NYSE Dow Jones finished today at:

[bigdog]

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

A stock market gaining confidence in the nation's financial system bolted higher Wednesday, propelling the Dow Jones industrials and Standard & Poor's 500 index to their first four-day advance since last spring.

The market reversed losses from earlier in the session after President-elect Barack Obama pledged he would have a plan to deal with the nation's economic crisis on his first day in office. After filling more spots to his economic team, Obama stated that "help is on the way."

The NYSE DOW closed HIGHER Dow +247.14 points +2.91% on wedneday November 26
Sym Last........ ........Change..........
Dow 8,726.61 +247.14 +2.91%
Nasdaq 1,532.10 +67.37 +4.60%
S&P 500 887.68 +30.29 +3.53%
30-yr Bond 3.5630% -0.0690

NYSE Volume 6,442,327,000
Nasdaq Volume 2,001,666,875


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,152.69 -18.56 -0.44%
DAX 4,560.50 +0.08 +0.00%
CAC 40 3,169.85 -39.71 -1.24%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,213.22 -110.71 -1.33%
Hang Seng 13,369.45 +490.85 +3.81%
Straits Times 1,711.13 +57.88 +3.50%

http://biz.yahoo.com/ap/081126/wall_street.html
Dow, S&P 500 clinch 4th straight winning session
Wednesday November 26, 5:49 pm ET
By Tim Paradis, AP Business Writer
Stocks rally after Obama comments about economy; Dow and S&P rise for 4th straight day


NEW YORK (AP) -- A stock market gaining confidence in the nation's financial system bolted higher Wednesday, propelling the Dow Jones industrials and Standard & Poor's 500 index to their first four-day advance since last spring.

The market reversed losses from earlier in the session after President-elect Barack Obama pledged he would have a plan to deal with the nation's economic crisis on his first day in office. After filling more spots to his economic team, Obama stated that "help is on the way."

The major indexes built on their gains through the afternoon, but analysts warned that this latest advance came on light pre-holiday volume. The Dow is up 1,174 points, or 15.5 percent, during the past four days, and the S&P 500 is up 135, or 18 percent -- giving both indicators their biggest four-day rise since the Great Depression. The rally marks a string of gains that seemed impossible to achieve in the depths of selling that began in mid-September after the collapse of Lehman Brothers Holdings Inc.

Analysts saw encouraging signs in the rally, but they were still cautious given months of extreme market volatility.

"Sentiment has turned slightly more positive over the past few days with some of the government packages in the U.S. and the stimulus programs that have been announced," said Michael Sheldon, chief market strategist at RDM Financial Group. "That might help turn the tide."

The government's latest steps aimed at restoring the nation's financial system to health came Tuesday, when the Bush administration and the Federal Reserve pledged $800 billion to boost lending on credit cards, auto loans, mortgages and other borrowing.

Obama's remarks, meanwhile, calmed the market after the day's economic reports pointed to more weakness. The government reported that unemployment at recessionary levels, new home sales at their lowest level in nearly 18 years, another plunge in consumer spending, and factory orders for big-ticket items down by the largest amount in two years.

Analysts said some of the turnaround in stocks was due to the fact that the economic news was expected to be bad. Further, volume was about half of its normal levels on the floor of the New York Stock Exchange -- with 1.4 billion shares traded -- which can exacerbate price movements. Consolidated volume, which includes trades on other exchanges, came to 5.71 billion shares, compared to 6.72 billion on Tuesday.

"What we're seeing in the market is basically a light-volume shrugging off of bad news, which is very encouraging in the short term," said Sal Arnuk, co-head of equity trading at Themis Trading LLC.

The Dow industrials rose 247.14, or 2.91 percent, 8,726.61. The Dow has not had four straight gains since April 15-18; its advance is its biggest since 1932, during the Depression.

Broader indicators also rose. The S&P 500 advanced 30.29, or 3.53 percent, to 887.68; it last had a four-day winning streak May 27-30. Its rally was its largest since 1933.

The Nasdaq composite index rose 67.37, or 4.60 percent, to 1,532.10. The Russell 2000 index of smaller companies rose 25.45, or 5.74 percent, to 468.63.

The indexes remain far below the peaks they reached in October 2007. The Dow is down 38.39 percent, the S&P 500 is down 43.28 percent, and the Nasdaq is off 46.41 percent.

Advancing issues outnumbered decliners by 3 to 1 on the NYSE.

On Tuesday, stocks finished mostly higher as investors were encouraged by the government's new initiatives to help unfreeze the credit markets.

The market's performance in recent sessions has been a show of stability as stocks have generally traded with less volatility than they had in the past three months as the market's yearlong pullback intensified. But analysts remain cautious about how long the calm will last.

"I don't think its a sign of longer-term stability, but feel this is a sign of shorter-term stability," said Todd Salamone, director of trading and vice president of research at Schaeffer's Investment Research in Cincinnati. "There's just too much uncertainty out there."

Bond prices rose Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.99 percent from 3.10 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, fell to 0.03 percent from 0.09 percent late Tuesday.

The dollar mostly rose against other major currencies, while gold prices fell. Light, sweet crude rose $3.67 to settle at $54.44 a barrel on the New York Mercantile Exchange.

In economic news, the Labor Department said initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week's upwardly revised figure of 543,000. That is lower than analysts' expectations of 537,000. Still, the initial claims remain at recessionary levels.

The Commerce Department said orders to U.S. factories for big-ticket manufactured goods plunged in October by the largest amount in two years as the economy weakened. The 6.2 percent drop was more than double the 3 percent decline economists expected.

It also reported that sales of new homes fell 5.3 percent in October to the lowest level in nearly 18 years. The seasonally adjusted annual sales pace of 433,000 homes was the lowest level since January 1991, when the country was facing another steep housing downturn.

Americans also cut back on their spending in October by the largest amount since the 2001 terror attacks. The Commerce Department said consumer spending plunged by 1 percent last month, worse than the 0.9 percent decline that had been expected. The report also said personal incomes rose 0.3 percent last month, more than the 0.1 percent gain analysts had predicted.

There was also some uneasiness ahead of the holiday shopping season. The season, which accounts for as much as 40 percent of annual profits for many stores, is expected to be the weakest in decades, as consumers grapple with rising unemployment and a drop in household wealth.

Some consumer technology names managed to post gains as investors hoped they might be able to see post holiday results.

Apple Inc. rose $4.20, or 4.6 percent, to $95.00, while Dell Inc. rose 63 cents, or 6 percent, to $11.05.

Blue chip stocks were higher. Citigroup Inc., which received a bailout by the government this week to stabilize the bank, surged 97 cents, or 16 percent, to $7.05. Consumer products maker Procter & Gamble Co. fell 2 cents to $63.16, while Chevron Corp. rose $3.40, or 4.4 percent, to $79.39.

Overseas, Japan's Nikkei stock average fell 1.33 percent. In afternoon trading, Britain's FTSE 100 fell 0.44 percent, Germany's DAX index was unchanged, and France's CAC-40 fell 0.52 percent.

 

[bigdog]

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

NYSE and NYSE Arca are closed in observance of Thanksgiving on Thursday, November 27.

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,226.10 +73.41 +1.77%
DAX 4,665.27 +104.77 +2.30%
CAC 40 3,250.39 +80.54 +2.54%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,373.39 +160.17 +1.95%
Hang Seng 13,552.06 +182.61 +1.37%
Straits Times 1,710.52 -0.61 -0.04%

 

[bigdog]

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

The Dow Jones industrial average ended the week up 782.62, or 9.73 percent, at 8,829.04. The Standard & Poor's 500 index finished up 96.21, or 12.03 percent, at 896.24. The Nasdaq composite index ended the week up 151.22, or 10.92 percent, at 1,384.35.

Wall Street finished higher Friday, wrapping up its biggest five-day rally in more than 75 years, even as investors digested signs of a bleak holiday season for retailers and fears that a flurry of reports next week will show more economic distress.

On the short trading day, investors snapped up the battered shares of blue-chip stalwarts Citigroup Inc. and General Motors Corp., fueling a rally that has surprised many market experts whipsawed by wild swings during the past three months.

The NYSE DOW closed HIGHER Dow +102.43 points +1.17% on Fridday November 28
Sym Last........ ........Change..........
Dow 8,829.04 +102.43 +1.17%
Nasdaq 1,535.57 +3.47 +0.23%
S&P 500 896.24 +8.56 +0.96%
30-yr Bond 3.4870% -0.0760

NYSE Volume 2,863,425,750
Nasdaq Volume 791,066,190


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,288.01 +61.91 +1.46%
DAX 4,669.44 +4.17 +0.09%
CAC 40 3,262.68 +12.29 +0.38%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,512.27 +138.88 +1.66%
Hang Seng 13,888.24 +336.18 +2.48%
Straits Times 1,732.57 +22.05 +1.29%

http://biz.yahoo.com/ap/081128/wall_street.html
Stocks end short session with 5th straight gain
Friday November 28, 4:51 pm ET
By Tim Paradis, AP Business Writer
Dow, S&P log biggest 5-day percentage gains since the 1930s, even as holiday sales look bleak

NEW YORK (AP) -- Wall Street finished higher Friday, wrapping up its biggest five-day rally in more than 75 years, even as investors digested signs of a bleak holiday season for retailers and fears that a flurry of reports next week will show more economic distress.

On the short trading day, investors snapped up the battered shares of blue-chip stalwarts Citigroup Inc. and General Motors Corp., fueling a rally that has surprised many market experts whipsawed by wild swings during the past three months.

The market got big boosts over the past week from President-elect Barack Obama naming his economic team, the government propping up Citigroup, and the Federal Reserve deciding to buy massive amounts of mortgage-backed securities. These efforts reassured the market that broad efforts are still being made to fight the financial crisis that intensified in September with the bankruptcy of Lehman Brothers Holdings Inc.

Just last week, the S&P 500 index fell to its lowest point since 1997 while Citigroup and GM were trading at 15-year and 70-year lows, respectively -- touching off worries about how far the market would slide.

While the stock market's strong rebound was certainly welcome, analysts were hesitant about getting too optimistic. Not only did were trading volumes very light on Friday, but investors will be digesting a slew of economic data next week ranging from a reading on the manufacturing sector to the all-important employment report from the Labor Department. Both are expected to be dismal.

"We're seeing some confidence come back into this stock market, but I don't think that's necessarily a reason to be dropping our guard," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York. "You still have to be cautious. There's opportunity, but you have to be extremely selective and defensive."

The stock market closed three hours early the day after Thanksgiving and locked in gains of 16.9 percent for the Dow since the rally began Nov. 21, 19.1 percent for the S&P 500; and 16.7 percent for the Nasdaq.

It was the first time the Dow rose for five consecutive sessions since July 2007, and the biggest five-day percentage gain over five sessions since Aug. 8, 1932. For the S&P 500, it was the first five-day string of gains since July 2007, and the largest five-day percentage gain since March 16, 1933.

The month of November wiped out $1 trillion of shareholder wealth, but the last five days gained $1.2 trillion, according to the Dow Jones Wilshire 5000 Composite Index, which reflects the value of nearly all U.S. stocks.

What could stymie the rally, however, is if the holiday shopping period, which began in earnest Friday, turns out even worse than expected. Wall Street already anticipates that retailers will suffer as consumers, nervous about a difficult job market, lower home values and a jittery stock market, grow more restrained in their spending this year.

"You've seen all sorts of numbers that point to the fact that discretionary spending in the economy has come to an absolute halt," said David Reilly, director of portfolio strategy at Rydex Investments.

Some retail stocks rose Friday as some investors hoped the predictions have been overly dour. Macy's Inc. added 5.6 percent, though some discounters, like Wal-Mart Stores Inc., slipped.

A rare drop in year-over-year holiday spending would be troubling, as it is the most important period of the year for most retailers and because consumer purchases account for more than two-thirds of U.S. economic activity. But while some stores around the nation appeared busy Friday as shoppers looked for bargains, the early evidence was anecdotal and Wall Street would have to wait for cash register tallies.

"The discounting appears to be unbelievable," said Reilly. "The retail sector is going to do whatever it can to get people through the door."

On Friday, the Dow rose 102.43, or 1.17 percent, to 8,829.04.

Broader stock indicators also rose. The S&P 500 index advanced 8.56, or 0.96 percent, to 896.24, while the Nasdaq composite index rose 3.47, or 0.23 percent, to 1,535.57 after spending much of the session lower.

The Russell 2000 index of smaller companies rose 4.28, or 0.91 percent, to 473.14.

Government bonds rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, tumbled to 2.93 percent from 2.99 percent late Wednesday. The yield on the three-month T-bill, considered one of the safest investments, edged up to 0.05 percent from 0.03 percent Wednesday.

Citigroup was by far the biggest gainer among the 30 stocks that make up the Dow industrials, rising $1.24, or 17.6 percent, to $8.29. Just a week ago, the bank's stock was selling off precipitously, before the government put together a plan to backstop more than $300 billion of the bank's assets.

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, noted that the day after Thanksgiving is historically a winning day for the market, and that the recent bounce resembles those seen in October when the market stormed higher on relatively light volume only to retreat in the face of gloomy economic readings. Market advances on light volume can indicate that there are simply fewer sellers rather than a strong number of buyers snapping up stocks with conviction.

"We're looking at this like not much more than a light-volume, bear market bounce," Detrick said. "They go away just as quickly as they happen, unfortunately."

In addition to next week's economic data, investors will be waiting to see if Detroit's major automakers can secure federal loans after sending restructuring plans to Capitol Hill by Tuesday. General Motors Corp. rose 43 cents, or 8.9 percent, to $5.24 Friday, while Ford Motor Co. rose 54 cents, or 25 percent, to $2.69. Chrysler LLC isn't publicly traded.

The dollar mostly rose against other major currencies, while gold prices also advanced.

Light, sweet crude fell a penny to settle at $54.43 per barrel on the New York Mercantile Exchange.

Advancing issues outpaced decliners by more than 2 to 1 on the New York Stock Exchange, where volume came to a light 787 million shares.

Overseas, Japan's Nikkei stock average fell 0.23 percent. Stocks in India rose a day after trading was suspended because of the terrorist attacks in Mumbai, the country's financial capital. The Sensex Index ended the day with an advance of 0.7 percent.

Britain's FTSE index rose 1.46 percent, Germany's DAX index rose 0.09 percent, and France's CAC-40 advanced 0.38 percent.

The Dow Jones industrial average ended the week up 782.62, or 9.73 percent, at 8,829.04. The Standard & Poor's 500 index finished up 96.21, or 12.03 percent, at 896.24. The Nasdaq composite index ended the week up 151.22, or 10.92 percent, at 1,384.35.

