Wysiwyg
Everyone wants money
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- 8 August 2006
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- 284
What a wicked session! Some of those `shunts` down were relentless and seemingly endless.
DOW off a lot.
DOW off a lot.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,124
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- 5,473
NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
A very big RED day!!
The Dow fell 315.79, or 2.51 percent, to 12,266.39. The decline more than erased the week's 200 point gain and sent stocks lower for February, the fourth straight month of declines.
The NYSE DOW closed LOWER -315.79 -2.51% on Friday February 29
Sym Last........ ........Change..........
Dow 12,266.39 -315.79 -2.51%
Nasdaq 2,271.48 -60.09 -2.58%
S&P 500 1,330.63 -37.05 -2.71%
30-yr Bond 0.4420% -4.1130
NYSE Volume 4,316,356,500
Nasdaq Volume 2,480,089,250
Overseas
Japan's Nikkei stock average closed down 2.32 percent. Britain's FTSE 100 closed down 1.36 percent, Germany's DAX index fell 1.67 percent, and France's CAC-40 fell 1.67 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,884.30 -81.40 -1.36%
DAX 6,748.13 -114.39 -1.67%
CAC 40 4,790.66 -74.57 -1.53%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,603.02 -322.49 -2.32%
Hang Seng 24,331.67 -260.02 -1.06%
Straits Times 3,026.45 -47.70 -1.55%
http://biz.yahoo.com/ap/080229/wall_street.html
Stocks Fall Sharply on Economic Worries
Friday February 29, 4:50 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall As Economic Reports, Disappointing Quarterly Reports Stir Concerns About Economy
NEW YORK (AP) -- Stocks fell sharply Friday after a series of depressing economic and corporate reports and high oil prices stoked concerns about the health of the economy. The major stock indexes fell more than 2.5 percent and the Dow Jones industrials lost 315 points.
Investors were unnerved by disappointing quarterly results from American International Group Inc. and Dell Inc. And an index of regional business activity that Wall Street regards as a good indicator of a broader report set to arrive next week had its weakest showing in more than six years.
Oil prices continued to stir concern about inflation after pushing past $103 per barrel for the first time.
While stocks made sharp gains in the first three days this week even amid somewhat lackluster economic readings, the litany of concerns investors succumbed to Friday reflected the undercurrent of uncertainty that has kept Wall Street on edge for months.
"We really had to face a plethora of negative news," said Art Hogan, chief market strategist at Jefferies & Co. in Boston. "We just ran out of gas this week."
Hogan said while stocks held up admirably early in the week amid an uneven flow of economic news, they couldn't hold their gains after the latest round of weak economic signals.
The Dow fell 315.79, or 2.51 percent, to 12,266.39. The decline more than erased the week's 200 point gain and sent stocks lower for February, the fourth straight month of declines.
Broader stock indicators also tumbled. The Standard & Poor's 500 index lost 37.05, or 2.71 percent, to 1,330.63, and the Nasdaq composite index declined 60.09, or 2.58 percent, to 2,271.48.
Bond prices rose sharply as stocks lost ground. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.52 percent from 3.67 percent late Thursday.
The Chicago Board Options Exchange's volatility index, known as the VIX, and often referred to as the "fear index," jumped 12.5 percent.
The dollar showed a slight rebound Friday after hitting a record low against the euro Thursday. The slide in the dollar has sent prices of commodities such as oil and gold soaring.
Light, sweet crude jumped to a record of $103.05 overnight before settling down 75 cents at $101.84 a barrel on New York Mercantile Exchange.
Insurer AIG announced a $5.29 billion quarterly loss largely because of steep declines in the value of a portfolio of contracts known as credit default swaps. Such contracts pledge to cover missed payments on debt. The company's losses caught analysts off guard, as many had expected the company to turn a profit.
While each of the 30 stocks that comprise the Dow industrials showed declines, those of AIG were the steepest. The stock fell $3.29, or 6.6 percent, to $46.86.
Computer maker Dell posted a 6 percent decline in its quarterly profit, falling below analysts' expectations, and warned that its business could suffer from reduced customer spending. Dell slid 97 cents, or 4.7 percent, to $19.90.
Bill Shultz, chief investment officer at McQueen, Ball & Associates, said AIG's report left investors uneasy about the prospect of further sizable write-downs of bad debt.
"Every time we get to a point where we think we've finished, another report comes out and says we're not done yet," he said.
He expects Wall Street will continue to proceed with "fits and starts" until investors sense that the bad debt from faltering mortgages has been accounted for and that balance sheets are on the mend.
Some relief for the ailing bond insurance industry is on the way, though the news did little to dislodge Wall Street's glum mood Friday. Billionaire investor Wilbur Ross agreed to invest up to $1 billion in Bermuda-based reinsurer Assured Guaranty Ltd. Assured Guaranty rose $2.87, or 12.6 percent, to $25.65.
In economic news, the Chicago purchasing managers index for February came in at 44.5, a weaker reading than the 48.5 that had been expected, according to Dow Jones Newswires. The report painted a dreary picture of the manufacturing sector and is seen as a precursor to the national Institute for Supply Management report expected Monday.
A government report showed that personal spending, when stripping out the effects of inflation, stood unchanged in January. The findings arose further concern that consumers are more hesitant to reach into their wallets amid the uncertainties facing the economy.
A parade of economic worries has weighed on consumer as well. The Reuters-University of Michigan final consumer sentiment reading for February came in at 70.8, better than the figure of 69 that had been expected. Still, the index was well off the level of 78.4 seen in January.
Declining issues outnumbered advancers by about 8 to 1 on the New York Stock Exchange, where volume came to 1.76 billion shares compared with 1.46 billion shares traded Thursday.
The Russell 2000 index of smaller companies fell 19.54, or 2.8 percent, to 686.18.
Overseas, Japan's Nikkei stock average closed down 2.32 percent. Britain's FTSE 100 closed down 1.36 percent, Germany's DAX index fell 1.67 percent, and France's CAC-40 fell 1.67 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
A very big RED day!!
The Dow fell 315.79, or 2.51 percent, to 12,266.39. The decline more than erased the week's 200 point gain and sent stocks lower for February, the fourth straight month of declines.
The NYSE DOW closed LOWER -315.79 -2.51% on Friday February 29
Sym Last........ ........Change..........
Dow 12,266.39 -315.79 -2.51%
Nasdaq 2,271.48 -60.09 -2.58%
S&P 500 1,330.63 -37.05 -2.71%
30-yr Bond 0.4420% -4.1130
NYSE Volume 4,316,356,500
Nasdaq Volume 2,480,089,250
Overseas
Japan's Nikkei stock average closed down 2.32 percent. Britain's FTSE 100 closed down 1.36 percent, Germany's DAX index fell 1.67 percent, and France's CAC-40 fell 1.67 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,884.30 -81.40 -1.36%
DAX 6,748.13 -114.39 -1.67%
CAC 40 4,790.66 -74.57 -1.53%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,603.02 -322.49 -2.32%
Hang Seng 24,331.67 -260.02 -1.06%
Straits Times 3,026.45 -47.70 -1.55%
http://biz.yahoo.com/ap/080229/wall_street.html
Stocks Fall Sharply on Economic Worries
Friday February 29, 4:50 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall As Economic Reports, Disappointing Quarterly Reports Stir Concerns About Economy
NEW YORK (AP) -- Stocks fell sharply Friday after a series of depressing economic and corporate reports and high oil prices stoked concerns about the health of the economy. The major stock indexes fell more than 2.5 percent and the Dow Jones industrials lost 315 points.
Investors were unnerved by disappointing quarterly results from American International Group Inc. and Dell Inc. And an index of regional business activity that Wall Street regards as a good indicator of a broader report set to arrive next week had its weakest showing in more than six years.
Oil prices continued to stir concern about inflation after pushing past $103 per barrel for the first time.
While stocks made sharp gains in the first three days this week even amid somewhat lackluster economic readings, the litany of concerns investors succumbed to Friday reflected the undercurrent of uncertainty that has kept Wall Street on edge for months.
"We really had to face a plethora of negative news," said Art Hogan, chief market strategist at Jefferies & Co. in Boston. "We just ran out of gas this week."
Hogan said while stocks held up admirably early in the week amid an uneven flow of economic news, they couldn't hold their gains after the latest round of weak economic signals.
The Dow fell 315.79, or 2.51 percent, to 12,266.39. The decline more than erased the week's 200 point gain and sent stocks lower for February, the fourth straight month of declines.
Broader stock indicators also tumbled. The Standard & Poor's 500 index lost 37.05, or 2.71 percent, to 1,330.63, and the Nasdaq composite index declined 60.09, or 2.58 percent, to 2,271.48.
Bond prices rose sharply as stocks lost ground. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.52 percent from 3.67 percent late Thursday.
The Chicago Board Options Exchange's volatility index, known as the VIX, and often referred to as the "fear index," jumped 12.5 percent.
The dollar showed a slight rebound Friday after hitting a record low against the euro Thursday. The slide in the dollar has sent prices of commodities such as oil and gold soaring.
Light, sweet crude jumped to a record of $103.05 overnight before settling down 75 cents at $101.84 a barrel on New York Mercantile Exchange.
Insurer AIG announced a $5.29 billion quarterly loss largely because of steep declines in the value of a portfolio of contracts known as credit default swaps. Such contracts pledge to cover missed payments on debt. The company's losses caught analysts off guard, as many had expected the company to turn a profit.
While each of the 30 stocks that comprise the Dow industrials showed declines, those of AIG were the steepest. The stock fell $3.29, or 6.6 percent, to $46.86.
Computer maker Dell posted a 6 percent decline in its quarterly profit, falling below analysts' expectations, and warned that its business could suffer from reduced customer spending. Dell slid 97 cents, or 4.7 percent, to $19.90.
Bill Shultz, chief investment officer at McQueen, Ball & Associates, said AIG's report left investors uneasy about the prospect of further sizable write-downs of bad debt.
"Every time we get to a point where we think we've finished, another report comes out and says we're not done yet," he said.
He expects Wall Street will continue to proceed with "fits and starts" until investors sense that the bad debt from faltering mortgages has been accounted for and that balance sheets are on the mend.
Some relief for the ailing bond insurance industry is on the way, though the news did little to dislodge Wall Street's glum mood Friday. Billionaire investor Wilbur Ross agreed to invest up to $1 billion in Bermuda-based reinsurer Assured Guaranty Ltd. Assured Guaranty rose $2.87, or 12.6 percent, to $25.65.
In economic news, the Chicago purchasing managers index for February came in at 44.5, a weaker reading than the 48.5 that had been expected, according to Dow Jones Newswires. The report painted a dreary picture of the manufacturing sector and is seen as a precursor to the national Institute for Supply Management report expected Monday.
A government report showed that personal spending, when stripping out the effects of inflation, stood unchanged in January. The findings arose further concern that consumers are more hesitant to reach into their wallets amid the uncertainties facing the economy.
A parade of economic worries has weighed on consumer as well. The Reuters-University of Michigan final consumer sentiment reading for February came in at 70.8, better than the figure of 69 that had been expected. Still, the index was well off the level of 78.4 seen in January.
Declining issues outnumbered advancers by about 8 to 1 on the New York Stock Exchange, where volume came to 1.76 billion shares compared with 1.46 billion shares traded Thursday.
The Russell 2000 index of smaller companies fell 19.54, or 2.8 percent, to 686.18.
Overseas, Japan's Nikkei stock average closed down 2.32 percent. Britain's FTSE 100 closed down 1.36 percent, Germany's DAX index fell 1.67 percent, and France's CAC-40 fell 1.67 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,124
- Reactions
- 5,473
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 by -7.49 points -0.06% on Monday March 3
Sym Last........ ........Change..........
Dow 12,258.90 Dow 12,258.90 -7.49 -0.06%
Nasdaq 2,258.60 -12.88 -0.57%
S&P 500 1,331.34 +0.71 +0.05%
10 Yr Bond(%) 3.5340% 0.0000
Overseas
Stock markets overseas fell sharply after Wall Street's retrenchment Friday. Japan's Nikkei stock average dropped 4.49 percent. Britain's FTSE 100 fell 1.12 percent, Germany's DAX index lost 0.86 percent, and France's CAC-40 declined 1.00 percent.
Europe.
Symbol... Last...... .....Change.......
FTSE 100 5,818.60 -65.70 -1.12%
DAX 6,689.95 -58.18 -0.86%
CAC 40 4,742.66 -48.00 -1.00%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,992.18 -610.84 -4.49%
Hang Seng 23,584.97 -746.70 -3.07%
Straits Times 2,926.58 -99.87 -3.30%
http://biz.yahoo.com/ap/080303/wall_street.html
Stocks Flat After Weak Economic Data
Monday March 3, 4:45 pm ET
By Tim Paradis, AP Business Writer
Stocks End Narrowly Mixed After Readings on Manufacturing, Construction; Commodities Spike
NEW YORK (AP) -- Wall Street closed narrowly mixed Monday as investors wrestled with record-high commodities prices and data that pointed to a continually weakening economy.
Investors have been trying to determine whether recent pessimism about the economy has been well-founded or overwrought. The Institute for Supply Management's index of U.S. manufacturing activity came in Monday at 48.3 -- indicating a milder contraction than the 48.1 the market expected, but still, its lowest level in nearly five years.
Furthermore, the Commerce Department reported that construction spending in January fell by 1.7 percent, the steepest amount in 14 years.
"The two economic numbers that came out today were still rather on the negative side and they point to further weakness in economic activity," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc.
But rising commodities prices -- although they threaten to eat into consumers' discretionary spending -- encouraged Wall Street to pour money into energy, metals and mining companies. Crude oil surged to a record near $104 a barrel before settling up 61 cents at $102.45, while gold soared to a record near $1,000 an ounce. Silver, corn and soybean prices also hit all-time highs.
According to preliminary calculations, the Dow Jones industrial average -- after slumping more than 100 points briefly during afternoon trading -- finished down 7.49, or 0.06 percent, to 12,258.90.
Broader stock indicators were mixed. The Standard & Poor's 500 index rose 0.71, or 0.05 percent, to 1,331.34, while the Nasdaq composite index fell 12.88, or 0.57 percent, to 2,258.60.
Bond prices pulled back Monday after jumping amid Friday's stock market losses. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.56 percent from 3.53 percent late Friday.
Mining and energy companies were big winners in the stock market Monday. Coeur d'Alene Mines Corp. rose 34 cents, or 7.1 percent, to $5.16; Harmony Gold Mining Ltd. rose $1.08, or 8.9 percent, to $13.22; and Massey Energy Co. rose $3.34, or 8.7 percent, to $41.60.
Commodity prices soared as the dollar hit a fresh low against the euro.
Stifel Nicolaus market strategist Joe Battipaglia said he believes stagflation -- weak growth amid accelerating inflation -- is indeed occurring in the United States, despite comments last week by Federal Reserve Chairman Ben Bernanke. The Fed chief said inflation should abate as the economy slows, but Battipaglia argued that the chairman made the same pledge in 2006.
"It didn't play well the first time, and it's not playing well the second time," said Battipaglia, noting that the most recent consumer price index shows an annual inflation rate above 4 percent. That's higher than the target fed funds rate, which has been cut to 3 percent.
