NYSE Dow Jones finished today at:

[bigdog]

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

Wall Street pulled back again Tuesday in muted trading ahead of the holiday, as another round of reports showed further deterioration in the housing market and broader economy.

The Dow Jones industrial average finished lower for the fifth straight day, falling 100 points.

Tuesday's gloomy data was hardly surprising to jaded investors. And trading volume has been light this week, which tends to skew the market's movements.


The NYSE DOW closed LOWER -100.28 points -1.18% on Tuesday December 23
Sym Last........ ........Change..........
Dow 8,419.49 -100.28 -1.18%
Nasdaq 1,521.54 -10.81 -0.71%
S&P 500 863.16 -8.47 -0.97%
30-yr Bond 2.6330% +0.0350

NYSE Volume 4,145,245,000
Nasdaq Volume 1,331,059,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,255.98 +6.82 +0.16%
DAX 4,629.38 -9.64 -0.21%
CAC 40 3,128.41 -22.95 -0.73%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,723.78 +135.26 +1.57%
Hang Seng 14,220.79 -401.60 -2.75%
Straits Times 1,724.54 -21.09 -1.21%

http://finance.yahoo.com/news/Dow-falls-for-5th-straight-apf-13907374.html

Dow falls for 5th straight session on grim data

Wall Street declines as investors sift through more data showing an anemic economy
Tuesday December 23, 2008, 4:42 pm EST

NEW YORK (AP) -- Wall Street pulled back again Tuesday in muted trading ahead of the holiday, as another round of reports showed further deterioration in the housing market and broader economy.

The Dow Jones industrial average finished lower for the fifth straight day, falling 100 points.

Tuesday's gloomy data was hardly surprising to jaded investors. And trading volume has been light this week, which tends to skew the market's movements.

"It is a very quiet news week, and much of it has already been priced into the market," said Ryan Larson, head of equity trading at Voyageur Asset Management.

The reports offered Wall Street no reason to be upbeat, however, and the concern remains that the economy will keep weakening well into the new year. That anxiety is sapping the hope for a year-end rally in the Dow, which is has fallen 36.5 percent since 2008 began.

The Commerce Department reiterated Tuesday that third-quarter gross domestic product, a measure of the economy that tallies the value of goods and services, fell at an annual rate of 0.5 percent.

The government also said sales of new homes fell in November to the slowest pace in nearly 18 years, while prices of new homes dropped by the biggest amount in eight months.

Sales of existing homes keep dropping as well. The National Association of Realtors said existing home sales fell 8.6 percent to an annual rate of 4.49 million in November from a downwardly revised pace of 4.91 million in October. That was more than analysts expected.

According to preliminary calculations, the Dow Jones industrial average shed 100.28, or 1.18 percent, to 8,419.49.

Broader indexes also declined. The Standard & Poor's 500 index fell 8.47, or 0.97 percent, to 863.16. The Nasdaq composite index fell 10.81, or 0.71 percent, to 1,521.54. The Russell 2000 index of smaller companies fell 6.43, or 1.35 percent, to 468.64.

Declining issues led advancers by 3 to 2 on the New York Stock Exchange, where volume came to 984.54 million shares.

Government bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, slipped to 2.18 percent. The yield on the three-month T-bill, considered one of the safest investments, was unchanged at 0.02 percent from late Monday.

The news from Corporate America Tuesday brought little cheer.

Greeting-card company American Greetings Corp. said it swung to a third-quarter loss, hurt by hefty charges and a decline in sales. Shares fell $3.42, or 35 percent, to $6.40.

And the shape of the financial industry continued to shift, as two more companies got government funding.

Credit card lender American Express Co. and commercial financial firm CIT Group Inc. said Tuesday they each received preliminary approval to obtain billions in funding from the government's $700 billion bank investment program.

American Express fell 46 cents, or 2.5 percent, to $17.96, and CIT Group rose 8 cents to $4.26.

Shareholders approved two acquisitions that were forced by banks' massive credit losses.

PNC Financial Services Group Inc. and National City Corp. shareholders approved PNC's acquisition of the Cleveland-based bank. The deal is expected to be complete by late 2009.

Shares of Pittsburgh-based PNC rose 33 cents to $43.01, while National City shares edged up 4 cents, or 2.5 percent, to $1.65 on its last day of trading.

And Wells Fargo & Co. and Wachovia Corp. shareholders approved Wells Fargo's $11.8 billion purchase of Wachovia.

Wells Fargo, based in San Francisco, fell 43 cents to $26.99, while Charlotte, N.C.-headquartered Wachovia fell 15 cents to $5.30.

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

Oil prices fell on concerns that energy demand is evaporating in the face of a severe global economic slowdown. Light, sweet crude fell 93 cents to settle at $38.98 a barrel on the New York Mercantile Exchange, after dipping below $38 earlier in the day.

The plunge in energy prices has been cold comfort to stock investors. The downturn should give consumers a break when they heat their homes and fill their cars' tanks, but it is a glaring sign of the grim economic outlook and the shattered financial industry.

In overseas markets, Japan's Nikkei stock average rose 1.57 percent, and Hong Kong's Hang Seng index fell 2.75 percent. Britain's FTSE 100 rose 0.16 percent, Germany's DAX index fell 0.21 percent, and France's CAC-40 fell 0.73 percent.

 

[bigdog]

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

Wall Street rose modestly in light holiday trading Wednesday after the government released downbeat, but unsurprising, readings on rising U.S. joblessness and declining consumer spending.

The swelling rate of unemployment has been particularly worrisome to investors. The more people lose their jobs, or fear they will lose their jobs, the more they close their wallets. And consumer spending accounts for more than two-thirds of U.S. economic activity.

The NYSE DOW closed HIGHER +48.99 +0.58% on Wednesday December 24
Sym Last........ ........Change..........
Dow 8,468.48 +48.99 +0.58%
Nasdaq 1,524.90 +3.36 +0.22%
S&P 500 864.55 +1.39 +0.16%
30-yr Bond 2.6550% +0.0220

NYSE Volume 1,605,334,120
Nasdaq Volume 516,848,380

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,216.59 -39.39 -0.93%
DAX 4,629.38 -9.64 -0.21%
CAC 40 3,116.21 -12.20 -0.39%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,517.10 -206.68 -2.37%
Hang Seng 14,184.14 -36.65 -0.26%
Straits Times 1,736.99 +12.45 +0.72%

http://finance.yahoo.com/news/Stocks-advance-in-light-apf-13914625.html
Stocks advance in light, Christmas Eve trading

Stocks edge up in light trading after reports on unemployment claims, consumer spending
Wednesday December 24, 2008, 3:12 pm EST

NEW YORK (AP) -- Wall Street rose modestly in light holiday trading Wednesday after the government released downbeat, but unsurprising, readings on rising U.S. joblessness and declining consumer spending.

The swelling rate of unemployment has been particularly worrisome to investors. The more people lose their jobs, or fear they will lose their jobs, the more they close their wallets. And consumer spending accounts for more than two-thirds of U.S. economic activity.

But Wall Street's reaction to Wednesday's economic data was a shrug. Investors have largely been factoring in bad numbers for the fourth quarter as Americans adjusted to the slumping economy, and as banks and automakers scrambled for funding from the U.S. government to stay afloat.

"We've got to get through this year -- it's been crazy -- and just start over," said Stephen Carl, principal and head of equity trading at The Williams Capital Group.

His wish list for 2009: "I hope more shoes don't drop in January, and I really hope that come March that the (government bailout) money is able to do what the people giving the money expect. I hope the automakers don't need anymore; I hope the plan comes to fruition."

The Labor Department said initial applications for unemployment benefits rose more than anticipated to a seasonally adjusted 586,000 last week. That was the highest level since November 1982, though the work force has grown by about half since then.

Other reports were gloomy, but less grim than anticipated. The Commerce Department said consumer spending dropped 0.6 percent in November -- the fifth straight monthly drop -- and durable goods orders fell 1 percent in November.

Floor traders, as they do every year on Christmas Eve and New Year's Eve, gathered for a moment at the New York Stock Exchange to sing "Wait Till the Sun Shines, Nellie." The song is about waiting for the rain to end, and the Big Board tradition has roots going back to the Great Depression.

Wednesday's stock moves were considered largely inconsequential in the grand scheme of things. Trading volumes were extremely low ahead of Christmas, and the markets closed early Wednesday at 1 p.m. Eastern time. And with only four trading days left in 2008, most buying and selling appeared to be investors trying to dress up their portfolios after a year of unprecedented market turmoil.

The Dow Jones industrial average rose 48.99, or 0.58 percent, to 8,468.48, after falling for five straight sessions. The blue-chip index is well off its November lows, but is still down for the typically strong month of December.

Broader stock indicators also gained. The Standard & Poor's 500 index futures rose 4.99, or 0.58 percent, to 868.15, and the Nasdaq composite index rose 3.36, or 0.22 percent, to 1,524.90.

Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where consolidated volume amounted to 1.4 billion shares.

Bond prices, like stocks, were little changed. The yield on the benchmark 10-year Treasury note rose modestly to 2.19 percent from 2.18 percent late Tuesday.

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

Light, sweet crude for February delivery fell $3.63 to settle at $35.35 a barrel on the New York Mercantiles Exchange. The Nymex, like the stock and bond markets, will be closed on Thursday and re-open on Friday.

Markets overseas declined. Japan's Nikkei stock average fell 2.37 percent, and Hong Kong's Hang Seng index fell 0.26 percent. Britain's FTSE 100 fell 0.93 percent, Germany's DAX index fell 0.21 percent, and France's CAC-40 fell 0.39 percent.

 

[bigdog]

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

The Dow Jones industrial average ended the week down 63.56, or 0.74 percent, at 8,515.55. The Standard & Poor's 500 index fell 15.08, or 1.7 percent, at 872.80. The Nasdaq composite index ended the week down 34.08, or 2.17 percent, at 1,530.24.

Wall Street put together a moderate advance in light post-Christmas trading Friday after the government threw a lifeline to General Motors' financing arm, but gains were limited by dreary holiday shopping readings that dimmed the chance of a big year-end rally.

The major indexes finished the week with losses, but the market nonetheless showed further signs of stability.

The news from the retailing sector was far from surprising: Americans spent much less on gifts this season than they did last year, according to SpendingPulse, a division of MasterCard Advisors. Retail sales dropped between 5.5 percent and 8 percent compared with last year, the data showed, or between 2 percent and 4 percent after stripping out auto and gas sales.

The NYSE DOW closed HIGHER +47.07 points +0.56% on Friday December 26
Sym Last........ ........Change..........
Dow 8,515.55 +47.07 +0.56%
Nasdaq 1,530.24 +5.34 +0.35%
S&P 500 872.80 +7.38 +0.85%
30-yr Bond 2.6130% -0.0420

NYSE Volume 1,946,472,880
Nasdaq Volume 601,594,440

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,216.59 closed
DAX 4,629.38 closed
CAC 40 3,116.21 closed

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,739.52 +140.02 +1.63%
Hang Seng 14,184.14 closed
Straits Times 1,725.61 -11.38 -0.66%

http://finance.yahoo.com/news/Stocks-up-after-GMAC-lifeline-apf-13920726.html
Stocks up after GMAC lifeline, retail sales dip

Wall Street rises modestly as GMAC qualifies for gov't help but holiday spending drops

Friday December 26, 2008, 6:10 pm EST
NEW YORK (AP) -- Wall Street put together a moderate advance in light post-Christmas trading Friday after the government threw a lifeline to General Motors' financing arm, but gains were limited by dreary holiday shopping readings that dimmed the chance of a big year-end rally.

The major indexes finished the week with losses, but the market nonetheless showed further signs of stability.

The news from the retailing sector was far from surprising: Americans spent much less on gifts this season than they did last year, according to SpendingPulse, a division of MasterCard Advisors. Retail sales dropped between 5.5 percent and 8 percent compared with last year, the data showed, or between 2 percent and 4 percent after stripping out auto and gas sales.

Ever since the Thanksgiving weekend, it has been widely expected that this holiday season would be dismal, and analysts believe that a great deal of the poor economic news of late, including weak holiday spending, has been factored into stock prices.

Still, personal consumption is a huge part of U.S. economic activity -- comprising more than two-thirds of gross domestic product -- so Wall Street remains concerned that a more frugal consumer could keep the economy weak in 2009. The market will be paying close attention to the Conference Board's December survey on consumer confidence, to be released on Tuesday. The survey will include data on consumers' expectations for the future.

Investors did get a some good news on Christmas Eve, when the Federal Reserve allowed GMAC Financial Services -- the finance arm of struggling Detroit automaker General Motors Corp. -- to become a bank holding company and thus qualify for the government's $700 billion rescue fund. Analysts had said that without financial help, GMAC might have had to file for bankruptcy protection or shut down.

There was little conviction behind Friday's advance, which the market managed after stocks meandered for much of the session. With just three full trading days left in the year, no news has been upbeat enough to spark a big year-end rally, a consequence of the great uncertainty still in the market. December is usually a strong month for stocks, and a flurry of trading known as a "Santa Claus rally" is often seen in the final week.

