NYSE Dow Jones finished today at:

[bigdog]

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

Wall Street finished with a mixed performance Tuesday, as investors traded cautiously ahead of the Federal Reserve's Wednesday decision on interest rates.

The NYSE DOW closed LOWER by -39.81 points -0.31% on Tuesday April 29

Sym Last........ ........Change..........
Dow 12,831.94 -39.81 -0.31%
Nasdaq 2,426.10 +1.70 +0.07%
S&P 500 1,390.94 -5.43 -0.39%
30-yr Bond 4.5590% -0.0060

NYSE Volume 3,753,329,750
Nasdaq Volume 1,763,940,880

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,089.40 -1.00 -0.02%
DAX 6,885.34 -39.99 -0.58%
CAC 40 4,977.10 -35.65 -0.71%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,894.37 +30.90 +0.22%
Hang Seng 25,914.15 +247.86 +0.97%

http://biz.yahoo.com/ap/080429/wall_street.html
Stocks mixed with investors wary before Fed's rate decision
Tuesday April 29, 4:34 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street mixed with investors hesitant ahead of Fed decision; consumer sentiment slides

NEW YORK (AP) -- Wall Street finished with a mixed performance Tuesday, as investors traded cautiously ahead of the Federal Reserve's Wednesday decision on interest rates.

The Fed, facing a faltering economy but also rising inflation, is expected to cut interest rates by another quarter point after its two-day meeting concludes Wednesday. Many investor believe policy makers will then signal that they are planning to hold rates steady for a while.

Consumers have been worried about inflation because it means energy and grocery bills are harder to pay. Wall Street is also concerned, because inflation tends to curtail consumer spending, which accounts for more than two-thirds of the U.S. economy.

The Conference Board said Tuesday its April index of consumer confidence fell for the fourth straight month because of heightened disappointment about soaring prices and the weakening job market.

"There's no panic out there (in the market) because of the consumer confidence numbers, but there is more concern about inflation then we had just a few weeks ago," said Jim Herrick, director of equity trading at Baird & Co. "Everyone is interested in what the Fed will do about it."

According to preliminary calcuations, the Dow Jones industrial average fell 39.81, or 0.31 percent, to 12,831.94.

The biggest drag on the Dow was the component Merck & Co., which sank $4.30, or 10.4 percent, to $37.14 after saying the Food and Drug Administration refused to approve a new cholesterol drug called Cordaptive.

Broader markets were mixed. The Standard & Poor's 500 index dipped 5.43, or 0.39 percent, to 1,390.94, and the Nasdaq composite index rose 1.70, or 0.07 percent, to 2,426.10.

A pullback in oil prices Tuesday eased inflationary concerns a bit, and helped keep the stock market from tumbling sharply. But some analysts say the market has been deceptively calm in recent weeks given the weakness of the economy and how consumers are struggling not only with a slumping housing and job market but also high prices.

"So far, investors have bought into the notion that the Federal Reserve has staved off a wider calamity, when in fact what they've done is allow financial system to stay afloat as they work down, write down, a tremendous amount of bad debt," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co.

Slashing the key rate by more than half since last summer has not trickled down to consumers' borrowing rates, he noted, and instead has "punted the dollar. It's sparked commodity runs. It has translated to spikes in food and energy costs for the public at exactly the wrong time."

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

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

 

[bigdog]

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

Wall Street gave up sharp gains and closed lower Wednesday after the Federal Reserve cut interest rates by a quarter point but left investors guessing about the central bank's next move. The Dow Jones industrial average, momentarily soaring above 13,000 for the first time since early January, ended the session with a modest loss.

The NYSE DOW closed LOWER by -11.81 points -0.09% on wednesday April 30

Sym Last........ ........Change..........
Dow 12,820.13 -11.81 -0.09%
Nasdaq 2,412.80 -13.30 -0.55%
S&P 500 1,385.59 -5.35 -0.38%
30-yr Bond 4.4970% -0.0620

NYSE Volume 4,461,267,500
Nasdaq Volume 2,201,194,000

Overseas
Japan's Nikkei stock average fell 0.32 percent. Britain's FTSE 100 closed down 2.10 percent, Germany's DAX index rose 0.92 percent, and France's CAC-40 rose 0.39 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,087.30 -2.10 -0.03%
DAX 6,948.82 +63.48 +0.92%
CAC 40 4,996.54 +19.44 +0.39%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,849.99 -44.38 -0.32%
Hang Seng 25,755.35 -158.80 -0.61%
Straits Times 3,147.79 -24.57 -0.77%

http://biz.yahoo.com/ap/080430/wall_street.html
Stocks dip with investors flummoxed over Fed
Wednesday April 30, 4:45 pm ET
By Madlen Read, AP Business Writer
Wall Street gives up steep advance after Fed cuts key rate, leaves rate outlook open

NEW YORK (AP) -- Wall Street gave up sharp gains and closed lower Wednesday after the Federal Reserve cut interest rates by a quarter point but left investors guessing about the central bank's next move. The Dow Jones industrial average, momentarily soaring above 13,000 for the first time since early January, ended the session with a modest loss.

The Fed's statement Wednesday made it clear the central bank is less worried about economic growth than in March, when it pointed to "downside risks to growth." The Fed said Wednesday that while the economy remains weak and the inflation outlook is still uncertain, its rate cuts and lending efforts over the past several months "should help promote moderate growth over time and to mitigate risks to economic activity."

But what was less certain was whether the central bank is confident enough about the economy to make inflation a top priority and keep interest rates on hold.

"It feels as if they're going to pause," said Kim Caughey, equity research analyst at Fort Pitt Capital Group. She said, though, that she was surprised the Fed stated that it "expects inflation to moderate in the coming quarters."

"I think they're being clear that they're not 100 percent sure about what the next step is," Caughey said.

With economic data in recent weeks coming in anemic but not as bad as expected, inflation has appeared to Wall Street to be the growing threat, due to rising food prices, crude oil near $120 a barrel and U.S. roadside gasoline prices surging above $3.60 a gallon.

"The market had wanted to hear tougher talk on inflation, and some sort of talk that the easing has been adequate for a while, for the foreseeable future," said Scott Wren, equity strategist for Wachovia Securities.

According to preliminary calculations, the Dow Jones industrial average fell 11.81, or 0.09 percent, to 12,820.13, after trading up 178 points shortly after the Fed's announcement.

Broader stock indicators also closed down, having given up steep gains. The Standard & Poor's 500 index fell 5.35, or 0.38 percent, to 1,385.59, and the Nasdaq composite index fell 13.30, or 0.55 percent, to 2,412.80.

The benchmark 10-year Treasury note rose after the Fed's decision. Its yield, which moves opposite its price, fell to 3.76 percent from 3.82 percent late Tuesday.

The dollar dropped against most other major currencies, while gold prices turned higher.

Crude oil for June delivery fell $2.17 to settle at $113.46 a barrel on the New York Mercantile Exchange, after falling more than $3 a barrel on Tuesday.

The stock market had rallied in the hours before the Fed decision thanks to stronger-than-anticipated economic and corporate reports -- a weeks-long trend that has helped the three major indexes post their first monthly gain after five straight months of losses.

The Dow climbed 4.54 percent for the month of April; the S&P rose 4.75 percent; and the Nasdaq jumped 5.9 percent. The Dow remains down 3.35 percent for the year, however, while the S&P is down 5.64 percent for the year and the Nasdaq is down 9.03 percent.

The Commerce Department estimated Wednesday that the gross domestic product rose at a modest seasonally adjusted annual rate of 0.6 percent during the first quarter, while the Chicago purchasing managers' index showed another month of contraction in Midwest manufacturing.

However, many economists had forecast a lower rise in first-quarter GDP -- some had even predicted a contraction -- and on average, they had anticipated a reading of 48.0 for the April purchasing managers' index instead of the reported 48.2.

Another report that beat lowered expectations came from General Motors Corp., whose quarterly loss of $3.3 billion due to supplier strike and weak U.S. sales was milder than Wall Street predicted. Shares of the Dow component jumped $2, or 9.4 percent, to $23.20.

Procter & Gamble Co., another Dow component, said price increases and cost controls helped offset higher commodity costs, pushing its third quarter profit up 8 percent. P&G lifted its full-year outlook, and its shares rose $1.15 to $67.05.

But the technology sector got extra downward pressure after software maker SAP AG said its profit slipped in the first quarter because of the weaker dollar and its takeover of another software company, Business Objects. Though sales were higher and SAP raised its 2008 outlook, shares fell $2.22, or 4.2 percent, to $50.23.

Meanwhile, Dow component Citigroup Inc. priced $4.5 bilion of common stock to sell to boost its cash levels. Citigroup shares fell $1.05, or 4 percent, to $25.27.

The Russell 2000 index of smaller companies fell 2.75, or 0.38 percent, to 716.18.

Advancing issues outnumbered decliners by about 8 to 7 on the New York Stock Exchange, where volume was 1.44 billion shares.

Overseas, Japan's Nikkei stock average fell 0.32 percent. Britain's FTSE 100 closed down 2.10 percent, Germany's DAX index rose 0.92 percent, and France's CAC-40 rose 0.39 percent.

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

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

 

[bigdog]

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


Stocks rise and Dow crosses 13,000 as dollar advances

Wall Street shot higher Thursday as investors, while anticipating another dismal jobs report Friday, viewed the rising dollar and falling oil prices as promising signs for the economy. The Dow Jones industrial average soared nearly 190 points to close above 13,000 for the first time since Jan. 3.

The NYSE DOW closed HIGHER by +189.87 points +1.48% on Thursday May 1

Sym Last........ ........Change..........
Dow 13,010.00 +189.87 +1.48%
Nasdaq 2,480.71 +67.91 +2.81%
S&P 500 1,409.34 +23.75 +1.71%
30-yr Bond 4.4840% -0.0130

NYSE Volume 4,448,782,500
Nasdaq Volume 2,360,785,750

Overseas
Japan's Nikkei stock average fell 0.60 percent. Markets in much of the world, including Europe and Hong Kong, were closed for May Day.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,087.30 closed for May Day.
DAX 6,948.82 closed for May Day.
CAC 40 4,996.54 closed for May Day.

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,766.86 -83.13 -0.60%
Hang Seng 25,755.35 closed for May Day.

http://biz.yahoo.com/ap/080501/wall_street.html
Stocks rise and Dow crosses 13,000 as dollar advances
Thursday May 1, 5:38 pm ET
By Madlen Read, AP Business Writer
The Dow Jones industrials cross 13,000 as dollar soars and optimism rises about economy

NEW YORK (AP) -- Wall Street shot higher Thursday as investors, while anticipating another dismal jobs report Friday, viewed the rising dollar and falling oil prices as promising signs for the economy. The Dow Jones industrial average soared nearly 190 points to close above 13,000 for the first time since Jan. 3.

The dollar jumped on better-than-expected economic data and the Federal Reserve's apparent resolve to monitor inflation. The Commerce Department said consumer spending rose 0.4 percent in March, more than predicted, and the Institute for Supply Management said U.S. manufacturing contracted in April by a bit less than anticipated.

The readings were not all positive -- consumer spending ticked higher mainly due to rising energy and food prices. The ISM's report also indicated that companies are hurting from climbing costs.

But the dollar, which has recently strengthened after a protracted decline, rallied anyway, pushing the euro down more than 1 percent to $1.5461 in late trading. Trading was thin, with major currency markets in London and elsewhere closed for the May Day holiday, but the dollar's advance helped crude oil fall briefly near $110 a barrel and then settle at $112.52. That alleviated some of the inflation-related anxieties in the market, given that crude recently traded at a record near $120 a barrel.

"I don't know if it's all turned around, but I think oil got out of control," said Todd Leone, managing director of equity trading at Cowen & Co.

