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I hope it goes to 11,800 and consolidates, more falls the better, aussie stocks are ridiculously expensive at the moment!
bigdog
Retired many years ago
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Bad news again
The NYSE DOW closed DOWN 63 points on Monday March 5:
Symbol ----- Last --- Change
Dow 12,050.41 -63.69 (0.53%)
Nasdaq 2,340.68 -27.32 (1.15%)
S&P 500 1,374.12 -13.05 (0.94%)
10-Yr Bond 4.5180% +0.0030
NYSE Volume 3,414,567,000
Nasdaq Volume 2,351,026,000
http://biz.yahoo.com/ap/070305/wall_street.html?.v=37
Dow Ends Down 64 After Erratic Session
Monday March 5, 4:45 pm ET
By Madlen Read, AP Business Writer
Dow Ends Down 64, Nasdaq Drops 27 After Erratic Session Amid Worries About Mortgage Defaults
NEW YORK (AP) -- Wall Street seesawed through an erratic session Monday, trying to stabilize but ultimately finishing near its lows of the day amid worries about mortgage defaults, a strengthening yen and tumbling stock markets abroad.
The major indexes fluctuated throughout the session, with the Dow Jones industrials bobbing between positive and negative territory as investors tried to size up where the market was headed after last week's big decline. The Dow finished 63 points lower, having fallen in eight of the last nine sessions.
The market remained jittery about losses over soured subprime loans, or loans to customers with poor credit ratings, as HSBC Holdings PLC, Europe's largest bank, said its 2006 earnings rose 5 percent but that it suffered $10.6 billion in losses on bad loans from its U.S. subprime mortgage operations.
Also pushing stocks down, a rising yen added to concerns about an erosion of the yen carry trade, which is the process of borrowing the low-yielding yen to acquire assets in other currencies with greater yields. A slowdown could hurt liquidity worldwide. By late in the day, the U.S. dollar was at 116 yen, trading near three-month lows after falling from above 120 yen less than a week ago.
Though the markets were uneasy Monday, they were hardly out of control as the Dow traded within a 150-point range and stayed above the 12,000 mark, which it had surpassed for the first time in October last year.
"Stability is a good sign," said Todd Salamone, senior vice president of research at Schaeffer's Investment Research in Cincinnati. He noted that stocks could see volatility for months, but that over the long term, the market looks poised to climb. "Expectations for economic data, earnings data -- both have been ratcheted lower. Markets tend to do better when expectations are low, because they have better odds for positive surprises."
According to preliminary calculations, the Dow fell 63.69, or 0.53 percent, to 12,050.41, having swung 75 points lower and 75 higher than Friday's close in earlier trading.
Broader stock indicators also fell. The Standard & Poor's 500 index was down 13.05, or 0.94 percent, at 1,374.12, and the Nasdaq composite index -- which is dominated by riskier technology and small-cap stocks -- fell 27.32, or 1.15 percent, to 2,340.68.
Bond prices fell, nudging the yield on the benchmark 10-year Treasury note to 4.51 percent from 4.50 percent late Friday, as the stock market's tolerable performance earlier in the day kept investors from rushing to Treasurys.
The dollar was higher against other major currencies except for the yen. Gold, though traditionally a safe-haven investment, continued its slide.
Oil prices dropped sharply, but lifted from earlier lows below $60 a barrel to finish down $1.57 at $60.07 on the New York Mercentile Exchange.
The market's saw the bulk of its drop right before the close, in a similar pattern to Friday, when the Dow flirted with gains only to drop 120 points late in the day. Going forward, market participants won't be ruling out the possibility of a large, late-day swing.
"Probably it's better to save any judgment on this market today until the last half hour," said Philip S. Dow, managing director of equity strategy at RBC Dain Rauscher in Minneapolis, before the markets closed Monday. He noted that little has changed in terms of economic fundamentals, but that the market is very volatile.
Stock investors appeared to have been somewhat consoled by comments attributed to U.S. Treasury Secretary Henry Paulson by Japan's finance minister, Koji Omi. Neither Omi nor Paulson, who began a three-nation Asian tour in Tokyo on Monday, were concerned by the swings in regional stock markets, Omi told reporters in Tokyo. Both men contend the market mechanism was functioning well, Omi said.
Still, Asian and European stocks closed lower, keeping U.S. investors on edge. The Nikkei fell for the fifth straight session to close down 3.3 percent, Hong Kong's Hang Seng index fell 4 percent and the Shanghai Composite Index, which has been volatile in recent weeks, fell 1.6 percent.
In Europe, Britain's FTSE 100 dropped 0.94 percent, Germany's DAX index fell 1.04 percent, and France's CAC-40 declined 0.73 percent.
The Institute for Supply Management's report on the services sector failed to inject much confidence in the market. The index registered at 54.3 for February, lower than analysts' forecast of 57.5 and January's reading of 59.0. Still, the reading above 50 indicates that U.S. service industries continue to grow, albeit at a modest pace.
Market participants are bracing for a rocky week, especially as investors await the Labor Department's jobs report Friday. So far, economic data have been coming in mixed, suggesting a moderating growth but not recession.
"We saw the ISM come in lower than expected, but the economy is slowing, and that's fine," said Scott Wren, senior equity strategist for A.G. Edwards & Sons. The ISM said the service sector, which represents about 80 percent of the nation's economic activity, saw nine of its industries grow and nine contract.
St. Louis Fed President William Poole, a voting member of the interest rate-setting Federal Open Market Committee, echoed recent statements by Fed Chairman Ben Bernanke Monday, saying the economic outlook is not as dismal as the market's recent downturn suggests, and that inflation remains a concern for policy makers.
But companies involved with subprime mortgages, already dragged down by concerns that too many people are defaulting, were kicked down further when New Century Financial Corp., the second-largest subprime lender, said late Friday that a federal prosecutor and the New York Stock Exchange are conducting investigations into its stock movements. New Century fell $10.09, or 69 percent, to $4.56.
Also spooking investors was Fremont General Corp.'s announcement Monday that it is planning to sell its subprime residential real-estate lending business. Fremont fell $2.82, or 32.4 percent, to $5.89.
The burgeoning subprime worries also hurt banks and homebuilders Monday: National City Corp. and Washington Mutual Inc. fell more than 3 percent, while Toll Brothers Inc., D.R. Horton Inc., and Centex Corp. all lost more than 4 percent.
Declining issues outnumbered advancers by about 5 to 1 on the New York Stock Exchange, where volume came to 1.99 billion shares, compared to 1.86 billion shares at the same point on Friday.
The Russell 2000 index of smaller companies dropped 15.38, or 1.98 percent, at 760.06.
Though the markets have been tumbling, market watchers note that merger and acquisition activity is still strong -- a positive sign for stocks.
Pathmark Stores Inc. rose $1.21, or 10.8 percent, to $12.46 after A&P supermarket operator Great Atlantic & Pacific Tea Co. agreed to buy Pathmark for $1.3 billion in cash and stock. In an unusual move, investors bid Great Atlantic & Pacific higher; the stock was up $1.64, or 5.3 percent, at $32.50.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
The NYSE DOW closed DOWN 63 points on Monday March 5:
Symbol ----- Last --- Change
Dow 12,050.41 -63.69 (0.53%)
Nasdaq 2,340.68 -27.32 (1.15%)
S&P 500 1,374.12 -13.05 (0.94%)
10-Yr Bond 4.5180% +0.0030
NYSE Volume 3,414,567,000
Nasdaq Volume 2,351,026,000
http://biz.yahoo.com/ap/070305/wall_street.html?.v=37
Dow Ends Down 64 After Erratic Session
Monday March 5, 4:45 pm ET
By Madlen Read, AP Business Writer
Dow Ends Down 64, Nasdaq Drops 27 After Erratic Session Amid Worries About Mortgage Defaults
NEW YORK (AP) -- Wall Street seesawed through an erratic session Monday, trying to stabilize but ultimately finishing near its lows of the day amid worries about mortgage defaults, a strengthening yen and tumbling stock markets abroad.
The major indexes fluctuated throughout the session, with the Dow Jones industrials bobbing between positive and negative territory as investors tried to size up where the market was headed after last week's big decline. The Dow finished 63 points lower, having fallen in eight of the last nine sessions.
The market remained jittery about losses over soured subprime loans, or loans to customers with poor credit ratings, as HSBC Holdings PLC, Europe's largest bank, said its 2006 earnings rose 5 percent but that it suffered $10.6 billion in losses on bad loans from its U.S. subprime mortgage operations.
Also pushing stocks down, a rising yen added to concerns about an erosion of the yen carry trade, which is the process of borrowing the low-yielding yen to acquire assets in other currencies with greater yields. A slowdown could hurt liquidity worldwide. By late in the day, the U.S. dollar was at 116 yen, trading near three-month lows after falling from above 120 yen less than a week ago.
Though the markets were uneasy Monday, they were hardly out of control as the Dow traded within a 150-point range and stayed above the 12,000 mark, which it had surpassed for the first time in October last year.
"Stability is a good sign," said Todd Salamone, senior vice president of research at Schaeffer's Investment Research in Cincinnati. He noted that stocks could see volatility for months, but that over the long term, the market looks poised to climb. "Expectations for economic data, earnings data -- both have been ratcheted lower. Markets tend to do better when expectations are low, because they have better odds for positive surprises."
According to preliminary calculations, the Dow fell 63.69, or 0.53 percent, to 12,050.41, having swung 75 points lower and 75 higher than Friday's close in earlier trading.
Broader stock indicators also fell. The Standard & Poor's 500 index was down 13.05, or 0.94 percent, at 1,374.12, and the Nasdaq composite index -- which is dominated by riskier technology and small-cap stocks -- fell 27.32, or 1.15 percent, to 2,340.68.
Bond prices fell, nudging the yield on the benchmark 10-year Treasury note to 4.51 percent from 4.50 percent late Friday, as the stock market's tolerable performance earlier in the day kept investors from rushing to Treasurys.
The dollar was higher against other major currencies except for the yen. Gold, though traditionally a safe-haven investment, continued its slide.
Oil prices dropped sharply, but lifted from earlier lows below $60 a barrel to finish down $1.57 at $60.07 on the New York Mercentile Exchange.
The market's saw the bulk of its drop right before the close, in a similar pattern to Friday, when the Dow flirted with gains only to drop 120 points late in the day. Going forward, market participants won't be ruling out the possibility of a large, late-day swing.
"Probably it's better to save any judgment on this market today until the last half hour," said Philip S. Dow, managing director of equity strategy at RBC Dain Rauscher in Minneapolis, before the markets closed Monday. He noted that little has changed in terms of economic fundamentals, but that the market is very volatile.
Stock investors appeared to have been somewhat consoled by comments attributed to U.S. Treasury Secretary Henry Paulson by Japan's finance minister, Koji Omi. Neither Omi nor Paulson, who began a three-nation Asian tour in Tokyo on Monday, were concerned by the swings in regional stock markets, Omi told reporters in Tokyo. Both men contend the market mechanism was functioning well, Omi said.
Still, Asian and European stocks closed lower, keeping U.S. investors on edge. The Nikkei fell for the fifth straight session to close down 3.3 percent, Hong Kong's Hang Seng index fell 4 percent and the Shanghai Composite Index, which has been volatile in recent weeks, fell 1.6 percent.
In Europe, Britain's FTSE 100 dropped 0.94 percent, Germany's DAX index fell 1.04 percent, and France's CAC-40 declined 0.73 percent.
The Institute for Supply Management's report on the services sector failed to inject much confidence in the market. The index registered at 54.3 for February, lower than analysts' forecast of 57.5 and January's reading of 59.0. Still, the reading above 50 indicates that U.S. service industries continue to grow, albeit at a modest pace.
Market participants are bracing for a rocky week, especially as investors await the Labor Department's jobs report Friday. So far, economic data have been coming in mixed, suggesting a moderating growth but not recession.
"We saw the ISM come in lower than expected, but the economy is slowing, and that's fine," said Scott Wren, senior equity strategist for A.G. Edwards & Sons. The ISM said the service sector, which represents about 80 percent of the nation's economic activity, saw nine of its industries grow and nine contract.
St. Louis Fed President William Poole, a voting member of the interest rate-setting Federal Open Market Committee, echoed recent statements by Fed Chairman Ben Bernanke Monday, saying the economic outlook is not as dismal as the market's recent downturn suggests, and that inflation remains a concern for policy makers.
But companies involved with subprime mortgages, already dragged down by concerns that too many people are defaulting, were kicked down further when New Century Financial Corp., the second-largest subprime lender, said late Friday that a federal prosecutor and the New York Stock Exchange are conducting investigations into its stock movements. New Century fell $10.09, or 69 percent, to $4.56.
Also spooking investors was Fremont General Corp.'s announcement Monday that it is planning to sell its subprime residential real-estate lending business. Fremont fell $2.82, or 32.4 percent, to $5.89.
The burgeoning subprime worries also hurt banks and homebuilders Monday: National City Corp. and Washington Mutual Inc. fell more than 3 percent, while Toll Brothers Inc., D.R. Horton Inc., and Centex Corp. all lost more than 4 percent.
Declining issues outnumbered advancers by about 5 to 1 on the New York Stock Exchange, where volume came to 1.99 billion shares, compared to 1.86 billion shares at the same point on Friday.
The Russell 2000 index of smaller companies dropped 15.38, or 1.98 percent, at 760.06.
Though the markets have been tumbling, market watchers note that merger and acquisition activity is still strong -- a positive sign for stocks.
Pathmark Stores Inc. rose $1.21, or 10.8 percent, to $12.46 after A&P supermarket operator Great Atlantic & Pacific Tea Co. agreed to buy Pathmark for $1.3 billion in cash and stock. In an unusual move, investors bid Great Atlantic & Pacific higher; the stock was up $1.64, or 5.3 percent, at $32.50.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,123
- Reactions
- 5,469
Great news overnight where the NYSE DOW closed UP 157 points (1.3%) on Tuesday March 6:
Symbol ----- Last --- Change
Dow 12,207.59 +157.18 (1.30%)
Nasdaq 2,385.14 +44.46 (1.90%)
S&P 500 1,395.41 +21.29 (1.55%)
10-Yr Bond 4.5280% +0.0100
NYSE Volume 3,294,077,000
Nasdaq Volume 2,199,051,000
http://biz.yahoo.com/ap/070306/wall_street.html?.v=46
Stocks Rise As World Markets Recover
Tuesday March 6, 4:50 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Rebounds As Stocks Rise Overseas, Investors Wait to See if Gains Will Hold
NEW YORK (AP) -- Wall Street rebounded Tuesday as investors were encouraged by a recovery on world markets and moved to recoup some of the big losses suffered in last week's sharp pullback. The Dow Jones industrials rose more than 150 points.
Investors came off the sidelines to buy stocks that have languished in five turbulent sessions. The Dow made back about 26 percent of the ground it lost over the past week, and scored its highest one-day point gain since July 24.
Despite the rebound, questions remained about whether the correction that has swept around the globe has truly run its course. U.S. investors were still contending with fundamental economic issues, including a weaker than expected reading on fourth-quarter productivity and the dollar's vulnerability against the yen.
The advance Tuesday treated Wall Street traders to what had become a rare sight -- the color green splashed across their computer screens that show stock prices, instead of last week's red. But, after being knocked about by erratic market shifts in recent sessions, there was still a sense this might not be the recovery everyone is waiting for.
"I don't think we should get too used to seeing all this green," said Jay Suskind, head trader at Ryan Beck & Co. "This market feels to me like it doesn't have legs, there just doesn't seem to be that euphoria out there. There is still trepidation."
According to preliminary calculations, the Dow rose 157.18, or 1.30 percent, to 12,207.59, after dropping 581 points over the past week. The Standard & Poor's 500 index was up 21.29, or 1.55 percent, at 1,395.41 in its biggest advance since July.
The Nasdaq composite index rose 44.46, or 1.90 percent, to 2,385.14. The tech-dominated index, which includes many companies consider young and risky compared to S&P 500 stocks, was particularly hard-hit in last week's slide. It was the best one-day advance since Oct. 4.
The Russell 2000 index of smaller companies was up 18.82, or 2.48 percent, at 778.88.
Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where volume came to 1.83 billion shares.
Overseas, stock indexes posted healthy gains after plunging for the past week. According to the Dow Jones Wilshire Global Total Market Index, the world's markets had lost $3.1 trillion since Feb. 26 -- with $1 trillion coming from the U.S. alone.
Japan's Nikkei stock average closed up 1.22 percent Tuesday. At the close, Britain's FTSE 100 regained 1.32 percent, Germany's DAX index rose 0.92 percent, and France's CAC-40 was up 0.97 percent.
The gain in equities and lingering inflation worries sent prices falling in the bond market. The yield on the benchmark 10-year Treasury note rose to 4.53 percent from 4.51 percent on Monday.
The dollar was up versus the yen, but mixed against other major currencies, recovering after several days of steep declines. The rebound in global stock prices created renewed interest in yen-funded carry trades. Gold prices also rose.
