NYSE Dow Jones finished today at:

[The Mint Man]

Sorry it's late today people, forgot all about it oh and ditto what I said at the end of my last post

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Sym... Last........ ........Change..........
Dow 12,099.30 -59.91 -0.49%
Nasdaq 2,340.02 -6.88 -0.29%
S&P 500 1,325.19 -8.06 -0.60%
10 Yr Bond(%) 3.6480% +0.0080


Week ending
For the week, the Dow and the Nasdaq composite index lost 4 percent, while the Standard & Poor's 500 gave up 5.4 percent. In the 13 trading sessions of the 2008, the Dow has lost nearly 9 percent, while the S&P has fallen 9.75 percent and the Nasdaq nearly 12 percent.

Overseas
In overseas trade, Japan's Nikkei stock index rose 0.56 percent and Hong Kong's Hang Seng index advanced 0.35 percent. In Europe, London's FTSE 100 finished down 0.01 percent, Frankfurt's DAX fell 1.34 percent and Paris' CAC fell 1.25 percent.

Europe
Sym... Last........ ........Change..........
FTSE 100 5,901.70 -0.70 -0.01%
DAX 7,314.17 -99.36 -1.34%
CAC 40 5,092.40 -64.69 -1.25%

Asia
Sym... Last........ ........Change..........
Nikkei 225 13,861.29 +77.84 +0.56%
Hang Seng 25,201.87 +86.89 +0.35%


http://biz.yahoo.com/ap/080118/wall_street.html
Stocks End Rough Week With Modest Drop
Friday January 18, 11:45 pm ET
By Tim Paradis, AP Business Writer

Stocks Cap Rough Week With Relatively Modest Decline As Stimulus Plan Draws Little Reaction​

NEW YORK (AP) -- Wall Street ended a painful week with another decline Friday as skittish investors unable to hold on to much optimism about the economy drew little comfort from President Bush's stimulus plan.

The day's trading reflected how fractious Wall Street has been in the new year. Investors pulled back from a big early advance, with the major indexes trading mixed as Bush began to speak. By the time the president finished announcing a plan for about $145 billion worth of tax relief, the indexes were well into negative territory.

"It's disappointed in the size of the economic growth package. Wall Street's showing its displeasure," said Kim Caughey, equity research analyst at Fort Pitt Capital Group in Pittsburgh. "Honestly, I think the institutional investors understand the limits to the government's ability to enact economic change."

Coming after Bush's announcement, Friday's pullback made it clear that the stock market is in for a protracted period of uncertainty and continued declines. Investors have shrugged off all the positive signs they've received in recent days, including assurances last week from Federal Reserve Chairman Ben Bernanke that the Fed is ready to act aggressively -- which means a likely big interest rate cut later this month -- to help support an economy pummeled by devastation in the housing and credit markets.

Steven Goldman, chief market strategist at Weeden & Co., contends Wall Street remains concerned about whether other economic troubles are lurking.

"It's a culmination of factors that have been in existence for a while -- it's the unknown," he said.

That uncertainty made for a turbulent week on Wall Street. While it began optimistically, with the Dow Jones industrials surging 172 points on hopes that perhaps the worst of the housing and mortgage crisis might be over, deepening pessimism led to a 277-point plunge Tuesday and a 307-point slide on Thursday.

For the week, the Dow and the Nasdaq composite index lost 4 percent, while the Standard & Poor's 500 gave up 5.4 percent. In the 13 trading sessions of the 2008, the Dow has lost nearly 9 percent, while the S&P has fallen 9.75 percent and the Nasdaq nearly 12 percent.

The market will likely need a long string of upbeat economic and corporate reports before it can regain its footing -- and with the economy clearly weak right now, it is likely to be a while before that kind of data becomes available.

On Friday, the Dow, which was up more than 180 points early in the session, fell 59.91, or 0.49 percent, to 12,099.30.

The broader S&P 500 index fell 8.06, or 0.60 percent, to 1,325.19, while the technology-focused Nasdaq dropped 6.88, or 0.29 percent, to 2,340.02.

The week's sell-off left the Dow and the S&P 500 well below their October highs -- which had the Dow at a record trading high of 14,198.09. The Dow has fallen more than 2,000 points, or 14.6 percent, while the S&P 500 is down nearly 240 points, or 15.3 percent.

Disappointment with Bush's plan came as investors were searching for those companies that might be weathering the economic slowdown well.

Some are indeed doing better than expected -- like International Business Machines Corp., which told Wall Street late Thursday to raise its 2008 profit estimates for the tech company, and General Electric Co., which posted a fourth-quarter profit rise Friday.

But many others are struggling. Washington Mutual Inc. reported a steep loss late Thursday for the fourth quarter, as Citigroup Inc. and Merrill Lynch did earlier in the week. With the banking industry trying to fix its shrinking portfolios and preparing for more distress in consumer debt, the economy may only have the government to fall back on -- and Wall Street didn't hear as much as it wanted from Bush.

In addition, many investors have been hoping that the Federal Reserve would put in place an intra-meeting rate cut before the central bank's next monetary policy meeting Jan. 29-30. "The market is saying to the Fed: we want a rate cut and we want it now. The fact that it is not getting a rate cut is causing a lot of selling that is feeding on itself," said Peter Cardillo, chief market economist at Avalon Partners.

Government bond prices slipped. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was unchanged at 3.63 percent.

On Thursday, a dismal reading on the Philadelphia Fed's manufacturing index and ratings agency downgrades of bond insurers sent the market tumbling. On Friday, a Bank of America Corp. analyst cut its ratings on three bond insurers -- MBIA Inc., Ambac Financial Group and Security Capital Assurance Ltd. -- to "neutral" from "buy."

MBIA fell 67 cents, or 7 percent, to $8.55 after a sharp drop Thursday.

Ambac rebounded from Thursday's drop, though, rising 34 cents, or 5.5 percent, to $6.58. The company said Friday it will ditch its previous plan to raise $1 billion in capital, a decision many investors considered an ill-advised move to maintain its ratings.

Security Capital Assurance fell 17 cents, or 9.3 percent, to $1.65.

A better-than-expected reading on consumer sentiment came as a pleasant surprise to investors Friday, but ultimately did not help Wall Street save its early advance. The University of Michigan's index, which most economists expected show a decline for mid-January, rose instead. Though not a perfect predictor of consumer spending, the report gave Wall Street some hope that Americans' buying might not drop off too precipitously amid worries about a recession.

The dollar rose against most major currencies, while gold slipped.

Crude oil futures rose 44 cents to settle at $90.57 a barrel on the New York Mercantile Exchange.

The Russell 2000 index of smaller companies fell 7.39, or 1.09 percent, to 673.18.

Meanwhile, chip maker Advanced Micro Devices Inc. late Thursday said its fourth-quarter net loss widened, but the loss was smaller than Wall Street predicted. AMD surged 73 cents, or 11.5 percent, to $7.07.

IBM rose $2.30, or 2.3 percent, to $103.40 on its strong forecast.

Washington Mutual rose $1.09, or 8.8 percent, to $13.55. Many investors, in anticipation of an even bigger fourth-quarter loss, had driven the savings and loan's stock sharply lower Thursday.

In overseas trade, Japan's Nikkei stock index rose 0.56 percent and Hong Kong's Hang Seng index advanced 0.35 percent. In Europe, London's FTSE 100 finished down 0.01 percent, Frankfurt's DAX fell 1.34 percent and Paris' CAC fell 1.25 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
Source: http://money.cnn.com/data/world_markets/index.html

The NYSE DOW closed LOWER 128.11 points -1.06% on Tuesday 22:

Sym Last........ ........Change..........
Dow 11,971.19 -128.11 -1.06%
Nasdaq 2,292.27 -47.75 -2.04%
S&P 500 1,310.50 -14.69 -1.11%
30-yr Bond 4.2270% -0.0700

NYSE Volume 6,551,220,000
Nasdaq Volume 3,194,758,250



Overseas
European stocks joined their U.S. counterparts in rebounding after the Fed's rate reduction. Britain's FTSE 100 rose 2.90 percent, France's CAC-40 rose 2.07 percent, Germany's DAX index pared its loss to 0.31 percent.