The Russell 2000 index finished the week up 66.60, or 16.38 percent, at 473.14.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended at 8,945.20, up 1,019.14 points, or 12.86 percent, for the week. A year ago, the index was at 15,581.48.

 

[Aussiejeff]

DOW plunge overnight with no sign of any meaninful interday rallies & no short rally into close. DOW futures look just as bad!

VALUE 8,149.09
CHANGE -679.95
% CHANGE -7.7
TOTAL MEMBERS 30
UP 0
DOWN 30
UNCHANGED 0

Hang on to yer hats, lads.

Looks like a blood red sun rising over the ASX this morning.

PS:

Citigroup DOWN almost -21%
Bank of America DOWN almost -21%

 

[bigdog]

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

The reality that the nation is indeed in recession and that the downturn may well be prolonged sent Wall Street plunging Monday, hurtling the Dow Jones industrials down nearly 700 points and wiping out more than half of last week's big gains. All the major indicators fell more than 7 percent, with the Standard & Poor's 500 index down nearly 9 percent.

The market spent the day absorbing a litany of bad news that convinced investors that the optimism that fed a 1,276-point gain over five sessions was premature. Stocks first slid on initial reports that the first weekend of the holiday shopping season, while better than some retailers and analysts feared, saw only modest gains. That had Wall Street worried that the rest of the season would be disastrous, a troubling possibility not only for retailers but for an economy that is dependent on consumer spending for its growth.

The NYSE DOW closed LOWER Dow -679.95 points -7.70% on Munday December 1
Sym Last........ ........Change..........
Dow 8,149.09 -679.95 -7.70%
Nasdaq 1,398.07 -137.50 -8.95%
S&P 500 816.21 -80.03 -8.93%
30-yr Bond 3.2360% -0.2510

NYSE Volume 6,507,749,000
Nasdaq Volume 1,948,170,250


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,065.49 -222.52 -5.19%
DAX 4,394.79 -274.65 -5.88%
CAC 40 3,080.43 -182.25 -5.59%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,397.22 -115.05 -1.35%
Hang Seng 14,108.84 +220.60 +1.59%
Straits Times 1,690.23 -42.34 -2.44%

http://biz.yahoo.com/ap/081201/wall_street.html
Stocks fall sharply on consumer spending worries
Monday December 1, 4:51 pm ET
By Sara Lepro and Tim Paradis, AP Business Writers
Stocks fall sharply on consumer spending worries, downbeat data on manufacturing, construction

NEW YORK (AP) -- The reality that the nation is indeed in recession and that the downturn may well be prolonged sent Wall Street plunging Monday, hurtling the Dow Jones industrials down nearly 700 points and wiping out more than half of last week's big gains. All the major indicators fell more than 7 percent, with the Standard & Poor's 500 index down nearly 9 percent.

The market spent the day absorbing a litany of bad news that convinced investors that the optimism that fed a 1,276-point gain over five sessions was premature. Stocks first slid on initial reports that the first weekend of the holiday shopping season, while better than some retailers and analysts feared, saw only modest gains. That had Wall Street worried that the rest of the season would be disastrous, a troubling possibility not only for retailers but for an economy that is dependent on consumer spending for its growth.

According to figures released by ShopperTrak RCT, a research firm that tracks total retail sales at more than 50,000 outlets, sales over Friday and Saturday rose just 1.9 percent.

Meanwhile, downbeat economic reports on the manufacturing sector and construction spending only added to investors' concerns. Speeches from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson also did little to assuage investors about the downturn.

The day's news reminded investors, who last week were buying on a burst of optimism, that the economy is still in serious trouble. Then, at midday, Wall Street got confirmation of what everyone has suspected for months, that the nation is indeed in a recession. The National Bureau of Economic Research, considered the arbiter of when the economy is in recession or expanding, said the U.S. recession had begun a year ago, in December 2007.

That assessment made the retail sales figures all the more unnerving.

"Unfortunately, two-thirds of the American economy is based on the spending of the American consumer," said Mike Stanfield, chief executive of VSR Financial Services. "When the consumer pulls back, it's very hard for the economy to gain much traction."

Investors had been hopeful that last week's rally -- when the major indexes shot up by double digit percentages -- was a sign that some stability had returned to a market badly shaken by months of discouraging economic data. But analysts expect economic concerns to weigh on the market for some time to come.

"Everyone knows the recession is on us, the question is now will it be short and shallow or long and severe," Stanfield said.

Chuck Widger, chief executive of investment management firm Brinker Capital, expects the volatility to continue until investors have better visibility on the future.

"Investors are looking for better data on the economy," he said. "We've got baked in pretty nasty assumptions for the economy this quarter. The markets are looking ahead to the first quarter for data that will confirm or deny the bad news."

According to preliminary calculations, the Dow Jones industrial average fell 679.95, or 7.70 percent, to 8,149.09. The Standard & Poor's 500 index dropped 80.03, or 8.93 percent, to 816.21, while the Nasdaq composite index fell 137.50, or 8.95 percent, to 1,398.07.

Only 218 stocks were in positive territory on the New York Stock Exchange with 2,693 declining. Volume came to 1.62 billion shares.

The Russell 2000 index of smaller companies fell 56.07, or 11.85 percent, to 417.07.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.76 percent from 2.92 percent Friday. The yield on the three-month T-bill, considered one of the safest investments and an indicator of investor sentiment, slipped to 0.02 percent from 0.05 percent Friday. The lower the yield, the more anxious investors tend to be.

The market received no relief after a pair of speeches from Paulson and Bernanke about the economy.

Paulson said the administration is looking for more ways to tap a $700 billion financial rescue program and will consult with Congress and the incoming Obama administration. The program has distributed $150 billion out of the $250 billion earmarked to buy stock in banks as a way to boost their resources so they can lend more.

He said the administration is looking at other ways to utilize the rescue package, including alternatives for providing capital to financial institutions.

Meanwhile, Bernanke said in another speech Monday that further interest rate cuts are "certainly feasible," but he warned there are limits to how much such action would revive the economy. The central bank's key interest rate now stands at 1 percent, a level seen only once before in the last half-century.

Many economists predict policymakers will drop the rate again at their next meeting on Dec. 15-16. And, there have certainly been enough weak economic news to compel the Fed to make another cut.

There was no shortage of disappointing economic news on Monday. The Institute for Supply Management, a trade group of purchasing executives, said its index of manufacturing activity fell to a 26-year low in November. Meanwhile, the Commerce Department said construction spending fell by a larger-than-expected amount in October.

Stanfield also said investors have lost some confidence in recent moves by the government to bolster the financial system. "The financials are still lagging, which in my opinion shows a lack of confidence in (Treasury Secretary) Paulson and the undertaking of the Fed and the Treasury," he said.

Analysts say investors have been frustrated by the government's change in strategy as it implements its $700 billion financial bailout program; the Treasury originally said it would buy soured mortgage debt from banks, then decided to buy stock in the banks. Last week, with the rescue of Citigroup Inc., the government again said it was buying the bank's failed debt.

The government injected a fresh $20 billion into the banking giant and said it would guarantee up to $306 billion of the bank's risky assets. Banking stocks were among the biggest sectors pulling the overall market down on Monday.

Citigroup tumbled $1.84, or 22.2 percent, to $6.45. Morgan Stanley shares dropped $3.40, or 23.1 percent, to $11.35. Goldman Sachs Group Inc. fell $13.23, or 16.7 percent, to $65.76.

Retailers were among the day's poorest performers. Wal-Mart Stores Inc. fell $2.87, or 5.1 percent, to $53.01, while JCPenney Co. tumbled $2.44, or 12.8 percent, to $16.55.

Light, sweet crude dropped $5.15 to settle at $49.28 a barrel on the New York Mercantile Exchange after OPEC decided not to cut production at an informal meeting in Cairo on Saturday. The Organization of the Petroleum Exporting Countries, which accounts for about 40 percent of global supply, reduced output quotas in October by 1.5 million barrels a day.

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

Overseas, Japan's Nikkei stock average fell 1.35 percent. At the close, Britain's FTSE 100 was down 5.19 percent, Germany's DAX index was down 5.88 percent, and France's CAC-40 was down 5.59 percent.

 

[Aussiejeff]

Is there a Doctor in the house?

That patient's heart chart looks sick. No sign of life.

 

[bigdog]

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

In a session that showed more indecision than conviction, the stock market rebounded Tuesday from the previous day's massive decline. The Dow Jones industrials rose 270 points after fluctuating sharply, and all the major indexes rose more than 3 percent.

Investors wary about the economy drew solace from Ford Motor Co. Chief Executive Alan Mulally, who said the automaker has enough cash to make it through 2009 and might not need government help. Rival General Motors Corp. said late in the day that it needs $12 billion in government loans to continue operating; the news briefly shook the market, but stocks rebounded before the close.



The NYSE DOW closed HIGHER Dow +270.00 points +3.31% on Tuesday December 2
Sym Last........ ........Change..........
Dow 8,419.09 +270.00 +3.31%
Nasdaq 1,449.80 +51.73 +3.70%
S&P 500 848.81 +32.60 +3.99%
30-yr Bond 3.2020% -0.0340

NYSE Volume 6,967,895,000
Nasdaq Volume 2,147,017,500


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,122.86 +57.37 +1.41%
DAX 4,531.79 +137.00 +3.12%
CAC 40 3,152.90 +72.47 +2.35%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,863.69 -533.53 -6.35%
Hang Seng 13,405.85 -702.99 -4.98%
Straits Times 1,648.38 -41.85 -2.48%

http://biz.yahoo.com/ap/081202/wall_street.html
Wall Street rebounds sharply after big drop
Tuesday December 2, 5:47 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street rebounds after Monday's massive decline

NEW YORK (AP) -- In a session that showed more indecision than conviction, the stock market rebounded Tuesday from the previous day's massive decline. The Dow Jones industrials rose 270 points after fluctuating sharply, and all the major indexes rose more than 3 percent.

Investors wary about the economy drew solace from Ford Motor Co. Chief Executive Alan Mulally, who said the automaker has enough cash to make it through 2009 and might not need government help. Rival General Motors Corp. said late in the day that it needs $12 billion in government loans to continue operating; the news briefly shook the market, but stocks rebounded before the close.

The market was also encouraged after General Electric Co. said it expects to pay a dividend despite projections that fourth-quarter results will near the low end of its previous guidance. That raised some hopes that U.S. companies may fare better during the recession than the market has feared.

Investors got an additional lift after the Federal Reserve said it will extend the life of key programs aimed at loosening the credit markets and restoring stability to the financial sector. That helped make financial stocks, the hardest hit sector since the credit crisis began, among the market's biggest gainers.

Still, the day's news wasn't enough to completely calm investors who are weary after huge swings in the market the past few months -- including the nearly 680-point slide in the Dow on Monday. The blue chips were up more than 260 points during the afternoon Tuesday, then dipped to a loss before swinging higher. Analysts said the volatility underscores how bear markets operate, and warned this kind of trading pattern isn't expected to change anytime soon.

"I don't know where the bottom to all this is," said Alexander Paris, economist and market analyst for Chicago-based Barrington Research. "In these kind of markets, all you have to do is get enough confidence to hold your nose and ignore the bad news to send the market higher."

The market remains uncertain about what might lie ahead, from how long the recession might last to more troubles in the struggling financial sector. Wall Street this week is uneasy about a number of reports due to be released, primarily Friday's jobs report that is widely considered the most important economic reading of the month.

The Dow rose 270.00, or 3.31 percent, to 8,419.09, making back more than a third of Monday's plunge, which came on a string of bad economic news including lackluster retail sales during the Thanksgiving weekend.

Broader stock indexes also soared Tuesday. The Standard & Poor's 500 index rose 32.60, or 3.99 percent, to 848.81, while the Nasdaq composite index gained 51.73, or 3.70 percent, to 1,449.80.

The Russell 2000 index of smaller companies rose 24.75, or 5.93 percent, to 441.82.

The market's rise picks up from a five-day rally that was snapped on Monday. Last week's streak for the Dow and the S&P 500 was the longest since July 2007, and the biggest point and percentage gain since 1932.

Advancing issues outpaced decliners by a 3 to 1 basis on the New York Stock Exchange, where consolidated volume came to 5.79 billion shares, about even with Monday.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to a record low of 2.70 percent from 2.76 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.05 percent from 0.03 percent late Monday.

These kind of market movements are typical of periods marked by low economic growth, analysts said. Some, however, are concerned that investors may have gotten carried away since the market completed its biggest rally since 1932 last week.

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, said there still might be too much optimism in the market, considering the five straight days of advances before Monday's drop. He believes there was too much excitement on the part of investors that a bottom might have formed, and that sets the market up for disappointments.

"There's too much talk of valuations, people jumping in on the bullish side after a bounce," he said. "And that's not how bottoms form, and that's not going to take this market continually higher."

The nation's automakers remained in focus through most of the session as Ford, General Motors and Chrysler LLC returned to Washington to submit plans for remaking themselves. Lawmakers demanded those plans before considering whether to give the automakers $25 billion in government support.

And, investors remain wary as the automakers released their November sales figures Tuesday. Ford said its sales tumbled 31 percent amid a continued slump in consumer spending and tight credit markets. Toyota's sales fell 34 percent despite its extension of zero-percent financing on a dozen vehicles. General Motors Corp. reported a 41 percent slide.

Ford shares rose 15 cents, or 5.9 percent, to $2.70. GM rose 26 cents, or 5.7 percent, to $4.85.

Meanwhile, Dow component General Electric rallied after the diversified industrial, finance and media conglomerate unveiled plans to reorganize its ailing GE Capital finance unit. The changes are expected to save GE $2 billion next year, but will likely lead to job cuts.

Shares spiked $2.11, or 14 percent, to $17.61.

Financial firms bounced back despite a report that Goldman Sachs Group Inc. could face losses of about $2 billion in the fiscal fourth quarter. According to a report in The Wall Street Journal citing industry insiders and analysts, the firm could post a loss of about $5 per share, well above the average analyst estimate of a loss of $1.06 per share.

Goldman Sachs dropped 76 cents to $65.00, while Bank of America Corp. rose $1.52, or 11.8 percent, to $14.37. JPMorgan Chase & Co. added $2.41, or 9.2 percent, to $28.53.

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

Light, sweet crude fell $2.32 to settle at $46.96 a barrel on the New York Mercantile Exchange.

Overseas, Japan's Nikkei stock average fell 6.35 percent. In afternoon trading, Britain's FTSE 100 was up 0.19 percent, Germany's DAX index was up 0.74 percent, and France's CAC-40 was down 0.30 percent.

