NYSE Dow Jones finished today at:

[bigdog]

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

Wall Street sank Thursday, after weak readings on economic growth and the job market touched off renewed concerns about the financial health of businesses and consumers. The Dow Jones industrial average fell more than 200 points.

The NYSE DOW closed LOWER by -205.67 points -1.78% on Thursday July 31

Sym Last........ ........Change..........
Dow 11,378.02 -205.67 -1.78%
Nasdaq 2,325.55 -4.17 -0.18%
S&P 500 1,267.38 -16.88 -1.31%
30-yr Bond 4.6030% -0.0350

NYSE Volume 5,316,791,000
Nasdaq Volume 2,387,055,750

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,411.90 -8.80 -0.16%
DAX 6,479.56 +19.44 +0.30%
CAC 40 4,392.36 -8.19 -0.19%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,376.81 +9.02 +0.07%
Hang Seng 22,731.10 +40.50 +0.18%
Straits Times 2,929.65 +4.15 +0.14%

http://biz.yahoo.com/ap/080731/wall_street.html
Wall Street slides on GDP, jobless data
Thursday July 31, 4:23 pm ET
By Tim Paradis, AP Business Writer
Stocks sink on disappointing gross domestic product reading, jump in jobless claims

NEW YORK (AP) -- Wall Street sank Thursday, after weak readings on economic growth and the job market touched off renewed concerns about the financial health of businesses and consumers. The Dow Jones industrial average fell more than 200 points.

The Commerce Department's report that gross domestic product grew at a 1.9 percent pace in the second quarter disappointed investors. Economists polled by Thomson Financial/IFR had expected growth of 2.4 percent in the broad measure of the economy's health.

Investors were also concerned about Labor Department data saying that the number of people seeking jobless benefits jumped to the highest level in five years. Economists warned the weekly figures can be volatile, however, and some dismissed them as an aberration.

A $4.5 billion cash offer from Bristol-Myers Squibb Co. for its cancer drug partner ImClone Systems Inc. kept the Nasdaq composite index from falling as sharply as other indexes. In other positive news, oil prices declined, and an index of Midwestern business activity indicated growth.

But Wall Street could not shake off its worries about the economy -- particularly after sobering remarks from Former Federal Reserve Chairman Alan Greenspan on CNBC late in the afternoon. Greenspan said he would be more surprised if the United States did not enter recession than if it did.

The comments came after Treasury Secretary Henry Paulson said in a speech in Washington that the economy will continue to grow at a moderate pace for the rest of the year, and the government's $168 billion stimulus package had helped grease the economy's wheels.

But Larry Smith, chief investment officer at Third Wave Global Investors in Greenwich, Conn., said tightness in credit markets and high oil prices continue to weigh on the economy and the stimulus package won't deliver a permanent fix.

"Tax rebates have been a very effective way of propping up the economy in the second quarter, and less so in the third quarter," Smith said. "To fix the economic growth problems, you have to restore liquidity to the system."

According to preliminary calculations, the Dow Jones industrial average fell 205.67, or 1.78 percent, to 11,378.02, continuing its string of erratic, triple-digit daily swings.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 16.88, or 1.31 percent, to 1,267.38, while the Nasdaq fell 4.17, or 0.18 percent, to 2,325.55.

 

[bigdog]

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

The Dow Jones industrial average ended the week down 44.37, or 0.39 percent, at 11,326.32. The Standard & Poor's 500 index finished up 2.62, or 0.21 percent, at 1,260.31. The Nasdaq composite index ended the week up 0.43, or 0.02 percent, at 2,310.96 .

Wall Street retreated again Friday after readings on jobs and manufacturing -- the first reports for the third quarter -- indicated that businesses and workers still face a tough economy. The major indexes ended a turbulent week narrowly mixed.

A massive quarterly loss at General Motors Corp. and rising oil prices also gave investors reason to trade cautiously. But the market was considerably calmer than the first four sessions of the week, when the Dow Jones industrials rose or fell by triple digits each day in response to economic data or news about the financial sector.

The NYSE DOW closed LOWER by -51.70 points -0.45% on Friday August 1

Sym Last........ ........Change..........
Dow 11,326.32 -51.70 -0.45%
Nasdaq 2,310.96 -14.59 -0.63%
S&P 500 1,260.31 -7.07 -0.56%
30-yr Bond 4.5690% -0.0340

NYSE Volume 4,714,448,500
Nasdaq Volume 2,194,012,000

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,354.70 -57.20 -1.06%
DAX 6,396.46 -83.10 -1.28%
CAC 40 4,314.34 -78.02 -1.78%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,094.59 -282.22 -2.11%
Hang Seng 22,862.60 +131.50 +0.58%
Straits Times 2,906.07 -23.58 -0.80%

http://biz.yahoo.com/ap/080801/wall_street.html
Stocks pull back after another decline in jobs
Friday August 1, 6:11 pm ET
By Madlen Read, AP Business Writer
Wall Street pulls back on rise in unemployment rate, flat manufacturing activity, GM loss

NEW YORK (AP) -- Wall Street retreated again Friday after readings on jobs and manufacturing -- the first reports for the third quarter -- indicated that businesses and workers still face a tough economy. The major indexes ended a turbulent week narrowly mixed.

A massive quarterly loss at General Motors Corp. and rising oil prices also gave investors reason to trade cautiously. But the market was considerably calmer than the first four sessions of the week, when the Dow Jones industrials rose or fell by triple digits each day in response to economic data or news about the financial sector.

Friday's reports were not as poor as many analysts had anticipated, which likely accounted for the muted reaction. Nonetheless, they portrayed an economy that was still sagging as it entered the second half of the year. The Labor Department said jobs fell for the seventh straight month in July by 51,000 -- less than expected -- but that the unemployment rate rose to a greater-than-expected 5.7 percent. The report arrived after data Thursday that showed an unexpected jump in jobless claims to a five-year high.

"It reinforces the idea that we're seeing a steady, but not dramatic, decline in employment, which is likely to last for some time," said Michael Sheldon, chief market strategist at RDM Financial Group in Westport, Conn.

Meanwhile, the Institute for Supply Management said manufacturing activity was flat in July. Given Thursday's disappointing report on gross domestic product growth, Wall Street is becoming more certain that the United States is in a recession -- and one that could be prolonged. U.S. recessions since World War I have lasted about 10 months, on average, but have ranged from as little as six months to as long as 16 months, Sheldon said.

The flagging economy has sapped consumers' ability to spend freely, which in turn is hurting profits at many big companies. GM said it lost $15.5 billion in the second quarter, more than analysts predicted and the automaker's third-worst loss in its history.

There was also more bad news about construction; the Commerce Department reported that building activity declined in June. And the price of oil rose $1.02 to $125.10, retreating from an earlier gain of more than $4, but still signaling that its steep decline of recent weeks has at least temporarily been halted.

The Dow fell 51.70, or 0.45 percent, to 11,326.32. The blue-chip index ended the week down 0.39 percent.

Broader stock indicators also lost ground Friday. The Standard & Poor's 500 index fell 7.07, or 0.56 percent, to 1,260.31, and the Nasdaq composite index fell 14.59, or 0.63 percent, to 2,310.96.

Advancing issues, however, narrowly outnumbered decliners Friday on the New York Stock Exchange. Consolidated volume came to a relatively light 4.54 billion shares, down from 5.16 billion billion shares Thursday.

The S&P finished the week up 0.21 percent, and the Nasdaq finished up 0.02 percent.

Bond prices edged higher in Friday's trading. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.94 percent from 3.95 percent late Thursday. The dollar was mixed against other major currencies, while gold prices fell.

The market's performance the past few sessions shows how jumpy investors are. The Dow zigzagged up and down by hundreds of points as the market alternately agonized over the financial sector and signs of economic weakness, and then soared as investors decided things weren't really all that bad after all.

Some analysts believe that a stock market bottom may have been reached, even if an upswing isn't under way. Others, however, are more cautious and wondering if more declines are to come -- particularly after Merrill Lynch & Co. announced billions of dollars in extra credit-related declines this week.

However, most financial stocks performed well Friday, with investors are cautiously optimistic that banks and other financial services companies -- while still losing money on their hefty investments in troubled debt -- are starting to clean up their books.

Bond insurer Ambac Financial Group Inc. said it agreed to pay $850 million to settle one of its largest exposures to risky debt instruments called collateralized debt obligations. Ambac rose $1.27, or 50 percent, to $3.79, while rival MBIA Inc. rose $1.74, or 29 percent, to $7.67.

Other gainers included Dow component American International Group, up 74 cents, or 2.8 percent, at $26.79; Wachovia Corp., up $1.71, or 9.9 percent, at $18.98; and Lehman Brothers Holdings Inc., up $1.31, or 7.6 percent, at $18.65.

Shares of GM, another Dow component, gave up 84 cents, or 7.6 percent, to $10.23 after posting its quarterly loss.

Most companies' quarterly results have been surpassing Wall Street's forecasts. And beyond financial and consumer discretionary sectors, corporate earnings have been increasing.

"There is some room for optimism on the corporate profit front," Sheldon said. "But a lot will depend on consumers and energy prices for the remainder of the year."

Meanwhile, a few pharmaceutical stocks suffered sell-offs on Friday. Biogen Idec Inc. and Elan Corp. PLC fell due to safety concerns related to multiple sclerosis therapy Tysabri. Biogen dropped $19.75, or 28 percent, to $50.01, and Elan tumbled $10.12, or 50 percent, to $9.93.

The Russell 2000 index of smaller companies rose 1.64, or 0.23 percent, to 716.16.

Overseas, Japan's Nikkei stock average fell 0.14 percent. Britain's FTSE 100 fell 1.06 percent, Germany's DAX index declined 1.28 percent, and France's CAC-40 fell 1.78 percent.

The Dow Jones industrial average ended the week down 44.37, or 0.39 percent, at 11,326.32. The Standard & Poor's 500 index finished up 2.62, or 0.21 percent, at 1,260.31. The Nasdaq composite index ended the week up 0.43, or 0.02 percent, at 2,310.96.

The Russell 2000 index finished the week up 5.82, or 0.82 percent, at 716.16.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 12,888.21, up 51.11 points, or 0.40 percent, for the week. A year ago, the index was at 14,755.40.

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

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

 

[bigdog]

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

Wall Street fell moderately Monday in an erratic session dominated by worries about inflation -- which were somewhat soothed by a steep drop in the price of oil.

Light, sweet crude closed down $3.69, or 2.9 percent, to settle at $121.41 a barrel on the New York Mercantile Exchange after Tropical Storm Edouard seemed unlikely to threaten oil and natural gas facilities in the Gulf of Mexico. It was the lowest settlement price since May 5 and left crude down nearly 20 percent from its July 11 high of $147.27.

The NYSE DOW closed LOWER by -42.17 points -0.37% on Monday August 4

Sym Last........ ........Change..........
Dow 11,284.15 -42.17 -0.37%
Nasdaq 2,285.56 -25.40 -1.10%
S&P 500 1,249.01 -11.30 -0.90%
30-yr Bond 4.5890% +0.0200

NYSE Volume 4,529,437,000
Nasdaq Volume 2,010,205,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,320.20 -34.50 -0.64%
DAX 6,349.81 -46.65 -0.73%
CAC 40 4,280.63 -33.71 -0.78%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,933.18 -161.41 -1.23%
Hang Seng 22,514.92 -347.68 -1.52%
Straits Times 2,876.08 -29.99 -1.03%

http://biz.yahoo.com/ap/080804/wall_street.html
Stocks decline after oil falls sharply
Monday August 4, 4:47 pm ET
By Tim Paradis, AP Business Writer
Wall Street declines as drop in oil helps offset inflation worries; investors await Fed move

NEW YORK (AP) -- Wall Street fell moderately Monday in an erratic session dominated by worries about inflation -- which were somewhat soothed by a steep drop in the price of oil.

Light, sweet crude closed down $3.69, or 2.9 percent, to settle at $121.41 a barrel on the New York Mercantile Exchange after Tropical Storm Edouard seemed unlikely to threaten oil and natural gas facilities in the Gulf of Mexico. It was the lowest settlement price since May 5 and left crude down nearly 20 percent from its July 11 high of $147.27.

That decline eased some of investors' concerns about inflation. Wall Street initially sold off after the Commerce Department said an inflation gauge tied to consumer spending rose by a sharp 0.8 percent in June, reflecting higher gasoline prices. That was the biggest jump in the indicator since a 1 percent rise in February 1981.

The data came in the department's report on consumer spending, which fell 0.2 percent in June after removing the effects of higher prices. The increase in inflation offset some of the billions in dollars in checks sent to taxpayers as part of the government's economic stimulus plan.

The report fed investors' growing concerns about the impact of rising prices on consumers, whose spending is the lifeblood of the economy.

Richard E. Cripps, chief market strategist for Stifel Nicolaus, said the economic readings Monday reinforced the negative sentiment in the markets globally. While the Federal Reserve will hold a regularly scheduled policy meeting on Tuesday, he contends investors aren't expecting much from the session; Wall Street is more immediately concerned with energy prices and prospects for the housing market.

"I don't think that the Fed can really pull any of its levers to create a short-term fix," he said. "To go higher, I think we need the sentiment to change with lower energy prices. Crude oil dropping below the $117 area certainly would provide a very visible benefit in terms of the economy but it also makes the problems seems a little bit less severe."

According to preliminary calculations, the Dow Jones industrial average fell 42.17, or 0.37 percent, to 11,284.15. The Dow had been down more than 100 points in early trading.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 11.30, or 0.90 percent, to 1,249.01, and the Nasdaq composite index declined 25.40, or 1.10 percent, to 2,285.56.

Many investors appeared to trade cautiously ahead of the Fed's meeting. The central bank is expected to keep interest rates steady at 2 percent, given the recent underwhelming readings on the economy. Inflation rose sharply for businesses in June as they paid higher prices for commodities, but it appears to have eased in July as the price of oil retreated in the second half of the month. That might take pressure off the Fed to raise rates as a means of containing inflation.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.98 percent from 3.94 percent late Friday. The dollar rose against other major currencies, while gold prices fell.

Investors seemed unmoved by a Commerce Department report that orders to U.S. factory jumped at the fastest pace in six months in June. The report reflected increases in petroleum prices and heavy demand for military equipment. Orders rose by 1.7 percent in June, more than double what had been expected. It was the biggest gain since December.

Steven Goldman, chief market strategist at Weeden & Co., said the up-and-down trading since Wall Street's recent lows in July are part of a necessary process as the market searches for a bottom.