In Asian trading, which ended before the Fed move, Japan's Nikkei stock average closed down 5.65 percent -- its biggest percentage drop in nearly a decade. Hong Kong's Hang Seng index lost 8.65 percent a day after showing its biggest losses since the Sept. 11, 2001, attacks.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,740.10 +161.90 +2.90%
DAX 6,769.47 -20.72 -0.31%
CAC 40 4,842.54 +98.09 +2.07%

Asia
Symbol..... Last...... .....Change.......

http://biz.yahoo.com/ap/080122/wall_street.html
Stocks Dive, Then Rebound After Fed Cut
Tuesday January 22, 6:23 pm ET
By Madlen Read, AP Business Writer
Stocks Drop, Then Rebound, After Rate Cut -- but Long-Term Recovery Could Be More Difficult

NEW YORK (AP) -- The opening bell hadn't even sounded on Wall Street when the Federal Reserve announced an emergency interest-rate cut. The Dow Jones industrial average fell 465 points -- including 300 in the first minute -- then rebounded to finish down a more bearable 128.

The recovery Tuesday was a victory of sorts for a battered market. But a long-term comeback may depend on factors much more difficult to achieve -- a turnaround in the housing market and renewed confidence among U.S. consumers, who hold up most of the economy.

The alarming early drop in U.S. stocks followed the lead of markets abroad, where investors fled stocks and sent indexes plummeting on fears of a U.S. recession that could spread to other global economies.

By the close, the Dow had recovered to a loss of 128.11, or just over 1 percent, at 11,971.19.

Before trading began, the Federal Reserve moved to slash its benchmark federal funds rate by 0.75 percentage points, to 3.5 percent. It was the widest cut since 1990, the beginning of what the Fed says is a comparable period in the way it handled the rate.

The Fed cut the discount rate, the interest rate the Fed charges banks directly, to 4 percent, also a three-quarter-point cut.

Many traders had anticipated a rate cut, but it was unusual for the Fed to make the call between regularly scheduled meetings of its policy-making Open Markets Committee.

The next meeting is a week away, and even then, most traders were expecting a cut of only a half-point.

The market pulled back a bit from its steep plunge -- the Dow had fallen 277 points on Tuesday of last week, and 307 on Thursday. It was a positive sign, but economists and analysts said a full recovery was not likely in the near term.

"This is a cure for the wrong disease. It makes everybody feel good, but it's not going to have any ongoing benefit," said Daniel Alpert, managing director of Westwood Capital LLC. "We need to get ourselves out of a mountain of debt and overvalued properties."

The markets worry that consumers, who account for two-thirds of economic activity, are not in a position to spend the country back into solid growth. They have been cutting back rather than borrowing or spending more, even during the recent holiday season.

"People are up to their eyeballs in debt, and they're being asked to borrow more," said Mike Schenk, senior economist for the Credit Union National Association.

Interest rate reductions are one strategy the Fed has used in previous crises to help the economy recover. A rate cut tends to spur the economy by making it cheaper for businesses to borrow money.

It would also lighten the burden on individuals with credit card debt and with mortgages that have adjustable rates.

Still, the effect on Wall Street was not overwhelmingly positive: The Standard & Poor's 500 index, the broad market measure most closely followed by traders, fell 14.69, or 1.11 percent, to 1,310.50, while the Nasdaq composite index lost 47.75, or 2.04 percent, to 2,292.27.

Stocks have been beaten down for months amid falling housing prices and a mortgage crisis that began with a stream of failed home loans to consumers with poor credit.

The Dow is down nearly 10 percent since the beginning of the year -- logging its worst first 14 trading days of the year ever. It is down more than 15 percent since its record close of 14,164.53 on Oct. 9, and is at its lowest close since Oct. 17, 2006.

Investors are well aware that housing worries remain: Many adjustable-rate mortgages -- similar to those that went bad last year -- will still be adjusted higher, and home prices are expected to keep falling this year.

Financial companies have lost billions of dollars because of those mortgages, retail sales are falling and companies in general aren't on a spending spree.

Investors, both institutional and individual, are also in a defensive mode, and an interest cut won't immediately change that. In the week ended Jan. 15, when many on Wall Street believed a rate cut was in the offing, investors shoveled money into cash reserves at a record pace, according to iMoneyNet. Assets in money market funds ballooned by $15.96 billion to a high of $3.17 trillion.

And investors pulled an estimated $18.2 billion out of mutual funds, according to TrimTabs Investment Research. So far this year, investors have shifted $41.4 billion out of these investments.

Richard Resch, a 60-year-old salesman at a steamship company, said he met two nights ago with his financial planner to rebalance his money from an 80-20 split in stocks and bonds to a more conservative 50-50 split. His planner told him to hang in there.

"There's no point in panicking now," said Resch, who lives in Long Valley, N.J. "If you see me jump out of a window six months from now, you'll know I was wrong."

For the market to truly gain a foothold, investors need to see strong economic and earnings data in the coming months, including earnings reports and forecasts this week from big multinational companies like Microsoft Corp., AT&T Inc., Caterpillar Inc. and Honeywell International Inc.

The market also needs to hear that financial institutions like Citigroup Inc. and Merrill Lynch & Co., which have lost billions due to investments in failed mortgages, are on their way to solid earnings as well.

"If that doesn't happen, then all this is a short-term bottom before a resumption of selling," said Peter Boockvar, equity strategist at Miller Tabak.

The pack mentality of Wall Street could be the market's biggest driver -- it's what triggered comebacks in the past, and one reason experts say long-term investors should sit tight.

When investors feel the market has indeed gone as low as it should, they'll start buying, even if the economy is not yet barreling higher.

Still, a recovery might take months or years. After the technology bust of 2000 and the 2001 terrorist attacks sent Wall Street into a deep bear market, the market took several years to turn around -- and at that time, Americans had something sure, something physical, to put their money and confidence in: their homes.

That economic pillar, which helped support spending, has cracked. People who took out giant mortgages with tiny down payments, or who used their homes' value to borrow money, no longer have the security of home equity amid a slumping housing market.

And banks that were burned writing mortgages for consumers with shaky credit are now wary of lending, especially since other types of consumer debt, including car loans and credit cards, are seeing defaults rise.

The Bush administration has proposed ways to ease Americans' plight, first with a plan to prevent more mortgages from going sour, and, last week, with an economic stimulus packing that included $145 billion in tax cuts. On Tuesday, the White House said President Bush won't rule out the possibility of a larger package.

But like interest rate cuts, a stimulus package, which would first need the approval of Congress, would not work immediately.

"Economists are not generally impressed by a fiscal stimulus, because it takes a long time to produce the desired effect," said the Credit Union National Association's Schenk. He explained that some people -- shrewdly -- would save the money they receive instead of spend it.


In other trading Tuesday, the yield on the benchmark 10-year Treasury note, which moves opposite its price, sank to 3.48 percent from 3.63 percent late Friday.

Crude oil prices fell 72 cents to settle at $89.85 a barrel on the New York Mercantile Exchange on concerns that a weak economy will dampen energy demand. The dollar fell against most other major currencies except the yen, while gold rose.

Declining stocks outnumbered advancers by about 10 to 7 on the New York Stock Exchange. Consolidated volume came to 6.33 billion shares, up from 5.84 billion Friday.

The Russell 2000 index of smaller companies fell 1.61, or 0.24 percent, to 671.57.

AP Business Writers Jackie Farwell, Tim Paradis and Leslie Wines in New York contributed to this report.