 

[bigdog]

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

The last hour again saved the day!

Wall Street withstood another stream of bad economic readings Wednesday, closing sharply higher as investors shuttled between pessimism about the recession and hopes that the nation might start seeing relief soon. The major indexes saw big swings throughout the day, but all closed up more than 2 percent, giving the market its second straight advance.

The day's downbeat news included a drop in productivity, a pullback in the services sector and the Federal Reserve's finding of worsening economic conditions across the country. Investors were initially disheartened by each piece of news but soon shook off their disappointment -- until the next dismal report was issued.

The NYSE DOW closed HIGHER Dow +172.60 points +2.05% on Wednesday December 3
Sym Last........ ........Change..........
Dow 8,591.69 +172.60 +2.05%
Nasdaq 1,492.38 +42.58 +2.94%
S&P 500 870.74 +21.93 +2.58%
30-yr Bond 3.1840% -0.0180

NYSE Volume 7,171,754,000
Nasdaq Volume 2,294,934,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,169.96 +47.10 +1.14%
DAX 4,567.24 +35.45 +0.78%
CAC 40 3,166.65 +13.75 +0.44%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,004.10 +140.41 +1.79%
Hang Seng 13,588.66 +182.81 +1.36%
Straits Times 1,640.57 +1.39 +0.08%

http://biz.yahoo.com/ap/081203/wall_street.html
Stocks finish higher despite dismal economic data
Wednesday December 3, 4:48 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street finishes higher despite Fed report that regional economies are struggling

NEW YORK (AP) -- Wall Street withstood another stream of bad economic readings Wednesday, closing sharply higher as investors shuttled between pessimism about the recession and hopes that the nation might start seeing relief soon. The major indexes saw big swings throughout the day, but all closed up more than 2 percent, giving the market its second straight advance.

The day's downbeat news included a drop in productivity, a pullback in the services sector and the Federal Reserve's finding of worsening economic conditions across the country. Investors were initially disheartened by each piece of news but soon shook off their disappointment -- until the next dismal report was issued.

Analysts largely believe that much of the bad news is already priced into the market, and they again said stocks remain in a bottoming process after the huge declines of the past two months.

"The market is beginning to look forward, and a lot of the selling pressure appears to be abating," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners. "Perhaps some of the hedge funds are becoming less aggressive in selling, and investors are starting to look at the future."

The Fed's beige book report said the country's economic picture has deteriorated, with Americans hunkered down heading into the holidays. The report suggests the economy was sinking deeper into recession.

Earlier, the Institute for Supply Management, a trade group of purchasing executives, said the nation's services sector contracted dramatically in November as slower spending hurt insurers, retailers and hotels. And the Labor Department reported that productivity growth slowed in the third quarter.

The market has now closed higher in seven of the last eight sessions; the winning streak was broken only by Monday's big decline that took the Dow Jones industrials down nearly 680 points.

Still, stocks are expected to see more volatility as the week progresses, especially with November retail sales figures being released Thursday and the government's employment report due to come out Friday. Wall Street has been locked for months in a pattern of surging higher only to fall sharply on negative news about the economy and the financial services sector.

According to preliminary calculations, the Dow rose 172.60, or 2.05 percent, to 8,591.69. The blue chip index has gained more than 442 points in the past two session, wiping out more than half of Monday's slide.

Broader indexes also closed higher. The Standard & Poor's 500 index rose 21.93, or 2.58 percent, to 870.74, while the Nasdaq composite index rose 42.58, or 2.94 percent, to 1,492.38.

The Russell 2000 index of smaller companies rose 11.94, or 2.70 percent, to 453.76.

Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 1.3 billion shares.

While the market's recent advances are no doubt encouraging, analysts largely expect the turbulence to continue well into the future as Wall Street works to emerge from a bear market.

"I think these pops are not fundamentally driven," said Jeff Buetow, senior portfolio manager at Portfolio Management Consultants. "I think it's wishful thinking. I don't see any sustainable up move in the equity markets."

And, there are certainly headwinds this week that investors are confronted with. Of particular concern is the nation's unemployment rate, which soared to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut. For November, job losses are expected to climb to 320,000 and the unemployment rate is expected to hit 6.8 percent when the Labor Department reports figures Friday, according to economists surveyed by Thomson Reuters.

Among the news Wednesday, the Institute for Supply Management said its services sector index fell to 37.3 in November from 44.4 in October. The reading, which followed a discouraging report on the manufacturing sector earlier this week, was significantly lower than the 42 the market expected.

Meanwhile, the Labor Department reported that productivity rose at an annual rate of 1.3 percent in the July-September quarter. That's down from the 3.6 percent growth rate in the second quarter, but slightly higher than the 1.1 percent initially reported a month ago and better than the 0.9 percent rise economists expected.

Ahead of retailers' November sales reports Thursday, there was some sign of relief about a stronger-than-expected bump in online sales Monday.

Internet research company comScore Inc. said Wednesday that online sales spiked 15 percent to $846 million on "Cyber Monday," which was named by the National Retail Federation in 2005 to describe the surge in online spending when customers returned to work after Thanksgiving and shopped from their desks. That helped lift Amazon.com Inc. $4.02, or 9.8 percent, to $45.21.

Still, analysts doubt that shopping binges over the weekend -- the unofficial start to the crucial holiday shopping season -- will have been enough to save a terrible November for retailers.

Bond prices rose Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.67 percent from 2.70 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, fell to 0.01 percent from 0.05 percent late Tuesday.

The dollar was mixed against other major currencies. Gold prices fell.

Light, sweet crude oil rose 17 cents to settle at $46.79 a barrel on the New York Mercantile Exchange.

Overseas, Japan's Nikkei stock average rose 1.79 percent. In afternoon trading, Britain's FTSE 100 was up 1.14 percent, Germany's DAX index was up 0.78 percent, and France's CAC-40 was up 0.44 percent.

 

[bigdog]

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

The last hour ruined the day!

A period of relative calm on Wall Street ended Thursday as stocks tumbled in the final hour of trading on growing investor anxiety about the government's November employment report. The major indexes each fell more than 2.5 percent, including the Dow Jones industrial average, which dropped 216 points after rising in seven of the last eight sessions.

It was clear that investors were worrying that Friday's employment report would show a further deterioration in the job market; employers have already cut 1.2 million jobs this year through October, leaving the unemployment rate at a 14-year high of 6.5 percent. Economists expect the Labor Department will report that the jobless rate rose to 6.8 percent in November and that companies cut another 320,000 jobs.


The NYSE DOW closed LOWER Dow -215.45 points -2.51% on Thursday December 4
Sym Last........ ........Change..........
Dow 8,376.24 -215.45 -2.51%
Nasdaq 1,445.56 -46.82 -3.14%
S&P 500 845.22 -25.52 -2.93%
30-yr Bond 3.0840% -0.1000

NYSE Volume 6,598,237,000
Nasdaq Volume 2,079,042,500


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,163.61 -6.35 -0.15%
DAX 4,564.23 -3.01 -0.07%
CAC 40 3,161.16 -5.49 -0.17%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,924.24 -79.86 -1.00%
Hang Seng 13,509.78 -78.88 -0.58%
Straits Times 1,661.04 +20.47 +1.25%

http://biz.yahoo.com/ap/081204/wall_street.html
Street turns cautious ahead of employment report
Thursday December 4, 4:50 pm ET
By Tim Paradis, AP Business Writer
Wall Street turns cautious ahead of Friday's employment report; Dow industrials tumble 216


NEW YORK (AP) -- A period of relative calm on Wall Street ended Thursday as stocks tumbled in the final hour of trading on growing investor anxiety about the government's November employment report.
The major indexes each fell more than 2.5 percent, including the Dow Jones industrial average, which dropped 216 points after rising in seven of the last eight sessions.

It was clear that investors were worrying that Friday's employment report would show a further deterioration in the job market; employers have already cut 1.2 million jobs this year through October, leaving the unemployment rate at a 14-year high of 6.5 percent. Economists expect the Labor Department will report that the jobless rate rose to 6.8 percent in November and that companies cut another 320,000 jobs.

"It's all about jobs and right now the outlook is pretty downbeat," said Alan Skrainka, chief market strategist with Edward Jones in St. Louis.

Jeff Kleintop, chief market strategist at LPL Financial Services, said many institutional investors are bracing for the jobs report to show 400,000 jobs were lost from the economy. Anything worse than that number could cause a steep drop in the market, he said, while anything above could "stoke renewed selling."

"The market has been very reactionary to the data points, particularly key economic indicators like the employment report due out on Friday," he said. "The day is made in the last hour."

The late-session decline followed a decent run for stocks, which closed higher in seven of the previous eight sessions. It also came as the heads of the Detroit automakers appeared before Congress with hopes of persuading skeptical lawmakers to save their troubled industry. While the market expects the Detroit companies will be able to win some aid from Capitol Hill, support for the troubled companies wasn't assured.

General Motors Corp., Ford Motor Co. and Chrysler LLC are collectively seeking $34 billion in emergency aid.

Anthony Conroy, managing director and head trader for BNY ConvergEx Group, said investors are likely taking money off the table ahead of the employment report and that there was disappointment over the appearance of the heads of the U.S. automakers on Capitol Hill.

"There was no clarity coming out of the autos. People were expecting some clarity," he said.

According to preliminary calculations, the Dow Jones industrial average fell 215.45, or 2.51 percent, to 8,376.24.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 25.52, or 2.93 percent, to 845.22, and the Nasdaq composite index fell 46.82, or 3.14 percent, to 1,445.56.

The Russell 2000 index of smaller companies fell 14.23, or 3.14 percent, to 439.53.

The number of stocks declining on the New York Stock Exchange outpaced those advancing by nearly 3 to 1. Volume came to 1.47 billion shares compared with 1.3 billion shares traded Wednesday.

On Wednesday, Wall Street looked past another stream of bad economic news and finished sharply higher after fluctuating between positive and negative territory for most of the day.

Bond prices rose again, sending yields to record lows. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.56 from 2.67 percent late Wednesday.

The yield on the three-month T-bill, considered one of the safest investments, fell to below 0.01 percent from 0.02 percent late Wednesday.

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

Among the economic data arriving Thursday, the Labor Department said new claims for jobless benefits fell unexpectedly last week but the number of people continuing to receive government aid reached a 26-year high.

The Commerce Department said factory orders plunged by 5.1 percent in October. It was the steepest decline in eight years.

Retailers were the standouts Thursday, though the market's late decline pared the gains of the sector. The advances came even as companies posted huge sales declines for November. The Goldman Sachs-International Council of Shopping Centers sales index fell 2.7 percent to its lowest reading since its inception in 1969. Expectations had been so low that investors appeared relieved that the month was over and that the sales reports were in hand.

Macy's Inc. said its same-store sales, or sales at stores open at least a year, fell 13.3 percent. Same-store sales are a key measure of a retailer's health. Macy's advanced 44 cents, or 6 percent, to $7.83.

Target Corp. said its same-store sales for the month fell 10.4 percent. The stock fell 44 cents, or 6 percent, to $34.04.

Many shoppers looking for discounts turned to Wal-Mart Stores Inc. The world's largest retailer posted a better-than-expected 3.4 percent increase in sales. In the U.S., grocery sales helped results. Wal-Mart rose 73 cents to $55.11.

Among the automakers, GM fell 79 cents, or 16 percent, to $4.11, while Ford fell 19 cents, or 6.7 percent, to $2.66. Chrysler isn't publicly traded.

 

[bigdog]

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

The last hour again!

For the week, the Dow fell 2.2 percent, the S&P 500 declined 2.3 percent and the Nasdaq fell 1.7 percent.

Wall Street put an upbeat spin Friday on the government's report that the nation lost more than half a million jobs last month. Stocks reversed early losses and closed sharply higher as the data raised hopes that Washington will again step in to help the economy.
Related Quotes

The Dow Jones industrial average closed up nearly 260 points as investors' shock dissipated over the Labor Department's report that employers slashed 533,000 jobs in November compared with the 320,00 that economists forecast. Ultimately, even a terrible reading on employment wasn't surprising to a market that has been drubbed by a stream of bad economic news.


The NYSE DOW closed HIGHER Dow +259.18 points +3.09% on Friday December 5
Sym Last........ ........Change..........
Dow 8,635.42 +259.18 +3.09%
Nasdaq 1,509.31 +63.75 +4.41%
S&P 500 876.07 +30.85 +3.65%
30-yr Bond 3.1100% +0.0260

NYSE Volume 7,119,346,500
Nasdaq Volume 2,238,504,750


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,049.37 -114.24 -2.74%
DAX 4,381.47 -182.76 -4.00%
CAC 40 2,988.01 -173.15 -5.48%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,917.51 -6.73 -0.08%
Hang Seng 13,846.09 +336.31 +2.49%
Straits Times 1,659.17 +15.49 +0.94%

http://finance.yahoo.com/news/Stocks-turn-higher-shake-off-apf-13759816.html
Stocks shake off jobs report to end with big gains

Stocks shake off dismal jobs report to end with sharp gains; indexes jump more than 3 percent

Friday December 5, 2008, 5:39 pm EST


NEW YORK (AP) -- Wall Street put an upbeat spin Friday on the government's report that the nation lost more than half a million jobs last month. Stocks reversed early losses and closed sharply higher as the data raised hopes that Washington will again step in to help the economy.
Related Quotes

The Dow Jones industrial average closed up nearly 260 points as investors' shock dissipated over the Labor Department's report that employers slashed 533,000 jobs in November compared with the 320,00 that economists forecast. Ultimately, even a terrible reading on employment wasn't surprising to a market that has been drubbed by a stream of bad economic news.

The market's advance left Wall Street with moderate losses for the week, the result of a nearly 680-point slide in teh Dow on Monday. More important, the market was able to claim a victory of sorts over the course of the week -- except for Monday's slide, stocks repeatedly overcome bleak economic data and corporate announcements.

Demand for the safety of government debt eased slightly Friday but remained high. In the past week, Treasury yields have plunged to their lowest levels since the government started issuing them.

Stock market investors who originally sold Friday after the employment figures had a change of heart by afternoon, believing the numbers could make the government more likely to supply more aid for the economy. They also appeared relieved by the market's relatively cool reaction to the data -- trading was orderly and the huge loss of jobs didn't spark the type of massive sell-off it might have even a month ago when Wall Street still trying to determine how severe the recession would be.

"In a kind of paradoxical sense, the really ugly employment numbers probably helped the case for more help from Washington, whether it's through the broader stimulus plan or more targeted industry measures," said Craig Peckham, equity trading strategist at Jefferies & Co.

