NYSE Dow Jones finished today at:

[bigdog]

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

Investors had a change of heart about the Federal Reserve's plans to buy Treasury bonds and doused Wall Street's two-week-old rally.

Banking and other financial shares pulled the market lower Thursday as investors worried the the Fed's plan would hurt the dollar and revive inflation. But energy stocks rose, getting a lift from soaring crude oil prices.

The retreat came a day after stocks surged in reaction to the Fed's aggressive plans to pump more than $1 trillion into the financial system by buying Treasury bonds and stepping up its purchases of other debt securities. The aim is to lower borrowing rates and stimulate lending.

The NYSE DOW closed LOWER -85.78 -1.15% on Thursday March 19
Sym Last........ ........Change..........
Dow 7,400.80 -85.78 -1.15%
Nasdaq 1,483.48 -7.74 -0.52%
S&P 500 784.04 -10.31 -1.30%
30-yr Bond 3.6120% +0.0400

NYSE Volume 10,309,053,000 (prior day 10,528,057,000)
Nasdaq Volume 2,368,790,250 (prior day 2,823,449,500)

Europe
Symbol... Last...... .....Change.......
FTSE 100 3,816.93 +11.94 +0.31%
DAX 4,043.46 +47.14 +1.18%
CAC 40 2,776.99 +16.65 +0.60%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,945.96 -26.21 -0.33%
Hang Seng 13,130.92 +13.75 +0.10%
Straits Times 1,586.66 +10.72 +0.68%

http://biz.yahoo.com/ap/090319/wall_street.html
Stock rally fades as investors assess Fed moves
Thursday March 19, 6:17 pm ET
By Tim Paradis and Sara Lepro, AP Business Writers
Wall Street retreats as investors pause after big rally to assess Federal Reserve's actions

NEW YORK (AP) -- Investors had a change of heart about the Federal Reserve's plans to buy Treasury bonds and doused Wall Street's two-week-old rally.

Banking and other financial shares pulled the market lower Thursday as investors worried the the Fed's plan would hurt the dollar and revive inflation. But energy stocks rose, getting a lift from soaring crude oil prices.

The retreat came a day after stocks surged in reaction to the Fed's aggressive plans to pump more than $1 trillion into the financial system by buying Treasury bonds and stepping up its purchases of other debt securities. The aim is to lower borrowing rates and stimulate lending.

But investors began to digest the possible downsides of the Fed's program, such as a potentially weaker dollar that can lead to higher prices for commodities such as oil and grains. And, eventually, staples like gas and food.

"After the initial euphoria surrounding the surprise announcement yesterday, there's a little more analysis of this going on and it's leading to some questions," said Todd Salamone, senior vice president of research at Schaeffer's Investment Research.

Skepticism about how long it would take for the effects of the Fed's program to take hold also weighed down shares, particularly those of banks. Investors have been hungry for any signs that confidence may finally return to battered U.S. banks, and the market has had a generally dim view of the government's efforts to date to get lending moving again.

The Dow Jones industrial average fell 85.78, or 1.2 percent, to 7,400.80.

The broader Standard & Poor's 500 index fell 10.31, or 1.3 percent, to 784.04, while Nasdaq composite index fell 7.74, or 0.5 percent, to 1,483.48.

Declining issues narrowly outnumbered advancers on the New York Stock Exchange, where consolidated volume came to 8.8 billion shares compared with 9 billion shares Wednesday.

Wall Street's move lower ended, at least for now, a buying spree that has driven stocks sharply higher since last week. Even with Thursday's slide, the Dow is still up 13 percent and the S&P 500 index is up 15.9 percent over the past eight days. The gains are impressive considering that only a few weeks ago the market was trading at levels not seen in more than a decade.

Some analysts warned at the start of the rally that it could turn out to be the type of short-lived boost that comes about during bear markets, which are generally defined as a drop of at least 20 percent. The market is still about half below its peak in October 2007.

Joe Balestrino, a portfolio manager at Federated Investors Inc., said he doesn't expect the Fed's new money-injection program will be enough on its own to support an extended stock market advance.

"We're in a very weak environment," Balestrino said. "We don't see anything sustainable here."

Stephanie Giroux, chief investment strategist at retail brokerage TD Ameritrade, said she was optimistic that the Fed's latest medicine would work, but that any rebound is likely to be "slow and muted."

Some of traders' jitters Thursday came ahead of a quarterly expiration of options contracts on Friday. The sudden settling of many of those transactions can cause a surge in trading volume and more volatility in stock prices.

Energy stocks bucked the market's slide as oil surged above $50 a barrel. Oil jumped as the dollar sank against other major currencies in response to the Fed announcement. When the greenback weakens it essentially makes crude cheaper in other currencies.

Chevron Corp. gained 54 cents, or 0.8 percent, to $67.13, while Occidental Petroleum Corp. rose $2.14, or 3.8 percent, to $59.98.

Light, sweet crude rose $3.47, or 7 percent, to settle at $51.61 a barrel on the New York Mercantile Exchange.

Investors got a dose of good news Thursday from General Electric Co., which forecast a profitable first quarter and full year for its struggling finance unit. Fears that falling real estate values and unpaid credit card debt could further damage GE Capital have sent its stock price down 37.5 percent this year. GE's slipped 19 cents to $10.13.

Stocks rose early in the day Thursday after a report on jobless claims gave mixed messages about the state of the economy.

The number of initial requests for unemployment insurance last week dropped to a seasonally adjusted 646,000 from the previous week's revised figure of 658,000, which exceeded economists' estimates. But the number of people continuing to receive benefits set a new record for the eighth straight week, jumping 185,000 to a seasonally adjusted 5.47 million.

Financial stocks, which led the rally that began last week, couldn't hold their gains and dragged the market lower. Some investors were selling to lock in profits after several of those stocks doubled or tripled in a matter of weeks.

Citigroup fell 48 cents, or 15.6 percent, to $2.60, while JPMorgan Chase & Co. dropped $2.16, or 8 percent, to $24.95. Citigroup had traded just under $1 early last week.

Analysts also said short-selling was likely at play on Thursday, as investors placed bets that stocks would fall further.

In corporate news, FedEx Corp. said it plans to cut more jobs and trim wages again, as the company reported its fiscal third-quarter profit tumbled 75 percent. The shipping company is often seen as a bellwether for the economy. FedEx jumped $2.05, or 4.8 percent, to $45.10.

The Russell 2000 index that tracks small company stocks fell 4.37, or 1 percent, to 413.26.

Bond prices were mixed a day after steep gains because of news from the Fed.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 2.60 percent from 2.50 percent late Wednesday. The yield on the three-month T-bill, considered one of the safest investments, slipped to 0.18 percent from 0.20 percent late Wednesday.

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

Overseas, Britain's FTSE 100 rose 0.3 percent, Germany's DAX index gained 1.2 percent, and France's CAC-40 rose 0.6 percent. Japan's Nikkei stock average fell 0.3 percent.

 

[bigdog]

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

The Dow Jones industrial average closed the week up 54.40, or 0.8 percent, at 7,278.38. The Standard & Poor's 500 index rose 11.99, or 1.6 percent, to 768.54. The Nasdaq composite index rose 25.77, or 1.8 percent, closing at 1,457.27.

Wall Street closed out its first two-week gain in almost a year Friday -- barely. After a mixed start, stocks veered lower in the afternoon as financial stocks fell and investors collected profits from the advance that saw the Dow rise 14 percent over seven trading days. One reason for the market's pause: It simply ran out of upbeat economic and corporate news the past two days.

The major indexes did eke out a gain for the week, jolted by the Fed's plans to buy hundreds of billions of dollars worth of debt securities in hopes of reviving lending. Stocks initially jumped on Wednesday when the plans were announced but then fell Thursday and Friday as investors became concerned that the huge injection of money into the economy could cause inflation.

Other markets had a tumultuous week as well. In just two days, the dollar fell 5 percent versus the euro and 3 percent versus the yen, and oil prices soared 7 percent Thursday above $51 a barrel to the highest level this year.

The NYSE DOW closed LOWER -122.42 points -1.65% on Friday March 20
Sym Last........ ........Change..........
Dow 7,278.38 -122.42 -1.65%
Nasdaq 1,457.27 -26.21 -1.77%
S&P 500 768.54 -15.50 -1.98%
30-yr Bond 3.6540% +0.0420

NYSE Volume 8,653,099,000 (prior day 10,309,053,000)
Nasdaq Volume 2,519,809,750 (prior day 2,368,790,250)

Europe
Symbol... Last...... .....Change.......
FTSE 100 3,842.85 +25.92 +0.68%
DAX 4,068.74 +25.28 +0.63%
CAC 40 2,791.14 +14.15 +0.51%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 7,945.96 -26.21 -0.33%
Hang Seng 12,833.51 -297.41 -2.26%
Straits Times 1,596.92 +12.06 +0.76%

http://biz.yahoo.com/ap/090320/wall_street.html

Dow ends off 122 but Wall Street posts 2-week gain
Friday March 20, 6:22 pm ET
By Tim Paradis, AP Business Writer
Dow ends down 122 but Wall Street still manages to post first 2-week gain in nearly year

NEW YORK (AP) -- Wall Street closed out its first two-week gain in almost a year Friday -- barely. After a mixed start, stocks veered lower in the afternoon as financial stocks fell and investors collected profits from the advance that saw the Dow rise 14 percent over seven trading days. One reason for the market's pause: It simply ran out of upbeat economic and corporate news the past two days.

The major indexes did eke out a gain for the week, jolted by the Fed's plans to buy hundreds of billions of dollars worth of debt securities in hopes of reviving lending. Stocks initially jumped on Wednesday when the plans were announced but then fell Thursday and Friday as investors became concerned that the huge injection of money into the economy could cause inflation.

Other markets had a tumultuous week as well. In just two days, the dollar fell 5 percent versus the euro and 3 percent versus the yen, and oil prices soared 7 percent Thursday above $51 a barrel to the highest level this year.

Many analysts believe stocks were due for some retrenchment.

"You get a run-up like that you're going to get a pullback," said Doreen Mogavero, president of the New York floor brokerage Mogavero, Lee & Co.

The Dow industrials fell 122.42, or 1.7 percent, to 7,278.38.

Broader stock indicators also lost ground. The S&P 500 index fell 15.50, or 2 percent, to 768.54, and the Nasdaq composite index fell 26.21, or 1.8 percent, to 1,457.27.

The Russell 2000 index of smaller companies fell 13.15, or 3.2 percent, to 400.11.

Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange. Consolidated volume came to 7.5 billion shares compared with 8.8 billion shares traded Thursday.

For the week, the Dow rose 0.8 percent, its first back-to-back weekly increase since the period ended May 2, 2008.

The S&P rose 1.6 percent, its first two-week gain since December, and the Nasdaq added 1.8 percent for the week.

The stock market began to rally off of 12-year lows beginning two weeks ago after several banks reported being profitable in the first two months of the year. Even after Thursday's retreat, the Dow was up 13 percent from its lows, and the Standard & Poor's 500 index was up nearly 16 percent.

The question now is whether there will be enough good news in the coming days to maintain the rally.

Michael Binger, portfolio manager at Thrivent Investment Management in Minneapolis, said the market's overall move is signaling that the economy is hitting bottom. He said it shouldn't be too difficult for stocks to resume their climb because expectations have fallen so low.

"I think the stock market is saying that fourth quarter of 2008 and first quarter of 2009 may be the trough in negative news," he said.

Bill Stone, chief investment strategist at PNC Wealth Management, said a retreat in financials wasn't surprising because they had jumped 60 percent from their lows in such a short time. "We had gone from way oversold to slightly overbought," he said.

Stone said investors' desire to lock in some profits as a rally gets going is typical of a bear market, generally defined as a fall of at least 20 percent from a peak.

Bond prices slipped. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.64 percent from 2.60 percent late Thursday. The yield on the three-month T-bill rose to 0.19 percent from 0.18 percent.

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

Analysts have remained cautious about the market's rally, having seen other big advances crumble in the past year. From late November until early January stocks rose 20 percent only to fall to new lows as fears grew about the health of the nation's biggest banks and prospects for the economy.

Market veterans say some skepticism among investors is healthy. They are reassured by the step-stool approach the market has shown in recent weeks as big gains are followed by more modest moves. That gives traders time to make more reasoned assesments without simply diving into a market for fear of missing a big rally.

Investors also expect some money managers to do some buying with the March 31 end to the first quarter approaching. Stock prices are still seen as very cheap; the major indexes are still down by about half from their highs in October 2007.

Still, there are plenty of analysts who say the underpinnings of the economy remain too weak to justify a sustained recovery. The unemployment rate stands at 8.1 percent, its highest level since the wrenching recession of the early 1980s, and businesses and consumers are struggling to pay down debt. Many consumers who aren't hurting are still cutting back, fanning worries that the economy will only continue to shrink.

"All of these bounces in the last two years have run on emotion and this one has been no different," said Brian F. Reynolds, chief market strategist at WJB Capital Group.

Reynolds contends the sharp rallies after heavy bouts of selling trick investors into believing a recovery is at hand. "We bounce so hard off the bottom for these rallies that it just sucks people in because they want to believe," he said.

Some investors have still bought into the latest rally. As of midweek, investors had funneled $12 billion over the prior seven days into mutual funds that focus on U.S. stocks. That compares with $14.3 billion they pulled from these funds a week earlier, according to TrimTabs Investment Research.

Overseas, Britain's FTSE 100 rose 0.7 percent, Germany's DAX index rose 0.6 percent, and France's CAC-40 rose 0.5 percent. Japan's stock market was closed for a holiday.

The Dow Jones industrial average closed the week up 54.40, or 0.8 percent, at 7,278.38. The Standard & Poor's 500 index rose 11.99, or 1.6 percent, to 768.54. The Nasdaq composite index rose 25.77, or 1.8 percent, closing at 1,457.27.

The Russell 2000 index, which tracks the performance of small company stocks, rose 7.02, or 1.8 percent, to 400.11.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended at 7,801.33, up 125.39, or 1.6 percent, for the week. A year ago, the index was at 13,336.42.

 

[bigdog]

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

WOW DOW UP +497.48 points +6.84%

Wall Street got the news it wanted on the economy's biggest problems -- banks and housing -- and celebrated by hurtling the Dow Jones industrials up nearly 500 points. Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow, which had its biggest percentage gain since October.

Although analysts were still hesitant to say Wall Street is squarely on its way to recovery after the collapse that began last fall, they said the banking and housing news bolstered the belief that the economy is starting to heal.

"It's just hard to argue that there isn't an improvement in economic activity on the horizon," said Jim Dunigan, executive vice president at PNC Wealth Management.