Oil prices rose as strategists pointed to robust demand for gasoline and falling petroleum inventories. The price of a barrel of light sweet crude rose 60 cents to $60.67 on the New York Mercantile Exchange.
Tuesday's rebound was the first bit of light in a week for a volatile market. It also comes despite data that continued to show weakness in housing and production, and triggered some talk of inflation.
The Labor Department reported that worker productivity rose at a modest annual rate of 1.6 percent in the fourth quarter while wages and benefits soared. The Commerce Department said factory orders fell 5.6 percent in January after a 2.6 percent increase the previous month.
Scott Fullman, director of investment strategy for Israel A. Englander & Co., said the market wasn't shrugging off the pair of government reports. Instead, he believes investors have just had enough -- and that the sell-off was overdone.
"I'm not convinced the bull market is over, I just think the bull is tired and needs to take a break," he said. "There are opportunities out there so long as we don't see a major slip in the economy. We have to concentrate on that, how earnings are going to go, and obviously what the Fed does."
And there was no new indications on how policymakers feel about the future of interest rates, or the impact of inflationary pressures. Bernanke, during a speech in Hawaii, did not talk about rates in a prepared speech.
Instead, he became the latest public official to chime in about defaults and delinquencies in the mortgage industry. He urged Congress to bolster regulation of Fannie Mae and Freddie Mac, and suggested limiting their massive holdings to guard against any danger their debt poses to the overall economy.
Fannie Mae shares rose $1.71, or 3.2 percent, to $54.83, while Freddie Mac rose 75 cents to $62.11.
Financial stocks as a whole trended higher after being battered due to the market plunge. Treasury Secretary Henry Paulson said credit issues linked to the U.S. housing slump will be limited, easing concern about the potential of rising defaults in subprime loans.
Mortgage lender New Century Financial Corp., which shed almost 70 percent of its market value on Monday, rose 46 cents, or 10.1 percent, to $5.02. Fremont General Corp. added 89 cents, or 15.1 percent, to $6.78.
Citigroup Inc. rose $1.33, or 2.7 percent, to $50.58 after the biggest U.S. bank offered $10.8 billion to buy Japan's Nikko Cordial Corp. The deal would rank as the largest acquisition of a Japanese brokerage by a foreign company.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Symbol ----- Last --- Change
Dow 12,207.59 +157.18 (1.30%)
Nasdaq 2,385.14 +44.46 (1.90%)
S&P 500 1,395.41 +21.29 (1.55%)
10-Yr Bond 4.5280% +0.0100
NYSE Volume 3,294,077,000
Nasdaq Volume 2,199,051,000
http://biz.yahoo.com/ap/070306/wall_street.html?.v=46
Stocks Rise As World Markets Recover
Tuesday March 6, 4:50 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Rebounds As Stocks Rise Overseas, Investors Wait to See if Gains Will Hold
NEW YORK (AP) -- Wall Street rebounded Tuesday as investors were encouraged by a recovery on world markets and moved to recoup some of the big losses suffered in last week's sharp pullback. The Dow Jones industrials rose more than 150 points.
Investors came off the sidelines to buy stocks that have languished in five turbulent sessions. The Dow made back about 26 percent of the ground it lost over the past week, and scored its highest one-day point gain since July 24.
Despite the rebound, questions remained about whether the correction that has swept around the globe has truly run its course. U.S. investors were still contending with fundamental economic issues, including a weaker than expected reading on fourth-quarter productivity and the dollar's vulnerability against the yen.
The advance Tuesday treated Wall Street traders to what had become a rare sight -- the color green splashed across their computer screens that show stock prices, instead of last week's red. But, after being knocked about by erratic market shifts in recent sessions, there was still a sense this might not be the recovery everyone is waiting for.
"I don't think we should get too used to seeing all this green," said Jay Suskind, head trader at Ryan Beck & Co. "This market feels to me like it doesn't have legs, there just doesn't seem to be that euphoria out there. There is still trepidation."
According to preliminary calculations, the Dow rose 157.18, or 1.30 percent, to 12,207.59, after dropping 581 points over the past week. The Standard & Poor's 500 index was up 21.29, or 1.55 percent, at 1,395.41 in its biggest advance since July.
The Nasdaq composite index rose 44.46, or 1.90 percent, to 2,385.14. The tech-dominated index, which includes many companies consider young and risky compared to S&P 500 stocks, was particularly hard-hit in last week's slide. It was the best one-day advance since Oct. 4.
The Russell 2000 index of smaller companies was up 18.82, or 2.48 percent, at 778.88.
Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where volume came to 1.83 billion shares.
Overseas, stock indexes posted healthy gains after plunging for the past week. According to the Dow Jones Wilshire Global Total Market Index, the world's markets had lost $3.1 trillion since Feb. 26 -- with $1 trillion coming from the U.S. alone.
Japan's Nikkei stock average closed up 1.22 percent Tuesday. At the close, Britain's FTSE 100 regained 1.32 percent, Germany's DAX index rose 0.92 percent, and France's CAC-40 was up 0.97 percent.
The gain in equities and lingering inflation worries sent prices falling in the bond market. The yield on the benchmark 10-year Treasury note rose to 4.53 percent from 4.51 percent on Monday.
The dollar was up versus the yen, but mixed against other major currencies, recovering after several days of steep declines. The rebound in global stock prices created renewed interest in yen-funded carry trades. Gold prices also rose.
Oil prices rose as strategists pointed to robust demand for gasoline and falling petroleum inventories. The price of a barrel of light sweet crude rose 60 cents to $60.67 on the New York Mercantile Exchange.
Tuesday's rebound was the first bit of light in a week for a volatile market. It also comes despite data that continued to show weakness in housing and production, and triggered some talk of inflation.
The Labor Department reported that worker productivity rose at a modest annual rate of 1.6 percent in the fourth quarter while wages and benefits soared. The Commerce Department said factory orders fell 5.6 percent in January after a 2.6 percent increase the previous month.
Scott Fullman, director of investment strategy for Israel A. Englander & Co., said the market wasn't shrugging off the pair of government reports. Instead, he believes investors have just had enough -- and that the sell-off was overdone.
"I'm not convinced the bull market is over, I just think the bull is tired and needs to take a break," he said. "There are opportunities out there so long as we don't see a major slip in the economy. We have to concentrate on that, how earnings are going to go, and obviously what the Fed does."
And there was no new indications on how policymakers feel about the future of interest rates, or the impact of inflationary pressures. Bernanke, during a speech in Hawaii, did not talk about rates in a prepared speech.
Instead, he became the latest public official to chime in about defaults and delinquencies in the mortgage industry. He urged Congress to bolster regulation of Fannie Mae and Freddie Mac, and suggested limiting their massive holdings to guard against any danger their debt poses to the overall economy.
Fannie Mae shares rose $1.71, or 3.2 percent, to $54.83, while Freddie Mac rose 75 cents to $62.11.
Financial stocks as a whole trended higher after being battered due to the market plunge. Treasury Secretary Henry Paulson said credit issues linked to the U.S. housing slump will be limited, easing concern about the potential of rising defaults in subprime loans.
Mortgage lender New Century Financial Corp., which shed almost 70 percent of its market value on Monday, rose 46 cents, or 10.1 percent, to $5.02. Fremont General Corp. added 89 cents, or 15.1 percent, to $6.78.
Citigroup Inc. rose $1.33, or 2.7 percent, to $50.58 after the biggest U.S. bank offered $10.8 billion to buy Japan's Nikko Cordial Corp. The deal would rank as the largest acquisition of a Japanese brokerage by a foreign company.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
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The NYSE DOW closed LOWER by 15 points on Wednesday March 7:
Symbol ----- Last --- Change
Dow 12,192.45 -15.14 (0.12%)
Nasdaq 2,374.64 -10.50 (0.44%)
S&P 500 1,391.97 -3.44 (0.25%)
10-Yr Bond 4.4970% -0.0310
NYSE Volume 3,078,945,000
Nasdaq Volume 2,035,482,000
http://biz.yahoo.com/ap/070307/wall_street.html?.v=34
Stocks Edge Lower, Show More Stability
Wednesday March 7, 4:42 pm ET
By Tim Paradis, AP Business Writer
Stocks End Modestly Lower After Big Plunge, Partial Recovery, As Investors Weigh Economic Data
NEW YORK (AP) -- Stocks fell slightly but showed more signs of stability Wednesday as investors sifted through new economic data and found little reason to resume last week's heavy selling pace.
The stock indexes wavered in a narrow range, reacting little to comments from Chicago Fed President Michael Moskow that inflation remains stubborn and that interest rate increases might be needed to contain costs. The stock market was similarly unimpressed by data showing a weaker jobs picture and sluggishness in some areas of the country.
Investors in the past week have harbored concerns about a global economic slowdown and have been looking at data to try to determine whether the U.S. economy is still capable of pulling off a soft landing.
In late trading, after drifting higher for most of the afternoon, stocks turned lower again, unable to build on the rally made a day earlier. Tuesday's advance was strong -- the Dow Jones industrials made up about 26 percent of the losses they suffered in the previous week -- but it left investors wondering whether recent volatility that had been absent the markets in recent months would subside long enough to allow Wall Street to build some consensus about where stocks were headed.
Wednesday's trading, though, was reassuring. Volume levels were more typical of everyday trading than the big numbers Wall Street posted for much of the last week.
"The market is stabilizing after the storm of last week. That's real progress. It's extremely welcome. It allows us to restore investor confidence," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors.
According to preliminary calculations, the Dow Jones industrial average fell 15.14, or 0.12 percent, to 12,192.45. The Dow traded within a 78-point range Wednesday, a much narrower band than in recent sessions.
Broader stock indicators also edged lower. The Standard & Poor's 500 index fell 3.44, or 0.25 percent, to 1,391.97, and the Nasdaq composite index declined 10.50, or 0.44 percent, to 2,374.64.
Bonds got a lift from the Federal Reserve survey, which said most parts of the country saw modest economic growth in the past month, but many areas saw slowing. The yield on the benchmark 10-year Treasury note fell to 4.50 percent from 4.53 percent late Tuesday.
The dollar was mixed against other currencies, while gold prices rose.
Light, sweet crude rose $1.13 to settle at $61.82 a barrel on the New York Mercantile Exchange after weekly domestic inventory data showed a surprise draw on stocks. The energy market rally drove up stocks of oil companies; Chevron Corp. rose 66 cents to $68.33; Exxon Mobil Corp. rose 64 cents to $71.64; and ConocoPhillips climbed $1.34, or 2 percent, to $67.16.
Overseas markets, which have influenced U.S. trading over the past week, finished mixed and contributed to Wall Street's uncertainty.
Wall Street also found little inspiration from the Fed's survey, and shrugged off the ADP National Employment Report, which found private sector employment rose by 57,000 jobs in February, the weakest reading since July 2003. The findings arrived before Labor Department's employment report Friday, which investors will be closely watching to help gauge the health of the U.S. economy's lifeblood: its consumers.
Overall, though, there's no sense of panic in the markets, especially given Wednesday's mild trading.
"I think stocks have seen the bulk of the declines. I think we will in the next couple of months or so be testing highs," said Steven Goldman, chief market strategist at Weeden & Co.
In corporate news, CV Therapeutics Inc. fell $2.92, or 24 percent, to $9.38 after the drug maker said its only approved drug failed to show adequate improvement over a placebo at treating heart disease.
Friendly Ice Cream Corp. jumped $1.95, or 16 percent, to $13.79 after the restaurant chain said it would consider putting itself up for sale and that it turned a profit in the fourth quarter.
Saks Inc.'s same-store sales -- or sales at stores open at least a year -- jumped 24.7 percent in February as the department store chain saw higher sales of full-price merchandise. The stock rose $1.08, or 5.8 percent, to $19.82.
BJ's Wholesale Club Inc. rose 63 cents, or 2 percent, to $31.53 after the wholesale store chain's fiscal fourth-quarter profit fell 77 percent amid restructuring costs. Results were stronger than expected.
Conseco Inc., the life and health insurer, fell 91 cents, or 4.6 percent, to $18.75, after it swung to a fourth-quarter loss amid higher expenses. The company also said it won't offer financial forecasts until it irons out problems in its business.
Advancing issues and decliners were virtually equal on the New York Stock Exchange, where volume came to 1.71 billion shares, down from 1.83 billion Tuesday.
The Russell 2000 index of smaller companies fell 2.98, or 0.38 percent, to 775.90.
Overseas, Japan's Nikkei stock average closed down 0.47 percent, Hong Kong's Hang Seng index fell 0.73 percent, the Shanghai Composite Index, which helped trigger last week's selloff when it fell nearly 9 percent in single session, rose 1.99 percent. Britain's FTSE 100 closed up 0.29 percent, Germany's DAX index added 0.34 percent, and France's CAC-40 advanced 0.33 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Symbol ----- Last --- Change
Dow 12,192.45 -15.14 (0.12%)
Nasdaq 2,374.64 -10.50 (0.44%)
S&P 500 1,391.97 -3.44 (0.25%)
10-Yr Bond 4.4970% -0.0310
NYSE Volume 3,078,945,000
Nasdaq Volume 2,035,482,000
http://biz.yahoo.com/ap/070307/wall_street.html?.v=34
Stocks Edge Lower, Show More Stability
Wednesday March 7, 4:42 pm ET
By Tim Paradis, AP Business Writer
Stocks End Modestly Lower After Big Plunge, Partial Recovery, As Investors Weigh Economic Data
NEW YORK (AP) -- Stocks fell slightly but showed more signs of stability Wednesday as investors sifted through new economic data and found little reason to resume last week's heavy selling pace.
The stock indexes wavered in a narrow range, reacting little to comments from Chicago Fed President Michael Moskow that inflation remains stubborn and that interest rate increases might be needed to contain costs. The stock market was similarly unimpressed by data showing a weaker jobs picture and sluggishness in some areas of the country.
Investors in the past week have harbored concerns about a global economic slowdown and have been looking at data to try to determine whether the U.S. economy is still capable of pulling off a soft landing.
In late trading, after drifting higher for most of the afternoon, stocks turned lower again, unable to build on the rally made a day earlier. Tuesday's advance was strong -- the Dow Jones industrials made up about 26 percent of the losses they suffered in the previous week -- but it left investors wondering whether recent volatility that had been absent the markets in recent months would subside long enough to allow Wall Street to build some consensus about where stocks were headed.
Wednesday's trading, though, was reassuring. Volume levels were more typical of everyday trading than the big numbers Wall Street posted for much of the last week.
"The market is stabilizing after the storm of last week. That's real progress. It's extremely welcome. It allows us to restore investor confidence," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors.
According to preliminary calculations, the Dow Jones industrial average fell 15.14, or 0.12 percent, to 12,192.45. The Dow traded within a 78-point range Wednesday, a much narrower band than in recent sessions.
Broader stock indicators also edged lower. The Standard & Poor's 500 index fell 3.44, or 0.25 percent, to 1,391.97, and the Nasdaq composite index declined 10.50, or 0.44 percent, to 2,374.64.
Bonds got a lift from the Federal Reserve survey, which said most parts of the country saw modest economic growth in the past month, but many areas saw slowing. The yield on the benchmark 10-year Treasury note fell to 4.50 percent from 4.53 percent late Tuesday.
The dollar was mixed against other currencies, while gold prices rose.
Light, sweet crude rose $1.13 to settle at $61.82 a barrel on the New York Mercantile Exchange after weekly domestic inventory data showed a surprise draw on stocks. The energy market rally drove up stocks of oil companies; Chevron Corp. rose 66 cents to $68.33; Exxon Mobil Corp. rose 64 cents to $71.64; and ConocoPhillips climbed $1.34, or 2 percent, to $67.16.
Overseas markets, which have influenced U.S. trading over the past week, finished mixed and contributed to Wall Street's uncertainty.
Wall Street also found little inspiration from the Fed's survey, and shrugged off the ADP National Employment Report, which found private sector employment rose by 57,000 jobs in February, the weakest reading since July 2003. The findings arrived before Labor Department's employment report Friday, which investors will be closely watching to help gauge the health of the U.S. economy's lifeblood: its consumers.
Overall, though, there's no sense of panic in the markets, especially given Wednesday's mild trading.
"I think stocks have seen the bulk of the declines. I think we will in the next couple of months or so be testing highs," said Steven Goldman, chief market strategist at Weeden & Co.
In corporate news, CV Therapeutics Inc. fell $2.92, or 24 percent, to $9.38 after the drug maker said its only approved drug failed to show adequate improvement over a placebo at treating heart disease.
Friendly Ice Cream Corp. jumped $1.95, or 16 percent, to $13.79 after the restaurant chain said it would consider putting itself up for sale and that it turned a profit in the fourth quarter.
Saks Inc.'s same-store sales -- or sales at stores open at least a year -- jumped 24.7 percent in February as the department store chain saw higher sales of full-price merchandise. The stock rose $1.08, or 5.8 percent, to $19.82.
