NYSE Dow Jones finished today at:

[bigdog]

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

NYSE is closed tomorrow for July 4 holiday

The Dow Jones industrial average ended the week down 57.97, or 0.51 percent, at 11,288.54. The Standard & Poor's 500 index finished down 15.48, or 1.21 percent, at 1,262.90. The Nasdaq composite index ended the week down 70.25, or 3.03 percent, at 2,245.38.

Wall Street capped a shortened trading week with a mixed finish Thursday after some uneven economic data: news of a contraction in the nation's services sector and a tame reading on employment. But stocks still had their third dismal week in a row, with the major indexes again posting losses as worries about rising oil prices and the fallout from the credit crisis dogged the market.

The NYSE DOW closed HIGHER by +73.03 points +0.65% on Thursday July 3

Sym Last........ ........Change..........
Dow 11,288.54 +73.03 +0.65%
Nasdaq 2,245.38 -6.08 -0.27%
S&P 500 1,262.90 +1.38 +0.11%
30-yr Bond 4.5310% +0.0280

NYSE Volume 3,281,819,000
Nasdaq Volume 1,432,670,620

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,476.60 +50.30 +0.93%
DAX 6,353.74 +48.32 +0.77%
CAC 40 4,343.99 +47.51 +1.11%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,265.40 -20.97 -0.16%
Hang Seng 21,242.78 -461.67 -2.13%
Straits Times 2,880.45 -25.78 -0.89%

http://biz.yahoo.com/ap/080703/wall_street.html
Stocks end mixed following jobs, services data
Thursday July 3, 5:23 pm ET
By Tim Paradis, AP Business Writer
Stocks end mixed after report shows contraction in service sector; GM lifts Dow industrials

NEW YORK (AP) -- Wall Street capped a shortened trading week with a mixed finish Thursday after some uneven economic data: news of a contraction in the nation's services sector and a tame reading on employment. But stocks still had their third dismal week in a row, with the major indexes again posting losses as worries about rising oil prices and the fallout from the credit crisis dogged the market.

Investors hoping for some guidance from two key economic reports got very little. The Institute for Supply Management said its index of service sector activity fell to 48.2 from 51.7 in May; the reading touched off more misgivings about the well-being of the economy.

The look at the service sector followed a largely as-expected report from the Labor Department, which said the nation's unemployment rate held steady at 5.5 percent last month. The government also reported that 62,000 jobs were lost in June, but that number was close to economists' forecasts.

The jobs report did appear to assuage some worries that the snapshot of the labor market would be more grim. Employment numbers are critical because consumers who are out of work or are nervous about losing their job are likely to cut their spending. They've already become cautious because of higher food and energy prices.

Christopher Molumphy, chief investment officer at Franklin Templeton fixed income group, said the employment figures don't point to a labor market in distress. "We are not seeing data that would be consistent with recessionary conditions," he said.

Molumphy also said the session's somewhat skewed trading was typical of a shortened session ahead of a holiday. Trading ended three hours early at 1 p.m. Eastern time, and the market was closing Friday for the Fourth of July.

"We try not to overanalyze some of the moves because I think you can easily do that," he said.

The Dow rose 73.03, or 0.65 percent, to 11,288.54.

Broader stock indicators ended mixed. The Standard & Poor's 500 index rose 1.38, or 0.11 percent, to 1,262.90, and the Nasdaq composite index fell 6.08, or 0.27 percent, to 2,245.38.

Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where consolidated volume came to 3.19 billion shares.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.98 percent from 3.96 percent late Wednesday.

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

Oil prices dominated trading during the week as they have for months. Light, sweet crude settled up $1.72 at a record $145.29 per barrel on the New York Mercantile Exchange after trading as high as $145.85 -- also a new record.

Nearly a month ago, on June 6, oil prices logged their biggest-ever one-day advance with a gain of nearly $11 a barrel. The rise that day to more than $138 a barrel and a nearly 400-point drop in the Dow at the time owed in part to comments from a Morgan Stanley analyst that oil would hit $150 a barrel by the Fourth of July.

While oil hasn't yet touched that level, rising prices have continued to weigh on stocks. Oil's rise Wednesday after two uneventful days of trading helped send the Dow down by more than 150 points and left the blue chips and the Nasdaq in bear market territory, where they remained by Thursday's close. The Standard & Poor's 500 index remains just shy of the 20 percent decline from its high that signals a bear market.

For the week, the Dow lost 0.51 percent, the S&P 500 fell 1.21 percent and the technology-laden Nasdaq declined 3.03 percent. The moves were milder than in the prior week, when stocks showed steep losses largely because of concerns about the surge in energy prices.

Dan Laufenberg, chief economist at Ameriprise Financial, said the modest growth the economy is managing to show will likely fade by next year.

"Unless you get some kind of relief on energy prices it looks the third quarter is going to be fairly weak as well," he said.

Thursday's employment report, while greeted with some relief, also brought some troubling insights. The nation's job losses in April and May turned out to be steeper than had been thought after revisions. A separate report showed that the number of newly laid off people seeking unemployment benefits jumped last week.

Investors are nervous about the strength of the job market in part because consumer spending accounts for more than two-thirds of U.S. economic activity. Consumers who are out of work or are nervous about losing their job are likely to trim their spending.

Investors will be looking for fresh insights next week with the arrival of corporate quarterly numbers. Aluminum producer Alcoa Inc., a component of the Dow industrials, is expected to unofficially start earnings season with a report due Tuesday. Monthly sales reports are also due from retailers.

The Russell 2000 index of smaller companies fell 6.56, or 0.98 percent, to 665.78.

Overseas, Japan's Nikkei stock average fell 0.16 percent. Britain's FTSE 100 rose 0.95 percent, Germany's DAX index rose 0.77 percent, and France's CAC-40 rose 1.11 percent.

The Dow Jones industrial average ended the week down 57.97, or 0.51 percent, at 11,288.54. The Standard & Poor's 500 index finished down 15.48, or 1.21 percent, at 1,262.90. The Nasdaq composite index ended the week down 70.25, or 3.03 percent, at 2,245.38.

The Russell 2000 index finished the week down 32.36, or 4.64 percent, at 665.78.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 12,815.47, down 265.55 points, or 2.03 percent, for the week. A year ago, the index was at 15,449.03.

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 lost more ground in extremely volatile trading Monday, as investors recoiled at a cautious economic outlook from a Federal Reserve official and the possibility of more financial troubles of Fannie Mae and Freddie Mac.

The market found only slight solace in retreating oil prices.

The NYSE DOW closed LOWER by -56.58 points -0.50% on Monday July 7

Sym Last........ ........Change..........
Dow 11,231.96 -56.58 -0.50%
Nasdaq 2,243.32 -2.06 -0.09%
S&P 500 1,252.31 -10.59 -0.84%
10 Yr Bond(%) 3.9300% -0.0430

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,512.70 +99.90 +1.85%
DAX 6,395.75 +123.54 +1.97%
CAC 40 4,342.59 +76.59 +1.80%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,360.04 +122.15 +0.92%
Hang Seng 21,913.06 +489.24 +2.28%
Straits Times 2,934.12 +41.58 +1.44%

http://biz.yahoo.com/ap/080707/wall_street.html
Stocks fall on worries about financial sector
Monday July 7, 5:39 pm ET
By Madlen Read, AP Business Writer
Stock market declines on worries about financial sector even as oil prices pull back sharply

NEW YORK (AP) -- Wall Street lost more ground in extremely volatile trading Monday, as investors recoiled at a cautious economic outlook from a Federal Reserve official and the possibility of more financial troubles of Fannie Mae and Freddie Mac.

The market found only slight solace in retreating oil prices.

San Francisco Federal Reserve President Janet Yellen said in a speech the financial markets remained fragile, and that it will take time for conditions to improve. "My expectation is that market functioning will improve markedly by 2009," she said. "But things could get worse before they get better."

The comments added to concerns raised in a note by Lehman Brothers analysts that Fannie and Freddie may need to raise more capital as the credit crisis continues. Worries about the ailing financial sector deflated a stock rally early in the day that had been fueled by a $4-a-barrel pullback in oil prices.

The market managed, however, to rebound from its lows of the day, when the Dow Jones industrial average sank to its worst level since mid-August of 2006. Some investors bought back into the market to take advantage of the low prices.

"The market is so skittish and so scared that half the people believe that this is just another leg of the down market and the other half believes that we're forming a bottom," said Frank Ingarra, assistant portfolio manager at Hennessy Funds.

The Dow fell 56.58, or 0.50 percent, to 11,231.96. Over the course of the day, the blue chips rallied, tumbled, rebounded, and then fell once more. The Dow fell as much as 167.80 to 11,120.74 -- its lowest trading level since Aug. 15, 2006 -- but was also up more than 100 in early trading.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 10.59, or 0.84 percent, to 1,252.31, and the Nasdaq composite index fell 2.06, or 0.09 percent, to 2,243.32.

The technology-dominated Nasdaq got a modest boost from Yahoo Inc., which rose $2.56, or 12 percent, to $23.91 after Microsoft Corp. expressed support for investor Carl Icahn's effort to oust Yahoo's board next month. Microsoft said a successful rebellion would encourage it to renew its takeover bid for Yahoo, or negotiate another deal.

Light, sweet crude fell $3.92 to close at $141.37 a barrel on the New York Mercantile Exchange, after falling by more than $5 a barrel at times.

The retreat did little to assuage fears about high energy prices, however. Wall Street, which has been hurtling stocks lower for the past few weeks, remains fearful that consumers are trimming their spending to pay for gasoline. With consumer spending accounting for more than two-thirds of U.S. economic activity, a pullback could create big ripples.

Government bonds rose. The 10-year Treasury note's yield, which moves opposite its price, fell to 3.91 percent from 3.98 percent last Thursday.

Volatility on Wall Street, as measured by the Chicago Board Options Exchange's volatility index, on Monday briefly hit its highest point since March, when worries about the financial markets peaked during the buyout of Bear Stearns Cos.

"It indicates that there was more fear entering the market than there had been in previous weeks," said Todd Salamone, director of trading and vice president of research at Schaeffer's Investment Research.

Fannie Mae fell $3.04, or 16.2 percent, to $15.74 and Freddie Mac fell $2.59, or 17.9 percent, to $11.91, after Lehman Brothers analysts said new accounting rules could require Fannie to raise $46 billion more capital and Freddie to raise $29 billion.

Citigroup Inc., JPMorgan Chase & Co., and Bank of America Corp. also saw their shares fall ahead of their earnings reports later this month. Citi fell 42 cents, or 2.5 percent, to $16.40; JPMorgan dropped $1.27, or 3.6 percent, to $34.04; and Bank of America fell 87 cents, or 3.9 percent to $21.53.

In addition to financials, Merck & Co. dragged on the Dow, falling $1.85, or 4.8 percent, to $36.60. A UBS analyst downgraded the drug maker, citing slowing sales of its HPV treatment Gardasil.

Meanwhile, General Motors Corp. is considering cutting more white-collar jobs and getting rid of some brands, according to a person familiar the company's discussions. The person asked not to be identified because no decisions have been made. GM shares, which recently sank to all-time lows, rose 12 cents to $10.24.

Investors haven't been as optimistic lately about the prospects for an economic recovery in the second half of 2008 as they once were. The Dow has fallen the last three weeks while the S&P 500 index and the Nasdaq have logged five straight weeks of declines. With drops of more than 20 percent from their October highs, the Dow and the S&P 500 entered bear market territory last week as rising oil stirred inflation concerns.

Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York, said some negative technical indicators on Thursday presaged the market's weakness Monday. Notably, there were no companies that set 52-week highs on the New York Stock Exchange on Thursday, Fullman said. "It's unusual to see a drop-off like that."

On Monday, the dollar traded mixed against other major currencies, while gold prices fell.

Declining issues outnumbered advancers by more than 2 to 1 on the New York Stock Exchange. Consolidated volume came to 5.21 billion shares, up from 3.19 billion shares on Thursday.

The Russell 2000 index of smaller companies fell 7.52, or 1.13 percent, to 658.26.

Overseas, Japan's Nikkei stock average rose 0.92 percent. Britain's FTSE 100 rose 1.85 percent, Germany's DAX index rose 1.97 percent and France's CAC-40 advanced 1.80 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

Stock markets overseas slid Tuesday before Wall Street's turnaround.

Wall Street finished sharply higher Tuesday as oil prices dropped for the second straight day and investors were encouraged by the possibility of more help for the ailing financial system. The Dow Jones industrials gained more than 150 points, and all the major indexes were up more than 1 percent.

The NYSE DOW closed HIGHER by +152.25 points +1.36% on Tuesday July 8

Sym Last........ ........Change..........
Dow 11,384.21 +152.25 +1.36%
Nasdaq 2,294.44 +51.12 +2.28%
S&P 500 1,273.70 +21.39 +1.71%
30-yr Bond 4.4560% -0.0480

NYSE Volume 6,088,251,500
Nasdaq Volume 2,532,076,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,440.50 -72.20 -1.31%
DAX 6,304.41 -91.34 -1.43%
CAC 40 4,275.61 -66.98 -1.54%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,033.10 -326.94 -2.45%
Hang Seng 21,220.81 -692.25 -3.16%
Straits Times 2,886.62 -47.50 -1.62%

http://biz.yahoo.com/ap/080708/wall_street.html
Stocks rise on decline in oil, Bernanke talk
Tuesday July 8, 5:51 pm ET
By Madlen Read, AP Business Writer
Stocks move higher as oil falls again, Fed considers extending lending efforts

NEW YORK (AP) -- Wall Street finished sharply higher Tuesday as oil prices dropped for the second straight day and investors were encouraged by the possibility of more help for the ailing financial system. The Dow Jones industrials gained more than 150 points, and all the major indexes were up more than 1 percent.