The Dow rose 189.87, or 1.48 percent, to 13,010.00, after briefly rising more than 200 points. It hadn't closed above 13,000 since Jan. 3, when it ended at 13,056.72; the Dow is still down 8.15 percent from its record close of 14,164.53, reached Oct. 9, 2007, before the brunt of the credit crisis hit Wall Street.

Broader stock indicators also enjoyed a significant advance Thursday. The Standard & Poor's 500 index rose 23.75, or 1.71 percent, to 1,409.34 -- its first settlement above 1,400 since Jan. 14. The Nasdaq composite index climbed 67.91, or 2.81 percent, to 2,480.71, its highest close since Jan. 10.

The dollar's rise came a day after the Fed lowered key interest rates by a quarter-point, but indicated the economy should keep growing moderately, while inflation is the growing concern.

"What we're seeing is that maybe the economy is not falling off a cliff, but perhaps leveling off," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc. "I think the Fed (rate-cutting campaign) is over with, even though the Fed's statement didn't say that."

The economic assessment statement accompanying the Fed's rate decision was unclear about its policy going forward, but it has been widely believed that the central bank will pause following a string of cuts that lowered rates by 3 percentage points since last summer.

On Thursday, banks, homebuilders, chip makers and retailers surged, after getting battered earlier this year due to worries about the mortgage crisis and its effect on the global economy.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.77 percent by late trading from 3.73 percent late Wednesday.

As the dollar moved higher against other currencies, gold prices dropped.

Investors are predicting another gloomy reading on U.S. employment on Friday. The Labor Department's report is expected to show a 75,000 net loss in jobs for April -- which would be the fourth straight month of losses -- and a rise in unemployment to 5.2 percent from 5.1 percent in March. In a negative sign ahead of that data, the government said Thursday the number of newly laid off workers filing claims for unemployment benefits increased by a greater-than-expected 35,000 last week.

However, with the government sending stimulus checks to taxpayers and Fed rate cuts still working their way through the financial system, many investors are focused on the second half of the year, when they are betting the economy will rebound.

Shares of Exxon Mobil Corp., one of the 30 Dow components, declined $3.37, or 3.6 percent, to $89.70, after it said its first-quarter profit rose 17 percent to $11 billion -- not as high as analysts expected, despite record-high oil prices. Lower production volumes caused the company's profit margins to shrink.

But on the whole, corporate profits have been coming in a bit stronger over the past few weeks than the market had expected. Meanwhile, spreads between rates on riskier securities and rates on safer issues have been narrowing, indicating that the credit markets are getting back to normal.

After the Fed's rate cut Wednesday, that pattern continued Thursday. Bank stocks benefited -- Citigroup Inc. rose $1.04, or 4.2 percent, to $25.99; Bank of America Corp. rose $1.85, or 4.9 percent, to $39.39; and JPMorgan Chase & Co. rose $1.60, or 3.4 percent, to $49.25.

In another sign that the financial sector is on the mend, the Fed said late Thursday that investment firms averaged a relatively low $18.6 billion in daily borrowing over the past week from the Fed's emergency lending program. Earlier Thursday, the Fed auctioned off $24.12 billion in super-safe Treasury securities to big investment firms.

The Russell 2000 index of smaller companies rose 13.57, or 1.89 percent, to 729.75.

Advancing issues more than doubled decliners on the New York Stock Exchange. Consolidated volume amounted to 4.32 billion, up from 3.66 billion shares traded Wednesday.

Overseas, Japan's Nikkei stock average fell 0.60 percent. Markets in much of the world, including Europe and Hong Kong, were closed for May Day.

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

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

 

[bigdog]

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

Wall Street turned in a mixed performance Friday as investors set aside some initial enthusiasm over a stronger-than-expected jobs report to lock in some of their recent gains. Blue chip stocks logged their third weekly advance in a row as investors grew more confident about the economy's ability to outrun a deep downturn.

The NYSE DOW closed HIGHER by +48.20 points +0.37% on Friday May 2

Sym Last........ ........Change..........
Dow 13,058.20 +48.20 +0.37%
Nasdaq 2,476.99 -3.72 -0.15%
S&P 500 1,413.90 +4.56 +0.32%
30-yr Bond 4.5650% +0.0810

NYSE Volume 3,922,569,750
Nasdaq Volume 2,271,026,000

Overseas
Japan's Nikkei stock average rose 2.05 percent. Britain's FTSE 100 finished up 2.11 percent, Germany's DAX index added 1.36 percent, and France's CAC-40 rose 1.46 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,215.50 +128.20 +2.11%
DAX 7,043.23 +94.41 +1.36%
CAC 40 5,069.71 +73.17 +1.46%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,049.26 +282.40 +2.05%
Hang Seng 26,241.02 +485.67 +1.89%

http://biz.yahoo.com/ap/080502/wall_street.html
Stocks give up gains from employment report to finish mixed
Friday May 2, 4:52 pm ET
By Tim Paradis, AP Business Writer

NEW YORK (AP) -- Wall Street turned in a mixed performance Friday as investors set aside some initial enthusiasm over a stronger-than-expected jobs report to lock in some of their recent gains. Blue chip stocks logged their third weekly advance in a row as investors grew more confident about the economy's ability to outrun a deep downturn.

Better-than-expected reports on employment and the pace of orders at factories offered the market fresh evidence that the economy might not be in as worrisome a state as many had feared. But a surprise quarterly loss from Sun Microsystems Inc. weighed on the tech-laden Nasdaq composite index.

Still, buyers outnumbered sellers after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the buoyancy of the economy. Nonetheless, after sharp gains Thursday, some investors decided to take some money out of stocks.

Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams, said stocks pulled back from the day's highs as investors opted to hold on to gains following a decent run-up.

"This is just normal profit-taking," he said, adding: "Sun Microsystem's earnings today didn't help the cause."

The employment report Friday came at the end of a critical week for Wall Street. While corporate results dominated in previous weeks, investors this week focused on the Federal Reserve's decision Wednesday to lower interest rates and on reports on the gross domestic product, personal spending and factory orders.

The Fed's decision to lower rates by a quarter point to 2 percent and widespread speculation that it will stand pat at future meetings buoyed investors' confidence. The Fed's comments helped shore up an anemic dollar and calmed some fears about inflation.

According to preliminary calculations, the Dow Jones industrial average rose 48.20, or 0.37 percent, to 13,058.20 after being up more than 100 points early in the session.

Broader stock indicators ended mixed. The Standard & Poor's 500 index rose 4.56, or 0.32 percent, to 1,413.90, while the Nasdaq slipped 3.72, or 0.15 percent, to 2,476.99.

Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 1.27 billion shares compared with 1.4 billion shares traded Thursday.

The moves Friday came a day after a rising dollar and falling oil prices emerged as promising signs for the economy. The Dow soared nearly 190 points Thursday to close above 13,000 for the first time since Jan. 3.

Bond prices declined Friday as some investors moved into stocks from the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.83 percent from 3.77 percent late Thursday.

Light, sweet crude rose $3.80 to settle at $116.32 per barrel on the New York Mercantile Exchange. The dollar was mixed against other major currencies, while gold prices rose.

Recent months have brought spikes in food and energy costs that have made it harder for many consumers. Wall Street is concerned that rising prices and a weak housing market would force consumers, who account for about 70 percent of U.S. economic activity, to curtail spending.

But with oil prices pulling back sharply Thursday, stocks took off, and they continued their run into Friday's session before the rally stalled.

Rovelli said investors apparently felt the recent run-up had occurred too quickly.

"The environment is not that great," he said, referring to energy prices that remain elevated even off their highest levels. "We're overbought. We were overdue for some profit-taking."

The Labor Department's report that employers cut 20,000 jobs in April was a relief to Wall Street, which had been expecting payrolls to fall by 75,000 jobs. The unemployment rate fell to 5 percent from 5.1 percent. This marked the fourth straight month of job losses, but the data signaled that perhaps the economy might be resisting falling into recession.

A separate report showing that factory orders increased in March following two months of declines added to an upbeat mood. The Commerce Department said U.S. manufacturers saw orders increase 1.4 percent in March. Economists expected a 0.2 percent increase after declines in January and February.

Meanwhile, the Fed said it will work with European central banks to expand efforts to deal with the global credit crisis. The central bank will boost the amount of emergency reserves it supplies to U.S. banks to $150 billion in May, up from the $100 billion it supplied in April.

In corporate news, Sun Microsystems shares fell $3.69, or 23 percent, to $12.64 after the company stunned investors late Thursday by reporting a loss for the third quarter. The server and software maker blamed the loss on sagging sales to U.S. consumer-oriented companies that are delaying big-ticket spending.

Overseas, Japan's Nikkei stock average rose 2.05 percent. Britain's FTSE 100 finished up 2.11 percent, Germany's DAX index added 1.36 percent, and France's CAC-40 rose 1.46 percent.

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

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

 

[bigdog]

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

Wall Street pulled back Monday after Microsoft Corp.'s decision to withdraw its bid for Yahoo Inc. and as oil prices rose to a new record over $120 a barrel.

The NYSE DOW closed LOWER by -88.66 points -0.68% on Monday May 5

Sym Last........ ........Change..........
Dow 12,969.54 -88.66 -0.68%
Nasdaq 2,464.12 -12.87 -0.52%
S&P 500 1,407.49 -6.41 -0.45%
30-yr Bond 4.5810% +0.0160

NYSE Volume 3,360,568,500
Nasdaq Volume 2,084,995,620

Overseas
Japan's and Britain's markets were closed for holidays. Germany's DAX index rose 0.13 percent, and France's CAC-40 fell 0.13 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,215.50 Closed May 5
DAX 7,052.08 +8.85 +0.13%
CAC 40 5,063.36 -6.35 -0.13%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,049.26 Closed May 5
Hang Seng 26,183.95 -57.07 -0.22%

http://biz.yahoo.com/ap/080505/wall_street.html
Stocks end lower after Microsoft pulls Yahoo bid
Monday May 5, 4:39 pm ET
By Tim Paradis, AP Business Writer
Stocks decline after Microsoft withdraws Yahoo bid; oil sets fresh record, weighs on retailers

NEW YORK (AP) -- Wall Street pulled back Monday after Microsoft Corp.'s decision to withdraw its bid for Yahoo Inc. and as oil prices rose to a new record over $120 a barrel.

Microsoft had offered $47.5 billion to buy Yahoo Inc., but scrapped the bid late Saturday after the software maker and the Internet provider could not agree on a sale price. The failed deal came as a disappointment to Wall Street, as merger-and-acquisition activity tends to boost shareholder value, and also signals to the broader market that corporate America is optimistic about the future.

A jump in oil prices raised concerns that inflation could force consumers, who account for more than two-thirds of the economy, to cut their spending on discretionary items. Crude oil futures for June delivery surged to a new trading high of $120.21 a barrel on the New York Mercantile Exchange before pulling back. The jump followed news of an attack on a Nigerian oil facility.

"Energy is a very important piece," said Russell Croft, portfolio manager at Croft Leominster Investment Management in Baltimore, referring to the mood of both investors and consumers. "It's the price at the pump, it's what people read about."

According to preliminary calculations, the Dow Jones industrial average fell 88.66, or 0.68 percent, to 12,969.54.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 6.41, or 0.45 percent, to 1,407.49, and the Nasdaq composite index fell 12.87, or 0.52 percent, to 2,464.12.

Bond prices rose as stocks dropped. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.84 percent from 3.86 percent late Friday.

Gold prices also climbed, while the dollar traded mixed against other major currencies.

In general, first-quarter earnings reports and economic data have been coming in weak, but were not as poor as many on Wall Street had braced for. Investors have lingering concerns, however -- not only is the housing market still weak, but commodities besides oil remain near record levels, threatening consumers' discretionary spending and their ability to pay off debt.

John Merrill, chief investment officer at Tanglewood Capital Management in Houston, noted that despite investors' concerns, Wall Street has logged a sizable rebound since its March lows. He said the back-and-forth in stocks is to be expected, particularly after recent gains.