"I think we could have a year-end rally, but it's got a formidable headwind in the form of tax-selling, in my view," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. Tax-loss selling is when investors sell their poorly-performing stocks to realize a loss for the year, which can reduce their taxes in upcoming years.

The Dow Jones industrial average rose 47.07, or 0.56 percent, to 8,515.55 after Thursday's market holiday.

Broader stock indicators also rose. The Standard & Poor's 500 index rose 4.65, or 0.54 percent, to 872.80, and the Nasdaq composite index rose 5.34, or 0.35 percent, to 1,530.24. The Russell 2000 index of smaller companies rose 6.28, or 1.33 percent, to 476.77.

Advancing issues were ahead of decliners on the New York Stock Exchange by more than 3 to 1. Consolidated volume came to an extremely light 1.71 billion shares, compared to 1.4 billion in an abbreviated session on Wednesday, and 3.63 billion in a full session on Tuesday.

For the week, the Dow ended down 0.74 percent, the S&P 500 fell 1.7 percent and the Nasdaq lost 2.17 percent.

Although there was selling early in the week on bad economic news, Wall Street still extended a streak of relatively tranquil trading after the extreme volatility of September, October and November. Many analysts believe the market has found a bottom after the lows it reached Nov. 20, although no one is ready to say Wall Street won't see more heavy losses.

As the year winds down, investors are flummoxed over what 2009 might bring.

"It's hard to imagine another year that is going to be as dismal or dark or bad as 2008," Johnson said. "It's even hard to imagine that we have another down year in 2009 -- the odds are the stock market will be higher at the end of 2009. Common sense tells you that."

The Dow is down 35.8 percent for the year, while the S&P 500 is down 40.56 percent and the Nasdaq is off 42.3 percent. Since peaking in October 2007, the Dow has lost 39.88 percent, the S&P 500 is down 44.24 percent and the Nasdaq has skidded 46.48 percent.

But, Johnson added, it's impossible to forecast the end of a bear market, and "confidence can turn on a dime."

Besides the consumer confidence report on Tuesday, the market will be waiting for the Institute for Supply Management's report on the manufacturing sector for December. That will be released Friday.

Trading is likely to remain light next week as many investors remain on vacation for the holidays.

On Friday, the dollar was down against other major currencies, while gold prices rose.

Demand for government bonds increased. The three-month Treasury bill's yield fell to 0.01 percent from 0.02 percent late Wednesday, and the 10-year Treasury note's yield fell to 2.14 percent from 2.19 percent.

Light, sweet crude rose $2.36 to $37.71 a barrel on the New York Mercantile Exchange. Crude prices had tumbled Wednesday for the ninth straight day -- dipping as low as $35.13 -- after gloomy economic reports and growing stockpiles of unused gasoline suggesting eroded demand.

GMAC notes shot higher on the news of the company's transformation into a bank. GMAC's 7.25 percent note due to mature in 2033 rose 88.5 percent to $9.67 from $5.13 on Wednesday. But analysts were wary of the big price move, noting that volume was thin, and saying there is still much to be resolved about the company's finances.

Japan on Friday reminded U.S. investors that the recession is not isolated to the United States. Japanese automakers and other manufacturers cut output last month by 8.1 percent -- the biggest decrease since records began in 1953 -- in the face of slowing demand overseas.

Despite the plunge, Japan's Nikkei stock index rose 1.63 percent.

In other overseas trading, Hong Kong markets were closed, as were those in Britain, Germany and France.

The Dow Jones industrial average ended the week down 63.56, or 0.74 percent, at 8,515.55. The Standard & Poor's 500 index fell 15.08, or 1.7 percent, at 872.80. The Nasdaq composite index ended the week down 34.08, or 2.17 percent, at 1,530.24.

The Russell 2000 index finished the week down 9.49, or 1.96 percent, at 476.77.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended at 8,769.35, down 154.62 points, or 1.73 percent, for the week. A year ago, the index was at 14,911.63.

 

[bigdog]

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

Wall Street retreated Monday as continuing violence in the Middle East and a resulting jump in oil prices reminded investors that the market could face problems beyond the recession. The collapse of a Dow Chemical Co. joint venture, meanwhile, intensified Wall Street's economic worries.

Investors remained cautious in a holiday-shortened week, unwilling to make many big bets in the final three days of trading for 2008. Israel's escalating attacks against Gaza's Hamas rulers made traders more hesitant to buy.

The NYSE DOW closed LOWER -31.62 points -0.37% on Monday December 29
Sym Last........ ........Change..........
Dow 8,483.93 -31.62 -0.37%
Nasdaq 1,510.32 -19.92 -1.30%
S&P 500 869.42 -3.38 -0.39%
30-yr Bond 2.6250% +0.0120

NYSE Volume 3,407,764,500
Nasdaq Volume 1,209,327,380

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,319.35 +102.76 +2.44%
DAX 4,704.86 +75.48 +1.63%
CAC 40 3,130.72 +14.51 +0.47%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,747.17 +7.65 +0.09%
Hang Seng 14,328.48 +144.34 +1.02%
Straits Times 1,780.57 +54.96 +3.18%

http://finance.yahoo.com/news/Stocks-pull-back-amid-Middle-apf-13930957.html
Stocks pull back amid Middle East tensions

Wall Street retreats amid Middle East fighting, collapse of Dow Chemical joint venture
* Joe Bel Bruno, AP Business Writer
* Monday December 29, 2008, 5:31 pm EST


NEW YORK (AP) -- Wall Street retreated Monday as continuing violence in the Middle East and a resulting jump in oil prices reminded investors that the market could face problems beyond the recession. The collapse of a Dow Chemical Co. joint venture, meanwhile, intensified Wall Street's economic worries.

Investors remained cautious in a holiday-shortened week, unwilling to make many big bets in the final three days of trading for 2008. Israel's escalating attacks against Gaza's Hamas rulers made traders more hesitant to buy.

The tensions pushed oil prices above $40 a barrel during the session, with crude closing up $2.31 at $40.02 a barrel on the New York Mercantile Exchange. Oil had fallen more than $100 from its peak of $147.27 a barrel on July 11 as a slowing economy curbed demand, but the fighting in Gaza raised the possibility of supply disruptions that could send prices climbing again.

Todd Leone, managing director of equity trading at Cowen & Co., said trading volume is extremely light and that is contributing to the market's swings. Low volume tends to skew price movements.

"What's going on in Israel didn't read well over the weekend," Leone said. "Beyond that, it is an incredibly quiet session. It's really not taking much to move the markets."

Investors also digested a potential blow to dealmaking on Wall Street. On Sunday, Kuwait's government canceled its $17.4 billion K-Dow Petrochemicals joint venture with Dow Chemical, saying it was "very risky" because of the global financial crisis and low oil prices. The joint venture was set to begin Thursday.

Rohm & Haas Co. maintains that its proposed $15.3 billion takeover by Dow Chemical won't be affected by Dow's substantial loss of income from the venture. But investors punished shares, driving them down $9.60, or 15.1 percent, to $53.96. Dow Chemical shares lost $3.15, or 16.3 percent, to $15.35.

The Dow Jones industrial average fell 31.62, or 0.37 percent, to 8,483.93.

Broader indexes also declined. The Standard & Poor's 500 index fell 3.38, or 0.39 percent, to 869.42; the Nasdaq composite index fell 19.92, or 1.30 percent, to 1,510.32.

Declining issues were ahead of advancers by nearly 4 to 3 on the New York Stock Exchange, where consolidated volume came to an extremely 1.40 billion shares, down from 1.71 billion on Friday.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.10 percent from 2.14 percent late Friday. The yield on the three-month T-bill, in great demand because it is considered one of the safest investments, rose to 0.03 percent from 0.01 percent late Friday.

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

Wall Street has largely written off the final three trading days of 2008, the worst year since Herbert Hoover was president. The Dow has fallen 36 percent, the biggest drop since 1931 when the Great Depression sent stocks reeling 40.6 percent. And the Standard & Poor's 500 index is set to record the biggest drop since its creation in 1957. The index of America's biggest companies is down 40.8 percent for the year.

Alexander Paris, economist and market analyst for Chicago-based Barrington Research, said investors had more reasons to sell on Monday rather than scoop up stocks. For instance, he said some investors might be selling for tax purposes or positioning ahead of economic data to be released later this week, including the Institute for Supply Management's assessment of the manufacturing sector, scheduled for Friday.

"When you have a quiet week, things have a bigger impact on the market," he said. "Everybody likes to have a headline as to what caused the market to move. But, there's still the broader concern that the fourth quarter will be the worst on record for economic growth since 1982."

Dave Rovelli, managing director of trading at brokerage Canaccord Adams, said investors will be waiting to make big moves until after the Jan. 20 inauguration of President-elect Barack Obama. Wall Street is eager for details on his proposed stimulus package for the economy.

"No one is going to do anything until the New Year," he said.

However, if companies release earnings warnings early in January, or if the first wave of fourth-quarter reports are disappointing, the market could see a return of heavy selling. Investors will be focusing on any word from companies deemed critical to the economy, especially from the beleaguered financial and retail sectors.

Investors will also be looking for more insight this week into how retailers fared after the weak Christmas selling season. Stores have slashed prices even further to entice post-holiday shoppers but with many consumers nervous about the economy they're reluctant to spend. That's a troubling prospect for investors, since consumer spending accounts for more than two-thirds of U.S. economic activity.

In other corporate news, billionaire investor Kirk Kerkorian sold his remaining shares in Ford Motor Co., according to a spokeswoman for his investment company Tracinda Corp. Kerkorian's jettisoning of Ford comes just six months after Tracinda boosted its stake in the Dearborn, Michigan-based automaker to 6.49 percent.

Ford shares fell 6 cents, or 2.6 percent, to $2.23.

The Russell 2000 index of smaller companies fell 10.62, or 2.23 percent, to 466.15.

Overseas, Japan's Nikkei stock average rose 0.09 percent. In afternoon trading, Britain's FTSE 100 rose 2.44 percent, Germany's DAX index rose 1.63 percent, and France's CAC-40 rose 0.47 percent.

 

[bigdog]

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

Wall Street staged a big advance in the next to last session of 2008 Tuesday after Washington's latest lifeline to the auto industry bolstered hopes that the government will do whatever is necessary to cut short the recession.

Investors found solace in news that General Motors Corp.'s troubled financing arm received $5 billion of financing. The Treasury Department said late Monday it would provide the money to GMAC Financial Services LLC from the $700 billion bank rescue program.

The NYSE DOW closed HIGHER +184.46 points +2.17% on Tuesday December 30
Sym Last........ ........Change..........
Dow 8,668.39 +184.46 +2.17%
Nasdaq 1,550.70 +40.38 +2.67%
S&P 500 890.64 +21.22 +2.44%
30-yr Bond 2.5830% -0.0420

NYSE Volume 3,685,444,500
Nasdaq Volume 1,455,375,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,392.68 +73.33 +1.70%
DAX 4,810.20 +105.34 +2.24%
CAC 40 3,217.13 +86.41 +2.76%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,859.56 +112.39 +1.28%
Hang Seng 14,235.50 -92.98 -0.65%
Straits Times 1,770.65 -9.92 -0.56%

http://finance.yahoo.com/news/Wall-Street-gains-as-GMAC-apf-13939020.html
Wall Street gains as GMAC gets financing

Investors turn confident as GMAC gets government money, offsetting disappointing consumer data
Joe Bel Bruno, AP Business Writer
Tuesday December 30, 2008, 5:07 pm EST

NEW YORK (AP) -- Wall Street staged a big advance in the next to last session of 2008 Tuesday after Washington's latest lifeline to the auto industry bolstered hopes that the government will do whatever is necessary to cut short the recession.

Investors found solace in news that General Motors Corp.'s troubled financing arm received $5 billion of financing. The Treasury Department said late Monday it would provide the money to GMAC Financial Services LLC from the $700 billion bank rescue program.

The injection is on top of the $17.4 billion in loans the Bush Administration agreed to provide to the auto industry on Dec. 19. GMAC said Tuesday it would immediately resume lending to certain customers it had previously said were too great a risk for auto loans because of tight credit markets.

"This is trying to slow down the economic train wreck," said Jack Ablin, chief investment officer at Harris Private Bank. "Investors are taking a step back, and realizing that this will enable auto buyers to finance their cars and add liquidity to the market."

Ablin also said the move will have an effect on the entire economy, especially amid a backdrop of sluggish consumer spending, which drives more than two-thirds of the U.S. economy.

Wall Street got another disappointing reading about the mood of Americans after the Conference Board reported its Consumer Confidence index dropped to a record low. The trade group reported the index's reading fell to a 38 in December from a revised 44.7 in November, well below the expectation of 45 economists surveyed by Thomson Reuters.

Investors were well prepared for a downbeat report after consumers reluctant to spend left retailers with their worst holiday season in years. The International Council of Shopping Centers said Tuesday that weekly same-store sales, those from stores open a year or more, dropped 1.5 percent last week at the 40 retailers it polls.

Stocks pulled back somewhat after the consumer confidence report was released, but quickly bounded higher. According to preliminary calculations, the Dow Jones industrial average rose 184.46, or 2.17 percent, to 8,668.39.