Crude prices tumbled $5.33 to settle at $136.04 a barrel on the New York Mercantile Exchange, bringing oil's two-day drop to more than $9. Other commodities also pulled back.

Speeches by Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and JPMorgan Chase & Co. Chief Executive Jamie Dimon gave the market some reassurance about the financial sector. Investors have been concerned this week about the health of government-backed lenders Fannie Mae and Freddie Mac; the two companies' troubles helped send prices lower on Monday, but they also helped lead the rebound Tuesday.

The market was relieved to hear Bernanke say in a speech the central bank might extend its lending efforts to investment banks; the Fed began allowing the big companies to borrow after the near-collapse of Bear Stearns Cos. earlier this year. At the Federal Deposit Insurance Corp.'s forum on mortgage lending, where Bernanke spoke, Dimon said "the future is very, very bright," but that "I do think we have some very serious issues to face."

Paulson, meanwhile, made an upbeat assessment of the government's efforts to prevent the volume of mortgage foreclosures that touched off the credit crisis last year, although he also said he expects foreclosures to continue.

The Treasury secretary also said he was pleased at steps taken by Freddie Mac and Fannie Mae to raise money: "Fresh capital will strengthen their balance sheets and allow them to provide additional mortgage capital, as they balance their responsibilities to their mission and to their shareholders."

All that helped stocks stage a late-afternoon rebound after choppy trading throughout most of the session.

"A lot of money is flowing into the previous laggards," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, pointing to financials, health, and housing stocks. "It really seems like an oversold bounce."

The Dow rose 152.25, or 1.36 percent, to 11,383.21, after moving in and out of positive territory. It was the biggest gain for the blue chips since June 13.

The advance left the Dow down 19.6 percent from its October high -- just shy of the 20 percent threshold that signals a bear market. The Dow and the Standard & Poor's 500 index have at times moved into bear territory in recent weeks, and it's likely that fluctuations will again take them there until Wall Street is able to put together a sustainable rally.

Broader stock indicators rose as well. The S&P 500 rose 21.39, or 1.71 percent, to 1,273.70, while the Nasdaq composite index rose 51.10, or 2.28 percent, to 2,294.42.

Bond prices edged higher Tuesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.89 percent from 3.91 percent late Monday.

A drop in commodities prices appeared to help quiet some of Wall Street's fears about inflation. The drop came as a possible signal that a slowing global economy is damping demand for energy and raw materials. Gold, silver, copper, corn and most other agriculture futures sank as oil fell. A rise in the dollar rose against other major currencies also made commodities less expensive.

Concerns about the housing market had weighed on investors the past few sessions. On Tuesday, the National Association of Realtors said Tuesday that pending sales of U.S. homes fell by 4.7 percent in May from the previous month. The worsening housing market not only stifles consumer spending, but also hurts the chances of a recovery at the banks that make loans and are invested in risky mortgage debt.

But by afternoon, the market's mood was lifting.

Shares of Fannie Mae rose $1.88, or 11.9 percent, to $17.62; and Freddie Mac jumped $1.55, or 13 percent, to $13.46. Both mortgage lenders would need capital if a new accounting rule is enacted that would force them to put investments used as a main revenue driver off their balance sheets.

"There was just a little light today that things might be better, a real relief bounce," said Ryan Larson, senior equity trader at Voyageur Asset Management. "Things have been beaten up so bad the past couple of weeks that investors are finding a little bit of value down here."

Anemic economic conditions led Office Depot Inc. to forecast a nearly 10 percent drop in quarterly sales at the office supplies retailer's North American stores that have been open at least a year. Office Depot shares fell $3.29, or 31 percent, to $7.12.

EMC Corp., tumbled $1.75, or 11.5 percent, to $13.39. The company is the majority owner of VMware, whose co-founder and CEO is leaving the company.

Investors could find further room for optimism Wednesday. Aluminum producer Alcoa Inc. posted stronger-than-expected second-quarter earnings. While profits fell 24 percent from costs tied to raw materials and facility outages, the decline wasn't as steep as Wall Street had expected. Its stock rose in after-hours trading after falling $1.06 to $32.33 in regular trading, following other commodities producers lower.

The Russell 2000 index of smaller companies rose 24.46, or 3.72 percent, to 682.72.

Advancing issues outnumbered decliners by a 2 to 1 basis on the New York Stock Exchange, where consolidated volume came to 5.92 billion shares compared with 5.21 billion shares Monday.

Stock markets overseas slid Tuesday before Wall Street's turnaround. Japan's Nikkei stock average finished down 2.45 percent, Britain's FTSE 100 fell 1.31 percent, Germany's DAX index fell 1.43 percent and France's CAC-40 fell 1.54 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 stumbled through another volatile session but ended with a respectable gain Thursday after a multibillion dollar deal between Dow Chemical Co. and rival Rohm and Haas Co. helped offset concerns about the financial sector and energy costs.

The NYSE DOW closed HIGHER by +81.58 points +0.73% on Thursday July 10

Sym Last........ ........Change..........
Dow 11,229.02 +81.58 +0.73%
Nasdaq 2,257.85 +22.96 +1.03%
S&P 500 1,253.39 +8.71 +0.70%
10 Yr Bond(%) 3.8110%


Europe
Symbol... Last...... .....Change.......
FTSE 100 5,406.80 -122.80 -2.22%
DAX 6,305.00 -81.46 -1.28%
CAC 40 4,231.56 -108.10 -2.49%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,067.21 +15.08 +0.12%
Hang Seng 21,821.78 +15.97 +0.07%
Straits Times 2,901.58 -16.04 -0.55%

http://biz.yahoo.com/ap/080710/wall_street.html
Wall Street gains amid financial worries
Thursday July 10, 6:28 pm ET
By Tim Paradis, AP Business Writer
Wall Street notches gain after Dow Chemical deal, but worries remain about financials, oil

NEW YORK (AP) -- Wall Street stumbled through another volatile session but ended with a respectable gain Thursday after a multibillion dollar deal between Dow Chemical Co. and rival Rohm and Haas Co. helped offset concerns about the financial sector and energy costs.

Shares of mortgage finance companies Fannie Mae and Freddie Mac skidded lower on worries they will be forced to sell more new shares than anticipated to compensate for losses from the housing slump. Several retail banks and investment banks also dropped, particularly Lehman Brothers Holdings Inc.

The declines in financials came after Treasury Secretary Henry Paulson told Congress Wall Street can't expect the government to bail out troubled financial companies.

"For market discipline to effectively constrain risk, financial institutions must be allowed to fail," Paulson said.

Meanwhile, crude oil prices rebounded by more than $5 to more than $141 a barrel.

Though investors found a reason to buy after Dow Chemical's $15 billion all-cash acquisition of the special chemicals maker Rohm and Haas, they are cautious ahead of quarterly earnings, in particular financial results due next week.

"Investors lack real clarity from the banks," said Marc Pado, U.S. market strategist at Cantor Fitzgerald in New York. "It's this uncertainty that keeps investors out of the market so what you get is a situation where you're reacting to news. There are a lot of crosscurrents."

The Dow Jones industrial average finished up 81.58, or 0.73 percent, at 11,229.02. Oil's resurgence back above $141 a barrel briefly pulled the Dow into negative territory in afternoon trading.

Broader stock indicators also finished higher. The Standard & Poor's 500 index gained 8.70, or 0.70 percent, to 1,253.39, while the Nasdaq composite index rose 22.96, or 1.03 percent, to 2,257.85.

Light, sweet crude for August delivery rose $5.60 to $141.65 a barrel on the New York Mercantile Exchange on another missile test by Iran and worries about more supply disruptions in Nigeria.

Bond prices ticked higher as stocks fluctuated. The yield on the benchmark 10-year Treasury note, which moves opposite to its price, slipped to 3.80 percent from 3.82 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.

The biggest decliner among the 30 Dow companies was American International Group Inc, which tumbled $2.15, or 8.2 percent, to $23.99. On Wednesday night, credit ratings agency Moody's Investors Service lowered its financial strength rating on AIG's mortgage insurance subsidiary.

Freddie Mac fell $2.26, or 22 percent, to $8, and Fannie Mae fell $2.11, or 13.8 percent, to $13.20. Lehman fell $2.44, or 12.4 percent, to $17.30.

Shares of Wachovia Corp. also sank Thursday, after the bank named a new CEO Wednesday night. Wachovia fell $1.16, or 8.1 percent, to $13.13.

In economic data, the Labor Department said new applications for unemployment insurance fell by a seasonally adjusted 58,000 to 346,000 last week. But continuing claims rose, indicating lingering weakness in the labor market.

The number of people continuing to receive unemployment benefits jumped by 91,000 to 3.2 million for the week ending June 28, the most recent period for which that information is available. The gain leaves the filings at the highest level since late December 2003.

In corporate news, Wal-Mart Stores Inc. credited sales of groceries and tax rebate checks with giving a boost to June results, and it raised its forecast for the current quarter.

The world's largest retailer said its same-store sales, or sales at stores open at least a year, rose 5.8 percent for the five weeks ended July 4. Including fuel, same-stores sales rose 6.4 percent. Analysts had expected a gain of 3.8 percent according to Thomson Financial. The stock fell 46 cents to $57.21.

Costco Wholesale Corp. dropped $1.29 to $70.86 although it reported that same-store sales rose 9 percent in June including sales of gasoline.

Discounters have been beneficiaries of consumers' search for ways to help their strained household budgets. The health of the consumer is a concern for Wall Street, as consumer spending accounts for more than two-thirds of U.S. economic activity.

Advancing issues narrowly outnumbered decliners on the New York Stock Exchange. Consolidated volume came to 5.71 billion shares, up from 5.06 billion shares on Wednesday.

The Russell 2000 index of smaller companies rose 6.69, or 1.01 percent, to 670.44.

Overseas, Japan's Nikkei stock average rose 0.12 percent. Britain's FTSE 100 fell 2.22 percent, Germany's DAX index declined 1.28 percent, and France's CAC-40 fell 2.49 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 188.00, or 1.67 percent, at 11,100.54. The Standard & Poor's 500 index finished down 23.41, or 1.85 percent, at 1,239.49. The Nasdaq composite index ended the week down 6.30, or 0.28 percent, at 2,239.08.

http://biz.yahoo.com/ap/080712/wall_main.html
Investors set for another tough earnings season
Saturday July 12, 1:42 am ET
By Joe Bel Bruno, AP Business Writer
Financial stocks set to lower S&P 500 earnings 13.5 percent during second quarter

NEW YORK (AP) -- Investors already disheartened about the growing problems of the financial sector and the soaring price of oil are facing more depressing news with the release of second-quarter earnings reports.

The coming week will bring the first big wave of results from America's largest companies, including seven Dow Jones industrial average components and 53 members of the Standard & Poor's 500 index. Investors shouldn't expect much: Earnings for all the companies in the S&P 500 index are forecast by the rating agency to be down 10 percent from a year earlier.

The NYSE DOW closed LOWER by -128.48 points -1.14% on Friday July 11

Sym Last........ ........Change..........
Dow 11,100.54 -128.48 -1.14%
Nasdaq 2,239.08 -18.77 -0.83%
S&P 500 1,239.49 -13.90 -1.11%
30-yr Bond 4.5170% +0.0960

NYSE Volume 6,799,584,500
Nasdaq Volume 2,394,446,000


Europe
Symbol... Last...... .....Change.......
FTSE 100 5,261.60 -145.20 -2.69%
DAX 6,153.30 -151.70 -2.41%
CAC 40 4,100.64 -130.92 -3.09%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,039.69 -27.52 -0.21%
Hang Seng 22,184.55 +362.77 +1.66%
Straits Times 2,926.84 +25.26 +0.87%

http://biz.yahoo.com/ap/080711/wall_street.html
Stocks end lower amid worries on Fannie, Freddie
Friday July 11, 10:52 pm ET
By Tim Paradis, AP Business Writer
Stocks finish volatile week by ending down more than 128 points on Fannie, Freddie worries

NEW YORK (AP) -- Wall Street's angst over the ongoing fallout from the credit crisis made for a turbulent end to a volatile week Friday -- stocks tumbled, soared and then turned south again as investors tried to assess the dangers faced by the country's biggest mortgage financiers, Fannie Mae and Freddie Mac.

The Dow Jones industrial average, which traded down more than 250 points in the session, briefly moved into positive territory Friday before ending down more than 128 points. The blue chips also traded below 11,000 for the first time in two years. And all the major indexes ended with another losing week.

A new high for oil prices above $147 a barrel also weighed on stocks.

The fate of the government-chartered companies was a focus of trading Friday as it had been earlier in the week. Shares of Fannie Mae and Freddie Mac fell sharply over several sessions on concerns about their stability. Wall Street is worried that a collapse of the two financiers would cause further shock to the financial system, and trigger more losses to banks and brokerages with significant holdings of mortgage-backed securities.

The well-being of Fannie Mae and Freddie Mac is crucial because they hold or guarantee about $5 trillion worth of mortgages, or about half the outstanding mortgages in the United States. Their troubles are just the latest depressing turn in a year-old credit crisis that shows no sign of ending, disappointing some stock traders who thought just months ago that the worst was perhaps over.

Stocks fluctuated late in the session amid varying reports that the Federal Reserve could aid Freddie Mac and Fannie Mae.

Sen. Christopher Dodd, D-Conn., the Senate Banking Committee chairman, raised the prospect that the companies could be given access to emergency Federal Reserve lending. Dodd, who spoke Friday to Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson, said the two are "looking at various options" for propping up the firms if they ultimately need help. Those include giving them access to the Fed's emergency lending "discount window," Dodd said.

But a Fed spokeswoman said later the central bank had not talked with Fannie and Freddie about the emergency lending program. She declined to discuss any other options being considered.

Earlier this year, the Federal Reserve took the unprecedented step of offering direct loans to investment banks from its discount window.

