel in electronic trading ahead of Wednesday's session. Stocks, which have fallen in seven of the previous nine sessions, haven't enjoyed the boost seen in recent years during Thanksgiving week, which is capped by the retail bonanza Black Friday.

Economic readings did little to instill confidence among investors. The Mortgage Bankers Association said mortgage application volume fell 3.6 percent last week. Meanwhile, the slump in housing suggested banks will continue to face souring mortgage debt.

Government-sponsored lender Freddie Mac, which reported a $2 billion quarterly loss Tuesday and saw shares plummet nearly 29 percent, declined again Wednesday after an analyst downgrade. Countrywide Financial Corp., the nation's largest mortgage lender, lost further ground.

In other economic news, the Conference Board suggested an economic slowdown could accelerate in the coming months amid rising costs and further weakness in the housing market. Also, the Reuters/University of Michigan consumer sentiment survey showed its lowest reading in two years -- an unwelcome development for retailers entering what are for many the most important months of the year.

The Commerce Department said jobless claims fell by 11,000 last week, a positive sign for U.S. employment, but the report didn't appear to alleviate anxiety about the potential for weaker consumer spending.

"People are buying and selling off the headlines. The market is so emotional," said Neil Hennessy, president and portfolio manager of Hennessy Funds. "You look at oil approaching $100. People are taking their money and going to the sidelines."

The Dow fell 211.10, or 1.62 percent, to 12,799.94. The financial companies that are part of the 30-stock index hit fresh 52-week lows Wednesday and the blue chip index is now down 9.85 percent from its mid-October trading high. A 10 percent decline would meet the technical definition of a correction.

Broader stock indicators also fell. The S&P 500 index dropped 22.93, or 1.59 percent, to 1,416.77.

Meanwhile, the Nasdaq composite index tumbled 34.66, or 1.33 percent, to 2,562.15.

Investors turned to government bonds amid the uncertainty. The yield on the 10-year Treasury note, which moves inversely to its price, fell to 4.01 percent from 4.09 percent late Tuesday.

The dollar was mixed against most other major currencies, while gold advanced.

And with oil prices briefly reaching a high of $99.29 a barrel in overnight electronic trading, the question among investors is no longer if oil will reach $100 a barrel, but when -- and how long it will stay there. Crude futures fell 74 cents to settle at $97.29 per barrel on the New York Mercantile Exchange after an Energy Department report showed supplie at a closely watched oil terminal in the Midwest rose for the first time in weeks.

"The high price of oil has hurt retail, entertainment, restaurants and clothing," said Don Hodges, chairman of Hodges Capital Management in Dallas. He attributes the market's recent retrenchment to concerns about energy, the consumer, housing and banking among other factors and notes that previous sharp drops in the market have occurred when investors have faced a similar confluence of worries.

An examination of the economic news offered little to boost investor sentiment. The Conference Board said its index of leading indicators fell by 0.5 percent in October to a two-year low, after ticking up by 0.1 percent in September and falling by 0.9 percent in August. And the Reuters/University of Michigan survey's final reading for November found consumer sentiment fell to 76.1 from 80.9 in October.

Wednesday's pullback ahead of the Thanksgiving holiday came after stocks finished with a gain Tuesday following a somewhat baffling pair of reports from the Federal Reserve. The Fed's minutes from its last meeting called its last rate reduction a "close call," but the central bank's economic forecast seemed to imply it is willing to keep lowering rates.

Wall Street is fairly confident the Fed will lower rates at its Dec. 11 meeting to keep the tight credit markets liquid, but it is uncertain about the health of the economy -- particularly given big losses at Freddie Mac and its counterpart Fannie Mae, and possible liquidity problems at Countrywide.

Citigroup Inc., which has already announced write-downs of bad debt tied to mortgages, fell 67 cents, or 2.1 percent, to $30.73. The stock hit a fresh 52-week low of $30.50; its earlier low was $30.80. Meanwhile, JPMorgan Chase & Co. fell 95 cents, or 2.3 percent, to $40.68. It hit a low of $40.15, falling below an earlier 52-week low of $40.28.

Amid worries that both the private and government lending industries are struggling with the mortgage market implosion, Freddie shares fell 74 cents, or 2.8 percent, to $26. However, Fannie Mae, which had been down in the session, finished up 98 cents, or 3.5 percent, to $29.23; and Countrywide fell 86 cents, or 8.4 percent, to $9.42.

Declining issues outnumbered advancers by 3 to 1 on the New York Stock Exchange, where volume came to 1.61 billion shares compared with 1.87 billion traded Tuesday.

The Russell 2000 index of smaller companies fell 9.03, or 1.21 percent, to 740.30.

Overseas, Japan's Nikkei stock average closed down 2.5 percent and Hong Kong's Hang Seng index fell 4.15 percent. Britain's FTSE 100 fell 2.50 percent, Germany's DAX index declined 1.47 percent, and France's CAC-40 lost 2.28 percent.

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

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

 

[bigdog]

NYSE Dow Jones was closed for the Thanksgiving holiday.

Source: http://finance.yahoo.com

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,155.30 +84.40 +1.39%
DAX 7,562.10 +43.68 +0.58%
CAC 40 5,416.10 +34.80 +0.65%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 14,888.77 +51.11 +0.34%
Hang Seng 26,004.92 -613.27 -2.30%
Straits Times 3,312.88 -34.32 -1.03%

http://biz.yahoo.com/ap/071122/world_markets.html
World Markets Are Mixed on Thanksgiving
Thursday November 22, 1:05 pm ET
World Stock and Commodity Markets Are Mixed With U.S. Markets Closed for Thanksgiving

LONDON (AP) -- World stock and commodity markets were mixed Thursday with the U.S. closed for the Thanksgiving holiday.

Oil prices remained steady at around $97 a barrel, even though electronic trading in the U.S. continues.

In Europe, the benchmark FTSE 100 index gained 1.4 percent in London; Germany's DAX index climbed 0.6 percent and France's CAC 40 added 0.7 percent.

But in Asia it was a different story.

Most Asian markets fell, with shares in Hong Kong and Shanghai sliding sharply on concerns that Beijing will take steps to cool China's economy.

The region's biggest bourse in Tokyo ended mixed amid persistent worries over the outlook for the U.S. economy, a vital export market for Asia, after Wall Street dropped again overnight.

"There still is a lot of uncertainties in the U.S. economic outlook, as well as on China's macro policies, that could dampen buying interest in the near term," said Peter Lai, a director at DBS Vickers in Hong Kong.

In Hong Kong, the Hang Seng index sank 613.27 points, or 2.3 percent, to 26,004.92 after earlier rising as much as 1.4 percent. Leading decliners were port operator China Merchants Holdings and rival Cosco Pacific.

They were were also discouraged by economic data in the U.S. released Wednesday that showed a drop in consumer sentiment, with the Conference Board's Index of Leading Economic Indicators, falling 0.5 percent in October. The Dow Jones industrial average fell 1.62 percent Wednesday to 12,799.94.

Asian markets have been battered in recent weeks.

Since reaching record highs in October, benchmark indices in both Hong Kong and Shanghai -- two of the world's best-performing markets this year -- have fallen 17 percent. In Japan, the Topix index of all the issues of the Tokyo Stock Exchange's First Section, has declined nearly 21 percent from its 2007 high in February.

Some analysts see a buying opportunity.

"There are not enough factors to justify a further drop in Japan shares," said Yasushi Hoshi, strategist at Daiwa Securities in Tokyo.

On the Chinese mainland, the Shanghai Composite Index plunged 4.4 percent to 4,984.16 on expectations of further economy-cooling measures. Premier Wen Jiabao suggested earlier this week that China needs to do more to prevent a bubble in stock and property prices.

Concerns over PetroChina's valuation following its Nov. 5 trading debut, when it tripled from its initial public offering price, also dampened buying sentiment. PetroChina lost 4.6 percent Thursday.

Still, traders said the Shanghai index was unlikely to fall much further given the ample liquidity available for share dealings.

"What the market lacks isn't cash but confidence," said Simon Wang, an analyst at Xiangcai Securities.

In Tokyo, the benchmark Nikkei stock index rose 0.34 percent to 14,888.77 in a pre-holiday session as the dollar rebounded against the yen from a 2 1/2-year low hit overnight.

But concern over the exposure of insurance companies to the problems in the U.S. mortgage market dragged down the broader Topix index, which dipped 0.09 percent to 1,437.38 points.

Finance Minister Fukushiro Nukaga and Bank of Japan board member Seiji Nakamura both expressed concern about how problems in the U.S. economy might affect Japan. Traders said the market is especially sensitive to the health of consumer spending ahead of Christmas in the U.S.

Japanese trading houses Mitsui & Co. and Sumitomo Corp. were among the gainers.

Katokichi Co. jumped 17 percent to 694 yen after Japan Tobacco Inc. and instant noodle maker Nissin Food Products Co. said Thursday they will jointly buy the frozen food producer in a deal exceeding 100 billion yen (nearly $1 billion) to create Japan's biggest frozen food maker.

In currency dealings, the dollar was trading at 109.00 yen midafternoon, up from 108.68 yen late Wednesday in New York. It dropped as low as 108.25 yen in the New York session. The euro rose to $1.4860 from $1.4848.

Financial markets in Japan will be closed Friday for the Labor Thanksgiving Day holiday. The markets will reopen on Nov. 26.

 

[bigdog]

NYSE Dow Jones finished today at:
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 +181.84 points +1.42% on Friday November 23:

The Dow Jones industrial average ended the week down 195.91, or 1.49 percent, at 12,980.88. The Standard & Poor's 500 index finished down 18.04, or 1.24 percent, at 1,440.70. The Nasdaq composite index ended down 40.64, or 1.54 percent, at 2,59.60.

Sym Last........ ........Change..........
Dow 12,980.88 +181.84 +1.42%
-- Day's Range: 12796.07 - 12980.88
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,596.60 +34.45 +1.34%
-- Day's Range: 2567.58 - 2601.55
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,440.70 +23.93 +1.69%
-- Day's Range: 1417.62 - 1440.86
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.4380% -0.0290

NYSE Volume 1,568,869,750
Nasdaq Volume 806,082,500

Overseas
Britain's FTSE 100 rose 1.74 percent, Germany's DAX index advanced 0.62 percent, and France's CAC-40 gained 1.94 percent.

Hong Kong's Hang Seng index closed up 2.06 percent. Markets in Japan were closed for a holiday.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,262.10 +106.80 +1.74%
DAX 7,608.96 +46.86 +0.62%
CAC 40 5,521.17 +105.07 +1.94%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 14,888.77 +51.11 +0.34%
Hang Seng 26,541.09 +536.17 +2.06%
Straits Times 3,325.89 +13.01 +0.39%

http://biz.yahoo.com/ap/071123/wall_street.html?.v=21
Stocks End Higher After Volatile Week
Friday November 23, 2:59 pm ET
By Tim Paradis, AP Business Writer
Stocks Gain in Shortened Session After Pullback; Financials, Retailers Rise on Black Friday

NEW YORK (AP) -- Stocks rose as investors capped a capricious week by engaging in a bit of Black Friday bargain hunting while awaiting word of how retailers might fare during what is expected to be a tough holiday shopping season.

Friday's holiday-shortened session ended three hours early and followed fractious trading that on Wednesday saw the Dow Jones industrial average and the Standard & Poor's 500 index give up more than 1.5 percent. The S&P's climb Friday put the index back into positive territory for the year.

The day's gains weren't enough to reverse losses for the week, however, and observers cautioned the session could prove more an aberration than a reversal of recent trends. With many of Wall Street's principal players on vacation, volume was light as is typical on such days.