Broader indexes also moved higher. The Standard & Poor's 500 index rose 21.22, or 2.44 percent, to 890.64; while the Nasdaq composite index added 40.38, or 2.67 percent, to 1,550.70.

With many traders away for the holidays, volume was low, which can exaggerate price moves. Advancing issues led decliners by a 4 to 1 basis on the New York Stock Exchange, where 706.5 million shares changed hands.

Most investors are looking past 2008 for clues about how stocks will fare in the coming year. The major stock market indicators are down 34 percent to 41 percent for the year.

Subodh Kumar, global investment strategist at Subodh Kumar & Associates in Toronto, said the market's moves in the final days of the year are more noteworthy than some investors realize; stocks have been fairly steady despite low volume that could easily lead to sharp declines. But he predicts trading will remain volatile into mid-2009.

"It's still relatively encouraging that the markets have been able to hold up," he said.

Investors might have been able to overlook the disappointing consumer data after a surprise uptick in the Chicago Purchasing Managers' index, which measures business conditions across Illinois, Michigan and Indiana. It advanced in December for the first time since August. Wall Street had expected a decline. The index, which rose 34.1 from 33.8 in November, is considered a precursor to the Institute for Supply Management's manufacturing survey on Friday.

Bond prices were higher. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.08 percent from 2.10 percent late Monday. The yield on the three-month T-bill, in great demand because it is considered one of the safest investments, rose to 0.06 percent from 0.03 percent late Monday.

Light, sweet crude fell 99 cents to $39.03 on the New York Mercantile Exchange. Oil prices rose Monday as investors worried fighting between Israel and Hamas in Gaza would disrupt oil shipments.

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

In corporate news, shares of GM rose 20 cents, or 5.6 percent, to $3.80 after GMAC was given government financing. GM owns 49 percent of GMAC, while private equity firm Cerberus Capital Management holds the remainder.

The Federal Reserve last week approved GMAC's application to become a bank holding company, a move that cleared the way for the company to receive money from the financial rescue fund. In addition to the cash infusion for GMAC, the government also agreed to lend $1 billion to GM so it can contribute to the financing arm's reorganization as a bank holding company.

Meanwhile, General Motors said it is offering financing as low as zero percent over the next week for several 2008 and 2009 models in a big year-end sales push.

The Russell 2000 index of smaller companies rose 16.62, or 3.57 percent, to 482.77.

Overseas, Japan's Nikkei stock average rose 1.28 percent in the final session of the year, ending 2008 with a loss of 42 percent. Markets in Japan are closed for a holiday Wednesday. Britain's FTSE 100 rose 1.70 percent, Germany's DAX index rose 2.24 percent, and France's CAC-40 rose 2.76 percent.

 

[bigdog]

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

Wall Street's stats for 2008 are testimony to how stunningly terrible the year was:

-- The Dow lost 33.8 percent for the year and was down 38 percent from its record close of 14,165.53 in October 2007, making it the Dow's worst year since 1931, when the country was deep into the Depression.

-- The Standard & Poor's 500 index, the indicator most watched by market pros, lost 38.5 percent in 2008 and is down 44.8 percent from its 2007 high of 1,565.15 The S&P 500's 52 percent decline at its November low was the worst since an earlier version of the index lost 54.5 percent from March 1937 to March 1938.

-- The Nasdaq composite index fell 40.5 percent during 2008 and ended the year off 44.8 percent from its most recent high in October 2007. The tech-heavy index peaked at 5,048.62 during the dot-com bubble at the start of the decade.

Wall Street saw a merciful end to a dreadful year Wednesday as stocks closed the last session of 2008 with a sizable advance.

The NYSE DOW closed HIGHER +108.00 points +1.25%on Wednesday December 31
Sym Last........ ........Change..........
Dow 8,776.39 +108.00 +1.25%
Nasdaq 1,577.03 +26.33 +1.70%
S&P 500 903.25 +12.61 +1.42%
30-yr Bond 2.6910% +0.1080

NYSE Volume 4,351,414,000
Nasdaq Volume 1,590,723,120

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,434.17 +41.49 +0.94%
DAX 4,810.20 +105.34 +2.24%
CAC 40 3,217.97 +0.84 +0.03%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,859.56 +112.39 +1.28%
Hang Seng 14,387.48 +151.98 +1.07%
Straits Times 1,761.56 -9.09 -0.51%

http://finance.yahoo.com/news/Stocks-extend-advance-in-apf-13947016.html
Stocks extend advance in year's final session
Wall Street extends advance in final session of punishing year as jobless claims decline

* Tim Paradis, AP Business Writer
* Wednesday December 31, 2008, 5:14 pm EST

NEW YORK (AP) -- Wall Street saw a merciful end to a dreadful year Wednesday as stocks closed the last session of 2008 with a sizable advance.

According to preliminary calculations, the Dow Jones industrials rose 108 points to 8,776 -- but plunged nearly 34 percent over the course of the year as the U.S. mortgage and credit crisis turned into a global recession. The past year marked the worst for the Dow since 1931.

Investors took some comfort Wednesday from the Labor Department's report of a sharp drop in weekly unemployment claims. But many traders were out of the market, on vacation or having closed their books for the year.

Analysts said many investors were looking forward to the start of 2009. Still, there are many unknowns about the economy that could make Wall Street's recovery from a terrible 2008 a difficult one.

"The tone is less onerous for stocks," said Steven Goldman, chief market strategist, Weeden & Co. in Greenwich, Conn. He said lighter volume and relief that the year is over likely aided the market's advance.

Wall Street's stats for 2008 are testimony to how stunningly terrible the year was:

-- The Dow lost 33.8 percent for the year and was down 38 percent from its record close of 14,165.53 in October 2007, making it the Dow's worst year since 1931, when the country was deep into the Depression.

-- The Standard & Poor's 500 index, the indicator most watched by market pros, lost 38.5 percent in 2008 and is down 44.8 percent from its 2007 high of 1,565.15 The S&P 500's 52 percent decline at its November low was the worst since an earlier version of the index lost 54.5 percent from March 1937 to March 1938.

On Wednesday, the Dow rose 108.00, or 1.25 percent, to 8,776.39. The S&P 500 rose 12.61, or 1.42 percent, to 903.25.

The Nasdaq composite index fell 40.5 percent during 2008 and ended the year off 44.8 percent from its most recent high in October 2007. The tech-heavy index peaked at 5,048.62 during the dot-com bubble at the start of the decade.

The Nasdaq rose 26.33, or 1.70 percent, Wednesday to 1,577.03.

The Russell 2000 index of smaller companies rose 19.74, or 4.09 percent, to 502.51.

Advancing issues outnumbered decliners by about 5 to 1 on the New York Stock Exchange, where volume came to a light 1.31 billion shares.

On Tuesday, stocks rose as investors applauded the government's decision to extend $5 billion to General Motors Corp.'s troubled financing arm, GMAC Financial Services LLC. Major stock indexes rose more than 2 percent in light trading, including the Dow, which added 185 points. Light volume can skew market moves.

Bond price tumbled as stocks advanced Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 2.22 percent from 2.06 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.12 percent from 0.06 percent Tuesday.

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

Light, sweet crude jumped $5.57 to settle at $44.60 a barrel on light trading on the New York Mercantile Exchange.

Tim Speiss, head of the wealth management division at Eisner LLP, said investors shouldn't draw too much from the light holiday trading but said the drop in jobless claims and the financing for GMAC were encouraging.

"It's really tough to draw any kind of conclusions because of the low volumes," he said, adding "new jobless claims are down, that's good."

Overseas, Britain's FTSE 100 rose 0.94 percent and France's CAC-40 added 0.03 percent. Markets in Japan and Germany were closed for holidays.

 

[bigdog]

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

For the week, the Dow finished up 6.1 percent, the S&P 500 finished up 6.8 percent, while the Nasdaq rose 6.7 percent.

Wall Street started the new year with a big rally Friday, as investors, brushing aside a disappointing report on manufacturing, sent the Dow Jones industrials up more than 250 points and to their first close above 9,000 in two months. All the major indexes shot up more than six percent for the week.

Specialist traders eye financial charts and data on the floor of the New York Stock Exchange, Friday Jan. 2, 2009. Wall Street began the new year optimistically Friday as investors brushed off a weaker-than-expected report on manufacturing and sent stocks higher.

The NYSE DOW closed HIGHER +258.30 +2.94% on Friday January 2
Sym Last........ ........Change..........
Dow 9,034.69 +258.30 +2.94%
Nasdaq 1,632.21 +55.18 +3.50%
S&P 500 931.80 +28.55 +3.16%
30-yr Bond 2.8150% +0.1240

NYSE Volume 4,075,754,500
Nasdaq Volume 1,464,044,880

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,561.79 +127.62 +2.88%
DAX 4,973.07 +162.87 +3.39%
CAC 40 3,349.69 +131.72 +4.09%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,859.56 closed
Hang Seng 15,042.81 +655.33 +4.55%
Straits Times 1,829.71 +38.16 +2.17%

http://finance.yahoo.com/news/Wall-Street-enjoys-upbeat-apf-13955440.html

Wall Street enjoys upbeat start to 2009

Stocks advance in optimistic start to 2009 as investors brush off weak manufacturing report

* Tim Paradis, AP Business Writer
* Friday January 2, 2009, 4:41 pm EST

NEW YORK (AP) -- Wall Street started the new year with a big rally Friday, as investors, brushing aside a disappointing report on manufacturing, sent the Dow Jones industrials up more than 250 points and to their first close above 9,000 in two months. All the major indexes shot up more than six percent for the week.

Specialist traders eye financial charts and data on the floor of the New York Stock Exchange, Friday Jan. 2, 2009. Wall Street began the new year optimistically Friday as investors brushed off a weaker-than-expected report on manufacturing and sent stocks higher.

Specialist traders eye financial charts and data on the floor of the New York Stock Exchange, Friday Jan. 2, 2009. Wall Street began the new year optimistically Friday as investors brushed off a weaker-than-expected report on manufacturing and sent stocks higher. (AP Photos/Bebeto Matthews)

The Institute for Supply Management said its manufacturing activity index fell to the lowest level in 28 years in December. But the market held to its recent pattern of taking bad economic news in stride, a pattern that began to emerge after it touched multiyear lows on Nov. 20. Investors tend to look anywhere from three to nine months into the future when they make their moves.

"Over the last month you've started to see a change in sentiment and this certainly advances that," said Carl Beck, partner at Harris Financial Group in Richmond, Va.

Economic data have been terrible for months and investors have shown little surprise even as some readings fell well short of economists' already low expectations. During past recessions, the market has recovered ahead of the economy by growing numb to a stream of poor data and looking for signs that the downturn isn't worsening.

The ISM, a trade group of purchasing executives, said Friday its manufacturing index fell to 32.4 in December from 36.2 in November. Economists polled by Thomson Reuters had expected a reading of 35.5; a figure below 50 indicates contraction.

Wall Street's move higher comes amid light trading after the New Year's holiday. Modest volume can lend buoyancy to the market as upbeat buyers have reason to come out and those with less conviction stay home.

The final session of the week follows a terrible year for investors. The Dow fell 33.8 percent in 2008, its worst performance since 1931.

Still, the market's move higher was welcome.

"We like to see the markets shrug off the bad news. That typically is a sign that we're forming a bottom," said Eric Thorne, an investment adviser at Bryn Mawr Trust.

According to preliminary calculations, the Dow rose 258.30, or 2.94 percent, to 9,034.69, finishing the week up 6.1 percent. The blue chips last closed above 9,000 on Nov. 5, when they stood at 9,139.27.

Like the Dow, broader stock indicators also advanced for the third straight session. The Standard & Poor's 500 index rose 28.55 percent, or 3.16 percent, to 931.80, its highest close since Nov. 5. The Nasdaq composite index rose 55.18, or 3.50 percent, to 1,632.21.

For the week, the S&P 500 finished up 6.8 percent, while the Nasdaq rose 6.7 percent.

The Russell 2000 index of smaller companies rose 6.37, or 1.28 percent, to 505.82.

Advancing issues outnumbered decliners by about 5 to 1 on the New York Stock Exchange, where volume came to a light 1.04 billion shares.

Bond prices fell as investors took on riskier assets. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.40 percent from 2.22 percent late Wednesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.09 percent from 0.08 percent Wednesday.

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

Light, sweet crude rose $1.74 to settle at $46.34 a barrel on the New York Mercantile Exchange.

Thorne contends 2009 could be a strong year for Wall Street because most investors are so shaken from the sell-off in 2008, which erased six years of gains in stocks. Market bottoms often emerge because investors are so pessimistic or because stocks seem incapable of making any sustained recovery.

"A bottom isn't formed in one day or even in one month but probably over several months," he said. "Expectations are extremely low for the economy, for corporate earnings and for the stock market itself."

From Nov. 20 to the end of 2008, the Dow advanced 16.2 percent, while the S&P 500 rose 20 percent.

"We're very confident that the $9 trillion that is in cash right now will look to find a home in better-performing assets," he said, referring to the amount of money invested in conservative but low-yielding areas like money market funds. Yields on safe investments like Treasurys have fallen to virtually nil as investors have clamored for safety and surrendered hopes of even earning a return on their money.