Some observers noted that Freddie Mac and Fannie Mae weren't short of cash, but of access to capital.

"The issue is who is going to make good on the long-term debt, not who is going to provide them with short-term cash," said Jerry Webman, chief economist at Oppenheimer Funds Inc. in New York.

"It started with housing but it's now turning into this issue of availability of capital," he said of the overall problems in the financial sector.

The concerns left the Dow down 128.48, or 1.14 percent, to end at 11,100.54 after having fallen to 10,977.68. It last traded below 11,000 on July 25, 2006.

Broader stock indicators also logged declines. The Standard & Poor's 500 index fell 13.90, or 1.11 percent, to 1,239.49, and the Nasdaq composite index fell 18.77, or 0.83 percent, to 2,239.08.

Friday's drop meant Wall Street moved squarely into a bear market, which is defined as a 20 percent drop from a recent peak. The Dow is down 21.6 percent from the record closing high of 14,164.53 it reached in October. The S&P 500 is down 20.8 percent and the Nasdaq is off 21.7 percent.

The market's other trouble spot, oil, continued its ascent, rising to a trading record of $147.27 amid tensions between the West and Iran. Light, sweet crude for August delivery settled up $3.43 at $145.08, slightly below a record close of $145.29 a barrel set more than a week earlier.

Bond prices fell sharply as investors worried a bailout of Fannie Mae and Freddie Mac could dent the government's credit rating. Ordinarily, bonds are seen as a safe haven during stock market pullbacks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.96 percent from 3.80 percent late Thursday. The dollar was mixed against other major currencies, while gold prices rose.

Worries about financials dominated trading. Freddie Mac fell 25 cents, or 3.1 percent, at $7.75, after trading as low as $3.89 in the session. Fannie Mae tumbled $2.95, or 22 percent, to $10.25 after trading as low as $6.68.

Lehman Brothers Holdings Inc. fell $2.87, or 16.6 percent, to $14.43 as traders fretted that the No. 4 investment bank will succumb to soured debt.

Citigroup Inc., also struggling with the consequences of failed mortgages, announced it will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion. Global banks and brokerages have scrambled to sell assets and raise capital in an effort to offset nearly $300 billion of write-downs linked to the credit crisis. Citi slipped 9 cents to $16.19.

Investors remain cautious about the entire financial sector, especially ahead of second-quarter reports due next week from major names like JPMorgan Chase & Co. and Merrill Lynch & Co. JPMorgan declined $1.35, or 3.9 percent, to $33.16 and Merrill fell $1.10, or 3.8 percent, to $27.61.

"I'm almost not worried about what they report," said Bill Stone, chief investment strategist for PNC Wealth Management, referring to Wall Street's already low expectations for the companies. "How much can they punish these things?"

Friday's confluence of negative news offset a mostly positive quarterly report from General Electric Co. The industrial and financial conglomerate reported second-quarter profits that met analysts' expectations. The company said the forecast across its business lines was mixed. The stock rose 2 cents to $27.66.

In economic news, the United States' trade deficit narrowed in May as exports -- including industrial supplies and consumer goods -- climbed to all-time highs. The Commerce Department said growing exports drove the trade gap down to $58.8 billion, a 1.2 percent decrease from April and the best showing since March.

The good news did little to buoy investors' moods.

"I don't know if it can get much worse," Stone said of investor sentiment. "Usually you get this horrible sentiment and you're due for at least a bounce out of it."

Beyond earnings reports, economic figures are due next week on inflation, retail sales and the housing market.

Declining issues outnumbered advancers in Friday's session by about 2 to 1 on the New York Stock Exchange, where consolidated volume came to a heavy 6.57 billion shares compared with 5.71 billion shares traded Thursday.

The Russell 2000 index of smaller companies rose 4.51, or 0.67 percent, to 674.95.

Overseas, Japan's Nikkei stock average fell 0.21 percent. Britain's FTSE 100 fell 2.69 percent, Germany's DAX index declined 2.41 percent, and France's CAC-40 fell 3.09 percent.

The Dow Jones industrial average ended the week down 188.00, or 1.67 percent, at 11,100.54. The Standard & Poor's 500 index finished down 23.41, or 1.85 percent, at 1,239.49. The Nasdaq composite index ended the week down 6.30, or 0.28 percent, at 2,239.08.

The Russell 2000 index finished the week up 9.17, or 1.38 percent, at 674.95.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 12,635.43, down 180.04 points, or 1.40 percent, for the week. A year ago, the index was at 15,382.73.

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 extended its slump into yet another week Monday as investors worried that even a safety net set up for mortgage financiers Fannie Mae and Freddie Mac won't head off further troubles in the financial markets.

Investors' latest unease about the banking sector comes in a week when many financial names are to issue quarterly reports -- many of which will likely include sizable write-downs of souring mortgage debt.

The NYSE DOW closed LOWER by -45.35 points -0.41% on Monday July 14

Sym Last........ ........Change..........
Dow 11,055.19 -45.35 -0.41%
Nasdaq 2,212.87 -26.21 -1.17%
S&P 500 1,228.30 -11.19 -0.90%
10 Yr Bond(%) 3.88% -0.06

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,300.40 +38.80 +0.74%
DAX 6,200.25 +46.95 +0.76%
CAC 40 4,142.53 +41.89 +1.02%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,010.16 -29.53 -0.23%
Hang Seng 22,014.46 -170.09 -0.77%
Straits Times 2,904.38 -22.46 -0.77%

http://biz.yahoo.com/ap/080714/wall_street.html
Stocks decline as worries about financials persist
Monday July 14, 5:48 pm ET
By Tim Paradis, AP Business Writer
Stocks decline as investors weigh plan for lenders, face concern about other financials

NEW YORK (AP) -- Wall Street extended its slump into yet another week Monday as investors worried that even a safety net set up for mortgage financiers Fannie Mae and Freddie Mac won't head off further troubles in the financial markets.

Investors' latest unease about the banking sector comes in a week when many financial names are to issue quarterly reports -- many of which will likely include sizable write-downs of souring mortgage debt.

The Treasury and the Federal Reserve said Sunday they would aid Fannie Mae and Freddie Mac if needed. Wall Street has been on edge about the well-being of the government-chartered companies because they together hold or back $5.3 trillion of mortgage debt, about half the outstanding mortgages in the United States. Washington's efforts to shore up confidence in Fannie Mae and Freddie Mac at times helped those shares Monday but troubles arose in other corners of the financial sector.

Investors worried about a run on IndyMac Bancorp Inc. that led to the bank's takeover by the government Friday. IndyMac is the largest regulated thrift to fail.

Trading in shares of regional bank National City Corp. was briefly halted as the company responded to rumors of financial troubles. The bank said in a statement it is experiencing "no unusual depositor or creditor activity" and that as of Friday's close it had more than $12 billion of excess short-term liquidity.

The rumors and sell-off of regional banks reflect the unease investors have about where financial troubles might emerge.

"My sense is that investors are taking a pretty cautious stance," said Jack A. Ablin, chief investment officer at Harris Private Bank in Chicago. "The government can't bail out the whole industry."

The Dow Jones industrial average fell 45.35, or 0.41 percent, to 11,055.19 after spiking nearly 140 points in early trading.

Worries over Fannie Mae and Freddie Mac on Friday led to a volatile session in which the Dow dipped below the 11,000 mark for the first time in about two years before paring its losses; the market suffered its fourth straight losing week.

Broader stock indicators also dropped Monday. The Standard & Poor's 500 index fell 11.19, or 0.90 percent, to 1,228.30, and the Nasdaq composite index fell 26.21, or 1.17 percent, to 2,212.87.

Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where volume came to 5.29 billion shares, down from a very heavy 6.57 billion on Friday.

Bond prices jumped as investors sought the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its yield, fell to 3.86 percent from 3.96 percent late Friday.

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

Light, sweet crude settled up 10 cents at $145.18 a barrel on the New York Mercantile Exchange.

Fannie Mae and Freddie Mac were volatile after tumbling last week amid concerns they would succumb to losses in their mortgage portfolios. The Fed said it would lend to the two companies "should such lending prove necessary." Treasury Secretary Henry Paulson said his department is asking Congress for quick approval of a plan to expand its line of credit to the two companies and to make an equity investment in them if necessary.

Fannie Mae fell 52 cents, or 5.1 percent, to $9.73, while Freddie Mac fell 64 cents, or 8.3 percent, to $7.11.

While the companies say they have adequate access to capital, the government's effort to help the companies is designed to reassure investors who have grown nervous about further fallout from the nearly year-old credit crisis.

"There's a disconnect with saving Fannie and Freddie and bailing out the shareholders," Ablin said. "If the government steps in and ultimately creates a bailout of these entities, I'd be astounded if equity holders were left with anything. I think the market is realizing that."

National City fell 65 cents, or 14.7 percent, to $3.77.

Other banks declined, too: Washington Mutual Inc. fell $1.72, or 34.8 percent, to $3.23.

Jeff Kleintop, chief market strategist at LPL Financial Services in Boston, said investors are pouncing on banks in regions where the housing market pullback has been the steepest, thinking they are likely to have the greatest exposure to bad mortgage debt.

"We might not be seeing depositors make a run on the banks today but we're certainly seeing investors do that," he said.

"I think it's concern about another IndyMac -- that credit ratios are deteriorating so rapidly."

Outside the financial sector, Anheuser-Busch Cos. agreed to a sweetened $52 billion takeover bid from Belgian brewer InBev SA. The deal involving a marquee name in American business combines the maker of Budweiser and Bud Light with the producer of Stella Artois and Beck's. Anheuser-Busch rose 37 cents to $66.87.

Yahoo Inc. revealed Saturday it had rejected Microsoft Corp.'s latest attempt to acquire its online search engine in a joint proposal made with activist investor Carl Icahn, who is leading an effort to remove Yahoo's current board. Yahoo fell $1, or 4.2 percent, to $22.57, while Microsoft slipped 14 cents to $22.57.

The renewed concerns about the financial sector come in what is expected to be a busy week for corporate news, with a steady stream of quarterly results due from names like Intel Corp., Cola-Cola Corp., Microsoft Corp. and Citigroup Inc.

The Russell 2000 index of smaller companies fell 10.45, or 1.55 percent, to 664.50.

Overseas, Japan's Nikkei stock average rose 0.45 percent. Britain's FTSE 100 rose 0.74 percent, Germany's DAX index rose 0.76 percent, and France's CAC-40 advanced 1.02 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

Wall Street ended a whipsaw day mostly lower, as fears of escalating instability in the financial sector kept investors on edge despite a steep retreat in oil. The Dow Jones industrials on Tuesday had their first close below 11,000 since July 2006.

The NYSE DOW closed LOWER by -92.65 points -0.84% on Tuesday July 15

Sym Last........ ........Change..........
Dow 10,962.54 -92.65 -0.84%
Nasdaq 2,215.71 +2.84 +0.13%
S&P 500 1,214.91 -13.39 -1.09%
10 Yr Bond(%) 3.84% -0.04


Europe
Symbol... Last...... .....Change.......
FTSE 100 5,171.90 -128.50 -2.42%
DAX 6,081.70 -118.55 -1.91%
CAC 40 4,061.15 -81.38 -1.96%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,754.56 -255.60 -1.96%
Hang Seng 21,174.77 -839.69 -3.81%
Straits Times 2,830.75 -73.37 -2.53%

http://biz.yahoo.com/ap/080715/wall_street.html
Stocks end mostly lower even as oil prices retreatTuesday July 15, 5:46 pm ET
By Madlen Read, AP Business Writer
Dow finishes below 11,000 as bank worries keep market volatile amid oil price pullback


NEW YORK (AP) -- Wall Street ended a whipsaw day mostly lower, as fears of escalating instability in the financial sector kept investors on edge despite a steep retreat in oil. The Dow Jones industrials on Tuesday had their first close below 11,000 since July 2006.

Just days after the government said it would aid Fannie Mae and Freddie Mac if necessary, Federal Reserve Chairman Ben Bernanke told Congress the U.S. economy faces "numerous difficulties." During the day's testimony, Treasury Secretary Henry Paulson also said the Bush administration has no immediate plans to lend money to the mortgage giants or buy their stock.

Shares of Fannie and Freddie -- which together hold or back nearly half of all the nation's mortgages -- tumbled again.

The stock market did benefit from some bargain-hunting as oil retreated from its near-record levels, but the uncertainty of the financial sector made that recovery hard to sustain. If oil prices stabilize or retreat, consumers might feel more comfortable spending on discretionary items, and in turn help the economy.

"There's definitely a correlation between high energy prices and low consumer spending, and we need that to abate to get us a break," said Kim Caughey, equity research analyst at Fort Pitt Capital Group.

A barrel of light, sweet crude dropped $6.44 to settle at $138.74 on the New York Mercantile Exchange as traders bet that the weak economy in the United States and elsewhere will take its toll on global demand.

While some of the market's most battered bank stocks -- including Washington Mutual Inc., Lehman Brothers Holdings Inc., and regional bank First Horizon National Corp. -- finished higher Tuesday, most bank stocks gave up their brief rallies by the end of the session.

The Dow fell 92.65, or 0.84 percent, to 10,962.54. It was the blue chips' lowest close since July 21, 2006; the high price of oil is one of the major reasons the Dow has been trading at nearly two-year lows.

Broader stock indicators ended mixed. The Standard & Poor's 500 index fell 13.39, or 1.09 percent, to 1,214.91, while the Nasdaq composite index rose 2.84, or 0.13 percent, to 2,215.71.

The technology-dominated Nasdaq got a lift from Microsoft Corp., which rose $1, or 4 percent, to $26.15 after an Oppenheimer & Co. analyst said the software company's shares "look attractive" ahead of its quarterly results scheduled for Thursday.

