NYSE Dow Jones finished today at:

[bigdog]

The NYSE DOW closed UP +0.56 points on Wednesday February 7:

Symbol Last Change
Dow 12,666.87 +0.56 (0.00%)
Nasdaq 2,490.50 +19.01 (0.77%)
S&P 500 1,450.02 +2.02 (0.14%)
10-Yr Bond 4.7450% -0.0200
NYSE Volume 2,601,535,000
Nasdaq Volume 2,241,182,000

Latest Updates
http://finance.yahoo.com/marketupdate/update

Just before 11:00 ET, the Dow eclipsed the 12,700 level for the first time ever

NY time 4:20 pm : The major averages closed in positive territory again; but the blue-chip indices saw little conviction on the part of buyers since much of the market's attention was directed at the tech-heavy Nasdaq. Investors weighed upbeat news in the recently beaten-down Tech sector and tame inflation data against an underlying sense that the market is still overbought on short-term basis.

The day's biggest headliner was Cisco Systems (CSCO 28.09 +0.81). The tech bellwether, which is also a suggested holding in the Briefing.com Active Portfolio, kicked things off in fine fashion last night after topping Wall Street expectations with a 40% rise in Q2 profits. More notably, Cisco also raising its Q3 and Q4 sales guidance renewed optimism in the sector's growth prospects, especially since several tech companies have lowered guidance of late.

However, while Cisco's news had a ripple effect throughout the market early in the session, so much so that the bulls pushed the Dow into unchartered territory, concerns over overbought conditions crept back into the market late in the day to close the Dow and S&P 500 just barely in the green.

Just before 11:00 ET, the Dow eclipsed the 12,700 level for the first time ever, actually benefiting from a reversal in crude futures following a bearish oil inventories data. The commodity was up as much as 1.6% and making another run at $60/bbl ahead of the report. However, after failing to break above the psychological $60/bbl barrier for a third straight session, crude for March delivery plunged 2% and closed 3.6% off its intraday highs at $57.71/bbl.

Albeit only accounting for a 10% weighting on the S&P 500, the Energy sector tumbling in sympathy with the sell-off in oil, without much evidence of investment dollars rotating into other areas, exacerbated this week's already underlying cautious tone going into the close.

Fortunately for the bulls, one of the other sectors attracting buyers was also the most influential of all, Financials. REITs were among the day's best performers again, this time after Equity Office (EOP 55.45 -0.60) shareholders approved Blackstone's sweetened takeover bid. Vornado Realty Trust (VNO 135.59 +8.59) was the sector's best performer (+6.8%) as its shareholders applauded Vornado's decision to withdraw its riskier offer just hours before the vote.

Lincoln National Corp. (LNC 70.41 +2.01) posting a 69% rise in Q4 profits as revenue nearly doubled further supported our Overweight rating on a rate-sensitive Financials that got an added boost from falling bond yields.

With the Fed asserting in its latest policy statement that "the high level of resource utilization has the potential to sustain inflation pressures," today's preliminary read on Q4 productivity was also reassuring, even for bond traders.

At 8:30 ET, the Labor Dept. showed that productivity rose a stronger than expected 3.0% in Q4. Unit labor costs rose just 1.7%, after rising at a 3.2% rate in Q3, pushing the year-over-year increase to 2.8%. That follows a 2.9% rate in Q3 and 3.0% rate in Q2, a declining trend that won't necessarily put to rest concerns at the Fed about the implications of a tight labor market, but it eased the worst of fears that wage-based inflation pressures are building. DJ30 +0.56 DJTA +0.3% DOT +1.0% NASDAQ +19.01 NQ100 +1.0% R2K +0.7% SOX +1.6% SP400 +0.4% SP500 +2.02 XOI -0.5% NASDAQ Dec/Adv/Vol 1167/1866/2.20 bln NYSE Dec/Adv/Vol 1385/1861/1.40 bln

 

[bigdog]

The NYSE DOW closed DOWN 29 points on Thursday February 8:
Symbol ----- Last --- Change
Dow Jones 12,637.63 -29.24 (0.23%)
Nasdaq 2,488.67 -1.83 (0.07%)
S&P 500 1,448.31 -1.71 (0.12%) NYSE Volume 2,797,416,000
Nasdaq Volume 2,036,242,000
30-Yr Bond 4.8370% -0.0330

Latest Updates
http://finance.yahoo.com/marketupdate/update
NY Time 4:20 pm : Stocks closed slightly lower Thursday as uncertainty about decelerating profit growth resurfaced to keep the market in a period of consolidation following last week's sizable market gains.

Even though the bulk of earnings season is now in the rearview mirror, the market's foreword thinking mentality couldn't help but weigh the ramifications of renewed concerns within the mortgage lending business, especially the potential impact on earnings for the S&P 500's most influential sector.

As a reminder, Q4 earnings may be up about 11%, but broader weakness is being masked by extremely strong profit growth from Financials. In fact, without its estimated 8% contribution in aggregate earnings growth, Q4 profit growth for the S&P 500 stands at an unimpressive 3%.

Last night, HSBC Holdings (HBC 89.78 -2.44), the world's third largest bank, warned that provisions for bad debt will be some 20% higher than previously thought. That news weighed heavily on mortgage lenders and, in turn, provided a reason to lock in gains throughout Financials, removing key leadership for the broader market.

Exacerbated worries about the sub-prime lending market aside, economic data have suggested that weakness in housing has yet to spill over into the general economy. Be that as it may, the fact that even luxury home builders are now running into trouble took an added toll on sentiment. Toll Brothers (TOL 33.39 -1.04) plunged 3% after following up a 33% drop in Q1 orders by saying full-year write-downs will "significantly exceed" forecasts. That news made matters even worse for last year's second worst performing S&P industry group. Homebuilders plunged 21% in 2006 while today's 2.7% decline provided an extra reason to consolidate gains from this year's second-best performing sector -- Consumer Discretionary.

Discretionary was also in focus today as a plethora of retailers announced same-stores sales results for January. The final tally showed that about two-thirds of retailers topped analysts' expectations, and some companies like Federated Departed Stores (FD 42.86 +1.54) and Gap Inc (GPS 19.75 +0.50) offered some encouraging news about Q4 earnings. However, disappointments from large retailers like Costco (COST 56.62 -0.51), which posted its slowest comps growth since November 2002, and Family Dollar (FDO 32.11 -1.14) left investors less than impressed about what was expected to be a strong month for almost every retailer.

Of the six sectors trading lower, though, Industrials turned in the day's worst performance. General Electric (GE 35.74 -0.36) fell nearly 1.0% amid reports that News Corp. (NWS 25.28 +0.58), a suggested holding in Briefing.com Active Portfolio, plans to launch a long-awaited business news channel in the fall that will compete directly with GE's CNBC.

Aerospace & Defense was also in focus after Northrop Grumman (NOC 74.39 +0.76) saying it will bid on a $40 bln Air Force contract no longer left rival Boeing (BA 89.52 -0.83) as the only bidder. Waste Management (WMI 35.35 -3.06), though, was the sector's worst performer (-8.0%) after posting a 15% drop in Q4 earnings.

While the market overall continues to show surprising resilience in the face of higher energy prices, economically-sensitive areas like transportation were not as fortunate, which also weighed on Industrials.

Crude for March delivery surged late in the day following reports of a fire at California's biggest gas field. The commodity closed up 3.6% near $59.70/bbl -- its highest level of the year, providing a lift to the Energy sector but not enough to act as an offset from a leadership standpoint. BTK +0.7% DJ30 -29.24 DJTA -0.6% DJUA +0.6% NASDAQ -1.83 SOX -0.5% SP500 -1.71 XOI +1.1% NASDAQ Dec/Adv/Vol 1544/1485/2.02 bln NYSE Dec/Adv/Vol 1738/1518/1.55 bln

 

[bigdog]

The NYSE DOW closed DOWN 56 points on Friday February 9:

Symbol ----- Last --- Change
Dow 12,580.83 -56.80 (0.45%)
Nasdaq 2,459.82 -28.85 (1.16%)
S&P 500 1,438.06 -10.25 (0.71%)
10-Yr Bond 4.7840% +0.0540
NYSE Volume 2,952,295,000
Nasdaq Volume 2,246,876,000

Market Update
http://finance.yahoo.com/marketupdate/overview
NY time: 4:20 pm : What was initially shaping up to be just another sluggish day of vacillating around the unchanged mark, like stocks had been doing throughout most of the week, actually became quite a disappointment for the bulls.

