NYSE Dow Jones finished today at:

[bigdog]

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

Wall Street steadied itself Thursday after two sessions of steep declines, rebounding moderately as oil prices stepped back from their frenetic upward run.

Oil set another trading record overnight -- moving above $135 per barrel for the first time -- then pulled back below $131, offering some relief for stock investors. Meanwhile, the Labor Department said the number of workers seeking unemployment benefits declined by 9,000 last week to 365,000. The market expected a slight increase.

The NYSE DOW closed HIGHER by +24.43 points +0.19% on Thursday May 22

Sym Last........ ........Change..........
Dow 12,625.62 +24.43 +0.19%
Nasdaq 2,464.58 +16.31 +0.67%
S&P 500 1,394.35 +3.64 +0.26%
30-yr Bond 4.6290% +0.0710

NYSE Volume 3,955,965,000
Nasdaq Volume 1,939,862,620

Overseas
Japan's Nikkei stock average rose 0.37 percent. Britain's FTSE 100 fell 0.27 percent, Germany's DAX index rose 0.42 percent, and France's CAC-40 advanced 0.02 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,181.60 -16.50 -0.27%
DAX 7,070.33 +29.50 +0.42%
CAC 40 5,028.74 +1.19 +0.02%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,978.46 +52.16 +0.37%
Hang Seng 25,043.12 -417.17 -1.64%
Straits Times 3,160.86 -36.04 -1.13%

http://biz.yahoo.com/ap/080522/wall_street.html
Stocks advance after two-day plunge; oil declines
Thursday May 22, 5:39 pm ET
By Tim Paradis, AP Business Writer
Stocks advance after big sell-off; oil pulls back, unemployment claims drop unexpectedly

NEW YORK (AP) -- Wall Street steadied itself Thursday after two sessions of steep declines, rebounding moderately as oil prices stepped back from their frenetic upward run.

Oil set another trading record overnight -- moving above $135 per barrel for the first time -- then pulled back below $131, offering some relief for stock investors. Meanwhile, the Labor Department said the number of workers seeking unemployment benefits declined by 9,000 last week to 365,000. The market expected a slight increase.

But the economic fallout from ascendent energy prices remained Wall Street's focus.

"People are concerned about the economy and what's happening with oil," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York, referring to the advance in stocks.

Fullman predicted the markets will remain jittery, and said the low trading volumes Thursday indicate the gains are coming without much conviction.

The modest rise in stocks followed a decline in the Dow Jones industrial average that totaled about 427 points, or 3.3 percent, over the course of Tuesday and Wednesday. It was the steepest two-day loss since late February. Stocks have declined in three of the past four sessions.

The Dow rose 24.43, or 0.19 percent, to 12,625.62.

Broader stock indicators also moved higher. The Standard & Poor's 500 index rose 3.64, or 0.26 percent, to 1,394.35, and the Nasdaq composite index rose 16.31, or 0.67 percent, to 2,464.58.

Even with the declines of more than 2 percent in the major indexes this week, stocks are still well off their mid-March lows. The Dow is 7.5 percent above its close of 11,740.15 on March 10, when investors were preoccupied with worries over the soundness of the credit markets. Since then, Wall Street has reshuffled its list of concerns, placing greater emphasis on the well-being of the overall economy, not just the troubled financial sector.

Bond prices fell sharply Thursday. The yield on the benchmark 10-year Treasury note rose to 3.92 percent from 3.81 percent late Wednesday.

Light, sweet crude fell $2.36 to settle at $130.81 a barrel on the New York Mercantile Exchange, pulling back from an earlier record of just above $135. That retreat helped the stock market find some stability after two days of drops.

"Hopefully it will last. But I think oil's been scaring people," said Todd Leone, managing director of equity trading at Cowen & Co. He pointed out that the airline industry is getting particularly hard hit, which "slows down the whole economy a bit."

The spike in oil prices has also fanned investors' uneasiness about consumer-level inflation. The big fear is that Americans worried about rising prices for everything from gasoline to food will be less willing to reach into their wallet for other items. A pullback could deal a major blow to the economy as consumer spending accounts for more than two-thirds of U.S. economic activity.

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

In corporate news, Ford Motor Co. warned that it no longer expects to return to profitability by next year and that it is trimming North American production of pickups and SUVs for the rest of this year because of high gas prices and a shaky economy. The automaker also lowered its forecasts for U.S. sales for 2008. Ford fell 64 cents, or 8.2 percent, to $7.16.

Power wholesaler NRG Energy Inc. said it offered to acquire rival Calpine Corp. for about $11.3 billion in stock. Calpine, which has dual headquarters in San Jose, Calif., and Houston, released details of the unsolicited bid Wednesday. NRG fell $2.24, or 5.3 percent, to $40.27, while Calpine jumped $1.71, or 8 percent, to $22.99.

Advancing issues outnumbered decliners by about 9 to 7 on the New York Stock Exchange. Consolidated volume amounted to 3.85 billion shares, down from 4.41 billion shares on Wednesday.

The Russell 2000 index of smaller companies rose 5.90, or 0.81 percent, to 733.01.

The dollar was mixed, while gold fell. Overseas, Japan's Nikkei stock average rose 0.37 percent. Britain's FTSE 100 fell 0.27 percent, Germany's DAX index rose 0.42 percent, and France's CAC-40 advanced 0.02 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 507.17, or 3.91 percent, at 12,479.63. The Standard & Poor's 500 index finished down 49.42, or 3.47 percent, at 1,375.93. The Nasdaq composite index ended the week down 84.18, or 3.33 percent, at 2,444.67.

The Russell 2000 index finished the week down 17.07, or 2.3 percent, at 724.10.

The NYSE DOW closed LOWER by -145.99 points -1.16% on Friday May 23

Sym Last........ ........Change..........
Dow 12,479.63 -145.99 -1.16%
Nasdaq 2,444.67 -19.91 -0.81%
S&P 500 1,375.93 -18.42 -1.32%
30-yr Bond 4.5570% -0.0720

NYSE Volume 3,516,584,750
Nasdaq Volume 1,736,369,880

Overseas
Tokyo's Nikkei closed rose 0.24 percent. In Europe, London's FTSE ended down 1.53 percent, Frankfurt's DAX fell 1.79 percent and Paris' CAC 40 shed 1.89 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,087.30 -94.30 -1.53%
DAX 6,944.05 -126.28 -1.79%
CAC 40 4,933.77 -94.97 -1.89%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,012.20 +33.74 +0.24%
Hang Seng 24,714.07 -329.05 -1.31%
Straits Times 3,122.15 -38.71 -1.22%

http://biz.yahoo.com/ap/080523/wall_street.html
Stocks fall as oil prices stir economic worries
Friday May 23, 5:49 pm ET
By Tim Paradis, AP Business Writer
Stocks slide as rising oil prices kick of holiday weekend, raise concerns about consumers

NEW YORK (AP) -- Wall Street ended a week of big losses with more selling Friday as rising oil prices again raised worries that strained consumers will cut back spending and hurt the overall economy. The Dow Jones industrials fell nearly 150 points in the final session before the three-day holiday weekend.

Investors are uneasy about consumers, who at the start of Memorial Day weekend are paying gasoline prices that have gone up nearly 20 percent, or 65 cents a gallon, in the past year.

Wall Street's fear is that consumers, who account for more than two-thirds of U.S. economic activity, will pare spending to make room in their budgets for gas that has topped $4 a gallon in some parts of the country.

Light, sweet crude rose $1.38 to settle at $132.19 per barrel on the New York Mercantile Exchange. Oil saw its third weekly gain after surging to a record $135.09 a barrel on Thursday. Some investors are buying on the belief that global demand from countries like China and India will outstrip supply. A weak dollar also makes each barrel more expensive.

"Crude oil is still weighing on the market and particularly because this is a traditional driving holiday," said Chris Orndorff, director of equity strategy at Payden & Rygel in Los Angeles.

The concerns sent Dow down 145.99, or 1.16 percent, to 12,479.63.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 18.42, or 1.32 percent, to 1,375.93, and the Nasdaq composite index slid 19.91, or 0.81 percent, to 2,444.67.

For the week, the Dow lost 3.91 percent, suffering its worst week since February, while the S&P 500 gave up 3.47 percent and the Nasdaq fell 3.33 percent.

The economic fallout from higher energy prices commanded Wall Street's focus during the week. Stocks managed to post gains Thursday following the Dow's biggest two-day loss since late February. Despite the declines in the major indexes for the week, stocks are off their mid-March lows. The Dow is still up 6.3 percent from its close of 11,740.15 on March 10, when credit concerns weighed on the market.

"I think while the eye of the credit storm may have passed, the tidewater is still rising on the consumer and investors can't lose sight of that," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. He noted that higher gas prices had led some vacationers to reduce how far they plan to travel for the holiday.

"It is taking a toll on the consumer and it remains to be seen how that will impact corporate earnings."

Beyond consumers, investors worried about the harm higher energy prices are having on businesses. The rise in oil hammered sectors such as airlines. Continental Airlines Inc. fell nearly 27 percent for the week, while United Airlines parent UAL Corp. dropped nearly 46 percent.

Bond prices rose Friday as investors sought the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.85 percent from 3.92 percent late Thursday.

The dollar fell, while gold prices rose.

Orndorff said the spike in oil has rekindled concerns about stagflation -- when stalling growth accompanies rising prices.

"Given that inflation remains stubbornly high, then the Fed is going to be less accommodative going forward so we may end up a period of sluggish growth in stubbornly higher inflation," he said, referring to possible interest rate cuts from the Federal Reserve. Minutes released this week from the last meeting of the central bank's rate-setting arm doused some investors' hopes that policymakers will again cut rates to aid the economy when they meet at the end of June.

Orndorff predicts investors will need further evidence on how the economy is faring before they resume taking stocks back toward the highs seen last fall.

"I think the market for the most part is going to be in a somewhat narrow trading range until you get the earnings that come out in July. I think that's going to be an important quarter as people see how the effects of the global economy slowing are affecting the companies."

A Financial Times report that brewing company InBev is readying a $46 billion takeover bid for Budweiser maker Anheuser-Busch Cos. failed to shake Wall Street from its downcast mood. Often, buyout activity is fodder for a rally in stocks as it as seen as a bullish sign for the economy. But the buying appeared limited to the St. Louis brewer, whose shares hit an all-time high. Anheuser-Busch rose finished up $4.03, or 7.7 percent, to $56.61 after trading as high as $58.

American Axle and Manufacturing Holdings Inc. fell 81 cents, or 4.2 percent, to $18.44 after the company said that workers approved a contract including pay cuts and other concessions. The vote ends a strike that lasted nearly three months, hurting General Motors Corp.'s production of large sport utility vehicles and pickups. Although the contract's ratification will benefit GM, auto stocks saw pressure during the week because of soaring fuel prices. GM was the steepest decliner among the 30 stocks that comprise the Dow industrials, falling 83 cents, or 4.5 percent, to $17.60.

Declining issues outnumbered advancers by about 7 to 3 on the New York Stock Exchange, where consolidated volume came to 3.43 billion shares compared with 3.85 billion shares traded Thursday.

The Russell 2000 index of smaller companies fell 8.91, or 1.22 percent, to 724.10.

In overseas trade, Tokyo's Nikkei closed rose 0.24 percent. In Europe, London's FTSE ended down 1.53 percent, Frankfurt's DAX fell 1.79 percent and Paris' CAC 40 shed 1.89 percent.

The Dow Jones industrial average ended the week down 507.17, or 3.91 percent, at 12,479.63. The Standard & Poor's 500 index finished down 49.42, or 3.47 percent, at 1,375.93. The Nasdaq composite index ended the week down 84.18, or 3.33 percent, at 2,444.67.

The Russell 2000 index finished the week down 17.07, or 2.3 percent, at 724.10.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 13,954.47, down 469.28 points, or 3.25 percent, for the week. A year ago, the index was at 15,348.10.

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

European stock markets edged higher Monday and key Asian markets fell amid worries about high oil prices and the U.S. economy on a day when the U.S. and British markets were closed for a holiday.

Key stock market indicators edged up in Germany and France but the main market gauges fell more than 2 percent in Japan and Hong Kong after the Chinese government announced an overhaul of its telecommunications sector.