Last week, the Dow rose 1.29 percent, while the S&P 500 advanced 1.15 percent.

"The market can only go in one direction for so long before you just have to change," he said.

"Our idea is that we're in a long, soft patch," Merrill said. "The economic problems we have with homebuilding and the over-leveraged consumer and the over-leveraged banking system -- they are problems that are going to be with us for a while."

Despite their concerns about inflation, investors briefly took some encouragement from a key reading on the U.S. service sector. The Institute for Supply Management said its April index of nonmanufacturing activity rose to 52 from 49.6 in March. A reading above 50 signals economic expansion; analysts had expected the figure would come in at 49.3, according to economists surveyed by Thomson Financial/IFR.

But the rise in oil prices weighed on a number of sectors, including retailers and airlines. Macy's Inc. fell $1.21, or 4.6 percent, to $25.09, while J.C. Penney Co. fell $1.86, or 4.1 percent, to $43.32.

Delta Air Lines Inc. fell 39 cents, or 4.6 percent, to $8.11 and Continental Airlines Inc. declined $1.01, or 5.4 percent, to $17.78.

Meanwhile, Yahoo fell $4.30, or 15 percent, to $24.37 after Microsoft's decision to walk away. Shares of Microsoft slipped 16 cents to $29.08.

Helping to offset some of investors' disappointment over the abandoned Yahoo deal was a report from The Wall Street Journal, which said Deutsche Telekom AG is considering a bid to buy Sprint Nextel Corp., according to people familiar with the discussions.

Sprint rose 83 cents, or 10.5 percent, to $8.72 on the report and as the newspaper reported that Sprint is considering spinning off its Nextel arm.

Countrywide Financial Corp. fell 62 cents, or 10.4 percent, to $5.36 after a Wall Street analyst said Bank of America Corp. should abandon its proposed takeover of the mortgage lender. Another analyst suggested the deal would likely be renegotiated for a lower price.

Bank of America fell 82 cents, or 2.1 percent, to $38.97.

Overseas, Japan's and Britain's markets were closed for holidays. Germany's DAX index rose 0.13 percent, and France's CAC-40 fell 0.13 percent.

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

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

 

[bigdog]

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

Wall Street reversed early losses to close higher Tuesday, as investors monitored the movements of record high oil prices but still laid bets that the economy and companies are in recovery mode.

The NYSE DOW closed HIGHER by +51.29 points +0.40% on Tuesday May 6

Sym Last........ ........Change..........
Dow 13,020.83 +51.29 +0.40%
Nasdaq 2,483.31 +19.19 +0.78%
S&P 500 1,418.26 +10.77 +0.77%
30-yr Bond 4.6420% +0.0610

NYSE Volume 3,844,558,250
Nasdaq Volume 2,162,198,500

Overseas
Japan's stock market was closed for a holiday. In Europe, Britain's FTSE index finished flat, Germany's DAX index fell 0.50 percent, and France's CAC-40 fell 0.44 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,215.20 -0.30 -0.00%
DAX 7,017.10 -34.98 -0.50%
CAC 40 5,040.92 -22.44 -0.44%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,049.26 closed for holiday
Hang Seng 26,262.13 +78.18 +0.30%
Straits Times 3,248.75 +0.71 +0.02%

http://biz.yahoo.com/ap/080506/wall_street.html
Stocks lift even as oil prices soar near $123 a barrel
Tuesday May 6, 4:36 pm ET
By Madlen Read, AP Business Writer
Wall Street lifts even as crude-oil prices surge near $123 a barrel, credit worries linger

NEW YORK (AP) -- Wall Street reversed early losses to close higher Tuesday, as investors monitored the movements of record high oil prices but still laid bets that the economy and companies are in recovery mode.

Crude oil climbed to a record near $123 a barrel on the New York Mercantile Exchange as traders, who have nearly doubled the price of oil over the past year, reacted to the weakening U.S. dollar, supply threats, and a note from Goldman Sachs predicting that oil could reach $200 a barrel. High oil prices threaten to crimp consumers' discretionary spending.

But oil price sticker-shock waned and as investors looked past wider-than-expected quarterly losses at Swiss bank UBS, government-sponsored mortgage company Fannie Mae, and homebuilder D.R. Horton Inc.

"I think overall, the strength in stocks right now is on fairly firm footing," said JPMorgan equities analyst Thomas J. Lee. "In some ways, first-quarter earnings are yesterday's news."

In recent weeks, stronger-than-expected results from companies outside the battered financial and housing sectors helped the stock market rebound to levels not seen since early January. Economic data has been better than expected -- particularly Friday's employment report and Monday's data on the service sector -- and meanwhile, the credit markets keep showing increased appetite for the risk that investors had avoided for months.

According to preliminary calculations, the Dow Jones industrial average rose 51.29, or 0.40 percent, to 13,020.80.

Broader stock indicators also rebounded. The Standard & Poor's 500 index rose 10.77, or 0.77 percent, to 1,418.26, and the Nasdaq composite index rose 19.19, or 0.78 percent, to 2,483.31.

Bond prices pared earlier gains. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was at 3.90 percent, down from 3.87 percent late Monday.

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, said it is a good sign that stock traders started buying back in again when the S&P 500 briefly dipped below the technically significant 1,400 mark.

"We had some negative news this morning, and we've shaken it off. It's encouraging," Detrick said.

Huge quarterly losses from three major players in the financial and homebuilding industries initially sparked some stock selling Tuesday, but those dips were soon met by bargain-hunters, who are betting that those sectors are a good buy right now given their low prices.

Fannie Mae reported a larger-than-expected first-quarter loss of $2.2 billion, and said it plans to lower its dividend and raise $6 billion in additional capital. But it also estimated its market share increased to about 50 percent of the new single-family mortgage related securities issued. Fannie Mae shares rebounded to rise $2.52, or 8.9 percent, to $30.81.

Homebuilder D.R. Horton reported a quarterly loss of $1.3 billion and halved its dividend to 7.5 cents a share. The homebuilder's shares rose 88 cents, or 5.1 percent, to $16.85.

UBS reported a loss of nearly $11 billion and said it is reducing its work force by about 7 percent. UBS shares dipped 54 cents to $33.77.

Meanwhile, Wachovia Corp. said it is nearly doubling its previously reported loss for the first quarter to $708 million after reviewing its portfolio of bank-owned life insurance. Wachovia's stock rose 30 cents to $30.08.

After the closing bell, Walt Disney Co. posted a higher second-quarter profit on stronger-than-expected theme park attendance. Shares closed up 44 cents at $33.73, and moved higher in electronic trading.

Cisco Systems Inc. said third-quarter profit declined, but the networking gear maker's adjusted earnings and revenue topped Wall Street projections. Shares rose 5 cents to close at $26.33, then tacked on another 2 percent in after-hours trading.

Oil settled up $1.87 at $121.84 on the New York Mercantile Exchange. Gold climbed, while the dollar fell against most other major global currencies.

The Russell 2000 index of smaller companies rose 5.44, or 0.75 percent, to 729.79.

Advancing issues outnumbered decliners by about 8 to 7 on the New York Stock Exchange, where volume amounted to a light 1.23 billion shares.

Overseas, Japan's stock market was closed for a holiday. In Europe, Britain's FTSE index finished flat, Germany's DAX index fell 0.50 percent, and France's CAC-40 fell 0.44 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

Wall Street tumbled Wednesday as the price of a barrel of oil soared to a record near $124 and touched off concerns that the stock market's recent gains might have been premature as consumers grapple with rising energy and food costs. The major stock market indexes each lost more than 1.5 percent, with the Dow Jones industrial average declining by more than 200 points.

The NYSE DOW closed LOWER by -206.48 points -1.59% on Wednesday May 7

Sym Last........ ........Change..........
Dow 12,814.35 -206.48 -1.59%
Nasdaq 2,438.49 -44.82 -1.80%
S&P 500 1,392.57 -25.69 -1.81%
10 Yr Bond(%) 3.8670% -0.0260


Overseas
Japan's stock market rose 0.38 percent. Britain's FTSE index closed up 0.74 percent, Germany's DAX index rose 0.84 percent, and France's CAC-40 rose 0.68 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,261.00 +45.80 +0.74%
DAX 7,076.25 +59.15 +0.84%
CAC 40 5,075.31 +34.39 +0.68%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,102.48 +53.22 +0.38%
Hang Seng 25,610.21 -651.92 -2.48%
Straits Times 3,212.14 -36.61 -1.13%

http://biz.yahoo.com/ap/080507/wall_street.html
Stocks retreat as oil prices creep higher
Wednesday May 7, 6:15 pm ET
By Tim Paradis, AP Business Writer
Stocks retreat as oil prices keep trekking to new records; crude surges past $123 a barrel

NEW YORK (AP) -- Wall Street tumbled Wednesday as the price of a barrel of oil soared to a record near $124 and touched off concerns that the stock market's recent gains might have been premature as consumers grapple with rising energy and food costs. The major stock market indexes each lost more than 1.5 percent, with the Dow Jones industrial average declining by more than 200 points.

Sharp gains in commodities prices have drawn fresh attention from investors worried that consumers -- the lifeblood of the U.S. economy -- will be forced to pare discretionary spending to keep up with increasing costs for necessities.

Oil prices have doubled over the past year, causing gasoline prices to surge further into record terrain and strap consumers, who drive more than two-thirds of economic activity, with another financial burden.

Wall Street slid amid a cacophony of worries about the effects of rising prices. Kansas City Federal Reserve President Thomas Hoenig in a speech late Tuesday pointed to inflation as his main concern. Treasury Secretary Henry Paulson said in an interview with The Associated Press Wednesday that while the worst of the credit crisis might have passed, rising gas prices will dampen the benefits from the 130 million economic stimulus checks that the government is distributing.

While some observers say recent stock market gains had come too quickly anyway, others contend the market's declines reflect more serious worries about the difficulties blanketing consumers.

Ed Peters, chief investment officer at PanAgora Asset Management in Boston, said, "It is going to be a drag if we continue to get rising prices. The oil price is just symptomatic of a broader trend."

But Stephen Carl, head of equity trading at The Williams Capital Group, said that while rising oil prices appeared to rattle investors, many had also seen sizable gains from stocks in recent weeks and wanted to preserve their profits.

"Perhaps we fall away here for a few sessions," he said, noting that the Standard & Poor's 500 index's rebound to the 1,400 level might have been too hasty for some investors.

The Dow fell 206.48, or 1.59 percent, to 12,814.35, after fluctuating early in the session.

Broader stock indicators also declined. The S&P 500 fell 25.69, or 1.81 percent, to 1,392.57, and the Nasdaq composite index fell 44.82, or 1.80 percent, to 2,438.49.

Bond prices rose as investors pulled more money out of stocks and placed it in the safer confines of the Treasury market. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.85 percent from 3.92 percent late Tuesday.

Light, sweet crude rose $1.69 to settle at $123.53 a barrel on the New York Mercantile Exchange, but traded just pennies away from $124 during Wall Street trading.

The dollar rebounded against other major global currencies, and gold prices fell.

While stocks pulled back, the day was not without good news. The Labor Department said labor costs rose at an annual rate of 2.2 percent during the first quarter. That's down from a 2.8 percent rise the previous quarter, suggesting that inflation pressures may be letting up.

But there have not been enough strong readings lately to give investors the nudge they need to push the Dow back above the four-month highs it reached last week. Market analyst Edward Yardeni noted that the Dow, the S&P 500 and many key individual stocks are close to their 200-day moving averages.

"Not everybody's a fan of technical analysis, but everyone knows that this is an important technical level," Yardeni said. "We need some really good bullish news to break above that average."

In corporate news, Clearwire and Sprint Nextel Corp. said they are planning to merge their wireless broadband units to create a new $14.55 billion wireless communications company. The new company is getting a $3.2 billion investment from Intel Corp., Google Inc., Comcast Corp., Time Warner Cable Inc. and Bright House Networks.

