NYSE Dow Jones finished today at:

[bigdog]

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

Ok except for the last hour!!!

Action was muted ahead of the latest FOMC policy statement, which spurred buying and sent stocks to their best levels of the year. However, the new highs proved unsustainable as stocks rolled over and closed at session lows with their worst loss since the first of the month.

The tone to premarket trading had been mildly positive, but stocks lost their way after the opening bell and spent most of the morning drifting in mixed fashion. As such, gains and losses in the broader market were relatively contained.

Investors were encouraged by the Fed's latest improved assessment of the economy, but not enough to propel the Dow Jones industrial average past 10,000.

Stocks closed lower Wednesday as a brief rally followed the Fed's economic statement and then faded. The Dow came within 82 points of crossing 10,000 for the first time since October, but ended the day with a loss of 81.

Stocks often trade erratically on days when the Fed meets to discuss interest rates, as investors pore over the statement accompanying the Fed's interest rate decision for clues about the economy and what the central bank's next steps might be.

The NYSE DOW closed LOWER -81.32 points -0.83% on Wednesday September 23
Sym Last........ ........Change..........
Dow 9,748.55 -81.32 -0.83%
Nasdaq 2,131.42 -14.88 -0.69%
S&P 500 1,060.87 -10.79 -1.01%
30-yr Bond 4.1950% -0.0130

NYSE Volume 6,407,457,000 (prior day 5,983,461,500)
Nasdaq Volume 2,721,736,500 (prior day 2,514,368,000)

Oil 71.50 -0.05 -0.07%
Gold 1008.20 -6.00 -0.59%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,139.37 -3.23 -0.06%
DAX 5,702.05 -7.33 -0.13%
CAC 40 3,821.79 -1.73 -0.05%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,370.54 closed for a public holiday
Hang Seng 21,595.52 -105.62 -0.49%
Straits Times 2,685.94 +0.31 +0.01%

http://finance.yahoo.com/news/Stock...8.html?x=0&sec=topStories&pos=1&asset=&ccode=

Stocks end lower despite better view from Fed

Improved outlook from the Fed isn't enough to restart stock market's rally
By Sara Lepro and Seth Sutel, AP Business Writers
On Wednesday September 23, 2009, 6:48 pm EDT

NEW YORK (AP) -- Investors were encouraged by the Fed's latest improved assessment of the economy, but not enough to propel the Dow Jones industrial average past 10,000.

Stocks closed lower Wednesday as a brief rally followed the Fed's economic statement and then faded. The Dow came within 82 points of crossing 10,000 for the first time since October, but ended the day with a loss of 81.

Stocks often trade erratically on days when the Fed meets to discuss interest rates, as investors pore over the statement accompanying the Fed's interest rate decision for clues about the economy and what the central bank's next steps might be.

Analysts said there were no surprises from the Fed meeting, though some investors worried that the Fed would pull its supports for the economy too soon.

"I think there is a real concern out there that this is just a head-fake and the stimulus out there is temporary," said Thomas Wilson, managing director of the institutional investments and private client group at Brinker Capital in Berwyn, Pa. He pointed to the Fed's slowing of its purchases of mortgage-backed securities. But he also said "the market got exactly what it was expecting."

The central bank's governors said the pace of economic activity has "picked up" since their last meeting in August, and they said they would keep short-term interest rates at historically low levels near zero "for an extended period."

That allayed any lingering concerns that the Fed was considering a rate increase, something it will have to do eventually in order to keep inflation in check. Higher interest rates would protect against prices creeping higher, but it would also mean greater borrowing costs for banks and businesses, a negative for both stocks and bonds.

In its statement, the Fed said it would "continue to employ a wide range of tools" to spur a recovery while also staving off inflation. It said it would again slow some of its purchases of mortgage-backed securities, part of the extraordinary support the central bank has been giving the economy over the past year. The move shows the Fed is increasingly confident about a recovery.

The Fed's decision on rates and gently upgraded view of the economy were in line with what investors anticipated but didn't give the market enough reason to push higher. Jeffrey Kleintop, chief market strategist at Boston-based broker LPL Financial, said a sharp drop in oil prices had a bigger impact on Wednesday's market.

With major market indicators up more than 50 percent from their lows in early March, many market watchers are worried that stocks have become overvalued, especially with the strength of the economy's recovery still in question. Still despite such doubts, investors continue to buy up stocks as they become afraid of missing out on an extended rally.

The Dow fell 81.32, or 0.8 percent, to 9,748.55. The Standard & Poor's 500 fell 10.79, or 1 percent, to 1,060.87, while the Nasdaq composite fell 14.88, or 0.7 percent, to 2,131.42.

Losing stocks outnumbered winners by about 3-to-2 on the New York Stock Exchange, where consolidated volume came to 5.58 billion shares, up from 5.34 billion Tuesday.

Fed Chairman Ben Bernanke had already tipped off the market last week about the Fed's view on the economy when he said that the recession was "likely over" from a technical standpoint, even as trouble spots like unemployment remain.

"If they had come out with anything other than no changes, the market would have reacted negatively," said Tom Nyheim, vice president and portfolio manager at Christiana Bank & Trust Co. "But the policy decision was uniform, unanimous. They are not concerned about inflation."

The drop in oil prices weighed heavily on energy and industrial shares. The price of crude for November delivery tumbled nearly 4 percent, or $2.79, to settle at $68.97 a barrel on the New York Mercantile Exchange. The decline in energy prices accelerated during the day after the government reported that supplies of crude, gasoline and distillate fuel surged above expectations.

In corporate news, a surprisingly strong earnings report helped lift shares of General Mills Inc. The maker of Cheerios and Yoplait yogurt said its profit jumped 51 percent on lower ingredient costs and solid demand for its products. The food maker also increased its full-year outlook. Shares soared $2.83, or 5 percent, to $63.80.

Bond prices rebounded after the Fed alleviated worries about inflation and said it would keep its short-term interest rate near zero. Treasurys recouped their losses from earlier in the day, which came after somewhat disappointing demand for the latest auction of 5-year notes.

The 10-year note rose 6/32 to 101 20/32 and its yield fell to 3.43 percent from 3.45 percent.

The dollar rose against other major currencies. Gold prices fell

In other trading, the Russell 2000 index of smaller companies fell 7.32, or 1.2 percent, to 613.37.

Overseas, European indexes reversed early gains and finished slightly lower. Britain's FTSE 100, Germany's DAX index and France's CAC-40 all fell 0.1 percent.

Hong Kong's Hang Seng index fell 0.5 percent. Japan's markets were closed for a public holiday.

 

[bigdog]

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

A better-than-expected batch of jobless claims data positioned stocks for a rebound from the previous session's late sell-off, but a disappointing existing home sales report and a sharp rebound in the dollar combined to renew selling pressure and hand stocks their second straight loss.

Stocks dropped 1% in the previous session, but managed to open with a modest gain amid news that the latest initial jobless claims tally fell to its lowest level in two months by totaling 530,000 in the week ending Sept. 19. Economists, on average, had expected initial claims to total 550,000. Continuing claims were also below expectations. They were predicted to total 6.18 million, but came in at 6.14 million, instead.

Investors pulled away from stocks after an unexpected drop in home sales and a slide in oil prices fanned worries about the pace of the economy's recovery.

Stocks fell for a second day Thursday after the National Association of Realtors said sales of existing homes dropped 2.7 percent in August after jumping 7.2 percent in July. Economists had expected sales would post their fifth straight monthly increase.

The market climbed in morning trading following a surprise drop in the number of people seeking unemployment benefits. The housing numbers upended that advance, however, and stocks never recovered. The Dow Jones industrial average ended with a loss of 41 points to bring its two-day drop to 122 points.

The NYSE DOW closed LOWER -41.11 points -0.42% on Thursday September 24
Sym Last........ ........Change..........
Dow 9,707.44 -41.11 -0.42%
Nasdaq 2,107.61 -23.81 -1.12%
S&P 500 1,050.78 -10.09 -0.95%
30-yr Bond 4.1740% -0.0210

NYSE Volume 6,551,804,500 (prior day 6,407,457,000)
Nasdaq Volume 2,646,965,000 (prior day 2,721,736,500)

Oil $71.50 -0.05 -0.07%
Gold $993.90 -19.10 -1.89%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,079.27 -60.10 -1.17%
DAX 5,605.21 -96.84 -1.70%
CAC 40 3,758.36 -63.43 -1.66%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,544.22 +173.68 +1.67%
Hang Seng 21,050.73 -544.79 -2.52%
Straits Times 2,672.11 -13.83 -0.51%

http://finance.yahoo.com/news/Drop-in-home-sales-tumbling-apf-3138340100.html?x=0

Drop in home sales, tumbling oil weigh on stocks

Stocks extend losses following surprise drop in home sales, slide in oil; Dow falls 41 points
By Sara Lepro and Tim Paradis, AP Business Writers
On Thursday September 24, 2009, 6:02 pm EDT

NEW YORK (AP) -- Investors pulled away from stocks after an unexpected drop in home sales and a slide in oil prices fanned worries about the pace of the economy's recovery.

Stocks fell for a second day Thursday after the National Association of Realtors said sales of existing homes dropped 2.7 percent in August after jumping 7.2 percent in July. Economists had expected sales would post their fifth straight monthly increase.

The market climbed in morning trading following a surprise drop in the number of people seeking unemployment benefits. The housing numbers upended that advance, however, and stocks never recovered. The Dow Jones industrial average ended with a loss of 41 points to bring its two-day drop to 122 points.

Financial stocks and home builders also lost ground after the housing numbers.

A stronger dollar weighed on the market by pushing commodity prices lower. That hit stocks of energy and materials companies.

Technology shares could see pressure Friday following disappointing quarterly results from BlackBerry maker Research In Motion Ltd. The company warned that revenue for the current quarter will fall short of analysts' expectations. The stock fell 9 percent in after-market electronic trading.

Thursday's retreat came a day after investors looked past a more upbeat assessment of the economy from the Federal Reserve and worried about what will happen once the government starts to wind down its economic stimulus efforts.

The Fed said on Wednesday it would slow its purchases of mortgage-backed securities to extend the program into early next year. A first-time home buyer's credit is set to expire in November. Then, on Thursday, the Fed said it would reduce two emergency lending programs. One is for short-term loans to banks, while the other allows investment firms to temporarily swap risky securities for safe Treasurys.

"We know what the data looked like with the economy on life support," said Stephen Wood, chief market strategist at Russell Investments. "What the market is beginning to price is what will the data look like when the Fed starts withdrawing that life support and that is not nearly as clear."

Investors are also questioning how much farther the stock market can climb. The Standard & Poor's 500 index has jumped 55.3 percent since hitting a 12-year low on March 9. Other indexes are also up sharply and the climb has come with few pauses. Many market watchers have been predicting a big drop in stocks and see unbroken gains as a sign of indiscriminate buying and a cause for worry.

The Dow fell 41.11, or 0.4 percent, to 9,707.44. The index fell Wednesday as investors worried about how quickly the Fed would rein in its supports for the economy. The Dow is now about 300 points away from the psychological benchmark of 10,000, a level it fell below nearly a year ago.

The S&P 500 index fell 10.09, or 1.0 percent, to 1,050.78, and the Nasdaq composite index fell 23.81, or 1.1 percent, to 2,107.61.

Three stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 5.6 billion shares and was flat with Wednesday.

"Basically, after the (Fed) meeting, investors took that as an excuse to take some profits," said Carmine Grigoli, chief U.S. investment strategist at Mizuho Securities in New York.