The NYSE DOW was closed on Monday May 26

Sym Last........ ........Change..........
Dow 12,479.63 closed
Nasdaq 2,444.67 closed
S&P 500 1,375.93 closed
30-yr Bond 4.5570% closed


Europe
Symbol... Last...... .....Change.......
FTSE 100 6,087.30 closed
DAX 6,953.84 +9.79 +0.14%
CAC 40 4,937.84 +4.07 +0.08%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,690.19 -322.01 -2.30%
Hang Seng 24,127.31 -586.76 -2.37%
Straits Times 3,103.30 -18.85 -0.60%

http://biz.yahoo.com/ap/080526/world_markets.html
European, Asian markets mixed despite inflation concerns
Monday May 26, 4:38 pm ET
European markets edge up, Asian markets while US, British markets closed for holidays

FRANKFURT, Germany (AP) -- European stock markets edged higher Monday and key Asian markets fell amid worries about high oil prices and the U.S. economy on a day when the U.S. and British markets were closed for a holiday.

Key stock market indicators edged up in Germany and France but the main market gauges fell more than 2 percent in Japan and Hong Kong after the Chinese government announced an overhaul of its telecommunications sector.

Crude oil futures rose to a record above $135 a barrel last week and were trading above $133 a barrel in electronic trading on Monday after militants in Nigeria said they destroyed an oil pipeline and killed 11 soldiers. The government said none of its troops had died.

In Germany, the DAX rose 0.14 percent to close at 6,953.84 with Merck KGaA, the producer of drugs and crystals used in liquid crystal displays, rising more than 2 percent and Hype Real Estate AG up nearly 2 percent.

Automobile stocks like Daimler AG, BMW AG and Volkswagen AG posted declines after crude oil prices rose. The July contract for light sweet crude was up 94 cents to $133.13 a barrel in electronic trading by late afternoon in Europe.

Shares of Daimler lost 1.13 percent, Volkswagen fell 0.86 percent and BMW shares dipped 0.37 percent.

There was no floor session on the New York Mercantile Exchange due to the Memorial Day holiday. Both the New York and London stock exchanges were closed for a holiday.

In France, the CAC-40 rose 0.08 percent to close at 4,937.84, led by power companies Gaz de France and Suez, both of whom got court approval on Friday to pursue a combination. Shares of GDF were up more than 2 percent while Suez shares rose nearly 1.5 percent.

In Tokyo, the benchmark Nikkei 225 index dropped 2.3 percent to 13,690.19.

"What underlined selling was ongoing concern over inflation as oil prices still remained very high," said Kazuhiro Takahashi, general manager at Daiwa Securities SMBC Co. in Tokyo.

Hong Kong shares were dragged down by a plunge in China Mobile, the mainland's largest mobile service provider, on worries about increased competition after China announced that it was restructuring its telecommunications sector. The blue-chip Hang Seng Index fell 2.4 percent to 24,127.31.

Traders said turnover has been relatively low lately, indicating trade would remain sluggish in the near future, as oil prices are likely to climb further and the U.S. economy slows.

"Trading is sluggish, as there's no clear picture for both local and regional markets," said Linus Yip, a strategist at First Shanghai Securities.

China Mobile shares tumbled 8.2 percent. China's three other Hong Kong-listed telecom operators -- China Unicom, China Netcom and China Telecom -- are also involved in the restructuring, but remained suspended from trading Monday.

On the Chinese mainland, the Shanghai benchmark index fell to a one-month low on renewed worries over further monetary tightening. The benchmark Shanghai Composite Index fell 108.55 points, or 3.1 percent, to 3,364.54, the lowest since April 23.

Financial shares were among the worst hit, with Haitong Securities plunging by the daily 10 percent limit and Industrial & Commercial Bank of China sinking 3 percent.

The Australian share market fell for a third day to an almost three-week low on concerns higher crude oil prices, a stronger Australian dollar and inflation will crimp economic growth and company earnings. The benchmark S&P/ASX 200 index dropped 1.1 percent to 5,707.

Pakistan's benchmark stock index plunged to its lowest level in eight months amid investor anxiety over political and economic uncertainty. The 100-share benchmark index at the Karachi Stock Exchange tumbled 3.3 percent to 13,011.74, the lowest since Sept. 11, 2007.

In currencies, the dollar was quoted at 103.44 yen in late trading in Frankfurt, down from 104.17 yen late Friday in New York. The euro stood at $1.5772, compared with $1.5775 late Friday in New York.

 

[bigdog]

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

Wall Street advanced in uneven trading Tuesday after a drop in oil prices and an unexpected gain in new home sales encouraged investors to put money back into the market.

The NYSE DOW closed HIGHER by +68.72 points +0.55% on Tuesday May 27

Sym Last........ ........Change..........
Dow 12,548.35 +68.72 +0.55%
Nasdaq 2,481.24 +36.57 +1.50%
S&P 500 1,385.35 +9.42 +0.68%
30-yr Bond 4.6450% +0.0880

NYSE Volume 3,486,459,750
Nasdaq Volume 1,690,459,380

Overseas,
Japan's Nikkei stock average rose 1.48 percent. Britain's FTSE 100 fell 0.47 percent, Germany's DAX index rose 0.07 percent, and France's CAC-40 fell 0.63 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,058.50 -28.80 -0.47%
DAX 6,958.66 +4.82 +0.07%
CAC 40 4,906.56 -31.28 -0.63%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,893.31 +203.12 +1.48%
Hang Seng 24,282.04 +154.73 +0.64%
Straits Times 3,115.35 +12.05 +0.39%

http://biz.yahoo.com/ap/080527/wall_street.html
Stocks higher after home sales data, lower oil
Tuesday May 27, 4:22 pm ET
By Joe Bel Bruno, AP Business Writer
Investors move back into stocks after strong home sales data, oil's retreat

NEW YORK (AP) -- Wall Street advanced in uneven trading Tuesday after a drop in oil prices and an unexpected gain in new home sales encouraged investors to put money back into the market.

Stocks picked up momentum late in the session as oil prices drifted below $129 a barrel. This helped ease investor concerns about the effect of soaring energy and food prices on consumers, who account for more than two-thirds of U.S. economic activity.

With gas prices up sharply from a year ago, many on Wall Street are worried that nervous consumers will stop reaching into their wallets for discretionary purchases. That was confirmed by fresh data from the Conference Board, which said its Consumer Confidence Index dropped for the fifth straight month and is now at its lowest level since October 1992.

Investors were also somewhat reassured after the Commerce Department said sales of new homes rose 3.3 percent in April to a seasonally adjusted rate of 526,000 units. In March, sales had fallen 11 percent to their weakest pace since 1991.

The three major indexes traded with uncertainty through most of the session, and showed investors remained hesitant to place big bets. Many on Wall Street believe there is still plenty to be cautious about.

"You have a problematic scenario: falling home prices, rising food and energy prices, the credit crunch, and the labor market isn't doing that well," said Stephen Carl, principal and head of equity trading at The Williams Capital Group. "We're going through this period right now, and it's going to take some time to come out of it."

According to preliminary calculations, the Dow Jones industrial average rose 68.72, or 0.55 percent, to 12,548.35.

The Standard & Poor's 500 index rose 9.42, or 0.68 percent, to 1,385.35, and the Nasdaq composite index rose 36.57, or 1.50 percent, to 2,481.24.

The advance came after the Dow lost 3.91 percent last week -- its worst showing since February -- while the other indexes showed similar declines. Investors sold off stocks amid concerns about rising energy prices and after a sizable run-up since the market's lows in mid-March.

Bond prices fell Tuesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.92 percent from 3.85 percent late Friday.

A barrel of light sweet crude fell $3.34 to settle at $128.85 on the New York Mercantile Exchange. Gold fell, while the dollar gained.

Earlier in Tuesday's session, the Standard & Poor's/Case-Shiller home price index indicated that prices fell 14.1 percent during the quarter. However, the drop was expected by most investors -- and the government's report on new home sales was considered more important because it is the most recent gauge on the industry.

Todd Salamone, director of trading at Schaeffer's Investment Research in Cincinnati, said investors were also focused ahead of more economic data due during the week. "There's a ton of reports that will give us a better idea about the consumer, and that's what we're watching," he said.

Economic reports on tap include Wednesday's government data on durable goods that will provide more insight into consumer spending on big-ticket items. On Friday, the University of Michigan will release its report on consumer sentiment, the government data will issue personal spending numbers and the Chicago Purchasing Managers Index will be released.

Federal Reserve Bank of San Francisco President Janet Yellen, who is not a voting member of the central bank, said in prepared comments at a speech in California that any interest rate hikes are still some way off. She also reiterated that the economy should pick up during the second half.

In corporate news, Vodafone Group PLC posted a full-year profit and said its chief executive plans to resign. The world's biggest mobile phone company by sales said Arun Sarin will be replaced by his deputy, Vittorio Colao. Shares of Vodafone fell 34 cents to $32.21.

Blackstone Group LP and Apollo Management LP are holding discussions about acquiring specialty chemicals maker Chemtura Corp., according to a report by The Wall Street Journal, which cited a person familiar with the situation. Blackstone shares rose 37 cents at $18.91, while Chemtura shares rose 67 cents, or 8.6 percent, to $8.47.

Flotek Industries Inc. fell $1.85, or 9.6 percent, to $17.32 after the provider of oilfield services reduced its full-year profit forecast because of increased costs and delays in the delivery of parts.

The Russell 200 index of smaller companies rose 10.28, or 1.42 percent, to 734.38.

Advancing issues led decliners by 3 to 2 basis on the New York Stock Exchange, where volume came to 900.9 million shares.

Overseas, Japan's Nikkei stock average rose 1.48 percent. Britain's FTSE 100 fell 0.47 percent, Germany's DAX index rose 0.07 percent, and France's CAC-40 fell 0.63 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 managed to finish an erratic session with a moderate gain Wednesday as investors found some comfort in upbeat data on durable goods orders.

The NYSE DOW closed HIGHER by +45.68 points +0.36% on Wednesday May 28

Sym Last........ ........Change..........
Dow 12,594.03 +45.68 +0.36%
Nasdaq 2,486.70 +5.46 +0.22%
S&P 500 1,390.84 +5.49 +0.40%
30-yr Bond 4.6970% +0.0520

NYSE Volume 3,866,306,750
Nasdaq Volume 1,832,884,750


Europe
Symbol... Last...... .....Change.......
FTSE 100 6,069.60 +11.10 +0.18%
DAX 7,033.84 +75.18 +1.08%
CAC 40 4,971.11 +64.55 +1.32%

Asia
Symbol..... Last...... .....Change.......
Nikkei 22513,709.44 -183.87 -1.32%
Hang Seng 24,249.51 -32.53 -0.13%
Straits Times 3,132.78 +17.43 +0.56%

http://biz.yahoo.com/ap/080528/wall_street.html
Stocks rise after durable goods data
Wednesday May 28, 4:37 pm ET
By Tim Paradis, AP Business Writer
Stocks rise after smaller-than-expected drop in durable goods, but oil weighs on investors

NEW YORK (AP) -- Wall Street managed to finish an erratic session with a moderate gain Wednesday as investors found some comfort in upbeat data on durable goods orders.

Oil prices, however, remain a big focus on Wall Street. Crude's recovery from its lows Wednesday ate into some of the stock market's enthusiasm over the Commerce Department's durable goods report; the government said orders for items including aircraft, machinery, cars, refrigerators and computers slipped 0.5 percent last month.

Wall Street expected a steeper decline. Excluding transportation, orders rose 2.5 percent -- the sharpest increase in nine months. And orders for electrical equipment and appliances jumped 27.8 percent, the largest-ever increase.

But oil's comeback touched off renewed worries that high energy prices will hurt businesses and their customers. Hesitation among shoppers isn't what Wall Street wants, as consumer spending accounts for more than two-thirds of U.S. economic activity.

"It seems that the good news is really being kind of overshadowed by high oil prices," said Richard Sparks, a senior equity analyst at Schaeffer's Investment Research in Cincinnati. "The fear is that higher oil prices might drive us into that recessionary area."

According to preliminary calculations, the Dow Jones industrial average rose 45.68, or 0.36 percent, to 12,594.03. The blue chips had been down more than 45 points earlier in the session.

Broader stock indicators also ended higher. The Standard & Poor's 500 index rose 5.49, or 0.40 percent, to 1,390.84, and the Nasdaq composite index rose 5.46, or 0.22 percent, to 2,486.70.

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 was up nearly 133 points at its high of the session.

Stocks rose for the third straight session Thursday as oil prices fell sharply and the government reported that the economy grew last quarter at a faster pace than previously estimated.

