NYSE Dow Jones finished today at:

[bigdog]

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

Having sprinted higher for three weeks, the stock market is taking a break.

Investors made few big moves Tuesday after stocks rocketed 14 percent in just 16 days. The market closed with modest gains as many traders held their positions and looked toward the Labor Department's employment report on Friday.

The Dow Jones industrial average rose 34 points. On Monday, the blue chips jumped 115 points and the Standard & Poor's 500 index nosed above 1,000 for the first time in nine months.

The NYSE DOW closed HIGHER +33.63 points +0.36% on Tueday August 4
Sym Last........ ........Change..........
Dow 9,320.19 +33.63 +0.36%
Nasdaq 2,011.31 +2.70 +0.13%
S&P 500 1,005.65 +3.02 +0.30%
30-yr Bond 4.4640% +0.0420

NYSE Volume 6,518,679,500 (prior day 6,220,784,500)
Nasdaq Volume 2,290,920,000 (prior day 2,297,522,000)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,671.37 -11.09 -0.24%
DAX 5,417.02 -9.83 -0.18%
CAC 40 3,476.37 -1.43 -0.04%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,375.01 +22.54 +0.22%
Hang Seng 20,796.43 -10.83 -0.05%
Straits Times 2,648.76 -32.88 -1.23%

http://finance.yahoo.com/news/Inves...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Investors nudge rally forward with small gains

Stocks post modest rise as traders take a break from heavy buying; Dow rises 34 points
By Sara Lepro and Tim Paradis, AP Business Writer
On Tuesday August 4, 2009, 5:20 pm EDT

NEW YORK (AP) -- Having sprinted higher for three weeks, the stock market is taking a break.

Investors made few big moves Tuesday after stocks rocketed 14 percent in just 16 days. The market closed with modest gains as many traders held their positions and looked toward the Labor Department's employment report on Friday.

The Dow Jones industrial average rose 34 points. On Monday, the blue chips jumped 115 points and the Standard & Poor's 500 index nosed above 1,000 for the first time in nine months.

Tuesday's mostly upbeat economic reports helped prevent the market's pause from turning into the type of slide that can follow big jumps. Analysts have been predicting stocks would idle after such a strong run, and some saw investor caution at work.

"There is a lot of concern that the market has moved too far too fast and that we've gotten ahead of the economy," said Brian Bush, director of equity research at Stephens Inc.

But the Commerce Department's report of an increase in consumer spending and the National Association of Realtors' report of a rise in pending home sales provided evidence that the economy could be stabilizing. And Caterpillar Inc. predicted that cost cuts and other efforts will enable it to turn profits in the coming years even if the economy is slow to recover. Traders follow the world's largest maker of construction and mining equipment for signals about the overall economy.

The Dow rose 33.63, or 0.4 percent, to 9,320.19. The S&P 500 index rose 3.02, or 0.3 percent, to 1,005.65, while the Nasdaq composite index rose 2.70, or 0.1 percent, to 2,011.31. The gains left stocks at new highs for the year.

Stocks jumped more than 1 percent Monday on upbeat reports on manufacturing, housing and banking.

The advance adds to the Dow's July gain of 8.6 percent that injected a stalled spring rally with new energy. The Dow is still down 34 percent from its peak in October 2007.

Traders are likely to grow a little more anxious as they await the Labor Department's report for July. Unemployment stands at a 26-year high of 9.5 percent and is expected to eventually top 10 percent. Investors are looking for the pace of layoffs to slow so the economy can heal.

"The second half of the week is going to be heavily dominated by the employment data," said John Canally, economist at LPL Financial. "That is keeping markets hesitant."

Some analysts predict stocks will continue to climb as investors use dips to put money into the market. Recent corporate earnings reports and economic data have indicated that the nearly two-year-long recession could be ending.

The Commerce Department said Tuesday that consumer spending rose 0.4 percent in June. But personal incomes dropped by 1.3 percent, the steepest slide in four years.

Meanwhile, the Realtors said pending home sales for a fifth straight month in June.

Bond prices fell, pushing the yield on the benchmark 10-year Treasury note up to 3.69 percent from 3.64 percent late Monday.

The dollar was mixed, while gold prices rose.

Oil prices shed 59 cents to $70.99 a barrel on the New York Mercantile Exchange.

Three stocks rose for every two that fell on the New York Stock Exchange. Volume totaled 1.2 billion shares, essentially flat with Monday.

The Russell 2000 index of smaller companies rose 4.96, or 0.9 percent, to 570.74.

Overseas, Britain's FTSE 100 and Germany's DAX index both lost 0.2 percent, and France's CAC-40 slipped 0.04 percent. Japan's Nikkei stock average rose 0.2 percent.

 

[bigdog]

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

The closer investors get to the government's July employment report, the more cautious they become.

Stocks slipped Wednesday as investors shied away from big moves ahead of the government's monthly reading on job losses and the unemployment rate, which comes out before the start of trading on Friday. The pullback, which took the Dow Jones industrials down 39 points, followed a 34-point gain Tuesday that was a slowdown from the previous day's triple-digit advance.

The big concern on Wall Street is layoffs, and whether companies trying to preserve their profits during the recession are continuing to slash jobs at a furious pace. Job cuts have to slow for the economy to have a solid recovery.

The NYSE DOW closed LOWER -39.22 points -0.42% on Wednesday August 5
Sym Last........ ........Change..........
Dow 9,280.97 -39.22 -0.42%
Nasdaq 1,993.05 -18.26 -0.91%
S&P 500 1,002.72 -2.93 -0.29%
30-yr Bond 4.56% +0.10

NYSE Volume 8,507,798,000 (prior day 6,518,679,500
Nasdaq Volume 2,412,204,000 (prior day 2,290,920,000)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,647.13 -24.24 -0.52%
DAX 5,353.01 -64.01 -1.18%
CAC 40 3,458.53 -17.84 -0.51%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,252.53 -122.48 -1.18%
Hang Seng 20,494.77 -301.66 -1.45%
Straits Times 2,606.83 -41.93 -1.58%

http://finance.yahoo.com/news/US-st...V0c2w-?x=0&sec=topStories&pos=7&asset=&ccode=

Weak economic data puts stock market rally on hold

Wall Street rally goes on hold after report of weakening business at service companies
By Sara Lepro and Tim Paradis, AP Business Writers
On Wednesday August 5, 2009, 5:49 pm EDT

NEW YORK (AP) -- The closer investors get to the government's July employment report, the more cautious they become.

Stocks slipped Wednesday as investors shied away from big moves ahead of the government's monthly reading on job losses and the unemployment rate, which comes out before the start of trading on Friday. The pullback, which took the Dow Jones industrials down 39 points, followed a 34-point gain Tuesday that was a slowdown from the previous day's triple-digit advance.

The big concern on Wall Street is layoffs, and whether companies trying to preserve their profits during the recession are continuing to slash jobs at a furious pace. Job cuts have to slow for the economy to have a solid recovery.

The caution in Wednesday's trading followed a disappointing report on the service industry. The Institute for Supply Management said its service index, a measure of the health of retail, financial services, transportation and health care companies, fell to 46.4 in July from 47 in June. It was the 10th straight monthly slide.

Still, there are plenty of signs of strength on Wall Street, and one is the fact that Wednesday's very modest loss was the biggest point drop in the Dow since July 7. Investors have been looking for the market to pause after it started to shoot higher in mid-July. But stocks' occasional dips have been mild because some investors who missed the rally are looking to buy when prices dip.

The ISM report gave investors an excuse to cash in gains after the furious buying of the past month. The Dow is still up 13.9 percent in just 18 days.

"The market has just had a pretty good advance and is looking for a reason for a pullback," said Henry Herrmann, CEO of investment management firm Waddell & Reed.

The Dow fell 39.22, or 0.4 percent, to 9,280.97. The broader Standard & Poor's 500 index fell 2.93, or 0.3 percent, to 1,002.72, while the Nasdaq composite index fell 18.26, or 0.9 percent, to 1,993.05.

Treasury prices fell after the government said it would auction $75 billion in notes next week. Some investors are worried that the government will have to entice buyers by offering greater returns. That would drive up interest rates and could make it harder for the economy to recover.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.75 percent from 3.69 percent late Tuesday.

Analysts said the drop in stocks was welcome because building on gains in a step-like fashion is more sustainable than a surge without breaks.

"It would only be natural to hesitate here as it tries to make up its mind as to what the next move will be," said Michael Sheldon, chief market strategist at RDM Financial.

The jobs report could reshape ideas about when the economy might recover. Economists expect it will show the jobless rate rose to 9.6 percent as employers cut 320,000 jobs last month, better than the 467,000 lost in June.

A private-sector report on unemployment offered little encouragement. The ADP National Employment Report, a closely watched precursor to the Labor Department's report, said employment fell by 371,000 in July -- slightly more than anticipated -- following a revised loss of 463,000 jobs in June.

In better economic news, the Commerce Department said factory orders rose in June for the fourth time in five months. The 0.4 percent rise came after a 1.1 percent increase in May. Economists had been expecting a drop of 1 percent.

In other trading, the dollar was mixed against other major currencies and gold fell.

Light, sweet crude rose 55 cents to settle at $71.97 a barrel on the New York Mercantile Exchange.

The Russell 2000 index of smaller companies fell 4.75, or 0.8 percent, to 565.99.

Falling stocks outnumbered those that rose 8-to-7 on the New York Mercantile Exchange, where consolidated volume came to 7.7 billion shares, compared with 5.8 billion Tuesday.

Overseas markets slid. Britain's FTSE 100 fell 0.5 percent, Germany's DAX index lost 1.2 percent, and France's CAC-40 shed 0.5 percent. Japan's Nikkei stock average ended down 1.2 percent.

 

[bigdog]

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

Investors shuffled through the final day of trading before the government's July employment report.

The Dow Jones industrial average lost 25 points and other major indexes suffered moderate slides Thursday as worries about the Labor Department's report dominated trading for a third day. A stream of disappointing July sales numbers from major retailers added to Wall Street's uneasy mood.

A recovery in the job market is crucial to the economy's ability to pull itself from the longest recession since World War II. Unemployment often keeps rising after a recovery begins, but investors need to see the pace of job losses slowing before they'll continue the rally that began in March.

The NYSE DOW closed LOWER -24.71 points -0.27% on Thursday August 6
Sym Last........ ........Change..........
Dow 9,256.26 -24.71 -0.27%
Nasdaq 1,973.16 -19.89 -1.00%
S&P 500 997.08 -5.64 -0.56%
30-yr Bond 4.5170% -0.0440

NYSE Volume 7,699,912,500 (prior day 8,507,798,000)
Nasdaq Volume 2,447,590,750 (prior day 2,412,204,000)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,690.53 +43.40 +0.93%
DAX 5,369.98 +16.97 +0.32%
CAC 40 3,477.83 +19.30 +0.56%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,388.09 +135.56 +1.32%
Hang Seng 20,899.24 +404.47 +1.97%
Straits Times 2,601.50 -5.33 -0.20%

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stocks slip after jobless claims report

Stocks fall slightly despite better-than-expected weekly jobless claims report
By Sara Lepro and Tim Paradis, AP Business Writers
On Thursday August 6, 2009, 5:41 pm EDT

NEW YORK (AP) -- Investors shuffled through the final day of trading before the government's July employment report.

The Dow Jones industrial average lost 25 points and other major indexes suffered moderate slides Thursday as worries about the Labor Department's report dominated trading for a third day. A stream of disappointing July sales numbers from major retailers added to Wall Street's uneasy mood.

A recovery in the job market is crucial to the economy's ability to pull itself from the longest recession since World War II. Unemployment often keeps rising after a recovery begins, but investors need to see the pace of job losses slowing before they'll continue the rally that began in March.

Even with the worries about jobs, the market's slowdown this week isn't surprising. Analysts have been calling for a time-out because the Dow has surged 13.6 percent in just four weeks on hopes the economy is strengthening.

Still, without some improvement in prospects for employment, investors are likely to get more of the disappointing reports that retailers delivered Thursday. Many of the nation's biggest chains posted disappointing sales for July as consumers spent gingerly because of worries about jobs.

"The consumer isn't dead, but he's injured," said Stephen Wood, chief market strategist at Russell Investments.

A weekly unemployment report offered investors only some encouragement ahead of Friday's numbers. The government said new claims for unemployment benefits fell to 550,000 last week, from a revised 588,000 the previous week. Economists had been looking for 580,000 new claims.

There also was sobering news: The number of people continuing to claim benefits rose by 69,000 to 6.3 million after dropping for three straight weeks.

The weekly jobs figures and the retailers' reports have investors concerned that consumers don't feel confident enough to give the economy a strong recovery. Consumer spending accounts for more than two-thirds of U.S. economic activity.

Analysts expect the number of job losses for July to slow to 320,000 from 467,000 in June, according to Thomson Reuters. The jobless rate is expected to tick up to 9.6 percent from 9.5 percent. The report is due at 8:30 a.m. Eastern.

Ahead of the numbers, the Dow fell 24.71, or 0.3 percent, to 9,256.26. The Standard & Poor's 500 index lost 5.64, or 0.6 percent, to 997.08, its first finish below 1,000 since Friday. The Nasdaq composite index fell 19.89, or 1 percent, to 1,973.16.

About three stocks fell for every two that rose on the New York Stock Exchange where consolidated volume came to 6.8 billion shares compared with 7.7 billion traded Wednesday.

Despite the growing caution in the market, analysts have been encouraged by the orderliness of the pullback, noting that stocks have shown strength in their ability to hold on to most of their gains rather than selling off sharply.

"We're not seeing panic selling," said Bill Groeneveld, president and head trader for vFinance Investments. "We always like to see some reassessment of where we're at."

A modest drop in stocks on Wednesday followed minimal gains on Tuesday. Those moves came after a surge on Monday that nudged the S&P 500 index above 1,000 for the first time since November.