The housing data and falling commodities overshadowed the Labor Department's report that the number of newly laid off workers seeking unemployment benefits fell for a third week in a row. Initial claims for unemployment insurance fell by 21,000 last week to 530,000. Economists had been expecting an increase.

Commodities extended their losses from Wednesday as the dollar rose. The currency has weakened this year amid massive government stimulus programs and low interest rates, which has been a boon to commodities. Commodities are priced in U.S. dollars, and a weak greenback makes them more appealing to foreign buyers.

Oil dropped $3.08, or 4.4 percent, to settle at $65.89 a barrel on the New York Mercantile Exchange. That added to a nearly 4 percent slide the day before that came after the government said demand for energy was weak.

Gold ended below $1,000 for the first time in two weeks. Silver also posted a big drop.

Bond prices rose, pushing yields higher. The yield on the benchmark 10-year Treasury note fell to 3.38 percent from 3.43 percent late Wednesday.

The Russell 2000 index of smaller companies fell 11.62, or 1.9 percent, to 601.75.

Overseas, Britain's FTSE 100 lost 1.2 percent, while Germany's DAX and France's CAC-40 both fell 1.7 percent. Japan's Nikkei stock average rose 1.7 percent.

 

[bigdog]

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

For the week, the S&P 500 fell 2.2 percent, the Dow dropped 1.6 percent and the Nasdaq declined 2 percent.

Stocks looked as if they were going to trim losses amid some afternoon buying, but sellers redoubled their efforts late in the session to ensure that the stock market would log its third straight loss, which hasn't happened for three weeks.

Stocks initially looked as if they would firm up after sliding nearly 2% during the course of the previous two sessions, but the mood among participants dampened amid a surprise 2.4% drop in durable goods orders during August. Economists had expected a 0.4% increase. Excluding transportation, orders were flat, which missed the consensus forecast for a 1.0% gain.

Stocks fell for a third straight day on Friday on disappointing housing and durable goods data, while Research In Motion's lackluster results dented optimism about technology spending.

Economic reports showed that new orders for long-lasting U.S. manufactured goods fell by their biggest margin in seven months, while August sales of new home fell short of Wall Street's expectations, raising questions about the strength of the recovery.

With the benchmark S&P 500 having risen almost 60 percent from 12-year lows in early March, the tolerance threshold of less-than-stellar economic data has diminished as investors seek justification for the strong runup in stocks.

The NYSE DOW closed LOWER -42.25 points -0.44% on Friday September 25
Sym Last........ ........Change..........
Dow 9,665.19 -42.25 -0.44%
Nasdaq 2,090.92 -16.69 -0.79%
S&P 500 1,044.38 -6.40 -0.61%
30-yr Bond 4.0930% -0.0810

NYSE Volume 5,280,154,500 (prior day 6,551,804,500)
Nasdaq Volume 2,381,302,250 (prior day 2,646,965,000)

Oil 71.50 -0.05 -0.07%
Gold 990.00 -7.50 -0.75%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,082.20 +2.93 +0.06%
DAX 5,581.41 -23.80 -0.42%
CAC 40 3,739.14 -19.22 -0.51%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,265.98 -278.24 -2.64%
Hang Seng 21,024.40 -26.33 -0.13%
Straits Times 2,662.82 -4.61 -0.17%

http://finance.yahoo.com/news/Recovery-angst-RIMs-results-rb-448963987.html?x=0

Recovery angst, RIM's results hit Wall Street
On Friday September 25, 2009, 5:57 pm EDT
By Ellis Mnyandu

NEW YORK (Reuters) - Stocks fell for a third straight day on Friday on disappointing housing and durable goods data, while Research In Motion's lackluster results dented optimism about technology spending.

Economic reports showed that new orders for long-lasting U.S. manufactured goods fell by their biggest margin in seven months, while August sales of new home fell short of Wall Street's expectations, raising questions about the strength of the recovery.

With the benchmark S&P 500 having risen almost 60 percent from 12-year lows in early March, the tolerance threshold of less-than-stellar economic data has diminished as investors seek justification for the strong runup in stocks.

Economically sensitive stocks bore the brunt of the selloff, including technology, big manufacturers, banks, home builders and some consumer companies.

Shares of Research In Motion (Toronto:RIM.TO - News; NasdaqGS:RIMM - News), down 17.04 percent to $68.91, were a top drag on Nasdaq, a day after the maker of BlackBerry devices posted quarterly revenue below Wall Street's forecasts and offered a disappointing outlook.

"The data on the health of the residential market and durable goods do not support a quick recovery thesis," said David Dietze, chief investment officer of Point View Financial Services in Summit, New Jersey.

"We need to see some data points that are leading us in the right direction."

The Dow Jones industrial average (DJI:^DJI - News) fell 42.25 points, or 0.44 percent, to 9,665.19. The Standard & Poor's 500 Index (^SPX - News) dropped 6.40 points, or 0.61 percent, to 1,044.38. The Nasdaq Composite Index (Nasdaq:^IXIC - News) declined 16.69 points, or 0.79 percent, to 2,090.92.

A rise in shares of companies which fare better in an uncertain economy, including Coca-Cola Co (NYSE:KO - News), helped indexes finish the session off their worst levels. Even so, the S&P 500 snapped a two-week winning streak and suffered its biggest weekly drop since early July.

For the week, the S&P 500 fell 2.2 percent, the Dow dropped 1.6 percent and the Nasdaq declined 2 percent.

Wal-Mart Stores Inc (NYSE:WMT - News), off 2.4 percent to $49.47, was the Dow's worst drag, followed by United Technologies Corp (NYSE:UTX - News), down 1.3 percent to $61.54.

Homebuilder KB Home (NYSE:KBH - News) slumped 8.5 percent to $16.96 after reporting a wider-than-expected quarterly loss and its chief executive warned he does not expect meaningful improvement in the U.S. housing market in the near future.

The Dow Jones home construction index (DJI:^DJUSHB - News) declined 2.8 percent.

Shares of credit card company American Express Co (NYSE:AXP - News) fell 2.3 percent to $33.07, while JPMorgan (NYSE:JPM - News) declined 1.6 percent to $43.65. The S&P financial index (^GSPF - News) shed 1.1 percent.

Before this week's selling, stocks had rallied sharply for six months on expectations that the recovery was gaining traction.

But besides worrying about the recovery, the market also is nervous that authorities might curb stimulus measures too soon.

Volume was moderate, with about 1.20 billion shares changing hands on the New York Stock Exchange, compared with last year's estimated daily average of 1.49 billion. On the Nasdaq, about 2.39 billion shares traded, above last year's daily average of 2.28 billion.

Declining stocks outnumbered advancing ones by a ratio of about 6 to 5 on the NYSE, while on Nasdaq about 4 stocks fell for every 3 that rose.
167

 

[bigdog]

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

News of renewed merger and acquisition activity didn't bring many participants to the market, but stocks were still able to sport broad-based gains for the entire session and log their best gain in one month.

Stocks were given support in the early going by news that Xerox (XRX 7.68, -1.29) will pay $6.4 billion in cash and stock for Affiliated Computer Systems (ACS 53.86, +6.61), while Abbott Labs (ABT 48.58, +1.12) will pay $6.6 billion in cash for Solvay's drug business.

A burst of corporate dealmaking is giving investors a shot of confidence about the economy.

Stock indexes rose more than 1 percent in light trading Monday to break a three-day slide. The Dow Jones industrial average rose 124 points for its biggest gain in more than a month, recouping much of what it lost last week.

Large acquisitions from Abbott Laboratories and Xerox Corp. pushed shares of drugmakers and technology companies higher, and the buying spread to other parts of the market as investors hoped that the $6 billion-plus deals could be a sign that takeover activity is finally picking up.

The NYSE DOW closed HIGHER +124.17 points +1.28% on Monday September 28
Sym Last........ ........Change..........
Dow 9,789.36 +124.17 +1.28%
Nasdaq 2,130.74 +39.82 +1.90%
S&P 500 1,062.98 +18.60 +1.78%
30-yr Bond 4.0450% -0.0480

NYSE Volume 4,384,575,500 (prior day 5,280,154,500)
Nasdaq Volume 1,927,811,120 (prior day 2,381,302,250)

Oil 71.50 -0.05 -0.07%
Gold 988.90 -1.40 -0.14%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,165.70 +86.43 +1.70%
DAX 5,736.31 +154.90 +2.78%
CAC 40 3,825.00 +85.86 +2.30%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,009.52 -256.46 -2.50%
Hang Seng 20,588.41 -435.99 -2.07%
Straits Times 2,629.25 -32.92 -1.24%

http://finance.yahoo.com/news/Xerox-Abbott-deals-boost-apf-3840958588.html?x=0

Xerox, Abbott deals boost stocks; Dow gains 124

Stocks jump as investors see burst of takeovers as good sign for a recovery
By Tim Paradis, AP Business Writer
On Monday September 28, 2009, 6:19 pm EDT

NEW YORK (AP) -- A burst of corporate dealmaking is giving investors a shot of confidence about the economy.

Stock indexes rose more than 1 percent in light trading Monday to break a three-day slide. The Dow Jones industrial average rose 124 points for its biggest gain in more than a month, recouping much of what it lost last week.

Large acquisitions from Abbott Laboratories and Xerox Corp. pushed shares of drugmakers and technology companies higher, and the buying spread to other parts of the market as investors hoped that the $6 billion-plus deals could be a sign that takeover activity is finally picking up.

A resumption of corporate takeovers would represent an important milepost in the recovery of the financial system. Mergers had slowed to a trickle since the peak of the financial crisis a year ago as companies became fearful of parting with cash. Even those that were willing to had trouble lining up financing in the ailing credit markets.

A willingness by big companies to wager stock and borrow money to bulk up their business also sets off a guessing game over what the next takeover targets might be. Just last week Dell Inc. said it would acquire technology company Perot Systems Corp. for $3.9 billion, and earlier this month Kraft Foods Inc. made an overture for candy maker Cadbury PLC for $16.7 billion.

Stocks have surged since March as investors jockeyed to stay ahead of a strengthening in the economy, but the pace of those gains has some analysts worried that the advance is overdone. The willingness of companies to pursue big deals helped ease some of those worries, at least for now.

"It's encouraging to all investors when you see companies buy because basically what that says is they're in a more aggressive mode as opposed to being in the fetal position," said Mark Coffelt, portfolio manager at Empiric Funds in Austin, Texas.

The Dow rose 124.17, or 1.3 percent, to 9,789.36, its biggest advance since Aug. 21. Last week, the Dow lost 155 points following lackluster reports on housing and manufacturing. The Dow's latest gain puts it about 200 points from the psychological barrier of 10,000. The index fell below that level in October as markets plunged and hasn't crossed back over it since.

The broader Standard & Poor's 500 index rose 18.60, or 1.8 percent, to 1,062.98, and the Nasdaq composite index rose 39.82, or 1.9 percent, to 2,130.74.

Four stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 3.8 billion shares compared with 4.6 billion Friday. It was the lightest day since July 10. Trading was thin as some market participants were out for Yom Kippur, the holiest day of the Jewish calendar. Lower trading volume can skew the market's moves.

In corporate deal activity, Abbott Labs said Monday it would acquire the pharmaceutical business of Belgian chemicals maker Solvay for $6.6 billion, while Xerox Corp. agreed to buy Affiliated Computer Services for about $6.4 billion.

"It's a sign of a return to normalcy," said Thomas K.R. Wilson, managing director of Brinker Capital's institutional investment group in Berwyn, Pa., referring to the acquisitions.

Charlie Smith, chief investment officer at Fort Pitt Capital in Pittsburgh, said it's a welcome sign that the credit markets are stronger when businesses like Xerox can put together a deal. "Xerox could not have done this deal back in March or April," Smith said.