"The truth is, the price for everything, except for maybe soft goods and electronics, is going up," Battipaglia said.
Monday's volatile trading followed a sell-off Friday brought by an unwelcome mix of economic and corporate reports. The news dashed hopes from early last week that the economy would soon show signs of a recovery. The major indexes lost more than 2.5 percent Friday, with the Dow industrials falling 315 points.
Billionaire Warren Buffett said in a CNBC interview Monday the U.S. economy is essentially in a recession. Most economists define a recession as two straight quarters of negative growth in the nation's gross domestic product.
The two weakest stocks Monday among the 30 Dow companies were Boeing Co. and Citigroup Inc.
Boeing fell after losing a $40 billion Air Force tanker contract. Boeing had been supplying refueling tankers to the Air Force for nearly 50 years. European Aeronautic Defence and Space Co., which makes Airbus planes, and Northrop Grumman, were named Friday as winners of one of the biggest Pentagon contracts in decades.
Boeing fell $2.12, or 2.56 percent, to $80.67, and Northrop Grumman jumped $3.96, or 5 percent, to $82.57.
Citigroup fell 62 cents, or 2.61 percent, to $23.09, alongside other financial stocks due to the growing fear that problems with credit will get much worse before they improve.
Jumbo mortgage lender Thornburg Mortgage Inc. said Monday it could go out of business because more financial backers are demanding additional collateral or repayment on the loans they made. The mortgage lender's shares fell $4.58, or 51 percent, to $4.32.
"That's just a reminder that investors are not entirely sure what they're up against with these finance companies," Battipaglia said.
And Security Capital Assurance Ltd. said it expects to log $1.5 billion in credit costs for the fourth quarter, heightening worries about the health of the bond insurance industry.
SCA shares fell 80 cents, or 53 percent, to 72 cents a share. MBIA Inc. fell 35 cents, or 2.7 percent, to $12.62, and Ambac Financial, another bond insurer, lost $1.20, or 11 percent, to $9.94.
Declining issues outnumbered advancers by about 8 to 7 on the New York Stock Exchange, where volume came to 1.57 billion shares.
The Russell 2000 index of smaller companies sank 1.96, or 0.29 percent, to 684.22.
Stock markets overseas fell sharply after Wall Street's retrenchment Friday. Japan's Nikkei stock average dropped 4.49 percent. Britain's FTSE 100 fell 1.12 percent, Germany's DAX index lost 0.86 percent, and France's CAC-40 declined 1.00 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
The NYSE DOW closed LOWER by -7.49 points -0.06% on Monday March 3
Sym Last........ ........Change..........
Dow 12,258.90 Dow 12,258.90 -7.49 -0.06%
Nasdaq 2,258.60 -12.88 -0.57%
S&P 500 1,331.34 +0.71 +0.05%
10 Yr Bond(%) 3.5340% 0.0000
Overseas
Stock markets overseas fell sharply after Wall Street's retrenchment Friday. Japan's Nikkei stock average dropped 4.49 percent. Britain's FTSE 100 fell 1.12 percent, Germany's DAX index lost 0.86 percent, and France's CAC-40 declined 1.00 percent.
Europe.
Symbol... Last...... .....Change.......
FTSE 100 5,818.60 -65.70 -1.12%
DAX 6,689.95 -58.18 -0.86%
CAC 40 4,742.66 -48.00 -1.00%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,992.18 -610.84 -4.49%
Hang Seng 23,584.97 -746.70 -3.07%
Straits Times 2,926.58 -99.87 -3.30%
http://biz.yahoo.com/ap/080303/wall_street.html
Stocks Flat After Weak Economic Data
Monday March 3, 4:45 pm ET
By Tim Paradis, AP Business Writer
Stocks End Narrowly Mixed After Readings on Manufacturing, Construction; Commodities Spike
NEW YORK (AP) -- Wall Street closed narrowly mixed Monday as investors wrestled with record-high commodities prices and data that pointed to a continually weakening economy.
Investors have been trying to determine whether recent pessimism about the economy has been well-founded or overwrought. The Institute for Supply Management's index of U.S. manufacturing activity came in Monday at 48.3 -- indicating a milder contraction than the 48.1 the market expected, but still, its lowest level in nearly five years.
Furthermore, the Commerce Department reported that construction spending in January fell by 1.7 percent, the steepest amount in 14 years.
"The two economic numbers that came out today were still rather on the negative side and they point to further weakness in economic activity," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc.
But rising commodities prices -- although they threaten to eat into consumers' discretionary spending -- encouraged Wall Street to pour money into energy, metals and mining companies. Crude oil surged to a record near $104 a barrel before settling up 61 cents at $102.45, while gold soared to a record near $1,000 an ounce. Silver, corn and soybean prices also hit all-time highs.
According to preliminary calculations, the Dow Jones industrial average -- after slumping more than 100 points briefly during afternoon trading -- finished down 7.49, or 0.06 percent, to 12,258.90.
Broader stock indicators were mixed. The Standard & Poor's 500 index rose 0.71, or 0.05 percent, to 1,331.34, while the Nasdaq composite index fell 12.88, or 0.57 percent, to 2,258.60.
Bond prices pulled back Monday after jumping amid Friday's stock market losses. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.56 percent from 3.53 percent late Friday.
Mining and energy companies were big winners in the stock market Monday. Coeur d'Alene Mines Corp. rose 34 cents, or 7.1 percent, to $5.16; Harmony Gold Mining Ltd. rose $1.08, or 8.9 percent, to $13.22; and Massey Energy Co. rose $3.34, or 8.7 percent, to $41.60.
Commodity prices soared as the dollar hit a fresh low against the euro.
Stifel Nicolaus market strategist Joe Battipaglia said he believes stagflation -- weak growth amid accelerating inflation -- is indeed occurring in the United States, despite comments last week by Federal Reserve Chairman Ben Bernanke. The Fed chief said inflation should abate as the economy slows, but Battipaglia argued that the chairman made the same pledge in 2006.
"It didn't play well the first time, and it's not playing well the second time," said Battipaglia, noting that the most recent consumer price index shows an annual inflation rate above 4 percent. That's higher than the target fed funds rate, which has been cut to 3 percent.
"The truth is, the price for everything, except for maybe soft goods and electronics, is going up," Battipaglia said.
Monday's volatile trading followed a sell-off Friday brought by an unwelcome mix of economic and corporate reports. The news dashed hopes from early last week that the economy would soon show signs of a recovery. The major indexes lost more than 2.5 percent Friday, with the Dow industrials falling 315 points.
Billionaire Warren Buffett said in a CNBC interview Monday the U.S. economy is essentially in a recession. Most economists define a recession as two straight quarters of negative growth in the nation's gross domestic product.
The two weakest stocks Monday among the 30 Dow companies were Boeing Co. and Citigroup Inc.
Boeing fell after losing a $40 billion Air Force tanker contract. Boeing had been supplying refueling tankers to the Air Force for nearly 50 years. European Aeronautic Defence and Space Co., which makes Airbus planes, and Northrop Grumman, were named Friday as winners of one of the biggest Pentagon contracts in decades.
Boeing fell $2.12, or 2.56 percent, to $80.67, and Northrop Grumman jumped $3.96, or 5 percent, to $82.57.
Citigroup fell 62 cents, or 2.61 percent, to $23.09, alongside other financial stocks due to the growing fear that problems with credit will get much worse before they improve.
Jumbo mortgage lender Thornburg Mortgage Inc. said Monday it could go out of business because more financial backers are demanding additional collateral or repayment on the loans they made. The mortgage lender's shares fell $4.58, or 51 percent, to $4.32.
"That's just a reminder that investors are not entirely sure what they're up against with these finance companies," Battipaglia said.
And Security Capital Assurance Ltd. said it expects to log $1.5 billion in credit costs for the fourth quarter, heightening worries about the health of the bond insurance industry.
SCA shares fell 80 cents, or 53 percent, to 72 cents a share. MBIA Inc. fell 35 cents, or 2.7 percent, to $12.62, and Ambac Financial, another bond insurer, lost $1.20, or 11 percent, to $9.94.
Declining issues outnumbered advancers by about 8 to 7 on the New York Stock Exchange, where volume came to 1.57 billion shares.
The Russell 2000 index of smaller companies sank 1.96, or 0.29 percent, to 684.22.
Stock markets overseas fell sharply after Wall Street's retrenchment Friday. Japan's Nikkei stock average dropped 4.49 percent. Britain's FTSE 100 fell 1.12 percent, Germany's DAX index lost 0.86 percent, and France's CAC-40 declined 1.00 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
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- 5,473
with 90 minutes to go it is not looking very good!!!!!!
Dow 12,057.33 -201.57 -1.64%
Nasdaq 2,224.59 -34.01 -1.51%
S&P 500 1,310.23 -21.11 -1.59%
30-yr Bond 4.4340% +0.0090
Dow 12,057.33 -201.57 -1.64%
Nasdaq 2,224.59 -34.01 -1.51%
S&P 500 1,310.23 -21.11 -1.59%
30-yr Bond 4.4340% +0.0090
Well what do you know.... the index comes close (I think touches) 12,000 then another report on Ambac comes out and the market rallies! All those poor investors getting sucked into the big fall around the corner.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,124
- Reactions
- 5,473
NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
The finish in the last 90 minutes was a big relief!!!
The NYSE DOW closed LOWER by -45.10 points -0.37% on Tuesday March 4
Sym Last........ ........Change..........
Dow 12,213.80 -45.10 -0.37%
Nasdaq 2,260.28 +1.68 +0.07%
S&P 500 1,326.75 -4.59 -0.34%
10 Yr Bond(%) 3.5790% +0.0450
Overseas
Japan's Nikkei stock average edged up less than 0.01 percent. Britain's FTSE 100 fell 0.87 percent, Germany's DAX index fell 2.17 percent, and France's CAC-40 finished down 1.41 percent.
Europe.
Symbol... Last...... .....Change.......
FTSE 100 5,767.70 -50.90 -0.87%
DAX 6,545.04 -144.91 -2.17%
CAC 40 4,675.91 -66.75 -1.41%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,992.28 +0.10 +0.00%
Hang Seng 23,119.87 -465.10 -1.97%
Straits Times 2,919.68 -6.87 -0.23%
http://biz.yahoo.com/ap/080304/wall_street.html
Stocks Pull Off Lows on Bargain Hunting
Tuesday March 4, 4:41 pm ET
By Madlen Read, AP Business Writer
Stocks Pulls Off Lows As Ambac Rumors, Comments From Amazon, Cisco, Encourage Bargain Hunting
NEW YORK (AP) -- Wall Street closed mixed Tuesday, recuperating from a sharp plunge as investors snapped up bargain stocks on rumors that a bond insurer rescue plan is progressing and upbeat comments from Cisco Systems Inc. and Amazon.com Inc.
Earlier Tuesday, the market sank after Merrill Lynch lowered its full-year earnings prediction for Citigroup Inc., which a Dubai fund executive said will need to raise more cash to stay in business. Another damper on trading was Intel Corp., which lowered its forecast for first-quarter profit margins.
But in afternoon trading, the stock market showed signs of optimism.
The financial sector regained some steam after CNBC reported that a plan to save the bond insurer Ambac Financial is advancing nicely.
Technology stocks rebounded, too, after a Dow Jones Newswires report that Cisco CEO John Chambers said he is "even more comfortable" with the long-term growth targets the company has outlined, and after Amazon.com's chief financial officer reiterated the online retailer's 2008 revenue forecast.
Wall Street is jittery, however, and as the volatility of the past several months has proved, the market's optimism can quickly turn to pessimism from one day to the next. While some investors search for bargains when stocks sink, the overall market is plagued by persistent worries about the bad debt held by the world's banks.
"What we're seeing is a very nervous market, and nervousness breeds volatility," said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. "It took years to put this stuff on their books -- it's not going to come off quickly."
The Dow Jones industrial average fell 45.10, or 0.37 percent, to 12,213.80, after tumbling more than 200 points earlier in the day.
Broader stock indicators finished mixed, also rebounding off their lows of the session. The Standard & Poor's 500 index fell 4.59, or 0.34 percent, to 1,326.75, while the Nasdaq composite index rose 1.68, or 0.07 percent, to 2,260.28.
Bond prices sank as stocks regained their footing. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.61 percent from 3.56 percent late Monday.
Wall Street has been extremely turbulent as it tries to gauge whether the economy is in recession -- and whether investors have been too optimistic about corporate profits bouncing back in the second half of the year.
"The soft economy creates a difficult profit environment for most firms. And with investors' skepticism at high levels, they are quick to sell," said Alan Gayle, senior investment strategist at Trusco Capital Management.
Citigroup, a Dow component, fell 99 cents, or 4.3 percent, to $22.10, after hitting a new nine-year low. The head of a government-owned investment firm in Dubai said Citigroup would need to raise more than nearly $20 billion it has already nabbed over the past few months to fix its debt problems.
Financial companies are poring over their books to determine what loans remain sound, what debt might be in trouble, and how much all of it is worth. A precipitous slowdown in the housing market last year revealed the fallacy upon which many loans were made -- the belief that home prices would continue to rise and that consumers could always wipe away their debts by refinancing.
Now, banks are not only strapped with souring mortgages, but the prospect of big losses from other types of consumer and corporate debt.
Though some banks rebounded on the Ambac rumor, other banks declined alongside Citi, including Dow components Bank of America Corp. and JPMorgan Chase & Co. Bank of America fell $1.05 to $79.62, and JPMorgan fell 63 cents to $39.19.
Ambac rose 78 cents, or 7.9 percent, to $10.72, while MBIA Inc., another bond insurer, rose 36 cents, or 2.9 percent, to $12.98.
After calming words from its CEO, Cisco recovered from its lows to close down 11 cents at $24.29. Amazon.com shot up $2.91, or 4.7 percent, to $65.34.
Dow component Intel also rebounded, finishing down a penny at $20 a share.
Wall Street is particularly anxious over the technology sector, which was very strong in 2007 and is now one of the weakest in the market along with financials.
"Long term, tech will remain an important sector, but it is a cyclical sector and can be very volatile," Gayle said. "If there is a belief that our economy -- and the global economy -- is going to move to a slower pace of growth, then cyclical industries like tech are going to be impacted."
Light, sweet crude fell $3.24 to $99.21 a barrel on the New York Mercantile Exchange.
The dollar weakened against most other major currencies, while gold prices rose.
Light, sweet crude fell $2.93 to settle at $99.52 a barrel on the New York Mercantile Exchange.
Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where volume came to 1.79 billion shares.
The Russell 2000 index of smaller companies fell 3.24, or 0.47 percent, to 680.98.
Overseas, Japan's Nikkei stock average edged up less than 0.01 percent. Britain's FTSE 100 fell 0.87 percent, Germany's DAX index fell 2.17 percent, and France's CAC-40 finished down 1.41 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
The finish in the last 90 minutes was a big relief!!!
The NYSE DOW closed LOWER by -45.10 points -0.37% on Tuesday March 4
Sym Last........ ........Change..........