The market soared last month on signs of improvement in industries such as housing and manufacturing, but worries over rising unemployment and still-sagging consumer spending have halted the market's rise.

"You're beginning to get a mixed bag of data," said Russell Investments' Wood. "I think that creates probably more lumpy returns in the market. It's not as clear-cut as when we were in a nosedive, but it's also far from clear that there is going to be a brisk recovery in the near future."

American Express Co. rose after it said the rate of losses on credit card loans is slowing. The stock rose 95 cents, or 3.1 percent, to $31.31.

Retailers were mixed. TJX Cos., operator of the T.J. Maxx and Marshalls chains, fell $1.45, or 4 percent, to $34.84, while Limited Brands Inc. jumped $1.65, or 13 percent, to $14.39.

In other trading, the Russell 2000 index of smaller companies fell 8.37, or 1.5 percent, to 557.62.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note rose to 3.76 percent from 3.75 percent late Wednesday.

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

Light, sweet crude fell 3 cents to settle at $71.94 a barrel on the New York Mercantile Exchange.

Overseas, Britain's FTSE 100 rose 0.9 percent, Germany's DAX index added 0.3 percent, and France's CAC-40 rose 0.6 percent. Japan's Nikkei stock average rose 1.3 percent.

 

[bigdog]

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

The Dow Jones industrial average closed the week up 198.46, or 2.2 percent, at 9,370.07. The Standard & Poor's 500 index rose 23.00, or 2.3 percent, to 1,010.48. The Nasdaq composite index rose 21.75, or 1.1 percent, to 2,000.25.

The Russell 2000 index, which tracks the performance of small company stocks, rose 15.69, or 2.8 percent, for the week to 572.40.

The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 10,416.26, up 269.24, or 2.7 percent, for the week. A year ago, the index was at 12,905.73.

The economy's most vexing problem, unemployment, is showing the first signs of easing. And Wall Street is celebrating.

Major stock indexes jumped more than 1 percent Friday after the government said the nation's unemployment rate unexpectedly fell in July for the first time in 15 months and that employers cut fewer jobs. Bond prices fell, driving yields higher as investors left the safety of Treasurys.

The Labor Department report handed investors the best evidence yet that the economy could be climbing out of the recession. Analysts widely consider unemployment the biggest obstacle to a recovery in the economy, which is driven by consumer spending.


The NYSE DOW closed HIGHER +113.81 points +1.23% on Friday August 7
Sym Last........ ........Change..........
Dow 9,370.07 +113.81 +1.23%
Nasdaq 2,000.25 +27.09 +1.37%
S&P 500 1,010.48 +13.40 +1.34%
30-yr Bond 4.6030% +0.0860

NYSE Volume 8,009,963,500 (prior day 7,699,912,500)
Nasdaq Volume 2,519,252,250 (prior day 2,447,590,750)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,731.56 +41.03 +0.87%
DAX 5,458.96 +88.98 +1.66%
CAC 40 3,521.14 +43.31 +1.25%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,412.09 +24.00 +0.23%
Hang Seng 20,375.37 -523.87 -2.51%
Straits Times 2,549.35 -52.15 -2.00%

http://finance.yahoo.com/news/Investors-finally-find-good-apf-2848453904.html?x=0&.v=34

Investors finally find good news on unemployment

Surprise drop in unemployment rate pushes stocks higher, fans hope for recovery; Dow jumps 114
By Tim Paradis, AP Business Writer
On Friday August 7, 2009, 6:01 pm EDT

NEW YORK (AP) -- The economy's most vexing problem, unemployment, is showing the first signs of easing. And Wall Street is celebrating.

Major stock indexes jumped more than 1 percent Friday after the government said the nation's unemployment rate unexpectedly fell in July for the first time in 15 months and that employers cut fewer jobs. Bond prices fell, driving yields higher as investors left the safety of Treasurys.

The Labor Department report handed investors the best evidence yet that the economy could be climbing out of the recession. Analysts widely consider unemployment the biggest obstacle to a recovery in the economy, which is driven by consumer spending.

The surprise figures injected new life in a monthlong rally and provided validation for traders who have been betting since March that the economy is healing. The Dow Jones industrial average rose 114 points to cap its fourth straight weekly gain. The Dow is at its highest level since early November.

The government said employers shed 247,000 jobs in July, the fewest in a year. Economists had expected 320,000 lost jobs. The unemployment rate dropped to 9.4 percent from 9.5 percent in June, rather than rising to 9.6 percent as forecast.

"It really gave the market the proof that it needed to see," said Burt White, chief investment officer at LPL Financial in Boston.

The report is often the most anticipated bit of economic news each month on Wall Street and nervousness about what it would reveal held stocks to modest moves most of the week. The exception came Monday when Ford Motor Co. said its monthly sales rose for the first time in nearly two years because the government's cash for clunkers program was drawing customers. That, and good news about manufacturing, construction and banking, sent the Standard & Poor's 500 index over 1,000 for the first time in nine months.

With the pop Friday, the S&P 500 index is up 14.9 percent in only four weeks and 49.4 percent from a 12-year low in early March.

Still, some analysts say the gains have come too quickly and question whether an economic rebound can ever live up to the expectations investors are now setting.

"We've run very fast, very quickly," said Marc Harris, co-head of global research for RBC Capital Markets in New York. "I think we're due to take a breath."

The Dow rose 113.81, or 1.2 percent, to 9,370.07. The broader S&P 500 index gained 13.40, or 1.3 percent, to 1,010.48, while the Nasdaq composite index rose 27.09, or 1.4 percent, to 2,000.25.

About 2,300 stocks rose on the New York Stock Exchange, while about 700 fell. Consolidated volume rose to 7 billion shares from 6.8 billion Thursday.

For the week, the Dow added 2.2 percent, the S&P 500 index rose 2.3 percent and the Nasdaq rose 1.1 percent.

Meanwhile, bond prices fell as the jobs reading limited demand for the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.86 percent from 3.76 percent late Thursday.

Financial and retail stocks rallied Friday along with the broader market.

Insurer American International Group Inc. posted its first quarterly profit since 2007. The insurance giant, which is now majority owned by the government, rose $4.61, or 20.5 percent, to $27.14.

The jump in retail stocks came a day after many posted lackluster July sales. A drop in unemployment could make consumers feel more confident about making purchases, which could help the recovery along. Their spending accounts for more than two-thirds of U.S. economic activity. Macy's Inc. rose 98 cents, or 6.5 percent, to $15.99.

Analysts say some of the market's recent gains are tied to short-covering, in which investors have to buy stock after having earlier sold borrowed shares in a bet they would fall.

On other days, selling has been contained because investors don't want to miss a rally that has surprised many traders with its strength. On Wednesday, the Dow fell only 39 points but it was the biggest drop in a month.

Investors will be looking for more insight into the economy when the Fed's interest-rate committee concludes a two-day meeting on Wednesday. It is unclear when policymakers will decide the economy is strong enough to handle rate hikes that will be needed to keep inflation in check.

Light, sweet crude fell $1.01 to settle $70.93 a barrel on the New York Mercantile Exchange.

The Russell 2000 index of smaller companies rose 14.78, or 2.7 percent, to 572.40.

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

Overseas markets also rallied on the U.S. jobs report. Britain's FTSE 100 rose 0.9 percent, Germany's DAX index gained 1.7 percent, and France's CAC-40 rose 1.3 percent. Early Friday, Japan's Nikkei stock average closed with a gain of 0.2 percent.

The Dow Jones industrial average closed the week up 198.46, or 2.2 percent, at 9,370.07. The Standard & Poor's 500 index rose 23.00, or 2.3 percent, to 1,010.48. The Nasdaq composite index rose 21.75, or 1.1 percent, to 2,000.25.

The Russell 2000 index, which tracks the performance of small company stocks, rose 15.69, or 2.8 percent, for the week to 572.40.

The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 10,416.26, up 269.24, or 2.7 percent, for the week. A year ago, the index was at 12,905.73.
467

 

[bigdog]

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

Monday made for a rather boring day for stocks. There wasn't any market-moving news and the major indices spent the entire session trading with relatively modest weakness.

At their session lows, stocks were down roughly 1%. The downturn came after a choppy start and a couple of failed attempts to pare losses in the early going. Stocks did manage to retrace the downturn into the close, though.

Stocks fell on Monday, but were off their session lows, as investors booked profits following a four-week rally that took the broad S&P 500 index to a 10-month high on Friday.

The drop comes ahead of an abundance of economic data due this week, including the Federal Reserve's statement on interest rates and the economy, as well as government figures for monthly retail sales.

Materials companies' stocks took a hit, with the S&P materials index (^GSPM - News) down 1.6 percent as a rise in the U.S. dollar curbed investors' appetite for commodities priced in the greenback.

The NYSE DOW closed LOWER -32.12 points -0.34% on Monday August 10
Sym Last........ ........Change..........
Dow 9,337.95 -32.12 -0.34%
Nasdaq 1,992.24 -8.01 -0.40%
S&P 500 1,007.10 -3.38 -0.33%
30-yr Bond 4.5260% -0.0770

NYSE Volume 6,136,567,000 (prior day 8,009,963,500)
Nasdaq Volume 1,883,046,880 (prior day 2,519,252,250)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,722.20 +31.67 +0.68%
DAX 5,418.12 -40.84 -0.75%
CAC 40 3,504.54 -16.60 -0.47%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,524.26 +112.17 +1.08%
Hang Seng 20,929.52 +554.15 +2.72%
Straits Times 2,549.35 closed monday Aug 10

http://finance.yahoo.com/news/Wall-...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Wall St dips after four-week rally
Monday August 10, 2009, 4:36 pm EDT
By Rodrigo Campos

NEW YORK (Reuters) - Stocks fell on Monday, but were off their session lows, as investors booked profits following a four-week rally that took the broad S&P 500 index to a 10-month high on Friday.

The drop comes ahead of an abundance of economic data due this week, including the Federal Reserve's statement on interest rates and the economy, as well as government figures for monthly retail sales.

Materials companies' stocks took a hit, with the S&P materials index (^GSPM - News) down 1.6 percent as a rise in the U.S. dollar curbed investors' appetite for commodities priced in the greenback.

AK Steel Holding (NYSE:AKS - News) fell 4.7 percent to $20.31 while Nucor (NYSE:NUE - News) lost 4.1 percent to $47.10.

"A number of natural resource names were perhaps overextended. We are seeing a pullback in commodity-related stocks," said Joe Arsenio, president of Arsenio Capital Management in Larkspur, California.

He said that there was also some profit taking after the market's steep rise in the past weeks.

"There's been quite a bit of money coming in off the sidelines that supported the rally, and it's possible that some of those flows are just diminishing a bit since we've had this tremendous advance," he said.

The Dow Jones industrial average (DJI:^DJI - News) lost 32.12 points, or 0.34 percent, to close at 9,337.95. The Standard & Poor's 500 Index (^SPX - News) fell 3.38 points, or 0.33 percent, to 1,007.10. The Nasdaq Composite Index (Nasdaq:^IXIC - News) dropped 8.01 points, or 0.40 percent, to 1,992.24.

The retail group was a weak performer in Monday's session, with Best Buy (NYSE:BBY - News) down 5.3 percent at $37.66 after Goldman Sachs downgraded the electronics retailer to "neutral."

The S&P Retail index (Chicago Options:^RLX - News) dropped 2 percent.

On Nasdaq, BlackBerry maker Research in Motion (NasdaqGS:RIMM - News; Toronto:RIM.TO - News) was one of the top drags, down 4.9 percent at $73.34. The stock was down for a third-straight session after UBS downgraded it to "neutral" from "buy" on concerns that Verizon Wireless, one of RIM's largest customers, may launch an iPhone.

On the upside, McDonald's reported stronger-than-expected July sales, sending the Dow component's stock up 1.9 percent to $56.27 on the New York Stock Exchange.

Fellow Dow component Merck & Co (NYSE:MRK - News) rose 1.7 percent to $30.60 after the drugmaker's stock was reinstated by Goldman Sachs with a "buy" rating, and added to its Americas conviction buy list.

The S&P healthcare index (^GSPA - News) gained 0.75 percent.

Volume was low on the New York Stock Exchange, with 1.09 billion shares changing hands, below last year's estimated daily average of 1.49 billion. On the Nasdaq about 1.86 billion shares traded, well below last year's daily average of 2.28 billion.

Declining stocks outnumbered advancing ones on the NYSE by a ratio of 8 to 7, while on the Nasdaq, about 14 stocks fell for every 13 that rose.

 

[bigdog]

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

REPLACES POSTING #785 EARLIER TODAY WITH PREFERRED MARKET COMMENTARY BY Tim Paradis.

Monday made for a rather boring day for stocks. There wasn't any market-moving news and the major indices spent the entire session trading with relatively modest weakness.

At their session lows, stocks were down roughly 1%. The downturn came after a choppy start and a couple of failed attempts to pare losses in the early going. Stocks did manage to retrace the downturn into the close, though.

With the stock market in a bit of a news lull, investors decided to lock in some profits.

Stocks fell modestly Monday in the absence of any major corporate or economic developments. Investors were cautious ahead of a two-day meeting of the Federal Reserve that starts Tuesday, and they're waiting for retail earnings reports to give some clues about consumer spending for the rest of the year.

Bond prices jumped as stocks fell. Monday's moves in both the stock and credit markets weren't surprising after major stock indexes shot up 1 percent last week. The Dow Jones industrials fell 32 points and all the major indexes each fell less than half a percentage point.