Job losses were widespread, hitting manufacturing, construction, retail, financial and other sectors.

Beyond the hopes for more aggressive moves by the government, strength in the tattered financial sector also gave a boost to the overall market Friday. An upbeat forecast from Hartford Financial Services Group Inc. cut through some of investors' fears that profits among financial firms would continue to spiral lower; the company raised its profit expectations for the year and quelled some concerns about the strength of its balance sheet.

Kim Caughey, equity research analyst at Fort Pitt Capital Group, said that Hartford's "bullish commentary" boosted investors' appetite for financial companies like insurers and banks.

Friday's advance was the eighth for the Dow in 10 sessions, raising some hopes that stability was returning to the Street after months of turbulence. But some analysts were still cautious.

"The markets are, in my view, acting not stable at all but with excessive volatility and unpredictability," said Gary Townsend, president and chief executive of private investment group Hill-Townsend Capital Inc. "It's a very difficult market to invest into and a very difficult market to trade."

The Dow industrials jumped 259.18, or 3.09 percent, to 8,635.42 after falling by 258 and rising as much as 310 in the volatile trading late in the session.

Broader stock indicators also advanced. The Standard & Poor's 500 index rose 30.85, or 3.65 percent, to 876.07, and the Nasdaq composite index rose 63.75, or 4.41 percent, to 1,509.31.

The Russell 2000 index of smaller companies rose 21.56, or 4.91 percent, to 461.09.

Five stocks rose Friday for every one that fell on the New York Stock Exchange, where trading volume came to a light 1.62 billion shares compared with 1.47 billion traded Thursday.

For the week, the Dow fell 2.2 percent, the S&P 500 declined 2.3 percent and the Nasdaq fell 1.7 percent.

Bond prices tumbled as stocks turned higher -- ending a winning streak that had sent yields to record lows for much of the week. The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 2.70 percent from 2.56 percent late Thursday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.02 percent from 0.01 percent late Thursday.

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

Light, sweet crude fell $2.86 to settle at $40.81 a barrel on the New York Mercantile Exchange. Concerns about the economy and weakening energy demand have kept oil prices near four-year lows. The price of oil has fallen a staggering 72 percent since peaking at $147.27 in July.

Analysts said the extent of the labor market's weakness likely will galvanize government officials.

"In the perverse way that the market works, there's a hope that it further fuels the dire need for economic stimulus for the Street and for the consumer, with so many people out of work right now," said Ryan Larson, senior equity trader at Voyageur Asset Management.

The Federal Reserve and the Treasury have been taking unprecedented steps to revive the economy since the mid-September bankruptcy of Lehman Brothers Holdings Inc. The biggest move was the government's $700 billion rescue for the banking sector. The Treasury said Thursday it is considering a plan to encourage banks to make mortgage loans at low rates; that could help patch up the troubled housing market, which many analysts say is crucial to any economic recovery.

Wall Street has reacted with both optimism and indifference in recent months as policymakers have tried to revive stagnant credit markets and stabilize wobbly banks. Some analysts have been hopeful that relative quiet in the markets for more than a week portends a return of some stability because of the government's efforts, while others warn that the volatility in the market will continue.

While the deluge of bad economic readings have weighed on the markets in the past three months, investors are growing somewhat accustomed to the news. The stock market, which generally looks ahead, tends to recover six to nine months before economic reports show a recession is abating. At some point, investors likely will determine that a recession has been fully built into the market's expectations and will begin placing bets on a recovery.

Part of investors' latest uncertainty centers on the automakers. Investors are observing a second day of congressional hearings with the heads of Detroit's top three automakers, who are appearing on Capitol Hill in an effort to avoid running out of cash.

General Motors Corp., Ford Motor Co. and Chrysler LLC are collectively seeking $34 billion in emergency funding. While the market largely expects the companies will win some sort of government aid, support for the troubled carmakers isn't assured.

GM fell 3 cents, or 0.7 percent, to $4.08, while Ford rose 6 cents, or 2.3 percent, to $2.72. Chrysler isn't publicly traded.

Financial stocks also rallied after Hartford's forecast. Hartford's stock doubled, jumping $7.38 to $14.59. Other financials jumped as well. Wells Fargo & Co. rose $2.39, or 8.7 percent, to $29.94, while Prudential Financial Inc. surged $7.35, or 35 percent, to $28.52.

Optimism that buoyed some overseas markets following massive interest rate cuts across Europe Thursday deflated following the report on U.S. jobs. Britain's FTSE 100 fell 2.74 percent, Germany's DAX index fell 4 percent, and France's CAC-40 declined 5.48 percent. Japan's Nikkei stock average slipped 0.08 percent; trading in Tokyo ended before the employment report was released.

 

[bigdog]

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

A stock market gaining in confidence shot higher for a second straight session Monday as investors bet that President-elect Barack Obama's plans to increase infrastructure spending will help lift the economy back to health. The major market indexes jumped more than 3 percent, and the Dow Jones industrials' nearly 300 point advance gave the blue chips their highest close in a month.

Obama's plan calls for the largest U.S. public works spending program since the creation of the interstate highway system a half-century ago. That could bolster the economy by putting thousands of people to work building schools and other construction projects.

The NYSE DOW closed HIGHER Dow +298.76 points +3.46% on Monday December 8
Sym Last........ ........Change..........
Dow 8,934.18 +298.76 +3.46%
Nasdaq 1,571.74 +62.43 +4.14%
S&P 500 909.70 +33.63 +3.84%
30-yr Bond 3.1520% +0.0420

NYSE Volume 7,334,667,000
Nasdaq Volume 2,340,814,750


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,300.06 +250.69 +6.19%
DAX 4,715.88 +334.41 +7.63%
CAC 40 3,247.48 +259.47 +8.68%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,329.05 +411.54 +5.20%
Hang Seng 15,044.87 +1,198.78 +8.66%
Straits Times 1,659.17 closed for holiday

http://biz.yahoo.com/ap/081208/wall_street.html
Wall Street extends big rally to 2nd session
Monday December 8, 4:43 pm ET
By Joe Bel Bruno and Tim Paradis, AP Business Writer
Stocks show sharp advances as investors cheer Obama spending plan, await Detroit bailout

NEW YORK (AP) -- A stock market gaining in confidence shot higher for a second straight session Monday as investors bet that President-elect Barack Obama's plans to increase infrastructure spending will help lift the economy back to health. The major market indexes jumped more than 3 percent, and the Dow Jones industrials' nearly 300 point advance gave the blue chips their highest close in a month.

Obama's plan calls for the largest U.S. public works spending program since the creation of the interstate highway system a half-century ago. That could bolster the economy by putting thousands of people to work building schools and other construction projects.

His weekend announcement gave a lift to a range of companies, from machinery makers to materials producers. Alcoa Inc., the world's third-largest aluminum producer, surged 18 percent on the news; while heavy-equipment maker Caterpillar Inc. jumped 11 percent.

Investors also grew more confident as the government neared a deal to dole out billions to America's three biggest automakers. The White House said Monday that it was "very likely" to strike an agreement with Congress on funneling money to General Motors Corp., Chrysler LLC and Ford Motor Co. The package is expected to total about $15 billion.

The stock market has become more optimistic although a number of reports last week seemed to indicate the recession is showing no signs of weakening. As the week progressed, the market appeared to be taking the bad news in stride -- even Friday's Labor Department report that showed the nation lost more than a half million jobs last month. The report raised hopes that the government would take more steps to stimulate the economy.

"I think people recognize that the government is going to throw everything that they can at this market, everything they can at the economy to make it work," said James Cox, managing partner at Harris Financial Group. "We had bad jobs numbers on Friday. To be able to overcome those type of job losses and have that kind of rally, that is technically significant. If that doesn't make you bullish, I don't know what does."

According to preliminary calculations, the Dow rose 298.76, or 3.46 percent, to 8,934.18, its highest close since it finished at 9,139.27 on Nov. 5. The blue-chip index, which added 259 points on Friday, is now up for December.

Broader indexes also rose. The Standard & Poor's 500 index advanced 33.63, or 3.84 percent, to 909.70; and the Nasdaq composite index jumped 62.43, or 4.14 percent, to 1,571.74.

It was the ninth advance in 11 sessions for the Dow and the S&P 500.

The Russell 2000 index of smaller stocks rose 20.29, or 4.40 percent, to 481.38.

Bond prices fell as investors put money back into stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.74 percent from 2.70 percent late Friday. The yield on the three-month T-bill, considered one of the safest investments, was unchanged at 0.01 percent, still indicating a high degree of investor uneasiness.

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

David Kelly, chief market strategist at JPMorgan Funds, said professional investors are being drawn to the market by cheap stock prices and a sense that while the economy is weak now it will eventually begin to regain its strength.

"The reality in the economy is it's getting worse but eventually the economy will turn around," he said. "Even if the economy is lousy in 2009 stocks are a long-term investment and are cheap."

Still, analysts said the market remains fragile.

Scott Fullman, director of derivative investment strategies with WJB Capital, warned that the move higher for U.S. markets should be treated cautiously. He said credit still remains tight around the world, and that there are still a number of other worries hanging over the market.

"There's a chance we could be higher for the day, but I'd be very cautious about jumping in with both feet and expecting what could be a Santa Claus rally going into the New Year," he said. "The fact is, we're not seeing the credit markets opening up, we're not seeing buying of the distressed debt, and that leads to additional worries for stocks."

With little in the way of economic data to trade on, investors closely monitored corporate news for direction.

Among the automakers, GM rose 85 cents, or 21 percent, to $4.93, while Ford rose 66 cents, or 24.2 percent, to $3.38. Chrysler isn't publicly traded.

Consumers hungry for a deal boosted worldwide sales at McDonald's Corp.'s established locations by 7.7 percent in November. The company said that U.S. same-store sales -- or sales at locations open at least a year -- rose 4.5 percent. Shares of the company fell $1.80, or 2.9 percent, to $60.92.

Dow Chemical Co. rose $1.37, or 7.2 percent, to $20.37 after the company announced it will slash 5,000 jobs and shutter 20 plants to rein in costs. It expects to save about $700 million per year by 2010.

3M Co. is cutting 1,800 jobs in the fourth quarter and ordering some workers to take vacation or unpaid time off for the last two weeks of the year. The Maplewood, Minn.-based manufacturer had earlier announced 1,000 job cuts in the third quarter. The 1,800 new layoffs will come from the U.S., Western Europe and other developed nations. The company also lowered its 2008 earnings outlook and forecast 2009 profit below Wall Street expectations, citing slowing revenue. The stock fell $2.47, or 4.1 percent, to $57.38.

Tribune Co. filed for bankruptcy Monday, as expected. The privately held owner of the Los Angeles Times and Chicago Tribune, other newspapers and the Chicago Cubs and Wrigley Field, is struggling with $13 billion in debt. A steep slump in advertising revenue has hurt the company. Most of its debt stems from a complex transaction in which the company was taken private by real estate mogul Sam Zell last year.

Oil prices bounced off four-year lows after OPEC's president suggested the group could surprise investors with a large production cut later this month. Light, sweet crude rose $2.90 to settle at $43.71 a barrel on the New York Mercantile Exchange.

The move higher follows a global rally as investors took heart from signs the world's largest economies are redoubling efforts to revive growth. In China, government officials this week are meeting to discuss possible new steps to expand the $586 billion stimulus that is already in place.

Hong Kong's Hang Seng index vaulted 8.7 percent to its highest close in seven weeks, while Japan's Nikkei 225 average rose 5.2 percent. Major European bourses also showed big gains. Britain's FTSE-100 climbed 6.2 percent, Germany's DAX jumped 7.6 percent, and France's CAC-40 surged 8.7 percent.

 

[bigdog]

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

Wall Street turned cautious Tuesday after a two-day rally and as downbeat corporate news reminded investors that the economy's troubles won't soon ease. Stocks tumbled while demand for the safety of government debt spiked.

The Dow Jones industrials fell 242 points, while broader indexes showed more moderate declines. Wall Street's uneven pullback illustrated the fragmented nature of the markets. Some investors snapped up hard-hit technology names, while a bleak forecast from FedEx Corp. made others fearful of stocks.

The NYSE DOW closed LOWER -242.85 points -2.72% on Tuesday December 9
Sym Last........ ........Change..........
Dow 8,691.33 -242.85 -2.72%
Nasdaq 1,547.34 -24.40 -1.55%
S&P 500 888.67 -21.03 -2.31%
30-yr Bond 3.0750% -0.0770

NYSE Volume 6,403,533,000
Nasdaq Volume 2,311,763,750

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,381.26 +81.20 +1.89%
DAX 4,779.11 +63.23 +1.34%
CAC 40 3,297.80 +50.32 +1.55%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,395.87 +66.82 +0.80%
Hang Seng 14,753.22 -291.65 -1.94%
Straits Times 1,754.58 +95.41 +5.75%

http://biz.yahoo.com/ap/081209/wall_street.html
Stocks tumble after 2-day rally
Tuesday December 9, 4:42 pm ET
By Madlen Read and Tim Paradis, AP Business Writers
Stocks tumble on disappointing corporate news; demand for government debt remains high

NEW YORK (AP) -- Wall Street turned cautious Tuesday after a two-day rally and as downbeat corporate news reminded investors that the economy's troubles won't soon ease. Stocks tumbled while demand for the safety of government debt spiked.

The Dow Jones industrials fell 242 points, while broader indexes showed more moderate declines. Wall Street's uneven pullback illustrated the fragmented nature of the markets. Some investors snapped up hard-hit technology names, while a bleak forecast from FedEx Corp. made others fearful of stocks.

Demand for ultra-safe Treasury bills spiked so high that investors were willing to earn no interest on their investments at a Treasury Department auction. Interest rates on four-week Treasury bills slid to zero from 0.04 percent a week earlier in a Treasury Department auction Tuesday.

"Investors truly don't want to buy into this market, they are willing to lose money safely like in Treasurys," said Chris Johnson, manager of quantitative analysis at Schaeffer's Investment Research in Cincinnati.

Investors are also worried that companies' difficulties could make an economic turnaround difficult. FedEx Corp. cut its forecast for fiscal 2009 earnings and capital spending late Monday as the slumping economy eroded package deliveries.

The stock market's retreat wasn't a surprise given the steep advance of the past two sessions. But the reasons for the selling weren't simply based on two days of gains, analysts said. Wall Street is still trying to determine how badly companies' woes will dent profits and how soon President-elect Barack Obama's plan to introduce a flood of public works spending could aid the economy.