Clearwire fell 24 cents to $16.22 after spending most of the session higher and Sprint slipped 3 cents to $9.16.

In earnings news, The Walt Disney Co. reported late Tuesday its profit in the most recent quarter rose 22 percent despite the Hollywood writers' strike. Disney was among the handful of the 30 stocks that comprise the Dow industrials to advance, rising 97 cents, or 2.9 percent, to $34.70.

Yardeni noted that while the first-quarter earnings season began several weeks ago with worse-than-expected results from General Electric Co., it ended up bringing decent numbers, with earnings excluding the financial sector rising close to 10 percent.

"There is a perception in the markets we had a great move here since March, and that we need to take a break from the rally for a while," Yardeni said. "And then we'll be set up for a summer rally."

The Russell 2000 index fell 13.58, or 1.86 percent, to 716.21.

Declining issues outnumbered advancers by more than 2 to 1 on the New York Stock Exchange, where consolidated volume came to 3.94 billion shares compared with 3.77 billion shares traded Thursday.

Overseas, Japan's stock market rose 0.38 percent. Britain's FTSE index closed up 0.74 percent, Germany's DAX index rose 0.84 percent, and France's CAC-40 rose 0.68 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

Wall Street closed a quiet session with a moderate advance Thursday, with energy and other commodities companies leading the market as oil prices extended their record-breaking run.

The NYSE DOW closed HIGHER by +52.43 points +0.41% on Thursday May 8

Sym Last........ ........Change..........
Dow 12,866.78 +52.43 +0.41%
Nasdaq 2,451.24 +12.75 +0.52%
S&P 500 1,397.68 +5.11 +0.37%
30-yr Bond 4.5640% -0.0580

NYSE Volume 3,827,561,500
Nasdaq Volume 2,100,801,250

Overseas
Japan's Nikkei index fell 1.13 percent, Britain's FTSE index rose 0.16 percent, Germany's DAX index fell 0.06 percent, and France's CAC-40 fell 0.39 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,270.80 +9.80 +0.16%
DAX 7,071.90 -4.35 -0.06%
CAC 40 5,055.58 -19.73 -0.39%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,943.26 -159.22 -1.13%
Hang Seng 25,449.79 -160.42 -0.63%

http://biz.yahoo.com/ap/080508/wall_street.html
Stocks rise modestly even as oil extends record high run
Thursday May 8, 5:53 pm ET
By Madlen Read, AP Business Writer
Wall Street, led by commodities producers, rises as oil prices reach new record above $124

NEW YORK (AP) -- Wall Street closed a quiet session with a moderate advance Thursday, with energy and other commodities companies leading the market as oil prices extended their record-breaking run.

The price of crude oil swept past $124 a barrel in late New York Mercantile Exchange trading, while gasoline rose to a new record of its own at the pump, climbing to a national average of nearly $3.65 a gallon.

Although the rising price of oil ignited concerns about inflation on Wednesday, knocking the Dow Jones industrial average down more than 200 points, stocks managed to hold on to their gains even as oil rose Thursday. Some of the big gainers were the companies that would benefit the most from higher commodities prices -- the oil companies and metals producers like Alcoa Inc. -- and they helped lift the major indexes.

Stocks also rose after retailers issued April sales results that, while not strong overall, were less gloomy than expected. The data suggested that high energy costs are leading consumers to alter their spending, and Wal-Mart Stores Inc. was one of the beneficiaries of that trend. But some apparel stores -- whose merchandise falls into the category of discretionary items -- again saw depressed sales as consumers budgeted more for gasoline and food.

Financial stocks were the worst performers of the day. Philip S. Dow, managing director of equity strategy at RBC Dain Rauscher in Minneapolis, said investors likely are still jittery over the sector, with continued concern about whether the companies have problems on their books beyond subprime mortgages. "Our guess is that the worst is not over for the financials on a fundamentals basis," he said.

The Dow rose 52.43, or 0.41 percent, to 12,866.78.

Broader stock indicators turned higher after fluctuating at times during the session. The Standard & Poor's 500 index rose 5.11, or 0.37 percent, to 1,397.68, and the Nasdaq composite index rose 12.75, or 0.52 percent, to 2,451.24.

Bond prices rose as some investors sought the safety of government debt despite the gains in stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.78 percent in late trading from 3.85 percent late Wednesday.

Gold prices rose, while the dollar declined against most other major global currencies.

Mixed economic readings and lofty energy prices could keep the market in a holding pattern through the summer, said Janna Sampson, director of portfolio management at Oakbrook Investments. "With oil high and continuing to go up, it's going to be tough to get the market to have a sustainable rally."

Alfred E. Goldman, chief market strategist at Wachovia Securities, was a bit more optimistic, saying he estimates the economy is four months away from the end of an average-length recession, so the stock market should resume its climb again soon.

"Basically, the market is taking a time-out after the prior six weeks," Goldman said. "The bigger picture is a market that's in the process of transitioning from a bear to a bull, shifting from a situation where the glass is half-empty to one where the glass is half-full. And that takes time."

In a positive sign for the U.S. employment picture, which has seen four straight months of jobs losses, the Labor Department said Thursday the number of newly laid off workers seeking unemployment benefits dropped by 18,000 last week to 365,000 -- a larger decline than expected.

Aluminum producer Alcoa rose $1.56, or 4.1 percent, to $39.65. Oil companies also gained; Exxon Mobil Corp. rose $1.11 to $89.93, while Chevon Corp. was up $2.11, or 2.3 percent, at $97.44.

Wal-Mart rose 33 cents to $57.16, but Target Corp. fell $1.10, or 2.1 percent, to $52.34 after saying its same-store sales rose in April by an amount that was smaller than analysts forecast. Same-store sales are an important barometer of a retailer's health that reflects sales at stores open at least a year.

A weak U.S. consumer weighed on Toyota Motor Corp., which said late Wednesday that profits in the January-to-March period tumbled 28 percent due to the rising yen and weak North American sales. The Japanese automaker also predicted sales will drop for the fiscal year through March 2009 for the first time in several years, and that earnings will fall 27 percent.

Toyota's U.S.-traded shares fell $4.20 or 4 percent, to $100.56.

The Russell 2000 index rose 3.34, or 0.47 percent, to 719.55.

Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where consolidated volume amounted to a light 3.70 billion shares, compared with 3.94 billion shares traded Wednesday.

The European Central Bank left its interest rates unchanged Thursday. ECB President Jean-Claude Trichet pointed to clear upside risks to price stability, indicating that the bank is unlikely to lower its rates in the near future.

In overseas trading, Japan's Nikkei index fell 1.13 percent, Britain's FTSE index rose 0.16 percent, Germany's DAX index fell 0.06 percent, and France's CAC-40 fell 0.39 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

The Dow Jones industrial average ended the week down 312.32, or 2.39 percent, at 12,745.88. The Standard & Poor's 500 index finished down 25.62, or 1.81 percent, at 1,388.28. The Nasdaq composite index ended the week down 31.47, or 1.27 percent, at 2,445.52.

Insurer American International Group Inc. helped send the Dow Jones industrial average down about 120 points after posting a wider-than-expected first-quarter loss that rekindled anxiety about the strained state of the global financial system.

The NYSE DOW closed LOWER by -120.90 points -0.94% on Friday May 9

Sym Last........ ........Change..........
Dow 12,745.88 -120.90 -0.94%
Nasdaq 2,445.52 -5.72 -0.23%
S&P 500 1,388.28 -9.40 -0.67%
30-yr Bond 4.5240% -0.0400

NYSE Volume 3,520,940,000
Nasdaq Volume 1,714,386,000

Overseas
Japan's stock market fell 2.06 percent. Britain's FTSE index fell 1.05 percent, Germany's DAX index fell 0.97 percent, and France's CAC-40 fell 1.88 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,204.70 -66.10 -1.05%
DAX 7,003.17 -68.73 -0.97%
CAC 40 4,960.56 -95.02 -1.88%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,655.34 -287.92 -2.06%
Hang Seng 25,063.17 -386.62 -1.52%

http://biz.yahoo.com/ap/080509/wall_street.html
Stocks decline as AIG reveals need for cash, oil surges
Friday May 9, 5:48 pm ET
By Tim Paradis, AP Business Writer
Stocks decline after AIG reports massive loss and cash needs; oil extends record climb

NEW YORK (AP) -- Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week.

Insurer American International Group Inc. helped send the Dow Jones industrial average down about 120 points after posting a wider-than-expected first-quarter loss that rekindled anxiety about the strained state of the global financial system.

AIG reported it lost $7.81 billion -- its second straight quarterly loss -- and revealed plans to raise $12.5 billion in the coming months. The world's largest insurer, like many of its peers in the financial services sector, has seen its investments in the credit markets plunge in value.

Meanwhile, rising crude oil prices remained a source of worry for investors, as they had much of the week and in recent months. Oil futures rose above $126 a barrel for the first time, further stoking Wall Street's concerns about inflation that could curtail consumer spending. Light, sweet crude rose as high as $126.20 on the New York Mercantile Exchange before settling at a record $125.96. For the week, oil jumped nearly $10.

Phil Orlando, chief equity market strategist at Federated Investors said investors retreated primarily because of the AIG news.

"That news came as something of a surprise to some and a wake-up call to most that the financial-service companies are not yet out of the woods."

But Orlando noted that the market has pulled back this week after a sizable rebound in the last two months and that some investors might be eager to lock in profits while Wall Street irons out some concerns about the financial sector.

"Our view has been that the market, generally speaking, is in pretty good shape with the exception of the financial service companies and the consumer dictionary companies," he said, noting that the news from AIG is an important reminder of the troubles remaining among financials.

The Dow fell 120.90, or 0.94 percent, to 12,745.88.

Broader stock indicators were also lower a day after the stock market notched a modest advance. The Standard & Poor's 500 index fell 9.40, or 0.67 percent, to 1,388.28, and the Nasdaq composite index fell 5.72, or 0.23 percent, to 2,445.52.

For the week, the Dow fell 2.39 percent, the S&P 500 declined 1.81 percent and the Nasdaq lost 1.27 percent.

Bond prices were little changed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, stood at 3.78 percent late Friday, unchanged from late Thursday.

Gold prices advanced, while the dollar traded mixed against other major global currencies.

The economic figures arriving Friday underscored the slowdown in the U.S. economy. The Commerce Department said the U.S. trade deficit narrowed in March as demand for imports registered the biggest decline since the last recession was ending. The deficit stood at $58.2 billion, a decrease of 5.6 percent from February. The 2.9 percent drop in demand for imports was the steepest monthly decline since December 2001 -- a month after the last recession ended.

Noman Ali, portfolio manager of U.S. equities for MFC Global Investment Management in Toronto, doesn't expect the market will test its March lows and said some of Wall Street's angst over rising oil prices is overdone.

"Our view is still positive on the market. Obviously oil is hurting but I think the consumer fiscal stimulus package is going to help," he said, referring to rebates the U.S. government is now distributing.

He contends the wealthier Americans who account for an outsize percentage of U.S. consumer spending won't stop reaching into their wallets because of higher oil prices and that overall spending hold up better than some on Wall Street are predicting.

In corporate news, AIG fell $3.87, or 8.8 percent, to $40.28 after reporting its loss. The stock was by far the steepest decliner among the 30 that comprise the Dow industrials.

Citigroup Inc. said it hopes to shed between $400 billion and $500 billion in assets and increase revenue by 9 percent over the next few years as it tries to recover from big losses tied to deterioration in the mortgage and credit markets. Citi, one of the Dow 30 stocks, fell 67 cents, or 2.8 percent, to $23.63.

General Motors Corp., also a Dow component, fell 86 cents, or 4.1 percent, to $20.29 after reporting in a regulatory filing it would provide financial support to help settle the 10-week strike at auto parts supplier American Axle and Manufacturing Holdings Inc.

