NYSE Dow Jones finished today at:

[bigdog]

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

Wall Street plunged for a second day, triggered by computer gear maker Cisco Systems warning of slumping demand and retailers reporting weak sales for October. Concerns about widespread economic weakness sent the major stock indexes down more than 4 percent Thursday, including the Dow Jones industrial average, which tumbled more than 440 points.

The two-day plunge totals about 10 percent for the major indexes.

The NYSE DOW closed LOWER -443.48 points -4.85% on Thursday Novmember 6
Sym Last........ ........Change..........
Dow 8,695.79 -443.48 -4.85%
Nasdaq 1,608.70 -72.94 -4.34%
S&P 500 904.88 -47.89 -5.03%
10 Yr Bond(%) 3.7070% +0.0130

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,272.41 -258.32 -5.70%
DAX 4,813.57 -353.30 -6.84%
CAC 40 3,387.25 -230.86 -6.38%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,899.14 -622.10 -6.53%
Hang Seng 13,790.04 -1,050.12 -7.08%
Straits Times 1,819.20 -49.62 -2.66%

http://biz.yahoo.com/ap/081106/wall_street.html
Stocks tumble, lose 10 percent in 2-day rout
Thursday November 6, 4:37 pm ET
By Tim Paradis, AP Business Writer
Wall Street extends decline as Cisco comments, retailers' sales add to recession worries


NEW YORK (AP) -- Wall Street plunged for a second day, triggered by computer gear maker Cisco Systems warning of slumping demand and retailers reporting weak sales for October. Concerns about widespread economic weakness sent the major stock indexes down more than 4 percent Thursday, including the Dow Jones industrial average, which tumbled more than 440 points.

The two-day plunge totals about 10 percent for the major indexes.

Comments from Cisco that it saw a steep drop in orders in October and reports from retailers that consumers are skipping trips to the mall provided fresh evidence of the economy's struggles. While sales at Wal-Mart Stores Inc. benefited from bargain-seekers, some specialty retailers posted huge drops in monthly sales.

Adding to investors' list of worries, the Labor Department said the number of people continuing to draw unemployment benefits jumped to a 25-year high, increasing by 122,000 to 3.84 million in late October. It marked the highest level since late February 1983, when the economy was being buffeted by a protracted recession.

While new claims for unemployment benefits dipped by 4,000 to a seasonally adjusted level of 481,000 last week, the levels remain elevated. The findings added to the market's unease ahead of Friday's October employment report, a widely watched barometer of the economy's health.

"I think everybody kind of simultaneously -- the consumers and businesses -- is tightening belts so that's triggering a reasonably precipitous slowdown that's widespread," said Ed Hyland, global investment specialist at J.P. Morgan's Private Bank. "This is something that we haven't really seen, this level of this rapid and significant pullback both in the market and the economy."

Thursday's rout follows a drop of more than 5 percent in the market Wednesday that saw the Dow plunge nearly 500 points as investors fretted that weak readings on employment and downcast profit forecasts and job cuts from financial companies to steelmakers signaled broad economic troubles.

Still, the market's two-day slide follows an enormous run-up since last week so some pullback was expected, analysts said. Through the six sessions that ended Tuesday, the benchmark Standard & Poor's 500 index surged 18.3 percent.

Richard Campagna, chief investment officer at Provident Investment Counsel in Pasadena, Calif., contends the market's pullback isn't surprising given the size of the recent run-up. He said the weak economic readings shouldn't come as a surprise either, given a freeze in credit markets that has disrupted lending and other economic activity since September.

Campagna said the light volume and overall fear among investors is exacerbating the market's volatility.

"Some people are pushing this market around more than they should be out of fear," he said. Many everyday investors are sitting on the sidelines, he said. "Everyone has been shellshocked with the moves in the market."

According to preliminary calculations, the Dow fell 443.48, or 4.85 percent, to 8,695.79 after falling as much as 502 in the final five minutes of trading. The blue chips remain 186 points above 8,451.19, their Oct. 10 closing low from the market's yearlong decline.

Broader stock indicators also posted sharp losses. The Standard & Poor's 500 index fell 47.89, or 5.03 percent, to 904.88, and the Nasdaq composite index fell 72.94, or 4.34 percent, to 1,608.70.

Over the past two days, the Dow is down 9.7 percent, the S&P 500 index is off 10 percent and the Nasdaq is down 9.6 percent.

 

[acouch]

http://leavittbrothers.com/essays/20081104 Worse than the Great Depression by Krassimir Patrov.cfm

ac

 

[MrBurns]

http://leavittbrothers.com/essays/20081104 Worse than the Great Depression by Krassimir Patrov.cfm

ac

Finishes with -

Investor beware! Only gold can protect you from the ravages of another Depression!

Sounds like another gold devotee ?
I bet he knows just where to buy it too.

 

[Reealjrd]

Seeing yesterdays fall of the Indian market. It was confirm today the world market will be down and today would be considered as Black Friday for the share markets.

 

[bigdog]

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

For the week, the Dow fell 4.1 percent, the S&P 500 index lose 3.9 percent, the Nasdaq slid 4.3 percent and the Russell fell 5.9 percent.

Buyers returned to Wall Street Friday after two days of heavy losses, mindful of the economy's growing problems but attracted by stocks' lower prices. Analysts said the advance, which also came amid relief that a bad report on unemployment wasn't worse and followed dour third-quarter reports from Ford and General Motors, was to be expected as Wall Street experiences a rocky recovery from October's devastating selling.

The major indexes jumped more than 2 percent, including the Dow Jones industrial average, which rose 250 points in light trading. For the week, the Dow and broader benchmarks like the Standard & Poor's 500 index lost about 4 percent after surging 10 percent or more last week.

The NYSE DOW closed HIGHER +248.02 points +2.85% on Fridday Novmember 7
Sym Last........ ........Change..........
Dow 8,943.81 +248.02 +2.85%
Nasdaq 1,647.40 +38.70 +2.41%
S&P 500 930.99 +26.11 +2.89%
30-yr Bond 4.26% +0.06

NYSE Volume 4,977,652,000
Nasdaq Volume 1,929,189,620

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,387.14 +114.73 +2.69%
DAX 4,938.46 +124.89 +2.59%
CAC 40 3,469.12 +81.87 +2.42%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,583.00 -316.14 -3.55%
Hang Seng 14,243.43 +453.39 +3.29%
Straits Times 1,863.49 +44.29 +2.43%

http://biz.yahoo.com/ap/081107/wall_street.html
Stocks rise after two days of heavy selling
Friday November 7, 4:54 pm ET
By Sara Lepro and Tim Paradis, AP Business Writer
Stocks end higher on bargain hunting; market advances after two days of heavy selling

NEW YORK (AP) -- Buyers returned to Wall Street Friday after two days of heavy losses, mindful of the economy's growing problems but attracted by stocks' lower prices. Analysts said the advance, which also came amid relief that a bad report on unemployment wasn't worse and followed dour third-quarter reports from Ford and General Motors, was to be expected as Wall Street experiences a rocky recovery from October's devastating selling.

The major indexes jumped more than 2 percent, including the Dow Jones industrial average, which rose 250 points in light trading. For the week, the Dow and broader benchmarks like the Standard & Poor's 500 index lost about 4 percent after surging 10 percent or more last week.

The market briefly came off its highest levels of the session after President-elect Obama reiterated there is a great deal of hard work to be done to restore the economy to health. Investors had optimistically sent prices higher, only to temporarily pull back when Obama underscored what they already know: that the economy's problems won't be easily solved.

George Shipp, chief investment officer at Scott & Stringfellow in Richmond, Va., said Obama appeared to be trying to telegraph to the market not to expect too much immediately. Obama, noting that he has until January before taking office, said he will work to support an economic stimulus plan and will seek ideas for helping the auto industry.

"My expectation is that he lowers the bar and buys the time," Shipp said. "Certainly there is no reason to create any undue expectations right now."

That afternoon blip upward, retreat and move higher was a mini-version of the market's performance over the past two weeks, with investors turning upbeat, then realizing there was little basis in reality for their resurgent confidence, then changing their minds again.

Hank Smith, chief investment officer at Haverford Investments said the market's turns aren't a surprise.

"I think it's absolutely part of the bottoming process," Smith said. "The Oct. 10 low has been tested again a number of times." The blue chips hit an intraday low of 7,882.51 on Oct. 10.

Friday's economic and corporate news reminded the market that the country could be in for a deep and protracted recession.

The Labor Department said the nation's employers cut 240,000 jobs in October, hurtling the U.S. unemployment rate to a 14-year high of 6.5 percent. The market had expected employers to cut 200,000 jobs and for the unemployment rate to rise 6.3 percent.

Meanwhile, Ford Motor Co. reported a $129 million third-quarter loss and announced plans to cut more than 2,000 additional white-collar jobs. General Motors Corp. said it lost $2.5 billion in the quarter and warned that it could run out of cash in 2009. The struggling automaker also said it has suspended talks to acquire Chrysler.

Although the day's news was on its face worse than expected, investors were drawn by prices beaten down the past two sessions and some relief that the reports weren't more grim.

"We're coming off of a very oversold market that had already braced itself for bad news out of Detroit and certainly bad economic data in terms of the labor report," said Peter Cardillo, chief market economist at Avalon Partners.

The market is following the pattern of volatility that analysts warned would prevail for some time to come.

Obama's election to the White House was preceded by a big rally, during which the benchmark Standard & Poor's 500 index surged 18.3 percent in six sessions up through Tuesday. This was followed by a two-day loss of about 10 percent in the major indexes, including a 929-point drop in the Dow, as investors turned their focus once more to the economy's woes.

"There are three factors that are driving this market: psychological, fundamental and technical," Smith said. "The psychological is fear and panic. We've certainly seen that."

The fundamental factor is investors don't know exactly how the current credit crisis is going to affect the economy. And the technical factor that is playing in to the market is the forced selling from hedge funds and mutual funds that have to raise cash for redemptions, Smith said.

Nov. 15 is the cutoff for shareholders to notify fund managers of their intent to cash out investments before year-end, which means a sudden influx of "sell" orders could force funds into dumping more investments. Analysts expect this to continue to add to the volatility in the market.

According to preliminary calculations, the Dow rose 248.02, or 2.85 percent, to 8,943.81.

The broader S&P 500 index added 26.11, or 2.89 percent, to 930.99, and the Nasdaq composite index rose 38.70, or 2.41 percent, to 1,647.40.

The Russell 2000 index of smaller companies rose 9.95, or 2.01 percent, to 505.79.

Advancing issues outnumbered decliners by more than 2 to 1 on the New York Stock Exchange, where volume came to a light 1.23 billion shares.

For the week, the Dow fell 4.1 percent, the S&P 500 index lose 3.9 percent, the Nasdaq slid 4.3 percent and the Russell fell 5.9 percent.