"We're kind of going through a period of healing and trying to maybe etch out some kind of bottom," he said. "A lot of times you just don't reach a bottom and go straight up."

Goldman pointed to encouraging signs like drops in commodities beyond oil as well as declines in the number of stocks hitting new lows.

Meanwhile, U.S. corporate earnings reports for the second quarter were still arriving, but Monday's flow was lighter. Cisco Systems Inc., News Corp. and Procter & Gamble Co. all report earnings Tuesday.

Cisco fell ended unchanged at $21.99, News Corp. advanced 17 cents to $14.57 and P&G rose 87 cents to $65.82.

Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where volume came to 1.23 billion shares.

The Russell 2000 index of smaller companies fell 12.02, or 1.68 percent, to 704.14.

Overseas, Japan's Nikkei stock average fell 1.23 percent. Britain's FTSE 100 fell 0.64 percent. Germany's DAX index fell 0.73 percent, and France's CAC-40 lost 0.78 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

An already soaring Wall Street extended its advance Tuesday after the F ederal Reserve left interest rates unchanged and assuaged some of the market's fears about the economy. The Dow Jones industrial average shot up more than 330 points, and all the major indexes had gains approaching 3 percent.

The market was already enjoying a big rally before the Fed meeting, as investors responded to a report that services sector activity fell less than expected last month and to another drop in oil prices that took crude as low as $118 a barrel .

The NYSE DOW closed HIGHER by +331.62 points +2.94% on Tuesday August 5

Sym Last........ ........Change..........
Dow 11,615.77 +331.62 +2.94%
Nasdaq 2,349.83 +64.27 +2.81%
S&P 500 1,284.88 +35.87 +2.87%
30-yr Bond 4.6290% +0.0400

NYSE Volume 5,474,020,500
Nasdaq Volume 2,387,667,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,454.50 +134.30 +2.52%
DAX 6,518.70 +168.89 +2.66%
CAC 40 4,386.35 +105.72 +2.47%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,914.66 -18.52 -0.14%
Hang Seng 21,949.75 -565.17 -2.51%
Straits Times 2,860.51 -15.57 -0.54%

http://biz.yahoo.com/ap/080805/wall_street.html
Wall Street extends rally after Fed decision
Tuesday August 5, 4:38 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street rallies after Fed eases some fears about the economy; Dow up 330 points

NEW YORK (AP) --An already soaring Wall Street extended its advance Tuesday after the F ederal Reserve left interest rates unchanged and assuaged some of the market's fears about the economy. The Dow Jones industrial average shot up more than 330 points, and all the major indexes had gains approaching 3 percent.

The market was already enjoying a big rally before the Fed meeting, as investors responded to a report that services sector activity fell less than expected last month and to another drop in oil prices that took crude as low as $118 a barrel .

But the Fed gave stocks a huge push higher in the last hours of trading. In a statement accompanying its widely expected rate decision, the Fed reported that "economic activity expanded in the second quarter, partly reflecting growth in consumer spending and exports." That assessment was welcome news to a market that has feared the economy was falling into recession because of weak consumer spending.

The Fed did have some darker news, stating that "inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities." But it also said it expected inflation to moderate later in the year.

"The wording is a little strong over inflation, but there's really no real change in policy," said Brian Gendreau, investment strategist for ING Investment Management. "I think they are trying to buy time to allow the economy to recover, and so that the financials can slowly repair."

Ryan Larson, senior equity trader at Voyageur Asset Management, said he believes the central bank will keep rates on hold until the early part of 2009. He said of Fed officials, "they seem more concerned about growth for the rest of this year, and I'd say right now they appear to be dovish for the short term."

The oil market also helped soothe some of Wall Street's worries -- crude fell as low as $118 a barrel before settling at $119.17, down $2.24 on the New York Mercantile Exchange. Oil has now fallen $28 from its July 11 high of $147.27 on widening expectations that the slumping U.S. economy will keep curbing consumer demand for gasoline and other petroleum products.

Stocks had plunged in June and early July as oil reached new heights; the fear on Wall Street was that higher prices for fuel would curtail consumer spending, which accounts for more than two-thirds of the economy. With oil falling, and the Fed citing economic growth in its statement Tuesday, investors were allowing themselves to again feel a little more optimistic after a year of financial crises and soaring commodities costs that have pummeled stocks.

The Dow rose 331.62, or 2.94 percent, to 11,615.77. It was up about 225 points shortly before the Fed's 2:15 p.m. EDT announcement.

Broader indexes also rose sharply. The Standard & Poor's 500 index added 35.87, or 2.87 percent, to 1,284.88, and the Nasdaq composite index rose 64.27, or 2.81 percent, to 2,349.83.

It was the Dow and S&P 500's biggest one-day gain since April 1, when the indexes kicked off the second quarter with a huge rally. This was also the Nasdaq's biggest point and percentage rise since mid-July.

Treasury bond prices fell after the Fed released its decision. The yield on the benchmark 10-year Treasury note, which moves opposite its prices, rose to 4.03 percent from 3.97 percent late Monday.

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

Early in the session, shares rose sharply after the Institute for Supply Management, the trade group of corporate purchasing executives, said its services sector index rose to 49.5 from 48.2 in June. Analysts surveyed by Thomson Financial/IFR predicted it would rise to 49.0.

Any reading below 50 signals contraction. The report is based on a survey of the institute's members and covers such indicators as new orders, employment, inventories, prices and exports and imports.

The notion that the sector might be in better shape than many investors feared gave Wall Street reason for optimism.

Earnings reports continued to stream in. Procter & Gamble Co., maker of Tide detergent and Gillette razors, said its fiscal fourth-quarter profit jumped 33 percent, boosted by price increases, overseas sales and tax benefits. Shares rose $2.09, or 3.2 percent, to $67.91.

Archer Daniels Midland Co. reported a 61 percent plunge in fourth-quarter profit, but said revenues soared amid higher prices for commodities like wheat and corn. The stock fell $1.53, or 6 percent, at $25.87.

D.R. Horton Inc., the nation's largest homebuilder, posted a narrower fiscal third-quarter loss as charges to write down the value of property declined. Shares fell 5 cents to $11.17.

Advancing issues led decliners by a 3 to 1 basis on the New York Stock Exchange, where volume came to 1.32 billion shares.

The Russell 2000 index of smaller companies rose 16.90, or 2.40 percent, at 721.04.

Overseas, Japan's Nikkei stock average fell 0.15 percent. Britain's FTSE 100 rose 2.52 percent, Germany's DAX index rose 2.66 percent, and France's CAC-40 rose 2.47 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 logged another winning day Wednesday as a drop in oil prices and a better-than-expected profit report from technology bellwether Cisco Systems Inc. helped corral the market's worries about the financial sector.

Oil extended its slide into a third day. Light, sweet crude settled down 59 cents at $118.58 a barrel on the New York Mercantile Exchange after the government reported a jump in domestic inventories; oil is now down about $30 from its record high of $147.27 reached on July 11.

The NYSE DOW closed HIGHER by +40.30 points +0.35% on Wednesday August 6

Sym Last........ ........Change..........
Dow 11,656.07 +40.30 +0.35%
Nasdaq 2,378.37 +28.54 +1.21%
S&P 500 1,289.18 +4.30 +0.33%
30-yr Bond 4.6900% +0.0610

NYSE Volume 4,873,426,000
Nasdaq Volume 2,283,454,000

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,486.10 +31.60 +0.58%
DAX 6,561.39 +42.69 +0.65%
CAC 40 4,448.33 +61.98 +1.41%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,254.89 +340.23 +2.63%
Hang Seng 21,949.75 closed
Straits Times 2,886.78 +26.27 +0.92%

http://biz.yahoo.com/ap/080806/wall_street.html
Wall Street advances after oil declines
Wednesday August 6, 4:43 pm ET
By Tim Paradis, AP Business Writer
Stocks rise as drop in oil offsets unease over Freddie Mac; Cisco helps lift tech names

NEW YORK (AP) -- Wall Street logged another winning day Wednesday as a drop in oil prices and a better-than-expected profit report from technology bellwether Cisco Systems Inc. helped corral the market's worries about the financial sector.

Oil extended its slide into a third day. Light, sweet crude settled down 59 cents at $118.58 a barrel on the New York Mercantile Exchange after the government reported a jump in domestic inventories; oil is now down about $30 from its record high of $147.27 reached on July 11.

Cisco rose more 5 percent after the networking equipment company late Tuesday posted earnings that narrowly topped Wall Street's forecast. The report helped buoy sentiment and lifted the technology-heavy Nasdaq composite index.

The buying came a day after Wall Street had a huge rally -- an advance that in early trading Wednesday looked like it might not hold. Investors began the day fearing more industrywide write-downs of bad home loans after mortgage financier Freddie Mac reported a larger-than-expected second-quarter loss. But a reversal in oil prices, continuing a decline that propelled stocks sharply higher Tuesday, helped calm investors about the forces tugging at the economy.

The well-being of Freddie Mac and sister company Fannie Mae is a big concern on Wall Street as the government-chartered companies hold or back nearly half of all U.S. mortgage debt. The companies have lost billions of dollars due to failed loans over the past year; the federal government has pledged to help both companies with larger lines of credit or stock purchases if necessary.

Lincoln Anderson, chief investment officer and chief economist at LPL Financial in Boston, said that while the troubles in the financial sector aren't over, investors are somewhat emboldened by the fall in oil and signs of strength in the dollar.

"I think we're getting into better territory. I've been very much focused on the fall in oil prices as a necessary ingredient to avoid recession. To the extent that we're getting that that's just great," he said.

According to preliminary calculations, the Dow Jones industrial average rose 40.30, or 0.35 percent, to 11,656.07, after having been down nearly 100 points early in the session. The gain brought the Dow's two-day advance to about 370 points. The blue chips soared Tuesday on a reassuring economic statement from the Federal Reserve and another drop in oil prices.

Broader stock indicators also advanced again Wednesday. The Standard & Poor's 500 index rose 4.31, or 0.34 percent, to 1,289.19, and the Nasdaq rose 28.54, or 1.21 percent, to 2,378.37.

Bonds slipped as investors left the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.04 percent from 4.02 percent late Tuesday. The dollar rose to eight-week highs against the euro and seven-month highs against the yen, while gold prices fell.

Investors showed enthusiasm for technology names Wednesday. Cisco rose $1.28, or 5.7 percent, to $23.93 after its report. Microsoft Corp., one of the 30 stocks that make up the Dow, rose 81 cents, or 3.1 percent, to $27.02.

Freddie Mac fell $1.55, or 19 percent, to $6.49, while Fannie Mae fell $2.00, or 15 percent, to $11.60. Freddie Mac, which substantially increased its reserves for souring loans, lost about three times what Wall Street expected on a per-share basis. The company also announced that it expects to cut its third-quarter dividend.

Other financial stocks fell as investors worried about the sector. Citigroup Inc. slipped 22 cents to $19.70, while Wachovia Corp. fell 65 cents, or 3.4 percent, $18.41.

J. Stephen Lauck, chief executive and portfolio manager at Ashfield Capital Partners in San Francisco, said impressions about the health of the financial sector will continue to shape investor sentiment.

"It's a very cautious environment," he said. "What we need in this market is for the financial stocks to stabilize. I think they'll stabilize well before the housing market fixes itself."

Lauck said the housing sector will likely take several years to recover. But in the meantime, the drop in energy prices is offering investors some solace.

"This commodity pullback is very timely because I think it does take that stress point away from the market," he said.

But even with the pullback in oil prices investors appeared cautious about placing bets on companies that do best when consumers are in a mood to spend. Rising commodity costs have hurt consumers, whose spending accounts for more than two-thirds of U.S. economic activity. Among consumer discretionary stocks, TJX Cos., parent of the T.J. Maxx and Marshalls chains, fell 91 cents, or 2.6 percent, to $34.47.

Sprint Nextel fell $1.21, or 14 percent, to $7.34 after posting a second-quarter loss on severance and other costs.

Advancing issues outnumbered decliners by about 9 to 7 on the New York Stock Exchange, where volume came to 1.2 billion shares compared with 1.32 billion Tuesday.

The Russell 2000 index of smaller companies rose 4.86, or 0.67 percent, to 725.90.

Overseas, Japan's Nikkei stock average rose 2.63 percent. Britain's FTSE 100 rose 0.58 percent, Germany's DAX index added 0.65 percent and France's CAC-40 jumped 1.41 percent.

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

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

 

[bigdog]

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

The Dow Jones industrial average ended the week up 408.00, or 3.60 percent, at 11,734.32. The Standard & Poor's 500 index finished up 36.01, or 2.86 percent, at 1,296.32. The Nasdaq composite index ended the week up 103.14, or 4.46 percent, at 2,414.10.

Wall Street rebounded smartly Friday, shooting higher as a surge in the dollar and another plunge in oil prices eased some of investors' worries about losses at mortgage finance company Fannie Mae. The Dow Jones industrials soared more than 300 points, more than wiping out a big loss from the previous session, and all the major indexes had their best weekly gains since April.

The NYSE DOW closed HIGHER by +302.89 points +2.65% on Friday August 8

Sym Last........ ........Change..........
Dow 11,734.32 +302.89 +2.65%
Nasdaq 2,414.10 +58.37 +2.48%
S&P 500 1,296.31 +30.25 +2.39%
30-yr Bond 4.5550% -0.0090

NYSE Volume 4,981,754,000
Nasdaq Volume 2,255,885,000

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,489.20 +11.70 +0.21%
DAX 6,561.65 +18.16 +0.28%
CAC 40 4,491.85 +34.42 +0.77%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,168.41 +43.42 +0.33%
Hang Seng 21,885.21 -218.99 -0.99%
Straits Times 2,807.54 -27.17 -0.96%

http://biz.yahoo.com/ap/080808/wall_street.html
Stocks jump as oil prices fall sharply
Friday August 8, 5:52 pm ET
By Tim Paradis, AP Business Writer
Stocks surge after rise in dollar and drop in oil ease worries about financials; Dow jumps 300

NEW YORK (AP) -- Wall Street rebounded smartly Friday, shooting higher as a surge in the dollar and another plunge in oil prices eased some of investors' worries about losses at mortgage finance company Fannie Mae. The Dow Jones industrials soared more than 300 points, more than wiping out a big loss from the previous session, and all the major indexes had their best weekly gains since April.

The session extended a streak of volatility that has seen the Dow making frequent triple-digit moves as investors reacted feverishly to news about the financial sector, corporate earnings and the economy.