There were no economic releases on the calendar Friday and there were no big earnings reports of note. However, with oil prices eclipsing the $60/bbl mark going into another cold weekend and interest rates on the rise following some hawkish Fed speak, the stage was set for the bears to keep their eyes peeled for a catalyst to finally work off some of the sizable gains endured a week earlier that were already coming under scrutiny.

Then, just as the afternoon session got under way, sellers hungry to lock in profits found the news they deemed necessary to keep buyers sidelined into the close. Albeit not a tech bellwether, Micron Technology (MU 12.54 -0.35) saying it sees memory chip prices plunging 30-40% this quarter sent a shockwave through a tech sector already vulnerable. Just look at the lack of follow through from Cisco Systems' (CSCO 27.71 -0.43) upbeat report earlier in the week.

While Cisco boosting its sales outlook two days ago offered some reassurance about tech's growth prospects, especially following lowered guidance of late, Micron dangling another piece of uncertainty exacerbated the market's underlying skepticism about the sector's profit potential.

Since higher interest rates spark valuation concerns among growth stocks as well, Treasuries consolidating a week's worth of gains took an added toll on a tech sector slated to be one of the biggest profit drivers this year. The 10-year note yield rose to 4.78% after several Fed officials further diminished hopes of a rate cut anytime

 

[bigdog]

The NYSE DOW closed DOWN 28 points on Monday February 12:


Symbol ----- Last --- Change
Dow 12,552.55 -28.28 (0.22%)
Nasdaq 2,450.38 -9.44 (0.38%)
S&P 500 1,433.37 -4.69 (0.33%)
10-Yr Bond 4.8040% +0.0200
NYSE Volume 2,315,705,000
Nasdaq Volume 1,890,796,000

Latest Updates
http://finance.yahoo.com/marketupdate/update
NY time 4:20 pm : The selling continued Monday as investors weighed ongoing uncertainty about Fed policy and the collapse of some noteworthy M&A deals against a sell-off in oil.

Per usual for a Monday, there was some acquisition news to digest. Home Depot (HD 41.48 +0.48) mulling the spin-off, IPO, or even a sale of its HD Supply unit had the Dow component up as much as 2.5% at one point. Vodaphone (VOD 29.53 +0.58) won a majority stake in Hutchison Essar for $11.1 bln. Hindalco Industries agreed to buy Alcan spin-off Novelis (NVL 43.67 +5.13) for $6 bln -- a sizable 16% premium on top of two weeks of takeover speculation.

However, reports that Sanofi-Aventis (SNY 44.29 +0.51) called off merger talks with Bristol-Myers (BMY 27.59 -0.93) and that the Nasdaq (NDAQ 35.10 -2.10) failed again to get shareholder approval for its hostile takeover of the London Stock Exchange left investors questioning valuations and the market's weakening fundamentals.

Stocks running virtually unabated since July of last year, without any real setback, has raised concerns that a correction is coming; worries that we believe will make it difficult for any sustained move to the upside in the near-term.

Market participants also erred on the side of caution as they awaited clues about the interest rate outlook. All eyes this week will be on Fed Chairman Bernanke as he goes before the Senate and House Committees Wednesday and Thursday, respectively, to provide his semi-annual testimony on the economy and monetary policy.

As a reminder, now that 75% of S&P 500 constituents have reported quarterly results, the focus has shifted from Q4 earnings to the general economic outlook.

On a positive note, oil prices plunged 4.0% and closed near $57.50/bbl after briefly eclipsing the psychologically important $60/bbl mark on Friday. Crude for March delivery was initially under pressure after the Saudi oil minister suggested production cuts may not be necessary; but the commodity's decline was exacerbated by this year's biggest one-day decline (-7.6%) in natural gas futures.

As one might expect, the oil price retreat weighed on the Energy sector, which was the day's worst-performing economic sector with a loss of 1.20%. BTK -1.0% DJ30 -28.28 DJTA +0.4% DJUA -0.1% DOT -0.4% NASDAQ -9.44 NQ100 -0.4% R2K -0.1% SOX -1.0% SP400 -0.3% SP500 -4.69 XOI -1.3% NASDAQ Dec/Adv/Vol 1740/1326/1.87 bln NYSE Dec/Adv/Vol 2004/1259/1.26 bln

 

[bigdog]

The NYSE DOW closed UP 102 points on Tuesday February 13:


Symbol ----- Last --- Change
Dow 12,654.85 +102.30 (0.81%)
Nasdaq 2,459.88 +9.50 (0.39%)
S&P 500 1,444.26 +10.89 (0.76%)
10-Yr Bond 4.8140% +0.0100
NYSE Volume 2,622,378,000
Nasdaq Volume 1,878,437,000

Market Update
http://finance.yahoo.com/marketupdate/overview
NT time 4:20 pm : Stocks snapped a three-day losing streak Tuesday as a rumored takeover of a Dow component and upbeat analyst commentary gave investors some confidence to get back into the market.

The day's biggest headline included Alcoa (AA 34.96 +2.06), which surged 6.3% amid reports that mining giants BHP Billiton (BHP 45.05 +1.04) and Rio Tinto (RTP 217.04 +6.61) are mulling separate impending buyout bids as high as $40 bln for the Dow component. The stock, which was up as much as 10% and accounted for a 25-point move on the Dow earlier, pared some of the gains intraday after Lehman dismissed the likelihood of a takeover.

Nonetheless, the Alcoa news left many on Wall Street pricing in the likelihood of more blockbuster M&A deals, which gave a lift to brokerage stocks and played into our Overweight rating on Financials. Also providing a floor of support for the S&P 500's most influential sector were Banks. Dow components like Citigroup (C 53.68 +0.25) and JP Morgan Chase (JPM 50.96 +0.52) advanced after Merrill Lynch said concerns over sub-prime mortgage exposure are "overblown."

Providing further evidence that valuations are reasonable at current levels and temporarily silencing talk of a possible market correction was 3M Co. (MMM 76.33 +1.74). The stock turned in the day's second best performance (+2.3%) on the Dow after announcing plans to repurchase $7 bln in company stock over the next two years.

Staying in the Industrials sector, the ability of transportation stocks to look past a 2.0% surge in oil prices was also noteworthy. Railroads was one of today's best performing S&P industry groups after Bear Stearns cited greater operating efficiencies and a more diversified freight mix as reasons to keep riding the rails.

With regard to oil, crude for March delivery closed at $58.97/bbl after the I.E.A. raised its 2007 forecast for global oil consumption. While higher energy prices are bearish for the economy, and may garner added attention in Fed Chairman Bernanke's semi-annual meeting over the next two days, prices merely rebounding from Monday's 4.0% sell-off provided enough subsequent leadership in the beaten-down Energy sector to act as an offset. As a reminder, policy makers removed the "impetus from energy prices" as an inflation risk from their most recent FOMC statement (Jan. 31).

Another sector providing notable leadership was Consumer Discretionary. Comcast (CMCSA 41.00 +1.02) was the biggest source of sector support, as news that its closest rival, Time Warner Cable, going public lent some validation to the health of the growing cable business. General Motors (GM 36.64 +0.93) surging 2.6% to a new 52-week high after being upgraded to Buy from Sell at Merrill Lynch was another sector bright spot and contributed to the Dow's first 100-point advance this month. BTK -0.1% DJ30 +102.30 DJTA +1.5% DJUA +0.4% DOT +0.5% NASDAQ +9.50 NQ100 +0.3% R2K +0.7% SOX +0.5% SP400 +0.9% SP500 +10.89 XOI +1.5% NASDAQ Dec/Adv/Vol 1191/1818/1.86 bln NYSE Dec/Adv/Vol 954/2338/1.34 bln

 

[bigdog]

The NYSE DOW closed UP 87 points on Wednesday February 14:

Symbol ----- Last --- Change
Dow 12,741.86 +87.01 (0.69%)
Nasdaq 2,488.38 +28.50 (1.16%)
S&P 500 1,455.30 +11.04 (0.76%)
10-Yr Bond 4.7300% -0.0840
NYSE Volume 2,678,697,000
Nasdaq Volume 2,256,437,000

Market Update
http://finance.yahoo.com/marketupdate/overview
NT time: 4:20 pm :
Stocks rallied Wednesday as a lack of overly hawkish commentary from Fed Chairman Bernanke eased the worst of fears about a possible rate hike.