BJ's Wholesale Club Inc. rose 63 cents, or 2 percent, to $31.53 after the wholesale store chain's fiscal fourth-quarter profit fell 77 percent amid restructuring costs. Results were stronger than expected.
Conseco Inc., the life and health insurer, fell 91 cents, or 4.6 percent, to $18.75, after it swung to a fourth-quarter loss amid higher expenses. The company also said it won't offer financial forecasts until it irons out problems in its business.
Advancing issues and decliners were virtually equal on the New York Stock Exchange, where volume came to 1.71 billion shares, down from 1.83 billion Tuesday.
The Russell 2000 index of smaller companies fell 2.98, or 0.38 percent, to 775.90.
Overseas, Japan's Nikkei stock average closed down 0.47 percent, Hong Kong's Hang Seng index fell 0.73 percent, the Shanghai Composite Index, which helped trigger last week's selloff when it fell nearly 9 percent in single session, rose 1.99 percent. Britain's FTSE 100 closed up 0.29 percent, Germany's DAX index added 0.34 percent, and France's CAC-40 advanced 0.33 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
explod
explod
- Joined
- 4 March 2007
- Posts
- 7,341
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- 1,197
All looking a bit dodgy on the Wall Street close to me. Notice on the 6 month daily chart for DJIA rising from about Nov. last year you will see what I call the birdflock line to the drop and the the first wing of the new sideways is inverted. Similar will be seen on the NYSE and NASDAQ charts and there is some correlation with the volume as well. Does not look good IMHO.
regards explod
wealth to all.
regards explod
wealth to all.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,123
- Reactions
- 5,469
VG news today
The NYSE DOW closed HIGHER by 68 points on Thursday March 8:
Symbol ----- Last --- Change
Dow 12,260.70 +68.25 (0.56%)
Nasdaq 2,387.73 +13.09 (0.55%)
S&P 500 1,401.89 +9.92 +(0.71%)
10-Yr Bond 4.5090% 0.0120
NYSE Volume 2,989,463,000
Nasdaq Volume 1,989,945,000
http://biz.yahoo.com/ap/070308/wall_street.html?.v=35
Stocks Recover As Economy Worries Ease
Thursday March 8, 4:32 pm ET
By Tim Paradis, AP Business Writer
Stocks Climb As Signs of Stability Cross Global Markets; Dow Rises 100 Points Before Pullback
NEW YORK (AP) -- Wall Street extended its recovery from last week's big plunge, rising Thursday after several stable sessions helped buttress investor sentiment and allay some concerns about the economy.
Thursday's advance helped investors speed past lackluster retail sales figures and focus on more promising comments about March sales. Investors also grew more confident following gains in markets in Europe and Asia. The dollar was mixed against major currencies and fought its way higher against the yen, easing some concern about whether global liquidity would tighten.
Investors eager for signals about the health of the economy bet on rising fortunes for U.S. businesses a day ahead of the Labor Department's much-anticipated February employment report. Strong employment is seen as crucial on Wall Street because robust consumer spending has kept the economy charging ahead in recent years. Larger concerns about the economy figured heavily in last week's selloff.
"I think we got a little bit too negative too fast," said Brian Levitt, corporate economist at OppenheimerFunds Inc., referring to the Feb. 27 global selloff that sent the major U.S. indexes down more than 3 percent. "They failed to see the broader picture that there still is fairly good underlying strength in the economy."
The Dow Jones industrials were up more than 100 points in afternoon trading before pulling back amid rumors a subprime lender would declare bankruptcy. According to preliminary calculations, the Dow closed up 68.25, or 0.56 percent, at 12,260.70.
Lender New Century Financial Corp. announced after the markets closed that it would no longer be accepting loan applications, and that it secured $265 million in financing to help it meet financial obligations.
Broader stock indicators also put up sizable gains Thursday. The Standard & Poor's 500 index climbed 9.92, or 0.71 percent, to 1,401.89, and the Nasdaq composite index advanced 13.09, or 0.55 percent, to 2,387.73.
Bonds fell as stocks advanced; the yield on the benchmark 10-year Treasury note rose to 4.51 percent from 4.50 percent late Wednesday. Gold prices rose.
Light, sweet crude fell 18 cents to $61.64 per barrel on the New York Mercantile Exchange.
The focus on broader market sentiment and the impending February employment report overshadowed word from the Labor Department that the number of newly laid-off workers seeking unemployment benefits fell last week to the lowest level in a month.
Unlike last week, news from overseas provided little headwind to U.S. stocks. On Thursday, the European Central Bank raised interest rates by a quarter point, as expected, and the Bank of England left rates unchanged. Turbulence in stock markets worldwide last week gave a sense that Wall Street, London and financial capitals in Asia were essentially one big trading floor -- stocks seemed to move in tandem over concerns about whether the global economy would begin to sputter.
Investors should remain vigilant, Levitt says.
"I think we are still going to see some volatility. Investors need to focus on keeping the risks in their portfolio in check. There are good opportunities around the world but certainly it is a good time to think about quality."
The major indexes did show some volatility on speculation New Century would make some kind of announcement. The stock, which dropped below a 52-week low of $3.94 to as low as $3.37 before rebounding somewhat, fell $1.20, or 23.2 percent, to $3.96.
Larry Peruzzi, senior equity trader at The Boston Company Asset Management, said there are fears in the market that mortgage lenders might face bankruptcy.
"This is one of the fears that has kind of been overhanging the market with this whole subprime real estate concern," he said.
Nonetheless, investors seemed able to look past some unpleasant news from retailers. Wal-Mart's same-store sales, or sales at stores open at least a year, rose a lower-than-expected 0.9 percent in February. Wall Street had been looking for sales at the world's largest retailer, which has lately shown some difficulty boosting its monthly numbers, to increase 1.5 percent. Wal-Mart, one of the 30 stocks that comprise the Dow industrials, fell 11 cents to $47.82.
Nordstrom rose $2.31, or 4.6 percent, to $52.73 after its February same-store sales jumped 9.1 percent, well above the 5.7 percent increase predicted by a Thomson Financial poll of analysts.
Same-store sales are a key measure of a retailer's performance and a strong report Wednesday luxury department store chain Saks Inc. fanned Wall Street's expectations for Saks' competitors. Saks, after rising Wednesday, advanced 10 cents to $19.92. March, with the Easter holiday, will likely prove to be a more important month for retailers.
Hollis-Eden Pharmaceuticals Inc. fell $1.38, or 32.2 percent, to $2.90 after the U.S. government rejected the biotech drug developer's radiation sickness treatment.
Express Scripts Inc. rose $1.20 to $75.97 after raising its hostile bid for Caremark Rx Inc., which is in the sights of retail pharmacy chain CVS Corp. Caremark advanced 48 cents to $61.78.
Advancing issues outnumbered decliners by 3 to 1 on the New York Stock Exchange, where volume came to 1.65 billion shares.
The Russell 2000 index of smaller companies rose 5.24, or 0.68 percent, to 781.14.
Overseas, the Nikkei rose 1.94 percent, Hong Kong's Hang Seng Index added 1.36 percent and the sometimes-volatile Shanghai Composite Exchange rose 1.08 percent. It was a nearly 9 percent drop in Shanghai on Feb. 27 that helped ignite a worldwide spasm of selling that led major U.S. indexes to give back their gains for the year.
In Europe, stocks added to gains after the U.S. markets advanced. Britain's FTSE 100 closed up 1.16 percent, Germany's DAX index added 1.44 percent, and France's CAC-40 advanced 1.27 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
The NYSE DOW closed HIGHER by 68 points on Thursday March 8:
Symbol ----- Last --- Change
Dow 12,260.70 +68.25 (0.56%)
Nasdaq 2,387.73 +13.09 (0.55%)
S&P 500 1,401.89 +9.92 +(0.71%)
10-Yr Bond 4.5090% 0.0120
NYSE Volume 2,989,463,000
Nasdaq Volume 1,989,945,000
http://biz.yahoo.com/ap/070308/wall_street.html?.v=35
Stocks Recover As Economy Worries Ease
Thursday March 8, 4:32 pm ET
By Tim Paradis, AP Business Writer
Stocks Climb As Signs of Stability Cross Global Markets; Dow Rises 100 Points Before Pullback
NEW YORK (AP) -- Wall Street extended its recovery from last week's big plunge, rising Thursday after several stable sessions helped buttress investor sentiment and allay some concerns about the economy.
Thursday's advance helped investors speed past lackluster retail sales figures and focus on more promising comments about March sales. Investors also grew more confident following gains in markets in Europe and Asia. The dollar was mixed against major currencies and fought its way higher against the yen, easing some concern about whether global liquidity would tighten.
Investors eager for signals about the health of the economy bet on rising fortunes for U.S. businesses a day ahead of the Labor Department's much-anticipated February employment report. Strong employment is seen as crucial on Wall Street because robust consumer spending has kept the economy charging ahead in recent years. Larger concerns about the economy figured heavily in last week's selloff.
"I think we got a little bit too negative too fast," said Brian Levitt, corporate economist at OppenheimerFunds Inc., referring to the Feb. 27 global selloff that sent the major U.S. indexes down more than 3 percent. "They failed to see the broader picture that there still is fairly good underlying strength in the economy."
The Dow Jones industrials were up more than 100 points in afternoon trading before pulling back amid rumors a subprime lender would declare bankruptcy. According to preliminary calculations, the Dow closed up 68.25, or 0.56 percent, at 12,260.70.
Lender New Century Financial Corp. announced after the markets closed that it would no longer be accepting loan applications, and that it secured $265 million in financing to help it meet financial obligations.
Broader stock indicators also put up sizable gains Thursday. The Standard & Poor's 500 index climbed 9.92, or 0.71 percent, to 1,401.89, and the Nasdaq composite index advanced 13.09, or 0.55 percent, to 2,387.73.
Bonds fell as stocks advanced; the yield on the benchmark 10-year Treasury note rose to 4.51 percent from 4.50 percent late Wednesday. Gold prices rose.
Light, sweet crude fell 18 cents to $61.64 per barrel on the New York Mercantile Exchange.
The focus on broader market sentiment and the impending February employment report overshadowed word from the Labor Department that the number of newly laid-off workers seeking unemployment benefits fell last week to the lowest level in a month.
Unlike last week, news from overseas provided little headwind to U.S. stocks. On Thursday, the European Central Bank raised interest rates by a quarter point, as expected, and the Bank of England left rates unchanged. Turbulence in stock markets worldwide last week gave a sense that Wall Street, London and financial capitals in Asia were essentially one big trading floor -- stocks seemed to move in tandem over concerns about whether the global economy would begin to sputter.
Investors should remain vigilant, Levitt says.
"I think we are still going to see some volatility. Investors need to focus on keeping the risks in their portfolio in check. There are good opportunities around the world but certainly it is a good time to think about quality."
The major indexes did show some volatility on speculation New Century would make some kind of announcement. The stock, which dropped below a 52-week low of $3.94 to as low as $3.37 before rebounding somewhat, fell $1.20, or 23.2 percent, to $3.96.
Larry Peruzzi, senior equity trader at The Boston Company Asset Management, said there are fears in the market that mortgage lenders might face bankruptcy.
"This is one of the fears that has kind of been overhanging the market with this whole subprime real estate concern," he said.
Nonetheless, investors seemed able to look past some unpleasant news from retailers. Wal-Mart's same-store sales, or sales at stores open at least a year, rose a lower-than-expected 0.9 percent in February. Wall Street had been looking for sales at the world's largest retailer, which has lately shown some difficulty boosting its monthly numbers, to increase 1.5 percent. Wal-Mart, one of the 30 stocks that comprise the Dow industrials, fell 11 cents to $47.82.
Nordstrom rose $2.31, or 4.6 percent, to $52.73 after its February same-store sales jumped 9.1 percent, well above the 5.7 percent increase predicted by a Thomson Financial poll of analysts.
Same-store sales are a key measure of a retailer's performance and a strong report Wednesday luxury department store chain Saks Inc. fanned Wall Street's expectations for Saks' competitors. Saks, after rising Wednesday, advanced 10 cents to $19.92. March, with the Easter holiday, will likely prove to be a more important month for retailers.
Hollis-Eden Pharmaceuticals Inc. fell $1.38, or 32.2 percent, to $2.90 after the U.S. government rejected the biotech drug developer's radiation sickness treatment.
Express Scripts Inc. rose $1.20 to $75.97 after raising its hostile bid for Caremark Rx Inc., which is in the sights of retail pharmacy chain CVS Corp. Caremark advanced 48 cents to $61.78.
Advancing issues outnumbered decliners by 3 to 1 on the New York Stock Exchange, where volume came to 1.65 billion shares.
The Russell 2000 index of smaller companies rose 5.24, or 0.68 percent, to 781.14.
Overseas, the Nikkei rose 1.94 percent, Hong Kong's Hang Seng Index added 1.36 percent and the sometimes-volatile Shanghai Composite Exchange rose 1.08 percent. It was a nearly 9 percent drop in Shanghai on Feb. 27 that helped ignite a worldwide spasm of selling that led major U.S. indexes to give back their gains for the year.
In Europe, stocks added to gains after the U.S. markets advanced. Britain's FTSE 100 closed up 1.16 percent, Germany's DAX index added 1.44 percent, and France's CAC-40 advanced 1.27 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,123
- Reactions
- 5,469
The NYSE DOW closed HIGHER by 15 points on Friday March 9:
Symbol ----- Last --- Change
Dow 12,276.32 +15.62 (0.13%)
Nasdaq 2,387.55 -0.18 (0.01%)
S&P 500 1,402.85 +0.96 (0.07%)
10-Yr Bond 4.5890% +0.0800
NYSE Volume 2,610,857,000
Nasdaq Volume 1,944,252,000
http://biz.yahoo.com/ap/070309/wall_street.html?.v=46
Stocks End Mixed Despite Jobs Report
Friday March 9, 4:43 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Is Mixed Despite Strong Jobs Report in Jittery Trading
NEW YORK (AP) -- Wall Street closed out the week with a mixed performance Friday, showing more stability after its recent plunge but also revealing lingering signs of nervousness despite an upbeat report on employment.
The positive jobs data gave stocks a boost, but the gains were eroded by a jump in wholesale inventories and more evidence of subprime mortgage problems. Lending worries were a big factor in the market's drop.
The Labor Department said that in February, the unemployment rate fell to 4.5 percent from 4.6 percent in February, U.S. employers added 97,000 nonfarm workers, and wages rose. But the Commerce Department's report of a 0.7 percent increase in wholesale inventories in January pointed to a drop in demand and possible economic weakness.
Investors were also uninspired by speeches by Federal Reserve officials in the afternoon. Susan Bies, an outgoing member of the Fed's rate-setting committee, said the economy is strong and job creation is "incredible," but that the troubles with the subprime lending market could escalate. Meanwhile, the Fed's main hawk, Jeffrey Lacker, said that inflation expectations aren't anchored enough.
Strength in the job market did help calm investors who feared that the economy might slow too abruptly, but it didn't erase the skittishness in the market, which last week had its worst week in four years.
"Generally, most people are still concerned that this downdraft is not over," said Doug Johnston, head of U.S. trading at Canaccord Adams in Boston. He said that while most economic data and corporate earnings have shown decent growth, investors are still spooked after last week's dive. "The marketplace itself is an emotional animal."
According to preliminary calculations, the Dow Jones industrial average rose 15.62, or 0.13 percent, to 12,276.32, after trading in both positive and negative territory over the course of the day.
Broader stock indicators were mixed. The Standard & Poor's 500 index rose 0.96, or 0.07 percent, at 1,402.85, while the technology-dominated Nasdaq composite index fell 0.18, or 0.01 percent, to 2,387.55.
Advancing issues held a 3 to 2 advantage over decliners on the New York Stock Exchange.
Treasury bond prices fell sharply, as the jobs report made it more unlikely the Federal Reserve would lower rates. Though the report was slightly weaker than expected, bond investors had been positioned for an even softer number. The yield on the benchmark 10-year Treasury note shot up to 4.59 percent from 4.51 percent late Thursday.
Also supporting stocks Friday was a Commerce Department report that the trade deficit narrowed slightly in January as U.S. exports rose to an all-time high while imports dropped. This sent a good signal that the nation's trade imbalances may finally start to improve this year.
Friday's data, though it didn't fuel large gains, calmed the markets enough to stick to a relatively narrow range. Friday's directionless trading capped a volatile week that saw the Dow drop near the 12,000 mark on Monday, then rally back as global stock markets recovered. The Dow is up 0.13 percent on the week; the S&P 500 is up 1.13 percent; and the Nasdaq is up 0.83 percent.
"It was a good comeback. Let's see what other economic data comes out, as the days and weeks go by," said Stephen Carl, principal and head of equity trading at The Williams Capital Group. "Barring anything out of the ordinary, I think the market's going to hang in there OK."
If next week's inflation data comes in high, however, it might reduce the chance that the Fed will lower rates later in the year, and may even raise the chance of a rate hike -- a move that could hurt stocks.