On Friday, the dollar, which has sagged along with the economy, reached its highest level against the euro since February, and in the process sent a wave of confidence through the stock market. And because the dollar's strength has contributed to the recent skid in oil prices, light, sweet crude dropped sharply again, falling $4.82 a barrel to settle at $115.20 on the New York Mercantile Exchange. That brought crude's decline over the past four weeks to more than $30.

Investors see the drop in oil as a big boost for the economy, because it should allow consumers to spend more freely. For the moment, that has allowed the market to set aside nervousness about the financial sector, which is still contending with the fallout from the year-old credit crisis.

Fresh financial worries surfaced Friday after Fannie Mae, the largest U.S. buyer and backer of home loans, reported a quarterly loss more than three larger than what Wall Street had expected and said it would slash its quarterly dividend to conserve cash.

Philip S. Dow, managing director of equity strategy at RBC Dain Rauscher in Minneapolis, said that while the strength in the dollar and the resulting drop in oil were attracting buyers Friday, Wall Street's recent back-and-forth trading illustrates investors' great anxiety.

"We live in a market where people react, they don't anticipate," he said. "So you've got this market that's kind on a seesaw every day reacting to news."

The Dow rose 302.89, or 2.65 percent, to 11,734.32. The blue chips fell nearly 225 points Thursday after concerns about the financial sector, a weak showing by retailers in July and a spike in weekly unemployment claims; Friday's advance marked the seventh time in two weeks that the Dow rose or fell by triple digits.

Broader indicators also rose sharply Friday. The Standard & Poor's 500 index advanced 30.25, or 2.39 percent, to 1,296.32 and the Nasdaq composite index advanced 58.37, or 2.48 percent, to 2,414.10.

For the week, the Dow rose 3.6 percent, the S&P gained 2.9 percent and the technology-heavy Nasdaq jumped 4.5 percent. It was their best weekly performance since the week ended April 18.

Bonds ticked lower as stocks jumped, easing demand for the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its prices, rose to 3.94 percent from 3.93 percent late Thursday. Gold prices fell. Prices rebounded in after-hours trading, sending the 10-year yield to 3.93 percent.

The dollar's rise against the euro came after the European Central Bank and the Bank of England separately left their benchmark interest rates unchanged Thursday. With the ECB signaling more rate hikes aren't likely, the euro wasn't as attractive as an investment option.

Kelli Hill, a portfolio manager at Ashfield Capital Partners in San Francisco, said a more robust dollar not only makes commodities like oil less expensive but can also offer a much-needed dose of faith in the U.S. markets and economy.

"People want to sell on anything or buy on anything," she said, noting that light trading volume can exacerbate the market's gyrations. "Strengthening in the dollar is a good thing not only for business but also to build back confidence both domestically and internationally."

She is optimistic the markets will recover and said the rebound could come swiftly once the money sitting on the sidelines gets a sense that the economy is poised to turn higher.

The falling price of oil also overshadowed a Labor Department report showing that U.S. workers' efficiency grew at a slightly slower pace in the second quarter. Worker productivity grew at an annual rate of 2.2 percent. Economists surveyed by Thomson/IFR had predicted growth would come in at 2.7 percent compared with 2.6 percent in the first quarter. Still, some market watchers said any gains are positive.

Fannie Mae reported a loss of $2.3 billion, or $2.54 a share. Analysts surveyed by Thomson Financial had expected the company to report a loss of 68 cents a share. The company also said it would cut its quarterly dividend to 5 cents from 35 cents. Fannie Mae fell 90 cents, or 9 percent, to $9.05.

The report from Fannie Mae follows a loss Wednesday from fellow mortgage financier Freddie Mac that was more than three times larger than Wall Street analyst had expected.

McDonald's Corp. said strong demand for breakfast items helped lifted global same-store sales 8 percent in July. The world's largest hamburger chain said same-store sales, or sales at locations open at least a year, rose 6.7 percent in the U.S. The stock, one of the 30 that comprise the Dow industrials, rose $3.81, or 6.2 percent, to $65.67 after reaching a new high of $66.24.

While the drop in oil helped stocks in general, certain sectors like the airlines, which have been hit by soaring fuel prices, showed steep gains. United Airlines parent UAL Corp. jumped $1.52, or 16 percent, to $11.13, and Continental Airlines Inc. rose $1.73, or 12 percent, to $16.48.

Advancing issues outnumbered decliners by about 3 to 1 on the New York Stock Exchange, where consolidated volume came to a relatively light 4.82 billion shares compared with 5.09 billion shares traded Thursday.

The Russell 2000 index of smaller companies rose 20.89, or 2.93 percent, to 734.30.

Global wasn't affected by a 4.5 percent drop Friday in the Shanghai Composite Index. China's benchmark index fell to its lowest level in nearly 19 months over investor disappointment that a rally tied to the Beijing Olympic games didn't develop.

Elsewhere overseas, Japan's Nikkei stock average rose 0.33 percent. Britain's FTSE 100 rose 0.21 percent, Germany's DAX index rose 0.28 percent, and France's CAC-40 rose 0.77 percent.

The Dow Jones industrial average ended the week up 408.00, or 3.60 percent, at 11,734.32. The Standard & Poor's 500 index finished up 36.01, or 2.86 percent, at 1,296.32. The Nasdaq composite index ended the week up 103.14, or 4.46 percent, at 2,414.10.

The Russell 2000 index finished the week up 18.14, or 2.53 percent, at 734.30.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 13,197.13, up 308.92 points, or 2.40 percent, for the week. A year ago, the index was at 14,641.03.

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

Stocks ended higher Monday but well off their peak after crude oil prices pulled off their lows and the Federal Reserve said more banks are tightening lending standards.

The decline in oil since last month has eased investors' concerns about the drag of rising prices on the economy, but its move off its lowest levels Monday deflated a stock market rally that built upon steep gains last week. Light, sweet crude fell 75 cents to settle at $114.45 per barrel on the New York Mercantile Exchange after dipping to $112.72, its lowest price since early May.

The NYSE DOW closed HIGHER by +48.03 points +0.41% on Monday August 11.

Sym Last........ ........Change..........
Dow 11,782.35 +48.03 +0.41%
Nasdaq 2,439.95 +25.85 +1.07%
S&P 500 1,305.31 +9.00 +0.69%
30-yr Bond 4.6110% +0.0560

NYSE Volume 5,068,678,000
Chart for NYSE Volume
Nasdaq Volume 2,321,577,750

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,541.80 +64.30 +1.17%
DAX 6,609.63 +47.98 +0.73%
CAC 40 4,538.49 +46.64 +1.04%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,430.91 +262.50 +1.99%
Hang Seng 21,859.34 -25.87 -0.12%
Straits Times 2,825.39 +17.85 +0.64%

http://biz.yahoo.com/ap/080811/wall_street.html
Stocks end higher, extending last week's gains
Monday August 11, 4:43 pm ET
By Tim Paradis, AP Business Writer
Stocks pare gains but end higher as oil declines, Fed reports banks tightening standards

NEW YORK (AP) -- Stocks ended higher Monday but well off their peak after crude oil prices pulled off their lows and the Federal Reserve said more banks are tightening lending standards.

The decline in oil since last month has eased investors' concerns about the drag of rising prices on the economy, but its move off its lowest levels Monday deflated a stock market rally that built upon steep gains last week. Light, sweet crude fell 75 cents to settle at $114.45 per barrel on the New York Mercantile Exchange after dipping to $112.72, its lowest price since early May.

The Fed's report reminded investors that the nation's credit situation is still deeply troubled. The central bank said about 75 percent of the banks it surveyed in July had increased requirements for prime mortgages, up from about 60 percent in April. The tighter standards can make it more expensive and difficult for borrowing that could stimulate the economy.

Falling oil prices and the continuing problems in the financial sector have competed for Wall Street's attention in recent sessions, with oil sending stocks higher and credit-related news tending to limit or halt the rallies.

Jim Hardesty, president of Hardesty Capital Management in Baltimore, said the decline in oil will take some pressure off the economy.

"We have a speculative bubble in prices that's giving way to what now I think are more moderate levels," he said, referring to oil's surge higher this year. "I think we can look forward to a resumption of an improvement in equity prices based on still-good earnings coming out of many companies."

According to preliminary calculations, the Dow Jones industrial average rose 48.03, or 0.41 percent, to 11,782.35, after being up more than 130 points. The gains Monday follow the blue chips' 300-point jump Friday.

Broader stock indicators also advanced Monday. The Standard & Poor's 500 index rose 9.00, or 0.69 percent, to 1,305.32. The Nasdaq composite index rose 25.85, or 1.07 percent, to 2,439.95, after names like Amazon.com Inc. jumped $7.58, or 9.4 percent, to $88.09 following release of upbeat comments from analysts.

Other consumer discretionary stocks rose as investors saw the drop in oil as likely to leave more cash consumers' wallets. That's a welcome prospect; consumer spending accounts for more than two-thirds of U.S. economic activity.

Target Corp. rose $2.49, or 5.1 percent, to $51.23, while Starbucks Corp. rose $1.18, or 7.8 percent, to $16.30.

Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where volume came to a light 1.26 billion shares compared with 1.25 billion Friday. Light trading can exacerbate the market's moves.

The drop in oil prices, which have fallen more than $30 from their July 11 high of $147.27, has alleviated some of Wall Street's worries about inflation and its effect on spending. Oil traders on Monday appeared to set aside uneasiness about fighting between Russia and Georgia that had raised the possibility of supply disruptions in the region; they focused instead on a rising dollar and a report from China that its crude oil imports fell significantly in July.

Ryan Larson, senior equity trader at Voyageur Asset Management, said the final moves by oil appeared to turn some investors more cautious, as did the Fed report.

"You see a little steam coming out of equities," he said, pointing to the effect of oil's partial recovery. "People are trying to lock in some moves."

Traders didn't appear surprised that some investors looked to cash in gains. The jump in stocks Friday led the Dow industrials to a run-up of 3.60 percent for the week. The Standard & Poor's 500 index advanced 2.86 percent last week and the Nasdaq composite index added 4.46 percent. It was the best week for the indexes since April.

The dollar, whose recent strength has helped drive oil lower, was mostly higher Monday against other major currencies. Gold prices fell.

Bond prices fell sharply as traders again transferred money to the stock market. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.01 percent from 3.94 percent late Friday.

In corporate news, Waste Management Inc. said it was increasing its buyout bid for rival Republic Services by 9 percent to $37 per share. The nation's largest trash hauler is willing to pay about $6.99 billion for Republic Services, which rejected an offer of $6.19 billion, or $34 a share, in July. Waste Management rose 10 cents to $36.11, while Republic rose 19 cents to $35.05.

Calpine Corp. rose 61 cents, or 3.8 percent, to $16.60 after the power producer said it swung to a profit in the second-quarter from a loss a year earlier following an increase in electricity rates and lower costs. The company earned 41 cents per share; analysts expected a profit of 10 cents a share, according to Thomson Financial.

The Russell 2000 index of smaller companies rose 16.76, or 2.28 percent, to 751.06.

Wall Street seemed unfazed by a pullback in China's benchmark Shanghai Composite Index, which fell 5.2 percent Monday after economic figures showed wholesale price inflation jumped to its highest level in 12 years in July.

Elsewhere overseas, Japan's Nikkei stock average rose 1.99 percent. Britain's FTSE 100 rose 0.96 percent, Germany's DAX index advanced 0.73 percent, and France's CAC-40 rose 1.04 percent.

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

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

 

[bigdog]

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

A red day all around!

Wall Street skidded lower Tuesday as downbeat news from JPMorgan Chase & Co. and other financial companies lifted the market's anxiety about the continuing impact of the credit crisis on the economy. The Dow Jones industrials fell nearly 140 points.

The latest reminder of continuing troubles for banks and brokerages came when JPMorgan said late Monday it has incurred wider losses in its mortgage holdings so far in the third quarter than in the second quarter. The nation's second-largest bank by assets said in a regulatory filing it lost $1.5 billion, after hedges, in its mortgage-backed securities and loans this quarter, compared to $1.1 billion in the second three months of 2008.

The NYSE DOW closed LOWER by -139.88 points -1.19% on Tuesday August 12.

Sym Last........ ........Change..........
Dow 11,642.47 -139.88 -1.19%
Nasdaq 2,430.61 -9.34 -0.38%
S&P 500 1,289.59 -15.72 -1.20%
30-yr Bond 4.5520% -0.0590

NYSE Volume 4,716,084,000
Nasdaq Volume 2,104,963,750

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,534.50 -7.30 -0.13%
DAX 6,585.87 -23.76 -0.36%
CAC 40 4,518.48 -20.01 -0.44%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,303.60 -127.31 -0.95%
Hang Seng 21,640.89 -218.45 -1.00%
Straits Times 2,816.82 -8.57 -0.30%

http://biz.yahoo.com/ap/080812/wall_street.html
Stocks fall sharply amid financial sector concerns
Tuesday August 12, 5:58 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street falls sharply as investors grow concerned about losses at financial companies

NEW YORK (AP) -- Wall Street skidded lower Tuesday as downbeat news from JPMorgan Chase & Co. and other financial companies lifted the market's anxiety about the continuing impact of the credit crisis on the economy. The Dow Jones industrials fell nearly 140 points.

The latest reminder of continuing troubles for banks and brokerages came when JPMorgan said late Monday it has incurred wider losses in its mortgage holdings so far in the third quarter than in the second quarter. The nation's second-largest bank by assets said in a regulatory filing it lost $1.5 billion, after hedges, in its mortgage-backed securities and loans this quarter, compared to $1.1 billion in the second three months of 2008.

The losses were proof to investors that the financial sector's problems appear to be nowhere near a resolution.

Meanwhile, Goldman Sachs Group Inc. fell after several analysts lowered their ratings and earnings estimates for the investment bank. And UBS AG, Switzerland's largest bank, reported further losses and write-downs of $5.1 billion during the second quarter.

The market's losses were mitigated for part of the session by a drop in the price of oil -- an illustration of the ongoing push-and-pull on Wall Street between oil prices and any news about financials. The erratic trading has led to a series of triple-digit moves up and down in the Dow in the past few weeks, including Tuesday's drop.

Oil trading was buffeted Tuesday by several factors: differing views on whether global demand is falling or rising, and word from BP PLC that it had shut down an oil pipeline that runs through Georgia as a precautionary measure due to the fighting between Georgian and Russian troops. Light, sweet crude settled down $1.44 at $113.01 a barrel on the New York Mercantile Exchange.