Speaking before the Senate Banking Committee, Bernanke stated that "inflation pressures are beginning to diminish." He also said the Fed remains comfortable with rates at their current levels, easing recent concerns about the prospect of another rate hike and painting the goldilocks scenario the bulls were hoping for. While Bernanke didn't call for any policy easing, after also alluding to further rate hikes if pricing pressures fail to ease as expected, his overall upbeat tone on both the economy and cooling inflation pressures diminished the likelihood for a continued push higher on policy rates.

Such a steady policy outlook, which is consistent with Briefing.com's assessment, renewed optimism about the market's growth prospects and fueled a rally in equities that closed all 10 sectors higher on the day and pushed several indices into uncharted territory. The Dow Jones Industrials, Transportation and Utilities Averages all finished at historic highs.

From a sector standpoint, Industrials turned in the day's best performance. Bernanke noting "the current stance of policy is likely to foster sustainable economic growth" was the initial spark luring investors back to the economically-sensitive sector. Deere & Co (DE 111.91 +9.24) soared 9% to an historic high after handily topping Wall Street expectations and was the sector standout.

Bernanke also attributing part of the "gradual ebbing of core inflation" to declines in oil prices allowed transports to take full advantage of a 1.7% sell-off in crude. CSX Corp (CSX 42.10 +2.73) surged 7% to an all-time high, getting an additional boost after announcing a $2 bln buyback, while an analyst upgrade gave FedEx (FDX 117.58 +4.04) an extra lift.

The Energy sector's resilience in the face of oil's downturn further underscored the market's eagerness to own equities today. Crude for March delivery closed near $58/bbl after the Energy Dept. earlier showed that weekly inventories remain adequate to meet demand.

Turning in the day's second best performance, though, was the even more influential Technology sector. After snapping an eight-day losing streak a day earlier, Microsoft (MSFT 29.40 +0.37) built on yesterday's gains to the tune of a 1.3% advance. Intel (INTC 21.14 +0.24), the only other stock listed on all three major averages, also turned in an impressive performance (+1.2%). Since higher interest rates spark valuation concerns among growth stocks, the Bernanke-induced rally in Treasuries pushing yields lower across the board also helped to restore confidence throughout the struggling tech sector.BTK +0.9% DJ30 +87.01 DJTA +2.1% DJUA +0.4% DOT +1.3% NASDAQ +28.50 NQ100 +1.8% R2K +0.2% SOX +2.1% SP400 +0.7% SP500 +11.04 XOI +0.5% NASDAQ Dec/Adv/Vol 1250/1786/2.12 bln NYSE Dec/Adv/Vol 1116/2161/1.46 bln

 

[bigdog]

The NYSE DOW closed UP 23 points on Thursday February 15:

Symbol ----- Last --- Change
Dow 12,765.01 +23.15 (0.18%)
Nasdaq 2,497.10 +8.72 (0.35%)
S&P 500 1,456.81 +1.51 (0.10%)
10-Yr Bond 4.71% -0.02
NYSE Volume 2,451,167,000
Nasdaq Volume 1,992,389,000

Market Update
http://finance.yahoo.com/marketupdate/overview
NT time: 4:20 pm
After recouping all of last week's declines in one session (yesterday), leaving the major averages up more than 1.2% for the week and the Dow at historic highs, it wasn't surprising to see stocks look a bit tired throughout most of the session Thursday. Federal Chairman Bernanke was finishing up his second day of testimony to Congress and the day's scheduled economic data were a mixed bag.

Be that as it may, the momentum fueled by diminishing fears of a possible rate hike kept sellers sidelined for one more day as the bulls held on to close the Dow at record levels for the 29th time since October.

Caterpillar (CAT 67.62 +1.46) was the blue-chip index's best performer (+2.2%) as investors applauded its board's approval of a huge $7.5 bln stock buyback. Fellow Dow component Boeing (BA 91.71 +1.77) was another winner, surging 2.0% to an all-time high after confirming a UPS order for 27 freighters. The same couldn't be said for the rest of the Industrials sector, though, which finished relatively flat as an analyst downgrade on CSX Corp (CSX 40.75 -1.35) and mixed economic data left investors questioning valuations.

Before the bell, the February NY Empire State Index rebounded from a 19-month low, which initially provided good news for the struggling manufacturing sector. However, an unexpected drop in January Industrial Production and a disappointing read on the Philly Fed survey acted as offsetting factors.

Of the eight sectors closing higher, Consumer Staples paced the way. Wal-Mart (WMT 48.36 +0.49) surged 1.0% following reports that The Gates Foundation increased its stake about 50% to 1 mln shares last year. Anheuser-Busch (BUD 51.74 +1.51), which is reportedly in merger talks with InBev, also lent some support.

Another defensive-minded sector providing leadership but inadvertently lending less conviction behind today's follow-through efforts was Health Care. HMOs were among today's best performing S&P industry groups (+2.7%) after Berkshire Hathaway disclosed a stake in UnitedHealth Group (UNH 53.61 +1.97). Biotech was also in focus as billionaire investor Carl Icahn disclosing a 2.8 mln stake in MedImmunne (MEDI 33.16 +1.91) helped offset a Q4 earnings shortfall from Biogen Idec (BIIB 48.00 -2.49).

Technology also provided some notable leadership, getting a lift from analyst upgrades on Qualcomm (QCOM 41.31 +1.65) and Network Appliance (NTAP 40.30 +1.89).

After falling to as low as $56.65/bbl earlier (-2.3%), a late-day rally in oil closed the March contract relatively unchanged. While the market's resilience to the volatile trading in oil of late has been noteworthy, the fact that Energy failed to participate in paring any of its 1.0% intraday decline further underscored the lack of energy investors as a whole had after a healthy two-day sprint for the market. A Q4 earnings shortfall from Baker Hughes (BHI 65.26 -6.68), the day's worst performing S&P 500 constituent (-9.3%), also weighed on Energy. DJ30 +23.16 NASDAQ +8.72 SP500 +1.51 NASDAQ Dec/Adv/Vol 1514/1522/1.98 bln NYSE Dec/Adv/Vol 1352/1900/1.36 bln

 

[bigdog]

The NYSE DOW closed UP 2.56 points on Thursday February 15:

Dow ends week on record high
From correspondents in New York
February 17, 2007
http://www.theaustralian.news.com.au/story/0,20867,21240916-31037,00.html

THE leading blue chip Dow Jones Industrial Average edged up to a record high overnight as investors remained upbeat about US economic prospects despite news of a sharp slump in housing activity.
The Dow closed up a scant 2.56 points (0.02 per cent) at a record 12,767.57, notching up its second straight record high in as many days.

The Dow's gains were muted overnight, however, following the market's strong run up a day earlier, and other major indices finished a shade lower.

The Nasdaq composite finished 0.79 points (0.03 per cent) lower at 2,496.31 while the broad-market Standard and Poor's 500 index ended down 1.27 points (0.09 per cent) at 1455.54.


Symbol ----- Last --- Change
Dow 12,767.57 +2.56 (0.02%) [/COLOR]
Nasdaq 2,496.31 -0.79 (0.03%)
S&P 500 1,455.54 -1.27 (0.09%)
10-Yr Bond 4.69% -0.02
NYSE Volume 2,400,320,000
Nasdaq Volume 1,947,222,000

Market Update
http://finance.yahoo.com/marketupdate/overview
NT time: 4:20 pm
After three consecutive days of gains, stocks looked lethargic Friday, trading in a narrow range throughout the session before closing relatively unchanged. The bulls still put up a respectable fight, however, since the Dow in the closing minutes limped into the finish with its 30th record close since October.