Despite the gains Friday, investors have not lost sight of the potential for a deep and protracted recession. Obama will inherit an economy marred by a housing collapse, mounting unemployment, hard-to-get credit and financial market upheaval when he assumes office early next year.

Investors are watching closely for whom Obama selects as the next Treasury Secretary, as well as whom he appoints to key Cabinet positions. Additionally, investors are mindful of how the government's $700 billion financial rescue package will be further implemented under a new administration. Obama met Friday with economic experts ahead of his press conference to discuss steps aimed at repairing the economy.

To provide fresh relief, House Speaker Nancy Pelosi said Democrats will push for another round of economic stimulus later this month.

The weak economic data on Friday reflect the freeze in the credit markets that began in mid-September following the bankruptcy of investment bank Lehman Brothers Holdings Inc., and the subsequent pullback in spending among fearful consumers. This has forced companies to cut jobs, said Michael Sheldon, chief market strategist at RDM Financial Group in Westport, Conn.

"Comments that we're hearing from CEOs when they report their earnings indicate that economic activity fell off the cliff," he said.

In other corporate earnings news, Sprint Nextel Corp. reported a loss of $326 million in the third quarter as it continued to hemorrhage customers. The nation's third-largest wireless provided had posted a profit in the year-ago period. Sprint dropped 31 cents, or 8.4 percent, to $3.37.

Investors fled General Motors following its quarterly reports but Ford advanced. GM tumbled 44 cents, or 9.2 percent, to $4.36, while Ford rose 4 cents, or 2 percent, to $2.02.

The dollar fell against most other major currencies, while gold prices fell. Light, sweet crude rose 27 cents to settle at $61.04 a barrel on the New York Mercantile Exchange after falling sharply during the week.

The three-month Treasury bill's yield slipped to 0.28 percent from 0.30 percent late Thursday. A lower yield indicates increased demand. The yield on the benchmark 10-year Treasury note rose to 3.79 percent from 3.69 percent late Thursday.

Bank-to-bank lending rates fell again, though, suggesting that banks are more willing to lend to one another -- a positive signal for the tight credit markets. The London interbank offered rate, or Libor, for three-month loans in dollars dropped for the 20th straight day by 0.10 percent to 2.29 percent, the lowest level since November 2004.

Overseas, Japan's Nikkei index fell 3.55 percent, and Hong Kong's Hang Seng Index rose 3.29 percent. Britain's FTSE 100 rose 2.17 percent, Germany's DAX index rose 2.59 percent, and France's CAC-40 rose 2.42 percent

 

[sinner]

I noticed this week the Hang Seng did not leave the green...can anyone explain why?

 

[Reealjrd]

hello friends,

As seeing the DOW coming down by 9000 what do say how much more this market is going to go. The Asian markets are also facing some disaster. So can any one tell some thing more about it.

 

[Sean K]

hello friends,

As seeing the DOW coming down by 9000 what do say how much more this market is going to go. The Asian markets are also facing some disaster. So can any one tell some thing more about it.

Maybe have a read of the DJI/DOW threads, the XAO thread, Severe and Imminent Correction thread, all the other threads, and the Financial Review once in a while.

Good luck!

 

[bigdog]

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

Wall Street's initial enthusiasm about a $586 billion Chinese stimulus package fizzled Monday, as investors succumbed to anxieties about how U.S. companies will survive a severe pullback in spending.

Stocks got a short-lived boost from China's plans to boost its economy through a mix of spending, subsidies, looser credit policies and tax cuts. The package could benefit multinational companies with business in China such as General Electric Co. and Caterpillar Inc.

The NYSE DOW closed LOWER -73.27 points -0.82% on Monday Novmember 10
Sym Last........ ........Change..........
Dow 8,870.54 -73.27 -0.82%
Nasdaq 1,616.74 -30.66 -1.86%
S&P 500 919.21 -11.78 -1.27%
30-yr Bond 4.2140% -0.0470

NYSE Volume 4,625,546,000
Nasdaq Volume 1,713,761,000

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,403.92 +38.96 +0.89%
DAX 5,025.53 +87.07 +1.76%
CAC 40 3,505.75 +36.63 +1.06%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,081.43 +498.43 +5.81%
Hang Seng 14,744.63 +501.20 +3.52%
Straits Times 1,885.02 +21.53 +1.16%

http://biz.yahoo.com/ap/081110/wall_street.html
Wall Street falls, unable to shake economic woes
Monday November 10, 4:42 pm ET
By Madlen Read, AP Business Writer
Stocks turn lower as concerns about US economy dampen enthusiasm over China stimulus plan

NEW YORK (AP) -- Wall Street's initial enthusiasm about a $586 billion Chinese stimulus package fizzled Monday, as investors succumbed to anxieties about how U.S. companies will survive a severe pullback in spending.

Stocks got a short-lived boost from China's plans to boost its economy through a mix of spending, subsidies, looser credit policies and tax cuts. The package could benefit multinational companies with business in China such as General Electric Co. and Caterpillar Inc.

But Wall Street's optimism quickly waned, as it has tended to do since the mid-September downfall of Lehman Brothers Holdings Inc. and government takeover of the troubled insurance giant American International Group. Market participants realized that while China's stimulus is a positive sign that governments around the world are working to fix the global economy, the stimulus itself will likely have only a limited effect in the United States.

There was little news Monday to placate investors worried about the health of corporate America. AIG got more money from the U.S. government, but the nation's struggling automakers have yet to hear whether they, too, will get federal aid. And electronics retailer Circuit City Stores Inc. filed for bankruptcy protection.

With few signs of recovery in the economy, few investors are confident enough to make big bets on stocks, although they look cheap; the major indexes are down about 40 percent from their October 2007 peaks.

"They'd like to be optimistic, but individual investors are still very worried," said Hugh Johnson, chief investment officer of Johnson Illington Advisors. Uncertainty about the economic outlook is "likely to hold any recovery somewhat in check. We're arguably undervalued, so we can work our way higher. But it's not going to be with a lot of gusto."

According to preliminary calculations, the Dow Jones industrial average fell 73.27, or 0.82 percent, to 8,870.54, after rising by 215 points in early trading and tumbling by as many as 183. But trading was fairly orderly in the last hour -- in recent weeks, stocks have often seen high volatility late in the day.

Broader indexes also ended lower. The Standard & Poor's 500 index fell 11.78, or 1.27 percent, to 919.21, and the Nasdaq composite index fell 30.66, or 1.86 percent, to 1,616.74.

The U.S. government said it would invest $40 billion into AIG, which also reported a nearly $25 billion third-quarter loss Monday. AIG, which got its first bailout in September, has so far received a total of $150 billion in government aid. The government's investment Monday helped the insurer's stock rise 26 cents, or 12 percent, to $2.37, but raised worries that problems in the financial sector might be worse than anticipated. Most bank shares fell.

On Friday, the major indexes rallied, but ended about 4 percent lower on the week after large mid-week losses.

"The fact is, we haven't been holding rallies very well," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group. He said investors appeared be cashing out gains made Friday ahead of what's expected to be a dismal retail sales report this week, and the bond market's Veterans Day holiday Tuesday.

Anthony Conroy, managing director and head trader for BNY ConvergEx Group, said "we're in that bottoming process," but that trading is apt to be volatile at least until Nov. 15 -- the last day that hedge funds and mutual funds can get calls for redemptions for 2008. Redemptions are when investors ask for their money back.

With stocks trading erratically, investors moved to the relative safety of government bonds.

The Treasury auctioned three-year Treasury notes for the first time since May 2007, and the auction saw strong buying. Meanwhile, the three-month Treasury bill's yield fell to 0.22 percent from 0.28 percent late Friday, and the yield on the benchmark 10-year Treasury note fell to 3.76 percent from 3.79 percent late Friday.

Lower yields indicate stronger demand.

Investors are also watching for developments with General Motors Corp., Chrysler and Ford Motor Co. after the automakers met with congressional leaders last week in hopes of securing financial help.

GM -- one of the 30 companies that make up the Dow -- fell $1, or 23 percent, to $3.36. Ford shed 9 cents, or 4.5 percent, to $1.93.

Democratic leaders in Congress on Saturday asked the Bush administration to provide more aid to the struggling auto industry, which is losing money and shedding jobs as sales have dropped to their lowest level in a quarter century. House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid said in a letter to Treasury Secretary Henry Paulson that the administration should consider expanding the $700 billion bailout program to include car companies.

On Monday, Circuit City filed for bankruptcy protection about a week after it said it would close 20 percent of its stores. The electronics retailer, based in Richmond, Va., has been struggling as nervous consumers spend less and credit has become tighter. Shares sank 15 cents, or 60 percent, to 10 cents.

In other corporate news, Tribune Co., the owner of the Los Angeles Times and Chicago Tribune, said it swung to a third-quarter loss of $121.6 million due to falling newspaper advertising sales.

Citigroup Inc. is in talks to acquire a regional bank to boost the bank's presence in areas it already operates, including the Northeast, California and Texas, according to a report in The Wall Street Journal. The report did not name a potential target. Citigroup shares fell 61 cents, or 5.2 percent, to $11.21.

The Russell 2000 index of smaller companies fell 12.69, or 2.51 percent, to 493.10.

Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where volume came to 1.14 billion shares.

A barrel of light sweet crude rose $1.37 to settle at $62.41 on the New York Mercantile Exchange.

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

Overseas, Japan's Nikkei stock average closed up 5.81 percent, and Hong Kong's Hang Seng index added 3.52 percent. In Europe, the Britain's FTSE 100 rose 0.89 percent, Germany's DAX added 1.76 percent, and France's CAC-40 rose 1.06 percent.

 

[bigdog]

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

Wall Street got another dose of painful reality Tuesday and sent stocks diving as investors recognized that few industries are safe from the consumer spending slump -- whether they're building homes, making cars or selling coffee. The Dow Jones industrial average lifted off its lows of the day, but still closed down nearly 180 points.

It became clear to investors that it's going to be hard to rely on the average consumer to pull the economy out of its downturn. Late Monday, Starbucks Corp. reported lower sales across the coffee chain, and early Tuesday, Toll Brothers Inc. posted a sharp drop in revenue and said it was too difficult to predict what the luxury homebuilder's profit would be next year.

The NYSE DOW closed LOWER -176.58 points -1.99% on Tuesday Novmember 11
Sym Last........ ........Change..........
Dow 8,693.96 -176.58 -1.99%
Nasdaq 1,580.90 -35.84 -2.22%
S&P 500 898.95 -20.26 -2.20%
30-yr Bond 4.2080% -0.0060

NYSE Volume 5,086,019,500
Nasdaq Volume 1,946,431,120

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,246.69 -157.23 -3.57%
DAX 4,761.58 -263.95 -5.25%
CAC 40 3,336.41 -169.34 -4.83%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,809.30 -272.13 -3.00%
Hang Seng 14,040.90 -703.73 -4.77%
Straits Times 1,806.96 -78.06 -4.14%

http://biz.yahoo.com/ap/081111/wall_street.html
Consumer spending worries send stocks lower
Tuesday November 11, 5:40 pm ET
By Madlen Read, AP Business Writer
Wall Street hit by worries that no industry is left unscathed by drop in consumer spending

NEW YORK (AP) -- Wall Street got another dose of painful reality Tuesday and sent stocks diving as investors recognized that few industries are safe from the consumer spending slump -- whether they're building homes, making cars or selling coffee. The Dow Jones industrial average lifted off its lows of the day, but still closed down nearly 180 points.