The NYSE DOW closed HIGHER +497.48 points +6.84% on Monday March 23
Sym Last........ ........Change..........
Dow 7,775.86 +497.48 +6.84%
Nasdaq 1,555.77 +98.50 +6.76%
S&P 500 822.92 +54.38 +7.08%
30-yr Bond 3.6930% +0.0390

NYSE Volume 8,939,830,000 (prior day 8,653,099,000)
Nasdaq Volume 2,281,883,750 (prior day 2,519,809,750)


Europe
Symbol... Last...... .....Change.......
FTSE 100 3,952.81 +109.96 +2.86%
DAX 4,176.37 +107.63 +2.65%
CAC 40 2,869.57 +78.43 +2.81%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,215.53 +269.57 +3.39%
Hang Seng 13,447.42 +613.91 +4.78%
Straits Times 1,664.08 +67.16 +4.21%

http://biz.yahoo.com/ap/090323/wall_street.html
Dow up nearly 500 on bank plan, rise in home sales
Monday March 23, 5:19 pm ET
By Tim Paradis, AP Business Writer
Dow jumps nearly 500 on gov't plan to soak up bad bank assets; home sales show surprise gain

NEW YORK (AP) -- Wall Street got the news it wanted on the economy's biggest problems -- banks and housing -- and celebrated by hurtling the Dow Jones industrials up nearly 500 points. Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow, which had its biggest percentage gain since October.

Although analysts were still hesitant to say Wall Street is squarely on its way to recovery after the collapse that began last fall, they said the banking and housing news bolstered the belief that the economy is starting to heal.

"It's just hard to argue that there isn't an improvement in economic activity on the horizon," said Jim Dunigan, executive vice president at PNC Wealth Management.

The market began turning around two weeks ago on news that Citigroup Inc. was operating at a profit in January and February. A spate of more upbeat economic reports helped the market build on its gains, although the rally stalled last Thursday and Friday.

Analysts said they saw more fundamental strength in Monday's buying than they saw at the start of the rally. Dave Rovelli managing director of trading at brokerage Canaccord Adams, said there appeared to be less short covering, which occurs when traders are forced to buy to cover misplaced bets that stocks would fall. Short covering contributed to the market's surge after the Citigroup news.

"There is definitely new buying," he said. Rovelli also said the approaching end of the quarter can make money managers eager to buy into a market to make the statements they send to clients look stronger.

The market shot higher at the opening and kept going. The Treasury Department said its bad asset cleanup program would tap money from the government's $700 billion financial rescue fund and involve help from the Federal Reserve, the Federal Deposit Insurance Corp. and the participation of private investors.

The government's announcement was what the market had waited weeks to hear. Treasury Secretary Timothy Geithner had announced an outline of the program last month but provided few details then about how it would work, leading to a stock plunge that sliced 380 points from the Dow.

But while analysts were pleased with the market's performance Monday, they were also still cautious.

Subodh Kumar, an independent investment strategist in Toronto, said the Fed's announcement that it would buy government debt and the details on plans to help banks are giving traders hope for recovery.

"The market is shedding some of its excess pessimism. That doesn't mean the market goes straight up," he said.

Meanwhile, the National Association of Realtors' existing home sales report was overwhelmingly positive for the market although it showed a decline in home prices in February. Investors are embracing any sign that a glut in homes for sale may be easing. Monday's data followed a dose of good housing news last week as housing starts for February came in much better than expected.

Collapsing home prices and the damage they have caused banks are at the center of the economy's current problems and are a major focus for the stock market. Banks have sharply curbed lending after becoming weighed down with loans that have gone bad, especially mortgages.

Investors had been largely disappointed in the government's efforts to date to restore the banks to health, but finally seemed encouraged by the long-awaited announcement Monday of details for the government's bad loan cleanup plan.

"The actions that we're getting from a policy standpoint are very helpful in removing the sand from the gears," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "That is going to be good for the financials."

Shares of the country's largest banks, which have been pounded in recent weeks over concerns about their ability to weather the crisis, soared on Monday. Citigroup Inc. jumped 19.5 percent, and Bank of America Corp. added 26 percent.

Even banks seen as being on better footing posted big advances. JPMorgan Chase & Co. rose 25 percent, while Wells Fargo & Co. rose 24 percent.

According to preliminary calculations, the Dow rose 497.48, or 6.8 percent, to 7,775.86, its highest finish since Feb. 13. It was the biggest point gain for the blue chips since Nov. 13 when they rose 552 points and the biggest percentage gain since Oct. 28. when they rose 10.9 percent.

Broader stock indicators also surged. The Standard & Poor's 500 index rose 54.38, or 7.1 percent, to 822.92, crossing the psychological milepost of 800. The Nasdaq composite index rose 98.50, or 6.8 percent, to 1,555.77.

The Russell 2000 index of smaller companies rose 33.61, or 8.4 percent, to 433.72.

More than 10 stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.9 billion shares.

The Dow is now up 1,228 points, or 18.8 percent, from March 9, when it finished at its lowest point in nearly 12 years. The S&P 500 is up 21.6 percent in that time. Still, the Dow and the S&P 500 index are still down more than 45 percent from their peak in October 2007.

Dunigan said the skeptical tone has blanketed Wall Street since the fall has eased since the market began its rally on March 10.

Investors welcomed the rise in home sales Monday although the biggest jump in nearly six years came as first-time buyers pounced on deep discounts of foreclosures and other distressed properties. Analysts say it could be a nascent sign of recovery. But only weeks ago traders might have dwelled on the 15.5 percent drop in median prices.

"It's like putting on a different pair of glasses and you think you saw something different today than you saw yesterday," Dunigan said.

Bond prices were mixed as stocks rose. The moves were moderate as investors remained mindful of the Federal Reserve's plan announced last week to buy government debt to help drive down borrowing costs by reducing interest rates.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.68 percent from 2.64 percent late Friday. The yield on the three-month T-bill was flat at 0.19 percent.

Oil rose $1.73 to settle at $53.80 a barrel and the dollar was mixed against other major currencies. Gold fell. The price of gold has risen in recent weeks as investors have worried about the faltering economy and a weaker dollar.

Homebuilders extended an early rise after the home sales report. KBR Inc. rose 79 cents, or 5.7 percent, to $14.62, while Toll Brothers Inc. rose $1.84, or 10.8 percent, to $18.84. Hovnanian Enterprises Inc. jumped 30 cents, or 25 percent, to $1.48.

Overseas, Britain's FTSE 100 rose 2.9 percent. Germany's DAX index rose 2.7 percent, and France's CAC-40 rose 2.8 percent. Japan's Nikkei stock average rose 3.4 percent.

 

[bigdog]

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

The last hour again!!!!

A stock drop is never reassuring -- except when it could have been worse.

The Dow Jones industrial average shed 115 points, or 1.5 percent Tuesday. But it also held on to 382 of the 498 points it racked up a day earlier.

Anyone with a 401(k) would have liked to see the rally continue. Market analysts said, though, that a pullback was expected given the massive gains Wall Street logged the day before when the government released plans to remove bad loans from banks' books.

The NYSE DOW closed LOWER -115.65 points -1.49% on Tuesday March 24
Sym Last........ ........Change..........
Dow 7,660.21 -115.65 -1.49%
Nasdaq 1,516.52 -39.25 -2.52%
S&P 500 806.25 -16.67 -2.03%
30-yr Bond 3.6060% -0.0870

NYSE Volume 7,902,656,000 (prior day 8,939,830,000)
Nasdaq Volume 2,032,304,000 (prior day 2,281,883,750)


Europe
Symbol... Last...... .....Change.......
FTSE 100 3,911.46 -41.35 -1.05%
DAX 4,187.36 +10.99 +0.26%
CAC 40 2,874.39 +4.82 +0.17%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,488.30 +272.77 +3.32%
Hang Seng 13,910.34 +462.92 +3.44%
Straits Times 1,706.34 +42.26 +2.54%

http://finance.yahoo.com/news/Wall-Street-gives-up-some-apf-14734343.html

Wall Street gives up some ground after huge gains

Stocks give back some gains after market surge as investors pause for more gauges of economy

* Madlen Read and Tim Paradis, AP Business Writers
* Tuesday March 24, 2009, 6:02 pm EDT

NEW YORK (AP) -- A stock drop is never reassuring -- except when it could have been worse.

The Dow Jones industrial average shed 115 points, or 1.5 percent Tuesday. But it also held on to 382 of the 498 points it racked up a day earlier.

Anyone with a 401(k) would have liked to see the rally continue. Market analysts said, though, that a pullback was expected given the massive gains Wall Street logged the day before when the government released plans to remove bad loans from banks' books.

"We'll take that trading pattern any time," said Arthur Hogan, chief market analyst at Jefferies & Co. He said he came into work anticipating the Dow to drop as much as 2 percent Tuesday after the index jumped 6.8 percent Monday -- its biggest gain since late October.

The Dow was up more than 1,200 points after hitting nearly 12-year lows on March 9, and there was little in a way of positive economic or corporate data Tuesday to lift stocks further.

If Wall Street gets more good news, stocks could resume their rise. But if it doesn't, the rest of Monday's rally, and then some, could be wiped out. Investors have been cautious, recalling the 20 percent rise between late November and January that fizzled, with stocks then tumbling to new lows on fears about the economy and banking system.

Later this week, some big economic reports are scheduled to come out: durable goods for February, a revised fourth-quarter gross domestic product number, and personal income and spending for February. And next month, first-quarter earnings reports start pouring in.

Thomas J. Lee, a stock market analyst at JPMorgan, said the market's ability to hang on to most of its rally was encouraging. But, he added, "This has definitely been a show-me market."

The Dow fell 115.89, or 1.5 percent, to 7,659.97. The index fell in early trading, rose briefly in afternoon trading, and then turned lower again.

Broader stock indicators also tumbled. The Standard & Poor's 500 index fell 16.57, or 2 percent, to 806.35, and the Nasdaq fell 39.25, or 2.5 percent, to 1,516.52.

Before the market's retrenchment Tuesday, stocks had spiked about 20 percent over the course of 10 days on actions out of Washington and nascent signs of economic renewal.

Recent reports on retail sales, housing starts and inflation have all topped traders' bleak expectations. Last week, the Fed said it would buy long-term government debt to help drive down interest rates for home loans and credit cards. And the government sparked new hopes for further improvement Monday after it detailed plans for a mix of taxpayer and private money to help banks get rid of up to $1 trillion in bad loans from their books.

Investors again looked to Washington for direction on Tuesday, but got few additional details.

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner made a rare joint appearance at a congressional hearing to testify over bonuses at American International Group Inc. Geithner called on Congress to provide him with greater power to safely dismantle big financial companies like AIG that pose risks to the economy.

The bulk of Tuesday's market retreat was in financial stocks -- the companies that have been rising the most recently.

Citigroup Inc. fell 3.5 percent Tuesday; Bank of America Corp. fell 7.2 percent; JPMorgan Chase & Co. fell 8.6 percent; and American Express Co. fell 3.8 percent. These four Dow components had surged on Monday.

The problems in the overall economy are bad for banks: The unemployment rate sits at 8.1 percent, the highest level since the punishing recession of the early 1980s. And housing prices continue to fall, putting more homeowners at risk of owing more on their homes than they are worth. Rising numbers of people out of work or behind on mortgages could further imperil bank assets.

It also won't be easy to wean the economy from a diet of excessive debt. Some businesses and consumers are struggling to pay down what they owe. They're cutting spending, which is hurting other parts of the economy.

Phil Orlando, chief equity market strategist at Federated Investors in New York, said many traders are pleased by the government's plan to help banks but said that signs of an improving economy will be needed for the market to hold its gains. He said nagging worries about big problems like unemployment could shake investors.

"We are treating this cautiously as we recognize that there are still some storm clouds on the horizon," Orlando said.

The Russell 2000 index of smaller companies fell 16.94, or 3.9 percent, to 416.78.

About two stocks rose for every one that fell on the New York Stock Exchange, where consolidatedvolume came to 6.65 billion shares, down from Monday's nearly 7.5 billion.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.71 percent from 2.68 percent late Monday.

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

Oil gained 18 cents to settle at $53.98 a barrel on the New York Mercantile Exchange.

Overseas, Britain's FTSE 100 fell 1 percent, Germany's DAX index rose 0.3 percent, and France's CAC-40 rose 0.2 percent. Japan's Nikkei stock average rose 3.3 percent.

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

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

 

[bigdog]

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

The last hour again!!!!

This time, it was the consumer who had Wall Street rallying.

Better-than-expected earnings from big consumer brands Best Buy, ConAgra Foods Inc. and Dr Pepper Snapple Group Inc. sent the Dow Jones industrial average up 174 points Thursday to its highest level in six weeks. It has surged 21 percent since hitting a nearly 12-year low on March 9. And the technology-dominated Nasdaq composite index is now up 0.63 percent for 2009.

Strong demand for government debt at the Treasury Department's latest auction also lifted stocks by helping investors set aside recent nervousness about the government's ability to fund its economic stimulus and financial bailout programs.

The NYSE DOW closed HIGHER +174.75 points +2.25% on Wednesday March 25
Sym Last........ ........Change..........
Dow 7,924.56 +174.75 +2.25%
Nasdaq 1,587.00 +58.05 +3.80%
S&P 500 832.86 +18.98 +2.33%
30-yr Bond 3.6510% -0.0660

NYSE Volume 8,229,351,500 (prior day 7,902,656,000)
Nasdaq Volume 2,634,340,250 (prior day 2,032,304,000(


Europe
Symbol... Last...... .....Change.......
FTSE 100 3,925.20 +24.95 +0.64%
DAX 4,259.37 +36.08 +0.85%
CAC 40 2,892.07 -1.38 -0.05%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,636.33 +156.34 +1.84%
Hang Seng 14,108.98 +486.87 +3.57%
Straits Times 1,758.79 +67.11 +3.97%

http://finance.yahoo.com/news/Dow-hits-6week-high-on-relief-apf-14760349.html

Dow hits 6-week high on relief over earnings

Dow, S&P rise more than 2 percent after upbeat corporate results, relief over Treasury auction

* Tim Paradis and Madlen Read, AP Business Writers
* Thursday March 26, 2009, 6:00 pm EDT

NEW YORK (AP) -- This time, it was the consumer who had Wall Street rallying.

Better-than-expected earnings from big consumer brands Best Buy, ConAgra Foods Inc. and Dr Pepper Snapple Group Inc. sent the Dow Jones industrial average up 174 points Thursday to its highest level in six weeks. It has surged 21 percent since hitting a nearly 12-year low on March 9. And the technology-dominated Nasdaq composite index is now up 0.63 percent for 2009.

Strong demand for government debt at the Treasury Department's latest auction also lifted stocks by helping investors set aside recent nervousness about the government's ability to fund its economic stimulus and financial bailout programs.

Nearly every day over the past three weeks has seemed to bring morsels of good news -- first from the stricken banking sector and then in the form of stronger-than-expected economic data. But Thursday, solid reports from companies selling to the consumer came as a relief to investors anxious about first-quarter earnings, which start pouring in next month.

The advance technically put the Dow in bull market territory; a bull market is defined as a 20 percent rise from a low point. But analysts are still hesitant to call the end of the bear market -- there is a phenomenon known as a bear market rally that can quickly collapse in an uncertain economic environment.

Kevin Kramer, chief operating officer at West End Financial Advisors, an asset management company in New York, said unemployment, limited access to credit and heavy loads of debt are likely to keep curbing economic growth, and that may curtail stocks' advance.

"Just because things aren't getting worse doesn't mean they're getting better," Kramer said. "You stopped the flow of blood out of my body, but it doesn't mean I'm going to survive."

But with the end of the first quarter quickly approaching, money managers are fearful of missing out on the recent rally, the magnitude of which usually occurs over the course of many years.