"While I'd love to celebrate this rally, it is on very thin volume and we have to really wait until next week to get a sense of the true direction of this market," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

Still, he said it's a good sign that stocks didn't extend Wednesday's slide.

"It looks like a little rebound rally," Ablin said. "Maybe the day off for Thanksgiving enabled investors to reflect that maybe the bottom isn't falling out of the economy."

The Dow rose 181.84, or 1.42 percent, to 12,980.88, finishing at the highs of the session rather than losing steam in the final minutes as has occurred often in recent weeks.

Broader stock indicators also rose. The Standard & Poor's 500 index advanced 23.93, or 1.69 percent, to 1,440.70, and the Nasdaq composite index rose 34.45, or 1.34 percent, to 2,596.60.

For the week, the Dow lost 1.49 percent, the S&P slid 1.24 percent and the Nasdaq gave up 1.54 percent.

Government bonds showed little movement. The yield on the 10-year Treasury note, which moves inversely to its price, stood at 4.01 percent, flat with late Wednesday.

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

With no major economic data arriving and not much in the way of corporate news, some investors appeared to make some pro forma trades and search for any insights into the health of the economy, particularly with the arrival of Black Friday, the unofficial kickoff of the holiday shopping season.

Oil prices, which flirted with $100 per barrel earlier in the week, gained as heating oil rose amid concerns about tightening supplies. Light, sweet crude for January delivery advanced 89 cents to settle at $98.18 per barrel on the New York Mercantile Exchange.

Friday's advance comes after the S&P 500 on Wednesday slipped into negative territory for the year -- unwelcome news as many investments such as mutual funds mirror the index. By Friday, however, the S&P had rebounded and was up 1.58 percent for the year.

The stock market's recent swoon is owed in part to concerns about the health of the banking sector and how it will emerge from a recent string of write-offs on soured subprime loans, which are those made to borrowers with poor credit. Banks have announced about $75 billion in writedowns for the third and fourth quarters.

Ron Kiddoo, chief investment officer at Cozad Asset Management in Champaign, Ill., said Wall Street needs a dose of good news such as continued strength in the job market to shed its sense of anxiety.

"There just needs to be a realization that while subprime is crucial it's not had an effect on jobs yet and it hasn't had a great effect on the overall economy."

Analysts view a robust labor market as crucial to upholding strong consumer spending.

Financial stocks, which have seen steep selloffs in recent weeks showed gains Friday. Some of the concern came after goverment-sponsored mortgage-makers Freddie Mac and Fannie Mae reported huge quarterly losses in recent weeks. Moody's Investors Service this week lowered its rating on some Freddie Mac debt.

Freddie Mac rose 47 cents to $26.47, while Fannie Mae rose $2.97, or 10.2 percent, to $32.20.

E-Trade Financial Corp. jumped $1.07, or 25.1 percent, to $5.33 amid speculation that the company is in talks to strike a deal for all or a portion of its assets. A CNBC report, which cited undisclosed sources, named TD Ameritrade Holding Corp. and Charles Schwab Corp. as possible suitors.

TD Ameritrade rose 82 cents, or 4.5 percent, to $18.90, while Schwab rose 75 cents, or 3.3 percent, to $23.56.

Among retailers drawing Wall Street's attention on Black Friday, Circuit City Stores Inc. jumped $1.06, or 19.5 percent, to $6.51, while Target Corp. climbed $3.07, or 5.7 percent, to $57.17. Wal-Mart Stores Inc., the world's largest retailer, rose 87 cents to $45.73.

Advancing issues outnumbered decliners by about 5 to 1 on the New York Stock Exchange, where consolidated volume came to 1.48 billion shares.

The Russell 2000 index of smaller companies rose 14.73, or 1.99 percent, to 755.03.

Overseas, Britain's FTSE 100 rose 1.74 percent, Germany's DAX index advanced 0.62 percent, and France's CAC-40 gained 1.94 percent. Hong Kong's Hang Seng index closed up 2.06 percent. Markets in Japan were closed for a holiday.

The Dow Jones industrial average ended the week down 195.91, or 1.49 percent, at 12,980.88. The Standard & Poor's 500 index finished down 18.04, or 1.24 percent, at 1,440.70. The Nasdaq composite index ended down 40.64, or 1.54 percent, at 2,59.60.

The Russell 2000 index finished the week down 17.35, or 2.24 percent, at 755.03.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 14,518.19, down 559.53 points, or 1.29 percent, from 14,709.29 for the week. A year ago, the index was at 14,136.25.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
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 -237.44 points -1.83% on Friday November 26:

The Dow's decline from its mid-October closing high is now 10.03 percent, putting the blue chip index past the 10 percent threshold that signifies a correction.

Sym Last........ ........Change..........
Dow 12,743.44 -237.44 -1.83%
-- Day's Range: 12724.82 - 13037.30
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,540.99 -55.61 -2.14%
-- Day's Range: 2539.81 - 2613.69
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,407.22 -33.48 -2.32%
-- Day's Range: 1406.10 - 1446.09
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.2800% -0.1580

NYSE Volume 3,706,334,750
Nasdaq Volume 2,019,342,250

Overseas
Britain's FTSE 100 fell 1.30 percent, Germany's DAX index lost 0.55 percent and France's CAC-40 dipped 1.14 percent.

In Asia, Japan's Nikkei stock average closed up 1.66 percent, Hong Kong's Hang Seng index gained 4.09 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,180.50 -81.60 -1.30%
DAX 7,567.36 -41.60 -0.55%
CAC 40 5,458.39 -62.78 -1.14%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,135.21 +246.44 +1.66%
Hang Seng 27,626.62 +1,085.53 +4.09%
Straits Times 3,418.58 +92.69 +2.79%

http://biz.yahoo.com/ap/071126/wall_street.html?.v=37
Stocks Slide on Fresh Credit Concerns
Monday November 26, 4:31 pm ET
By Tim Paradis, AP Business Writer
Stocks Sell Off As Concerns About Credit, Banking; Dow Falls 10 Pct From High

NEW YORK (AP) -- Wall Street sold off sharply Monday as concerns about a weakening credit market wiped out investors' enthusiasm about strong retails sales over the holiday weekend. The Dow Jones industrial average fell nearly 240 points.

The Dow's decline from its mid-October closing high is now 10.03 percent, putting the blue chip index past the 10 percent threshold that signifies a correction.

The swoon comes as investors were unnerved by another series of announcements that pointed to continuing problems in the credit markets, the result of home loan debt going bad under the weight of a faltering housing market.

Two banks had bad news: Citigroup Inc. warned it is looking to cut costs -- raising the possibility of further job cuts -- and HSBC Holdings PLC said it plans to bail out two funds it manages. To do so, Europe's largest bank plans to move about $45 billion of the fund's assets onto its balance sheet.

Meanwhile, The New York Federal Reserve, acknowledging "heightened pressures" in money markets that are expected to last through the rest of the year, said it plans to conduct a series of repurchase agreements aimed at boosting liquidity in the credit markets. The announcement from the New York Fed, which carries out monetary policy set by the U.S. Federal Reserve, essentially puts in writing many of the steps the Fed often takes at this time of year.

The Fed said it would inject $8 billion into the banking system on Wednesday. The amount of money is somewhat larger than in past years at this time.

A better-than-expected report on retail sales wasn't able to hold the market's early gains. Retail sales on Friday and Saturday combined rose 7.2 percent to $16.4 billion from the same two-day period a year ago, according to ShopperTrak, which tracks total sales at more than 50,000 U.S. retail outlets. That's helped ease investor concerns about consumer spending, which accounts for two-thirds of all economic activity.

"The early focus was on the consumer and the weekend sales but of course subprime always seems to pop its head up," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc., referring to loans made to borrowers with poor credit. Some of these loans are now souring, forcing banks to write off huge sums.

According to preliminary calculations, the Dow fell 237.44, or 1.83 percent, to 12,743.44, closing near the lows of the session.

Broader stock indicators also gave up ground. The Standard & Poor's 500 index declined 33.49, or 2.32 percent, to 1,407.21, and the Nasdaq composite index fell 55.61, or 2.14 percent, to 2,540.99.

The declines extended the losses of last week, when the Dow lost 1.49 percent, the S&P slid 1.24 percent and the Nasdaq gave up 1.54 percent.

Government bond prices rose. The yield on the 10-year Treasury note, which moves opposite its price, fell to 3.85 percent from 4 percent late Friday.

With energy prices at the highest in decades, and economic uncertainty looming over the market, investors have been nervous that consumers could cut back during the holidays.

Energy prices fell. A barrel of light, sweet crude fell $1.13 to $97.05 on the New York Mercantile Exchange, after briefly crossing $99 overnight.

Gold prices rose, while the dollar fell against other major currencies, except for the yen.

Economic news was light Monday, with traders looking ahead to the readings on consumer confidence, existing home sales and orders for big-ticket goods due later in the week.

The Fed's decision to inject liquidity into the market isn't unusual for this time of year. Last year, the Fed added a net $21.9 billion into the system from the Monday following Thanksgiving until the first week of January.

Lee Adler, publisher of The Wall Street Examiner, said the overall level of recent liquidity injections is consistent with past years.

"I think it's a confidence game here," Adler said. "The markets are obviously having liquidity problems. The Fed wants people to think that they're doing something about it."

He noted that Monday's announcement differs from past practices in that the bank is making a formal statement of its policy. Ultimately, though, the Fed is still doing what it always does, he said.

Credit market concerns emerged anew overseas as well. HSBC said it would inject $35 billion into the two funds whose assets it is transferring to its balance sheet to prevent a liquidation of their assets.

Also in Europe, embattled mortgage lender Northern Rock PLC said Monday it will hold accelerated takeover negotiations with a consortium led by Virgin Group. Northern Rock ran into problems in September when the short-term credit on which it relied dried up as banks became more wary of lending, and the Bank of England stepped in as a lender of last resort.

Among financial stocks, Citigroup fell $1, or 3.2 percent, to $30.70, while Lehman Brothers Holdings Inc. fell $3.40, or 5.6 percent, to $57.46.

Weighing somewhat on the market's optimism, Citigroup reduced its outlook on several major homebuilders on Monday, saying a glut of inventory and coming resets of subprime mortgages will continue to weigh on the sector at least through the second quarter of 2008.

Homebuilder Lennar Corp. fell $1.09, or 7 percent, to $14.50, while KB Home fell $2.04, or 9.4 percent, to $19.65.

Declining issues outnumbered advancers by more than 3 to 1 on the New York Stock Exchange, where volume came to 1.5 billion shares.

The Russell 2000 index of smaller companies fell 19.96, or 2.64 percent, to 735.07.

Overseas, Britain's FTSE 100 fell 1.30 percent, Germany's DAX index lost 0.55 percent and France's CAC-40 dipped 1.14 percent. In Asia, Japan's Nikkei stock average closed up 1.66 percent, Hong Kong's Hang Seng index gained 4.09 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
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 +215.00 points +1.69% on Tuesday November 27:

Dow Closes Up 215 After Citi Secures Capital


Sym Last........ ........Change..........
Dow 12,958.44 +215.00 +1.69%
-- Day's Range: 12744.78 - 12991.85
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,580.80 +39.81 +1.57%
-- Day's Range: 2546.37 - 2585.93
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,428.23 +21.01 +1.49%
-- Day's Range: 1407.43 - 1428.24
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.36% +0.07

NYSE Volume 4,275,476,500
Nasdaq Volume 2,220,407,250

Overseas
Britain's FTSE 100 fell 0.64 percent; Germany's DAX index lost 0.48 percent and France's CAC-40 declined 0.44 percent.

In Asia, Japan's Nikkei stock average closed up 0.58 percent. Hong Kong's Hang Seng index fell 1.51 percent.