Consumer electronics chain Circuit City Stores Inc. said it received a letter from suitor Blockbuster Inc. that the company's largest shareholder, financier Carl Icahn, is prepared to buy Circuit City even if the video rental chain can't win the necessary financing or shareholder approval.

Circuit City jumped 28 cents, or 5.9 percent, to $5.07, while Blockbuster slipped 2 cents to $2.66.

Investors' caution Friday precedes what will likely be a busy week of economic news now that the flow of quarterly earnings reports is beginning to ebb.

"Next week I think will be a fairly important economic week," Orlando said, pointing to expected reports on retail sales, retail inventories, industrial production and regional manufacturing.

Declining issues outnumbered advancers by about 8 to 7 on the New York Stock Exchange, where consolidated volume came to 3.40 billion shares, compared with 3.70 billion traded Thursday.

The Russell 2000 index of smaller companies rose 0.50, or 0.07 percent, to 720.05.

Overseas, Japan's stock market fell 2.06 percent. Britain's FTSE index fell 1.05 percent, Germany's DAX index fell 0.97 percent, and France's CAC-40 fell 1.88 percent.

The Dow Jones industrial average ended the week down 312.32, or 2.39 percent, at 12,745.88. The Standard & Poor's 500 index finished down 25.62, or 1.81 percent, at 1,388.28. The Nasdaq composite index ended the week down 31.47, or 1.27 percent, at 2,445.52.

The Russell 2000 index finished the week down 5.69, or 0.78 percent, at 720.05.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 14,040.05, down 211.01 points, or 1.48 percent, for the week. A year ago, the index was at 15,259.58.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

Wall Street rallied Monday as oil prices, supported by a stronger dollar, fell back and alleviated some of investors' concerns about accelerating inflation. The Dow Jones industrials gained 130 points.

The NYSE DOW closed HIGHER by +130.43 points +1.02% on Monday May 12

Sym Last........ ........Change..........
Dow 12,876.31 +130.43 +1.02%
Nasdaq 2,488.49 +42.97 +1.76%
S&P 500 1,403.58 +15.30 +1.10%
30-yr Bond 4.5220% -0.0020

NYSE Volume 3,326,991,250
Nasdaq Volume 1,771,534,250

Overseas
Japan's Nikkei stock average rose 0.64 percent. Britain's FTSE 100 rose 0.26 percent, Germany's DAX index rose 0.47 percent, and France's CAC-40 rose 0.32 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,220.60 +15.90 +0.26%
DAX 7,035.95 +32.78 +0.47%
CAC 40 4,976.21 +15.65 +0.32%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,743.36 +88.02 +0.64%
Hang Seng 25,063.17 -386.62 -1.52%

http://biz.yahoo.com/ap/080512/wall_street.html
Stocks advance as oil falls, dollar advances
Monday May 12, 4:30 pm ET
By Tim Paradis, AP Business Writer
Wall Street advances as crude oil prices register modest decline, dollar shows rebound

NEW YORK (AP) -- Wall Street rallied Monday as oil prices, supported by a stronger dollar, fell back and alleviated some of investors' concerns about accelerating inflation. The Dow Jones industrials gained 130 points.

The dollar's advance, a break from the greenback's long losing streak, also helped soothe some of Wall Street's worries about inflation's impact on consumer spending. The dollar's gain helped send light, sweet crude oil down $1.73 to settle at $124.23 per barrel on the New York Mercantile Exchange. Oil briefly reached a new trading high of $126.40, but investors seemed shy, for the time being at least, to add to oil's huge gain of nearly $10 last week.

"This market does seem to be reacting positively to any sort of easing we see in the energy patch," said Craig Peckham, market strategist at Jefferies & Co.

Investors also got some encouraging news about the credit crisis from London-based HSBC Holdings PLC, which said its first-quarter profits were up from a year ago although the global banking company took a $3.2 billion write-down on subprime mortgage assets in the United States. The company did echo other assessments that the U.S. was likely to fall into recession this year.

JPMorgan Chase & Co. CEO Jamie Dimon said at a conference Monday he estimates the credit market crisis is 75 percent over, but that the recession is just beginning.

Monday's gains showed investors are still willing to lay some bets, although some market watchers said Wall Street will still likely see stocks fluctuate as investors try to determine the economy's direction. Monday's advance follows a week in which the major indexes all fell as worries about the impact of inflation weighed on investors.

Peckham said some of the buying was a natural move higher after last week's decline, in which the Dow industrials lost 2.4 percent and the S&P 500 declined 1.81 percent.

"This market, after having had a pretty rough last week, is prone to drawing in some more value-seekers," he said.

According to preliminary calculations, the Dow rose 130.43, or 1.02 percent, to 12,876.31.

Broader stock indicators also rose. The Standard & Poor's 500 index advanced 15.30, or 1.10 percent, to 1,403.58, and the Nasdaq composite index rose 42.97, or 1.76 percent, to 2,488.49.

Bond prices dipped. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.80 percent from 3.78 percent late Friday. The dollar was higher against most other major currencies, while gold prices fell.

The flow of first-quarter earnings reports is beginning to dwindle, so Wall Street will likely require some big news on the economy -- such as a sharp reversal in commodities prices -- to dislodge the markets from their current position, said Ted Oberhaus, director of equity trading at Lord, Abbett & Co.

"We're the majority of the way through the earnings season and it has been relatively productive. With that as a backdrop, I would expect a range-driven appreciation over the next few months," Oberhaus said.

Hewlett Packard Co. fell $2.49, or 5.1 percent, to $46.64 after the technology company confirmed it is in talks with Electronic Data Systems Corp. about a possible combination. Shares of EDS spiked $5.27, or 28 percent, to $24.13.

MBIA Inc. posted a $2.41 billion first-quarter loss, as the struggling bond insurer took heavy charges to write down the value of liabilities amid continued deterioration in the credit markets. The stock rose 47 cents, or 5 percent, to $9.90 following comments from the company on the strength of its balance sheet.

Research In Motion Ltd. rose $8.93, or 6.7 percent, to $141.70 as the handheld electronics maker introduced its first major new BlackBerry model in more than a year.

Investors will be looking to other readings on consumers this week to determine the toll rising energy costs might be having. Government figures are due on retail sales in April. And retailers including Wal-Mart Stores Inc., Macy's Inc., JCPenney Co. and Kohls Corp. are due to report first-quarter results.

Advancing issues outnumbered decliners by more than 2 to 1 on the New York Stock Exchange, where volume came to a light 908.5 million shares.

The Russell 2000 index of smaller companies rose 13.18, or 1.83 percent, to 733.23.

Overseas, Japan's Nikkei stock average rose 0.64 percent. Britain's FTSE 100 rose 0.26 percent, Germany's DAX index rose 0.47 percent, and France's CAC-40 rose 0.32 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

Wall Street turned in a mixed performance Tuesday after a fresh report on retail sales and a new oil price record told investors the same old story: The economy is hurting and costs are rising, but things could be worse.

The NYSE DOW closed HIGHER by -44.13 points -0.34% on Tuesday May 13

Sym Last........ ........Change..........
Dow 12,832.18 -44.13 -0.34%
Nasdaq 2,495.12 +6.63 +0.27%
S&P 500 1,403.04 -0.54 -0.04%
30-yr Bond 4.6190% +0.0970

NYSE Volume 3,984,684,000
Nasdaq Volume 1,895,167,120


Overseas
Japan's Nikkei stock average rose 1.53 percent. Britain's FTSE 100 slid 0.14 percent, Germany's DAX index rose 0.34 percent, and France's CAC-40 rose 0.45 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,211.90 -8.70 -0.14%
DAX 7,060.19 +24.24 +0.34%
CAC 40 4,998.67 +22.46 +0.45%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,953.73 +210.37 +1.53%
Hang Seng 25,552.77 +489.60 +1.95%
Straits Times 3,203.42 +23.26 +0.73%

http://biz.yahoo.com/ap/080513/wall_street.html
Stocks mixed after retail sales report, spiking oil
Tuesday May 13, 4:28 pm ET
By Madlen Read, AP Business Writer
Wall Street mixed after retail sales report; oil rises to another record near $127 a barrel

NEW YORK (AP) -- Wall Street turned in a mixed performance Tuesday after a fresh report on retail sales and a new oil price record told investors the same old story: The economy is hurting and costs are rising, but things could be worse.

The Commerce Department's latest report showed that retail sales fell by 0.2 percent in April, as expected. The data did show better-than-expected sales if automobiles are excluded, but indicated Americans are reluctant to make big-ticket purchases -- especially as soaring fuel prices cut into demand.

"The numbers are coming out weak, but the economy's not falling apart," said Alexander Paris, economist and market analyst for Chicago-based Barrington Research. "On balance, they were negative, but you'd expect them to be."

Oil prices, meanwhile, spiked to a trading record of $126.98 a barrel on the New York Mercantile Exchange after Iranian news services reported Iran is considering a cut to output. They later settled up $1.57 at $125.80.

Tuesday's wavering trading in the stock market reflected its ongoing uncertainty about the economy. Brian Gendreau, investment strategist for ING Investment Management, believes investors won't get a clear picture until more data is released in June and July.

"We're going to go through a period where the markets are going to focus on the macro-data, and any adverse piece of news about the credit markets," he said. "It will be a trendless market until the uncertainties about a contraction in economic activity are resolved."

According to Federal Reserve Chairman Ben Bernanke, turmoil in financial markets has eased somewhat. He noted during his speech in Atlanta that the markets for certain mortgage-backed securities, such as those backed by Fannie Mae and Freddie Mac, as well as some fixed-rate mortgages and corporate debt have improved. He did say, though, that the situation remains "far from normal."

According to preliminary calculations, the Dow Jones industrial average fell 44.13, or 0.34 percent, to 12,832.18, having soared 130 points on Monday.

Broader indexes closed mixed. The Standard & Poor's 500 index fell 0.54, or 0.04 percent, to 1,403.04, and the Nasdaq composite index rose 6.63, or 0.27 percent, to 2,495.12.

The technology-heavy Nasdaq got a boost as Yahoo Inc. rose after CNBC reported billionaire investor Carl Icahn was considering a proxy fight to try to push Yahoo back into merger discussions with Microsoft Corp.

Yahoo rose $1.30, or 5.2 percent, to $26.56.

Government bond prices fell as the Treasury market focused on the better-than-expected details in the retail sales report. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.90 percent from 3.80 percent late Monday.

The Commerce Department also reported that businesses added to their inventories in March by the smallest amount in a year. Inventories edged up a tiny 0.1 percent in March, the smallest advance since they were basically flat in March 2007.

In corporate news, investors examined a number of high-profile acquisitions, including Hewlett-Packard Co.'s offer to buy Electronic Data Systems Corp. for $12.6 billion. The deal to combine Hewlett-Packard with EDS will create the second-largest technology services provider behind International Business Machines Corp.

EDS shares added 26 cents to $24.34, while Hewlett-Packard fell $2.56, or 5.5 percent, to $44.27.

Staples Inc. raised its hostile bid to acquire Dutch rival Corporate Express NL.

Staples rose 48 cents, or 2.2 percent, to $22.44 after the office supply retailer sweetened its offer price by 10 percent. Corporate Express said it is willing to consider the deal.

And investors got another read on the consumer after Wal-Mart Stores Inc., the world's largest retailers, reported first-quarter profit above Wall Street predictions but also forecasted that the current quarter will come in below expectations.

Wal-Mart fell $1.37, or 2.4 percent, to $56.65.

Luxury home builder Toll Brothers Inc. said its preliminary results show homebuilding revenue fell 30 percent in its fiscal second quarter amid a weak spring selling season. The company also expects to continue to face "challenging times" ahead, given soft conditions in most markets. Shares shed 10 cents to $22.97.

The Russell 2000 index of smaller companies rose 3.62, or 0.49 percent, to 736.85.