Some money managers are racing to catch up with the market's advance before the third quarter ends on Wednesday. The Dow is up 16 percent for the quarter and is on pace for its best quarter since the fourth quarter of 1998, when it rose 17.1 percent.

Abbott Labs rose $1.25, or 2.6 percent, to $48.58. Abbott's purchase of Brussels-based Solvay gives the company access to emerging markets in Eastern Europe and Asia along with new therapeutic areas such as the fast-growing market for vaccines.

Xerox's deal for ACS set off a rally in other information-technology companies. Accenture PLC and Unisys Corp. climbed. Affiliated Computer jumped $6.61, or 14 percent, to $53.86, while Xerox fell $1.29, or 14.4 percent, to $7.68.

Tech shares got another boost from Cisco Systems Inc., which rose 99 cents, or 4.4 percent, to $23.61 after a Barclays Capital analyst raised his rating on the maker of networking equipment maker as he predicted improved demand from telecommunications companies would boost revenue.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.28 percent from 3.32 percent late Friday.

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

The Russell 2000 index of smaller companies rose 14.28, or 2.4 percent, to 613.22.

Britain's FTSE 100 rose 1.6 percent, Germany's DAX index rose 2.8 percent, and France's CAC-40 advanced 2.3 percent. Japan's Nikkei stock average fell 2.5 percent.

 

[bigdog]

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

Tuesday's trade concluded in lackluster fashion as an absence of leadership left stocks to drift during the afternoon, unable to reclaim their initial gains.

Stocks had started the session in higher ground as a better-than-expected S&P/Case-Shiller Home Price Report for July brought about some modest support. The report's 20-City Composite showed a 13.3% year-over-year decline, which wasn't as bad as the 14.2% decline that was expected.

A surprise drop in consumer confidence tripped up investors Tuesday, a day after a round of corporate takeovers set off a steep market rally.

Stocks slid after the Conference Board said its consumer confidence index fell in September. Economists had been expecting a reading of 57; instead it came in at 53.1.

The private research group said consumers are still worried about losing their jobs. Many analysts warn a turnaround in the economy won't hold if consumers don't start picking up spending and employers add jobs.

The NYSE DOW closed LOWER -47.16 points -0.48% on Tuesday September 29
Sym Last........ ........Change..........
Dow 9,742.20 -47.16 -0.48%
Nasdaq 2,124.04 -6.70 -0.31%
S&P 500 1,060.61 -2.37 -0.22%
30-yr Bond 4.0230% -0.0220

NYSE Volume 5,652,462,500 (prior day 4,384,575,500)
Nasdaq Volume 2,110,500,500 (prior day 1,927,811,120)

Oil 71.50 -0.05 -0.07%
Gold 992.00 -0.50 -0.05%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,159.72 -5.98 -0.12%
DAX 5,713.52 -22.79 -0.40%
CAC 40 3,814.10 -10.90 -0.28%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,100.20 +90.68 +0.91%
Hang Seng 21,013.17 +424.76 +2.06%
Straits Times 2,663.31 +34.06 +1.30%

http://finance.yahoo.com/news/Drop-in-consumer-confidence-apf-1913425646.html?x=0

Drop in consumer confidence weighs on stocks

Stocks fall as market absorbs mixed news on home prices and consumer confidence; Dow falls 47
By Sara Lepro, AP Business Writer
On Tuesday September 29, 2009, 6:15 pm EDT

NEW YORK (AP) -- A surprise drop in consumer confidence tripped up investors Tuesday, a day after a round of corporate takeovers set off a steep market rally.

Stocks slid after the Conference Board said its consumer confidence index fell in September. Economists had been expecting a reading of 57; instead it came in at 53.1.

The private research group said consumers are still worried about losing their jobs. Many analysts warn a turnaround in the economy won't hold if consumers don't start picking up spending and employers add jobs.

The report offset early enthusiasm over an increase in home prices.

Stocks broke a three-day losing streak Monday after news of several big acquisitions signaled to investors that corporate America is feeling more confident about the economy and willing to take on more risk through mergers and acquisitions.

"You had these M&A deals make people feel better about growth prospects and valuations," said Nick Kalivas, vice president of financial research and senior equity index analyst at MF Global. "We don't have any followthrough M&A today and the market really lacks a forward catalyst."

With economic reports still mixed, some investors are hesitant to keep buying and extend the market's nearly seven-month advance, or at least keep it going at the same fervid pace. The benchmark Standard & Poor's 500 index has gained 56.8 percent since hitting a 12-year low in March.

"Stock have been moving aggressively up," said Lawrence Creatura, portfolio manager at Federated Clover Investment Advisors. "It's natural for investors to want to lock in some of those gains as we end the quarter."

The Dow Jones industrials fell 47.16, or 0.5 percent, to 9,742.20, chipping away part of Monday's 124-point gain. The S&P 500 index slipped 2.38, or 0.2 percent, to 1,060.60, and the Nasdaq composite index fell 6.70, or 0.3 percent, to 2,124.04.

The Russell 2000 index of smaller companies fell 2.77, or 0.5 percent, to 610.45.

Falling stocks narrowly outpaced those that rose on the New York Stock Exchange, where consolidated volume came to 5 billion shares, compared with 3.8 billion Monday when trading was light because of the Jewish holiday Yom Kippur.

Stocks jumped Monday as news of large takeovers by Xerox Corp. and Abbott Laboratories brought hope that corporate dealmaking could be making a comeback. That would be a sign that borrowing is getting easier and that companies expect the economy to improve.

Analysts have been saying that some retreat in stocks will help the market avoid getting overheated. But so far, breaks in the advance have been mild and brief, as investors look for opportunities to buy into the market.

"There hasn't been any followthrough on those down days," said Howard Ward, portfolio manager at GAMCO Growth Fund, whose portfolio is concentrated in areas most sensitive to the economy, including technology, energy and financial stocks.

The market could have trouble resuming its advance if economic reports don't boost optimism. Despite better signs on manufacturing and home sales, unemployment stands at a 26-year high of 9.7 percent. Investors will get the latest news on employment Friday when the Labor Department releases its monthly jobs report, one of the most closely watched economic reports.

The Standard & Poor's/Case-Shiller home price index of 20 major cities provided the latest encouraging sign for the housing market. The index rose 1.2 percent in July from June. Home prices are still 13.3 percent below July a year ago, but the annual drops have slowed in all 20 cities for the past six months.

Energy stocks slid as oil lost ground amid worries that the economy won't be strong enough to lift demand as much as expected. Oil had been steadily rising in recent months on expectations that the economy was going to be stronger, therefore pushing demand higher.

Crude fell 13 cents to settle at $66.71 on the New York Mercantile Exchange.

In other trading, bond prices mostly fell after five days of gains. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.29 percent from 3.28 percent late Monday.

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

Overseas, Britain's FTSE 100 fell 0.1 percent, Germany's DAX index lost 0.4 percent, and France's CAC-40 slipped 0.3 percent. Japan's Nikkei stock average rose 0.9 percent.

 

[bigdog]

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

An early selling effort dropped stocks from an initial gain to a loss of more than 1%, but stocks gradually made their way back to positive ground before falling under a second wave of selling pressure. Although they finished the session with a loss, stocks still logged impressive gains for the month.

The stock market had a fitting end to a stellar but erratic third quarter as investors still ambivalent about the economy shuttled between bouts of buying and selling.

Wall Street's major indexes ended the July-September period with big gains Wednesday as investors placed more bets that the recovery will keep gathering momentum. The Dow Jones industrials and Standard & Poor's 500 index both ended the quarter with gains of more than 15 percent, even as they pulled back modestly on the quarter's last day.

The gains didn't always come easily during the quarter, and the Dow's performance is proof. The average, which had its best three-month showing in nearly 11 years, came within 82 points of reclaiming 10,000, only to fall back as investors' optimism was chilled by news that housing and manufacturing weren't as strong as many had thought.

The NYSE DOW closed LOWER -29.92 points -0.31% on Wednesday September 30
Sym Last........ ........Change..........
Dow 9,712.28 -29.92 -0.31%
Nasdaq 2,122.42 -1.62 -0.08%
S&P 500 1,057.08 -3.53 -0.33%
30-yr Bond 4.0480% +0.0250

NYSE Volume 7,340,309,000 (prior day 5,652,462,500)
Nasdaq Volume 2,754,416,750 (prior day 2,110,500,500)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 1006.05 +14.30 +1.44%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,133.90 -25.82 -0.50%
DAX 5,675.16 -38.36 -0.67%
CAC 40 3,795.41 -18.69

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,133.23 +33.03 +0.33%
Hang Seng 20,955.25 -57.92 -0.28%
Straits Times 2,672.57 +9.26 +0.35%

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

Stocks slip but still have best quarter since 1998

Poor manufacturing report upsets stock rally; Market still posts best quarter in 11 years

By Tim Paradis, AP Business Writer
On Wednesday September 30, 2009, 7:06 pm EDT

NEW YORK (AP) -- The stock market had a fitting end to a stellar but erratic third quarter as investors still ambivalent about the economy shuttled between bouts of buying and selling.

Wall Street's major indexes ended the July-September period with big gains Wednesday as investors placed more bets that the recovery will keep gathering momentum. The Dow Jones industrials and Standard & Poor's 500 index both ended the quarter with gains of more than 15 percent, even as they pulled back modestly on the quarter's last day.

The gains didn't always come easily during the quarter, and the Dow's performance is proof. The average, which had its best three-month showing in nearly 11 years, came within 82 points of reclaiming 10,000, only to fall back as investors' optimism was chilled by news that housing and manufacturing weren't as strong as many had thought.

On the quarter's last day, stocks got an early lift from an improvement in the government's report on the second-quarter gross domestic product, then tumbled on news of a surprise drop in the September Chicago Purchasing Managers index, which measures Midwestern manufacturing.

Analysts who are generally upbeat about the market's prospects for the fourth quarter say the pattern is likely to hold: Bad news will hit the market, reminding investors of the economy's fragility, and stocks will slide. But within a few days, or even the same day, they'll recover as investors grab hold of the fact that no one expects the recovery, or stocks, to have an unbroken path upward.

"Any legitimate decline in the market is just seen as a buying opportunity," said David Waddell, senior investment strategist and CEO of Waddell & Assoc. "That pattern has continued now ever since the rally began."

The rally began in March, with the first signs that the economy might be recovering. The market's stats show how huge the rally has been:

-- The Dow is up 15 percent for the quarter, its best gain since the fourth quarter of 1998. It's up 48.4 percent from its 12-year low of 6,547.05 in March. From a year ago, when the financial crisis worsened, the index is down 10.2 percent. The Dow is still down 21.4 percent from its peak of 14,164.53 in October 2007, but that's quite an improvement considering it fell 53.8 percent from that record.

-- The S&P 500 index is up 15 percent for the quarter and 56.3 percent from March. It is down 9.1 percent from a year ago and 32.5 percent from its high of 1,565.15 in October 2007.

-- The Nasdaq composite index, which has a big concentration of technology stocks, was the best performer. It rose 15.7 percent in the quarter and is up 67.3 percent from March.

On Wednesday, the Dow ended down 29.92, or 0.3 percent, at 9,712.28 after falling nearly 134 points. The S&P 500 index fell 3.53, or 0.3 percent, to 1,057.08. The Nasdaq fell 1.62, or 0.1 percent, to 2,122.42.

The Russell 2000 index of smaller companies fell 6.17, or 1 percent, to 604.28.

Three stocks fell for every two that rose on the New York Stock Exchange, where consolidated volume came to 6.4 billion shares compared with 5 billion shares traded Tuesday.