Europe
Symbol... Last...... .....Change.......
FTSE 100 6,140.70 -39.80 -0.64%
DAX 7,531.35 -36.01 -0.48%
CAC 40 5,434.17 -24.22 -0.44%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,222.85 +87.64 +0.58%
Hang Seng 27,210.21 -416.41 -1.51%
Straits Times 3,372.64 -45.94 -1.34%

http://biz.yahoo.com/ap/071127/wall_street.html?.v=52
Stocks Rally After Citi Secures Capital
Tuesday November 27, 4:38 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Advances After Abu Dhabi Agrees to $7.5 Billion Investment in Citigroup

NEW YORK (AP) -- Wall Street rebounded Tuesday after the Abu Dhabi Investment Authority said it will invest $7.5 billion in Citigroup Inc. -- a vote of confidence for the nation's largest bank, which has suffered severe losses amid the ongoing crisis in the mortgage market.

The Dow Jones industrials rose more than 200 points in yet another volatile session as investors were hopeful the financial sector can remain healthy despite the ongoing credit crisis. The banking industry has been battered in recent months as defaults on home loans have risen and rendered some mortgage-backed securities essentially worthless.

Major financial institutions, including Citi and its competitors, have had to book some $80 billion of writedowns on those holdings -- a trend that has left the markets nervous about the full extent of the damage from soured loans. Citi's ability to secure a capital injection raised hope others might be able to do the same.

"The Citi deal is certainly a relief after a series of negative news on Monday with respect to the financials," said Todd Salamone, director of trading at Schaeffer's Investment Research. Funds like Abu Dhabi's "that have plenty of cash may be viewed as a potential rescuer given the balance sheet troubles the banks are having. A weak dollar makes it that much more possible."

Still, the market showed some vulnerability to anyone raising the specter of a sagging economy, and that caused another day of big swings for major indexes. Concerns about further writedowns caused the Dow to fall 240 points Monday, bringing the blue chip index, along with the Standard & Poor's 500 index, down 10 percent from recent highs, a decline that signifies a correction.

Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said he won't be surprised if U.S. economic data over coming months is weak, and warned that recent central bank rate cuts have increased the risk of higher inflation. Meanwhile, Federal Reserve Bank of Chicago head Charles Evans said in a speech that further turmoil in financial markets could cut into business investment and curb consumer spending on big-ticket items.

According to preliminary calculations, the Dow rose 215.00, or 1.69 percent, to 12,958.44 after being up nearly 250 points earlier in the session.

Broader stock indexes also moved higher, with the S&P 500 index up 21.01, or 1.49 percent, at 1,428.23, and the Nasdaq composite index up 39.81, or 1.57 percent, at 2,580.80.

The seesaw trading so far this week is typical of what investors have seen for months. The market has been erratic as investors have struggled with and tried to overcome concerns about the banking sector, the credit markets, consumer spending, energy prices and the overall economy.

A pullback in oil prices aided the market's gains. A barrel of light, sweet crude dropped $3.28 to $94.42 on the New York Mercantile Exchange on expectations that the Organization for Petroleum Exporting Countries will raise production at its Dec. 5 meeting.

Government bond prices fell. The yield on the 10-year Treasury note jumped to 3.94 percent from 3.85 percent late Monday. Gold prices fell as the dollar rebounded.

Abu Dhabi's purchase of a stake in Citigroup will make the city-state one of the bank's largest shareholders. Sheik Ahmed Bin Zayed Al Nahayan called Citi "a premier brand and with tremendous opportunities for growth." Citigroup shares rose 52 cents to $30.32.

Standard & Poor's said it expects Morgan Stanley will take a $4.2 billion charge, up from an earlier $3.7 billion estimate and projected Merrill will write down 25 percent to 30 percent of its $21 billion of such assets in the fourth quarter. The brokerages' shares continued to rally with other financial stocks.

Still, Morgan Stanley shares jumped $1.85, or 3.9 percent, to $49.80, while Merrill shares added $1.84, or 3.6 percent, to $53.07.

Brokerage shares were somewhat under pressure after Standard & Poor's downgraded Morgan Stanley and Merrill Lynch & Co. to "sell," saying that further deterioration in the mortgage securities market has added to pressure on the value of the investment banks' asset-backed securities. But that news did little to faze the market's enthusiasm.

"While these announcements from the financial industry are continuing to unsettle investors, the lower dollar has put the U.S. in the position of being for sale at attractive prices, so Abu Dhabi can come along and buy an interest in Citi," said A.C. Moore, chief investment strategist for Dunvegan Associates in Santa Barbara, Calif. "Anytime you have corporate action, that's one of the strong bull arguments" for stocks.

The market showed little reaction to a report from the Conference Board that its Consumer Confidence Index dropped to its lowest point since October 2005. The index fell to 87.3 for November, down almost 8 points from the revised 95.2 during October -- and below analyst expectations for a reading of 91.5.

The Russell 2000 index of smaller companies rose 8.20, or 1.12 percent, to 743.27.

Advancing issues outpaced decliners by nearly 3 to 2 on the New York Stock Exchange, where volume came to 1.36 billion shares.

Overseas stock markets ended mixed. Britain's FTSE 100 fell 0.64 percent; Germany's DAX index lost 0.48 percent and France's CAC-40 declined 0.44 percent. In Asia, Japan's Nikkei stock average closed up 0.58 percent. Hong Kong's Hang Seng index fell 1.51 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
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 +331.01 points +2.55% on Wednesday November 28:

Stocks Soar, Dow Gets Biggest 2-Day Gain in 5 Years As Investors' Hopes Grow for a Rate Cut

Sym Last........ ........Change..........
Dow 13,289.45 +331.01 +2.55%
-- Day's Range: 12958.04 - 13325.87
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,662.91 +82.11 +3.18%
-- Day's Range: 2606.86 - 2667.93
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,469.02 +40.79 +2.86%
-- Day's Range: 1432.95 - 1471.62
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.41% +0.05

NYSE Volume 4,527,101,000
Nasdaq Volume 2,518,992,750

Overseas
Japan's Nikkei stock average fell 0.45 percent.

Britain's FTSE 100 rose 2.70 percent, Germany's DAX index rose 2.55 percent, and France's CAC-40 rose 2.34 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,306.20 +165.50 +2.70%
DAX 7,723.66 +192.31 +2.55%
CAC 40 5,561.21 +127.04 +2.34%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,153.78 -69.07 -0.45%
Hang Seng 27,371.24 +161.03 +0.59%
Straits Times 3,374.51 +1.87 +0.06%

http://biz.yahoo.com/ap/071128/wall_street.html?.v=51
Stocks Soar Along With Hope for Rate Cut
Wednesday November 28, 4:51 pm ET
By Madlen Read, AP Business Writer
Stocks Soar, Dow Gets Biggest 2-Day Gain in 5 Years As Investors' Hopes Grow for a Rate Cut

NEW YORK (AP) -- Wall Street barreled higher Wednesday for the second day in a row, giving the Dow Jones industrial average its biggest two-day point gain in five years after a Federal Reserve official hinted that the central bank may lower interest rates again.

Investors' renewed hopes for a rate cut added to their relief that companies that made losing bets on subprime mortgages, such as Citigroup Inc. and Freddie Mac, are coming up with ways to raise cash. The market was clearly optimistic that at least some of the damage from the months-long credit crisis was finally being mitigated.

However, Wall Street has been fickle in recent months, and no one is betting that the mortgage crisis that tripped up the nation's financial industry this year is over, or that the market's huge gains so far this week will stick. Despite its spectacular advance this week, the Dow remains more than 6 percent below its Oct. 9 record close over 14,000, having plunged due to worries that the housing market's slump will lead to further losses for banks, and that the Fed can't keep slashing rates.

"The market's perception of whether the Fed cuts or not really changes by the day," said Michael Sheldon, chief market strategist at Spencer Clarke LLC. "We still have more data to come."

Early Wednesday, Fed Vice Chairman Donald Kohn told the Council on Foreign Relations that recent financial turbulence has reversed some of the improvement seen in markets in previous weeks, and could squeeze credit for households and businesses. He said tight financial conditions may merit "offsetting" policy from the central bank.

The possibility for lower rates seemed more compelling to investors than persistent concerns about a slowdown in economic growth. The Fed has already reduced rates at its last two meetings, and continues to inject billions of dollars into the financial system through repurchase agreements to help calm the shaky markets. The central bank will hold its final rate-setting meeting of the year Dec. 11.

Plunging oil and gold prices also lifted investors' hopes for a rate cut -- if inflation is in control, policy makers have less reason to keep rates high. The Fed's Beige Book of economic activity around the country said with the economy expanding at a reduced pace, most core prices are stable or down slightly.

According to preliminary calculations, the Dow soared 331.01, or 2.55 percent, to 13,289.45, adding to the blue chip index's 215 point gain on Tuesday and giving the market's best known indicator its largest two-day point gain since Oct. 11, 2002.

The broader Standard & Poor's 500 index jumped 40.79, or 2.86 percent, to 1,469.02, while the Nasdaq composite index shot up 82.11, or 3.18 percent, to 2,662.91.

Government bonds slipped as stocks rallied. The yield on the benchmark 10-year Treasury note rose to 4.04 percent from 3.95 percent late Tuesday.

Crude oil posted its own two-day milestone Wednesday, falling $3.80 to settle at $90.62 a barrel on the New York Mercantile Exchange after dropping $3.28 Tuesday. The $7 two-day plunge was the second-largest since the Nymex introduced a futures contract 24 years ago.

The dollar fell against the euro and pound, but rose against the yen.

"Everything we're seeing in the market is revolving about credit and encouragement that the Fed is going to bail us out again," said Alexander Paris, economist and market analyst for Chicago-based Barrington Research. "Investors are kind of ignoring the economic news like housing and durable orders that were all weaker than expected."

Indeed, signs that the Fed will reduce rates to keep cash flowing freely helped overshadow reports that in October, sales of existing homes fell for the eighth consecutive month and orders for big-ticket manufactured goods fell for the third straight month.

Wall Street has had a volatile week so far. Economic and credit market concerns sent the Dow plunging 240 points on Monday, pushing the index to the level of a 10 percent market correction.

On Tuesday, the market rebounded, finding some consolation after the investment arm of Arab city state Abu Dhabi invested $7.5 billion in Citigroup. Then, late Tuesday, government-sponsored mortgage investor Freddie Mac halved its dividend and said it would sell $6 billion of preferred stock, bolstering investors' sentiment that financial companies have some recourse.

On Wednesday, Freddie Mac rose $3.69, or 14.3 percent, to $29.42 on Wednesday, while its larger counterpart, Fannie Mae, rose $2.90, or 9.9 percent, to $32.30.

Citigroup rose $1.97, or 6.5 percent, to $32.29.

But the stock market still has quite a ways to go before breathing easy after this year's crisis in mortgages and the global financial industry's tens of billions of dollars in debt-related losses. Unless the Dow makes further gains this week, November will be the index's worst month since September 2002. And as recently as Monday, the S&P 500 index was in negative territory for the year.

Advancing issues led decliners by about 7 to 1 on the New York Stock Exchange, where volume came to 1.76 billion shares.

The Russell 2000 index of smaller companies rose 26.77, or 3.60 percent, to 770.04.

Overseas, Japan's Nikkei stock average fell 0.45 percent. Britain's FTSE 100 rose 2.70 percent, Germany's DAX index rose 2.55 percent, and France's CAC-40 rose 2.34 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
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 +22.28 points +0.17% on Thursday November 29:

Sym Last........ ........Change..........
Dow 13,311.73 +22.28 +0.17%
-- Day's Range: 13214.75 - 13346.27
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,668.13 +5.22 +0.20%
-- Day's Range: 2648.49 - 2675.21
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,469.72 +0.70 +0.05%
-- Day's Range: 1458.36 - 1473.81
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.3490% -0.0580

NYSE Volume 3,476,443,000
Nasdaq Volume 2,112,273,000

Overseas
Britain's FTSE 100 rose 0.68 percent; Germany's DAX index advanced 0.54 percent and France's CAC-40 rose 0.66 percent.