"It's turning back into a 'What's the Fed going to do?' kind of game," said Scott Merritt, U.S. equity strategist at JPMorgan Asset Management.
The market is also still dogged by troubles for subprime lenders, who lend money to people with poor credit ratings. Worries about rising defaults have led some financial backers to avoid the market, and Fed governor Bies said the problems are narrow now, but may just be starting.
One of the struggling lenders has been New Century Financial Corp., which plunged 66 cents, or 17 percent, to $3.21. The subprime lender announced late Thursday it will stop accepting loan applications as some of its financial backers refused to provide access to financing.
Other companies involved in subprime lending fell, too; Fremont General Corp. dropped 31 cents, or 3.7 percent, to $8.03, while Novastar Financial Inc. fell 17 cents, or 3.1 percent, to $5.24.
Homebuilders also weakened, in light of the subprime mortgage concerns and Hovnanian Enterprises Inc.'s financial results late Thursday. The company swung to a loss in the first quarter, signaling that the sluggishness in the housing market is far from over. Hovnanian fell $1.26, or 4.1 percent, to $29.34.
Meanwhile, Yahoo Inc. tumbled $1.59, or 5.2 percent, to $29.12 after a report said AT&T Inc. wants to scale back its partnership with the Web portal. The move could cut $200 million to $250 million a year for Yahoo, according to The Wall Street Journal.
Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 1.44 billion shares, down from 1.65 billion shares at the same point on Thursday.
The Russell 2000 index of smaller companies was up 3.98, or 0.51 percent, at 785.12.
With little energy-related news to trade on, oil prices dropped as traders took profits ahead of the weekend. Light, sweet crude fell $1.59 to $60.05 a barrel on the New York Mercantile Exchange.
Gold prices slipped, while the dollar rose against the euro and the yen.
Overseas, Japan's Nikkei stock average closed up 0.43 percent and China's Shanghai Composite Index gained 0.3 percent. Britain's FTSE 100 was up 0.28 percent, Germany's DAX index rose 0.05 percent, and France's CAC-40 climbed 0.25 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Symbol ----- Last --- Change
Dow 12,276.32 +15.62 (0.13%)
Nasdaq 2,387.55 -0.18 (0.01%)
S&P 500 1,402.85 +0.96 (0.07%)
10-Yr Bond 4.5890% +0.0800
NYSE Volume 2,610,857,000
Nasdaq Volume 1,944,252,000
http://biz.yahoo.com/ap/070309/wall_street.html?.v=46
Stocks End Mixed Despite Jobs Report
Friday March 9, 4:43 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Is Mixed Despite Strong Jobs Report in Jittery Trading
NEW YORK (AP) -- Wall Street closed out the week with a mixed performance Friday, showing more stability after its recent plunge but also revealing lingering signs of nervousness despite an upbeat report on employment.
The positive jobs data gave stocks a boost, but the gains were eroded by a jump in wholesale inventories and more evidence of subprime mortgage problems. Lending worries were a big factor in the market's drop.
The Labor Department said that in February, the unemployment rate fell to 4.5 percent from 4.6 percent in February, U.S. employers added 97,000 nonfarm workers, and wages rose. But the Commerce Department's report of a 0.7 percent increase in wholesale inventories in January pointed to a drop in demand and possible economic weakness.
Investors were also uninspired by speeches by Federal Reserve officials in the afternoon. Susan Bies, an outgoing member of the Fed's rate-setting committee, said the economy is strong and job creation is "incredible," but that the troubles with the subprime lending market could escalate. Meanwhile, the Fed's main hawk, Jeffrey Lacker, said that inflation expectations aren't anchored enough.
Strength in the job market did help calm investors who feared that the economy might slow too abruptly, but it didn't erase the skittishness in the market, which last week had its worst week in four years.
"Generally, most people are still concerned that this downdraft is not over," said Doug Johnston, head of U.S. trading at Canaccord Adams in Boston. He said that while most economic data and corporate earnings have shown decent growth, investors are still spooked after last week's dive. "The marketplace itself is an emotional animal."
According to preliminary calculations, the Dow Jones industrial average rose 15.62, or 0.13 percent, to 12,276.32, after trading in both positive and negative territory over the course of the day.
Broader stock indicators were mixed. The Standard & Poor's 500 index rose 0.96, or 0.07 percent, at 1,402.85, while the technology-dominated Nasdaq composite index fell 0.18, or 0.01 percent, to 2,387.55.
Advancing issues held a 3 to 2 advantage over decliners on the New York Stock Exchange.
Treasury bond prices fell sharply, as the jobs report made it more unlikely the Federal Reserve would lower rates. Though the report was slightly weaker than expected, bond investors had been positioned for an even softer number. The yield on the benchmark 10-year Treasury note shot up to 4.59 percent from 4.51 percent late Thursday.
Also supporting stocks Friday was a Commerce Department report that the trade deficit narrowed slightly in January as U.S. exports rose to an all-time high while imports dropped. This sent a good signal that the nation's trade imbalances may finally start to improve this year.
Friday's data, though it didn't fuel large gains, calmed the markets enough to stick to a relatively narrow range. Friday's directionless trading capped a volatile week that saw the Dow drop near the 12,000 mark on Monday, then rally back as global stock markets recovered. The Dow is up 0.13 percent on the week; the S&P 500 is up 1.13 percent; and the Nasdaq is up 0.83 percent.
"It was a good comeback. Let's see what other economic data comes out, as the days and weeks go by," said Stephen Carl, principal and head of equity trading at The Williams Capital Group. "Barring anything out of the ordinary, I think the market's going to hang in there OK."
If next week's inflation data comes in high, however, it might reduce the chance that the Fed will lower rates later in the year, and may even raise the chance of a rate hike -- a move that could hurt stocks.
"It's turning back into a 'What's the Fed going to do?' kind of game," said Scott Merritt, U.S. equity strategist at JPMorgan Asset Management.
The market is also still dogged by troubles for subprime lenders, who lend money to people with poor credit ratings. Worries about rising defaults have led some financial backers to avoid the market, and Fed governor Bies said the problems are narrow now, but may just be starting.
One of the struggling lenders has been New Century Financial Corp., which plunged 66 cents, or 17 percent, to $3.21. The subprime lender announced late Thursday it will stop accepting loan applications as some of its financial backers refused to provide access to financing.
Other companies involved in subprime lending fell, too; Fremont General Corp. dropped 31 cents, or 3.7 percent, to $8.03, while Novastar Financial Inc. fell 17 cents, or 3.1 percent, to $5.24.
Homebuilders also weakened, in light of the subprime mortgage concerns and Hovnanian Enterprises Inc.'s financial results late Thursday. The company swung to a loss in the first quarter, signaling that the sluggishness in the housing market is far from over. Hovnanian fell $1.26, or 4.1 percent, to $29.34.
Meanwhile, Yahoo Inc. tumbled $1.59, or 5.2 percent, to $29.12 after a report said AT&T Inc. wants to scale back its partnership with the Web portal. The move could cut $200 million to $250 million a year for Yahoo, according to The Wall Street Journal.
Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 1.44 billion shares, down from 1.65 billion shares at the same point on Thursday.
The Russell 2000 index of smaller companies was up 3.98, or 0.51 percent, at 785.12.
With little energy-related news to trade on, oil prices dropped as traders took profits ahead of the weekend. Light, sweet crude fell $1.59 to $60.05 a barrel on the New York Mercantile Exchange.
Gold prices slipped, while the dollar rose against the euro and the yen.
Overseas, Japan's Nikkei stock average closed up 0.43 percent and China's Shanghai Composite Index gained 0.3 percent. Britain's FTSE 100 was up 0.28 percent, Germany's DAX index rose 0.05 percent, and France's CAC-40 climbed 0.25 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
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VG news overbight
The NYSE DOW closed HIGHER by 42 points on Monday March 12:
Symbol ----- Last --- Change
Dow 12,318.62 +42.30 (0.34%)
Nasdaq 2,402.29 +14.74 (0.62%)
S&P 500 1,406.60 +3.75 (0.27%)
10-Yr Bond 4.5530% -0.0360
NYSE Volume 2,723,232,000
Nasdaq Volume 1,663,945,000
http://biz.yahoo.com/ap/070312/wall_street.html?.v=42
Stocks Close Higher Amid Merger Deals
Monday March 12, 5:41 pm ET
By Tim Paradis, AP Business Writer
Stocks Close Higher As Investors Look Past Subprime Lender Woes
NEW YORK (AP) -- Wall Street's recovery from last month's plunge gained momentum Monday, with stocks rising as investors looked past widening cracks in the subprime lending sector and bought in response to another parade of acquisition deals.
New Century Financial Corp.'s warning that its lenders had suspended financing initially overshadowed acquisition news involving companies such as Dollar General Corp. and Schering-Plough Inc. Investors have dealt with concerns that a blowup among companies making loans to consumers with poor credit could spill into other industries.
"The market actually has handled the cutoff by financing arms to New Century in a fairly decent way," said Frederic Dickson, market strategist and director of retail research at D.A. Davidson & Co. "While there are some subprime jitters it hasn't spilled broadly either into the financial sector or across the entire market."
He said investors appeared to grow emboldened by the merger deals announced Monday. Technology shares also received a boost ahead of a midquarter update from Texas Instruments Inc., which tightened its financial targets after the closing bell Monday.
The Dow Jones industrial average rose 42.30, or 0.34 percent, to 12,318.62.
Broader stock indicators also rose. The Standard & Poor's 500 index advanced 3.75, or 0.27 percent, to 1,406.60, and the Nasdaq composite index rose 14.74, or 0.62 percent, to 2,402.29.
Bonds rose amid concerns about subprime lenders; the yield on the benchmark 10-year Treasury note fell to 4.56 percent from 4.59 percent late Friday. The dollar was mixed against other major currencies, while gold prices fell.
Light, sweet crude settled down $1.14 to $58.91 per barrel on the New York Mercantile Exchange.
Monday's trading saw the low volatility that has characterized much of the last eight months. Many sessions since the worldwide selloff that began Feb. 27 have seen much more choppiness as investors hunted for signs of where the market was headed, but Monday's trading perhaps reflected a further sense that Wall Street had regained its footing. Investors will be looking to economic data due this week on retail sales and inflation and at earnings news as brokerages announce results.
The day's buyout news offered support for stocks amid the din over subprime lenders. The concerns about the subprime sector followed a relatively successful week on Wall Street. Stocks etched out gains last week U.S. and overseas markets managed to regain some sense of stability following the sharp pullback late last month. Concerns about subprime lenders remained still weighed on investors.
New Century Financial Corp. warned Monday in a filing with the Securities and Exchange Commission that all its lenders had cut off short-term funding or announced plans to do so after the subprime mortgage lender wasn't able to make payments. New Century, which relies on short-term borrowings to finance mortgage loan originations and purchases, said it would need about $8.4 billion should it be forced to repurchase all outstanding mortgage loans. The company said it doesn't have sufficient liquidity to meet its obligations for repurchasing mortgages.
Trading in New Century shares remained halted with news pending for the entire session Monday. The New York Stock Exchange said it is reviewing the listing status of New Century shares.
Other subprime lenders fell sharply. Fremont General fell $1.30, or 16.2 percent, to $6.73, while Novastar Financial Inc. fell $1, or 19.1 percent, to $4.24.
Homebuilders also fell in part amid concerns that tightening credit standards would make it harder for consumers with lower incomes or spotty credit to purchase homes. Hovnanian Enterprises Inc. fell $1.75, or 6 percent, to $27.59, while Pulte Homes Inc. fell $1.38, or 4.8 percent, to $27.38.
In other corporate news, word that private-equity company Kohlberg Kravis Roberts & Co. struck a deal to acquire Dollar General for about $6.87 billion sent the discount retailer sharply higher. Dollar General jumped $4.29, or 25.6 percent, to $21.07 -- well past the stock's 52-week high of $18.32.
Schering-Plough fell rose 10 cents to $23.95 after agreeing to purchase the Organon BioSciences BV pharmaceuticals business of Akzo Nobel NV, the Dutch maker of chemicals and coatings, for $14.5 billion. Akzo climbed $10.02, or 16.5 percent, to $70.83.
Health insurer UnitedHealth Group Inc. announced plans to acquire Sierra Health Services Inc., which provides health care services, for about $2.6 billion. Sierra Health rose $5.67, or 15.8 percent, to $41.57, while UnitedHealth advanced 27 cents to $53.27.
Procter & Gamble Co., the consumer products company, said it struck a deal to sell its Western European tissue and towel business to SCA, which makes paper and other products, for about $671.9 million. P&G, one of the 30 stocks that makes up the Dow industrials, fell 7 cents to $62.09.
Advancing issues outnumbered decliners by about 2 to 1 on the NYSE, where volume came to 2.62 billion shares, compared with 2.59 billion shares billion Friday.
The Russell 2000 index of smaller companies rose 3.88, or 0.49 percent, to 789.00.
Overseas, Japan's Nikkei stock average rose 0.75 percent, Hong Kong's Hang Seng index added 1.61 percent and the Shanghai Composite Index added 0.58 percent. Britain's FTSE 100 closed down 0.19 percent, Germany's DAX index fell 0.02 percent, and France's CAC-40 fell 0.75 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
The NYSE DOW closed HIGHER by 42 points on Monday March 12:
Symbol ----- Last --- Change
Dow 12,318.62 +42.30 (0.34%)
Nasdaq 2,402.29 +14.74 (0.62%)
S&P 500 1,406.60 +3.75 (0.27%)
10-Yr Bond 4.5530% -0.0360
NYSE Volume 2,723,232,000
Nasdaq Volume 1,663,945,000
http://biz.yahoo.com/ap/070312/wall_street.html?.v=42
Stocks Close Higher Amid Merger Deals
Monday March 12, 5:41 pm ET
By Tim Paradis, AP Business Writer
Stocks Close Higher As Investors Look Past Subprime Lender Woes
NEW YORK (AP) -- Wall Street's recovery from last month's plunge gained momentum Monday, with stocks rising as investors looked past widening cracks in the subprime lending sector and bought in response to another parade of acquisition deals.
New Century Financial Corp.'s warning that its lenders had suspended financing initially overshadowed acquisition news involving companies such as Dollar General Corp. and Schering-Plough Inc. Investors have dealt with concerns that a blowup among companies making loans to consumers with poor credit could spill into other industries.
"The market actually has handled the cutoff by financing arms to New Century in a fairly decent way," said Frederic Dickson, market strategist and director of retail research at D.A. Davidson & Co. "While there are some subprime jitters it hasn't spilled broadly either into the financial sector or across the entire market."
He said investors appeared to grow emboldened by the merger deals announced Monday. Technology shares also received a boost ahead of a midquarter update from Texas Instruments Inc., which tightened its financial targets after the closing bell Monday.
The Dow Jones industrial average rose 42.30, or 0.34 percent, to 12,318.62.
Broader stock indicators also rose. The Standard & Poor's 500 index advanced 3.75, or 0.27 percent, to 1,406.60, and the Nasdaq composite index rose 14.74, or 0.62 percent, to 2,402.29.
Bonds rose amid concerns about subprime lenders; the yield on the benchmark 10-year Treasury note fell to 4.56 percent from 4.59 percent late Friday. The dollar was mixed against other major currencies, while gold prices fell.
Light, sweet crude settled down $1.14 to $58.91 per barrel on the New York Mercantile Exchange.
Monday's trading saw the low volatility that has characterized much of the last eight months. Many sessions since the worldwide selloff that began Feb. 27 have seen much more choppiness as investors hunted for signs of where the market was headed, but Monday's trading perhaps reflected a further sense that Wall Street had regained its footing. Investors will be looking to economic data due this week on retail sales and inflation and at earnings news as brokerages announce results.
The day's buyout news offered support for stocks amid the din over subprime lenders. The concerns about the subprime sector followed a relatively successful week on Wall Street. Stocks etched out gains last week U.S. and overseas markets managed to regain some sense of stability following the sharp pullback late last month. Concerns about subprime lenders remained still weighed on investors.
New Century Financial Corp. warned Monday in a filing with the Securities and Exchange Commission that all its lenders had cut off short-term funding or announced plans to do so after the subprime mortgage lender wasn't able to make payments. New Century, which relies on short-term borrowings to finance mortgage loan originations and purchases, said it would need about $8.4 billion should it be forced to repurchase all outstanding mortgage loans. The company said it doesn't have sufficient liquidity to meet its obligations for repurchasing mortgages.
Trading in New Century shares remained halted with news pending for the entire session Monday. The New York Stock Exchange said it is reviewing the listing status of New Century shares.
Other subprime lenders fell sharply. Fremont General fell $1.30, or 16.2 percent, to $6.73, while Novastar Financial Inc. fell $1, or 19.1 percent, to $4.24.
Homebuilders also fell in part amid concerns that tightening credit standards would make it harder for consumers with lower incomes or spotty credit to purchase homes. Hovnanian Enterprises Inc. fell $1.75, or 6 percent, to $27.59, while Pulte Homes Inc. fell $1.38, or 4.8 percent, to $27.38.