The next test for the market comes at the very start of the fourth quarter, with the release of the Institute for Supply Management report on manufacturing during September, and the government's jobs report for the month on Friday.

The market could have trouble continuing its advance if economic reports don't boost optimism.

Steve Hagenbuckle, managing principal for TerraCap Partners in New York, expects that corporate earnings will likely exceed expectations again for the third quarter and help boost the market.

"The corporate numbers will continue to be met or exceeded so I think we'll continue to run up," he said.

But many investors have doubts. A recent survey by the American Association of Individual Investors found that bearishness among investors stood at 44.5 percent, above the long-term average of 30 percent.

As a result, many investors are still paddling to safer investments. In August, investors funneled $42.9 billion into bond funds and only $3.9 billion into stock funds, according to the Investment Company Institute, the mutual fund trade group.

Some of the hardest-hit stocks in the market's slide that intensified a year ago posted spectacular gains in the third quarter. Financial stocks led the 10 industry groups that make up the S&P 500 index with a gain of 25 percent. Industrials rose about 21 percent, as did materials companies like chemical producers and paper makers.

Some stocks logged enormous advances for the quarter. Newspaper publisher Gannett Inc. surged 250 percent, while Hartford Financial Services Group Inc. jumped 123 percent. There were exceptions. Commercial lender CIT Group Inc. tumbled 43.7 percent as investors worried about its stability. Sprint Nextel Corp. slid 17.9 percent.

The month of September wound up being far better for the market than many people anticipated.

Stocks had tumbled on Sept. 1 as traders worried about what might happen during that month, which has historically been the worst of the year for stocks. But the slide many had feared never materialized.

The S&P 500 index finished this September with a gain of 3.6 percent, far better than the average loss of 1.2 percent it posted in Septembers going back to 1929. It wasn't hard to beat the dismal performance of September last year, when it skidded 9.1 percent as credit markets froze following the collapse of Lehman Brothers Holdings Inc.

October tends to be a better month on average for the market, but it still strikes fear in many trading rooms since it's home to the crashes of 1929 and 1987. Last year, it also saw the Dow plunge 1,874.19 points, or 18.2 percent, in just one week.

 

[bigdog]

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

A deluge of data and concern regarding tomorrow's jobs report pushed buyers to the sidelines. That left stocks to drop sharply in broad-based fashion, resulting in the stock market's worst single-session percentage loss since July.

The dour mood among participants was evident from the start. Stocks started in the red as the previous session's lackluster finish carried over into morning trade and foreign markets faltered. News that the International Monetary Fund raised its forecast for 2010 global economic growth to 3.1% from 2.5% had no real positive impact.

Stocks began the fourth quarter with their worst drop in three months after reports on the job market and manufacturing reawakened investors' pessimism about the economy.

The Dow Jones industrial average tumbled 203 points Thursday, while all the major indexes fell between 2 percent and 3 percent. The slide intensified in the final minutes of the day, signaling that traders were growing nervous ahead of the government's key September jobs report due before the opening bell Friday.

Bond prices jumped as investors sought a safer place for their money.

The NYSE DOW closed LOWER -203.00 points -2.09% on Thursday October 1
Sym Last........ ........Change..........
Dow 9,509.28 -203.00 -2.09%
Nasdaq 2,057.48 -64.94 -3.06%
S&P 500 1,029.85 -27.23 -2.58%
30-yr Bond 3.9590% -0.0890

NYSE Volume 6,914,691,000 (prior day 7,340,309,000)
Nasdaq Volume 2,751,699,500 (prior day 2,754,416,750)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 997.85 -9.00 -0.89

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,047.81 -86.09 -1.68%
DAX 5,554.55 -120.61 -2.13%
CAC 40 3,720.77 -74.64 -1.97%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,978.64 -154.59 -1.53%
Hang Seng 20,955.25 -57.92 -0.28%
Straits Times 2,657.44 -15.13 -0.57%

http://finance.yahoo.com/news/Manufacturing-employment-apf-2632850236.html?x=0

Manufacturing, employment reports pound stocks

Stocks tumble on disappointing reports on manufacturing, unemployment; Dow slides 203 points

By Tim Paradis, AP Business Writer
On Thursday October 1, 2009, 5:57 pm EDT

NEW YORK (AP) -- Stocks began the fourth quarter with their worst drop in three months after reports on the job market and manufacturing reawakened investors' pessimism about the economy.

The Dow Jones industrial average tumbled 203 points Thursday, while all the major indexes fell between 2 percent and 3 percent. The slide intensified in the final minutes of the day, signaling that traders were growing nervous ahead of the government's key September jobs report due before the opening bell Friday.

Bond prices jumped as investors sought a safer place for their money.

It was the sixth drop in seven days for stocks and another reminder of how fragile the market's seven-month rally has become. The economic reports overshadowed a more upbeat assessment on housing and added urgency to questions about how strong the recovery really is.

"Fear is still very, very fresh in people's minds and the magnitude of the potential disaster that we had last September through March, I think still has investors pretty skittish," said Darell Krasnoff, managing director of Bel Air Investment Advisors in Los Angeles. "So our sense is that some bad news can shift sentiment pretty quickly."

The latest worries erupted when the Labor Department said new claims for jobless benefits rose last week to 551,000. Economists had expecting claims would be essentially unchanged at 535,000, according to a survey by Thomson Reuters.

The mood on Wall Street darkened when the Institute for Supply Management said its index of manufacturing activity in September fell rather than rose as analysts had expected.

The employment figures rattled investors already worried about the job market. Economists predict that unemployment, which stands at a 26-year high of 9.7 percent, will rise to 9.8 percent for September. Most analysts expect the rate to top 10 percent by early next year. Economists are hoping the pace of job cuts will slow, however. Employers are expected to have cut 180,000 jobs in September compared with 216,000 in August.

The monthly report carries more weight with investors because it is less volatile than the weekly readings.

Christian Bendixen, director of technical research at Bay Crest Partners LLC in New York, said recent economic numbers have reminded investors that a recovery will be a difficult process rather than an unbroken improvement.

"For the first time in a while they're coming in a little bit lower than expectations and I think that's scaring a few investors," he said.

The Dow fell 203.00, or 2.1 percent, to 9,509.28, its lowest close since Sept. 8. The drop was the biggest since July 2, when the index fell 223 points, or 2.6 percent, after the government said unemployment had risen.

The Dow shed 50 points in the final 10 minutes of trading. The late-day slide was reminiscent of the harrowing drops that buffeted the market a year ago as a freeze in the credit markets choked the economy.

Even with the drop, the Dow is still up 45.3 percent from a 12-year low of 6,547 in early March.

The broader Standard & Poor's 500 index fell 27.23, or 2.6 percent, to 1,029.85, and the Nasdaq composite index dropped 64.94, or 3.1 percent, to 2,057.48.

The Russell 2000 index of smaller companies fell 20.53, or 3.4 percent, to 583.75.

Five stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 6 billion shares compared with 6.4 billion Wednesday.

Bond prices jumped as investors sought safety, sending the yield on the 10-year Treasury note down to 3.18 percent -- its lowest since May -- from 3.31 percent late Wednesday.

Several economic reports this week have raised doubts about the strength of the recovery and whether the market rally should continue. Reports on consumer confidence and Midwestern manufacturing fell short of expectations.

The bad start to October came a day after stocks wrapped up a stellar third quarter. Both the Dow and the S&P 500 index gained 15 percent. It was the Dow's best quarter in nearly 11 years.

In other economic news Thursday, the Commerce Department said consumer spending surged by the largest amount in nearly eight years in August, even as personal income growth lags. However, with part of the advance in spending due to the government's Cash for Clunkers program, analysts were doubting it could be sustained.

Meanwhile, the National Association of Realtors said pending home sales in August rose 6.4 percent from July to 103.8. Economists surveyed by Thomson Reuters expected the index would rise to 98.6.

Marc Harris, co-head of global research for RBC Capital Markets in New York, said caution among many investors could prevent the market from getting overheated. He pointed to a recent RBC survey of more than 700 financial executives that found more than half expected a gradual economic recovery while far fewer called for a steep rebound. That pessimism is keeping some investors from rushing into the market.

"Not everybody has jumped into the pool yet," he said.

Harris predicts trading will be volatile as questions about the pace of the recovery dog investors.

"We've forgotten the world that we were living through not long ago," he said. "People thought we were heading to zero on the S&P. I'll take a 1,029 any day."

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

Light, sweet crude rose 21 cents to settle at $70.82 a barrel on the New York Mercantile Exchange.

Overseas, Britain's FTSE 100 fell 1.7 percent, Germany's DAX index slid 2.1 percent, and France's CAC-40 lost 2 percent. Japan's Nikkei stock average fell 1.5 percent.

 

[bigdog]

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

The Dow Jones industrial average closed the week down 177.52, or 1.8 percent, at 9,487.67. The Standard & Poor's 500 index fell 19.17, or 1.8 percent, to 1,025.21. The Nasdaq composite index fell 42.81, or 2 percent, to 2,048.11.

Technical support and a retreating dollar helped stocks bounce back after falling sharply in response to a disappointing jobs report, but there simply weren't enough buyers to drive stocks to a sustainable gain. In turn, stocks logged their fourth straight loss, which left the stock market down 1.8% for the week.

Investors retreated further from stocks Friday as the pile of disappointing economic reports grew larger.

A modest slide left stocks lower for a second week, the first consecutive drop since July. The Dow Jones industrial average fell for a fourth day, losing 22 points one day after sliding 203 on reports of weak manufacturing and a jump in claims for jobless benefits.

The loss Friday came as the government said employers cut more jobs than economists had expected last month and that orders at factories fell. The reports added to concerns that the economy's recovery could be further off than had been hoped.

The NYSE DOW closed LOWER -21.61 points -0.23% on Friday October 2
Sym Last........ ........Change..........
Dow 9,487.67 -21.61 -0.23%
Nasdaq 2,048.11 -9.37 -0.46%
S&P 500 1,025.21 -4.64 -0.45%
30-yr Bond 4.0110% +0.0520

NYSE Volume 6,521,788,000 (prior day 6,914,691,000)
Nasdaq Volume 2,482,226,750 (prior day 2,751,699,500)

Oil 71.50 -0.05 -0.07%
Gold 1003.20 +3.70 +0.37%

Europe
Symbol... Last...... .....Change.......
FTSE 100 4,988.70 -59.11 -1.17%
DAX 5,467.90 -86.65 -1.56%
CAC 40 3,649.90 -70.87 -1.90%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,731.87 -246.77 -2.47%
Hang Seng 20,375.49 -579.76 -2.77%
Straits Times 2,604.53 -52.91 -1.99%

http://finance.yahoo.com/news/Stock...6.html?x=0&sec=topStories&pos=1&asset=&ccode=

Stocks fall following disappointing jobs report

Stocks fall but end off lows after disappointing jobs report for September; Dow slips 22

By Sara Lepro and Tim Paradis, AP Business Writers
On Friday October 2, 2009, 6:18 pm EDT

NEW YORK (AP) -- Investors retreated further from stocks Friday as the pile of disappointing economic reports grew larger.

A modest slide left stocks lower for a second week, the first consecutive drop since July. The Dow Jones industrial average fell for a fourth day, losing 22 points one day after sliding 203 on reports of weak manufacturing and a jump in claims for jobless benefits.

The loss Friday came as the government said employers cut more jobs than economists had expected last month and that orders at factories fell. The reports added to concerns that the economy's recovery could be further off than had been hoped.