In Asia, Japan's Nikkei stock average closed up 2.38 percent. Hong Kong's Hang Seng index rose 4.06 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,349.10 +42.90 +0.68%
DAX 7,765.19 +41.53 +0.54%
CAC 40 5,598.11 +36.90 +0.66%


Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,513.74 +359.96 +2.38%
Hang Seng 28,482.54 +1,111.30 +4.06%
Straits Times 3,478.22 +108.50 +3.22%

http://biz.yahoo.com/ap/071129/wall_street.html?.v=31
Stocks Rise Moderately After Big Run-Up
Thursday November 29, 4:19 pm ET
By Tim Paradis, AP Business Writer
Stocks Extend Rally With Moderate Gains; Investors Await Bernanke Speech

NEW YORK (AP) -- Wall Street extended its rally with modest gains in the major indexes following two days of sharp advances, despite economic readings that painted a mixed picture of the economy.

Thought the indexes rose, declining issues narrowly outpaced advancers on the New York Stock Exchange.

On Tuesday and Wednesday, the market had posted its biggest two-day rally in five years. Hopes have been growing that financial companies may be recovering from the credit crisis and that the Federal Reserve may lower interest rates to calm the markets.

The market's anticipation of a rate cut follows comments from a Fed official Wednesday and comes ahead of a speech by Fed Chairman Ben Bernanke scheduled for Thursday evening.

Oil prices spiked early Thursday then fell back somewhat after a fire at an Enbridge Energy pipeline carrying crude from Canada to the Midwest.

The oil price recovery gave some strength to energy stocks. Meanwhile, financial companies, which had shown gains Wednesday, retreated as did retailers following a weak showing by Sears Holdings Corp.

Aside from a reading on third-quarter growth, economic news didn't offer investors much reason to cheer.

"The data's weak, and says to us that the Fed needs to stay engaged here," said Phil Orlando, chief equity market strategist at Federated Investors.

According to preliminary calculations, the Dow Jones industrial average rose 22.28, or 0.17 percent, to 13,311.73.

Broader stock indicators also rose. The Standard & Poor's 500 index edged up 0.70, or 0.05 percent, to 1,469.72, and the Nasdaq composite index rose 5.22, or 0.20 percent, to 2,668.13.

Declining issues outnumbered advancers by about 9 to 7 on the New York Stock Exchange, where volume came to 1.33 billion shares compared with 1.30 billion traded Wednesday.

Bond prices rose, with the yield on the benchmark 10-year Treasury note falling to 3.94 percent from 4.05 percent late Wednesday. Bond prices and yields move in opposite directions. The dollar rose against other major currencies, while gold prices fell.

Light, sweet crude for January delivery rose 39 cents to settle at $91.01 a barrel in choppy trading on the New York Mercantile Exchange. Energy companies gained. Exxon Mobil Corp. rose 67 cents to $88.59, while ConocoPhillips rose $1.10 to $78.82.

Among financials, Merrill Lynch & Co. fell 38 cents to $57.41, while Bank of America Corp. fell 22 cents to $44.63.

Stocks' fluctuations followed the mixed economic readings.

The Commerce Department reported that economic growth in the third quarter was 4.9 percent, faster than originally thought, although analysts are anticipating a slowdown in the fourth quarter.

U.S. home prices showed a quarterly decline for the first time in 13 years in the third quarter, according to figures from the Office of Federal Housing Enterprise Oversight, which reported a 0.4 percent drop nationwide for the July-September period.

The economic reports came as investors awaited clarity on the Fed's direction on interest rates. Bernanke was slated to speak Thursday evening before the Chamber of Commerce in Charlotte, N.C.

Investors have sent stocks sharply higher in recent days in part because Fed Vice Chairman Donald Kohn suggested another interest rate cut could be in store. The Fed, which has cut rates at each of its last two meetings, is slated to meet again on Dec. 11.

Wall Street also has been calmed by evidence that companies hurt by subprime problems have found financial backers to help stem the damage.

In the latest such action, E-Trade Financial Corp. said on Thursday that Citadel Investment Group will provide $2.5 billion in cash to shore up its balance sheet. It also said Chief Executive Mitchell H. Caplan has resigned.

E-Trade, which holds billions in risky mortgage debt, said it will sell its entire portfolio of asset-backed securities to Citadel for $800 million and book a $2.2 billion charge on the sale. E-Trade fell 46 cents, or 8.7 percent, to $4.82.

In other corporate news, Sears Holdings, parent of its namesake department store chain and Kmart, said profits plunged to a penny per share from $1.27 per share a year ago due to lower sales and clearance markdowns. The stock fell $12.25, or 10.5 percent, to $104.09.

The Russell 2000 index of smaller companies fell 3.98, or 0.52 percent, to 766.06.

Overseas stock markets rose. Britain's FTSE 100 rose 0.68 percent; Germany's DAX index advanced 0.54 percent and France's CAC-40 rose 0.66 percent. In Asia, Japan's Nikkei stock average closed up 2.38 percent. Hong Kong's Hang Seng index rose 4.06 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
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 +59.99 points +0.45% on Friday November 30:

Sym Last........ ........Change..........
Dow 13,371.72 +59.99 +0.45%
-- Day's Range: 13281.65 - 13466.99
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,660.96 -7.17 -0.27%
-- Day's Range: 2642.25 - 2696.24
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,481.14 +11.42 +0.78%
-- Day's Range: 1469.72 - 1488.74
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.4030% +0.0540

NYSE Volume 4,424,184,000
Nasdaq Volume 2,614,589,750

Overseas
Japan's Nikkei stock average rose 1.08 percent, and Hong Kong's Hang Seng index rose 0.57 percent.

Britain's FTSE 100 added 1.31 percent, Germany's DAX index gained 1.36 percent, and France's CAC-40 rose 1.29 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,432.50 +83.40 +1.31%
DAX 7,870.52 +105.33 +1.36%
CAC 40 5,670.57 +72.46 +1.29%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,680.67 +166.93 +1.08%
Hang Seng 28,643.61 +161.07 +0.57%
Straits Times 3,521.27 +43.05 +1.24%

http://biz.yahoo.com/ap/071201/wall_street.html?.v=2
Stocks Mostly Higher to Cap Week
Saturday December 1, 12:44 am ET
By Tim Paradis, AP Business Writer
Stocks Mostly Advance After Big Run-Up; Tech Shares Lag After Dell Report Disappoints

NEW YORK (AP) -- Wall Street closed out a volatile week and month with a comparatively mild performance Friday, ending mostly higher on encouraging words from Federal Reserve Chairman Ben Bernanke. The major indexes ended the week with gains, but still posted big declines for November.

The Dow Jones industrial average rose more than 150 points in the session after Bernanke gave investors more reason to believe further interest rate cuts could be on the way. But the market gave back a big chunk of the gains, a fizzle that was perhaps to be expected after stocks' huge gains Tuesday and Wednesday. Nervousness about tech stocks, the result of weak results from Dell Inc., pulled the tech-dominated Nasdaq composite index down.

In a speech late Thursday, Bernanke said persistently tight credit conditions, the housing slump and high energy prices will probably create some "headwinds for the consumer in the months ahead," and the central bank will have to be "exceptionally alert and flexible."

The comments echoed those of Fed Vice Chairman Donald Kohn earlier in the week, which helped Wall Street recover some of its recent steep losses. Investors read Bernanke's words as a sign that the Fed is willing to lower interest rates again after cutting them at the past two meetings.

"Although the U.S. is in the eye of the credit storm, we've seen the Fed cut rates and we've heard from Bernanke that they're prepared to do so again if necessary," said Robert Jukes, global equity strategist at Collins Stewart in London.

The Fed meets again Dec. 11, and a rate cut could help reinvigorate the slowing economy, proponents of such a move say. Evidence of a more reticent consumer came Thursday in a Commerce Department report that showed consumer spending rising a modest 0.2 percent in October, the slowest pace in four months.

The risk of rising inflation had been keeping the central bank cautious about loosening its policy. But that risk is looking less threatening now, given that oil prices have dipped below $90 a barrel for the first time since October and that the Commerce Department said core personal consumption expenditures have risen 1.9 percent year-over-year. Core PCE is one of the Fed's preferred inflation measures, and a reading between 1 and 2 percent is considered a comfortable rate.

Still, Friday's performance showed that uncertainty remains and that it doesn't take much -- in this case a weak number from Dell -- to dent a broader rally.

The Dow rose 59.99, or 0.45 percent, to 13,371.72.

Broader stock indicators were mixed. The Standard & Poor's 500 index rose 11.42, or 0.78 percent, to 1,481.14, and the Nasdaq fell 7.17, or 0.27 percent, to 2,660.96.

Advancing issues outnumbered decliners by more than 2 to 1 on the New York Stock Exchange, where consolidated volume came to 4.25 billion shares compared with 3.43 billion traded Thursday.

For the week, the Dow gained 3.01 percent, the S&P 500 added 2.81 percent and the Nasdaq advanced 2.48 percent.

Government bonds fell as investors pulled their money out of the safe securities and put it back into stocks. The yield on the benchmark 10-year Treasury note, which moves opposite the price, rose to 3.95 percent from 3.93 percent late Thursday.

Crude oil prices fell $2.30 to settle at $88.71 per barrel -- their lowest levels in more than a month -- on the New York Mercantile Exchange.

The week's gains came after a sharp drop Monday that pulled the blue chip index to a level more than 10 percent below its record close. In the sessions that followed, the Dow jumped about 630 points, or nearly 5 percent, amid improving prospects for a rate cut and announcements that embattled financial companies like Citigroup Inc., Freddie Mac and E-Trade Financial Corp. were raising cash. All these developments bolstered investors' confidence that credit problems may be on the mend.

Despite the week's increase, stocks ended November lower because of heavy declines amid worries about credit. The Dow fell 4 percent in November, while the S&P 500 lost 4.4 percent and the Nasdaq gave up 6.9 percent.

Gains in the technology sector were limited by a murky outlook from Dell, as well as by cautious comments on Research In Motion Ltd. from Piper Jaffray and a wary Goldman Sachs note on technology in general, according to Peter Boockvar, equity strategist at Miller Tabak.

The broader market is "being helped out by the hopes for a rates cut and the prospect of the government getting involved in fixing adjustable interest rates," he said.

Dell, whose third-quarter earnings just missed expectations, fell $3.60, or 12.8 percent, to $24.54, while Research In Motion fell $8.26, or 6.8 percent, to $113.82.

Financial stocks showed big gains Friday after months of being battered because of their link to mortgage troubles. The moves followed reports that the White House and major banks may be nearing a pact that would temporarily freeze interest rates on some subprime home loans, reducing the likelihood of default or foreclosure.

Countrywide Financial Corp. jumped $1.52, or 16.3 percent, to $10.82; Washington Mutual Inc. rose $1.49, or 8.3 percent, to $19.50; Freddie Mac rose $5.56, or 18.8 percent, to $35.07; and Citigroup Inc. rose $1.01, or 3.1 percent, to $33.30.

The Russell 2000 index of smaller companies rose 1.71, or 0.22 percent, to 767.77.

The dollar gained against other major currencies, while gold prices fell.

Stocks gained overseas. Japan's Nikkei stock average rose 1.08 percent, and Hong Kong's Hang Seng index rose 0.57 percent. Britain's FTSE 100 added 1.31 percent, Germany's DAX index gained 1.36 percent, and France's CAC-40 rose 1.29 percent.