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
Source: http://money.cnn.com/data/world_markets/index.html

The NYSE DOW closed HIGHER +298.98 points +2.50% on Wednesday 23:

Sym Last........ ........Change..........
Dow 12,270.17 +298.98 +2.50%
Nasdaq 2,316.41 +24.14 +1.05%
S&P 500 1,338.60 +28.10 +2.14%
30-yr Bond 4.1750% -0.0520

NYSE Volume 7,549,204,500
Nasdaq Volume 3,677,627,250

Overseas
European stocks closed sharply lower on economic worries and escalating uncertainty about the European Central Bank's willingness to lower rates. Britain's FTSE 100 closed down 2.28 percent, Germany's DAX index fell 4.88 percent, and France's CAC-40 fell 4.25 percent.

In earlier Asian trading, Japan's Nikkei stock average closed up 2.04 percent after falling 5.7 percent Tuesday. Similarly, Hong Kong's Hang Seng index surged 10.72 percent -- its biggest gain in 10 years -- after falling 13.7 percent in the previous two sessions.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,609.30 -130.80 -2.28%
DAX 6,439.21 -330.26 -4.88%
CAC 40 4,636.76 -205.78 -4.25%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,829.06 +256.01 +2.04%
Hang Seng 24,090.17 +2,332.54 +10.72%
Straits Times 3,344.53 +3,344.53 +4.08%

http://biz.yahoo.com/ap/080123/wall_street.html
Stocks Recover From Sharp Losses
Wednesday January 23, 6:49 pm ET
By Madlen Read, AP Business Writer
Wall Street Whiplash: Stocks Plunge, Then Post Big Gains on Day After Fed Rate Cut

NEW YORK (AP) -- It started with another stomach-turning drop at the open, and a loss of more than 300 points by midday. Then stocks changed course, raced higher and closed with a dramatic gain of nearly 300.

This wasn't just volatility. This was Wall Street whiplash.

Amid tumbling housing prices, an ongoing credit crisis and growing fears of a recession, turbulence has become a hallmark of Wall Street in recent weeks. And after five straight days of pullbacks, analysts saw some positive signs in Wednesday's trading.

Investors certainly found a reason to buy, perhaps encouraged by the Federal Reserve's unprecedented 0.75-point interest rate cut a day earlier and a widely held bet on another half-point cut next week.

By day's end, the Dow had swung 631.86 points from its low point to its high -- the largest single-day turnaround in more than five years.

"You might say this is a belated reaction to what the Fed did this week, compounded by hopes for the Fed to do more next week," said Peter Cardillo, chief market economist at Avalon Partners.

The Dow had plunged more than 465 points just after the opening bell Tuesday as the market digested news of the rate cut. But stocks rallied to finish down just 128, then tacked on a 2.5-percent gain on Wednesday.

The Dow Jones industrial average finished the day up 298.98 at 12,270.17. It had been down 323.29 at its low point.

The swing from negative to positive territory of 631.86 points was the largest point move since July 24, 2002, according to Dow Jones Indexes. The largest intraday point swing, a metric that Dow started calculating in 1995, was a 721-point swing on April 14, 2000.

"Volatility is certainly the norm now and not the exception," said Art Hogan, chief market strategist at Jefferies & Co.

He noted that all but two trading days this year had seen triple-digit swings in the Dow, three of them 300 points.

On Wednesday, traders who bet on the Fed's target fed funds rate were pricing in a 100 percent chance of a 0.50-percentage-point cut by the central bank when it meets next Tuesday and Wednesday.

Rate cuts are designed to stimulate borrowing and, in turn, business activity and the overall economy. They also will eventually boost profit margins for banks and other lenders, which have been working to lower costs and raise cash levels through layoffs and stock sales after having lost billions of dollars to bad mortgages and mortgage-related investments. Those companies -- including Citigroup Inc., Washington Mutual Inc. and Merrill Lynch -- were the big winners Wednesday.

"What has happened is the Fed is flooding the system with liquidity and eventually we should see some traction in the economy. And stocks tend to respond first," said Steve Goldman, chief market strategist at Weeden & Co.

Still, analysts were mindful that in recent months Wall Street has been known to soar one day and succumb the next, and that there are still many economic unknowns for the market to weather. And, given that stocks are so badly beaten down, bargain hunting played a part in Wednesday's turnaround.

Before Wednesday's session, the Dow had fallen nearly 10 percent since the start of the year, and it was down more than 15 percent since its record close of 14,164.53 on Oct. 9.

Broader stock indicators also surged Wednesday. The Standard & Poor's 500 index rose 28.10, or 2.14 percent, to 1,338.60, while the Nasdaq composite index rose 24.14, or 1.05 percent, to 2,316.41.

Advancing issues outpaced decliners by nearly 3 to 1 on the New York Stock Exchange. Consolidated volume came to a heavy 7.33 billion shares, up from 6.33 billion Tuesday.

Bond prices turned lower as stocks rebounded. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell in earlier trading but then recovered to 3.55 percent, up from 3.41 percent late Tuesday.

At its lowest point Tuesday, the Dow was 17.9 percent below its October closing high, meaning that the stock market has come perilously close to the 20 percent threshold that defines a bear market.

Investors may go into the market to be sure they don't miss out on a rally -- or the gains may be knocked down again.

Wall Street faces several months of uncertainty, with the bulk of fourth-quarter earnings reports still to come and economic reports likely to be disappointing. When it's more clear companies and consumers are spending freely, investors might relax.

However, with consumers burdened by debt and cutting back spending, it's impossible to predict when that relief will come.

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

Battered small-cap companies -- which rely heavily on borrowing to grow their businesses -- got a lift Wednesday. The Russell 2000 index of smaller companies rose 21.86, or 3.26 percent, to 693.43.

Before the turnaround in U.S. stocks, European stocks closed sharply lower on economic worries and escalating uncertainty about the European Central Bank's willingness to lower rates. Britain's FTSE 100 closed down 2.28 percent, Germany's DAX index fell 4.88 percent, and France's CAC-40 fell 4.25 percent.

In earlier Asian trading, Japan's Nikkei stock average closed up 2.04 percent after falling 5.7 percent Tuesday. Similarly, Hong Kong's Hang Seng index surged 10.72 percent -- its biggest gain in 10 years -- after falling 13.7 percent in the previous two sessions.

AP Business Writers Leslie Wines and Tim Paradis in New York contributed to this report.

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
Source: http://money.cnn.com/data/world_markets/index.html

The NYSE DOW closed HIGHER +108.44 points +0.88% on Thursday 24:

Sym Last........ ........Change..........
Dow 12,378.61 +108.44 +0.88%
Nasdaq 2,360.92 +44.51 +1.92%
S&P 500 1,352.07 +13.47 +1.01%
30-yr Bond 4.3530% +0.1780

NYSE Volume 5,783,910,500
Nasdaq Volume 3,019,959,250

Overseas
Japan's Nikkei stock average closed up 2.06 percent and Hong Kong's Hang Seng index fell 2.29 percent.

Britain's FTSE 100 finished ahead by 4.75 percent, Germany's DAX index surged 5.93 percent, and France's CAC-40 jumped 6.01 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,875.80 +266.50 +4.75%
DAX 6,821.07 +381.86 +5.93%
CAC 40 4,915.29 +278.53 +6.01%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,092.78 +263.72 +2.06%
Hang Seng 23,539.27 -550.90 -2.29%
Straits Times 3,344.53

http://biz.yahoo.com/ap/080124/wall_street.html
Wall Street Extends Its Rebound
Thursday January 24, 4:35 pm ET
By Tim Paradis, AP Business Writer
Stocks Extend Their Gains Following Employment Report, Hopes for Stimulus Plan

NEW YORK (AP) -- Wall Street scored its second straight big advance Thursday after economic figures suggested the job market is holding up and as lawmakers promised measures that could ease concerns about consumer spending. The Dow Jones industrials rose more than 100 points, bringing its two-day gain to more than 400.