The Labor Department surprised investors with its report that employers shed 263,000 jobs last month. The cuts went beyond the 201,000 jobs lost in August and were far larger than the 180,000 economists expected. The unemployment rate ticked up to 9.8 percent from 9.7 percent as forecast.

The report is often the most anticipated piece of economic news each month because an eventual drop in unemployment is key to sustained recovery.

"There's been a lot of talk particularly in the last couple of months that we're seeing a turnaround in unemployment, and obviously that's not the case," said Dan Cook, senior market analyst at IG Markets in Chicago.

Meanwhile, the surprise drop in factory orders added to the lackluster economic readings of the past two weeks. The Commerce Department said factory orders fell 0.8 percent in August. Analysts had been expecting an increase.

The market's optimism has been tested by economic data that have either weakened or fallen short of expectations, a disappointment after several months of hopeful signs from key industries like housing and manufacturing. That has led investors to question whether the 50 percent surge in stocks over the past six months can be sustained.

With nerves running high, stocks have fallen in seven of the last eight days. The Dow has lost about 4.3 percent since coming within 82 points of the 10,000 level on Sept. 23.

Bruce Shalett, managing partner, Wynston Hill Capital in New York said the jobs report was "a reminder that while things are not as dire as they were a year ago, we still have a lot of work to do."

Many found the relatively calm response to the jobs report encouraging, taking it as a sign there are still investors willing to use the dips to pick up stocks they consider cheap.

"Pullbacks are going to constantly be used as opportunities to get into the market," said Hank Smith, chief investment officer of equity at Haverford Investments in Radnor, Pa.

Some of Thursday's slide was likely due to investors making bets that the employment number would indeed be bad. That would also help explain Friday's muted selling. The Dow fell 21.61, or 0.2 percent, to 9,487.67, its lowest close since Sept. 4. The index fell as much as 79 points during trading.

The broader Standard & Poor's 500 index fell 4.64, or 0.5 percent, to 1,025.21, and the Nasdaq composite index fell 9.37, or 0.5 percent, to 2,048.11.

Two stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 5.6 billion shares compared with 6 billion Thursday.

For the week, the Dow fell 1.8 percent, its biggest loss since early July. The S&P 500 index lost 1.8 percent after falling 2.2 percent last week. The Nasdaq fell 2 percent for the week.

Stocks are coming off a robust third quarter. Both the Dow and the S&P 500 index gained 15 percent in the July-September period. It was the Dow's best quarter since 1998.

The fourth quarter may not be as stellar. Analysts expect the market to drift over the next few weeks as investors await companies' earnings reports and their forecasts for the coming months. The last big pullback in the market came in the weeks before second-quarter earnings were announced in July.

"October is shaping up to be a challenging month for investors," said Brent McQuiston, a vice president at WealthTrust-Arizona.

Strong earnings could help offset any growing concerns about a recovery and stabilize the market, he said, but solid revenue growth is what is needed to put the market on "firm footing." In the second quarter, many companies' sales were disappointing, and it was only through cost-cutting that profits were able to rise.

Yields on long-term Treasurys moved off their lowest levels since the spring. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.22 percent from 3.18 percent late Thursday.

The dollar was mixed against other currencies. Gold prices edged higher.

Crude oil fell 87 cents to settle at $69.95 a barrel on the New York Mercantile Exchange.

In other trading, the Russell 2000 index of smaller companies fell 3.55, or 0.6 percent, to 580.20.

Overseas, Britain's FTSE 100 fell 1.2 percent, Germany's DAX index lost 1.6 percent, and France's CAC-40 tumbled 1.9 percent. Japan's Nikkei stock average fell 2.5 percent.

The Dow Jones industrial average closed the week down 177.52, or 1.8 percent, at 9,487.67. The Standard & Poor's 500 index fell 19.17, or 1.8 percent, to 1,025.21. The Nasdaq composite index fell 42.81, or 2 percent, to 2,048.11.

The Russell 2000 index, which tracks the performance of small company stocks, fell 18.74, or 3.1 percent, for the week to 580.20.

The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 10,469.55, down 208.14, or 2 percent.

601

 

[bigdog]

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

A strong advance by the financial sector and a weaker U.S. dollar helped give the stock market its first gain in five sessions.

The major indices started the session with modest gains, but shares of diversified banks wasted little time putting together their best percentage gain in two months. The group was helped along by news that analysts at Goldman Sachs raised their rating on the U.S. large-cap bank sector. Diversified banks finished the session 5.6% higher, which lifted the broader financial sector to a 3.3% gain and helped it outperform every other major sector.

The first growth in the service industry in a year and upbeat comments about big banks pulled investors into the stock market after two losing weeks.

The Dow Jones industrial average rose 112 points as all major stock indicators gained 1 percent.

The Institute for Supply Management said its service index rose to 50.9 in September from 48.4 in August. Analysts polled by Thomson Reuters had expected a reading of 50, the dividing line between growth and contraction. The index hadn't grown since August of last year.

The NYSE DOW closed HIGHER +112.08 points +1.18% on Monday October 5
Sym Last........ ........Change..........
Dow 9,599.75 +112.08 +1.18%
Nasdaq 2,068.15 +20.04 +0.98%
S&P 500 1,040.46 +15.25 +1.49%
30-yr Bond 4.0230% +0.0120

NYSE Volume 5,071,727,500 (prior day 6,521,788,000
Nasdaq Volume 2,212,466,750 (prior day 2,482,226,750)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 1016.75 +15.45 +1.54%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,024.33 +35.63 +0.71%
DAX 5,508.85 +40.95 +0.75%
CAC 40 3,675.01 +25.11 +0.69%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,674.49 -57.38 -0.59%
Hang Seng 20,429.07 +53.58 +0.26%
Straits Times 2,583.73 -20.80 -0.80%

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

Stocks jump on service industry, bank reports

Stocks rise as service industry index signals growth for first time in a year; Dow jumps 112

By Tim Paradis, AP Business Writer
On Monday October 5, 2009, 5:56 pm EDT

NEW YORK (AP) -- The first growth in the service industry in a year and upbeat comments about big banks pulled investors into the stock market after two losing weeks.

The Dow Jones industrial average rose 112 points as all major stock indicators gained 1 percent.

The Institute for Supply Management said its service index rose to 50.9 in September from 48.4 in August. Analysts polled by Thomson Reuters had expected a reading of 50, the dividing line between growth and contraction. The index hadn't grown since August of last year.

Financial and energy stocks led the gains after Goldman Sachs raised its rating on large banks and the price of oil jumped.

The advance follows the market's first back-to-back weekly drops since July, which came as reports on manufacturing and consumer sentiment fell short of expectations.

Stocks had fallen for seven of eight days, which likely brought buying interest from investors seeking bargains. The Dow lost 332 points, or 3.4 percent, in the past two weeks. Monday's advance also came in light trading volume, which can skew price moves. Bigger tests of the market will arrive in the coming weeks when companies begin turning in earnings reports for the July-September quarter.

Thomas J. Lee, chief U.S. equity strategist at J.P. Morgan, said the improvement in the service index is encouraging because it could help boost confidence in the economy, a key element of a sustainable recovery.

"We really have to see the animal spirits kick in in the next six months, which is confidence in both businesses and consumers," he said.

The Dow rose 112.08, or 1.2 percent, to 9,599.75, its first gain in four days. The broader Standard & Poor's 500 index rose 15.25, or 1.5 percent, to 1,040.46, and the Nasdaq composite index rose 20.04, or 1 percent, to 2,068.15.

Lee said the market's two-week drop is a healthy sign of investor caution after stocks rose for seven months off of 12-year lows in March. He also said the mixed economic readings aren't surprising and don't mean the rally is over.

"We should be kind of looking for data to come in a little choppy because no recovery is going to be linear and smooth," he said.

A disappointing employment report Friday, which followed a string of other lackluster economic data, shook investors' confidence. The Labor Department said employers cut more jobs in September than in August, while economists had expected that cuts would decrease.

Investors could begin to get a better sense of the economy Wednesday when quarterly earnings reports start arriving. Aluminum maker and Dow component Alcoa Inc. kicks off earnings season, and investors will be looking for signs of growth to ease recent concerns about the strength of a rebound.

Adam Gould, senior portfolio manager at Direxion Funds in New York, said investors don't want to be out of the market if corporate earnings reports come in better than forecast for the third quarter as they did for the first and second quarters.

Stocks fell 7 percent from mid-June to mid-July before companies posted earnings that topped analysts' forecasts. By Friday, the Dow had slid 3.5 percent from its recent closing high on Sept. 22.

Gould said stocks are unlikely to post massive gains before the end of the year because professionals who have ridden the surge since March 9 don't expect the gains can continue at such a pace. Others who missed the rally are going to be hesitant to get in now.

"I see people being relatively conservative between now and the end of the year. If you missed the rally you missed it," Gould said. "It's hard to buy stocks 45 percent off the lows."

Companies were able to mostly beat modest profit expectations in the second quarter primarily because of cost-cutting, including job cuts. Now traders will be looking for signs of growth in revenue to sustain improved earnings.

Financial stocks jumped after the Goldman upgrade. Wells Fargo & Co. rose $1.81, or 6.9 percent, to $28.09, while Bank of America Corp. rose 62 cents, or 3.8 percent, to $16.96.

Crude oil rose 46 cents to settle at $70.41 a barrel on the New York Mercantile Exchange as the dollar weakened. Commodities are priced in dollars, and a weak greenback makes them more appealing to foreign buyers. That lifted shares of energy and materials companies.

Bond prices mostly fell, pushing up yields. The yield on the benchmark 10-year Treasury note rose to 3.23 percent from 3.22 percent late Friday.

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

Five stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 4.4 billion shares compared with 5.6 billion traded Friday.

The Russell 2000 index of smaller companies rose 10.91, or 1.9 percent, to 591.11.

Britain's FTSE 100 rose 0.7 percent, Germany's DAX index gained 0.8 percent, and France's CAC-40 advanced 0.7 percent. Japan's Nikkei stock average fell 0.6 percent.

 

[bigdog]

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

Despite a downward drift in afternoon action, stocks were able to march considerably higher in broad-based fashion for the second straight session as overseas gains and a weaker U.S. dollar kept buyers in the market.

The major indices started markedly higher as the previous session's gains were extended amid news that by Australia's Reserve Bank hiked its key lending rate by 25 basis points to 3.25%. Though the rate hike may strike some as an unlikely impetus for higher stock prices, global participants were encouraged by the symbolism of the act, since it suggests that the global economy has strengthened. That consideration helped drive the Dow Jones World Index to a 1.9% gain, which is its best percentage gain in two months.

The stock market got a big lift from a faraway place: Australia.

The Dow Jones industrial average jumped 132 points and all major indicators rose more than 1 percent as the Australian central bank's decision to raise interest rates boosted investor optimism about the global economy. The Dow is up 244 points in two days, its best back-to-back gain since mid-July.

Investors' show of confidence ahead of a flood of corporate earnings reports came as Australia became the first major country to raise interest rates since the onset of the financial crisis last year. The move signals that policymakers see the country's economy as strong enough to withstand higher borrowing costs. That touched off hopes that other economies may also be growing.