The NYSE DOW closed LOWER -32.12 points -0.34% on Monday August 10
Sym Last........ ........Change..........
Dow 9,337.95 -32.12 -0.34%
Nasdaq 1,992.24 -8.01 -0.40%
S&P 500 1,007.10 -3.38 -0.33%
30-yr Bond 4.5260% -0.0770

NYSE Volume 6,136,567,000 (prior day 8,009,963,500)
Nasdaq Volume 1,883,046,880 (prior day 2,519,252,250)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,722.20 +31.67 +0.68%
DAX 5,418.12 -40.84 -0.75%
CAC 40 3,504.54 -16.60 -0.47%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,524.26 +112.17 +1.08%
Hang Seng 20,929.52 +554.15 +2.72%
Straits Times 2,549.35 closed monday Aug 10

http://finance.yahoo.com/news/Stocks-fall-as-traders-lock-apf-2301230542.html?x=0

Stocks fall as traders lock in profits after rally

Stocks slide after rally; traders look to retail earnings, Federal Reserve's two-day meeting
By Tim Paradis, AP Business Writer
On Monday August 10, 2009, 5:58 pm EDT

NEW YORK (AP) -- With the stock market in a bit of a news lull, investors decided to lock in some profits.

Stocks fell modestly Monday in the absence of any major corporate or economic developments. Investors were cautious ahead of a two-day meeting of the Federal Reserve that starts Tuesday, and they're waiting for retail earnings reports to give some clues about consumer spending for the rest of the year.

Bond prices jumped as stocks fell. Monday's moves in both the stock and credit markets weren't surprising after major stock indexes shot up 1 percent last week. The Dow Jones industrials fell 32 points and all the major indexes each fell less than half a percentage point.

Investors want to see what the Fed has to say about how the economy is faring when its meeting ends Wednesday. It is widely expected the Fed will keep key interest rates steady at near zero, but Wall Street will be paying more attention to the economic assessment the Fed issues with its rate decision rather than any rate move itself.

"People want to see some words -- some confidence -- coming out of the Fed that the economy is improving," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati.

Even if the Fed says areas like housing and unemployment are making gradual improvements, traders have other worries. Banks still have billions of dollars in bad debt and the Fed said in a snapshot of economic conditions at the end of July that commercial real estate activity continues to weaken.

Analysts are still concerned about how and when policymakers will withdraw the enormous support the Fed implemented in the fall to prop up the financial system and the overall economy. The economy must first be stable enough to withstand an increase in interest rates that would boost borrowing costs, including mortgage rates.

Consumers are expected to be one of the market's main concerns during August. Big retailers such as Wal-Mart Stores Inc. and Macy's Inc. report earnings this week, and others release results in the coming weeks. There appeared to be some nervousness ahead of those reports, as retailers were among the biggest losers Monday.

The Dow Jones industrial average fell 32.12, or 0.3 percent, to 9,337.95. The Standard & Poor's 500 index fell 3.38, or 0.3 percent, to 1,007.10, while the Nasdaq composite index fell 8.01, or 0.4 percent, to 1,992.24.

Eight stocks fell for every seven that rose on the New York Stock Exchange, where consolidated volume came to a light 5.44 billion shares, down from Friday's 7 billion.

In bond trading, the yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.78 percent from 3.86 percent late Friday. The gains follow a steep drop Friday after the employment hurt demand for the safety of government debt. Investors are also bracing for a record $75 billion auction of debt this week that starts Tuesday.

Analysts said the stock market's occasional retreats have been small in the past month and likely will continue to be mild because investors and money mangers who missed the rally have been buying when the market dips.

Traders say the pause in the gains is welcome after the S&P 500 index jumped 15 percent in just four weeks and 49 percent from a 12-year low in early March. Major indexes ended Friday at their highest levels since last fall.

"Taking a break is a good thing or else we'd see valuations exceeding fundamentals a little bit too much," said Jeffrey Phillips, chief investment officer at Rehmann Financial in Troy, Mich.

Among retail stocks, Macy's fell 76 cents, or 4.75 percent, to $15.23. Best Buy Co. fell $2.09, or 5.26 percent, to $37.66.

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

Light, sweet crude fell 33 cents to settle at $70.60 a barrel on the New York Mercantile Exchange.

The Russell 2000 index of smaller companies fell 0.53, or 0.1 percent, to 571.87.

Overseas, Asian markets rose on a positive report on Japanese machinery orders, a key indicator of corporate capital spending. Japan's Nikkei stock average rose 1.1 percent.

Britain's FTSE 100 slipped 0.2 percent, Germany's DAX index lost 0.8 percent, and France's CAC-40 fell 0.5 percent.

 

[bigdog]

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

Weakness among financial stocks led to a broad-based selling effort that resulted in the stock market's worst single-session percentage decline in one month. Though stocks finished off of session lows, they still closed in weak fashion, unable to garner support and limit losses as they did in the previous session.

The downturn left the S&P 500 just below 995, which is considered a support level below the psychologically significant 1000. Many market watchers regard 990 as the next level of support, followed by 980.

Tuesday started with modest losses until sellers made a concerted move against financials. The financial sector shed 3.5% as regional banks and diversified banks fell a respective 4.2% and 5.6%. Diversified financial services firms fell 4.4%.

A recurrence of investors' anxiety about the economy gave Wall Street its biggest loss in five weeks.

The major indexes fell 1 percent Tuesday as investors feared that the market's steep gains in the past month could unravel if the economy doesn't show more signs of strengthening. Warnings about the health of banks and uneasiness ahead of the Federal Reserve's economic statement Wednesday led investors to dump financial stocks and wade into defensive areas like consumer staples companies and government debt.

Meanwhile, a record 10th straight monthly drop in wholesale inventories brought a fresh reminder that a recovery in the economy is likely to be gradual.

The NYSE DOW closed LOWER -96.50 points -1.03% on Tuesday August 11
Sym Last........ ........Change..........
Dow 9,241.45 -96.50 -1.03%
Nasdaq 1,969.73 -22.51 -1.13%
S&P 500 994.35 -12.75 -1.27%
30-yr Bond 4.4530% -0.0730

NYSE Volume 6,631,985,500 (prior day 6,136,567,000)
Nasdaq Volume 1,965,972,620 (prior day 1,883,046,880)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,671.34 -50.86 -1.08%
DAX 5,285.81 -132.31 -2.44%
CAC 40 3,456.18 -48.36 -1.38%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,585.46 +61.20 +0.58%
Hang Seng 21,074.21 +144.69 +0.69%
Straits Times 2,597.30 +47.95 +1.88%

http://finance.yahoo.com/news/Stock...0.html?x=0&sec=topStories&pos=2&asset=&ccode=

Stocks fall as traders await Fed's take on economy

Stocks slide as investors look to Fed for read on economy; Dow industrials fall 97 points,
By Tim Paradis AP Business Writer
On Tuesday August 11, 2009, 5:56 pm EDT

NEW YORK (AP) -- A recurrence of investors' anxiety about the economy gave Wall Street its biggest loss in five weeks.

The major indexes fell 1 percent Tuesday as investors feared that the market's steep gains in the past month could unravel if the economy doesn't show more signs of strengthening. Warnings about the health of banks and uneasiness ahead of the Federal Reserve's economic statement Wednesday led investors to dump financial stocks and wade into defensive areas like consumer staples companies and government debt.

Meanwhile, a record 10th straight monthly drop in wholesale inventories brought a fresh reminder that a recovery in the economy is likely to be gradual.

But many analysts said investors weren't panicking. They were taking a much-needed pause following a rally that seemed to be going at breakneck speed. The Standard & Poor's 500 index had reached at its highest level since last fall, rising 15 percent in just four weeks and 49 percent from a 12-year low in early March.

"This sort of give-and-take is quite healthy," said Erik Davidson, managing director of investments at Wells Fargo Private Bank in Carmel, Calif. "You're up 50 percent in five months. That's 10 percent a month. In quote-unquote normal markets that's five years worth of returns."

Moreover, traders often become jittery when the Fed policymakers meet to discuss interest rates. It is widely expected that the central bank will hold interest rates at their historic low of essentially zero, but investors are waiting to see what the Fed has to say about the economy when the meeting concludes Wednesday.

"It's pretty clear that a lot of people are pulling back any bets pending what is going to happen with the Fed," said Max Bublitz, chief strategist at SCM Advisors in San Francisco.

There were some troubling developments during the day, however. Downbeat comments from analysts about banks weighed on the market. Analyst Richard Bove of Rochdale Securities predicted that bank earnings won't improve for the second half of the year and that many companies will post losses.

"It just takes the euphoria feelings off the table," said Dave Rovelli, managing director of trading at brokerage Canaccord Adams in New York, referring to Bove's comments and recent optimism among investors.

With many traders on vacation, volume was light, which tends to skew price moves.

The Dow Jones industrial average fell 96.50, or 1 percent, to 9,241.45. It was down 121 points at its low of the day. The Dow slipped 32 points Monday.

The broader S&P 500 index fell 12.75, or 1.3 percent, to 994.35.

It was the biggest drop for both the Dow and the S&P 500 index since July 7.

The Nasdaq composite index fell 22.51, or 1.1 percent, to 1,969.73, while the Russell 2000 index of smaller companies fell 9.75, or 1.7 percent, to 562.12.

About three stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 5.8 billion shares, compared with 5.4 billion Monday.

The Chicago Board Options Exchange's Volatility Index spiked in a sign of investors' nervousness. The VIX, also known as the market's fear index, rose 4 percent to 25.99, its highest level in a month. It is down 35 percent in 2009 and its historical average is 18-20. It hit a record 89.5 in October at the height of the financial crisis.

Bond prices jumped. The gains followed a solid showing at the first of the week's three auctions for a record $75 billion in debt. Prices often fall when the government introduces supply to the market. The sale Tuesday was for $37 billion in three-year notes and the government will auction $23 billion in 10-year notes Wednesday.

Investors are watching for a drop in buyers because that could force the government to increase the interest it pays, which would drive up borrowing costs for consumers and slow an economic recovery.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.67 percent from 3.78 percent.

Among banks, Citigroup Inc. fell 25 cents, or 6.4 percent, to $3.69. Bank of America Corp. fell 83 cents, or 5 percent, to $15.85.

Bond insurer MBIA Inc. tumbled 78 cents, or 12.6 percent, to $5.39 after J.P. Morgan Securities cut its rating on the stock over concerns the company could face steep losses from bad debt.

The KBW Bank Index, which tracks 24 of the nation's largest banks, slid 4.4 percent.

Wal-Mart Stores Inc. rose 32 cents to $50.04 as investors looked for safe-haven investments.

The day's economic readings were mixed. The Commerce Department said inventories fell 1.7 percent in June. That was nearly double the drop economists had expected. The drop has contributed to the recession.

The Labor Department said productivity -- which measures the amount of output per hour of work -- grew a greater-than-expected 6.4 percent during the second quarter.

In other trading, crude oil fell $1.15 to settle at $69.45 a barrel on the New York Mercantile Exchange.

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

Overseas, Britain's FTSE 100 fell 1.1 percent, Germany's DAX index tumbled 2.4 percent, and France's CAC-40 dropped 1.4 percent. Japan's Nikkei stock average rose 0.6 percent.

 

[bigdog]

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

Neither the FOMC's latest policy directive nor a key Treasury auction delivered any negative surprises, so this session's buying effort generally went without being thwarted. Though the major indices did fall from session highs in the final minutes of the session, stocks still finished broadly higher.

A more upbeat Federal Reserve is reassuring investors that they've been making the right bets.

Stocks bounded higher Wednesday after the central bank ended a two-day meeting by saying the economy appears to be "leveling out" rather than shrinking at a slower rate. The Fed's more positive take on the economy than it had in June wasn't surprising but it still bolstered hopes for a recovery.

Wednesday's advance re-energized the market's summer rally after it had stalled on Monday and Tuesday. Major market indexes jumped more than 1 percent, including the Dow Jones industrial average, which rose 120 points. Long-term Treasurys fell after the Fed said it would slow its purchases of government debt.


The NYSE DOW closed HIGHER +120.16 points +1.30% on Wednesday August 12
Sym Last........ ........Change..........
Dow 9,361.61 +120.16 +1.30%
Nasdaq 1,998.72 +28.99 +1.47%
S&P 500 1,005.81 +11.46 +1.15%
30-yr Bond 4.5230% +0.0700

NYSE Volume 6,369,763,500 (prior day 6,631,985,500)
Nasdaq Volume 2,189,983,250 (prior day 1,965,972,620)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,716.76 +45.42 +0.97%
DAX 5,350.09 +64.28 +1.22%
CAC 40 3,507.24 +51.06 +1.48%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,435.00 -150.46 -1.42%
Hang Seng 20,435.24 -638.97 -3.03%
Straits Times 2,571.31 -25.99

http://finance.yahoo.com/news/Stock...4.html?x=0&sec=topStories&pos=4&asset=&ccode=

Stocks jump as Fed raises view of economy

Stocks post sharp gains as Federal Reserve, slightly more upbeat, sees economy 'leveling out'
By Tim Paradis, AP Business Writer
On Wednesday August 12, 2009, 6:08 pm EDT

NEW YORK (AP) -- A more upbeat Federal Reserve is reassuring investors that they've been making the right bets.

Stocks bounded higher Wednesday after the central bank ended a two-day meeting by saying the economy appears to be "leveling out" rather than shrinking at a slower rate. The Fed's more positive take on the economy than it had in June wasn't surprising but it still bolstered hopes for a recovery.

Wednesday's advance re-energized the market's summer rally after it had stalled on Monday and Tuesday. Major market indexes jumped more than 1 percent, including the Dow Jones industrial average, which rose 120 points. Long-term Treasurys fell after the Fed said it would slow its purchases of government debt.

Financial and technology shares posted some of the strongest gains after a ratings upgrade and profit reports provided evidence of a rebound. The stock market's advance was itself adding to bank and insurance stock gains -- its climb means their investment portfolios are surging in value.

Investors who sent stocks soaring the past four weeks on expectations for a recovery went into Wednesday hoping for a change in the Fed's language. Many investors were anticipating that the central bank's assessment might be moving closer to their own after the Labor Department said Friday that the nation's unemployment rate fell in July for the first time in 15 months.

The Fed's statement was particularly gratifying after traders suffered an attack of nerves Tuesday that slashed 1 percent from the major indexes. Concerns about the health of banks fed that drop, but the Fed's comments soothed those fears. The central bank also left interest rates unchanged, as expected.