In other corporate news, word that private-equity company Kohlberg Kravis Roberts & Co. struck a deal to acquire Dollar General for about $6.87 billion sent the discount retailer sharply higher. Dollar General jumped $4.29, or 25.6 percent, to $21.07 -- well past the stock's 52-week high of $18.32.
Schering-Plough fell rose 10 cents to $23.95 after agreeing to purchase the Organon BioSciences BV pharmaceuticals business of Akzo Nobel NV, the Dutch maker of chemicals and coatings, for $14.5 billion. Akzo climbed $10.02, or 16.5 percent, to $70.83.
Health insurer UnitedHealth Group Inc. announced plans to acquire Sierra Health Services Inc., which provides health care services, for about $2.6 billion. Sierra Health rose $5.67, or 15.8 percent, to $41.57, while UnitedHealth advanced 27 cents to $53.27.
Procter & Gamble Co., the consumer products company, said it struck a deal to sell its Western European tissue and towel business to SCA, which makes paper and other products, for about $671.9 million. P&G, one of the 30 stocks that makes up the Dow industrials, fell 7 cents to $62.09.
Advancing issues outnumbered decliners by about 2 to 1 on the NYSE, where volume came to 2.62 billion shares, compared with 2.59 billion shares billion Friday.
The Russell 2000 index of smaller companies rose 3.88, or 0.49 percent, to 789.00.
Overseas, Japan's Nikkei stock average rose 0.75 percent, Hong Kong's Hang Seng index added 1.61 percent and the Shanghai Composite Index added 0.58 percent. Britain's FTSE 100 closed down 0.19 percent, Germany's DAX index fell 0.02 percent, and France's CAC-40 fell 0.75 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
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Dow Plummets 243 to 12,076, Nasdaq Falls 52 to 2,351 on Rising Concerns About Subprime Lenders
The NYSE DOW closed LOWER by 242 points on Tuesday March 13:
Will be interesting at 10:00 AM today!!!
Symbol ----- Last --- Change
Dow 12,075.96 -242.66 (1.97%)
Nasdaq 2,350.57 -51.72 (2.15%)
S&P 500 1,377.95 -28.65 (2.04%)
10-Yr Bond 4.4950% -0.0580
NYSE Volume 3,485,568,000
Nasdaq Volume 2,268,766,000
http://biz.yahoo.com/ap/070313/wall_street.html?.v=42
Stocks Plummet on Subprime Lender WoesTuesday March 13, 5:47 pm ET
By Madlen Read, AP Business Writer
Dow Plummets 243 to 12,076, Nasdaq Falls 52 to 2,351 on Rising Concerns About Subprime Lenders
NEW YORK (AP) -- Stocks plunged Tuesday, driving the Dow Jones industrials down more than 240 points to their second-biggest drop in almost four years, as troubles piled up for subprime lenders. Investors, bracing for a wilting economy, fled the already deflated subprime mortgage sector on more news that lenders New Century Financial Corp., Accredited Home Lenders Holding Co. and General Motors Acceptance Corp.'s residential unit are facing financial problems. The Mortgage Bankers Association bolstered the belief that the struggles are widespread after it said new foreclosures surged to an all-time high in the last quarter of 2006.
All three major stock indexes were knocked down about 2 percent.
"The market's still jittery, and they're starting to get full-blown concerns over a bleed in the larger subprime mortgage market," said Matt Kelmon, portfolio manager of the Kelmoore Strategy Funds.
Subprime lenders provide mortgages to people with poor credit. Though they are a relatively small part of the U.S. economy, their difficulties raise larger concerns about the housing market, which until its slowdown in recent years was a big source of money for consumers. That, coupled with the Commerce Department's report Tuesday that U.S. retailers eked out a meager 0.1 percent rise in sales last month, led Wall Street to reconsider whether Americans' buying power will withstand an economic slowdown.
Tuesday's selloff was accentuated by options expiring soon and by volatility that has increased since the market's big plunge on Feb. 27 -- a 416-point drop in the Dow that was caused partially by the escalating distress among subprime lenders.
The Dow fell 242.66, or 1.97 percent, to 12,075.96. On March 24, 2003 the index dropped 307 points when U.S. casualties began mounting in Iraq.
The blue chip index is now down about 710 points, more than 5 percent, from its record close reached Feb. 20. Many market watchers suspect that the market's correction is not over.
The Dow is still above the low for the year of 12,050.41 reached March 5 and has yet to slip below the 12,000 level, which it reached for the first time last October.
Broader stock indicators also fell by their largest amounts in two weeks. The Standard & Poor's 500 index fell 28.65, or 2.04 percent, to 1,377.95, and the Nasdaq composite index slid 51.72, or 2.15 percent, to 2,350.57.
Volume on the New York Stock Exchange, where declining issues outnumbered advancers by 5 to 1, was high at 1.96 billion shares -- more than the 1.47 billion shares at the same point on Monday but lower than the 2.38 billion shares traded on Feb. 27, when the Dow took its largest plunge since 2001.
Trading collars were triggered Tuesday afternoon when the New York Stock Exchange Composite index lost more than 180 points. The collars put a chokehold on certain orders, forbidding transactions that capitalize on discrepancies in prices.
Subprime lending jitters and sluggish retail sales drove up bond prices. The yield on the benchmark 10-year Treasury note fell to 4.50 percent from 4.56 percent late Monday.
Gold prices fell, and the dollar was lower against most major currencies. A drop in the dollar versus the yen renewed anxiety about traders unwinding their yen "carry trades," or taking money out of high-yielding dollar assets bought with the low-yielding yen.
The subprime worries have been mounting for weeks now, but came to a head when the New York Stock Exchange took steps to delist shares of New Century, which said Tuesday that the Securities and Exchange Commission would be probing accounting errors that inflated its loan portfolio.
"Investors are poking around to see how much rotted wood there is here," said Jack Ablin, chief investment officer for Harris Private Bank. "It looks like the notion was subprime was contained, and now we're starting to see that maybe this problem has moved into other areas of the market. That's causing investors great concern."
Accredited Home contributed to the anxiety after it said it is in need of cash. Its shares plunged $7.43, or 65 percent, to $3.97.
Wall Street sold off further when the Mortgage Bankers Association's quarterly report on the mortgage market seemed to confirm investors' worries that the entire sector is floundering and could weaken further: not only did new foreclosures hit a record high in the fourth quarter of last year, but late mortgage payments soared to a 3 1/2-year high.
Late in the session, General Motors Acceptance Corp. -- General Motors Corp.'s part-owned financing arm -- reported that its fourth-quarter profit rose, but struggles in its Residential Capital LLC unit were eating into earnings. That news gave investors extra motivation to sell.
"The fear index is rising," said Steven Cochrane, senior managing director for Moody's Economy.com. "(Subprime mortgages) are our No. 1 concern right now."
That anxiety hit stocks of homebuilders, as lending obstacles could further cripple the lagging housing market. D.R. Horton Inc. fell 86 cents, or 3.7 percent, to $22.31; Centex Corp. lost $2.15, or 4.8 percent, to $42.76; and Toll Brothers Inc. dropped 67 cents, or 2.4 percent, to $27.34.
Investors trying to gauge how far problems in the subprime sector have spread pounced on comments from Goldman Sachs Group Inc. The investment bank said that while the subprime sector showed "significant weakness," the broader credit environment "remained strong." Goldman Sachs fell $3.57 to $199.03, despite record first-quarter profit thanks to strong revenue from trading and investment banking.
Government data on Tuesday suggested that consumer spending might be getting crimped. The Commerce Department said sales at U.S. retailers rose 0.1 percent in February as wintry weather in much of the country kept shoppers away from stores. Investors had expected an increase of 0.3 percent from January.
"I think a big question mark on this is how much of this is weather-related," said Rob Lutts, chief investment officer at Cabot Money Management. "We had two or three days during the month which knocked out activity. ... I think it is causing a little bit of alarm short-term."
Several retailers stumbled following the Commerce Department's report. Federated Department Stores Inc., parent of Macy's and Bloomingdale's, fell 85 cents to $44.09; Wal-Mart Stores Inc. slid $1.08, or 2.3 percent, to $46.18; and Target Corp. fell $1.76, or 2.8 percent, to $60.47.
Traders now await the producer and consumer price indexes, scheduled to be released Thursday and Friday, respectively. The two inflation gauges should give investors a better idea of whether costs are escalating too fast, and if the Federal Reserve might give consumers some relief by lowering interest rates later in the year.
Of the Dow's 30 blue chip stocks, the only gainer was AT&T Corp., which rose 20 cents to $37.26.
The Russell 2000 index of smaller companies fell 19.88, or 2.52 percent, to 769.12.
Overseas, Japan's Nikkei stock average fell 0.66 percent. Britain's FTSE 100 fell 1.16 percent, Germany's DAX index fell 1.36 percent, and France's CAC-40 fell 1.15 percent.
Light, sweet crude fell 98 cents to settle at $57.93 per barrel on the New York Mercantile Exchange.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
The NYSE DOW closed LOWER by 242 points on Tuesday March 13:
Will be interesting at 10:00 AM today!!!
Symbol ----- Last --- Change
Dow 12,075.96 -242.66 (1.97%)
Nasdaq 2,350.57 -51.72 (2.15%)
S&P 500 1,377.95 -28.65 (2.04%)
10-Yr Bond 4.4950% -0.0580
NYSE Volume 3,485,568,000
Nasdaq Volume 2,268,766,000
http://biz.yahoo.com/ap/070313/wall_street.html?.v=42
Stocks Plummet on Subprime Lender WoesTuesday March 13, 5:47 pm ET
By Madlen Read, AP Business Writer
Dow Plummets 243 to 12,076, Nasdaq Falls 52 to 2,351 on Rising Concerns About Subprime Lenders
NEW YORK (AP) -- Stocks plunged Tuesday, driving the Dow Jones industrials down more than 240 points to their second-biggest drop in almost four years, as troubles piled up for subprime lenders. Investors, bracing for a wilting economy, fled the already deflated subprime mortgage sector on more news that lenders New Century Financial Corp., Accredited Home Lenders Holding Co. and General Motors Acceptance Corp.'s residential unit are facing financial problems. The Mortgage Bankers Association bolstered the belief that the struggles are widespread after it said new foreclosures surged to an all-time high in the last quarter of 2006.
All three major stock indexes were knocked down about 2 percent.
"The market's still jittery, and they're starting to get full-blown concerns over a bleed in the larger subprime mortgage market," said Matt Kelmon, portfolio manager of the Kelmoore Strategy Funds.
Subprime lenders provide mortgages to people with poor credit. Though they are a relatively small part of the U.S. economy, their difficulties raise larger concerns about the housing market, which until its slowdown in recent years was a big source of money for consumers. That, coupled with the Commerce Department's report Tuesday that U.S. retailers eked out a meager 0.1 percent rise in sales last month, led Wall Street to reconsider whether Americans' buying power will withstand an economic slowdown.
Tuesday's selloff was accentuated by options expiring soon and by volatility that has increased since the market's big plunge on Feb. 27 -- a 416-point drop in the Dow that was caused partially by the escalating distress among subprime lenders.
The Dow fell 242.66, or 1.97 percent, to 12,075.96. On March 24, 2003 the index dropped 307 points when U.S. casualties began mounting in Iraq.
The blue chip index is now down about 710 points, more than 5 percent, from its record close reached Feb. 20. Many market watchers suspect that the market's correction is not over.
The Dow is still above the low for the year of 12,050.41 reached March 5 and has yet to slip below the 12,000 level, which it reached for the first time last October.
Broader stock indicators also fell by their largest amounts in two weeks. The Standard & Poor's 500 index fell 28.65, or 2.04 percent, to 1,377.95, and the Nasdaq composite index slid 51.72, or 2.15 percent, to 2,350.57.
Volume on the New York Stock Exchange, where declining issues outnumbered advancers by 5 to 1, was high at 1.96 billion shares -- more than the 1.47 billion shares at the same point on Monday but lower than the 2.38 billion shares traded on Feb. 27, when the Dow took its largest plunge since 2001.
Trading collars were triggered Tuesday afternoon when the New York Stock Exchange Composite index lost more than 180 points. The collars put a chokehold on certain orders, forbidding transactions that capitalize on discrepancies in prices.
Subprime lending jitters and sluggish retail sales drove up bond prices. The yield on the benchmark 10-year Treasury note fell to 4.50 percent from 4.56 percent late Monday.
Gold prices fell, and the dollar was lower against most major currencies. A drop in the dollar versus the yen renewed anxiety about traders unwinding their yen "carry trades," or taking money out of high-yielding dollar assets bought with the low-yielding yen.
The subprime worries have been mounting for weeks now, but came to a head when the New York Stock Exchange took steps to delist shares of New Century, which said Tuesday that the Securities and Exchange Commission would be probing accounting errors that inflated its loan portfolio.
"Investors are poking around to see how much rotted wood there is here," said Jack Ablin, chief investment officer for Harris Private Bank. "It looks like the notion was subprime was contained, and now we're starting to see that maybe this problem has moved into other areas of the market. That's causing investors great concern."
Accredited Home contributed to the anxiety after it said it is in need of cash. Its shares plunged $7.43, or 65 percent, to $3.97.
Wall Street sold off further when the Mortgage Bankers Association's quarterly report on the mortgage market seemed to confirm investors' worries that the entire sector is floundering and could weaken further: not only did new foreclosures hit a record high in the fourth quarter of last year, but late mortgage payments soared to a 3 1/2-year high.
Late in the session, General Motors Acceptance Corp. -- General Motors Corp.'s part-owned financing arm -- reported that its fourth-quarter profit rose, but struggles in its Residential Capital LLC unit were eating into earnings. That news gave investors extra motivation to sell.
"The fear index is rising," said Steven Cochrane, senior managing director for Moody's Economy.com. "(Subprime mortgages) are our No. 1 concern right now."
That anxiety hit stocks of homebuilders, as lending obstacles could further cripple the lagging housing market. D.R. Horton Inc. fell 86 cents, or 3.7 percent, to $22.31; Centex Corp. lost $2.15, or 4.8 percent, to $42.76; and Toll Brothers Inc. dropped 67 cents, or 2.4 percent, to $27.34.
Investors trying to gauge how far problems in the subprime sector have spread pounced on comments from Goldman Sachs Group Inc. The investment bank said that while the subprime sector showed "significant weakness," the broader credit environment "remained strong." Goldman Sachs fell $3.57 to $199.03, despite record first-quarter profit thanks to strong revenue from trading and investment banking.
Government data on Tuesday suggested that consumer spending might be getting crimped. The Commerce Department said sales at U.S. retailers rose 0.1 percent in February as wintry weather in much of the country kept shoppers away from stores. Investors had expected an increase of 0.3 percent from January.
"I think a big question mark on this is how much of this is weather-related," said Rob Lutts, chief investment officer at Cabot Money Management. "We had two or three days during the month which knocked out activity. ... I think it is causing a little bit of alarm short-term."
Several retailers stumbled following the Commerce Department's report. Federated Department Stores Inc., parent of Macy's and Bloomingdale's, fell 85 cents to $44.09; Wal-Mart Stores Inc. slid $1.08, or 2.3 percent, to $46.18; and Target Corp. fell $1.76, or 2.8 percent, to $60.47.
Traders now await the producer and consumer price indexes, scheduled to be released Thursday and Friday, respectively. The two inflation gauges should give investors a better idea of whether costs are escalating too fast, and if the Federal Reserve might give consumers some relief by lowering interest rates later in the year.
Of the Dow's 30 blue chip stocks, the only gainer was AT&T Corp., which rose 20 cents to $37.26.
The Russell 2000 index of smaller companies fell 19.88, or 2.52 percent, to 769.12.
Overseas, Japan's Nikkei stock average fell 0.66 percent. Britain's FTSE 100 fell 1.16 percent, Germany's DAX index fell 1.36 percent, and France's CAC-40 fell 1.15 percent.
Light, sweet crude fell 98 cents to settle at $57.93 per barrel on the New York Mercantile Exchange.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,123
- Reactions
- 5,469
The NYSE DOW closed HIGHER by 57 points on Wednesday March 14:
Symbol ----- Last --- Change
Dow 12,133.40 +57.44 (0.48%)
Nasdaq 2,371.74 +21.17 (0.90%)
S&P 500 1,387.17 +9.22 (0.67%)
10-Yr Bond 4.5220% +0.0270
NYSE Volume 3,726,059,000
Nasdaq Volume 2,301,636,000
http://biz.yahoo.com/ap/070314/wall_street.html?.v=42
The Dow Goes Below 12,000, Then Recovers
Wednesday March 14, 4:39 pm ET
By Tim Paradis, AP Business Writer
Stocks Bounce Around, Briefly Taking Dow Below 12,000 As Investors Worry About Mortgages
NEW YORK (AP) -- Wall Street gyrated and then steadied itself Wednesday, closing with a respectable advance although the Dow Jones industrials fell as much as 136 points and briefly dropped below the 12,000 mark before recovering.