While stocks fluctuated throughout the session, trading was decidedly more calm than on Wednesday, when Wall Street executed a stunning turnaround that transformed a sharp sell-off into big gains for stocks. Thursday's rise was notable, however, as investors will often move in a day after a rally or plunge to take profits or scoop up bargains. That the buying largely continued was a positive sign, observers said.

Investors were clearly interested in buying, but despite the size of the advance, there didn't appear to be much conviction it -- the market is still searching for clues about the economy in hopes of determining whether it will soon pick up or perhaps slow and tip into recession.

In addition, the market wobbled during the session after Fitch Ratings lowered its rating on bond insurer Security Capital Assurance Ltd. Bond insurers have been hurt in the fallout from the mortgage and credit crises, and news of their problems has shaken the market.

But those seeking good news found some in a Labor Department report that said the number of people seeking unemployment benefits last week fell for a fourth straight week. Applications for benefits dropped 1,000 to 301,000, pushing claims down to the lowest level in four months.

Investors also appeared pleased by a widely anticipated agreement between Congressional leaders and the White House on an economic stimulus package. The agreement calls for most tax filers to be given refunds of $600 to $1,200, and more if they have children.

Bill Dwyer, chief investment officer at MTB Investment Advisors in Baltimore, said Wall Street found some relief from word of the economic stimulus plan as well as the efforts of regulators to help bond insurers. He said the Federal Reserve's decision to lower interest rate this week could also help some struggling homeowners hold onto their properties. The efforts, he said, could ultimately help stave off recession.

"People have that 'R' word stuck on the front of their forehead. It's really just a dramatic slowing of growth. We may not have a recession," Dwyer said.

According to preliminary calculations, the Dow Jones industrial average rose 108.44, or 0.88 percent, to 12,378.61, following a nearly 300 point surge on Wednesday. The Dow has not finished higher for two straight sessions since Jan. 9-10.

Broader stock indicators also rose. The Standard & Poor's 500 index rose 13.47, or 1.01 percent, to 1,352.07, and the Nasdaq composite index advanced 44.51, or 1.92 percent, to 2,360.92.

Advancing issues outnumbered decliners by 4 to 3 on the New York Stock Exchange, where volume came to 2.18 billion shares.

The Dow on Wednesday swung 631.86 points from its low point to its high -- its largest single-day reversal in more than five years.

Stephen Carl, principal and head of equity trading at The Williams Capital Group, said Thursday's overall trading reflected a continuation of the bounce that first began on Tuesday, when the Fed lowered its federal funds rate by a steep 0.75 percentage point, or 75 basis points, to 3.5 percent.

He said investors were also encouraged that the government's rebate plan, while not perfect, appeared to be progressing. Still, despite some investors' mostly upbeat mood, uncertainty remained. The market's about-face Wednesday, while certainly a relief for many investors, illustrated the fractiousness that has settled into Wall Street in recent months.

"We still have a long way to go in getting the economy on track," Carl said. "Whether we dip into a recession or not, a lot of things need to be fleshed out in the markets."

Bond prices fell as stocks rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.67 percent from 3.55 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.

Light, sweet crude oil for March delivery rose $2.42 to settle at $89.30 a barrel on the New York Mercantile Exchange after the agreement on the economic stimulus plan. Traders wagered the plan to put money in consumers' pockets could increase demand for oil.

Some of Wall Street's most recent concerns relate to the downgrade from Security Capital and broader unease about the stability of bonds. However, investors also looked to New York state regulators in hopes they can hatch a plan to shore up the bond insurance industry. New York Insurance Superintendent Eric Dinallo said in a statement Thursday it likely will take time to draw up measures to help the industry.

After the Fitch downgrade, Security Capital fell $1.16, or 30.6 percent, to $2.63.

Beyond bond insurers, investors had concerns about the health of corporate profits. Online auctioneer eBay Inc. said late Wednesday its fourth-quarter earnings and revenue showed gains. While the results were stronger than Wall Street had expected, investors were concerned by the company's first-quarter forecast, which fell short of expectations. The stock fell $1.76, or 6.1 percent, to $27.18.

Ford Motor Co. reported it lost $2.7 billion in the fourth quarter as weakness in North America offset gains in markets elsewhere; the loss was narrower than the $5.6 billion seen a year earlier, however. Excluding special items, Ford's results fell just short of Wall Street's target. Ford slipped 4 cents to $6.26.

The Russell 2000 index of smaller companies dipped 0.71, or 0.10 percent, to 692.72.

Overseas, Japan's Nikkei stock average closed up 2.06 percent and Hong Kong's Hang Seng index fell 2.29 percent. Britain's FTSE 100 finished ahead by 4.75 percent, Germany's DAX index surged 5.93 percent, and France's CAC-40 jumped 6.01 percent.

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

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

 

[black_bird2]

I don't know about anyone else, but BigDog is back on deck and it has been good news ever since! Coincidence, who knows . No offence Mint Man, but have enjoyed reading Bigdog's morning post a whole lot more

 

[bigdog]

I don't know about anyone else, but BigDog is back on deck and it has been good news ever since! Coincidence, who knows . No offence Mint Man, but have enjoyed reading Bigdog's morning post a whole lot more

black_bird2 and The Mint Man

I am still in Thailand for one more week (four hours behind)

I was up early this morning and but will continue to update
-- most postings will be late
-- I now have better access rather than internet cafe.

Lets hope things continue to improve!

I am please with WorleyParson WOR SP increase this morning and hopefully heading back to high $40's

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html

The Dow Jones industrial average ended the week up 107.87, or 0.89 percent, at 12,207.17. The Standard & Poor's 500 index finished up 5.42, or 0.41 percent, at 1,330.61. The Nasdaq composite index ended down 13.82, or 0.59 percent, at 2,326.20.

The NYSE DOW closed LOWER -171.44 points on Fiday 25

Sym Last........ ........Change..........
Dow 12,207.17 -171.44 -1.38%
Nasdaq 2,326.20 -34.72 -1.47%
S&P 500 1,330.61 -21.46 -1.59%
30-yr Bond 4.2820% -0.0710
NYSE Volume 4,936,777,500
Nasdaq Volume 2,658,140,000

Overseas
Britain's FTSE 100 closed down 0.12 percent, Germany's DAX index finished off 0.06 percent, and France's CAC-40 fell 0.76 percent. Japan's Nikkei stock average jumped 4.10 percent after falling sharply earlier in the week. Hong Kong's Hang Seng index likewise surged 6.73 percent by the close.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,869.00 -6.80 -0.12%
DAX 6,816.74 -4.33 -0.06%
CAC 40 4,878.12 -37.17 -0.76%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,629.16 +536.38 +4.10%
Hang Seng 25,122.37 +1,583.10 +6.73%

http://biz.yahoo.com/ap/080125/wall_street.html
Stocks Fall, Giving Up Early Gains
Friday January 25, 5:39 pm ET
By Tim Paradis, AP Business Writer
Stocks Cap Volatile Week With Sizable Decline; Microsoft Results Help Tech Index

NEW YORK (AP) -- Wall Street ended a tumultuous week with a sharp decline Friday, backtracking following two days of stunning gains as investors turned cautious and cashed in some of their winnings. The Dow Jones industrial average still managed to record its first weekly advance of 2008, even as it fell more than 170 points on the day.

The week, which started with a 465-point drop in the Dow soon after the market opened Tuesday, showed that the stock market is still fractious but may be going through healthy process of trying to establish a bottom following weeks of sharp declines.

Investors had an initial burst of enthusiasm Friday, sending each of the major indexes up more than 1 percent, after upbeat profit reports from big names like Microsoft Corp. and word of a possible buyout of a trouble bond insurer. But the advance proved short-lived and the eventual decline wasn't surprising given that investors putting down bets ahead of the weekend were coming off two days of big gains -- including 400 points in the Dow.

"People may be looking to take some profits off the table in this volatile market. And there's a lot of activity that's coming up next week," Scott Fullman, director of investment strategy for I. A. Englander & Co., said during the day's back-and-forth trading.