"They did really endorse the fact that we're moving into recovery, not searching for the bottom," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland.

The Fed also said it would slow the pace of its program to buy $300 billion worth of Treasury securities so that it will close at the end of October, rather than September as planned. The central bank has bought $253 billion of the securities so far. The program is designed to reduce rates on mortgages and other consumer debt.

"The fact that they are going to wind down the Treasury purchases I think leaves the clear impression that they are quite satisfied with the progress we are making in the recovery," McCain said.

But some analysts are skeptical that the market can maintain its climb even with the Fed's more optimistic words. The S&P 500 index is up 14.4 percent in little more than a month and 48.7 percent since it fell to a 12-year low in early March.

"It looks like a pretty sharp rise to me to have a lot of sustainability," said Dan Cook, senior market analyst at IG Markets in Chicago.

The Dow rose 120.16, or 1.3 percent, to 9,361.61. The Standard & Poor's 500 index rose 11.46, or 1.2 percent, to 1,005.81, while the Nasdaq composite index gained 28.99, or 1.5 percent, to 1,998.72.

Rising stocks outpaced those that fell 5-to-2 on the New York Stock Exchange, where consolidated volume fell to 5.5 billion shares from 5.8 billion Tuesday. Light volume can skew price moves but is typical of late summer when many traders take vacations.

Investors found encouragement Wednesday from a range of industries.

Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Ill., said quarterly results from luxury homebuilder Toll Brothers Inc. and retailer Macy's Inc. could be signaling that consumption is increasing. That is key to a recovery because consumer spending accounts for more than two-thirds of U.S. economic activity.

Homebuilders jumped after Toll Brothers said 3 percent more homebuyers signed contracts in its fiscal third quarter, the first annual increase in four years.

The company's statement that many of its markets are improving boosted confidence because analysts point to unemployment and housing as two of the biggest obstacles to a rebound. Toll jumped $2.94, or 14.4 percent, to $23.42.

Macy's reported a better-than-expected second-quarter profit and cited cost-cuts in raising its full-year earnings forecast. The retailer rose 93 cents, or 6 percent, to $16.40.

Insurers led financial stocks higher after S&P raised its credit outlook for Travelers Cos. The commercial and personal property insurer advanced $1.50, or 3.3 percent, to $46.43.

Tech shares rose after Applied Materials Inc.'s fiscal third-quarter results topped analysts' expectations. The maker of equipment for manufacturing semiconductors rose 44 cents, or 3.3 percent, to $13.66.

Meanwhile, bond prices were mixed after an auction of $23 billion in 10-year Treasury notes saw demand in line with recent levels but down from last month. The Treasury Department is issuing a record $75 billion in three auctions this week. The third, for $15 billion in 30-year bonds, is Thursday.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.72 percent from 3.67 percent late Tuesday. The yield on the 30-year bond jumped to 4.54 percent from 4.44 percent as stocks jumped and as investors feared the Fed's withdrawal from the market would hurt demand.

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

Benchmark crude rose 71 cents to settle at $70.16 a barrel on the New York Mercantile Exchange.

The Russell 2000 index of smaller companies rose 10.05, or 1.8 percent, to 572.17.

Overseas, Britain's FTSE 100 rose 1 percent, Germany's DAX index added 1.2 percent, and France's CAC-40 jumped 1.5 percent. Japan's Nikkei stock average fell 1.4 percent.

 

[bigdog]

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

Focused on an economic recovery, investors shook off disappointing news and kept Wall Street's summer rally going.

Investors sent stocks higher for a second day in a row Thursday, giving all the major indexes a moderate boost and adding to the gains that followed upbeat comments from the Federal Reserve a day earlier.

Financial, technology and energy companies were among the big winners, while stocks in defensive, or relatively safer, industries like health care fell. Retailers declined after a worse-than-expected report on retail sales.

The NYSE DOW closed HIGHER +36.58 points +0.39% on Thursday August 13
Sym Last........ ........Change..........
Dow 9,398.19 +36.58 +0.39%
Nasdaq 2,009.35 +10.63 +0.53%
S&P 500 1,012.73 +6.92 +0.69%
30-yr Bond 4.4200% -0.1030

NYSE Volume 6,021,859,500 (prior day 6,369,763,500)
Nasdaq Volume 2,114,043,750 (prior day 2,189,983,250)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,755.46 +38.70 +0.82%
DAX 5,401.11 +51.02 +0.95%
CAC 40 3,524.39 +17.15 +0.49%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,517.19 +82.19 +0.79%
Hang Seng 20,861.30 +426.06 +2.08%
Straits Times 2,616.97 +45.66 +1.78%

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stocks manage to extend gains to 2nd day

Stocks push higher for second day, investors shrug off weak retail sales, jobs reports
By Sara Lepro, AP Business Writer

NEW YORK (AP) -- Focused on an economic recovery, investors shook off disappointing news and kept Wall Street's summer rally going.

Investors sent stocks higher for a second day in a row Thursday, giving all the major indexes a moderate boost and adding to the gains that followed upbeat comments from the Federal Reserve a day earlier.

Financial, technology and energy companies were among the big winners, while stocks in defensive, or relatively safer, industries like health care fell. Retailers declined after a worse-than-expected report on retail sales.

Meanwhile, Treasury prices rose after the government had a successful auction of 30-year bonds. The Treasury Department issued a total of $75 billion of debt this week as part of its ongoing efforts to fund the government's stimulus programs, and investors were relieved that the market was able to absorb such a huge supply.

Analysts said Wall Street's showing Thursday was a sign of the market's resilience in light of economic reports that suggested the recovery could be slowed by a weak consumer. Investors seemed to look past the latest news and focus on the Fed's more upbeat assessment of the economy. Stocks soared Wednesday after the Fed said the economy was "leveling out," not just slowing its decline.

"You're not seeing people giving up on this economy," said Keith Springer, president of Capital Financial Advisory Services.

Among the day's reports, the Commerce Department said retail sales fell 0.1 percent in July, significantly worse than the 0.7 percent increase economists expected. Retail sales are considered a strong indicator of economic recovery because consumer spending accounts for more than two-thirds of all economic activity.

A weekly report on unemployment also came in worse than projected. The Labor Department said the number of newly laid-off workers filing claims for unemployment benefits rose unexpectedly to a seasonally adjusted 558,000, from 554,000 the previous week. Analysts were expecting new claims to drop to 545,000.

The Dow Jones industrial average rose 36.58, or 0.4 percent, to 9,398.19 after rising 120 Wednesday in response to the Fed's statement.

The Standard & Poor's 500 index rose 6.92, or 0.7 percent, to 1,012.73, while the Nasdaq composite index rose 10.63, or 0.5 percent, to 2,009.35.

Advancing stocks outpaced losers by 2 to 1 on the New York Stock Exchange, where volume came to a very light 777.32 million shares.

In other trading, the Russell 2000 index of smaller companies rose 3.02, or 0.5 percent, to 575.19.

Financial stocks led the day's gains, buoyed by news that the hedge fund run by John Paulson bought about 168 million shares of Bank of America Corp. Paulson foresaw the distress in subprime mortgages and reaped billions by betting against the related securities, so his purchases of Bank of America stock are seen as a vote of confidence in the bank's future.

"He gives a lot of credibility because he certainly saw the danger on the credit side," said Anton Schutz, portfolio manager of Burnham Financial Industries Fund and Burnham Financial Services Fund.

Bank of America rose $1.07, or 6.7 percent, to $17. Regional banks also rose significantly after tumbling earlier in the week on downbeat comments from an analyst that raised doubts about some banks' ability to improve their earnings in the second half of the year.

Texas Instruments Inc. rose 66 cents, or 2.8 percent, to $24.54 after an analyst upgraded the stock. That helped lift other technology stocks.

Wal-Mart Stores Inc. rose $1.37, or 2.7 percent, to $51.88 after the world's largest retailer reported better-than-expected second quarter earnings. Wal-Mart also raised the low end of its profit guidance, saying it expects shoppers to continue to be attracted by its low-priced items.

Other retail stocks were mixed following the government's weak sales report. Macy's Inc. slipped 25 cents to $16.15, while Best Buy Co. rose 51 cents to $37.01.

Investors have sent stocks soaring the past few weeks as improving corporate profits and signs of life in the troubled housing industry gave the market hope that the economy is healing. The Fed's comments Wednesday affirmed for investors that their recent bets had been warranted.

Still, with the news flow tapering and trading light amid the summer slowdown on Wall Street, analysts warn it might be difficult to keep the market's momentum going.

The S&P 500 index has risen 15.2 percent in little more than a month and 49.7 percent since it fell to a 12-year low in early March.

Treasurys rose higher after the successful auction of 30-year bonds. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.61 percent from 3.72 percent late Wednesday.

The dollar fell against the euro and the British pound, while gold and other metal prices rose.

Light, sweet crude rose 36 cents to settle at $70.52 a barrel on the New York Mercantile Exchange.

Earlier Thursday, Asian markets closed higher on the Fed's statement, while European markets rose after new data showed recessions have ended in Germany and France.

Japan's Nikkei stock average rose 0.8 percent, while Hong Kong's Hang Seng index jumped 2.1 percent. Britain's FTSE 100 gained 0.8 percent, Germany's DAX index rose 1.0 percent, and France's CAC-40 rose 0.5 percent.

 

[bigdog]

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

The Dow was down 0.5 percent for the week, while the S&P 500 index fell 0.6 percent and the Nasdaq was off 0.7 percent.

A broad-based decline following the latest dose of data resulted in the S&P 500's first weekly decline in five weeks.

The fear on Wall Street is that nervous consumers are going to short-circuit the economic recovery.

Stocks fell sharply Friday, taking the major indexes down about 1 percent, after investors were disappointed by reports that the Reuters/University of Michigan index of consumer sentiment fell significantly short of expectations for the first part of August. That's a sign consumers may well keep cutting back their spending as they worry about losing their jobs. Consumer spending is crucial for the economy to emerge from recession as it accounts for two-thirds of all U.S. economic activity.

The discouraging reading came a day after the Commerce Department reported an unexpected decline in retail sales. Investors were able to shake that off, but Friday's consumer sentiment number had them bailing out of stocks, jeopardizing a summer rally that had lifted the Standard & Poor's 500 index more than 15 percent in about a month. Still, the indexes finished well off their lows of the day, a sign that the mood on Wall Street isn't all that grim, and light volume likely skewed price changes.

The NYSE DOW closed LOWER -76.79 points -0.82% on Friday August 14
Sym Last........ ........Change..........
Dow 9,321.40 -76.79 -0.82%
Nasdaq 1,985.52 -23.83 -1.19%
S&P 500 1,004.09 -8.64 -0.85%
30-yr Bond 4.41% -0.01

NYSE Volume 5,743,348,500 (prior day 6,021,859,500)
Nasdaq Volume 1,967,534,120 (prior day 2,114,043,750)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,713.97 -41.49 -0.87%
DAX 5,309.11 -92.00 -1.70%
CAC 40 3,495.27 -29.12 -0.83%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,597.33 +80.14 +0.76%
Hang Seng 20,893.33 +32.03 +0.15%
Straits Times 2,631.51 +17.33 +0.66%

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stocks drop as investors worry about consumers

Stocks retreat after 2 days of gains as investors worry consumers will hurt economy's recovery
By Sara Lepro, AP Business Writer
On Friday August 14, 2009, 5:17 pm EDT

NEW YORK (AP) -- The fear on Wall Street is that nervous consumers are going to short-circuit the economic recovery.

Stocks fell sharply Friday, taking the major indexes down about 1 percent, after investors were disappointed by reports that the Reuters/University of Michigan index of consumer sentiment fell significantly short of expectations for the first part of August. That's a sign consumers may well keep cutting back their spending as they worry about losing their jobs. Consumer spending is crucial for the economy to emerge from recession as it accounts for two-thirds of all U.S. economic activity.

The discouraging reading came a day after the Commerce Department reported an unexpected decline in retail sales. Investors were able to shake that off, but Friday's consumer sentiment number had them bailing out of stocks, jeopardizing a summer rally that had lifted the Standard & Poor's 500 index more than 15 percent in about a month. Still, the indexes finished well off their lows of the day, a sign that the mood on Wall Street isn't all that grim, and light volume likely skewed price changes.

Investors also sold off oil and other commodities and moved their money into the relative safety of the dollar and government bonds. Treasury prices jumped, sending their yields lower, while the dollar rose against other major currencies.

After rallying for months on expectations of an economic recovery, investors are worried that they have been too optimistic, given consumers' continuing reluctance to spend. Analysts are predicting that the market may be rocky for some time.

"Valuations were beginning to price in a sunnier a future, but not all the data is sunny yet," said Lawrence Creatura, portfolio manager at Federated Clover Capital Advisors, referring to stock prices. "There is still going to be a tug of war between good news and bad news as we move through the coming months."

The Dow Jones industrial average fell 76.79, or 0.8 percent, to 9,321.40 after falling as much as 165 points after the consumer sentiment survey was released.

The S&P 500 index fell 8.64, or 0.9 percent, to 1,004.09, while the Nasdaq composite index fell 23.83, or 1.2 percent, to 1,985.52.

The drop erased the market's advance of the last two days, and gave the big indexes their first losing week after four weeks of gains. The Dow was down 0.5 percent for the week, while the S&P 500 index fell 0.6 percent and the Nasdaq was off 0.7 percent.

About five stocks fell for every two that rose Friday on the New York Stock Exchange, where volume came to a light 1.09 billion shares. Light volume can exaggerate the market's movements.

In other trading, the Russell 2000 index of smaller companies fell 11.29, or 2 percent, to 563.90.

Bond prices rose sharply. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.57 percent from 3.62 percent late Thursday. The drop in the 10-year yield is good news for consumers because it is closely tied to interest rates on mortgages and other loans.

On the New York Mercantile Exchange, gold and other metals prices fell, while oil prices sank $3.01 to $67.51 a barrel.