David Waddell, senior investment strategist and chief executive of Waddell & Associates, said he has seen some "seller's remorse" among his clients who sold stocks too low in the first two months of the year. That can move people back into buying mode.

"One thing that many people are beginning to believe is that the market is going to bottom in 2009," Waddell said.

The Dow jumped 174.75, or 2.3 percent, at 7,924.56, its highest close since Feb. 12. It remains down 9.7 percent for the year, however, and down 44 percent from its record close of 14,164.53 in October 2007.

Broader stock indicators also gained. The Standard & Poor's 500 index rose 18.98, or 2.3 percent, to 832.86, and the Nasdaq rose 58.05, or 3.8 percent, to 1,587.00.

The Russell 2000 index of smaller companies rose 18.78, or 4.4 percent, to 445.30.

About four stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.8 billion shares.

Bond prices jumped after Thursday's auction. The yield on the benchmark 10-year Treasury note, which moves opposite to its price, fell to 2.76 percent from 2.79 percent late Wednesday. The yield on the three-month T-bill slipped to 0.14 percent from 0.15 percent.

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

Oil reached a new high for the year, settling up $1.58 at $54.34 a barrel on the New York Mercantile Exchange.

Best Buy, the world's largest consumer electronics retailer, said its fiscal fourth-quarter earnings fell 23 percent as it booked some one-time expenses. Stripping out those costs, results beat analysts' estimates as the world's largest consumer electronics retailer opened more stores, helping to boost sales. Best Buy rose $4.21, or 12.6 percent, to $37.67.

ConAgra, which owns the Healthy Choice and Peter Pan food brands, posted results that topped Wall Street's expectations as people go out to eat less and cook more meals at home. The company also stood by its earnings forecast for the year. ConAgra shares rose $1.43, or 9.2 percent, to $16.99.

Dr Pepper Snapple Group Inc. also came in ahead of Wall Street forecasts. The company, which sells drinks such as A&W, Squirt and Hawaiian Punch, $621 million in the fourth quarter as it wrote down assets and spent heavily on restructuring and severance. But its adjusted profit was better than analysts expected. The stock rose $2.36, or 15.2 percent, to $17.87.

Meanwhile, government data indicated that the economy is still in decline, but at a less devastating pace than feared.

The number of workers seeking unemployment benefits rose to a seasonally adjusted 652,000 from the previous week's revised figure of 644,000, the Labor Department said. But the gain was smaller than anticipated.

The Commerce Department said the nation's gross domestic product shrank at a 6.3 percent pace in the fourth quarter. That was a bigger drop than the government previously estimated, but not as severe as analysts predicted.

Overseas, Japan's Nikkei stock average rose 1.8 percent. Britain's FTSE 100 rose 0.6 percent, Germany's DAX index rose 0.9 percent, and France's CAC-40 fell less than 0.1 percent.

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

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

 

[bigdog]

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

-- The Dow is up 17.3 percent in the last three weeks, its best gain since September 1982 and its longest string of advances since May last year. It's also still up 10 percent for the month; the last time the Dow gained at least 10 percent in a month was in October 2002.

-- The S&P 500 has soared 20.6 percent over the past 14 trading days, its best run over that length of time since 1938.

For the week, the Dow is up more than 6.8 percent. The S&P 500 is up 6.2 percent and the Nasdaq is up 6 percent.

Caution reasserted itself on Wall Street, sending stocks down sharply but not enough to stop the market from notching its third straight weekly advance.

Major indexes fell about 2 percent Friday, but most analysts agreed the pullback was a natural response to the market's powerful climb this month. Financial and technology stocks led the retreat, and energy shares fell along with the price of oil.

A dip in personal incomes and a slowdown in personal spending gave investors reason to cash in some of their winnings after the Dow Jones industrial average surged 21 percent over just 13 days. Analysts said the sentiment in the market was still more upbeat than it was a month ago, but the data were a reminder that the economy and the banking system remain troubled.

The NYSE DOW closed LOWER -148.38 points -1.87% on Friday March 27
Sym Last........ ........Change..........
Dow 7,776.18 -148.38 -1.87%
Nasdaq 1,545.20 -41.80 -2.63%
S&P 500 815.94 -16.92 -2.03%
30-yr Bond 3.6180% -0.0330

NYSE Volume 6,563,555,500 (prior day 8,229,351,500)
Nasdaq Volume 2,123,108,000 (prior day 2,634,340,250


Europe
Symbol... Last...... .....Change.......
FTSE 100 3,898.85 -26.35 -0.67%
DAX 4,203.55 -55.82 -1.31%
CAC 40 2,840.62 -51.45 -1.78%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,626.97 -9.36 -0.11%
Hang Seng 14,119.50 +10.52 +0.07%
Straits Times 1,745.66 -13.13 -0.75%

http://finance.yahoo.com/news/Investors-cash-in-some-gains-apf-14772679.html

Investors cash in some gains from big rally

Wall Street puts enormous rally on hold after lackluster economic readings; Dow falls 148

* Tim Paradis and Sara Lepro, AP Business Writers
* Friday March 27, 2009, 6:13 pm EDT

NEW YORK (AP) -- Caution reasserted itself on Wall Street, sending stocks down sharply but not enough to stop the market from notching its third straight weekly advance.

Major indexes fell about 2 percent Friday, but most analysts agreed the pullback was a natural response to the market's powerful climb this month. Financial and technology stocks led the retreat, and energy shares fell along with the price of oil.

A dip in personal incomes and a slowdown in personal spending gave investors reason to cash in some of their winnings after the Dow Jones industrial average surged 21 percent over just 13 days. Analysts said the sentiment in the market was still more upbeat than it was a month ago, but the data were a reminder that the economy and the banking system remain troubled.

"There is still a definite caution in the air," said Doreen Mogavero, president of Mogavero, Lee & Co., a New York floor brokerage, adding that she's noted some hesitance among her clients. "I don't think people are completely invested yet."

Mogavero noted that the money that has gone into the market over the last few weeks has been "short-term" in nature, which leads her to believe that most people are not convinced that the economy will soon recover.

The market has been ratcheting up and down over the past week. Analysts weren't surprised by its retrenchments, including Friday's, because no one expects such a weak market to move consistently higher. And many analysts believe back-and-forth trading is actually a healthy way for stocks to recover, because it reflects a conservative rather than euphoric attitude among investors.

"I wouldn't read too much into a down Friday," said Sam Stovall, chief investment strategist, U.S. equity research at Standard & Poor's. "It's simply investors taking profits."

Still, it was too early to tell whether the big March advance might go the way of Wall Street's year-end rally, which was more than wiped out in January and February. Although the gains of the past three weeks have been based on early signs of improvement in the banking system and the economy, those advances are vulnerable to critical economic data due next week and first-quarter earnings reports that will begin in a few weeks.

The Dow fell 148.38, or 1.9 percent, to 7,776.18.

The Standard & Poor's 500 index fell 16.92, or 2 percent, to 815.94 and the Nasdaq composite index dropped 41.80, or 2.6 percent, to 1,545.20.

Despite the decline, the indexes are still looking much better than they did a month ago:

-- The Dow is up 17.3 percent in the last three weeks, its best gain since September 1982 and its longest string of advances since May last year. It's also still up 10 percent for the month; the last time the Dow gained at least 10 percent in a month was in October 2002.

-- The S&P 500 has soared 20.6 percent over the past 14 trading days, its best run over that length of time since 1938.

For the week, the Dow is up more than 6.8 percent. The S&P 500 is up 6.2 percent and the Nasdaq is up 6 percent.

The Dow Jones Wilshire 5000 index, which reflects nearly all stocks traded in America, ended the week up 6.2 percent. That's a paper gain of about $600 billion.

Still, the market has a very long way to go before it can be considered to be recovering. The Dow is down 6,388.35, or 45.1 percent, from its record close of 14,164.53 reached Oct. 9, 2007

The economic reports due next week include the March employment report on Friday. Although the report is likely to show more job losses, analysts believe the market can keep rising if there are other data showing the economy is improving or at the very least stabilizing.

"While the employment report is key," said Stuart Schweitzer, global markets strategist at J.P. Morgan Private Bank, "company earnings announcements will shed light on where we go from here because they will tell us how much more restraint companies may need to show in the future."

On Friday, the Commerce Department said personal spending rose 0.2 percent in February, as expected, down from a 1 percent gain in January. Personal incomes fell 0.2 percent.

Disappointing announcements sapped strength from technology companies. Tech stocks had surged Thursday and briefly pushed the Nasdaq into positive territory for the year.

Internet powerhouse Google said it is laying off nearly 200 workers, and technology consulting and outsourcing firm Accenture lowered its forecast for the quarter and the year. Google fell $5.59 to $347.70, while Accenture dropped $4.30, or 13.5 percent, to $27.66.

Financial companies were mainly weak too, after President Barack Obama met with the chief executives of the nation's largest banks. Obama and Treasury Secretary Timothy Geithner are preparing to launch a partnership with private investors to buy banks' toxic assets.

Citigroup Inc. dropped 19 cents, or 6.8 percent, to $2.62, while JPMorgan Chase & Co. fell $1.70, or 5.8 percent, to $27.40.

Mike Stanfield, chief executive of VSR Financial Services, an Overland Park, Kan.-based securities broker-dealer, has been telling investors to shift into large-cap growth stocks and energy ahead of an economic rebound. Still, he remains cautious.

"We're not encouraging anyone to go all in," he said. Stanfield is telling investors to return to a more traditional mix of stocks and bonds.

Other market stats Friday:

-- The Russell 2000 index of smaller companies fell 16.30, or 3.7 percent, to 429.00.

-- For every advancing stock there were about three that fell on the New York Stock Exchange. Consolidated volume came to 5.48 billion shares, compared with 6.84 on Thursday.

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

Government bonds fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.76 percent from 2.74 percent.

-- Crude oil fell $1.96 to settle at $52.38 a barrel on the New York Mercantile Exchange.

Overseas, Britain's FTSE 100 fell 0.7 percent, Germany's DAX index fell 1.3 percent, and France's CAC-40 fell 1.8 percent. Japan's Nikkei stock average fell 0.1 percent.

The Dow Jones industrial average closed the week up 497.80, or 6.8 percent, at 7,776.18. The Standard & Poor's 500 index rose 47.40, or 6.2 percent, to 815.94. The Nasdaq composite index rose 87.93, or 6 percent, closing at 1,545.20.

The Russell 2000 index, which tracks the performance of small company stocks, rose 29.89, or 7.2 percent, to 429.00.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended at 8,286.84, up 485.49, or 6.2 percent, for the week. A year ago, the index was at 13,363.84.

 

[bigdog]

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

Wall Street's March rally is on hold after the White House rejected turnaround plans from General Motors Corp. and Chrysler and gave investors an economic reality check.

Major indexes fell about 3 percent Monday, including the Dow Jones industrial average, which lost about 254 points but finished well off its lows. Financial stocks weighed heavily on the market amid worries that banks will need fresh injections of capital.

Fears of an automaker bankruptcy have been looming over investors for months, and the latest developments, which included the removal of GM's CEO Rick Wagoner, made the market uneasy not only about the industry, but the overall economy. However, analysts said the pullback, which began with a 148-point drop in the Dow Friday, wasn't surprising after the average surged 21 percent over just 13 days.


The NYSE DOW closed LOWER -254.16 points -3.27% on Monday March 30
Sym Last........ ........Change..........
Dow 7,522.02 -254.16 -3.27%
Nasdaq 1,501.80 -43.40 -2.81%
S&P 500 787.53 -28.41 -3.48%
30-yr Bond 3.6020% -0.0160

NYSE Volume 6,941,320,500 (prior day 6,563,555,500)
Nasdaq Volume 2,086,345,120 (prior day 2,123,108,000)


Europe
Symbol... Last...... .....Change.......
FTSE 100 3,762.91 -135.94 -3.49%
DAX 3,989.23 -214.32 -5.10%
CAC 40 2,719.34 -121.28 -4.27%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,236.08 -390.89 -4.53%
Hang Seng 13,456.33 -663.17 -4.70%
Straits Times 1,673.14 -72.52 -4.15%

http://finance.yahoo.com/news/Stocks-tumble-as-automaker-apf-14789357.html
Stocks tumble as automaker plans are rejected

Wall Street retreats after three-week rally on auto, financial industry woes; Dow falls 254

* Sara Lepro and Tim Paradis, AP Business Writers
* Monday March 30, 2009, 5:46 pm EDT

NEW YORK (AP) -- Wall Street's March rally is on hold after the White House rejected turnaround plans from General Motors Corp. and Chrysler and gave investors an economic reality check.

Major indexes fell about 3 percent Monday, including the Dow Jones industrial average, which lost about 254 points but finished well off its lows. Financial stocks weighed heavily on the market amid worries that banks will need fresh injections of capital.

Fears of an automaker bankruptcy have been looming over investors for months, and the latest developments, which included the removal of GM's CEO Rick Wagoner, made the market uneasy not only about the industry, but the overall economy. However, analysts said the pullback, which began with a 148-point drop in the Dow Friday, wasn't surprising after the average surged 21 percent over just 13 days.

"The market had a very significant rally off the lows," said David Katz, chief investment officer at Matrix Asset Advisors. "We think it's just taking a breather."

The Dow tumbled 254.16, or 3.3 percent, to 7,522.02. It was down as much as 339 points, so the market's ability to pull abve its lows on light trading volume could signal that investors aren't ready to give up on the rally.

The Standard & Poor's 500 index fell 28.41, or 3.5 percent, to 787.53, while the Nasdaq composite index fell 43.40, or 2.8 percent, to 1,510.80.

Despite the two-day retreat, the Dow is still up 975 points, or 14.9 percent, from its low on March 9, when it ended at its worst levels since April 1997. The S&P 500 index is still up 16.4 percent from its low.

The March rally was fed by economic and corporate reports that were starting to look more encouraging. Now, investors are taking money out of the market ahead of economic numbers this week and first-quarter earnings in the weeks ahead, fearing that disappointing data, including the government's March employment report on Friday, will set the market back.

Problems still facing automakers and banks gave investors more incentive to sell.

President Barack Obama refused further long-term federal bailouts for GM and Chrysler, saying the companies needed to get more concessions from unions, creditors and others before the money could be approved. He also raised the possibility of controlled bankruptcy for one or both of the companies.

"It was a pretty sharp reminder that there are some difficulties here," said Matt King, chief investment officer at Bell Investment Advisors.

Underscoring the fear that the financial industry's troubles are far from over, Treasury Secretary Timothy Geithner said Sunday banks would likely need considerably more money. Also over the weekend, Spain was forced to bail out a bank for the first time since the financial crisis began. The Bank of Spain took control of a small savings bank and provided $12 billion in government funds to support it.

Banks were a driving force behind the market's rally in March and analysts now expect those shares to see some of the biggest declines as investors become more conservative ahead of the first-quarter earnings reports in the next few weeks. Bank of America Corp. fell 17.8 percent Monday and Citigroup fell 11.8 percent.

Many market watchers had called the recent upturn a bear market rally, or a temporary advance within a bear market, which is defined as a 20 percent drop from a peak level. Bear market rallies can easily come crashing down; that was the fate of the yearend 2008 rally that was more than wiped out during the first quarter.