It became clear to investors that it's going to be hard to rely on the average consumer to pull the economy out of its downturn. Late Monday, Starbucks Corp. reported lower sales across the coffee chain, and early Tuesday, Toll Brothers Inc. posted a sharp drop in revenue and said it was too difficult to predict what the luxury homebuilder's profit would be next year.

Wall Street was also jittery as the nation's feeble automakers hope for a bailout from the federal government similar to the one given ailing insurer American International Group Inc. General Motors Corp., whose shares have plunged to 60-year lows, said late Monday it would cut 1,900 factory jobs on top of the 3,600 cuts it announced Friday.

Stocks did recover from deeper losses after a media report that quoted a BlackRock executive as saying a $30 billion Bear Stearns mortgage portfolio could be worth more than its market value suggests. And in another promising sign for mortgages, the government announced the largest moves yet to help homeowners renegotiate hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac.

But the market ultimately ended lower, acknowledging that although the mortgage crisis that spawned the current economic deterioration is being addressed, the economy remains extremely troubled.

There were no economic reports released Tuesday, since the government and bond markets were closed for Veterans Day. Investors didn't need government data to see that the economy's slide isn't over, though -- the litany of troubling corporate news was enough. Wall Street has been anticipating grim results from corporate America, but it cannot gauge yet how bad they could get.

"We're in a situation where we really don't know how deep a recession we're in," said Jim Herrick, manager of equity trading at Baird & Co. "Until there's some clarity on the economy and clarity with earnings, we'll definitely be stuck in this trading range."

The market has been giving back gains recently -- including a 248-point advance last Friday -- as it tries to recover from October's heavy selling. Stocks pared nearly all of its losses on the report that BlackRock President Robert Kapito said a Bear Stearns mortgage portfolio is generating cash flow, but then sank again. It was the collapse of the subprime mortgage market more than a year ago and a resulting series of financial industry catastrophes that led to the economy's current predicament.

The market is likely to keep following that pattern of quickly giving back gains until investors have a sense that an economic recovery is coalescing. But most assessments of the economy are still quite bleak.

"I think we will, in fact, look back all the way to the 1929 period to see the kind of slowdown we're experiencing now," said Merrill Lynch Chief Executive John Thain at a conference Tuesday. "And the great degree of uncertainty in the marketplace is how deep, how long and what are the governments around the world going to do to try to provide stimulus to the environment?"

The Dow Jones industrial average shed 176.58, or 1.99 percent, to 8,693.96 after falling by more than 300. Tuesday's close was the Dow's lowest since its 5 1/2-year closing low on Oct. 27 of 8,175.77.

The blue chip index has not dipped below the 8,000 mark in trading since Oct. 10, but is down nearly 35 percent since the start of the year.

Broader stock indicators declined as well. The Standard & Poor's 500 index fell 20.26, or 2.20 percent, to 898.95, and the Nasdaq composite index dropped 35.84, or 2.22 percent, to 1,580.90.

The Russell 2000 index of smaller companies fell 10.81, or 2.19 percent, to 482.29.

The Treasury bond market was closed Tuesday for Veterans Day.

The credit markets have eased a bit since Lehman Brothers Holdings Inc.'s bankruptcy in mid-September, but they remain tight. Investors are impatient to see positive developments -- in the real economy, not just in market borrowing rates -- from the massive government interventions over the past two months, said Alan Gayle, senior investment strategist and director of asset allocation for RidgeWorth Capital Management.

"The market is wondering," Gayle said, "how far does the line go out the door for government assistance?"

AIG got more bailout money Monday, and later that day, American Express Co. got approval from the government to become a commercial bank. The credit card lender will now be able to accept deposits and access the government financing other banks have been using. American Express fell $1.58, or 6.6 percent, to $22.40.

Starbucks shares fell 21 cents, or 2 percent, to $9.99 after the coffee retailer released its earnings, while Toll Brothers slipped 2 cents to $18.93.

GM shares fell 44 cents, or 13 percent, to $2.92, while Ford Motor Co. fell 13 cents, or 6.7 percent, to $1.80.

"It's just not pretty," said Ken Mayland, president of research firm ClearView Economics. "When the alternatives are either socializing GM or having it go through a very painful bankruptcy, neither of those are happy outcomes."

Corporate bankruptcies have been piling up: soon after Circuit City Stores Inc. filed for Chapter 11 protection Monday, the Yellowstone Club -- a mountain retreat for the wealthy -- did the same, after failing to secure new financing.

Third-quarter earnings declines from Vodafone Group PLC, the world's biggest mobile phone company by sales, and InterContinental Hotels Group PLC, the owner of the Holiday Inn hotel chain, revealed sharp pullbacks in consumer spending. And another round of job cuts were announced Tuesday from companies including Altria Group and Swedish vehicle maker Volvo AB; when companies slash jobs, consumer spending tends to fall further.

It's possible the market is in the process of bottoming out after October's massive losses, but analysts say it will likely keep trading erratically until it starts to see promising signs that Americans are in healthier financial shape.

That could happen, perhaps, if enough homeowners get help with their mortgages. Citigroup became the latest major bank, after similar actions by JPMorgan Chase & Co. and Bank of America Corp., to announce that it will try to keep borrowers at risk of foreclosure in their homes. Citigroup fell 41 cents, or 3.7 percent, to $10.80.

Americans are also getting a bit of a break from tumbling fuel prices. Crude sank to a 20-month low as optimism waned that a huge economic stimulus plan in China will avert a prolonged slowdown in the global economy. Light, sweet crude for December delivery fell $3.08 to $59.11 a barrel on the New York Mercantile Exchange. At the pump, gasoline prices are at a national average of $2.22 a gallon.

The dollar moved mostly higher against other major currencies Tuesday, while gold prices dipped.

Declining issues outnumbered advancers by nearly 5 to 1 on the New York Stock Exchange, where consolidated volume came to 4.93 billion shares, up from 4.45 billion shares Monday.

Overseas, Japan's Nikkei fell 3 percent and Hong Kong's Hang Seng fell 4.77 percent. In European trading, Britian's FTSE 100 lost 3.57 percent, Germany's DAX gave up 5.25 percent, and France's CAC-40 decreased 4.83 percent.

 

[bigdog]

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

A disheartened Wall Street fell for the third straight session Wednesday as investors absorbed another series of dismal corporate reports and news that the government won't buy banks' soured mortgage assets after all. The Dow Jones industrials skidded more than 410 points, and all the major indexes dropped more than 4 percent.

The market started the day falling on more signs that companies are being hurt by a severe pullback in consumer spending. Macy's Inc. said it lost $44 million in the third quarter as sales at the department store retailer fell more than 7 percent. And consumer electronics retailer Best Buy Co. slashed its fiscal 2009 guidance on fears that consumer spending will erode even further.

The NYSE DOW closed LOWER -411.30 points -4.73% on Wednesday Novmember 12
Sym Last........ ........Change..........
Dow 8,282.66 -411.30 -4.73%
Nasdaq 1,499.21 -81.69 -5.17%
S&P 500 852.30 -46.65 -5.19%
30-yr Bond 4.1900% -0.0180

NYSE Volume 5,818,759,000
Nasdaq Volume 2,198,311,750

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,182.02 -64.67 -1.52%
DAX 4,620.80 -140.78 -2.96%
CAC 40 3,233.96 -102.45 -3.07%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,695.51 -113.79 -1.29%
Hang Seng 13,939.09 -101.81 -0.73%
Straits Times 1,784.01 -22.95 -1.27%

http://biz.yahoo.com/ap/081112/wall_street.html
Stocks skid on news gov't won't buy banks' assets
Wednesday November 12, 4:36 pm ET
By Sara Lepro, AP Business Writer
Stocks plunge on dismal corporate reports, news gov't won't buy banks' scoured mortgage assets


NEW YORK (AP) -- A disheartened Wall Street fell for the third straight session Wednesday as investors absorbed another series of dismal corporate reports and news that the government won't buy banks' soured mortgage assets after all. The Dow Jones industrials skidded more than 410 points, and all the major indexes dropped more than 4 percent.

The market started the day falling on more signs that companies are being hurt by a severe pullback in consumer spending. Macy's Inc. said it lost $44 million in the third quarter as sales at the department store retailer fell more than 7 percent. And consumer electronics retailer Best Buy Co. slashed its fiscal 2009 guidance on fears that consumer spending will erode even further.

Meanwhile, Morgan Stanley, suffering from the ongoing losses on Wall Street, outlined plans to cut 10 percent of staff in its institutional securities group -- its biggest business that covers everything from investment banking to stock trading.

The bleak reports, which followed disappointing news from coffee retailer Starbucks Corp. and homebuilder Toll Brothers Inc. earlier in the week, made it increasingly clear to investors that companies across the economy are suffering from the aftermath of the housing and credit crises.

"There just doesn't appear to be an end in sight to the bad news," said Anton Schutz, portfolio manager of the Burnham Financial Industries Fund and the Burnham Financial Services Fund. "The selling is relentless."

There was more pain at mid-morning, when Treasury Secretary Henry Paulson said the government's $700 billion financial rescue package won't purchase troubled assets from banks. He said that plan would have taken too much time, and that the Treasury instead will rely on buying stakes in banks and encouraging them to resume more normal lending.

While the market had been pleased by the government's decision weeks ago to buy banks' stock, investors still hoped to see the financial industry relieved of the burden of the mortgage assets whose decline in value helped set off the nation's financial crisis. His comments, which underscored the anxiety that remains about the health of the financial system, sent stocks falling further.

Analysts believe the market is in the process of retesting the intraday low hit on Oct. 10, when the blue chips fell to 7,882.50.

"We're just going through the typical process of testing and retesting," said Matt King, chief investment officer of Bell Investment Advisors. "If we can continue to build higher and higher lows, that's definitely a positive. If the Dow can build a base above 8,100 and bounce off that, we see that as a definite technical positive."

The selling accelerated in the last hour of the day, as it has done in most sessions over the past two months.

"When there is a lot of volatility, especially on a big down day, people just decide they don't want to own stocks overnight," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "News doesn't drive this lower, fear does. Investors will back the next morning after they see where things settled."

Late-day volatility has also been fed by hedge and mutual funds selling as investors withdraw money from the market.

According to preliminary calculations, the Dow shed 411.30, or 4.73 percent, to 8,282.66. It was the lowest close for the Dow since its 5 1/2-year low of 8,175.77 reached on Oct. 27.