The NYSE DOW closed HIGHER by +52.19 points +0.41% on Thursday May 29

Sym Last........ ........Change..........
Dow 12,646.22 +52.19 +0.41%
Nasdaq 2,508.32 +21.62 +0.87%
S&P 500 1,398.26 +7.42 +0.53%
30-yr Bond 4.7650% +0.0680

NYSE Volume 3,850,276,750
Nasdaq Volume 1,968,794,620

Overseas
Japan's Nikkei stock average closed up 3.03 percent. Britain's FTSE 100 slipped 0.02 percent, Germany's DAX index advanced 0.30 percent, and France's CAC-40 rose 0.10 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,068.10 -1.50 -0.02%
DAX 7,055.03 +21.19 +0.30%
CAC 40 4,975.90 +4.79 +0.10%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,124.47 +415.03 +3.03%
Hang Seng 24,383.99 +134.48 +0.55%
Straits Times 3,160.78 +28.00 +0.89%

http://biz.yahoo.com/ap/080529/wall_street.html
Stocks jump after decline in oil, GDP revision
Thursday May 29, 5:19 pm ET
By Tim Paradis, AP Business Writer
Stocks jump after oil prices retreat, revision to GDP eases some concern about economy

NEW YORK (AP) -- Stocks rose for the third straight session Thursday as oil prices fell sharply and the government reported that the economy grew last quarter at a faster pace than previously estimated.

A rising dollar helped push crude oil prices down by more than $4 per barrel, the biggest single-session drop since March.

Investors have been concerned recently that rising oil and gasoline prices would dent consumer spending, which accounts for more than two-thirds of U.S. economic activity.

The revised reading of first-quarter gross domestic product helped ease some worries over recession, which is defined by two straight quarters of decreasing GDP. The Commerce Department said the economy grew at an annual rate of 0.9 percent -- above the department's earlier estimate of 0.6 percent and the fourth-quarter increase of 0.6 percent.

Meanwhile, MasterCard Inc. said consumers are continuing to reach into their wallets for plastic. The company's shares jumped to a fresh high after the credit card processor said it still expects to see double-digit growth in net revenue this year. While it said gross dollar growth in the U.S. is slowing, purchasing is increasing in other parts of the world. Avoiding a big falloff in consumer spending and strength elsewhere in the world could help the U.S. economy avoid a serious downturn, some economists have reasoned.

The signs Thursday of resilience in the U.S. economy appeared welcome.

"The GDP news was pretty good. From our perspective, we're not going to see a negative quarter of GDP, so earnings are going to improve," said Scott Wren, senior equity strategist for Wachovia Securities.

The Dow Jones industrial average rose 52.19, or 0.41 percent, to 12,646.22. The Dow was up nearly 133 points at its high of the session.

Broader stock indicators also rose after trading mixed early in the session. The Standard & Poor's 500 index advanced 7.42, or 0.53 percent, to 1,398.26, and the Nasdaq composite index rose 21.62, or 0.87 percent, to 2,508.32.

Government bonds fell as stocks rose. The 10-year Treasury note's yield, which moves opposite its price, rose to 4.09 percent from 4.01 percent late Wednesday.

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

Light, sweet crude fell $4.41 to settle at $126.62 on the New York Mercantile Exchange. It was the lowest close in two weeks. The Energy Department said unexpected declines in crude and gasoline supplies last week stemmed from delays in unloading tankers.

Wren of Wachovia contends that stocks, which pulled back last week after posting sizable gains since the market's mid-March lows, are going to need a hefty dose of good news to move well above their recent levels.

"I think we're going to be stuck in this range," he said. "To get out and above that level, I think you're just going to have to see a lot of good news and some clarity."

Jerry Webman, chief economist at Oppenheimer Funds Inc., said that the recent increases in oil and gasoline are pressing consumers and that a drop in how financially well-off people feel could lead to a further slowdown in spending.

He added that the stock market's gyrations and limited gains since last year have eroded some confidence.

"We're about where we were at the beginning of 2007," Webman said. "I'm not pessimistic but I don't think this trend since the middle of March is the beginning of the first leg of the next bull market."

In corporate news, MasterCard rose $22.11, or 7.7 percent, to $309 after releasing its forecast. Retailers also offered insights into the effects of energy costs on consumers.

Costco Wholesale Corp. reported that its fiscal third-quarter profit rose 32 percent as customers flocked to its warehouse clubs to find bargains on food and toiletries. The stock fell 26 cents to $72.98, however, after Costco warned that Wall Street's forecast for the company's fourth quarter could be too optimistic.

Retailer Sears Holdings Corp. fell $3.22, or 3.6 percent, to $86.14 after posting a $56 million first-quarter loss that was worse than Wall Street forecast. The company said customers allocated more of their budgets to gasoline and food.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to 1.23 billion shares compared with 1.21 billion shares traded Wednesday.

The Russell 2000 index of smaller companies rose 7.09, or 0.96 percent, to 745.55.

Overseas, Japan's Nikkei stock average closed up 3.03 percent. Britain's FTSE 100 slipped 0.02 percent, Germany's DAX index advanced 0.30 percent, and France's CAC-40 rose 0.10 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

All three indexes finished higher for the week, recovering from the previous week's sharp losses. The dollar stabilized and oil prices pulled back from record highs during the past four sessions, giving investors some relief as they parsed data suggesting that the economy is weak but not technically in recession.

The Dow rose 1.27 percent, the S&P 500 gained 1.78 percent and the Nasdaq picked up 3.19 percent.

The NYSE DOW closed LOWER by -7.90 points -0.06% on Friday May 30

Sym Last........ ........Change..........
Dow 12,638.32 -7.90 -0.06%
Nasdaq 2,522.66 +14.34 +0.57%
S&P 500 1,400.38 +2.12 +0.15%
30-yr Bond 4.7070% -0.0580

NYSE Volume 3,847,263,750
Nasdaq Volume 2,209,083,750

Overseas
Japan's Nikkei stock average closed up 1.52 percent. Britain's FTSE 100 fell 0.24 percent, Germany's DAX index advanced 0.59 percent, and France's CAC-40 rose 0.77 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,053.50 -14.60 -0.24%
DAX 7,096.79 +41.76 +0.59%
CAC 40 5,014.28 +38.38 +0.77%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,338.54 +214.07 +1.52%
Hang Seng 24,533.12 +149.13 +0.61%
Straits Times 3,192.62 +31.84 +1.01%

http://biz.yahoo.com/ap/080530/wall_street.html
Wall Street wavers after economic data
Friday May 30, 5:40 pm ET
By Madlen Read, AP Business Writer
Stocks finish narrowly mixed after economic reports, ahead of next week's data

NEW YORK (AP) -- Wall Street closed out a winning week with a narrowly mixed performance Friday after the government reported that Americans' spending rose in April to keep pace with rising costs.

Investors who sent stocks higher for three straight sessions turned cautious after the Commerce Department said personal spending rose 0.2 percent last month and personal income rose 0.2 percent. The department also said inflation at the personal spending level, after stripping out food and energy costs, ticked up in April by a tame 0.1 percent.

The readings were in line with the market's expectations, and supported the notion that high commodities costs are not yet causing a sharp pullback in spending or lifting prices for other goods. Meanwhile, the technology sector got a lift after computer maker Dell Inc. and chip maker Marvell Technology Group Ltd. posted stronger-than-expected quarterly results.

But Wall Street's concerns about the economy and inflation are far from erased, despite the stock market's healthy gain this week. Although the government estimated Thursday that first-quarter gross domestic product grew by nearly 1 percent, Americans still face rising costs for necessities such as groceries and gasoline. Furthermore, crude oil remains near record highs -- a serious drag on consumer spending which accounts for more than two-thirds of the U.S. economy.

Investors will get a clearer picture next week when a number of key economic reports will be released. Analysts believe strong data on job growth and manufacturing will boost stocks -- or, if the reports are disappointing, deliver a setback to the markets.

"It is now all about the economy, and I think we're going to get numbers that might be a requiem for the recession forecasters," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners. "Not to say the numbers will be great, but not as bad as people might have anticipated. That will give the market a lift."

He said some investors were adjusting their positions Friday ahead of the data. The Dow Jones industrial average fell 7.90, or 0.06 percent, to 12,638.32.

Broader stock indicators edged higher. The Standard & Poor's 500 index added 2.12, or 0.15 percent, to 1,400.38, and the Nasdaq composite index rose 14.34, or 0.57 percent, to 2,522.66.

All three indexes finished higher for the week, recovering from the previous week's sharp losses. The dollar stabilized and oil prices pulled back from record highs during the past four sessions, giving investors some relief as they parsed data suggesting that the economy is weak but not technically in recession.

The Dow rose 1.27 percent, the S&P 500 gained 1.78 percent and the Nasdaq picked up 3.19 percent.

Government bonds edged up Friday. The yield on the 10-year Treasury note, which moves opposite its price, fell to 4.06 percent in late trading from 4.08 percent on Thursday.

The energy markets continued to weigh on investors, however, with oil prices down from record levels but threatening to surge again. Crude oil futures settled up 73 cents at $127.35 a barrel in erratic trading on the New York Mercantile Exchange.

"We've hit a level where you're starting to see demand destruction," said John Massey, portfolio manager at AIG SunAmerica Asset Management.

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

Wall Street will look for signs of how rising inflation is affecting the economy in several reports due next week. The Institute for Supply Management will release an index of conditions in the manufacturing sector on Monday and its services sector report on Wednesday.

The Labor Department on Friday will release its May employment report, one of the most closely-watched indicators of economic health.

In corporate news, the technology-dominated Nasdaq got a boost after Dell, the world's second-largest seller of personal computers, issued a profit report late Thursday that was stronger than analysts expected due to growth in Asia and robust sales of notebook computers.

Dell shares jumped $1.25, or 5.7 percent, to $23.06, and injected some optimism into Wall Street that foreign economies are helping many companies weather the weak U.S. market.

Marvell Technology swung to a larger-than-expected profit in the quarter ended May 3, and its revenue also beat analyst forecasts. Shares rose $3.28, or 23.3 percent, to $17.36.

The Russell 2000 index of smaller companies rose 2.73, or 0.37 percent, to 748.28.

Advancing issues outnumbered decliners by about 8 to 7 on the New York Stock Exchange, where consolidated volume came to 3.72 billion shares, compared to 3.81 billion shares on Thursday.

Overseas, Japan's Nikkei stock average closed up 1.52 percent. Britain's FTSE 100 fell 0.24 percent, Germany's DAX index advanced 0.59 percent, and France's CAC-40 rose 0.77 percent.

The Dow Jones industrial average ended the week up 158.69, or 1.27 percent, at 12,638.32. The Standard & Poor's 500 index finished up 24.45, or 1.78 percent, at 1,400.38. The Nasdaq composite index ended the week up 77.99, or 3.19 percent, at 2,522.66.

The Russell 2000 index finished the week up 24.18, or 3.34 percent, at 748.28.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 14,260.76, up 306.28 points, or 2.19 percent, for the week. A year ago, the index was at 15,441.30.

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 retreated Monday on more signs of economic weakness and executive shake-ups at two major banks -- reminders of the ongoing fallout from the credit crisis. The Dow Jones industrial average fell more than 130 points.

The NYSE DOW closed LOWER by -134.50 points -1.06% on Monday June 2

Sym Last........ ........Change..........
Dow 12,503.82 -134.50 -1.06%
Nasdaq 2,491.53 -31.13 -1.23%
S&P 500 1,385.67 -14.71 -1.05%
10 Yr Bond(%) 3.9710% -0.0750

Overseas
Japan's Nikkei stock average closed up 0.71 percent. Britain's FTSE 100 fell 0.76 percent, Germany's DAX index fell 1.24 percent, and France's CAC-40 fell 1.58 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 6,007.60 -45.90 -0.76%
DAX 7,008.77 -88.02 -1.24%
CAC 40 4,935.21 -79.07 -1.58%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,440.14 +101.60 +0.71%
Hang Seng 24,831.36 +298.24 +1.22%
Straits Times 3,188.05 -4.57 -0.14%

http://biz.yahoo.com/ap/080602/wall_street.html
Stocks down after tepid economic data, bank woes
Monday June 2, 5:33 pm ET
By Madlen Read, AP Business Writer
Stocks fall sharply on downbeat economic data, new worries about financial sector health

NEW YORK (AP) -- Wall Street retreated Monday on more signs of economic weakness and executive shake-ups at two major banks -- reminders of the ongoing fallout from the credit crisis. The Dow Jones industrial average fell more than 130 points.

Two key economic reports indicated that the economy is still struggling. As expected, the Institute for Supply Management's manufacturing index for May showed its fourth straight monthly decline, while the Commerce Department said construction spending dipped in April for the sixth time in seven months due to a drop in home building.

The market drew no comfort from the ailing financial sector, either. As the financial system still contends with the aftermath of the nation's prolonged credit problems, Wachovia Corp. Chief Executive Ken Thompson was forced out Monday, and Washington Mutual Inc. is taking the chairman role away from chief executive Kerry Killinger. Thompson has become the third CEO of a major U.S. financial institution to lose the top job as a result of the credit crisis.