Among the biggest headlines stalling the market's momentum was Microsoft (MSFT 28.74 -0.72), which plunged after CEO Steve Ballmer spooked shareholders by saying analysts' sales estimates for Vista are "overly aggressive." Since the tech bellwether is one of only two stocks listed on all three major averages, Microsoft's 2.4% decline was a thorn in the market's side all day.

Also overshadowing another day of M&A was an exaggerated decline in housing starts. AMR Corp. (AMR 38.97 +0.92), a suggested holding in our Active Portfolio, is reportedly being eyed as a takeover target by a group that includes Goldman Sachs (GS 216.92 +0.10) and British Airways (BAB 112.65 +0.02). It was also reported that General Motors (GM 36.34 -0.10) is in talks to buy the entire Chrysler Group (DCX 73.33 +3.08).

Just two days ago, Fed Chairman Bernanke said he sees economic growth strengthening somewhat as the drag from housing diminishes. However, a larger than expected 14.1% decline in January housing starts to 10-year lows, whether an aberration or not due to the volatile nature of the report, failed to provide further proof that the struggling housing sector has not bottomed out.

The latest read on inflation at the wholesale level also hit the wires at 8:30 ET. Total PPI and core PPI matched economists' forecasts; but since the data won't alter inflation expectations, the report failed to provide investors with overwhelming evidence that pricing pressures are abating. The focus now turns to next week's more closely-watched CPI report.

From a sector standpoint, Honeywell (HON 47.83 +0.26) becoming the third Dow component this week to announce a sizable share buyback kept the Industrials sector in focus. However, further consolidation in railroads and weakness in the aerospace group earmarked the influential sector as the day's worst performer.

Oil prices surging 2.4% without any follow-through in energy stocks further underscored the market's cautious tone after such an impressive week for equities overall. DJ30 +2.56 NASDAQ -0.79 SP500 -1.27 NASDAQ Dec/Adv/Vol 1307/1688/1.92 bln NYSE Dec/Adv/Vol 1641/1637/1.33 bln

 

[bigdog]

NYSE - The markets are closed Monday Feb 19 2007 for President's Day.

 

[bigdog]

The NYSE DOW closed UP 19 points on Tuesday February 20:

Symbol ----- Last --- Change
Dow 12,786.64 +19.07 (0.15%)
Nasdaq 2,513.04 +16.73 (0.67%)
S&P 500 1,459.68 +4.14 (0.28%)
10-Yr Bond 4.68% -0.01
NYSE Volume 2,337,761,000
Nasdaq Volume 2,225,976,000


Market Update
http://finance.yahoo.com/marketupdate/overview
NT time: 4:20 pm
What was initially shaping up to be a logical pullback, given last week's sizable market gains and the growing realization that earnings growth is decelerating, ended up turning into another victory for the bulls.

While there wasn't overwhelming evidence Tuesday to justify follow-through buying efforts, especially with the Dow fresh off its 30th record close since October and turning in its best weekly performance (+1.5%) in three months, investors eventually rallied around some M&A news, another decline in oil, and an upbeat outlook from Wal-Mart (WMT 50.16 +1.68).

The Dow component surged 3.5% after posting record Q4 sales and earnings and then forecasting Q1 profits at the high end of expectations. Wal-Mart's gain helped to offset a less than stellar year-end earnings report from Home Depot (HD 41.29 -0.15).

Also helping the blue-chip index close at a historic high for the fourth straight session was a new all-time high on McDonald's (MCD 45.84 +0.52) and a 1% advance from Hewlett-Packard (HPQ 43.21 +0.44) heading into its Q1 report after the close.

Among the eight sectors finishing in positive territory, Consumer Discretionary (+0.7%) turned in the best performance. Retailers (RLX +1.0%), benefiting from Wal-Mart's upbeat outlook as well as Target (TGT 64.30 +1.39) surging 2.2% after backing February comps growth of 4-6%, also got a boost from lower oil prices.

Crude for March delivery, which expired today, fell 2.2% to $58.07/bbl amid speculation warm weather forecasts will curb demand for heating oil. Crude for April delivery, the new front-month contract, fell 1.7% to $58.85/bbl.

As evidenced by the AMEX Securities Broker / Dealer Index closing sharply higher and near record levels, some M&A news also made the rounds Wednesday. Sirius Satellite Radio (SIRI 3.92 +0.22) and XM Satellite Radio (XMSR 15.41 +1.43) hooking up in an $11.4 bln "merger of equals" was the biggest announcement. Even though such a deal faces significant regulatory hurdles, the two companies soared on the news and combined to account for roughly one sixth of the total volume on the Nasdaq. DJ30 +19.07 DJTA +0.8% DJUA 0.5% DOT +0.6% NASDAQ +16.73 NQ100 +0.7% R2K +1.0% SOX +0.3% SP400 +0.7% SP500 +4.14 XOI -0.8% NASDAQ Dec/Adv/Vol 1075/2011/2.15 bln NYSE Dec/Adv/Vol 1296/2012/1.24 bln

 

[bigdog]

The NYSE DOW closed DOWN 48 points on Wednesday February 21:

Symbol ----- Last --- Change
Dow 12,738.41 -48.23 (0.38%)
Nasdaq 2,518.42 +5.38 (0.21%)
S&P 500 1,457.63 -2.05 (0.14%)
10-Yr Bond 4.69% +0.01
NYSE Volume 2,604,326,000
Nasdaq Volume 2,065,067,000

Market Update
http://finance.yahoo.com/marketupdate/overview
NT time: 4:20 pm
The indices finished mixed Wednesday as a modest warning signal about a potential firming in inflation rates weighed on sentiment and exacerbated the temptation to take some money off the table.

Mindful that so many indices -- from the Dow Industrials, Transports and Utilities to the S&P 400 MidCap and Russell 2000 -- hit record highs a day earlier, a sense that stocks are overbought on a short-term basis contributed to an underlying sense of nervousness as investors awaited the latest read on consumer inflation.

Valuation concerns came under additional scrutiny around 8:30 ET when the Labor Dept. showed that core CPI in January rose 0.3%. That was the biggest increase since June and followed three consecutive tame readings of 0.1%. It also pushed the year-over-year increase in the core rate to 2.7%, clearly above the Fed's desired range.

While the one month read on inflation does not signal a new trend, it does signal that inflation pressures may not have diminished as much as the market had hoped, which tarnished the Goldilocks scenario painted last week by Fed Chairman Bernanke's surprisingly dovish commentary.

With the Dow fresh off closing in record territory for four straight days, it wasn't surprising to see the blue-chip average come under some profit-taking pressure. The Dow's biggest disappointment was Hewlett-Packard (HPQ 41.09 -2.04), which plunged 4.7% after failing to impress shareholders with its earnings release last night. H-P's Q1 earnings topped Wall Street forecasts, but Q2 guidance that barely exceeded analysts' expectations gave investors an excuse to lock in recent gains. The stock is up 50% since bottoming in June of last year.

Fellow Dow component Microsoft (MSFT 29.35 +0.52), however, fared much better and was the biggest reason behind the Nasdaq's ability to hold onto a small gain. Microsoft, the tech-heavy Composite's most heavily-weighted component, was up 1.8% following reports that the state of Texas [alone] is expected to generate more than $6 bln of Windows Vista-related products and services this year.

Of the eight sectors closing lower, Utilities turned in the worst performance but the absence of leadership in the more influential Health Care sector was more noteworthy. Medtronic (MDT 51.91 -2.63) topped Wall Street expectations last night, but management narrowing its full-year revenue and earnings guidance earmarked the stock as the sector's biggest laggard (-4.8%).

Dow component Merck (MRK 43.94 -0.56) plunging 1.4% after reportedly suspending its Gardasil mandatory-vaccination campaign also offset strength among PBMs -- one of the day's best performing S&P industry groups. Medco Health Solutions (MHS 67.66 +6.07) soared nearly 10% to an all-time high after following up a 29% rise in Q4 profits by projecting 2008 EPS growth of at least 20%.