Intel Corp. also rose ahead of its earnings, which were released after the market closed Tuesday and showed a 25 percent profit increase that beat analysts' expectations. After advancing 24 cents to $20.71 in regular trading, Intel shares rose another 29 cents to $21.00 in after-hours trading.

Treasury prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.82 percent from 3.86 percent late Monday.

Among the stronger stocks of the day were Lehman, which rose 82 cents, or 6.6 percent, to $13.22; WaMu, which rose 38 cents, or 11.8 percent, to $3.61; and First Horizon, which rose 85 cents, or 16.9 percent, to $5.89. First Horizon named a new CEO on Tuesday.

But Fannie Mae fell $2.66, or 27 percent, to $7.07, and Freddie Mac fell $1.85, or 26 percent, to $5.26. Treasury Secretary Henry Paulson said that if the government extends financial backing to the two institutions, it will be done "under terms and conditions that protect the U.S. taxpayer."

In a bid to protect Fannie Mae and Freddie Mac, Securities and Exchange Commission Chairman Christopher Cox said to Congress Tuesday that the SEC will broaden existing rules prohibiting naked short selling of banks and broker dealers.

Short-selling is a type of speculation, where a trader sells securities he doesn't own; essentially, it's a bet that a stock will fall. Naked short-selling is when a trader makes such a bet without arranging to borrow the stock first.

Another big decliner was American International Group Inc., which suffered the worst percentage drop in the Dow on Tuesday. AIG shares fell $1.20, or 5.32 percent, to $32 after a Wachovia analyst lowered his rating and earnings estimate for the beleaguered insurer.

Citigroup Inc., another Dow stock, traded as low as $14.01 Tuesday before closing down 66 cents, or 4.3 percent, at $14.56. Citigroup has not traded that low since the company was formed on Oct. 8, 1998, after the merger of Citicorp and Travelers Group. That day, the stock slid to $13.29.

General Motors Corp. saw the largest rebound among the 30 Dow stocks after announcing plans to lay off salaried workers, reduce truck production, suspend its dividend and borrow $2 billion to $3 billion as it adjusts to a weakening U.S. market. GM shares rose 46 cents, or 4.9 percent, to $9.84.

In economic data, the Labor Department said core inflation at the wholesale level, which excludes energy and food, ticked up by just 0.2 percent, but that overall wholesale prices jumped by a larger-than-expected 1.8 percent -- the biggest gain since November.

U.S. consumers have been monitoring their budgets more carefully in the face of higher energy prices, falling home values and an uncertain jobs climate. The Commerce Department reported Tuesday that retail sales edged up by 0.1 percent in June, a weaker amount than expected, due to plummeting sales at car dealerships.

"The bottom line is, eventually, oil as a commodity is going to react to the overall economy," said Dan Alpert, managing director at the investment bank Westwood Capital.

The Russell 2000 index of smaller companies fell 2.15, or 0.32 percent, to 662.35.

Declining issues outnumbered advancers by nearly 3 to 1 on the New York Stock Exchange. Consolidated volume came to a heavy 7.26 billion shares, up from 5.29 billion shares Monday.

Overseas, Japan's Nikkei stock average fell 1.96 percent, Britain's FTSE 100 fell 2.42 percent, Germany's DAX index fell 1.91 percent, and France's CAC-40 fell 1.96 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 at least temporarily shrugged off some of its many concerns Wednesday and bounded higher thanks to a drop in oil prices. The Dow Jones industrial average rose 276 points, or 2.5 percent, posting its best daily gain in three months.

The NYSE DOW closed HIGHER by +276.74 points +2.52% on Wednesday July 16

Sym Last........ ........Change..........
Dow 11,239.28 +276.74 +2.52%
Nasdaq 2,284.85 +69.14 +3.12%
S&P 500 1,245.36 +30.45 +2.51%
10 Yr Bond(%) 3.9340% +0.0900

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,150.60 -21.30 -0.41%
DAX 6,155.37 +73.67 +1.21%
CAC 40 4,112.45 +51.30 +1.26%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,760.80 +6.24 +0.05%
Hang Seng 21,223.50 +48.73 +0.23%
Straits Times 2,835.32 +4.57 +0.16%

http://biz.yahoo.com/ap/080716/wall_street.html
Stocks soar on drop in oil, Wells Fargo report
Wednesday July 16, 5:51 pm ET
By Tim Paradis, AP Business Writer
Dow jumps 276 points as drop in oil prices eases some concern about rising inflation

NEW YORK (AP) -- Wall Street at least temporarily shrugged off some of its many concerns Wednesday and bounded higher thanks to a drop in oil prices. The Dow Jones industrial average rose 276 points, or 2.5 percent, posting its best daily gain in three months.

The broader Standard & Poor's 500 index also gained 2.5 percent, while the technology-dominated Nasdaq composite index surged 3.1 percent. Investors exited government bonds and back into stocks as it appeared that the slowing economy will curtail demand for fuel and, in turn, energy costs.

Light, sweet crude fell $4.14 to settle at $134.60 a barrel on the New York Mercantile Exchange, bringing its two-day decline to $10.58.

In addition to sinking oil prices, investors found relief in a decision by Wells Fargo & Co. to boost its dividend that helped counter some of the market's concerns about the health of banks. The San Francisco-based bank's move to raise its payout, along with its tamer-than-expected profit decline, was seen as a bullish sign for the troubled sector.

Still, the Labor Department's report that consumer prices shot up in June at the second fastest pace in 26 years reminded investors that inflation still poses a threat to economic growth.

And Wall Street remains uncertain about the economy and specifically the financial sector. This week has brought fresh attention to potential trouble spots in the mortgage market. Fannie Mae and Freddie Mac, the government-chartered mortgage financiers, are still a concern, as are regional banks that could have bad mortgage debt on their books.

But, for the moment, investors were pleased by the drop in oil from record levels.

"I think the pullback in oil is significant. The market and the market participants clearly had digested what the impact was going to be if oil prices had stayed at that level," said Dan Genter, president and chief investment officer of RNC Genter in Los Angeles.

The Dow rose 276.74, or 2.52 percent, to 11,239.28. It was the blue-chips' biggest one-day gain since April 1, when the index rose 391 points.

On Tuesday, stocks ended mostly lower on continuing worries about the financial sector; the Dow logged its first close below 11,000 since July 2006.

Broader stock indicators also rose Wednesday after fluctuating in the early going. The S&P 500 index advanced 30.45, or 2.51 percent, to 1,245.36, and the Nasdaq rose 69.14, or 3.12 percent, to 2,284.85.

Advancing issues narrowly outpaced decliners by more than 3 to 1 on the New York Stock Exchange, where consolidated volume came to 6.58 billion shares, down from 7.26 billion on Tuesday.

While Wednesday's advance likely indicates some enthusiasm among investors, it could also reflect simple bargain hunting rather than a great change in conviction. With many quarterly reports due in the coming weeks, many investors remain uncertain about the health of the economy.

Bond prices declined. The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 3.94 percent from 3.82 percent late Tuesday.

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

Oil prices declined after Energy Department figures showed that domestic inventories of crude oil and gasoline rose last week, rather than declining as analysts had expected.

"I think what you're seeing is people are feeling more confident that civilization as we know it is not going to cease to exist and that we're going to make a landing here," Genter said of the decline in oil. "The negative is there is not much of a catalyst here to really pick us up and get us back in the air."

The Labor Department's report that its Consumer Price Index rose 1.1 percent in June came after economists had expected a gain of 0.8 percent. Two-thirds of the increase is linked to surging energy prices. The core reading, which excludes often volatile food and energy costs, ticked up 0.3 percent.

Wall Street has been concerned in recent months that rising prices for necessities like food and fuel would force investors to curb their spending in other areas. A pullback is a disturbing prospect for investors as consumer spending accounts for more than two-thirds of U.S. economic activity. In addition, rising prices could lead the Federal Reserve to raise interest rates, a move that risks derailing economic growth by making access to capital more expensive.

Beyond the inflation reading, which follows a report Tuesday that showed a 1.8 percent increase in wholesale prices for June, investors examined a Fed report that industrial production rose 0.5 percent in June after declining 0.2 percent in May. The increase was the highest since a 0.6 percent gain in July of last year.

Minutes from the last month's meeting of the Federal Open Market Committee, the arm of the Fed that sets interest rates, indicated that policymakers believed that the next move on rates would be an increase. The Fed in June broke a string of reductions by leaving rates unchanged at its last meeting, a recognition that lower rates had weighed on the dollar and led to increases in commodities such as oil and food.

But given the big developments in the financial system over the past several days, the minutes were largely regarded by the market as old news.

It was a huge day for sectors such as financials and airlines that have seen massive sell-offs recently.

Wells Fargo & Co. said its second-quarter earnings fell 22 percent as more customers at the nation's fifth-largest bank failed to repay loans. But the company's results beat Wall Street expectations, and investors were pleased by Wells Fargo's decision to raise its quarterly dividend to 34 cents from 31 cents. Wells Fargo rose $6.72, or 32.8 percent, to $27.23.

Delta Air Lines Inc. rose $1.24, or 26.6 percent, to $5.91 after reporting that high fuel prices led to a hefty second-quarter loss despite a strong increase in sales. The results topped Wall Street estimates, however, which excluded one-time items.

The Russell 2000 index of smaller companies rose 24.40, or 3.68 percent, to 686.75.

Overseas, Japan's Nikkei stock average rose 0.05 percent. Britain's FTSE 100 fell 0.60 percent, Germany's DAX index rose 1.21 percent, and France's CAC-40 rose 1.26 percent.

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

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

 

[bigdog]

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

Wall Street shot higher Thursday, extending its rally into a second session as tumbling energy prices bolstered an already upbeat mood that followed stronger-than-expected quarterly reports from big names like JPMorgan Chase and United Technologies. The Dow Jones industrial average rose more than 200 points, bringing their two-day advance to more than 480.

The NYSE DOW closed HIGHER by +207.38 points +1.85% on Thursday July 17

Sym Last........ ........Change..........
Dow 11,446.66 +207.38 +1.85%
Nasdaq 2,312.30 +27.45 +1.20%
S&P 500 1,260.31 +14.95 +1.20%
30-yr Bond 4.6380% +0.0560

NYSE Volume 6,896,996,500
Nasdaq Volume 2,633,217,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,286.30 +135.70 +2.63%
DAX 6,271.27 +115.90 +1.88%
CAC 40 4,225.99 +113.54 +2.76%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,887.95 +127.15 +1.00%
Hang Seng 21,734.72 +511.22 +2.41%
Straits Times 2,864.10 +28.78 +1.02%

http://biz.yahoo.com/ap/080717/wall_street.html
Stocks end higher on falling energy prices
Thursday July 17, 4:34 pm ET
By Tim Paradis, AP Business Writer
Stocks extend gains from upbeat corporate profit reports as energy prices show steep declines

NEW YORK (AP) -- Wall Street shot higher Thursday, extending its rally into a second session as tumbling energy prices bolstered an already upbeat mood that followed stronger-than-expected quarterly reports from big names like JPMorgan Chase and United Technologies. The Dow Jones industrial average rose more than 200 points, bringing their two-day advance to more than 480.

Investors got a double dose of good news after weeks of angst about the economy. Light, sweet crude fell $5.31 to settle at $129.29 a barrel; oil has dropped more than $15 in just the past three sessions. And early Thursday, three components of the Dow industrials -- JPMorgan Chase & Co., United Technologies Corp. and Coca-Cola Co. -- issued comments that generally indicated that their businesses are holding up despite sometimes difficult economic conditions.

The reports let investors put aside some of their worst fears about the economy. Still, Wall Street has had some up periods in the past few months as optimism grew -- only to fall back into a downturn as worries about the financial sector and the economy have welled back up.

"The sentiment has just been so negative that even a whiff of positive news is driving the markets," said Kevin Dorwin, principal at wealth management firm Bingham, Osborn & Scarborough in San Francisco. "Oil the key factor right now because inflation has been on the top of investors' minds and a reduction in the price of oil signals that perhaps inflation will not get out of hand. That's very positive for both the stock and bond markets."

Beyond oil, natural gas prices also fell sharply Thursday after the Energy Department said domestic stockpiles rose last week -- signaling a drop in demand. While levels remain below those of recent years natural gas fell 86.1 cents to settle at $10.537 per 1,000 cubic feet.

A sustained drop in energy costs would be welcome news for nearly all parts of the economy. Consumers have been hard-pressed by higher fuel and food costs. Wall Street is worried they will pare their spending on discretionary items to make room in their budgets for the higher-priced necessities. A pullback could be troublesome as consumer spending accounts for more than two-thirds of U.S. economic activity.

But the declines in energy and profit reports from marquee names left investors in an acquisitive mood again Thursday. According to preliminary calculations, the Dow rose 207.38, or 1.85 percent, to 11,446.66. The Dow on Wednesday surged 276 points after oil fell and Wells Fargo & Co. posted better-than-expected earnings.

The 4.4 percent advance over two days was the Dow's best two-day percentage gain since October 2002 and the point increase gave the blue chips their best back-to-back point gain since late November last year.

Broader stock indicators also rose Thursday. The Standard & Poor's 500 index advanced 14.96, or 1.20 percent, to 1,260.32, and the Nasdaq composite index rose 27.45, or 1.20 percent, to 2,312.30.

Advancing issues outpaced decliners by nearly 3 to 1 on the New York Stock Exchange, where volume came to 1.96 billion shares compared with 1.73 billion shares traded Wednesday.

Bond prices showed steep declines as investors turned away from the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 4.01 percent from 3.94 percent late Wednesday.

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

Wall Street also appeared placated by economic figures. A Commerce Department report showed construction of homes and apartments rose in June by 9.1 percent. The gain follows a change in New York laws that has given a boost to apartment building. Construction of single-family homes fell by 5.3 percent to the slowest pace in 17 years. Applications for building permits, one indicator of future activity, rose by 11.6 percent.