President Bush is scheduled to deliver his State of the Union address Monday. Meanwhile, the Federal Reserve is expected to hold its first regularly scheduled meeting of the year on Tuesday and Wednesday, and then the Labor Department will weigh in on the state of the job market on Friday.

Despite the pullback, Wall Street's tone Friday stood in sharp contrast to the intensely dour mood that hung over the market when the week began. While U.S. markets were closed Monday for Martin Luther King Jr. Day, stocks in Asia and Europe plunged amid fears of a precipitous slowdown in the U.S. economy. To stave off a similar sell-off in the U.S. over recession fears, the Fed stepped in before the opening bell Tuesday with an emergency interest rate cut.

The central bank's move to lower rates by a big 0.75 percentage point to 3.5 percent helped shore up investors' confidence and led stocks to end the day well off their lows, although they still closed down. A day later, on Tuesday, Wall Street had an astonishing about-face, with the Dow swinging more than 630 points and turning a sharp sell-off into huge gains. Stocks then extended their advance Thursday.

The Fed is widely expected to cut rates again at next week's meeting; many analysts expect a half-point cut.

With Friday's decline, the market might well be following the pattern of past corrections, when huge gains were often followed by some retrenchment. Many market watchers consider such backing and filling a sign of health. However, with much economic uncertainty ahead, investors may need months before they can decide whether to take the market solidly higher.

The Dow fell 171.44, or 1.38 percent, to 12,207.17. The Dow had been up more than 100 points in the early going.

Broader stock indicators also fell. The Standard & Poor's 500 index fell 21.46, or 1.59 percent, to 1,330.61. The technology-heavy Nasdaq composite index fell 34.72, or 1.47 percent, to 2,326.20.

Despite the huge moves seen during the week, stocks finished not far beyond where they began, with the Dow adding 108 points, or 0.89 percent. The S&P 500 ended the week up 0.41 percent and the Nasdaq lost 0.59 percent.

Declining issues outpaced advancers by about 3 to 2 Friday on the New York Stock Exchange. Consolidated volume came to 4.78 billion shares, down from 5.48 billion shares traded Thursday.

Government bond prices jumped as stocks declined. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.56 percent from 3.71 percent late Thursday.

The dollar was mixed against other major currencies, while gold prices rose. Light, sweet crude oil advanced $1.30 to settle at $90.71 a barrel on the New York Mercantile Exchange.

Investors are looking for clues about whether the market is due to add to its gains after a brief hiatus or whether another pullback is in the offing. Despite the increases logged this week, stocks are still down sharply in the new year.

"The market is extremely sensitive to any news that's out there. A year ago, it brushed off a lot of stuff. Now, it's just the opposite, and we're seeing reactions nearly immediately when things come out," Fullman said.

Despite giving up the early gains, Wall Street still appeared pleased by reports from U.K. newspapers that billionaire Wilbur Ross was in talks to acquire bond insurer Ambac Financial Group Inc. Financial woes at many U.S. bond insurers have caused headaches in recent weeks for investors worldwide who have worried that tightness in the credit markets could worsen should one of the companies buckle under an inability to draw new business.

Ambac rose 21 cents to $11.54.

Word of Ross' interest follows comments this week by New York State regulators that indicated they would consider lending support to shore up the struggling bond insurance industry. While uncertainty remains over what role regulators might play, the comments initially helped reassure Wall Street and made room for stocks to rally.

Other corporate news appeared to offer investors mixed readings on the economy.

Microsoft finished down 31 cents at $32.94 after spending much of the session higher. The company raised its forecast for the rest of its fiscal year, which ends in June, and said its quarterly earnings jumped 79 percent. Microsoft cited the growing importance of its sales outside the U.S.

The Russell 2000 index of smaller companies fell 4.12, or 0.59 percent, to 688.60.

Overseas, Britain's FTSE 100 closed down 0.12 percent, Germany's DAX index finished off 0.06 percent, and France's CAC-40 fell 0.76 percent. Japan's Nikkei stock average jumped 4.10 percent after falling sharply earlier in the week. Hong Kong's Hang Seng index likewise surged 6.73 percent by the close.

The Dow Jones industrial average ended the week up 107.87, or 0.89 percent, at 12,207.17. The Standard & Poor's 500 index finished up 5.42, or 0.41 percent, at 1,330.61. The Nasdaq composite index ended down 13.82, or 0.59 percent, at 2,326.20.

The Russell 2000 index finished the week up 15.42, or 2.29 percent, at 688.60.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 13,423.62, up 115.17 points, or 0.87 percent, for the week. A year ago, the index was at 14,358.67.

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
Source: http://money.cnn.com/data/world_markets/index.html

The NYSE DOW closed HIGHER +176.72 points +1.45% on Monday 28
Sym Last........ ........Change..........
Dow 12,383.89 +176.72 +1.45%
Nasdaq 2,349.91 +23.71 +1.02%
S&P 500 1,353.97 +23.36 +1.76%
30-yr Bond 4.2820% 0.0000

NYSE Volume 4,128,162,750
Nasdaq Volume 2,111,536,250

Overseas
Asian trading saw steep losses as investors reacted to Friday's U.S. trading. In Tokyo, the Nikkei stock average dropped 4 percent and a key index in Shanghai plunged 7.2 percent.

In late trading in Europe, London's FTSE 100 fell 1.36 percent, Frankfurt's DAX rose 0.03 percent and Paris's CAC 40 lost 0.61 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,788.90 -80.10 -1.36%
DAX 6,818.85 +2.11 +0.03%
CAC 40 4,848.30 -29.82 -0.61%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,087.91 -541.25 -3.97%
Hang Seng 24,053.61 -1,068.76 -4.25%

http://biz.yahoo.com/ap/080128/wall_street.html
Stocks Rise on Rate Cut Hopes
Monday January 28, 5:46 pm ET
By Madlen Read, AP Business Writer
Wall Street Advances After Big Drop in New Home Sales, Disappointing Earnings

NEW YORK (AP) -- A jittery Wall Street advanced Monday, reversing some of Friday's sharp losses as investors took a dismal new home sales report as a sign the Federal Reserve will lower rates this week.

The Dow Jones industrial average rose more than 176 points in a session that was relatively calm when compared to the turbulence of last week.

On the surface, the advance appeared surprising after the Commerce Department reported sales of new homes in December fell by 4.7 percent and that 2007 new home sales plunged by a record 26.4 percent compared to 2006. But while the report at first exacerbated the market's concern that the housing and mortgage crises are causing a recession, it also raised hopes that the Fed might cut rates again by a wide margin to stoke the weakening U.S. economy.

"Anticipation of another Fed rate cut is the main magnet in the market today," said Alfred E. Goldman, chief market strategist at A.G. Edwards & Sons Inc.

He was skeptical the gains would stick -- anything the Fed decides after its two-day meeting lets out Wednesday could be met with disappointment. If the rate cut is small or nonexistent, the market will likely be unsatisfied; if the cut is wide, the market may worry the economy is worse than it thought.

"If we do rally into a Fed rate cut, we have a lose-lose situation," Goldman said.

And traders who bet on the Fed's next move were pricing in a more than 80 percent chance of a half-point cut.

"Any less than that could be a problem," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research.

The Dow rose 176.72, or 1.45 percent, to 12,383.89 after falling as many as 95 points in morning trading. On Friday, the blue chip index tumbled 171 points after a two-day advance of more than 400 points.

Broader stock indicators also advanced Monday. The Standard & Poor's 500 index rose 23.36 or 1.76 percent, to 1,353.97, while the Nasdaq composite index rose 23.71, or 1.02 percent, to 2,349.91.

Government bond prices slipped as stocks rose. The 10-year Treasury note's yield, which moves opposite its price, was unchanged at 3.58 percent -- and did not move in after-hours trading.