Materials was the day's best performing sector, but that was due in large part to gold prices, which can act as an inflation hedge, surging 3.2% to nine-month highs. Energy also finished to the upside and helped to offset some of the losses on the S&P 500. However, renewed enthusiasm for beaten down energy names also came at the expense of surging oil prices.

Crude for April delivery rose 2.1% and closed above the psychological $60/bbl mark in anticipation that tomorrow's weekly inventory report will show a larger than expected drawdown in distillates. Even though total CPI rose just 0.2% in January, reflecting the fact that falling energy prices remain a factor in pulling down overall inflation rates, oil prices above $60/bbl raise concerns about the commodity's potential to curb spending and worsen what is already expected to be a year of decelerating earnings growth. DJ30 -48.23 NASDAQ +5.38 SP500 -2.05 NASDAQ Dec/Adv/Vol 1488/1531/2.05 bln NYSE Dec/Adv/Vol 1799/1479/1.37 bln

 

[bigdog]

The NYSE DOW closed DOWN 52 points on Thursday February 22:

Symbol ----- Last --- Change
Dow 12,686.50 -51.91 (0.41%)
Nasdaq 2,524.94 +6.52 (0.26%)
S&P 500 1,456.39 -1.24 (0.09%)
10-Yr Bond 4.7300% +0.0380
NYSE Volume 1,950,774,000
Nasdaq Volume 1,970,330,000

Market Update
http://finance.yahoo.com/marketupdate/overview
NT time: 4:20 pm
In similar fashion to yesterday's mixed finish, investors were again split as to whether or not stocks at current levels are overbought.

With so many different indices, from the Dow Industrials and Transportation averages to the S&P 400 MidCap and Russell 2000, hitting records, it's easy to see why some on Wall Street remain concerned that the market is getting ahead of itself.

That's especially true since continued market gains require an expansion in the P/E multiple, which typically is associated with an improving earnings growth outlook or declining interest rates. However, it remains to be seen if the Fed will ease anytime soon while earnings growth for the S&P 500 is expected to slow to near 5% in Q1, and perhaps 7% for Q2 and Q3.

Aside from an encouraging outlook from Analog Devices (ADI 36.59 +3.27) renewing growth prospects for some semiconductor stocks (e.g. TXN +2.3%, MXIM +7.8%, LLTC +9.8% and NSM +6.4%), which helped Technology provide some decent leadership, the bulk of notable reports making headlines today confirmed that profits are decelerating.

JC Penney (JCP 83.65 -2.70) posted record results, but Q4 earnings fell 13% from a year ago and management guided Q1 EPS below consensus estimates. Aside from JCP's report providing an excuse to lock in retail gains, weakness among homebuilders also weighed on the Consumer Discretionary sector. Toll Brothers (TOL 31.69 -1.17) posted a 67% drop in quarterly earnings.

Of the six sectors losing ground, Industrials turned in the worst performance. After hitting an all-time high yesterday, Deere & Co (DE 112.85 -3.10) succumbed to the most aggressive of profit-taking efforts. Transportation, also a day removed from reaching historic highs, was another sector sore sport as oil prices surging 1.4% to close near $61/bbl provided a reason to take some money off the table.

Crude for April delivery tacked a 1.4% advance onto yesterday's 2.0% gain after the Energy Dept. reported much larger than expected drawdowns in gasoline and distillate supplies. Oil got an added boost following reports that Iran failed to suspend its nuclear enrichment activity by the February 21 deadline.

Per usual, the Energy sector took notice of crude's climb, halving its year-to-date decline with a 1.0% gain. However, with oil above $60/bbl potentially bringing the commodity's inflationary characteristics back into focus among policy makers, Energy's leadership was not enough to act as an offset.

Dow component Exxon Mobil (XOM 75.00 +0.22), which as the most influential S&P 500 constituent accounts for 23% of the weighting in Energy, only closed up 0.3%. DJ30 -52.39 DJTA -0.3% DJUA +0.4% NASDAQ +6.52 NQ100 +0.4% SOX +2.8% SP400 -0.2% SP500 -1.25 XOI +0.6% NASDAQ Dec/Adv/Vol 1343/1651/2.03 bln NYSE Dec/Adv/Vol 1753/1477/1.40 bln

 

[bigdog]

The NYSE DOW closed DOWN 38 points on Friday February 23:

Symbol ----- Last --- Change
Dow 12,647.48 -38.54 (0.30%)
Nasdaq 2,515.10 -9.84 (0.39%)
S&P 500 1,451.19 -5.19 (0.36%)
10-Yr Bond 4.68% -0.05
NYSE Volume 2,557,202,000
Nasdaq Volume 2,071,020,000


Market Update
http://finance.yahoo.com/marketupdate/overview
NT time: 4:20 pm
Stock prices slumped on Friday under the weight of a weak financial sector, which got marked down on concerns about the problems in the subprime mortgage market. Those aren't new concerns, but the new thought that influenced investors today was the concern that the problems in the subprime market will carry over to prime lenders.

Now, before creating an impression that participants were really spooked by that possibility, let's be real and take a look at the major indices, and specifically the S&P 500 which dropped a mere 5 points.

To be sure, if the subprime issue was really worrying investors, the S&P 500 would have been down a lot more than it was on Friday. The fact that it wasn't speaks to an enduring bullish bias that has been aided by strong liquidity and good old-fashioned momentum.

While Briefing.com has retained a moderately bullish outlook, we are a bit concerned that the market is getting ahead of itself knowing that earnings growth will slow this year and that there is a lingering threat that the Fed will raise interest rates again.

One of the factors contributing to the rate hike threat is the rebound in oil prices, which hit a high of $61.80 today on the April contract before sliding back on profit taking efforts to close at $60.92. Iran's defiance of the UN over its nuclear program and concerns about refinery production played a big part in oil's uptick this week.

The energy sector (+0.21%) was one of the few winning groups on Friday, but its gains got pared as oil prices retreated late in the session. The utilities sector (+0.95%) was the market's strongest area as better than expected earnings from Nicor (GAS 46.87, +0.59), the sector's defensive orientation, and a drop in market rates sparked buying demand for the income-oriented stocks.

Broad-based weakness in the financial sector (-1.08%), though, was the market's biggest stumbling block today that kept it from making any spirited rebound tries. REITs and investment banking stocks were the hardest hit by selling activity.

In other developments, home improvement retailer Lowe's (LOW 34.93, +1.30) was a winning standout after reporting fourth quarter EPS results that topped expectations by three cents. The real impetus for the stock's advance, though, was the company's admission that it is encouraged by indications that suggest sales trends have bottomed.

Separately, the Treasury market fared well in a flight-to-quality trade that saw the 10-year yield gain 14 ticks and its yield drop to 4.67%.DJ30 -38.54 NASDAQ -9.84 SP500 -5.19 NASDAQ Dec/Adv/Vol 1737/1305/2.04 bln NYSE Dec/Adv/Vol 1676/1599/1.37 bln

 

[bigdog]

The NYSE DOW closed DOWN 15 points on Monday February 26:

Symbol ----- Last --- Change
Dow 12,632.26 -15.22 (0.12%)
Nasdaq 2,504.52 -10.58 (0.42%)
S&P 500 1,449.37 -1.82 (0.13%)
10-Yr Bond 4.6310% -0.0470
NYSE Volume 2,776,658,000
Nasdaq Volume 1,912,450,000

Market Update
http://finance.yahoo.com/marketupdate/overview
NT time: 4:20 pm
So much for kicking off a fresh new week on a positive note, as underlying worries about the pace of economic growth, valuation concerns, and a lack of key leadership offset a slate of encouraging M&A news.

Before the opening bell, it seemed as though the blue-chip indices would snap a three-day losing streak as investors initially applauded some Monday-morning deal making.

TXU Corp. (TXU 67.97 +7.95) soared more than 13% to an all-time high after agreeing to be taken private for $45 bln (including debt). That qualified it as the largest private-equity deal ever.

Reports that Dow Chemical (DOW 44.99 +1.54) could get a leveraged buyout bid worth up to $54 bln in the next few weeks further underscored that there is still a lot of liquidity on the sidelines. However, since the latter deal has not been confirmed and the TXU deal merely prompted industry-wide takeover speculation in one of the S&P 500's least influential sectors (Utilities), investors weren't overly convinced that stocks as a whole remain attractively valued, especially after such an impressive run-up since bottoming out last July.