The Labor Department said the number of newly laid-off people seeking unemployment benefits rose by 18,000 last week to 366,000. However, the increase was below the number economists expected.

Corporate results helped buoy investor sentiment. JPMorgan Chase posted a 53 percent decline in its second-quarter earnings as mortgage and other loan defaults worsened, but the decline in profits wasn't as steep as Wall Street had feared and the stock rose $4.86, or 13.5 percent, to $40.80.

"There were some better-than-expected numbers out of the banks. I think we're maybe getting a little bit of a sigh of relief rally. Things had gotten so scary there for a few days," said Denis Amato, chief investment officer at Ancora Advisors in Cleveland.

Among other financials that gained, Fannie Mae and Freddie Mac jumped after Fitch Ratings affirmed long-term issuer default ratings on the government-chartered mortgage giants. Fitch cut Fannie's preferred stock rating and put Freddie's on watch for a possible downgrade. Investors have worried in recent weeks that they would run into serious financial troubles because of faltering mortgages. Fannie Mae rose $1.68, or 18 percent, to $10.93, while Freddie Mac rose $1.50, or 22 percent, to $8.33.

United Technologies rose $3.59, or 5.9 percent, to $64.70 after posting an 11 percent increase in its second-quarter profit. The maker of everything from jet engines to ventilation systems reported strong growth at its Otis elevator and Carrier air conditioner divisions. The company also raised its full-year forecast for revenue and per-share earnings.

Coca-Cola's second-quarter earnings fell 23 percent as the world's largest beverage company earned $1.42 billion. While the company's revenue and earnings excluding items topped expectations, analysts said volume growth was lighter than expected. The stock fell $2, or 3.8 percent, to $50.34.

The Russell 2000 index of smaller companies rose 9.88, or 1.44 percent, to 696.63.

Overseas, Japan's Nikkei stock average closed up 1.00 percent. Britain's FTSE 100 jumped 2.63 percent, Germany's DAX index rose 1.88 percent, and France's CAC-40 surged 2.76 percent.

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

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

 

[bigdog]

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

Wall Street closed out an impressive week with a mixed performance Friday after disappointing high-tech earnings punctured some of investors' enthusiasm over better-than-expected bank earnings reports. But the major indexes still ended the week with big gains, the result of rising optimism about the troubled financial sector.

The Dow Jones industrial average ended the week up 396.03, or 3.57 percent, at 11,496.57. The Standard & Poor's 500 index finished up 21.19, or 1.71 percent, at 1,260.68. The Nasdaq composite index ended the week up 43.70, or 1.95 percent, at 2,282.78.

The NYSE DOW closed HIGHER by +49.91 points +0.44% on Friday July 18
Sym Last........ ........Change..........
Dow 11,496.57 +49.91 +0.44%
Nasdaq 2,282.78 -29.52 -1.28%
S&P 500 1,260.68 +0.36 +0.03%
30-yr Bond 4.6620% +0.0240

NYSE Volume 5,694,385,500
Nasdaq Volume 2,288,749,000

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,376.40 +90.10 +1.70%
DAX 6,382.65 +111.38 +1.78%
CAC 40 4,299.36 +73.37 +1.74%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,803.70 -84.25 -0.65%
Hang Seng 21,874.19 +139.47 +0.64%
Straits Times 2,847.73 -16.37 -0.57%

http://biz.yahoo.com/ap/080718/wall_street.html
Wall Street mixed after earnings reports
Friday July 18, 5:34 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks turn mixed after disappointing tech results offset report from Citigroup

NEW YORK (AP) -- Wall Street closed out an impressive week with a mixed performance Friday after disappointing high-tech earnings punctured some of investors' enthusiasm over better-than-expected bank earnings reports. But the major indexes still ended the week with big gains, the result of rising optimism about the troubled financial sector.

The market was clearly pleased when Citigroup Inc., while reporting a second-quarter loss Friday morning, beat analysts' forecasts and joined Wells Fargo & Co. and JPMorgan Chase & Co. in delivering stronger results than the market anticipated. But investors who ecstatically sent the Dow Jones industrials soaring by more than 480 points over Wednesday and Thursday were brought back down to earth by results from Google Inc., Microsoft Corp. and Advanced Micro Devices Inc.

Google's results were lower than expected, the result of the weakening economy hurting advertising revenue, while Microsoft missed forecasts by a penny. Also, AMD's chief executive stepped down after the chip maker posted a wider-than-expected loss.

Still, the market that has hungered for good news about financial companies after a year-long credit crisis got it from Citi. The banking company reported a $2.5 billion second-quarter loss due to write-downs tied to deteriorating credit markets. The results surpassed projections, and helped to mitigate some of the market's concerns following a big loss from Merrill Lynch & Co. reported late Thursday.

It was a good sign to some analysts that the market didn't sell off sharply after two straight days of hefty gains.

"If you look at the fundamentals, not a lot of changed in the fundamentals, but you had the financial crisis come to a head," said Philip Dow, managing director of equity strategy at RBC Dain Rauscher. "This was a pivotal week that we just went through, one that perhaps marked a bottom for the financial crisis. That doesn't mean we're about to have a bull market, but maybe a break in the pronounced selling that's been going on."

More banks are among the companies reporting next week: Wachovia Corp., Washington Mutual Inc. and Bank of America Corp. And hundreds of other big corporations will also be releasing results, keeping the market on edge as investors try to determine whether an economic rebound might be in the offing.

The Dow rose 49.91, or 0.44 percent, to 11,496.57, adding on to a 483-point gain Wednesday and Thursday.

Broader stock indicators were mixed. The Standard & Poor's 500 index rose 0.36, or 0.03 percent, to 1,260.68, and the technology-focused Nasdaq composite index dropped 29.52, or 1.28 percent, to 2,282.78.

For the week, the Dow rose 3.57 percent, the Nasdaq increased 1.95 percent, and the S&P rose 1.71 percent.

Bond prices fell Friday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.09 percent from Thursday's 4.00 percent.

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

Meanwhile, oil prices retreated after rising earlier in the session. A barrel of light, sweet crude fell 41 cents to settle at $128.88 on the New York Mercantile Exchange.

Oil's huge pullback this week -- dropping about $16 over three days -- also fed Wall Street's big rally. Stock investors have been worried that consumers forced to pay more for necessities including fuel and food will continue to cut back on their discretionary spending, something that would further hurt a struggling economy.

While the week on Wall Street showed that a market long pummeled by bad economic news can quickly turn around, there have been many times over the past year when a huge gain quickly evaporated at the first sign of trouble. So while many investors felt that it was safe to lay down some bets this week, everyone on the street is mindful that there can be further steep losses ahead.

"Considering the strength we had in the past few days, the market is handling itself quite nice and trying to hold on to the gains," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners. "Investors are also positioning ahead of a barrage of earnings and economic reports due next week."

Certainly, it was a week of extremes -- the Dow had its biggest two-day percentage gain since October 2002 but it also, on Tuesday, had its first close below 11,000 in two years. And until investors get a more steady stream of good economic and corporate news, such extremes may well continue.

Google fell $52.12, or 9.8 percent, to $481.32 after it posted disappointing results late Thursday. Microsoft dropped $1.66, or 6 percent, to $25.86, while AMD fell 65 cents, or 12.3 percent, to $4.65.

Financial stocks were mixed. Merrill rose 18 cents to $30.91, after its wider-than-expected loss, while Citi added $1.38, or 7.7 percent, to $19.35 after its better-than-anticipated loss.

Honeywell International Inc. fell 20 cents to $50.66 after it reported second-quarter earnings rose 18 percent and surpassed forecasts. The aerospace company also boosted its 2008 forecast.

Mattel Inc. surged $2.38, or 13 percent, to $20.66 after the toymaker said its reported profit was cut in half, but still beat Wall Street expectations.

Israeli drugmaker Teva Pharmaceutical Industries Ltd. said Thursday it will buy rival generic drug company Barr Pharmaceuticals Inc. for more than $7 billion, in a move to expand its presence in U.S. and Eastern European markets. Teva rose $1.82, or 4.4 percent, to $42.87, while Barr shot up $6.26, or 11 percent, to $63.43.

The Russell 2000 index of smaller companies fell 3.55, or 0.51 percent, to 693.08.

Advancing issues outnumbered decliners by about 8 to 7 on the New York Stock Exchange, where consolidated volume came to 5.49 billion shares, down from an unusually heavy 7.17 billion on Thursday.

Overseas, Japan's Nikkei stock average fell 0.65 percent. Britain's FTSE 100 rose 1.70 percent, Germany's DAX index added 1.78 percent, and France's CAC-40 rose 1.74 percent.

The Dow Jones industrial average ended the week up 396.03, or 3.57 percent, at 11,496.57. The Standard & Poor's 500 index finished up 21.19, or 1.71 percent, at 1,260.68. The Nasdaq composite index ended the week up 43.70, or 1.95 percent, at 2,282.78.

The Russell 2000 index finished the week up 18.13, or 2.69 percent, at 693.08.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 12,850.50, up 215.07 points, or 1.70 percent, for the week. A year ago, the index was at 15,695.74.

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

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

 

[bigdog]

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

Wall Street turned in a mixed performance Monday as investors watched the price of oil regain ground and decided to cash in some of their gains from the stock market's big rally last week.

While the stock market's major indexes showed modest losses, the number of stocks advancing outpaced decliners by about 2 to 1 on the New York Mercantile Exchange, and by about 4 to 3 on the Nasdaq Stock Market.

The NYSE DOW closed LOWER by -29.23 points -0.25% on Monday July 21

Sym Last........ ........Change..........
Dow 11,467.34 -29.23 -0.25%
Nasdaq 2,279.53 -3.25 -0.14%
S&P 500 1,260.00 -0.68 -0.05%
30-yr Bond 4.6480% -0.0140

NYSE Volume 4,359,248,000
Nasdaq Volume 1,859,415,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,404.30 +27.90 +0.52%
DAX 6,424.84 +42.19 +0.66%
CAC 40 4,327.14 +27.78 +0.65%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,803.70 -84.25 -0.65%
Hang Seng 22,532.90 +658.71 +3.01%
Straits Times 2,919.21 +71.48 +2.51%

http://biz.yahoo.com/ap/080721/wall_street.html
Stocks end mixed on worries about earnings, oil
Monday July 21, 4:39 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks end mixed as oil prices rebound, investors cash in some of last week's big gains

NEW YORK (AP) -- Wall Street turned in a mixed performance Monday as investors watched the price of oil regain ground and decided to cash in some of their gains from the stock market's big rally last week.

While the stock market's major indexes showed modest losses, the number of stocks advancing outpaced decliners by about 2 to 1 on the New York Mercantile Exchange, and by about 4 to 3 on the Nasdaq Stock Market.

The tame session unfolded as oil rose on concerns that the threat of new sanctions against Iran over its nuclear program may escalate tensions in the Middle East. Light, sweet crude rose $2.16 to settle at $131.04 a barrel on the New York Mercantile Exchange.

The rise in oil offset initial market enthusiasm after Bank of America Corp. posted results that beat expectations, raising hope the credit crisis might be easing for the nation's biggest retail banks. The largest U.S. bank by assets reported that higher investment banking and record revenue helped drive earnings during the second quarter.

With Bank of America's results, four of the nation's five biggest banks have now reported better-than-expected earnings, and that's raising hopes that the financial sector is starting to recover from the year-old credit crisis.

Still, "with crude trading up near $130, and a big advance last week, some investors are taking chips off the table," said Jim Herrick, manager of equity trading at Baird & Co. "We're going to be in a tight trading range this week based on earnings and oil prices. I expect more of the same."

The market was also uneasy about earnings at drug makers Merck & Co. and Schering-Plough Corp. Both pharmaceutical companies fell after a new study showed their cholesterol drug Vytorin did not meet its main goals. They also took the unusual step of delaying their second-quarter results until after the closing bell to allow researchers time to present the report.

According to preliminary calculations, the Dow Jones industrial average fell 29.23, or 0.25 percent, to 11,467.34 after moving in and out of positive territory.

Broader indexes showed more modest declines. The Standard & Poor's 500 index slipped 0.68, or 0.05 percent, to 1,260.00; and the Nasdaq composite index dropped 3.25, or 0.14 percent, to 2,279.53.

The moves follow a strong week for the markets. The Dow last week rose 3.57 percent, while the Nasdaq increased 1.95 percent, and the S&P rose 1.71 percent.

Bond prices rose Monday as the major stock indexes declined. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 4.05 percent from 4.09 percent late Friday.

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

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, said the market is still feeling somewhat upbeat about how earnings are shaping up so far this quarter. And that's helped to maintain some of last week's market gains, despite the pullback on Monday.

"We're having some more good news from the financials -- it wasn't as bad as feared," he said. "And we've also got some buyout deals."

Some 158 members of the Standard & Poor's 500 index and 10 members of the Dow industrials are slated to post results this week. The biggest on Monday was Bank of America, which reported that increased bad debt due to the housing slump pushed profits down 41 percent. However, it still surpassed expectations due to a solid performance in its business not tied to real estate. The stock rose $1.07, or 3.9 percent, to $28.56.

Investors also were somewhat optimistic that mergers and acquisitions, which have been sluggish since the credit crisis began last year, might be reviving. Swiss drug maker Roche Holding announced plans to acquire the stake in Genentech Inc. it doesn't already own for $43.7 billion, making it the seventh-largest pharmaceuticals company in the U.S.

Shares of Genentech were among the best performers during the session, rising $12.06, or 14.7 percent, to $93.88.

Yahoo Inc. fell 78 cents, or 3.5 percent, to $21.67 after the Internet portal staved off an attempt by activist shareholder Carl Icahn to take control and sell it. Icahn, who has argued in favor of selling Yahoo to Microsoft Corp., will become a Yahoo director along with two of his nominees.