Alexander Paris, economist and market analyst for Chicago-based Barrington Research, said most investors were waiting for the Fed to announce its decision on Wednesday before making any big bets. That was one of the reason for a quiet trading day where the Dow stayed mostly in positive territory.

"It was calmer than I expected it would be, especially when you have lots of news for investors to look at," he said. "But, it's the Fed offsetting the news -- and people don't want to make a big move when you don't know what they're going to do about interest rates."

However, trading for the week is expected to be volatile as Wall Street digests President Bush's final State of the Union address Monday evening and the Fed's rate announcement Wednesday. Last Tuesday, in an emergency move, the Fed lowered rates by 0.75 of a percentage point.

Hopes for another large cut on Wednesday had been tempered late last week by news that French bank Societe Generale sold European index futures to close positions taken by an alleged rogue trader. It is thought those trades may have aggravated the massive losses in Europe and Asian trading last Monday, when the U.S. markets were closed.

Profit reports Monday were ostensibly upbeat, but revealed some troubling signals about the economy. Fast food seller McDonald's, a Dow component, said its quarterly profit rose 3 percent due to tax benefits and strong sales, but December U.S. sales were flat with a year ago as cash-strapped consumers pared back spending. McDonald's shares fell $3.03, or 5.6 percent, to $51.07.

Merger and acquisition news added to the market's uncertainty. Blackstone Group LP on Monday said it is still interested in buying Alliance Data Systems Corp., but that the $6.4 billion deal is in jeopardy because regulators want to place onerous terms on the takeover. ADS dropped $23.12, or 35 percent, to $42.48. Blackstone slipped 21 cents to $19.15.

The dollar fell against most major currencies except the yen, and gold prices rose.

Crude oil rose 28 cents to settle at $90.99 a barrel on the New York Mercantile Exchange.

Advancing issues outnumbered decliners by nearly 3 to 1 on the New York Stock Exchange, where consolidated volume came to 3.96 billion shares, compared to 4.78 billion on Friday.

The Russell 2000 index of smaller companies rose 13.79, or 2.00 percent, to 702.39.

Asian trading saw steep losses as investors reacted to Friday's U.S. trading. In Tokyo, the Nikkei stock average dropped 4 percent and a key index in Shanghai plunged 7.2 percent. In late trading in Europe, London's FTSE 100 fell 1.36 percent, Frankfurt's DAX rose 0.03 percent and Paris's CAC 40 lost 0.61 percent.

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

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

 

[bigdog]

Dow Jones looking better this morning just before opening

Dow 12,413.24 +29.35 +0.24%
Nasdaq 2,349.98 +0.07 +0.00%
S&P 500 1,358.48 +4.51 +0.33%
30-yr Bond 4.3230% +0.0410

NEW YORK (AP) -- Wall Street was mixed in early trading Tuesday as the Federal Reserve opened a two-day meeting expected to result in another interest rate cut.

The Fed's imminent rate decision is clearly the market's focus this week, so trading will be marked by investors' conjectures about policymakers' thoughts on the weak economy and crunched financial industry. The meeting is not scheduled to end until Wednesday afternoon, though, so the market in the meantime digested Tuesday's data on earnings and durable goods.

Europe with one hour to close
FTSE 100 5,846.90 +58.00 +1.00%
DAX 6,894.79 +75.94 +1.11%
CAC 40 4,921.55 +73.25 +1.51%

Asia up today
Nikkei 225 13,478.86 +390.95 +2.99%
Hang Seng 24,291.80 +238.19 +0.99%

 

[The Mint Man]

I don't know about anyone else, but BigDog is back on deck and it has been good news ever since! Coincidence, who knows . No offence Mint Man, but have enjoyed reading Bigdog's morning post a whole lot more

I have been away for 6 days, the news paper was my only connection to the markets..... I should go away more often

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html

The NYSE DOW closed HIGHER +96.41 points +0.78% on Tuesday 29
Sym Last........ ........Change..........
Dow 12,480.30 +96.41 +0.78%
Nasdaq 2,358.06 +8.15 +0.35%
S&P 500 1,362.30 +8.33 +0.62%
30-yr Bond 4.3360% +0.0540

NYSE Volume 4,104,735,000
Nasdaq Volume 2,160,048,500

Overseas
Tokyo's Nikkei stock average closed up 2.99 percent; Shanghai's key index added 0.87 percent; and Hong Kong's main index rose 0.99 percent.

London's FTSE rose 1.66 percent; Frankfurt's DAX rose 1.09 percent; and Paris' CAC rose 1.92 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,885.20 +96.30 +1.66%
DAX 6,892.96 +74.11 +1.09%
CAC 40 4,941.45 +93.15 +1.92%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,478.86 +390.95 +2.99%
Hang Seng 24,291.80 +238.19 +0.99%

http://biz.yahoo.com/ap/080129/wall_street.html
Stocks Advance As Investors Await Fed
Tuesday January 29, 4:28 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Mostly Higher As Federal Reserve Starts 2-Day Meeting on Interest Rates

NEW YORK (AP) -- Wall Street advanced sharply Tuesday as the Federal Reserve opened a two-day meeting expected to bring another interest rate cut to revitalize the U.S. economy.

The Fed's rate decision is clearly the market's focus this week, and trading is marked by investors' conjectures about policymakers' thoughts on the weak economy and crunched financial industry. With an announcement not expected until Wednesday afternoon, the market in the meantime digested data on earnings, consumer spending and durable goods.

Investors did get some encouragement about the economy after the Commerce Department said orders for big-ticket items rose 5.2 percent in December, the widest jump in five months. In addition, the Conference Board reported consumer confidence fell in January -- pretty much as expected.

Economic data will continue to be scrutinized as investors try to determine what the Fed's take is on the economy. Investors are angling for a half-point cut following its emergency three-quarter-point cut last week.

"The market is just in a holding pattern," said Todd Leone, managing director of equity trading at Cowen & Co. "It seems we've hit a short-term bottom, and the market has been stabilizing as we wait to hear what the Fed says."

According to preliminary calculations, the Dow Jones industrial average rose 96.41, or 0.78 percent, to 12,480.30. The blue chip index closed near its high of the day.

Broader indexes also rose. The Standard & Poor's 500 index rose 8.34, or 0.62 percent, to 1,362.30, and the Nasdaq composite advanced 8.15, or 0.35 percent, to 2,358.06.

Government bond prices fell as stocks rose, indicating that investors feel less need for the safety of Treasurys. The 10-year Treasury note's yield, which moves opposite its price, was at 3.66 percent, up from 3.58 percent late Monday.

The dollar was mixed against most major currencies, and gold prices fell.

Oil prices moved higher as traders waited to see what the Fed's next move will be. A barrel of light sweet crude rose 65 cents to $91.64 a barrel on the New York Mercantile Exchange.

Wall Street has been extremely volatile in recent weeks amid fears of a U.S. recession and further write-downs in the financial sector. However, that has given way to a more quiet tone this week as investors looked for their second-straight day of gains before the Fed's decision.

Central bankers are widely expected to lower its key rate, now at 3.5 percent, by as much as one-half percentage point to 3 percent when policy-makers wrap up on Wednesday. This will be the last meeting for seven weeks, but that doesn't rule out another emergency cut in the meantime.

Rate cuts are just one part of the central bank's plan to boost the economy. The Fed auctioned $30 billion in funds to commercial banks on Tuesday -- the fourth time since last month it has provided cash-strapped banks with extra reserves.

The auction is designed to keep banks lending and prevent a severe credit squeeze from pushing the country into a recession. Global banks have lost about $141 billion since the credit crisis began last year.

But, all of this has done little to convince investors that Wall Street will return to the high levels seen in October anytime soon. Since most investors have priced in a rate cut, the market might still continue to trend lower until the economy shows signs the Fed's policy is working, analysts said.

"It is going to take a little time, and one thing people have to realize is that sometimes consolidation is healthy because the market can't run forever," said Ryan Larson, senior equity trader at Voyageur Asset Management. "Since October we've been worried about slower growth and rising inflation, and right now we're in a haze."