Dow 12,213.80 -45.10 -0.37%
Nasdaq 2,260.28 +1.68 +0.07%
S&P 500 1,326.75 -4.59 -0.34%
10 Yr Bond(%) 3.5790% +0.0450
Overseas
Japan's Nikkei stock average edged up less than 0.01 percent. Britain's FTSE 100 fell 0.87 percent, Germany's DAX index fell 2.17 percent, and France's CAC-40 finished down 1.41 percent.
Europe.
Symbol... Last...... .....Change.......
FTSE 100 5,767.70 -50.90 -0.87%
DAX 6,545.04 -144.91 -2.17%
CAC 40 4,675.91 -66.75 -1.41%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,992.28 +0.10 +0.00%
Hang Seng 23,119.87 -465.10 -1.97%
Straits Times 2,919.68 -6.87 -0.23%
http://biz.yahoo.com/ap/080304/wall_street.html
Stocks Pull Off Lows on Bargain Hunting
Tuesday March 4, 4:41 pm ET
By Madlen Read, AP Business Writer
Stocks Pulls Off Lows As Ambac Rumors, Comments From Amazon, Cisco, Encourage Bargain Hunting
NEW YORK (AP) -- Wall Street closed mixed Tuesday, recuperating from a sharp plunge as investors snapped up bargain stocks on rumors that a bond insurer rescue plan is progressing and upbeat comments from Cisco Systems Inc. and Amazon.com Inc.
Earlier Tuesday, the market sank after Merrill Lynch lowered its full-year earnings prediction for Citigroup Inc., which a Dubai fund executive said will need to raise more cash to stay in business. Another damper on trading was Intel Corp., which lowered its forecast for first-quarter profit margins.
But in afternoon trading, the stock market showed signs of optimism.
The financial sector regained some steam after CNBC reported that a plan to save the bond insurer Ambac Financial is advancing nicely.
Technology stocks rebounded, too, after a Dow Jones Newswires report that Cisco CEO John Chambers said he is "even more comfortable" with the long-term growth targets the company has outlined, and after Amazon.com's chief financial officer reiterated the online retailer's 2008 revenue forecast.
Wall Street is jittery, however, and as the volatility of the past several months has proved, the market's optimism can quickly turn to pessimism from one day to the next. While some investors search for bargains when stocks sink, the overall market is plagued by persistent worries about the bad debt held by the world's banks.
"What we're seeing is a very nervous market, and nervousness breeds volatility," said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. "It took years to put this stuff on their books -- it's not going to come off quickly."
The Dow Jones industrial average fell 45.10, or 0.37 percent, to 12,213.80, after tumbling more than 200 points earlier in the day.
Broader stock indicators finished mixed, also rebounding off their lows of the session. The Standard & Poor's 500 index fell 4.59, or 0.34 percent, to 1,326.75, while the Nasdaq composite index rose 1.68, or 0.07 percent, to 2,260.28.
Bond prices sank as stocks regained their footing. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.61 percent from 3.56 percent late Monday.
Wall Street has been extremely turbulent as it tries to gauge whether the economy is in recession -- and whether investors have been too optimistic about corporate profits bouncing back in the second half of the year.
"The soft economy creates a difficult profit environment for most firms. And with investors' skepticism at high levels, they are quick to sell," said Alan Gayle, senior investment strategist at Trusco Capital Management.
Citigroup, a Dow component, fell 99 cents, or 4.3 percent, to $22.10, after hitting a new nine-year low. The head of a government-owned investment firm in Dubai said Citigroup would need to raise more than nearly $20 billion it has already nabbed over the past few months to fix its debt problems.
Financial companies are poring over their books to determine what loans remain sound, what debt might be in trouble, and how much all of it is worth. A precipitous slowdown in the housing market last year revealed the fallacy upon which many loans were made -- the belief that home prices would continue to rise and that consumers could always wipe away their debts by refinancing.
Now, banks are not only strapped with souring mortgages, but the prospect of big losses from other types of consumer and corporate debt.
Though some banks rebounded on the Ambac rumor, other banks declined alongside Citi, including Dow components Bank of America Corp. and JPMorgan Chase & Co. Bank of America fell $1.05 to $79.62, and JPMorgan fell 63 cents to $39.19.
Ambac rose 78 cents, or 7.9 percent, to $10.72, while MBIA Inc., another bond insurer, rose 36 cents, or 2.9 percent, to $12.98.
After calming words from its CEO, Cisco recovered from its lows to close down 11 cents at $24.29. Amazon.com shot up $2.91, or 4.7 percent, to $65.34.
Dow component Intel also rebounded, finishing down a penny at $20 a share.
Wall Street is particularly anxious over the technology sector, which was very strong in 2007 and is now one of the weakest in the market along with financials.
"Long term, tech will remain an important sector, but it is a cyclical sector and can be very volatile," Gayle said. "If there is a belief that our economy -- and the global economy -- is going to move to a slower pace of growth, then cyclical industries like tech are going to be impacted."
Light, sweet crude fell $3.24 to $99.21 a barrel on the New York Mercantile Exchange.
The dollar weakened against most other major currencies, while gold prices rose.
Light, sweet crude fell $2.93 to settle at $99.52 a barrel on the New York Mercantile Exchange.
Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where volume came to 1.79 billion shares.
The Russell 2000 index of smaller companies fell 3.24, or 0.47 percent, to 680.98.
Overseas, Japan's Nikkei stock average edged up less than 0.01 percent. Britain's FTSE 100 fell 0.87 percent, Germany's DAX index fell 2.17 percent, and France's CAC-40 finished down 1.41 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,124
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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 by +41.19 points +0.34% on Wednesday March 5
Sym Last........ ........Change..........
Dow 12,254.99 +41.19 +0.34%
Nasdaq 2,272.81 +12.53 +0.55%
S&P 500 1,333.70 +6.95 +0.52%
10 Yr Bond(%) 3.6930% +0.1140
Overseas
Japan's Nikkei stock average closed down 0.16 percent. In afternoon trading, Britain's FTSE 100 rose 1.49 percent, Germany's DAX index rose 2.12 percent, and France's CAC-40 advanced 1.72 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,853.50 +85.80 +1.49%
DAX 6,683.71 +138.67 +2.12%
CAC 40 4,756.42 +80.51 +1.72%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,972.06 -20.22 -0.16%
Hang Seng 23,114.34 -5.53 -0.02%
Straits Times 2,910.77 -8.91 -0.31%
http://biz.yahoo.com/ap/080305/wall_street.html
Stocks Edge Higher After Ambac, Fed Data
Wednesday March 5, 4:28 pm ET
By Tim Paradis, AP Business Writer
Wall Street Edges Higher in Volatile Sesssion Amid Ambac Bailout, Disappointment in Fed Data
NEW YORK (AP) -- Wall Street managed a moderate gain in an erratic session Wednesday as investors sorted through a downbeat Federal Reserve assessment of the economy and were also disappointed by a plan to bail out troubled bond insurer Ambac Financial Group Inc.
The Fed's Beige Book report on regional economies indicated growth at the start of the year was sluggish and accompanied by rising price pressures. The report also cited tighter credit standards.
Meanwhile, Ambac said it plans to issue more than $1 billion in common stock to help shore up its battered balance sheet. Investors had hoped for a contribution from global banks to help Ambac, whose plan will dilute its outstanding shares.
Investors remain nervous about how the fallout from the global credit crisis will hurt financial companies. Recent speculation that Citigroup Inc. might log significant write-downs from exposure to subprime mortgage-related securities only exacerbated those fears.
"I think it's more the Ambac" news, said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams, said referring to traders' expectations about a bailout for the bond insurer. That's just not what they were looking for."
The Dow Jones industrials were up as much as 120 points earlier in the session after a stronger-than-expected reading on the health of the service sector and figures on worker productivity calmed fears about the economy.
According to preliminary calculations, the Dow rose 41.19, or 0.34 percent, to 12,254.99.
Broader stock indicators were higher. The Standard & Poor's 500 index added 6.95, or 0.52 percent, to 1,333.70, while the Nasdaq composite rose 12.53, or 0.55 percent, to 2,272.81.
Bond prices fell sharply after Ambac's announcement. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.69 percent from 3.63 percent late Tuesday.
The dollar was mixed against other major currencies, while gold prices rose.
Oil surged, rising a remarkable $5 a barrel to a new record over $104 a barrel after the government reported a surprise drop in crude oil stockpiles and OPEC held production levels steady. Light, sweet crude for April delivery jumped $5 to settle at a record $104.52 a barrel on the New York Mercantile Exchange after earlier rising to $104.64.
The plan put forth by Ambac unsettled traders who had hoped the bond insurer would unveil a capital infusion from a sovereign wealth fund or a consortium of banks. Instead, the issuance of new shares was seen as a more passive way of dealing with Ambac's efforts to stay afloat and maintain its top credit ratings.
Shares of Ambac plunged $2.02, or 18.8 percent, to $8.70. The stock, which was up steeply ahead of the announcement, had once traded at about $90 before the credit crisis began to unfold.
Rival MBIA Inc. also fell, down 80 cents, or 6.2 percent, to $12.18. That company also faces pressure to maintain high scores with the three major credit rating agencies.
The Beige Book, which outlines economic conditions in various parts of the country, appeared to unnerve investors after it showed economic growth has slowed since the start of the year. The report, which arrives two weeks before the central bank's next meeting, found that eight of the dozen Fed districts saw "softening or weakening" in the pace of business activity. The others saw "subdued, slow, or modest growth."
"The Beige Book does look weak," said economist Edward Yardeni, who runs his own research firm. "There isn't much to suggest that things are improving."
Earlier in the session, the Institute for Supply Management reported activity in the service sector declined in February, though the decrease wasn't as steep as Wall Street feared. The data was particularly gratifying to investors after a stunning drop in the January service sector index had sent stocks plunging when it was released a month ago.
The service sector findings offset some unease about a Labor Department report that showed labor costs rose at a 2.6 percent annual pace in the fourth quarter. Rising costs often draw concern from investors because the increases can make it harder for the inflation-wary Federal Reserve to justify cutting interest rates to boost the economy.
John Merrill, chief investment officer at Tanglewood Capital Management in Houston, said he is skeptical about a rally given the economic figures arriving since late last year. He also said the market is waiting for any kind of indication that major financial institutions have begun to battle back from credit problems.
"The banks are being hit in so many different directions," he said. "We're seeing ever more ripple effects of the attack on their capital and so it's showing up in places where you would've never dreamed up showing up a month ago," he said, citing concerns about the health of the municipal bond market.
Advancing issues outnumbered decliners by more than 5 to 4 on the New York Stock Exchange, where volume came to 1.62 billion shares.
The Russell 2000 index of smaller companies rose 2.76, or 0.41 percent, to 683.74.
Overseas, Japan's Nikkei stock average closed down 0.16 percent. In afternoon trading, Britain's FTSE 100 rose 1.49 percent, Germany's DAX index rose 2.12 percent, and France's CAC-40 advanced 1.72 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
The NYSE DOW closed HIGHER by +41.19 points +0.34% on Wednesday March 5
Sym Last........ ........Change..........
Dow 12,254.99 +41.19 +0.34%
Nasdaq 2,272.81 +12.53 +0.55%
S&P 500 1,333.70 +6.95 +0.52%
10 Yr Bond(%) 3.6930% +0.1140
Overseas
Japan's Nikkei stock average closed down 0.16 percent. In afternoon trading, Britain's FTSE 100 rose 1.49 percent, Germany's DAX index rose 2.12 percent, and France's CAC-40 advanced 1.72 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,853.50 +85.80 +1.49%
DAX 6,683.71 +138.67 +2.12%
CAC 40 4,756.42 +80.51 +1.72%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,972.06 -20.22 -0.16%
Hang Seng 23,114.34 -5.53 -0.02%
Straits Times 2,910.77 -8.91 -0.31%
http://biz.yahoo.com/ap/080305/wall_street.html
Stocks Edge Higher After Ambac, Fed Data
Wednesday March 5, 4:28 pm ET
By Tim Paradis, AP Business Writer
Wall Street Edges Higher in Volatile Sesssion Amid Ambac Bailout, Disappointment in Fed Data
NEW YORK (AP) -- Wall Street managed a moderate gain in an erratic session Wednesday as investors sorted through a downbeat Federal Reserve assessment of the economy and were also disappointed by a plan to bail out troubled bond insurer Ambac Financial Group Inc.
The Fed's Beige Book report on regional economies indicated growth at the start of the year was sluggish and accompanied by rising price pressures. The report also cited tighter credit standards.
Meanwhile, Ambac said it plans to issue more than $1 billion in common stock to help shore up its battered balance sheet. Investors had hoped for a contribution from global banks to help Ambac, whose plan will dilute its outstanding shares.
Investors remain nervous about how the fallout from the global credit crisis will hurt financial companies. Recent speculation that Citigroup Inc. might log significant write-downs from exposure to subprime mortgage-related securities only exacerbated those fears.
"I think it's more the Ambac" news, said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams, said referring to traders' expectations about a bailout for the bond insurer. That's just not what they were looking for."
The Dow Jones industrials were up as much as 120 points earlier in the session after a stronger-than-expected reading on the health of the service sector and figures on worker productivity calmed fears about the economy.
According to preliminary calculations, the Dow rose 41.19, or 0.34 percent, to 12,254.99.
Broader stock indicators were higher. The Standard & Poor's 500 index added 6.95, or 0.52 percent, to 1,333.70, while the Nasdaq composite rose 12.53, or 0.55 percent, to 2,272.81.
Bond prices fell sharply after Ambac's announcement. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.69 percent from 3.63 percent late Tuesday.
The dollar was mixed against other major currencies, while gold prices rose.
Oil surged, rising a remarkable $5 a barrel to a new record over $104 a barrel after the government reported a surprise drop in crude oil stockpiles and OPEC held production levels steady. Light, sweet crude for April delivery jumped $5 to settle at a record $104.52 a barrel on the New York Mercantile Exchange after earlier rising to $104.64.
The plan put forth by Ambac unsettled traders who had hoped the bond insurer would unveil a capital infusion from a sovereign wealth fund or a consortium of banks. Instead, the issuance of new shares was seen as a more passive way of dealing with Ambac's efforts to stay afloat and maintain its top credit ratings.
Shares of Ambac plunged $2.02, or 18.8 percent, to $8.70. The stock, which was up steeply ahead of the announcement, had once traded at about $90 before the credit crisis began to unfold.
Rival MBIA Inc. also fell, down 80 cents, or 6.2 percent, to $12.18. That company also faces pressure to maintain high scores with the three major credit rating agencies.
The Beige Book, which outlines economic conditions in various parts of the country, appeared to unnerve investors after it showed economic growth has slowed since the start of the year. The report, which arrives two weeks before the central bank's next meeting, found that eight of the dozen Fed districts saw "softening or weakening" in the pace of business activity. The others saw "subdued, slow, or modest growth."
"The Beige Book does look weak," said economist Edward Yardeni, who runs his own research firm. "There isn't much to suggest that things are improving."
Earlier in the session, the Institute for Supply Management reported activity in the service sector declined in February, though the decrease wasn't as steep as Wall Street feared. The data was particularly gratifying to investors after a stunning drop in the January service sector index had sent stocks plunging when it was released a month ago.
The service sector findings offset some unease about a Labor Department report that showed labor costs rose at a 2.6 percent annual pace in the fourth quarter. Rising costs often draw concern from investors because the increases can make it harder for the inflation-wary Federal Reserve to justify cutting interest rates to boost the economy.