Todd Leone, managing director at Cowen & Co., cautioned against reading too much into Friday's advance and said the first full week of the new year should provide insight into investor sentiment for 2009.

"The first five days are usually very telling," Leone said. "I'm not sure we'll be up or down." He said an advance in stocks Friday wasn't a surprise as some investors start the year by wading into the market. He said selling is more likely to occur next week.

Investors had little corporate news to go on Friday other than the completion this week of some major banking acquisitions. Bank of America Corp. finalized its deal to acquire Merrill Lynch & Co. Wells Fargo & Co. closed its acquisition of Wachovia Corp., while PNC Financial Services Group Inc. bought National City Corp.

The dealmaking came after the mortgage and credit turmoil torpedoed bank's balance sheets and sent banks' stocks tumbling. In some cases, banks grappling with liquidity shortages and rising loan losses were forced to make deals to remain in business.

Next week brings a flurry of economic readings and potentially early comments from companies on their 2008 results and 2009 forecasts.

A Labor Department report next Friday on December employment is expected to draw attention. A month ago, Wall Street showed newfound resiliency in the face of a bad reading on what is typically the most important economic report of the month. Stocks initially sagged but finished with big gains Dec. 5 after the government reported that employers slashed a larger-than-expected 533,000 jobs in November. Investors were hoping the poor report would prompt Washington to take broader steps to shore up the economy.

"The employment numbers will almost undoubtedly be very ugly. What will be interesting to see is what the market's reaction will be to those numbers," said Thorne. "We're also very interested to see what the corporate earnings reporting season will be like."

Harris Financial's Beck said the earnings reports could be a wake-up call for investors. "People expect earnings to be really bad. If they come out and they're not quite as bad, you could see this momentum in the market continue," he said. "If they come out even worse than expectations, that could be a major set back."

Stocks overseas also began the new year with a rally. Britain's FTSE 100 rose 2.88 percent, Germany's DAX index jumped 3.39 percent, and France's CAC-40 increased 4.09 percent. Markets in Japan were closed for a holiday.

 

[bigdog]

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

Caution returned to Wall Street Monday as investors gave back some gains from last week's rally even as they found encouragement from President-elect Barack Obama's calls for an economic stimulus package.

Some retreat was to be expected after investors sent the Dow Jones industrial average to a two-month high on Friday; investors are wary about pouring more money into the battered market with economic data still generally weak.

The NYSE DOW closed LOWER -81.80 points -0.91% on Monday January 5
Sym Last........ ........Change..........
Dow 8,952.89 -81.80 -0.91%
Nasdaq 1,628.03 -4.18 -0.26%
S&P 500 927.45 -4.35 -0.47%
30-yr Bond 3.0400% +0.2250

NYSE Volume 5,448,982,000
Nasdaq Volume 1,816,657,750

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,579.64 +17.85 +0.39%
DAX 4,983.99 +10.92 +0.22%
CAC 40 3,359.92 +10.23 +0.31%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,043.12 +183.56 +2.07%
Hang Seng 15,563.31 +520.50 +3.46%
Straits Times 1,924.87 +95.16 +5.20%

http://finance.yahoo.com/news/Investors-collect-profits-apf-13970223.html

Investors collect profits after last week's rally
Wall Street starts first full week of '09 on cautious note; corporate earnings remain concern
* Tim Paradis, AP Business Writer
* Monday January 5, 2009, 4:55 pm EST

NEW YORK (AP) -- Caution returned to Wall Street Monday as investors gave back some gains from last week's rally even as they found encouragement from President-elect Barack Obama's calls for an economic stimulus package.

Some retreat was to be expected after investors sent the Dow Jones industrial average to a two-month high on Friday; investors are wary about pouring more money into the battered market with economic data still generally weak.

Monday was the first real test of Wall Street in 2009 after many traders took extended vacations during the holidays, leading to light volume that may have exaggerated the market's move upward. Investors are still contending with fears about everything from the state of corporate earnings to consumers' willingness to spend during a recession.

"There is some optimism out there that there is going to be a massive stimulus package by Obama that is going to get passed and that will help the economy," said Greg Church, chief investment officer of Church Capital Management in Yardley, Pa.

Church warned, however, that a recovery will be difficult.

"The economy is still very weak. Unemployment is still high and is likely to get worse," he said.

Some analysts warned against drawing big conclusions from Monday's trading.

"We're not reading too much into this market right now, especially after Friday's big gain," said Matt King, chief investment officer at Bell Investment Advisors. "There's just not a lot of conviction behind it."

"I do think there is an element of profit taking from Friday," when the Dow rose 258 points, he said.

According to preliminary calculations, the Dow fell 81.80, or 0.91 percent, to 8,952.89 after falling as much as 142.

Broader stock indicators showed more modest declines. The Standard & Poor's 500 index fell 4.35, or 0.47 percent, to 927.45, and the Nasdaq composite index fell 4.18, or 0.26 percent, to 1,628.03.

The Russell 2000 index of smaller companies fell 0.81, or 0.16 percent, to 505.03.

Despite the pullback in the major indexes, advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to 1.32 billion shares.

On Friday, the Dow registered its first close above 9,000 in two months. Last week, all the major indexes gained more than 6 percent, furthering a rally off multiyear lows that began Nov. 20.

Bond prices pulled back Monday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.46 percent from 2.39 percent late Friday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.08 percent from 0.07 percent.

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

Light, sweet crude rose $2.47 to settle at $48.81 a barrel on the New York Mercantile Exchange.

Analysts expect Wall Street will remain on edge in the coming months as companies release their quarterly results and, more important, their forecasts for the year. Economists are expecting terrible profit reports and cautious forecasts but anything worse than expected could rock the market.

Kim Caughey, equity research analyst at Fort Pitt Capital Group, said investors are already bracing for lackluster corporate results, a stance that could help Wall Street more easily absorb bad news. Since late November, a pessimistic market has been able to write off some bad economic readings as unsurprising.

"I think it may put a limit on the downside because we're already expecting things to be terrible. It's not going to take a whole lot to meet or exceed terrible," she said.

Caughey warned, however, that modest expectations likely won't be enough to take the market higher.

"It's just going to limp along," she said of the economy.

Some stocks and sectors saw selling Monday as analysts issued downbeat forecasts. JPMorgan Chase & Co., which last year scooped up ailing banks Washington Mutual and Bear Stearns, fell after a Deutsche Bank analyst late Sunday reduced his 2009 profit forecast for the company. He predicts JPMorgan will see increases in soured loans. The stock fell $2.10, or 6.7 percent, to $29.25 and was the steepest decliner among the 30 stocks that make up the Dow industrials.

Another downgrade weighed on the telecommunications sector. Verizon Communications fell $2.16, or 6.2 percent, to $32.48, while AT&T Inc. fell 99 cents, or 3.4 percent, to $28.43. Both stocks are Dow components.

Some energy stocks advanced as oil rose. El Paso Corp. rose 50 cents, or 6 percent, to $8.81, while XTO Energy Inc. rose $2.12, or 5.6 percent, to $39.70.

Apple Inc. eased some investors' worries about the health of Chief Executive Steve Jobs. Wall Street closely associates his vision with the company's success. In a letter released Monday, Jobs acknowledged his recent weight loss, and said his doctors believe he has a hormone imbalance. Jobs, a survivor of pancreatic cancer, will continue as CEO during his recovery. Apple rose $3.83, or 4.2 percent, to $94.58.

Overseas, Britain's FTSE 100 rose 0.39 percent, Germany's DAX index rose 0.22 percent, and France's CAC-40 added 0.31 percent. Japan's Nikkei stock average rose 2.07 percent, and Hong Kong's Hang Seng index rose 3.46 percent.

 

[bigdog]

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

The last hour spoilt the day dropping about 80 points!

Wall Street advances on hopes for economic rebound; S&P 500 ends at highest level in 2 months

Wall Street brushed off more bad economic news Tuesday to finish with a moderate advance that left broad stock indexes at their highest levels in two months.

Stocks gained after stumbling in the early going because of mixed data on the service sector, factory orders and pending home sales. While investors expected the readings would show further deterioration, they were hoping the pace of the declines would slow. The market is eager for signs that the U.S. recession will end this year.

The NYSE DOW closed HIGHER +62.21 points +0.69% on Tuesday January 6
Sym Last........ ........Change..........
Dow 9,015.10 +62.21 +0.69%
Nasdaq 1,652.38 +24.35 +1.50%
S&P 500 934.70 +7.25 +0.78%
30-yr Bond 3.07% +0.03

NYSE Volume 6,097,687,000
Nasdaq Volume 2,183,896,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,638.92 +59.28 +1.29%
DAX 5,026.31 +42.32 +0.85%
CAC 40 3,396.22 +36.30 +1.08%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,080.84 +37.72 +0.42%
Hang Seng 15,509.51 -53.80 -0.35%
Sraits Times 1,913.66 -11.21 -0.58%

http://finance.yahoo.com/news/Stocks-end-higher-on-hopes-apf-13984405.html
Stocks end higher on hopes for economic rebound

Wall Street advances on hopes for economic rebound; S&P 500 ends at highest level in 2 months

* Madlen Read and Sara Lepro, AP Business Writers
* Tuesday January 6, 2009, 5:37 pm EST


NEW YORK (AP) -- Wall Street brushed off more bad economic news Tuesday to finish with a moderate advance that left broad stock indexes at their highest levels in two months.

Stocks gained after stumbling in the early going because of mixed data on the service sector, factory orders and pending home sales. While investors expected the readings would show further deterioration, they were hoping the pace of the declines would slow. The market is eager for signs that the U.S. recession will end this year.

Stocks recovered in midafternoon trading after the Federal Reserve released the minutes from its December meeting, providing insight into the central bank's historic decision to ratchet down its key interest rate to near zero to revive the economy.

Investors hopeful for an economic recovery moved out of sectors like consumer staples and health care that are seen as safe havens during recessions and put money into consumer discretionary names and beaten down financial stocks. Technology shares advanced in part after a Barclays Capital analyst upgraded shares of telecommunications network equipment maker Ciena Corp. Proposals by President-elect Barack Obama to help stimulate economic growth by spending on infrastructure and pushing for tax breaks helped some sectors expected to benefit from a stronger consumer.

"I think people are cautiously optimistic," said Ben Halliburton, chief investment officer at Tradition Capital Management. "They are hopeful that the Obama administration is going to get the economy back on track. But I think the speed at which they get things back on track might be slower than the current consensus believes."

The Dow Jones industrial average rose 62.21, or 0.69 percent, to 9,015.10.

Broader stock indicators showed steeper advances to end at their highest levels since Nov. 5. The Standard & Poor's 500 index rose 7.25, or 0.78 percent, to 934.70. The Nasdaq composite index advanced 24.35, or 1.50 percent, to 1,652.38, helped by an 18.6 percent jump in Ciena shares.

The Russell 2000 index of smaller companies rose 9.68, or 1.92 percent, to 514.71.

Advancing issues outnumbered decliners by about 4 to 1 on the New York Stock Exchange, where volume came to 1.34 billion shares.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.45 percent from 2.48 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.14 percent from 0.09 percent.

On Monday, the Dow fell 81 points, giving back some of its gains from last week's rally in which all the major indexes rose more than six percent. Tuesday's climb followed a recent pattern in which investors have largely shrugged off weak economic data.

Wall Street has been showing some signs of stability since hitting multiyear lows on Nov. 20. The Dow is up 19.4 percent since then, while the S&P 500 index is up 25.6 percent. But analysts are quick to note that the market is not out of the woods yet.

"We've had sort of a positive correction," said Brian Gendreau, investment strategist at ING Investment Management. "The question is, is this the beginning of a sustained bull market? I would suspect not."

The economic numbers are mostly still poor but the stock market has recovered from past recessions before the economic figures show improvement.

The National Association of Realtors said Tuesday that pending home sales fell to the lowest level on record in November, while the Commerce Department said the drop in factory orders in November was nearly twice as steep as economists had expected. In one bright spot, the Institute for Supply Management said the U.S. services sector contracted at a slower pace last month.

Analysts expect Wall Street to remain on edge in the coming weeks as corporate earnings reports begin to arrive. Investors will be looking to glean any insight into companies' expectations for the coming year.

"People are really undecided on what '09 is going to look like from an earnings perspective," said David Waddell, senior investment strategist and chief executive of Waddell & Associates. "(The market) could get a bit more pessimistic depending on how ugly the fourth quarter is. The surprise would be if things aren't as bad as we think."

Wall Street on Tuesday examined the Fed's take on whether investors can expect an economic recovery this year.

Minutes from the central bank's last meeting showed policymakers feared the economy would be stuck in a painful rut for some time. Fed Chairman Ben Bernanke and his colleagues slashed the central bank's target lending rate to help spur economic growth.

The Fed, which this week began buying mortgage-backed securities, also said at the time it was considering acquiring other types of securities, such as Treasurys.

"I think this statement clearly indicates they are going to continue to try to get rates lower and move people into riskier assets," said Peter Cardillo, chief market economist at Avalon Partners. "The minutes point out the fact that they are using every tool available."

Among tech stocks, Ciena rose $1.32, or 18.6 percent, to $8.40, while Hewlett Packard Co. jumped $2.98, or 8.2 percent, to $39.31.