Advacing issues outnumbered decliners by about 8 to 7 on the New York Stock Exchange, where volume came to 1.21 billion shares.

Overseas, Japan's Nikkei stock average fell 1.53 percent. Britain's FTSE 100 slid 0.14 percent, Germany's DAX index rose 0.34 percent, and France's CAC-40 rose 0.45 percent.

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

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

 

[Birdster]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

...

The NYSE DOW closed HIGHER by -44.13 points -0.34% on Tuesday May 13

...

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

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

Closed "higher" by -44.13 LOL

But this is my chance to say thank-you Big Dog for collecting and posting this information every day. An effort that makes historical SP tracing a breeze as well as gives ASF readers an overview of what the os markets have endured.

What a fantastic contribution you make to this site...."Thank-You Big Dog!"

 

[ba229]

Got to admit I come to this thread every morning for a quick over view of what has been happening over night. It is a great resource.

 

[bigdog]

Closed "higher" by -44.13 LOL

But this is my chance to say thank-you Big Dog for collecting and posting this information every day. An effort that makes historical SP tracing a breeze as well as gives ASF readers an overview of what the os markets have endured.

What a fantastic contribution you make to this site...."Thank-You Big Dog!"

Many thanks Birdster

I do not have much time in the morning to post this at about 6:35 AM and then off to work (three days a week)

I do enjoy posting to ASF

My Share Market Movers daily update was removed from ASF because of concerns with copyright.

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

Wall Street advanced Wednesday after a better-than-expected report on consumer prices tempered some of the market's concerns about inflation.

The NYSE DOW closed HIGHER by +66.20 points +0.52% on Wednesday May 14

Sym Last........ ........Change..........
Dow 12,898.38 +66.20 +0.52%
Nasdaq 2,496.70 +1.58 +0.06%
S&P 500 1,408.66 +5.62 +0.40%
30-yr Bond 4.6370% +0.0180

NYSE Volume 3,946,675,750
Nasdaq Volume 2,129,272,000


Overseas
Japan's Nikkei stock average rose 1.18 percent. In afternoon trading, Britain's FTSE 100 rose 0.07 percent, Germany's DAX index rose 0.33 percent, and France's CAC-40 advanced 1.13 percent.


Europe
Symbol... Last...... .....Change.......
FTSE 100 6,216.00 +4.10 +0.07%
DAX 7,083.24 +23.05 +0.33%
CAC 40 5,055.24 +56.57 +1.13%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,118.55 +164.82 +1.18%
Hang Seng 25,533.48 -19.29 -0.08%
Straits Times 3,198.51 -4.91 -0.15%

http://biz.yahoo.com/ap/080514/wall_street.html
Stocks advance following better-than-expected inflation read
Wednesday May 14, 4:45 pm ET
By Tim Paradis, AP Business Writer
Wall Street advances after better-than-expected consumer price report eases inflation concerns

NEW YORK (AP) -- Wall Street advanced Wednesday after a better-than-expected report on consumer prices tempered some of the market's concerns about inflation.

The Labor Department's report that consumer prices advanced 0.2 percent in April after rising 0.3 percent in March seemed to alleviate investors' worries that the recent surge in energy costs would force prices throughout the economy to spike higher. The moderation in prices comes despite the largest jump in food prices in 18 years.

Wall Street has been concerned that higher food and energy costs are cutting into consumers' ability to spend. Any pullback is an unnerving prospect for investors because consumer spending accounts for more than two-thirds of U.S. economic activity.

Marc Pado, U.S. market strategist for Cantor Fitzgerald, said the tame consumer prices reading, along with recent figures on productivity, indicate that businesses are swallowing some of the rising costs they face and not passing all of them to consumers.

"You have higher input costs but you're getting more out of your workers so therefore you're able to control your output costs," he said. "The economy is lean and mean and doing well even though on the demand side it's slumping."

According to preliminary calculations, the Dow rose 66.20, or 0.51 percent, to 12,898.38. A late sell-off in technology stocks caused the market to pare its gains, with the blue chip index at times up more than 150 points.

Broader stock indicators also advanced. The Standard & Poor's 500 index rose 5.62, or 0.40 percent, to 1,408.66. The Nasdaq composite index rose 1.58, or 0.06 percent, to 2,496.70.

Light, sweet crude oil fell $1.58 to settle at $124.22 a barrel on the New York Mercantile Exchange.

Bond prices ticked lower as stocks advanced. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.91 percent from 3.94 percent late Tuesday.

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

Though Wednesday's data was comforting and major indexes are approaching their highs of the month, that doesn't mean Wall Street has conquered its problems and is set for a rebound from months of turmoil. Analysts warn that examining stocks by sector shows that one in particular is still being left behind -- financials.

Steve Goldman, chief market strategist at Weeden & Co., said he remains troubled about the financial industry's underperformance amid lingering worries that the credit crisis is still not over. He said that sector has been pulled higher by the market's recent overall rise, but isn't taking the leadership position needed to lead a bona fide rally.

"They tend to outperform the S&P by a 50 percent margin, but we're not seeing that at all," he said of financials. "This has been a nice rally, but for those of us that are bullish about the market, we're going to need to see them outperform in order to feel comfortable going long."

Concerns that major investment banks and retail banks have more write-downs in coming quarters has put pressure on their stock prices. For instance, Lehman Brothers Holdings Inc. is down about 8.5 percent from its highs this month, while the S&P is down by only 1 percent.

"They led us into the crisis, but they're not yet leading us out of it," he said. "That's what needs to happen."

On Tuesday, leadership went to technology stocks -- with the Nasdaq at one point up 1.3 percent. However, investors collected profits during the last hour of trading and sent big tech names sharply lower. Apple Inc. fell $3.70, or 2 percent, to $182.26, after trading as high as $192.24 during the session.

In corporate news, Macy's Inc. reported it lost $59 million in the first quarter because of weaker sales and costs tied to combining businesses. But the results topped Wall Street's expectations and the stock rose 87 cents, or 3.6 percent, to $24.93.

Deere & Co. said its fiscal second-quarter profit rose 22 percent as higher crop prices drove global demand for its farm equipment. But the company said rising costs of raw materials could eat into its profits in the coming months. Deere fell $8.94, or 9.9 percent, to $81.25.

Jack in the Box Inc. fell $2.90, or 9.9 percent, to $24.87 after the fast food chain said sales at restaurants open at least a year fell short of forecasts for the fiscal second quarter. The company lowered its sales target for the third quarter.

Advancing issues outnumbered decliners by more than 3 to 2 on the New York Stock Exchange, where volume came to 1.18 billion shares.

The Russell 2000 index of smaller companies fell 0.78, or 0.11 percent, to 736.07.

Overseas, Japan's Nikkei stock average rose 1.18 percent. In afternoon trading, Britain's FTSE 100 rose 0.07 percent, Germany's DAX index rose 0.33 percent, and France's CAC-40 advanced 1.13 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

The stock market notched its second straight daily advance Thursday, with investors assuaged by a pullback in oil prices and some better-than-expected economic data.

The DOW is almost 13000

The NYSE DOW closed HIGHER by +94.28 points +0.73% on Thursday May 15

Sym Last........ ........Change..........
Dow 12,992.66 +94.28 +0.73%
Nasdaq 2,533.73 +37.03 +1.48%
S&P 500 1,423.57 +14.91 +1.06%
10 Yr Bond(%) 3.8430% -0.0950

Overseas
Japan's Nikkei stock average rose 0.94 percent. Britain's FTSE 100 rose 0.58 percent, Germany's DAX index fell 0.03 percent, and France's CAC-40 rose 0.04 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,251.80 +35.80 +0.58%
DAX 7,081.05 -2.19 -0.03%
CAC 40 5,057.51 +2.27 +0.04%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,251.74 +133.19 +0.94%
Hang Seng 25,513.71 -19.77 -0.08%
Straits Times 3,210.50 +11.99 +0.37%

http://biz.yahoo.com/ap/080515/wall_street.html
Stocks rise on oil price drop, mixed economic data
Thursday May 15, 5:33 pm ET
By Madlen Read, AP Business Writer
Stocks advance after retreat in oil prices, mixed economic data, corporate deals

NEW YORK (AP) -- The stock market notched its second straight daily advance Thursday, with investors assuaged by a pullback in oil prices and some better-than-expected economic data.

Wall Street has been worried about cash-strapped consumers paring back their spending, so it was pleased that the energy markets gave up early gains that briefly drove crude oil above $125 a barrel.

In other positive signs, the Philadelphia Federal Reserve said regional manufacturing activity is contracting in May at a much slower pace than in April, while major companies including General Electric Co. and CBS Corp. were making deals.

"The encouraging news is that the markets have become more functional, and large companies are able to make strategic purchases and sales, which previously was a very difficult thing to do," said Alan Gayle, senior investment strategist for RidgeWorth Capital Management. Still, he added, "the market is still trying to digest the severity of the slowdown."

Fears of an ongoing credit market paralysis have eased significantly. Federal Reserve Chairman Ben Bernanke said in a speech in Chicago he is "encouraged" by recent efforts by banks to raise cash -- a trend that is helping to relieve the credit crisis.

But, Gayle said, "what we're left with now are cyclical credit strains. And those are likely to linger for a while."

The Dow Jones industrial average rose 94.28, or 0.73 percent, to 12,992.66.

Broader stock indicators advanced more than 1 percent to their highest closing levels since Jan. 3. The Standard & Poor's 500 index rose 14.91, or 1.06 percent, to 1,423.57, and the Nasdaq composite index rose 37.03, or 1.48 percent, to 2,533.73.

The technology-laden Nasdaq got a boost from Intel Corp., which rose $1.13, or 4.7 percent, to $24.97 after a Lehman Brothers analyst lifted his price target on the chip maker, citing strong product demand.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.82 percent from 3.92 percent late Wednesday.

The dollar was lower against most other major currencies, and gold prices climbed.

In other economic data, the Fed said nationwide industrial output sank for the second straight month in April by 0.7 percent, due to big cutbacks in the automotive and other manufacturing industries. The drop was more than double analysts' average prediction.

The Labor Department said the number of laid off-workers applying for jobless benefits rose last week by 6,000 to 371,000 -- near the average analyst forecast, and suggesting that the labor market remains weak but in check.

In deal-making news, CBS agreed to buy online technology news and entertainment company CNet Networks Inc. for about $1.75 billion. The owner of the CBS television network and TV stations said the deal will boost its online presence and allow it to tap the growing market for online advertising.

CBS fell 59 cents, or 2.4 percent, to $24.23, while CNet rose $3.47, or 44 percent, to $11.42.

General Electric plans to auction off its Louisville, Ky.-based appliances business, according to The Wall Street Journal. GE has hired Goldman Sachs Group Inc. to run an auction for the appliance division, according to the newspaper, which quoted unidentified sources. The sale is seen yielding between $5 billion and $8 billion. GE slid 14 cents to $32.37.

Meanwhile, IAC/InterActiveCorp's Ask.com has bought a stable of Internet reference sites that includes Dictionary.com in its latest effort to distinguish itself from online search leader Google Inc. and other much larger rivals. IAC/InterActiveCorp fell 2 cents to $23.71.

But as companies find the corporate climate more operational, a separate concern remains: whether higher food and energy prices are hampering Americans' ability to spend. Jim Herrick, manager of equity trading at Baird & Co., said oil's retreat Thursday helped boost the stock market, but that the cost of energy remains a concern.

"At the end of the day, it's still affecting consumers and the way consumers spend," Herrick said. "It's definitely at the forefront of investors' minds."

J.C. Penney's quarterly profit came in a bit better than expected, helping its shares rise $2.07, or 4.7 percent, to $46.32, but it said a decline in consumer spending cut its first-quarter profit in half, and predicted "difficult" conditions for the entire year.

The Russell 2000 index of smaller companies rose 7.31, or 0.99 percent, to 743.38.