Toy maker Hasbro Inc. said second-quarter profits rose, helped by the weaker dollar and demand for toys inspired by "Star Wars" and "Indiana Jones." Sales jumped 13 percent to $784.3 million. However, concerns about costs and a campaign to raise prices pushed shares down 64 cents to $37.35.

In economic news, Treasury Secretary Henry Paulson sought to reassure the public Sunday that the banking system is sound, while also preparing people for more troubled times ahead. "I think it's going to be months that we're working our way through this period -- clearly months," he said.

And that was confirmed by more economic data Monday. The Conference Board said the economy contracted in June as factories cut workers' hours and stocks tumbled. The research group's index of leading economic indicators, a gauge of future economic activity, fell 0.1 percent, in line with estimates by Wall Street economists surveyed by Thomson Financial/IFR. It also revised its May figure to show a decline instead of slight growth.

The Russell 2000 index of smaller companies rose 4.55, or 0.66 percent, to 697.63.

Volume on the New York Stock Exchange volume came to 1.2 billion shares.

Overseas, markets in Japan were closed for a holiday. Britain's FTSE 100 rose 0.52 percent, Germany's DAX index added 0.66 percent, and France's CAC-40 rose 0.65 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 shook off early doldrums and closed sharply higher Tuesday after another drop in oil prices encouraged investors to set aside financial sector worries and go bargain hunting across the market. The Dow Jones industrial average rose more than 130 points.

Stocks initially fell on uneasiness about the continuing impact of the housing market downturn and the credit crisis on financial company earnings. Disappointing results from American Express Co. and Wachovia Corp. fed those worries.

The NYSE DOW closed HIGHER by +135.16 points +1.18% on Tuesday July 22

Sym Last........ ........Change..........
Dow 11,602.50 +135.16 +1.18%
Nasdaq 2,303.96 +24.43 +1.07%
S&P 500 1,277.00 +17.00 +1.35%
10 Yr Bond(%) 4.0970% +0.0300

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,364.10 -40.20 -0.74%
DAX 6,442.79 +17.95 +0.28%
CAC 40 4,327.26 +0.12 +0.00%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,184.96 +381.26 +2.98%
Hang Seng 22,527.48 -5.42 -0.02%
Straits Times 2,890.66 -28.55 -0.98%

http://biz.yahoo.com/ap/080722/wall_street.html
Stocks jump as crude drops $3 a barrel
Tuesday July 22, 5:37 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street surges as drop in oil offsets disappointing earnings reports; financials rally

NEW YORK (AP) -- Wall Street shook off early doldrums and closed sharply higher Tuesday after another drop in oil prices encouraged investors to set aside financial sector worries and go bargain hunting across the market. The Dow Jones industrial average rose more than 130 points.

Stocks initially fell on uneasiness about the continuing impact of the housing market downturn and the credit crisis on financial company earnings. Disappointing results from American Express Co. and Wachovia Corp. fed those worries.

But a $3 drop in oil -- which took crude's decline in recent weeks to nearly $20 a barrel -- persuaded some investors to wade back into equities.

Even Wachovia Corp., the nation's fourth-largest bank, shot 27 percent higher after its stock tumbled to levels not seen since the early-1990s. The stock was pummeled after the retail bank posted an $8.9 billion loss because of charges and reserves for bad mortgage loans.

The focus on higher oil's impact on the economy has been so intense that any notch lower breeds optimism that the commodities run-up might perhaps be nearing an end, analysts said. That means, for the moment, corporate earnings reports have lost some of their dominance of the market.

The market was looking at the long-term impact of somewhat cheaper energy -- and likely betting that company earnings would pick up if oil extends its decline.

"There's been so many people speculating about oil taking off and how to handle it, the whole economy has been focused on it," said Todd Leone, managing director of equity trading at Cowen & Co. "Just the fact that it has dropped -- a big move down -- helps out. There's the perception that this will get the economy going again."

He acknowledged that there was no shortage of disappointing results at America's biggest companies -- American Express Co., Apple Inc. and Texas Instruments Inc. all fell short of expectations. And Wachovia's miss was at least initially sobering for investors who last week sent stocks soaring after better-than-estimated reports from Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co.

Global banks and brokerages have written down some $300 billion of mortgage-backed securities and other risky investments since the crisis began last year. Investors also got a fresh look at how badly the turmoil has hurt financial companies. Following Tuesday's closing bell in New York, both Washington Mutual Inc. and E-Trade Financial Corp. reported losses after boosting reserves to cover bad loans.

The Dow rose 135.16, or 1.18 percent, to 11,602.50. The blue chip index rose 400 points last week, but ended Monday's session slightly lower.

Broader indexes also rose Tuesday. The Standard & Poor's 500 index jumped 17.00, or 1.35 percent, to 1,277.00. The technology-dominated Nasdaq composite index, which was down for much of the session on tech earnings disappointments, ended up 24.43, or 1.07 percent, at 2,303.96.

The Russell 2000 index of smaller companies rose 19.19, or 2.75 percent, to 716.82.

The price of oil began the session mildly lower on expectations that Tropical Storm Dolly wouldn't disrupt oil operations in the Gulf of Mexico. The advance increased after comments from a Federal Reserve official sent the dollar higher against major currencies, a trend that in turn sends commodities lower.

A barrel of light, sweet crude tumbled $3.09 to settle at $127.95 on the New York Mercantile Exchange, down nearly $20 from its record high of $147.27, reached just weeks ago.

Philadelphia Federal Reserve President Charles Plosser said there could be rate hikes "sooner rather than later" even if employment and financial conditions haven't revived. Higher rates also would make some government debt less attractive, and that sent Treasury bonds sharply lower.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.10 percent from 4.04 percent late Monday. Government debt also weakened as investors moved into equities.

Ryan Larson, senior equity trader at Voyageur Asset Management, said the "oil prices are alleviating some fears" triggered by a number of disappointing earnings reports. So far, the growth rate of Standard & Poor's 500 index companies reporting has fallen to negative 14.7 percent, according to Thomson Financial.

"Lower oil prices are diverting attention from earnings for the moment," Larson said. "There's no questions about some negative earnings reports coming out, but we're starting to think some of them might be company specific and not broader."

Investors will get more data with some 158 members of the S&P 500 expected to report this week, the busiest since second-quarter earnings season began earlier this month.

Earnings reports released in the past few days showed some indications that consumers -- responsible for more than two-thirds of U.S. economic activity -- are scaling back on purchases. American Express, whose credit cards cater to more affluent customers, missed projections after setting aside more money to cover souring loans across all its portfolios. The stock fell $2.91, or 7.1 percent, to $37.99.

Technology stocks were lower early in the session after Apple, which makes iPods and iMac computers, beat expectations but issued a weaker-than-expected forecast for the current quarter. The stock fell $4.27, or 2.6 percent, to $162.02. Texas Instruments fell $4.17, or 15 percent, to $24.35 after it missed expectations because of a slowdown in orders.

Advancing issues outpaced decliners by more than 2 to 1 on the New York Stock Exchange, where about 6.04 billion shares changed hands in consolidated trading compared with about 4.5 billion shares on Monday.

Japan's Nikkei stock average rose 2.98 percent. Britain's FTSE 100 fell 0.74 percent, Germany's DAX index rose 0.28 percent, and France's CAC-40 edged up less than 0.01 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

Stocks advanced for the second straight session Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy.

Investors expect that a sustained pullback in oil prices would give a crucial boost to the economy. Crude has retreated as oil investors have worried that high prices and a sluggish economy are reducing demand. The government reported Wednesday that domestic inventories increased last week as consumers curbed their energy use.

The NYSE DOW closed HIGHER by +29.88 points +0.26% on Wednesday July 23

Sym Last........ ........Change..........
Dow 11,632.38 +29.88 +0.26%
Nasdaq 2,325.88 +21.92 +0.95%
S&P 500 1,282.19 +5.19 +0.41%
10 Yr Bond(%) 4.1480% +0.0510

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,449.90 +85.80 +1.60%
DAX 6,536.09 +93.30 +1.45%
CAC 40 4,408.74 +81.48 +1.88%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,312.93 +127.97 +0.97%
Hang Seng 23,134.55 +607.07 +2.69%
Straits Times 2,978.98 +88.32 +3.06%

http://biz.yahoo.com/ap/080723/wall_street.html
Stocks advance following sharp drop in oil prices
Wednesday July 23, 6:08 pm ET
By Tim Paradis, AP Business Writer
Wall Street extends advance as oil continues decline, earnings reports offer some optimism

NEW YORK (AP) -- Stocks advanced for the second straight session Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy.
Investors expect that a sustained pullback in oil prices would give a crucial boost to the economy. Crude has retreated as oil investors have worried that high prices and a sluggish economy are reducing demand. The government reported Wednesday that domestic inventories increased last week as consumers curbed their energy use.

Oil is down more than $20 a barrel since hitting a record above $147 just weeks ago. A barrel of light, sweet crude fell $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange.

While oil at times tugged at stocks, as it has for months, investors also examined a raft of earnings reports Wednesday that indicated not all corporate profits were suffering because of the slower economy. That left some investors more upbeat about the prospects for the overall economy. AT&T Inc., McDonald's Corp. and Pfizer Inc., all among the 30 stocks that make up the Dow Jones industrial average, weighed in with reports that generally pleased investors.

"Oil is a positive but I think bigger than that is the earnings news is not as catastrophic as people were thinking," said Noman Ali, portfolio manager of U.S. equities for MFC Global Investment Management in Toronto. "Some of the bellwethers are reporting earnings that are better-than-expected. And outside of the financials, things aren't so bad."

The Dow rose 29.88, or 0.26 percent, to 11,632.38 after rising nearly 100 points early in the session. On Tuesday, the blue chips gained 135 points.

Broader stock indicators also advanced Wednesday. The Standard & Poor's 500 index rose 5.19, or 0.41 percent, to 1,282.19 and the technology-laden Nasdaq composite index rose 21.92, or 0.95 percent, to 2,325.88.

Nasdaq's gains came ahead of a report from Amazon.com Inc., which said after the closing bell that its second-quarter profit more than doubled to top Wall Street's expectations.

Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where consolidated volume came to 6.56 billion shares, compared with 6.04 billion shares traded Tuesday.

Bond prices slipped as some investors moved from the safety of government debt to stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.12 percent from 4.10 percent from late Tuesday.

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

Some strength in the dollar helped push oil lower. The drop in oil helped a range of sectors like airlines. Delta Air Lines Inc. rose 89 cents, or 12 percent, to $8.60, while Continental Airlines Inc. jumped $1.54, or 12 percent, to $14.80.

Energy companies lost ground as oil fell. Exxon Mobil Corp. fell $1.87, or 2.3 percent, to $80.99 and Chevron Corp. slid $2.98, or 3.5 percent, to $82.65.

Investors appeared unfazed by the Federal Reserve's Beige Book, which provides readings on the U.S. economy by region and indicated that business conditions have slowed in recent months as consumer spending has turned sluggish. The report arrives two weeks before policymakers' next meeting but seemed to hold few surprises for investors.

Wall Street instead appeared more focused on oil and corporate news.

AT&T rose $1.24, or 3.9 percent, to $33.06 after the company said quarterly profits rose amid a big spike in wireless subscribers that offset its shrinking landline business.

Pfizer, the world's biggest drug maker, said its second-quarter earnings more than doubled as restructuring charges declined and the weak dollar helped lift overseas revenue. The stock rose 72 cents, or 3.9 percent, to $19.07.

McDonald's credited strong overseas sales with driving the company's second-quarter profit. The stock fell 46 cents to $59.66.

Boeing Co. fell $2.54, or 3.7 percent, to $66.72 after reporting second-quarter earnings fell 19 percent due to a $248 million charge related to a defense program. The world's second-largest commercial airplane maker had already warned it would book the expense.

Washington Mutual Inc. fell $1.17, or 20 percent, to $4.65 after the nation's largest thrift reported a $3 billion loss due to increases in its loss reserves to cover souring loans in its mortgage portfolio.

Costco Wholesale Corp. warned that its fiscal fourth-quarter and full-year profits will fall short of Wall Street's expectations. The warehouse club operator expects higher energy costs to hurt its results. The stock fell $8.57, or 12 percent, to $63.43.

Fannie Mae and Freddie Mac advanced ahead of an ultimately successful House vote Wednesday on legislation to tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure. The measure, which won easy approval in a vote after the closing bell on Wall Street, would give the Treasury Department authority to extend the companies a temporary lifeline. Fannie Mae rose $1.59, or 12 percent, to $15, while Freddie Mac rose $1.10, or 11 percent, to $10.80.

Hours before the vote, President Bush dropped his opposition to the measure, which appears likely to pass the Senate and become law within days.

Bill Stone, chief investment strategist for PNC Wealth Management, said some investors had been overly concerned about some financials and that some companies' quarterly reports had quelled some fears.

"They were pricing some of these companies seemingly for the end. And when you don't get the worst possible outcome you get at least a jump out of them," he said.

MFC's Ali said that while the government's action to help Fannie Mae and Freddie Mac has reassured investors he remains cautious.

"Some of the biggest rallies happen in bear markets. The outlook for the market is still pretty negative," he said, pointing to a general decline in earnings, a slowdown in international growth, rising prices and a weak dollar.

The Russell 2000 index of smaller companies rose 2.37, or 0.33 percent, to 719.19.

Overseas, Japan's Nikkei stock average rose 0.97 percent. Britain's FTSE 100 added 1.60 percent, Germany's DAX index rose 1.45 percent, and France's CAC-40 jumped 1.88 percent.

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

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

 

[nunthewiser]

Thanks kindly

 

[bigdog]

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

Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market's recent optimism. The major indexes fell about 2 percent, including the Dow Jones industrial average, which lost more than 280 points.