In addition, British lender Bradford & Bingley issued a poor financial outlook and said it is selling a 23 percent stake to a private equity firm, while the ratings agency Standard & Poor's Corp. downgraded Merrill Lynch & Co., Morgan Stanley and Lehman Brothers Holdings Inc. and revised Banc of America Corp. and JPMorgan Chase & Co.'s outlooks to negative.

S&P's review of the financial sector suggested there could be more write-downs coming, though likely not as large as in recent quarters, and "further sharp deterioration" in mortgage loan portfolios and residential construction."

Brian Gendreau, investment strategist for ING Investment Management, said the markets have been "hypersensitive about anything to do with credit" in recent months, and the combination of the S&P cuts, the bank news and comments in an overseas speech by U.S. Treasury Secretary Henry Paulson weighed on the market.

"Basically, he suggested that there were further problems to come in the banking and financial sector," Gendreau said. "That's just toxic for stocks."

The retreat follows a pattern in the past month where investors, looking to ignite a rally, quickly back-pedal with any hint of bad economic or corporate news. One such spoiler has been the record pace of oil prices, which has not given investors much respite. After slipping last week, light, sweet crude for July delivery rose 41 cents to settle at $127.76 a barrel on the New York Mercantile Exchange.

The Dow Jones industrial average fell 134.50, or 1.06 percent, to 12,503.82, after gaining last week on better-than-expected economic data and a pullback in oil prices. The blue chip index had shed more than 200 points during the session.

Broader stock indicators also dropped Monday. The S&P 500 index fell 14.71, or 1.05 percent, to 1,385.67. The Nasdaq composite index fell 31.13, or 1.23 percent, to 2,491.53.

Government bonds rose as stocks pulled back. The 10-year Treasury note's yield, which moves opposite its price, fell to 3.97 percent from 4.06 percent late Friday. The yield was unchanged in late trading.

High energy costs have been hurting both companies and consumers, who still face falling home prices. Real estate data company Radar Logic said Monday that only one of the 25 metropolitan areas it tracks, Milwaukee, saw a rise in real estate values in March.

Paulson, during a speech in Abu Dhabi, said there are no "quick remedies" for rising energy prices, which he attributed to high demand and limited supplies. Paulson also said the housing and capital markets are working through their issues, but he expects that process to continue "for some time."

In its manufacturing data Monday, the ISM said commodity prices for the manufacturing sector rose at a faster rate in May than in April.

After announcing its CEO's departure, Wachovia shares closed down 37 cents at $23.43 after earlier falling to $22.72, their lowest point since 1995. WaMu fell 5 cents to $8.97.

Lehman fell $2.98, or 8.1 percent, to $33.83. Morgan Stanley lost $1.13, or 2.6 percent to $43.10 and Merrill fell $1.30, or 3 percent, to $42.62.

And weighing on the Nasdaq, shares of ImClone Systems Inc. fell $2.64, or 6.1 percent, to $40.94 on disappointment over trial data for its drug Erbitux as a treatment for lung cancer and colorectal cancer.

Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where consolidated volume was 3.59 billion shares, compared to 3.72 billion on Friday.

The Russell 2000 index of smaller companies fell 7.26, or 0.97 percent, to 741.02.

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

Overseas, Japan's Nikkei stock average closed up 0.71 percent. Britain's FTSE 100 fell 0.76 percent, Germany's DAX index fell 1.24 percent, and France's CAC-40 fell 1.58 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 fell sharply for a second straight day Tuesday as investors grew more worried that the financial sector is still suffering badly from the credit crisis. The Dow Jones industrials dropped more than 100 points, bringing their two-day loss to 235.

The NYSE DOW closed LOWER by -100.97 points -0.81% on Tuesday June 3

Sym Last........ ........Change..........
Dow 12,402.85 -100.97 -0.81%
Nasdaq 2,480.48 -11.05 -0.44%
S&P 500 1,377.65 -8.02 -0.58%
10 Yr Bond(%) 3.8980% -0.0730

Overseas
Japan's Nikkei stock average closed down 1.60 percent. In afternoon trading, Britain's FTSE 100 closed up 0.83 percent, Germany's DAX index added 0.15 percent, and France's CAC-40 rose 0.98 percent.
Europe
Symbol... Last...... .....Change.......
FTSE 100 6,057.70 +50.10 +0.83%
DAX 7,019.13 +10.36 +0.15%
CAC 40 4,983.71 +48.50 +0.98%

http://biz.yahoo.com/ap/080603/wall_street.html
Stocks slide on more concerns about financials
Tuesday June 3, 5:42 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street grows more fearful that banks and brokerages still suffering from credit crisis
NEW YORK (AP) -- Wall Street fell sharply for a second straight day Tuesday as investors grew more worried that the financial sector is still suffering badly from the credit crisis. The Dow Jones industrials dropped more than 100 points, bringing their two-day loss to 235.

The market was treading water for much of the session, then tumbled in early afternoon as concerns about financial companies intensified. Reports that Lehman Brothers Holdings Inc. planned to raise $4 billion in capital later expanded into a rumor on trading desks that the investment bank approached the Federal Reserve to borrow money.

Lehman Treasurer Paolo Tonucci quickly refuted the speculation, but the damage had already been done. Lehman dropped as much as 14.5 percent, and dragged down other banks and brokerages and ultimately the rest of the market along with it.

"This market's very jittery and nervous, and a lot of times you'll see wild moves, wild gyrations, when it's driven by rumors and innuendo," said Jim Herrick, manager of equity trading at Baird & Co., who added that the rumors reminded investors of Bear Stearns' near-collapse in March.

The Lehman rumors followed a spate of bad news about other financial companies on Monday, including a downgrade of the nation's four biggest investment banks by rating agency Standard & Poor's. Separately, anxiety about weak May auto sales figures and fresh concerns about inflation also cut into investor appetite for stocks.

The Dow fell 100.97, or 0.81 percent, to 12,402.85, after being down more than 160 points earlier.

Broader market indexes were also lower. The Standard & Poor's 500 index dropped 8.02, or 0.58 percent, to 1,377.65, while the Nasdaq composite index fell 11.05, or 0.44 percent, to 2,480.48.

Early in the session, comments from Federal Reserve Chairman Ben Bernanke seemed to support the market. In a speech via satellite to a conference in Barcelona, Spain, the Fed chief reiterated expectations the economy will rebound during the second half due to interest rate cuts, Fed loans to banks and tax rebates.

But he also said the economy faces headwinds with rising prices for food and energy -- a signal that interest rates will remain on hold. Inflation-weary investors are wrangling with record oil and gasoline prices, which last month peaked at $135.09 a barrel.

Though oil has since retreated, the fear is that higher energy costs are already hurting strapped consumers whose spending accounts for more than two-thirds of economic growth. Light, sweet crude for July delivery fell $3.45 to settle at $124.31 a barrel on the New York Mercantile Exchange.

Bernanke's comments set off sharp reactions across other markets. The biggest response came in the dollar, which rallied after Bernanke said he'd remain "attentive" to the sagging currency because of its impact on inflation.

And, government debt was mixed amid expectations that interest rates will be placed on hold. The 10-year Treasury note's yield, which moves opposite its price, was at 3.89 percent, down from 3.97 percent late Monday.

"There's still some more bad news to come on credit and the economy, but I think it's positive that most people think we're past the peak of the crisis," said Alexander Paris, market analyst for Chicago-based Barrington Research.

Government data showing a surge in factory orders came in earlier Tuesday, and a barometer of capital spending by U.S. businesses also jumped. Noting that most news regarding the manufacturing sector has been strong in recent weeks, Paris added, "the main concern about the economy is clearly the consumer."

That was spelled out in auto sales statistics released during the session. Ford Motor Co. said May U.S. sales fell 16 percent compared with last year, while General Motors Corp. said sales were down 28 percent, in part because of strikes at a supplier and several GM plants.

Rick Wagoner, GM's chairman and CEO, said the company plans to halt production at four North American plants, and is considering a sale of its Hummer brand. Wagoner said high oil prices have altered consumer behavior, and that he believes it is a permanent shift. GM gained 14 cents to $17.58, while Ford rose 4 cents to $6.68.

Lehman and other investment banks dipped to lows not seen since March 17, when the deal that led to JPMorgan Chase & Co. acquisition of Bear Stearns Cos. was announced. The sector recovered much of the drop as the session wore on.

Lehman shares closed down $3.22, or 9.5 percent, at $30.61 despite its treasurer's denial of rumors about borrowing from the Federal Reserve's discount window and assertion that the investment bank has sufficient liquidity.

"There's this long, slow grind in the financials, and the market's still trying to find the silver bullet to address all of these concerns at the big banks and money centers," Craig Peckham, market strategist at Jefferies & Co. .

The Russell 2000 index of smaller companies fell 2.02, or 0.27 percent, to 739.00.

Declining issues outpaced advancers by 3 to 2 on the New York Stock Exchange, where consolidated volume came to 4.23 billion shares, up from 3.59 billion on Monday.

Overseas, Japan's Nikkei stock average closed down 1.60 percent. In afternoon trading, Britain's FTSE 100 closed up 0.83 percent, Germany's DAX index added 0.15 percent, and France's CAC-40 rose 0.98 percent.

AP Business Writers Eileen AJ Connelly and Madlen Read contributed to this report from New York.

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

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




Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,209.17 -230.97 -1.60%
Hang Seng 24,375.76 -455.60 -1.83%
Straits Times 3,153.94 -34.11 -1.07%

 

[bigdog]

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

Wall Street has ended a wobbly session with mixed results as concerns about the financial sector eroded enthusiasm over a decline in oil prices and a report that signaled modest growth in the service economy.

The NYSE DOW closed LOWER by -12.37 points -0.10% on Wednesday June 4

Sym Last........ ........Change..........
Dow 12,390.48 -12.37 -0.10%
Nasdaq 2,503.14 +22.66 +0.91%
S&P 500 1,377.20 -0.45 -0.03%
10 Yr Bond(%) 3.9400% +0.0420

Overseas
Japan's Nikkei stock average rose 1.59 percent. Britain's FTSE 100 closed down 1.45 percent, Germany's DAX index fell 0.77 percent, and France's CAC-40 declined 1.38 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,970.10 -87.60 -1.45%
DAX 6,965.43 -53.70 -0.77%
CAC 40 4,915.07 -68.64 -1.38%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,435.57 +226.40 +1.59%
Hang Seng 24,123.25 -252.51 -1.04%
Straits Times 3,134.80 -19.14 -0.61%

http://biz.yahoo.com/ap/080604/wall_street.html
Stocks wobble as financials weigh on sentiment
Wednesday June 4, 4:32 pm ET
By Tim Paradis, AP Business Writer
Stocks end mixed after back-and-forth day, as financials weigh on sentiment

NEW YORK (AP) -- Wall Street has ended a wobbly session with mixed results as concerns about the financial sector eroded enthusiasm over a decline in oil prices and a report that signaled modest growth in the service economy.

The latest worries about financial companies flared after Moody's Investors Service warned it might downgrade its ratings on bond insurers Ambac Assurance Corp. and MBIA Insurance Corp. That followed two days of sharp declines fueled by fears regarding more bank write-downs and concerns about Lehman Brothers Holdings Inc. liquidity.

Buoyed earlier by a decline in oil prices and a positive report on the service sector from the Institute for Supply Management, stocks moved from positive to negative throughout the session. Some investors looking to sidestep the troubled financial sector moved into technology stocks, giving the Nasdaq composite index the only advance for the major indexes.

According to preliminary calculations, the Dow Jones industrial average fell 12.37, or 0.10 percent, to 12,390.48.

Broader indexes were mixed. The Standard & Poor's 500 index fell 0.45, or 0.03 percent, to 1,377.20, while the Nasdaq rose 22.66, or 0.91 percent, to 2,503.14.

Bond prices fell as stocks advanced. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.92 percent from 3.89 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices fell.

Hugh Whelan, managing director at Hartford Investment Management Co., said Wall Street will likely remain moored to its current levels until there is a sustained pullback in oil and until a more robust corporate profit picture emerges.

"I think broadly speaking we'll probably trade at a range over the next few months," he said. "From a valuation perspective the market is right where it should be given current profit levels."

He said some investors are gravitating toward technology stocks thinking that profits at such companies are likely to hold up better in a weak economy and that tech could be an early winner should the economy begin to show signs of picking up.

"It's just a sector that is not plagued by some of the worries that are foremost on people's mind," he said, pointing to concerns about credit quality that are dogging the financial sector and unease over the effect of rising energy prices on companies dependent on consumer spending.

The latest evidence of uneasiness about the financial sector came from Moody's announcement that it is reviewing the AAA insurance financial strength ratings for Ambac and MBIA. The rating agency said the "most likely" outcome of the review will be a downgrade. Ambac fell 51 cents, or 17 percent, to $2.49, while MBIA fell $1.06, or 16 percent, to $5.63.