John Merrill, chief investment officer at Tanglewood Capital Management in Houston, said he is skeptical about a rally given the economic figures arriving since late last year. He also said the market is waiting for any kind of indication that major financial institutions have begun to battle back from credit problems.
"The banks are being hit in so many different directions," he said. "We're seeing ever more ripple effects of the attack on their capital and so it's showing up in places where you would've never dreamed up showing up a month ago," he said, citing concerns about the health of the municipal bond market.
Advancing issues outnumbered decliners by more than 5 to 4 on the New York Stock Exchange, where volume came to 1.62 billion shares.
The Russell 2000 index of smaller companies rose 2.76, or 0.41 percent, to 683.74.
Overseas, Japan's Nikkei stock average closed down 0.16 percent. In afternoon trading, Britain's FTSE 100 rose 1.49 percent, Germany's DAX index rose 2.12 percent, and France's CAC-40 advanced 1.72 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,124
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NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
S&P 500, Nasdaq Plunge to 52-Week Low
The NYSE DOW closed LOWER by -214.60 points -1.75% on Thursday March 6
Sym Last........ ........Change..........
Dow 12,040.39 -214.60 -1.75%
Nasdaq 2,220.50 -52.31 -2.30%
S&P 500 1,304.34 -29.36 -2.20%
30-yr Bond 4.5790% -0.0260
NYSE Volume 4,264,819,500
Nasdaq Volume 2,218,510,250
Overseas
Japan's Nikkei stock average closed up 1.88 percent. Britain's FTSE 100 finished down 1.49 percent, Germany's DAX index declined 1.38 percent, and France's CAC-40 closed down 1.65 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,766.40 -87.10 -1.49%
DAX 6,591.31 -92.40 -1.38%
CAC 40 4,678.05 -78.37 -1.65%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,215.42 +243.36 +1.88%
Hang Seng 23,342.73 +228.39 +0.99%
Straits Times 2,925.62 +14.85 +0.51%
http://biz.yahoo.com/ap/080306/wall_street.html
Stocks Drop Amid Credit Concerns
Thursday March 6, 4:49 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Drops on Continuing Worries About Credit Markets, Bleak Reading on Foreclosures
NEW YORK (AP) -- Stocks tumbled Thursday as the ailing credit market and a spike in home foreclosures intensified the market's worries about a sagging economy. The Dow Jones industrials gave up 214 points.
Concerns about credit grew after Thornburg Mortgage Inc. and a Carlyle Group bond fund revealed troubles with investments backed by mortgages. The entities failed to make margin calls, which are payments to guarantee much larger debt or investments.
And the genesis of the credit concerns that erupted last year -- souring mortgage loans -- dealt investors another blow after the Mortgage Bankers Association reported that home foreclosures rose to record levels in the fourth quarter. Worries about defaults have made lenders hesitant to extend credit, preventing the credit markets from functioning normally.
Wall Street's sense that credit troubles are seeping further into areas of the financial sector once deemed safe weighed on financial stocks and the broader market.
"I think these are near-term, unfortunate events that if they had the luxury of time and capital they could probably weather but unfortunately with this leverage-based system we have, time is a very expensive luxury," Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said in reference to the difficulties at Thornburg and Carlyle.
According to preliminary calculations, the Dow fell 214.60, or 1.75 percent, to 12,040.39 -- almost slipping below the 12,000 level, which it briefly did in January for the first time since November 2006.
Broader indexes also retreated. The Standard & Poor's 500 index fell 29.36, or 2.20 percent, to 1,304.34, and the Nasdaq composite declined 52.31, or 2.30 percent, to 2,220.50.
The Russell 2000 index of smaller companies fell 20.96, or 3.07 percent, to 662.78.
Bond prices jumped as stocks fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, sank to 3.58 percent from 3.69 percent late Wednesday.
"It's an ugly day in a chain of ugly days," said JPMorgan equities analyst Thomas J. Lee. The Dow managed a moderate gain after a volatile session Wednesday, and had fallen in the four previous sessions.
The stock market's performance going forward will rely largely on Friday's employment report. Economists on average are predicting a modest gain in February payrolls, but some anticipate a decline. According to Lee, a bad jobs number could send the stock market lower by confirming investors' fears of a recession, while a good jobs number will probably be met with some skepticism.
Investors are also fretting as they watch the dollar scrape new lows against the euro. The greenback's weakness is a big culprit behind a recent string of new highs for oil prices.
Light, sweet crude rose to a fresh record Thursday after an unexpected decline in U.S. crude supplies and a widely anticipated decision by OPEC not to increase production. Oil shot up 95 cents to settle at a record $105.47 per barrel.
Gold -- regarded as a defensive investment -- slipped Thursday, but remains only about $20 away from the psychological benchmark of $1,000 an ounce.
Bad news about the housing market further dented sentiment. The Mortgage Bankers Association said the proportion of all mortgages nationwide that fell into foreclosure jumped to a record 0.83 percent in the final quarter of 2007. The group also warned that foreclosures are likely to continue to rise as the number of homeowners behind on their mortgage payments has jumped to its highest level since 1985.
The Federal Reserve added more unwelcome housing news in reporting that Americans' debt on their homes exceeds their equity for the first time since the central bank began tracking the figures in 1945. Homeowners' percentage of equity fell to 47.9 percent in the fourth quarter.
Wall Street is worried that Americans distressed about their home values or struggling with mortgage payments will pare their spending. Investors appeared to take an upbeat report from Wal-Mart Stores Inc. as a mixed signal. While Wal-Mart reported stronger-than-expected sales for February, some investors are worried that success at the world's largest retailer reflects increased bargain-hunting by consumers.
Reports from retailers such as J.C. Penney Co. and Limited Brands Inc., the parent of the Victoria's Secret and Bath & Body Works chains, indicated consumers are paring some spending that they don't regard as essential.
Wal-Mart was the only stock among the 30 that comprise the Dow industrials to advance. The shares rose 43 cents to $49.98.
J.C. Penney fell $5.34, or 11.10 percent, to $42.77, while Limited declined 54 cents, or 3.5 percent, to $14.82.
A retrenchment among consumers is an alarming prospect for Wall Street as consumer spending accounts for more than two-thirds of U.S. economic activity.
Investors' fear of becoming ensnared in widening credit troubles weighed on the financial sector. Thornburg plunged $1.75, or 51 percent, to $1.65. Amsterdam-listed Carlyle Capital Corp. Ltd., a bond fund managed by private equity firm Carlyle Group, fell more than 50 percent after saying it received a note of default for missed margin calls.
Other financial stocks retreated. Citigroup Inc. fell to a new nine-year low before closing down 98 cents, or 4.4 percent, to $21.17. Merrill Lynch & Co. declined $3.46, or 7 percent, to $45.86, while Washington Mutual Inc. fell $1.04, or 8.1 percent, to $11.76.
Declining issues outnumbered advancers by nearly 9 to 1 on the New York Stock Exchange, where volume came to 1.62 billion shares.
Overseas, Japan's Nikkei stock average closed up 1.88 percent. Britain's FTSE 100 finished down 1.49 percent, Germany's DAX index declined 1.38 percent, and France's CAC-40 closed down 1.65 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
S&P 500, Nasdaq Plunge to 52-Week Low
The NYSE DOW closed LOWER by -214.60 points -1.75% on Thursday March 6
Sym Last........ ........Change..........
Dow 12,040.39 -214.60 -1.75%
Nasdaq 2,220.50 -52.31 -2.30%
S&P 500 1,304.34 -29.36 -2.20%
30-yr Bond 4.5790% -0.0260
NYSE Volume 4,264,819,500
Nasdaq Volume 2,218,510,250
Overseas
Japan's Nikkei stock average closed up 1.88 percent. Britain's FTSE 100 finished down 1.49 percent, Germany's DAX index declined 1.38 percent, and France's CAC-40 closed down 1.65 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,766.40 -87.10 -1.49%
DAX 6,591.31 -92.40 -1.38%
CAC 40 4,678.05 -78.37 -1.65%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,215.42 +243.36 +1.88%
Hang Seng 23,342.73 +228.39 +0.99%
Straits Times 2,925.62 +14.85 +0.51%
http://biz.yahoo.com/ap/080306/wall_street.html
Stocks Drop Amid Credit Concerns
Thursday March 6, 4:49 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Drops on Continuing Worries About Credit Markets, Bleak Reading on Foreclosures
NEW YORK (AP) -- Stocks tumbled Thursday as the ailing credit market and a spike in home foreclosures intensified the market's worries about a sagging economy. The Dow Jones industrials gave up 214 points.
Concerns about credit grew after Thornburg Mortgage Inc. and a Carlyle Group bond fund revealed troubles with investments backed by mortgages. The entities failed to make margin calls, which are payments to guarantee much larger debt or investments.
And the genesis of the credit concerns that erupted last year -- souring mortgage loans -- dealt investors another blow after the Mortgage Bankers Association reported that home foreclosures rose to record levels in the fourth quarter. Worries about defaults have made lenders hesitant to extend credit, preventing the credit markets from functioning normally.
Wall Street's sense that credit troubles are seeping further into areas of the financial sector once deemed safe weighed on financial stocks and the broader market.
"I think these are near-term, unfortunate events that if they had the luxury of time and capital they could probably weather but unfortunately with this leverage-based system we have, time is a very expensive luxury," Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said in reference to the difficulties at Thornburg and Carlyle.
According to preliminary calculations, the Dow fell 214.60, or 1.75 percent, to 12,040.39 -- almost slipping below the 12,000 level, which it briefly did in January for the first time since November 2006.
Broader indexes also retreated. The Standard & Poor's 500 index fell 29.36, or 2.20 percent, to 1,304.34, and the Nasdaq composite declined 52.31, or 2.30 percent, to 2,220.50.
The Russell 2000 index of smaller companies fell 20.96, or 3.07 percent, to 662.78.
Bond prices jumped as stocks fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, sank to 3.58 percent from 3.69 percent late Wednesday.
"It's an ugly day in a chain of ugly days," said JPMorgan equities analyst Thomas J. Lee. The Dow managed a moderate gain after a volatile session Wednesday, and had fallen in the four previous sessions.
The stock market's performance going forward will rely largely on Friday's employment report. Economists on average are predicting a modest gain in February payrolls, but some anticipate a decline. According to Lee, a bad jobs number could send the stock market lower by confirming investors' fears of a recession, while a good jobs number will probably be met with some skepticism.
Investors are also fretting as they watch the dollar scrape new lows against the euro. The greenback's weakness is a big culprit behind a recent string of new highs for oil prices.
Light, sweet crude rose to a fresh record Thursday after an unexpected decline in U.S. crude supplies and a widely anticipated decision by OPEC not to increase production. Oil shot up 95 cents to settle at a record $105.47 per barrel.
Gold -- regarded as a defensive investment -- slipped Thursday, but remains only about $20 away from the psychological benchmark of $1,000 an ounce.
Bad news about the housing market further dented sentiment. The Mortgage Bankers Association said the proportion of all mortgages nationwide that fell into foreclosure jumped to a record 0.83 percent in the final quarter of 2007. The group also warned that foreclosures are likely to continue to rise as the number of homeowners behind on their mortgage payments has jumped to its highest level since 1985.
The Federal Reserve added more unwelcome housing news in reporting that Americans' debt on their homes exceeds their equity for the first time since the central bank began tracking the figures in 1945. Homeowners' percentage of equity fell to 47.9 percent in the fourth quarter.
Wall Street is worried that Americans distressed about their home values or struggling with mortgage payments will pare their spending. Investors appeared to take an upbeat report from Wal-Mart Stores Inc. as a mixed signal. While Wal-Mart reported stronger-than-expected sales for February, some investors are worried that success at the world's largest retailer reflects increased bargain-hunting by consumers.
Reports from retailers such as J.C. Penney Co. and Limited Brands Inc., the parent of the Victoria's Secret and Bath & Body Works chains, indicated consumers are paring some spending that they don't regard as essential.
Wal-Mart was the only stock among the 30 that comprise the Dow industrials to advance. The shares rose 43 cents to $49.98.
J.C. Penney fell $5.34, or 11.10 percent, to $42.77, while Limited declined 54 cents, or 3.5 percent, to $14.82.
A retrenchment among consumers is an alarming prospect for Wall Street as consumer spending accounts for more than two-thirds of U.S. economic activity.
Investors' fear of becoming ensnared in widening credit troubles weighed on the financial sector. Thornburg plunged $1.75, or 51 percent, to $1.65. Amsterdam-listed Carlyle Capital Corp. Ltd., a bond fund managed by private equity firm Carlyle Group, fell more than 50 percent after saying it received a note of default for missed margin calls.
Other financial stocks retreated. Citigroup Inc. fell to a new nine-year low before closing down 98 cents, or 4.4 percent, to $21.17. Merrill Lynch & Co. declined $3.46, or 7 percent, to $45.86, while Washington Mutual Inc. fell $1.04, or 8.1 percent, to $11.76.
Declining issues outnumbered advancers by nearly 9 to 1 on the New York Stock Exchange, where volume came to 1.62 billion shares.
Overseas, Japan's Nikkei stock average closed up 1.88 percent. Britain's FTSE 100 finished down 1.49 percent, Germany's DAX index declined 1.38 percent, and France's CAC-40 closed down 1.65 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
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[QUOTE The stock market's performance going forward will rely largely on Friday's employment report. Economists on average are predicting a modest gain in February payrolls, but some anticipate a decline. According to Lee, a bad jobs number could send the stock market lower by confirming investors' fears of a recession, while a good jobs number will probably be met with some skepticism.
[/QUOTE]
So I guess either way it will be a dark night on the DOW tonight
[/QUOTE]
So I guess either way it will be a dark night on the DOW tonight
explod
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If we close at or below this point then it will be a the lowest Dow close since October 2006. Next major support around 11,000
cheers
cheers
bigdog
Retired many years ago
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NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
A BIG RED DAY ALL OVER!!
According to preliminary calculations, the Dow fell 146.70, or 1.22 percent, to 11,893.69. On Thursday, the Dow's 214-point drop came on resurgent concerns about the health of the credit markets. The index has not closed below 11,900 since October 2006, but on Jan. 22 dropped during intraday trading to 11,634.82.
The NYSE DOW closed LOWER by -146.70 points -1.22% on Friday March 7
Sym Last........ ........Change..........
Dow 11,893.69 -146.70 -1.22%
Nasdaq 2,212.49 -8.01 -0.36%
S&P 500 1,293.37 -10.97 -0.84%
30-yr Bond 4.5410% -0.0380
NYSE Volume 4,546,704,500
Nasdaq Volume 2,381,749,750
ASX All Ordinaries: 5,368.9 down 163.0 points on close Friday March 7
Overseas
Japan's Nikkei stock average closed down 3.27 percent after Wall Street's decline. Britain's FTSE 100 closed down 1.15 percent, Germany's DAX index lost 1.17 percent, and France's CAC-40 slid 1.26 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,699.90 -66.50 -1.15%
DAX 6,513.99 -77.32 -1.17%
CAC 40 4,618.96 -59.09 -1.26%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,782.80 -432.62 -3.27%
Hang Seng 22,501.33 -841.40 -3.60%
Straits Times 2,866.28 -51.64 -1.77%
http://biz.yahoo.com/ap/080307/wall_street.html
Stocks Tumble Following Jobs Report
Friday March 7, 5:01 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall Sharply After Weaker-Than-Expected Jobs Report; Fed Moves to Ease Credit Concerns
NEW YORK (AP) -- Stocks tumbled for a second consecutive session Friday after the government's February jobs report revealed employers slashed payrolls last month, compounding fears that the U.S. economy is succumbing to recession. The Dow Jones industrial average fell 146 points, bringing its two-day slide to 370.