The broader Standard & Poor's 500 index dropped 46.65, or 5.19 percent, to 852.30, and the Nasdaq composite index stumbled 81.69, or 5.17 percent, to 1,499.21.

The Russell 2000 index of smaller companies fell 29.49, or 6.11 percent, to 452.80.

Declining issues overwhelmed advancers by more than 10 to 1 on the New York Stock Exchange, where volume came to 1.46 billion shares.

Though Paulson's announcement marks a major shift in the original bailout plan and rattled investors, Wall Street analysts generally believe the Treasury is now on the right path.

"That's really what they should have done originally," said King. "First and foremost, we have to make sure banks are going to survive and then we can worry about lending. This is the quickest and most efficient way to do that."

"Buying bad assets doesn't do that," he said.

However, there is some concern that the bailout funds are being depleted rather quickly, said Jason O'Donnell, senior research analyst at Boenning & Scattergood.

"Investors are generally in favor of the emphasis on the capital purchase provisions," O'Donnell said. But, "we're down quickly to a small portion of total funds remaining for other purposes."

Paulson also announced a new goal for the program to support financial markets that supply consumer credit in such areas as credit card debt, auto loans and student loans. He said, "with a stronger capital base, our banks will be more confident" to support economic activity.

But investors are worried that a severe pullback in consumer spending -- which drives more than two-thirds of the U.S. economy -- will prolong a global economic downturn.

Macy's shares fell $1.04, or 11 percent, to $8.37. Best Buy shares tumbled $1.91, or 8 percent, to $21.97.

The future of the country's top automakers remained a major concern on the Street as well, as investors waited to see whether the government would put together a bailout plan for General Motors Corp., Ford Motor Co. and Chrysler.

General Motors was the only gainer among the 30 Dow stocks Wednesday, rising 16 cents, or 5.5 percent, to $3.08. Ford gained 4 cents, or 2.2 percent, to $1.84.

Morgan Stanley, which converted into a bank holding company in September, said it plans to scale back its institutional securities business before the end of the year. The layoffs it plans are in addition to a 10 percent cut made earlier this year to the group.

Morgan Stanley also plans to restructure its money management business by cutting 9 percent of the group's work force. The securities firm employs about 44,000 people worldwide. Morgan Stanley shares fell $2.14, or 15.2 percent, to $11.94.

Meanwhile, American Express Co. is said to be seeking about $3.5 billion from the government to help boost its balance sheet, according to a report in The Wall Street Journal citing people familiar with the situation. AmEx, the No. 4 U.S. credit card issuer, won approval Monday from the Federal Reserve to become a bank holding company, which gives it the ability to grow a large deposit base and access financing from the Fed.

AmEx shares dropped $2.35, or 10.5 percent, to $20.05.

Government bond prices, which did not trade Tuesday because of Veterans Day, moved higher as investors looked for safer investments. The three-month Treasury bill's yield fell to 0.16 percent from 0.22 percent late Monday, and the yield on the benchmark 10-year Treasury note fell to 3.67 percent from 3.76 percent late Monday.

Lower yields indicate stronger demand.

Crude dropped below $57 a barrel Wednesday on the growing realization that global economic growth next year will slow more than originally feared, cutting demand for crude products such as gasoline. Light, sweet crude fell $3.50, or nearly 6 percent, to settle at $56.16 a barrel on the New York Mercantile Exchange.

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

Overseas, Japan's Nikkei closed down 1.29 percent and Hong Kong Hang Seng fell 0.73 percent. In Europe, London's FTSE 100 fell 1.52 percent, Germany's DAX fell 2.96 percent, and France's CAC-40 dropped 3.07 percent.

 

[bigdog]

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

Wall Street launched a massive rebound Thursday, muscling the Dow Jones industrial average up nearly 553 points after driving it down near its lows for the year, as investors decided they did not want to miss out on cheap stocks.

After three days of selling that wiped out about $1 trillion in shareholder value, many investors, though nervous about the economy, appeared convinced the market had priced in enough bad news. So when the Standard & Poor's 500 index managed to recover from multiyear trading lows, investors swarmed back in.

The NYSE DOW closed HIGHER +552.59 points +6.67%
on Thursday Novmember 13
Sym Last........ ........Change..........
Dow 8,835.25 +552.59 +6.67%
Nasdaq 1,596.70 +97.49 +6.50%
S&P 500 911.29 +58.99 +6.92%
30-yr Bond 4.33% +0.14

NYSE Volume 7,871,752,500
Nasdaq Volume 3,048,807,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,169.21 -12.81 -0.31%
DAX 4,649.52 +28.72 +0.62%
CAC 40 3,269.46 +35.50 +1.10%



Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8.648,238.64 -456.87 -5.25%
Hang Seng 13,221.35 -717.74 -5.15%
Straits Times 1,755.47 -28.54 -1.60%

http://biz.yahoo.com/ap/081113/wall_street.html
Dow ends up nearly 553 in rebound from selloff
Thursday November 13, 4:35 pm ET
By Madlen Read and Joe Bel Bruno, AP Business Writer
Dow ends up nearly 553 points on bargain hunting after 3 straight days of selling

NEW YORK (AP) -- Wall Street launched a massive rebound Thursday, muscling the Dow Jones industrial average up nearly 553 points after driving it down near its lows for the year, as investors decided they did not want to miss out on cheap stocks.

After three days of selling that wiped out about $1 trillion in shareholder value, many investors, though nervous about the economy, appeared convinced the market had priced in enough bad news. So when the Standard & Poor's 500 index managed to recover from multiyear trading lows, investors swarmed back in.

It's "a herd mentality," said Ryan Larson, senior equity trader at Voyageur Asset Management. "We started going higher -- and you don't want to be the last one on the boat."

Some analysts also said investors were positioning themselves ahead of a meeting of Group of 20 leaders in Washington. The meeting could bring decisions on mending the troubled global financial system.

There was "some anticipation that we'll hear some good news from that meeting," said Jack A. Ablin, chief investment officer at Harris Private Bank. Thursday's rally was "part hopeful, part technical. But certainly welcome."

Stocks sold off early in the day after the Labor Department said the number of newly laid-off individuals seeking unemployment benefits jumped last week to the highest level since right after the Sept. 11, 2001 terrorist attacks. There was also more evidence of a severe pullback in consumer spending -- a worsening trend that had pummeled stocks earlier in the week. Wal-Mart Stores Inc. trimmed expectations for full-year earnings, and Intel Corp. late Wednesday cut more than $1 billion from its sales forecast.

But then the S&P lifted above its Oct. 10 trading lows, and a Treasury auction of 30-year bonds got decent demand from both domestic and foreign buyers, said Arthur Hogan, chief market analyst at Jefferies & Co. The auction results alleviated some fears about the government having a hard time financing its costly bailout.

As stocks rallied, so did oil prices, sending shares of energy companies higher -- the biggest gainer among the 30 Dow companies was Chevron Corp., which rose $8.43, or 12.5 percent, to $75.71.

Many analysts had predicted the market would retest the multiyear lows it reached last month. They also still forecast volatility for some time to come, as Wall Street tries to rebuild from October's devastating losses and gauge the severity of the economy's downturn. During past recoveries from bear markets, a great deal of turbulence in the market became commonplace -- so it's possible that Thursday's gains will get erased if more gloomy reports pour in.

But Hogan called the market's resiliency a "great sign."

According to preliminary calculations, the Dow rose 552.59, or 6.67 percent, to 8,835.25, after falling as low as 7,965.42 and rising as high as 8,876.59. That's a trading range of 911 points. The Dow did not sink below its Oct. 10 trading low of 7,882.51.

 

[bigdog]

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

Stocks Hammered in Final Hour

The Dow Jones industrial average ended the week down down 446.50, or 4.99 percent, at 8,497.31. The Standard & Poor's 500 index finished down 57.70, or 6.20 percent, at 873.29. The Nasdaq composite index ended the week down 130.55, or 7.92 percent, at 1,516.85.

Wall Street ended a turbulent week with another astonishing show of volatility Friday, with stocks plunging, recovering and then plunging again as investors absorbed another wave of downbeat economic news. The Dow Jones industrials fell almost 340 points and the major indexes all fell sharply for the second straight week.


The NYSE DOW closed LOWER -337.94 points -3.82% on Friday November 14
Sym Last........ ........Change..........
Dow 8,497.31 -337.94 -3.82%
Nasdaq 1,516.85 -79.85 -5.00%
S&P 500 873.29 -38.00 -4.17%
30-yr Bond 4.2300% -0.1030

NYSE Volume 5,987,291,500
Nasdaq Volume 2,312,075,250


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,232.97 +63.76 +1.53%
DAX 4,710.24 +60.72 +1.31%
CAC 40 3,291.47 +22.01 +0.67%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,462.39 +223.75 +2.72%
Hang Seng 13,542.66 +321.31 +2.43%
Straits Times 1,759.14 +3.67 +0.21%

http://biz.yahoo.com/ap/081114/wall_street.html
Wall Street ends turbulent week sharply lower
Friday November 14, 6:15 pm ET
By Joe Bel Bruno and Sara Lepro, AP Business Writer
Stocks tumbles in volatile trade as investors cash in from big rally, refocus on economy

NEW YORK (AP) -- Wall Street ended a turbulent week with another astonishing show of volatility Friday, with stocks plunging, recovering and then plunging again as investors absorbed another wave of downbeat economic news. The Dow Jones industrials fell almost 340 points and the major indexes all fell sharply for the second straight week.

Hedge fund selling in advance of a Saturday deadline contributed to the market's gyrations, and some retrenchment was to be expected following a big rally Thursday, when the Dow rallied more than 550 points after falling near its lows for the year. But there was plenty of discouraging news for investors to focus on, including comments from Federal Reserve Chairman Ben Bernanke that the markets remain under "severe strain" and a sobering report on October retail sales.

Analysts believe the market is still searching for a bottom after last month's huge losses, and that the pattern of volatility will continue for some time -- selling, even on technical reasons like looming deadlines for cashing out hedge fund holdings, is still coming against a backdrop of an extremely weak economy.

"Clearly, the trading crowd like hedge funds can take this market in any direction they want to. Anybody looking to build a position is just not confident," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co.

The session saw another stream of bad news. Bernanke said during a speech in Frankfurt, Germany, that he would work closely with other central banks to try to alleviate the global financial crisis and left open the door to a fresh interest rate cut. The Fed is scheduled to meet Dec. 16 at its last regularly scheduled meeting this year.

While Wall Street would like to see another rate cut, many investors aren't sure, given the litany of bad economic and corporate news, of how effective a rate reduction would be in the near term. Many investors are still trying to assimilate the idea that the economy's downturn will be protracted, lasting well into next year and perhaps longer.

"The economic news continues to be very negative," said Ben Halliburton, chief investment officer of Tradition Capital Management. "The realization that '09 is going to be a very bad year for economic activity is starting to dawn on people and they are starting to digest how bad it's going to be."