The price of crude has fallen more than $30 from its July 11 high of $147.27, easing concerns on Wall Street about inflation -- but on Tuesday, the anxiety over the financial sector overwhelmed any relief about oil prices.

"Some of the big bellwether financial-services companies are precipitating the correction that we're seeing," said Phil Orlando, chief equity market strategist at Federated Investors of Tuesday's retreat by stocks. Still, he said the run-up in stocks since oil began falling last month has made occasional retrenchments not unexpected.

The Dow fell 139.88, or 1.19 percent, to 11,642.47.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 15.73, or 1.21 percent, to 1,289.59, and the Nasdaq composite index fell 9.34, or 0.38 percent, to 2,430.61.

Bond prices rose as stocks fell and investors, once again uneasy about the financial sector, when back in search of safer investments. In late trading, the yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.90 percent from 4.00 percent late Monday.

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

A Commerce Department report showed the nation's trade deficit shrank in June, rather than growing as expected. The trade imbalance dropped 4.1 percent to $56.8 billion in June from a revised May deficit of $59.2 billion, as exports rose to an all-time high. It was the smallest deficit in three months and was better than the $61.5 billion Wall Street expected.

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, said any good news of the day was simply overshadowed by the latest concerns about the financial services sector. Banks and brokerages have taken more than $300 billion of write-downs since the credit crisis began last year.

"The financial worries have just crept back in," Detrick said. "But, given the rally we had last week, we're still holding on if you look at the big picture. We were due for some kind of a break."

The Dow had gained 350 points over the previous two sessions.

JPMorgan fell $3.90, or 9.3 percent, to $37.99. The stock plunged in late trading after Ladenburg Thalman analyst Richard X. Bove lowered his earnings estimates for the year.

Goldman Sachs declined $11.21, or 6.3 percent, to $166.79 after the analyst downgrades of some of its ratings.

Wachovia Corp. fell $2.17, or 11.9 percent, to $16.04 after it announced plans to cut 600 more jobs than it previously expected as it tries to slash costs because of losses on mortgage debt. The bank also said in a quarterly regulatory filing that it has recorded an additional $500 million in legal reserves related to its settlement discussions with regulators concerning the sale of auction-rate securities.

UBS fell $1.34, or 6.2 percent, to $20.35. The company also said it will separate its divisions such as private banking and investment banking to bolster investor confidence.

Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where consolidated volume was virtually unchanged from Monday's 4.98 billion shares.

The Russell 2000 index of smaller companies fell 6.12, or 0.81 percent, to 744.94.

Overseas, Japan's Nikkei stock average fell 0.95 percent. Britain's FTSE 100 fell 0.13 percent, Germany's DAX index declined 0.36 percent and France's CAC-40 fell 0.44 percent.

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

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

 

[bigdog]

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

Wall Street ended an erratic day Wednesday with a lopsided loss, as blue chip stocks bore the brunt of investors' concerns over the health of the financial sector. The Dow Jones industrials fell more than 100 points, but the other major indexes finished with single-digit losses.

High-tech and small-cap stocks fared better than the broader market, proof that investors were wary and choosy. The market started the day disappointed by the government's retail sales report, and a jump in oil prices further dampened the market's mood.

The NYSE DOW closed LOWER by -109.51 points -0.94% on Wednesday August 13.

Sym Last........ ........Change..........
Dow 11,532.96 -109.51 -0.94%
Nasdaq 2,428.62 -1.99 -0.08%
S&P 500 1,285.82 -3.77 -0.29%
30-yr Bond 4.5760% +0.0240

NYSE Volume 4,794,351,000
Nasdaq Volume 2,050,547,620

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,448.60 -85.90 -1.55%
DAX 6,422.19 -163.68 -2.49%
CAC 40 4,402.97 -115.51 -2.56%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,023.05 -280.55 -2.11%
Hang Seng 21,293.32 -347.57 -1.61%
Straits Times 2,811.79 -5.03 -0.18%

http://biz.yahoo.com/ap/080813/wall_street.html
Stocks end an erratic day with lopsided loss
Wednesday August 13, 4:47 pm ET
By Sara Lepro, AP Business Writer
Wall Street closes down after an erratic day dominated by worries about the financial sector

NEW YORK (AP) -- Wall Street ended an erratic day Wednesday with a lopsided loss, as blue chip stocks bore the brunt of investors' concerns over the health of the financial sector. The Dow Jones industrials fell more than 100 points, but the other major indexes finished with single-digit losses.

High-tech and small-cap stocks fared better than the broader market, proof that investors were wary and choosy. The market started the day disappointed by the government's retail sales report, and a jump in oil prices further dampened the market's mood.

With many investors on vacation, and therefore fewer people trading, price moves were exaggerated.

"We're in that part of the summer where volume tends to be light, conviction tends to be minimal," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co.

The Commerce Department said retail sales slipped 0.1 percent as rising prices helped offset the effect of economic stimulus payments to U.S. households. Excluding a big drop in sales of automobiles, retail sales rose 0.4 percent. But even on that basis it was the weakest showing in five months.

Wall Street had expected sales to remain flat after a minor increase in June. The report followed a warning from department store bellwether Macy's Inc. that its full-year profits would fall short of expectations because of slower sales.

The retail numbers pointed to a consumer who remains uneasy about spending. And because consumers' spending accounts for more than two-thirds of the economy, the fear on Wall Street is that the nation is in for a prolonged period of slow or even no growth.

The advance in oil prices also tinged investor sentiment. Light, sweet crude rose $2.99 to $116 a barrel on the New York Mercantile Exchange after the government said U.S. crude supplies fell unexpectedly last week.

Financials, which are well-represented in indexes like the Dow, were weak, but other sectors bounced back from their lows earlier in the day.

According to preliminary calculations, the Dow fell 109.51, or 0.94 percent, to 11,532.96 after falling more than 150 points earlier in the session and just under 140 points on Tuesday.

The Standard & Poor's 500 index slipped 3.76, or 0.29 percent, to 1,285.83, while the Nasdaq composite index fell 1.99, or 0.08 percent, to 2,428.62.

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 rebounded Thursday, rising sharply as oil prices fell and investors took advantage of bargains in financial stocks after two straight days of heavy declines.

Crude backtracked as traders who sent oil soaring Wednesday in response to declining gasoline supplies realized that demand for fuel is still falling. Light, sweet crude fell 99 cents to settle at $115.01 a barrel on the New York Mercantile Exchange. The pullback helped reassure stock traders who are concerned that rising oil and gas prices would force consumers to keep paring back their spending.

The NYSE DOW closed HIGHER +82.97 points +0.72% on Thursday August 14.

Sym Last........ ........Change..........
Dow 11,615.93 +82.97 +0.72%
Nasdaq 2,453.67 +25.05 +1.03%
S&P 500 1,292.93 +7.10 +0.55%
30-yr Bond 4.5190% -0.0570

NYSE Volume 4,124,515,750
Nasdaq Volume 1,890,236,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,497.40 +48.80 +0.90%
DAX 6,442.21 +20.02 +0.31%
CAC 40 4,420.91 +17.94 +0.41%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,956.80 -0.51%
Hang Seng 21,392.71 +99.39 +0.47%
Straits Times 2,816.66 +4.87 +0.17%

http://biz.yahoo.com/ap/080814/wall_street.html
Wall Street ends higher, buoyed by drop in oil
Thursday August 14, 6:06 pm ET
By Sara Lepro, AP Business Writer
Stocks end higher after oil prices fall, investors turn to financial stocks for bargains

NEW YORK (AP) -- Wall Street rebounded Thursday, rising sharply as oil prices fell and investors took advantage of bargains in financial stocks after two straight days of heavy declines.

Crude backtracked as traders who sent oil soaring Wednesday in response to declining gasoline supplies realized that demand for fuel is still falling. Light, sweet crude fell 99 cents to settle at $115.01 a barrel on the New York Mercantile Exchange. The pullback helped reassure stock traders who are concerned that rising oil and gas prices would force consumers to keep paring back their spending.

Stocks initially fell after the Labor Department reported another hefty jump in consumer prices. The 0.8 percent overall rise in July's Consumer Price Index was not as large as June's increase, but it was twice as high as the market expected, and brings inflation to its highest annual pace in 17 years. The core index, which eliminates food and energy prices, is not up as much, but it still rose by 0.3 percent last month -- slightly more than forecast.

The market turned higher as investors began looking more positively at stock prices that were beaten down the past two sessions amid rising anxiety about credit losses at banks and brokerages.

"The greater fear right now is missing the next big rally," said Richard Dickson, senior analyst at Lowry Research in Florida. "Inflation numbers were bad, but they are probably going to get better. The fact that the market has not sold off with any strength, investors are saying, 'Hey, let's go ahead and buy.'"

Still, Wall Street has been highly volatile for months, and investors found it hard to hold to their enthusiasm; stocks came off their highs late in the day as some uncertainty about financials crept back into the market.

"(Investors) have different opinions as to what the value of those companies are given the tremendous difficulties they face," said Kevin Dorwin, a principal with San Francisco-based Bingham, Osborn & Scarborough.

The Dow Jones industrial index rose 82.97, or 0.72 percent, to close at 11,615.93, after rising more than 180 points earlier. It lost a total of nearly 250 points on Tuesday and Wednesday.

The Standard & Poor's 500 index rose 7.10, or 0.55 percent, to 1,292.93, and the Nasdaq composite index rose 25.05, or 1.03 percent, to 2,453.67.

New York Stock Exchange consolidated volume came to very light 3.99 billion shares, down from Wednesday's 4.68 billion. Advancing issues outnumbered decliners by about 2 to 1 on the NYSE, and about 3 to 2 on the Nasdaq Stock Market.

Bonds rose higher after the Labor Department's data, in late trading. The yield on the benchmark 10-year Treasury note, which moves opposite its price, dipped to 3.90 percent from 3.94 percent late Wednesday.

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

The Labor Department also said Thursday that first-time claims for unemployment benefits fell by 10,000 last week -- less than anticipated and a sign that the labor market is still pinched because of the weak economy. But investors seemed relatively unfazed by the latest economic data, as it reflects conditions in July, when oil prices hovered around a high of $140 a barrel.

With oil prices falling since mid-July, investors have grown optimistic and are looking ahead, anticipating that August's economic data will reflect this decline.

"There has been a sufficient amount of pessimism to warrant a short-term rally," said Chris Johnson, chief executive and chief investment strategist at Johnson Research. "Money is on the sideline waiting to move in."

Reports of more credit losses at banks such as UBS AG and JPMorgan Chase & Co. had sent shares tumbling earlier this week. But those declines made many companies look more attractive Thursday. Moreover, with many investors on vacation, and therefore fewer people trading, price moves were exaggerated.

JPMorgan Chase and Morgan Stanley became the latest financial firms to settle with regulators over their sale of auction-rate securities when they agreed Thursday to repurchase a combined $7 billion of the investments. The companies will also pay a combined $60 million in fines.

JPMorgan Chase rose 90 cents to close at $37.81, while Morgan Stanley rose 49 cents to $40.64.

Investors were pleased with Wal-Mart Stores Inc.'s earnings; the world's largest retailer reported a 17 percent rise in second quarter profit and raised its full-year outlook. The discounter has benefited from the economic slowdown, as U.S. shoppers search for lower prices.

Wal-Mart gained 22 cents to $58.10. The news pulled up other retailers, including Target Corp., which rose $1.58, or 3.3 percent, to $49.65. Macy's Inc., which on Wednesday posted a lower second-quarter profit and warned that its full-year earnings will fall short of expectations, jumped 56 cents, or 2.7 percent, to $21.22.

Airlines also showed sharp gains Thursday, buoyed by the falling price of oil.

AMR Corp., the parent company of American Airlines, gained 42 cents, or 3.9 percent, to $11.28, while UAL Corp., operator of United Airlines, rose 62 cents, or 5.1 percent, to $12.68. Delta Air Lines Inc. rose 48 cents, or 5.8 percent, to $8.82.

The Russell 2000 index, which primarily tracks small companies, rose 6.69, or 0.89 percent, to 754.38.

Overseas, Japan's Nikkei stock average fell 0.51 percent. Britain's FTSE 100 rose 0.90 percent, Germany's DAX index rose 0.31 percent, and France's CAC-40 rose 0.41 percent.

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

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

 

[bigdog]

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

The Dow Jones industrial average ended the week down 74.42, or 0.63 percent, at 11,659.90. The Standard & Poor's 500 index finished up 1.88, or 0.15 percent, at 1,298.20. The Nasdaq composite index ended the week up 38.42, or 1.59 percent, at 2,452.52.

Wall Street closed mixed Friday after playing out a now familiar scenario: Upbeat sentiment about falling oil prices flagged amid ongoing concerns about weak credit markets and the economy. The major indexes also turned in a mixed performance after another volatile week.

The NYSE DOW closed HIGHER +43.97 points +0.38% on Friday August 15.

Sym Last........ ........Change..........
Dow 11,659.90 +43.97 +0.38%
Nasdaq 2,452.52 -1.15 -0.05%
S&P 500 1,298.20 +5.27 +0.41%
30-yr Bond 4.4730% -0.0460

NYSE Volume 4,102,091,750
Nasdaq Volume 1,797,293,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,454.80 -42.60 -0.77%
DAX 6,446.02 +3.81 +0.06%
CAC 40 4,453.62 +32.71 +0.74%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,019.41 +62.61 +0.48%
Hang Seng 21,160.58 -232.13 -1.09%
Straits Times 2,797.50 -19.16 -0.68%

http://biz.yahoo.com/ap/080815/wall_street.html
Wall Street ends mixed on credit concerns, oil
Friday August 15, 6:01 pm ET
By Sara Lepro, AP Business Writer
Wall Street ends mixed as concerns over credit markets offset declining oil prices

NEW YORK (AP) -- Wall Street closed mixed Friday after playing out a now familiar scenario: Upbeat sentiment about falling oil prices flagged amid ongoing concerns about weak credit markets and the economy. The major indexes also turned in a mixed performance after another volatile week.

Investors were encouraged early in the session as oil's pullback lifted the outlook for consumer companies and eased concerns that record-high energy prices would force Americans to curb spending. Light, sweet crude dropped $1.24 to settle at $113.77 a barrel on the New York Mercantile Exchange, and earlier traded as low as $111.34, its lowest level in more than three months.

Oil fell on a growing sense that economies around the world are joining the U.S. in a slowdown. The rising dollar, which is gaining strength on economic concerns, contributed to the sell-off in crude and other commodities. Crude is down more than $35 from its July 11 record of $147.27; meanwhile, gold prices that swept past $1,000 an ounce earlier this year are now below $800.