This week's declines in the three major stock indexes to their lowest settlements since 2006 came despite the Federal Reserve's announcement that it would take steps to aid the credit markets.
The Labor Department's report that employers cut jobs by 63,000 last month -- the most since March 2003 -- unnerved investors worried about the health of the economy and who had been expecting a 25,000 gain in jobs. While the unemployment rate fell to 4.8 percent, the decline reflects people leaving the labor force.
The payroll numbers arrived minutes after the Federal Reserve announced it would take fresh steps to ease credit troubles, including boosting the amount of money it will auction to banks.
The central bank said it will increase the size of its March 10 and 24 auctions to banks to $50 billion each. The auctions had been slated for $30 billion apiece and Fed officials said subsequent auctions could be bigger if need be. The Fed also said that it would begin a series of repurchase transactions expected to reach $100 billion.
Craig Peckham, an equity trading strategist at Jefferies & Co., said besides the weak job figures, investors were worried about an apparent lack of effectiveness of the Fed's campaign.
"There is a growing sense that the Fed is trying to pull out all the stops and use all the tools they have but with little net effect," he said. "It just doesn't appear to be the quick-fix that investors had been hoping for. What we've seen is people continuing to press very bearish bets."
According to preliminary calculations, the Dow fell 146.70, or 1.22 percent, to 11,893.69. On Thursday, the Dow's 214-point drop came on resurgent concerns about the health of the credit markets. The index has not closed below 11,900 since October 2006, but on Jan. 22 dropped during intraday trading to 11,634.82.
Broader stock indicators also declined. The Standard & Poor's 500 index fell 10.97, or 0.84 percent, to 1,293.37 -- its lowest settlement since August 2006.
The Nasdaq composite index fell 8.01, or 0.36 percent, to 2,212.49, the lowest the tech-dominated index has finished since September 2006.
Bond prices jumped as investors sought defensive positions amid concerns about the economy. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.55 percent from 3.59 percent late Thursday.
It's been a rough week for Wall Street -- the Dow fell 3.04 percent, the S&P fell 2.80 percent and the Nasdaq fell 2.60 percent.
Wall Street had been eager for a read on the jobs picture. While unemployment remains low by historical standards the increase in unemployment stirred concern among investors worried that it will result in a consumer slowdown. The well-being of the consumer, whose spending accounts for more than two-thirds of economic activity, is key to investors' hopes of avoiding more economic pain amid the ongoing pullback in home values and credit troubles.
Paul Nolte, director of investments at Hinsdale Associates, said the job losses in February weren't surprising.
"The trend for the last year and a half has been either job losses or very small gains. That is what you would expect in a contracting economy and we think the economy has been in a recession for two or three months," he said.
The employment figures came a day after concerns about home foreclosures and credit woes rippled across Wall Street.
The start of the week had been relatively quiet. While investors chewed over a slew of economic data, the major indexes didn't end the first three sessions of the week with huge changes. While the closing numbers belied some of the volatility Wall Street had to contend with in the early part of the week, investors' indecision turned to fear Thursday when credit concerns took on new life.
The week also saw the dollar continue to drop, helping push several commodities to record highs. Many commodities are traded in dollars and so a weak greenback can make their prices rise. Gold, often regarded as a defensive investment, surged to near the psychological benchmark of $1,000 an ounce.
The Fed's plans announced Friday seemed to shore up investor confidence early in the session -- briefly sending stocks higher -- but failed to quell Wall Street's nervousness about the economy.
Steven Lehman, manager of Federated's Market Opportunity Fund, was doubtful of the effectiveness of the Fed's efforts.
"There is a profound lack of understanding of markets and economies, and there is still persistent lingering faith that the authorities effectively have a magic wand they can wave to make everything fine," Lehman said. "Economies and markets do go down -- particularly after a multi-decade credit boom."
The dollar hit a fresh record low against the euro following release of the payroll numbers, while gold prices fell.
Light, sweet crude slipped 32 cents to close at $105.15 per barrel on New York Mercantile Exchange, but only after briefly surpassing $106.
The Russell 2000 index of smaller companies fell 2.67, or 0.40 percent, to 660.11.
Declining issues outnumbered advancers by about 5 to 3 on the New York Stock Exchange, where volume came to 1.70 billion shares.
Overseas, Japan's Nikkei stock average closed down 3.27 percent after Wall Street's decline. Britain's FTSE 100 closed down 1.15 percent, Germany's DAX index lost 1.17 percent, and France's CAC-40 slid 1.26 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
A BIG RED DAY ALL OVER!!
According to preliminary calculations, the Dow fell 146.70, or 1.22 percent, to 11,893.69. On Thursday, the Dow's 214-point drop came on resurgent concerns about the health of the credit markets. The index has not closed below 11,900 since October 2006, but on Jan. 22 dropped during intraday trading to 11,634.82.
The NYSE DOW closed LOWER by -146.70 points -1.22% on Friday March 7
Sym Last........ ........Change..........
Dow 11,893.69 -146.70 -1.22%
Nasdaq 2,212.49 -8.01 -0.36%
S&P 500 1,293.37 -10.97 -0.84%
30-yr Bond 4.5410% -0.0380
NYSE Volume 4,546,704,500
Nasdaq Volume 2,381,749,750
ASX All Ordinaries: 5,368.9 down 163.0 points on close Friday March 7
Overseas
Japan's Nikkei stock average closed down 3.27 percent after Wall Street's decline. Britain's FTSE 100 closed down 1.15 percent, Germany's DAX index lost 1.17 percent, and France's CAC-40 slid 1.26 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,699.90 -66.50 -1.15%
DAX 6,513.99 -77.32 -1.17%
CAC 40 4,618.96 -59.09 -1.26%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,782.80 -432.62 -3.27%
Hang Seng 22,501.33 -841.40 -3.60%
Straits Times 2,866.28 -51.64 -1.77%
http://biz.yahoo.com/ap/080307/wall_street.html
Stocks Tumble Following Jobs Report
Friday March 7, 5:01 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall Sharply After Weaker-Than-Expected Jobs Report; Fed Moves to Ease Credit Concerns
NEW YORK (AP) -- Stocks tumbled for a second consecutive session Friday after the government's February jobs report revealed employers slashed payrolls last month, compounding fears that the U.S. economy is succumbing to recession. The Dow Jones industrial average fell 146 points, bringing its two-day slide to 370.
This week's declines in the three major stock indexes to their lowest settlements since 2006 came despite the Federal Reserve's announcement that it would take steps to aid the credit markets.
The Labor Department's report that employers cut jobs by 63,000 last month -- the most since March 2003 -- unnerved investors worried about the health of the economy and who had been expecting a 25,000 gain in jobs. While the unemployment rate fell to 4.8 percent, the decline reflects people leaving the labor force.
The payroll numbers arrived minutes after the Federal Reserve announced it would take fresh steps to ease credit troubles, including boosting the amount of money it will auction to banks.
The central bank said it will increase the size of its March 10 and 24 auctions to banks to $50 billion each. The auctions had been slated for $30 billion apiece and Fed officials said subsequent auctions could be bigger if need be. The Fed also said that it would begin a series of repurchase transactions expected to reach $100 billion.
Craig Peckham, an equity trading strategist at Jefferies & Co., said besides the weak job figures, investors were worried about an apparent lack of effectiveness of the Fed's campaign.
"There is a growing sense that the Fed is trying to pull out all the stops and use all the tools they have but with little net effect," he said. "It just doesn't appear to be the quick-fix that investors had been hoping for. What we've seen is people continuing to press very bearish bets."
According to preliminary calculations, the Dow fell 146.70, or 1.22 percent, to 11,893.69. On Thursday, the Dow's 214-point drop came on resurgent concerns about the health of the credit markets. The index has not closed below 11,900 since October 2006, but on Jan. 22 dropped during intraday trading to 11,634.82.
Broader stock indicators also declined. The Standard & Poor's 500 index fell 10.97, or 0.84 percent, to 1,293.37 -- its lowest settlement since August 2006.
The Nasdaq composite index fell 8.01, or 0.36 percent, to 2,212.49, the lowest the tech-dominated index has finished since September 2006.
Bond prices jumped as investors sought defensive positions amid concerns about the economy. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.55 percent from 3.59 percent late Thursday.
It's been a rough week for Wall Street -- the Dow fell 3.04 percent, the S&P fell 2.80 percent and the Nasdaq fell 2.60 percent.
Wall Street had been eager for a read on the jobs picture. While unemployment remains low by historical standards the increase in unemployment stirred concern among investors worried that it will result in a consumer slowdown. The well-being of the consumer, whose spending accounts for more than two-thirds of economic activity, is key to investors' hopes of avoiding more economic pain amid the ongoing pullback in home values and credit troubles.
Paul Nolte, director of investments at Hinsdale Associates, said the job losses in February weren't surprising.
"The trend for the last year and a half has been either job losses or very small gains. That is what you would expect in a contracting economy and we think the economy has been in a recession for two or three months," he said.
The employment figures came a day after concerns about home foreclosures and credit woes rippled across Wall Street.
The start of the week had been relatively quiet. While investors chewed over a slew of economic data, the major indexes didn't end the first three sessions of the week with huge changes. While the closing numbers belied some of the volatility Wall Street had to contend with in the early part of the week, investors' indecision turned to fear Thursday when credit concerns took on new life.
The week also saw the dollar continue to drop, helping push several commodities to record highs. Many commodities are traded in dollars and so a weak greenback can make their prices rise. Gold, often regarded as a defensive investment, surged to near the psychological benchmark of $1,000 an ounce.
The Fed's plans announced Friday seemed to shore up investor confidence early in the session -- briefly sending stocks higher -- but failed to quell Wall Street's nervousness about the economy.
Steven Lehman, manager of Federated's Market Opportunity Fund, was doubtful of the effectiveness of the Fed's efforts.
"There is a profound lack of understanding of markets and economies, and there is still persistent lingering faith that the authorities effectively have a magic wand they can wave to make everything fine," Lehman said. "Economies and markets do go down -- particularly after a multi-decade credit boom."
The dollar hit a fresh record low against the euro following release of the payroll numbers, while gold prices fell.
Light, sweet crude slipped 32 cents to close at $105.15 per barrel on New York Mercantile Exchange, but only after briefly surpassing $106.
The Russell 2000 index of smaller companies fell 2.67, or 0.40 percent, to 660.11.
Declining issues outnumbered advancers by about 5 to 3 on the New York Stock Exchange, where volume came to 1.70 billion shares.
Overseas, Japan's Nikkei stock average closed down 3.27 percent after Wall Street's decline. Britain's FTSE 100 closed down 1.15 percent, Germany's DAX index lost 1.17 percent, and France's CAC-40 slid 1.26 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,124
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- 5,473
Not looking great with 90 minutes to go!
Gas Prices Near Record; Oil Hits $US108
Sym Last........ ........Change..........
Dow 11,781.43 -112.26 -0.94%
Nasdaq 2,180.27 -32.22 -1.46%
S&P 500 1,277.81 -15.56 -1.20%
30-yr Bond 4.4480% -0.0930
Gas Prices Near Record; Oil Hits $US108
Sym Last........ ........Change..........
Dow 11,781.43 -112.26 -0.94%
Nasdaq 2,180.27 -32.22 -1.46%
S&P 500 1,277.81 -15.56 -1.20%
30-yr Bond 4.4480% -0.0930
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
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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 by -153.54 points -1.29% on Monday March 10
Sym Last........ ........Change..........
Dow 11,740.15 -153.54 -1.29%
Nasdaq 2,169.34 -43.15 -1.95%
S&P 500 1,273.37 -20.00 -1.55%
10 Yr Bond(%) 3.4380% -0.1030
ASX All Ordinaries: 5,368.9 down 163.0 points on close Friday March 7
Overseas
Most Asian markets sank Monday, some in response to Wall Street's losses last week, with Tokyo's market falling to a 2 1/2-year low. In Tokyo, the Nikkei 225 stock average tumbled 1.96 percent to its lowest point since September 2005.
Hong Kong's market bucked the trend, with a recovery in afternoon trading driven by bargain-hunting and gains at the bank HSBC. The Hang Seng Index rose 0.9 percent.
Stocks slipped on European exchanges. Britain's FTSE 100 fell 1.24 percent, Germany's DAX index fell 1.01 percent, and France's CAC-40 fell 1.13 percent
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,629.10 -70.80 -1.24%
DAX 6,448.08 -65.91 -1.01%
CAC 40 4,566.99 -51.97 -1.13%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,532.13 -250.67 -1.96%
Hang Seng 22,705.05 +203.72 +0.91%
Straits Times 2,836.59 -29.69 -1.04%
http://biz.yahoo.com/ap/080310/wall_street.html
Stocks Slide on Mixed News, Surging Oil
Monday March 10, 5:32 pm ET
By Madlen Read, AP Business Writer
Wall Street Pulls Back As Oil Soars and Investors Sift Through Shaky Corporate News
NEW YORK (AP) -- Wall Street sank Monday as oil's surge above $108 a barrel and more worrisome signs for the financial sector led investors to extend last week's losses. The Dow Jones industrial average fell more than 150 points, bringing its three-day loss to nearly 515, while broader indexes showed steeper percentage losses
Wall Street had no bleak economic data to contend with Monday, but instead faced a steady drumbeat of negative news on companies exposed to mortgages.
Mortgage lenders dropped after Thornburg Mortgage Inc. was downgraded by a Jefferies & Co. analyst and Countrywide Financial Corp. was reported to be under investigation by the government for securities fraud.
Then, Bear Stearns Cos. dropped as Moody's Investors Service downgraded a batch of Bear securities backed by Alt-A mortgages, which are home loans given to people lacking proof of income or with minor credit problems.
The slew of downbeat financial news overshadowed a strong February sales report from McDonald's Corp., and led restless investors to proceed cautiously ahead of big economic reports later in the week: Thursday's report on retail sales and Friday's report on consumer prices. Those two readings will give Wall Street a better idea of how much the average American is struggling with falling home values and rising costs, and how aggressively the Federal Reserve will need to act when it meets next week.
"The next three days, there aren't any set, big, market-moving reports," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "The economic data Thursday and Friday is going to be the last bit of news, the last showing, before seeing what the Fed will do on the 18th."
The Dow Jones industrial average fell 153.54, or 1.29 percent, to finish near the lows of the session at 11,740.15. It was the lowest close for the Dow since October 2006.
Broader stock indicators also retreated. The Standard & Poor's 500 index fell 20.00, or 1.55 percent, to 1,273.37, while the Nasdaq composite index fell 43.15, or 1.95 percent, to 2,169.34.