With the economy still deeply troubled, some analysts say Wall Street may have gotten ahead of itself.

"I think we had a huge run up ... that was not really justified," said Peter Jankovskis, co-chief investment officer at OakBrook investments. "There are a lot of negatives right now on the horizon."

Bank stocks had rallied on the hope that their first-quarter performance would be better than expected. But Friday, the heads of JPMorgan Chase & Co. and Bank of America Corp. diminished some of those hopes when they said March has not been as good for business as the first two months of the year.

"It's just prudent to take profits nowadays," said Ron Weiner, president and chief executive of Westport, Conn.-based investment advisory firm RDM Financial, who recently took half of his money out of a financial-based exchange-traded fund. "You have to mix up cash with alternatives that act opposite from the market."

Bank of America dropped $1.31, or 17.9 percent, to $6.03. Citigroup Inc. shed 31 cents, or 11.8 percent, to $2.31.

GM plunged 92 cents, or 25.4 percent, to $2.70. Chrysler is not publicly traded.

Investors are also awaiting Thursday's meeting in London of G-20 leaders of industrialized and developing countries. The group is expected to increase financial regulation, but investors' hopes for a coordinated fiscal boost are waning. The Financial Times, citing a draft of the meeting's communique, reported there are no specific plans for a fiscal stimulus package.

In other market moves, the Russell 2000 index of smaller companies dropped 13.03, or 3 percent, to 415.97.

About seven stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 5.8 billion shares, up from 5.48 billion on Friday.

Bond prices mostly rose as stocks fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.72 percent from 2.76 percent late Friday. The yield on the three-month T-bill was at 0.18 percent, up from 0.12 percent Friday.

Crude oil tumbled $3.97, or 7.6 percent, to settle at $47.99 a barrel on the New York Mercantile Exchange.

The dollar was higher against other major currencies. Gold prices slipped.

Overseas, Britain's FTSE 100 fell 3.1 percent, Germany's DAX index fell 5 percent, and France's CAC-40 fell 4.3 percent. Japan's Nikkei stock average fell 4.53 percent.

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

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

 

[bigdog]

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

The day would have been even better except for the last hour!!

Wall Street ended a tumultuous March on a high note, managing its first winning month this year and its best monthly performance in nearly seven years.

Stocks finished off their earlier highs on Tuesday but resumed a three-week rally that has brought the Dow Jones industrials up a total of 16 percent since hitting their lowest level in 12 years on March 9.

The Dow rose 7.7 percent overall in March, its biggest monthly gain since October 2002.

The NYSE DOW closed HIGHER +86.90 points +1.16% on Tuesday March 31
Sym Last........ ........Change..........
Dow 7,608.92 +86.90 +1.16%
Nasdaq 1,528.59 +26.79 +1.78%
S&P 500 797.87 +10.34 +1.31%
30-yr Bond 3.5610% -0.0410

NYSE Volume 7,079,117,000 (prior day 6,941,320,500)
Nasdaq Volume 2,218,767,500 (prior day 2,086,345,120)


Europe
Symbol... Last...... .....Change.......
FTSE 100 3,926.14 +163.23 +4.34%
DAX 4,084.76 +95.53 +2.39%
CAC 40 2,807.34 +88.00 +3.24%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,109.53 -126.55 -1.54%
Hang Seng 13,576.02 +119.69 +0.89%
Straits Times 1,702.76 +29.62 +1.77%

http://finance.yahoo.com/news/Wall-Street-rebounds-on-last-apf-14805231.html
Wall Street rebounds on last day of the quarter

Technology, financial sectors lead rebound on Wall Street on last day of quarter

* Sara Lepro, AP Business Writers
* Tuesday March 31, 2009, 5:04 pm EDT

NEW YORK (AP) -- Wall Street ended a tumultuous March on a high note, managing its first winning month this year and its best monthly performance in nearly seven years.

Stocks finished off their earlier highs on Tuesday but resumed a three-week rally that has brought the Dow Jones industrials up a total of 16 percent since hitting their lowest level in 12 years on March 9.

The Dow rose 7.7 percent overall in March, its biggest monthly gain since October 2002.

Technology and financial shares led the rally as large investors loaded up on rising stocks in order to report strong holdings at the end of the first quarter, which ended on Tuesday.

Investors shrugged off lackluster economic data and snatched up some of the biggest names in technology and banking including Google Inc., International Business Machines Corp., Bank of America Corp. and Citigroup Inc.

The market is coming off a two-day pullback as stocks took a breather from a recent surge driven by optimism that U.S. banks may be emerging from the worst of a lending crisis.

The government finally delivered details last week of its plans to take failed loans off the books of struggling banks and leaders of several large banks have said they did well in January and February.

Financial services companies are likely to get another dose of good news later this week. The Financial Accounting Standards Board is widely expected to ease accounting rules that require companies to list their assets at current market values.

Banks have had to take massive write-downs over the past two years as the value of mortgage-backed securities and other investments has withered. Banks say a softening of the "mark-to-market" rules would help their bottom lines.

Keith Wirtz, president and chief investment officer at Fifth Third Asset Management in Cincinnati, said the gain in bank stocks on Tuesday was likely boosted by some short-covering in anticipation of a resolution on the rules, as traders don't want to miss out on a possible rally in financials later this week. Short covering, or the buying of stocks to cover bets that stocks would fall, has played a large role in the surge in bank stocks over the past few weeks.

According to preliminary calculations, the Dow Jones industrial average rose 86.90, or 1.2 percent, to 7,608.92, after earlier rising as much as 203 points. The Standard & Poor's 500 index gained 10.34, or 1.3 percent, to 797.87, while the technology-heavy Nasdaq composite index rose 26.79, or 1.8 percent, to 1,528.59.

The Dow, which broke a string of six monthly declines, is still down 13.3 percent for the year. The S&P 500 is down 11.7 percent, and the Nasdaq is down 3.1 percent.

In other trading Tuesday, the Russell 2000 index of smaller companies rose 6.78, or 1.6 percent, to 422.75.

Advancing issues outnumbered decliners by more than 3 to 1 on the New York Stock Exchange, where volume came to 1.64 billion shares.

The advance on Tuesday was also supported by "window dressing" buying as large investors not wanting to end the quarter with large amounts of cash loaded up on stocks they think have good prospects.

"Technology, of all the S&P sectors, is the only one that is up on the year," said Craig Peckham, an analyst at Jefferies & Co. "If you're going to try to window dress anywhere on the last day of the quarter, technology is a good place to start."

Technology shares got a lift Tuesday from a deal between The Walt Disney Co. and Google that will allow Google's video site YouTube to show short-form videos from Disney's ABC and ESPN networks. Disney shares rose 31 cents to $18.64, while Google gained $5.37 to $348.06.

Lincoln National Corp. rose 4.4 percent, pulling other life insurance stocks up as well, after saying it would pay off a debt coming due soon, assuaging concerns about the company's financial position.

Investors have been worried about insurance stocks since their investment portfolios have suffered so much with the market downturn, which has brought stocks down by about half from their peak in October 2007. Lincoln rose 28 cents to $6.69, after tumbling 38 percent on Monday.

Investors looked past a number of economic reports, including the S&P Case-Shiller index of 20 cities, which showed that U.S. home prices declined by a record 19 percent in January from a year ago. Separately, a measure of consumer confidence inched up in March after plummeting to historic lows in February.

The market has been in bear territory, defined as a 20 percent drop from a high, since the fall of 2007. There has been heated debate about whether the market has finally reached a bottom after stocks hit new 12-year lows on March 9 and rallied sharply since.

The major indexes had dropped about 3 percent Monday as the White House rejected General Motors Corp.'s and Chrysler's turnaround plans, raising the possibility of an automaker bankruptcy. The administration also replaced GM's CEO Rick Wagoner with the company's chief financial officer, Fritz Henderson. In his first press conference as CEO on Tuesday, Henderson said more plant closures are likely as the company works to avoid bankruptcy.

GM shares dropped 76 cents, or 28 percent, to $1.94, after falling 25 percent on Monday.

Bond prices were mixed. The yield on the 10-year Treasury note fell to 2.67 percent from 2.72 percent late Monday. The yield on the three-month T-bill rose to 0.21 percent from 0.18 percent Monday.

Crude oil rose $1.25 to settle at $49.66 a barrel.

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

Overseas, Britain's FTSE 100 rose 4.3 percent, Germany's DAX index rose 2.4 percent, and France's CAC-40 rose 3.2 percent. Japan's Nikkei stock average fell 1.5 percent.

 

[bigdog]

Tonights NYSE looks like being very good!

Europe @ mid afternoon
Symbol... Last...... .....Change.......
FTSE 100 4,062.69 +107.08 +2.71%
DAX 4,309.24 +178.17 +4.31%
CAC 40 2,932.95 +93.34 +3.29%

Asia at close today
Symbol..... Last...... .....Change.......
Nikkei 225 8,719.78 +367.87 +4.40%
Hang Seng 14,521.97 +1,002.43 +7.41%
Straits Times 1,803.34 +101.08 +5.94%

http://finance.yahoo.com/news/World-markets-surge-as-US-apf-14826701.html

World markets surge as US data boost recovery hope

World stock markets surge as US data boost hopes of recovery and G-20 leaders meet in London

* Louise Watt, Associated Press Writer
* Thursday April 2, 2009, 8:30 am EDT

LONDON (AP) -- World stocks soared Thursday as stronger-than-expected U.S. economic figures boosted confidence that the world's largest economy is on the mend. A mood of optimism also pervaded markets as leaders of the world's 20 top rich and developing countries met in London to find a way out of the economic crisis.

Huge gains in Asia and strong buying in Europe followed an overnight surge on Wall Street and extended last month's rebound amid tentative signs of stabilization in the hard-hit global economy and banking industry.

In European afternoon trading, Britain's FTSE 100 rose 2.7 percent to 4,061.04, Germany's DAX surged 4.2 percent to 4,302.57 and France's CAC 40 jumped 3.7 percent to 2,943.15.

Wall Street was gearing up for another jump. Dow Jones Industrial Average futures rose 1.5 percent to 7,837, Standard & Poor's 500 index futures added 1.7 percent to 822.90, and Nasdaq 100 index futures climbed 1.7 percent to 1,272.25.

Investors were enthusiastic about reports that the London summit had agreed to financial regulatory changes and increased funding for the International Monetary Fund.

"There's some renewed optimism around the G-20 meeting today and the possibility there might be something structured coming out of it," said Richard Hunter, analyst at Hargreaves Lansdown Stockbrokers.

President Barack Obama and the summit host, British Prime Minister Gordon Brown, have expressed confidence that world leaders will come up with a strong agreement to address financial regulation, growth, and troubled banks. But French President Nicolas Sarkozy and German Chancellor Angela Merkel have refused calls for more government spending, and said the meeting must take concrete steps on tougher financial regulation.

Meanwhile, the European Central Bank lowered its benchmark interest rate by a quarter percentage point to a record low of 1.25 percent in an effort to alleviate the economic downturn plaguing the 16 countries that use the euro. Markets will be watching comments from ECB President Jean-Claude Trichet at a news conference later in the day, when he will explain the bank's decision and possibly hint at alternative measures to stimulate growth.

In Europe and Asia, financial and auto stocks charged higher after U.S. home sales, manufacturing and auto data suggested the U.S. recession may be moving closer to a bottom.

Car makers Daimler, BMW and Renault jumped 13.1 percent, 12.8 percent and 11.1 percent, and tire maker Michelin added 13.5 percent. In Asia, Toyota Motor Corp. and Nissan Motor Co. strengthened 5.5 percent and 14 percent on U.S. auto figures that were less dismal than feared. Investors were encouraged after U.S. car sales jumped by nearly 25 percent last month from February, beating the typical rise and underpinning hopes of a turnaround in the American auto market.

A rebound in pending U.S. home sales in February from a record low, as well as improving manufacturing activity, added to a growing belief the most severe global downturn in decades may be moving close to a bottom.

Still, the upbeat evidence distracted investors from more sobering news that the U.S. private sector continued to shed hundreds of thousands of jobs last month -- a worrisome sign as investors brace for Friday's report on nationwide job cuts.

With the economic crisis still far from over, analysts warned of more painful market volatility as the recession unfolds.

"We're starting to see some initial signs of green shoots. The question is whether or not this is a sound foundation for stability in the economy," said Song Seng Wun, head of research at CIMB-GK in Singapore. "It's still hard to tell."

In Asia, Japan's Nikkei 225 stock average jumped 4.4 percent to 8,719.78, while Hong Kong's Hang Seng led the region's gains, soaring 7.4 percent to 14,521.97. South Korea's Kospi added 3.5 percent to 1,276.97.

Elsewhere, benchmarks in Australia and Taiwan gained about 3 percent. Singapore jumped 5.3 percent and India's Sensex climbed 4.9 percent.

Sentiment got a lift from overnight gains on Wall Street. The Dow rose 152.68 points, or 2 percent, to 7,761.60, and broader market indicators also rose. The Standard & Poor's 500 index rose 13.21, or 1.7 percent, to 811.08.

Oil rose above $50 a barrel in Europe as investors weighed glimmers of hope in the U.S. economy against concerns that global demand remains weak. Benchmark crude for May delivery rose $2.36 to $50.75 a barrel. The contract fell $1.27 on Wednesday to settle at $48.39.

AP business writer Jeremiah Marquez in Hong Kong contributed to this report.

 

[bigdog]

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

An all green day yesterday, but the last hour spoilt an even better day for the Dow!

It should be VG for the ASX today!

Investors dove into stocks Thursday, extending a rally that gave the Dow Jones industrial average its best four weeks since 1933.

Stocks rose across the board in heavy trading following an accounting rule change that will help banks pare their losses and after commitments from world leaders to toughen regulatory oversight of financial institutions.

The Dow broke through 8,000 for the first time since Feb. 9 but ended slightly below that level ahead of the government's employment report Friday that could easily upset the market if it comes in below forecasts -- or send prices rocketing higher if it's better than expected.

The NYSE DOW closed HIGHER +216.48 points +2.79% on Thursday April 2
Sym Last........ ........Change..........
Dow 7,978.08 +216.48 +2.79%
Nasdaq 1,602.63 +51.03 +3.29%
S&P 500 834.38 +23.30 +2.87%
30-yr Bond 3.5770% +0.0830

NYSE Volume 8,913,421,000
Nasdaq Volume 2,858,226,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,124.97 +169.36 +4.28%
DAX 4,381.92 +250.85 +6.07%
CAC 40 2,992.06 +152.45 +5.37%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,719.78 +367.87 +4.40%
Hang Seng 14,521.97 +1,002.43 +7.41%
Straits Times 1,803.34 +101.08 +5.94%

Stocks extend 4-week rally; Dow breaches 8,000

Stocks push rally into 4th week as accounting rules ease and G20 leaders promise reforms

* Sara Lepro, AP Business Writer
* Thursday April 2, 2009, 6:00 pm EDT

NEW YORK (AP) -- Investors dove into stocks Thursday, extending a rally that gave the Dow Jones industrial average its best four weeks since 1933.

Stocks rose across the board in heavy trading following an accounting rule change that will help banks pare their losses and after commitments from world leaders to toughen regulatory oversight of financial institutions.