Stocks bounced back and forth a day after concerns about faltering subprime mortgage lenders sparked a broad selloff. H&R Block Inc. had added to Wall Street's uneasiness by announcing after the closing bell Tuesday its fiscal third-quarter losses would rise because of a $29 million writedown at its mortgage arm.
The anxiety over mortgage lenders, particularly the subprime lenders that make loans to people with poor credit, pushed the Dow down by more than 240 points Tuesday, its second-biggest drop in nearly four years. Such concerns jostled stocks for much of Wednesday's session.
"I think the market got below 12,000 and buyers came in," said Todd Leone, managing director of equity trading at Cowen & Co.
According to preliminary calculations, the Dow Jones industrial average rose 57.44, or 0.48 percent, to 12,133.40.
The Dow first climbed above the 12,000 level on Oct. 18, after a meandering, 7 1/2 year journey from the 11,000 mark. During that time, Wall Street dealt with the dot-com bust, recession and the aftermath of the 2001 terror attacks. Tuesday's drop echoed a 416-point drop in the Dow seen two weeks ago that began in part after a nearly 9 percent drop in stocks in Shanghai and amid concerns about subprime mortgages.
Broader stock indicators also rose Wednesday. The Standard & Poor's 500 index advanced 9.22, or 0.67 percent, to 1,387.17, and the Nasdaq composite index rose 21.17, or 0.90 percent, to 2,371.74.
Bonds fell as stocks bandied about; the yield on the benchmark 10-year Treasury note rose to 4.52 percent from 4.50 percent late Tuesday. Gold prices fell.
Light sweet crude settled up 23 cents at $58.16 per barrel on the New York Mercantile Exchange.
"I think people right now don't know what to make of this market," said Larry Peruzzi, senior equity trader at The Boston Company Asset Management. "You look like a hero right now if you bought when the Dow was down 120 points and if you sold you look like a goat."
Peruzzi said stocks recovered after indexes neared technical levels and that the higher close in crude prices lent a boost to energy stocks. Exxon Mobil Inc. rose $1.11 to $71.02, while ConocoPhillips rose $1.32, or 2 percent, to $67.91.
After Tuesday's big decline, the market appeared to have been awaiting further economic data -- notably Thursday's producer price index and Friday's consumer price index -- for signals about the economy's health and whether an interest rate cut might be in the offing. Lower interest rates would make access to capital cheaper and perhaps inject strength in the housing market.
Wall Street's turbulence came as stocks in Europe closed sharply lower, apparently seeing little room for optimism U.S. markets would rebound. Britain's FTSE 100 fell 2.61 percent, Germany's DAX index lost 2.66 percent, and France's CAC-40 fell 2.52 percent. Japan's Nikkei stock average closed down 2.92 percent, while Hong Kong's Hang Sang index fell 2.57 percent and the sometimes volatile Shanghai Composite Index fell 1.97 percent.
The dollar, which was mixed against other major currencies, rose against the yen. Some observers have fingered the ascendent yen with contributing to the volatility seen in recent weeks on Wall Street. A rise in the yen against the dollar stirred concern of a reduction in the so-called yen carry trade, which occurs when investors use the yen to acquire higher-yielding assets elsewhere.
Following Tuesday's sobering declines in stocks, investors appeared to find little reassurance in a General Motors Corp. report that it turned a profit for the fourth quarter, its first since the first quarter of 2006. GM, which fell 26 cents to $30.25, benefited from a big gain from the sale of about half its stake in its General Motors Acceptance Corp. financing arm.
But trouble at GMAC's Residential Capital LLC real-estate financing business added to investor concern Tuesday after ResCap said it has struggled with a slower pace of loan originations and a further erosion in its subprime business.
H&R Block, the nation's largest tax preparer, said it would delay filing its annual report and that the reduced value of its mortgage business pushed its quarterly loss higher. The stock rose 9 cents to $20.14 after spending most of the day lower.
In economic news, the deficit in the broadest measure of foreign trade narrowed by 14.6 percent in the final quarter of 2006 to $195.8 billion, the smallest quarterly imbalance since the summer of 2005. A lower foreign oil bill took received some credit. For 2006, the Commerce Department said the current account deficit, which reflects not only trade in goods and services but also investment flows between countries, set a record for the fifth consecutive year.
The Labor Department said the prices of imported goods rose 0.2 percent in February when excluding oil prices. In January, import prices fell 0.9 percent.
Weighing in again with mortgage data, the Mortgage Bankers Association said Wednesday its weekly mortgage index, which measures mortgage loan application volume, rose 2.8 percent on a seasonally adjusted basis from the prior week. On Tuesday, the group's report that new foreclosures jumped to their highest-ever level in the fourth quarter of 2006 helped touch off the day's cavalcade of sell orders.
In other corporate news, Citigroup Inc. rose 33 cents to $49.08 after announcing plans to begin a tender offer for Nikko Cordial Corp. on Thursday after raising its offer for Japan's third-largest brokerage to quell shareholder opposition.
Lehman Brothers Holdings Inc., the fourth-largest U.S. investment house, credited robust trading and an expansion overseas with driving first-quarter profits. Lehman fell 28 cents to $71.72 on investor concerns the subprime meltdown will hurt financial stocks.
The recent volatility in the U.S. markets, which perhaps normal, has drawn concern from some investors grown accustomed to the calm conditions since U.S. stocks began their steep climb in July. Even before Wall Street's recent uneasiness, volatility might have been expected to increase as the contract expirations near for stock index futures, stock index options, stock options and single stock futures. Such expirations can bring volatility as investors try to square their options and futures orders.
Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 2.07 billion shares.
The Russell 2000 index of smaller companies rose 6.56, or 0.85 percent, to 775.68.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Symbol ----- Last --- Change
Dow 12,133.40 +57.44 (0.48%)
Nasdaq 2,371.74 +21.17 (0.90%)
S&P 500 1,387.17 +9.22 (0.67%)
10-Yr Bond 4.5220% +0.0270
NYSE Volume 3,726,059,000
Nasdaq Volume 2,301,636,000
http://biz.yahoo.com/ap/070314/wall_street.html?.v=42
The Dow Goes Below 12,000, Then Recovers
Wednesday March 14, 4:39 pm ET
By Tim Paradis, AP Business Writer
Stocks Bounce Around, Briefly Taking Dow Below 12,000 As Investors Worry About Mortgages
NEW YORK (AP) -- Wall Street gyrated and then steadied itself Wednesday, closing with a respectable advance although the Dow Jones industrials fell as much as 136 points and briefly dropped below the 12,000 mark before recovering.
Stocks bounced back and forth a day after concerns about faltering subprime mortgage lenders sparked a broad selloff. H&R Block Inc. had added to Wall Street's uneasiness by announcing after the closing bell Tuesday its fiscal third-quarter losses would rise because of a $29 million writedown at its mortgage arm.
The anxiety over mortgage lenders, particularly the subprime lenders that make loans to people with poor credit, pushed the Dow down by more than 240 points Tuesday, its second-biggest drop in nearly four years. Such concerns jostled stocks for much of Wednesday's session.
"I think the market got below 12,000 and buyers came in," said Todd Leone, managing director of equity trading at Cowen & Co.
According to preliminary calculations, the Dow Jones industrial average rose 57.44, or 0.48 percent, to 12,133.40.
The Dow first climbed above the 12,000 level on Oct. 18, after a meandering, 7 1/2 year journey from the 11,000 mark. During that time, Wall Street dealt with the dot-com bust, recession and the aftermath of the 2001 terror attacks. Tuesday's drop echoed a 416-point drop in the Dow seen two weeks ago that began in part after a nearly 9 percent drop in stocks in Shanghai and amid concerns about subprime mortgages.
Broader stock indicators also rose Wednesday. The Standard & Poor's 500 index advanced 9.22, or 0.67 percent, to 1,387.17, and the Nasdaq composite index rose 21.17, or 0.90 percent, to 2,371.74.
Bonds fell as stocks bandied about; the yield on the benchmark 10-year Treasury note rose to 4.52 percent from 4.50 percent late Tuesday. Gold prices fell.
Light sweet crude settled up 23 cents at $58.16 per barrel on the New York Mercantile Exchange.
"I think people right now don't know what to make of this market," said Larry Peruzzi, senior equity trader at The Boston Company Asset Management. "You look like a hero right now if you bought when the Dow was down 120 points and if you sold you look like a goat."
Peruzzi said stocks recovered after indexes neared technical levels and that the higher close in crude prices lent a boost to energy stocks. Exxon Mobil Inc. rose $1.11 to $71.02, while ConocoPhillips rose $1.32, or 2 percent, to $67.91.
After Tuesday's big decline, the market appeared to have been awaiting further economic data -- notably Thursday's producer price index and Friday's consumer price index -- for signals about the economy's health and whether an interest rate cut might be in the offing. Lower interest rates would make access to capital cheaper and perhaps inject strength in the housing market.
Wall Street's turbulence came as stocks in Europe closed sharply lower, apparently seeing little room for optimism U.S. markets would rebound. Britain's FTSE 100 fell 2.61 percent, Germany's DAX index lost 2.66 percent, and France's CAC-40 fell 2.52 percent. Japan's Nikkei stock average closed down 2.92 percent, while Hong Kong's Hang Sang index fell 2.57 percent and the sometimes volatile Shanghai Composite Index fell 1.97 percent.
The dollar, which was mixed against other major currencies, rose against the yen. Some observers have fingered the ascendent yen with contributing to the volatility seen in recent weeks on Wall Street. A rise in the yen against the dollar stirred concern of a reduction in the so-called yen carry trade, which occurs when investors use the yen to acquire higher-yielding assets elsewhere.
Following Tuesday's sobering declines in stocks, investors appeared to find little reassurance in a General Motors Corp. report that it turned a profit for the fourth quarter, its first since the first quarter of 2006. GM, which fell 26 cents to $30.25, benefited from a big gain from the sale of about half its stake in its General Motors Acceptance Corp. financing arm.
But trouble at GMAC's Residential Capital LLC real-estate financing business added to investor concern Tuesday after ResCap said it has struggled with a slower pace of loan originations and a further erosion in its subprime business.
H&R Block, the nation's largest tax preparer, said it would delay filing its annual report and that the reduced value of its mortgage business pushed its quarterly loss higher. The stock rose 9 cents to $20.14 after spending most of the day lower.
In economic news, the deficit in the broadest measure of foreign trade narrowed by 14.6 percent in the final quarter of 2006 to $195.8 billion, the smallest quarterly imbalance since the summer of 2005. A lower foreign oil bill took received some credit. For 2006, the Commerce Department said the current account deficit, which reflects not only trade in goods and services but also investment flows between countries, set a record for the fifth consecutive year.
The Labor Department said the prices of imported goods rose 0.2 percent in February when excluding oil prices. In January, import prices fell 0.9 percent.
Weighing in again with mortgage data, the Mortgage Bankers Association said Wednesday its weekly mortgage index, which measures mortgage loan application volume, rose 2.8 percent on a seasonally adjusted basis from the prior week. On Tuesday, the group's report that new foreclosures jumped to their highest-ever level in the fourth quarter of 2006 helped touch off the day's cavalcade of sell orders.
In other corporate news, Citigroup Inc. rose 33 cents to $49.08 after announcing plans to begin a tender offer for Nikko Cordial Corp. on Thursday after raising its offer for Japan's third-largest brokerage to quell shareholder opposition.
Lehman Brothers Holdings Inc., the fourth-largest U.S. investment house, credited robust trading and an expansion overseas with driving first-quarter profits. Lehman fell 28 cents to $71.72 on investor concerns the subprime meltdown will hurt financial stocks.
The recent volatility in the U.S. markets, which perhaps normal, has drawn concern from some investors grown accustomed to the calm conditions since U.S. stocks began their steep climb in July. Even before Wall Street's recent uneasiness, volatility might have been expected to increase as the contract expirations near for stock index futures, stock index options, stock options and single stock futures. Such expirations can bring volatility as investors try to square their options and futures orders.
Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 2.07 billion shares.
The Russell 2000 index of smaller companies rose 6.56, or 0.85 percent, to 775.68.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
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Cheers BD,
This makes it a lot easier to find out this info at the touch of a button!
This makes it a lot easier to find out this info at the touch of a button!
CanOz
Home runs feel good, but base hits pay bills!
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bigdog said:
Do you think it should say "before the PPT steppd in"?
Cheers,
The what!? The Plunge Protection Team???! And that would include Bernanke wouldn't it.
The Working Group on Financial Markets, also known as the Plunge Protection Team, was created by Ronald Reagan to prevent a repeat of the Wall Street meltdown of October 1987. Its members include the Secretary of the Treasury, the Chairman of the Federal Reserve, the Chairman of the SEC and the Chairman of the Commodity Futures Trading Commission. Recently, the team has been on high-alert given the increased volatility of the markets and, what Hank Paulson calls, "the systemic risk posed by hedge funds and derivatives.”
Note that the PPT also has alerts on derivatives, noting that the sub-prime loans were indeed turned into securities by Wall Street and also sold to super funds.
Someone in the US recently laughed off the sub-prime losses as "growing pains for new derivatives".
Derivatives cooked up by Wall Street in the early 90s wiped out the Japanese economy, Sth American currencies, entire US counties and countless pension and superfunds, but made Wall Street a LOT of money.
Of course this time around the losses are heading straight back to Wall Street itself, first .... the rest we'll see.
MHO - DYOR
The Working Group on Financial Markets, also known as the Plunge Protection Team, was created by Ronald Reagan to prevent a repeat of the Wall Street meltdown of October 1987. Its members include the Secretary of the Treasury, the Chairman of the Federal Reserve, the Chairman of the SEC and the Chairman of the Commodity Futures Trading Commission. Recently, the team has been on high-alert given the increased volatility of the markets and, what Hank Paulson calls, "the systemic risk posed by hedge funds and derivatives.”
Note that the PPT also has alerts on derivatives, noting that the sub-prime loans were indeed turned into securities by Wall Street and also sold to super funds.
Someone in the US recently laughed off the sub-prime losses as "growing pains for new derivatives".
Derivatives cooked up by Wall Street in the early 90s wiped out the Japanese economy, Sth American currencies, entire US counties and countless pension and superfunds, but made Wall Street a LOT of money.
Of course this time around the losses are heading straight back to Wall Street itself, first .... the rest we'll see.
MHO - DYOR
bigdog
Retired many years ago
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- 5,469
The NYSE DOW closed HIGHER by 26 points on Thursday March 15:
Symbol ----- Last --- Change
Dow 12,159.68 +26.28 (0.22%)
Nasdaq 2,378.70 +6.96 (0.29%)
S&P 500 1,392.28 +5.11 (0.37%)
10-Yr Bond 4.5360% +0.0140
NYSE Volume 2,751,988,000
Nasdaq Volume 1,811,926,000
Shanghai Stock Exchange was up 1.7% March 15
http://www.sse.com.cn/sseportal/en_us/ps/home.shtml#
2007-03-15- 15:05
Indexes Prev. Closing Last High Low Change%
SSE 180 5924.46 6025.98 6027.68 5918.91 1.71%
SSE 50 2100.56 2138.05 2138.92 2098.64 1.78%
SSE Composite 2906.33 2951.70 2955.46 2905.98 1.56%
SSE New Composite 2471.83 2510.49 2513.70 2471.19 1.56%
http://biz.yahoo.com/ap/070315/wall_street.html?.v=44
AP
Wall Street Advances As Anxiety Persists
Thursday March 15, 5:17 pm ET
By Madlen Read, AP Business Writer
Wall Street Rises Moderately in an Erratic Session, Nervousness Over Mortgages Remains
NEW YORK (AP) -- Stocks managed a moderate advance Thursday, staying afloat as signs of strength in corporate takeover activity, jobs and overseas markets allowed investors to stomach a sharp rise in wholesale inflation.
Wall Street still displayed nervousness, however, selling off briefly after former Federal Reserve Chairman Alan Greenspan rekindled investors' woes about subprime mortgages. The knee-jerk dip was illustrative of how jittery the markets are now, recoiling when reminded that no one yet knows the extent to which weak areas of economy, notably the struggling housing market and hemorrhaging subprime lenders, will hurt overall growth in the months ahead.
Trading was erratic at other points in the session, but most investors on Thursday chose to pick up bargains following a 242-point drop in the Dow Jones industrials on Tuesday and a 57-point recovery on Wednesday that suggested the market is holding above the index's 12,000 mark -- at least for now.
"There's some optimism because the market had fallen quite a bit and it showed resilience yesterday, which is encouraging," Ed Peters, chief investment officer at PanAgora Asset Management Inc. in Boston, adding that the sentiment could shift on the Consumer Price Index's release Friday. "Some days the pessimists win, some days the optimists win. The market goes back and forth."