The Commerce Department reported that retail sales plunged by the largest amount on record in October as consumers cut back on spending in the wake of the financial crisis. Retail sales fell by 2.8 percent last month, surpassing the old mark of a 2.65 percent drop in November 2001 in the wake of the terrorist attacks that year.

The market got more disappointing consumer news from retailers Abercrombie & Fitch Co. and JCPenney Co. Both warned that profits will come in below Wall Street's already lowered projections as retailers head into a holiday shopping season that could be among the slowest on record.

The great fear on the Street is that Americans' reluctance to spend will extend what is already a serious economic downturn. A barrage of negative consumer news sent stocks tumbling earlier in the week.

The market drew some brief comfort in the afternoon from comments from Treasury Secretary Henry Paulson, who told CNBC that capital injections in the banking sector will help stimulate lending. He also defended the decision to not buy toxic assets from banks, saying that it would not work as quickly; the move helped send stocks falling earlier this week.

There was disquieting news from the tech sector that weighed on the Nasdaq composite index. Sun Microsystems Inc. said it will cut up to 6,000 workers, or about 18 percent of global staff, as part of a massive restructuring plan. And handset maker Nokia Corp. warned the global economic slowdown will weigh on sales next year.

The Dow fell 337.93, or 3.82 percent, to 8,497.31, at its lows of the day. The Dow fell more than 300 in early trading, recovered to a slim advance and then turned sharply lower at the end of the day as hedge funds cashed out. Fund investors had a Nov. 15 deadline for withdrawing their money, which forced the funds in turn to sell stocks.

The Standard & Poor's 500 index fell 38.00, or 4.17 percent, to 873.29, and the Nasdaq stumbled 79.85, or 5.00 percent, to 1,516.85.

The Russell 2000 index of smaller companies fell 34.71, or 7.07 percent, to 456.52.

Declining issues outpaced advancers by about 4 to 1 on the New York Stock Exchange, where consolidated volume came to 5.73 billion shares, compared with 7.67 billion on Thursday.

For the week, the Dow lost 4.99 percent, the S&P fell 6.20 percent and the Nasdaq tumbled 7.92 percent.

The major indexes have fallen dramatically since their highs of October 2007 as the housing and credit crises have taken their toll on the economy. The Dow is down 40 percent from its closing record of 14,164.53, while the S&P 500 is off 44.2 percent from its record close of 1,565.15. The Nasdaq is off 46.9 percent from its then 7 1/12-year high of 2,859.12.

The Dow's surge Thursday was the third-largest single-session point gain on record, following the 889-point rise on Oct. 28 and the 936-point surge on Oct. 13. The rally came after three days of selling that wiped out about $1 trillion in shareholder value.

Wall Street's violent swings in recent weeks are part of the market's ongoing "bottoming" process, analysts say, in which the market retests the lows hit last month. The market is expected to remain volatile, as evidenced by past recoveries from a bear market.

Randy Frederick, director of trading and derivatives at Charles Schwab & Co., said the sell-off could be attributed in part to investors not wanting to hold on to stocks going in to the weekend, particularly ahead of a meeting of Group of 20 international leaders in Washington. The meeting could bring decisions on how to help the troubled global financial system.

"Certainly in this market we've had a lot of late Friday sell-offs," he said. "The government has been very insistent on making major announcements on Sunday nights."

Bernie McGinn, chief executive of McGinn Investment Management, said the market needs to have a sustained rally for a couple of days to lure buyers back into the market. For the moment, he believes the market will continue to fluctuate based on events like earnings or government reports.

"We're in the middle of chaos," he said. "That's what it is, pure and simple."


The volatility helped send government bond prices higher as investors looked for safety. The three-month Treasury bill's yield fell to 0.14 percent from 0.20 percent late Thursday, and the yield on the benchmark 10-year Treasury note fell to 3.72 percent from 3.85 percent late Thursday. Lower yields indicate higher demand.

Meanwhile, the price of a barrel of light, sweet crude fell $1.20 to settle at $57.04 a barrel on the New York Mercantile Exchange. Oil has been falling for the same reason as stocks -- the fear of a deep global recession.

Shares of major retailers fell as the string of disappointing earnings and outlooks continued. JCPenney lost $2.01, or 10.4 percent, to $17.27. Abercrombie & Fitch tumbled $4.65, or 20.7 percent, to a 52-week low of $17.79.

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

Overseas, Japan's Nikkei closed up 2.72 percent and Hong Kong Hang Seng rose 2.43 percent. In European trading, London's FTSE 100 was up 1.53 percent, Germany's DAX rose 1.31 percent, and France's CAC-40 added 0.98 percent.

The Dow Jones industrial average ended the week down down 446.50, or 4.99 percent, at 8,497.31. The Standard & Poor's 500 index finished down 57.70, or 6.20 percent, at 873.29. The Nasdaq composite index ended the week down 130.55, or 7.92 percent, at 1,516.85.

The Russell 2000 index finished the week down 31.73, or 5.90 percent, at 505.79.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended at 8,721.88, down 636.42 points, or 6.80 percent, for the week. A year ago, the index was at 14,727.28.

 

[bigdog]

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

Wall Street finished sharply lower Monday as investors pored over more signs of economic weakness, including a huge round of layoffs in the financial sector.

After a turbulent week that sent the Dow Jones industrials down nearly 340 points, investors found little solace in the latest news. Stocks zigzagged throughout the session, finally giving way to a stream of late-day selling that left the Dow Jones industrials lower by 223 points

The NYSE DOW closed LOWER -223.73 -2.63% on Monday November 17
Sym Last........ ........Change..........
Dow 8,273.58 -223.73 -2.63%
Nasdaq 1,482.05 -34.80 -2.29%
S&P 500 850.75 -22.54 -2.58%
30-yr Bond 4.21% -0.02

NYSE Volume 5,534,208,000
Nasdaq Volume 1,890,395,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,132.16 -100.81 -2.38%
DAX 4,557.27 -152.97 -3.25%
CAC 40 3,182.03 -109.44 -3.32%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,522.58 +60.19 +0.71%
Hang Seng 13,529.53 -13.13 -0.10%
Straits Times 1,749.67 -9.47 -0.54%

http://biz.yahoo.com/ap/081117/wall_street.html
Stocks finish lower as recession worries deepen
Monday November 17, 5:24 pm ET
By Sara Lepro and Madlen Read, AP Business Writers
Wall Street declines as investors dwell on deepening recession, banking system worries

NEW YORK (AP) -- Wall Street finished sharply lower Monday as investors pored over more signs of economic weakness, including a huge round of layoffs in the financial sector.

After a turbulent week that sent the Dow Jones industrials down nearly 340 points, investors found little solace in the latest news. Stocks zigzagged throughout the session, finally giving way to a stream of late-day selling that left the Dow Jones industrials lower by 223 points.

In a signal that banks are still struggling in the wake of massive losses tied to bad mortgage debt, Citigroup Inc. is cutting another 53,000 jobs in the coming quarters. The company said that in addition to job cuts, it plans to lower expenses by about 20 percent and has reduced its assets by more than 20 percent since the first quarter of the year.

Investors were also nervously waiting to see if the nation's troubled automakers would get a bailout. Senate Democrats, who plan to introduce legislation Monday, want to use part of the $700 billion Wall Street bailout to help prop up Detroit's Big Three carmakers: General Motors Corp., Ford Motor Co. and Chrysler LLC. A vote was expected as early as Wednesday.

Meanwhile, a better-than-expected reading on industrial production did little to boost investor sentiment. The Federal Reserve said Monday that industrial output rose 1.3 percent last month, after plunging in September by the largest amount in over 60 years. Economists, on average, had expected an increase of 0.2 percent, according to a survey by Thomson/IFR.

Still, the improvement wasn't encouraging enough, said Anthony Conroy, managing director and head trader for BNY ConvergEx Group, adding that investors want a more concrete sign that the economy could be improving.

"I think we're seeing a tremendous amount of bad economic data," he said. "Earnings have basically hit a wall and don't seem like they are coming back anytime soon."

The Dow fell 223.73, or 2.63 percent, to 8,273.58, near its lows of the session.

Standard & Poor's 500 index fell 22.54, or 2.58 percent, to 850.75, while the Nasdaq composite index dropped 34.80, or 2.29 percent, to 1,482.05.

The Russell 2000 index of smaller companies fell 5.16, or 1.13 percent, to 451.36.

Declining issues outpaced advancers by a 2 to 1 margin on the New York Stock Exchange, where consolidated volume came to a light 5.7 billion shares.

The moves on Monday followed a massive sell-off last week that saw the Dow finish down 5 percent; the S&P 500 index down 6.2 percent; and the Nasdaq down 7.9 percent. The major indexes have fallen for four of the past five sessions.

Analysts believe the market is still searching for a bottom after last month's huge losses, and that the pattern of volatility will continue for some time. Woody Dorsey, president of financial forecasting firm Market Semiotics, said the market is trapped in a seesaw pattern.

"It is a very technical trade," he said. "The difficulty is there is no dominant positive or negative story that the market is operating on. ... There's nothing here that people can grab on to."

In the meantime, investors are still facing a barrage of bad economic news.

Wall Street was also disappointed by a lack of direction taken to resolve the global financial crisis at the meeting of Group of 20 international leaders in Washington this weekend. However, the leaders did pledge to keep working together to provide loans to financial institutions.

In corporate news, Target Corp. on Monday became the latest retailer to post dour results, citing lower sales at established stores as the reason for a 24 percent drop in profit. Lowe's Cos., meanwhile, said its third-quarter profit also fell 24 percent, better than expected, but it predicted a fourth-quarter profit below the average analyst forecast.

The reports follow a spate of disappointing earnings and forecasts from companies like Macy's Inc., Starbucks Corp. and Best Buy Co. as they battle a severe pullback in consumer spending. Investors fear that Americans' clampdown on spending -- which accounts for about two-thirds of economic activity in the U.S. -- will prolong a worsening economic slump.

On Monday, the Bush White House stressed that it steadfastly opposes drawing funds from the bailout plan to help the nation's automakers. The administration supports the idea of helping the struggling companies, but said the $25 billion that Democrats favor taking from the rescue plan should come, instead, from a Department of Energy program previously approved to develop fuel-efficient vehicles.

General Motors shares added 17 cents, or 5.7 percent, to $3.18. Ford slipped 8 cents to $1.72.

Meanwhile, the layoffs planned at Citigroup underscored the ongoing distress in the financial sector. The company said total headcount is being reduced by 20 percent from its peak of 375,000 at the end of 2007; the company had already announced in October that it was eliminating about 22,000 jobs from those levels. The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter.

The fallout from this year's global credit crisis has claimed jobs on all corners of Wall Street, from hedge fund managers to floor traders and beyond. Some industry experts forecast the job losses could come close to 200,000 before the year is over.