The Dow Jones industrial average ended the week up 390.84, or 3.01 percent, at 13,371.72. The Standard & Poor's 500 index finished up 40.44, or 2.81 percent, at 1,481.14. The Nasdaq composite index ended up 64.36, or 2.48 percent, at 2,660.96.

The Russell 2000 index finished the week up 12.74, or 1.69 percent, at 767.77.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 14,932.65, up 414.56 points, or 2.85 percent, for the week. A year ago, the index was at 14,116.71.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
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 -57.15 points -0.43% on Monday December 3:

Sym Last........ ........Change..........
Dow 13,314.57 -57.15 -0.43%
-- Day's Range: 13296.28 - 13407.24
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,637.13 -23.83 -0.90%
-- Day's Range: 2636.96 - 2667.82
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,472.42 -8.72 -0.59%
-- Day's Range: 1470.08 - 1481.16
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.3540% -0.0490

NYSE Volume 3,265,476,750
Nasdaq Volume 1,941,734,750

Overseas
Japan's Nikkei stock average rose 0.33 percent, while Hong Kong's Hang Seng index rose 0.05 percent.

In afternoon trading, Britain's FTSE 100 fell 0.71 percent, Germany's DAX index fell 0.42 percent, and France's CAC-40 fell 0.72 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,386.60 -45.90 -0.71%
DAX 7,837.26 -33.26 -0.42%
CAC 40 5,629.46 -41.11 -0.72%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,628.97 -51.70 -0.33%
Hang Seng 28,658.42 +14.81 +0.05%
Straits Times 3,521.56 +0.29 +0.01%

http://biz.yahoo.com/ap/071203/wall_street.html?.v=19
Wall Street Tumbles on Economic Unease
Monday December 3, 4:19 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks Decline After Fed Policymakers Express Concerns About Economy, Mortgage Mess

NEW YORK (AP) -- Wall Street tumbled Monday, led by financial services stocks, on concerns that the U.S. economy's expansion will erode amid troubles in the mortgage industry.

The stock market's decline follows a week in which the Dow Jones industrial average made its biggest weekly point gain in more than four years, rising nearly 391 points, or 3.01 percent. But that advance proved short-lived after a pair of Federal Reserve officials on Monday expressed worry about the subprime mortgage crisis and its impact on banks and brokerages.

Fed Bank of Boston President Eric Rosengren said in a speech that he was concerned that home foreclosures might worsen as overall economic growth slows. Meanwhile, San Francisco Fed President Janet Yellen labeled growth in the final three months of the year as being "only very meager" and warned that housing problems could "spill over" into consumer spending.

Investors have been looking for a government-sponsored rescue of the mortgage industry. Treasury Secretary Henry Paulson said in a speech that the White House is moving closer to an agreement to help thousands of homeowners avoid mortgage defaults by temporarily holding their interest rates steady.

Lincoln Anderson, chief investment officer and chief economist at LPL Financial Services in Boston, said investors are uncertain about where stocks will head after last week's gains and are awaiting economic readings such as the employment report due Friday.

"I think what we've got is a market that's trying to sort out whether we're seeing a big shift in the economic and investment fundamentals here or whether we're just going to continue to slog along," he said.

According to preliminary calculations, the Dow Jones industrial average fell 57.15, or 0.43 percent, to 13,314.57.

Broader stock indicators were also lower. The Standard & Poor's 500 index dropped 8.72, or 0.59 percent, to 1,472.42, and the Nasdaq composite index fell 28.83, or 0.90 percent, to 2,637.13.

Investors also considered a report from the Institute for Supply Management that showed the pace of growth in the manufacturing sector slowed in November, though not as quickly as had been expected. The report was better than analysts' expectations.

Bond prices rose on Monday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.87 percent from 3.94 percent late Friday.

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

Light, sweet crude fell 99 cents to $89.70 per barrel on the New York Mercantile Exchange amid speculation that OPEC may boost output at its meeting this week even after a sharp drop in prices last week.

Investors are awaiting the important November employment report. That could indicate the direction of consumer spending, which is seen as crucial to maintaining economic growth.

In the meantime, Wall Street will be looking for other signals about how the economy will fare, including the housing sector.

Paulson said the plan to freeze some interest rates is part of a "pragmatic response" to reality as the economy faces the worst housing pullback in more than 20 years.

Shares of Citigroup fell 24 cents to $33.06, while Bank of America Corp. fell 66 cents to $45.47.

In corporate news, Vivendi SA said it plans to acquire a controlling stake in Activision Inc. to combine it with Vivendi Games and create a rival to Electronic Arts Inc. Activision and Vivendi valued the combined company at $18.9 billion. Activision jumped $2.82, or 12.7 percent, to $24.97.

MetLife Inc., the insurance and financial services company, predicted its operating profit will rise in the fourth quarter and full year due to strong results from its business as well as "unusually strong" investment results. MetLife fell 81 cents to $64.78.

Ford Motor Co. Chief Executive Alan Mulally promised the automaker would meet the tougher federal fuel economy regulations Congress wants to impose by 2020 without having to abandon any of its lower-mileage truck or sport utility vehicle lines. However, shares fell 28 cents, or 3.7 percent, to $7.23.

The Russell 2000 index of smaller companies fell 7.88, or 1.03 percent, to 759.89.

Declining issues outpaced advancers by a 4 to 3 basis on the New York Stock Exchange, where volume came to 947.9 million shares.

Overseas, Japan's Nikkei stock average rose 0.33 percent, while Hong Kong's Hang Seng index rose 0.05 percent. In afternoon trading, Britain's FTSE 100 fell 0.71 percent, Germany's DAX index fell 0.42 percent, and France's CAC-40 fell 0.72 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
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 -65.84 points -0.49% on Tuesday December 4:

Sym Last........ ........Change..........
Dow 13,248.73 -65.84 -0.49%
-- Day's Range: 13237.59 - 13316.28
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,619.83 -17.30 -0.66%
-- Day's Range: 2613.83 - 2636.01
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,462.79 -9.63 -0.65%
-- Day's Range: 1460.66 - 1471.34
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.3460% -0.0080

NYSE Volume 3,287,567,500
Nasdaq Volume 2,002,470,875

Overseas
Japan's Nikkei stock average dropped 0.95 percent, and Hong Kong's Hang Seng index rose 0.77 percent.

Britain's FTSE 100 fell 1.12 percent, Germany's DAX index declined 0.36 percent, and France's CAC-40 fell 1.46 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,315.20 -71.40 -1.12%
DAX 7,808.94 -28.32 -0.36%
CAC 40 5,547.21 -82.25 -1.46%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,480.19 -148.78 -0.95%
Hang Seng 28,879.59 +221.17 +0.77%
Straits Times 3,527.87 +6.31 +0.18%

http://biz.yahoo.com/ap/071204/wall_street.html
Wall Street Declines on Profit Concerns
Tuesday December 4, 4:31 pm ET
By Madlen Read, AP Business Writer
Wall Street Falls As Investors Grow Pessimistic About Profit Prospects for Investment Firms

NEW YORK (AP) -- Wall Street wilted Tuesday as investors awaiting next week's Federal Reserve meeting remained uneasy that fallout from the slumping housing market could bring more bank losses and pull the economy into recession.

Retreating oil prices and signs of strength in industries outside the financial sector could not keep the stock market from declining for a second straight day. Investors have entered into December, usually a winning month on Wall Street, very cautiously -- most expect to see lower rates when the Fed meets next Tuesday, but the size of the cut, if any, is under debate.

Meanwhile, JPMorgan downgraded major securities firms, warning that while further write-offs of bad mortgage debt might help the firms' stocks, longer-term concerns about their risk management might hurt their overall valuation. JPMorgan lowered its earnings estimates for some of Wall Street's biggest players: Goldman Sachs Group Inc., Lehman Brothers Holdings Inc., Merrill Lynch & Co. and Morgan Stanley.

Those investment banks and other financial companies fell, including Washington Mutual Inc., Citigroup Inc., Bank of America Corp., the government-sponsored Freddie Mac and Fannie Mae, and JPMorgan Chase & Co. itself. The sector has been dragging on the broader market since the summer.

"Earnings estimates for the fourth quarter are coming down, and a lot of that is because of the financial sector and the consumer discretionary sector, which includes the homebuilders," said Brian Gendreau, investment strategist for ING Investment Management.

He said a month ago, the consensus estimate for overall fourth-quarter earnings growth was about 10 percent; now, after warnings of subprime mortgage-related losses from the financial sector, the estimate is 2.1 percent.

"It's kind of an odd situation -- it's a dual economy," said Gendreau, pointing to robust expectations for technology and healthcare.

According to preliminary calculations, the Dow Jones industrial average fell 65.84, or 0.49 percent, to 13,248.73.

Broader stock indicators also dropped. The Standard & Poor's 500 index fell 9.63, or 0.65 percent, to 1,462.79, and the Nasdaq composite index fell 17.30, or 0.66 percent, to 2,619.83.

Bond prices also fell, giving back some of their recent sharp gains, but they remain supported by rate cut expectations. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.87 percent from 3.85 percent late Monday.

Crude oil fell $1.10 to $88.21 per barrel on the New York Mercantile Exchange amid speculation that OPEC will raise production Wednesday and after a U.S. intelligence report concluded Iran halted its nuclear weapons development program in 2003.

As Wall Street tries to determine the Fed's move, it is anxious for Friday's employment report for November, particularly after last week's unexpectedly large uptick in jobless claims. The Labor Department report could indicate the direction of consumer spending, which is crucial to economic growth.

"There's a growing concern among investors that the economy is headed into recession," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co. "I don't believe the Fed action is going to give them a sparkling turnaround in the economy anytime soon. I don't think it even unfreezes the financial systems."

Moody's Investors Service downgraded a batch of asset-backed securities issued by Bear Stearns Cos., indicating that credit problems are persisting despite the Fed's last two rate cuts.

Most on Wall Street expect the Fed to further reduce the target federal funds rate, which stands now at 4.50 percent. Traders who bet on the Fed's next move were pricing in a 100 percent chance of a quarter-point cut, and a more than 60 percent chance of a half-point cut.

Still, financial stocks continued their slide, signaling that a Santa Claus rally may be tough to pull off given lingering worries about the risky debt banks hold. A report by D.A. Davidson & Co. analysts said bank stocks are at three- to four-year lows, and that after falling 25-30 percent this year, bank and thrift stocks are having their worst year since 1990.

Goldman fell $7.87, or 3.5 percent, to $219.02; Lehman fell $2.23, or 3.6 percent, to $59.15; Merrill fell $2.02, or 3.4 percent, to $57.04; Morgan Stanley fell $2.46, or 4.7 percent, to $49.82.

Although other sectors have been performing better, there was not much news Tuesday to lift Wall Street's mood.

Nokia Corp. fell $1.32, or 3.3 percent, to $38.92. The world's largest mobile phone maker disappointed investors with its operating margin targets. However, it predicted the global market for mobile devices will grow 10 percent in 2008 and that its share will increase.

Automakers also declined for the second day after General Motors posted weak November sales data and said it is slashing production. GM was the biggest loser among the 30 Dow companies after falling 93 cents, or 3.3 percent, to $27.68.

Declining issues outnumbered advancers by about 7 to 4 on the New York Stock Exchange, where volume came to 1.33 billion shares.

The Russell 2000 index of smaller companies fell 7.91, or 1.04 percent, to 752.06.

The dollar was mixed against other major currencies. Gold rose.

Overseas, Japan's Nikkei stock average dropped 0.95 percent, and Hong Kong's Hang Seng index rose 0.77 percent. Britain's FTSE 100 fell 1.12 percent, Germany's DAX index declined 0.36 percent, and France's CAC-40 fell 1.46 percent.