Consolidation over the past three months has certainly been dramatic. The Dow is down about 12 percent, or more than 1,700 points; the S&P has plunged 13 percent, or about 204 points; and the tech-heavy Nasdaq has lost about 507 points, or 18 percent.

Larson also said the market is scrutinizing corporate earnings, and what chief executives say about 2008. As American Express Co.'s fourth-quarter results indicated Monday, companies are being forced to prepare for a climate throughout 2008 of deteriorating credit and slower spending.

AmEx, the world's third-largest credit card brand, said its fourth-quarter profit fell 10 percent after socking away more cash in reserve to use in case cardholders can't pay back their debt. Shares rose 40 cents to $47.80.

In other corporate news, embattled mortgage lender Countrywide Financial Corp., which was recently bought by Bank of America Corp., posted a sharp loss, as expected, due to its missteps in subprime lending. Countrywide rose 36 cents, or 6.2 percent, to $6.31; BofA added 74 cents to $41.93.

The Russell 2000 index of smaller companies rose 2.81, or 0.40 percent, to 705.20.

Advancing issues led decliners by a 2-to-1 basis on the New York Stock Exchange, where volume came to 1.34 billion.

In Asian trading, Tokyo's Nikkei stock average closed up 2.99 percent; Shanghai's key index added 0.87 percent; and Hong Kong's main index rose 0.99 percent. In European trading, London's FTSE rose 1.66 percent; Frankfurt's DAX rose 1.09 percent; and Paris' CAC rose 1.92 percent.

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

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

 

[The Mint Man]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html

The NYSE DOW closed HIGHER +96.41 points +0.78% on Tuesday the 29th.

Sym Last........ ........Change..........
Dow 12,480.30 +96.41 +0.78%
Nasdaq 2,358.06 +8.15 +0.35%
S&P 500 1,362.30 +8.33 +0.62%
10 Yr Bond(%) 3.6580% +0.0720

Overseas
In Asian trading, Tokyo's Nikkei stock average closed up 2.99 percent; Shanghai's key index added 0.87 percent; and Hong Kong's main index rose 0.99 percent. In European trading, London's FTSE rose 1.66 percent; Frankfurt's DAX rose 1.09 percent; and Paris' CAC rose 1.92 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,885.20 +96.30 +1.66%
DAX 6,892.96 +74.11 +1.09%
CAC 40 4,941.45 +93.15 +1.92%

Asia
Symbol..... Last...... .....Change.......
Hang Seng +238.19 +0.99%
HSCC Red Chip +37.99 +0.73%
Nikkei 225 +390.95 +2.99%


Stocks Advance As Investors Await Fed
Tuesday January 29, 4:28 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Mostly Higher As Federal Reserve Starts 2-Day Meeting on Interest Rates


NEW YORK (AP) -- Wall Street advanced sharply Tuesday as the Federal Reserve opened a two-day meeting expected to bring another interest rate cut to revitalize the U.S. economy.
The Fed's rate decision is clearly the market's focus this week, and trading is marked by investors' conjectures about policymakers' thoughts on the weak economy and crunched financial industry. With an announcement not expected until Wednesday afternoon, the market in the meantime digested data on earnings, consumer spending and durable goods.

Investors did get some encouragement about the economy after the Commerce Department said orders for big-ticket items rose 5.2 percent in December, the widest jump in five months. In addition, the Conference Board reported consumer confidence fell in January -- pretty much as expected.

Economic data will continue to be scrutinized as investors try to determine what the Fed's take is on the economy. Investors are angling for a half-point cut following its emergency three-quarter-point cut last week.

"The market is just in a holding pattern," said Todd Leone, managing director of equity trading at Cowen & Co. "It seems we've hit a short-term bottom, and the market has been stabilizing as we wait to hear what the Fed says."

According to preliminary calculations, the Dow Jones industrial average rose 96.41, or 0.78 percent, to 12,480.30. The blue chip index closed near its high of the day.

Broader indexes also rose. The Standard & Poor's 500 index rose 8.34, or 0.62 percent, to 1,362.30, and the Nasdaq composite advanced 8.15, or 0.35 percent, to 2,358.06.

Government bond prices fell as stocks rose, indicating that investors feel less need for the safety of Treasurys. The 10-year Treasury note's yield, which moves opposite its price, was at 3.66 percent, up from 3.58 percent late Monday.

The dollar was mixed against most major currencies, and gold prices fell.

Oil prices moved higher as traders waited to see what the Fed's next move will be. A barrel of light sweet crude rose 65 cents to $91.64 a barrel on the New York Mercantile Exchange.

Wall Street has been extremely volatile in recent weeks amid fears of a U.S. recession and further write-downs in the financial sector. However, that has given way to a more quiet tone this week as investors looked for their second-straight day of gains before the Fed's decision.

Central bankers are widely expected to lower its key rate, now at 3.5 percent, by as much as one-half percentage point to 3 percent when policy-makers wrap up on Wednesday. This will be the last meeting for seven weeks, but that doesn't rule out another emergency cut in the meantime.

Rate cuts are just one part of the central bank's plan to boost the economy. The Fed auctioned $30 billion in funds to commercial banks on Tuesday -- the fourth time since last month it has provided cash-strapped banks with extra reserves.

The auction is designed to keep banks lending and prevent a severe credit squeeze from pushing the country into a recession. Global banks have lost about $141 billion since the credit crisis began last year.

But, all of this has done little to convince investors that Wall Street will return to the high levels seen in October anytime soon. Since most investors have priced in a rate cut, the market might still continue to trend lower until the economy shows signs the Fed's policy is working, analysts said.

"It is going to take a little time, and one thing people have to realize is that sometimes consolidation is healthy because the market can't run forever," said Ryan Larson, senior equity trader at Voyageur Asset Management. "Since October we've been worried about slower growth and rising inflation, and right now we're in a haze."

Consolidation over the past three months has certainly been dramatic. The Dow is down about 12 percent, or more than 1,700 points; the S&P has plunged 13 percent, or about 204 points; and the tech-heavy Nasdaq has lost about 507 points, or 18 percent.

Larson also said the market is scrutinizing corporate earnings, and what chief executives say about 2008. As American Express Co.'s fourth-quarter results indicated Monday, companies are being forced to prepare for a climate throughout 2008 of deteriorating credit and slower spending.

AmEx, the world's third-largest credit card brand, said its fourth-quarter profit fell 10 percent after socking away more cash in reserve to use in case cardholders can't pay back their debt. Shares rose 40 cents to $47.80.

In other corporate news, embattled mortgage lender Countrywide Financial Corp., which was recently bought by Bank of America Corp., posted a sharp loss, as expected, due to its missteps in subprime lending. Countrywide rose 36 cents, or 6.2 percent, to $6.31; BofA added 74 cents to $41.93.

The Russell 2000 index of smaller companies rose 2.81, or 0.40 percent, to 705.20.

Advancing issues led decliners by a 2-to-1 basis on the New York Stock Exchange, where volume came to 1.34 billion.

In Asian trading, Tokyo's Nikkei stock average closed up 2.99 percent; Shanghai's key index added 0.87 percent; and Hong Kong's main index rose 0.99 percent. In European trading, London's FTSE rose 1.66 percent; Frankfurt's DAX rose 1.09 percent; and Paris' CAC rose 1.92 percent.

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

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

All green, black_bird2 is that a bit better?

 

[Kauri]

Yahoo shares have fallen over 10% after they announced after the market closed a 23% drop in Q4 profit and gave a pessimistic assessment for 2008.

Cheers
...........Kauri

 

[ithatheekret]

Awe that's gonna upset Macke , if my head wasn't pounding so much I'd turn the tv on , just for the laugh .

 

[ithatheekret]

I mentioned this in a couple of other threads , sorry for hijacking your thread .

The Dow transport is getting those green glows peoples , this can be looked at many ways , but I stand by the motto , transport leads the way .