While the decline in oil was placating investors this week, it still did not offset their ever-present anxiety over the slumping housing and credit markets. Concerns about more write-downs at investment banks continued, causing major market indexes to fluctuate over the course of the week; the Dow Jones industrials continued a volatile streak, dropping more than 100 points two days in a row amid intensifying fears about the health of the financial sector.

"With some of this sharp price collapse in commodities you would think the market would be up a lot more," said Greg Church, chief investment officer of Church Capital Management. "The underlying factor is that credit continues to appear to be very weak."

The Dow rose 43.97, or 0.38 percent, to 11,659.90.

Broader indexes were narrowly mixed. The Standard & Poor's 500 index rose 5.26, or 0.41 percent, to 1,298.20, while the Nasdaq composite index fell 1.15, or 0.05 percent, to 2,452.52.

Volume remained extremely light, exaggerating moves in the major indexes. On the New York Stock Exchange, advancing issues were relatively even with decliners; consolidated volume came to 3.99 billion, about even with Thursday.

For the week, the Dow finished down 0.63 percent and the S&P 500 rose a modest 0.15 percent. The tech-focused Nasdaq, however, logged its fifth-straight weekly gain by finishing up 1.59 percent; it has risen 8.5 percent since mid-July.

The market has been trying to sort through a number of different factors, including the price of oil and other commodities, ongoing concerns about the state of the credit markets and varying economic data. Investors seem to be grabbing on to any piece of news that might signal a turnaround for the economy.

The Nasdaq's performance this week indicates that investors are rotating back into technology stocks. However, the market has had little motivation to move into other sectors -- and analysts said many traders are simply buying into the dips.

The uncertainty in the market has increased demand for the safety of government debt, which rose modestly Friday. In late trading, the yield on the benchmark 10-year Treasury note, which moves opposite its price, slid to 3.84 percent from 3.90 percent late Thursday.

The dollar rose against other major currencies, contributing to Friday's pullback in oil and other commodities.

The day brought somewhat disappointing news about consumers. The University of Michigan reported a slightly smaller-than-expected rise in consumer sentiment in early August compared with July, evidence that the consumer remains under pressure.

Moreover, earnings outlooks from retailers J.C. Penney Co. and Abercrombie & Fitch Co. on Friday came in below forecasts.

"At the beginning of this year, earnings expectations started to drop precipitously, and the stock market dropped with them," said Scott Bleier, founder of market advisory service CreateCapital.com. "Those expectations got built into the stock market and to an excess. A lot of stocks discounted all of the bad news that was out there."

New York Attorney General Andrew Cuomo said Friday he plans to take legal action against Merrill Lynch & Co. as part of an ongoing investigation into the failure of the auction-rate securities market. Wachovia Corp., meanwhile, became the fifth bank in recent weeks to agree to repurchase billions of the investments as part of a settlement with regulators.

Merrill Lynch shares rose 4 cents to $26.33. Wachovia fell 24 cents, or 2.5 percent, to $15.57.

Airline stocks rose on the drop in oil. AMR Corp., the parent company of American Airlines, gained 46 cents, or 4.1 percent, to $11.74. However, shares of major oil companies declined, with ConocoPhillips down $1.71, or 2.1 percent, at $77.66.

The Russell 2000 index, which tracks small-cap stocks, fell 1.01, or 0.13 percent, to 753.37.

Overseas, Japan's Nikkei stock average rose 0.48 percent. Britain's FTSE 100 fell 0.66 percent, Germany's DAX index rose 0.06 percent, and France's CAC-40 rose 0.60 percent.

The Dow Jones industrial average ended the week down 74.42, or 0.63 percent, at 11,659.90. The Standard & Poor's 500 index finished up 1.88, or 0.15 percent, at 1,298.20. The Nasdaq composite index ended the week up 38.42, or 1.59 percent, at 2,452.52.

The Russell 2000 index finished the week up 19.07, or 2.60 percent, at 753.37.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 13,271.88, up 74.75 points, or 0.57 percent, for the week. A year ago, the index was at 14,531.52.

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

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

 

[bigdog]

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

Wall Street retreated Monday after Fannie Mae and Freddie Mac fell to their lowest levels in nearly 20 years on concerns that the government might need to bail out the mortgage financiers. Weakness in the overall financial sector sent the Dow Jones industrial average down more than 175 points.

The NYSE DOW closed LOWER -180.02 points -1.54% on Monday August 18.

Sym Last........ ........Change..........
Dow 11,479.88 -180.02 -1.54%
Nasdaq 2,416.98 -35.54 -1.45%
S&P 500 1,278.67 -19.53 -1.50%
30-yr Bond 4.4410% -0.0320

NYSE Volume 3,360,803,250
Nasdaq Volume 1,607,233,625

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,450.20 -4.60 -0.08%
DAX 6,432.88 -13.14 -0.20%
CAC 40 4,448.84 -4.78 -0.11%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 13,165.45 +146.04 +1.12%
Hang Seng 20,930.67 -229.91 -1.09%
Straits Times 2,776.98 -20.52 -0.73%

http://biz.yahoo.com/ap/080818/wall_street.html
Wall Street pulls back as financials fall
Monday August 18, 4:38 pm ET
By Tim Paradis, AP Business Writer
Stocks slide as financial sector falls amid continued credit worries; Fannie, Freddie tumble

NEW YORK (AP) -- Wall Street retreated Monday after Fannie Mae and Freddie Mac fell to their lowest levels in nearly 20 years on concerns that the government might need to bail out the mortgage financiers. Weakness in the overall financial sector sent the Dow Jones industrial average down more than 175 points.

Investors were again uneasy about the health of financial companies after media reports of further problems in the sector. Barron's said the U.S. Treasury might have to bail out government-chartered Fannie and Freddie, which, the weekly noted, would likely wipe out shareholders' equity in the companies.

Meanwhile, The Wall Street Journal, citing unidentified sources, reported that Lehman Brothers Holdings Inc. might surprise Wall Street with weaker-than-expected third-quarter results.

The continuing bad news about financials wasn't a surprise, but it nonetheless depressed a market that is hoping for concrete signs that banks and brokerages can put the year-old credit crisis behind them and return to significant profit growth.

Even neutral news about the housing market couldn't ease Wall Street's mood. The National Association of Home Builders monthly index on the housing market remained flat at 16 in August. That met the expectations of economists surveyed by Thomson Financial/IFR. Benchmarks related to current sales and expectations of future sales improved, but apparently not enough to move investors to buy.

Todd Leone, managing director of equity trading at Cowen & Co., said the worries about Fannie and Freddie dominated market sentiment in an otherwise light day.

"It'll be one of the slowest days of the year and I think it just kind of fed into itself," he said, referring to the effects of very light volume and the unease over the mortgage companies.

According to preliminary calculations, the Dow Jones industrial average fell 180.51, or 1.55 percent, to 11,479.39. The Dow had been down about 225 points at its lows of the session.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 19.60, or 1.51 percent, to 1,278.60, and the Nasdaq composite index fell 35.54, or 1.45 percent, to 2,416.98.

Last week, the Dow finished lower, but the S&P and the Nasdaq composite index ended higher, with financial sector problems again helping to bring stocks down.

Fannie Mae shares fell $1.76, or 22 percent, to $6.15, and Freddie Mac fell $1.46, or 25 percent, to $4.39, after the Barron's report. The stocks traded at levels not seen since the early 1990s.

Lehman shares fell $1.14, or 7.1 percent, to $15.03, after the Journal's report.

UnionBanCal Corp. was one of the exceptions in the financial sector. Japanese bank Mitsubishi UFJ Financial Group Inc. raised its bid to buy the rest of UnionBanCal, the California bank that it partially owns, to $7.69 a share in a deal worth $3.5 billion. UnionBanCal shares rose $7.69, or 12 percent, to $73.18.

Oil prices declined slightly after briefly jumping above $115 per barrel as Tropical Storm Fay approached Florida, but appeared unlikely to disrupt installations in the Gulf of Mexico. Light, sweet crude fell 90 cents to settle at $112.87 a barrel on the New York Mercantile Exchange, after rising as high as $115.35.

Crude's retreat -- by last week it had fallen more than $35 from its record high of $147.27 set July 11 -- has given the stock market a boost over the past month. But Wall Street has generally backtracked from its rallies amid continuing signs of problems among financial companies and also on unexpected signs of weakness in the economy.

Bonds rose modestly. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.82 percent from 3.84 percent late Friday.

On Monday, the dollar was mixed against other major currencies, while gold prices rose.

John Merrill, chief investment officer at Tanglewood Wealth Management, said investors are realizing that the financial sector troubles aren't likely to soon disappear.

"The degree and depth of what's happening in the financial industry is beyond anything we've seen in decades and it takes time to get your arms around the severity of what's happening and what the long-term and short-term ramifications are," he said.

In corporate news, Lowe's Cos. rose 4 cents to $24.54 after issuing a third-quarter forecast that came in below analysts' expectations, adding to investors' uneasiness about consumer spending and also about the housing market. The home improvement retailer, however, posted a smaller-than-expected decline in second-quarter profit, and raised its outlook for the year.

The Russell 2000 index of smaller companies fell 11.40, or 1.51 percent, to 741.97.

Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where volume came to a very light 986 million shares.

Overseas, Japan's Nikkei stock average rose 1.12 percent. Britain's FTSE 100 fell 0.08 percent, Germany's DAX index fell 0.20 percent, and France's CAC-40 fell 0.11 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

A big red day all around!

Wall Street fell sharply for a second straight session Tuesday after a hefty jump in wholesale inflation and a drop in new home construction gave investors more reason to believe an economic recovery is far off. The Dow Jones industrial average dropped 130 points.

The NYSE DOW closed LOWER -130.84 points -1.14% on Tuesday August 19.

Sym Last........ ........Change..........
Dow 11,348.55 -130.84 -1.14%
Nasdaq 2,384.36 -32.62 -1.35%
S&P 500 1,266.69 -11.91 -0.93%
30-yr Bond 4.4690% +0.0280

NYSE Volume 4,200,627,000
Nasdaq Volume 1,785,854,250


Europe
Symbol... Last...... .....Change.......
FTSE 100 5,320.40 -129.80 -2.38%
DAX 6,282.43 -150.45 -2.34%
CAC 40 4,332.79 -116.05 -2.61%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,865.05 -300.40 -2.28%
Hang Seng 20,484.37 -446.30 -2.13%
Straits Times 2,728.39 -48.59 -1.75%

http://biz.yahoo.com/ap/080819/wall_street.html
Stocks fall on inflation data, financial worries
Tuesday August 19, 5:38 pm ET
By Madlen Read, AP Business Writer
Stocks drop after bigger-than-expected jump in wholesale inflation; financial worries remain

NEW YORK (AP) -- Wall Street fell sharply for a second straight session Tuesday after a hefty jump in wholesale inflation and a drop in new home construction gave investors more reason to believe an economic recovery is far off. The Dow Jones industrial average dropped 130 points.

The Labor Department said its Producer Price Index rose by 1.2 percent in July, more than double the expected rate, and lifting the current annual rate to the loftiest level in 27 years. Even after stripping out food and energy, core prices rose by a higher-than-expected 0.7 percent, the biggest increase since November 2006.

"Maybe investors were hoping to shrug off the challenges of high commodity prices and inflation," said Jack A. Ablin, chief investment officer at Harris Private Bank. "But now we find out that perhaps the inflation situation is worse than we thought."

A rebound in oil prices added to investors' anxiety, which had abated slightly in recent weeks as crude tumbled from its July record above $147 a barrel to three-month lows.

Oil's retreat over the past month had given the stock market a brief rally. But aside from August's commodities drop, there have been few bright spots on Wall Street this summer; the banks are forecasting more losses, the credit markets are still tight, the housing market remains in a slump and the economy continues to lose jobs -- all of which gives investors little reason to buy stocks.

The Commerce Department added to the heap of downbeat news Tuesday, reporting that July housing starts fell to an annual rate of 965,000 units -- higher than analysts predicted, but the lowest level in more than 17 years nonetheless.

And the financial sector took another hit after a JPMorgan Chase & Co. analyst estimated that Lehman Brothers Holdings Inc. will have to write down its investments during the third quarter by $4 billion, and a Goldman Sachs analyst advised against buying the stock of American International Group Inc.

With the nation's financial institutions low on available cash due to their poor investments in the mortgage markets, consumers and businesses are having a harder time getting loans -- another hindrance for the economy.

The Dow fell 130.84, or 1.14 percent, to 11,348.55, after losing 180 points on Monday. It was the worst two-day performance for the blue-chip index since late June.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 11.90, or 0.93 percent, to 1,266.70, and the Nasdaq composite index fell 32.62, or 1.35 percent, to 2,384.36.

Declining issues outnumbered advancers by about 11 to 4 on the New York Stock Exchange, where consolidated volume came to a light 4.07 billion shares, up from 3.75 billion Monday.

Anthony Conroy, managing director and head trader for BNY ConvergEx Group, pointed out that trading volumes have been low, which can exacerbate price movements. Still, he said, Tuesday's pair of government reports suggest a tough environment for stocks.

"Coupling the two, you have slow growth with higher inflation," Conroy said.

Bond prices were mixed. While investors often seek the shelter of government debt when bad news arrives, inflation is a deterrant because it devalues the debt's fixed returns. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.84 percent from 3.82 percent late Monday.

The dollar fell against other major currencies, driving up oil. Gold prices also turned higher.

Crude rebounded Tuesday by $1.66 to $114.53 a barrel on the New York Mercantile Exchange.

Lehman fell $1.96, or 13 percent, to $13.07. There have been reports that the investment bank might have to sell part of the company to raise cash.

AIG shares fell $1.28, or 5.9 percent, to $20.32 after Goldman Sachs' analyst note, which predicted $9 billion to $20 billion in losses in the insurer's credit default swap portfolio. Credit default swaps are essentially insurance to protect against a bond default.

Retailers reported weak quarterly results, reflecting the ongoing pullback in consumer spending.

Home Depot Inc. reported a 24 percent decline in its second-quarter earnings. They topped Wall Street's expectations, but shares fell $1, or 3.7 percent, to $25.96.

Target Corp. said its second-quarter earnings fell 7.5 percent. It, too, beat forecasts but shares fell 33 cents to $49.72.

And Saks Inc. reported a wider-than-expected loss in the second quarter as its affluent shoppers cut back on apparel. The luxury goods retailer also issued a downbeat forecast for the year. Shares dropped 93 cents, or 8.3 percent, to $10.29.