Advancing issues led decliners by more than 2 to 1 on the New York Stock Exchange. Consolidated volume amounted to 3.73 billion shares, down from 3.86 billion shares traded Wednesday.

Overseas, Japan's Nikkei stock average rose 0.94 percent. Britain's FTSE 100 rose 0.58 percent, Germany's DAX index fell 0.03 percent, and France's CAC-40 rose 0.04 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

Investors, hoping for an economic rebound in the second half of the year, has been searching for any signs that the housing market is bottoming. The Commerce Department's report that home construction jumped 8.2 percent in April came as welcome news.

For the week, the Dow rose 1.89 percent and the Nasdaq added 3.41 percent.

Broader stock indicators ended mixed. The S&P 500 index ticked up 1.78, or 0.13 percent, to 1,425.35, and the Nasdaq composite index fell 4.88, or 0.19 percent, to 2,528.85. The S&P 500 and Nasdaq remain at five-month highs.

The NYSE DOW closed LOWER by -5.86 points -0.05% on Friday May 16

Sym Last........ ........Change..........
Dow 12,986.80 -5.86 -0.05%
Nasdaq 2,528.85 -4.88 -0.19%
S&P 500 1,425.35 +1.78 +0.13%
30-yr Bond 4.5790% +0.0030

NYSE Volume 3,842,577,500
Nasdaq Volume 2,293,403,000

Overseas
Britain's FTSE 100 finished up 0.84 percent, Germany's DAX index rose 1.07 percent, and France's CAC-40 rose 0.41 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,304.30 +52.50 +0.84%
DAX 7,156.55 +75.50 +1.07%
CAC 40 5,078.04 +20.53 +0.41%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,219.48 -32.26 -0.23%
Hang Seng 25,618.86 +105.15 +0.41%

http://biz.yahoo.com/ap/080516/wall_street.html
Stocks pare losses to finish mixed after oil spikes
Friday May 16, 4:50 pm ET
By Tim Paradis, AP Business Writer
Stocks end mixed as investors digest spike in oil prices, surprise gain in home construction

NEW YORK (AP) -- Wall Street pulled off its lows to finished narrowly mixed Friday as investors squared concerns about rising oil prices with a surprise jump in home construction. The major indexes ended the week with big gains.

Investors, hoping for an economic rebound in the second half of the year, has been searching for any signs that the housing market is bottoming. The Commerce Department's report that home construction jumped 8.2 percent in April came as welcome news.

But investors still appeared concerned for much of the session about energy prices and their effect on consumer spending, which accounts for more than two-thirds of U.S. economic activity. The price of a barrel of oil spiked to $127.82 for a new trading record on Friday.

The rise in energy and food costs is weighing on the mood of consumers. The Reuters/University of Michigan consumer sentiment reading for May fell to 59.5 in May -- the weakest reading since June 1980.

Despite the uneasiness over energy prices, stocks posted strong gains for the week. The broader market, as measured by the Standard & Poor's 500 index, rose 2.7 percent for the week.

The gains in oil for a time upended some of the week's optimism that led investors to move into cyclical stocks that typically benefit when an economy begins to emerge from a slowdown, said Steve Neimeth, portfolio manager for AIG SunAmerica Mutual Funds.

"Although the housing numbers today were generally positive, the Michigan survey was quite poor and, more importantly, a continued spike in energy and commodities is causing investors to second-guess the second-half recovery," he said. "If oil and gas prices continue to go up consumers are unlikely to have the spending ability in the second half."

According to preliminary calculations, the Dow Jones industrial average slipped 5.86, or 0.05 percent, to 12,986.80.

Broader stock indicators ended mixed. The S&P 500 index ticked up 1.78, or 0.13 percent, to 1,425.35, and the Nasdaq composite index fell 4.88, or 0.19 percent, to 2,528.85. The S&P 500 and Nasdaq remain at five-month highs.

Advancing issues outnumbered decliners by about 8 to 7 on the New York Stock Exchange, where volume came to 1.31 billion shares compared with 1.20 billion shares Thursday.

For the week, the Dow rose 1.89 percent and the Nasdaq added 3.41 percent.

Government bond prices rose Friday as stocks declined. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.78 percent from 3.82 percent late Thursday.

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

Investors have been tracking energy prices closely, with the average U.S. retail price of gasoline around $3.77 per gallon and the average price of diesel fuel near $4.46 a gallon. Consumers and businesses alike are struggling with high commodities costs, despite mild overall readings on inflation, so Wall Street remains concerned about spending on discretionary items.

Light, sweet crude rose $2.17 to settle at a record close of $126.29 per barrel ahead of the start of the summer driving season and following supply disruptions in China. Oil held to gains even after Saudi Arabia's Oil Minister said the country boosted production by 300,000 barrels a day last week in response to requests from customers. And the Energy Department said it would stop adding to the nation's Strategic Petroleum Reserve for six months starting July 1.

David Kelly, chief market strategist at JPMorgan Funds, said investors will continue to worry about oil prices but that there is a sense that if the economy is in a recession it likely will prove to be a mild one. He said stocks have been able to advance from their mid-March lows because fears of worsening troubles in the credit market have receded somewhat.

"I think oil is still the worrying wild card in all of this but the central theme of this year is that we are gradually moving from the credit storm to the economic storm. At this stage the economic storm is essentially getting downgraded from a hurricane to a nor'easter," he said.

Kelly said the government's economic stimulus checks that have begun arriving in mailboxes this month should help consumers absorb increased energy prices and that the rebates are leaving consumers with extra money, even with higher gas prices.

The Russell 2000 index of smaller companies fell 2.21, or 0.30 percent, to 741.17.

Overseas, Japan's Nikkei stock average rose 0.39 percent. Britain's FTSE 100 finished up 0.84 percent, Germany's DAX index rose 1.07 percent, and France's CAC-40 rose 0.41 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

Wall Street ended mixed Monday after weakness in the technology sector punctured some of the market's enthusiasm over a report that suggested the economy could still be growing.

But comments from memory chip maker SanDisk Corp. about soft sales helped pull stocks off their highs and sent tech shares lower. The Dow Jones industrial average, which had been up more than 100 points, finished well off its highs.

The NYSE DOW closed HIGHER by -5.86 points -0.05% on Monday May 19

Sym Last........ ........Change..........
Dow 13,028.16 +41.36 +0.32%
Nasdaq 2,516.09 -12.76 -0.50%
S&P 500 1,426.63 +1.28 +0.09%
10 Yr Bond(%) 3.84% -0.01 (0.29%)

Overseas
Tokyo's Nikkei closed up 0.35 percent. In Europe, London's FTSE closed up 1.15 percent, Frankfurt's DAX rose 0.97 percent and Paris' CAC 40 was up 1.26 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,376.50 +124.70 +1.99%
DAX 7,225.94 +69.39 +0.97%
CAC 40 5,142.10 +64.06 +1.26%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,269.61 +50.13 +0.35%
Hang Seng 25,742.23 +123.37 +0.48%

http://biz.yahoo.com/ap/080519/wall_street.html
Stocks finish mixed following tech pullback
Monday May 19, 5:40 pm ET
By Tim Paradis, AP Business Writer
Stocks finish mixed after new reading suggests economy might be poised to show recovery

NEW YORK (AP) -- Wall Street ended mixed Monday after weakness in the technology sector punctured some of the market's enthusiasm over a report that suggested the economy could still be growing.

But comments from memory chip maker SanDisk Corp. about soft sales helped pull stocks off their highs and sent tech shares lower. The Dow Jones industrial average, which had been up more than 100 points, finished well off its highs.

The Conference Board's leading economic indicators report showed a 0.1 percent rise for April, following a similar uptick in March. The index, aimed at predicting economic activity in the next three to six months, bolstered investors' belief that the overall U.S. economy, while weak, is positioned for recovery.

After five months of declines in the leading indicators, some investors were concerned that March's increase was an anomaly -- so April's advance was met with relief, said Hugh Johnson, chief investment officer of Johnson Illington Advisors.

But technology shares tugged at the market after SanDisk issued cautious comments at a JPMorgan technology conference Monday, said Neil Massa, senior trader at MFC Global Investment Management in Boston. SanDisk fell $2.42, or 7.5 percent, to $30.02. SanDisk's remarks came on a day of light trading and dented but didn't sink an upbeat mood on Wall Street.

"Even though you're up only 0.1 percent, it's very good news that the declining trend may have been reversed," Johnson said, referring to the leading indicators report. "That is important for this reason: It's consistent with the message of the markets." The broader market, as measured by the Standard & Poor's 500 index, rose 2.67 percent last week on cautious optimism about the economy.

The Dow rose 41.36, or 0.32 percent, to 13,028.16. The blue chips had been up nearly 150 points at their highs of the session.

Broader stock indicators finished mixed. The S&P 500 advanced 1.28, or 0.09 percent, to 1,426.63, and the technology-heavy Nasdaq composite index fell 12.76, or 0.50 percent, to 2,516.09.

Government bonds rose as the rally in stocks cooled. The yield on the benchmark 10-year Treasury note, which moves opposite its yield, fell to 3.83 percent from 3.85 percent late Friday.

The dollar rose against most other major currencies, while gold prices also climbed.

One pressure point for the economy -- rising energy prices -- appeared relatively in check Monday. While many investors remain mindful of the rising price of oil and its effect on consumer spending, Wall Street seemed somewhat unfazed as oil advanced but didn't top its record trading high set Friday. Light, sweet crude rose 76 cents to settle at a record $127.05 per barrel on the New York Mercantile Exchange. The price of a gallon of regular gasoline topped $4 for the first time in two U.S. metropolitan areas. Still, energy didn't seem as large of a concern as in some recent sessions.

Financial shares also pulled back after the market came off its highs. Merrill Lynch & Co. fell $1.14, or 2.3 percent, to $47.71, while Lehman Brothers Holdings Inc. fell 85 cents to $42.79.

In other corporate news, Microsoft Corp. has renewed talks with Yahoo Inc. about a possible deal to bolster the companies' position in the online search and advertising markets. The companies appear to be exploring possible arrangements outside of a direct tie-up. Microsoft fell 53 cents to $29.46, and Yahoo rose 2 cents to $27.68.

General Motors Corp. rose after one of its biggest suppliers reached a tentative labor deal with the United Auto Workers. The agreement with American Axle & Manufacturing Holdings Inc. may end a nearly three-month strike by 3,650 U.S. hourly workers. GM advanced 19 cents to $20.87.

Lowe's Cos. posted a first-quarter profit decline and issued an outlook for the year that came in below analyst estimates. The second-largest home improvement chain fell 64 cents, or 2.6 percent, to $24.25.

The Russell 2000 index of smaller companies fell 2.72, or 0.37 percent, to 738.45.

Declining issues narrowly outpaced advancers on the New York Stock Exchange, where consolidated volume came to 3.55 billion shares, compared with 3.74 billion traded Friday.

In overseas trading, Tokyo's Nikkei closed up 0.35 percent. In Europe, London's FTSE closed up 1.15 percent, Frankfurt's DAX rose 0.97 percent and Paris' CAC 40 was up 1.26 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

RED DAY ALL ROUND YESTERDAY!!

Wall Street stumbled Tuesday after oil prices spiked to a new record above $129 a barrel and a government report raised investors' concerns about the impact of inflation on consumer spending. The Dow Jones industrials fell nearly 200 points.

The NYSE DOW closed LOWER by -199.48 points -1.53% on Tuesday May 20

Sym Last........ ........Change..........
Dow 12,828.68 -199.48 -1.53%
Nasdaq 2,492.26 -23.83 -0.95%
S&P 500 1,413.40 -13.23 -0.93%
10 Yr Bond(%) 3.7760% -0.0630


Overseas
Japan's central bank kept interest rates steady amid lingering worries about a global slowdown. Tokyo's Nikkei closed down 0.77 percent.