One company in the financial space that weighed on the market Tuesday showed a rebound. Lehman Brothers Holdings Inc. rose 79 cents to $31.40 after Merrill Lynch raised its rating on the company. Lehman on Tuesday denied rumors that it had tapped the Federal Reserve's discount window because of cash problems. Reports Tuesday that the investment bank needs to raise up to $4 billion in capital touched off further concerns about the health of the financial sector.

J.M. Smucker Co. said it agreed to acquire the Folgers coffee brand from Procter & Gamble Co. in a nearly $3 billion stock deal. Smucker slipped 12 cents to $53.87, while P&G advanced $1.04 to $66.45.

United Airlines parent UAL Corp. rose 61 cents, or 7.2 percent, to $9.14 after saying it plans to cut as many as 1,100 more jobs, remove 70 fuel-hungry aircraft from its fleet and reduce domestic capacity to trim costs in the face of surging energy costs. The nation's No. 2 carrier previously said it planned to cut 500 jobs and that it would mothball some of its least fuel-efficient aircraft.

Declining issues outnumbered advancers by about 8 to 7 on the New York Stock Exchange, where volume came to 1.3 billion shares.

The Russell 2000 index of smaller companies rose 4.71, or 0.64 percent, to 743.71.

Overseas, Japan's Nikkei stock average rose 1.59 percent. Britain's FTSE 100 closed down 1.45 percent, Germany's DAX index fell 0.77 percent, and France's CAC-40 declined 1.38 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 surged Thursday as investors looked past a sharp rebound in oil prices and focused on comforting news about the economy -- better-than-expected retail sales and a drop in the number of laid-off workers seeking unemployment benefits.

The Dow Jones industrials rose almost 214 points, posting its biggest daily point gain since April 18.


The NYSE DOW closed HIGHER by +213.97 points +1.73% on Thursday June 5

Sym Last........ ........Change..........
Dow 12,604.45 +213.97 +1.73%
Nasdaq 2,549.94 +46.80 +1.87%
S&P 500 1,404.05 +26.85 +1.95%
30-yr Bond 4.7300% +0.0450

NYSE Volume 4,379,498,500
Nasdaq Volume 2,260,618,750

Overseas
Japan's Nikkei stock average finished down 0.65 percent. Britain's FTSE 100 finished up 0.42 percent, Germany's DAX index declined 0.34 percent, and France's CAC-40 fell 0.16 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,995.30 +25.20 +0.42%
DAX 6,941.83 -23.60 -0.34%
CAC 40 4,907.06 -8.01 -0.16%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,341.12 -94.45 -0.65%
Hang Seng 24,255.29 +132.04 +0.55%
Straits Times 3,143.89 +9.09 +0.29%

http://biz.yahoo.com/ap/080605/wall_street.html
Stocks rise following jobs report, retailer data
Thursday June 5, 5:31 pm ET
By Tim Paradis, AP Business Writer
Wall Street shrugs off spike in oil and finds solace in upbeat jobs data, retailer sales

NEW YORK (AP) -- Wall Street surged Thursday as investors looked past a sharp rebound in oil prices and focused on comforting news about the economy -- better-than-expected retail sales and a drop in the number of laid-off workers seeking unemployment benefits.

The Dow Jones industrials rose almost 214 points, posting its biggest daily point gain since April 18.

The market got an additional boost from word that Verizon Wireless will acquire Alltel Communications LLC for $5.9 billion in cash and the assumption of $22.2 billion in debt.

Not all of Thursday's news was positive, however. Even though the Labor Department said applications for unemployment benefits declined last week by 18,000 to 357,000, its four-week average rose to a four-month high.

Other worrisome developments included a more than $5 spike in crude oil prices to almost $128 a barrel, a steep tumble by the dollar against the euro, rising bond yields, a new record high in corn prices, and a Mortgage Bankers Association report showing that nearly 1 percent of mortgages fell into foreclosure between January and March.

Stock investors appeared to be ignoring Thursday's negative signals. Instead they were betting on an economic recovery later in the year.

Alfred E. Goldman, chief market strategist at Wachovia Securities, contends the market is entering a stronger period because of investors' ability to not overreact to some bad news such as rising oil prices and a weak dollar and to focus instead on the retail sales and jobless claims numbers.

"What investors are doing is looking beyond the valley to the peaks ahead," he said. "The big picture is that we're in a market that's transitioning from a bear to a bull."

The Dow rose 213.97, or 1.73 percent, to 12,604.45.

Broader stock indicators also advanced. The Standard & Poor's 500 index rose 26.85, or 1.95 percent, to 1,404.05, and the Nasdaq composite index rose 46.80, or 1.87 percent, to 2,549.94.

The Russell 2000 index of smaller companies rose 19.55, or 2.63 percent, to 763.26.

Stocks finished mixed Wednesday following sizable declines in the first two sessions of the week.

Among retailers reporting solid May results, Wal-Mart Stores Inc. said sales at stores open at least a year rose as consumers sought bargains. Wal-Mart shares rose $2.12, or 3.7 percent, to $59.80.

Subodh Kumar, global investment strategist at Subodh Kumar & Assoc. in Toronto, said the jobs figures and the Verizon Wireless deal offer some investors reassurance about the health of the economy.

"It looks like the U.S. is not in recession but, I would say, tepid growth," Kumar said.

Bond prices fell Thursday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.04 percent from 3.98 percent late Wednesday. Gold prices fell.

The stock market appeared to be shrugging off a sharp rebound in oil prices. Light, sweet crude oil rose $5.49 at $127.79 a barrel on the New York Mercantile Exchange.

The weekly jobs report came as investors continue to grapple with concerns about tightness in the credit market, the effect of still-high energy prices and a slumping housing market.

With the weekly jobs numbers in hand, Wall Street was looking ahead to the Labor Department's monthly employment reading, due Friday morning. That report often draws widespread attention because a spike in unemployment could upend consumer spending, which accounts for more than two-thirds of U.S. economic activity.

"I think tomorrow will be somewhat of a similar kind of a day in the sense that if the news is at or above expectations I think investors may be willing to buy in," said Kumar, referring to Friday's employment report.

Wachovia's Goldman said the market will still likely continue to vacillate, though, as investors look for further signs about the well-being of the economy.

"This is not going to be a one-way street up. I think it's going to be a more dull, churning market. After anybody has surgery you don't jump off the operating table and do the jitterbug. They keep you on the operating table," he said, alluding to a possibly gradual recovery in the market from concerns about bad credit and woes in the housing industry.

In corporate news, Verizon Communications Inc. rose $1.98, or 5.4 percent, to $38.96 after the announcement of Verizon Wireless' deal. Verizon Wireless is a joint venture between Verizon Communications and Vodafone PLC. Alltel was sold to TPG Capital and a unit of Goldman Sachs Group in a $27.5 billion leveraged buyout about seven months ago.

If completed, the deal would push Verizon Wireless past AT&T Inc. to become the biggest operator in the U.S.

Continental Airlines Inc. rose 68 cents, or 4.7 percent, to $15.18 after announcing plans to cut 3,000 jobs and reduce its capacity in the fourth quarter by 11 percent as it grapples with surging jet fuel prices. Company officials said the industry's business model "doesn't work with the current price of fuel."

Wal-Mart said its May same-store sales rose 4.4 percent. Excluding the effect of fuel sales, same-store sales rose 3.9 percent. The stock, which like Verizon Communications is one of the 30 that comprise the Dow industrials, rose $2.12, or 3.7 percent, to $59.80.

The stock market initially pulled back a bit after the ratings agency Standard & Poor's downgraded bond insurers Ambac Assurance Corp. and MBIA Insurance Corp. But the move did not come as a shock to most investors -- particularly given that another agency, Moody's Investor Service, on Wednesday put both insurers on negative credit watch.

Ambac rose 13 cents, or 5.2 percent, to $2.62, and MBIA rose 42 cents, or 7.5 percent, to $6.05.

Advancing issues outnumbered decliners by nearly 3 to 1 on the New York Stock Exchange, where consolidated volume came to 4.18 billion shares from 4.26 billion on Wednesday.

Overseas, Japan's Nikkei stock average finished down 0.65 percent. Britain's FTSE 100 finished up 0.42 percent, Germany's DAX index declined 0.34 percent, and France's CAC-40 fell 0.16 percent.

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

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

 

[SM Junkie]

Thanks bigdog for going to the trouble of posting this information everyday. I'm sure there are many like myself who check this thread every morning.

 

[bigdog]

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

I use QuoteTracker (QT) software which is free with "live" feeds & connects Westpac Broking (WB) and Commsec, Etrade & many overseas sites

The QT portfolio combines many existing WB screens into one sceen (watch list, detailed quote & holdings; includes indexs, charts. The holdings are updated without the WB 20 minute delay!
-- the screen can be sorted by any column & you can see you profit/loss at any point for the day change
-- live updates can be real time or set to say 60 seconds
-- includes links to ASX announcements
-- there is much more that I have yet to understand & discover!

I do need to use my WB account to buy and sell.

I read the Day Trader (DT) Darryl Morley in the Herald Sun every Wednesday & have set up a QT portfolio for this weeks list. Attached is the DT portfolio screen at close yesterday

The second QT attachment shows some of the criteria that can be included

http://www.quotetracker.com/faq.shtml
http://www.quotetracker.com/download.asp


The Dow Jones industrial average ended the week down 428.51, or 3.39 percent, at 12,209.81. The Standard & Poor's 500 index finished down 39.70, or 2.83 percent, at 1,360.68. The Nasdaq composite index ended the week down 48.10, or 1.91 percent, at 2,474.56.

The NYSE DOW closed HIGHER by -394.64 points -3.13% on Friday June 6

Sym Last........ ........Change..........
Dow 12,209.81 -394.64 -3.13%
Nasdaq 2,474.56 -75.38 -2.96%
S&P 500 1,360.68 -43.37 -3.09%
30-yr Bond 4.65% -0.08

NYSE Volume 4,817,102,500
Nasdaq Volume 2,203,618,000

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,906.80 -88.50 -1.48%
DAX 6,803.81 -138.02 -1.99%
CAC 40 4,795.32 -111.74 -2.28%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,489.44 +148.32 +1.03%
Hang Seng 24,402.18 +146.89 +0.61%
Straits Times 3,146.73 +2.84 +0.09%

http://biz.yahoo.com/ap/080606/wall_street.html
Stocks fall sharply on surge in oil, jobs data
Friday June 6, 6:44 pm ET
By Tim Paradis, AP Business Writer
Stocks tumble after surge in oil prices, surprise jump in unemployment; Dow falls nearly 400

NEW YORK (AP) -- Wall Street tumbled Friday, taking the Dow Jones industrials down nearly 400 points, on a pair of alarming economic developments: oil prices that shot up by more than $11 a barrel and approached $140 for the first time, and the biggest gain in the government's unemployment reading in more than 20 years.

The jump in oil to a price that might have seemed unfathomable only a few months ago appeared to wipe out investors' recent optimism over the prospects for a strengthening of the economy. Oil jumped following a Morgan Stanley analyst's forecast of $150 oil by July 4, and in response to a drop in the dollar and fresh tensions in the Middle East.

The surge in oil seemed the guarantee that gasoline prices that are on the verge of a national average of $4 a gallon will only continue to climb, putting additional pressure on consumers who have been forced to forgo discretionary purchases in order to pay for gas and other basics. Moreover, consumers who can't find work or who are worried about losing a job will be even more hesitant to spend on extras.

Wall Street has been worried of late that a pullback in consumer spending will deal a blow to the economy, as Americans' expenditures account for more than two-thirds of U.S. economic activity. So Friday's surge in oil convinced many investors to pull money out of stocks that suddenly seemed too risky.

Crude oil saw a huge rebound during the week after falling amid a drop in demand for gasoline. The biggest gains came Friday, with light, sweet crude setting a high of $139.12 in after-hours trading on the New York Mercantile Exchange. Oil settled at $138.54, a gain of $10.75 for the regular session; that was the biggest one-day advance for oil in the history of the Nymex.

The spike in energy prices came as the Labor Department said the nation's unemployment rate jumped to 5.5 percent in May from 5.0 percent in April. It was the biggest monthly increase since February 1986 and the rise leaves unemployment at it highest level since October 2004. Wall Street had predicted an uptick to 5.1 percent.

The number of U.S. jobs shrank by a smaller-than-expected 49,000, but that development offered Wall Street little solace as May marked the fifth straight month of jobs losses.

But the sudden spurt in oil appeared to weigh most heavily on Wall Street. The increase, fueled in part by a weak dollar, also came after an Israeli Cabinet minister hoping to replace Prime Minister Ehud Olmert was quoted as saying Israel would attack Iran if it doesn't abandon its nuclear program.