Government bond prices jumped as stocks weakened. The yield on the 10-year Treasury note, which moves opposite its price, fell to 3.46 percent from 3.54 percent late Friday.
Investors appeared to shrug off an upbeat report from the Commerce Department that said U.S. wholesale inventories rose in January by 0.8 percent, more than expected, and that sales at U.S. wholesalers rose 2.7 percent, their widest jump since March 2004.
Last week, increasing worries about the economy and the continuing fallout from the credit crisis pounded the stock market. The Dow ended down 3.04 percent, the S&P 500 index was off 2.80 percent, and the Nasdaq composite index closed with a loss of 2.60 percent.
Recent record-breaking surges in commodities prices have worried many investors about whether the Federal Reserve might hesitate to lower key rates by as much as they want -- at least a half percentage point. Over the past few months, policy makers have cited the staggering economy as a greater risk than inflation.
On Monday, crude oil soared to finish at a record, rising $2.75 to $107.90 a barrel on the New York Mercantile Exchange after setting a trading record of $108.21 during the session. It was the fifth record set in the last six sessions.
Gold fell, while the dollar traded mixed.
Even if rising commodities costs do not restrain the Fed from lowering rates further, the market remains unsure that rate cuts will be enough to keep the sagging economy out of recession. Of particular concern is the job market -- the Labor Department last Friday said the economy lost 63,000 jobs last month.
Early Monday, JPMorgan analysts slashed their year-end target for the S&P 500 index and earnings for S&P 500 companies, after the bank's chief economist said he believes a recession began in January.
The Russell 2000 index of smaller companies fell 16.14, or 2.45 percent, to 643.97.
Declining issues outnumbered advancers by about 5 to 1 on the New York Stock Exchange, where volume came to 1.61 billion shares compared with 1.70 billion shares traded Friday.
McDonald's, a Dow component, rose $1.53, or 2.9 percent, to $53.80.
Thornburg Mortgage sank $1.08, or 60 percent, to 71 cents, while Countrywide fell 71 cents, or 14 percent, to $4.36.
Bear Stearns fell $7.78, or 11.1 percent, to $62.30 on the Moody's move and also amid market rumors about a liquidity squeeze at the company. Bear Stearns said in a statement there was "absolutely no truth" to the rumors.
Most Asian markets sank Monday, some in response to Wall Street's losses last week, with Tokyo's market falling to a 2 1/2-year low. In Tokyo, the Nikkei 225 stock average tumbled 1.96 percent to its lowest point since September 2005.
Hong Kong's market bucked the trend, with a recovery in afternoon trading driven by bargain-hunting and gains at the bank HSBC. The Hang Seng Index rose 0.9 percent.
Stocks slipped on European exchanges. Britain's FTSE 100 fell 1.24 percent, Germany's DAX index fell 1.01 percent, and France's CAC-40 fell 1.13 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
The NYSE DOW closed LOWER by -153.54 points -1.29% on Monday March 10
Sym Last........ ........Change..........
Dow 11,740.15 -153.54 -1.29%
Nasdaq 2,169.34 -43.15 -1.95%
S&P 500 1,273.37 -20.00 -1.55%
10 Yr Bond(%) 3.4380% -0.1030
ASX All Ordinaries: 5,368.9 down 163.0 points on close Friday March 7
Overseas
Most Asian markets sank Monday, some in response to Wall Street's losses last week, with Tokyo's market falling to a 2 1/2-year low. In Tokyo, the Nikkei 225 stock average tumbled 1.96 percent to its lowest point since September 2005.
Hong Kong's market bucked the trend, with a recovery in afternoon trading driven by bargain-hunting and gains at the bank HSBC. The Hang Seng Index rose 0.9 percent.
Stocks slipped on European exchanges. Britain's FTSE 100 fell 1.24 percent, Germany's DAX index fell 1.01 percent, and France's CAC-40 fell 1.13 percent
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,629.10 -70.80 -1.24%
DAX 6,448.08 -65.91 -1.01%
CAC 40 4,566.99 -51.97 -1.13%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,532.13 -250.67 -1.96%
Hang Seng 22,705.05 +203.72 +0.91%
Straits Times 2,836.59 -29.69 -1.04%
http://biz.yahoo.com/ap/080310/wall_street.html
Stocks Slide on Mixed News, Surging Oil
Monday March 10, 5:32 pm ET
By Madlen Read, AP Business Writer
Wall Street Pulls Back As Oil Soars and Investors Sift Through Shaky Corporate News
NEW YORK (AP) -- Wall Street sank Monday as oil's surge above $108 a barrel and more worrisome signs for the financial sector led investors to extend last week's losses. The Dow Jones industrial average fell more than 150 points, bringing its three-day loss to nearly 515, while broader indexes showed steeper percentage losses
Wall Street had no bleak economic data to contend with Monday, but instead faced a steady drumbeat of negative news on companies exposed to mortgages.
Mortgage lenders dropped after Thornburg Mortgage Inc. was downgraded by a Jefferies & Co. analyst and Countrywide Financial Corp. was reported to be under investigation by the government for securities fraud.
Then, Bear Stearns Cos. dropped as Moody's Investors Service downgraded a batch of Bear securities backed by Alt-A mortgages, which are home loans given to people lacking proof of income or with minor credit problems.
The slew of downbeat financial news overshadowed a strong February sales report from McDonald's Corp., and led restless investors to proceed cautiously ahead of big economic reports later in the week: Thursday's report on retail sales and Friday's report on consumer prices. Those two readings will give Wall Street a better idea of how much the average American is struggling with falling home values and rising costs, and how aggressively the Federal Reserve will need to act when it meets next week.
"The next three days, there aren't any set, big, market-moving reports," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "The economic data Thursday and Friday is going to be the last bit of news, the last showing, before seeing what the Fed will do on the 18th."
The Dow Jones industrial average fell 153.54, or 1.29 percent, to finish near the lows of the session at 11,740.15. It was the lowest close for the Dow since October 2006.
Broader stock indicators also retreated. The Standard & Poor's 500 index fell 20.00, or 1.55 percent, to 1,273.37, while the Nasdaq composite index fell 43.15, or 1.95 percent, to 2,169.34.
Government bond prices jumped as stocks weakened. The yield on the 10-year Treasury note, which moves opposite its price, fell to 3.46 percent from 3.54 percent late Friday.
Investors appeared to shrug off an upbeat report from the Commerce Department that said U.S. wholesale inventories rose in January by 0.8 percent, more than expected, and that sales at U.S. wholesalers rose 2.7 percent, their widest jump since March 2004.
Last week, increasing worries about the economy and the continuing fallout from the credit crisis pounded the stock market. The Dow ended down 3.04 percent, the S&P 500 index was off 2.80 percent, and the Nasdaq composite index closed with a loss of 2.60 percent.
Recent record-breaking surges in commodities prices have worried many investors about whether the Federal Reserve might hesitate to lower key rates by as much as they want -- at least a half percentage point. Over the past few months, policy makers have cited the staggering economy as a greater risk than inflation.
On Monday, crude oil soared to finish at a record, rising $2.75 to $107.90 a barrel on the New York Mercantile Exchange after setting a trading record of $108.21 during the session. It was the fifth record set in the last six sessions.
Gold fell, while the dollar traded mixed.
Even if rising commodities costs do not restrain the Fed from lowering rates further, the market remains unsure that rate cuts will be enough to keep the sagging economy out of recession. Of particular concern is the job market -- the Labor Department last Friday said the economy lost 63,000 jobs last month.
Early Monday, JPMorgan analysts slashed their year-end target for the S&P 500 index and earnings for S&P 500 companies, after the bank's chief economist said he believes a recession began in January.
The Russell 2000 index of smaller companies fell 16.14, or 2.45 percent, to 643.97.
Declining issues outnumbered advancers by about 5 to 1 on the New York Stock Exchange, where volume came to 1.61 billion shares compared with 1.70 billion shares traded Friday.
McDonald's, a Dow component, rose $1.53, or 2.9 percent, to $53.80.
Thornburg Mortgage sank $1.08, or 60 percent, to 71 cents, while Countrywide fell 71 cents, or 14 percent, to $4.36.
Bear Stearns fell $7.78, or 11.1 percent, to $62.30 on the Moody's move and also amid market rumors about a liquidity squeeze at the company. Bear Stearns said in a statement there was "absolutely no truth" to the rumors.
Most Asian markets sank Monday, some in response to Wall Street's losses last week, with Tokyo's market falling to a 2 1/2-year low. In Tokyo, the Nikkei 225 stock average tumbled 1.96 percent to its lowest point since September 2005.
Hong Kong's market bucked the trend, with a recovery in afternoon trading driven by bargain-hunting and gains at the bank HSBC. The Hang Seng Index rose 0.9 percent.
Stocks slipped on European exchanges. Britain's FTSE 100 fell 1.24 percent, Germany's DAX index fell 1.01 percent, and France's CAC-40 fell 1.13 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
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- 19 July 2006
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NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
A Big Green Day for a change!
It was the biggest point jump in the Dow since its 447-point rise on July 29, 2002, and its widest percentage gain since closing up 3.59 percent on March 17, 2003.
The NYSE DOW closed HIGHER by +416.66 points +3.55% on Tuesday March 11
Sym Last........ ........Change..........
Dow 12,156.81 +416.66 +3.55%
Nasdaq 2,255.76 +86.42 +3.98%
S&P 500 1,320.65 +47.28 +3.71%
10 Yr Bond(%) 3.5960% +0.1580
Overseas.
Stocks overseas rebounded. Japan's Nikkei 225 stock average rose 1.01 percent, while Hong Kong's market closed up 1.28 percent higher. Britain's FTSE-100 rose 1.7 percent, Germany was up 2.01 percent, and France added 1.61 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,690.40 +61.30 +1.09%
DAX 6,524.57 +76.49 +1.19%
CAC 40 4,627.69 +60.70 +1.33%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,658.28 +126.15%
Hang Seng 22,995.35 +290.30 +1.28%
Straits Times 2,860.85 +24.26 +0.86%
http://biz.yahoo.com/ap/080311/wall_street.html
Stocks Shoot Higher on Fed Credit Plan
Tuesday March 11, 4:59 pm ET
By Joe Bel Bruno, AP Business Writer
Dow Jumps More Than 400 Points After Fed, Other Central Banks Move to Ease Credit Crisis
NEW YORK (AP) -- Wall Street finally found a reason for a huge rally Tuesday after the Federal Reserve said it plans to pump $200 billion into the financial markets to help ease the strain from the credit crisis. The Dow Jones industrial average shot up more than 416 points, its biggest one-day point gain since July 2002.
The Fed's program is part of a worldwide effort to help struggling banks and mortgage providers. The Fed -- acting in concert with the European Central Bank, the Bank of Canada and the Swiss National Bank -- agreed to loan investment banks money in exchange for debt, including slumping mortgage-backed securities.
The move is meant to essentially create a market for assets that investors have been too scared to buy. That freeze-up in demand had sent asset values plunging and caused huge losses for some of the world's biggest banks.
The decision by the Fed arrives after a series of hefty losses in stocks, noted Anthony Conroy, managing director and head trader for BNY ConvergEx Group. That, along with the unwinding of bets that the market would fall further, may have exaggerated the stock market's rebound. But the market is hopeful the central banks' decision Tuesday might be more effective than previous moves -- like rate cuts, which had elicited initial stock pops but then eventual skepticism about whether they would be enough to keep the economy out of a recession.
"It's not just a rate cut. I think it's a very creative way to do financing," Conroy said. "It shows the Fed is willing to do things that are a little out-of-the-box to shore up credit issues. I really think they went to the heart of the issue."
The latest step was seen as a direct lifeline to investment banks, which previously couldn't borrow in past Fed liquidity plans.
"The big problem has been the financials, and this helps supply money directly to the banks and may take some of the need for aggressive rate cutting off the table," said Peter Dunay, chief investment strategist at Meridian Equity Partners. "The Fed is basically going to take the bad loans off the banks' books, and the market seems to be loving that idea."
The central bank may have avoided dramatically slashing interest rates again when it meets next week. Economists remain concerned about the unrelenting rise in oil prices and the dollar's weakness, which contribute to inflation -- and cutting rates only add to these pressures.
According to preliminary calculations, the Dow rose 416.66, or 3.55 percent, to 12,156.81. The index -- which lost more than 500 points in the last three sessions -- is still down about 2,000 points from its October 2007 record high. It was the biggest point jump in the Dow since its 447-point rise on July 29, 2002, and its widest percentage gain since closing up 3.59 percent on March 17, 2003.
Broader stock indicators also soared. The Standard & Poor's 500 index rose 47.28, or 3.71 percent, to 1,320.65, while the Nasdaq composite index surged 86.42, or 3.98 percent, to 2,255.76.
Government bond prices fell as stocks rallied. The yield on the 10-year Treasury note, which moves opposite its price, spiked to 3.60 percent from 3.46 percent late Monday.
Financial sector stocks, many of which have dipped to multi-year lows in recent days on liquidity concerns, led the market higher Tuesday.
Citigroup Inc. rose $1.42, or 7.2 percent, to $21.11, Washington Mutual Inc. rose $1.72, or 17 percent, to $11.76, and Bank of America Corp. rose $1.33, or 3.8 percent, to $36.64.
Morgan Stanley rose $4.19, or 10.9 percent, to $42.49, Lehman Brothers rose $3.33, or 7.8 percent, to $46.31, and Merrill Lynch rose $2.76, or 6.4 percent, to $45.60.
Bear Stearns Cos. rebounded from losses to rise 67 cents to $62.97, even after an analyst said the No. 5 U.S. investment bank might need to sell itself, or layoff more staff, to stay afloat. The cost to insure Bear Stearns bonds has been spiking to all-time highs. A spokesman for Bear Stearns didn't immediately return telephone calls.
The central bank's plan basically allows Wall Street's biggest institutions to put up troubled assets as collateral for loans, use the new capital to make money in the market, and then pay back the loan up to 28 days later. Though eventually banks would be forced to take the troubled mortgage-backed debt back on their books, the plan still takes short-term pressure off them. Many of these banks will release first-quarter earnings reports next week.
The Fed's announcement overshadowed a report from the Commerce Department that showed the United States' trade deficit grew larger in January. The latest snapshot of the economy showed that the trade gap increased to $58.2 billion -- the highest since November.
The primary reason behind the widening trade deficit is high oil prices. Crude rose as high as $109.72 in premarket trading on the New York Mercantile Exchange before ending at a new settlement record of $108.75. The weak dollar has contributed to oil's rally from $87 a barrel in January.
Gold prices rose, while the dollar edged up against most other major currencies.
The only sector posting major losses Tuesday was healthcare, which has been strong in recent months. WellPoint Inc. fell after Goldman Sachs trimmed its ratings in the managed care sector to neutral from attractive. The investment bank singled out WellPoint's performance amid pricing pressures. The stock plunged $18.66, or 28 percent, to $47.26.
Google Inc. shares spiked after European Union regulators cleared the Internet company's $3.1 billion bid for online ad tracker DoubleClick. Shares of Google rose $26.22, or 6.3 percent, to $439.84.
The Russell 2000 index of smaller companies rose 29.84, or 4.63 percent, to 673.81.
Advancing issues surpassed decliners by more than 5 to 1 on the New York Stock Exchange, where volume came to 1.95 billion shares.