Consumer stocks rose. Target Corp. advanced $1.97, or 5.5 percent, to $38.11. Financial stocks also gained. American Express Co. rose $1.12, or 5.6 percent, to $21.07.

Health care and consumer staples stocks slumped. Bristol-Myers Squibb Co. fell 88 cents, or 3.8 percent, to $22.35, while grocery chain Kroger Co. fell $1.31, or 4.9 percent, to $25.36.

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

Light, sweet crude for February delivery slipped 23 cents to $48.58 a barrel on the New York Mercantile Exchange.

Overseas, Japan's Nikkei stock average rose 0.42 percent, and Hong Kong's Hang Seng index dipped 0.35 percent. Britain's FTSE 100 rose 1.29 percent, Germany's DAX index rose 0.85 percent and France's CAC-40 rose 1.08 percent.

 

[bigdog]

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

A warning from tech giant Intel about poor business conditions and more evidence of rising unemployment left stocks with their biggest losses in a month Wednesday.

The news upended some investors' hopes for a speedy economic recovery this year and left the major stock indexes down more than 2.5 percent, including the Dow Jones industrials, which lost 245 points.

The NYSE DOW closed LOWER -245.40 points -2.72% on Wednesday January 7
Sym Last........ ........Change..........
Dow 8,769.70 -245.40 -2.72%
Nasdaq 1,599.06 -53.32 -3.23%
S&P 500 906.65 -28.05 -3.00%
30-yr Bond 3.0660% -0.0030

NYSE Volume 5,290,754,000
Nasdaq Volume 2,060,330,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,507.51 -131.41 -2.83%
DAX 4,937.47 -88.84 -1.77%
CAC 40 3,346.09 -50.13 -1.48%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,239.24 +158.40 +1.74%
Hang Seng 14,987.46 -522.05 -3.37%
Straits Times 1,880.58 -33.08 -1.73%

http://finance.yahoo.com/news/Profit-warnings-poor-job-apf-13994012.html
Profit warnings, poor job outlook weigh on stocks

Wall Street falls sharply on employment worries, bleak corporate outlooks; Dow loses 245

* Madlen Read and Sara Lepro, AP Business Writers
* Wednesday January 7, 2009, 4:43 pm EST

NEW YORK (AP) -- A warning from tech giant Intel about poor business conditions and more evidence of rising unemployment left stocks with their biggest losses in a month Wednesday.

The news upended some investors' hopes for a speedy economic recovery this year and left the major stock indexes down more than 2.5 percent, including the Dow Jones industrials, which lost 245 points.

Intel's second warning since November, as well as bleak outlooks from aluminum producer Alcoa and media industry bellwether Time Warner, underscored the breadth of the economy's slowdown. In addition, the ADP National Employment Report said private sector jobs fell by a greater-than-expected 693,000 in December. That made investors nervous ahead of Friday's employment report from the government.

But unlike the panicked declines seen last fall, Wednesday's pullback was more orderly and stocks finished above their lowest levels. Some retrenchment had been expected following sharp gains in recent sessions and a 24.2 percent rally in the Standard & Poor's 500 index since Nov. 20.

Wall Street has been absorbing poor economic and corporate news far better since November, with some investors betting on a recovery in the second half of this year or by early 2010. But the latest round of unnerving news proved to be too much to set aside.

Joe Saluzzi, co-head of equity trading at Themis Trading LLC, said the market was simply reacting to the day's drubbing of bad news.

"One too many punches and the fighter finally went down," he said.

Chip maker Intel Corp. said it now expects fourth-quarter revenue to drop a greater-than-expected 23 percent on a further weakening in demand from computer makers.

Wall Street was already worried about what the Labor Department's report on employment would bring Friday. The government report is typically the most important economic reading each month because rising unemployment could endanger consumer spending, which accounts for more than two-thirds of U.S. economic activity.

Other corporate news added to Wall Street's downbeat mood. Alcoa Inc. warned late Tuesday it would slash its annual output by more than 18 percent and cut its global work force by 13 percent. And Time Warner Inc. said Wednesday it plans to book a $25 billion impairment charge in the fourth quarter for its cable, publishing and AOL units.

Intel dropped 93 cents, or 6 percent, to $14.44. Alcoa tumbled $1.23, or 10 percent, to $10.89, while Time Warner sank 69 cents, or 6.3 percent, to $10.29.

According to preliminary calculations, the Dow dropped 245.40, or 2.72 percent, to 8,769.70. The Standard & Poor's 500 index fell 28.05, or 3 percent, to 906.65, while the Nasdaq composite index fell 53.32, or 3.23 percent, to 1,599.06.

The Russell 2000 index of smaller companies fell 17.61, or 3.42 percent, to 497.10.

Declining issues outnumbered advancers by about 4 to 1 on the New York Stock Exchange, where volume came to a light 1.24 billion shares.

 

[bigdog]

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

A deal to help head off more mortgage foreclosures pulled Wall Street out of a slump Thursday, giving stocks a mostly higher close. Democratic lawmakers reached an agreement with Citigroup Inc. on a plan to let bankruptcy judges alter loans in an effort to prevent home from going into foreclosure. Other lenders are expected to follow suit.

Wall Street traded lower for much of the session after a profit warning from Wal-Mart Stores Inc. intensified fears that consumers are even worse off than thought. Their reluctance to spend -- evident in Thursday's retail sales reports from many of the nation's biggest merchants -- could make it harder for the nation to recover from the recession.

The NYSE DOW closed LOWER -27.24 points -0.31% on Thursday January 8
Sym Last........ ........Change..........
Dow 8,742.46 -27.24 -0.31%
Nasdaq 1,617.01 +17.95 +1.12%
S&P 500 909.73 +3.08 +0.34%
30-yr Bond 3.0450% -0.0210

NYSE Volume 5,075,263,000
Nasdaq Volume 2,004,173,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,505.37 -2.14 -0.05%
DAX 4,879.91 -57.56 -1.17%
CAC 40 3,324.33 -21.76 -0.65%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,876.42 -362.82 -3.93%
Hang Seng 14,415.91 -571.55 -3.81%
Straits Times 1,827.61 -52.97 -2.82%

Stocks end mostly higher as mortgage deal eases some worries after Wal-Mart profit warning

http://finance.yahoo.com/news/Stocks-end-mostly-higher-apf-14009247.html
* Madlen Read and Tim Paradis, AP Business Writer
* Thursday January 8, 2009, 4:51 pm EST


NEW YORK (AP) -- A deal to help head off more mortgage foreclosures pulled Wall Street out of a slump Thursday, giving stocks a mostly higher close. Democratic lawmakers reached an agreement with Citigroup Inc. on a plan to let bankruptcy judges alter loans in an effort to prevent home from going into foreclosure. Other lenders are expected to follow suit.

Wall Street traded lower for much of the session after a profit warning from Wal-Mart Stores Inc. intensified fears that consumers are even worse off than thought. Their reluctance to spend -- evident in Thursday's retail sales reports from many of the nation's biggest merchants -- could make it harder for the nation to recover from the recession.

The Dow Jones industrial average ended with a modest decline while the technology-focused Nasdaq composite index rose more than 1 percent. Tech stocks showed some of the biggest advances on the belief that the industry will lead the market's recovery. The number of advancing stocks outpaced decliners by about 2-to-1 on the New York Stock Exchange.

"Instead of people selling into the rallies they're starting to buy into the dips," said Bill Groenveld, head trader for vFinance Investments, referring to the market's shift away from the panic that dominated trading in the fall.

The agreement between Citigroup and Sens. Richard Durbin, Charles Schumer and Christopher Dodd raised hopes that the steep downturn in the housing market that has badly hurt consumer spending and the overall economy could be halted. The lending industry had fought the concept, saying it would force lenders to raise mortgage rates. Housing stocks rose on the news.

"Any sort of arrangement that can stave off foreclosure and modify existing mortgages, all of those things will help to get to the bottom of the housing market decline. And only then can we see a real turnaround in the economy," said Randy Frederick, director of trading and derivatives at Charles Schwab.

Investors remained cautious for much of the session after Wal-Mart said December sales at stores open for at least a year rose by 1.2 percent, including fuel, a worse performance than analysts expected. The nation's largest retailer also slashed its projection for fiscal fourth-quarter earnings, and its shares fell more than 7 percent.

"It's not surprising to me that the market came back a little bit," Frederick said. Investors largely expected, with the exception of Wal-Mart, for the retail sales figures to be bad, and so for the most part were able to push them aside.

According to preliminary calculations, the Dow fell 27.24, or 0.31 percent, to 8,742.46.

Broader stock indicators advanced. The Standard & Poor's 500 index rose 3.08, or 0.34 percent, to 909.73, and the Nasdaq composite index rose 17.95, or 1.12 percent, to 1,617.01.

The Russell 2000 index of smaller companies rose 4.91, or 0.99 percent, to 502.01.

Advancing issues outpaced decliners by about 2 to 1 on the New York Stock Exchange, where volume came to a light 1.20 billion shares.

On Wednesday, the Dow fell 245 on worries about rising unemployment and a warning from technology giant Intel Corp. about poor business conditions. Bleak comments from aluminum producer Alcoa Inc. and media company Time Warner Inc. added to investors' concerns.

The market's fears about the economy have been focused largely on the deteriorating job market. The Labor Department said the number of new claims for jobless benefits unexpectedly dipped last week, but the number of people continuing to file claims rose to a new 26-year high. And economists believe the government will report on Friday another massive jobs loss for December.

"The market has been bracing itself for a pretty grim number," said Craig Peckham, market strategist at Jefferies & Co.

As the economy worsens, most on Wall Street are hoping that a stimulus package proposed by President-elect Barack Obama will win congressional approval. Obama said in a speech Thursday that the recession could linger if Congress doesn't funnel unprecedented dollars into the economy. "In short, a bad situation could become dramatically worse," he said.

The lawmakers announcing the mortgage deal with Citigroup hope to attach it to Obama's stimulus proposals.

Government bond prices rose as unease about the economy stoked demand for the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.45 percent from 2.50 percent late Wednesday. The yield on the three-month T-bill, considered one of the safest short-term investments, slipped to 0.09 percent from 0.11 percent.

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

Light, sweet crude fell 93 cents to settle at $41.70 a barrel on the New York Mercantile Exchange.

Among retailers, Wal-Mart fell $4.16, or 7.5 percent, to $51.38, while Saks declined 23 cents, or 5.2 percent, to $4.19.

Specialty retailer Limited Brands Inc. fell 70 cents, or 6.5 percent, to $10 after warning its fourth-quarter results will fall short of analysts' expectations because of weak sales in December.

Target Corp., however, rose 51 cents to $37.52 after the retailer's December sales declined less than expected.

Housing stocks advanced after the Citigroup deal. Lennar Corp. rose 85 cents, or 8 percent, to $11.42, while Toll Brothers Inc. ended up $1.01, or 4.9 percent, at $21.70.

Britain's FTSE 100 fell 0.05 percent after the Bank of England cut its official interest rate by half a percentage point to 1.5 percent -- the lowest level in its 315-year history. The U.S. Federal Reserve last month slashed rates to a record-low range of zero to 0.25 percent.

Elsewhere, Germany's DAX index fell 1.17 percent, and France's CAC-40 fell 0.65 percent. Japan's Nikkei stock average fell 3.93 percent, while Hong Kong's Hang Seng index fell 3.81 percent.

 

[bigdog]

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

The Dow Jones 4.8 percent decline for the week was the biggest point and percentage loss since the week ended Nov. 21.

For the week, the S&P 500 slid 4.5 percent and the Nasdaq lost 3.7 percent.

The first full week of 2009 didn't bring Wall Street any huge shocks, but it didn't bring much for investors be happy about, either.

A jump in unemployment sent stocks sharply lower Friday as investors feared that Americans won't soon deviate from their tightened budgets. The Dow Jones industrial average fell 143 points to end the week down nearly 5 percent, its worst week since November.

The NYSE DOW closed LOWER -143.28 points -1.64% on Friday January 9
Sym Last........ ........Change..........
Dow 8,599.18 -143.28 -1.64%
Nasdaq 1,571.59 -45.42 -2.81%
S&P 500 890.35 -19.38 -2.13%
30-yr Bond 3.0550% +0.0100

NYSE Volume 4,791,104,000
Nasdaq Volume 1,954,715,120

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,448.54 -56.83 -1.26%
DAX 4,783.89 -96.02 -1.97%
CAC 40 3,299.50 -24.83 -0.75%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,836.80 -39.62 -0.45%
Hang Seng 14,377.44 -38.47 -0.27%
Straits Times 1,806.02 -21.59 -1.18%

http://finance.yahoo.com/news/Stocks-slide-after-rise-in-apf-14021148.html
Stocks slide after rise in unemployment rate

Stocks tumble on worries that rise in unemployment will further hurt spending; Dow falls 143
* Madlen Read and Stephen Bernard, AP Business Writers
* Friday January 9, 2009, 6:46 pm EST

NEW YORK (AP) -- The first full week of 2009 didn't bring Wall Street any huge shocks, but it didn't bring much for investors be happy about, either.