"The markets are just expressing a tremendous amount of ambivalence about the future," said Marian Kessler, co-portfolio manager of the Becker Value Equity Fund in Portland, Ore. "The market is grappling with what is certainly going to be a fairly deep recession in 2009."

That caution means like volatility is likely to continue, observers said.

According to preliminary calculations, the Dow Jones industrial average fell 242.85, or 2.72 percent, to 8,691.33.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 21.03, or 2.31 percent, to 888.67. The Nasdaq composite index fell 24.40, or 1.55 percent, to 1,547.34.

The Russell 2000 index of smaller companies fell 15.67, or 3.26 percent, to 465.71.

Declining outnumbered advancers by more than 2 to 1 on the New York Stock Exchange, where volume came to 1.44 billion shares.

Bond prices rose after the Treasury auction and as stocks fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.65 percent from 2.74 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.03 percent, from 0.01 percent late Monday. Still, the low yields indicate a high degree of investor unease.

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

Oil prices fell even amid investor expectations that OPEC will announce a big production cut next week to curb crude's stunning 70 percent-free-fall over the past five months. Light, sweet crude fell $1.64 to settle at $42.07 a barrel on the New York Mercantile Exchange.

Investors' anxiety about the struggling economy has recently been accompanied by some hopes that market might be carving a bottom. On Friday and Monday, the Dow logged a two-day rally of 560 points.

Those gains came as the market tried to look at how the economy might be faring next year. Typically, Wall Street looks six to nine months ahead.

"The economic news still stinks ... but what's going on is that people are no longer looking at the present. They're looking at the future," said Alfred E. Goldman, chief market strategist at Wachovia Securities in St. Louis. "They're beginning to assess that all the dramatic fiscal and monetary stimulus already on the table and more to come will turn this economic around maybe next summer."

Still, when it comes to a potential stock market rebound, "it's not going to be a one-way trip," Goldman said. "We still have a ton of dismal news, and so much technical and emotional damage done, that investor confidence is going to come back slowly, not quickly."

Wall Street is waiting for lawmakers to finish negotiating a $15 billion bailout for General Motors Corp. and Chrysler LLC. A deal, which might occur as early as Wednesday, reportedly would give the government an ownership stake in the automakers. The market has been concerned that a collapse of GM, Chrysler or Ford Motor Co. would trigger massive job losses, and further stymie the government's efforts to lift the U.S. out of a recession.

GM fell 23 cents, or 4.7 percent, to $4.70, while Ford fell 15 cents, or 4.4 percent, to $3.23. Chrysler LLC isn't publicly traded.

FedEx fell $10.78, or 14.5 percent, to $63.65 after issuing its forecast.

But in a sign that the market is still willing to place some bets on an eventual recovery in the economy, companies that make microchips saw some buying Tuesday despite a disappointing forecast from Texas Instruments Inc. Some investors are anxious that they could miss a market bottom when defensive names like consumer goods companies likely would lag somewhat riskier bets like tech stocks.

Texas Instruments rose 73 cents, or 4.9 percent, to $15.55, while Intel Corp. rose 36 cents, or 2.6 percent, to $14.30.

Stock markets were mixed overseas. Hong Kong's Hang Seng index closed down 1.94 percent after a big surge on Monday, while Japan's Nikkei 225 added 0.80 percent. Major European bourses rose. Britain's FTSE-100 added 1.89 percent, Germany's DAX advanced 1.34 percent and France's CAC-40 rose 1.55 percent.

 

[bigdog]

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

The Dow and the Standard & Poor's 500 index have now advanced in 10 of the last 13 sessions.

Wall Street climbed back on an upward track Wednesday, rising in late trading as a surge in gold and other commodities prices gave investors a reason to snap up energy and materials stocks.

But the market's closing levels masked the fact that it was a confusing day on the Street. Investors had sent stocks higher until mid-afternoon on expectations of a bailout for the Detroit automakers, but the market forfeited that advance on signs that the plan was running into opposition from Republican lawmakers. Investors then set aside their uncertainty, and plowed back into stocks as they saw the rebound in commodities.

The NYSE DOW closed HIGHER +70.09 points +0.81% on Wednesday December 10
Sym Last........ ........Change..........
Dow 8,761.42 +70.09 +0.81%
Nasdaq 1,565.48 +18.14 +1.17%
S&P 500 899.24 +10.57 +1.19%
30-yr Bond 3.0950% +0.0200

NYSE Volume 5,996,972,500
Nasdaq Volume 2,006,243,250


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,367.28 -13.98 -0.32%
DAX 4,804.88 +25.77 +0.54%
CAC 40 3,320.31 +22.51 +0.68%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,660.24 +264.37 +3.15%
Hang Seng 15,577.74 +824.52 +5.59%
Straits Times 1,821.70 +67.12 +3.83%

http://biz.yahoo.com/ap/081210/wall_street.html
Stocks resume climb after one-day sell-off
Wednesday December 10, 5:37 pm ET
By Joe Bel Bruno and Tim Paradis, AP Business Writer
Stocks bounce back from one-day sell-off to resume advance; energy, materials lead gains


NEW YORK (AP) -- Wall Street climbed back on an upward track Wednesday, rising in late trading as a surge in gold and other commodities prices gave investors a reason to snap up energy and materials stocks.

But the market's closing levels masked the fact that it was a confusing day on the Street. Investors had sent stocks higher until mid-afternoon on expectations of a bailout for the Detroit automakers, but the market forfeited that advance on signs that the plan was running into opposition from Republican lawmakers. Investors then set aside their uncertainty, and plowed back into stocks as they saw the rebound in commodities.

Gold picked up $34.70 an ounce to close at $807.10 on the New York Mercantile Exchange, lifted by a weaker dollar, but also because investors seemed to be more willing to take on some risk -- a trend that has also been apparent in the recent rally on Wall Street. Oil prices also rose on the Nymex, settling up $1.45 at $43.52.

In turn, companies that make their money from commodities, including Exxon Mobil Corp., which rose 2.4 percent, and mining company Freeport-McMoRan Copper & Gold Inc., which added 16 percent, rallied, boosting the rest of the stock market.

Richard E. Cripps, chief market strategist for Stifel Nicolaus, remains cautious but said the rise in commodities suggests that some investors are betting on an economic rebound. "At this point in time, commodities going up are a welcome sign," he said.

Still, investors are extremely wary about the many trouble spots in the global economy. And so shifting sentiment over a possible bailout deal for Detroit's Big Three automakers tugged at stocks throughout the session -- including financial stocks. Financial houses that hold investments in the car companies could see further strain on their balance sheets if big players like General Motors Corp. file bankruptcy.

Democrats in Congress and the White House finalized an agreement on $14 billion in loans for Detroit's struggling car companies. However, the plan negotiated by the White House is being opposed by a group of conservatives led by Sen. John Ensign, R-Nev.

The proposal would provide relief for General Motors Corp. and Chrysler LLC. Ford Motor Co. Chief Executive Alan Mulally and Executive Chairman Bill Ford Jr. told The Associated Press Tuesday they don't need to take the bailout.

The Dow Jones industrial average rose 70.09, or 0.81 percent, to 8,761.42. On Tuesday, the Dow shed 243 points as investors after disappointing corporate news reminded investors of the magnitude of the economy's troubles. But the Dow and the Standard & Poor's 500 index have now advanced in 10 of the last 13 sessions.

The S&P 500 index rose 10.57, or 1.19 percent, to 899.24, and the Nasdaq composite index rose 18.14, or 1.17 percent, to 1,565.48. The Russell 2000 index of smaller companies rose 10.69, or 2.30 percent, to 476.40.

Since reaching multiyear trading lows on Nov. 20, the Dow has risen 16 percent and the broader S&P 500 has risen 19.5 percent, while the Nasdaq is up 19 percent.

"I think what you have now is people are looking among the carnage and saying wait a minute, maybe the baby was thrown out with the bath water" during the devastating selling of October and November, said John Merrill, chief investment officer at Tanglewood Wealth Management.

The number of stocks advancing on the New York Stock Exchange Wednesday outpaced those declining by 2 to 1. Volume came to a light 1.31 billion shares.

In the Treasury market, the four-week bill auctioned with a zero percent yield on Tuesday saw that rate increase. The yield rose to 0.05 percent after having been auctioned on Tuesday with a yield of zero percent. The auction was a dramatic sign of how cautious investors are -- they are willing to park their money for the short term in investments that will pay them nothing at all but that will preserve their principal.

The yield on the three-month T-bill fell to 0.01 percent from 0.03 percent late Tuesday, also indicating a high degree of investor unease. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.68 percent from 2.65 percent late Tuesday.

The dollar was lower against most other major currencies, which helped feed the rally in commodities.

The market was also watching American International Group Inc., which said Wednesday it is trying to work out plans to square away $10 billion lost in bad trades without turning to tax payers for more money. Last month, the government said it would provide $150 billion to help the insurer remain afloat after tight credit markets made it difficult to access cash.

"I think the fear is that there is going to be a continued need to raise capital," Ryan Larson, head of equities trading at Voyageur Asset Management, said of the financial sector.

That fed worries that other financial houses might be facing their own troubles after placing wrong bets in the unforgiving markets in recent months. The concerns rippled through financial services stocks, causing banks including Citigroup Inc. to give up early gains.

AIG fell 18 cents, 9.3 percent, to $1.75, while Citigroup fell 24 cents, or 2.8 percent, to $8.30 and JPMorgan Chase & Co. fell 44 cents, or 1.3 percent, to $33.52. Morgan Stanley fell 37 cents, or 2.5 percent, to $14.60.

GM declined 10 cents, or 2.1 percent, to $4.60, while Ford rose 2 cents, or 0.6 percent, to $3.25. Chrysler isn't publicly traded.

Overseas, Hong Kong's Hang Seng index closed up 5.59 percent, while Japan's Nikkei 225 added 3.15 percent. Britain's FTSE-100 fell 0.32 percent, Germany's DAX added 0.54 percent, and France's CAC-40 rose 0.68 percent.

 

[bigdog]

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

Wall Street's anxiety about Detroit automakers welled up Thursday, sending stocks sharply lower in an afternoon sell-off as investors grew fearful that a bill to rescue the companies wouldn't make it through the Senate.

The pullback follows mostly moderate moves in stocks since mid-November and is a fresh reminder of investors' fears about the economy.

The NYSE DOW closed LOWER -196.33 points -2.24% on Thursday December 11
Sym Last........ ........Change..........
Dow 8,565.09 -196.33 -2.24%
Nasdaq 1,507.88 -57.60 -3.68%
S&P 500 873.59 -25.65 -2.85%
10 Yr Bond(%) 2.6480% -0.0360

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,388.69 +21.41 +0.49%
DAX 4,767.20 -37.68 -0.78%
CAC 40 3,306.13 -14.18 -0.43%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,720.55 +60.31 +0.70%
Hang Seng 15,613.90 +36.16 +0.23%
Straits Times 1,794.16 -27.54 -1.51%

http://biz.yahoo.com/ap/081211/wall_street.html
Wall Street tumbles on auto bailout worries
Thursday December 11, 5:46 pm ET
By Joe Bel Bruno and Tim Paradis, AP Business Writer
Stocks retreat as investors worry government won't extend aid to automakers; Dow falls 196

NEW YORK (AP) -- Wall Street's anxiety about Detroit automakers welled up Thursday, sending stocks sharply lower in an afternoon sell-off as investors grew fearful that a bill to rescue the companies wouldn't make it through the Senate.

The pullback follows mostly moderate moves in stocks since mid-November and is a fresh reminder of investors' fears about the economy.

Prospects for the $14 billion in loans to cash-starved General Motors Corp. and Chrysler LLC dimmed Thursday afternoon as opposition from both parties mounted. At the close of trading, the bill was stalled in the Senate, though negotiations were continuing, according to congressional staffers.

Lawmakers opposed to the plan argued that any government support should require significant cuts in wages and benefits for autoworkers. The House approved the plan late Wednesday on a vote of 237-170 to infuse money within days to the two struggling automakers. Ford Motor Co. has said it does not need aid.

The heads of the three automakers said that even one of the companies going into bankruptcy would slam an already battered economy with thousands of job losses. The government reported a surprise jump in weekly unemployment claims Thursday, nearly a week after it said the nation's unemployment rose to a 15-year high in November.

Wall Street has been betting Washington would extend a lifeline to the automakers and even recovered early Thursday from a sell-off at the opening bell that followed the unemployment report and a surprise increase in the nation's trade deficit. But the worries about the carmakers overtook a market that managed to trade flat for much of the session.

"What we had was a little bit of a jumping of the gun, overreaction to the auto-rescue bill," said Jon Nadler, senior analyst at Kitco Bullion Dealers Montreal. "The Dow tried to put a good face on things, but at the end of the day, reality set in."

The Dow Jones industrial average fell 196.33, or 2.24 percent, to 8,565.09. The decline left the blue chips with a 0.81 percent loss for the week going into Friday's session.

The broader Standard & Poor's 500 index fell 25.65, or 2.85 percent, to 873.59, and the Nasdaq composite index fell 57.60, or 3.68 percent, to 1,507.88.

The Russell 2000 index of smaller companies tumbled 25.19, or 5.3 percent, to 451.21 as investors looked for the safety of larger companies expected to fare better in a weak economy.

Declining issues on the New York Stock Exchange outnumbered advancers by more than 3 to 1, while trading volume came to a moderate 1.47 billion shares. Lighter trading can exacerbate the market's swings.

"What's going to happen in the Senate is really weighing on the market in a big way," said Robert Froehlich, chief investment strategist for DWS Investments. He contends that a failure of the auto bailout would trigger a reaction similar to what occurred when the government's financial sector rescue plan didn't make it out of Congress on the first try. The Dow tumbled 777 points on Sept. 29 as the plan failed an initial House vote.

Even with Thursday's pullback, stock trading has been generally more orderly since the S&P 500 and the Dow hit multiyear lows on Nov. 20. The Dow remains up 13.4 percent since then, while the S&P 500 is up 16.1 percent. Even some big moves in stocks in recent weeks don't compare with the enormous swings in September and October.

One measure of unease in the market is still elevated but well off its highs. The Chicago Board Options Exchange Volatility Index, known as the VIX, is at 56. Ordinarily what's known as Wall Street's fear gauge might be in the 20s and 30s but it had near 90 in October.

Ed Hyland, global investment specialist for J.P. Morgan's Private Bank, said investors are hoping the government's medicine, from interest rate cuts to financial infusions in banks, will eventually help lift the economy but that it remain unclear how long a recovery might take.