As a reminder, the broader market has not retreated as much as 2% since the rally began, again leaving many to believe a correction or an extended consolidation period is long overdue.

Adding insult to injury, former Fed Chairman Alan Greenspan suggesting it is possible there could be a recession later this year left investors revisiting the historical significance of an inverted yield curve and its ability to precede U.S. economic downturns. Sure, bonds rallied for a second straight day, but the spread between the 2-year and 10-year notes slipping deeper into inversion (14 basis points) took an added toll on the rate-sensitive Financials sector.

Citigroup (C 52.68 -1.09) was the day's worst performing Dow component (-2.0%) and, as a heavily-weighted S&P 500 constituent, exacerbated sector weakness. While the brokers have been one of the leading groups in the recent bull market, the recent one-two punch of a technical break-down in the AMEX Securities Broker/Dealer Index and lingering concerns over subprime lending exposure also overshadowed the healthy M&A activity behind our Overweight rating on the financial sector.

Greenspan's comments, coupled with the N.A.B.E. predicting the slowest economic growth for the U.S. in five years and an expected downward revision to the originally reported 3.5% Q4 GDP number on Wednesday, also left valuations vulnerable in economically-sensitive areas like Consumer Discretionary, the day's worst performing S&P sector, Technology and Industrials. DJ30 -15.22 DJTA -2.4% DJUA +2.6% DOT -0.5% NASDAQ -10.58 NQ100 -0.5% R2K -0.4% SOX -0.1% SP400 -0.4% SP500 -1.82 XOI +0.4% NASDAQ Dec/Adv/Vol 1802/1219/1.89 bln NYSE Dec/Adv/Vol 1674/1616/1.50 bln

 

[bigdog]

The NYSE DOW closed DOWN 416 points (3.29%) on Tuesday February 27:

Symbol ----- Last --- Change
Dow 12,216.24 416.02 (3.29%)
Nasdaq 2,407.86 96.66 (3.86%)
S&P 500 1,399.04 50.33 (3.47%)
10-Yr Bond 4.5130% 0.1180
NYSE Volume 4,064,326,000
Nasdaq Volume 3,092,996,000


http://biz.yahoo.com/ap/070227/wall_street.html?.v=73
Dow Drops 416 on Global Market Plunge
Tuesday February 27, 4:51 pm ET
By Madlen Read, AP Business Writer
Dow Finishes Down 416 at 12,216, Nasdaq Finishes Down 97 at 2,408 on Global Market Plunge


NEW YORK (AP) -- Stocks had their worst day of trading since the Sept. 11, 2001, terrorist attacks Tuesday, briefly hurtling the Dow Jones industrials down more than 500 points on a worldwide tide of concern that the U.S. and Chinese economies are stumbling and that share prices have become overinflated.

The steepness of the market's drop, as well as its global breadth, signaled a possible correction after a long period of stable and steadily rising stock markets, which had not been shaken by such a volatile day of trading in several years.

A 9 percent slide in Chinese stocks, which came a day after investors sent Shanghai's benchmark index to a record high close, set the tone for U.S. trading. The Dow began the day falling sharply, and the decline accelerated throughout the course of the session before stocks took a huge plunge in late afternoon as computer-driven sell programs kicked in.

The Dow fell 546.02, or 4.3 percent, to 12,086.06 before recovering some ground in the last hour of trading to close down 416.02, or 3.29 percent, at 12,216.24, according to preliminary calculations. Because the worst of the plunge took place after 2:30 p.m., the New York Stock Exchange's trading limits, designed to halt such precipitous moves, were not activated.

The decline was the Dow's worst since Sept. 17, 2001, the first trading day after the terror attacks, when the blue chips closed down 684.81, or 7.13 percent.

The drop hit every sector of stocks across the market. Riskier issues such as small-cap and technology stocks suffered the biggest declines.

But analysts who have been expecting a pullback after a huge rally that began last October and sent the Dow to a series of record highs, were unfazed by Tuesday's drop.

"This corrective consolidation phase isn't just going to be one day, but we don't believe this is going to be a bear market," said Bob Doll, BlackRock's global chief investment officer of equities.

Some investors also tried to put Tuesday's slide into a longer-term perspective.

"All who invest should feel grateful that we've had a great run for the last 12 to 18 months," said Joel Kleinman, a Washington, D.C. attorney, adding that he has learned to not read too much into any short-term ups and downs. "This is another day in the market."

Still, traders' dwindling confidence was knocked down further by data showing that the economy may be decelerating more than anticipated. A Commerce Department report that orders for durable goods in January dropped by the largest amount in three months exacerbated jitters about the direction of the U.S. economy, just a day after former Federal Reserve Chairman Alan Greenspan said the United States may be headed for a recession.

"It looks more and more like the economy is a slow growth economy," said Michael Strauss, chief economist at Commonfund. "Moderate economic growth is good -- an abrupt stop in economic growth scares people."

The market had been expecting the government on Wednesday to revise its estimate of fourth-quarter GDP growth down to an annual rate of about 2.3 percent from an initial forecast of 3.5 percent, and grew increasingly nervous on Tuesday that the figure could come in even lower.

The housing market, which the Street had been hoping had bottomed out, also looked far from recovery after a Standard & Poor's index indicated that single-family home prices across the nation were flat in December. A later report from the National Association of Realtors said existing home sales climbed in January by the largest amount in two years, but the data didn't erase housing-related concerns, as median home prices fell for a sixth straight month.

But a growing feeling that Wall Street, which has had a big run-up since October, was due for a correction also played into Tuesday's decline.

"I think that the market was prepared to pull back. The constellation of issues that were worrying the market came to a head," said Quincy Krosby, chief investment strategist at The Hartford.

Just a week ago, the Dow had reached new closing and trading highs, rising as high as 12,795.92.

The broader Standard & Poor's 500 index was down 50.33, or 3.47 percent, at 1,399.04, and the tech-dominated Nasdaq composite index was off 96.65, or 3.86 percent, at 2,407.87.

A suicide bomber attack on the main U.S. military base in Afghanistan where Vice President Dick Cheney was visiting also rattled the market.

China's stock market plummeted Tuesday from record highs as investors took profits when concerns arose that the Chinese government may try to temper its ballooning economy by raising interest rates again or reducing more of the money available for lending.

"Corrections usually happen because of a catalyst, and this may be it," said Ed Peters, chief investment officer at PanAgora Asset Management. "The move in China was a surprise, and when a major market has a shock it ripples through the rest of the market. With all the trade that goes on with China, there tends to be a knee-jerk reaction with that kind of drop."

The Shanghai Composite Index tumbled 8.8 percent to close at 2,771.79, its biggest decline since it fell 8.9 percent on Feb. 18, 1997. Since Chinese share prices doubled last year as investors poured money into the market after the completion of shareholding reforms, trading in Shanghai has been very volatile.

Hong Kong's benchmark Hang Seng Index dropped 1.8 percent, and Malaysia's Kuala Lumpur Composite Index fell 2.8 percent. Japan's Nikkei stock average fell a more moderate 0.52 percent, but European markets were rattled -- Britain's FTSE 100 lost 2.31 percent, Germany's DAX index dropped 2.96 percent, and France's CAC-40 fell 3.02 percent.

Bond prices shot higher as investors bought into the safe-haven Treasury market, pushing the yield on the benchmark 10-year Treasury note down to 4.47 percent, its lowest level so far this year, from 4.63 percent late Monday. The bond buying was sparked primarily by the durable goods orders, which the Commerce Department said fell 7.8 percent, much more than what the market expected.

The durable goods drop raised the chance of the Federal Reserve easing interest rates later in the year -- a possibility that makes the bond market an attractive place to be right now.

The hope for slowing inflation could be dashed, though, if energy costs keep rising. Oil prices initially fell Tuesday on worries that Chinese demand could be dampened should its economy slow down, but later rose on escalating tensions in the Middle East. Light, sweet crude for April delivery fell 62 cents a barrel to $60.77 on the New York Mercantile Exchange.

The dollar slipped against other major currencies, while gold also fell.