A bidding battle for commodities exchange CBOT Holdings Inc. also gave stocks a lift. Despite the cooling economy, merger and acquisition activity has been surging, leading some investors to believe that problems in some sectors haven't seeped into the stronger areas of the economy.
The Dow rose 26.28, or 0.22 percent, to 12,159.68. The Dow is 627 points below its closing high of 12,786.64, reached Feb. 20.
Broader stock indicators were also higher. The Standard & Poor's 500 index gained 5.11, or 0.37 percent, to 1,392.28, and the Nasdaq composite index advanced 6.96, or 0.29 percent, to 2,378.70.
Bonds were little changed. The yield on the benchmark 10-year Treasury note was at 4.54 percent, the same as late Wednesday.
The dollar was mixed against other major currencies, and gold prices rose.
Stocks briefly retreated after Greenspan said at a conference in Boca Raton, Fla., that mortgage lenders' troubles are not yet spilling into the broader economy, but they could if home prices see another substantial decline.
There was also a short pullback in stocks ahead of the Philadelphia Fed's manufacturing index, which showed that the region's manufacturing growth slowed in March. Wall Street had expected activity to increase. Earlier, the New York Fed had also reported a steep deceleration in its March manufacturing growth.
The manufacturing reports came amid the Labor Department's Producer Price Index for February, which jumped by 1.3 percent, twice the amount the market was forecasting.
But investors largely shrugged off the reports Thursday, not shocked that manufacturing is retreating and hopeful that even though inflation is high, economic weakness could compel the Fed to lower rates.
"People should be thinking that the odds of the Fed cutting rates are pretty slim this year, but there seems to be this dogged optimism, or blind hope, that that will happen," Peters said.
The Fed meets next week to decide whether to adjust short-term interest rates. It is expected to keep rates on hold, but any statement that indicates policy makers might raise or lower rates later in the year could move stocks.
Though the market has steadied itself since Tuesday's drop, market watchers aren't discounting the possibility of more seesawing as new data trickles in and as investors try to get a sense of how widespread the problems facing subprime lenders are. Subprime lenders make loans to people with poor credit; rising defaults in those loans have helped trigger the market's recent plunges.
"We haven't hit bottom yet, so we're going to get these pretty violent swings," said Barry James, president and chief executive of James Investment Research Inc. "But we don't see this as the beginning of a big bear market yet. We think this just a normal correction."
Volatility was also high ahead of contract expirations Friday for stock index futures, stock index options, stock options and single stock futures.
Stocks got a boost from IntercontinentalExchange Inc.'s unsolicited $9.9 billion all-stock bid for CBOT Holdings. ICE's bid followed an already agreed-upon $8 billion takeover of CBOT by Chicago Mercantile Exchange Holdings Inc.
CBOT rose $28.86, or 17 percent, to $194.95; ICE fell $3.83, or 3 percent, to $128.10; and CME fell $31.09, or 5.5 percent, to $532.88.
In other takeover news, Cisco Systems Inc. agreed to acquire Web conferencing company WebEx for about $3.2 billion in cash, while General Electric Co.'s Capital Solutions business and Blackstone Group agreed to buy PHH Corp. for $1.69 billion. PHH provides mortgage and vehicle fleet management services.
Cisco fell 4 cents to $25.81, and WebEx rose $10.18, or 22 percent, to $56.38.
GE rose 21 cents to $34.52, and PHH rose $3.29, or 11.8 percent, to $31.10.
Markets also appeared confident that the job market is holding steady. The Labor Department Thursday said the number of Americans seeking unemployment benefits fell for the second straight week. Analysts note, however, that the data can swing drastically from week to week.
Asian and European markets advanced. Japan's Nikkei stock average rose 1.10 percent. Britain's FTSE 100 gained 2.21 percent, Germany's DAX index added 2.14 percent, and France's CAC-40 advanced 1.77 percent.
Advancing issues outnumbered decliners by more than 2 to 1 on the New York Stock Exchange, where volume came to 1.51 billion shares, down from 2.07 billion shares Wednesday.
The Russell 2000 index of smaller companies rose 7.93, or 1.02 percent, at 783.61.
Oil prices fell 61 cents to settle at $57.55 a barrel on the New York Mercantile Exchange, after the Organization for Petroleum Exporting Countries decided to keep output steady, as expected.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Symbol ----- Last --- Change
Dow 12,159.68 +26.28 (0.22%)
Nasdaq 2,378.70 +6.96 (0.29%)
S&P 500 1,392.28 +5.11 (0.37%)
10-Yr Bond 4.5360% +0.0140
NYSE Volume 2,751,988,000
Nasdaq Volume 1,811,926,000
Shanghai Stock Exchange was up 1.7% March 15
http://www.sse.com.cn/sseportal/en_us/ps/home.shtml#
2007-03-15- 15:05
Indexes Prev. Closing Last High Low Change%
SSE 180 5924.46 6025.98 6027.68 5918.91 1.71%
SSE 50 2100.56 2138.05 2138.92 2098.64 1.78%
SSE Composite 2906.33 2951.70 2955.46 2905.98 1.56%
SSE New Composite 2471.83 2510.49 2513.70 2471.19 1.56%
http://biz.yahoo.com/ap/070315/wall_street.html?.v=44
AP
Wall Street Advances As Anxiety Persists
Thursday March 15, 5:17 pm ET
By Madlen Read, AP Business Writer
Wall Street Rises Moderately in an Erratic Session, Nervousness Over Mortgages Remains
NEW YORK (AP) -- Stocks managed a moderate advance Thursday, staying afloat as signs of strength in corporate takeover activity, jobs and overseas markets allowed investors to stomach a sharp rise in wholesale inflation.
Wall Street still displayed nervousness, however, selling off briefly after former Federal Reserve Chairman Alan Greenspan rekindled investors' woes about subprime mortgages. The knee-jerk dip was illustrative of how jittery the markets are now, recoiling when reminded that no one yet knows the extent to which weak areas of economy, notably the struggling housing market and hemorrhaging subprime lenders, will hurt overall growth in the months ahead.
Trading was erratic at other points in the session, but most investors on Thursday chose to pick up bargains following a 242-point drop in the Dow Jones industrials on Tuesday and a 57-point recovery on Wednesday that suggested the market is holding above the index's 12,000 mark -- at least for now.
"There's some optimism because the market had fallen quite a bit and it showed resilience yesterday, which is encouraging," Ed Peters, chief investment officer at PanAgora Asset Management Inc. in Boston, adding that the sentiment could shift on the Consumer Price Index's release Friday. "Some days the pessimists win, some days the optimists win. The market goes back and forth."
A bidding battle for commodities exchange CBOT Holdings Inc. also gave stocks a lift. Despite the cooling economy, merger and acquisition activity has been surging, leading some investors to believe that problems in some sectors haven't seeped into the stronger areas of the economy.
The Dow rose 26.28, or 0.22 percent, to 12,159.68. The Dow is 627 points below its closing high of 12,786.64, reached Feb. 20.
Broader stock indicators were also higher. The Standard & Poor's 500 index gained 5.11, or 0.37 percent, to 1,392.28, and the Nasdaq composite index advanced 6.96, or 0.29 percent, to 2,378.70.
Bonds were little changed. The yield on the benchmark 10-year Treasury note was at 4.54 percent, the same as late Wednesday.
The dollar was mixed against other major currencies, and gold prices rose.
Stocks briefly retreated after Greenspan said at a conference in Boca Raton, Fla., that mortgage lenders' troubles are not yet spilling into the broader economy, but they could if home prices see another substantial decline.
There was also a short pullback in stocks ahead of the Philadelphia Fed's manufacturing index, which showed that the region's manufacturing growth slowed in March. Wall Street had expected activity to increase. Earlier, the New York Fed had also reported a steep deceleration in its March manufacturing growth.
The manufacturing reports came amid the Labor Department's Producer Price Index for February, which jumped by 1.3 percent, twice the amount the market was forecasting.
But investors largely shrugged off the reports Thursday, not shocked that manufacturing is retreating and hopeful that even though inflation is high, economic weakness could compel the Fed to lower rates.
"People should be thinking that the odds of the Fed cutting rates are pretty slim this year, but there seems to be this dogged optimism, or blind hope, that that will happen," Peters said.
The Fed meets next week to decide whether to adjust short-term interest rates. It is expected to keep rates on hold, but any statement that indicates policy makers might raise or lower rates later in the year could move stocks.
Though the market has steadied itself since Tuesday's drop, market watchers aren't discounting the possibility of more seesawing as new data trickles in and as investors try to get a sense of how widespread the problems facing subprime lenders are. Subprime lenders make loans to people with poor credit; rising defaults in those loans have helped trigger the market's recent plunges.
"We haven't hit bottom yet, so we're going to get these pretty violent swings," said Barry James, president and chief executive of James Investment Research Inc. "But we don't see this as the beginning of a big bear market yet. We think this just a normal correction."
Volatility was also high ahead of contract expirations Friday for stock index futures, stock index options, stock options and single stock futures.
Stocks got a boost from IntercontinentalExchange Inc.'s unsolicited $9.9 billion all-stock bid for CBOT Holdings. ICE's bid followed an already agreed-upon $8 billion takeover of CBOT by Chicago Mercantile Exchange Holdings Inc.
CBOT rose $28.86, or 17 percent, to $194.95; ICE fell $3.83, or 3 percent, to $128.10; and CME fell $31.09, or 5.5 percent, to $532.88.
In other takeover news, Cisco Systems Inc. agreed to acquire Web conferencing company WebEx for about $3.2 billion in cash, while General Electric Co.'s Capital Solutions business and Blackstone Group agreed to buy PHH Corp. for $1.69 billion. PHH provides mortgage and vehicle fleet management services.
Cisco fell 4 cents to $25.81, and WebEx rose $10.18, or 22 percent, to $56.38.
GE rose 21 cents to $34.52, and PHH rose $3.29, or 11.8 percent, to $31.10.
Markets also appeared confident that the job market is holding steady. The Labor Department Thursday said the number of Americans seeking unemployment benefits fell for the second straight week. Analysts note, however, that the data can swing drastically from week to week.
Asian and European markets advanced. Japan's Nikkei stock average rose 1.10 percent. Britain's FTSE 100 gained 2.21 percent, Germany's DAX index added 2.14 percent, and France's CAC-40 advanced 1.77 percent.
Advancing issues outnumbered decliners by more than 2 to 1 on the New York Stock Exchange, where volume came to 1.51 billion shares, down from 2.07 billion shares Wednesday.
The Russell 2000 index of smaller companies rose 7.93, or 1.02 percent, at 783.61.
Oil prices fell 61 cents to settle at $57.55 a barrel on the New York Mercantile Exchange, after the Organization for Petroleum Exporting Countries decided to keep output steady, as expected.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
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- 19 July 2006
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The NYSE DOW closed LOWER by 49 points on Friday March 16:
Symbol ----- Last --- Change
Dow 12,110.41 -49.27 (0.41%)
Nasdaq 2,372.66 -6.04 (0.25%)
S&P 500 1,386.95 -5.33 (0.38%)
10-Yr Bond 4.5450% +0.0090
NYSE Volume 3,338,388,000
Nasdaq Volume 2,110,303,000
http://biz.yahoo.com/ap/070316/wall_street.html?.v=35
AP
Stocks Give Up Ground After CPI ReportFriday March 16, 4:23 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall As Wall Street, Parsing Economic Data, Turns Pessimistic About Interest Rates
NEW YORK (AP) -- Wall Street slumped Friday after another reading on inflation deflated hopes the Federal Reserve will start moving toward an interest rate cut when it meets next week. The major indexes suffered moderate losses for the week.
The inflation reading was the second in as many days that upended expectations that the Fed might consider lowering rates as the economy gives off signs of slowing. The sentiment overshadowed a stronger-than-expected increase in industrial production.
"The market is dealing with the softer economic data that we're seeing and trying to reconcile that with the somewhat stiff inflation data," said Marie Schofield, fixed income strategist and portfolio manager at Columbia Management Group.
According to preliminary calculations, the Dow Jones industrial average fell 49.27, or 0.41 percent, to 12,110.41.
Broader stock indicators also slipped. The Standard & Poor's 500 index fell 5.33, or 0.38 percent, to 1,386.95, and the Nasdaq composite index fell 6.04, or 0.25 percent, to 2,372.66.
Advancing issues outpaced decliners by about 3 to 2 on the New York Stock Exchange, where volume came to a heavy 2.07 billion shares as options contracts expired.
For the week, the Dow fell 1.35 percent, the S&P 500 index tumbled 1.13 percent and the Nasdaq fell 0.62 percent.
Bonds showed less movement than might be expected given inflation concerns and instead focused on a slide in stocks. The yield on the benchmark 10-year Treasury note rose to 4.55 percent from 4.54 percent late Thursday. The dollar was mixed against other major currencies, while gold prices rose.
Light, sweet crude oil settled down 44 cents at $57.11 per barrel on the New York Mercantile Exchange.
Inflation concerns remained entrenched on Wall Street Friday. The Labor Department's report that its Consumer Price Index rose by 0.4 percent in February renewed some of the concerns that dogged stocks on Thursday. Wall Street had expected an increase of 0.3 percent. The rise was double that of January and the largest rise since a similar increase in December. Rising costs for gasoline, food and citrus crops helped boost prices.
However, the important core figure, which excludes often volatile food and energy prices, didn't surprise Wall Street. It rose 0.2 percent as expected.
The Federal Reserve reported industrial production increased 1 percent in February, well above the 0.3 percent increase analysts expected.
The consumer inflation figures came one day after a key measure of inflation at the wholesale level took Wall Street by surprise with a higher-than-expected reading. Wall Street overcame the unwelcome Producer Price Index reading Thursday to move moderately higher as it focused on further corporate takeover news.
The inflation readings draw Wall Street's attention because investors are concerned that higher prices will make it harder for the Fed to justify a reduction in short-term interest rates, even if such a move could help stave off a further slowdown in the economy. The latest inflation readings carry particular significance as the Fed begins a two-day meeting on Tuesday. The central bank has left interest rates unchanged at its last five meetings, interrupting a string of 17 straight increases that began in 2004.
Joe Balestrino, a portfolio manager at Federated Investors Inc., contends investors are viewing economic data through the eyes of the Fed and not as much for what it says about the economy.
"The fundamentals don't matter. What ultimately does matter is what the Fed is likely to do," he said.
"It's an emotional, sentiment-driven market. Anxiety is driving the market. It's hard to come to any conclusion that the fundamental value of the market is changed from three to four weeks ago."
Sentiment took a jarring nosedive on Feb. 27 when a worldwide selloff raced through the markets and sent the Dow industrials down 416 points that day. Since then Wall Street has been trying to regain its footing and ascertain whether stocks had found a new bottom.
As if to confirm Wall Street's contention that jitters on Wall Street had been felt at home, a measure of consumer confidence fell to a six-month low in mid-March. The Reuters/University of Michigan consumer sentiment index fell to 88.8 from 91.3 in February. Wall Street had expected a reading of about 90.
The volatility and heavy volume that has returned to Wall Street after months of unusual calm surfaced again Friday with the once-per-quarter expiration of stock index futures, stock index options, stock options and single stock futures -- a confluence of expirations known on Wall Street as quadruple witching.
Stocks were also likely headed for further choppiness Friday as investors maneuvered their portfolios to mirror a quarterly rebalancing of Standard & Poor's indexes.
Hard-hit subprime mortgage lenders rallied Friday on word that the companies were taking steps to raise capital. Accredited Home Lenders Holding Co. jumped $1.47, or 15.6 percent, to $11.21 after the subprime mortgage lender announced plans to sell some of its loans at a discount to raise cash necessary to meet margin calls.
Fremont General Corp. rose $1.50, or 20.3 percent, to $8.90 after Credit Suisse boosted the company's credit line to $1 billion. The company said it received several proposals for additional credit.
The Russell 2000 index of smaller companies fell 5.70, or 0.73 percent, to 777.91.
Overseas, Japan's Nikkei stock average closed down 0.69 percent, Hong Kong's Hang Seng index fell 0.08 percent and the often volatile Shanghai Composite Index fell 0.72 percent. Britain's FTSE 100 closed down 0.04 percent, Germany's DAX index slipped 0.09 percent, and France's CAC-40 fell 0.14 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Symbol ----- Last --- Change
Dow 12,110.41 -49.27 (0.41%)
Nasdaq 2,372.66 -6.04 (0.25%)
S&P 500 1,386.95 -5.33 (0.38%)
10-Yr Bond 4.5450% +0.0090
NYSE Volume 3,338,388,000
Nasdaq Volume 2,110,303,000
http://biz.yahoo.com/ap/070316/wall_street.html?.v=35
AP
Stocks Give Up Ground After CPI ReportFriday March 16, 4:23 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall As Wall Street, Parsing Economic Data, Turns Pessimistic About Interest Rates
NEW YORK (AP) -- Wall Street slumped Friday after another reading on inflation deflated hopes the Federal Reserve will start moving toward an interest rate cut when it meets next week. The major indexes suffered moderate losses for the week.