The NYSE DOW closed HIGHER +131.50 points +1.37% on Tuesday October 6
Sym Last........ ........Change..........
Dow 9,731.25 +131.50 +1.37%
Nasdaq 2,103.57 +35.42 +1.71%
S&P 500 1,054.72 +14.26 +1.37%
30-yr Bond 4.0580% +0.0350

NYSE Volume 5,919,316,500 (prior day 5,071,727,500)
Nasdaq Volume 2,430,729,750 (prior day 2,212,466,750)

Oil 71.50 -0.05 -0.07%
Gold 1041.90 +25.20 +2.48%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,137.98 +113.65 +2.26%
DAX 5,657.64 +148.79 +2.70%
CAC 40 3,770.21 +95.20


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,691.80 +17.31 +0.18%
Hang Seng 20,811.53 +382.46 +1.87%
Straits Times 2,612.37 +28.64

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

Stocks surge as investors bet on corporate profits

Dow jumps 132 points as hopes grow for strengthening in corporate profits, global economy
By Tim Paradis, AP Business Writer
On Tuesday October 6, 2009, 5:41 pm EDT

NEW YORK (AP) -- The stock market got a big lift from a faraway place: Australia.

The Dow Jones industrial average jumped 132 points and all major indicators rose more than 1 percent as the Australian central bank's decision to raise interest rates boosted investor optimism about the global economy. The Dow is up 244 points in two days, its best back-to-back gain since mid-July.

Investors' show of confidence ahead of a flood of corporate earnings reports came as Australia became the first major country to raise interest rates since the onset of the financial crisis last year. The move signals that policymakers see the country's economy as strong enough to withstand higher borrowing costs. That touched off hopes that other economies may also be growing.

Australia's decision also dented demand for the U.S. dollar, which, in turn, raised commodities prices. U.S. energy and materials stocks jumped as oil rose and gold reached a record high.

Investors' upbeat tone investors is a departure from the market's move the past two weeks, when disappointing reports on unemployment, manufacturing and consumer sentiment gave stocks their first consecutive weekly drops since July. Investors seem inclined right now to grab hold of any good news they hear, and their shifting sentiment has led to some mild volatility including the surge upward this week.

The market's climb also came as some investors ratchet up expectations for companies' earnings for the July-September quarter. Yum Brands Inc., parent of the Taco Bell, KFC and Pizza Hut chains, reported results after the closing bell that topped expectations and raised its profit forecast for the year. Aluminum producer Alcoa Inc. reports on Wednesday.

Phil Orlando, chief equity market strategist at Federated Investors in New York, said investors are raising their expectations for earnings because few companies have issued profit warnings since the quarter's end.

"We've gone through confessional season and we haven't had a peep from anyone," he said, referring to companies that would try to prepare investors for disappointment. "It's just crickets and tumbleweed throughout Wall Street because companies are going to beat."

The Dow rose 131.50, or 1.4 percent, to 9,731.25 after rising 112 Monday. It was the Dow's biggest gain since Aug. 21 and leaves the index fewer than 300 points from the psychological benchmark of 10,000. The Dow's two-day rise is its biggest since July 16.

It was only the fifth time this year that all 30 stocks that comprise the Dow closed higher.

The Standard & Poor's 500 index rose 14.26, or 1.4 percent, to 1,054.72, while the Nasdaq composite index rose 35.42, or 1.7 percent, to 2,103.57.

Stocks jumped Monday on news that the U.S. service industry grew for the first time in a year. Upbeat comments about the nation's largest banks also drew buyers, as did a drop in the dollar.

Bond prices fell, sending the yield on the benchmark 10-year Treasury note up to 3.26 percent from 3.23 percent late Monday.

Crude oil rose 47 cents to settle at $70.88 per barrel on the New York Mercantile Exchange.

Gold rose as high as $1,045 an ounce on the Nymex before closing at $1,039.70, its highest finish since March 2008. Taking inflation into account, the high was $2,200 an ounce back in January 1980, according to the World Gold Council, an industry trade group.

Stock investors cheered the drop in the dollar because it boosts corporate profits by making U.S. goods cheaper to overseas buyers. Companies can also get a bump in profits when they convert sales made in foreign currencies to dollars. The dollar has been falling for months so that added to expectations for corporate profit reports.

"The reality is that a weak dollar right now is beneficial to us because it's driving export volumes to foreign economies that are doing better and it's going to result in currency gains," Orlando said.

The market lost about 6 percent in recent weeks, following a huge rally of about 60 percent since March, as investors questioned whether they had been too quick to place bets on a rebound in the economy. The same concerns emerged from mid-June to mid-July, when stocks fell 7 percent before companies turned in surprisingly strong profits.

Metals and mining and energy stocks rose Tuesday as commodities surged.

Alcoa rose 47 cents, or 3.5 percent, to $13.89. Barrick Gold Corp. rose $1.93, or 5.2 percent, to $38.84, while Newmont Mining Corp. jumped $3.01, or 7 percent, to $46.21. Oilfield services company Schlumberger Ltd. rose $1.28, or 2.2 percent, to $59.24.

David Kelly, chief market strategist at J.P. Morgan Funds, said the stock market has room to advance despite its already huge climb since March. Stocks are still down from their peak two years ago.

Kelly said the long-term move in the stock market should be upward as the economy improves and problems like unemployment slowly get better, a process that he expects to take years.

"As the economy gradually pulls itself back together and we march back to full employment the stock market will reflect that," Kelly said.

Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.2 billion shares compared with 1.1 billion traded Monday.

The Russell 2000 index of smaller companies rose 10.87, or 1.8 percent, to 601.98.

Britain's FTSE 100 gained 2.3 percent, Germany's DAX index rose 2.7 percent, and France's CAC-40 gained 2.6 percent. Japan's Nikkei stock average rose 0.2 percent.

 

[bigdog]

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

Leadership from the financial sector helped stocks log their third straight gain after they spent most of the session chopping along in negative territory amid a moderately stronger U.S. dollar. Though the greenback's gains weighed on the stock market and many commodities, it didn't deter gold from extending recent gains.

Stocks spent most of the session trading listlessly as the Dollar Index recovered from losses in the past three sessions to advance 0.2% Wednesday. However, bank stocks emerged with strength after struggling to find direction in the early going. With banks finishing strong, the KBW Bank Index netted a 1.2% gain and the broader financial sector settled at session highs with a 1.0% gain.

After two big days, it was time for the stock market to take a break.

Investors waiting for corporate earnings reports to start rolling in made only modest moves Wednesday after stocks posted their best two-day gain since mid-July. The Dow Jones industrial average slipped 6 points, while broader indexes edged higher.

With little economic news to direct trading, investors were waiting for earnings reports from the July-September quarter for signals about the economy.

The NYSE DOW closed LOWER -5.67 points -0.06% on Wednesday October 7
Sym Last........ ........Change..........
Dow 9,725.58 -5.67 -0.06%
Nasdaq 2,110.33 +6.76 +0.32%
S&P 500 1,057.58 +2.86 +0.27%
30-yr Bond 3.9920% -0.0660

NYSE Volume 4,890,557,000 (prior day 5,919,316,500)
Nasdaq Volume 2,239,362,000 (prior day 2,430,729,750)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 1043.70 +2.85 +0.27%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,108.90 -29.08 -0.57%
DAX 5,640.75 -16.89 -0.30%
CAC 40 3,756.41 -13.80 -0.37%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,799.60 +107.80 +1.11%
Hang Seng 21,241.59 +430.06 +2.07%
Straits Times 2,634.63 +22.74 +0.87%

http://finance.yahoo.com/news/Stock...6.html?x=0&sec=topStories&pos=3&asset=&ccode=

Stocks end mixed after rally as earnings loom

Stocks finish mixed after 2 days of gains ahead of Alcoa earnings; Dollar rebounds

By Sara Lepro and Tim Paradis, AP Business Writers
On 5:55 pm EDT, Wednesday October 7, 2009

NEW YORK (AP) -- After two big days, it was time for the stock market to take a break.

Investors waiting for corporate earnings reports to start rolling in made only modest moves Wednesday after stocks posted their best two-day gain since mid-July. The Dow Jones industrial average slipped 6 points, while broader indexes edged higher.

With little economic news to direct trading, investors were waiting for earnings reports from the July-September quarter for signals about the economy.

Aluminum maker Alcoa Inc. was the first of the 30 companies that make up the Dow Jones industrials to release its numbers, but the report didn't arrive until after the closing bell. Still, investors were happy with the news that the company was profitable again after three losing quarters, and that revenue and earnings topped expectations. Alcoa stock rose in extended-hours trading.

Investors spent Wednesday not wanting to place big bets amid concerns that revenue and earnings won't justify the enormous gains in stocks in the past seven months. The Standard & Poor's index, the basis for many mutual funds, is up 56.3 percent since hitting a 12-year low in March.

"Investors are holding tight here," said Eric Ross, director of research at Canaccord Adams. "There are people on both sides of the fence. A lot of people think this market is going to keep running and running and then others that are very nervous."

The Dow fell 5.67, or 0.1 percent, to 9,725.58. The S&P 500 index rose 2.86, or 0.3 percent, to 1,057.58, while the Nasdaq composite index rose 6.76, or 0.3 percent, to 2,110.33.

A falling dollar and rising commodity prices helped push stocks higher on Tuesday, adding to the previous day's gains that were spurred by signs of growth in the service industry. The Dow rose 244 points in two days, its best back-to-back advance since July 15-16.

Even with the recent gains, stocks are still down during the past two weeks as labor and manufacturing reports have fallen short of expectations. Analysts expect the earnings reports and forecasts that arrive in the coming weeks to have a big influence on the market's direction through the end of the year.

Many companies beat modest earnings expectations in the second quarter by cutting costs. That helped fuel the market's rally through the summer. Now, investors are hoping to see stronger sales driving earnings, which would signal some steadying in consumer spending. Many analysts remain skeptical.

"The consumer is just really damaged," said Len Blum, a managing partner at Westwood Capital LLC. "Every time we see a blip, it's not sustainable."

Alcoa's shares rose 31 cents, or 2.2 percent, to $14.20 before the company reported results, and it climbed to $15 in after-hours trading.

In other trading, shares of Verisk Analytics Inc. shot up 23.7 percent in their market debut, rising $5.22 to $27.22. The insurance data specialist raised $1.9 billion in one of the year's largest initial public offerings.

Gold ended higher after hitting a new high of $1,049.70 an ounce. Prices rose $4.70 to $1,044.40.

Oil fell $1.31 to settle at $69.57 per barrel on the New York Mercantile Exchange.

Investors have been tracking the dollar, which has fallen this year amid rock-bottom interest rates and massive government spending. A weak dollar is good for profits of companies with a strong global operations because it encourages overseas customers to buy U.S. goods and services. Over the long term, however, it could trigger inflation.

Bond prices rose after an auction of 10-year notes drew strong demand. That pushed down the yield on the 10-year Treasury note to 3.19 percent from 3.26 percent late Tuesday.

Advancing stocks narrowly outpaced those that fell on the New York Stock Exchange, where consolidated volume came to 4.3 billion shares compared with 5.1 billion Tuesday.

The Russell 2000 index of smaller companies rose 0.10, or less than 0.1 percent, to 602.08.

Britain's FTSE 100 fell 0.6 percent, Germany's DAX index slipped 0.3 percent, and France's CAC-40 lost 0.4 percent. Japan's Nikkei stock average rose 1.1 percent.

 

[bigdog]

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

The broader equity market logged its fourth straight gain amid encouraging corporate headlines, continued weakness in the U.S. dollar, and a better-than-feared weekly jobless claims report. However, technical resistance capped the move by stocks.

Dow component Alcoa (AA 14.35, +0.15) kicked off earnings season last evening in positive fashion. The company brought in an adjusted $0.04 per share, which was considerably better than the loss of $0.09 per share that had been widely expected. Alcoa went on to issue a relatively upbeat outlook. Shares of AA started the session at fresh highs for 2009, but the stock drifted off of its opening levels for the rest of the session.

The stock market resumed its rally after getting encouraging readings on two of the best gauges of the economy's health: consumer spending and corporate profits.