"I think the biggest concern right now is oil and it's potential for a stagflationary environment," said Bill Knapp, investment strategist for MainStay Investments, a division of New York Life Investment Management. Stagflation occurs when stalling growth accompanies rising prices.

The headwinds facing the economy sent the Dow Jones industrial average down 394.64, or 3.13 percent, to 12,209.81; it was down by as much as 412 points at its low of the session. The decline was the worst percentage and point drop since Feb. 27, 2007, when the blue chips dropped 416.02 points, or 3.29 percent, amid concerns about souring debt and an economic slowdown.

Broader stock indicators also fell sharply Friday. The Standard & Poor's 500 index lost 43.37, or 3.09 percent, to 1,360.68, and the Nasdaq composite index fell 75.38, or 2.96 percent, to 2,474.56. The day's declines were the steepest percentage losses for the S&P 500 and the Nasdaq since Feb. 5 this year.

The Dow Jones Wilshire 5000 Composite Index, an index that measures a wide swath of the U.S market, fell 2.9 percent Friday, a paper loss for the day of about $500 billion.

Investors' nervousness was clear. The Chicago Board Options Exchange's volatility index, known as the VIX, and often referred to as the "fear index," jumped 26.5 percent Friday.

Friday's pullback came a day after the Dow jumped nearly 214 points, its largest daily point gain since April 18 and a reaction to better-than-expected sales from retailers and a dip in weekly jobless claims. The welcome economic news helped investors shrug off a more than $5-a-barrel jump in oil prices. But the advance in oil Friday made it clear to Wall Street that ascendent energy prices posed a serious threat to consumer spending and the economy.

Friday's session capped an erratic week for the markets. Stocks fell Monday and Tuesday before moving sideways Wednesday and surging Thursday. The back-and-forth moves left the Dow down 3.39 percent for the week, the S&P 500 off 2.83 percent and the Nasdaq with a loss of 1.91 percent.

Bond prices jumped Friday after the weak jobs data sent investors scurrying for safety. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.91 percent in late trading from 4.04 percent late Wednesday.

The dollar declined against other major currencies -- a move that makes each barrel of oil more expensive. Gold prices jumped.

Knapp remains skeptical of the reasons behind the run-up in oil.

"The supply demand dynamics just don't warrant where we are today. It's becoming incredibly hackneyed to say it's all coming from demand in China," he said. "I think the consensus is that something is going to come along to deflate this commodity bubble and put the stock market back on track."

And the worries about employment and oil may be intertwined.

Ethan Harris, Lehman Brothers' chief U.S. economist, contends that the jobs report helped drive oil prices higher. He said traders are worried that the increase in unemployment would leave the Federal Reserve unwilling to raise interest rates. A notion of a Fed with few options combined with comments from the European Central Bank this week on the possibility of rate hikes have hurt the dollar.

"The weaker dollar is pushing up oil prices because oil is denominated in dollars and oil sellers want to be compensated for the weaker dollar," Harris said, adding that he thinks the market's moves have been overdone.

"While I'm skeptical of the whole thing in terms of whether it makes sense logically, this is the way the market behaves. It's like a Pavlovian response. If the Fed looks soft, oil prices go up," he said.

Declining issues outnumbered advancers by more than 4 to 1 on the New York Stock Exchange, where consolidated volume came 4.69 billion shares, compared with 4.18 billion traded Thursday.

The Russell 2000 index of smaller companies fell 22.90, or 3.00 percent, to 740.37.

Wall Street's pullback weighed on Europe. Britain's FTSE 100 ended down 1.48 percent, Germany's DAX index fell 1.99 percent, and France's CAC-40 lost 2.28 percent on the day. Japan's Nikkei stock average closed up 1.03 percent; trading there ended before the release of the U.S. jobs report.

The Dow Jones industrial average ended the week down 428.51, or 3.39 percent, at 12,209.81. The Standard & Poor's 500 index finished down 39.70, or 2.83 percent, at 1,360.68. The Nasdaq composite index ended the week down 48.10, or 1.91 percent, at 2,474.56.

The Russell 2000 index finished the week down 7.91, or 1.06 percent, at 740.37.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 13,924.63, down 336.13 points, or 2.36 percent, for the week. A year ago, the index was at 15,343.15.

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

Nasdaq Stock Market: http://www.nasdaq.comView attachment 21515

 

[Lucky_Country]

Bigdog commentry is unrivaled.
Always helpful and would like to thank him very much.

 

[bigdog]

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

Wall Street closed mostly lower Tuesday after a dip in oil prices failed to keep investors from fretting over the economic effects of high energy costs.

The NYSE DOW closed HIGHER by +9.44 points +0.08% on Tuesday June 10

Sym Last........ ........Change..........
Dow 12,289.76 +9.44 +0.08%
Nasdaq 2,448.94 -10.52 -0.43%
S&P 500 1,358.44 -3.32 -0.24%
30-yr Bond 4.7010% +0.0800

NYSE Volume 4,565,238,500
Nasdaq Volume 2,081,431,620

Overseas
Bernanke's comments caused selling overnight in Asia, where the Nikkei 225 average closed 1.1 percent lower. Britain's FTSE 100 index closed down 0.86 percent, Germany's DAX index gave up 0.65 percent, and France's CAC-40 declined 0.80 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,827.30 -50.30 -0.86%
DAX 6,771.10 -44.53 -0.65%
CAC 40 4,761.08 -38.30 -0.80%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,021.17 -160.21 -1.13%
Hang Seng 23,375.52 -1,026.66 -4.21%
Straits Times 3,033.05 -50.97 -1.65%

http://biz.yahoo.com/ap/080610/wall_street.html
Wall Street ends mostly lower on economic worries
Tuesday June 10, 4:35 pm ET
By Madlen Read, AP Business Writer
Wall Street finishes mostly lower; oil price pullback can't quash economic jitters

NEW YORK (AP) -- Wall Street closed mostly lower Tuesday after a dip in oil prices failed to keep investors from fretting over the economic effects of high energy costs.

Crude oil's retreat below $132 a barrel did encourage some investors to search for bargains in stocks created by recent plunges. The financial sector, for one, saw strong demand after taking a beating Monday when Lehman Brothers Holdings Inc. reported a larger-than-expected quarterly loss.

But the overall stock market was volatile, with investors flummoxed about the direction of the economy. Federal Reserve Chairman Ben Bernanke late Monday said that while a substantial downturn seems unlikely, inflation risks are growing. His remarks raised expectations that the central bank might hike interest rates later this year to curb inflation; more expensive borrowing could jeopardize an economic rebound.

And although investors got some temporary relief from the oil market Tuesday, they remain concerned that high energy prices will not just aggravate inflation, but also stymie consumer spending and, in turn, economic growth.

"If you bet against the consumer over the past several years, you would've been wrong. The consumer has held up surprisingly well. However, at some point there is a breaking point. I think some people believe we may be approaching that," said Chris Colarik, a portfolio manager at Glenmede Investment Management in Philadelphia.

It is possible oil will stay high for some time. The International Energy Agency lowered its global oil demand prediction Tuesday, but also said oil-producing nations outside OPEC are having a tough time keeping up with demand.

According to preliminary calculations, the Dow Jones industrial average rose 9.44, or 0.08 percent, to 12,289.76, after moving in and out of positive territory throughout the day.

Broader stock indicators declined. The Standard & Poor's 500 index fell 3.32, or 0.24 percent, to 1,358.44, and the Nasdaq composite index fell 10.52, or 0.43 percent, to 2,448.94.

Declining issues outnumbered advancers by nearly 2 to 1 on the New York Stock Exchange, where volume came to 1.37 billion shares.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.10 percent from 3.99 percent late Monday.

Crude dropped $3.04 to settle at $131.31 a barrel on the New York Mercantile Exchange.

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

The Fed has been worried that elevated commodities prices might curb consumers' appetite to buy discretionary items. This would pose a serious threat to the U.S. economy, and to other nations' economies as well.

"There has been meaningful concern raised around the world about the uncorking of inflation," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co.

He added that data out of Japan and Europe have been suggesting weakness in those countries, and that foreign stock markets -- particularly China's -- have been stalling. Economic slowdowns abroad, coupled with ongoing bank troubles, rising bond yields, and uncertainty over the Fed's next move, are leaving investors with little incentive to buy stocks.

"We haven't plumbed new lows yet," Battipaglia said. "But the summer can be very nasty."

Many investors have been banking on the weak dollar boosting exports and thereby keeping the economy growing. But the Commerce Department reported the U.S. trade deficit had a larger-than-expected jump in April, as higher oil prices and an increased oil consumption offset a climb in exports.

The biggest gainers among the 30 Dow companies were Coca-Cola Co., which was upgraded by an analyst Tuesday, and Citigroup Inc., which rebounded from a decline Monday. Coca-Cola rose $2.15, or 3.9 percent, to $58.01, while Citigroup rose 66 cents, or 3.4 percent, to $20.26.

The biggest loser in the Dow was Chevron Corp. which lost ground as oil prices sank. Chevron fell $2.42, or 2.4 percent, to $98.78.

The Russell 2000 index of smaller companies fell 2.63, or 0.36 percent, to 732.62.

Bernanke's comments caused selling overnight in Asia, where the Nikkei 225 average closed 1.1 percent lower. Britain's FTSE 100 index closed down 0.86 percent, Germany's DAX index gave up 0.65 percent, and France's CAC-40 declined 0.80 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 oil prices rebounded, fanning concerns that inflation will further pinch consumers and lead central banks to raise interest rates. The Dow Jones industrial average fell more than 200 points to its lowest close since mid-March.

The NYSE DOW closed LOWER by -205.99 points -1.68% on Wednesday June 11

Sym Last........ ........Change..........
Dow 12,083.77 -205.99 -1.68%
Nasdaq 2,394.01 -54.93 -2.24%
S&P 500 1,335.49 -22.95 -1.69%
10 Yr Bond(%) 4.0730% -0.0260

Overseas
Japan's Nikkei 225 average closed 1.16 percent higher. Britain's FTSE 100 index closed down 1.78 percent, Germany's DAX 30 index lost 1.78 percent, and the French CAC-40 index fell 2.10 percent.

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,723.30 -104.00 -1.78%
DAX 6,650.26 -120.84 -1.78%
CAC 40 4,660.91 -100.17 -2.10%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 14,183.48 +162.31 +1.16%
Hang Seng 23,327.60 -47.92 -0.21%
Straits Times 3,046.77 +13.72 +0.45%

http://biz.yahoo.com/ap/080611/wall_street.html
Stocks tumble as oil prices surge; Dow falls 205
Wednesday June 11, 5:50 pm ET
By Tim Paradis, AP Business Writer
Wall Street declines as oil rebounds, stirring concerns about inflation, higher interest rates

NEW YORK (AP) -- Wall Street tumbled Wednesday as oil prices rebounded, fanning concerns that inflation will further pinch consumers and lead central banks to raise interest rates. The Dow Jones industrial average fell more than 200 points to its lowest close since mid-March.

Investors are uneasy about oil prices, which on Wednesday traded as high as $138.30 a barrel on the New York Mercantile Exchange before settling up $5.07 at $136.38. Having breached $139 a barrel last week, record-high crude has increasingly posed both an inflationary risk and a threat to growth.

Energy Department data Wednesday showed that gasoline supplies grew last week but that crude oil inventories fell more than analysts expected. The weekly report suggested no letup in U.S. energy demand, even as consumers adjust their budgets to accommodate gasoline that averages more than $4 a gallon nationally.

The Federal Reserve's Beige Book, which provides readings on the U.S. economy by region and arrives two weeks before the Fed's next meeting, indicated that Americans are straining under rising energy and food costs. The Fed said the economy remains "generally weak."

The findings seemed to confirm many of Wall Street's concerns.

"That certainly was not unexpected," said Janna Sampson, director of portfolio management at Oakbrook Investments. "Obviously, I don't know that the market likes hearing that, slowing spending or slowing growth and inflation at the same time."

The Dow fell 205.99, or 1.68 percent, to 12,083.77. Wednesday's close was the lowest for the blue chips since March 17, when the Dow ended at 11,972.25.

The biggest loser among the 30 Dow components was Alcoa Inc., which fell $3.40, or 8 percent, to $39.32 after a JPMorgan analyst said the aluminum producer is not planning to sell itself or spin off part of its business.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 22.95, or 1.69 percent, to 1,335.49, and the Nasdaq composite index fell 54.93, or 2.24 percent, to 2,394.01.

Bond prices rose Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 4.07 percent from 4.11 percent late Tuesday.