A jump in unemployment sent stocks sharply lower Friday as investors feared that Americans won't soon deviate from their tightened budgets. The Dow Jones industrial average fell 143 points to end the week down nearly 5 percent, its worst week since November.

The Labor Department's much-anticipated report showed employers cut 524,000 jobs in December, a smaller decline than the loss of 550,000 jobs economists forecast. But the unemployment rate jumped to a 16-year high of 7.2 percent -- more than the 7 percent economists predicted -- from 6.8 percent in November.

Lost jobs were not a shock to Wall Street, but the news still stung.

"People say that they know how bad the economy is. But they don't know how it feels to have the reality hit home," said Stu Schweitzer, global markets strategist at J.P. Morgan's Private Bank. "It's not the facts -- it's how the facts feel. And it feels terrible to have so many Americans losing jobs, and so many more likely to follow in the coming months."

Rising unemployment tends to erode consumer spending, which accounts for more than two-thirds of U.S. economic activity. For all of 2008, the economy lost 2.6 million jobs -- the most since 1945. Retailers have been reporting dismal holiday sales figures, and Wall Street is concerned about how long the economy will be suffering a pullback in consumer spending.

President-elect Barack Obama on Friday called December's jobs loss "a stark reminder of how urgently action is needed" to revive the nation's staggering economy. Obama is planning on a stimulus package costing about $800 billion, consisting of tax cuts and other ways to try to help individuals and businesses.

But investors were nonetheless worried about the prospects for the economy. Warnings from industry leaders during the week about business conditions underscored the economy's troubles. Wal-Mart Stores Inc., chip maker Intel Corp., aluminum producer Alcoa Inc. and media company Time Warner Inc. all told Wall Street their results suffered in the fourth quarter.

The Dow Jones industrial average fell 143.28, or 1.64 percent, to 8,599.18. The blue chips' 4.8 percent decline for the week was the biggest point and percentage loss since the week ended Nov. 21.

Broader stock indicators also lost ground. The Standard & Poor's 500 index fell 19.38, or 2.13 percent, to 890.35, and the Nasdaq composite index fell 45.42, or 2.81 percent, to 1,571.59.

For the week, the S&P 500 slid 4.5 percent and the Nasdaq lost 3.7 percent.

The Russell 2000 index of smaller companies dropped 20.71, or 4.13 percent, to 481.30.

Declining issues outnumbered advancers by more than 2 to 1 on the New York Stock Exchange, where consolidated volume came to a light 4.13 billion shares compared with 4.34 billion shares traded Thursday.

Bond prices mostly rose Friday as investors sought safety from the grim economic data. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.40 percent from 2.44 percent late Thursday. The yield on the three-month T-bill, considered one of the safest short-term investments, slipped to 0.07 percent from 0.08 percent compared with late Thursday.

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

Light, sweet crude fell 87 cents to settle at $40.83 on the New York Mercantile Exchange after dipping as low as $39.38.

Investors also digested a Commerce Department report that businesses cut wholesale inventories for a third straight month in November as sales continued to plunge. Wholesale inventories dropped 0.6 percent, and sales were down a record 7.1 percent.

Energy companies were among the hardest hit stocks Friday after months of declining oil prices and a loss for the week of about $10 a barrel. Occidental Petroleum Corp. fell $2.70, or 4.6 percent, to $56.30. Schlumberger Ltd. fell $2.83, or 6.2 percent, to $43 after announcing plans to cut about 5 percent of its work force due to the drop in crude. Oil is down from more than $147 a barrel in July, hurting demand for exploration and production services.

Citigroup Inc. fell 41 cents, or 5.7 percent, to $6.75 after board member Robert Rubin, the former U.S. Treasury secretary, resigned as a senior adviser to the big financial services company. The company said he will remain a director until his term expires at the next annual meeting in the spring. Rubin has drawn criticism for his role in the bank's recent problems that drove it to seek federal assistance.

The rise in unemployment also hurt consumer discretionary stocks like retailers. Target Corp. fell $2.12, or 5.7 percent, to $35.40, while Macy's Inc. fell 63 cents, or 5.8 percent, to $10.30.

Wall Street is also girding for dismal fourth-quarter earnings reports from companies starting next week.

"Everyone is expecting bad results," said Jim Swanson, chief investment strategist at MFS Investment Management. But he said Wall Street has also set expectations so low that results would have to be far worse than expected to startle the market.

"Anything that's not catastrophic will probably be greeted mildly or even a little bit positively," he said.

Nick Kalivas, vice president of financial research at the brokerage MF Global, said he believes investors will start buying back into the market again, but slowly and cautiously. "There's nothing in the short term that's going to give people real satisfaction," he said.

Overseas, Japan's Nikkei stock average fell 0.45 percent. Britain's FTSE 100 fell 1.26 percent, Germany's DAX index fell 1.97 percent, and France's CAC-40 fell 0.75 percent.

The Dow Jones industrial average ended the week down 435.51, or 4.82 percent, at 8,599.18. The Standard & Poor's 500 index fell 41.45, or 4.45 percent, to 890.35. The Nasdaq composite index ended the week down 60.62, or 3.71 percent, at 1,571.59.

The Russell 2000 index finished the week down 24.54, or 4.85 percent, at 481.30.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended at 8,935.80, down 378.77 points, or 4.04 percent, for the week. A year ago, the index was at 14,120.81.

 

[bigdog]

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

My aplogies; I have been on holidays without internet access for the past week!

The NYSE DOW was closed for public holiday on Monday January 19

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,108.47 -38.59 -0.93%
DAX 4,316.14 -50.14 -1.15%
CAC 40 2,989.69 -27.06 -0.90%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,256.85 +26.70 +0.32%
Hang Seng 13,339.99 +84.48 +0.64%
STraits Times 1,746.99 +16.54 +0.96%

 

[bigdog]

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

The Dow Jones industrial average fell 332.13, or 4.01 percent, to 7,949.09, its lowest close since Nov. 20.

The dawn of the Obama presidency could not shake the stock market from its dejection over the rapidly deteriorating state of the banking industry.

Financial stocks, many of them falling by double digit percentages, led a huge drop on Wall Street Tuesday that left the major indexes down more than 4 percent and the Dow Jones industrials down 332 points. Although traders on the floor of the New York Stock Exchange paused to watch the inauguration ceremony and Obama's remarks, the transition of power didn't erase investors' intensifying concerns about struggling banks and their impact on the overall economy.

The market's angst, which began with multibillion losses reported last week by Bank of America Corp. and Citigroup Inc., intensified after the Royal Bank of Scotland's forecast that its losses for 2008 could top $41.3 billion.

The collapse in bank stocks was swift Tuesday: State Street Corp. plunged 59 percent, Citigroup fell 20 percent and Bank of America lost 29 percent. Royal Bank of Scotland fell 69 percent in New York trading.

The NYSE DOW closed LOWER -332.13 points -4.01% on Tuesday January 20
Sym Last........ ........Change..........
Dow 7,949.09 -332.13 -4.01%
Nasdaq 1,440.86 -88.47 -5.78%
S&P 500 805.22 -44.90 -5.28%
30-yr Bond 2.9470% +0.0530

NYSE Volume 7,395,658,000
Nasdaq Volume 2,055,047,620

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,091.40 -17.07 -0.42%
DAX 4,239.85 -76.29 -1.77%
CAC 40 2,925.28 -64.41 -2.15%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,065.79 -191.06 -2.31%
Hang Seng 12,959.77 -380.22 -2.85%
Straits Times 1,723.37 -23.62 -1.35%

http://finance.yahoo.com/news/Stocks-tumble-on-fresh-apf-14108655.html
Stocks tumble on fresh worries about banks

Wall Street tumbles on concerns about banking sector; bank shares plunge; Dow falls 332

* Tim Paradis, AP Business Writer
* Tuesday January 20, 2009, 5:26 pm EST

NEW YORK (AP) -- The dawn of the Obama presidency could not shake the stock market from its dejection over the rapidly deteriorating state of the banking industry.

Financial stocks, many of them falling by double digit percentages, led a huge drop on Wall Street Tuesday that left the major indexes down more than 4 percent and the Dow Jones industrials down 332 points. Although traders on the floor of the New York Stock Exchange paused to watch the inauguration ceremony and Obama's remarks, the transition of power didn't erase investors' intensifying concerns about struggling banks and their impact on the overall economy.

The market's angst, which began with multibillion losses reported last week by Bank of America Corp. and Citigroup Inc., intensified after the Royal Bank of Scotland's forecast that its losses for 2008 could top $41.3 billion.

The collapse in bank stocks was swift Tuesday: State Street Corp. plunged 59 percent, Citigroup fell 20 percent and Bank of America lost 29 percent. Royal Bank of Scotland fell 69 percent in New York trading.

The shrinking value of bank stocks means the financial industry accounts for less than 10 percent of the Standard & Poor's 500 index for the first time since 1992. At the end of 2006, banks made up 22 percent of the stock market benchmark.

And the market's retreat Tuesday means Wall Street has eaten through most of the advance it made from Nov. 20 through Jan. 6. The S&P 500, which had been up as much as 24 percent, is now up only 7 percent from its November low.

Fears about banking eclipsed the shift in Washington. Royal Bank of Scotland's forecast for what would be the biggest loss ever for a British corporation left investors fearful that government's would have to nationalize banks to keep them from collapsing. The British government injected more money into the struggling bank Monday and announced another round of bailouts for the country's banks.

State Street and Regions Financial Corp., a bank with branches primarily in the Southeast, both reported big earnings drops Tuesday.

Acknowledging the global economy's woes, Obama suggested Wall Street would see greater oversight: "Without a watchful eye, the market can spin out of control," he said in his address outside the Capitol.

Obama warned the economic recovery would be difficult and that the nation must choose "hope over fear, unity of purpose over conflict and discord" to overcome the worst economic crisis since the Great Depression.

Investors are expecting Washington will be a central part of the economic recovery. But the first hours of the new administration did little to ease their concerns.

"At this stage, markets in general and bank investors specifically are really looking to government as the way out," said Jack Ablin, chief investment officer at Harris Private Bank. "Certainly, of just about all of inaugurations that I can recall today's event probably has the not only the symbolic importance but really tangible importance to the stock market."

The Dow Jones industrial average fell 332.13, or 4.01 percent, to 7,949.09, its lowest close since Nov. 20, when the blue chips ended at 7,552.29 -- their lowest point in more than five years. It was also the blue chips' biggest drop since Dec. 1.

During much of Obama's address, the average was down about 150 points. Traders hadn't appeared so focused on TV screens since Sept. 29, when the House initially voted against the banking bailout package and the Dow tumbled 777 points.

The Dow's showing was its worst ever for an Inauguration Day; it has fallen on about three-quarters of Inauguration Days, according to Dow Jones & Co.

Broader stock indicators also fell sharply Tuesday. The Standard & Poor's 500 index fell 44.90, or 5.28 percent, to 805.22, and the Nasdaq composite index fell 88.47, or 5.78 percent, to 1,440.86.

The Russell 2000 index of smaller companies fell 32.80, or 7.03 percent, to 433.65.

Losing issues outnumbered gainers by about 9 to 1 on the New York Stock Exchange, where volume came to 1.72 billion shares.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.38 percent from 2.34 percent late Friday. The yield on the three-month T-bill, in demand because it is considered one of the safest investments, rose to 0.12 percent from 0.11 percent late Friday.

Light, sweet crude rose $2.23 to settle at $38.74 a barrel on the New York Mercantile Exchange.

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

Richard E. Cripps, chief market strategist for Stifel Nicolaus, said the market's decline was interrupted by Obama's inauguration speech but that the markets then continued to trade on the problems in the financial sector.

"There's just tremendous fear and uncertainty in the banking sector," Cripps said. "Even those closest to the issue, like executives and analysts, there's a feeling of tremendous uncertainty. They're not giving any positive guidance because they just don't know. Lacking that (certainty) we're left to our worst fears, and that's what you're looking at with bank stocks."

Citigroup fell 70 cents, or 20 percent, to $2.80, a 17-year low. After the market's close, the company cut its quarterly dividend to a penny to meet one of the stipulations set by the government's $20 billion bailout of the company.

Bank of America fell $2.08, or 29 percent, to $5.10. Morgan Stanley fell $2.49, or 16 percent, to $13.10.

State Street Corp., which had been performing better than most financial services companies, reported a 71 percent drop in fourth-quarter profit as it was forced to billions of dollars in write-downs on its commercial paper program and investment portfolio. The bank also said it expects 2009 operating earnings to be flat with 2008, below the company's long-term goal of 10 percent to 15 percent growth. State Street plunged $21.46, or 59 percent, to $14.89.

And Regions Financial reported a fourth-quarter loss of $6.24 billion, weighed down by a hefty charge to reflect declining value in its banking reporting unit. Its stock plunged to a 24-year low, closing down $1.47, or 24 percent, at $4.60.

Overseas, Japan's Nikkei stock average fell 2.31 percent. Britain's FTSE 100 fell 0.42 percent, Germany's DAX index fell 1.77 percent, and France's CAC-40 fell 2.15 percent.

 

[bigdog]

Dow down 4%.