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

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

 

[bigdog]

http://www.theaustralian.news.com.au/story/0,25197,22873218-36418,00.html

Canada cuts interest rates
From correspondents in Ottawa | December 05, 2007

CANADA'S central bank lowered its key lending rate by a quarter point to 4.25 per cent on concerns that a soaring Canadian dollar, US economic woes and tighter credit may curb Canadian exports.

The Bank of Canada noted that the global economic expansion has remained robust and commodity prices have continued to be strong.

The Canadian economy has continued to operate above its production capacity, reflecting in large part underlying strength in domestic demand, it said.

However, inflation is expected to remain lower than was projected at the bank's last meeting in October, reflecting increased competitive pressures related to the stronger Canadian dollar.

Global financial market difficulties related to the default crisis in US subprime mortgages -- loans that are given to homebuyers with poor credit histories -- and anticipated losses from the turmoil have increased since mid-October, and are expected to persist, the bank said.

Bank funding costs subsequently have increased in Canada and worldwide, and credit conditions have tightened further.

"There is an increased risk to the prospects for demand for Canadian exports as the outlook for the US economy, and in particular the US housing sector, has weakened," the bank said.

"All these factors considered, the bank judges that there has been a shift to the downside in the balance of risks around its October projection for inflation through 2009."

"In light of this shift, the bank has decided to lower the target for the overnight rate."

 

[bigdog]

NYSE Dow Jones finished today at:
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 +196.23 points +1.48% on Wednesday December 5:

Sym Last........ ........Change..........
Dow 13,444.96 +196.23 +1.48%
-- Day's Range: 13244.01 - 13460.24
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,666.36 +46.53 +1.78%
-- Day's Range: 2647.41 - 2671.72
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,485.01 +22.22 +1.52%
-- Day's Range: 1465.22 - 1486.09
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.3910% +0.0450

NYSE Volume 3,647,983,250
Nasdaq Volume 2,258,817,250

Overseas
Japan's Nikkei stock average closed up 0.83 percent, while Hong Kong's Hang Seng index rose 1.61 percent.

Britain's FTSE 100 closed up 2.83 percent, Germany's DAX index rose 1.74 percent, and France's CAC-40 increased 2.02 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,493.80 +178.60 +2.83%
DAX 7,944.77 +135.83 +1.74%
CAC 40 5,659.07 +111.86 +2.02%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,608.88 +128.69 +0.83%
Hang Seng 29,345.45 +465.86 +1.61%
Straits Times 3,560.05 +32.18 +0.91%

http://biz.yahoo.com/ap/071205/wall_street.html
Stocks Rally on Strong Economic Data
Wednesday December 5, 4:29 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks Soar As Investors Grow More Optimistic About Economy, Upcoming Interest Rate Cut

NEW YORK (AP) -- Wall Street resumed its rally Wednesday after new data showed the overall economy is holding up but isn't too strong to prevent the Federal Reserve from cutting interest rates. The Dow Jones industrial average rose nearly 200 points.

Stocks turned around following two sessions of losses after a report showed hiring in the U.S. private sector expanded at a faster pace in November. ADP Employer Services said 189,000 jobs were added during the month -- an increase that bodes well for consumer spending.

The report raised hopes for a strong November jobs report from the Labor Department on Friday. Investors were also encouraged Wednesday after the department reported worker productivity advanced by an annual rate of 6.3 percent in the summer, the fastest pace in four years, while wage pressures eased.

"The best news for the market is good news on the economy," said Jack Ablin, chief investment officer at Harris Private Bank. "There might be a general malaise among homeowners these days, but as long as more people are getting paychecks then the economy can withstand the stress."

Still, there is enough uncertainty in the economy to bolster the argument for lower rates. The financial sector is still struggling from months of credit problems, and the Institute for Supply Management reported Wednesday that service sector growth slowed in November.

Some investors are betting the Fed will go beyond the generally anticipated quarter percentage point cut, and lower rates by a half point. A mere quarter-point cut could bring some disappointment to Wall Street, but as long as the Fed reiterates an openness to lower rates further in its accompanying economic assessment, the market should move higher, said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

"We could see a nice December here," Detrick said.

According to preliminary calculations, the Dow rose 196.23, or 1.48 percent, to 13,444.96, resuming the big recovery it launched last week following a mostly dismal November.

The blue chip index got an extra boost from component American International Group Inc., which said that although it's expecting a hefty portfolio writedown in the fourth quarter, the ongoing mortgage crisis is manageable. AIG rose $2.70, or 4.9 percent, to $58.15.

Broader indexes also moved higher. The Standard & Poor's 500 index added 22.22, or 1.52 percent, to 1,485.01, while the Nasdaq composite index rose 46.53, or 1.78 percent, to 2,666.36.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.91 percent from 3.90 percent late Tuesday. The dollar rose, and gold prices fell.

The market is currently pricing in a rate cut next week, Ablin said. Supporting the case for a cut is that central banks globally seem to be open to the idea, a trend that would give the Fed even more room to move.

The Bank of Canada cut rates Tuesday, while the Bank of England and European Central Bank will make rate decisions Thursday.

Investors also weighed a Commerce Department report that showed factory orders unexpectedly rose in October. However, that data was likely offset by a report from the Institute for Supply Management showing growth in the service sector cooled somewhat in November.

Wednesday's advance was fed by investors betting that the Fed might be generous and cut rates a half percentage point, or, in market lingo, 50 basis points.

"I do believe the market wants 50, that the Fed needs to do a lot more work, and that a quarter is not going to do it," said Greg Church, chief investment officer of Church Capital Management.

A resumption of the downtrend in oil prices also contributed to the gains on Wall Street. OPEC decided Wednesday to keep production steady but set a new meeting for Feb. 1 to raise output if prices rise. Meanwhile, the government reported that U.S. oil supplies fell steeply last week while gasoline stockpiles rose, both by greater margins than analysts had expected.

Light, sweet crude fell 83 cents to settle at $87.49 a barrel on the New York Mercantile Exchange.

Fannie Mae shares rose 95 cents, or 2.7 percent, to $36.13 after it followed rival mortgage financer Freddie Mac in cutting its dividend and selling special stock to raise capital. The government-sponsored lender hopes to cushion against mounting losses from high-risk home loans. Freddie rose $2.36, or 7.3 percent, to $34.67.

Technology stocks broadly advanced after Intel Corp.'s stock was upgraded on expectations the personal computer market will be strong next year. Shares added 91 cents, or 3.5 percent, to $27.22.

The Russell 2000 index of smaller companies rose 13.58, or 1.81 percent, to 765.64.

Advancing issues led decliners by a nearly 3 to 1 basis on the New York Stock Exchange, where volume came to 1.43 billion shares.

Overseas, Japan's Nikkei stock average closed up 0.83 percent, while Hong Kong's Hang Seng index rose 1.61 percent. Britain's FTSE 100 closed up 2.83 percent, Germany's DAX index rose 1.74 percent, and France's CAC-40 increased 2.02 percent.

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

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

 

[bigdog]

Solution for subprime loans on the horizon - reports a sub-prime mortgage rescue plan

There is hope for the DOW rising!

http://biz.yahoo.com/ap/071205/mortgage_crisis.html

Five-Year Mortgage Rate Freeze Looms
Wednesday December 5, 3:40 pm ET
By Martin Crutsinger and Alan Zibel, Associated Press Writers
Bush Mortgage Plan Will Freeze Certain Subprime Interest Rates for 5 Years

WASHINGTON (AP) -- The Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures, congressional aides said Wednesday.

These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium represented a compromise between desires by banking regulators for a longer time frame of as much as seven years and industry arguments that the freeze should only last one to two years.

Another person familiar with the matter said the rate-freeze plan would apply to borrowers with loans made at the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2010.

The administration said that President Bush will speak on the agreement at the White House on Thursday and the Treasury Department announced that Treasury Secretary Henry Paulson and Housing and Urban Development Secretary Alphonso Jackson would hold a joint news conference Thursday afternoon with officials of the mortgage industry.

Treasury also announced that there would be a technical briefing to explain more of the details of the proposal.

Paulson, who has been leading the effort to craft a plan, said on Monday that the program would only be available for owner-occupied homes -- as a way to make sure that the break is not granted to real estate speculators.

The plan emerged from talks between Paulson and other banking regulators and banks, mortgage investors and consumer groups trying to address an avalanche of foreclosures that are feared as an estimated 2 million subprime mortgages reset from lower introductory rates to higher rates.

The higher rates in many cases will boost monthly payments by as much as 30 percent, making it extremely difficult for many people to keep current with their loans.

The plan is aimed at homeowners who are making payments on time at lower introductory mortgage rates but cannot afford a higher adjusted rate.

Through October, there were about 1.8 million foreclosure filings nationwide, compared with about 1.3 million in all of 2006, according to Irvine, Calif-based RealtyTrac Inc. With home loan defaults still rising, the trend is expected to worsen next year.

The plan represents an about-face for Paulson, who until recently had insisted that the mortgage crisis could be handled on a case-by-case basis. However, he and other administration officials became convinced that the tide of foreclosures threatened by the mortgage resets represented such a severe threat that a more sweeping approach was needed along the lines of a plan put forward in October by Sheila Bair, head of the Federal Deposit Insurance Corp.

Paulson and other federal regulators began holding talks with some of the country's biggest mortgage lenders, mortgage service companies, investors who hold mortgage-backed securities and nonprofit groups that provide counseling for at-risk homeowners.

Under the typical subprime loan, those offered to borrowers with spotty credit histories, the rates for the first two years were at levels around 7 percent to 9 percent. But after two years, those rates were scheduled to reset to levels around 9 percent to 11 percent.

For a typical $1,200 monthly mortgage payment, the reset could add another $350 to the monthly payment, greatly raising the risks of loan defaults by homeowners struggling with the current payment.

The wave of mortgage foreclosures threatened to make the most severe slump in housing even worse by dumping more foreclosed properties onto an already glutted market, further depressing home prices and shaking consumer confidence.

The deepening housing slump has already roiled financial markets, starting in August, as investors grew increasingly concerned about billions of dollars of losses being suffered by banks, hedge funds and other investors.

The administration plan is designed to deal with the crisis by allowing subprime borrowers who are living in their homes and are current on their payments to avoid a costly reset for five years. The hope is that by that time the housing downturn will have stabilized, clearing out the glut of unsold homes and halting the steep slide in prices that is occurring in many parts of the country.

With sales and prices once again rising, the expectation is that homeowners will be able to renegotiate their current adjustable rate mortgages into a more affordable fixed-rate plan.

The housing crisis has become an issue in the presidential race with Democrats Hillary Rodham Clinton and John Edwards putting forward their own proposals this week that would go further than the administration.

Mark Zandi, chief economist for Moody's Economy.com, said while the administration plan is a good first step, eventually the government will have to go further because of the size of the problem and the threat to the economy.

"This is the most serious housing downturn we have seen in the post World War II period," he said. "It is a threat to the broader economy. The risks of a recession are very high."

Associated Press reporters Deb Reichmann and Nedra Pickler contributed to this report.

 

[The Mint Man]

Two bits of good news on yahoo finance this morning.
This stood out to me;

The Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures, congressional aides said Wednesday.

These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium represented a compromise between desires by banking regulators for a longer time frame of as much as seven years and industry arguments that the freeze should only last one to two years.
.......
The administration said that President Bush will speak on the agreement at the White House on Thursday

and

"The best news for the market is good news on the economy," said Jack Ablin, chief investment officer at Harris Private Bank. "There might be a general malaise among homeowners these days, but as long as more people are getting paychecks then the economy can withstand the stress."

Still, there is enough uncertainty in the economy to bolster the argument for lower rates. The financial sector is still struggling from months of credit problems, and the Institute for Supply Management reported Wednesday that service sector growth slowed in November.