In Europe, London's FTSE dropped 2.90 percent, Frankfurt's DAX fell 1.49 percent and Paris' CAC 40 shed 1.70 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,191.60 -184.90 -2.90%
DAX 7,118.50 -107.44 -1.49%
CAC 40 5,054.88 -87.22 -1.70%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,160.09 -109.52 -0.77%
Hang Seng 25,169.46 -572.77 -2.23%
Straits Times 3,199.88 -7.55 -0.24%

http://biz.yahoo.com/ap/080520/wall_street.html
Stocks stumble on record oil, inflation worries
Tuesday May 20, 5:47 pm ET
By Joe Bel Bruno, AP Business Writer
Investors retreat as oil passes $129 a barrel, more worries about rising inflation


NEW YORK (AP) -- Wall Street stumbled Tuesday after oil prices spiked to a new record above $129 a barrel and a government report raised investors' concerns about the impact of inflation on consumer spending. The Dow Jones industrials fell nearly 200 points.

Crude jumped after OPEC's president was quoted as saying his organization won't raise its output before its next meeting in September. That sent a barrel of light, sweet crude to a trading high of $129.60 before it finished just above $129 a barrel on the New York Mercantile Exchange.

Meanwhile, the Labor Department's producer price report indicated higher energy and food prices might be seeping into other parts of the economy -- compounding investors' concerns raised by higher oil. The department said wholesale inflation edged up by 0.2 percent in April following a 1.1 percent jump in March, but outside of food and energy, prices rose by a faster 0.4 percent -- double what analysts expected.

Wall Street is worried that a drop-off in consumer spending could ensue if wholesale price increases are passed along; consumer spending is critical because it accounts for more than two-thirds of the U.S. economy.

Analyst Stephen Leeb believes escalating oil prices and their fallout have now replaced the health of the financial sector as the market's biggest worry. He said rising energy creates a "very vicious circle" through the economy, and thinks the government must take some kind of action to bring down prices.

"Stock investors are watching oil, period," said Leeb, whose New York-based Leeb Capital Management focuses on crude and its impact on equities. "The events that moved the market before revolved around write-offs and foreclosures, but all that's changed."

The retreat in major indexes reversed the optimism of last week, when stocks rose on a growing belief that the economy is still managing to plod along despite worries about both oil prices and the global credit crisis. The loss showed that the market has yet to shake off the volatility that has plagued it since the credit crisis began last summer.

The mood on the Street was further depressed Tuesday by sluggish retail reports and comments from Federal Reserve Vice Chairman Donald Kohn that policymakers are inclined to hold interest rates steady.

The Dow fell 199.48, or 1.53 percent, to 12,828.68, logging its biggest daily slide since a 206-point drop on May 7.

Broader market indexes also retreated. The Standard & Poor's 500 index shed 13.23, or 0.93 percent, to 1,413.40, and the Nasdaq composite index dropped 23.83, or 0.95 percent, to 2,492.26.

Bond prices rose as investors sought the relative safety of government securities. The yield on the benchmark 10-year Treasury note, which moves opposite its yield, fell to 3.78 percent from 3.83 percent late Monday.

Gold gained, and the dollar fell against other major currencies.

Concerns about rising inflation, spurred by higher prices for commodities, were the topic of a speech by Kohn. The policymaker said he was cautiously upbeat that the economy will recover, and that the central bank "appears to be appropriately calibrated" to manage inflation over the medium term.

Meanwhile, the Federal Reserve Bank of Chicago reported that U.S. economic activity weakened further in April and reached its lowest level since the 2001 recession.

But some analysts believe the market's slide gave investors an opportunity to collect profits. Peter Cardillo, chief market economist at New York-based brokerage Avalon Partners, said Tuesday's decline doesn't change the market's long-term prospects.

"The oil price rise is being done by speculators and does not reflect market fundamentals," he said. "But, it still has an effect on the consumer -- and investor confidence is equal to consumer confidence, which has been having swings as of late."

Cardillo is watching to see any kind of indicator about how much Americans are spending to get a better idea of how Wall Street views the economy. "It's a battle between prices and the consumer," he said, "and the consumer usually does win."

Investors did get some data on consumer spending during the session. The International Council of Shopping Centers and UBS Securities showed chain-store sales fell 0.4 percent during the week of May 17, down from 1 percent the previous week.

Investors also mined earnings reports from Home Depot Inc., Target Corp., and Staples Inc. for clues about consumers.

Home Depot fell $1.50, or 5.2 percent, to $27.37 after it reported first-quarter profit fell 66 percent amid a continued housing slump.

Target reported that profit dropped almost 8 percent on higher costs, but it beat expectations. Shares fell 63 cents to $54.29.

Staples said profit rose 1.5 percent during the quarter, and reaffirmed its outlook. Shares rose 4 cents to $23.61.

Banking stocks fell after Oppenheimer & Co. analyst Meredith Whitney said she expects the credit crisis to extend into 2009, and "perhaps beyond." She said firms like JPMorgan Chase & Co. and Citigroup Inc. have set aside $25 billion to cover losses, but might have to set aside about $170 billion by the end of next year.

Citi fell 88 cents, or 3.8 percent, to $22.11, and JPMorgan dropped $2.29, or 5 percent, to $43.70.

Declining issues led advancers by nearly 2 to 1 on the New York Stock Exchange. Consolidated volume came to 3.74 billion shares, up from 3.55 billion on Monday.

The Russell 2000 index of smaller companies fell 2.81, or 0.38 percent, to 735.64.

Overseas, Japan's central bank kept interest rates steady amid lingering worries about a global slowdown. Tokyo's Nikkei closed down 0.77 percent.

In Europe, London's FTSE dropped 2.90 percent, Frankfurt's DAX fell 1.49 percent and Paris' CAC 40 shed 1.70 percent.

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

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

 

[bigdog]

NYSE Dow Jones finished today at:
Source: http://finance.yahoo.com

Wall Street pitched lower for the second straight session Wednesday as record-high oil prices and a bleak economic assessment from the Federal Reserve deepened investors' worry about rising costs and a shaky employment picture. The Dow Jones industrial average fell 227 points, logging its widest two-day loss since late February.


The NYSE DOW closed LOWER by -227.49 points -1.77% on Wednesday May 21

Sym Last........ ........Change..........
Dow 12,601.19 -227.49 -1.77%
Nasdaq 2,448.27 -43.99 -1.77%
S&P 500 1,390.71 -22.69 -1.61%
10 Yr Bond(%) 3.8220% +0.0460

Overseas
Tokyo's Nikkei closed down 1.65 percent. In Europe, London's FTSE rose 0.10 percent, Frankfurt's DAX declined 1.09 percent and Paris' CAC 40 fell 0.54 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,198.10 +6.50 +0.10%
DAX 7,040.83 -77.67 -1.09%
CAC 40 5,027.55 -27.33 -0.54%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,926.30 -233.79 -1.65%
Hang Seng 25,460.29 +290.83 +1.16%
Straits Times 3,196.90 -2.98 -0.09%

http://biz.yahoo.com/ap/080521/wall_street.html
Stocks tumble on $134 oil, Fed meeting minutes
Wednesday May 21, 5:47 pm ET
By Madlen Read, AP Business Writer
Stocks sink as supply worries push oil above $134; Fed minutes bring gloomy outlook


NEW YORK (AP) -- Wall Street pitched lower for the second straight session Wednesday as record-high oil prices and a bleak economic assessment from the Federal Reserve deepened investors' worry about rising costs and a shaky employment picture. The Dow Jones industrial average fell 227 points, logging its widest two-day loss since late February.

Early in the day, stocks began falling on the surging price of oil, which shot up more than $4 and breached $134 a barrel for the first time on the futures market Wednesday.

The stock market slumped further after minutes from last month's Fed meeting revealed that while policymakers expected sharply lower economic growth and higher unemployment later this year, inflationary risks are likely to keep the central bank from cutting rates again. Lower interest rates spur economic growth, but they also tend to accelerate inflation.

High commodities prices have been a big source of anxiety for investors, as many retailers and credit card companies have noticed consumers paring back spending on discretionary items, including clothing and jewelry, to be able to afford necessities such as gasoline and groceries.

Meanwhile, the Fed's minutes suggest the central bank's two main priorities -- making sure the economy is growing, and keeping inflation in check -- are both going to be tough to achieve through monetary policy. That is a troubling prospect for investors hoping that the economy will bounce back in the second half of the year and that the central bank will be able to concentrate on controlling inflation.

"It absolutely underscores the two competing mandates for the Federal Reserve: growth, and price stability. It captures the tug-of-war between the two mandates, crystallizes how different those two mandates are," said Quincy Krosby, chief investment strategist for The Hartford. "If employment deteriorates dramatically, the Fed has a choice -- do they worry about inflationary pressure, or do they want to continue to support their growth mandate?"

The Dow fell 227.49, or 1.77 percent, to 12,601.19, after falling nearly 200 points on Tuesday. The blue chip index's two-day drop of about 427 points, or 3.3 percent, is its biggest since Feb. 28-29.

Broader stock indicators also stumbled. The Standard & Poor's 500 index fell 22.69, or 1.61 percent, to 1,390.71, while the Nasdaq composite index fell 43.99, or 1.77 percent, to 2,456.09.

Government bond prices rose as investors searched for safer assets. The yield on the 10-year Treasury note, which moves opposite its price, rose to 3.81 percent from 3.78 percent late Tuesday.

Crude oil soared $4.19 to settle at $133.17 a barrel on the New York Mercantile Exchange -- about $20 higher than it was at the beginning of May. It passed $134 a barrel in after-hours trading.

"There's almost a parabolic rise going on," said Richard E. Cripps, chief market strategist for Stifel Nicolaus. "I do sense that the stock market is searching for where that oil peak is going to be ... but till it finally gets there and backs off, I think the stock market is under pressure."

Strong demand out of China, supply disruptions in Nigeria, the dollar's slump versus other world currencies, and political tension in the Middle East have been keeping oil on the incline.

"The factors affecting commodities, the strongest catalysts, are outside the United States," the Hartford's Krosby noted. "The Fed's ability to dampen inflationary expectations have become not completely limited, but more limited than if we were having this discussion 10 years ago."

The airline industry has been particularly slammed by the rising cost of oil. Citing high fuel prices, American Airlines said Wednesday it will start charging $15 for the first checked bag, reduce domestic flights and cut perhaps thousands of jobs. AMR Corp. shares fell $1.98, or 24 percent, to $6.22.

And although jitters over the housing-driven credit crisis have calmed since March, they are far from over. Financial stocks took a hit Wednesday after Moody's Investors Service said it is "conducting a thorough review" regarding the possibility that computer errors incorrectly gave high quality ratings to certain debt securities that later sank in value.

"That would create some real carnage in an industry that doesn't need it," said Jim Herrick, manager of equity trading at Baird & Co., referring to the banks and other financial services companies that have lost billions of dollars due to bad bets on mortgages and other debt.

Among the financial services companies in the Dow, Bank of America Corp. fell 76 cents, or 2.2 percent, to $34.63; JPMorgan Chase & Co. fell $1.28, or 2.9 percent, to $42.42; Citigroup Inc. fell $1.05, or 4.8 percent, to $21.06; and American Express Co. fell $1.83, or 3.9 percent, to $45.48.

The credit crisis' effect on the financial sector has caused it to lose its status as the largest in the S&P 500 index. Financials have been overtaken by the information technology sector, which S&P analysts said has not happened since 2002.

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

The Russell 2000 index of smaller companies fell 8.53, or 1.16 percent, to 727.11.

Declining issues outnumbered advancers by about 7 to 3 on the New York Stock Exchange, where consolidated volume amounted to 4.41 billion shares, up from 3.74 billion on Tuesday.

In overseas trade, Tokyo's Nikkei closed down 1.65 percent. In Europe, London's FTSE rose 0.10 percent, Frankfurt's DAX declined 1.09 percent and Paris' CAC 40 fell 0.54 percent.

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

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