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

Investors are worried that the spike in oil prices will dent consumer spending, which accounts for more than two-thirds of U.S. economic activity and is crucial to some investors' hopes of seeing the economy rebound from a slowdown in the second half of the year. However, the prospect of a sustained elevation of prices in oil and other commodities has dimmed some of those hopes.

"There are not a lot of positive things you can point to right now," said Michael Binger, portfolio manager at Thrivent Investment Management in Minneapolis. "We have commodity prices higher, inflation up, the prospect of the Fed raising interest rates instead of lowering, a worldwide slowdown and an economic slowdown in the U.S."

Binger noted that one weak spot on Wall Street -- the financial sector -- is now faced with a new worry of higher interest rates while still trying to navigate a tight credit market and fallout from bad bets on now-souring home loans.

"If the Fed starts to raise rates because of inflation not because the economy is good, that is not a positive on the financial stocks," he said.

Oakbrook's Sampson said her reading from the Beige Book was that there likely won't be another reduction in interest rates, but that she didn't see anything dire enough to forecast a rate hike at the Fed's next meeting, because rising prices appear to still be "fairly well confined to commodities."

"Unless we get some kind of numbers between now and the meeting at the end of the month that tell you inflation is really out of control," Sampson said she expects any rate hike is further down the line.

In corporate news, Corporate Express NV, the Dutch office supplies distributor, accepted a sweetened $2.7 billion buyout bid from U.S. office supplies retailer Staples Inc. Staples rose $1.23, or 5.3 percent, to $24.38.

Lehman Brothers Holdings Inc. fell for the fourth straight session. The company reported earlier this week that it lost more than $2.8 billion for the fiscal second quarter ended May 31 and announced plans to raise $6 billion in capital to help its balance sheet. The stock declined $3.75, or 13.6 percent, to $23.75.

The Russell 2000 index of small companies fell 14.74, or 2.01 percent, to 717.88.

Declining issues outnumbered advancers by more than 4 to 1 on the New York Stock Exchange, where consolidated volume came to 4.67 billion shares, compared with 4.51 billion shares traded Tuesday.

Overseas, Japan's Nikkei 225 average closed 1.16 percent higher. Britain's FTSE 100 index closed down 1.78 percent, Germany's DAX 30 index lost 1.78 percent, and the French CAC-40 index fell 2.10 percent.

Associated Press Business Writer Eileen AJ Connelly in New York contributed to this report.

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

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

 

[bigdog]

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

Stocks finished higher but well off their highs after a turnaround in oil prices sapped a big rebound on Wall Street.

The NYSE DOW closed HIGHER by -+57.81 points +0.48% on Thursday June 12

Sym Last........ ........Change..........
Dow 12,141.58 +57.81 +0.48%
Nasdaq 2,404.35 +10.34 +0.43%
S&P 500 1,339.87 +4.38 +0.33%
30-yr Bond 4.7640% +0.0620

NYSE Volume 4,663,337,500
Nasdaq Volume 2,262,386,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,790.50 +67.20 +1.17%
DAX 6,714.52 +64.26 +0.97%
CAC 40 4,672.30 +11.39 +0.24%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,888.60 -294.88 -2.08%
Hang Seng 23,023.86 -303.74 -1.30%
Straits Times 3,020.15 -26.62 -0.87%

http://biz.yahoo.com/ap/080612/wall_street.html
Wall Street closes up but off highs as oil rises
Thursday June 12, 4:54 pm ET
By Tim Paradis, AP Business Writer
Stocks post gains but end well off highs as oil prices climb, Yahoo calls off Microsoft talks

NEW YORK (AP) -- Stocks finished higher but well off their highs after a turnaround in oil prices sapped a big rebound on Wall Street.

And word late in the session Thursday that Yahoo Inc. called off talks of any deal with Microsoft Corp. gave investors one more reason to rein in the enthusiasm that drove a rally early in the session.

Advancing oil prices, which have frequently sent stocks tumbling in recent weeks, weighed on enthusiasm that followed a Commerce Department report that retail sales rose 1 percent in May. The gain marked the biggest improvement in six months and it offered some investors hope that the government's 57 million economic stimulus checks were indeed oiling the economy.

Stocks surged more than 1 percent in the early going after the sales report and after Anheuser-Busch Cos. received a buyout bid.

But the turnaround in oil set off renewed worries about rising oil prices and overall inflation. And a management shakeup at Lehman Brothers Holdings Inc. drew fresh attention to troubles in the financial sector. Lehman, which earlier this week said it would report a quarterly loss of $2.8 billion, on Thursday ousted its chief financial officer and chief operating officer. Lehman fell $1.05, or 4.4 percent, to $22.70.

According to preliminary calculations, the Dow rose 57.81, or 0.48 percent, to 12,141.58. The Dow had been up by as much as 185 points in the session. The advance came a day after the stock market finished sharply lower because of surging oil prices. The fell almost 206 points Wednesday.

Broader stock indicators ended higher Thursday after dipping into negative territory late in the session. The Standard & Poor's 500 index rose 4.38, or 0.33 percent, to 1,339.87, while the Nasdaq composite index rose 10.34, or 0.43 percent, to 2,404.35.

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 up 97.54, or 0.80 percent, at 12,307.35. The Standard & Poor's 500 index finished down 0.65, or 0.05 percent, at 1,360.03. The Nasdaq composite index ended the week down 20.06, or 0.81 percent, at 2,454.50.

Wall Street ended a turbulent week with a sharp gain Friday after government readings on inflation and a drop in oil prices eased worries about the effect of rising prices on consumers. The advance lifted the Dow Jones industrial average more than 165 points, and the three major indexes turned in a mixed performance for the week.

[B]The NYSE DOW closed HIGHER by +165.77 points +1.37% on Friday June 13[/B]

Sym Last........ ........Change..........
Dow 12,307.35 +165.77 +1.37%
Nasdaq 2,454.50 +50.15 +2.09%
S&P 500 1,360.03 +20.16 +1.50%
30-yr Bond 4.8020% +0.0380

NYSE Volume 4,080,474,000
Nasdaq Volume 2,111,543,750

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,802.80 +12.30 +0.21%
DAX 6,765.32 +50.80 +0.76%
CAC 40 4,682.30 +10.00 +0.21%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,973.73 +85.13 +0.61%
Hang Seng 22,592.30 -431.56 -1.87%
Straits Times 2,979.56 -40.59 -1.34%

http://biz.yahoo.com/ap/080613/wall_street.html
Wall Street ends turbulent week with sharp gains
Friday June 13, 6:00 pm ET
By Tim Paradis, AP Business Writer
Stocks rise sharply as data point to stable rates; inflation rises but doesn't alarm investors

NEW YORK (AP) -- Wall Street ended a turbulent week with a sharp gain Friday after government readings on inflation and a drop in oil prices eased worries about the effect of rising prices on consumers. The advance lifted the Dow Jones industrial average more than 165 points, and the three major indexes turned in a mixed performance for the week.

Short-term Treasury prices rose after being pounded earlier this week on fears that the Federal Reserve would be forced to raise interest rates to combat inflation.

The readings arriving Friday and gains in the dollar supported a notion that the Fed will be able to walk a middle line as it seeks to balance the well-being of the economy with pressures from rising prices. Recent drops in the dollar had contributed to higher oil prices because a weaker greenback makes each barrel more expensive.

"The news today tells us that it's not getting worse," said Linda Duessel, equity market strategist at Federated Investors. She said that while investors aren't necessarily seeing improvement in areas like inflation, they appear relieved that prices aren't running out of control and forcing the Fed to hike rates and risk sending the economy into a steep downturn.

"I think market watchers are hoping and expecting that we don't need another rate cut," she said.

The government's report that prices are rising came as no surprise to investors or consumers. The Labor Department's Consumer Price Index grew 0.6 percent last month, which was just above the 0.5 percent economists had expected. The core inflation reading, which excludes often volatile food and energy prices, edged up a more moderate 0.2 percent, as expected.

While overall prices showed their biggest one-month gain since November, the fact that the run-up seems largely contained to food and energy appeared to give investors some solace. Price spikes in all areas could make it harder for some consumers to reach into their wallets for anything more than the basics. And a pullback in consumer spending, which accounts for more than two-thirds of U.S. economic activity, could derail investors' hopes of seeing an economic recovery later in the year.

Still, the rise in energy costs is leaving some consumers in a downcast mood. The Reuters/University of Michigan preliminary reading on consumer sentiment for June fell to a near 30-year-low of 56.7 from 59.8 last month.

But the easing of some inflation concerns Friday appeared to bolster the case for the Fed to keep rates unchanged when it meets June 24-25 and to perhaps hold off on boosting rates for several meetings. Comments this week from Fed officials, however, make clear that policymakers are mindful of rising prices and the taxing effect they can have on the economy.

Friday's session saw the Dow rise 165.77, or 1.37 percent, to 12,307.35.

Broader stock indicators also rose Friday. The Standard & Poor's 500 index advanced 20.16, or 1.50 percent, to 1,360.03, and the Nasdaq composite index rose 50.15, or 2.09 percent, to 2,454.50.

Stocks rose moderately Thursday following a steep sell-off Wednesday that came as oil prices rose and stirred inflation worries. For the week, the Dow logged a 0.80 percent gain, the S&P 500 slipped 0.05 percent and the Nasdaq composite index fell 0.81 percent.

The inflation findings appeared to lend some calm to the bond markets. Bond investors fear inflation because it lowers the value of fixed-income securities, so short-term Treasurys, the most vulnerable to the effects of rising prices, moved higher.

The 2-year yield, which moves opposite its price, fell to 3.03 percent from 3.05 percent late Thursday. The yield on the benchmark 10-year Treasury note, however, rose to 4.26 percent from 4.22 percent. The yield on the 30-year long bond rose to 4.80 percent from 4.76 percent.

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

Oil prices fell, following a sharp rebound in the previous session. A barrel of light, sweet crude declined $1.88 to settle at $134.86 on the New York Mercantile Exchange.

Michael Strauss, chief economist at Commonfund, said the advances seen Thursday and Friday belie some of the unease over inflation. He said Wall Street remains worried that inflation, while somewhat in check now, could pop in the coming months.

"Behind the scenes of the euphoria ... they're still very nervous about financial market conditions and there still very nervous about economic conditions," he said.

Strauss expects Wall Street's volatility will continue. He said investors will looking to a reading due Tuesday on inflation at the wholesale level for indications on whether some businesses will be able to continue to refrain from passing some rising costs to consumers.

"We're still going to trade with the inverse jitters of the energy market," he said, predicting that stocks will still likely take a hit if oil prices rise.

In corporate news, Anheuser-Busch Cos. is holding preliminary talks with rival Grupo Modelo SAB, according to a report in The Wall Street Journal. The maker of Budweiser, Bud Light and other brands has received an unsolicited $46 billion bid from Belgian brewer InBev SA. Anheuser-Busch fell 28 cents to $61.12.

Lehman Brothers Holdings Inc. rose $3.11, or 13.7 percent, to $25.81 following reports that Chief Executive Richard Fuld is looking for outside capital, possibly from a sovereign wealth fund or a U.S. investor. The investment bank's shares fell sharply during the week after the company reported a nearly $3 billion second-quarter loss. The company also ousted its chief financial officer and chief operating officer.

Yahoo Inc. is now turning to rival Google Inc. to help squelch a rebellion among its shareholders who believe it should have accepted Microsoft Corp.'s $47.5 billion buyout offer while it was still available last month. Late Thursday, Yahoo announced talks with Microsoft had ended with no deal.

Yahoo fell 5 cents to $23.47, Google rose $18.56, or 3.4 percent, to $571.51 and Microsoft rose 83 cents, or 2.9 percent, to $29.07.

Advancing issues outnumbered decliners by about 3 to 1 on the New York Stock Exchange, where consolidated volume came to 4.59 billion shares, essentially flat with Thursday.

The Russell 2000 index of smaller companies rose 13.77, or 1.91 percent, to 733.61.

Overseas, Japan's Nikkei 225 average closed 0.61 percent higher. Britain's FTSE 100 index closed up 0.21 percent, Germany's DAX 30 index rose 0.76 percent, and the French CAC-40 index advanced 0.21 percent.

The Dow Jones industrial average ended the week up 97.54, or 0.80 percent, at 12,307.35. The Standard & Poor's 500 index finished down 0.65, or 0.05 percent, at 1,360.03. The Nasdaq composite index ended the week down 20.06, or 0.81 percent, at 2,454.50.

The Russell 2000 index finished the week down 6.76, or 0.91 percent, at 733.61.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 13,889.66, down 34.97 points, or 0.25 percent, for the week. A year ago, the index was at 15,297.52.

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

My aplogoes for being out of action for over two weeks.
-- blame change from Optus to Telstra and being very busy

It is now down from Dow 12,307.35 to 11,382.26 since my last poting on June 13!