Some investors are betting the Fed will go beyond the generally anticipated quarter percentage point cut, and lower rates by a half point. A mere quarter-point cut could bring some disappointment to Wall Street, but as long as the Fed reiterates an openness to lower rates further in its accompanying economic assessment, the market should move higher, said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

"We could see a nice December here," Detrick said.

I like good news

 

[Kauri]

Two bits of good news on yahoo finance this morning.
This stood out to me;

The Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures, congressional aides said Wednesday.

These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium represented a compromise between desires by banking regulators for a longer time frame of as much as seven years and industry arguments that the freeze should only last one to two years.

.......
The administration said that President Bush will speak on the agreement at the White House on Thursday


I like good news

Hi Mint Man,
Further to your article...
Cheers
............Kauri

Federal regulators and U.S. lenders have agreed to freeze rates on sub prime mortgages for five years to stem rising foreclosures and ease the risks from the housing slump. President Bush will announce the accord tomorrow and Paulson will release the details at a press conference.
This was behind the late rally on Wall Street and should cause risk aversion to fall, providing support for the high yielders and JPY crosses.
Longer-term this will be a significant disincentive for foreign capital to invest in the U.S., as it sets a significant precedent.

 

[bigdog]

NYSE Dow Jones finished today at:
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 +174.93 points +1.30% on Thursday December 6:

Sym Last........ ........Change..........
Dow 13,619.89 +174.93 +1.30%
-- Day's Range: 13,426.18 - 13,632.25
-- 52wk Range: 11,926.80 - 14,280.00

Nasdaq 2,709.03 +42.67 +1.60%
-- Day's Range: 2664.71 - 2709.10
-- 52wk Range: 2,331.57 - 2,861.51

S&P 500 1,507.34 +22.33 +1.50%
-- Day's Range: 1,482.19 - 1,508.02
-- 52wk Range: 1,363.98 - 1,576.09

30-yr Bond 4.4790% +0.0880

NYSE Volume 3,394,691,000
Nasdaq Volume 1,970,414,120

Overseas
Japan's Nikkei stock average rose 1.70 percent, while Hong Kong's Hang Seng index rose 0.73 percent.

Britain's FTSE 100 fell 0.13 percent, Germany's DAX index fell 0.05 percent, and France's CAC-40 rose 0.26 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,485.60 -8.20 -0.13%
DAX 7,940.58 -4.19 -0.05%
CAC 40 5,673.76 +14.69 +0.26%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,874.08 +265.20 +1.70%
Hang Seng 29,558.92 +213.47 +0.73%
Straits Times 3,552.55 -7.50 -0.21%

http://biz.yahoo.com/ap/071206/wall_street.html
Stocks Rally Again on Mortgage Plan
Thursday December 6, 4:47 pm ET
By Madlen Read, AP Business Writer
Wall Street Rallies Once Again on Bush Plan on Mortgage Rates, High Hopes for Fed Rate Cut

NEW YORK (AP) -- Wall Street rallied once again Thursday as investors bet that companies hurt by the housing crisis will benefit from a government plan to help financially stretched homeowners and from another interest rate cut.

The Dow Jones industrial average surged more than 170 points after a nearly 200-point rise Wednesday.

Wall Street has been concerned about the housing slump's impact on consumers, and started out a bit shaky Thursday when Target Corp. released lackluster sales and a downbeat December outlook. However, stocks eventually pushed higher; a weak consumer, though bad for corporate profits, at least supports the argument for the Fed Reserve to lower interest rates when it meets Tuesday. A rate cut could help reinvigorate the slowing economy and loosen up the tight credit markets.

Stocks got an additional boost when President Bush announced a plan allowing some homeowners facing foreclosure to not only freeze their interest rates for up to five years, but also refinance their mortgages. The plan was created by the Treasury Department, mortgage lenders and banks, and could help about 1.2 million homeowners, Bush said.

"That's providing a glimmer of hope," said Jim Herrick, director of equity trading at Baird & Co. "But there's some skepticism. Is this really going to be the panacea to the subprime market? That's the $64,000 question."

Even Treasury Secretary Henry Paulson said the plan was not a "silver bullet."

Foreclosures hit a record high in the third quarter, according to the Mortgage Bankers Association. The fallout from the crisis has weighed on the financial services sector this year, with banks and brokerages writing down some $80 billion worth of securities tied to mortgages.

According to preliminary calculations, the Dow rose 174.93, or 1.30 percent, to 13,619.89.

Broader stock indicators also extended their gains. The Standard & Poor's 500 index rose 22.33, or 1.50 percent, to 1,507.34, and the Nasdaq composite index rose 42.67, or 1.60 percent, to 2,709.30.

Bond prices fell as investors returned to stocks. The yield on the benchmark 10-year Treasury note, which moves opposite to its price, rose to 4.02 percent from 3.95 percent late Tuesday.

Countrywide Financial Corp., the nation's largest mortgage lender, rose $1.68, or 16 percent, to $12.10, on the government mortgage rate plan.

"Investors are having a collective sigh of relief that this is a positive signal the housing crisis and credit credit crunch will not cause the end of this bull market," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors.

But the stock market has been volatile since the summer, jumping on signals that the worst of the credit crisis is over and then plunging on hints that it could persist well into next year. With the Fed's meeting Tuesday and investment bank fourth-quarter earnings around the corner, there remains an undercurrent of nervousness on Wall Street.

"We get this newfound optimism, a shot in the arm, of confidence, and then the rug gets pulled out from under us -- that's been our experience for the last three months, four months," Johnson said. "There's no question that there still is a very high level of uncertainty, caution, worry, that confidence in the stock market has not been rebuilt."

November was the worst month for the Dow in five years, and many investors have been uncertain that a December rally can happen given the ongoing turmoil in the financial system.

Many corners of the credit markets remain at a standstill -- asset-backed commercial paper outstanding fell by $23.1 billion in the week ended Wednesday, the largest drop in a month, indicating low demand.

And meanwhile, consumer spending appears to be suffering from sinking home prices and high gas prices.

Target Corp. fell $4.56, or 7.6 percent, to $55.57, after saying December sales will fall short of its previous forecast. J.C. Penney Co. fell $1.01, or 2.2 percent, to $44.84 after reporting November sales that were below expectations.

Investors remain on the lookout for signs that the Federal Reserve will reduce rates for a third time this year, but they also want to see that the economy is not headed for recession. Several Fed officials in recent weeks have said they expect housing to keep dragging on the economy well into next year.

Ahead of Friday's highly anticipated report on November payrolls and unemployment, the Labor Department said the number of U.S. workers filing new claims for unemployment benefits fell as expected last week. Still, the four-week average hit a two-year high, suggesting a softening job market.

Advancing issues outnumbered decliners by about 4 to 1 on the New York Stock Exchange, where volume came to 1.37 billion shares.

Crude oil surged $2.74 to settle at $90.23 a barrel on the New York Mercantile Exchange.

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

Overseas, Japan's Nikkei stock average rose 1.70 percent, while Hong Kong's Hang Seng index rose 0.73 percent. Britain's FTSE 100 fell 0.13 percent, Germany's DAX index fell 0.05 percent, and France's CAC-40 rose 0.26 percent.

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

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

 

[bigdog]

http://biz.yahoo.com/ap/071206/mortgage_crisis.html

Mortgage Rate Freeze Reached
Thursday December 6, 2:31 pm ET
By Martin Crutsinger, AP Economics Writer
Deal Reached With Mortgage Industry for 5-Year Rate Freeze

WASHINGTON (AP) -- Hundreds of thousands of strapped homeowners could get some relief from a plan negotiated by the Bush administration to freeze interest rates on subprime mortgages that are scheduled to rise in the coming months.

"There is no perfect solution," President Bush said Thursday as he announced an agreement hammered out with the mortgage industry. "The homeowners deserve our help. The steps I've outlined today are a sensible response to a serious challenge."

Bush has been accused of moving too slowly to address a crisis that has spread to the broader financial market. But he also was careful not to sound as if he were imposing a government solution and violating his free-market principles. He billed his plan as a voluntary, private-sector arrangement that involves no government money.

"We should not bail out lenders, real estate speculators or those made the reckless decision to buy a home they knew they could never afford," Bush said after meeting with industry leaders at the White House. "But there are some responsible homeowners who could avoid foreclosure with some assistance."

Bush said 1.2 million people could be eligible for help. But only a fraction will be subject to the rate freeze. Others would get assistance in refinancing with their lenders and moving into loans secured by the Federal Housing Administration, Bush said.

Also, the aid will only come to those who ask for it, he said. Thousands of borrowers who are falling behind on their payments have been sent letters about the options, and Bush also urged people to call a new hot line: 1-888-995-HOPE.

The announcement followed the news earlier Thursday that home foreclosures surged to an all-time high in the July-September period. The Mortgage Bankers Association reported that the percentage of all mortgages that started the foreclosure process in the third quarter jumped to a record 0.78 percent, surpassing the previous record of 0.65 percent of all mortgages in the second quarter.

The administration's effort is aimed at stemming a further tidal wave of foreclosures in coming years as 2 million subprime mortgages -- loans provided to borrowers with spotty credit histories -- reset from their introductory rates of around 7 percent to 8 percent to levels as high as 11 percent, adding hundreds of dollars to the typical monthly payment.

A recent surge in mortgage defaults, part of the worst housing slump in more than two decades, has piled up billions of dollars in losses for big banks, hedge funds and other investors while roiling financial markets worldwide. Some economists think the housing bust may become severe enough to push the country into recession.

Bush originally gave the wrong number for the hot line; the White House later corrected him.

The president mentioned other steps to prevent foreclosures. The FHA has greater flexibility to offer refinancing to homeowners with good credit histories. It is expected that this eventually will help 300,000 families, officials said.

The Federal Reserve is announcing stronger lending standards this month, while the Housing and Urban Development Department and federal banking regulators are acting to improve disclosure requirements, he said.

The highest-profile part of the plan would freeze introductory "teaser" rates on certain subprime mortgages, preventing from rates from jumping up for five years.

This offer would apply only to people living in their homes and who have not missed any payments at the lower rate. It also only would apply to loans taken out between 2005 and this past July 30 and scheduled to rise to higher rates in 2008 and 2009.

The hope is that the five-year freeze will buy time for the housing sales and prices to start rising again. Such a rebound would enable homeowners to refinance their current adjustable rate mortgages into fixed-rate loans with more affordable monthly payments.

But even Treasury Secretary Henry Paulson, who led the negotiations with the mortgage industry, acknowledged the effort is "not a silver bullet."

"We face a difficult problem," he said.

The big sticking point in the negotiations was getting investors who had purchased the mortgages after they were bundled into securities to agree to accept lower interest payments. Critics have said even with a deal, there are likely to be lawsuits. But officials representing major players in the mortgage industry said they believed the plan would withstand any legal challenges and would help at-risk homeowners avoid defaulting on their mortgages.

The president also did not miss the chance to lash out at the Democratic-controlled Congress.

Bush blamed lawmakers for not sending him legislation that he said would show they "are serious about responding to the challenges in the housing market." One measure would give the FHA more flexibility; a second would change the tax laws temporarily to help people who have a portion of their mortgage forgiven by banks.

"The Congress has not sent me a single bill to help homeowners," Bush said.

 

[bigdog]

NYSE Dow Jones finished today at:
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 +5.69 points +0.04% on Friday December 7:

Sym Last........ ........Change..........
Dow 13,625.58 +5.69 +0.04%

Nasdaq 2,706.16 -2.87 -0.11%

S&P 500 1,504.66 -2.68 -0.18%

30-yr Bond 4.5850% +0.1060

NYSE Volume 3,188,206,250
Nasdaq Volume 1,928,192,250

Overseas
Japan's Nikkei stock average closed up 0.52 percent, while Hong Kong's Hang Seng index fell 2.42 percent.