The NYSE DOW closed LOWER by -283.10 points -2.43% on Thursday July 24

Sym Last........ ........Change..........
Dow 11,349.28 -283.10 -2.43%
Nasdaq 2,280.11 -45.77 -1.97%
S&P 500 1,252.54 -29.65 -2.31%
10 Yr Bond(%) 4.0160% -0.1320


Europe
Symbol... Last...... .....Change.......
FTSE 100 5,362.30 -87.60 -1.61%
DAX 6,440.70 -95.39 -1.46%
CAC 40 4,347.99 -60.75


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,603.31 +290.38 +2.18%
Hang Seng 23,087.72 -46.83 -0.20%
Straits Times 2,977.91 -1.07 -0.04%

http://biz.yahoo.com/ap/080724/wall_street.html
Stocks tumble after sales of existing homes fall
Thursday July 24, 6:11 pm ET
By Tim Paradis, AP Business Writer
Wall Street retreats following steeper-than-expected drop in home sales; financials decline


NEW YORK (AP) -- Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market's recent optimism. The major indexes fell about 2 percent, including the Dow Jones industrial average, which lost more than 280 points.

The National Association of Realtors said sales resumed their decline in June after a slight rebound in May. Existing home sales declined by 2.6 percent in June, well beyond the 1 percent drop economists had forecast.

Investors punished shares of homebuilders and financial companies Thursday because both sectors have struggled with the declining housing market.

Alan Lancz, director at investment research group LanczGlobal, said investors are concluding that while financials had been oversold in recent weeks and were due for a rebound, problems remain with tight credit and souring mortgage debt.

"You have the rally and you almost get the hangover now where you say 'You know, we're not out of the woods yet,'" he said.

The Dow fell 283.10, or 2.43 percent, to 11,349.28. It was the biggest decline for the Dow since June 26.

The pullback erased the nearly 170 points added in the two prior sessions. Last week, the Dow gained nearly 400 points. While some declines after the latest rally wouldn't have come as a surprise, the drop Thursday revealed fresh unease about the economy.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 29.65, or 2.31 percent, to 1,252.54. A jump in Amazon.com Inc. shares helped contain some of the decline in the technology-heavy Nasdaq composite index, which fell 45.77, or 1.97 percent, to 2,280.11.

Stocks had risen in the prior two sessions as the price of oil declined. Oil is now down more than $20 after just weeks ago hitting a record above $147 a barrel. A barrel of light, sweet crude rose $1.05 Thursday to settle at $125.49 on the New York Mercantile Exchange.

Bond prices jumped Thursday as some investors looked for the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 4.00 percent from 4.12 percent from late Wednesday.

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

Financial stocks declined again Thursday after rising sharply in the past week from their recent lows.

Washington Mutual Inc. fell 62 cents, or 13 percent, to $4.03 after dropping 20 percent Wednesday as concerns persisted about the company's mortgage portfolio. The nation's largest thrift this week posted a $3 billion loss due to increases in its loss reserves to cover souring loans in its mortgage holdings.

Other financials lost ground. Citigroup Inc. fell $2.06, or 9.8 percent, to $19.06, while Merrill Lynch & Co. fell $4.77, or 14 percent, to $29.04. Wachovia Corp. declined $1.96, or 11 percent, to $15.69.

Fannie Mae and Freddie Mac fell sharply after rallying earlier in the week on legislation speeding through Congress that would grant the Treasury Department power to extend the government-sponsored mortgage companies an unlimited line of credit and to buy an unspecified amount of their stock, if necessary. The companies together back or own $5 trillion in mortgages -- nearly half the nation's total.

Fannie Mae fell $2.98, or 20 percent, to $12.02, while Freddie Mac fell $1.99, or 18 percent, to $8.81.

Homebuilder Lennar Corp. fell $2.47, or 18 percent, to $11.07 and KB Home declined $3.04, or 15 percent, to $16.70.

Lancz said the run-up in previous sessions may have led some investors to become too optimistic about the overall market's prospects for a speedy recovery. Stocks are still down nearly 20 percent from the highs seen in October.

"You're going to have these starts and stops but it's going to be a really long-term process," he said.

Adding to investors' pessimism, the Labor Department reported Thursday that the number of people filing first-time claims for unemployment benefits bolted past 400,000 last week as companies trimmed their work forces to cope with a slowing economy.

Investors also absorbed a mix of earnings reports from names like Ford Motor Co., which reported a big loss, and Dow Chemical Co., which said higher costs for raw materials sent earnings down sharply. But drug makers Bristol-Myers Squibb Co. and Eli Lilly & Co. both reported higher earnings as the weak dollar boosted foreign sales, and Amazon.com Inc. turned in a solid report that beat expectations.

Analysts have said that so far, second-quarter earnings reports have been better than many investors expected. That had lifted the market's mood in recent sessions.

Ford said it lost $8.67 billion in the second quarter, largely because of a reduction in the value of assets. The company also said it will bring six European small car models to North America by the end of 2012 as it adjusts production because of high gasoline prices. The stock fell 92 cents, or 15 percent, to $5.11.

Dow Chemical fell $1.13, or 3.3 percent, to $33.11 after reporting sharply higher costs for energy and raw materials contributed to a 27 percent decline in profit.

Bristol-Myers beat expectations with an 8 percent rise in quarterly profit, while Eli Lilly reported a 44 percent jump in earnings. Bristol-Myers rose 23 cents to $22.12 and Eli Lilly advanced 38 cents to $48.

Amazon.com jumped $8.18, or 12 percent, to $78.72 after reporting late Wednesday that second-quarter earnings more than doubled to easily top analysts' expectations. The Internet retailer also raised its full-year revenue projections.

Stephen Goddard, co-portfolio manager of the AFBA 5Star Balanced Fund, said the decline in housing numbers alongside some better-than-expected earnings reports shouldn't be surprising because mixed reports are common during economic downturns.

"All the numbers don't turn at the same time," he said of economic readings. "It's usually one by one by one. You start seeing incremental improvement."

Declining issues outnumbered advancers by about 4 to 1 on the New York Stock Exchange, where consolidated volume came to 5.98 billion shares, compared with 6.56 billion shares traded Wednesday.

The Russell 2000 index of smaller companies fell 16.80, or 2.34 percent, to 702.39.

Overseas, Japan's Nikkei stock average rose 2.18 percent. Britain's FTSE 100 fell 1.61 percent, Germany's DAX index shed 1.46 percent, and France's CAC-40 fell 1.38 percent.

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

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

 

[Aussiejeff]

Oh dear.

The hype, fizz and bubble infesting the NYSE over the last few days has suddenly gone flat....

Where's the PPT when they are sorely needed?

 

[bigdog]

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

The Dow Jones industrial average ended the week down 125.88, or 1.09 percent, at 11,370.69. The Standard & Poor's 500 index finished down 2.92, or 0.23 percent, at 1,257.76. The Nasdaq composite index ended the week up 27.75, or 1.22 percent, at 2,310.53.

Wall Street ended a volatile week with uneven gains Friday after better-than-expected economic data placated a market pummeled a day earlier by concerns about housing and the financial sector.

Financials drifted lower on continued worries about the health of balance sheets, while a surge in profits at Juniper Networks Inc. lifted technology stocks.

The NYSE DOW closed LOWER by +21.41 points +0.19% on Friday July 25

Sym Last........ ........Change..........
Dow 11,370.69 +21.41 +0.19%
Nasdaq 2,310.53 +30.42 +1.33%
S&P 500 1,257.76 +5.22 +0.42%
30-yr Bond 4.6960% +0.0850

NYSE Volume 4,675,537,000
Nasdaq Volume 2,055,441,880


Europe
Symbol... Last...... .....Change.......
FTSE 100 5,352.60 -9.70 -0.18%
DAX 6,436.71 -3.99 -0.06%
CAC 40 4,377.18 +29.19 +0.67%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,334.76 -268.55 -1.97%
Hang Seng 22,740.71 -347.01 -1.50%
Straits Times 2,922.91 -55.00 -1.85%

http://biz.yahoo.com/ap/080725/wall_street.html
Stocks end higher following economic readings
Friday July 25, 6:05 pm ET
By Tim Paradis, AP Business Writer
Wall Street advances moderately following upbeat readings on home sales, consumer sentiment

NEW YORK (AP) -- Wall Street ended a volatile week with uneven gains Friday after better-than-expected economic data placated a market pummeled a day earlier by concerns about housing and the financial sector.

Financials drifted lower on continued worries about the health of balance sheets, while a surge in profits at Juniper Networks Inc. lifted technology stocks.

The Commerce Department reported that orders sent to factories for big-ticket manufactured goods such as cars, appliances and machinery rose by 0.8 percent in June, the strongest gain in four months and well ahead of Wall Street's expectations. But outside demand for defense equipment orders would have been up only modestly.

Another Commerce Department report showed that new home sales dropped by a smaller-than-expected 0.6 percent. While it marked the seventh decline in the past eight months, it stirred some hope that the housing market could be finding a bottom. Investors hit the sell button Thursday after a a weak reading on existing home sales.

And there was good news about consumers, whose shyness about spending has troubled Wall Street because consumer spending accounts for more than two-thirds of U.S. economic activity. The Reuters/University of Michigan index of consumer sentiment for the first part of July came in at 61.2, while economists forecast a reading of 56.4. The report marked a slight rebound from a 28-year-low last month.

Linda Duessel, equity market strategist at Federated Investors, said economic figures such as the durable goods numbers are important because they reveal continued demand from abroad, which could help U.S. companies continue to rake in profits even if the U.S. economy isn't running at full steam.

"That's good news for market participants as we try to find a footing in the market because we really don't want to see our weakness leak outside the U.S.," she said.

The Dow Jones industrial average rose 21.41, or 0.19 percent, to 11,370.69. The Dow, which fluctuated at times Friday, fell more than 280 points Thursday.

Broader stock indicators also rose. The Standard & Poor's 500 index advanced 5.22, or 0.42 percent, to 1,257.76, and the technology-heavy Nasdaq composite index jumped 30.42, or 1.33 percent, to 2,310.53.

For the week, the Dow fell 1.09 percent and the S&P 500 lost 0.23 percent. Friday's tech rally left the Nasdaq up 1.22 percent for the week.

Bond prices moved lower as investors shifted back into stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.10 percent from 4.00 percent from late Thursday.

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

A barrel of light sweet crude fell $2.23 to settle at $123.26 on the New York Mercantile Exchange. Oil prices have fallen more than $20 in recent weeks, alleviating some of Wall Street's concerns about the effect of inflation consumers' ability to spend.

The stock market's volatility during the week -- rallying Tuesday and Wednesday only to erase those gains Thursday -- illustrates tentativeness behind some of the bets investors are laying, said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. He said the market tends to react to whatever the latest headlines are.

"It's just news sensitive and the real question is 'What's the next news going to be? Good or bad?' That means that the market doesn't have a trend or a direction. It depends entirely on whether the news is going to be good or bad on any given day and that doesn't give you, as an investor, a lot of confidence," he said.

Johnson said the ride for investors will likely remain uneven as Wall Street awaits next Friday's government employment report for July.

"If the consensus is correct they'll have little choice but to leave interest rates unchanged," he said referring to the difficulties Federal Reserve policymakers would have in hiking rates to battle inflation without damaging the economy.

Many financial stocks fell again Friday as investors worried about the health of their balance sheets given the weakness in the housing sector. Bank of America Corp. fell $1.06, or 3.5 percent, to $29.58, while Wachovia Corp. fell $1.19, or 7.6 percent, to $14.50.

In corporate news, Juniper Networks, the maker of networking equipment, reported a 40 percent increase in earnings for the second quarter, helped by a new product line. The stock surged $4, or 18 percent, to $26.57.

Fannie Mae and Freddie Mac declined after credit ratings agency Standard & Poor's put the risk-to-government, subordinated debt and preferred stock ratings of the government-chartered mortgage companies on watch for possible downgrade. Fannie Mae fell 47 cents, or 3.9 percent, to $11.55, while Freddie Mac fell 54 cents, or 6.1 percent, to $8.27.

Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where consolidated volume came to 4.55 billion shares, compared with 5.98 billion shares traded Thursday.

The Russell 2000 index of smaller companies rose 7.95, or 1.13 percent, to 710.34.

Overseas, Japan's Nikkei stock average fell 1.97 percent. Britain's FTSE 100 fell 0.18 percent, Germany's DAX index slipped 0.06 percent, and France's CAC-40 advanced 0.67 percent.

The Dow Jones industrial average ended the week down 125.88, or 1.09 percent, at 11,370.69. The Standard & Poor's 500 index finished down 2.92, or 0.23 percent, at 1,257.76. The Nasdaq composite index ended the week up 27.75, or 1.22 percent, at 2,310.53.

The Russell 2000 index finished the week up 17.26, or 2.49 percent, at 710.34.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 12,837.10, down 6.41 points, or 0.05 percent, for the week. A year ago, the index was at 14,710.78.

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 again surrendered to investors' anxiety about the financial sector Monday, sending the Dow Jones industrials down 240 points and back into bear market territory. The flight from equities sent investors into safe-haven bets like Treasury bonds.