The Dow has been climbing at a steady rate since last summer, but over the past few trading sessions, stocks have pulled back on the worry that the market is due for a correction. Many analysts have noted that the Dow hasn't seen a 2 percent decline in more than 120 sessions.

Data indicating a slower economy had recently been giving stocks a boost on the hopes that the Fed will lower interest rates, which could reinvigorate consumer spending and the struggling housing market. But the market may fall further before that happens, analysts said.

"If in a week or two, the psychology in the U.S. market turns to the realization that we're in a modest growth economy of 2 to 3 percent growth, that will help temper inflation pressures going forward. If that perception evolves, there's an increase in the likelihood that the Fed will be lowering rates rather than raising rates. Structurally, it's a development that should be good for the equity market, but it might be an event that unfolds after prices are lower," Strauss said.

Declining issues outnumbered advancers by about 7 to 1 on the New York Stock Exchange, where volume came to 2.38 billion shares.

The Russell 2000 index of smaller companies dropped 31.03, or 3.77 percent, at 792.66.

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

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

 

[noirua]

Durable Goods Orders Plunge: http://money.cnn.com/2007/02/27/news/economy/durable_goods.reut/index.htm?postversion=2007022708

 

[bigdog]

The NYSE DOW closed UP 52 points on Wednesday February 28:

Symbol ----- Last --- Change
Dow 12,268.63 +52.39 (0.43%)
Nasdaq 2,416.13 +8.27 (0.34%)
S&P 500 1,406.82 +7.78 (0.56%)
10-Yr Bond 4.5500% +0.0370
NYSE Volume 3,872,195,000
Nasdaq Volume

http://biz.yahoo.com/ap/070228/wall_street.html?.v=72
Stocks Rebound Fitfully After Selloff
Wednesday February 28, 4:30 pm ET NY time
By Tim Paradis, AP Business Writer
Stocks Rebound Fitfully Following Bernanke Comments, Economic Data, Dow Gains 60 Pts


NEW YORK (AP) -- Wall Street rebounded fitfully Wednesday from the previous session's 416-point plunge in the Dow industrials as investors took comfort from comments by Federal Reserve Chairman Ben Bernanke but still showed signs of unease about the economy.

Bernanke's remarks to Congress that he still expects moderate economic growth gave some investors confidence to look for bargains. A recovery in some overseas markets following a worldwide selloff Tuesday also lent some support to U.S stocks, but the advance lacked some conviction -- the major indexes fluctuated throughout the day, with the Dow rising as much as 137 points before pulling back and advancing again several times.

The Fed chairman allayed some of the fears about a slowdown in the U.S. and Chinese economies that fed Tuesday's drop; remarks earlier in the week from former Fed Chairman Alan Greenspan warning that a U.S. recession could take hold later this year contributed to Tuesday's declines.

Investors parsed a series of economic reports out Wednesday, hoping to glean a sense of where stocks were headed. Bernanke's comments and a gross domestic product reading that mostly met expectations helped bring out some buyers. Nevertheless, investors remained cautious and didn't rush headlong into stocks and discount the possibility of a further shakeout.

"It's typical that you get a bounceback the next day," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co. "Now we're essentially flat on the year. Can we go up from here or down? That sorting-out process will continue now."

A recovery in China's Shanghai Composite Index, which had fallen nearly 9 percent Tuesday, also helped boost U.S. stocks, although other Asian markets and European exchanges saw declines of more than 1 percent.

Amid another heavy-volume day led the New York Stock Exchange to instruct specialists to keep their order books open longer than normal to catch any trades that might still be filtering through the system.

According to preliminary calculations, the Dow Jones industrials rose 52.39, or 0.43 percent, to 12,268.63.

Broader stock indicators also managed gains. The Standard & Poor's 500 index climbed 7.78, or 0.56 percent, to 1,406.82, and the Nasdaq composite index rose 8.27, or 0.34 percent, to 2,416.13.

Tuesday's decline, which was the largest point drop in the Dow industrials in more than five years, made February an unwelcome month for the 30-stock index. It marked the Dow's worst monthly percentage drop since April 2005 and the worst monthly point decline since December of 2002.

For the S&P, February was the worst point and percentage decline since May last year. And for Nasdaq, the month marked the worst percentage and point decline since July.

Bonds fell Wednesday as stocks tried to recoup some losses. The yield on the benchmark 10-year Treasury note rose to 4.56 percent from its low for the year of 4.47 percent late Tuesday.

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

Light, sweet crude settled rose 33 cents to $61.79 a barrel on the New York Mercantile Exchange as investors brushed off concerns about falling demand from China.

The market took some solace from the Commerce Department report that the U.S. economy grew at an annual rate of 2.2 percent in the fourth quarter. The gross domestic product reading was slightly below expectations, but wasn't as weak as some investors had feared. The figure was more than a percentage point below the initial estimate of 3.5 percent made a month ago.

In other economic news, the National Association of Purchasing Management-Chicago index of business conditions in the Midwest showed a weaker-than-expected reading. The February figure fell to 47.9 from 48.8 in January. The report is often viewed as a bellwether for the Institute for Supply Management's index of manufacturing activity for February, which is due Thursday.

Also, a Commerce Department report found new-home sales fell by 16.6 percent in January from the previous month, the largest drop in 13 years.

"I thought on Monday and I think even more today that the stock market offers good value and that it will move higher for the year," said Ed Keon, chief investment strategist at Prudential Equity Group.

While some observers had warned that stocks had grown overvalued after the strong gains logged in 2006, Tuesday's pullback nonetheless came as a surprise on Wall Street, which had gone 45 months without a decline of more than 2 percent in single session.

In the bumpy trading that occurred Wednesday, particularly as fresh economic data emerged, investors appeared to be still calculating the ramifications of Tuesday's losses, which erased $632 billion in shareholder equity, according to Standard & Poor's.

In corporate news, Merck & Co. regained some ground after the drugmaker issued a first-quarter profit forecast that surpassed estimates of Wall Street analysts and raised its profit target for the year. The company rose 97 cents, or 2.3 percent, to $44.15.

Fremont General Corp. fell $2.84, or 24.4 percent, to $8.81 after the mortgage lender warned it would delay the release of its fourth-quarter report, which had been set for Wednesday. The company also plans to delay filing its annual report.

Most U.S.-listed Chinese companies recovered at least some of their huge losses from Tuesday. Internet company Baidu.com Inc. rose $1.94 to $106.70, while China Mobile Ltd. advanced $2.21, or 5 percent, to $46.37.

Sprint Nextel Corp. rose 85 cents, or 4.6 percent, to $19.30 after the nation's third largest wireless carrier said fourth-quarter profit rose 33 percent on stronger revenue.

While many sectors saw buyers sniffing for deals, homebuilders saw additional selling, due in large part to the Commerce Department report that new-home sales plunged in January by the largest amount in 13 years.

Toll Brothers Inc. fell 72 cents, or 2.4 percent, to $29.86, while KB Home fell 56 cents to $49.53.

Advancing issues outpaced decliners by about 2 to 1 on the New York Stock Exchange, where volume was a heavy 2.25 billion shares. Volume was lighter than the 2.38 billion seen at the same point Tuesday, however.

The Russell 2000 index of smaller companies rose 0.64, or 0.08 percent, to 793.30.

Overseas, Japan's Nikkei stock average fell 2.85 percent, while Hong Kong's Heng Seng index ended down 2.46 percent. The benchmark Shanghai Composite Index rose 3.94 percent. Britain's FTSE 100 closed down 1.82 percent, Germany's DAX index finished down 1.53 percent, and France's CAC-40 was down 1.29 percent.

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

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

 

[bigdog]

The NYSE DOW closed DOWN 34 points on Thursday March 1:

Symbol ----- Last --- Change
Dow 12,234.34 -34.29 (0.28%)
Nasdaq 2,404.21 -11.94 (0.49%)
S&P 500 1,403.17 -3.65 (0.26%)
10-Yr Bond 4.56% +0.01
NYSE Volume 3,816,873,000
Nasdaq Volume 2,711,250,000

http://biz.yahoo.com/ap/070301/wall_street.html?.v=85
Stocks Stage Comeback on Upbeat Data
Thursday March 1, 4:26 pm ET
By Madlen Read, AP Business Writer
Stocks Dip, Then Rebound on Upbeat Manufacturing Report


NEW YORK (AP) -- A still skittish Wall Street closed modestly lower Thursday, having clawed its way back from an early-session plunge as upbeat manufacturing data allayed fears about a flagging U.S. economy.