"There is still a high degree of uncertainty out there," he said. "All you have to do is look at the Treasury market to get a gauge of how much fear there is in the overall investment community."

In Treasurys, the yield on the three-month T-bill stood at 0.02 percent, unchanged from late Wednesday. The modest yield still indicates a high degree of investor unease. The yield on the benchmark 10-year Treasury note, which also moves opposite its price, fell to 2.63 percent from 2.69 percent late Wednesday.

The one-month T-bill's yield was at 0.01 percent, down from 0.04 percent late Wednesday. It was auctioned on Tuesday with a yield of zero percent, a sign that institutional and foreign investors were so eager to preserve principal they were willing to forgo interest.

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

Oil prices surged 10 percent as the dollar weakened and as investors hoped for a significant OPEC production cut next week to boost the market. Light, sweet crude jumped $4.46 to settle at $47.98 a barrel on the New York Mercantile Exchange.

Chevron Corp. rose $1.02, or 1.3 percent, to $79.46 following the jump in oil, while Hess Corp. advanced $3.02, or 6.8 percent, to $47.71.

Automakers declined as investors worried about the prospects for a bailout. GM fell 48 cents, or 10.4 percent, to $4.12, while Ford fell 35 cents, or 10.8 percent, to $2.90. Chrysler isn't publicly traded.

Financials fell amid worries about their balance sheets. US Bancorp warned it is earmarking more than $1 billion in the fourth quarter for bad loans. US Bancorp fell $2.82, or 10.2 percent, to $24.85. JPMorgan Chase & Co. fell $3.58, or 10.7 percent, to $29.94, while Wells Fargo & Co. declined $3.29, or 11.3 percent, to $25.90. of Wall Street's projections.

Overseas, Japan's Nikkei 225 added 0.70 percent. Britain's FTSE-100 rose 0.49 percent, Germany's DAX fell 0.78 percent, and France's CAC-40 lost 0.43 percent.

 

[bigdog]

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

The Dow Jones industrial average ended the week down 5.74, or 0.07 percent, at 8,629.68. The Standard & Poor's 500 index finished up 3.66, or 0.42 percent, at 879.73. The Nasdaq composite index ended the week up 31.41, or 2.08 percent, at 1,540.72.

Since its Nov. 20 low, the Dow is up 14.3 percent, the Standard & Poor's 500 is up 16.9 percent and the Nasdaq composite index has seen a gain of 17.1 percent.

Wall Street put on another impressive show of resilience Friday, rebounding from an early sell-off to end higher after the government said it would assist troubled U.S. automakers.

The market, which just a week earlier withstood a terrible November employment report, managed its advance after the Treasury Department said it was prepared to assist the nation's Big Three automakers. The Dow Jones industrial average had fallen more than 200 points in early trading after the Senate had killed a $14 billion bailout package for the companies.


The NYSE DOW closed HIGHER +64.59 points +0.75% on Friday December 12
Sym Last........ ........Change..........
Dow 8,629.68 +64.59 +0.75%
Nasdaq 1,540.72 +32.84 +2.18%
S&P 500 879.73 +6.14 +0.70%
30-yr Bond 3.0640% -0.0250

NYSE Volume 6,033,581,500
Nasdaq Volume 1,916,089,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,280.35 -108.34 -2.47%
DAX 4,663.37 -103.83 -2.18%
CAC 40 3,213.60 -92.53 -2.80%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,235.87 -484.68 -5.56%
Hang Seng 14,758.39 -855.51 -5.48%
Straits Times 1,740.34 -53.82 -3.00%

http://finance.yahoo.com/news/Stocks-advance-amid-hope-for-apf-13823363.html
Stocks advance amid hope for automaker rescue
Stocks advance on hopes for automaker rescue as Treasury says it will support Detroit

NEW YORK (AP) -- Wall Street put on another impressive show of resilience Friday, rebounding from an early sell-off to end higher after the government said it would assist troubled U.S. automakers.

The market, which just a week earlier withstood a terrible November employment report, managed its advance after the Treasury Department said it was prepared to assist the nation's Big Three automakers. The Dow Jones industrial average had fallen more than 200 points in early trading after the Senate had killed a $14 billion bailout package for the companies.

"It's hard to say if this is indeed the beginning of a recovery, but it could be," said Matt King, chief investment officer of Bell Investment Advisors. "It seems like the past few Fridays we've ended the week on a positive note."

A week ago, the market shook off the Labor Department's report that the economy lost a larger than expected 533,000 jobs in November. Investors are showing a greater tolerance for bad economic and corporate news, and many analysts believe that the market may have reached a bottom after the horrific selling of the past three months.

Since its Nov. 20 low, the Dow is up 14.3 percent, the Standard & Poor's 500 is up 16.9 percent and the Nasdaq composite index has seen a gain of 17.1 percent. Still, from their October 2007 highs, the Dow remains down by 39.1 percent and the S&P 500 index is down 44 percent. The Nasdaq, which peaked at the start of the decade, is down 46.1 percent from its recent top.

Many analysts believe Wall Street is growing more confident that the government's steps to stimulate the economy, including its $700 billion bank bailout program, will work. And so news that the Treasury Department could help prevent bankruptcy filings and job losses in the auto industry helped turn the market around Friday.

"Things are looking a little bit brighter after they made those announcements," said Anthony Conroy, managing director and head trader for BNY ConvergEx Group.

General Motors Corp. and Chrysler LLC have said they could run out of cash within weeks without government help. Ford Motor Co., which would also be eligible for aid under the bill, has said it has enough cash to make it through next year.

Some of the market's moves Friday were with an eye toward next week's Federal Reserve decision on interest rates. The two-day meeting begins Monday; the Fed is widely expected to lower its key federal funds rate half a percentage point to 0.5 percent, another step by the government toward lifting the economy out of recession.

The Dow rose 64.59, or 0.75 percent, to 8,629.68. The Dow tumbled 196 points Thursday as worries intensified that the auto bill would stall in the Senate.

The S&P 500 index rose 6.14, or 0.70 percent, to 879.73, and the Nasdaq rose 32.84, or 2.18 percent, to 1,540.72.

For the week, the Dow ended with a loss of fewer than 6 points, or 0.07 percent. The S&P 500 rose 0.42 percent, while the Nasdaq advanced 2.08 percent because of Friday's gains. For the year, the Dow is down 34.9 percent, the S&P 500 is down 40.1 percent and the Nasdaq is off 41.9 percent.

The Russell 2000 index of smaller companies rose 17.22, or 3.82 percent, to 468.43 Friday.

The number of stocks advancing outpaced decliners by 3-to-2 on the New York Stock Exchange, where consolidated trading volume came to 5.12 billion shares compared with 5.39 billion Thursday.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.58 percent from 2.63 percent late Thursday. The yield on the three-month T-bill rose to 0.04 percent from 0.02 percent late Thursday. The bill has been in great demand because of the safety it offers investors.

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

Light, sweet crude fell $1.70 to settle at $46.28 on the New York Mercantile Exchange.

The day's economic news showed continuing weakness, but, as it has done with a steady stream of downbeat data in recent weeks, the market shrugged.

The Labor Department said wholesale prices sank in November for the fourth straight month, raising deflation fears. The Producer Price Index fell a greater-than-expected 2.2 percent as prices for gasoline and other energy prices retreated. That followed a record 2.8 percent drop in October.

Businesses also slashed inventories in October by the largest amount in five years. The Commerce Department said businesses cut what was on shelves and back lots by 0.6 percent, triple the 0.2 percent decline economists expected.

The Commerce Department said retail sales fell by 1.8 percent in November. The decline was less than the 1.9 percent slide economists expected but the drop marked the fifth straight monthly decline -- a period of weakness never before seen on the government's retail sales records.

Next week's readings include the Consumer Price Index and housing starts for November.

The week also brings quarterly results from Wall Street's brokerages, which have been badly hurt by the stock market's tumble, the slowdown in the economy and the freeze-up in the credit markets.

GM ended down 18 cents, or 4.4 percent, at $3.94 after declining as much as 37 percent in the session. Ford rose 14 cents, or 4.8 percent, to $3.04. Chrysler isn't publicly traded.

But even a potential lifeline for Detroit couldn't ease all the concerns about job losses. Bank of America Corp. said late Thursday it expected to cut as many as 35,000 jobs over the next three years, including some from investment bank Merrill Lynch & Co., which it agreed to buy in September. Bank of America rose 2 cents to $14.93.

Investors grappled with further prospects of diminished confidence in Wall Street. Late Thursday, Wall Street veteran Bernard L. Madoff was arrested on a securities fraud charge. Madoff, who 18 years ago was chairman of the Nasdaq stock market, was accused of running a phony investment business that lost at least $50 billion and that he called a "giant Ponzi scheme," prosecutors said.

"It's not a happy day when you see a $50 billion fraud," said Ken Mayland, president of research firm ClearView Economics. "Things like that will just erode the public's confidence in the market."

Overseas, Japan's Nikkei stock average fell 5.56 percent. Britain's FTSE 100 fell 2.47 percent, Germany's DAX index slid 2.18 percent, and France's CAC-40 declined 2.80 percent.

The Dow Jones industrial average ended the week down 5.74, or 0.07 percent, at 8,629.68. The Standard & Poor's 500 index finished up 3.66, or 0.42 percent, at 879.73. The Nasdaq composite index ended the week up 31.41, or 2.08 percent, at 1,540.72.

The Russell 2000 index finished the week up 7.34, or 1.59 percent, at 468.43.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended at 8,800.18, up 63.04 points, or 0.72 percent, for the week. A year ago, the index was at 14,993.96.

 

[bigdog]

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

Investors sent stocks lower Monday as anxiety over the growing list of firms affected by investment manager Bernard Madoff and the potential losses to the financial sector took center stage on Wall Street.

Investors also were nervous ahead of earnings reports later this week from the country's two largest investment banks, Goldman Sachs Group Inc. and Morgan Stanley.

Stocks had traded mixed early on as investors were relieved to hear that President George W. Bush was working on providing short-term government help for the auto industry. The Senate's rejection of a $14 billion bailout for automakers last week had raised the possibility of a major bankruptcy, which some analysts say would result in as many as 3 million U.S. job losses next year.


The NYSE DOW closed LOWER -65.15 points -0.75% on Monday December 15
Sym Last........ ........Change..........
Dow 8,564.53 -65.15 -0.75%
Nasdaq 1,508.34 -32.38 -2.10%
S&P 500 868.57 -11.16 -1.27%
30-yr Bond 3.0010% -0.0630

NYSE Volume 4,997,949,500
Nasdaq Volume 1,677,887,120


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,277.56 -2.79 -0.07%
DAX 4,654.82 -8.55 -0.18%
CAC 40 3,185.66 -27.94 -0.87%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,664.66 +428.79 +5.21%
Hang Seng 15,046.95 +288.56 +1.96%
Straits Times 1,774.76 +34.42 +1.98%

http://biz.yahoo.com/ap/081215/wall_street.html
Stocks end lower as Madoff victim list grows
Monday December 15, 5:04 pm ET
Wall Street ends lower as Madoff victim list grows, investors await Goldman Sachs report


NEW YORK (AP) -- Investors sent stocks lower Monday as anxiety over the growing list of firms affected by investment manager Bernard Madoff and the potential losses to the financial sector took center stage on Wall Street.

Investors also were nervous ahead of earnings reports later this week from the country's two largest investment banks, Goldman Sachs Group Inc. and Morgan Stanley.

Stocks had traded mixed early on as investors were relieved to hear that President George W. Bush was working on providing short-term government help for the auto industry. The Senate's rejection of a $14 billion bailout for automakers last week had raised the possibility of a major bankruptcy, which some analysts say would result in as many as 3 million U.S. job losses next year.

But as that fear eased somewhat, it gave way to concerns about companies' exposure to Madoff's fund. Well respected in the investment community after serving as chairman of the Nasdaq Stock Market, Madoff was arrested Thursday for orchestrating what prosecutors say was a $50 billion Ponzi scheme to defraud investors.

Firms with exposure include HSBC Holdings PLC, Banco Santander, BNP Paribas, Royal Bank of Scotland Group PLC and hedge fund Man Group PLC.

"The investor psyche is already quite fragile. Scandals like this just add fuel to the fire," said Alan Gayle, senior investment strategist for RidgeWorth Capital Management.

In addition to the potential for hefty writedowns related to the losses, investors also fear redemptions will increase as investors pull money out of funds in order to counter their losses from Madoff-related investments.

"If you start to see those redemptions building, it's going to add more selling pressure on the market," said Quincy Krosby, chief investment strategist at The Hartford Financial Services Group Inc.

Wall Street is also anticipating a bleak report from Goldman Sachs on Tuesday. Analysts are expecting the investment bank to report a loss of $3.50 per share, according to a poll by Thomson Reuters. It would be Goldman's first quarterly loss since it went public in 1999. Morgan Stanley reports results on Wednesday.

According to preliminary calculations, the Dow Jones industrial average fell 65.15, or 0.75 percent, to 8,564.53. The Standard & Poor's 500 index lost 11.16, or 1.27 percent, to 868.57, while the Nasdaq composite index fell 32.38, or 2.10 percent, to 1,508.34.

The Russell 2000 index of smaller companies fell 17.63, or 3.76 percent, to 450.80.

Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where volume came to a light 1.21 billion shares.

Volume is expected to remain light this week, the last full week of trading this year, ahead of the holidays. Analysts were quick to point out that light volume often skews the market's moves.

"There doesn't seem to be a whole lot of activity in the market right now," said Joe Keetle, senior wealth manager of Dawson Wealth Management. "On small volume, the market can move dramatically one way or the other."

Investors also seemed hesitant to make any major moves ahead of the Federal Reserve's Tuesday decision on interest rates. Some analysts anticipate policy makers will cut the key rate by a half-point to 0.5 percent, while others expect a three-quarter-point reduction to 0.25 percent -- which would be the lowest key rate on records going back to 1954.

"A Fed ease this week has long been anticipated by the market; the only news would be if the Fed did not cut," Gayle said. He added that the market will probably pay close attention to the statement the central bank releases about the economy and the possibility of future policy actions.

Despite Monday's moderate decline, investors have been showing a greater tolerance for bad economic and corporate news in recent sessions, leading some analysts to believe that the market may be showing some stability after the horrific selling of the past three months.

The Dow ended last week down 0.07 percent; the S&P 500 index finished the week up 0.42 percent; and the Nasdaq composite index ended the week up 2.08 percent. Still, the Dow is down about 35 percent for the year, while the S&P 500 and Nasdaq are down more than 40 percent.