Stocks have had a difficult few days, falling in the early part of the week amid anxiety over what the Federal Reserve would say about the economy at the end of a two-day policy meeting. The market turned higher on Wednesday after the Fed reassured investors with a more positive stance on the economy than in the past. The market's gains spilled over into Thursday.

"This week was a great example of what will likely occur for the rest of the year," said Greg Reynholds, a vice president at Lenox Advisors. "Day by day, week by week, month by month we're going to have to try to find direction through this data jungle."

Investors have sent markets higher this summer encouraged by improvements in housing, manufacturing and corporate profits. But without the support of the consumer, the economy's recovery is in question.

"I think you're going to need to see a material stabilization in labor markets before you get meaningful and stable consumer confidence," said Stephen Wood, chief marketing strategist at Russell Investments. "And we're certainly not adding jobs and we're not even at a point where jobs are no longer being lost."

Stocks fell across the board Friday, with the biggest losses among financial, energy and material companies -- industries that posted some of the biggest gains in recent days. Losses weren't as steep in more defensive areas like consumer staples and utilities, which tend to hold up better when the economy is weak.

In other economic news Friday, the Labor Department said the Consumer Price Index was flat in July after a slight increase in June. That had little effect on stocks but did help bond prices. Wall Street also shrugged off a report showing a bigger-than-expected increase in industrial production as investors have come to expect an improvement in manufacturing.

Overseas, Asian markets were mostly higher, with Japan's main index hitting a ten-month high amid mounting optimism about a global economic recovery. The Nikkei stock average rose 0.8 percent.

European markets gave up early gains and finished lower. Britain's FTSE 100 dropped 0.9 percent, Germany's DAX index fell 1.7 percent, and France's CAC-40 lost 0.8 percent.

844

 

[bigdog]

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stock futures point to plunge on Wall Street

US stock futures plunge on concerns of consumer spending; overseas markets also slide
By Ieva M. Augstums, AP Business Writer
On Monday August 17, 2009, 8:21 am EDT

Wall Street looked to plunge at the opening of trading Monday as investors around the world feared that consumers are too anxious to help lift the economy into recovery.

U.S. stock futures fell sharply Monday after overseas markets extended the heavy selling that began on Wall Street Friday. That pullback followed a weaker than expected reading on consumer confidence.

The Shanghai stock market fell almost 6 percent and the major indexes in Europe were all down more than 1.5 percent.

Oil prices also continued to fall sharply, reflecting the growing concerns about a weak economy that will curtail demand for energy.

Dow Jones industrial average futures fell 180, or 1.9 percent, to 9,141. Standard & Poor's 500 index futures declined 21.10, or 2.1 percent, to 984.70, while Nasdaq 100 index futures declined 30.50, or 1.9 percent, to 1,584.50.

After rallying for months on expectations of an economic recovery, investors are now worried that they have been too optimistic given consumers' continuing reluctance to spend.

Friday's drop on Wall Street was triggered by a sharp drop in the Reuters/University of Michigan consumer sentiment index, which followed a surprisingly weak July retail sales report from the Commerce Department. While other parts of the economy, including housing and manufacturing, are showing signs of progress, the country cannot have a strong recovery unless consumers are spending more freely. Their spending accounts for more than two-thirds of economic growth.

Traders will get more insight into consumers' mindset as retailers report second-quarter earnings this week. Last week, the nation's largest retailer, Wal-Mart Stores Inc., said its most important sales figure, those from stores open at least a year, fell during the April-June period.

Among companies reporting results early Monday, Lowe's Cos. said poor weather and cautious consumer spending caused sales to fall 19 percent in the second quarter. The home improvement retailer missed analysts' forecasts.

Overseas, Japan's Nikkei stock average fell 3.1 percent as investors weren't satisfied by news that the country had emerged from recession in the second quarter. In afternoon trading, Britain's FTSE 100 fell 1.9 percent, Germany's DAX index fell 2.2 percent, and France's CAC-40 fell 2.5 percent.

Oil prices hovered around $66 a barrel in pre-opening trading on the New York Mercantile Exchange.

Meanwhile, bond prices rose as investors sought safety of Treasurys. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.48 percent from 3.57 percent late Friday.

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

014

 

[bigdog]

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stock futures point to plunge on Wall Street

US stock futures plunge on concerns of consumer spending; overseas markets also slide

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

Profit taking in the wake of slower-than-expected economic growth in Japan triggered a global sell-off that sent stocks below their recent trading ranges and handed the major U.S. indices their worst single-session percentage loss in six weeks.

With stocks looking overextended in the near term, overseas participants moved against stocks upon learning that Japan's economy expanded at a slower-than-expected rate of 0.9% in the second quarter. In turn, Japan's Nikkei shed 3.1%, while several other major Asian averages also finished with losses exceeding 3%. Stocks in Europe followed suit, but their decline wasn't quite as sharp. Overall weakness among the major global indices sent the Dow Jones World Index to a 2.9% loss, which is its worst since April. The steep decline comes just one session after the global index registered a high for 2009.

Investors are finding out what everybody else already knew: The consumer isn't going to spend the economy into recovery.

Major U.S. stocks indexes tumbled by the biggest amount in six weeks Monday as investors grew worried that they have been too quick to bet on an economic rebound during the market's five-month rally. Overseas markets and commodities plunged, and demand for safe-haven investments sent the dollar and Treasury prices shooting higher.

The Dow Jones industrial average skidded 186 points and all the major indexes fell at least 2 percent. The Nasdaq composite index was hardest hit, dropping 2.8 percent, but it also has had the biggest advance as Wall Street rallied this year.

The NYSE DOW closed LOWER -186.06 points -2.00% on Monday August 17
Sym Last........ ........Change..........
Dow 9,135.34 -186.06 -2.00%
Nasdaq 1,930.84 -54.68 -2.75%
S&P 500 979.73 -24.36 -2.43%
30-yr Bond 4.3480% -0.0580

NYSE Volume 5,836,861,000 (prior day 5,743,348,500)
Nasdaq Volume 1,976,202,620 (prior day 1,967,534,120)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,645.01 -68.96 -1.46%
DAX 5,201.61 -107.50 -2.02%
CAC 40 3,419.69 -75.58 -2.16%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,268.61 -328.72 -3.10%
Hang Seng 20,137.07 -756.26 -3.62%
Straits Times 2,545.98 -85.53 -3.25%

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stocks tumble as investors worry about consumers

Stocks plunge and Treasurys jump on concerns about consumer spending; Dow slides 186 points
By Tim Paradis, AP Business Writer
On Monday August 17, 2009, 6:01 pm EDT

NEW YORK (AP) -- Investors are finding out what everybody else already knew: The consumer isn't going to spend the economy into recovery.

Major U.S. stocks indexes tumbled by the biggest amount in six weeks Monday as investors grew worried that they have been too quick to bet on an economic rebound during the market's five-month rally. Overseas markets and commodities plunged, and demand for safe-haven investments sent the dollar and Treasury prices shooting higher.

The Dow Jones industrial average skidded 186 points and all the major indexes fell at least 2 percent. The Nasdaq composite index was hardest hit, dropping 2.8 percent, but it also has had the biggest advance as Wall Street rallied this year.

A shudder in China's main stock market touched off a wave of selling that spread to Europe and then the U.S. A slide in quarterly profits at home-improvement retailer Lowe's Cos. only added to worries that an improvement in the economy is far off.

Joe Saluzzi, co-head of equity trading at Themis Trading LLC, said the selling was warranted.

"The economics obviously don't support where we've been," he said.

The slide was steep but felt more controlled than the plunges of the past year because stocks ended off of their worst levels and because analysts have been calling for a retreat after the Dow and Standard & Poor's 500 index raced up 15 percent in only five weeks.

The Shanghai stock market tumbled 5.8 percent Monday as investors worried that the Chinese government would tighten bank lending policies. Investors outside China have been hoping that strengthening there would spill over to other economies.

Worries grew when Lowe's said consumers are holding off on some purchases. That's troubling because consumer spending accounts for more than two-thirds of U.S. economic activity.

Some investors used to seeing a quick bounce-back in stocks have underestimated how difficult the recovery could be, even though many analysts have warned that it could take well into 2010 for the economy to regain strength. And some traders seem to be in the same mindset as three years ago, willing to take big chances even when there's little economic or corporate evidence to justify a huge advance.

Now, with consumers facing high unemployment, weak home prices and mounds of debt, investors are worrying that they had grown too optimistic even though the stock market tends to improve before the economy after a recession.

Quincy Krosby, market strategist for Prudential Financial, said some investors are worried that weakness among consumers will hold the economy back.

"Those who are negative say you are not going to see consumers loosen those purse strings in any meaningful way," she said.

The Dow fell 186.06, or 2 percent, to 9,135.34, its lowest close since July 29. The Dow had been down almost 205 points at its low of the day. It was the second straight drop in the index and its sixth in the past nine days. Stocks fell Friday after weak reports on consumer sentiment and retail sales.

The broader S&P 500 index, which is the basis for many investments like mutual funds, fell 24.36, or 2.4 percent, to 979.73. Last week it was up 49.7 percent from a 12-year low of 676 in early March.

It was the biggest slide for the Dow & the S&P 500 index since July 2, when a weak employment report fanned worries about the economy and pushed stocks down more than 2.5 percent.

The Nasdaq fell 54.68, or 2.8 percent, to 1,930.84, its biggest drop since June 22.

About 2,700 stocks fell while only 335 rose on the New York Stock Exchange, where consolidated volume came to a light 5 billion shares and was essentially flat with Friday.

The Dow Jones Wilshire 5000 index, which reflects nearly all stocks traded in America, fell 2.5 percent. That's a paper loss of about $299 billion.

Meanwhile, the yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.47 percent from 3.57 percent late Friday.

Many analysts say stocks have piled on gains too quickly.

"We have come an awful long way. To not expect a sell-off after the degree of increase -- I think you're dreaming," said John Merrill, chief investment officer of Tanglewood Wealth Management in Houston.

The Chicago Board Options Exchange's Volatility Index, also known as the market's fear index, surged 14.9 percent, its biggest one-day increase since April. The VIX stands at 27.9 and is down 30 percent in 2009 and its historical average is 18-20. It hit a record 89.5 in October at the height of the financial crisis.

Overseas, Japan's Nikkei stock average fell 3.1 percent as investors weren't satisfied by news that the country had emerged from recession in the second quarter. Britain's FTSE 100 fell 1.5 percent, Germany's DAX index lost 2 percent, and France's CAC-40 fell 2.2 percent.

Commodities prices fell as investors worried demand would fall. A barrel of crude oil fell 76 cents to settle at $66.75 on the New York Mercantile Exchange. It is down more than 5 percent in two days.

Among stocks, Lowe's fell $2.36, or 10.3 percent, to $20.47. Consumer staples stocks fared best as investors looked for safety. Coca-Cola Co. rose 23 cents to $48.70.

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

The Russell 2000 index of smaller companies fell 15.72, or 2.8 percent, to 548.18.

 

[bigdog]

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stock futures point to higher Wall Street open

US stock futures look to rebound on housing data, retail earnings reports
By Ieva M. Augstums, AP Business Writer
On Tuesday August 18, 2009, 8:18 am EDT

U.S. stocks were poised to join a worldwide rebound from Monday's big selloff.

Stock index futures were moderately higher Tuesday, following the lead of overseas markets that rose in part on upbeat economic news from Germany. A research institute has reported that consumer confidence is rising in the country, Europe's largest economy.

However, there is still much uncertainty in the U.S., where retailers are reporting earnings results that show American consumers are still wary. Home Depot Inc. has issued its second-quarter results, joining other retailers in reporting a drop in its sales.

The world's largest home improvement retailer said its second-quarter profit fell 7 percent, but its adjusted results beat Wall Street's expectations, as cost cuts partly offset weak sales. Home Depot also lifted its guidance for full-year earnings.

Dow Jones industrial average futures rose 50, 0.6 percent, to 9,170. Standard & Poor's 500 index futures rose 5.50, or 0.6 percent, to 983.80, while Nasdaq 100 index futures gained 9.75, or 0.6 percent, to 1,576.00.

Some rebound was to be expected after Monday's big drop, which took the Dow down 186 points. Stocks fell sharply and bond prices soared on growing fears that nervous consumers won't be able to spend enough to lift the economy into recovery.

Investors will receive more insight into anxious consumers as Target Corp. and discount retailer TJX Cos. report second-quarter results. Saks Inc. reported that its second-quarter loss widened from a year earlier.

Meanwhile, a Commerce Department report is expected to show the third straight monthly improvement in home construction. Economists surveyed by Thomson Reuters predict the department will say that construction of new homes and apartments grew 3.1 percent in July, while building permits, seen as a good indicator of future activity, rose 3 percent.

The report is scheduled to be released at 8:30 a.m. EDT.

Overseas, Japan's Nikkei stock average rose 0.2 percent. In afternoon trading, Britain's FTSE 100 was up 0.7 percent, while Germany's DAX index was up 0.5 percent and France's CAC-40 was up 0.6 percent.

Meanwhile, bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.51 percent from 3.47 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.18 percent from 0.17 percent late Monday.

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

079

 

[bigdog]

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stock futures point to higher Wall Street open

US stock futures look to rebound on housing data, retail earnings reports
By Ieva M. Augstums, AP Business Writer
On Tuesday August 18, 2009, 8:18 am EDT

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

Stocks made a broad-based rebound from the previous session's sharp decline, but there wasn't much conviction behind the advance since trading volume was exceptionally low. What's more, stocks struggled to break above near-term resistance levels.

Now investors seem to be saying, maybe things aren't so bad after all.

Some better-than-expected retail earnings reports and the latest reading on housing drew investors back into the stock market Tuesday after the previous day's big selloff. The major indexes rose about 1 percent, led by a surge in financial and technology companies.