The US equity market is now down 16% since election day and close to a 14-year low. The S&P 500 fell 5.28%. Financials fell 17%.

The S&P 500 is down 11% so far this year (that followed a 24% rally since November).

It is the worst opening to a calendar year since 1928.

There are reports that Obama’s team is planning its second round of stabilization packages to assist the banking sector.

 

[bigdog]

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

Investors acted Wednesday like they had overdone it a day earlier.

Wall Street snapped back from a steep sell-off with a rebound in the same financial stocks that were pummeled Tuesday. Upbeat comments from banks, stronger-than-expected results from IBM Corp. and hopes that Washington will offer more help to the economy powered a rally that recovered most of the previous session's losses.

The Dow Jones industrials surged nearly 280 points and all the major indexes rose more than 3.5 percent. Some bounce would have been expected after the Dow tumbled 332 points Tuesday but forecasts from PNC Financial Services Group Inc. and Bank of New York Mellon eased concerns that the troubles at financial giants like Citigroup Inc. were hitting all banks.

The NYSE DOW closed HIGHER +279.01 points +3.51% on Wednesday January 21
Sym Last........ ........Change..........
Dow 8,228.10 +279.01 +3.51%
Nasdaq 1,507.07 +66.21 +4.60%
S&P 500 840.24 +35.02 +4.35%
30-yr Bond 3.1380% +0.1910

NYSE Volume 7,403,005,000
Nasdaq Volume 2,142,189,000

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,059.88 -31.52 -0.77%
DAX 4,261.15 +21.30 +0.50%
CAC 40 2,905.57 -19.71 -0.67%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,901.64 -164.15 -2.04%
Hang Seng 12,583.63 -376.14 -2.90%
Straits Times 1,704.52 -18.85 -1.09%

http://finance.yahoo.com/news/Financial-tech-stocks-lead-apf-14120675.html
Financial, tech stocks lead Wall Street higher

Stocks rebound following better-than-expected tech company forecasts, gains by financials

* Tim Paradis, AP Business Writers
* Wednesday January 21, 2009, 5:55 pm EST


NEW YORK (AP) -- Investors acted Wednesday like they had overdone it a day earlier.

Wall Street snapped back from a steep sell-off with a rebound in the same financial stocks that were pummeled Tuesday. Upbeat comments from banks, stronger-than-expected results from IBM Corp. and hopes that Washington will offer more help to the economy powered a rally that recovered most of the previous session's losses.

The Dow Jones industrials surged nearly 280 points and all the major indexes rose more than 3.5 percent. Some bounce would have been expected after the Dow tumbled 332 points Tuesday but forecasts from PNC Financial Services Group Inc. and Bank of New York Mellon eased concerns that the troubles at financial giants like Citigroup Inc. were hitting all banks.

Many banks reversed double-digit drops from Tuesday with double-digit gains. PNC, which acquired National City Corp. on Dec. 31, jumped 37 percent after saying it would turn in a profit for 2008 and continue to pay its dividend. And Bank of New York Mellon Corp. rose 23 percent after reporting that it managed to eke out a profit for the fourth quarter.

Citigroup Inc. surged 31 percent after falling 20 percent Tuesday. Bank of America jumped 31 percent a day after falling 29 percent. Chief Executive Ken Lewis' report Wednesday that he bought 200,000 shares of common stock during the rout a day earlier encouraged investors.

And JPMorgan Chase & Co. rose 25 percent. Its CEO, Jamie Dimon, said he bought 500,000 shares of his bank's stock on Friday

IBM surprised investors late Tuesday with a forecast for the year that was well above what analysts expected. It reported a 12 percent rise in fourth-quarter profit that easily beat analysts' estimates. And Swedish wireless equipment maker LM Ericsson also reported earnings that topped predictions.

It's too early to say whether Tuesday's plunge and Wednesday's surge were overdone, said John Lynch, chief market analyst at Evergreen Investments in Charlotte, N.C. He contends the volatility will continue until investors gain more confidence. He predicts stocks will test the weakest levels of late November, when the Standard & Poor's 500 index closed at an 11-year low.

"This is part of the painful bottoming process," he said.

Investors looked again for insights into what steps the new administration will take to shore up the economy. Treasury Secretary-designate Timothy Geithner told the Senate Finance Committee that passing President Barack Obama's economic stimulus plan was essential. He also said the Senate's move last week to release the second half of the government's $700 billion financial industry rescue fund "will enable us to take the steps necessary to help get credit flowing."

The Dow Jones industrial average rose 279.01, or 3.51 percent, to 8,228.10.

Broader stock indicators also gained. The Standard & Poor's 500 index advanced 35.02, or 4.35 percent, to 840.24, and the Nasdaq composite index rose 66.21, or 4.60 percent, to 1,507.07.

The Russell 2000 index of smaller companies rose 14.69, or 3.39 percent, to 448.34. Investors often turn to smallcap stocks when placing bets on a market recovery.

Advancing issues outnumbered decliners by about 4 to 1 on the New York Stock Exchange, where volume came to 1.74 billion shares.

Bond prices slumped as stocks rebounded and investors shifted money away from the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.54 percent from 2.37 percent late Tuesday. The yield on the three-month T-bill, in demand because it is considered one of the safest investments, rose to 0.12 percent from 0.10 percent late Tuesday.

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

Light, sweet crude rose $2.71 to settle at $43.55 a barrel on the New York Mercantile Exchange.

Kim Caughey, equity research analyst at Fort Pitt Capital Group, said the comments from PNC and other banks and results from IBM made clear that while it's a difficult time for businesses, not all are struggling as much as some financial companies.

"It was a great reminder that businesses still have their lights on, their doors open and that they're making money," she said.

Stocks fell sharply Tuesday on worries governments would be forced to take over wobbly banks to avoid their collapse. The Dow dropped lost 332 points, or 4 percent. It was the first time the blue chips closed below 8,000 since November.

The Royal Bank of Scotland alarmed investors around the world this week with the warning its 2008 loss might top $41 billion. That spurred the British government to announce a fresh banking bailout. In the U.S., State Street Corp. -- seen as one of the safer financial firms during the current turmoil because it is a custodial bank -- lost more than half its value Tuesday after reporting its profits plunged and issuing a bleak forecast for 2009.

Among bank stocks, PNC jumped $8.16, or 37 percent, Wednesday to $30.16, while Bank of New York Mellon rose $4.24, or 23 percent, to $23.

Citigroup rose 87 cents, or 31 percent, to $3.67, and Bank of America rose $1.58, or 31 percent, to $6.68. Royal Bank of Scotland advanced 14 cents, or 4.2 percent, to $3.47, and State Street rose $2.18, or 15 percent, to $17.07.

JPMorgan rose $4.54, or 25 percent, to $22.63, and Wells Fargo advanced $2.42, or 17 percent, to $16.65.

Tech shares energized by IBM's forecast outpaced much of the broader market Wednesday. IBM jumped $9.44, or 12 percent, to $91.42. Apple rose $4.63, or 5.9 percent, to $82.83 before reporting better-than-expected results after the closing bell Wednesday.

Overseas, Britain's FTSE 100 fell 0.77 percent, Germany's DAX index rose 0.50 percent, and France's CAC-40 fell 0.67 percent. Japan's Nikkei stock average fell 2.04 percent.

 

[bigdog]

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

Wall Street has again succumbed to bad news, closing sharply lower Thursday as more bad news about earnings and worries about the banking industry wiped out any attempts at a rally.

The major indexes, which plunged and then soared the first two trading days of the week, ratcheted up and down during the course of the session before ending sharply lower. The Dow Jones industrial average fell as much 271 points before ending down 105.

"We're seeing a little bit of increase in volatility because things have not gotten much better," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group.


The NYSE DOW closed LOWER -105.30 points -1.28% on Thursday January 22
Sym Last........ ........Change..........
Dow 8,122.80 -105.30 -1.28%
Nasdaq 1,465.49 -41.58 -2.76%
S&P 500 827.50 -12.74 -1.52%
30-yr Bond 3.2500% +0.1120

NYSE Volume 6,824,499,500
Nasdaq Volume 2,321,865,000


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,052.23 -7.65 -0.19%
DAX 4,219.42 -41.73 -0.98%
CAC 40 2,869.62 -35.95 -1.24%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,051.74 +150.10 +1.90%
Hang Seng 12,657.99 +74.36 +0.59%
Straits Times 1,708.77 +4.25 +0.25%


http://finance.yahoo.com/news/Stocks-pare-losses-from-apf-14131800.html
Stocks pare losses from Microsoft, bank woes

Wall Street pares losses from weak results from Microsoft, uncertainty about financials

* Tim Paradis, AP Business Writer
* Thursday January 22, 2009, 4:50 pm EST

NEW YORK (AP) -- Wall Street has again succumbed to bad news, closing sharply lower Thursday as more bad news about earnings and worries about the banking industry wiped out any attempts at a rally.

The major indexes, which plunged and then soared the first two trading days of the week, ratcheted up and down during the course of the session before ending sharply lower. The Dow Jones industrial average fell as much 271 points before ending down 105.

"We're seeing a little bit of increase in volatility because things have not gotten much better," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group.

Bad news from Microsoft Corp. set the tone for the day and made clear more pain was to come before an elusive economic recovery would emerge. The company surprised investors Thursday morning by reporting its fiscal second-quarter earnings early -- and the news was not good. The software giant posted an 11 percent drop in profit and said it will slash 5,000 jobs over the next 18 months.

Microsoft said deteriorating global economic conditions and lower revenue from PC software forced it to cut back. The company also said it is unable to provide any profit and revenue forecasts for the rest of the year because of the market volatility.

Uneasiness about financial companies still plagues investors, and many bank stocks took another beating Thursday. Quarterly financial reports showing steep profit declines and big loan losses have investors worried that the financial crisis is far from over, and that the government's efforts to prop up banks might not be enough to prevent a major failure.

Bank of America Corp. said former Merrill Lynch & Co. Chief Executive John Thain resigned after a meeting of Bank of America executives Thursday morning. The company didn't offer a reason for Thain's departure, but it follows news that Merrill Lynch had moved up its year-end bonuses, handing out payments just days before it was officially acquired by Bank of America on Jan. 1. Moreover, some analysts expected that Thain would leave; it's almost inevitable that in the marriage of two big companies, one of the former CEOs leaves soon after the deal is closed.

Bank of America shares fell 15 percent Thursday.

More downbeat economic readings, including an increase in the number of weekly jobless benefit claims and a sharp drop in home construction activity, added to the day's gloom.

Investors found some encouragement after two House committees prepared President Barack Obama's economic stimulus plan for a floor vote next week. Still, there were still clear signs that it wasn't gaining as much Republican support as the new administration had been hoping for.

According to preliminary calculations, the Dow fell 105.30, or 1.28 percent, to 8,122.80.

Broader market indexes recovered some of their losses but still showed big drops. The Standard & Poor's 500 index fell 12.74, or 1.52 percent, to 827.50. The technology-heavy Nasdaq composite index dropped 41.58, or 2.76 percent, to 1,465.49 after the Microsoft news.

 

[bigdog]

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

Investors' ambivalence about earnings reports left Wall Street with a mixed performance Friday.

Traders pounced on companies showing signs of life and dumped companies whose quarterly results fell short of expectations. Better-than-expected results from Google Inc. helped technology shares while lackluster numbers from General Electric Co. reinforced investors' concerns about the depths of the recession.


The NYSE DOW closed LOWER -45.24 points -0.56% on Friday January 23
Sym Last........ ........Change..........
Dow 8,077.56 -45.24 -0.56%
Nasdaq 1,477.29 +11.80 +0.81%
S&P 500 827.68 +0.18 +0.02%
30-yr Bond 3.3320% +0.0820

NYSE Volume 6,712,210,000
Nasdaq Volume 2,186,685,500

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,052.47 +0.24 +0.01%
DAX 4,178.94 -40.48 -0.96%
CAC 40 2,849.14 -20.48 -0.71%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,745.25 -306.49 -3.81%
Hang Seng 12,578.60 -79.39 -0.63%
Straits Times 1,685.23 -23.54 -1.38%

http://finance.yahoo.com/news/Wall-Street-off-earlier-lows-apf-14143287.html
Wall Street off earlier lows on tech, financials

Wall Street bouncing back from sharp opening lows on technology, financial sector gains

* Stephen Bernard and Tim Paradis, AP Business Writer
* Friday January 23, 2009, 4:37 pm EST

NEW YORK (AP) -- Investors' ambivalence about earnings reports left Wall Street with a mixed performance Friday.

Traders pounced on companies showing signs of life and dumped companies whose quarterly results fell short of expectations. Better-than-expected results from Google Inc. helped technology shares while lackluster numbers from General Electric Co. reinforced investors' concerns about the depths of the recession.

Insurer Aflac Inc. helped ease some of Wall Street's concerns about the financial industry after reassuring investors it had more than enough cash to maintain its credit ratings. The company's stock tumbled 37 percent Thursday on reports it did not have adequate capital to cover risky investments. The company issued a statement and an analyst released a research note backing the company's financial position. Aflac rose 6.9 percent.