Stocks overseas rebounded. Japan's Nikkei 225 stock average rose 1.01 percent, while Hong Kong's market closed up 1.28 percent higher. Britain's FTSE-100 rose 1.7 percent, Germany was up 2.01 percent, and France added 1.61 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
A Big Green Day for a change!
It was the biggest point jump in the Dow since its 447-point rise on July 29, 2002, and its widest percentage gain since closing up 3.59 percent on March 17, 2003.
The NYSE DOW closed HIGHER by +416.66 points +3.55% on Tuesday March 11
Sym Last........ ........Change..........
Dow 12,156.81 +416.66 +3.55%
Nasdaq 2,255.76 +86.42 +3.98%
S&P 500 1,320.65 +47.28 +3.71%
10 Yr Bond(%) 3.5960% +0.1580
Overseas.
Stocks overseas rebounded. Japan's Nikkei 225 stock average rose 1.01 percent, while Hong Kong's market closed up 1.28 percent higher. Britain's FTSE-100 rose 1.7 percent, Germany was up 2.01 percent, and France added 1.61 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,690.40 +61.30 +1.09%
DAX 6,524.57 +76.49 +1.19%
CAC 40 4,627.69 +60.70 +1.33%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,658.28 +126.15%
Hang Seng 22,995.35 +290.30 +1.28%
Straits Times 2,860.85 +24.26 +0.86%
http://biz.yahoo.com/ap/080311/wall_street.html
Stocks Shoot Higher on Fed Credit Plan
Tuesday March 11, 4:59 pm ET
By Joe Bel Bruno, AP Business Writer
Dow Jumps More Than 400 Points After Fed, Other Central Banks Move to Ease Credit Crisis
NEW YORK (AP) -- Wall Street finally found a reason for a huge rally Tuesday after the Federal Reserve said it plans to pump $200 billion into the financial markets to help ease the strain from the credit crisis. The Dow Jones industrial average shot up more than 416 points, its biggest one-day point gain since July 2002.
The Fed's program is part of a worldwide effort to help struggling banks and mortgage providers. The Fed -- acting in concert with the European Central Bank, the Bank of Canada and the Swiss National Bank -- agreed to loan investment banks money in exchange for debt, including slumping mortgage-backed securities.
The move is meant to essentially create a market for assets that investors have been too scared to buy. That freeze-up in demand had sent asset values plunging and caused huge losses for some of the world's biggest banks.
The decision by the Fed arrives after a series of hefty losses in stocks, noted Anthony Conroy, managing director and head trader for BNY ConvergEx Group. That, along with the unwinding of bets that the market would fall further, may have exaggerated the stock market's rebound. But the market is hopeful the central banks' decision Tuesday might be more effective than previous moves -- like rate cuts, which had elicited initial stock pops but then eventual skepticism about whether they would be enough to keep the economy out of a recession.
"It's not just a rate cut. I think it's a very creative way to do financing," Conroy said. "It shows the Fed is willing to do things that are a little out-of-the-box to shore up credit issues. I really think they went to the heart of the issue."
The latest step was seen as a direct lifeline to investment banks, which previously couldn't borrow in past Fed liquidity plans.
"The big problem has been the financials, and this helps supply money directly to the banks and may take some of the need for aggressive rate cutting off the table," said Peter Dunay, chief investment strategist at Meridian Equity Partners. "The Fed is basically going to take the bad loans off the banks' books, and the market seems to be loving that idea."
The central bank may have avoided dramatically slashing interest rates again when it meets next week. Economists remain concerned about the unrelenting rise in oil prices and the dollar's weakness, which contribute to inflation -- and cutting rates only add to these pressures.
According to preliminary calculations, the Dow rose 416.66, or 3.55 percent, to 12,156.81. The index -- which lost more than 500 points in the last three sessions -- is still down about 2,000 points from its October 2007 record high. It was the biggest point jump in the Dow since its 447-point rise on July 29, 2002, and its widest percentage gain since closing up 3.59 percent on March 17, 2003.
Broader stock indicators also soared. The Standard & Poor's 500 index rose 47.28, or 3.71 percent, to 1,320.65, while the Nasdaq composite index surged 86.42, or 3.98 percent, to 2,255.76.
Government bond prices fell as stocks rallied. The yield on the 10-year Treasury note, which moves opposite its price, spiked to 3.60 percent from 3.46 percent late Monday.
Financial sector stocks, many of which have dipped to multi-year lows in recent days on liquidity concerns, led the market higher Tuesday.
Citigroup Inc. rose $1.42, or 7.2 percent, to $21.11, Washington Mutual Inc. rose $1.72, or 17 percent, to $11.76, and Bank of America Corp. rose $1.33, or 3.8 percent, to $36.64.
Morgan Stanley rose $4.19, or 10.9 percent, to $42.49, Lehman Brothers rose $3.33, or 7.8 percent, to $46.31, and Merrill Lynch rose $2.76, or 6.4 percent, to $45.60.
Bear Stearns Cos. rebounded from losses to rise 67 cents to $62.97, even after an analyst said the No. 5 U.S. investment bank might need to sell itself, or layoff more staff, to stay afloat. The cost to insure Bear Stearns bonds has been spiking to all-time highs. A spokesman for Bear Stearns didn't immediately return telephone calls.
The central bank's plan basically allows Wall Street's biggest institutions to put up troubled assets as collateral for loans, use the new capital to make money in the market, and then pay back the loan up to 28 days later. Though eventually banks would be forced to take the troubled mortgage-backed debt back on their books, the plan still takes short-term pressure off them. Many of these banks will release first-quarter earnings reports next week.
The Fed's announcement overshadowed a report from the Commerce Department that showed the United States' trade deficit grew larger in January. The latest snapshot of the economy showed that the trade gap increased to $58.2 billion -- the highest since November.
The primary reason behind the widening trade deficit is high oil prices. Crude rose as high as $109.72 in premarket trading on the New York Mercantile Exchange before ending at a new settlement record of $108.75. The weak dollar has contributed to oil's rally from $87 a barrel in January.
Gold prices rose, while the dollar edged up against most other major currencies.
The only sector posting major losses Tuesday was healthcare, which has been strong in recent months. WellPoint Inc. fell after Goldman Sachs trimmed its ratings in the managed care sector to neutral from attractive. The investment bank singled out WellPoint's performance amid pricing pressures. The stock plunged $18.66, or 28 percent, to $47.26.
Google Inc. shares spiked after European Union regulators cleared the Internet company's $3.1 billion bid for online ad tracker DoubleClick. Shares of Google rose $26.22, or 6.3 percent, to $439.84.
The Russell 2000 index of smaller companies rose 29.84, or 4.63 percent, to 673.81.
Advancing issues surpassed decliners by more than 5 to 1 on the New York Stock Exchange, where volume came to 1.95 billion shares.
Stocks overseas rebounded. Japan's Nikkei 225 stock average rose 1.01 percent, while Hong Kong's market closed up 1.28 percent higher. Britain's FTSE-100 rose 1.7 percent, Germany was up 2.01 percent, and France added 1.61 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,124
- Reactions
- 5,473
NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
Stocks Dip a Day After Huge Rally. According to preliminary calculations, the Dow fell 46.57, or 0.38 percent, to 12,110.24. It initially dipped, shot up more than 140 points, then dropped again.
The NYSE DOW closed LOWER by -46.57 points -0.38% on Wednesday March 12
Sym Last........ ........Change..........
Dow 12,110.24 -46.57 -0.38%
Nasdaq 2,243.87 -11.89 -0.53%
S&P 500 1,308.77 -11.88 -0.90%
10 Yr Bond(%) 3.4830% -0.1130
Overseas.
Japan's Nikkei 225 stock average jumped 1.60 percent, while Hong Kong's market closed up 1.86 percent higher. Britain's FTSE 100 finished up 1.51 percent, Germany's DAX index rose 1.15 percent, and France's CAC-40 added 1.50 percent
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,776.40 +86.00 +1.51%
DAX 6,599.37 +74.80 +1.15%
CAC 40 4,697.10 +69.41 +1.50%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,861.13 +202.85 +1.60%
Hang Seng 23,422.76 +427.41 +1.86%
Straits Times 2,917.94 +57.09 +2.00%
http://biz.yahoo.com/ap/080312/wall_street.html
Stocks Dip a Day After Huge Rally
Wednesday March 12, 4:54 pm ET
By Madlen Read, AP Business Writer
Stocks Turn Lower a Day After Fed's Move to Boost Liquidity; Oil Prices Hit New Record
NEW YORK (AP) -- Wall Street's euphoria over a $200 billion plan from the Federal Reserve turned to caution Wednesday, leading stocks to retreat a day after their biggest rally in more than five years.
Investors largely regard the plan the Fed announced Tuesday to lend Treasurys in exchange for debt tied to mortgages as an innovative means of bringing some relief to the tight credit markets. But they are hesitant to pour more money into stocks without signs that the decision will help turn around the economy -- particularly with data on retail sales and consumer prices scheduled to arrive later this week.
"Does it address the main concern, and that's weaker housing? That has not been resolved just yet," said Steven Goldman, chief market strategist at Weeden & Co. "If we are in the midst of a recession, and only a couple months into the recession, we might need a couple more months to plod our way through this."
After shooting higher Tuesday, most bank stocks declined again Wednesday. Even if the credit markets ease up a bit, banks and other lenders still face a deterioriating climate for consumer credit and many are low on cash.
"We're still in a great deal of flux here. The fact that the Fed has gone from lender of last resort to lender of first resort worries me," said John O'Donoghue, co-head of equities at Cowen & Co.
Volatile energy prices added to the market's anxiety. Oil prices initially fell after the Energy Department said crude and gasoline supplies rose by unexpectedly large amounts last week, but then they returned on their record-setting streak to briefly surpass $110 a barrel. If oil keeps hitting record levels, inflation pressures could rise and limit the Federal Reserve's ability to reduce interest rates further and boost lending efforts to spur the economy.
According to preliminary calculations, the Dow fell 46.57, or 0.38 percent, to 12,110.24. It initially dipped, shot up more than 140 points, then dropped again. On Tuesday, the Dow surged 416 points, the blue chips' biggest one-day point gain since 2002.
Broader stock indicators also finished lower after a seesaw day. The Standard & Poor's 500 index fell 11.88, or 0.90 percent, to 1,308.77, and the Nasdaq composite index fell 11.89, or 0.53 percent, to 2,243.87.
Treasury prices rose as stocks pulled back. The yield on the 10-year Treasury note, which moves opposite its price, fell to 3.44 percent from 3.59 percent late Tuesday.
The dollar fell against most other major currencies, and sank to another record low against the euro. Gold prices rose, while crude finished at a record settlement of $109.92 a barrel on the New York Mercantile Exchange.
Investors are unsure how economic data due out later this week will influence the Fed's decision on interest rates when policy makers meet next Tuesday, but they are angling for another big reduction. Traders who bet on the Fed's rate moves are pricing in a full chance of a half-point cut to 2.5 percent in the key rate and a strong chance of a three-quarter-point cut to 2.25 percent.
Some companies appear to be sailing through the credit crunch with little damage to profits. Caterpillar Inc. advanced $2.74, or 3.7 percent, to $75.35 after it raised its sales forecast for 2010 by 20 percent, exceeding analysts' expectations. Caterpillar is one of the 30 stocks that comprise the Dow industrials.
But now investors are concerned they were too optimistic about the health insurance sector. Health insurers tumbled for a second day in a row after Humana Inc. lowered its 2008 outlook, heightening anxiety about higher-than-expected costs weighing on the industry. Humana sank $6.50, or 13.7 percent, to $40.88.
And the financial sector weakened following a big day on Tuesday. Citigroup Inc. slipped 28 cents to $21.21 after surging about 10 percent on Tuesday; Washington Mutual Inc. fell 24 cents, or 2 percent, to $11.64; Wachovia Corp. fell $1.73, or 5.8 percent, to $28.05; and Wells Fargo & Co. fell $1.28, or 4.2 percent, to $29.54.
Freddie Mac shares finished 12 cents lower at $20.02 even after the chief financial officer of the nation's second-largest U.S. buyer and guarantor of home mortgages said it has adequate capital and will not need to dilute its shares by issuing more stock.
Declining issues outnumbered advancers by about 5 to 3 on the New York Stock Exchange, where volume came to 1.56 billion shares.
The Russell 2000 index of smaller companies fell 6.50, or 0.96 percent, to 667.31.
Overseas, Japan's Nikkei 225 stock average jumped 1.60 percent, while Hong Kong's market closed up 1.86 percent higher. Britain's FTSE 100 finished up 1.51 percent, Germany's DAX index rose 1.15 percent, and France's CAC-40 added 1.50 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
Stocks Dip a Day After Huge Rally. According to preliminary calculations, the Dow fell 46.57, or 0.38 percent, to 12,110.24. It initially dipped, shot up more than 140 points, then dropped again.
The NYSE DOW closed LOWER by -46.57 points -0.38% on Wednesday March 12
Sym Last........ ........Change..........
Dow 12,110.24 -46.57 -0.38%
Nasdaq 2,243.87 -11.89 -0.53%
S&P 500 1,308.77 -11.88 -0.90%
10 Yr Bond(%) 3.4830% -0.1130
Overseas.
Japan's Nikkei 225 stock average jumped 1.60 percent, while Hong Kong's market closed up 1.86 percent higher. Britain's FTSE 100 finished up 1.51 percent, Germany's DAX index rose 1.15 percent, and France's CAC-40 added 1.50 percent
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,776.40 +86.00 +1.51%
DAX 6,599.37 +74.80 +1.15%
CAC 40 4,697.10 +69.41 +1.50%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,861.13 +202.85 +1.60%
Hang Seng 23,422.76 +427.41 +1.86%
Straits Times 2,917.94 +57.09 +2.00%
http://biz.yahoo.com/ap/080312/wall_street.html
Stocks Dip a Day After Huge Rally
Wednesday March 12, 4:54 pm ET
By Madlen Read, AP Business Writer
Stocks Turn Lower a Day After Fed's Move to Boost Liquidity; Oil Prices Hit New Record
NEW YORK (AP) -- Wall Street's euphoria over a $200 billion plan from the Federal Reserve turned to caution Wednesday, leading stocks to retreat a day after their biggest rally in more than five years.
Investors largely regard the plan the Fed announced Tuesday to lend Treasurys in exchange for debt tied to mortgages as an innovative means of bringing some relief to the tight credit markets. But they are hesitant to pour more money into stocks without signs that the decision will help turn around the economy -- particularly with data on retail sales and consumer prices scheduled to arrive later this week.
"Does it address the main concern, and that's weaker housing? That has not been resolved just yet," said Steven Goldman, chief market strategist at Weeden & Co. "If we are in the midst of a recession, and only a couple months into the recession, we might need a couple more months to plod our way through this."
After shooting higher Tuesday, most bank stocks declined again Wednesday. Even if the credit markets ease up a bit, banks and other lenders still face a deterioriating climate for consumer credit and many are low on cash.
"We're still in a great deal of flux here. The fact that the Fed has gone from lender of last resort to lender of first resort worries me," said John O'Donoghue, co-head of equities at Cowen & Co.