"The market has recently done a very good job with absorbing bad news," Krosby said. "The key is no major surprises for the market."

In addition to a rate cut, investors are anticipating some sort of resolution for the auto industry this week.

Following the legislative defeat on Thursday, the administration said it was considering several options. Bush reiterated Monday that he remains open to tapping the $700 billion financial bailout fund to help the companies.

General Motors Corp. and Chrysler LLC are seeking the funding, while Ford Motor Co. has said it has enough cash to survive 2009.

GM was the biggest gainer among the 30 stocks that make up the Dow, rising 14 cents, or 3.6 percent, to close at $4.08. The biggest loser Monday was JPMorgan Chase & Co., which fell $2.31, or 7.5 percent, to $28.63, alongside other declining financial stocks.

The Madoff scandal only added to investors' growing fears about the financial sector -- namely that banks will report more losses in the fourth quarter due to the major market turmoil throughout the period.

Goldman Sachs fell $1.28 to $66.46, while Morgan Stanley lost 21 cents to $13.64.

In economic data, the Fed reported a decline in November industrial production, while the New York Fed reported a massive contraction in regional manufacturing activity.

Bond prices edged higher Monday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.50 percent late Monday from 2.58 percent late Friday. The yield on the three-month T-bill -- a safe short-term asset that's in very high demand -- dipped to 0.02 percent late Monday from 0.04 percent late Friday.

The dollar fell against the euro and the British pound, but rose against the Japanese yen. Gold prices rose.

Light, sweet crude for January delivery peaked briefly above $50 early Monday, but then fell $1.77 from Friday's level to settle at $44.51 a barrel on the New York Mercantile Exchange.

Markets overseas were mixed. Japan's Nikkei stock average rose 5.21 percent, while Hong Kong's Hang Seng index rose 1.96 percent. Britain's FTSE 100 slipped 0.07 percent, Germany's DAX index fell 0.18 percent, and France's CAC-40 fell 0.87 percent.

 

[bigdog]

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

The last hour again saves the day!

A surprised Wall Street bolted higher Tuesday after the Federal Reserve's historic decision to further slash interest rates and pledge broad support to revive the troubled economy.

The Dow Jones industrials surged 360 points, or 4.2 percent, and broader indexes jumped more than 5 percent after the central bank said it will use "all available tools" to jump-start the economy. It also set its target for the rate at which banks lend to each other to a range of zero to 0.25 percent, the lowest level on record.

Demand for long-term government bonds increased and pushed yields to record lows.


The NYSE DOW closed HIGHER +359.61 points +4.20% on Tuesday December 16
Sym Last........ ........Change..........
Dow 8,924.14 +359.61 +4.20%
Nasdaq 1,589.89 +81.55 +5.41%
S&P 500 913.18 +44.61 +5.14%
30-yr Bond 2.8740% -0.1270

NYSE Volume 6,626,136,000
Nasdaq Volume 2,248,450,750


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,309.08 +31.52 +0.74%
DAX 4,729.91 +75.09 +1.61%
CAC 40 3,251.66 +66.00 +2.07%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,568.02 -96.64 -1.12%
Hang Seng 15,130.21 +83.26 +0.55%
Straits Times 1,770.64 -4.12 -0.23%

http://biz.yahoo.com/ap/081216/wall_street.html
Stocks surge as Fed pledges broad economic support
Tuesday December 16, 5:13 pm ET
Stocks surge as Fed slashes interest rates to record lows, pledges broad support for economy

NEW YORK (AP) -- A surprised Wall Street bolted higher Tuesday after the Federal Reserve's historic decision to further slash interest rates and pledge broad support to revive the troubled economy.

The Dow Jones industrials surged 360 points, or 4.2 percent, and broader indexes jumped more than 5 percent after the central bank said it will use "all available tools" to jump-start the economy. It also set its target for the rate at which banks lend to each other to a range of zero to 0.25 percent, the lowest level on record.

Demand for long-term government bonds increased and pushed yields to record lows.

The promise of further government action and a Swiss-army-knife approach for mending the economy damped concerns that policymakers were running low on tools to fan the economy by further lowering interest rates.

The idea that the Fed will likely proceed with plans to snap up government and mortgage debt made it easier for investors to place bets that the central bank will do what is necessary to help bring an end to the longest recession in a quarter-century.

"Today was a reminder that the Fed was on the case," said Jim McDonald, director of equity research at Northern Trust in Chicago. "It was a reaffirmation of their willingness to be very aggressive."

"What we heard today was not revolutionarily different but it was a reminder that they are committed to using their balance sheet to the fullest extent to repair the financial markets and stimulate the economy."

The Fed's unprecedented move to lower its fed funds target rate to a range of zero to 0.25 percent rather than a fixed point was a surprise. The move is an acknowledgment that rates in the marketplace had been well below the Fed's 1 percent target, which it set at its previous meeting on Oct. 29. The central bank also cut the lending rate for loans directly to banks.

Many analysts had expected the Fed would cut its fed funds rate to 0.5 percent from 1 percent.

"In some senses the whole point of this meeting was to say quit watching interest rates, watch the other things that we can and will do," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland.

Jack A. Ablin, chief investment officer at Harris Private Bank, said the fact that the Fed targeted a range for its fed fund rate indicates that policy makers did not want to bring the rate all the way to zero. Such a move could have had problematic implications for money market funds, whose fees could then outpace yields.

The Dow rose 359.61, or 4.20 percent, to 8,924.14 after having been up about 100 in subdued trading ahead of the Fed's announcement.

Broader stock indicators also rose. The Standard & Poor's 500 index advanced 44.61, or 5.14 percent, to 913.18, and the Nasdaq composite index rose 81.55, or 5.41 percent, to 1,589.89.

The Russell 2000 index of smaller companies rose 30.28, or 6.69 percent, to 482.85.

The number of stocks advancing outnumbered those declining by 5-to-1 on the New York Stock Exchange, where volume came to 1.54 billion.

Demand for government bonds surged. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.28 percent from 2.53 percent late Monday. The yield on the 30-year fell to a record low 2.75 from 2.99 percent late Monday.

Meanwhile, the yield on the popular three-month T-bill -- whose yield has at times gone negative due to frenzied buying -- was at 0.03 percent up from 0.02 percent late Monday.

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

Light, sweet crude fell 91 cents to settle at $43.60 a barrel on the New York Mercantile Exchange.

The rate decision came on a day when investors received two more pieces of evidence on Tuesday that the economy was worsening: The Commerce Department reported a 18.9 percent drop in new home construction in November, while the Labor Department said consumer prices sank by 1.7 percent.

Richard E. Cripps, chief market strategist for Stifel Nicolaus, said the recent string of downbeat economic readings could eventually convince Wall Street that the economy has hit a bottom and could be poised for a modest recovery. In past downturns, the data remain weak long after the economy has began to recover.

"The idea is it's so bad that maybe it doesn't take much to go up from here," he said.

Wall Street remained nervous about the growing list of firms and individual investors affected by investment manager Bernard Madoff, who is accused of scamming investors.

Madoff, former chairman of the Nasdaq stock market, was arrested Thursday in what the Securities and Exchange Commission is calling one of the biggest Ponzi schemes on record. Investors of all sizes -- from major banks to small charities -- may record losses of more than $50 billion. Firms invested in his fund include such major European banks as HSBC Holdings PLC, Banco Santander, BNP Paribas, and Royal Bank of Scotland Group PLC.

Markets overseas were mixed. Japan's Nikkei stock average fell 1.12 percent, while Hong Kong's Hang Seng index rose 0.55 percent. Britain's FTSE 100 rose 0.74 percent, Germany's DAX index rose 1.61 percent, and France's CAC-40 rose 2.07 percent.

 

[bigdog]

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

Wall Street finished moderately lower Wednesday, as further signs of economic deterioration dampened investors' earlier enthusiasm about the Federal Reserve's record interest rate cut.

Stocks declined in the early going after a larger-than-expected loss from Morgan Stanley offered fresh evidence of the sizable obstacles the battered financial industry still faces. The company posted a loss of $2.37 billion, or $2.34 per share, for the fiscal fourth quarter. The report came a day after rival Goldman Sachs Group Inc. posted its first quarterly loss since going public in 1999.

The NYSE DOW closed LOWER -99.80 points -1.12% on Wednesday December 17
Sym Last........ ........Change..........
Dow 8,824.34 -99.80 -1.12%
Nasdaq 1,579.31 -10.58 -0.67%
S&P 500 904.42 -8.76 -0.96%
30-yr Bond 2.6650% -0.2090

NYSE Volume 5,976,743,000
Nasdaq Volume 2,150,873,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,324.19 +15.11 +0.35%
DAX 4,708.38 -21.53 -0.46%
CAC 40 3,241.92 -9.74 -0.30%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,612.52 +44.50 +0.52%
Hang Seng 15,460.52 +330.31 +2.18%
Straits Times 1,779.29 -2.80 -0.16%

http://biz.yahoo.com/ap/081217/wall_street.html
Stocks finish lower as investors assess rate cut
Wednesday December 17, 5:21 pm ET
Wall Street finishes lower as investors grapple with economic woes, impact of Fed rate cut

NEW YORK (AP) -- Wall Street finished moderately lower Wednesday, as further signs of economic deterioration dampened investors' earlier enthusiasm about the Federal Reserve's record interest rate cut.

Stocks declined in the early going after a larger-than-expected loss from Morgan Stanley offered fresh evidence of the sizable obstacles the battered financial industry still faces. The company posted a loss of $2.37 billion, or $2.34 per share, for the fiscal fourth quarter. The report came a day after rival Goldman Sachs Group Inc. posted its first quarterly loss since going public in 1999.

Some selling had been expected after Tuesday's huge rally in which the Dow Jones industrial average rose more than 4 percent and other indexes gained more than 5 percent. The moves came after the central bank lowered its federal funds rate target to a range of zero to 0.25 percent -- the lowest levels on record.

But after briefly moving into positive territory, stocks struggled to hold on to the big gains logged the day before as investors grappled with signs of a worsening economy, including more layoffs and plunging oil prices, and the magnitude of the Fed's actions.

"This is a whole lot of new information for people to digest," said David Waddell, senior investment strategist and chief executive of Waddell & Associates. "Now we need time to sit back ... and figure out what it all means."

Some investors also likely took the Fed's sharp rate cut as an indication of how dire the global financial crisis and economic troubles really are.

The Fed's move was an unprecedented one aimed at boosting borrowing and lending. The central bank said Tuesday it anticipates the weak economy will keep the target rate low for "some time," and added that it is mulling the possibility of buying Treasurys -- in effect, printing new money.

Still, despite Wednesday's decline, investors have been rather resilient in recent trading sessions, an encouraging sign for analysts who believe the market might be entering a period of stability after the unrelenting selling of the past three months.

"Even if the market is down 100 points, the fact that it's been in a narrow trading range I think is very positive," Waddell said.

According to preliminary calculations, the Dow Jones industrial average fell 99.80, or 1.12 percent, to 8,824.34, after falling as many as 146 points earlier in the session. The Standard & Poor's 500 index slipped 8.76, or 0.96 percent, to 904.42, and the Nasdaq composite index fell 10.58, or 0.67 percent, to 1,579.31.

But the Russell 2000 index of smaller companies was up 3.74, or 0.77 percent, to 486.59.

Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to a light 1.34 billion shares.

Volume will likely remain light for the remainder of the year as investors break for the holidays. Light volume tends to skew the market's movements, and could increase volatility in the coming sessions, analysts said.

The Fed's action on Tuesday is expected to lower rates on everything from home equity loans to credit card loans. Mortgage rates are also expected to fall further after the Fed renewed its pledge to buy up billions of dollars of mortgage debt.

These moves could put billions of dollars into the pockets of consumers at a time when Americans have sharply cut back on spending amid rising unemployment and declining household wealth.

But many experts believe that the interest rate cuts alone won't be enough to jump-start the economy.

"It's a tall order to get them to go out and spend again," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank. "That's why you also need a stimulus."

President-elect Barack Obama's advisers are currently contemplating an economic recovery plan that could cost as much as $1 trillion over two years.

Fresh evidence of a still-weakening job market only exasperated investors' concerns. The Cooper Tire and Rubber Co. said Wednesday it will cut 1,300 jobs and close a plant in Georgia, while Newell Rubbermaid Inc. is reducing its salaried work force by as much as 10 percent. The maker of products including Rubbermaid storage containers and Sharpie pens also slashed its fourth-quarter and full-year profit guidance.

"If you go back in history, every time you have an interest rate cut the market gets fairly euphoric," said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. "We're in earnings season and I think there is some concern that the Fed is running out of ammunition and doesn't have many tools left, so people are really taking a hard look."

Investors are trying to make some sense of it all, said Anton Schutz, portfolio manager of Burnham Financial Industries Fund and Burnham Financial Services Fund.

"The debate that's going on here is, has the Fed fired all its bullets and can it do more?" he said.

Meanwhile, the fraud investigation of Wall Street money manager Bernard L. Madoff progressed Wednesday, as the Securities and Exchange Commission looked into the relationship between Madoff's niece and a former SEC attorney who reviewed Madoff's business.

SEC Chairman Christopher Cox blamed regulators for a decade-long failure to investigate Madoff, who is accused of running a $50 billion Ponzi scheme. Cox said staff attorneys never bothered to seek a formal commission-approved investigation that would have forced Madoff to surrender vital information under subpoena.

Some financial stocks rebounded late Wednesday. After being down by as much as 8 percent earlier, Morgan Stanley shares gained 37 cents, or 2.3 percent, to close at $16.50. Goldman Sachs added $2.78, or 3.7 percent, to $78.78.

Energy stocks slumped on falling oil prices. Chevron Corp. dropped $2.19, or 2.8 percent, to $76.82, while Exxon Mobil Corp. lost $2.08, or 2.5 percent, to $81.06.

Oil prices tumbled below $40 for the first time since the summer of 2004 Wednesday despite an announcement from OPEC that it planned a record production cut of 2.2 million barrels a day. Many analysts believe oil prices will continue falling next year amid weak demand.

Light, sweet crude for January delivery tumbled 8 percent, or $3.54, to settle at $40.06 a barrel on the New York Mercantile Exchange.

The dollar sank to a fresh two-month low against the euro and a 13-year low against the yen. Gold prices rose.

Bond prices extended sharp gains Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.19 percent from 2.28 percent late Tuesday. The yield on the popular three-month T-bill -- whose yield has at times gone negative due to frenzied buying -- was at 0.01 percent down from 0.03 percent late Tuesday.