Investors were still wary about consumer spending and its impact on the economy but heard enough good news to fuel the comeback from Monday's 186-point slide in the Dow Jones industrials. Analysts said investors were putting things in perspective, believing the pullback was a bit overdone.

The NYSE DOW closed HIGHER +82.60 points +0.90% on Tuesday August 18
Sym Last........ ........Change..........
Dow 9,217.94 +82.60 +0.90%
Nasdaq 1,955.92 +25.08 +1.30%
S&P 500 989.67 +9.94 +1.01%
30-yr Bond 4.3650% +0.0170

NYSE Volume 4,914,061,500 (prior day 5,836,861,000)
Nasdaq Volume 1,778,054,750 1,976,202,620 (prior day 1,976,202,620)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,685.78 +40.77 +0.88%
DAX 5,250.74 +49.13 +0.94%
CAC 40 3,450.69 +31.00 +0.91%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,284.96 +16.35 +0.16%
Hang Seng 20,306.27 +169.20 +0.84%
Straits Times 2,567.72 +21.74 +0.85%

http://finance.yahoo.com/news/Earnings-data-help-stocks-apf-2088212414.html?x=0

Earnings data help stocks regain ground after drop

Stocks rebound after sharp drop as investors reassured by some retail earnings, housing data
By Sara Lepro, AP Business Writer
On Tuesday August 18, 2009, 5:54 pm EDT

NEW YORK (AP) -- Now investors seem to be saying, maybe things aren't so bad after all.

Some better-than-expected retail earnings reports and the latest reading on housing drew investors back into the stock market Tuesday after the previous day's big selloff. The major indexes rose about 1 percent, led by a surge in financial and technology companies.

Investors were still wary about consumer spending and its impact on the economy but heard enough good news to fuel the comeback from Monday's 186-point slide in the Dow Jones industrials. Analysts said investors were putting things in perspective, believing the pullback was a bit overdone.

The U.S. market was also taking some cues from overseas exchanges, which got a boost from encouraging news about the German economy. And bond prices retreated as investors' anxiety eased.

"The outlook for the economy doesn't change every 24 hours," said Alan Skrainka, chief market strategist at Edward Jones. "The news is always mixed even after you've hit bottom."

Investors have been battling mixed signals on the economy for several weeks; housing and manufacturing have been improving, but consumer spending is still sagging. On Monday, stocks fell by the biggest amount in six weeks as investors' growing fears that consumers won't spend enough to lift the economy into recovery caught up with them.

The earnings reports from retailers on Tuesday showed that American consumers are still shy about spending, but results weren't quite as bad as analysts expected and that helped calm some of investors' nerves.

Meanwhile, the Commerce Department reported that construction of new homes and apartments fell more than expected last month, but construction of single-family homes actually rose 1 percent to the highest level since October 2008. It was the fifth straight monthly increase.

Analysts have warned that the market has gotten ahead of itself and that some pullback is inevitable, given the more than 40 percent climb in stocks since March and the challenges that still exist in high unemployment and waning consumer confidence. But the market continues to show resilience, with any retreat in stocks being brief.

The Dow rose 82.60, or 0.9 percent, to 9,217.94. The Standard & Poor's 500 index gained 9.94, or 1 percent, to 989.67, while the Nasdaq composite index rose 25.08, or 1.3 percent, to 1,955.92.

In other trading, the Russell 2000 index of smaller companies rose 8.25, or 1.5 percent, to 556.43.

About four stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to an extremely light 4.28 billion shares, down from Monday's 5 billion.

Overseas markets also rebounded from steep declines on Tuesday. Japan's Nikkei stock average rose 0.2 percent, a day after Japanese economists and politicians unnerved investors with their cautious stance on the economy, despite a government report showing Japan had emerged from a yearlong recession in the second quarter.

Major European indexes rose after a research institute reported that consumer confidence is rising in Germany, Europe's largest economy. Britain's FTSE 100, Germany's DAX index and France's CAC-40 all added 0.9 percent.

Meanwhile, bond prices dipped after the previous day's big gains, which were a response to investors' nervousness about the economy. The yield on the benchmark 10-year Treasury note, which moves in the opposite direction from its price, rose to 3.52 percent from 3.47 percent late Monday.

John Wilson, chief technical strategist at Morgan Keegan, said he's encouraged that investors keep seeing opportunities in the market's dips.

"Buying tends to come in a little quicker because people have missed the market," he said, referring to the surge in stocks that has taken the S&P 500 index up 12 percent in a little over a month and 45.5 percent since early March. Some investors have held off committing to stocks out of fear the market would go into reverse.

"The data is not going to all of a sudden turn positive," he said. However, "more and more people are beginning to embrace the fact that we're through the worst of the recession."

Investors once again bought stocks that depend on a healthy economy, including financial, industrial and technology companies. Gains in industries that tend to hold up better when the economy is weak, like health care and utilities, were more subdued.

Among technology stocks, Apple Inc. rose $4.41, or 2.8 percent, to $164.00.

The advance in bank stocks came a day after major lenders, including Bank of America Corp. and JPMorgan Chase & Co., reported that losses among credit card loans are slowing.

Bank of America added 34 cents, or 2.1 percent, to $16.90, while JPMorgan rose 97 cents, or 2.4 percent, to $41.70.

Home Depot Inc. said its second-quarter profit fell 7 percent, but its adjusted results beat Wall Street's expectations, as cost cuts partly offset weak revenue. The world's largest home improvement retailer also lifted its forecast for full-year earnings.

Target Corp.'s quarterly profit also fell but it surpassed analyst estimates. And TJX Cos. said its second-quarter profit rose 31 percent as its discount-oriented stores continued to lure in cost-conscious shoppers. Not all the reports were positive, though. Luxury department store Saks Inc. said its loss widened from a year earlier.

Home Depot rose 82 cents, or 3.1 percent, to $26.93. TJX shares lost $1.05, or 3 percent, to $34.33, while Target jumped $3.11, or 7.6 percent, to $44.32.

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

Oil prices were higher after dropping to a new monthly low on Monday. Light, sweet crude jumped $2.44 to settle at $69.19 a barrel on the New York Mercantile Exchange.

 

[bigdog]

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

Stocks started the session in the red as participants reacted negatively to further selling pressure overseas, but a jump in oil prices helped the energy sector lead a turnaround that took the broader market to a solid gain above near-term resistance levels. Participation remains unimpressive, though.

The stock market extended a streak of erratic trading Wednesday, rebounding from early losses and rising moderately after a drop in oil inventories lifted hopes for an economic recovery.

All of the major stock indexes finished with gains of less than 1 percent.

The day began with a sharp slide driven by a plunge in China's biggest stock market and followed a trading pattern seen in markets around the world this week. Stocks have alternately advanced and retreated as investors shuttle between worries about the economy's challenges, namely consumer spending and high unemployment, and nascent signs of healing.

The NYSE DOW closed HIGHER +61.22 points +0.66% on Wednesday August 19
Sym Last........ ........Change..........
Dow 9,279.16 +61.22 +0.66%
Nasdaq 1,969.24 +13.32 +0.68%
S&P 500 996.46 +6.79 +0.69%
30-yr Bond 4.2940% -0.0710

NYSE Volume 5,024,101,000 (prior day 4,914,061,500)
Nasdaq Volume 1,995,976,375 (prior day 1,778,054,750)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,689.67 +3.89 +0.08%
DAX 5,231.98 -18.76 -0.36%
CAC 40 3,450.34 -0.35 -0.01%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,204.00 -80.96 -0.79%
Hang Seng 19,954.23 -352.04 -1.73%
Straits Times 2,522.78 -44.94 -1.75%

http://finance.yahoo.com/news/Stock...2.html?x=0&sec=topStories&pos=1&asset=&ccode=

Stocks turn higher on jump in energy demand

Stocks shake off early losses, turn higher after government reports jump in energy demand
By Sara Lepro, AP Business Writer
On Wednesday August 19, 2009, 6:16 pm EDT

NEW YORK (AP) -- The stock market extended a streak of erratic trading Wednesday, rebounding from early losses and rising moderately after a drop in oil inventories lifted hopes for an economic recovery.

All of the major stock indexes finished with gains of less than 1 percent.

The day began with a sharp slide driven by a plunge in China's biggest stock market and followed a trading pattern seen in markets around the world this week. Stocks have alternately advanced and retreated as investors shuttle between worries about the economy's challenges, namely consumer spending and high unemployment, and nascent signs of healing.

While the surprising decline in crude inventories was reassuring, there is still plenty of caution among investors. Even as stocks recovered, Treasury prices held on to most of their gains. Government debt is a safe-haven investment in a struggling economy.

News from the Energy Department that the nation's oil inventory fell by more than 8 million barrels in the past week sent oil prices and then stocks higher, as investors bet that the decline in stockpiles is an indication that energy demand is rising and the economy is improving.

Stocks' sharp turn shows just how sensitive investors are to the latest bits of news, hungry for any positive signs about the economy and confirmation that the more than 40 percent surge in stocks since March has been warranted.

Analysts say the financial markets are likely to bounce around in the near term as investors try to reconcile their hopes for an economic recovery with the reality that it might not come as fast or be as strong as many people expected.

"Volatility is creeping up," said Brian Nick, investment strategist at Barclays Wealth. "For a while we were seeing volatility steadily declining and maybe we thought we were completely out of the woods when we were not completely out of the woods."

The Dow Jones industrials rose 61.22, or 0.7 percent, to 9,279.16. The Standard & Poor's 500 index rose 6.79, or 0.7 percent, to 996.46, while the Nasdaq composite index rose 13.32, or 0.7 percent, to 1,969.24.

About three stocks rose for every two that fell on the New York Stock Exchange, where volume came to a light 4.35 billion shares, up from Tuesday's 4.28 billion.

The Russell 2000 index of smaller companies rose 5.22, or 0.9 percent, to 561.65.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.46 percent from 3.52 percent late Tuesday. It was trading at about 3.44 percent before the oil report.

Light, sweet crude jumped $3.23 to $72.42 a barrel on the New York Mercantile Exchange.

Analysts said Wall Street's gains on Wednesday were likely magnified by short-covering, in which investors have to buy stock after having earlier sold borrowed shares in a bet they would fall. That rush to cover ill-timed bets can quicken the market's climb.

At the same time, money managers and investors are still afraid of missing out on a rally that began last March and has continued despite period setbacks.

"I think people would like to buy (stocks) lower, but as the market creeps higher, people are kind of forced to buy," said Nick Kalivas, vice president of financial research at MF Global. "The action today especially has been much stronger than I would hope and it is making me nervous about my bearish view."

Still, the advance in bond prices is one sign that investors don't feel secure.

"There's this pushing and pulling type of action because people aren't so convinced that the consumer is going to come out and induce some spending because obviously employment remains weak," said Robert Pavlik, chief market strategist at Banyan Partners.

In earnings news, BJ's Wholesale Club Inc. said its second-quarter profit dipped 4 percent and sales declined because of falling gasoline prices. Still, the warehouse club's results beat analysts' estimates and it raised its full-year profit outlook. It rose 67 cents, or 2.1 percent, to $31.99.

Deere & Co., the world's largest maker of farm equipment, reported a 27 percent drop in its fiscal third-quarter profit, but also did better than Wall Street expected. Deere tumbled $1.31, or 2.9 percent, to $43.78.

Hewlett Packard Co. slipped 13 cents to $43.83 after the company said late Tuesday its profit fell 19 percent in the latest quarter on weak sales. However, the computer company provided an outlook for the fiscal fourth quarter that was better than expected.

Merck & Co. rallied after a federal judge ruled in favor of the drugmaker in a patent fight with an Israeli company that wants to sell a generic version of its top-selling asthma drug. Shares rose 77 cents, or 2.5 percent, to $31.48.

Among energy stocks, Murphy Oil Corp. jumped $1.73, or 3.1 percent, to $58.05, while Exxon Mobil Corp. rose 2.3 percent, adding $1.51 to $68.

The dollar was mixed against other major currencies. Gold prices rose, while other metals prices fell.

Overseas, Japan's Nikkei stock average fell 0.8 percent. Britain's FTSE 100 recovered from early losses to finish up 0.03 percent. Germany's DAX index slipped 0.2 percent, while France's CAC-40 fell 0.1 percent.

The Shanghai index plunged 4.3 percent, after being down as much as 5 percent. The index has lost nearly 20 percent this month on worries about the strength of China's recovery and a possible clamp on Beijing's easy credit policy that helped to fuel the rally in Chinese stocks earlier this year.

 

[bigdog]

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

Strength among financial stocks and a couple of positive pieces of data helped the broader market overcome an early fit of weakness that stemmed from a disappointing jobless claims report. In turn, stocks logged their third straight session of gains and are now up modestly week-to-date.

More signs that the economy is creeping toward recovery encouraged investors to move further into stocks -- but at a cautious pace.

Stocks rose moderately Thursday in very light volume. There were no dramatic economic reports, but a smattering of positive data convinced investors to take more chances on stocks. Financials were particularly in demand after a report quoting American International Group Inc.'s CEO as saying the company will repay its bailout loans from the government.

News from the Philadelphia Federal Reserve of a pickup in mid-Atlantic manufacturing also lifted the market, having offset a weaker-than-expected Labor Department report on first-time claims for unemployment.

The NYSE DOW closed HIGHER +70.89 points +0.76% on Thursday August 20
Sym Last........ ........Change..........
Dow 9,350.05 +70.89 +0.76%
Nasdaq 1,989.22 +19.98 +1.01%
S&P 500 1,007.37 +10.91 +1.09%
30-yr Bond 4.2420% -0.0520

NYSE Volume 5,640,883,500 (prior day 5,024,101,000)
Nasdaq Volume 2,001,149,875 (prior day 1,995,976,375)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,756.58 +66.91 +1.43%
DAX 5,311.06 +79.08 +1.51%
CAC 40 3,505.32 +54.98 +1.59%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,383.41 +179.41 +1.76%
Hang Seng 20,328.86 +374.63 +1.88%
Straits Times 2,559.57 +36.79 +1.46%


http://finance.yahoo.com/news/Stock...0.html?x=0&sec=topStories&pos=1&asset=&ccode=

Stocks advance on more signs of economic pickup

Stocks advance moderately, led by financials as more signs of recovery appear
By Sara Lepro, AP Business Writer
On Thursday August 20, 2009, 6:31 pm EDT

NEW YORK (AP) -- More signs that the economy is creeping toward recovery encouraged investors to move further into stocks -- but at a cautious pace.