The Dow Jones industrials ended 34 points lower after tumbling 209 points in early trading and then briefly reaching positive territory in the afternoon.

Investors, relieved that manufacturing is still expanding, bought some of the stocks pummeled in Tuesday's drop, which sliced 416 points off the Dow. The blue chip index is now down about 400 points, or 3.2 percent, from its closing level Monday, having rebounded halfheartedly Wednesday on calming words about the economy from Fed Chairman Ben Bernanke.

The Institute for Supply Management's index of February manufacturing activity came in at 52.3, stronger than the 50.0 reading analysts expected. The index is an important measure of a part of the economy that has given investors headaches in recent months. Manufacturing had contracted a month earlier, according to the index, suffering from the listless housing market and hard-up auto industry. A reading at 50 and above indicates expansion, while anything below 50 signals contraction.

The ISM data helped the market regain lost ground, but anxiety still plagued the Street, with the indexes bouncing around choppily as many investors bailed out of equities and fled to safe havens like Treasurys, betting that stocks could see a bigger correction.

"The aftermath of Tuesday's major selloff will linger for the next couple of days. I don't think we're totally out of the woods yet," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc.

According to preliminary calculations, the Dow fell 34.29, or 0.28 percent, to 12,234.34, after dropping as low as 12,056.54 in the first hour of trading. It hasn't traded at these levels since early December.

Broader stock indicators also ended down after fluctuating in the afternoon. The Standard & Poor's 500 index fell 3.65, or 0.26 percent, at 1,403.17, after tumbling 26 points earlier in the day.

The technology-dominated Nasdaq composite index finished down 11.94, or 0.49 percent, at 2,404.21, following an earlier drop of 56 points.

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

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

 

[bigdog]

Very bad news again

The NYSE DOW closed DOWN 120 points on Friday March 2:
Symbol ----- Last --- Change
Dow 12,114.10 -120.24 (0.98%)
Nasdaq 2,368.00 -36.21 (1.51%)
S&P 500 1,387.17 -16.00 (1.14%)
10-Yr Bond 4.5150% -0.0410
NYSE Volume 3,300,550,000
Nasdaq Volume 2,360,056,000

http://biz.yahoo.com/ap/070302/wall_street.html?.v=38
Stocks Post Worst Week in Over 4 Years
Friday March 2, 4:28 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall Amid Rise in Yen; Dow Posts Worst Performance in More Than 4 Years


NEW YORK (AP) -- Stocks stumbled in the final session of a tumultuous week Friday as the yen rallied against the dollar and concerns about the U.S. economy still dogged investors after Tuesday's huge drop.

The Dow Jones industrials logged their worst weekly performance in more than four years; until this week, the stock market had gone more than 45 months without a drop of more than 2 percent in a single session.

The Dow, as it had Thursday, poked tentatively into positive territory Friday before retreating as the yen furthered its gains and investors failed to shake their unease.

Larger economic concerns such as the ascendent yen have dominated Wall Street for much of the week after Tuesday's worldwide selloff that sent the Dow down 416 points and rattled investor confidence about the state of the U.S. economy.

Neil Massa, senior trader at MFC Global Investment Management, said stocks wobbled Friday after the yen broke through a key resistance level of 116.80. The dollar fell 0.92 percent to 116.86 yen.

Concerns lingered about a decline in the yen carry trade, which refers to the process of borrowing yen to acquire assets with greater yields in other currencies. A slowdown could hurt liquidity worldwide. Concerns about Japanese interest rates also weighed on investors.

A well-received profit report from American International Group Inc. kept the Dow industrials from falling further Friday; the insurer and pharmaceutical company Merck & Co. were the only two advancers among the index's 30 stocks. Merck, which received a mixed verdict Friday in a trial over its former painkiller Vioxx, finished up 20 cents at $44.19.

According to preliminary calculations, the Dow fell 120.24, or 0.98 percent, to 12,114.10. The Dow has fallen seven of the last eight sessions.

Broader stock indicators also fell. The Standard & Poor's 500 index fell 16.00, or 1.14 percent, to 1,387.17 and the Nasdaq composite index slid 36.21, or 1.51 percent, to 2,368.00.

For the week, the Dow fell 3.3 percent, the S&P 500 lost 4.4 percent and the Nasdaq fell 5.9 percent. For the Dow and the S&P 500, it was their worst weekly performance since the week ended July 19, 2002. And for the Nasdaq, it was the poorest weekly showing since the week ended Sept. 21, 2001, the first week of trading after the 9/11 terror attacks.

Bond prices rose sharply as economic concerns lingered and raised hopes for an interest rate cut. The yield on the benchmark 10-year Treasury note fell to 4.51 percent from 4.55 percent late Thursday. The dollar was mixed against other major currencies, while gold prices fell sharply.

Light, sweet crude settled down 36 cents to $61.64 per barrel on the New York Mercantile Exchange after settling at a more than two month high Thursday.

"I think looking at the world economies as a whole it just seems like growth is slowing across the board, or at least that's the impression," he said.

Diane Dercher, chief economist at Waddell & Reed, said investors are trying to sort through the myriad signals the markets have given off this week.

"Fundamentally, I don't think a lot has changed this week and I think it's been more of a psychological re-evaluation of risk and a lot of this is focused around what's happened in the Asian markets," she said.

"There is a renewed focus on how weak the economy is going to be and the data that we've gotten this week have been very mixed and that just adds to confusion about how weak the economy is going to be," Dercher said.

Investors seemed somewhat cheered by the final Reuters/University of Michigan consumer sentiment reading for February, even as it fell to 91.3 from 96.9 from January. Earlier this week, the Conference Board said its own measure of consumer confidence reached a 5 1/2 year high.

With little of the economic data that has at turns boosted and deflated sentiment this week, investors again looked abroad for direction. Performance of overseas markets has taken on renewed importance this week after a nearly 9 percent drop in the Shanghai Composite Index helped touch off the worldwide selling and sent U.S. stocks reeling. The major U.S. indexes each lost more than 3 percent Tuesday, erasing $632 billion in shareholder equity, according to S&P.

St. Louis Federal Reserve President William Poole said in remarks prepared for a speech Friday in Santiago, Chile, that rising energy prices wouldn't necessarily lead to an economic slowdown if monetary policy were laid out carefully.

With trading less frenetic than in previous days, investors had some time to parse individual stocks as they looked for bargains.

AIG's fourth-quarter profit rose sharply from a year earlier when the world's largest insurer spent $1.64 billion to settle charges over its accounting practices. Profits were slightly below Wall Street's forecast though investors were likely pleased by the company's announcement it would repurchase $5 billion in stock in 2007. The company also is targeting a 20 percent annual increase in its dividend. AIG rose $2.13, or 3.2 percent, to $69.54.

Dell Inc. rose 17 cents to $23.18 after the computer maker's profit fell 33 percent amid weak laptop sales. While revenue fell more than expected, the overall results weren't as sour as some investors had feared.

Gap Inc. fell 63 cents, or 3.3 percent, to $18.40 after the company's fourth-quarter earnings dropped 35 percent amid problems that include its newest chain, which the company plans to close.

Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where volume came to 1.86 billion shares, compared with an unusually heavy 2.22 billion shares traded Thursday.

The Russell 2000 index of smaller companies fell 15.59, or 1.97 percent, to 775.44.

Overseas, Japan's Nikkei stock average closed down 1.35 percent, while the Shanghai Composite Index was up 1.23 percent and Hong Kong's Hang Seng index added 0.49 percent. Britain's FTSE 100 finished higher by less than 0.01 percent, Germany's DAX index fell 0.56 percent, and France's CAC-40 slid 0.62 percent.

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

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

 

[vishalt]

Many sharp falls indeed, metals really weren't effected much bar the Wednesday fall :/.