The Russell 2000 index of smaller companies fell 11.94, or 1.61 percent, to 730.03.

Overseas, Japan's Nikkei stock average lost 2.28 percent. Britain's FTSE 100 fell 2.38 percent, Germany's DAX index fell 2.34 percent, and France's CAC-40 fell 2.61 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 scored a moderate gain after a volatile session Wednesday that saw the major indexes ratchet up and down on the seesawing price of oil and mixed feelings about the financial sector.

Concerns about mortgage financiers Fannie Mae and Freddie Mac initially dragged down financials. Wall Street is nervous that the government-chartered companies will need a bailout from the Treasury Department, a move that could wipe out shareholders' equity. Fannie Mae shares tumbled nearly 27 percent, while Freddie Mac shares lost 22 percent.

The NYSE DOW closed HIGHER +68.88 points +0.61% on Wednesday August 20.

Sym Last........ ........Change..........
Dow 11,417.43 +68.88 +0.61%
Nasdaq 2,389.08 +4.72 +0.20%
S&P 500 1,274.54 +7.85 +0.62%
30-yr Bond 4.4430% -0.0260

NYSE Volume 4,570,038,500
Nasdaq Volume 1,794,873,880

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,371.80 +51.40 +0.97%
DAX 6,317.80 +35.37 +0.56%
CAC 40 4,365.87 +33.08 +0.76%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,851.69 -13.36 -0.10%
Hang Seng 20,931.26 +446.89 +2.18%
Straits Times 2,751.75 +23.36 +0.86%

http://biz.yahoo.com/ap/080820/wall_street.html
Wall Street finishes erratic day higher
Wednesday August 20, 4:44 pm ET
By Tim Paradis, AP Business Writer
Stocks end higher after volatile session; many financials rise despite nervousness over sector

NEW YORK (AP) -- Wall Street scored a moderate gain after a volatile session Wednesday that saw the major indexes ratchet up and down on the seesawing price of oil and mixed feelings about the financial sector.

Concerns about mortgage financiers Fannie Mae and Freddie Mac initially dragged down financials. Wall Street is nervous that the government-chartered companies will need a bailout from the Treasury Department, a move that could wipe out shareholders' equity. Fannie Mae shares tumbled nearly 27 percent, while Freddie Mac shares lost 22 percent.

But because financial stocks have fallen so far over the past few days, some traders appeared to be covering many of their short positions, which drove a large portion of bank and brokerage stocks higher late in the day, said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc. Short-covering is a way to offset a bet that a stock will fall.

Some stocks had turned higher earlier in the day as well after Fannie Mae Chief Executive Daniel Mudd said the concerns about the company's financial position are overblown.

"They haven't offered anything and we haven't asked for anything," Mudd said, referring to the federal government in a public radio interview Wednesday morning. "I don't anticipate that they will do that."

Meanwhile, oil prices finished higher -- bad news for consumers, but a boost to energy company stocks, which also attracted buying on Wednesday.

According to preliminary calculations, the Dow Jones industrial average rose 68.88, or 0.61 percent, to 11,417.43 after being down by nearly 60 points and up more than 100. Concerns about inflation and the financial sector led the Dow to post its worst two-day performance since late June on Monday and Tuesday with an overall drop of about 310 points.

Broader stock indicators also ended Wednesday with a gain. The Standard & Poor's 500 index rose 7.85, or 0.62 percent, to 1,274.54, while the Nasdaq composite index rose 4.72, or 0.20 percent, to 2,389.08.

Oil, which has rebounded this week after dropping $35 from its July 11 high of $147.27, ended up modestly, even after the Energy Department said crude oil inventories rose much more than forecast last week.

Energy costs remain a concern because of their effect on overall inflation. Government reports last week and on Tuesday showed larger-than-expected increases in prices faced by consumers and businesses.

Light, sweet crude rose 45 cents to $114.98 per barrel on the New York Mercantile Exchange, after alternating between gains and losses.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.79 percent from 3.84 percent late Tuesday.

The dollar rose against other major currencies. Gold prices also rose.

Alan Haft, chief executive of Haft Financial in Newport Beach, Calif., contends that worries about the financial sector aren't likely to ease and that it will remain difficult to determine the severity of losses that financial companies are suffering from bad mortgage debt.

"I think there is still a lot of fear in the market in terms of the financial sector," he said.

Fannie Mae and Freddie Mac collectively back or hold nearly half of all mortgage debt in the U.S. Investors are worried that losses at the companies and other financial names will deepen as homeowners fall behind on mortgage payments and other bills.

Wall Street is also fearful that the sharp rise in energy and food costs seen this year are only placing more pressure on already cash-strapped consumers.

Fannie Mae fell $1.61, or nearly 27 percent, to $4.40, while Freddie Mac fell 92 cents, or 22 percent, to $3.25.

Results from Hewlett Packard Co. offered investors some hope that areas like technology could fare better than financials. Hewlett Packard rose $2.47, or 5.7 percent, to $46.16 after posting better-than-expected quarterly results late Tuesday. It was the biggest gainer among the 30 stocks that make up the Dow Jones industrial average.

Advancing issues outnumbered decliners by about 8 to 7 on the New York Stock Exchange, where volume came to 1.07 billion shares.

The Russell 2000 index of smaller companies rose 1.57, or 0.22 percent, to 731.60.

Overseas, Japan's Nikkei stock average slipped 0.10 percent. Britain's FTSE 100 rose 0.97 percent, Germany's DAX index advanced 0.56 percent, and France's CAC-40 rose 0.76 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 finished mixed Thursday after investors largely shrugged off a jump in oil prices and focused instead on a bullish call on Lehman Brothers Holdings Inc. that eased worries about the financial sector.

Stocks closed off their lows of the session after a Ladenburg Thalmann analyst raised his rating on Lehman to "buy," saying he believes the nation's fourth-biggest investment bank has become a hostile takeover candidate. That call helped ease concerns about that company as well as the financial sector, which has been hit by a spike in bad mortgage debt.

The NYSE DOW closed HIGHER +12.78 points +0.11% on Thursday August 21

Sym Last........ ........Change..........
Dow 11,430.21 +12.78 +0.11%
Nasdaq 2,380.38 -8.70 -0.36%
S&P 500 1,277.72 +3.18 +0.25%
30-yr Bond 4.4650% +0.0220

NYSE Volume 4,088,145,250
Nasdaq Volume 1,571,928,620

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,370.20 -1.60 -0.03%
DAX 6,236.96 -80.84 -1.28%
CAC 40 4,304.61 -61.26 -1.40%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,752.21 -99.48 -0.77%
Hang Seng 20,392.06 -539.20 -2.58%
Straits Times 2,713.47 -38.28 -1.39%

http://biz.yahoo.com/ap/080821/wall_street.html
stocks end mixed on rising oil, financial worries
Thursday August 21, 6:11 pm ET
By Tim Paradis, AP Business Writer
Stocks end mixed as oil prices rise; financials see partial recovery on bullish call on Lehman

NEW YORK (AP) -- Wall Street finished mixed Thursday after investors largely shrugged off a jump in oil prices and focused instead on a bullish call on Lehman Brothers Holdings Inc. that eased worries about the financial sector.

Stocks closed off their lows of the session after a Ladenburg Thalmann analyst raised his rating on Lehman to "buy," saying he believes the nation's fourth-biggest investment bank has become a hostile takeover candidate. That call helped ease concerns about that company as well as the financial sector, which has been hit by a spike in bad mortgage debt.

The partial recovery in financials as well as gains by energy producers themselves helped contain investors' anxiety over a jump in oil of more than $5 a barrel. Prices rose as investors questioned whether tensions with Russia would disrupt energy shipments from the world's second-largest oil producer. Often an uptick in oil will fan Wall Street's fears of inflation.

"It's remarkable how well the market has held up," said Quincy Krosby, chief investment strategist for The Hartford, referring to the performance of stocks in the face of a jump in oil. She said the gains by the energy sector helped corral selling pressure on a day of light volume, which can lead to volatility.

The Dow Jones industrial average rose 12.78, or 0.11 percent, to 11,430.21. It was the second straight session of moderate gains for the blue chips after heavy losses the first two days of the week.

Broader stock indicators ended mixed Thursday. The Standard & Poor's 500 index rose 3.18, or 0.25 percent, to 1,277.72, and the Nasdaq composite index fell 8.70, or 0.36 percent, to 2,380.38.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.83 percent from 3.80 percent late Wednesday.

Gold prices jumped as the dollar moved lower against other major currencies.

Light, sweet crude surged $5.62 to settle at $121.18 a barrel on the New York Mercantile Exchange. Stocks recovered after oil retreated from a session high of $122.04 -- a trading level not seen since Aug. 4.

While oil prices remain well off their July 11 high of $147.27, any rebound can be worrisome because inflation readings this week and last week showed prices rose for consumers and businesses at a faster pace than expected.

Investors responded to Thursday's climb in oil by sending shares of energy companies higher. Exxon Mobil Corp. and Chevron Corp. were among the strongest performers of the 30 stocks that make up the Dow industrials. Exxon rose $1.54, or 2 percent, to $80.35, while Chevron rose $2.06, or 2.4 percent, to $88.52.

But the rise in oil also weighed on some sectors, such as airlines. United Airlines parent UAL Corp. fell $1.07, or 8.6 percent, to $11.33, while Continental Airlines Inc. fell 82 cents, or 5.4 percent, to $14.34.

With the focus on oil and financials, investors looked past most economic readings. The Philadelphia Fed said regional manufacturing activity was negative for the ninth straight month. The Conference Board's leading economic indicators report, which is designed to predict economic activity in the next three to six months, showed its largest drop in a year in July.

Investors also seemed unimpressed by a larger-than-expected decrease in weekly unemployment claims from newly laid-off workers. The Labor Department said claims fell by 13,000 to 432,000 last week. But the four-week moving average rose to 445,750, a nearly seven-year high.

A shaky job market has been slamming consumers who also face a tighter credit climate, rising costs and falling home prices. That is troubling to investors as consumer spending accounts for more than two-thirds of U.S. economic activity.

"All three reports tend to indicate that we're bottoming out but that there is no real end in sight and that's what I think the market has to get used to," said Doug Roberts, chief investment strategist at Channel Capital Research.

The fluctuations of oil and financials again dictated the mood on Wall Street Thursday. A slew of analysts have been downgrading banks and brokerages over the past few weeks, and late Wednesday, a Citigroup analyst lowered his third-quarter estimates for Lehman Brothers, Goldman Sachs Group Inc. and Morgan Stanley. He predicted Lehman will write down its assets by $2.9 billion, that Goldman will write down $1.8 billion and that Morgan will write down $1.7 billion.

But the Ladenburg Thalmann analyst's note helped the sector, by arguing that Lehman Brothers' management values the company at a premium and would be willing to sell at the right price.

Lehman ended down 1 cent at $13.72, while Goldman Sachs fell $1.83 to $156.42 and Morgan Stanley fell 34 cents to $37.06.

The shifting sentiment came a day after fresh worries emerged about the possibility of a government bailout of government-chartered mortgage companies Fannie Mae and Freddie Mac. Such a move could wipe out shareholder equity.

Fannie and Freddie ended mixed after falling more than 20 percent Wednesday. Fannie rose 45 cents, or 10 percent, to $4.85, while Freddie fell 9 cents, or 2.7 percent, to $3.16.

Declining issues outnumbered advancers by about 3 to 2 on the New York Stock Exchange, where consolidated volume came to a light 3.94 billion shares compared with 4.45 billion shares traded Wednesday.

The Russell 2000 index of smaller companies fell 6.35, or 0.87 percent, to 725.25.

Overseas, Japan's Nikkei stock average fell 0.77 percent. Britain's FTSE 100 slipped 0.03 percent, Germany's DAX index fell 1.28 percent, and France's CAC-40 fell 1.40 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 31.84, 0.27 percent, at 11,628.06. The Standard & Poor's 500 index finished down 6.00, or 0.46 percent, at 1,292.20. The Nasdaq composite index ended the week down 37.81, or 1.54 percent, at 2,414.71.

Wall Street capped a volatile week with sharp gains Friday as oil prices tumbled and after Federal Reserve Chairman Ben Bernanke said inflation pressures are likely to moderate. The Dow Jones industrial average rose nearly 200 points.

Speculation that Lehman Brothers Holdings Inc. could be sold helped buoy the financial sector and the overall market. Analysts warned this week that the investment bank could book large write-downs for bad debt. But reports Friday that Korea Development Bank is considering buying the company sent investors rushing for the stock. Lehman rose 69 cents, or 5 percent, to $14.41 but finished well off its highs of the session.

The NYSE DOW closed HIGHER +197.85 points +1.73% on Friday August 22

Sym Last........ ........Change..........
Dow 11,628.06 +197.85 +1.73%
Nasdaq 2,414.71 +34.33 +1.44%
S&P 500 1,292.20 +14.48 +1.13%
30-yr Bond 4.4630% -0.0020

NYSE Volume 3,782,879,250
Nasdaq Volume 1,397,090,880

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,505.60 +135.40 +2.52%
DAX 6,342.42 +105.46 +1.69%
CAC 40 4,400.45 +95.84 +2.23%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,666.04 -86.17 -0.68%
Hang Seng 20,392.06 0.00 0.00% closed
Straits Times 2,723.30 +9.83 +0.36%

http://biz.yahoo.com/ap/080822/wall_street.html
Stocks jump on falling oil, inflation forecast
Friday August 22, 6:23 pm ET
By Tim Paradis, AP Business Writer
Stocks jump as oil plunges, Bernanke indicates Fed won't likely raise interest rates soon

NEW YORK (AP) -- Wall Street capped a volatile week with sharp gains Friday as oil prices tumbled and after Federal Reserve Chairman Ben Bernanke said inflation pressures are likely to moderate. The Dow Jones industrial average rose nearly 200 points.

Speculation that Lehman Brothers Holdings Inc. could be sold helped buoy the financial sector and the overall market. Analysts warned this week that the investment bank could book large write-downs for bad debt. But reports Friday that Korea Development Bank is considering buying the company sent investors rushing for the stock. Lehman rose 69 cents, or 5 percent, to $14.41 but finished well off its highs of the session.

Investors also appeared cheered by an inflation forecast from Bernanke who said at the Kansas City Fed's annual economic symposium that inflation pressures should moderate this year amid tepid economic growth. But he also added that the inflation forecast remains "highly uncertain."