On Sunday, Goldman Sachs Group Inc. said seven top executives, including Chief Executive Lloyd Blankfein, opted out of receiving cash or stock bonuses for 2008 amid the ongoing credit crisis.

Citi's leaders may also go without bonuses this year -- a move that would effectively amount to a substantial pay cut for the company's executives.

Citigroup shares fell 63 cents, or 6.6 percent, to $8.89. Goldman sank $4.24, or 6.4 percent, to $62.49.

Government bond prices were higher as investors looked for safety. The three-month Treasury bill's yield fell to 0.10 percent from 0.14 percent late Friday, and the yield on the benchmark 10-year Treasury note fell to 3.66 percent from 3.72 percent late Friday. Lower yields indicate higher demand.

The dollar fell against most other major currencies, and gold prices also declined.

Light, sweet crude closed at a 22-month low, falling $2.11 to settle at $54.95 a barrel on the New York Mercantile Exchange.

In Asian trading, Japan's Nikkei index rose 0.71 percent, despite a report showing the second-straight quarterly decline in gross domestic product -- signaling a recession. Hong Kong's Hang Seng Index fell 0.10 percent.

In European trading, Britain's FTSE 100 fell 2.38 percent, Germany's DAX index fell 3.25 percent, and France's CAC-40 fell 3.32 percent.

 

[bigdog]

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

Wall Street rebounded Tuesday in another turbulent session, as investors rushed back into the market after the Standard & Poor's 500 index tested a 2003 low.

The market, which had been down four of the past five sessions, has been volatile amid worries about how long a recession might be. That's driven many retail investors to the sidelines, while big institutional traders like hedge funds keep major stock indexes vacillating.


The NYSE DOW closed HIGHER +151.17 +1.83% on Tuesday November 18
Sym Last........ ........Change..........
Dow 8,424.75 +151.17 +1.83%
Nasdaq 1,483.27 +1.22 +0.08%
S&P 500 859.12 +8.37 +0.98%
30-yr Bond 4.1440% -0.0620

NYSE Volume 6,751,820,000
Nasdaq Volume 2,416,511,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,208.55 +76.39 +1.85%
DAX 4,579.47 +22.20 +0.49%
CAC 40 3,217.40 +35.37 +1.11%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,328.41 -194.17 -2.28%
Hang Seng 12,915.89 -613.64 -4.54%
Straits Times 1,692.55 -57.12 -3.26%


http://biz.yahoo.com/ap/081118/wall_street.html
Wall Street pulls off final-hour rebound
Tuesday November 18, 5:10 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks surge in late trading after major indexes test lows amid more economic uncertainty


NEW YORK (AP) -- Wall Street rebounded Tuesday in another turbulent session, as investors rushed back into the market after the Standard & Poor's 500 index tested a 2003 low.

The market, which had been down four of the past five sessions, has been volatile amid worries about how long a recession might be. That's driven many retail investors to the sidelines, while big institutional traders like hedge funds keep major stock indexes vacillating.

That was the case on Tuesday as stocks rallied in the final hour of trading. At least some of the buying was because fund managers whose portfolios are tied to the S&P 500 had to find a replacement for Anheuser-Busch Cos. The brewer was officially removed from trading at the market's close after its takeover by Belgium's InBev SA was completed.

Investors also used the market's big drop earlier in the session as chance to scoop up undervalued stocks. There was some encouragement about corporate earnings after Hewlett-Packard Co. said fourth quarter and 2009 results will sail past Wall Street expectations.

But still underpinning the market were concerns that the economy has fallen into a recession that could be the worst downturn in more than two decades. A disappointing reading on wholesale prices and the housing market only confirmed this.

The Labor Department reported that wholesale prices plunged a record amount in October, a drop that could indicate a rising threat of deflation. Meanwhile, homebuilders' confidence in a near-term housing recovery sank to a new all-time low this month, according to the National Association of Home Builders/Wells Fargo housing market index. NAHB Chairman Sandy Dunn said the report "shows that we are in a crisis situation."

Analysts said the market continues to search for a much-elusive bottom, and could yet again retest lows. The major indexes continued to attempt some sort of recovery from October's devastating losses.

"We're going to need more strength from here for a period of time to develop a convincing story that the market has bottomed," said Alan Gayle, senior investment strategist at RidgeWorth Investments.

The Dow ended up 151.17, or 1.83 percent, to 8,424.75.

The Standard & Poor's 500 index rose 8.37, or 0.98 percent, to 859.12, after earlier in the drifting toward its 2003 low of 818.69. The Nasdaq composite index added 8.37, or 0.98 percent, to 1,483.27. The Russell 2000 index of smaller companies fell 3.79, or 0.84 percent, to 447.51.

Volume on the New York Stock Exchange came to a light 1.6 billion shares. The fact that trading volume remains low is also a concern for analysts because that tends to skew the market's moves.

The uncertainty on Wall Street has kept Treasury bonds in high demand. The yield on the three-month T-bill, considered one of the safest assets around, rose to 0.11 percent from 0.10 percent late Monday. Longer-term Treasurys also moved higher, with the yield on the benchmark 10-year note falling to 3.53 percent from 3.66 percent.

Yields that low suggest that investors are willing to earn virtually nothing on their investments as long as their principal is preserved.

Analysts warn not to take Tuesday's gain as a sign the stock market is ready to stage a recovery. Many believe the economy has fallen into a recession that could be the worst downturn in more than two decades.

"There is no enthusiasm on the buy side right now," said Joe Keetle, senior wealth manager at Dawson Wealth Management. "You got a little spurt of it today because Hewlett-Packard's earnings were good and their outlook was good."

There also remains uncertainty in the financial system as Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke were grilled on Capital Hill about their management of a $700 billion financial bailout. Paulson told the House Financial Services Committee that the U.S. has "turned a corner" in averting a financial collapse, but more work needs to be done.

Paulson also said during his testimony that the administration remains firmly opposed to dipping into the government's financial bailout fund for a $25 billion rescue package for Detroit's Big Three automakers, no matter how badly they need the help.

"There are other ways" to help them, Paulson said.

Executives of General Motors Corp., Ford Motor Co. and Chrysler LLC and the head of the United Auto Workers union testified at a Senate Banking Committee hearing about a potential bailout. The automakers, seeking $25 billion in government aid, have the backing of Democratic congressional leaders, but the Bush administration and Republican lawmakers are against the proposed bailout.

The consensus among the three automakers is that if even one of the companies failed it would be a catastrophe to the industry. Ford shares fell 4 cents, or 2.3 percent, to 1.68; GM fell 9 cents, or 2.8 percent, to $3.09.

Chrysler CEO Robert Nardelli said during his testimony that the automaker needs immediate federal help or its cash could fall below of the amount needed to stay in business. The company is owned by an investor group that includes private-equity firm Cerberus Capital Management.

Investors found some encouragement in an unexpected announcement from Hewlett-Packard Co. that fourth-quarter and 2009 earnings will come in above Wall Street projections. The results signal HP, the world's largest-maker of personal computers, is weathering the economic crisis that has siphoned off sales at other technology companies.

HP vaulted $4.25, or 14.5 percent, to $33.59.

Yahoo Inc. shares spiked 92 cents, or 8.7 percent, to $11.55 after founder Jerry Yang announced that he was stepping down as chief executive of the Internet company. Many analysts believe the departure will accelerate an overhaul of Yahoo and lead to a sale to Microsoft.

The dollar fell against most other major currencies. Gold prices also fell. Light, sweet crude fell $2.09 to settle at $54.95 on the New York Mercantile Exchange, the lowest since January 2007.

In Asian trading, Japan's Nikkei index fell 2.28 percent, and Hong Kong's Hang Seng Index fell 4.54 percent. In European trading, Britain's FTSE 100 rose 1.47 percent, Germany's DAX index rose 0.49 percent, and France's CAC-40 rose 1.11 percent.

 

[bigdog]

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

Wall Street hit levels not seen since 2003 on Wednesday, with the Dow Jones industrial average plunging below the 8,000 mark as the fate of Detroit's Big Three automakers amid a slumping economy disheartened investors.

A cascade of selling occurred in the final minutes of the session as investors yanked money out of the market. For many, the real fear is that the recession might be even more protracted if Capitol Hill is unable to bail out the troubled auto industry.

The NYSE DOW closed LOWER Dow -427.47 points -5.07% on wednesday November 19
Sym Last........ ........Change..........
Dow 7,997.28 -427.47 -5.07%
Nasdaq 1,386.42 -96.85 -6.53%
S&P 500 806.58 -52.54 -6.12%
30-yr Bond 3.9720% -0.1720

NYSE Volume 7,326,077,500
Nasdaq Volume 2,409,408,000


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,005.68 -202.87 -4.82%
DAX 4,354.09 -225.38 -4.92%
CAC 40 3,087.89 -129.51 -4.03%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,273.22 -55.19 -0.66%
Hang Seng 12,815.80 -100.09 -0.77%
Straits Times 1,665.59 -26.96 -1.59%


http://biz.yahoo.com/ap/081119/wall_street.html
Dow plunges nearly 430 to fall below 8,000 mark
Wednesday November 19, 4:48 pm ET
By Joe Bel Bruno and Sara Lepro, AP Business Writers
Dow falls below the 8,000 mark as the fate of Detroit's Big Three automakers hangs in balance


NEW YORK (AP) -- Wall Street hit levels not seen since 2003 on Wednesday, with the Dow Jones industrial average plunging below the 8,000 mark as the fate of Detroit's Big Three automakers amid a slumping economy disheartened investors.

A cascade of selling occurred in the final minutes of the session as investors yanked money out of the market. For many, the real fear is that the recession might be even more protracted if Capitol Hill is unable to bail out the troubled auto industry.

Investors also scoured economic data that included minutes from the last meeting of the Federal Reserve in which policymakers lowered projections for economic activity this year and next. Economic worries caused across-the-board selling, with financial stocks particularly hard hit.

The S&P 500, widely considered the broadest snapshot of corporate America, slipped 6.12 percent to 806.58; and the Dow gave up 5.07 percent to 7,997.28. Both closed at their lowest levels since March 2003.

The financial crisis has already wiped out $6.69 trillion of value from the S&P 500 since its October 2007 high, and many fear more is to come. Stocks have traded with high volatility in the past few months, with the major indexes soaring only to plunge an hour later as the market looks for a bottom.

"I don't know what the catalyst is going to be where we turn the corner and people start buying stocks wholeheartedly again," said Jon Biele, head of capital markets at Cowen & Co. "People got out of the way. The financial situation hasn't changed."

The selling on the New York Stock Exchange was staggering -- only 158 companies that trade there finished the day positive while 2,943 declined. Volume again was light, a symptom of the market's recent volatility, with 1.63 million shares exchanging hands by the close.

Smaller stocks also got clobbered. The Russell 2000 index gave up 35.13, or 7.85 percent, to 412.38.

 

[bigdog]

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

Stocks plunged for a second straight day Thursday, falling to a ranges not seen in six years as financial and energy stocks tumbled and as demand for the safety of government debt spiked to historic levels.