The results from GE weighed on industrial names and held the Dow Jones industrial average to a loss as broader indexes climbed. The company's results met Wall Street's lowered expectations but investors grew worried that GE will reduce its dividend. They are also nervous the company could lose its coveted "AAA" credit rating because of the recession that has crimped lending at GE Capital and hurt its industrial and entertainment businesses. GE fell 11 percent.

Stocks ended a volatile session well off their lows. A sizable comeback Friday was the latest back-and-forth seen throughout a turbulent week. The Dow tumbled 4 percent Tuesday, jumped 3 percent Wednesday and fell again Thursday. Volatility has been more the rule than the exception in recent trading as investors sort through a plethora of wide-ranging earnings reports.

According to preliminary calculations, the Dow industrials fell 45.24, or 0.56 percent, to 8,077.56. The Dow had been down more than 200 points early in the day and briefly moved into positive territory.

Broader stock indicators rose. The Standard & Poor's 500 index rose 4.45, or 0.54 percent, to 831.95, while the Nasdaq composite index rose 11.80, or 0.81 percent, to 1,477.29.

 

[bigdog]

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

Wall Street has managed an advance the hard way -- zigzagging on a mix of earnings and economic news before closing moderately higher.

The major indexes changed course several times in Monday's session, rising in response to Pfizer Inc.'s $68 billion planned acquisition of Wyeth, a deal that reassured investors that mergers could still take place in a recession. And the National Association of Realtors said existing homes rose rather than fell in December, stirring hopes that lower prices and falling interest rates are starting to erase at a glut of homes with "for sale" signs.

The NYSE DOW closed HIGHER +38.47 points +0.48% on Monday January 26
Sym Last........ ........Change..........
Dow 8,116.03 +38.47 +0.48%
Nasdaq 1,489.46 +12.17 +0.82%
S&P 500 836.57 +4.62 +0.56%
30-yr Bond 3.3830% +0.0510

NYSE Volume 6,124,349,000
Nasdaq Volume 1,875,928,620

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,209.01 +156.54 +3.86%
DAX 4,326.87 +147.93 +3.54%
CAC 40 2,955.37 +106.23


http://finance.yahoo.com/news/Stocks-fluctuate-on-anxiety-apf-14159970.html
Stocks fluctuate on anxiety over earnings reports

Wall Street fluctuates as earnings reports dampen optimism over Pfizer-Wyeth deal, homes data
Tim Paradis, AP Business Writer
Monday January 26, 2009, 5:59 pm EST

NEW YORK (AP) -- Wall Street has managed an advance the hard way -- zigzagging on a mix of earnings and economic news before closing moderately higher.

The major indexes changed course several times in Monday's session, rising in response to Pfizer Inc.'s $68 billion planned acquisition of Wyeth, a deal that reassured investors that mergers could still take place in a recession. And the National Association of Realtors said existing homes rose rather than fell in December, stirring hopes that lower prices and falling interest rates are starting to erase at a glut of homes with "for sale" signs.

But news from big companies weighed on the market. Downbeat comments from Caterpillar Inc. about the health of its business curbed the advance in the Dow Jones industrials. Caterpillar shares dropped more than 8 percent after the maker of heavy equipment said plunging commodity prices left the company "whipsawed" in the fourth quarter. Caterpillar said it would offer buyouts to 25,000 employees in the U.S. and cut executive pay.

Home Depot Inc., another Dow component, also announced big job cuts. The company said it would slash 7,000 jobs and close its smaller Expo chain as it struggles with the weak housing market.

Analysts expected that with earnings reports flooding in, the market would have a hard time sorting through all the data and settling on a direction. They're also expecting more volatility as reports continue over the next two to three weeks.

"There's a lot of things for investors to digest in what is a very uncertain market environment, and I think that is why you see some hesitation," said Todd Salamone, senior vice president of research, Schaeffer's Investment Research.

After the close of trading, chip maker Texas Instruments Inc. also announced job cuts -- a total of 3,400, with 1,800 coming from layoffs. The company also said its fourth-quarter earnings fell sharply.

Concerns about the banking industry added to the market's uncertainty, and most financial stocks fell. After the closing bell, American Express Co. announced fourth-quarter earnings that missed analysts' estimates by a penny. The company, as expected, reported that its cardholders cut back their spending during the October-December period.

The Dow rose 38.47,or 0.48 percent, to 8,116.03, after briefly moving into negative territory. Monday's advance was just the sixth for the Dow this month; after a late-year rally, the market has again been torn by volatility as investors worried about the economy, earnings and the health of the banking industry.

The Standard & Poor's 500 index rose 4.62, or 0.56 percent, to 836.57, and the Nasdaq composite index rose 12.17, or 0.82 percent, to 1,489.46.

The Russell 2000 index of smaller companies rose 5.70, or 1.28 percent, to 450.06.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where consolidated volume came to 5.13 billion shares, down from Friday's 5.72 billion.

Another unnerving unknown for the market is the exact form that President Barack Obama's proposed stimulus package will take after it has worked its way through Congress.

Senate committees are scheduled to take up the massive plan Tuesday and the full House is expected to vote on its version of the $825 billion package Wednesday. The plan could include big tax cuts and a massive public works program.

"They know things aren't going to get any better soon, but want to see what this package is going to look like," Doug Roberts, chief investment strategist at Channel Capital Research, said of investors.

Meanwhile, earnings are likely to make the next few weeks rocky.

"It's almost like a teeter-totter right now," said Alan Lancz, money manager at Alan B. Lancz & Associates. "Earnings season is always treacherous in this kind of global economic environment with all the uncertainty."

Of the companies in the Standard & Poor's 500 index that have reported results in recent weeks, more than half have fallen short of analysts' already reduced estimates. The poor showing has left investors nervous that the economy is in worse shape than feared.

Caterpillar was one of the latest disappointments. Shares dropped $2.99, or 8.4 percent, to $32.67.

A bit of bright news came from McDonald's Corp., which posted better-than-expected profits but said revenue fell from a year earlier. Same-store sales, or sales at stores open at least a year, rose worldwide and in the U.S., where the company's low-prices have been a draw for consumers worried about the economy. Shares gained 38 cents to $58.40.

American Express fell 80 cents, or 5 percent, to $15.20, and was little changed in after-hours trading following its earnings release. Texas Instruments fell 22 cents to $14.77, but rose to $15.50 in after-hours trading.

Wyeth fell 35 cents to $43.39, and Pfizer fell $1.80, or 10.3 percent, to $15.65. Pfizer said it will cut its dividend as part of the deal, though Wall Street often sells companies that announce acquisitions.

Bond prices fell Monday as stocks rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.65 percent from 2.62 percent late Friday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.13 percent from 0.09 percent late Friday.

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

Light, sweet crude slipped 74 cents to settle at $45.73 on the New York Mercantile Exchange.

Overseas, Japan's Nikkei stock average fell 0.08 percent. Britain's FTSE 100 rose 3.86 percent, Germany's DAX index rose 3.54 percent, and France's CAC-40 jumped 3.73 percent.

 

[bigdog]

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

Some of Wall Street's earnings anxiety is easing -- at least for the time being.

The market had its second straight moderate advance Tuesday, rising after companies including United States Steel Corp. and American Express Co. managed to post profits in a difficult recession. Financial stocks that were mostly higher also lent support to the market.

The major indexes briefly stumbled after the Conference Board said its Consumer Confidence Index in January slipped to its lowest level since the reading's inception in 1967. The report indicated that consumers, who have already cut back drastically, are likely to remain reluctant to spend in the coming months. The index from the private research group slipped to 37.7 in January from a revised 38.6 in December.

The NYSE DOW closed HIGHER +58.70 points +0.72% on Tuesday January 27
Sym Last........ ........Change..........
Dow 8,174.73 +58.70 +0.72%
Nasdaq 1,504.90 +15.44 +1.04%
S&P 500 845.71 +9.14 +1.09%
10 Yr Bond(%) 2.5190% -0.1240


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,194.41 -14.60 -0.35%
DAX 4,323.42 -3.45 -0.08%
CAC 40 2,954.53 -0.84 -0.03%

http://finance.yahoo.com/news/Stocks-rise-following-US-apf-14173556.html
Stocks rise following US Steel, Amex earnings

Street rises as companies post modest earnings; consumer confidence falls to new low
Tim Paradis, AP Business Writer
Tuesday January 27, 2009, 6:16 pm EST


NEW YORK (AP) -- Some of Wall Street's earnings anxiety is easing -- at least for the time being.

The market had its second straight moderate advance Tuesday, rising after companies including United States Steel Corp. and American Express Co. managed to post profits in a difficult recession. Financial stocks that were mostly higher also lent support to the market.

The major indexes briefly stumbled after the Conference Board said its Consumer Confidence Index in January slipped to its lowest level since the reading's inception in 1967. The report indicated that consumers, who have already cut back drastically, are likely to remain reluctant to spend in the coming months. The index from the private research group slipped to 37.7 in January from a revised 38.6 in December.

But profit reports from U.S. Steel and American Express as well as chip-maker Texas Instruments Inc. and movie rental company Netflix Inc. reassured investors that while the fourth quarter was generally terrible for companies, it wasn't the disaster many had feared -- some companies are still able to make money despite the worst recession in decades.

"Remember, things have been so ugly for so long now that it doesn't take a lot to have a positive surprise," said Jim King, chief investment officer at National Penn Investors Trust Co. in Reading, Pa. He said some companies are putting up weak results but the numbers can still look respectable when compared with a year-earlier.

He expects the market's gyrations will continue as investors react to the latest corporate earnings reports and forecasts.

"The volatility is not done," King said. "You're seeing a lot of varying results from corporations."

Indeed, investors sold shares of Delta Air Lines Inc. and Verizon Communications Inc. after their results disappointed Wall Street.

The Dow Jones industrial average rose 58.70, or 0.72 percent, to 8,174.73.

Broader stock indicators also advanced. The Standard & Poor's 500 index rose 9.14, or 1.09 percent, to 845.71, and the Nasdaq composite index rose 15.44, or 1.04 percent, to 1,504.90.

The Russell 2000 index of smaller companies rose 5.52, or 1.23 percent, to 455.58.

Advancing issues outnumbered losers by 2 to 1 on the New York Stock Exchange, where consolidated volume came to 4.66 billion shares, down from Monday's 5.13 billion.

Stocks rose moderately Monday after the National Association of Realtors said existing homes rose rather than fell in December, as had been expected.

Bond prices were mixed Tuesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.53 percent from 2.65 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, was unchanged at 0.13 percent.

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

Light, sweet crude $4.15 a barrel, or 9 percent, to settle at $41.58 on New York Mercantile Exchange. Weak economic data, including a sharp drop in the Standard & Poor's/Case-Shiller 20-city index of home prices, had oil traders again betting that demand for energy will fall.

Wall Street, however, took a more positive approach to the day's events.

Dave Rovelli, managing director of trading at brokerage Canaccord Adams in New York, said Wall Street was pleased by the U.S. Steel numbers because the results could signal that the overall economy isn't as weak as some investors believed. Demand for raw materials like steel is seen as an early indicator of economic activity.

U.S. Steel, the largest U.S.-based steel producer, said its fourth-quarter earnings jumped as an acquisition boosted results. The stock rose $2.03, or 6.9 percent, to $31.49.

American Express rose $1.48 or 9.7 percent, to $16.68 after reporting its profits fell 79 percent in the final three months of 2008. The numbers weren't as weak as some investors had feared.

Texas Instruments said its earnings fell 86 percent and that it would slash 3,400 jobs as the maker of chips for cell phones and other products tries to cut costs. Wall Street applauded the move, sending the stock up 54 cents, or 3.6 percent, to $15.31.

And Netflix jumped $4.67, or 15.5 percent, to $34.82 after reporting its fourth-quarter profit surged 45 percent on strong subscriber growth.

Thomas Nyheim, portfolio manager at Christiana Bank & Trust Co. in Greenville, Del., said investors are pleased to see earnings from companies outside the troubled banking industry. Their reports dominated the first weeks of the flood of corporate results. Now, a range of industries are turning in results.

"They're poor and all the guidance is poor but at least they're having an earnings number, at least they're not missing by a wide margin," he said.

Financial companies rose as Wall Street was relieved that the bulk of the industry's quarterly reports are complete. The results were terrible but traders mostly look past current news and place bets on what's to come in the next three to nine months.

Bank of America rose 50 cents, or 8.3 percent, to $6.50, while Goldman Sachs Group Inc. rose $4.06, or 5.5 percent, to $78.26.

Delta, the world's biggest airline, said it lost $1.4 billion in the fourth quarter as it booked a massive charge related to employee stock awards. Contracts for fuel signed when prices were higher didn't allow the company to fully benefit from a huge drop in oil prices from July last year. Delta fell $2, or 20.14 percent, to $7.93.

Verizon said its earnings rose 15 percent in the fourth quarter as the telecommunications company added wireless and broadband subscribers. But revenue fell short of Wall Street's forecast and investors worried about profit margins. The stock fell $1.03, or 3.3 percent, to $29.96.

Overseas, Japan's Nikkei stock average jumped 4.93 percent. Britain's FTSE 100 fell 0.35 percent, Germany's DAX index lost 0.08 percent, and France's CAC-40 slipped 0.03 percent.