The Dow Jones industrial average rose 61 points Thursday after falling modestly the day before. The gains added to the market's already steep climb for the week. Improving signals about the economy pushed the Dow up 244 points Monday and Tuesday, its best back-to-back advance since July.

Traders pounced on news that retailers last month had their first sales gains in more than a year. A closely watched gauge of sales at major retailers rose 0.1 percent for September. While still tepid, it was the first monthly rise in the International Council of Shopping Centers-Goldman Sachs tally since July 2008.

The NYSE DOW closed HIGHER +61.29 points +0.63% on Thursday October 8
Sym Last........ ........Change..........
Dow 9,786.87 +61.29 +0.63%
Nasdaq 2,123.93 +13.60 +0.64%
S&P 500 1,065.48 +7.90 +0.75%
30-yr Bond 4.0940% +0.1020

NYSE Volume 5,833,707,500 (prior day 4,890,557,000)
Nasdaq Volume 2,425,962,750 (prior day 2,239,362,000)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 1054.00 +10.30 +0.99%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,154.64 +45.74 +0.90%
DAX 5,716.54 +75.79 +1.34%
CAC 40 3,806.81 +50.40 +1.34%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 9,832.47 +32.87 +0.34%
Hang Seng 21,492.90 +251.31 +1.18%
Straits Times 2,646.36 +11.73 +0.45%

http://finance.yahoo.com/news/Stock...8.html?x=0&sec=topStories&pos=3&asset=&ccode=

Stocks climb after retail sales, Alcoa earnings

Stocks resume climb after upbeat retail sales and surprising profit from Alcoa; Dow gains 61

By Sara Lepro and Tim Paradis, AP Business Writers
On 6:11 pm EDT, Thursday October 8, 2009

NEW YORK (AP) -- The stock market resumed its rally after getting encouraging readings on two of the best gauges of the economy's health: consumer spending and corporate profits.

The Dow Jones industrial average rose 61 points Thursday after falling modestly the day before. The gains added to the market's already steep climb for the week. Improving signals about the economy pushed the Dow up 244 points Monday and Tuesday, its best back-to-back advance since July.

Traders pounced on news that retailers last month had their first sales gains in more than a year. A closely watched gauge of sales at major retailers rose 0.1 percent for September. While still tepid, it was the first monthly rise in the International Council of Shopping Centers-Goldman Sachs tally since July 2008.

The growing hopes for consumer spending, which is crucial for an economic recovery, followed late Wednesday's good news from Alcoa Inc. The company surprised investors with its first profit in nine months, which the aluminum company attributed to cost-cutting and rising sales to automakers.

Alcoa is one of the first major companies to post its results. Its report and upbeat forecast for aluminum demand had many traders betting that companies' results for the July-September quarter, to be released in the coming weeks, will be better than expected.

"Alcoa set the tone and backed it up," Michael Feser, president of Zecco Trading said.

A slumping dollar helped pump up commodities prices, which gave a lift to energy and materials stocks.

Meanwhile, a better reading on the job market also fed investors' optimism. The Labor Department reported that new claims for jobless benefits fell to 521,000 last week from 554,000 the previous week. Claims came to the lowest level since early January.

The Dow rose 61.29, or 0.6 percent, to 9,786.87. The market ended off its best levels after demand at a government auction of 30-year bonds fell short of expectations. The Dow was up 111 points at its high.

The Standard & Poor's 500 index rose 7.90, or 0.8 percent, to 1,065.48, while the Nasdaq composite index rose 13.60, or 0.6 percent, to 2,123.93.

About three stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 5.2 billion shares, compared with 5.1 billion Wednesday.

Bond prices fell, pushing yields higher. The yield on the benchmark 10-year Treasury note rose to 3.25 percent from 3.19 percent late Wednesday.

The week's advance has put the market's seven-month rally back on track, sending the major indexes toward their best weekly gain since early July after two down weeks. Investors had become discouraged in recent weeks by a stream of disappointing economic data, as improvements in areas like manufacturing slowed.

The market got a boost this week from signs of growth in service industries and a surprise interest rate hike in Australia that was seen as a vote of confidence in the global economy.

"The way we will perform is two steps forward, one step back," said Michael Strauss, chief economist at Commonfund in Wilton, Conn. "But at the end of the day we are moving to higher prices."

Still, much depends on how the rest of earnings season goes. Investors question whether the market's surge can continue if earnings results don't back up the market's perception that the economy is improving. The S&P 500 index is up 57.5 percent since hitting a 12-year low in March.

Robert MacIntosh, chief economist at Eaton Vance Management, said Alcoa's numbers were good but that it's still early in earnings seasons. Financial companies, one potential trouble spot, report next week.

"I wouldn't say we're in the clear," he said.

Companies mostly beat modest earnings expectations during the second quarter because of cost-cutting measures, and investors now want to see actual revenue growth as a driver of profits.

Alcoa rose 15 cents to $14.35.

Commodities rallied as the dollar fell further against other currencies.

Gold hit another new record, rising as high as $1,062.70 an ounce. Oil prices rallied $2.12 to settle at $71.69 a barrel on the New York Mercantile Exchange.

The Russell 2000 index of smaller companies rose 5.67, or 0.9 percent, to 607.75.

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

 

[bigdog]

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

The Dow Jones industrial average closed the week up 377.27, or 4 percent, at 9,864.94. The Standard & Poor's 500 index rose 46.28, or 4.5 percent, to 1,071.49. The Nasdaq composite index rose 91.17, or 4.5 percent, to 2,139.28.

The Dow rose 78.07, or 0.8 percent, to 9,864.94, its highest close since Oct. 6 last year.

Some late buying helped the stock market finish the session at its high point and secure its fifth straight gain, a feat that hasn't happened in one month. What's more, stocks logged a weekly gain of 4.5%, which is the best weekly performance since July.

This session's advance was solid and broad-based as every major sector, except telecom (-0.8%), finished higher. Tech (+1.1%) and health care (+1.0) were the best performing sectors.

The stock market is keeping its momentum going, giving shares their best week in more than two months.

Moderate gains on Friday led by health care and utility companies pushed stocks to a 4 percent gain for the week, their best performance since July. The Dow Jones industrial average gained 78 points, reaching its highest level in a year.

Bond prices tumbled, extending the previous day's losses, as the Treasury market struggled to absorb $71 billion of new supply auctioned off this week in the government's ongoing efforts to fund its stimulus programs.

The NYSE DOW closed HIGHER +78.07 points +0.80% on Friday October 9
Sym Last........ ........Change..........
Dow 9,864.94 +78.07 +0.80%
Nasdaq 2,139.28 +15.35 +0.72%
S&P 500 1,071.49 +6.01 +0.56%
30-yr Bond 4.2270% +0.1330

NYSE Volume 4,333,068,000 (prior day 5,833,707,500)
Nasdaq Volume 1,963,729,380 (prior day 2,425,962,750)

Oil 71.50 -0.05 -0.07%


Europe
Symbol... Last...... .....Change.......
FTSE 100 5,161.87 +7.23 +0.14%
DAX 5,711.88 -4.66 -0.08%
CAC 40 3,799.61 -7.20 -0.19%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,016.39 +183.92 +1.87%
Hang Seng 21,499.44 +6.54 +0.03%
Straits Times 2,652.51 +1.56 +0.06%

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

Stocks post their best week since July

Stocks rise to cap best weekly gain since July; Dollar rebound keeps advance in check

By Sara Lepro, AP Business Writer
On 5:54 pm EDT, Friday October 9, 2009

NEW YORK (AP) -- The stock market is keeping its momentum going, giving shares their best week in more than two months.

Moderate gains on Friday led by health care and utility companies pushed stocks to a 4 percent gain for the week, their best performance since July. The Dow Jones industrial average gained 78 points, reaching its highest level in a year.

Bond prices tumbled, extending the previous day's losses, as the Treasury market struggled to absorb $71 billion of new supply auctioned off this week in the government's ongoing efforts to fund its stimulus programs.

The market's performance was a fitting way to commemorate the second anniversary of the record highs set by the Dow and the Standard & Poor's 500 index, which closed at 14,164.53 and 1,565.15 respectively. It was after reaching those milestones that the market began what turned into a cataclysmic slide that ended March 9.

This week investors cheered more signs that the economy is healing, including growth in service industries, a surprise profit from aluminum maker Alcoa Inc. and the first gain in retail sales in over a year. That helped put a seven-month rally back on track after two down weeks driven by disappointing economic data.

The dollar recovered some of its recent losses against other currencies Friday after Federal Reserve Chairman Ben Bernanke reassured markets that the Fed will wind down its extraordinary stimulus measures when the time is right. Some investors interpreted Bernanke's comments as a sign the Fed might raise interest rates sooner than expected.

The dollar is a double-edged sword for the stock market. The dollar would benefit from higher interest rates but if the Fed tightens credit too soon it could choke off an economic recovery. On the other hand a continued fall in the dollar, which is more likely with lower interest rates, could trigger inflation.

"What's particularly concerning for investors is if there is a sharp, sustained move (by the dollar) in one direction or another," said Jordan Smyth, managing director at Edgemoor Investment Advisors.

The moderate rise in stocks Friday comes two years to the day after the market hit its peak. The Dow is still down 30.4 percent from its high on Oct. 9, 2007, while the S&P 500 index is down 31.5 percent.

The Dow rose 78.07, or 0.8 percent, to 9,864.94, its highest close since Oct. 6 last year.

The S&P 500 index rose 6.01, or 0.6 percent, to 1,071.49, while the Nasdaq composite index rose 15.35, or 0.7 percent, to 2,139.28.

For the week, the Dow rose 4 percent, its biggest gain since the week ended July 24. The S&P 500 index rose 4.5 percent, its best performance since the week ended July 17. The Nasdaq added 4.5 percent.

Bond prices fell sharply as selling that was sparked by a weak auction of 30-year bonds on Thursday continued. The 30-year bond fell more than 2 points -- its biggest one-day drop in nearly three months -- sending its yield up to 4.22 percent from 4.09 percent late Thursday. The yield on the benchmark 10-year Treasury note rose to 3.38 percent from 3.25 percent.

Despite the big gain in stocks this week, analysts warn that trading could be bumpy in the coming weeks as investors sift through companies' quarterly earnings reports. Major financial firms will report results next week, including JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. Better-than-expected earnings from banks this year have been a big force behind the market's rally.

Investors, having sent the S&P 500 index up 58.4 percent since March, are looking for reassurance from companies that the economy is growing.

"The market has factored in good earnings and the market has actually discounted good guidance as well," said Jim Herrick, director of equity trading, Baird & Co. "So if we don't see that, the market will retrace."

Outside of earnings reports, the dollar will remain a focus. The slide in the dollar has been a boon to both stocks and commodities this year. A weak dollar makes commodities more attractive to foreign investors. Likewise, it helps boost corporate profits at companies that have a strong presence overseas by making prices of their exported goods cheaper for buyers in other countries.

Oil prices rose 8 cents to settle at $71.77 a barrel on the New York Mercantile Exchange. Gold prices slipped after touching a fresh high of $1,062.70 on Thursday.

Three stocks rose for every two that fell on the New York Stock Exchange, where consolidated volume came to a relatively low 990 million shares, compared with 1.3 billion Thursday.

In other trading, the Russell 2000 index of smaller companies rose 7.17, or 1.2 percent, to 614.92.

Overseas, Britain's FTSE 100 rose 0.1 percent, Germany's DAX index dipped 0.1 percent and France's CAC-40 fell 0.2 percent. Japan's Nikkei stock average rose 1.9 percent.