The inflation reading was the second in as many days that upended expectations that the Fed might consider lowering rates as the economy gives off signs of slowing. The sentiment overshadowed a stronger-than-expected increase in industrial production.
"The market is dealing with the softer economic data that we're seeing and trying to reconcile that with the somewhat stiff inflation data," said Marie Schofield, fixed income strategist and portfolio manager at Columbia Management Group.
According to preliminary calculations, the Dow Jones industrial average fell 49.27, or 0.41 percent, to 12,110.41.
Broader stock indicators also slipped. The Standard & Poor's 500 index fell 5.33, or 0.38 percent, to 1,386.95, and the Nasdaq composite index fell 6.04, or 0.25 percent, to 2,372.66.
Advancing issues outpaced decliners by about 3 to 2 on the New York Stock Exchange, where volume came to a heavy 2.07 billion shares as options contracts expired.
For the week, the Dow fell 1.35 percent, the S&P 500 index tumbled 1.13 percent and the Nasdaq fell 0.62 percent.
Bonds showed less movement than might be expected given inflation concerns and instead focused on a slide in stocks. The yield on the benchmark 10-year Treasury note rose to 4.55 percent from 4.54 percent late Thursday. The dollar was mixed against other major currencies, while gold prices rose.
Light, sweet crude oil settled down 44 cents at $57.11 per barrel on the New York Mercantile Exchange.
Inflation concerns remained entrenched on Wall Street Friday. The Labor Department's report that its Consumer Price Index rose by 0.4 percent in February renewed some of the concerns that dogged stocks on Thursday. Wall Street had expected an increase of 0.3 percent. The rise was double that of January and the largest rise since a similar increase in December. Rising costs for gasoline, food and citrus crops helped boost prices.
However, the important core figure, which excludes often volatile food and energy prices, didn't surprise Wall Street. It rose 0.2 percent as expected.
The Federal Reserve reported industrial production increased 1 percent in February, well above the 0.3 percent increase analysts expected.
The consumer inflation figures came one day after a key measure of inflation at the wholesale level took Wall Street by surprise with a higher-than-expected reading. Wall Street overcame the unwelcome Producer Price Index reading Thursday to move moderately higher as it focused on further corporate takeover news.
The inflation readings draw Wall Street's attention because investors are concerned that higher prices will make it harder for the Fed to justify a reduction in short-term interest rates, even if such a move could help stave off a further slowdown in the economy. The latest inflation readings carry particular significance as the Fed begins a two-day meeting on Tuesday. The central bank has left interest rates unchanged at its last five meetings, interrupting a string of 17 straight increases that began in 2004.
Joe Balestrino, a portfolio manager at Federated Investors Inc., contends investors are viewing economic data through the eyes of the Fed and not as much for what it says about the economy.
"The fundamentals don't matter. What ultimately does matter is what the Fed is likely to do," he said.
"It's an emotional, sentiment-driven market. Anxiety is driving the market. It's hard to come to any conclusion that the fundamental value of the market is changed from three to four weeks ago."
Sentiment took a jarring nosedive on Feb. 27 when a worldwide selloff raced through the markets and sent the Dow industrials down 416 points that day. Since then Wall Street has been trying to regain its footing and ascertain whether stocks had found a new bottom.
As if to confirm Wall Street's contention that jitters on Wall Street had been felt at home, a measure of consumer confidence fell to a six-month low in mid-March. The Reuters/University of Michigan consumer sentiment index fell to 88.8 from 91.3 in February. Wall Street had expected a reading of about 90.
The volatility and heavy volume that has returned to Wall Street after months of unusual calm surfaced again Friday with the once-per-quarter expiration of stock index futures, stock index options, stock options and single stock futures -- a confluence of expirations known on Wall Street as quadruple witching.
Stocks were also likely headed for further choppiness Friday as investors maneuvered their portfolios to mirror a quarterly rebalancing of Standard & Poor's indexes.
Hard-hit subprime mortgage lenders rallied Friday on word that the companies were taking steps to raise capital. Accredited Home Lenders Holding Co. jumped $1.47, or 15.6 percent, to $11.21 after the subprime mortgage lender announced plans to sell some of its loans at a discount to raise cash necessary to meet margin calls.
Fremont General Corp. rose $1.50, or 20.3 percent, to $8.90 after Credit Suisse boosted the company's credit line to $1 billion. The company said it received several proposals for additional credit.
The Russell 2000 index of smaller companies fell 5.70, or 0.73 percent, to 777.91.
Overseas, Japan's Nikkei stock average closed down 0.69 percent, Hong Kong's Hang Seng index fell 0.08 percent and the often volatile Shanghai Composite Index fell 0.72 percent. Britain's FTSE 100 closed down 0.04 percent, Germany's DAX index slipped 0.09 percent, and France's CAC-40 fell 0.14 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
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- 5,469
WOW looking forward to todays ASX opening!
The NYSE DOW closed HIGHER by 115 points on Monday March 19:
Symbol ----- Last --- Change
Dow 12,226.17 +115.76 (0.96%)
Nasdaq 2,394.41 +21.75 (0.92%)
S&P 500 1,402.06 +15.11 (1.09%)
10-Yr Bond 4.5710% +0.0260
NYSE Volume 2,777,176,000
Nasdaq Volume 1,729,401,000
http://biz.yahoo.com/ap/070319/wall_street.html?.v=45
Stocks Surge As Merger Deals Continue
Monday March 19, 5:35 pm ET
By Tim Paradis, AP Business Writer
Wall Street Surges As Merger Deals Continue and Overseas Markets Extend Their Recovery
NEW YORK (AP) -- Stocks spiked higher Monday as Wall Street joined overseas markets in riding a wave of merger news to bounce back from a losing week. The Dow Jones industrials rose 115 points.
The buyout news, particularly the possibility of an enormous deal that would unite Dutch bank ABN Amro Holding NV with British bank Barclays PLC, propelled stocks higher as investors theorized that companies remain upbeat about the economy if they're willing to cut new deals.
The advance kicked off an important week for economic data; the first reading, a report from the Chicago Federal Reserve, said regional manufacturing slowed in January. The market was also waiting for Tuesday's start of the U.S. Federal Reserve's two-day meeting on interest rates. While few expect the Fed will adjust short-term interest rates, investors will be looking for any change in the central bank's posture that could hint at where rates are headed in the coming months.
Given the volatility that has returned to the marketplace and the upcoming statement from the Fed, market watchers aren't ruling out more big swings in stocks going forward.
"I think the markets are very sentiment driven. It does also appear that when the global markets see recovery in one area they all seem to move up and when they see concern in another market they all seem to move down," said Subodh Kumar, global investment strategist at Subodh Kumar & Assoc. in Toronto.
The Dow rose 115.76, or 0.96 percent, to 12,226.17, its biggest one-day gain since March 6, when the index climbed more than 150 points.
Broader stock indicators also rose sharply. The Standard & Poor's 500 index gained 15.11, or 1.09 percent, to 1,402.06, and the Nasdaq composite index advanced 21.75, or 0.92 percent, to 2,394.41.
Bonds fell as stocks made gains. The yield on the benchmark 10-year Treasury note rose to 4.57 percent from 4.55 percent late Friday. The dollar was mixed against other major currencies, rising to 117.59 yen from 116.73 yen late Friday. Gold prices rose.
The advance in U.S. equities came as stocks overseas rose sharply, even after China's central banks raised interest rates to try to cool the economy.
Overseas, Japan's Nikkei stock average rose 1.59 percent, Hong Kong's Hang Seng index advanced 1.65 percent, and the sometimes volatile Shanghai Composite Index rose 2.87 percent. Britain's FTSE 100 closed up 0.96 percent, Germany's DAX index added 1.39 percent, and France's CAC-40 finished up 1.43 percent.
"I would attribute what we're seeing to relief that the Asian markets were stronger despite the Bank of China having raised interest rates," Kumar said. "I don't put a lot of faith in the idea that this rally is sustainable. I think we're range-bound."
Investors are trying to determine if the economy can pull off a so-called soft landing or whether areas of weakness such as the housing sector are poised to drag the economy into a pronounced slowdown.
They seemed to look past a report from the Chicago Fed that found Midwestern manufacturing activity pulled back 2.3 percent in January from December to the weakest reading since October 2005. They also appeared to shrug off a decline in sentiment among homebuilders: the National Association of Home Builders said its index of sales activity for new single-family housing slipped to 36 from a reading of 39 in February, which was revised down from 40. It marked the first decline in six months in the index.
Housing data that is more closely watched is due out later this week: Tuesday, the Commerce Department reports on housing starts and building permits, and Friday, the National Association of Realtors reports on home sales, inventories and prices.
"People are watching the housing figures much more than they used to," said Brian Gendreau, investment strategist for ING Investment Management, pointing to the worries over the subprime market, whose troubles could slow down the already struggling housing market.
Concerns about the economy and areas such as the subprime mortgage lending sector, which makes a business of making loans to people with poor credit, helped push stocks lower last week. The Dow industrials fell 1.35 percent, the S&P 500 gave up 1.13 percent, and the Nasdaq composite index slid 0.62 percent.
Gendreau added, though, that delinquencies are fairly isolated geographically, and don't appear likely to damage the wider economy. "It's hard to point to anything fundamentally wrong with this economy," he said.
Merger news helped lift stocks Monday, especially word that ABN Amro, the largest bank in the Netherlands, is a possible buyout target of Barclays. Britain's Sunday Times issued the report, citing anonymous sources. Both companies declined to comment. ABN rose $5.12, or 14 percent, to $41.36, while Barclay's fell 15 cents to $53.35.
In other takeover news, ServiceMaster Co., a provider of housecleaning, landscaping, and pest-control services, agreed to be acquired by an investment group for about $4.48 billion. ServiceMaster rose $1.68, or 12.5 percent, to $15.15.
Also, Community Health Systems Inc., which operates hospitals, agreed to acquire Triad Hospitals Inc. for $54 per share, or about $5.1 billion. Community Health fell $2.02, or 5.5 percent, to $34.78, while Triad rose $2.36, or 4.8 percent, to $51.72.
Another deal announced Monday was oil field-services company Hercules Offshore Inc.'s agreement to buy drilling contractor Todco for $2.3 billion in cash. Todco rose $6.46, or 19.7 percent, to $39.24, and Hercules fell $1.25, or 4.7 percent, to $25.32.
Advancing issues outnumbered decliners by more than 3 to 1 on the New York Stock Exchange, where consolidated volume came to 2.67 billion shares -- down from 3.31 billion shares on Friday, when contract expirations elevated trading volumes.
The Russell 2000 index of smaller companies rose 8.28, or 1.06 percent, to 787.05.
Light, sweet crude fell 52 cents to $56.59 a barrel on the New York Mercantile Exchange amid concerns that demand could slump.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
The NYSE DOW closed HIGHER by 115 points on Monday March 19:
Symbol ----- Last --- Change
Dow 12,226.17 +115.76 (0.96%)
Nasdaq 2,394.41 +21.75 (0.92%)
S&P 500 1,402.06 +15.11 (1.09%)
10-Yr Bond 4.5710% +0.0260
NYSE Volume 2,777,176,000
Nasdaq Volume 1,729,401,000
http://biz.yahoo.com/ap/070319/wall_street.html?.v=45
Stocks Surge As Merger Deals Continue
Monday March 19, 5:35 pm ET
By Tim Paradis, AP Business Writer
Wall Street Surges As Merger Deals Continue and Overseas Markets Extend Their Recovery
NEW YORK (AP) -- Stocks spiked higher Monday as Wall Street joined overseas markets in riding a wave of merger news to bounce back from a losing week. The Dow Jones industrials rose 115 points.
The buyout news, particularly the possibility of an enormous deal that would unite Dutch bank ABN Amro Holding NV with British bank Barclays PLC, propelled stocks higher as investors theorized that companies remain upbeat about the economy if they're willing to cut new deals.
The advance kicked off an important week for economic data; the first reading, a report from the Chicago Federal Reserve, said regional manufacturing slowed in January. The market was also waiting for Tuesday's start of the U.S. Federal Reserve's two-day meeting on interest rates. While few expect the Fed will adjust short-term interest rates, investors will be looking for any change in the central bank's posture that could hint at where rates are headed in the coming months.
Given the volatility that has returned to the marketplace and the upcoming statement from the Fed, market watchers aren't ruling out more big swings in stocks going forward.
"I think the markets are very sentiment driven. It does also appear that when the global markets see recovery in one area they all seem to move up and when they see concern in another market they all seem to move down," said Subodh Kumar, global investment strategist at Subodh Kumar & Assoc. in Toronto.
The Dow rose 115.76, or 0.96 percent, to 12,226.17, its biggest one-day gain since March 6, when the index climbed more than 150 points.
Broader stock indicators also rose sharply. The Standard & Poor's 500 index gained 15.11, or 1.09 percent, to 1,402.06, and the Nasdaq composite index advanced 21.75, or 0.92 percent, to 2,394.41.
Bonds fell as stocks made gains. The yield on the benchmark 10-year Treasury note rose to 4.57 percent from 4.55 percent late Friday. The dollar was mixed against other major currencies, rising to 117.59 yen from 116.73 yen late Friday. Gold prices rose.
The advance in U.S. equities came as stocks overseas rose sharply, even after China's central banks raised interest rates to try to cool the economy.
Overseas, Japan's Nikkei stock average rose 1.59 percent, Hong Kong's Hang Seng index advanced 1.65 percent, and the sometimes volatile Shanghai Composite Index rose 2.87 percent. Britain's FTSE 100 closed up 0.96 percent, Germany's DAX index added 1.39 percent, and France's CAC-40 finished up 1.43 percent.
"I would attribute what we're seeing to relief that the Asian markets were stronger despite the Bank of China having raised interest rates," Kumar said. "I don't put a lot of faith in the idea that this rally is sustainable. I think we're range-bound."
Investors are trying to determine if the economy can pull off a so-called soft landing or whether areas of weakness such as the housing sector are poised to drag the economy into a pronounced slowdown.
They seemed to look past a report from the Chicago Fed that found Midwestern manufacturing activity pulled back 2.3 percent in January from December to the weakest reading since October 2005. They also appeared to shrug off a decline in sentiment among homebuilders: the National Association of Home Builders said its index of sales activity for new single-family housing slipped to 36 from a reading of 39 in February, which was revised down from 40. It marked the first decline in six months in the index.
Housing data that is more closely watched is due out later this week: Tuesday, the Commerce Department reports on housing starts and building permits, and Friday, the National Association of Realtors reports on home sales, inventories and prices.
"People are watching the housing figures much more than they used to," said Brian Gendreau, investment strategist for ING Investment Management, pointing to the worries over the subprime market, whose troubles could slow down the already struggling housing market.
Concerns about the economy and areas such as the subprime mortgage lending sector, which makes a business of making loans to people with poor credit, helped push stocks lower last week. The Dow industrials fell 1.35 percent, the S&P 500 gave up 1.13 percent, and the Nasdaq composite index slid 0.62 percent.
Gendreau added, though, that delinquencies are fairly isolated geographically, and don't appear likely to damage the wider economy. "It's hard to point to anything fundamentally wrong with this economy," he said.
Merger news helped lift stocks Monday, especially word that ABN Amro, the largest bank in the Netherlands, is a possible buyout target of Barclays. Britain's Sunday Times issued the report, citing anonymous sources. Both companies declined to comment. ABN rose $5.12, or 14 percent, to $41.36, while Barclay's fell 15 cents to $53.35.
In other takeover news, ServiceMaster Co., a provider of housecleaning, landscaping, and pest-control services, agreed to be acquired by an investment group for about $4.48 billion. ServiceMaster rose $1.68, or 12.5 percent, to $15.15.
Also, Community Health Systems Inc., which operates hospitals, agreed to acquire Triad Hospitals Inc. for $54 per share, or about $5.1 billion. Community Health fell $2.02, or 5.5 percent, to $34.78, while Triad rose $2.36, or 4.8 percent, to $51.72.
Another deal announced Monday was oil field-services company Hercules Offshore Inc.'s agreement to buy drilling contractor Todco for $2.3 billion in cash. Todco rose $6.46, or 19.7 percent, to $39.24, and Hercules fell $1.25, or 4.7 percent, to $25.32.
Advancing issues outnumbered decliners by more than 3 to 1 on the New York Stock Exchange, where consolidated volume came to 2.67 billion shares -- down from 3.31 billion shares on Friday, when contract expirations elevated trading volumes.
The Russell 2000 index of smaller companies rose 8.28, or 1.06 percent, to 787.05.
Light, sweet crude fell 52 cents to $56.59 a barrel on the New York Mercantile Exchange amid concerns that demand could slump.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
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Kaboom to the DOW Jones
wayneL
VIVA LA LIBERTAD, CARAJO!
- Joined
- 9 July 2004
- Posts
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- 12,702
Stop_the_clock said:Kaboom to the DOW Jones
Yes, apparently a slowing economy is bullish