Britain's FTSE 100 closed up 1.07 percent, Germany's DAX index rose 0.67 percent, and France's CAC-40 increased 0.79 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,554.90 +69.30 +1.07%
DAX 7,994.07 +53.49 +0.67%
CAC 40 5,718.75 +44.99 +0.79%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,956.37 +82.29 +0.52%
Hang Seng 28,842.47 -716.45 -2.42%
Straits Times 3,557.95 +5.40 +0.15%

http://biz.yahoo.com/ap/071208/wall_street.html

Stocks Sputter After November Job Report
Saturday December 8, 12:38 am ET
By Joe Bel Bruno, AP Business Writer
Stocks Barely Budge After Employment Report Shows Strength, but Leaves Room for Fed Rate Cut

NEW YORK (AP) -- Wall Street paused from its big rally Friday, with stocks closing narrowly mixed after the government's November labor report showed tepid job growth as well as a pickup in inflation. The major indexes ended the week higher, with the Dow Jones industrials having gained nearly 900 points over nine trading days.

The Labor Department reported 94,000 jobs were added to payrolls in November and that the unemployment rate held steady at 4.7 percent. Thomson/IFR analysts had set a median projection of 100,000 new jobs. The report also showed that average hourly earnings increased 0.5 percent in November, compared with forecasts for a more-modest 0.3 percent.

The report at least temporarily chilled a rally that has left the Dow only 538 points, or 3.8 percent, below the record close it reached on Oct. 9.

"I'd call it an employment letdown," said Jack A. Ablin, chief investment officer at Harris Private Bank. "A little air came out of the party balloon."

"Stocks are taking a breather from a maniacal runup over the last few days," said Paul Nolte, director of investments at Hinsdale Associates. He described the stock market as paralyzed ahead of the Federal Reserve's meeting on interest rates on Tuesday, and said many investors don't want to make bold moves until the Fed's decision is announced.

On the plus side, the report did give the Fed more room to lower rates. The debate now centers on whether the central bank will drop rates by a quarter percentage point when it meets on Tuesday, or finish the year with a half-point cut. However, Nolte noted that it would be easier to make a case for a larger cut if the November employment report had been weaker.

The Dow rose 5.69, or 0.04 percent, to 13,625.58, and finished the week up 1.9 percent.

The Standard & Poor's 500 index fell 2.68, or 0.18 percent, to 1,504.66, but ended the week up 1.59 percent.

The technology-dominated Nasdaq composite index dipped 2.87, or 0.11 percent, to 2,706.16, but ended the week 1.70 percent higher.

The week's trading saw investors growing in confidence about the overall health of the economy and the nation's ability to generally weather the months-long credit crisis. Stocks' big advance over the past two weeks came amid signs that the Fed was indeed concerned about slowing economic growth, and as financial institutions and the government took steps to mitigate the damage from billions of dollars in soured mortgages and credit losses.

Bond prices fell Friday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.12 percent from 4.02 percent late Thursday. The dollar slumped, while gold prices also fell.

Light, sweet crude fell $1.95 to settle at $88.28 per barrel on the New York Mercantile Exchange. Government data released earlier this week showed an increase in U.S. supplies of gasoline and distillates.

Oil's retreat boosted airline and other transportation stocks, as did November traffic reports showing that carriers are making inroads in offsetting fuel costs. The Dow Jones Transportation Average rose 86.82, or 1.81 percent, to 4,876.35.

The University of Michigan's preliminary reading on consumer confidence for this month showed that consumers are worried about higher gas prices and weakness in the credit markets. The headline index declined to 74.5 from 76.1 in November. Thomson/IFR had forecast a 76.0 reading.

Corporate news on Friday was mixed, indicating that business deals are still being made despite the lack of demand in many corners of the credit markets, but that some industries could see dampened profits in 2008 because of the slowing economy.

ArcelorMittal, the world's largest steelmaker, said Friday it will offer at least $1.65 billion for the remaining shares in Chinese steelmaker China Oriental Group Co. that it does not own. But analysts questioned whether Beijing would approve foreign ownership in a strategic sector of the Chinese Economy. ArcelorMittal stock rose $1.12, of 1.5 percent, to $73.93.

Macrovision Corp., which develops technology to prevent unauthorized copying and viewing of video, music and other content, said it will buy television listings provider Gemstar-TV Guide International Inc. for $2.8 billion in cash and stock.

Shares of Macrovision slid $5.55, or 21.4 percent, to $20.44. Gemstar-TV shares lost 99 cents, or 16.6 percent, to $4.99.

James Murdoch was appointed News Corp.'s chairman and chief executive for Europe and Asia, officials said Friday. This most likely positions him as a successor to his father, Rupert Murdoch. Its shares advanced 14 cents to $21.98.

Palm Inc. dropped 83 cents, or 11.1 percent, to $5.74 after the hand-held computer maker cut its revenue outlook because of shipping delays.

And gun maker Smith & Wesson Holding Corp. dropped after cutting its 2008 outlook. Its shares shed $2.84, or 28.6 percent, to $7.08.

Advancing issues narrowly outnumbered decliners on the New York Stock Exchange. Consolidated volume came to 2.88 billion shares, down from 3.36 billion shares Thursday.

The Russell 2000 index of smaller companies fell 1.43, or 0.18 percent, to 785.52.

Overseas, Japan's Nikkei stock average closed up 0.52 percent, while Hong Kong's Hang Seng index fell 2.42 percent. Britain's FTSE 100 closed up 1.07 percent, Germany's DAX index rose 0.67 percent, and France's CAC-40 increased 0.79 percent.

The Dow Jones industrial average ended the week up 253.86, or 1.90 percent, at 13,625.58. The Standard & Poor's 500 index finished up 23.52, or 1.59 percent, at 1,504.66. The Nasdaq composite index ended up 45.20, or 1.70 percent, at 2,706.16.

The Russell 2000 index finished the week up 17.75, or 2.31 percent, at 785.52.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 15,195.10, up 262.45 points, or 1.76 percent, for the week. A year ago, the index was at 14,199.99.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
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 +101.45 points +0.74% on Monday December 10:

Sym Last........ ........Change..........
Dow 13,727.03 +101.45 +0.74%
Nasdaq 2,718.95 +12.79 +0.47%
S&P 500 1,515.96 +11.30 +0.75%
30-yr Bond 4.6150% +0.0300

NYSE Volume 2,885,554,750
Nasdaq Volume 1,821,193,750

Overseas
Japan's Nikkei stock average closed down 0.20 percent, while Hong Kong's Hang Seng index fell 1.18 percent.

Britain's FTSE 100 rose 0.16 percent, Germany's DAX index rose 0.49 percent, and France's CAC-40 increased 0.56 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,565.40 +10.50 +0.16%
DAX 8,033.36 +39.29 +0.49%
CAC 40 5,750.92 +32.17 +0.56%

Asia
Symbol..... Last............ .....Change.......
Nikkei 225 15,924.39 -31.98 -0.20%
Hang Seng 28,501.10 -341.37 -1.18%
Straits Times 3,553.08 -4.87

http://biz.yahoo.com/ap/071210/wall_street.html
Stocks Rise Ahead of Fed Meeting
Monday December 10, 5:01 pm ET
By Madlen Read, AP Business Writer
Wall Street Extends Advance As Investors Hoping for Rate Cut Shrug Off UBS Subprime Writedown

NEW YORK (AP) -- Wall Street advanced Monday as expectations for an interest rate cut from the Federal Reserve and an uptick in pending home sales helped offset concerns about another round of subprime mortgage-related losses. The Dow Jones industrials gained more than 100 points.

Investors remained upbeat ahead of the Fed's rate-setting meeting on Tuesday. Policymakers are broadly expected to lower rates, though economists are still split over whether there will be a quarter-point cut or half-point cut.

The National Association of Realtors gave Wall Street reason to be optimistic Monday when it said its forward-looking index of U.S. home sales rose in October for the second month in a row. Though investors still expect the housing market to remain weak well into 2008, the association is forecasting sales and prices to start recovering modestly next year.

The downturn in housing has led to huge losses among banks that invested in securities backed by mortgages, and on Monday, UBS revealed large writedowns. The Swiss bank said it will write down some $10 billion of subprime mortgage holdings, which could lead to full-year losses. However, its U.S. shares rose $1.10, or 2.2 percent, to $51.58 after the bank unveiled plans for an $11.5 billion cash infusion from the government of Singapore and an unidentified Middle Eastern investor.

"The financial stocks are leading the way higher because of the UBS news," said Donald Selkin, director of equity research at Joseph Stevens. "There is optimism today that we have seen the worst in the financial sector. There is a feeling that these stocks have already discounted the worst case scenario."

The announcement from UBS comes ahead of fourth-quarter earnings from the top U.S. investment banks. Lehman Brothers Holdings Inc. will release results Thursday, while Goldman Sachs Group Inc., Morgan Stanley and Bear Stearns Cos. are scheduled to report next week.

After the closing bell, Washington Mutual Inc. said it will record a $1.6 billion writedown on its home loans business as it announced plans to discontinue all subprime mortgage lending and eliminate 2,600 positions in the home loans segment. The nation's largest savings and loan now expects a loss in the fourth quarter due to the writedown.

The Dow rose 101.45, or 0.74 percent, to 13,727.03.

Broader stock indicators also rose. The Standard & Poor's 500 index rose 11.17, or 0.74 percent, to 1,515.83. The Nasdaq composite index added 12.79, or 0.47 percent, to 2,718.95.

Bond prices fell. The 10-year Treasury note's yield, which moves opposite the price, rose to 4.16 percent from 4.12 percent late Friday.

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

Wall Street has posted robust gains recently as investors grew more confident in the Fed's openness to loosening its policy again. The Dow has risen more than 740 points over the last two weeks, a rally that has brought the blue-chip index to about 3 percent below the record close it reached Oct. 9.

WaMu's shares shed 88 cents, or 4.4 percent, to $19 in aftermarket activity, after the stock rose 85 cents, or 4.5 percent, to close at $19.88.

Blackstone Group LP might be planning a bid to acquire steel company Rio Tinto Ltd., according to Britain's Daily Telegraph. Blackstone would lead a consortium that would include China's sovereign wealth fund, according to the report. Blackstone rose $1.52, or 6.9 percent, to $23.45, and Rio Tinto rose $9.71, or 2.1 percent, to $477.71.

McDonald's Corp., the world's largest fast-food company, said global same-store sales rose 8.2 percent in November. Much of the strength came from overseas, including Europe and Asia. McDonald's, one of the 30 Dow components, rose $1.74, or 2.9 percent, to $61.90.

Shares of Dow component Caterpillar Inc. advanced after a Bear Stearns analyst highlighted the construction and farm equipment maker's focus on China, where the construction market is expected to keep surging. The stock rose $2.38, or 3.2 percent, to $76.58.

Oil prices were volatile amid end-of-year position taking and anticipation of Tuesday's Fed meeting. Light, sweet crude reversed course to close down 42 cents to $87.86 a barrel on the New York Mercantile Exchange.

The Russell 2000 index of smaller companies rose 5.68, or 0.72 percent, to 791.22.

Advancing issues outnumbered decliners by slightly less than 2 to 1 on the New York Stock Exchange. Volume came to 1.17 billion shares, compared with 1.20 billion shares on Friday.

Overseas, Japan's Nikkei stock average closed down 0.20 percent, while Hong Kong's Hang Seng index fell 1.18 percent. Britain's FTSE 100 rose 0.16 percent, Germany's DAX index rose 0.49 percent, and France's CAC-40 increased 0.56 percent.

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

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