Stocks, which had been weak for much of the session, lost ground after hopes faded that lawmakers would soon put together an aid package for the U.S. automakers and as major indexes like the Standard & Poor's 500 index broke through lows established in 2002. That breach of key technical thresholds sent a shudder through the market and touched off further selling.

The NYSE DOW closed LOWER Dow -444.99 points -5.28% on Thursday November 20
Sym Last........ ........Change..........
Dow 7,552.29 -444.99 -5.28%
Nasdaq 1,316.12 -70.30 -5.07%
S&P 500 752.44 -54.14 -6.71%
30-yr Bond 3.6890% -0.2830

NYSE Volume 10,184,700,000
Nasdaq Volume 3,188,191,750


Europe
Symbol... Last...... .....Change.......
FTSE 100 3,874.99 -130.69 -3.26%
DAX 4,220.20 -133.89 -3.08%
CAC 40 2,980.42 -107.47 -3.48%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,703.04 -570.18 -6.89%
Hang Seng 12,298.56 -517.24 -4.04%
Straits Times 1,613.95 -51.64 -3.10%

http://biz.yahoo.com/ap/081120/wall_street.html
Stocks tumble for second day; Treasurys surge
Thursday November 20, 4:40 pm ET
By Tim Paradis, AP Business Writer
Stocks plunge anew as hopes for immediate auto industry loans fade; financials, energy tumble

NEW YORK (AP) -- Stocks plunged for a second straight day Thursday, falling to a ranges not seen in six years as financial and energy stocks tumbled and as demand for the safety of government debt spiked to historic levels.

Stocks, which had been weak for much of the session, lost ground after hopes faded that lawmakers would soon put together an aid package for the U.S. automakers and as major indexes like the Standard & Poor's 500 index broke through lows established in 2002. That breach of key technical thresholds sent a shudder through the market and touched off further selling.

The pullback for the second straight day sent the Standard & Poor's 500 index down 6.7 percent to the 752 level, below the closing low of 776.76 logged on Oct. 9, 2002. The Dow Jones industrial average, meanwhile, fell 445 points, or 5.6 percent. The decline brings the Dow's two-day decline to 873 points.

Financial stocks plunged on worries that the government's financial rescue won't be sufficient to cover banks' losses. Meanwhile, a sharp drop in oil prices weighed heavily on energy companies.

Thursday's pullback came amid heavy volume, a welcome sign for some investors who are looking for the market to experience a cathartic sell-off that could lay the groundwork for a recovery. Heavier volume can signal investors are scared enough to sell rather than simply sitting on the sidelines, which can result in relatively light volume.

Observers said, however, that the selling was as much to do with entrenched pessimism about the prospects for many corners of the economy.

"Unrelenting gloom has taken over the markets," said Dana Johnson, chief economist at Comerica Inc. "The economic news, the concerns about some major financial institutions, the concerns about the auto sector, earnings reports, everything is coming out in a way that is just provoking a massive selling in the stock market."

"Back in October we were looking at a potential catastrophic meltdown of the credit markets, and that didn't happen," he said. "But that doesn't mean tremendous damage hasn't been done to the economy."

According to preliminary calculations, the Dow fell 444.99, or 5.56 percent, to 7,552.29.

Broader stock indicators also showed huge declines. The Standard & Poor's 500 index fell 54.14, or 6.71 percent, to 752.44. The Nasdaq composite index fell 70.30, or 5.07 percent, to 1,316.12.

The Russell 2000 index of smaller companies fell 27.07, or 6.56 percent, to 385.31.

Declining issues outnumbered advancers by about 10 to 1 on the New York Stock Exchange, where volume came to 2.23 billion shares.

Gus Scacco, managing director at AG Asset Management, said investors can't manage to regain confidence as the market continues to plumb new depths. Stocks fell to their lowest level in more than five years on Wednesday.

"We're trying to make a bottom but we keep breaking through," he said.

Bond prices showed stunning advances as investors clamored for the safety of government debt. The yield on the benchmark 10-year Treasury note fell to 3.14 percent from 3.32 percent late Wednesday. Bond yields move opposite their price. The yield on the three-month Treasury bill, considered one of the safest assets around, fell to 0.03 percent from 0.06 percent late Wednesday.

Light, sweet crude for December delivery fell 7 percent, or $4, to settle at $49.62 on the New York Mercantile Exchange.

 

[bigdog]

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

The last hour again!

Despite Friday's gains, stocks are still down sharply for the week. The Dow has lost 5.31 percent, while the S&P 500 fell 8.39 percent and the Nasdaq lost 8.74 percent.

Wall Street staged a surprising comeback Friday, with the major indexes jumping more than 5 percent and the Dow Jones industrials surging nearly 500 points in a late afternoon rally, ending another volatile week that saw stocks reach six-year lows.

Stocks erased about half of the losses that came in steep selling Wednesday and Thursday after investors got an unexpected jolt of confidence late Friday following an NBC News report that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary.

The NYSE DOW closed HIGHER Dow +494.13 points +6.54% on Friday November 21
Sym Last........ ........Change..........
Dow 8,046.42 +494.13 +6.54%
Nasdaq 1,384.35 +68.23 +5.18%
S&P 500 800.03 +47.59 +6.32%
30-yr Bond 3.6630% -0.0360

NYSE Volume 10,525,524,000
Nasdaq Volume 3,164,317,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 3,777.27 -97.72 -2.52%
DAX 4,127.41 -92.79 -2.20%
CAC 40 2,881.26 -99.16 -3.33%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,910.79 +207.75 +2.70%
Hang Seng 12,659.20 +360.64 +2.93%
Straits Times 1,662.10 +48.15 +2.98%

http://biz.yahoo.com/ap/081121/wall_street.html
Dow ends up nearly 500 on Geithner treasury report
Friday November 21, 5:29 pm ET
By Tim Paradis and Sara Lepro, AP Business Writers
Dow ends up nearly 500 in surprise comeback after report Geithner will be new Treasury secretary

NEW YORK (AP) -- Wall Street staged a surprising comeback Friday, with the major indexes jumping more than 5 percent and the Dow Jones industrials surging nearly 500 points in a late afternoon rally, ending another volatile week that saw stocks reach six-year lows.

Stocks erased about half of the losses that came in steep selling Wednesday and Thursday after investors got an unexpected jolt of confidence late Friday following an NBC News report that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary.

Investors have been looking for a clear message from Obama on who will lead his economic brain trust at a time when the country is facing its biggest financial crisis since the Great Depression. In addition, some on Wall Street have grown frustrated with outgoing Treasury Secretary Henry Paulson over his handling of the government's effort to rescue the banking system.

A senior Democratic official familiar with the deliberations confirmed to The Associated Press that Geithner is likely to be named as Treasury secretary. The official requested anonymity because the nomination hasn't been formally announced.

The advance in stocks also came as the FDIC said it would guarantee up to $1.4 trillion in U.S. banks' debt for more than three years as part of the government's financial rescue plan. The directors of the Federal Deposit Insurance Corp. voted Friday to approve the plan, which is meant to break the crippling logjam in bank-to-bank lending.

Stocks fluctuated throughout most of trading Friday, as fresh concerns over the stability of the financial sector prevented the market from establishing any sustainable gains. But stocks moved sharply higher in the final half hour after the report on Geithner.

Despite Friday's gains, stocks are still down sharply for the week. The Dow has lost 5.31 percent, while the S&P 500 fell 8.39 percent and the Nasdaq lost 8.74 percent.

According to preliminary calculations, the Dow rose 494.13 points, or 6.54 percent, on Friday to settle at 8,046.42. The benchmark Standard & Poor's 500 index jumped 47.59, or 6.32 percent, to 800.03, and the Nasdaq composite advanced 68.23, or 5.18 percent, to 1,384.35.

 

[bigdog]

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

The last 20 minutes - it could have been better except with drop by about 190 points!

Wall Street barreled higher Monday for the second straight session, this time in a relief rally over the government's plan to bail out Citigroup Inc. -- a move it hopes will help quiet some of the uncertainty hounding the financial sector and the overall economy. The Dow Jones industrials soared nearly 400 points and the major indexes all jumped more than 4.5 percent.

The surge gave the market its first two-day advance since Oct. 30-31 and the Dow's biggest two-day percentage gain since October 1987; the 891-point rise over the two sessions also wiped out an 872-point plunge over the course of Wednesday and Thursday. Although investors sensed late last week that a rescue of Citigroup was forthcoming, investors nonetheless were heartened, even emboldened, by the U.S. government's decision late Sunday to invest $20 billion in Citigroup and guarantee $306 billion in risky assets.

The NYSE DOW closed HIGHER Dow +396.97 points +4.93% on Monday November 24
Sym Last........ ........Change..........
Dow 8,443.39 +396.97 +4.93%
Nasdaq 1,472.02 +87.67 +6.33%
S&P 500 851.81 +51.78 +6.47%
30-yr Bond 3.7550% +0.0920

NYSE Volume 8,640,648,000
Nasdaq Volume 2,614,215,250


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,152.96 +372.00 +9.84%
DAX 4,554.33 +426.92 +10.34%
CAC 40 3,172.11 +290.85 +10.09%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,910.79 closed
Hang Seng 12,457.94 -201.26 -1.59%
Straits Times 1,620.29 -41.81 -2.52%

http://biz.yahoo.com/ap/081124/wall_street.html
Dow ends up nearly 400 after bailout of Citigroup
Monday November 24, 4:57 pm ET
By Tim Paradis, AP Business Writer
Dow ends up nearly 400 after government's bailout of Citigroup lifts some worries about banks


NEW YORK (AP) -- Wall Street barreled higher Monday for the second straight session, this time in a relief rally over the government's plan to bail out Citigroup Inc. -- a move it hopes will help quiet some of the uncertainty hounding the financial sector and the overall economy. The Dow Jones industrials soared nearly 400 points and the major indexes all jumped more than 4.5 percent.

The surge gave the market its first two-day advance since Oct. 30-31 and the Dow's biggest two-day percentage gain since October 1987; the 891-point rise over the two sessions also wiped out an 872-point plunge over the course of Wednesday and Thursday. Although investors sensed late last week that a rescue of Citigroup was forthcoming, investors nonetheless were heartened, even emboldened, by the U.S. government's decision late Sunday to invest $20 billion in Citigroup and guarantee $306 billion in risky assets.

Wall Street's enthusiasm grew not only because the bailout answered questions about Citigroup but also because many observers saw the move as offering as a model for how the government might carry out other bank stabilizations.

"This could be the template for saving the banks," said Scott Bleier, founder of market advisory service CreateCapital.com.

"The government has taken a new quill out, they've gone to where they didn't go before in terms of trying to secure the system," Bleier said. "Some of that vulnerability seems to be gone now."