The Dow broke through 8,000 for the first time since Feb. 9 but ended slightly below that level ahead of the government's employment report Friday that could easily upset the market if it comes in below forecasts -- or send prices rocketing higher if it's better than expected.

The Dow is now up 20.4 percent over the last month, its biggest percentage gain in a four-week period since the spring of 1933. Bits of good news about the economy in recent weeks, including better-than expected-numbers on housing and manufacturing, have given investors more reasons to buy.

The Dow gained 216.48, or 2.8 percent, to close at 7,978.08, after earlier rising as much as 314 points.

"People are worried about this (employment) report, so the last hour we sold off," said Richard Campagna, managing director and chief investment officer of Pasadena, Calif.-based investment manager 300 North Capital.

Broader market indicators also rose sharply. The Standard & Poor's 500 index gained 23.30, or 2.9 percent, to 834.38. The Nasdaq composite index rose 51.03, or 3.3 percent, to 1,602.63.

Industrial and consumer discretionary stocks picked up speed Thursday while demand for safe-haven assets like gold and Treasurys plummeted.

"Everyone is in a buying mood," said Eric Ross, director of research at brokerage Canaccord Adams. "Everyone is feeling good. ... A lot of this is simply confidence."

The market has managed to shrug off some negative data on employment recently such as initial claims for jobless benefits. But a surprisingly bad report on the March job market could easily stifle the market's growing optimism. Economists predict the report will show a loss of 654,000 jobs following a drop of 651,000 jobs in February, which was a record third straight month of job losses above 600,000. The unemployment rate is expected to rise to 8.5 percent from 8.1 percent in February.

Banking shares got a significant boost after a rulemaking body for the accounting industry relaxed financial reporting rules that force banks to value their assets at current market prices.

The change in "mark-to-market" accounting rules, which should help banks reduce losses, sends another lifeline to the troubled financial industry. Many investors believe financial stocks, which have largely carried the market's four-week rally, are a gauge of when the economy is turning.

Among the biggest advancers in the financial industry Thursday were Wells Fargo & Co., which jumped 85 cents, or 5.9 percent, to $15.33, and Goldman Sachs Group Inc., which rose $3.93, or 3.6 percent, to $114.22. Regional banks also rose sharply.

The conclusion of a one-day summit in London of the world's finance ministers sent stocks to their highest levels in early afternoon trading. While the G-20 leaders did not satisfy calls for new stimulus measures, they pledged an additional $1.1 trillion in financing to the International Monetary Fund and declared a crackdown on tax havens and hedge funds.

Another positive indicator on the economy also lifted sentiment on Wall Street. Factory orders posted a large increase in February, coming on the heels of better-than-expected readings on pending home sales, manufacturing activity and auto sales the day before.

In other trading, the Russell 2000 index of smaller companies jumped 21.03, or 4.9 percent, to 450.19.

For every three stocks that fell, nearly nine stocks rose on the New York Stock Exchange where volume came to 1.87 billion shares.

The Dow is still down about 9 percent for the year, while the S&P 500 is down nearly 8 percent. The Nasdaq is up 1.6 percent.

While analysts have warned that the market could retest the lows hit early last month, there's no doubt a growing sense on Wall Street the economy, at least stateside, might be bottoming out.

"The market mindset is: OK, we're not in a tailspin," said Jack A. Ablin, chief investment officer at Harris Private Bank.

The benchmark 10-year Treasury note fell more than 1 point, sending its yield up to 2.79 percent from 2.66 percent late Wednesday. The dollar fell against other major currencies after the European Central Bank cut its key interest rate by less than expected. Gold prices also fell.

Oil prices benefited from the better-than-expected economic news. Light, sweet crude jumped $4.25 to settle at $52.64 a barrel on the New York Mercantile Exchange.

Overseas markets also logged big gains. Japan's Nikkei stock average rose 4.4 percent, while Hong Kong's Hang Seng index jumped 7.4 percent. In Europe, Britain's FTSE 100 rose 4.3 percent, Germany's DAX index rose 6.1 percent, and France's CAC-40 rose 5.4 percent.

 

[bigdog]

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

The Dow Jones industrial average clawed higher to end above 8,000 for the first time in nearly two months, and logged an impressive fourth straight week of gains.

The last time the Dow rose for four consecutive weeks was between September and October of 2007 -- when the index reached its all-time high above 14,000.

The Labor Department's March unemployment report was a big hurdle for the market. The numbers were certainly grim, but not terrible enough to derail an emerging sense of optimism over the past four months that the economy may be beginning to right itself.

The NYSE DOW closed HIGHER +39.51 points +0.50% on Friday April 3
Sym Last........ ........Change..........
Dow 8,017.59 +39.51 +0.50%
Nasdaq 1,621.87 +19.24 +1.20%
S&P 500 842.50 +8.12 +0.97%
30-yr Bond 3.7210% +0.1440

NYSE Volume 6,811,030,000 (prior day 8,913,421,000)
Nasdaq Volume 2,154,506,750 (prior day 2,858,226,250)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,029.67 -95.30 -2.31%
DAX 4,384.99 +3.07 +0.07%
CAC 40 2,958.74 -33.32 -1.11%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,749.84 +30.06 +0.34%
Hang Seng 14,545.69 +23.72 +0.16%
Straits Times 1,820.87 +17.53 +0.97%

http://finance.yahoo.com/news/Dow-closes-over-8000-logs-4th-apf-14847779.html

Dow closes over 8,000, logs 4th week of gains

Dow closes above 8,000 even as report shows US jobless rate at 25-year high of 8.5 percent

* Tim Paradis and Madlen Read, AP Business Writers
* Friday April 3, 2009, 5:20 pm EDT

The Dow Jones industrial average clawed higher to end above 8,000 for the first time in nearly two months, and logged an impressive fourth straight week of gains.

The last time the Dow rose for four consecutive weeks was between September and October of 2007 -- when the index reached its all-time high above 14,000.

The Labor Department's March unemployment report was a big hurdle for the market. The numbers were certainly grim, but not terrible enough to derail an emerging sense of optimism over the past four months that the economy may be beginning to right itself.

Tom Phillips, president of TS Phillips Investments in Oklahoma City, said the improved tone is helping traders react more moderately to bad news than they might have even a month ago.

"If the expectation was for truly horrendous numbers and they're only ugly, that's a good thing," he said.

Employers slashed a net total of 663,000 jobs last month, only slightly worse than the 654,000 economists expected. The employment rate jumped to 8.5 percent, its highest level since late 1983, when the economy was starting to emerge from a deep recession.

The economy has shed a total of 5.1 million jobs since the recession began in December 2007. Nearly two-thirds of the losses have come in the last five months.

While many investors are looking ahead to an eventual recovery, others say Wall Street might be just as short-sighted now as it was when it was panicking. Potential pitfalls lie ahead not just for the job market, but also in corporate earnings reports and outlooks that start pouring in next week.

According to preliminary calculations, the Dow climbed 39.51, or 0.5 percent, to 8,017.59. That is the index's highest close since Feb. 9, when the index ended at 8,270.87. A month later, the index sank to a nearly 12-year low of 6,547.05, but it's now 22.5 percent above that trough.

The rally that began in March has been the Dow's biggest four-week advance since 1933.

On Friday, the Standard & Poor's 500 index rose 8.12, or 1 percent, to 842.50. The Nasdaq composite index rose 19.24, or 1.2 percent, at 1,621.87, helped by BlackBerry maker Research in Motion Ltd., whose shares surged on better-than-expected profits.

About two stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.5 billion shares.

The Russell 2000 index of smaller companies rose 5.94, or 1.3 percent, to 456.13.

Government bond prices fell as investors entered riskier assets. The yield on the benchmark 10-year Treasury note rose to 2.90 percent from 2.76 percent late Thursday. The yield on the three-month T-bill rose to 0.21 percent from 0.20 percent.

The monthly employment report is often regarded as the most important piece of economic news affecting the market. There is even greater focus on jobs data now that the U.S. recession has stretched into the longest downturn since World War II.

Even as the numbers weren't as bad as some analysts feared, investors will need to see further signs that the recession isn't getting worse to keep the rally going. Analysts said the labor market is unlikely to provide much encouragement anytime soon.

The market could still recover even if unemployment remains high. Wall Street will just want signs that prospects for the labor market aren't getting far worse. In downturns during the past 60 years, the S&P 500 index has hit bottom an average of four months before a recession ended and about nine months before unemployment hit its peak.

Traders have been emboldened in recent weeks by better-than-expected readings on key economic factors like housing, banking and manufacturing.

Joe Saluzzi, co-head of equity trading at Themis Trading LLC, said investors are being too quick to overlook the holes in the economy like employment. He noted that January's job losses were revised much higher, to 741,000 from 655,000.

"We've run way too high here, way too fast," he said. "No matter how you want to spin it there are a ton of people unemployed and the rate is still going higher."

Another looming threat to the market's four-week buying spree is the start of the first quarter earnings season, which gets under way Tuesday with a report from Dow component Alcoa Inc. Expectations for corporate earnings are already low but any hints that things could get worse could easily kill the rally.

In a positive sign, Federal Reserve Chairman Ben Bernanke said in a speech Friday in Charlotte, N.C., that while he was uncomfortable with bailing out financial institutions, the Fed's strategy so far to ease the financial crisis appears to be working.

Kim Caughey, equity research analyst at Fort Pitt Capital Group, said it's reassuring that Bernanke is implying that there no more big financial rescue plans in the offing.

"The bazooka might be put away," she said, "or at least be leaning in the corner for a while."

European and Asian markets were mixed following a powerful global stock rally the day before after world leaders pledged $1 trillion for financial rescue measures and promised stronger regulation of financial institutions.

Japan's Nikkei stock average closed 0.3 percent higher, while Britain's FTSE 100 fell 2.3 percent. Germany's DAX rose less than 0.1 percent and France's CAC-40 fell 1.1 percent.
NEW YORK (AP) -- Not even grisly job losses could get in the stock market's way Friday.

 

[bigdog]

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

Wall Street pulled back for the first time in five days Monday as investors worried about balance sheets at banks and the quarterly results that businesses will start releasing this week.

Investors were also disappointed that talks for IBM Corp.'s $7 billion deal to buy Sun Microsystems Inc. have stalled -- a sign that the market is still not ready to support big mergers.

Financial shares sold off after a prominent analyst predicted more losses at banks and said the government's efforts to prop up the ailing industry might not be as effective as hoped.

The NYSE DOW closed LOWER -41.74 points -0.52% on Monday April 6
Sym Last........ ........Change..........
Dow 7,975.85 -41.74 -0.52%
Nasdaq 1,606.71 -15.16 -0.93%
S&P 500 835.48 -7.02 -0.83%
30-yr Bond 3.7580% +0.0370

NYSE Volume 6,287,235,500 (prior day 6,811,030,000)
Nasdaq Volume 2,069,047,620 (prior day 2,154,506,750)


Europe
Symbol... Last...... .....Change.......
FTSE 100 3,993.54 -36.13 -0.90%
DAX 4,349.81 -35.18 -0.80%
CAC 40 2,929.75 -28.99 -0.98%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,857.93 +108.09 +1.24%
Hang Seng 14,998.04 +452.35 +3.11%
Straits Times 1,847.98 +27.11 +1.49%

http://finance.yahoo.com/news/Stocks-fall-after-4week-rally-apf-14863364.html

Stocks fall after 4-week rally; Dow below 8,000
Wall Street falls ahead of 1st-quarter earnings; banks lead decline amid worries about loans

* Sara Lepro, AP Business Writer
* Monday April 6, 2009, 5:08 pm EDT

NEW YORK (AP) -- Wall Street pulled back for the first time in five days Monday as investors worried about balance sheets at banks and the quarterly results that businesses will start releasing this week.

Investors were also disappointed that talks for IBM Corp.'s $7 billion deal to buy Sun Microsystems Inc. have stalled -- a sign that the market is still not ready to support big mergers.

Financial shares sold off after a prominent analyst predicted more losses at banks and said the government's efforts to prop up the ailing industry might not be as effective as hoped.

Michael Mayo issued "sell" ratings on several banks and said in his report that loan losses could exceed levels seen in the Great Depression.

The market was already on edge about the coming parade of first-quarter results, which kicks off Tuesday with aluminum producer and Dow component Alcoa Inc. Worse-than-expected reports could easily upset the market's recent advance, which brought stocks up more than 20 percent from early March, when they hit their lowest levels in 12 years.

"You have some skittishness in the market," said Len Blum, managing director at Westwood Capital LLC. "We have earnings season up ahead and it's very difficult to predict what that is going to do."

The Dow Jones industrials fell 41.74, or 0.5 percent, to 7,975.85 after being down as much as 155 points.

The Standard & Poor's 500 index fell 7.02, or 0.8 percent, to 835.48, while the Nasdaq composite index fell 15.16, or 0.9 percent, to 1,606.71.

Technology stocks were lower following the IBM-Sun news. Discussions between the technology giants had been in their final stages, but The Associated Press learned that IBM took its offer off the table Sunday after Sun terminated IBM's status as its exclusive negotiating partner.

It was unclear whether talks were continuing, or if Sun was trying to find an alternative suitor. Sun shares plunged more than 22 percent, falling $1.93 to $6.56. IBM fell 66 cents, or less than 1 percent, to $101.65.

Also weighing on the technology sector was a downgrade of Cisco Systems Inc. A Goldman Sachs analyst cut the rating on the stock to "Neutral" from "Buy," saying it had reached her $18 price target. Shares dropped 63 cents, or 3.5 percent, to $17.53.

A jump in stocks of defense contractors helped the market pull off its lows. Defense Secretary Robert Gates on Monday recommended halting production of the F-22 fighter jet as he outlined deep cuts to many of the military's biggest weapons programs. But spending would increase in other areas. Lockheed Martin Corp. jumped $5.97, or 8.9 percent, to $73.28, while Northrop Grumman Corp. rose $3.96, or 9 percent, to $47.94.

Among the biggest decliners in the financial industry were Wells Fargo & Co., which dropped $1.09, or 6.7 percent, to $15.25, and PNC Financial Services Group Inc., which fell $1.99, or 5.6 percent, to $33.81. Regional bank stocks also posted big losses.

Some traders were also unnerved by a two-week delay in a government program to help banks unload troubled loans from their books, which relies on hedge funds and other private investors buying loans and other assets from banks.

On Monday the Treasury Department extended the application deadline for the program to April 24 and relaxed some of the participation criteria to attract a wider pool of investors. The delay was a worrisome signal that the program could be running into problems.

The announcement came on the heels of Treasury Secretary Timothy Geithner's warning Sunday that the government could force out bank CEOs following its move a week ago to oust Rick Wagoner as CEO of General Motors Corp.

Like banks, GM is also a major recipient of government rescue funds, and Wagoner's dismissal raised widespread speculation that leadership at banks being helped by the government could also be in for changes.

Financial stocks largely carried the market's recent rally, as unprecedented government intervention and reassurances from bank CEOs that business is better than expected fed optimism that the economy could be turning around.

Investors are also awaiting results later this month of the government's "stress tests" of the nation's biggest banks. The tests, which aim to determine which banks might be in need of more capital if economic conditions worsen, are expected to be complete by the end of this month.

On Friday, the Dow rose 39 points to close above the 8,000 mark for the first time in nearly two months, logging a fourth straight week of gains and its best four-week performance since 1933.