The NYSE DOW closed LOWER by -239.61 points -2.11% on Monday July 28

Sym Last........ ........Change..........
Dow 11,131.08 -239.61 -2.11%
Nasdaq 2,264.22 -46.31 -2.00%
S&P 500 1,234.37 -23.39 -1.86%
30-yr Bond 4.6140% -0.0820

NYSE Volume 4,248,807,500
Nasdaq Volume 1,973,791,620

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,312.60 -40.00 -0.75%
DAX 6,351.15 -85.56 -1.33%
CAC 40 4,324.45 -52.73 -1.20%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,353.78 +19.02 +0.14%
Hang Seng 22,687.21 -53.50 -0.24%
Straits Times 2,910.63 -12.28 -0.42%

http://biz.yahoo.com/ap/080728/wall_street.html
Stocks slide as financials again pull back
Monday July 28, 4:42 pm ET
By Tim Paradis, AP Business Writer
Wall Street slides on renewed concerns about health of financials; Dow back in bear territory

NEW YORK (AP) -- Wall Street again surrendered to investors' anxiety about the financial sector Monday, sending the Dow Jones industrials down 240 points and back into bear market territory. The flight from equities sent investors into safe-haven bets like Treasury bonds.

Financials that had rallied in recent weeks after logging huge declines, suffered from the same worries about souring debt that caused an abrupt end to their run-up late last week. Wall Street is concerned that a further withering of the housing and credit markets will damage bank balance sheets.

An International Monetary Fund report added to some of the stress in the market. The IMF predicted continuing problems in the credit and housing market that will continue to hurt the financial industry. It said, "at the moment a bottom for the housing market is not visible."

Frederic Dickson, chief market strategist at D.A. Davidson & Co., said investors are still trying to get a longer-term view on the stability of the banking industry, particularly the regional banks.

"Corporate depositors and individual depositors are looking at balances at individual financial institutions. I think that's unsettling some of the banks."

On Friday, federal officials closed branches of the 1st National Bank of Nevada and First Heritage Bank N.A. -- owned by Scottsdale, Ariz.-based First National Bank Holding Co., adding to investors' jitters about the ability of some banks to stay afloat.

According to preliminary calculations, the Dow Jones industrial average fell 239.61, or 2.11 percent, to 11,131.08.

Broader stock indicators also fell. The Standard & Poor's 500 index declined 23.39, or 1.86 percent, to 1,234.37, and the Nasdaq composite index fell 46.31, or 2.00 percent, to 2,264.22.

Bond prices jumped as investors again sought the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 4.02 percent from 4.10 percent from late Friday.

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

Monday's pall over the market wasn't solely because of flagging confidence in the financial sector. Investors are also waiting to see whether oil prices' sharp drop of recent weeks has come to an end, or is just pausing. Light, sweet crude rose $2.23 to settle at $123.26 on the New York Mercantile Exchange.

The troubles that banks are having with bad debt underscore the difficulty that consumers are facing not only in keeping on top of their mortgages but to make their credit card and car payments. That is leading to worries about the broader economy. Investors should get some insight with big economic reports due at the end of this week.

On Thursday, investors will be looking for the first report on gross domestic product for the second quarter. Economists polled by Thomson Financial/IFR expect the Commerce Department to report that gross domestic product rose thanks in part to the government's tax rebate checks.

Then, on Friday, Wall Street will be awaiting the employment report for June. Often such reports are regarded as the most important economic readings of the month because of the insight into the well-being of the consumer. Their health is important because consumers account for more than two-thirds of U.S. economic activity. The latest Labor Department report is expected to show the seventh month of jobs losses and that the unemployment rate ticked higher.

Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams, said investors were selling off financial shares because of their continued concerns about housing.

"They're taking the financials to the woodshed," he said. "Until the housing market stabilizes you're really not going to see the financials stabilize."

Among financials, Citigroup Inc. fell $1.42, or 7.5 percent, to $17.43, while Morgan Stanley declined $1.79, or 4.9 percent, to $34.96.

The other corporate news Monday wasn't enough to support the market. Verizon Communications Inc. said its second-quarter profit rose 12 percent, although revenue came in short of Wall Street's forecasts. The company, one of the 30 that comprise the Dow industrials, made some investors uneasy after customers disconnected their landlines faster than before. Verizon fell 85 cents, or 2.5 percent, to $33.60.

Kraft, the maker of Velveeta, Oreo cookies and Maxwell House coffee, said higher prices helped offset rising commodity costs and listed second-quarter earnings nearly 4 percent. The company rose $1.45, or 4.9 percent, to $30.83 after raising its forecast for the year.

Private equity firm Kohlberg Kravis Roberts & Co. said Sunday it plans to go public on the New York Stock Exchange through a takeover of its Amsterdam-listed affiliate investment fund KKR Private Equity Investors LP.

Tyson Foods Inc., the world's largest meat company, fell $1.14, or 7 percent, to $15.09 after reporting a 90 percent drop in its fiscal third-quarter profits because of rising cost of grain used to feed chicken.

Amgen Inc. surged $6.56, or 12.2 percent, to $60.48 after the company reported positive trial results for its osteoporosis drug candidate denosumab. Late-stage clinical trial results showed denosumab reduced the incidence of fractured vertebrae in post-menopausal women. It tacked on another 2 percent in after-hours trading after it reported second-quarter profit surpassed projections.

Declining issues outnumbered advancers by more than 3 to 1 on the New York Stock Exchange, where volume came to 1.17 billion shares.

The Russell 2000 index of smaller companies fell 14.23, or 2.00 percent, to 696.11.

Overseas, Japan's Nikkei stock average rose 0.14 percent. Britain's FTSE 100 fell 0.75 percent, Germany's DAX index fell 1.33 percent, and France's CAC-40 declined 1.20 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 shot higher Tuesday, gaining back the previous session's sharp losses and then some, after a drop in oil prices and a rise in consumer confidence gave investors some hope for a letup in Americans' financial woes. The Dow Jones industrial average rose 266 points.

The NYSE DOW closed HIGHER by +266.48 points +2.39% on Tuesday July 29

Sym Last........ ........Change..........
Dow 11,397.56 +266.48 +2.39%
Nasdaq 2,319.62 +55.40 +2.45%
S&P 500 1,263.19 +28.82 +2.33%
30-yr Bond 4.6220% +0.0080

NYSE Volume 5,352,602,500
Nasdaq Volume 2,322,084,000

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,319.20 +6.60 +0.12%
DAX 6,398.80 +47.65 +0.75%
CAC 40 4,320.49 -3.96 -0.09%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,159.45 -194.33 -1.46%
Hang Seng 22,258.00 -429.21 -1.89%
Straits Times 2,886.56 -23.80 -0.82%

http://biz.yahoo.com/ap/080729/wall_street.html
Stocks soar after another drop in oil prices
Tuesday July 29, 4:18 pm ET
By Madlen Read, AP Business Writer
Stocks jump as falling oil prices, upbeat confidence data lift Wall Street's consumer gloom


NEW YORK (AP) -- Wall Street shot higher Tuesday, gaining back the previous session's sharp losses and then some, after a drop in oil prices and a rise in consumer confidence gave investors some hope for a letup in Americans' financial woes. The Dow Jones industrial average rose 266 points.

Crude oil prices sank $2.54 to $122.19 a barrel on the New York Mercantile Exchange, extending their two-week-long retreat from record highs above $147. The prospect of lower energy costs for U.S. consumers, along with a modest uptick in the Conference Board's July index of consumer confidence to 51.9 from 51 in June, came as welcome news. Consumer spending accounts for more than two-thirds of U.S. economic activity.

"The thinking is that oil prices are heading lower, and that's obviously a positive for the market," said Richard E. Cripps, chief market strategist for Stifel Nicolaus.

A stock bounce was hardly unexpected, though, after the Dow lost nearly 240 points Monday on worries about the sagging financial sector. Wall Street is torn: Energy prices, if they continue on their downward path, could provide big relief to consumers, but credit losses keep mounting at the nation's major banks. The result is big swings in the market but little consistent direction.

"We're living from one piece of news to the next," said Alan Gayle, senior investment strategist for RidgeWorth Capital Management. The market's volatility, exacerbated by light summer trading volumes, is likely to continue unless it gets further evidence that oil prices are, indeed, on their way down, and that banks have already seen the bulk of their losses.

In a sign that there could be additional asset markdowns for banks, Merrill Lynch & Co. announced late Monday that it was writing down another $5.7 billion and selling assets tied to risky debt at a steep discount to Lone Star Funds, a distressed debt investor.

Still, Merrill's moves at least answered lingering questions about the health of the brokerage's balance sheet. And many analysts said the asset sale could help to finally establish a market for all the hard-to-value securities held by various financial institutions.

"The bad news is, there's going to be write-downs. The better news is, we can estimate those write-downs with better clarity," Gayle said.

According to preliminary calculations, the Dow gained 266.48, or 12.39 percent, to 11,397.56.

Broader stock indicators also climbed. The Standard & Poor's 500 index rose 28.83, or 2.34 percent, to 1,263.20, and the Nasdaq composite index rose 55.40, or 2.45 percent, to 2,319.62.

 

[bigdog]

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

Wall Street soared for the second straight day Wednesday, rallying in the last hour of trading after a rebound in financial stocks and optimism about private sector jobs. Investors brushed off a sharp jump in oil prices. The Dow Jones industrials rose more than 180 points, bringing its two-day gain to more than 450.

The NYSE DOW closed HIGHER by +186.13 points +1.63% on Wednesday July 30

Sym Last........ ........Change..........
Dow 11,583.69 +186.13 +1.63%
Nasdaq 2,329.72 +10.10 +0.44%
S&P 500 1,284.26 +21.07 +1.67%
10 Yr Bond(%) 4.0480% +0.0040

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,420.70 +101.50 +1.91%
DAX 6,460.12 +61.32 +0.96%
CAC 40 4,400.55 +80.06 +1.85%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,367.79 +208.34 +1.58%
Hang Seng 22,690.60 +432.60 +1.94%
Straits Times 2,925.50 +38.94 +1.35%

http://biz.yahoo.com/ap/080730/wall_street.html
Stocks surge higher, led by financial sector
Wednesday July 30, 5:38 pm ET
By Tim Paradis, AP Business Writer
Wall Street extends gains as financial stock rally offsets higher oil prices

NEW YORK (AP) -- Wall Street soared for the second straight day Wednesday, rallying in the last hour of trading after a rebound in financial stocks and optimism about private sector jobs.
Investors brushed off a sharp jump in oil prices. The Dow Jones industrials rose more than 180 points, bringing its two-day gain to more than 450.

Bank and brokerage stocks, many trading at multiyear lows, turned higher and led the late advance. There was some relief in the market after the Federal Reserve said it would extend and expand its program to lend money to investment banks. The central bank's move reassured the market that the banks would have cash if they needed it.

Investors have been worried that some of Wall Street's biggest names will be slashing prices on more of their assets -- and needing more money -- after Merrill Lynch & Co. unexpectedly announced a $5.7 billion write-down late Monday.

"There's a growing sense that what we saw out of Merrill Lynch is the beginning of the end for the financial cleanup," said Craig Peckham, market strategist at Jefferies & Co. He added that the ADP number was also a good sign for the economy.

Earlier, Automatic Data Processing said private sector employment rose by 9,000 this month. After seeing jobs disappear by the thousands in recent months, the stock market is eager for any insights into the Labor Department's take on the job market on Friday.

The ADP news helped offset a big spike in the price of oil after a weekly Energy Department report on domestic supplies showed a surprise increase. Israeli Prime Minister Ehud Olmert's announcement that he plans to resign in September stirred concerns about the viability of Middle East peace efforts and rising tensions with Iran.

Light, sweet crude rose $4.58 to settle at $126.77 on the New York Mercantile Exchange. Oil has fallen sharply, however, since hitting a high above $147 on July 11. A drop in oil prices Tuesday contributed to a huge gain on Wall Street.

The late rally may also have been due to technical trading; in times of great volatility, many institutional investors start adjusting their holdings before the closing bell.

The Dow rose 186.13, or 1.63 percent, to 11,583.69. On Tuesday, the blue chips jumped 266 points, more than wiping out a nearly 240-point loss from the previous session.

Broader stock indicators also surged. The Standard & Poor's 500 index advanced 21.06, or 1.67 percent, to 1,284.26, and the Nasdaq composite index rose 10.10, or 0.44 percent, to 2,329.72.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where consolidated volume came to 5.06 billion shares from 5.11 billion in the previous session.

Bond prices fell as stocks advanced, diminishing demand for the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.05 percent from 4.04 percent late Tuesday.

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

Shares of Morgan Stanley and Lehman Brothers Holdings Inc. climbed more than 5 percent, while Citigroup Inc. and Merrill Lynch rose about 2 percent.

Fannie Mae and Freddie Mac, the government-chartered mortgage companies which together hold or back nearly half of all U.S. mortgage debt, also rose on news of the Fed's latest moves. Fannie Mae advanced 45 cents, or 3.9 percent, to $12.05, while Freddie Mac rose 6 cents to $8.48.

Wall Street has been juggling a number of intertwined worries in recent months as it tries to determine where the economy is headed. There is continued concern about bad mortgage debt that many banks are holding because homeowners swept up in the pullback in the housing market are missing mortgage payments.

And the rapid rise in oil and other commodity prices this year has only made it harder for many consumers to keep up with their bills. Any sign of an easing in the credit and housing markets, or a drop in energy prices, offers some investors hope that the economy could begin to recover.

Investors are anxious for the government's advance reading on second quarter gross domestic product, which is due Thursday. Economists expect that, while it might not feel like it to many consumers, the economy is still eking out growth. A good chunk of it may be due to government tax rebates.

In earnings news, Starbucks Corp. said costs related to its closure of 600 underperforming stores led it to post a loss in its fiscal third quarter. However, it matched Wall Street projections.

The Walt Disney Co. said third-quarter profits surged nearly 9 percent thanks to revenue growth at ESPN and strong results from its theme park near Paris, where the weak U.S. dollar was helpful.

The Russell 2000 index of smaller companies rose 4.31, or 0.60 percent, to 718.86.

Overseas, Japan's Nikkei stock average rose 1.58 percent. Britain's FTSE 100 jumped 1.91 percent, Germany's DAX index advanced 0.96 percent, and France's CAC-40 jumped 1.85 percent.

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