Wall Street began the third quarter with an erratic session and modest gain Tuesday after a mix of news made it clear the country is still deep in economic problems but may have some positive trends -- including some better than expected sales for General Motors Corp.

Prices rose early in the session, then turned sharply lower for much of the day and then recovered in late afternoon. The uneven performance wasn't surprising -- some bargain hunting was to be expected after a dismal first half, and in particular, a dismal June.

The NYSE DOW closed HIGHER by +32.25 points +0.28% on Tuesday July 1

Sym Last........ ........Change..........
Dow 11,382.26 +32.25 +0.28%
Nasdaq 2,304.97 +11.99 +0.52%
S&P 500 1,284.91 +4.91 +0.38%
30-yr Bond 4.5440% +0.0130

NYSE Volume 5,893,250,500
Nasdaq Volume 2,672,255,000

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,479.90 -146.00 -2.60%
DAX 6,315.94 -102.38 -1.60%
CAC 40 4,341.21 -93.64 -2.11%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,463.20 -18.18 -0.13%
Hang Seng 22,102.01 +59.66 +0.27%
Straits Times 2,906.79 -40.75 -1.38%

http://biz.yahoo.com/ap/080701/wall_street.html
Wall Street zigzags on first day of 3rd quarter
Tuesday July 1, 5:35 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks zigzag amid concerns about oil prices, downbeat manufacturing data, mixed auto sales

NEW YORK (AP) -- Wall Street began the third quarter with an erratic session and modest gain Tuesday after a mix of news made it clear the country is still deep in economic problems but may have some positive trends -- including some better than expected sales for General Motors Corp.

Prices rose early in the session, then turned sharply lower for much of the day and then recovered in late afternoon. The uneven performance wasn't surprising -- some bargain hunting was to be expected after a dismal first half, and in particular, a dismal June.

The session brought more discouraging news for investors: Oil rose again toward record high levels, a report showed that U.S. manufacturers are still under duress and Ford Motor Co. said its June sales tumbled. This all raised the market's fears that the economy -- still reeling from soaring commodities prices and the lingering credit crisis -- is not any closer to turning around.

Yet GM's sales, while falling 18.2 percent during June, came in above analysts' forecasts, retaining Detroit's lead over Toyota Motor Corp. and sending the automaker's shares higher. GM's news was in sharp contrast to the dismal results reported earlier by Ford Motor Co., where a 27.9 percent plunge in sales for the month sent the company's stock to its lowest point in decades.

And while the Institute for Supply Management had an overall disappointing report on manufacturing in June, it also reported strong exports for U.S. factories.

"This market is craving anything positive," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. He said because the market has sold off so much in recent days, traders took GM's weak but better-than-expected sales as a buying opportunity

The Dow Jones industrial average, down more than 150 points earlier, rose 32.25, or 0.28 percent, to 11,382.26, while the Standard & Poor's 500 index rose 4.91, or 0.38 percent, to 1,284.91. The Nasdaq composite gained 11.99, or 0.52 percent, to 2,304.97.

"A bounce like this wasn't unexpected," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co. He said GM's sales beating Toyota gave the Dow a lift, as did a late-day partial pullback in oil prices.

Oil settled at a new record of $140.97 a barrel on the New York Mercantile Exchange after rising above $143 a barrel earlier as worries about tight supply and mounting tensions in the Middle East continued.

"We've been dancing to the tune to oil prices," Battipaglia said.

Bonds also bounced up and down as investors pulled money out of stocks, seeking the safety of government debt, and then changed their minds. The yield on the benchmark 10-year Treasury note rose to 4.01 percent from late Monday's 3.98 percent.

Sam Stovall, chief investment strategist for Standard & Poor's Equity Research, said investors may be wondering if the market has sold off too much even in the face of a litany of bad economic news. "Maybe it's just at this kind of a juncture that everything looks so bad, who's left to sell?"

The market may also have gotten a technical kick upward, when the S&P 500 fell to 1,260.68, its lowest point since July 2006. When the index, the one most closely followed by market professionals, falls to a target level set by traders, buyers tend to come back to stocks.

The toll higher energy prices is taking on the economy was evident in the ISM report. The purchasing managers' trade group said manufacturing unexpectedly grew in June, but a closer look at the report showed that the prices companies paid for fuel and materials continued to grow as demand shrank. The overall gain came on higher exports, and, taken as a whole, the ISM report turned out to be a disappointment.

Investors were also disappointed by another drop in construction spending due to the continuing slump in housing. The Commerce Department said construction spending fell 0.4 percent, slightly less than economists' forecasts.

But GM's sound beating of Toyota to retain its traditional U.S. sales lead was reassuring to a market starved for good news, and that lifted stocks off their lows and gave them a modest gain.

Still, the market is nervous about what's to come when companies start issuing earnings and outlooks in the coming weeks. It is widely expected that those results will reflect the impact of higher oil, and the fact that crude continues to climb is pointing to even more economic troubles in the coming months.

During the spring, the market had hopes for a better second half. But oil and the continuing stream of credit-related problems at financial companies erased those hopes during June, a month that wiped out more than 10 percent of the Dow's value.

"It feels like we continue to stretch and stretch until something snaps, and that will continue to happen until we do something about oil," said Jack Ablin, chief investment officer at Harris Private Bank. "This is a test of wills between oil and stocks, and hopefully we're not on some kind of collision course."

Investors might get some more direction in upcoming economic reports like Thursday's June employment numbers.

Ford fell 10 cents to $4.71, and hit a miltiyear low of $4.41 during the session, after the automaker reported that sales declined by a weaker-than-expected 28 percent in June. However, GM rose 25 cents to $11.75 after it reported sales rose well above expectations.

Lehman Brothers Holdings Inc. shares rose $1.15, or 5.8 percent, to $20.96 after a steep decline on Monday. The nation's fourth-largest investment bank had been the target of rumors that it might sell itself to Britain's Barclays PLC at a discount price.

Declining issues led advancers by just under a 2 to 1 margin on the New York Stock Exchange, where consolidated volume came to 5.75 billion shares, up from Monday's 4.91 billion.

The Russell 2000 index of smaller companies added 1.93, or 0.28 percent, to 691.59.

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 resumed its sell-off Wednesday after oil hit a new record and a bearish analyst report renewed concerns that General Motors Corp. could run out of cash.

The stock market's pullback, which accelerated in the final hours of the week's last full trading session, left the Dow Jones industrial average officially in bear market territory, with the blue chips having fallen more than 20 percent from their October highs.

The NYSE DOW closed LOWER by -166.75 points -1.46% on Wednesday July 2

Sym Last........ ........Change..........
Dow 11,215.51 -166.75 -1.46%
Nasdaq 2,251.46 -53.51 -2.32%
S&P 500 1,261.52 -23.39 -1.82%
30-yr Bond 4.5030% -0.0410

NYSE Volume 5,318,103,500
Nasdaq Volume 2,460,014,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,426.30 -53.60 -0.98%
DAX 6,305.42 -10.52 -0.17%
CAC 40 4,296.48 -44.73 -1.03%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,286.37 -176.83 -1.31%
Hang Seng 21,704.45 -397.56 -1.80%
Straits Times 2,906.23 -0.56 -0.02%

http://biz.yahoo.com/ap/080702/wall_street.html
Stocks drop after new record for oil prices
Wednesday July 2, 5:55 pm ET
By Tim Paradis, AP Business Writer
Stocks post sharp decline after oil price surge; GM falls 15 percent on bearish report

NEW YORK (AP) -- Wall Street resumed its sell-off Wednesday after oil hit a new record and a bearish analyst report renewed concerns that General Motors Corp. could run out of cash.

The stock market's pullback, which accelerated in the final hours of the week's last full trading session, left the Dow Jones industrial average officially in bear market territory, with the blue chips having fallen more than 20 percent from their October highs.

Oil surged to new records above $144 a barrel as the government reported a bigger-than-expected drop in U.S. supplies and as investors worried about tensions in the Middle East.

Fears that GM could go so far as to declare bankruptcy only added to investors' unease. The stock closed below the $10 mark for the first time since September 1954 when Dwight Eisenhower was president. Investors shrugged off better-than-expected sales figures from June and fretted about the company's cash needs.

The Dow fell 166.75, or 1.46 percent, to 11,215.51, the lowest close since August 2006. It now stands 20.82 percent below its Oct. 9, 2007 record of 14,164.53. The last bear market ended in October 2002.

Broader stock indicators also posted big losses after showing gains for much of the morning. The Standard & Poor's 500 index fell 23.39, or 1.82 percent, to 1,261.52, while the technology-laden Nasdaq composite index fell 53.51, or 2.32 percent, to 2,251.46.

The S&P is just shy of the 20 percent pullback that signals a bear market. While the Nasdaq is also in bear territory, it hit that mark in March, moved higher and has now returned to a bear level.

Bond prices rose as investors exited stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.96 percent from 4.01 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices rose.

Wall Street is worried that rising energy prices are causing consumers to pare their spending in other areas.

Gasoline prices hit a fresh high ahead of the July 4th holiday weekend, increasing half a penny to a new national record of $4.092 a gallon on average, according to AAA, the Oil Price Information Service and Wright Express.

Crude oil hit a record $144.32 a barrel in after-hours trading after reaching a record settlement of $143.57, an advance of $2.60 on the New York Mercantile Exchange. The Energy Department reported Wednesday that U.S. crude oil supplies fell more than expected last week.

Businesses are also struggling with elevated energy costs, and demand is weakening for autos, heavy machinery and steel. The Commerce Department said Wednesday that factory orders rose by 0.6 percent in May. The result was in line with a consensus of Wall Street economists surveyed by Thomson Financial, but was much smaller than the gain of 1.3 percent for April.

Traders were cautious ahead of the three-day weekend. The stock market closes three hours early, at 1 p.m. EDT, on Thursday before the Fourth of July holiday on Friday.

"It's your typical holiday week for the summer time," said Stephen Carl, principal and head of equity trading at The Williams Capital Group in New York. "I think we're all familiar with the economic problems out there," he said, and given how weak stocks have been, the market is "staying the course."

Lately, that course has been a downward one. Though stocks mostly posted modest gains in the first two sessions of the week, Wall Street saw a steep sell-off last week. The Dow lost 4.2 percent by Friday while the S&P and Nasdaq fell more than 3 percent amid concerns about the ability of the economy to move ahead with energy prices racing higher.

While Thursday's session is a shortened one, it could bring added insights into the well-being of consumers and the overall economy. The government's June employment report is due and is expected to show the sixth month of jobs losses but a slight improvement in the unemployment rate. Employment is crucial because consumer spending accounts for more than two-thirds of U.S. economic activity.

With concerns about rising energy prices, falling home values and a jittery Wall Street, Harry Clark, president of Clark Capital Management in Philadelphia, contends that many average investors have already pulled their money from the markets.

"I don't think this is an investors' market right now," he said. "I think there is a lot of money on the sidelines and once you get some kind of good catalyst -- anything to make the market look better -- they'll come rushing into the market."

Clark said Thursday's employment report could show that the economy is holding up better than some investors have predicted.

"I still think it's going to be negative but not as negative as people are expecting," he said. "Things aren't as bad as people think they are. We're talking ourselves into a market decline and a recession."

In corporate news, GM fell in part after a Citi Investment Research analyst cited liquidity concerns in slashing his price target on GM stock to $14 from $21. While he said the company isn't likely facing an immediate cash shortage, the concerns from 2008-09 have grown in recent months. The stock fell $1.77, or 15 percent, to $9.98 a day after jumping 12 percent on a better-than-expected sales report.

Microsoft Corp. has approached other media companies about a bid to acquire Yahoo Inc., according to a report in The Wall Street Journal. Yahoo rose 68 cents, or 3.4 percent, to $20.88, while Microsoft fell 99 cents, or 3.7 percent, to $25.88.

Blockbuster Inc. said it is withdrawing its proposal to buy Circuit City Stores Inc. Blockbuster said the proposed deal, at a price of more than $1 billion, didn't make sense because of market conditions. Blockbuster jumped 14 cents, or 5.6 percent, to $2.65, while Circuit City fell 23 cents, or 9 percent, to $2.32.

The Russell 2000 index of smaller companies fell 19.25, or 2.78 percent, to 672.34.

Declining issues outpaced advancers by nearly 3 to 1 on the New York Stock Exchange, where consolidated volume came to 5.15 billion shares, compared with 5.75 billion shares traded Tuesday.

Overseas, Japan's Nikkei stock average fell 1.31 percent. Britain's FTSE 100 fell 0.98 percent, Germany's DAX index slipped 0.17 percent, and France's CAC-40 fell 1.03 percent.

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

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