Stocks rose moderately Thursday in very light volume. There were no dramatic economic reports, but a smattering of positive data convinced investors to take more chances on stocks. Financials were particularly in demand after a report quoting American International Group Inc.'s CEO as saying the company will repay its bailout loans from the government.

News from the Philadelphia Federal Reserve of a pickup in mid-Atlantic manufacturing also lifted the market, having offset a weaker-than-expected Labor Department report on first-time claims for unemployment.

"I think the headline news just gave more comfort to those who have been and remain of the view that the recession is not only ending but that we are on the cusp of a V-shaped recovery," said David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates.

Stock prices drifted higher through the afternoon. The market seemed to be shaking off some of the fears that had triggered selling in what has been a back-and-forth week, including sharp losses in Chinese shares and concerns about consumer spending.

The Dow Jones industrials rose 70.89, or 0.8 percent, to 9,350.05. The Standard & Poor's 500 index rose 10.91, or 1.1 percent, to 1,007.37, while the Nasdaq composite index gained 19.98, or 1.0 percent, to 1,989.22.

But there were still signs of caution. The low volume, typical for an August day, meant investors weren't piling into the market. It also meant that price movements could be exaggerated.

Consolidated volume on the New York Stock Exchange came to 5 billion shares, up from 4.35 billion on Wednesday. Rising stocks outpaced falling stocks by about 3 to 1 on the NYSE.

Treasury prices closed mixed, having regained some ground from earlier losses, another sign that investors are being careful. Government debt is considered one of the safest places to stash money. The yield on the benchmark 10-year note fell to 3.43 percent from 3.46 percent late Wednesday.

In other trading, the Russell 2000 index of smaller companies rose 7.03, or 1.3 percent, to 568.68.

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

Crude for October delivery gave up 92 cents to settle at $72.91 on the New York Mercantile Exchange. The September contract, which ends Thursday, advanced 12 cents to settle at $72.54.

Investors were encouraged by the Philadelphia Fed's news that factory activity in the mid-Atlantic region jumped back into positive territory in August, reaching its highest level since November 2007, before the recession began. The report echoed findings earlier this week in a similar survey for the New York region.

Meanwhile, the Conference Board's economic forecasting gauge, the Index of Leading Economic Indicators, rose for the fourth straight month during July, suggesting that the recession will end this summer, if it hasn't already.

The two reports helped counter news from the Labor Department that new claims for unemployment benefits rose unexpectedly to 576,000 last week. Economists had predicted a decline.

Financial stocks, and in turn the rest of the market, got a boost after Bloomberg News quoted AIG's new CEO, Robert Benmosche, as saying the company would repay its bailout loans. The company, which the government saved from collapse nearly a year ago, got a rescue package worth up to $182.5 billion.

AIG shot up 21.3 percent, rising $5.66 to $32.30. Citigroup Inc., another recipient of a large bailout package, rose 35 cents, or 8.5 percent, to $4.48.

The market has been preoccupied with consumer spending during the last week, and signs that consumers won't become more free with their money contributed to the market's down days. But investors took in stride news of Sears Holdings Corp.'s bigger than expected second-quarter loss. Althoug Sears fell nearly 12 percent, falling $8.76 to $65, its pullback didn't spread to the rest of the market.

Trading this week has reflected investors' uncertainty about what the economy's recovery will look like as they've absorbed both positive and negative data.

With earnings season winding down, analysts say there are few catalysts that could spark a big move in stocks in either direction. At the same time, volume is expected to remain light as traders take summer vacations. Without a clear signal and with fewer participants, trading will likely vary day to day for some time depending on the latest economic news.

Overseas, Chinese stocks recovered from a big sell-off with their biggest rally since March and all the major European indexes rose about 1.5 percent.

 

[bigdog]

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

All three major indices closed considerably higher Friday. The feat was punctuated by the fact that the advance marked the market's fourth straight gain, which puts stocks at fresh highs for 2009. The latest round of buying came amid continued willingness on the part of participants to chase gains and a better-than-expected existing home sales report.

For the week, the Dow rose 2.0 percent, the S&P 500 gained 2.2 percent, and the Nasdaq added 1.8 percent.

About four stocks rose for every one that fell Friday on the New York Stock Exchange where volume came to 1.48 billion shares.

Federal Reserve Chairman Ben Bernanke said what investors wanted to hear, that the economy is indeed on the verge of recovery, and they responded with a rally that sent the major indexes to new highs for the year.

The Dow Jones industrials shot up 155 points Friday, closing above 9,500 for the first time since Nov. 4, and all the big indexes finished with gains of more than 1.5 percent. Meanwhile, Treasury prices tumbled, pushing yields sharply higher, as investors no longer felt they needed the safety of government debt.

The stock market's gains were broad, reaching across all industries, but the biggest jumps came from energy, industrial and material stocks as oil and commodities prices soared. Bank stocks also rose sharply.

The NYSE DOW closed HIGHER +155.91 points +1.67% on Friday August 21
Sym Last........ ........Change..........
Dow 9,505.96 +155.91 +1.67%
Nasdaq 2,020.90 +31.68 +1.59%
S&P 500 1,026.13 +18.76 +1.86%
30-yr Bond 4.3590% +0.1170

NYSE Volume 6,759,808,000 (prior day 5,640,883,500)
Nasdaq Volume 2,282,947,750 (prior day 2,001,149,875)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,850.89 +94.31 +1.98%
DAX 5,462.74 +151.68 +2.86%
CAC 40 3,615.81 +110.49 +3.15%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,238.20 -145.21 -1.40%
Hang Seng 20,199.02 -129.84 -0.64%
Straits Times 2,544.86 -14.71 -0.57%

http://finance.yahoo.com/news/Stock...2.html?x=0&sec=topStories&pos=1&asset=&ccode=

Stocks rise as Bernanke says economy near recovery

Stocks rise after Bernanke declares economy on verge of recovery, home sales jump
By Sara Lepro, AP Business Writer
On Friday August 21, 2009, 5:31 pm EDT

NEW YORK (AP) -- Federal Reserve Chairman Ben Bernanke said what investors wanted to hear, that the economy is indeed on the verge of recovery, and they responded with a rally that sent the major indexes to new highs for the year.

The Dow Jones industrials shot up 155 points Friday, closing above 9,500 for the first time since Nov. 4, and all the big indexes finished with gains of more than 1.5 percent. Meanwhile, Treasury prices tumbled, pushing yields sharply higher, as investors no longer felt they needed the safety of government debt.

The stock market's gains were broad, reaching across all industries, but the biggest jumps came from energy, industrial and material stocks as oil and commodities prices soared. Bank stocks also rose sharply.

Just nine days after the Fed declared the economy to be "leveling out" rather than contracting, Bernanke went further, saying, "the prospects for a return to growth in the near term appear good." Speaking at an annual Fed conference in Wyoming, Bernanke did warn that lending is not back to normal, and that the difficulty consumers and businesses are having obtaining loans will be a challenge. But his tone was the most optimistic it has been since the start of the financial crisis.

A bigger-than-expected jump in home sales also gave stocks a boost and helped send bonds lower. The National Association of Realtors said sales of existing homes rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June.

It was the fourth straight monthly increase and the highest level of sales since August 2007. The rise in sales came amid a sharp decline in home prices.

The day's news ended a week of erratic trading on Wall Street. Investors have been struggling with concerns about consumer spending, but the combination of Bernanke's remarks and the home sales data pulled stocks out of the doldrums.

Still, while Bernanke's positive assessment on the economy was encouraging, the market's challenges, including rising unemployment and sluggish consumer spending, are certainly far from over. The market appears to be on an upward trajectory, but analysts cautioned that stocks will likely bounce around through at least the rest of the summer.

"The news isn't going to be all good from here on out," said Jordan Smyth, managing direct at Edgemoor Investment Advisors in Bethesda, Md.

The Dow rose 155.91, or 1.7 percent, to 9,505.96. The Standard & Poor's 500 index rose 18.76, or 1.9 percent, to 1,026.13, its highest close since Oct. 6. And the Nasdaq composite index rose 31.68, or 1.6 percent, to 2,020.90, reaching its highest close since Oct. 1.

For the week, the Dow rose 2.0 percent, the S&P 500 gained 2.2 percent, and the Nasdaq added 1.8 percent.

About four stocks rose for every one that fell Friday on the New York Stock Exchange where volume came to 1.48 billion shares.

Bond prices tumbled. The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 3.56 percent, from 3.44 percent late Thursday.

The Russell 2000 index of smaller companies rose 12.83, or 2.3 percent, to 581.51.

In other signs of investors' growing confidence in the economy, oil prices touched their highest point of the year on hopes that energy demand will soon pick up. After briefly nearly $75, light, sweet crude for October delivery rose 98 cents to settle at $73.89 a barrel on the New York Mercantile Exchange.

And the dollar, which, like Treasurys, is considered a safe-haven asset, tumbled against other major currencies.

While Bernanke's comments were clearly reassuring for the stock market, investors could quickly lose their optimism if one of their greatest concerns, consumer spending, shows more signs of weakness. The Fed's upbeat comments last week set off a rally that quickly stalled after a weak reading on consumer sentiment.

Next week, investors will get two key reports on consumer confidence that, if worse than expected, could easily upset the market's gains.

"We're not past the volatile stages of the market," said Lowell Pratt, president of The Burney Co., an equity management firm.

As job losses continue to mount, it will be difficult for consumers to feel comfortable about spending freely.

"Consumer spending normally is the driver of recoveries at the beginning," said Bob Baur, chief global economist at Principal Global Investors. "That's not happening this time."

"At some point, the market is going to ask to see more than just mixed data," he said. "It's going to want to see some real jobs produced and an end to job losses and some validation that the consumer isn't going to stay in a slump."

Analysts have long warned of an eventual decline in stocks after the market's massive jump since early March, during which major indexes have risen more than 40 percent off of 12-year lows. But the market has yet to see a significant pullback.

Overseas, Japan's Nikkei stock average fell 1.4 percent. Britain's FTSE 100 gained 2.0 percent, Germany's DAX index jumped 2.9 percent, and France's CAC-40 soared 3.2 percent.
262

 

[bigdog]

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

The broader market was led higher in the early going by financial stocks, but the sector succumbed to an afternoon selling effort that caused it to upend the major indices. In turn, the S&P 500 settled just below the neutral line, but that was still enough to end its winning streak at four sessions.

Stocks in the S&P 500 looked as if they were going to make their fifth straight advance as buyers chased the stock market's recent advances for fear of missing out on future gains. Their rather bullish bias was further supported by broad-based buying overseas and came in the face of a warning from New York University Professor Roubini about a double-dip recession in a Financial Times article.

Investors slowed their hectic buying of stocks Monday, leaving the major indexes little changed after a four-day advance.

Stocks pulled back from early highs as financials, which have been surging lately, retreated. Meanwhile, Treasury prices rallied ahead of the next round of debt auctions.

Analysts had expected a pause after stocks soared last week, lifting the Dow Jones industrials 370 points. The advance picked up momentum Friday after Federal Reserve Chairman Ben Bernanke declared that the economy is on the verge of recovery.

The NYSE DOW closed HIGHER +3.32 points +0.03% on Monday August 24
Sym Last........ ........Change..........
Dow 9,509.28 +3.32 +0.03%
Nasdaq 2,017.98 -2.92 -0.14%
S&P 500 1,025.57 -0.56 -0.05%
30-yr Bond 4.2880% -0.0710

NYSE Volume 7,118,115,500 (prior day 6,759,808,000)
Nasdaq Volume 2,057,206,250 (prior day 2,282,947,750)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,896.23 +45.34 +0.93%
DAX 5,519.75 +57.01 +1.04%
CAC 40 3,652.17 +36.36 +1.01%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,581.05 +342.85 +3.35%
Hang Seng 20,535.94 +336.92 +1.67%
Straits Times 2,612.33 +67.47 +2.65%

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stocks pause from recent gains, financials retreat

Stocks pause after 4 days of gains as investors take some profits ahead of data
By Sara Lepro, AP Business Writer
On Monday August 24, 2009, 5:50 pm EDT

NEW YORK (AP) -- Investors slowed their hectic buying of stocks Monday, leaving the major indexes little changed after a four-day advance.

Stocks pulled back from early highs as financials, which have been surging lately, retreated. Meanwhile, Treasury prices rallied ahead of the next round of debt auctions.

Analysts had expected a pause after stocks soared last week, lifting the Dow Jones industrials 370 points. The advance picked up momentum Friday after Federal Reserve Chairman Ben Bernanke declared that the economy is on the verge of recovery.

"I think people still believe there are signs of recovery here, but it doesn't hurt to take a little bit of profits," said Alan Villalon, senior research analyst at First American Funds.

Market experts have been warning, though, the market's upbeat mood could be tested with reports this week on consumer confidence and housing. Some signs of recovery have emerged already in housing, but consumers are still struggling. Improved consumer confidence and spending is widely seen as one of the keys that could help end the recession.

"We're lining up here in advance of the data this week," said James Cox, managing partner at Harris Financial Group. "This is a good time to get out."

Bank shares gave up some of their early gains and traded mixed, weighed down by losses among regional banks. Investors have been worried that smaller banks could face significant hardships in the coming months as losses among commercial real estate loans pile up.

In a research note late Sunday, Rochedale Securities banking analyst Richard Bove predicted that 150 to 200 more U.S. banks could fail in the current banking crisis on top of the 81 banks that have already failed this year.