Volatile energy prices added to the market's anxiety. Oil prices initially fell after the Energy Department said crude and gasoline supplies rose by unexpectedly large amounts last week, but then they returned on their record-setting streak to briefly surpass $110 a barrel. If oil keeps hitting record levels, inflation pressures could rise and limit the Federal Reserve's ability to reduce interest rates further and boost lending efforts to spur the economy.
According to preliminary calculations, the Dow fell 46.57, or 0.38 percent, to 12,110.24. It initially dipped, shot up more than 140 points, then dropped again. On Tuesday, the Dow surged 416 points, the blue chips' biggest one-day point gain since 2002.
Broader stock indicators also finished lower after a seesaw day. The Standard & Poor's 500 index fell 11.88, or 0.90 percent, to 1,308.77, and the Nasdaq composite index fell 11.89, or 0.53 percent, to 2,243.87.
Treasury prices rose as stocks pulled back. The yield on the 10-year Treasury note, which moves opposite its price, fell to 3.44 percent from 3.59 percent late Tuesday.
The dollar fell against most other major currencies, and sank to another record low against the euro. Gold prices rose, while crude finished at a record settlement of $109.92 a barrel on the New York Mercantile Exchange.
Investors are unsure how economic data due out later this week will influence the Fed's decision on interest rates when policy makers meet next Tuesday, but they are angling for another big reduction. Traders who bet on the Fed's rate moves are pricing in a full chance of a half-point cut to 2.5 percent in the key rate and a strong chance of a three-quarter-point cut to 2.25 percent.
Some companies appear to be sailing through the credit crunch with little damage to profits. Caterpillar Inc. advanced $2.74, or 3.7 percent, to $75.35 after it raised its sales forecast for 2010 by 20 percent, exceeding analysts' expectations. Caterpillar is one of the 30 stocks that comprise the Dow industrials.
But now investors are concerned they were too optimistic about the health insurance sector. Health insurers tumbled for a second day in a row after Humana Inc. lowered its 2008 outlook, heightening anxiety about higher-than-expected costs weighing on the industry. Humana sank $6.50, or 13.7 percent, to $40.88.
And the financial sector weakened following a big day on Tuesday. Citigroup Inc. slipped 28 cents to $21.21 after surging about 10 percent on Tuesday; Washington Mutual Inc. fell 24 cents, or 2 percent, to $11.64; Wachovia Corp. fell $1.73, or 5.8 percent, to $28.05; and Wells Fargo & Co. fell $1.28, or 4.2 percent, to $29.54.
Freddie Mac shares finished 12 cents lower at $20.02 even after the chief financial officer of the nation's second-largest U.S. buyer and guarantor of home mortgages said it has adequate capital and will not need to dilute its shares by issuing more stock.
Declining issues outnumbered advancers by about 5 to 3 on the New York Stock Exchange, where volume came to 1.56 billion shares.
The Russell 2000 index of smaller companies fell 6.50, or 0.96 percent, to 667.31.
Overseas, Japan's Nikkei 225 stock average jumped 1.60 percent, while Hong Kong's market closed up 1.86 percent higher. Britain's FTSE 100 finished up 1.51 percent, Germany's DAX index rose 1.15 percent, and France's CAC-40 added 1.50 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
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Ahh yes. The *One Day Rally* syndrome remains in force, with no apparent end in sight..? Then again, the *end* might come if/when the Fed runs out of interest rate/cash injection options.
AJ
AJ
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Yep
0417 GMT [Dow Jones] Asian stocks extend falls with U.S. futures weak, in part on news Carlyle Capital expects lenders will seize its assets, causing likely liquidation of fund; Nikkei off 3.4%, Kospi 2.4%, Taiwan 1.6%, STI 2.5%, HSI 3.1%. Nasdaq futures down 1% in screen trade with S&P futures down 0.9%. "Although it has been working diligently with its lenders, the Company has not been able to reach a mutually beneficial agreement to stabilize its financing," fund says; likely collapse is major black eye for Carlyle Group, powerful Washington, D.C.-based private-equity firm whose executives own 15% of fund. Comes just one week after Carlyle Group asked some of world's largest banks to hold off on margin calls and liquidation of mortgage assets; but several lenders began selling fund's $21.7 billion in mortgage securities, which committed as collateral against huge borrowings. Shows how Wall Street's biggest players now playing hardball with some of their best clients, and how jittery banks have become about own loan exposures. Shows too how credit crunch has moved far beyond subprime mortgages; Carlyle Capital's portfolio consisted exclusively of AAA-rated MBS issued by Fannie Mae, Freddie Mac.(RXM)
bigdog
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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 by +35.50 points +0.29% on Thursday March 13
Sym Last........ ........Change..........
Dow 12,145.74 +35.50 +0.29%
Nasdaq 2,263.61 +19.74 +0.88%
S&P 500 1,315.48 +6.71 +0.51%
30-yr Bond 4.45% +0.04
NYSE Volume 5,073,354,000
Nasdaq Volume 2,510,425,000
Overseas.
Japan's Nikkei 225 index tumbled 3.3 percent to its lowest level in 2 1/2 years. Britain's FTSE 100 fell 1.45 percent, Germany's DAX index slid 1.50 percent, and France's CAC-40 lost 1.42 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,692.40 -84.00 -1.45%
DAX 6,500.56 -98.81 -1.50%
CAC 40 4,630.19 -66.91 -1.42%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,433.44 -427.69 -3.33%
Hang Seng 22,301.64 -1,121.12 -4.79%
Straits Times 2,805.55 -112.39 -3.85%
http://biz.yahoo.com/ap/080313/wall_street.html
Stocks Rise After S&P Report
Thursday March 13, 5:47 pm ET
By Madlen Read, AP Business Writer
Stocks Rebound From Steep Drop As S&P Forecasts End Is Near for Asset Write-Downs
NEW YORK (AP) -- A fractious Wall Street rebounded from an early plunge to finish moderately higher Thursday, after Standard & Poor's predicted financial companies are nearing the end of the massive asset write-downs that have devastated the stock and credit markets.
The S&P projection gave investors some hope that the seemingly unrelenting losses from the mortage and credit crisis might indeed be bottoming out. Standard & Poor's Ratings Services said it estimates writedowns of subprime asset-backed securities could reach $285 billion globally, up from its previous projection of $265 billion, but added that "the end of write-downs is now in sight for large financial institutions."
"The S&P comment was a positive for the market because investors were relieved to think that the subprime problem may be behind us," said Al Goldman, chief market strategist at A.G. Edwards.
Wall Street clearly remains anxious, however. On Tuesday, the stock market launched its largest rally in more than five years after the Federal Reserve said it would auction $200 billion in Treasurys to help alleviate investment banks' financial bind. But since then, stocks have been extremely volatile.
Kim Caughey, equity research analyst at Fort Pitt Capital Group, said that while she is a market bull, it's possible investors extrapolated a bit too much good news from the S&P report. "I would rather see fewer foreclosures and housing prices bottoming out to decide that the credit crisis is drawing to a close," she said.
The S&P's note arrived on the heels of a spate of troubling news. A Carlyle Group fund warned late Wednesday it expects creditors will seize all the fund's remaining assets after unsuccessful negotiations to prevent its liquidation. Meanwhile, the government reported Thursday an unexpected dip in retail sales, and a research firm said nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year.
The Dow Jones industrial average finished up 35.50, or 0.29 percent, at 12,145.74, after being down more than 220 points early in the session and then popping up more than 100.
Broader market indexes also recovered from steep early losses. The S&P 500 index rose 6.71, or 0.51 percent, to 1,315.48, while the Nasdaq composite index rose 19.74, or 0.88 percent, at 2,263.61.
Bond prices fell as stocks rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.54 percent from 3.44 percent late Wednesday.
As investors contend with tight credit markets, they also face weakness in the U.S. dollar and soaring commodities prices. The dollar dropped to fresh lows against the euro and fell below 100 yen during Asian trading Thursday, the weakest level for the greenback against the Japanese currency in 12 years. Gold surpassed the psychological benchmark of $1,000 an ounce for the first time, and crude oil briefly passed $111 a barrel.
Light, sweet crude rose 41 cents to settle at a record $110.33 on the New York Mercantile Exchange.
The Fed's Open Markets Committee meets next Tuesday and is widely expected to lower interest rates, with many analysts forecasting a drop of 0.50 percentage point. However, in the past few weeks investors have been questioning whether another rate cut will help the economy.
Talk of regulatory changes for the mortgage industry Thursday were largely shrugged off by the market. Treasury Secretary Henry Paulson outlined a plan to provide stronger oversight of mortgage lenders, whose lax standards are blamed for touching off the concerns about souring debt that have led to turmoil in the credit markets.
The market remains worried about more evidence of weak consumer spending. The Commerce Department reported that retail sales fell 0.6 percent last month, after analysts predicted an increase of 0.2 percent. Friday, the government releases data on consumer prices.
"Things just aren't good for the consumer, and thus, they're not good for Wall Street," Caughey said. And on the corporate side of the coin, no one is positive which companies and which investors are going to end up losing money if more funds collapse. "It is going to be difficult to see who has the Old Maid card. And time will tell," she said.
In other economic news, Labor Department said the number of workers seeking unemployment benefits was unchanged last week. A government report released last week said employers cut payrolls by 63,000 in February -- the second straight month of losses -- and sent a wave of unease across Wall Street.
Advancing issues outnumbered decliners by about 9 to 7 on the New York Stock Exchange, where consolidated volume came to 4.94 billion shares, up from 4.27 billion Wednesday.
The Russell 2000 index of smaller companies rose 12.40, or 1.86 percent, to 679.71.
Overseas, Japan's Nikkei 225 index tumbled 3.3 percent to its lowest level in 2 1/2 years. Britain's FTSE 100 fell 1.45 percent, Germany's DAX index slid 1.50 percent, and France's CAC-40 lost 1.42 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Source: http://finance.yahoo.com
Source: http://money.cnn.com/data/world_markets/index.html
The NYSE DOW closed HIGHER by +35.50 points +0.29% on Thursday March 13
Sym Last........ ........Change..........
Dow 12,145.74 +35.50 +0.29%
Nasdaq 2,263.61 +19.74 +0.88%
S&P 500 1,315.48 +6.71 +0.51%
30-yr Bond 4.45% +0.04
NYSE Volume 5,073,354,000
Nasdaq Volume 2,510,425,000
Overseas.
Japan's Nikkei 225 index tumbled 3.3 percent to its lowest level in 2 1/2 years. Britain's FTSE 100 fell 1.45 percent, Germany's DAX index slid 1.50 percent, and France's CAC-40 lost 1.42 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 5,692.40 -84.00 -1.45%
DAX 6,500.56 -98.81 -1.50%
CAC 40 4,630.19 -66.91 -1.42%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,433.44 -427.69 -3.33%
Hang Seng 22,301.64 -1,121.12 -4.79%
Straits Times 2,805.55 -112.39 -3.85%
http://biz.yahoo.com/ap/080313/wall_street.html
Stocks Rise After S&P Report
Thursday March 13, 5:47 pm ET
By Madlen Read, AP Business Writer
Stocks Rebound From Steep Drop As S&P Forecasts End Is Near for Asset Write-Downs
NEW YORK (AP) -- A fractious Wall Street rebounded from an early plunge to finish moderately higher Thursday, after Standard & Poor's predicted financial companies are nearing the end of the massive asset write-downs that have devastated the stock and credit markets.
The S&P projection gave investors some hope that the seemingly unrelenting losses from the mortage and credit crisis might indeed be bottoming out. Standard & Poor's Ratings Services said it estimates writedowns of subprime asset-backed securities could reach $285 billion globally, up from its previous projection of $265 billion, but added that "the end of write-downs is now in sight for large financial institutions."
"The S&P comment was a positive for the market because investors were relieved to think that the subprime problem may be behind us," said Al Goldman, chief market strategist at A.G. Edwards.
Wall Street clearly remains anxious, however. On Tuesday, the stock market launched its largest rally in more than five years after the Federal Reserve said it would auction $200 billion in Treasurys to help alleviate investment banks' financial bind. But since then, stocks have been extremely volatile.
Kim Caughey, equity research analyst at Fort Pitt Capital Group, said that while she is a market bull, it's possible investors extrapolated a bit too much good news from the S&P report. "I would rather see fewer foreclosures and housing prices bottoming out to decide that the credit crisis is drawing to a close," she said.
The S&P's note arrived on the heels of a spate of troubling news. A Carlyle Group fund warned late Wednesday it expects creditors will seize all the fund's remaining assets after unsuccessful negotiations to prevent its liquidation. Meanwhile, the government reported Thursday an unexpected dip in retail sales, and a research firm said nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year.
The Dow Jones industrial average finished up 35.50, or 0.29 percent, at 12,145.74, after being down more than 220 points early in the session and then popping up more than 100.
Broader market indexes also recovered from steep early losses. The S&P 500 index rose 6.71, or 0.51 percent, to 1,315.48, while the Nasdaq composite index rose 19.74, or 0.88 percent, at 2,263.61.
Bond prices fell as stocks rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.54 percent from 3.44 percent late Wednesday.
As investors contend with tight credit markets, they also face weakness in the U.S. dollar and soaring commodities prices. The dollar dropped to fresh lows against the euro and fell below 100 yen during Asian trading Thursday, the weakest level for the greenback against the Japanese currency in 12 years. Gold surpassed the psychological benchmark of $1,000 an ounce for the first time, and crude oil briefly passed $111 a barrel.
Light, sweet crude rose 41 cents to settle at a record $110.33 on the New York Mercantile Exchange.
The Fed's Open Markets Committee meets next Tuesday and is widely expected to lower interest rates, with many analysts forecasting a drop of 0.50 percentage point. However, in the past few weeks investors have been questioning whether another rate cut will help the economy.
Talk of regulatory changes for the mortgage industry Thursday were largely shrugged off by the market. Treasury Secretary Henry Paulson outlined a plan to provide stronger oversight of mortgage lenders, whose lax standards are blamed for touching off the concerns about souring debt that have led to turmoil in the credit markets.
The market remains worried about more evidence of weak consumer spending. The Commerce Department reported that retail sales fell 0.6 percent last month, after analysts predicted an increase of 0.2 percent. Friday, the government releases data on consumer prices.
"Things just aren't good for the consumer, and thus, they're not good for Wall Street," Caughey said. And on the corporate side of the coin, no one is positive which companies and which investors are going to end up losing money if more funds collapse. "It is going to be difficult to see who has the Old Maid card. And time will tell," she said.
In other economic news, Labor Department said the number of workers seeking unemployment benefits was unchanged last week. A government report released last week said employers cut payrolls by 63,000 in February -- the second straight month of losses -- and sent a wave of unease across Wall Street.
Advancing issues outnumbered decliners by about 9 to 7 on the New York Stock Exchange, where consolidated volume came to 4.94 billion shares, up from 4.27 billion Wednesday.
The Russell 2000 index of smaller companies rose 12.40, or 1.86 percent, to 679.71.
Overseas, Japan's Nikkei 225 index tumbled 3.3 percent to its lowest level in 2 1/2 years. Britain's FTSE 100 fell 1.45 percent, Germany's DAX index slid 1.50 percent, and France's CAC-40 lost 1.42 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