John Massey, senior portfolio manager at AIG SunAmerica Asset Management, said investors are encouraged by Bernanke's comments on interest rates and by the possibility of a buyer for Lehman.

"We're seeing the potential for maybe another white knight," he said, referring to prospects of a deal to acquire all or part of the investment bank.

The health of the financial sector and rising inflation are two of the market's greatest concerns. Although Bernanke refrained from making predictions about inflation, the market was mollified when light, sweet crude plunged $6.59 to settle at $114.59 a barrel on the New York Mercantile Exchange, after surging by more than $5 a barrel on Thursday.

The Dow rose 197.85, or 1.73 percent, to 11,628.06, near its highs of the session.

Broader stock indicators also rose. The Standard & Poor's 500 index rose 14.48, or 1.13 percent, to 1,292.20, and the Nasdaq composite index rose 34.33, or 1.44 percent, to 2,414.71.

The run-up Friday left stocks with mostly modest losses for the week that again saw a series of triple-digit moves in the Dow. The Dow is down 0.27 percent, the S&P 500 is off 0.46 percent and the technology-heavy Nasdaq is down 1.54 percent.

Bond prices pulled back as investors rushed from the safety of government debt to stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.87 percent from 3.83 percent late Wednesday.

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

Massey cautioned against making too much of the market's moves given the light volume this week. With traders squeezing in late-summer vacations, Wall Street has shown erratic trading. The Dow industrials lost more than 300 points over Monday and Tuesday before ending moderately higher Wednesday and finishing mixed Thursday.

"The light volumes are really sort of the reasons behind why you've got some outsize moves. I think the issues over all for the economy and the market are fairly well understood," he said. "The market is of this mind-set that we're going to continue to be flattish to down."

He doesn't expect the stock market to more accurately reflect investor sentiment until after Labor Day, when trading volumes should pick up. Until then, he'll be looking next week at readings on consumer confidence and unemployment to determine where the economy might be headed.

Remarks Friday from Bernanke and investor Warren Buffett appeared to dim Wall Street's hopes that mortgage financiers Fannie Mae and Freddie Mac might be able to get by without a government bailout. While such a move could help prop up the government-chartered companies, which together hold or back nearly half the nation's mortgage debt, it could also wipe out shareholder equity.

While Bernanke didn't mention them by name he said he said one of the critical questions facing the country is how to strengthen the financial system and guard against the "moral hazard" of companies making risky choices thinking that the government will ultimately offer a safety net.

Buffett said on CNBC that Fannie and Freddie are too big to fail but that shareholder equity in those companies can be lost.

Fannie Mae rose 15 cents to $5, while Freddie Mac fell 35 cents, or 11 percent, to $2.81.

Linda Duessel, the equity market strategist at Federated Investors, said the financial sector is key to a broader recovery on in stocks, which are down more than 10 percent this year.

"We need to absolutely find a bottom in financials to really believe that the bear can be behind us," she said, referring to the pullback in stocks since last fall.

While most sectors gained ground Friday, some materials companies pulled back as commodity prices fell. United States Steel Corp. fell $5.44, or 3.9 percent, to $133.76, while miner Freeport-McMoRan Copper & Gold Inc. declined $3.06, or 3.3 percent, to $90.60.

In corporate news, Gap Inc. rose 87 cents, or 4.6 percent, to $19.88 after reporting late Thursday that profits in the most recent quarter rose 51 percent from a year earlier, thanks to tight inventory and cost control.

King Pharmaceuticals Inc. said it is prepared to take its bid for Alpharma Inc. directly to shareholders after the company rejected King's $1.4 billion buyout overture. King disclosed the $33 a share offer publicly for the first time Friday. Alpharma surged $10.47, or 44 percent, to $34.51, while King rose 95 cents, or 8.5 percent, to $12.19.

Advancing issues outnumbered decliners by about 3 to 1 on the New York Stock Exchange, where consolidated volume came to a light 3.62 billion shares compared with 3.94 billion shares traded Thursday.

The Russell 2000 index of smaller companies rose 12.35, or 1.70 percent, to 737.60.

Overseas, Japan's Nikkei stock average fell 0.68 percent. Britain's FTSE 100 rose 2.52 percent, Germany's DAX index rose 1.69 percent, and France's CAC-40 advanced 2.23 percent.

The Dow Jones industrial average ended the week down 31.84, 0.27 percent, at 11,628.06. The Standard & Poor's 500 index finished down 6.00, or 0.46 percent, at 1,292.20. The Nasdaq composite index ended the week down 37.81, or 1.54 percent, at 2,414.71.

The Russell 2000 index finished the week down 15.77, or 2.09 percent, at 737.60.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 13,185.26, down 86.62 points, or 0.65 percent, for the week. A year ago, the index was at 14,896.21.

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 sank in thin trading Monday as worries about American International Group Inc. touched off broader concerns that financial companies will face more trouble to come.

The major indexes lost about 2 percent. The Dow Jones industrial average fell by nearly 250 points, erasing a gain of about 200 points seen Friday. Bond prices also jumped as investors fled to the safety of government debt.

New York-based AIG was the steepest decliner among the 30 stocks that make up the Dow industrials after a Credit Suisse analyst cut his price target on the world's largest insurer and after Fitch Ratings warned late Friday that it might cut its ratings on the company, which has been buffeted by investors' distaste for some of the types of complex debt instruments on AIG's books.


The NYSE DOW closed LOWER -241.81 points -2.08% on Monday August 25

Sym Last........ ........Change..........
Dow 11,386.25 -241.81 -2.08%
Nasdaq 2,365.59 -49.12 -2.03%
S&P 500 1,266.84 -25.36 -1.96%
30-yr Bond 4.4030% -0.0600

NYSE Volume 3,439,857,750
Nasdaq Volume 1,442,055,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,505.60 +135.40 +2.52%
DAX 6,296.95 -45.47 -0.72%
CAC 40 4,355.87 -44.58 -1.01%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,878.66 +212.62 +1.68%
Hang Seng 21,104.79 +712.73 +3.50%
Straits Times 2,733.45 +10.15 +0.37%

http://biz.yahoo.com/ap/080825/wall_street.html
Financials drag on market; Dow falls more than 240
Monday August 25, 4:36 pm ET
By Tim Paradis, AP Business Writer
Stocks post sharp decline as AIG, Lehman Brothers weigh on financials; Dow falls more than 240

NEW YORK (AP) -- Stocks sank in thin trading Monday as worries about American International Group Inc. touched off broader concerns that financial companies will face more trouble to come.

The major indexes lost about 2 percent. The Dow Jones industrial average fell by nearly 250 points, erasing a gain of about 200 points seen Friday. Bond prices also jumped as investors fled to the safety of government debt.

New York-based AIG was the steepest decliner among the 30 stocks that make up the Dow industrials after a Credit Suisse analyst cut his price target on the world's largest insurer and after Fitch Ratings warned late Friday that it might cut its ratings on the company, which has been buffeted by investors' distaste for some of the types of complex debt instruments on AIG's books.

The financials have struggled in part because of a spike in the number of homeowners who have fallen behind on their mortgage payments. A report Monday by a trade group for real estate agents showed the number of unsold properties rose to an all-time high in July. On the other hand, the report by the National Association of Realtors' said sales of existing homes increased 3.1 percent, a better-than-expected result.

The news arrived as volume remained light, with many traders on vacation for the last week of August. Sean Simko, head of fixed income management SEI Investments, said the stock and bond markets are likely showing outsize reactions because of the thin stream of trades.

"There's just too much uncertainty out there creating all this volatility. And what's adding to the volatility is we're entering this holiday period. The swings are exaggerated by the light volumes," he said.

According to preliminary calculations, the Dow industrials fell 241.81, or 2.08 percent, to 11,386.25. The Dow surged nearly 200 points Friday as oil tumbled more than $6 a barrel -- its biggest percentage drop in more than four years -- and after Federal Reserve Chairman Ben Bernanke said inflation pressures are likely to moderate.

Broader stock indicators also fell Monday. The Standard & Poor's 500 index declined 25.36, or 1.96 percent, to 1,266.84, and the Nasdaq composite index fell 49.12, or 2.03 percent, to 2,365.59.

The Russell 2000 index of smaller companies fell 17.06, or 2.31 percent, to 720.54.

Bonds jumped Monday as stocks fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.78 percent from 3.87 percent late Friday. The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude rose 52 cents to settle at $115.11 per barrel on the New York Mercantile Exchange after Tropical Storm Gustav formed in the Caribbean.

Investors focused Monday on troubles in the financial sector. AIG fell $1.09, or 5.5 percent, to $18.78; the stock at times fell to levels not seen since the fall of 1995.

Lehman Brothers Holdings Inc. fell 96 cents, or 6.7 percent, to $13.45 amid speculation about the future of its chief executive and the independence of the nation's fourth-largest investment bank. The stock surged Friday following reports that an investment fund controlled by the Korean government was considering some level of investment in the company. But South Korea's financial regulator warned that the Korean Development Bank should be cautious about any attempts to acquire an overseas bank, according to media reports.

Other financial stocks fell after federal regulators on Friday closed Columbian Bank and Trust Co. in Kansas, which had been hit by losses on soured real estate loans. It marked the ninth failure this year of a federally insured bank.

Among financial names declining, JPMorgan Chase & Co. fell $1.54, or 4.1 percent, to $36.13 -- the bank revealed Monday that its $1.2 billion in preferred stock in Fannie Mae and Freddie Mac has lost $600 million in value so far during the third quarter.

However, the two government-chartered mortgage giants regained some ground on Monday. Freddie Mac rose 48 cents, or 17 percent, to $3.29 after a successful debt offering Monday. Fannie Mae rose 19 cents, or 3.8 percent, to $5.19. Bond insurer MBIA Inc. rose 63 cents, or 6.2 percent, to $10.83.

"We're in a very nervous market," said Alfred E. Goldman, chief market strategist at Wachovia Securities. He doesn't expect Wall Street will carve out a direction until trading volumes increase.

"The whole week is going to be a do-nothing week," he predicted, referring to the volume. "I expect to see the market backing and filling."

More broadly, Goldman doesn't believe Wall Street will see a sustained advance until investors get a sense that well-documented troubles like those of the financial sector are on the mend.

"The market doesn't dance with the same partner forever. It's all a matter of investors starting to look beyond the valley of all the problems to better times ahead."

Declining issues outnumbered advancers by nearly 4 to 1 on the New York Stock Exchange, where volume came to an anemic 865.2 million shares compared with 888.6 million Friday.

Overseas, Japan's Nikkei stock average rose 1.68 percent. Britain's stock market was closed for a holiday, but Germany's DAX index fell 0.72 percent, and France's CAC-40 lost 1.01 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

Wall Street ended mixed Tuesday as concerns about the path of Hurricane Gustav sent oil prices higher and offset a better-than-expected reading on consumer confidence. Comments from the Federal Reserve about rising inflation added to the market's uneasiness.

The Fed's release of minutes from its Aug. 5 meeting showed that the central bank remains concerned about creeping inflation and that it expected it would need to raise interest rates to try to contain rising prices.

The NYSE DOW closed HIGHER +26.62 points +0.23% on Tuesday August 26

Sym Last........ ........Change..........
Dow 11,412.87 +26.62 +0.23%
Nasdaq 2,361.97 -3.62 -0.15%
S&P 500 1,271.51 +4.67 +0.37%
30-yr Bond 4.3950% -0.0080

NYSE Volume 3,531,768,500
Nasdaq Volume 1,479,814,620

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,470.70 -34.90 -0.63%
DAX 6,340.52 +43.57 +0.69%
CAC 40 4,368.55 +12.68 +0.29%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,778.71 -99.95 -0.78%
Hang Seng 21,056.66 -48.13 -0.23%
Straits Times 2,707.19 -26.26 -0.96%

http://biz.yahoo.com/ap/080826/wall_street.html
Stocks mixed on higher oil, consumer data
Tuesday August 26, 5:36 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks close mixed as higher oil prices temper investors' reaction to upbeat consumer reading


NEW YORK (AP) -- Wall Street ended mixed Tuesday as concerns about the path of Hurricane Gustav sent oil prices higher and offset a better-than-expected reading on consumer confidence. Comments from the Federal Reserve about rising inflation added to the market's uneasiness.

The Fed's release of minutes from its Aug. 5 meeting showed that the central bank remains concerned about creeping inflation and that it expected it would need to raise interest rates to try to contain rising prices.

At that meeting, policymakers held rates steady because "American businesses and consumers were facing elevated borrowing costs and reduced credit availability." However, the Fed also said it was far from clear when a rate hike might come.

There was some optimism at the start of the day on the Street after the Conference Board said its consumer confidence index rose to 56.9 from a revised 51.9 in July; analysts had expected a reading of 53. That marked the second month in a row that sentiment improved, after a six-month slide since January.

Meanwhile, the Commerce Department reported that new home sales rose 2.4 percent in July. While analysts expected a drop in sales, the July increase followed a sharp downward revision to June's sales.

However, concerns that Gustav would hit installations in the Gulf of Mexico in the coming days sent energy prices higher. A barrel of light, sweet crude ended the day up $1.16 to settle at $116.27 on the New York Mercantile Exchange.

"The overall mood is still one of caution, there's not much out there to get investors excited," said Todd Salamone, director of trading at Schaeffer's Investment Research. "But, the bigger picture is that there hasn't really been a major breakdown considering all the bad headlines out there, from higher oil prices to the credit crisis and troubled housing sector."

The Dow Jones industrials rose 26.62, or 0.23 percent, to 11,412.87. The blue-chip index crossed in and out of positive territory throughout the session.

Broader indexes were mixed. The Standard & Poor's 500 index rose 4.67, or 0.37 percent, to 1,271.51; the Nasdaq composite fell 3.62, or 0.15 percent, to 2,361.97.

Stocks have fluctuated during the past two sessions in part because of light trading, with many people on Wall Street taking the last week of August off. Advancing issues narrowly beat decliners by an 8-to-7 basis on the New York Stock Exchange, where volume consolidated came to an anemic 3.44 billion shares, compared to 3.37 billion shares on Monday.

Bonds were little changed. The yield on the benchmark 10-year Treasury note, which trades opposite its price, fell to 3.78 percent in late trading from 3.79 percent late Monday. The dollar hit a six-month high against the euro and surged to a 25-month high against the pound, while gold prices advanced.

Alexander Paris, an economist and market analyst for Chicago-based Barrington Research, said investors continue to be fixated on a few key issues that have rattled the markets this month. The biggest concerns continue to be the "direction of oil prices and the credit markets," he said.