To me it's not a signal that it's all over yet , but it does tell me in my interpretation , that the markets are close to trying to attain a bottom .

It's actually positive to me , but not bullish the markets yet , it's that glint of light at the end of the tunnel , we're getting closer . IMHO The length of the tunnel is another matter altogether though .

Of course pellet , I mean Ben , could stuff it all up with a disappointment for a few more months .

 

[barnz2k]

check out the spike in the Dow last night! I guess thats when they announced the cut, up to 1.6% and then back to negative again within a couple hours!

 

[Aussiejeff]

I have been away for 6 days, the news paper was my only connection to the markets..... I should go away more often

Do you have any more holidays due soon?

AJ

 

[Aussiejeff]

check out the spike in the Dow last night! I guess thats when they announced the cut, up to 1.6% and then back to negative again within a couple hours!

You are too generous...

In fact, the DJIA fell a whopping 200pts from the post announcement intra-day high in JUST 1 HOUR of final trade. That sort of swan dive off the cliff really inspires confidence ... NOT!

I suspect the next inevitable .5% - 1% worth of rate cuts will have a similar *P-H-H-H-T-T-TT!!!* response...


AJ

 

[The Mint Man]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html

Sym Last........ ........Change..........
Dow 12,442.83 -37.47 -0.30%
Nasdaq 2,349.00 -9.06 -0.38%
S&P 500 1,355.81 -6.49 -0.48%
10 Yr Bond(%) 3.7330% +0.0750

Overseas
Overseas markets closed lower ahead of the U.S. rate decision. In Tokyo, the Nikkei fell 0.99 percent. In Europe, London's FTSE 100 dropped 0.81 percent, Paris' CAC 40 lost 1.37 percent and Frankfurt's DAX fell 0.26 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,837.30 -47.90 -0.81%
DAX 6,875.35 -17.61 -0.26%
CAC 40 4,873.57 -67.88 -1.37%

Asia
Symbol..... Last...... .....Change.......
Hang Seng 23,653.69 -638.11 -2.63%
HSCC Red Chip 5,063.37 -150.82 -2.89%
Nikkei 225 13,345.03 -133.83 -0.99%

Stocks Pull Back After Fed Rate Cut
Wednesday January 30, 4:55 pm ET
By Madlen Read, AP Business Writer

Wall Street Gives Up Big Gains to Profit-Taking After Federal Reserve Lowers Interest Rates​

NEW YORK (AP) -- A still-anxious Wall Street closed lower Wednesday, sacrificing the advance it made after the Federal Reserve cut interest rates half a percentage point. Investors collected profits after nearly three sessions of big gains, unwilling to leave money on the table amid ongoing economic uncertainty.

It wasn't surprising that the market pulled back, having suffered months of losses and having driven the Dow Jones industrials up more than 470 points so far this week ahead of the late-day downturn.

Anthony Conroy, managing director and head trader for BNY ConvergEx Group, said expectations of more downgrades of bond insurers like Ambac Financial Group Inc. and MBIA Inc. -- as well as uneasiness ahead of Thursday's Commerce Department report on personal income and spending inflation -- was enough to spur people to cash in profits from the market's initial gains.

Key reports on the job market and manufacturing set to arrive Friday could also add to investors' concerns about the state of the economy, which has been dragged down by a crumbling housing market and losses at major financial institutions.

"Volatility is here to stay," Conroy said. "People who think these issues will go away overnight in one Fed rate cut are mistaken."

According to preliminary calculations, the Dow, which had been up more than 200 points after the Fed's decision, finished down 37.47, or 0.30 percent, at 12,442.83.

Broader stock indicators also turned lower. The Standard & Poor's 500 index fell 6.49, or 0.48 percent, to 1,355.81, and the Nasdaq composite index fell 9.06, or 0.38 percent, to 2,349.00.

Government bond prices fell after the Fed's decision, sending yields higher. The yield on the 10-year benchmark note rose to 3.74 percent from 3.68 percent late Tuesday.

Scott Fullman, director of investment strategy for I.A. Englander & Co., said it was unlikely the market's downturn was because of disappointment over the rate cut or the Fed's accompanying statement, which if anything asserted that the central bank is willing to lower rates further if needed.

"We're seeing profit taking ahead of the employment report on Friday," Fullman said. "The market has had a really nice run-up this week, and investors are taking advantage of that."

The fed funds rate, which now stands at 3 percent, is the interest banks pay one another on overnight loans. It is at its lowest point since spring 2005. The discount rate, now at 3.50 percent, is the interest the Fed charges on loans to banks.

The Fed's decision to cut rates follows an emergency rate cut last week of three-quarters of a percentage point. The central bank stepped in at the time after global markets worldwide fell sharply amid fears that the U.S. economy was tipping into recession and would hurt the global growth. The move was the biggest one-day move in more than 20 years.

The rate cuts came on the same day as fresh evidence arrived that the economy had slowed significantly in the final three months of 2007. Figures showed gross domestic product expanded at a slight 0.6 percent pace in the fourth quarter, less than half what had been expected. For all of 2007, gross domestic product grew 2.2 percent, the weakest rate since 2002.

Wednesday's move was the fifth cut the Fed made since it began making reductions in September following turmoil in the credit markets and in stocks markets.

"The consumer is essentially under enormous pressure," said Thomas J. Lee, chief U.S. equities analyst at JPMorgan. Lee said that even if the $146 billion tax rebate and business incentive package proposed by the Bush administration is passed Feb. 15 by Congress, it is going to take some time to get into the hands of consumers.

The subprime mortgage crisis has been creating problems for homeowners and financial centers alike.

Meredith Whitney, an Oppenheimer and Co. analyst, wrote in a research note before the market opened Wednesday that ratings agencies are likely to downgrade already-pummeled bond insurers, which could force banks' assets to lose an additional $40 billion to $70 billion in value this year. That's because, if bond insurers have problems, so could the bonds they insure.

Bond insurer Ambac Financial Group Inc. fell $2.08, or 16.1 percent, to $10.85, while rival MBIA Inc. fell $2.02, or 12.6 percent, to $13.96.

Meanwhile, Swiss bank UBS said it will have a $11.4 billion fourth-quarter loss mostly because of bad investments in subprime mortgages. Analysts had expected a much smaller shortfall. French bank BNP Paris Wednesday said its quarterly profit will decline by 40 percent from year-earlier levels.

Outside the financial sector, Yahoo Inc. took a thumping Wednesday after the Internet search company said its quarterly profit declined, its 2008 sales outlook was below analysts' forecasts, and that it was slashing 1,000 jobs.

Yahoo Inc. fell $1.76, or 8.5 percent, to $19.05.

On Thursday, the Commerce Department releases its December personal spending report, which includes the closely-watched personal consumption expenditures deflator. The Commerce Department's GDP report showed that core prices, which exclude food and energy, rose at a 2.7 percent rate in the fourth quarter -- up from 2 percent in the third quarter of 2007, and the largest quarterly jump since the spring of 2006.

If inflation becomes a bigger worry for the Fed than economic growth, as it was in the early part of last year, the central bank may hesitate to lower rates further.

Declining issues outnumbered advancers by about 3 to 2 on the New York Stock Exchange, where volume came to 1.80 billion shares.

The Russell 2000 index of smaller companies fell 9.71, or 1.38 percent, at 695.49.

Crude oil rose 69 cents to settle at $92.33 a barrel on the New York Mercantile Exchange.

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

Overseas markets closed lower ahead of the U.S. rate decision. In Tokyo, the Nikkei fell 0.99 percent. In Europe, London's FTSE 100 dropped 0.81 percent, Paris' CAC 40 lost 1.37 percent and Frankfurt's DAX fell 0.26 percent.

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

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

 

[The Mint Man]

Do you have any more holidays due soon?
AJ

I'm predicting a huge market up-turn around May-June, in fact from the 26th May to 11th June will be 16 up days straight.