Overseas, Japan's Nikkei stock average rose 0.52 percent, while Hong Kong's Hang Seng index rose 2.18 percent. Britain's FTSE 100 rose 0.35 percent, Germany's DAX index fell 0.46 percent, and France's CAC-40 fell 0.30 percent.

 

[bigdog]

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

For the week, the Dow ended down 0.59 percent, while the S&P 500 finished up 0.93 percent and the Nasdaq up 1.53 percent. All of the indexes are still down more than 35 percent for the year.

Stocks finished a bumpy session mostly higher Friday, as investors, while still somewhat cautious about the economy, were encouraged by the government's pledge to lend as much as $17.4 billion to U.S. automakers.

The Dow Jones industrial average finished down about 25 points, but both the broader Standard & Poor's 500 and Nasdaq composite indexes posted moderate advances, finishing higher for the second straight week in a row. Stocks that rose outpaced those that fell by about 2 to 1 on the New York Stock Exchange.

The NYSE DOW closed LOWER -25.88 points -0.30% on Friday December 19
Sym Last........ ........Change..........
Dow 8,579.11 -25.88 -0.30%
Nasdaq 1,564.32 +11.95 +0.77%
S&P 500 887.88 +2.60 +0.29%
30-yr Bond 2.5620% +0.0160

NYSE Volume 6,945,361,500
Nasdaq Volume 2,746,652,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,286.93 -43.73 -1.01%
DAX 4,696.70 -59.70 -1.26%
CAC 40 3,225.90 -8.25 -0.26%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,588.52 -78.71 -0.91%
Hang Seng 15,127.51 -370.30 -2.39%
Straits Times 1,795.47 -3.48 -0.19%

http://finance.yahoo.com/news/Stocks-end-bumpy-session-apf-13884894.html
Stocks end bumpy session mostly higher

NEW YORK (AP) -- Stocks finished a bumpy session mostly higher Friday, as investors, while still somewhat cautious about the economy, were encouraged by the government's pledge to lend as much as $17.4 billion to U.S. automakers.

The Dow Jones industrial average finished down about 25 points, but both the broader Standard & Poor's 500 and Nasdaq composite indexes posted moderate advances, finishing higher for the second straight week in a row. Stocks that rose outpaced those that fell by about 2 to 1 on the New York Stock Exchange.

Though the session was choppy -- with the Dow rising as many as 182 points in early trading, then moving in and out of negative territory for much of the afternoon -- it was a relatively calm day on Wall Street compared with the wild swings experienced in September, October and early November.

In the early going, investors cheered the government's pledge to provide General Motors Corp. and Chrysler LLC with $13.4 billion in short-term financing, and another $4 billion at a later date.

The decision to provide emergency help to carry the struggling industry into the new year comes after a $14 billion bailout for the automakers failed to make it out of the Senate last week.

The companies' cash flows have been dwindling to a slow trickle due to the weak economy, slumping sales and the credit crunch.

But the aid hinges on conditions that must be quickly met; GM and Chrysler must prove viability, defined as positive cash flow and the ability to pay back government loans, by March 31. Ford Motor Co., meanwhile, is not asking for short-term assistance, but its CEO predicted the aid will stabilize the broader industry.

GM CEO Rick Wagoner said the company had much work ahead, but he was confident it could reinvent itself with the government help.

Some analysts expressed doubts.

"I think that there's a lot of skepticism about how much real reform we're likely to see, particularly at GM, given the parameters under which the loans have been made," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "There is a lot of skepticism about whether GM is prepared to do what needs to be done."

Still, the government's move staved off, for the time being, a major bankruptcy that could have sent a debilitating blow to the economy and the labor market.

Investors have been concerned about the job market ramifications of a possible bankruptcy filing by an automaker like GM or Chrysler, which some analysts said could result in up to 3 million U.S. job losses. The government lost more than half a million jobs in November, and the Labor Department said Thursday that new claims for unemployment remained well above 500,000 last week. When unemployment rises, spending declines and credit deteriorates.

The White House's action Friday "prevents the collapse of a very high profile industry less than a week before Christmas," said Phil Orlando, chief equity market strategist at Federated Investors. "That's not to say that these guys won't collapse next March, but it takes it out of the headlines now, and takes the threat of an auto industry default off the table until next spring."

GM shares jumped 83 cents, or 23 percent, to close at $4.49, while Ford shares added 11 cents or 3.9 percent to $2.95. Chrysler is not publicly traded.

The Dow fell 25.88, or 0.30 percent, to 8,579.11. The Standard & Poor's 500 index rose 2.60, or 0.29 percent, to 887.88, while the Nasdaq composite index rose 11.95, or 0.77 percent, to 1,564.32.

For the week, the Dow ended down 0.59 percent, while the S&P 500 finished up 0.93 percent and the Nasdaq up 1.53 percent. All of the indexes are still down more than 35 percent for the year.

The technology-heavy Nasdaq was lifted by big gains from Oracle Corp. and Research In Motion Ltd., both of which released earnings reports after the bell on Thursday. Oracle's profit weakened for the first time in years, but its shares rose 7 percent as investors bet that the company will fare better than others as the economy struggles. BlackBerry-maker Research In Motion rallied $4.39, or 11 percent, to $42.83, after reporting better-than-expected revenue guidance for the fourth quarter and strong holiday sales of its new smart phones.

The Russell 2000 index of smaller companies rose 7.09, or 1.48 percent, to 486.26.

Consolidated volume on the NYSE came to 6.04 billion shares, up from 5.46 billion on Thursday.

Some analysts attributed much of the market's choppiness on Friday to the expiration of options contracts, as well as the routine rebalancing of stock indexes.

Earlier Friday, Treasury Secretary Henry Paulson said that Congress should release the second $350 billion from the rescue fund that it approved in October to bail out financial institutions. Paulson said tapping the fund for the auto industry basically exhausts the first half of the $700 billion total.

At the same time, he said he was confident that the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. had the resources to address a significant market event if one should occur before Congress approves the use of the second half of the largest government bailout program in history.

Meanwhile, the industry that has already gotten billions in government funding -- the financial sector -- remains in sad shape. On Friday morning, Standard & Poor's downgraded its ratings on 11 major U.S. and European financial institutions, including Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., and Wells Fargo & Co.

Citigroup shares sank 41 cents, or 5.5 percent, to $7.02. Wells Fargo slipped 29 cents to $29.36.

On Thursday, the stock market tumbled, shaken by a negative ratings outlook for industrial conglomerate and Dow component General Electric Co. A drop in oil prices also weighed on stocks, pulling down the energy sector and revealing how downbeat investors are about consumer demand.

The market's losses on Wednesday and Thursday erased most of the Dow's 360-point rally on Tuesday, which was sparked by the Federal Reserve's historic interest rate cut. The central bank set its target for the rate at which banks lend to each other to a range of zero to 0.25 percent, the lowest level on record, and vowed to use "all available tools" to jump-start the economy.

Still, analysts believe Wall Street has entered a period of relative stability, and the market's performance on Friday only reinforced that notion.

"Even though there's been a lot of really bad news coming out about the economy in the last few weeks, especially in unemployment numbers, the market hasn't been reacting negatively to that," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research.

Since their multiyear lows on Nov. 20, the Dow is up 13.6 percent and the S&P 500 is up 18 percent.

Yields on long-term Treasurys recovered from record lows on Friday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.21 percent late Friday from 2.07 percent late Thursday. The yield on the popular three-month T-bill -- whose yield has at times gone negative due to frenzied buying -- was unchanged from late Thursday at zero.

The January contract for light, sweet crude, which expired Friday, fell $2.35 to settle at $33.87, the lowest close in nearly five years after falling at one point to $33.44.

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

Markets overseas were mostly lower. Japan's Nikkei stock average slipped 0.91 percent, while Hong Kong's Hang Seng index sank 2.39 percent. Britain's FTSE 100 was down 1.01 percent, Germany's DAX index fell 1.26 percent, and France's CAC-40 fell 0.26 percent.

The Dow Jones industrial average ended the week down 50.57, or 0.59 percent, at 8,579.11. The Standard & Poor's 500 index finished up 8.15, or 0.93 percent, at 887.88. The Nasdaq composite index ended the week up 23.60, or 1.53 percent, at 1,564.32.

The Russell 2000 index finished the week up 17.83, or 3.8 percent, at 486.26.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended at 8,924.03, up 123.85 points, or 1.41 percent, for the week. A year ago, the index was at 14,644.64.

 

[bigdog]

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

The last hour really helped!

Wall Street began a holiday-shortened week with a moderate pullback Monday as investors recoiled at bleak news from Toyota Motor Corp. and drugstore operator Walgreen Co.
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The two companies -- both viewed as better-positioned than many of their peers -- provided more evidence that even stronger companies are struggling as consumers cut back their spending.

Walgreen's profit fell 10 percent in its fiscal first quarter, due mostly to the costs of opening more than 200 new stores, so the company said it will slow down its expansion. Toyota, meanwhile, slashed its earnings forecast for a second time, warning that it now expects to post an operating loss for the fiscal year through March.

The NYSE DOW closed LOWER -59.42 points -0.69% on Monday December 22
Sym Last........ ........Change..........
Dow 8,519.69 -59.42 -0.69%
Nasdaq 1,532.35 -31.97 -2.04%
S&P 500 871.63 -16.25 -1.83%
30-yr Bond 2.5980% +0.0360

NYSE Volume 4,971,889,500
Nasdaq Volume 1,676,461,120

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,249.16 -81.50 -1.88%
DAX 4,639.02 -57.68 -1.23%
CAC 40 3,151.36 -74.54 -2.31%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,723.78 +135.26 +1.57%
Hang Seng 14,622.39 -505.12 -3.34%
Straits Times 1,745.63 -49.84 -2.78%

http://finance.yahoo.com/news/Stocks-fall-in-light-trade-as-apf-13897867.html
Stocks fall in light trade as Toyota cuts outlook
Stocks decline moderately in choppy, light trading as Toyota, Walgreen disappoint investors

Monday December 22, 2008, 5:32 pm EST
NEW YORK (AP) -- Wall Street began a holiday-shortened week with a moderate pullback Monday as investors recoiled at bleak news from Toyota Motor Corp. and drugstore operator Walgreen Co.
Related Quotes

The two companies -- both viewed as better-positioned than many of their peers -- provided more evidence that even stronger companies are struggling as consumers cut back their spending.

Walgreen's profit fell 10 percent in its fiscal first quarter, due mostly to the costs of opening more than 200 new stores, so the company said it will slow down its expansion. Toyota, meanwhile, slashed its earnings forecast for a second time, warning that it now expects to post an operating loss for the fiscal year through March.

It would be the Japanese automaker's first such loss since it began reporting results in 1941, and underscores the challenges facing car companies. Toyota's American rivals, General Motors Corp. and Chrysler LLC, received a $17.4 billion lifeline from the federal government last Friday to stave off bankruptcy.

Monday's gloomy corporate news highlighted how weak the consumer is, said Kim Caughey, equity research analyst at Fort Pitt Capital Group. That's a troubling prospect, she said, because it appears the U.S. economy cannot rely on consumer spending to pull it out of its downturn.

"Even though mortgage rates are coming down, we don't see the consumer running out and buying that house," Caughey said.

On Tuesday, the Commerce Department reports on last month's new home sales, while the National Association of Realtors reports on existing home sales. Economists forecast that both will show declines.

Analysts pointed out, though, that trading volumes were very low Monday, and likely to stay that way throughout the week. So trading was choppy -- the Dow fell by as many as 207 points before paring its losses -- and the market's movements may not be indicative of its long-term direction.

"A truncated week is going to make it tough to generate any firm takeaways from trading," said Craig Peckham, equity trading strategist at Jefferies & Co. "I would expect to see sleepy volumes and a lot of people protecting positions going into year end."

Tax-loss selling -- when investors sell securities at a loss to offset a capital gains tax liability -- might also contribute to the market's weakness until the year's end, Fort Pitt's Caughey noted.

The Dow fell 59.42, or 0.69 percent, to 8,519.69, after briefly moving into positive territory early in the session, tumbling, and then recovering some of its losses.

Broader stock indicators also finished lower. The Standard & Poor's 500 index fell 16.25, or 1.83 percent, to 871.63, and the Nasdaq composite index fell 31.97, or 2.04 percent, to 1,532.35.

The Russell 2000 index of smaller companies fell 11.19, or 2.30 percent, to 475.07. Smaller companies tend to be more vulnerable to economic weakness than larger companies.

On the New York Stock Exchange, declining issues outnumbered advancers by more than 2 to 1 and volume came to a light 1.22 billion shares.

Toyota's U.S.-traded shares fell $3.50, or 5.4 percent, to $60.88.

Walgreen shares fell $1.10, or 4.2 percent, to $24.98.

Also weighing on stocks was Caterpillar Inc., which said it will cut executive compensation in 2009 because of waning demand for mining and construction equipment. Caterpillar shares fell 91 cents, or 2.1 percent, to $41.78.

Wall Street has shown some signs of relative stability in the last few weeks. Since reaching multiyear lows on Nov. 20, the Dow is up 12.8 percent and the S&P 500 is up 15.8 percent.

Besides relief over the auto bailout, investor sentiment has also grown a bit more upbeat after the Federal Reserve last week cut the benchmark federal funds rate to a range of zero to 0.25 percent in an effort to boost borrowing and lending.

After doling out hundreds of billions of dollars in aid this year to prop up the troubled auto and financial sectors, companies are continuing to tap the government for assistance. Some of the country's largest property developers are seeking government help as the threat of default on commercial properties is growing, according to a Wall Street Journal report on Monday.

Another recipient of the government's assistance, American International Group Inc. is selling its Hartford Steam Boiler unit to reinsurer Munich Re AG for $742 million as it works to shed assets to pay back a government loan. AIG received a $150 billion rescue package from the government last month to help it pull through the credit crisis.

AIG shares rose a penny to $1.61.

Light, sweet crude fell $2.45, or nearly 6 percent, to $39.91 a barrel on the New York Mercantile Exchange.

Government bonds finished lower, pushing up yields, even after the Treasury Department auctioned $38 billion of two-year notes -- a record amount -- at an all-time low yield of 0.922 percent. The yield on the benchmark 10-year Treasury note, which moves opposite its price, slipped to 2.17 percent. The yield on the three-month T-bill, considered one of the safest short-term investments, was up at 0.02 percent.

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

Overseas, Japan's Nikkei stock average rose 1.57 percent, while Hong Kong's Hang Seng index dropped 3.34 percent. Britain's FTSE 100 was down 1.88 percent, Germany's DAX index was down 1.23 percent, and France's CAC-40 was down 2.31 percent.