"The market continues to question the same things, and we're not really getting any answers," he said. "I think that's one of the reasons why people are staying on the sidelines."

Worries have intensified in recent weeks about the financial sector, and how much further it must fall before it can emerge from the credit crisis. Global financial companies have booked more than $300 billion of write-downs during the past year, and more are expected when investment banks report third-quarter results in mid-September.

There are also concerns about the future for big investment banks, with continued speculation that companies like Lehman Brothers Holdings Inc. might be forced into a sale because of steep losses. Smaller banks have also been hard hit, with nine failing since the mortgage crisis began last year.

On Tuesday, the Federal Deposit Insurance Corp. said 117 banks and thrifts are considered to be in trouble since the second quarter. That is up from 90 in the prior quarter, and the biggest tally in five years.

The FDIC also said banking industry profits plunged by 86 percent in the second quarter. Federally insured banks and savings institutions earned $5 billion in the April-June period, down from $36.8 billion a year earlier. They also set aside a record $50.2 billion to cover losses from soured mortgages and other lends in the second quarter.

Troubles in the housing sector still aren't showing any clear signs of abating. The widely watched Standard & Poor's/Case-Shiller home price index tumbled the most ever during the second quarter, falling 15.4 percent compared to the same period a year ago.

However, shares of Fannie Mae and Freddie Mac climbed for a second day amid growing expectations among some investors that the mortgage financiers will be able to weather the housing storm without a government rescue.

Fannie shares rose 43 cents, or 8.3 percent, to $5.62 in morning trading, while Freddie soared 69 cents, or 21 percent, to $3.98.

In other corporate news, Smithfield Foods Inc., the nation's largest hog producer and pork processor, said Tuesday it swung to a fiscal first-quarter loss due in part to a $20.1 million write-down in the value of commodities contracts. Shares fell $1.62, or 6.9 percent, to $21.91.

Credit Suisse Group said it has acquired a majority stake in U.S.-based company Asset Management Finance Corporation for $384 million of newly issued Credit Suisse stock. Shares of Credit Suisse fell 27 cents to $44.81.

The Russell 2000 index of smaller companies rose 2.97, or 0.41 percent, to 723.51.

Overseas, Japan's Nikkei stock average fell 0.78 percent. At the close, Britain's FTSE 100 was down 0.63 percent, Germany's DAX index was up 0.69 percent, and France's CAC-40 was up 0.29 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 posted a big advance after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy is stronger than many investors thought.

The Commerce Department said orders for durable goods jumped 1.3 percent in July compared with the previous month, led by a big gain in demand for commercial aircraft. That was well above the 0.1 increase expected by economists surveyed by Thomson/IFR.

The NYSE DOW closed HIGHER +89.64 higher +0.79% on Wednesday August 27

Sym Last........ ........Change..........
Dow 11,502.51 +89.64 +0.79%
Nasdaq 2,382.46 +20.49 +0.87%
S&P 500 1,281.66 +10.15 +0.80%
30-yr Bond 4.3830% -0.0120

NYSE Volume 3,508,161,750
Nasdaq Volume 1,573,323,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,528.10 +57.40 +1.05%
DAX 6,321.03 -19.49 -0.31%
CAC 40 4,373.08 +4.53 +0.10%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,752.96 -25.75 -0.20%
Hang Seng 21,464.72 +408.06 +1.94%
Straits Times 2,705.09 -2.10 -0.08%

http://biz.yahoo.com/ap/080827/wall_street.html
Stocks rise following durable goods report
Wednesday August 27, 4:46 pm ET
By Tim Paradis, AP Business Writer
Wall Street posts big advance after durable goods orders rise more than expected, oil gains

NEW YORK (AP) -- Wall Street posted a big advance after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy is stronger than many investors thought.

The Commerce Department said orders for durable goods jumped 1.3 percent in July compared with the previous month, led by a big gain in demand for commercial aircraft. That was well above the 0.1 increase expected by economists surveyed by Thomson/IFR.

Durable goods, which also include cars, appliances and machinery, are under scrutiny not only because they reflect business spending, but because they are also an indicator of consumer confidence. The July increase equaled a 1.3 percent rise in June; both months produced the strongest gains since a 4.1 percent leap back in December.

Light, sweet crude rose $1.88 to settle at $118.15 per barrel on the New York Mercantile Exchange on worries that Tropical Storm Gustav might hit Gulf of Mexico installations.

"The strength in durable goods is just the latest indication that manufacturing is actually holding in quite well and that's a really big plus," said Stuart Schweitzer, global markets strategist at J.P. Morgan's Private Bank. "Against the backdrop of the drumbeat of negative news of the last several weeks it was encouraging to see a little bit of positive news. The basic fact of the matter is that although the economy has been weak, it hasn't fallen off a cliff."

According to preliminary calculations, the Dow Jones industrial average rose 89.64, or 0.79 percent, to 11,502.51 after rising more than 140 points.

Broader stock indicators also rose. The Standard & Poor's 500 index gained 10.15, or 0.80 percent, to 1,281.66, and the Nasdaq composite index rose 20.49, or 0.87 percent, to 2,382.46.

Trading was light ahead of the long Labor Day weekend; low volumes tend to skew the market's moves.

Stocks ended mixed Tuesday as what was then Hurricane Gustav sent oil prices higher and offset a better-than-expected reading on consumer confidence.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.77 percent from 3.78 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices rose.

Schweitzer noted the relative strength of the manufacturing sector, fed in part by a weak dollar that makes U.S. goods less expensive abroad, is helping undergird the overall economy.

"The weakness in the dollar and the strength in U.S. exports are acting like a bit of an automatic stabilizer for the U.S. economy," he said. "It's a key offset at a time when other things are not so good."

But Mark Coffelt, portfolio manager at Empiric Funds in Austin, Texas, cautioned against reading too much into the durable goods report and said economic readings will likely continue to come in mixed. He predicts volatility also will likely continue as investors thumb through a list of concerns ranging from the financial sector, to housing to energy costs.

"I think what we see is a lot of confusion right now. I'm not sure investors really know what to do. You've got oil jumping all over the place," he said.

Rising energy prices Wednesday curtailed stocks' advance in early trading but investors eventually set aside some of their concerns. They appeared cheered by a prediction from Atlanta Federal Reserve President Dennis Lockhart, who said in a speech he expects that overall inflation and so-called core inflation, which excludes often volatile food and energy prices, will diminish through the rest of the year and into 2009.

But the rise in oil prices still weighed on companies such as airlines, which have been hit hard by rising costs for jet fuel. It also buoyed names in the energy sector.

Northwest Airlines Corp. fell 79 cents, or 8.3 percent, to $8.76, while U.S. Airways Group fell $1.27, or 11 percent, to $9.88.

Oil refiner Tesoro Corp. rose $1.84, or 11 percent, to $18.41, while Valero Energy Corp. added $1.42, or 4.2 percent, to $35.02.

Several retailers advanced after signaling that business is stronger than some on Wall Street might have expected, offering investors some reassurance about consumer spending and in turn, the health of the economy.

Borders Group Inc. rose $1.03, or 19 percent, to $6.39 after the bookseller reported better-than-expected second-quarter results and slashed debt.

Clothing retailer Talbots Inc. jumped $2.82, or 28 percent, to $12.82 after the company raised its forecast for 2008 per-share earnings.

Chico's FAS Inc. rose 50 cents, or 9.8 percent, to $5.59 after the women's apparel retailer's fiscal second-quarter profit fell sharply but beat Wall Street's expectations.

Financials also rose as the durable goods report lifted overall investor sentiment and eased fears that a further economic slowdown will hit already troubled banks and other lenders.

Bank of America Corp. rose 63 cents, or 2.2 percent, to $29.65, and was the biggest gainer among the 30 stocks that make up the Dow industrials. Merrill Lynch & Co. rose $1.17, or 4.9 percent, to $25.27.

Shares of mortgage companies Fannie Mae and Freddie Mac rose for a third straight session as analysts questioned whether a bailout of the government-chartered companies was imminent. Fannie Mae rose 86 cents, or 15 percent, to $6.48, while Freddie Mac rose 78 cents, or 20 percent, to $4.75.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to a light 820.6 million shares.

The Russell 2000 index of smaller companies rose 9.44, or 1.30 percent, to 732.95.

Overseas, Japan's Nikkei stock average fell 0.20 percent. Britain's FTSE 100 rose 1.05 percent, Germany's DAX index fell 0.31 percent, and France's CAC-40 rose 0.10 percent.

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

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

 

[bigdog]

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

Wall Street barreled higher Thursday after a better-than-expected reading on the gross domestic product and a drop in jobless claims gave investors some reassurance that the economy is holding up. The Dow Jones industrial average jumped more than 200 points.

A decline in oil prices also appeared to add force to the rally in stocks. But trading volume was again light heading toward the Labor Day weekend, a condition that can skew price moves.

The NYSE DOW closed HIGHER +212.67 points +1.85% on Thursday August 28

Sym Last........ ........Change..........
Dow 11,715.18 +212.67 +1.85%
Nasdaq 2,411.64 +29.18 +1.22%
S&P 500 1,300.68 +19.02 +1.48%
30-yr Bond 4.3890% +0.0060

NYSE Volume 3,854,636,000
Nasdaq Volume 1,634,173,880

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,601.20 +73.10 +1.32%
DAX 6,420.54 +99.51 +1.57%
CAC 40 4,461.49 +88.41 +2.02%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 12,768.25 +15.29 +0.12%
Hang Seng 20,972.29 -492.43 -2.29%
Straits Times 2,691.00 -14.09 -0.52%

http://biz.yahoo.com/ap/080828/wall_street.html
Stocks jump on better-than-expected GDP, jobs data
Thursday August 28, 6:03 pm ET
By Tim Paradis, AP Business Writer
Stocks jump on better-than-expected gross domestic product reading, decline in jobless claims

NEW YORK (AP) -- Wall Street barreled higher Thursday after a better-than-expected reading on the gross domestic product and a drop in jobless claims gave investors some reassurance that the economy is holding up. The Dow Jones industrial average jumped more than 200 points.

A decline in oil prices also appeared to add force to the rally in stocks. But trading volume was again light heading toward the Labor Day weekend, a condition that can skew price moves.

The Commerce Department's report that gross domestic product rose at an annual rate of 3.3 percent for the April-June period followed several economic readings this week that have left guarded investors somewhat optimistic. The weaker dollar helped boost U.S. exports, which pushed GDP growth beyond the government's initial estimate of 1.9 percent as well as economists' forecast of 2.7 percent.

It marked the economy's best performance since the third quarter of last year, when GDP rose at a 4.8 percent pace.

Investors are watching GDP, considered the best barometer of the economy's well-being, to look for signs that growth is picking up after being pounded by housing woes and a debilitating credit crisis. The economy grew at a weak rate of 0.9 percent in the first quarter after shrinking in the last three months of 2007.

Also Thursday, the Labor Department said the number of newly laid off people seeking jobless benefits fell for the third straight week. Claims dropped to a seasonally adjusted 425,000, down 10,000 from the previous week. That was slightly better than the 427,000 expected by analysts surveyed by Thomson/IFR.

But some economists consider claims above 400,000 an indicator of a slowing economy. Companies have cut jobs every month this year as they grapple with high energy costs and tighter credit.

The Dow rose 212.67, or 1.85 percent, to 11,715.18, bringing its three-day advance to nearly 330 points. Still, for the week, the Dow is up only slightly after a big decline Monday on credit worries.

Broader stock indicators also rose Thursday. The Standard & Poor's 500 index advanced 19.02, or 1.48 percent, to 1,300.68, and the Nasdaq composite index rose 29.18, or 1.22 percent, to 2,411.64.

Bonds fell as investors moved into stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.79 percent from 3.77 percent late Wednesday. The dollar rose against most major currencies. Gold also advanced.

"This is an environment in which we're likely to get a lot of head-fakes both on the upside and the downside," said Bill Urban, principal with San Francisco-based Bingham, Osborn & Scarborough, referring to economic data. He noted that the initial reading on the fourth quarter last year had been positive before revisions revealed the economy contracted.

"This is just sort of data that trickles out that can be very positive one day and negative the next. We don't yet think it signals a trend," he said.

Beyond economic reports, investors are watching oil prices as Tropical Storm Gustav churns toward the Gulf of Mexico on a course that could collide with oil and gas platforms. Oil rose in the early going on concerns about the storm but a strengthening dollar upended oil's climb.

Light, sweet crude fell $2.56 to settle at $115.59 on the New York Mercantile Exchange.

The decline in oil made energy stocks one of the session's few areas of weakness.

Devon Energy Corp. fell $3.62, or 3.4 percent, to $103.16, while Hess Corp. fell $1.61, or 1.5 percent, to $105.53.

Financial shares advanced after MBIA Inc. agreed to reinsure nearly $200 billion of municipal bonds backed by FGIC Corp. The deal between the two bond insurers led to some hopes that the troubled credit market is beginning to right itself. MBIA jumped $4.17, or 35 percent, to $16.15. Other bond insurers also rose, with Ambac Financial Group Inc. climbing $2.18, or 42 percent, to $7.42.

Government-chartered mortgage companies Fannie Mae and Freddie Mac rose for a fourth straight session after Fannie Mae announced a management shake-up and analysts raised further doubts that a government bailout of the companies is in the offing; such a move could wipe out shareholder equity. Fannie Mae rose $1.47, or 23 percent, to $7.95, while Freddie Mac rose 53 cents, or 11 percent, to $5.28.

Among retailers, Tiffany & Co. jumped $4.24, or 11 percent, to $43.85 after reporting that its second-quarter profit doubled as sales jumped in Asia and Europe.

Zale Corp. forecast a fiscal 2009 profit that topped what Wall Street had been expecting. The specialty jeweler rose $4.77, or 21 percent, to $27.92.

Investors have been looking at retailers' results this week for insights into the health of consumers, whose spending accounts for more than two-thirds of U.S. economic activity. Several upbeat retail reports Wednesday helped buoy Wall Street's mood.

Advancing issues outnumbered decliners by about 3 to 1 on the New York Stock Exchange, where volume came to 956.2 million shares compared with 820.6 million shares Wednesday.

The Russell 2000 index of smaller companies rose 14.84, or 2.02 percent, to 747.79.

Overseas, Japan's Nikkei stock average edged up 0.12 percent. Britain's FTSE 100 rose 1.32 percent, Germany's DAX index added 1.57 percent, and France's CAC-40 jumped 2.02 percent.

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

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