Analysts are warning that companies' first-quarter reports, and their even more important forecasts for the remainder of the year, could derail the market's advance. Banking, retail, technology and industrials companies will be in particular focus.

"Companies have to come across with commentary that the worst is passed," said Nicholas Colas, chief market strategist at BNY ConvergEx. "That is the most critical thing and you have to hear it from a broad range of companies in a wide variety of industries."

The Russell 2000 index of smaller companies fell 8.57, or 1.9 percent, to 447.56.

More than two stocks fell for every one that rose on the New York Stock Exchange, where volume came to a light 1.3 billion shares.

Treasurys fell, pushing the yield on the 10-year note up to 2.94 percent from 2.90 percent late Friday. The dollar was mixed against other major currencies, and gold prices fell to their lowest close in more than two months as demand has waned for safe-haven assets.

Light, sweet crude for May delivery fell $1.46 to settle at $51.05 a barrel on the New York Mercantile Exchange.

Overseas, Britain's FTSE 100 slipped 0.9 percent, while Germany's DAX index fell 0.8 percent and France's CAC-40 fell 1.0 percent as stocks fell on Wall Street. Japan's Nikkei stock average rose 1.2 percent.

 

[bigdog]

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

On Tuesday, the Dow dropped 186.29, or 2.3 percent, to 7,789.56. The Standard & Poor's 500 index fell 19.93, or 2.4 percent, to 815.55, while the Nasdaq composite index fell 45.10, or 2.8 percent, to 1,561.61.

Investors dumped stocks for a second day Tuesday, prolonging a break from a huge four-week rally as the market girds itself for potentially grim earnings reports.

Major market barometers all fell more than 2 percent, including the Dow Jones industrial average, which lost 186 points. Trading volume was low, which can amplify swings in the market.
-- NYSE Volume 5,866,029,000 (prior day 6,287,235,500)
-- Nasdaq Volume 1,911,441,120 (prior day 2,069,047,620)

The selling hit a wide range of industries, from financials to energy, in an otherwise quiet day during a holiday-shortened week. The markets will be closed for Good Friday.

The NYSE DOW closed LOWER -186.29 points -2.34% on Tuesday April 7
Sym Last........ ........Change..........
Dow 7,789.56 -186.29 -2.34%
Nasdaq 1,561.61 -45.10 -2.81%
S&P 500 815.55 -19.93 -2.39
30-yr Bond 3.7290% -0.0290

NYSE Volume 5,866,029,000 (prior day 6,287,235,500)
Nasdaq Volume 1,911,441,120 (prior day 2,069,047,620)

Europe
Symbol... Last...... .....Change.......
FTSE 100 3,930.52 -63.02 -1.58%
DAX 4,322.50 -27.31 -0.63%
CAC 40 2,902.31 -27.44 -0.94%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,832.85 -25.08 -0.28%
Hang Seng 14,928.97 -69.07 -0.46%
Straits Times 1,802.39 -45.59 -2.47%

http://finance.yahoo.com/news/Stocks-extend-losses-to-2nd-apf-14874806.html

Stocks extend losses to 2nd day; Dow tumbles 186

Investors send stocks lower, extending pause in four-week rally as earnings reports loom
* Sara Lepro and Tim Paradis, AP Business Writer
* Tuesday April 7, 2009, 5:14 pm EDT

NEW YORK (AP) -- Investors dumped stocks for a second day Tuesday, prolonging a break from a huge four-week rally as the market girds itself for potentially grim earnings reports.

Major market barometers all fell more than 2 percent, including the Dow Jones industrial average, which lost 186 points. Trading volume was low, which can amplify swings in the market.

The selling hit a wide range of industries, from financials to energy, in an otherwise quiet day during a holiday-shortened week. The markets will be closed for Good Friday.

Analysts attributed the pullback to profit-taking after a huge advance in March that gave the Dow its best four-week performance in more than 75 years.

Dan Cook, senior market analyst at IG Markets in Chicago, said investors are naturally cautious ahead of the parade of company's quarterly results but that the low expectations could benefit stocks.

"We've already set the bar very low for these companies so it is going to be hard for to disappoint to the downside," he said.

Investors are also focused on bank earnings that get under way after the long weekend, and several pessimistic forecasts about potential loan losses have jolted the market in recent days. Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. all report next week.

"The real key is going to be bank earnings," said Joe Veranth, chief investment officer at Dana Investment Advisors in Brookfield, Wis. "Really the entire market hinges on that."

On Tuesday, the Dow dropped 186.29, or 2.3 percent, to 7,789.56. The Standard & Poor's 500 index fell 19.93, or 2.4 percent, to 815.55, while the Nasdaq composite index fell 45.10, or 2.8 percent, to 1,561.61.

Traders had been nervous ahead of a report from Alcoa Inc., the first of the 30 companies that make up the Dow to post quarterly results. The giant aluminum maker reported after the closing bell that it lost $497 million in its first quarter as prices fell for the lightweight metal. The company's loss was worse than some analysts' had forecast but still not as bad as some traders had feared.

Investors have worried this week that Alcoa's results would set the tone for dismal results to come.

Financial stocks fell for a second day. Bank stocks helped push the market to its first loss in five days on Monday after the Treasury Department delayed a program designed to help banks unload soured loans from their books and a prominent analyst said losses at banks are likely to exceed Depression-era levels.

Though investors have been more optimistic in recent weeks, buoyed by some upbeat news about the economy, many analysts have warned that the rally might not be sustainable if earnings reports come in worse than expected.

"I don't think anybody is making a bet on improvement yet," said Jon Biele, head of capital markets at Cowen & Co. "There is still a very much wait-and-see attitude that is weighing heavily on the market."

JPMorgan fell 95 cents, or 3.4 percent, to $27.25, while Wells Fargo & Co. fell 40 cents, or 2.6 percent, to $14.85. Bucking the trend, Citigroup rose 4 cents to $2.76.

Alcoa fell 12 cents, or 1.5 percent, to $7.79, weighing on other material companies. The stock rose at times in electronic trading after the closing bell. The after-hours trades aren't always an adequate gauge of investor opinion, however, because trading volume is light.

Even before Alcoa's report, traders were seeing a mix of corporate news Tuesday that hinted at how fractious trading could be in the next month as profit reports arrive.

Emerson Electric Co., which supplies technology and engineering services, lowered its profit forecast for the year because of falling demand. But the reduction wasn't far off from what Wall Street had been expecting so traders sent the stock higher for much of the session. It ended unchanged at $30.89.

International Speedway Corp. fell $5.81, or 23.8 percent, to $18.62 after the motor sports company reduced its full-year forecasts amid weakening economic conditions.

Not all the news was grim. Brinker International Inc., operator of the Chili's Grill & Bar restaurant chain, rose 60 cents, or 3.7 percent, to $16.85 after announcing its fiscal third-quarter results would come in ahead of Wall Street's estimates.

Bond prices rose, pushing the yield on the 10-year note to 2.90 percent from 2.93 percent late Monday.

In other trading, the Russell 2000 index of smaller companies fell 15.86, or 3.5 percent, to 431.70.

About three stocks fell for every one that rose on the New York Stock Exchange, where volume came to a light 1.26 billion shares.

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

Light, sweet crude fell $1.90 to settle at $49.15 a barrel on the New York Mercantile Exchange.

Overseas, Britain's FTSE 100 fell 1.6 percent, Germany's DAX index lost 0.6 percent, and France's CAC-40 fell 0.9 percent. Japan's Nikkei stock average fell 0.3 percent.

 

[bigdog]

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

Insurance and technology shares led the market higher in a volatile day Wednesday, breaking a two-day slide. But a dim view of the economy from the Federal Reserve and jitters over looming earnings reports kept buyers in check.

The Dow Jones industrials rose 47.55, or 0.6 percent, to 7,837.11.

Stocks got an early lift from a deal combining two major homebuilders and a report saying the government was poised to extend aid to battered life insurance companies, then wavered throughout the day before ending slightly higher.

The Dow had fallen 3 percent over Monday and Tuesday, which analysts saw as a necessary breather following a powerful rally in March that gave the Dow its biggest four-week surge since 1933.

The NYSE DOW closed HIGHER +47.55 points +0.61% on Wednesday April 8
Sym Last........ ........Change..........
Dow 7,837.11 +47.55 +0.61%
Nasdaq 1,590.66 +29.05 +1.86%
S&P 500 825.16 +9.61 +1.18%
30-yr Bond 3.6590% -0.0700

NYSE Volume 6,065,054,500 (prior day 5,866,029,000)
Nasdaq Volume 1,874,115,000 (prior day 1,911,441,120)

Europe
Symbol... Last...... .....Change.......
FTSE 100 3,925.52 -5.00 -0.13%
DAX 4,357.92 +35.42 +0.82%
CAC 40 2,921.06 +18.75 +0.65%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,595.01 -237.84 -2.69%
Hang Seng 14,474.86 -454.11 -3.04%
Straits Times 1,783.96 -18.43 -1.02%

http://finance.yahoo.com/news/Housing-deal-hope-for-apf-14886238.html
Housing deal, hope for insurers lift stocks

Stocks rise as investors balance news of homebuilder deal and earnings worries; Dow gains 48

* Sara Lepro and Tim Paradis, AP Business Writers
* Wednesday April 8, 2009, 5:47 pm EDT

NEW YORK (AP) -- Insurance and technology shares led the market higher in a volatile day Wednesday, breaking a two-day slide. But a dim view of the economy from the Federal Reserve and jitters over looming earnings reports kept buyers in check.

The Dow Jones industrials rose 47.55, or 0.6 percent, to 7,837.11.

Stocks got an early lift from a deal combining two major homebuilders and a report saying the government was poised to extend aid to battered life insurance companies, then wavered throughout the day before ending slightly higher.

The Dow had fallen 3 percent over Monday and Tuesday, which analysts saw as a necessary breather following a powerful rally in March that gave the Dow its biggest four-week surge since 1933.

Market-watchers say the rally could still continue, but only if corporate earnings reports just now starting to roll out provide encouraging forecasts about where the economy is going -- something that's far from certain.

"We're braced for a lousy earnings season because we haven't had a lot of guidance," said Frederic H. Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Ore., referring to company's opaque forecasts to start the year. "We're in a volatile bottoming process."

In other trading, the Standard & Poor's 500 index rose 9.61, or 1.2 percent, to 825.16, and the Nasdaq composite index rose 29.05, or 1.9 percent, to 1,590.66.

Traders jumped on some glimmers of hope that emerged from the homebuilding, tech and insurance industries.

A $1.3 billion deal between Pulte Homes Inc. and rival Centex Corp. will create the nation's largest homebuilder. Centex jumped 18.9 percent, while Pulte fell 10.5 percent. Other homebuilders were mixed.

Insurers jumped following a report in The Wall Street Journal that the government may soon provide rescue funds to the ailing life insurance industry. An announcement could come within the next few days, the Journal said. Life insurers have been hit hard by investment losses this past year.

MetLife Inc. rose 2.4 percent, Prudential Financial Corp. gained 7.7 percent and Hartford Financial Services Group Inc. added 13.5 percent.

Technology stocks showed some of the biggest advances following an encouraging forecast from Juniper Networks Inc. The maker of equipment for computer networks said its first-quarter earnings should meet forecasts even as sales will likely fall short of expectations. Its shares jumped 12 percent.

Cisco Systems Inc. added 1.7 percent, while Microsoft Corp. gained 2.3 percent.

Some corporate news weighed on parts of the market. Ryder System Inc. tumbled 18 percent after the truck leasing and logistics company lowered its first-quarter earnings projection. The company said the weak economy had eroded demand.

An analysts' assessment of Bank of America Corp. corralled most financial stocks. The Oppenheimer & Co. report, which the company disagreed with, predicted Bank of America will have to raise an additional $36.6 billion in capital. The stock lost 4.1 percent. It was the steepest slide among the 30 stocks that make up the Dow industrials.

Some investors were hopeful that regulators would soon move to curb short-selling, in which traders try to profit from a stock's decline by selling borrowed shares and buying them back at a lower price. SEC commissioners voted Wednesday to open certain proposals to public debate. Supporters say it could lead to more stability in the market.

The day brought mixed economic news. The Commerce Department said wholesalers trimmed their inventories in February by the steepest amount in more than 17 years. But sales rose for the first time since the summer. The data signaled that companies could be getting their inventories under control.

Federal Reserve policymakers, faced with the danger of a worsening recession, decided at their mid-March meeting to funnel $1.2 trillion into the economy. Minutes from the gathering released Wednesday revealed growing concerns about a vicious economic cycle in which rising unemployment would curtail consumer spending, potentially into 2010.

Stocks bounced off 12-year lows in early March, surging more than 20 percent in just four weeks as signs emerged that the economy might be regaining its footing. There have been a couple of pauses in the rally -- including the drops Monday and Tuesday -- that analysts welcome as evidence that traders are avoiding becoming euphoric over the prospects for a quick recovery in the economy.

In other trading Wednesday, the Russell 2000 index of smaller companies rose 10.42, or 2.4 percent, to 442.12.

About three stocks rose for every one that fell on the New York Stock Exchange where volume came to a light 1.32 billion shares.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.86 percent from 2.90 percent late Tuesday.

The dollar showed some strength against other major currencies. That held gold to a moderate gain.

Light, sweet crude rose 23 cents to settle at $49.38 a barrel on the New York Mercantile Exchange.

Overseas, Britain's FTSE 100 slipped 0.1 percent, Germany's DAX index rose 0.8 percent and France's CAC-40 rose 0.7 percent. Japan's Nikkei stock average fell 2.7 percent.

 

[bigdog]

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

NYSE Markets are closed for Good Friday.

The Dow and the Standard & Poor's 500 index ended at their highest levels since Feb. 9 and the Nasdaq posted its highest finish of the year, giving it a gain of 4.8 percent for 2009.

For the week, the Dow rose 0.8 percent. The blue chips hadn't logged five straight weekly gains since Oct. 2007, the stock market's peak.

The S&P 500 rose 1.7 percent for the week, while the Nasdaq added 1.9 percent.

Stocks surged Thursday to their highest levels in two months after banking giant Wells Fargo & Co. surprised the market with an early profit report that blew past analysts' expectations thanks to a strong pickup in its lending business.

The Dow Jones industrial average jumped nearly 250 points and major market indexes logged their fifth straight week of gains.

Investors have been grasping at any sign of improvement in the crippled banking industry, and Wells Fargo's report Thursday that it expects first-quarter earnings of $3 billion provided an encouraging sign that a deep freeze in borrowing activity may finally be thawing. Wells Fargo said it benefited from its January acquisition of Wachovia and an increase in mortgage applications.