Still, the market remains wary, especially with the economy in a serious downturn. The Dow was up more than 500 points in the last hour before giving up some of its gains -- many investors wanted to take some money off the table before the next bit of bad news arrives. And the market has frequently done sharp reversals since the start of the credit crisis 15 months ago.

The efforts from the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp. to help stabilize Citigroup are only the latest this year to support a banking system troubled by bad debt and flagging confidence. Besides implementing its $700 billion bailout plan for the overall financial industry, the government has bailed out insurance giant American International Group Inc. and taken over lenders Fannie Mae and Freddie Mac.

"You're definitely seeing relief," said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. "More than anything, the Fed repaired some of the psychological damage that was being done to the sector. I think the Fed is poised to do whatever they possibly can to help the financials get through the current turmoil."

"Not all banks are unhealthy, so knowing that the Fed is there is enough," Conroy said.

According to preliminary calculations, the Dow rose 396.97, or 4.93 percent, to 8,443.39.

Broader stock indicators also jumped. The Standard & Poor's 500 index advanced 51.78, or 6.47 percent, to 851.81, and the Nasdaq composite index rose 87.67, or 6.33 percent, to 1,472.02.

The Russell 2000 index of smaller companies rose 30.25, or 7.44 percent, to 436.79.

The rise in stocks follows a rally Friday that saw the Dow industrials jump 494 points, or 6.5 percent. The other major indexes also rose sharply. Still, stocks ended the week with a loss after heavy selling Wednesday and Thursday.

"I think it's a little bit of confidence coming back into the system right now," said Harry Clark, chief executive of Clark Capital Management. He contends the market began to form a bottom in an Oct. 10 sell-off and on Thursday made further headway toward setting a low that could give way to a rally.

Bond prices were mixed Monday as investors examined the government's bailout plan for Citigroup. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.36 percent from 3.20 percent late Friday.

The Treasury bill market showed continuing high demand, a sign of investors' caution. The yield on the three-month T-bill, considered one of the safest investments, fell to 0.02 percent from 0.04 percent late Friday.

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

Light, sweet crude rose $4.61 to $54.54 on the New York Mercantile Exchange.

Jim Baird, chief investment strategist with Plante Moran Financial Advisors, said the uncertainty over whether the government's cocktail of direct investments in financial houses and support of debt obligations will prove effective has led to recent stock market volatility. He warned, however, that the concerns about banks and the broader economy are likely to continue, he said.

"Just the sheer breadth of potential outcomes is very, very wide which I think makes it difficult for investors to determine how do you play it from here."

Stocks briefly came off their highs of the session in the middle of the session, with the Dow paring its gain from 300 points to 200 points, as President-elect Obama formally named his economic team but didn't offer specifics of an economic stimulus package nor state that he would push back a plan to raise taxes on the richest Americans. He reiterated his goal of creating 2.5 million jobs during the next two years.

Alan Lancz, director at investment research group LanczGlobal, said that while the market might have wanted a firmer commitment against raising taxes, it was too soon for Obama to outline specifics. Lancz expects the new administration wouldn't rush to implement the hikes if the economy appeared too weak.

"There's so many balls in the air right now he'd be foolish to make specific comments," Lancz said, noting that the economic picture could change greatly by Inauguration Day, which is Jan. 20.

Wall Street shrugged off a larger-than-expected drop in sales of existing homes last month as investors instead focus on the government's plans for the financial sector. And while the housing numbers fell short of expectations, Wall Street expected sales would fall sharply after last month's upheaval in the financial markets.

The National Association of Realtors says sales of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million in October. That's down from 5.14 million in September.

The financial sector led Monday's advance, fueled by a sense that the government might be developing a more nuanced yet ready-to-apply medicine for financial firms. Citi surged $2.18, or 58 percent, to $5.95. Bank of America rose $3.12, or 27 percent, to $14.59, while JPMorgan Chase & Co. rose $4.86, or 21 percent, to $27.58.

Advancing issues outnumbered decliners by about 7 to 1 on the New York Stock Exchange, where volume came to 2.04 billion shares.

Overseas, Britain's FTSE 100 jumped 9.84 percent, Germany's DAX index surged 10.34 percent, and France's CAC-40 rose 10.09 percent. Hong Kong's Hang Seng index fell 1.59 percent; markets in Japan were closed for a holiday.

 

[bigdog]

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

Wall Street showed some signs of stability Tuesday as investors, heartened by government plans to aid consumer lending companies, selectively bought more stocks following a huge two-day rally. Gains in blue chips gave the Dow Jones industrials and the Standard & Poor's 500 index their first triple-session advance in more than two months.

Tech stocks lagged the market, sending the Nasdaq composite index lower, as investors bet that businesses will continue slashing capital spending in a recession. Some selling was widely expected after a two-day rally that sent the Dow up nearly 900 points, but the fact that the market performed so well -- a contrast to its behavior after past rallies -- was an indication that investors are regaining some of the confidence that has been decimated for months by bad economic news.

The NYSE DOW closed HIGHER Dow +36.08 points +0.43% on Tuesday November 25
Sym Last........ ........Change..........
Dow 8,479.47 +36.08 +0.43%
Nasdaq 1,464.73 -7.29 -0.50%
S&P 500 857.39 +5.58 +0.66%
30-yr Bond 3.6320% -0.1230

NYSE Volume 7,728,153,000
Nasdaq Volume 2,505,390,750


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,171.25 +18.29 +0.44%
DAX 4,560.42 +6.09 +0.13%
CAC 40 3,209.56 +37.45 +1.18%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,323.93 0.00 +5.22%
Hang Seng 12,878.60 +420.66 +3.38%
Straits Times 1,653.25 +32.96 +2.03%

http://biz.yahoo.com/ap/081125/wall_street.html
Dow extends rally, broader indexes close mixed
Tuesday November 25, 4:55 pm ET
By Joe Bel Bruno, AP Business Writer
Dow rises for the 3rd straight day, broader indexes mixed as investors selectively buy stock


NEW YORK (AP) -- Wall Street showed some signs of stability Tuesday as investors, heartened by government plans to aid consumer lending companies, selectively bought more stocks following a huge two-day rally. Gains in blue chips gave the Dow Jones industrials and the Standard & Poor's 500 index their first triple-session advance in more than two months.

Tech stocks lagged the market, sending the Nasdaq composite index lower, as investors bet that businesses will continue slashing capital spending in a recession. Some selling was widely expected after a two-day rally that sent the Dow up nearly 900 points, but the fact that the market performed so well -- a contrast to its behavior after past rallies -- was an indication that investors are regaining some of the confidence that has been decimated for months by bad economic news.

Three straight days of gains for the Dow and S&P indicates an underlying strength in the market, particularly in the face of a weak technology sector, said Richard E. Cripps, chief market strategist for Stifel Nicolaus.

It's "probably too premature" to say that the market has already hit its lowest level of the downturn, he said. "This bottoming phase is going to be a process."

Many analysts thought the market had reached a bottom weeks ago after the devastating losses of early October, only to see Wall Street take an even sharper dive just last week.

Investors were encouraged Tuesday after the Treasury Department and the Federal Reserve said they planned to provide $800 billion to help unfreeze the market for consumer debt and to make mortgage loans cheaper and more available. The program is aimed at reviving moribund credit markets.

The government, while looking to reduce fear in the credit markets, is eager to see lenders including credit card companies, student loan issuers and car purchase financers resume more normal levels of lending to help stimulate the economy. Since September, when credit markets first froze, financial institutions have been hesitant to hand over money for fear they won't be repaid. That, in turn, has made it harder for businesses and consumers to borrow.

"We're getting more clarity about the federal assistance across the board, and I think that's being well received," said Arthur Hogan, chief market analyst at Jefferies & Co. "Most of the overhangs in the market are getting answers."

According to preliminary calculations, the Dow rose 36.08, or 0.43 percent, to 8,479.47. The index was up 164 points earlier in the session but also fell 161. The Dow last put a three-day advance together on Aug. 26-28.

Broader indexes were mixed. The S&P 500 rose 5.58, or 0.66 percent, to 857.39, giving the index its first three-day rise since Sept. 10-12. The Nasdaq composite index, hurt by signs that companies are cutting back on technology spending, fell 7.29, or 0.50 percent, to 1,464.73.

Still, advancing issues were ahead of decliners on the Nasdaq Stock Market by 5 to 4. On the New York Stock Exchange, advancers were ahead by more than 2 to 1 on volume of 1.7 billion shares.

The government's latest effort to combat the fear hobbling the marketplace overshadowed a report that the nation's overall economic output shrank in the July-September quarter faster than initially estimated as consumers slashed spending by the most in 28 years.

The Commerce Department said third-quarter gross domestic product declined at a 0.5 percent annual rate, outpacing the 0.3 percent first estimated a month ago. Still, Wall Street had expected the number would worsen, so the report didn't catch the market by surprise. It was the worst reading since growth fell at a 1.4 percent pace in the third quarter of 2001, which was during the last recession.

And, ahead of the holiday shopping season, investors got some good news about consumers. The Conference Board said its Consumer Confidence Index unexpectedly rose to 44.9 in November, up from a revised 38.8 in the previous month. Last month's reading was the lowest since the research group started tracking the index in 1967. Economists expected the index to slip to 37.9.

The business research group said Americans' views on the economy still remain the gloomiest in decades. Consumer spending, always a concern on the Street, has taken on greater importance because the economy cannot expand unless consumers are spending -- and they've shown increasing reluctance the past few months, a troubling sign with the holiday season approaching.

Treasury bonds fell during the session after most investors focused on the stock market. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.11 percent from 0.01 percent late Monday. Investors worried about the economy and bad debt have flooded into safest areas of the credit markets, driving down yields, but some of their anxiety eased Tuesday.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.08 percent from 3.33 percent late Monday.

The dollar was mixed against other major currencies, while gold prices fell. Light, sweet crude fell $3.73 to settle at $50.77 a barrel on the New York Mercantile Exchange.

Starbucks Corp. warned in a regulatory filing late Monday that it expects sales will continue to weaken, at least through the end of the fiscal year. The Seattle-based coffee chain said in its annual report that it expects same-store sales, or sales at stores open at least a year, to decline in fiscal 2009; a bleak outlook earlier this month helped set off a wave of selling on economic fears.

Same-store sales are an important retail metric because they measure how established stores are performing, not just new ones. Shares fell 38 cents to $8.08.

Hewlett-Packard Co. on Monday posted fiscal fourth-quarter earnings that topped Wall Street's forecast as strong laptop sales helped offset falling printer orders and weakness in some server lines. Shares fell 24 cents, or 2.9 percent, to $8.21 after analysts said they remain concerned about how the company will fare during the recession.

The Russell 2000 index of smaller companies rose 6.38, or 1.46 percent, to 443.18.

Overseas, Japan's Nikkei stock average rose 5.22 percent. Britain's FTSE 100 rose 0.44 percent, Germany's DAX index rose 0.13 percent, and France's CAC-40 rose 1.18 percent.