The Dow rose 3.32, or less than 0.1 percent, to 9,509.28, after earlier rising as much as 82 points. The Standard & Poor's 500 index fell 0.56, or 0.1 percent, to 1,025.57, while the Nasdaq composite index fell 2.92, or 0.1 percent, to 2,017.98.

Advancing issues were slightly ahead of losers on the New York Stock Exchange, where consolidated volume came to 6.32 billion shares, up from Friday's 5.98 billion.

In other trading, the Russell 2000 index of smaller companies slipped 1.27, or 0.2 percent, to 580.24.

Bond prices rose as investors prepared for $197 billion in auctions this week. The yield on the benchmark 10-year Treasury note fell to 3.48 percent from 3.57 percent late Friday, while the yield on the three-month T-bill fell to 0.15 percent from 0.16 percent.

The markets have been choppy as investors react to mixed economic data, but managed last week to post four straight advances. The Standard & Poor's 500 index is up 52 percent since early March.

"We still think there is a lot of fear out there," said Ryan Detrick, chief technical strategist at Schaeffer's Investment Research. "The economy has to validate what the stock market has done."

Justin Golden, strategist at Macro Risk Advisors in New York, said some of the market's gains have been magnified by short-covering, in which investors have to buy stock after having earlier sold borrowed shares in a bet they would fall.

"A lot of bear investors have thrown in the towel," he said. "That shouldn't be confused with people being ultra bullish about the market."

Investors were also anxious ahead of the Conference Board's consumer confidence index on Tuesday, and the Reuters/University of Michigan report on consumer sentiment Friday. The Standard & Poor's/Case-Shiller index on home prices for June will be released Tuesday, while the Commerce Department reports on new home sales for July on Wednesday.

Japan's Nikkei stock average surged 3.4 percent, while China's main index was up for a third straight day, gaining 1.1 percent. A slide in the index last week triggered selling around the world.

Britain's FTSE 100 rose 0.9 percent, while Germany's DAX index and France's CAC-40 rose 1.0 percent.

Oil prices rose 48 cents to $74.37 a barrel on the New York Mercantile Exchange.

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

 

[bigdog]

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

Stocks spiked to a gain of more than 1% following a better-than-expected consumer confidence reading, but the major indices quickly faltered to settle the session with modest gains. Though that made for an unimpressive finish, the gain helped stocks register a new closing high for 2009.

The major indices hit session highs in the moments following the Consumer Confidence Index for August, which came in at 54.1. That was above the 47.9 that was widely expected and marked an improvement from the upwardly revised July reading of 47.4. However, market participants should remember that consumer confidence is not highly correlated with actual spending.

A rebound in consumer confidence and more healing in the housing industry have put stocks back on an upward path.

Banks, retailers and homebuilders were Tuesday's biggest winners, helping to lift the major indexes about 0.3 percent. Energy and utility stocks fell sharply, and limited the overall market's advance, as oil prices cooled following a recent surge.

Though investors were pleased by better-than-expected readings on consumers and housing, trading was choppy, as it has been over the past week, a reflection of the market's lingering caution. Investors are questioning how much further Wall Street's five-month rally can go without evidence of actual economic growth.

The NYSE DOW closed HIGHER +30.01 points +0.32% on Tuesday August 25
Sym Last........ ........Change..........
Dow 9,539.29 +30.01 +0.32%
Nasdaq 2,024.23 +6.25 +0.31%
S&P 500 1,028.00 +2.43 +0.24%
30-yr Bond 4.2300% -0.0580

NYSE Volume 6,576,661,500 (prior day 7,118,115,500)
Nasdaq Volume 1,955,550,500 (prior day 2,057,206,250

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,916.80 +20.57 +0.42%
DAX 5,557.09 +37.34 +0.68%
CAC 40 3,680.61 +28.44 +0.78%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,497.36 -83.69 -0.79%
Hang Seng 20,435.24 -100.70 -0.49%
Straits Times 2,620.48 +8.15

http://finance.yahoo.com/news/Gain-...8.html?x=0&sec=topStories&pos=2&asset=&ccode=

Gain in consumer confidence sends stocks higher

Stocks finish higher after rebound in consumer confidence, home prices; Dow rises for 6th day
By Sara Lepro, AP Business Writer
On Tuesday August 25, 2009, 6:06 pm EDT

NEW YORK (AP) -- A rebound in consumer confidence and more healing in the housing industry have put stocks back on an upward path.

Banks, retailers and homebuilders were Tuesday's biggest winners, helping to lift the major indexes about 0.3 percent. Energy and utility stocks fell sharply, and limited the overall market's advance, as oil prices cooled following a recent surge.

Though investors were pleased by better-than-expected readings on consumers and housing, trading was choppy, as it has been over the past week, a reflection of the market's lingering caution. Investors are questioning how much further Wall Street's five-month rally can go without evidence of actual economic growth.

Still, the Dow Jones industrials have been able to carve out a gain of nearly 404 points, or 4.4 percent, in just six sessions.

"The upward trend has still not broken," said Brian Daley, sales trader at Conifer Securities. "It's too dangerous to fight the trend in the market, even though clearly a lot of people are nervous that it's too extended."

Stocks rose after the Conference Board said its Consumer Confidence Index jumped to 54.1 this month from an upwardly revised 47.4 in July. That was far above the 47.5 reading analysts expected. But the report is a long way from showing that consumers are actually feeling optimistic about the economy amid ongoing worries about job losses. But it does suggest pessimism about the economy is abating.

Meanwhile, the Standard & Poor's/Case-Shiller U.S. National Home Price Index rose 1.4 percent in the second quarter from the January-March period, the first quarterly increase in three years. Home prices, while still down almost 15 percent from last year, are at levels last seen in early 2003.

The improvements in consumer confidence and housing are related. If consumers are feeling better about the economy, they will be willing to spend a little more on houses, not to mention cars, appliances and other goods and materials. Investors' concerns about flagging consumer confidence have triggered bouts of stock selling in recent weeks.

Stocks also got a boost from President Barack Obama's reappointment of Ben Bernanke as Federal Reserve chairman. Bernanke's reappointment, though expected, came sooner than anticipated and removed any uncertainty about a potential replacement.

The Dow rose 30.01, or 0.3 percent, to 9,539.29. The Standard & Poor's 500 index rose 2.43, or 0.2 percent, to 1,028.00, while the Nasdaq composite index rose 6.25, or 0.3 percent, to 2,024.23.

About three stocks rose for every two that fell on the New York Stock Exchange, where consolidated volume came to 5.74 billion shares, down from Monday's 6.32 billion.

In other trading, the Russell 2000 index of smaller companies rose 2.98, or 0.5 percent, to 583.22.

Energy-related stocks fell after oil prices tumbled $2.32 to $72.02 a barrel on the New York Mercantile Exchange. Prior to trading Tuesday, prices had climbed 8.1 percent in just 5 days. Halliburton Co. fell 76 cents, or 3 percent, to $24.52. Chesapeake Energy Corp. lost 59 cents, or 2.5 percent, to $23.35.

The market's moderate advance on Tuesday, which came after stocks finished little changed the day before, follows a trend seen throughout the summer, where any dip in stocks or pause in trading is met with more buying as investors fear missing out on an extended rally.

"It's still a trader's market," said Steven Stahler, president of The Stahler Group. "You've got a lot of activity ... but not real legs."

Analysts expect the market to be volatile through at least the end of the summer, especially with volume and news flow fairly light, as is typical of trading in August.

Homebuilders posted some of the biggest gains Tuesday after the home price data. Hovnanian Enterprises Inc. jumped 6.5 percent, adding 28 cents to $4.57, while Lennar Corp. rose 40 cents, or 2.8 percent, to $14.97.

Financial stocks rebounded after sagging on Monday in response to an analyst's downbeat report. Bank of America Corp. rose 40 cents, or 2.3 percent, to $17.75. Retailers also rose. Shares of Big Lots Inc. soared more than 6 percent, rising $1.57 to $25.60 after its second-quarter results beat analysts' expectations and the discount retailer raised its full-year earnings forecast.

Bond prices came off earlier lows and moved slightly higher after an auction of $42 billion in two-year notes was met with adequate demand. The yield on the benchmark 10-year Treasury note fell to 3.44 percent from 3.48 percent late Monday. The yield on the two-year note slipped to 1.02 percent from 1.03 percent.

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

The gains in the U.S. came amid mixed trading in overseas markets. Japan's Nikkei stock average fell 0.8 percent. Britain's FTSE 100 rose 0.4 percent, Germany's DAX index rose 0.7 percent, and France's CAC-40 gained 0.8 percent.

 

[bigdog]

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

Despite some encouraging economic data, stocks had a listless session and made another lackluster finish. Nonetheless, the major indices managed to eke out a fractional gain, which means that the Dow has finished higher seven straight times.

After rocking between gains and losses Wednesday, the Dow Jones industrials managed to rise for a seventh straight day, marking another high for the year.

But there was hardly any excitement. The Dow rose just 4 points, while other major indexes gained less than 1 point despite positive reports on home sales and factory orders.

An increasingly cautious mood has gripped the market in recent days, following a period of fervid buying this spring and summer that sent stocks up more than 45 percent since early March. While economic data is showing modest improvement, investors are worried stocks may have overshot the economy's recovery.


The NYSE DOW closed HIGHER +4.23 points +0.04% on Wednesday August 26
Sym Last........ ........Change..........
Dow 9,543.52 +4.23 +0.04%
Nasdaq 2,024.43 +0.20 +0.01%
S&P 500 1,028.12 +0.12 +0.01%
30-yr Bond 4.20% -0.03

NYSE Volume 5,775,125,500 (prior day 6,576,661,500)
Nasdaq Volume 2,091,980,120 (prior day 1,955,550,500)

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,890.58 -26.22 -0.53%
DAX 5,521.97 -35.12 -0.63%
CAC 40 3,668.34 -12.27 -0.33%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,639.71 +142.35 +1.36%
Hang Seng 20,456.32 +21.08 +0.10%
Straits Times 2,631.81 +13.05 +0.50%

http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Stocks eke out small gains, Dow higher for 7th day

Stocks finish choppy session mostly higher; Dow rises for 7th straight day to new 2009 highs
By Sara Lepro, AP Business Writer
On Wednesday August 26, 2009, 5:47 pm EDT

NEW YORK (AP) -- The stock market is running out of reasons to go higher.

After rocking between gains and losses Wednesday, the Dow Jones industrials managed to rise for a seventh straight day, marking another high for the year.

But there was hardly any excitement. The Dow rose just 4 points, while other major indexes gained less than 1 point despite positive reports on home sales and factory orders.

An increasingly cautious mood has gripped the market in recent days, following a period of fervid buying this spring and summer that sent stocks up more than 45 percent since early March. While economic data is showing modest improvement, investors are worried stocks may have overshot the economy's recovery.

"The market jumps and then it sort of fades again," said Keith Walter, portfolio manager at Artio Global Equity Fund. "There's not a lot of commitment here."

With trading volume and news flow tapering down amid Wall Street's annual summer slowdown, analysts say there are few near-term catalysts that could get the market's rally going again.

"We seem to be floating up on air," said Andrew Frankel, co-president of Stuart Frankel & Co.

Stocks seesawed without a clear direction despite a Commerce Department report that said new home sales rose 9.6 percent in July for the fourth straight monthly increase. Sales rose to 433,000, the strongest pace since September and well above the 390,000 figure economists expected.

The latest sign of improvement in housing didn't do much to impress investors, though, who have already factored in a recovery in the long-suffering home industry. Some of the latest gains can be attributed to a federal tax credit for first-time home owners currently set to expire in November, and the industry has been pressing Congress to extend it.

Separately, the Commerce Department said orders for goods expected to last at least three years rose 4.9 percent in July -- the biggest jump in two years and more than the 3 percent increase economists had expected.

However the overall increase was driven by a surge in orders for transportation equipment, which benefited from the government's recently expired Cash for Clunkers program that drove thousands of people to trade in older cars for new ones. Excluding transportation goods, orders rose 0.8 percent, just short of analysts' expectations.

The Dow rose 4.23, or 0.04 percent, to 9,543.52. Over the past seven days, the Dow has risen 408 points, or 4.5 percent. The last time the Dow posted such a long winning streak was on July 21, when its seven-day gain came to 770 points, or 9.4 percent.

The Standard & Poor's 500 index rose 0.12, or 0.01 percent, to 1,028.12, while the Nasdaq composite index rose 0.20, or 0.01 percent, to 2,024.43.

Declining stocks narrowly outnumbered advancers on the New York Stock Exchange, where consolidated volume came to a light 5.10 billion shares, down from 5.74 billion shares on Tuesday.

In other trading, the Russell 2000 index of smaller companies rose 0.80, or 0.1 percent, to 584.02.

Shares of homebuilders surged for a second day after the housing data showed the supply of new homes on the market shrank to the lowest level since April 2007. If supply is decreasing, builders may need to ramp up production.

Hovnanian Enterprises Inc. rose 43 cents, or 9.4 percent, to $5, tacking on to its 6.5 percent jump the day before. The stock is now at its highest level since October. Lennar Corp. rose 61 cents, or 4.1 percent, to $15.58 -- its highest point since September.

Sharp declines in industrial and material stocks weighed on the market as commodities prices wavered. A long rally in commodities prices that started earlier this year has been sputtering in recent weeks amid concerns of waning demand from China.

Oil prices fell further Wednesday after the government reported an increase in crude supplies. Light, sweet crude fell 62 cents to $71.43 a barrel on the New York Mercantile Exchange.

Government bond prices were little changed despite favorable demand at an auction of $39 billion in five-year notes. The yield on the benchmark 10-year Treasury note held steady at 3.44 percent.

The dollar mostly rose against other major currencies. Gold prices were flat.

Overseas, Japan's Nikkei stock average rose 1.4 percent. Britain's FTSE 100 fell 0.5 percent, Germany's DAX index fell 0.6 percent, and France's CAC-40 lost 0.3 percent.