The NYSE DOW closed HIGHER +246.27 points +3.14% on Thursday April 9
Sym Last........ ........Change..........
Dow 8,083.38 +246.27 +3.14%
Nasdaq 1,652.54 +61.88 +3.89%
S&P 500 856.56 +31.40 +3.81%
30-yr Bond 3.7560% +0.0970

NYSE Volume 8,770,976,000 (prior day 6,065,054,500)
Nasdaq Volume 2,220,686,750 (prior day 1,874,115,000)

Europe
Symbol... Last...... .....Change.......
FTSE 100 3,983.71 +58.19 +1.48%
DAX 4,491.12 +133.20 +3.06%
CAC 40 2,974.18 +53.12 +1.82%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,916.06 +321.05 +3.74%
Hang Seng 14,901.41 +426.55 +2.95%
Straits Times 1,826.42 +42.46 +2.38%


http://finance.yahoo.com/news/Wells-Fargo-earnings-surprise-apf-14897138.html
Wells Fargo earnings surprise sends market surging

Banks lead market higher after Wells Fargo says it will post $3 billion profit; Dow jumps 246

* Tim Paradis, AP Business Writer
* Thursday April 9, 2009, 5:20 pm EDT

NEW YORK (AP) -- Stocks surged Thursday to their highest levels in two months after banking giant Wells Fargo & Co. surprised the market with an early profit report that blew past analysts' expectations thanks to a strong pickup in its lending business.

The Dow Jones industrial average jumped nearly 250 points and major market indexes logged their fifth straight week of gains. Markets are closed for Good Friday.

Investors have been grasping at any sign of improvement in the crippled banking industry, and Wells Fargo's report Thursday that it expects first-quarter earnings of $3 billion provided an encouraging sign that a deep freeze in borrowing activity may finally be thawing. Wells Fargo said it benefited from its January acquisition of Wachovia and an increase in mortgage applications.

"The fact that Wells Fargo can have record profits despite the troubles facing the banking system tells you something," said Rick Campagna, chief investment officer at 300 North Capital in Pasadena, Calif. "It's very good news."

The Dow and the Standard & Poor's 500 index ended at their highest levels since Feb. 9 and the Nasdaq posted its highest finish of the year, giving it a gain of 4.8 percent for 2009.

The Dow rose 246.27, or 3.1 percent, on Thursday to 8,083.38.

Broader stock indicators also put up big gains. The Standard & Poor's 500 index rose 31.40, or 3.8 percent, to 856.56. The Nasdaq composite index rose 61.88, or 3.9 percent, to 1,652.54.

For the week, the Dow rose 0.8 percent. The blue chips hadn't logged five straight weekly gains since Oct. 2007, the stock market's peak.

The S&P 500 rose 1.7 percent for the week, while the Nasdaq added 1.9 percent.

Wells Fargo's announcement injected a decisively upbeat tone into the market after three days of choppy trading. For most of the week stocks appeared to be taking a breather after barreling ahead more than 20 percent in March. Analysts see occasional pullbacks as signs of a healthy market as investors allocate money carefully instead of just following a frenzied crowd.

Though even with the rapid rise in the past month the Dow is still down by 42.9 percent from its Oct. 9, 2007 high.

Bank shares had been sluggish this week following worrisome forecasts from key analysts about the bad loans they still carry on their balance sheets and other long-term woes. Major banks begin reporting first-quarter results next week.

Wells Fargo jumped 31.7 percent Thursday and several other major banks also barreled higher, including Bank of America Corp., which added 35.3 percent. JPMorgan Chase & Co. rose 19.4 percent, and Citigroup Inc., up 12.6 percent.

Investors appeared unfazed by uneven monthly sales reports from retailers and mixed economic news.

Wal-Mart Stores Inc. reported lower-than-expected sales in March, sending its shares down 3.7 percent. It was one of only three stocks to fall among the 30 companies that make up the Dow industrials.

Target Corp. rose 6.1 percent after posting results that topped expectations, while teen clothing retailer Abercrombie & Fitch Co. slid 3.5 percent after its numbers came in weaker than predicted.

In economic news, new jobless claims fell more than expected last week, but those continuing to receive unemployment benefits set another high. The total number of laid-off Americans receiving unemployment rose to 5.84 million from 5.75 million, the most on record since 1967 and more than analysts expected.

The jump in stocks comes at the end of a relatively quiet week.

Investors have been worried that corporate earnings reports that began to trickle in this week could bring bad news about how companies expect the rest of the year to turn out. But the market's tone brightened somewhat on Wednesday on reports that the government will provide support for battered life insurers and a merger deal between two major homebuilders.

Ted Aronson, a partner at Aronson-Johnson-Ortiz in Philadelphia, said Wells Fargo's upbeat preview into its earnings could place a greater burden on banks reporting results next week. Wells Fargo doesn't report its full results until April 22.

"I'm not sure everyone will be as successful, but we'd like to hope that the success will spill over," Aronson said.

The upbeat mood Thursday sent one measure of the market's unease fell to its lowest levels since the fall. The Chicago Board Options Exchange Volatility Index, or the VIX, ended Thursday at its lowest level since Sept. 26. That signals investors are more confident they can predict the direction of stocks.

Ordinarily what's known as Wall Street's fear gauge might be in the 18 to 20 range but it hit 89.5 in October.

Still, analyst caution that some of Friday's buying could have reflected traders jumping to cover misplaced bets that stocks, particularly banks, would fall. Traders who sell stocks "short" are forced to step in and buy stocks to avoid further losses.

In other trading Thursday, the Russell 2000 index of smaller companies jumped 26.08, or 5.9 percent, to 468.20.

About seven stocks rose for every one that fell on the New York Stock Exchange. Volume came to 1.8 billion shares.

Treasury prices fell as the stock rally damped demand for safe-haven investments. The yield on the 10-year Treasury note rose to 2.92 percent from 2.86 percent late Wednesday.

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

Light, sweet crude rose $2.86 to settle at $52.24 on the New York Mercantile Exchange.

Overseas, Japan's Nikkei stock average rose 3.7 percent following reports that the country's ruling party is seeking a stimulus package bigger than originally announced. Britain's FTSE 100 gained 1.5 percent, Germany's DAX index rose 3 percent, and France's CAC-40 rose 1.8 percent.

 

[bigdog]

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

Stocks ended mostly higher Monday ahead of a flurry of earnings reports that could determine whether the economy is really getting better, as investors have been hoping over the past month as they drove the market higher.

Early signs were good. Goldman Sachs Group Inc. surprised investors after the end of trading Monday when it released better-than-expected quarterly results and announced a $5 billion stock offering. The company had been scheduled to report early Tuesday.

The bank's $1.7 billion profit was just the sort of good suprise traders were waiting for Monday as they snapped up financial stocks. Some traders are looking for signs of recovery and others don't want to get burned if banks beat the low expectations the market has set for the industry.

The buying helped the Dow Jones industrial average turn a 120-point deficit into a modest drop of 26 points by the time the closing bell sounded. Broader indexes managed to post gains. Trading volume was light, which can skew the market's moves.

The NYSE DOW closed LOWER -25.57 -0.32% on Monday April 13
Sym Last........ ........Change..........
Dow 8,057.81 -25.57 points -0.32%
Nasdaq 1,653.31 +0.77 +0.05%
S&P 500 858.73 +2.17 +0.25%
30-yr Bond 3.6870% -0.0690

NYSE Volume 7,565,704,500 (prior day 8,770,976,000)
Nasdaq Volume 1,869,791,620 (prior day 2,220,686,750)

Europe
Symbol... Last...... .....Change.......
FTSE 100 3,983.71 closed Monday
DAX 4,491.12 closed Monday
CAC 40 2,974.18 closed Monday

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,924.43 -39.68 -0.44%
Hang Seng 14,901.41 closed Monday
Straits Times 1,876.77 +48.26 +2.64%

http://finance.yahoo.com/news/Stocks-end-mostly-higher-apf-14914043.html
Stocks end mostly higher ahead of earnings reports

Wall Street bounces back from sell-off as traders prepare for rush of earnings, economic data

* Tim Paradis, AP Business Writer
* Monday April 13, 2009, 5:08 pm EDT

NEW YORK (AP) -- Stocks ended mostly higher Monday ahead of a flurry of earnings reports that could determine whether the economy is really getting better, as investors have been hoping over the past month as they drove the market higher.

Early signs were good. Goldman Sachs Group Inc. surprised investors after the end of trading Monday when it released better-than-expected quarterly results and announced a $5 billion stock offering. The company had been scheduled to report early Tuesday.

The bank's $1.7 billion profit was just the sort of good suprise traders were waiting for Monday as they snapped up financial stocks. Some traders are looking for signs of recovery and others don't want to get burned if banks beat the low expectations the market has set for the industry.

The buying helped the Dow Jones industrial average turn a 120-point deficit into a modest drop of 26 points by the time the closing bell sounded. Broader indexes managed to post gains. Trading volume was light, which can skew the market's moves.

The bouts of selling after a long holiday weekend were orderly and suggested that traders were reluctant to give up on a five-week rally. The earnings reports and economic figures due this week could reignite buying if they beat Wall Street's modest expectations.

"If you get a couple earnings reports that are better than the worst that people expected then that might help," said Denis Amato, chief investment officer at Ancora Advisors.

Beyond banks, industrial stocks ended mixed after Boeing Co. and Chevron Corp. said the weak economy was hurting their results.

The market was unsettled by a New York Times report saying the Treasury has directed General Motors Corp. to lay the groundwork for a potential bankruptcy filing by June 1. GM might be forced to file if it cannot complete a plan to exchange debt for equity, according to the report.

According to preliminary calculations, the Dow fell 25.57, or 0.3 percent, to 8,057.81.

Broader stock indicators advanced. The Standard & Poor's 500 index rose 2.17, or 0.3 percent, to 858.73, and the Nasdaq composite index rose 0.77, or 0.1 percent, to 1,653.31.

Boeing fell 5 percent as analysts cut their ratings and estimates for the aircraft maker after it said it would reduce production of some jetliners next year due. Chevron lost 1.8 percent after saying first-quarter earnings will be sharply lower due to falling oil and natural gas prices.

Investors are also looking to a spate of earnings results throughout the week, including reports from JPMorgan Chase & Co. and Citigroup Inc. Financial companies had been among the hardest hit by the economic downturn and credit crisis, but they have also helped lead a rally over the past month.

Goldman rose 4.7 percent before rising 3 percent in after-hours electronic trading after the company released its earnings. JPMorgan ended the day up 2.9 percent and Citigroup rose 25 percent, while Bank of America Corp. rose 15 percent.

Analysts said some of the buying could reflect traders stepping in to cover misplaced bets that banks would fall when they post results this week. Traders who sell stocks "short" are forced to buy to avoid further losses.

Les Satlow, portfolio manager at Cabot Money Management in Salem, Mass., said the banks may have escaped an outright takeover by the government but that investors are now focused on the serious troubles that remain.

"The specter of nationalization has been chased away," he said. "We're back to the reality that we have a severe recession with sharply deteriorating credit quality."

Investors have been placing bets that improvements at banks could help lift the economy. The Dow has rallied for five weeks, but last week showed increased volatility as investors prepared for earnings reports.

Some of the worries dissipated late last week Wells Fargo & Co. jolted investors with an announcement that it expected to report a $3 billion profit for the first quarter. Stocks surged Thursday on the news, giving stocks moderate gains for the week. Markets were closed for Good Friday.

On Monday, GM was the biggest decliner among the 30 stocks that make up the Dow as investors worried about what a bankruptcy might mean for the economy. GM fell 33 cents, or 16.2 percent, to $1.71.

Investors are awaiting quarterly results this week from key companies in other industries, including Intel Corp., Johnson & Johnson and General Electric Co. Reports on inflation, housing and manufacturing are also due.

In corporate news, prescription benefits manager Express Scripts Inc. said it will buy the pharmaceutical benefit management operations of health insurer WellPoint Inc. for $4.68 billion. WellPoint gained $3.24, or 8 percent, to $43.58 while Express Scripts rose $7.64, or 15 percent, to $56.81.

In other market action, the Russell 2000 index of smaller companies slipped 0.15, or less than 0.1 percent, to 468.05.

About three stocks rose for every two that fell on the New York Stock Exchange, where volume came to 1.5 billion shares compared with 1.8 billion shares traded Thursday.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note fell to 2.86 percent from 2.92 percent late Thursday. The yield on the three-month T-bill rose to 0.18 percent from 0.17 percent late Thursday.

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

Light, sweet crude fell $1.19 to settle at $50.05 a barrel on the New York Mercantile Exchange.

Overseas, Japan's Nikkei stock average fell 0.4 percent. Major European markets were closed Monday for Easter.

 

[explod]

Have been on idle for some time as the markets are in no mans land plural.

The 12 month Dow chart is at an interesting point I think. Was looking like a reverse head and shoulders for the year to date but failing to break resistance at around the 8200 tells me that the down trend may be still firmly intact on the two year chart and another sharp drop may be in store soon. I still see on the long term chart that there is little resistance to 4000 and the floor is probably around 2000. Just my

Cheers explod

 

[bigdog]

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

The 12 month Dow chart is at an interesting point I think. Was looking like a reverse head and shoulders for the year to date but failing to break resistance at around the 8200 tells me that the down trend may be still firmly intact on the two year chart and another sharp drop may be in store soon. I still see on the long term chart that there is little resistance to 4000 and the floor is probably around 2000. Cheers explod

Included 12 month chart below:


Wall Street shifted into reverse Tuesday after a surprisingly weak retail sales report punctured the market's optimism about the economy.

The poor sales data, combined with a sharp drop in wholesale prices, overshadowed better-than-expected earnings reports from Johnson & Johnson and Goldman Sachs, leading the Dow Jones industrial average down 137.63, or 1.7 percent, to 7,920.18, according to preliminary calculations.

Broader measures also lost ground after three days of gains. The Standard & Poor's 500 index fell 17.22, or 2 percent, to 841.51, and the Nasdaq composite index fell 27.59, or 1.7 percent, to 1,625.72.

The NYSE DOW closed LOWER -137.63 points -1.71% on Tuesday April 14
Sym Last........ ........Change..........
Dow 7,920.18 -137.63 -1.71%
Nasdaq 1,625.72 -27.59 -1.67%
S&P 500 841.50 -17.23 -2.01%
30-yr Bond 3.6570% -0.0300

NYSE Volume 8,821,917,000 (prior day 7,565,704,500)
Nasdaq Volume 2,315,929,000 (prior day 1,869,791,620)

Europe
Symbol... Last...... .....Change.......
FTSE 100 3,988.99 +5.28 +0.13%
DAX 4,557.01 +65.89 +1.47%
CAC 40 3,000.22 +26.04 +0.88%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,842.68 -81.75 -0.92%
Hang Seng 15,580.16 +678.75 +4.55%
Straits Times 1,897.02 +20.25 +1.08%

Weak retail sales report halts stock market rally

Stocks slide as drop in retail sales overshadows profit reports at J&J, Goldman; Dow falls 138

* Tim Paradis, AP Business Writer
* Tuesday April 14, 2009, 4:32 pm EDT

NEW YORK (AP) -- Wall Street shifted into reverse Tuesday after a surprisingly weak retail sales report punctured the market's optimism about the economy.

The poor sales data, combined with a sharp drop in wholesale prices, overshadowed better-than-expected earnings reports from Johnson & Johnson and Goldman Sachs, leading the Dow Jones industrial average down 137.63, or 1.7 percent, to 7,920.18, according to preliminary calculations.

Broader measures also lost ground after three days of gains. The Standard & Poor's 500 index fell 17.22, or 2 percent, to 841.51, and the Nasdaq composite index fell 27.59, or 1.7 percent, to 1,625.72.

Financial stocks were especially weak after Goldman said it would raise $5 billion to repay government bailout money. Investors speculated that other major banks might follow suit, which would put pressure on their stocks. Citigroup Inc. and JPMorgan Chase & Co. are also due to report results this week.

Tuesday's selling was orderly and extended a give-and-take pattern the market has followed since halting a steep slide over the first two months of the year. Stocks have risen from 12-year lows since then on hopes that banks are getting through the worst of their problems and the economy might be bottoming out, though both the Dow and S&P 500 are still below where they started the year.

The unexpected 1.1 slump in retail sales in March reported Tuesday undermined the market's brightening outlook for the economy. The drop was far worse than the increase of 0.3 percent that analysts polled by Thomson Reuters had been expecting and marked the biggest fall in three months. Investors watch retail sales trends closely as a barometer of consumer spending, which makes up two-thirds of U.S. economic activity.

"The choppy data that we're seeing, whether it's economic or earnings, reminds us that we're still not out of the woods," said Sean Simko, head of fixed income management at SEI Investments in Philadelphia. "The market always has a tendency to go too far too fast."

Investors took little comfort from speeches by President Barack Obama and Federal Reserve Chairman Ben Bernanke that there have been hopeful signs about the economy and that a sustained recovery won't arrive quickly.

A separate report on wholesale prices released Tuesday gave another poor reading on the economy.

The Labor Department said wholesale prices tumbled 1.2 percent in March as the cost of gasoline, other energy products and food fell sharply. Falling prices fan worries about a spiraling effect where consumers and businesses would halt spending out of fear that they would pay too much for something today that could be worth less tomorrow.

The drop in stocks followed more signs that companies reporting earnings for the January-March quarter might be able to top Wall Street's modest expectations.

Johnson & Johnson said its first-quarter profit dipped, but not as much as expected. The health care products maker earned $3.5 billion, or $1.26 per share, above analysts' estimates of $1.22 per share. J&J, one of the 30 stocks that make up the Dow, rose 22 cents to $51.37.

Goldman released its results a day early, reporting after the closing bell Monday that it earned $1.66 billion in the quarter, well above what analysts were expecting. The company said it would raise $5 billion in stock in hopes of repaying the $10 billion investment it received from the government last year.

Goldman shares fell $15.04, or 11.6 percent, to $115.11 after its stock offering was priced at $123 per share, a discount of 5.5 percent to Monday's closing price.

Some other financial stocks also slid. JPMorgan fell $3, or 8.9 percent, to $30.70, while Morgan Stanley fell $3.22, or 12 percent, to $23.67.

Retailers fell after the sales report. Macy's Inc. slid 94 cents, or 7.3 percent, to $11.99, while Best Buy Co. Inc. fell $2.81, or 6.9 percent, to $38.10.

In other market moves, the Russell 2000 index of smaller companies fell 14.83, or 3.2 percent, to 453.22.

Two stocks fell for every one that rose on the New York Stock Exchange, where volume came to 1.8 billion shares.

Bond prices rose after the weak economic readings. That pushed the yield on the 10-year Treasury note down to 2.79 percent from 2.86 percent late Monday.

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

Light, sweet crude fell 64 cents to settle at $49.41 a barrel on the New York Mercantile Exchange.

Overseas, Japan's Nikkei stock average fell 0.9 percent. Britain's FTSE 100 rose 0.1 percent, Germany's DAX index gained 1.5 percent, and France's CAC-40 rose 0.9 percent.

 

[bigdog]

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

The last-hour surged pushed the Dow up 109.44, or 1.4 percent, to 8,029.62.

Wall Street is seeing an economic glass that's half-full -- again.

Investors poured money into consumer product and financial companies Wednesday as they saw new signals that the recession could be easing its chokehold on the economy.

Stocks jumped in the last hour of trading after the Federal Reserve released a report showing glimmers of hope in U.S. business conditions. The market had drifted for much of the day on poor readings on industrial production and consumer prices. The Dow Jones industrial average ended with a gain of 109 points.

The late-day turnaround was typical of a market that has looked for reasons to push higher on hopes for a recovery ever since stocks skidded to 12-year lows in early March. A powerful five-week rally since then has pushed the market up more than 20 percent.

The NYSE DOW closed HIGHER +109.44 points +1.38% on Wednesday April 15
Sym Last........ ........Change..........
Dow 8,029.62 +109.44 +1.38%
Nasdaq 1,626.80 +1.08 +0.07%
S&P 500 852.06 +10.56 +1.25%
30-yr Bond 3.6470% -0.0100

NYSE Volume 7,291,411,500 (prior day 8,821,917,000)
Nasdaq Volume 2,105,109,250 (prior day 2,315,929,000)

Europe
Symbol... Last...... .....Change.......
FTSE 100 3,968.40 -20.59 -0.52%
DAX 4,549.79 -7.22 -0.16%
CAC 40 2,985.74 -14.48 -0.48%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,742.96 -99.72 -1.13%
Hang Seng 15,669.62 +89.46 +0.57%
Straits Times 1,902.19 +5.17 +0.27%

http://finance.yahoo.com/news/Hints-of-stabilizing-economy-apf-14939304.html
Hints of stabilizing economy spark late rally

Late rally lifts market; consumer, financials stocks gain but Intel weighs on Nasdaq

* Tim Paradis, AP Business Writer
* Wednesday April 15, 2009, 6:25 pm EDT

NEW YORK (AP) -- Wall Street is seeing an economic glass that's half-full -- again.

Investors poured money into consumer product and financial companies Wednesday as they saw new signals that the recession could be easing its chokehold on the economy.

Stocks jumped in the last hour of trading after the Federal Reserve released a report showing glimmers of hope in U.S. business conditions. The market had drifted for much of the day on poor readings on industrial production and consumer prices. The Dow Jones industrial average ended with a gain of 109 points.

The late-day turnaround was typical of a market that has looked for reasons to push higher on hopes for a recovery ever since stocks skidded to 12-year lows in early March. A powerful five-week rally since then has pushed the market up more than 20 percent.

Technology stocks lagged after Intel Corp.'s tightlipped forecast caused jitters about a corner of the market that had drawn buyers over the past month, but the tech-focused Nasdaq composite index managed a slender advance.

Money flowed into stocks like Procter & Gamble Co., which boosted its dividend, and American Express Co., which said credit card defaults might be stabilizing. Stocks in hard-hit parts of the market like airlines and home builders bounded higher as investors bet the economy might be finding its footing.

"The market may not be seeing concrete signs of a recovery, but there are specks of light that we're on the road to stabilization," said Ryan Larson, senior equity trader at Voyageur Asset Management.

The last-hour surged pushed the Dow up 109.44, or 1.4 percent, to 8,029.62.

The Standard & Poor's 500 index rose 10.56, or 1.3 percent, to 852.06, and the Nasdaq edged up 1.08, or 0.1 percent, to 1,626.80.

The Russell 2000 index rose 7.91, or 1.8 percent, to 461.13.

An increasing stream of quarterly results from companies is likely to add to the market's fractiousness as corporate earnings season gets under way this week. Reports due Thursday from JPMorgan Chase & Co., and Google Inc. could reshape how investors feel about the financial and technology industries. Figures are also due on home construction and unemployment claims.

Traders eventually looked past some of the economic readings that came out early in the day. The government reported that production at factories, mines and utilities fell 1.5 percent in March, the fifth straight month of decline and worse than the 1 percent dip analysts expected.

Consumer prices fell 0.1 percent last month as energy prices dropped. Analysts had expected a slight increase.

Later reports revived investors' optimism. The Fed's snapshot of business conditions around the nation suggested that a slide in areas like manufacturing could be slowing. And the National Association of Home Builders said its housing market index posted its biggest one-month gain in five years in April as many homebuyers jumped on lower prices and incentives.

American Airlines parent AMR Corp. jumped 19 percent in afternoon trading after the carrier posted a $375 million loss for the first quarter that wasn't as bad as analysts had feared.

American Express said credit card defaults might be stabilizing. A 12 percent rally in the stock helped lift financial shares and gave AmEx the biggest advance among the 30 stocks that make up the Dow industrials. Some buying likely occurred as traders rushed to cover misplaced bets that predicted financial stocks would fall.

More than two stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.5 billion shares.

Trading volume was light, which can amplify swings in the market, and some buyers may have been ready to pounce following a 2 percent slump a day earlier.

David Kelly, chief market strategist at JPMorgan Funds, said it could take months for investors to get a better sense of whether the economy has managed to break its slide.

"It's like April weather," he said. "Some days it will seem an awful lot like winter and other days it will feel like spring."

Consumer staples stocks -- considered a refuge during recessions -- posted some of the biggest gains. Procter & Gamble, the maker of Tide detergent and Crest toothpaste, rose 3.2 percent after boosting its quarterly dividend by 10 percent, to 4 cents.

Intel's earnings came in well ahead of expectations and the company said personal computer sales have "bottomed out," but investors were unnerved by Intel's decision not to provide a detailed revenue forecast. The stock fell 2.4 percent.

"We're going to continue to get bad news," said David Hefty, chief executive of Cornerstone Wealth Management in Auburn, Ind.

Bond prices rose, pushing the yield on the 10-year Treasury note down to 2.77 percent from 2.79 percent late Tuesday.

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

Overseas, Britain's FTSE 100 fell 0.5 percent, Germany's DAX index lost 0.2 percent, and France's CAC-40 fell 0.5 percent. Japan's Nikkei stock average fell 1.1 percent.

 

[bigdog]

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

Investors are growing more confident that the bruised economy is starting to heal.

Stocks closed at their highest level in more than two months Thursday as investors sifted through a mix of earnings and economic reports and found reason to be optimistic.

Nokia led tech stocks higher after the world's top mobile phone maker said it was maintaining its outlook for the phone market and had surpassed analyst expectations for sales during the first quarter. And JPMorgan Chase & Co. became the latest bank to report first-quarter earnings that were stronger than predicted.

The NYSE DOW closed HIGHER +95.81 points +1.19% on Thursday April 16
Sym Last........ ........Change..........
Dow 8,125.43 +95.81 +1.19%
Nasdaq 1,670.44 +43.64 +2.68%
S&P 500 865.30 +13.24 +1.55%
30-yr Bond 3.7120% +0.0650

NYSE Volume 7,765,555,000 (prior day 7,291,411,500)
Nasdaq Volume 2,390,625,500 (prior day 2,105,109,250)


Europe
Symbol... Last...... .....Change.......
FTSE 100 4,052.98 +84.58 +2.13%
DAX 4,609.46 +59.67 +1.31%
CAC 40 3,038.18 +52.44 +1.76%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 8,755.26 +12.30 +0.14%
Hang Seng 15,582.99 -86.63 -0.55%
Straits Times 1,891.75 -14.24 -0.75%

http://finance.yahoo.com/news/Tech-...54.html?sec=topStories&pos=main&asset=&ccode=

Tech, financial stocks pull market higher

Stocks post second late-day surge on enthusiasm over prospects for tech, bank stocks

* Tim Paradis, AP Business Writer
* Thursday April 16, 2009, 6:31 pm EDT

NEW YORK (AP) -- Investors are growing more confident that the bruised economy is starting to heal.

Stocks closed at their highest level in more than two months Thursday as investors sifted through a mix of earnings and economic reports and found reason to be optimistic.

Nokia led tech stocks higher after the world's top mobile phone maker said it was maintaining its outlook for the phone market and had surpassed analyst expectations for sales during the first quarter. And JPMorgan Chase & Co. became the latest bank to report first-quarter earnings that were stronger than predicted.

The day's economic numbers also fed investors' optimism. The government's weekly unemployment claims fell more than expected for the second straight week and a snapshot of regional manufacturing from the Philadelphia Federal Reserve was better than expected. Home construction fell sharply last month, but analysts said that could help the real estate market work through an oversupply of homes.

Although investors do not yet know how well all of America's biggest companies fared in the first three months of the year, there is a growing sense that the economy and the market are starting to stabilize. That allowed Wall Street to build on a more than five-week rally that started on the earliest signs that the worst of the recession might be over.

"Investors are saying Armageddon is off the table, the (Category) 5 hurricane has passed," said Phil Orlando, chief equity market strategist at Federated Investors in New York. "They're starting to price in the end of the recession."

Stocks turned higher late in the day after fluctuating earlier, repeating the pattern of Wednesday's trading. Some of the late buying was likely due to what's known as short covering. That occurs when investors who earlier sold borrowed stock on expectations of a market drop are forced to buy back those shares.

The Dow Jones industrial average closed up 95.81, or 1.2 percent, at 8,125.43, its first close above 8,100 since Feb. 9. The Dow is now up 24 percent since skidding to a 12-year low on March 9 though the index is still down 42.6 percent from its peak of 14,164.53 in October 2007.

Broad stock indicators rose by bigger percentages. The Standard & Poor's 500 index rose 13.24, or 1.6 percent, to 865.30, and the Nasdaq composite index rose 43.64, or 2.7 percent, to 1,670.44, its highest finish of the year.

The Nasdaq is now up 5.9 percent in 2009. The index lagged the broader market Wednesday when Intel Corp. disappointed investors by declining to provide revenue forecasts.

The Russell 2000 index of smaller companies rose 12.75, or 2.8 percent, to 473.88.

It was unclear whether the buying would continue Friday, at least in tech stocks, after Google Inc. posted better-than-expected profits but moved lower after an initial jump in after-hours trading.

Two marquee companies, Citigroup Inc. and General Electric Co., were due to report earnings before the opening bell Friday and their results were expected to drive trading.

JPMorgan Chase rose 68 cents Thursday to $33.24. Nokia rose $1.52, or 11.4 percent, to $14.88.

Some regional banks got a boost after Regions Financial Corp. said it expects to report a first-quarter profit, driving its shares up 34 percent. Fifth Third Bancorp rose 6.9 percent, while Huntington Bancshares Inc. jumped 8.2 percent.

The rally in the market since early March has been driven in large part by growing optimism that the financial industry is on the mend.

"Things are not necessarily getting better, but they are getting less worse," said David Stepherson, a portfolio manager at Hardesty Capital Management in Baltimore.

Another bright spot came as traders jumped on an initial public offering of shares of Rosetta Stone Inc., a maker of language learning software. The stock, which trades under the symbol RST, jumped $7.12, or 39.6 percent, to $25.12 in its first day of trading.

Illinois Tool Works Inc. rose 6.4 percent after results from the industrial products company weren't as bad as expected. Industrial companies have been hit hard by the recession so the results indicated that the economy could be stabilizing.

There were some disappointments. Southwest Airlines Co. reported a bigger-than-expected loss in the first quarter as traffic fell in what the chief executive called the carrier's toughest revenue environment ever. The stock lost 7.1 percent.

A bankruptcy filing by the nation's second-largest mall operator, General Growth Properties Inc., brought another reminder of the economy's lingering troubles and the dearth of available credit.

Four stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 6.43 billion shares, compared with 6.07 billion traded Wednesday.

Meanwhile, bond prices fell, pushing the yield on the 10-year Treasury note up to 2.83 percent from 2.77 percent late Wednesday.

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

Overseas, Japan's Nikkei stock average rose 0.1 percent. Britain's FTSE 100 rose 2.1 percent, Germany's DAX index gained 1.3 percent, and France's CAC-40 rose 1.8 percent.