The Dow Jones industrial average closed the week up 377.27, or 4 percent, at 9,864.94. The Standard & Poor's 500 index rose 46.28, or 4.5 percent, to 1,071.49. The Nasdaq composite index rose 91.17, or 4.5 percent, to 2,139.28.

The Russell 2000 index, which tracks the performance of small company stocks, rose 34.72, or 6 percent, for the week to 614.92.

The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 10,963.48, up 493.93, or 4.7 percent.

129

 

[bigdog]

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

A breakdown in technical support caused stocks to rollover midsession, but the S&P 500 successfully fended off sellers to log its sixth straight gain, which is the best streak this year for the stock market.

Strong gains by European markets and renewed weakness in the U.S. dollar helped stocks start the session on strong footing and the S&P 500 climb above its 2009 closing high, which had represented significant resistance late last week.

Investors waiting for earnings reports to flow in traded cautiously Monday, giving up early gains and leaving the market narrowly mixed. The Dow Jones industrials reached a new 2009 trading high, edging closer to 10,000.

Volume was light because of the Columbus Day holiday. Bond markets were closed and there were no economic reports.

A weaker dollar and a spike in oil prices above $73 drove energy and materials prices higher, but weakness in technology and industrial shares held the market back. Stocks got an early boost from a better-than-expected profit report from Dutch company Royal Philips Electronics. That sent Britain's leading stock indicator to its highest level in a year.

The NYSE DOW closed HIGHER +20.86 points +0.21% on Monday October 12
Sym Last........ ........Change..........
Dow 9,885.80 +20.86 +0.21%
Nasdaq 2,139.14 -0.14 -0.01%
S&P 500 1,076.19 +4.70 +0.44%
30-yr Bond 4.2280% +0.0010

NYSE Volume 4,179,066,500 (prior day 4,333,068,000)
Nasdaq Volume 1,793,127,500 (prior day 1,963,729,380)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 1055.25 +7.00 +0.67

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,210.17 +55.53 +1.08%
DAX 5,783.23 +71.35 +1.25%
CAC 40 3,845.80 +46.19 +1.22%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,016.39 closed Monday for holiday
Hang Seng 21,299.35 -200.09 -0.93%
Straits Times 2,680.47 +27.96 +1.05%

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

Stocks pare gains; Higher crude boosts energy

Stocks give up advance, trade mixed as sluggish tech shares balance out gains in energy stocks

By Sara Lepro, AP Business Writer
On 5:40 pm EDT, Monday October 12, 2009

NEW YORK (AP) -- Investors waiting for earnings reports to flow in traded cautiously Monday, giving up early gains and leaving the market narrowly mixed. The Dow Jones industrials reached a new 2009 trading high, edging closer to 10,000.

Volume was light because of the Columbus Day holiday. Bond markets were closed and there were no economic reports.

A weaker dollar and a spike in oil prices above $73 drove energy and materials prices higher, but weakness in technology and industrial shares held the market back. Stocks got an early boost from a better-than-expected profit report from Dutch company Royal Philips Electronics. That sent Britain's leading stock indicator to its highest level in a year.

Investors looked ahead to the flurry of earnings due this week from key companies including Intel Corp., Johnson & Johnson, IBM Corp. and General Electric Co. Top U.S. banks, including JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. will issue reports as well.

The Dow traded as high as 9,931, just 69 points away from 10,000, a level not seen in a year. The index rose for the third day in a row and has gained in five out of the last six sessions.

The Dow closed up 20.86, or 0.2 percent, at 9,885.80. The Standard & Poor's 500 index rose 4.70, or 0.4 percent, to 1,076.19. Both indexes had their highest close in a year.

The Nasdaq composite index fell 0.14, or 0.01 percent, to 2,139.14.

Advancing stocks narrowly outpaced declining ones on the New York Stock Exchange, where consolidated volume was very low at 3.76 billion shares versus 3.85 billion on Friday.

Analysts said traders are generally optimistic about the upcoming third-quarter earnings reports, especially after aluminum maker Alcoa Inc. -- the first of the 30 companies that make up the Dow to report earnings -- said last week that it turned a profit for the first time in nine months.

"There is some key stuff coming and the market has anticipated that it's going to be good," said John Wilson, chief technical strategist at Morgan Keegan.

The dollar mostly fell against other major currencies, helping to drive commodity prices higher. A weak dollar makes commodities more attractive to foreign investors. Gold rose $8.90 to $1,057.50 an ounce, while oil prices rose $1.50 to settle at $73.27 a barrel on the New York Mercantile Exchange.

The dollar has fallen steadily over the past few months as investors, more upbeat on the economy take money out of traditional safe-haven assets and put it to work in stocks. The ICE Futures U.S. dollar index, which tracks the dollar against other major currencies, is down about 14 percent since early March. The S&P 500 index is up 59 percent since then.

Better-than-expected first-quarter results from banks set off the stock market's rally seven months ago, and even stronger second-quarter results helped fortify the rally in July.

Analysts say companies' earnings reports will determine where the market heads next. If results exceed expectations and show companies are making money through sales and not just cost cutting, stocks could continue their push higher.

"There's still room here for equities to move up on the back of better-than-expected results," said Craig Peckham, an analyst at Jefferies & Co. "I don't think that positive surprises are fully priced in."

Banks were among the big gainers Monday as investors awaited their earnings. Wells Fargo & Co. rose $1.07, or 3.7 percent, to $30.28, while Citigroup Inc. was up 14 cents, or 3 percent, at $4.77.

In other trading, the Russell 2000 index of smaller companies fell 1.11 to 613.81.

Britain's FTSE 100 rose 0.9 percent, Germany's DAX index jumped 1.3 percent, and France's CAC-40 gained 1.2 percent. In Asia, Hong Kong's Hang Seng index finished down 0.9 percent. Japan's market was closed for a holiday.

 

[bigdog]

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

Despite a weaker dollar and a strong third quarter report from pharmaceutical giant Johnson & Johnson, the S&P 500 saw its six-session streak of gains come to an end Tuesday.

A weaker greenback has been a strong underpinning of the stock market's recent gains, but its affect on stocks this session was mitigated by caution among participants ahead of a flurry of upcoming earnings announcements. The Dollar Index returned to 52-week lows early this session, but participants paid more attention to the third quarter report from Dow component Johnson & Johnson (JNJ 61.01, -1.52), which brought in better-than-expected third quarter earnings of $1.20 per share and offered an increased earnings outlook of $4.54 to $4.59 per share for fiscal 2009. Those accomplishments were tainted by a softer top line, however. Johnson & Johnson's report came as a reminder that earnings for the latest quarter could very likely be driven by cost cutting rather than resurgent demand.

Investors grew cautious Tuesday after quarterly sales at Johnson & Johnson fell short of expectations and an influential analyst stirred worries that bank shares are overheated.

Most stocks posted modest losses, a day after major indexes finished at their best levels in a year. The Dow Jones industrial average slipped 15 points, though the Nasdaq composite index edged higher.

Stocks could get a bounce Wednesday from Intel Corp., which posted earnings and sales after the closing bell that topped expectations. The leading chipmaker also said business is improving. The stock rose 4 percent in after-hours trading.

The NYSE DOW closed LOWER -14.74 points -0.15% on Tuesday October 13
Sym Last........ ........Change..........
Dow 9,871.06 -14.74 -0.15%
Nasdaq 2,139.89 +0.75 +0.04%
S&P 500 1,073.19 -3.00 -0.28%
30-yr Bond 4.1530% -0.0750

NYSE Volume 5,076,014,000 (prior day 4,179,066,500)
Nasdaq Volume 2,078,084,880 (prior day 1,793,127,500)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 1063.90 +8.65 +0.82%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,154.15 -56.02 -1.08%
DAX 5,714.31 -68.92 -1.19%
CAC 40 3,801.39 -44.41 -1.15%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,076.56 +60.17 +0.60%
Hang Seng 21,467.36 +168.01 +0.79%
Straits Times 2,672.57 -7.90 -0.29%

http://finance.yahoo.com/news/Mixed-JJ-earnings-leave-apf-3408551480.html?x=0

Mixed J&J earnings leave investors little to cheer

Stocks recede from highest levels of 2009 as lower sales from Johnson & Johnson disappoint

By Sara Lepro and Tim Paradis, AP Business Writers
On 6:02 pm EDT, Tuesday October 13, 2009

NEW YORK (AP) -- Investors grew cautious Tuesday after quarterly sales at Johnson & Johnson fell short of expectations and an influential analyst stirred worries that bank shares are overheated.

Most stocks posted modest losses, a day after major indexes finished at their best levels in a year. The Dow Jones industrial average slipped 15 points, though the Nasdaq composite index edged higher.

Stocks could get a bounce Wednesday from Intel Corp., which posted earnings and sales after the closing bell that topped expectations. The leading chipmaker also said business is improving. The stock rose 4 percent in after-hours trading.

The market could also get a lift from comments by CSX Corp. CEO Michael J. Ward, who said the worst of the recession "is likely behind us" as the major rail operator reported quarterly results after the bell. Still looming ahead is the first earnings report from a major bank early Wednesday, JPMorgan Chase & Corp.

J&J was the first in a series of big companies to report quarterly results this week, and a 5 percent drop in sales at the maker of health care products fanned concerns that companies have had to rely on cost-cutting to boost profits, as they did in the first half of the year. Investors are worried that earnings will suffer if sales don't improve.

The market's unease intensified after banking analyst Meredith Whitney lowered her rating on Goldman Sachs Group Inc. to "neutral" from "buy." Goldman's stock had risen 34 percent since Whitney upgraded the stock to "buy" in mid-July. The bank reports results on Thursday.

Health care stocks stumbled after J&J's report and as the Senate Finance committee approved a version of the health care overhaul bill.

There were some pockets of green on trading screens. An agreement by Cisco Systems Inc., which makes computer networking gear, to buy Starent Networks Corp. for $2.9 billion lifted shares of technology companies.

The modest scale of the day's slide suggested that traders are afraid of walking away from a market that has spent little time in reverse since bouncing off 12-year lows seven months ago.

Earnings reports are likely to continue to shape the market's sentiment for the rest of this week.

"The market only makes sense at these levels if earnings can grow at a decent pace," said Jerry Webman, chief economist at OppenheimerFunds Inc. "What we're hearing now is OK, but you don't get long-term earnings growth out of cost cutting."

The Dow fell 14.74, or 0.2 percent, to 9,871.06. On Monday, it came within 69 points of the psychological barrier of 10,000, a level not seen in a year.

The Standard & Poor's 500 index fell 3.00, or 0.3 percent, to 1,073.19, its first loss after six days of gains. The Nasdaq rose 0.75, or less than 0.1 percent, to 2,139.89.

Linda Duessel, equity market strategist at Federated Investors, said stocks could drift after the strong rally. "I don't know if we have to pull back so much as take a break," she said.

Investors have sent stocks higher in recent days on hopes that third-quarter earnings reports will signal that the economy is improving.

Goldman Sachs, Citigroup Inc. and Bank of America Corp. also report this week. Goldman fell $2.92, or 1.5 percent, to $187.23 after the downgrade.

Howard Ward, portfolio manager for GAMCO Growth Fund in Rye, N.Y., said investors are likely to lock in some profits following a rally that propelled the S&P 500 index up 58.6 percent since March and that future gains will be more modest.

"The market is going to be grinding its way higher from here," he said. "The fire sale is over."

Among stocks, Johnson & Johnson fell $1.52, or 2.4 percent, to $61.01.

The ICE Futures U.S. dollar index, which measures the dollar against other major currencies, dropped to a 14-month low. Gold subsequently hit a record high $1,069.70 an ounce, while oil rose 88 cents to settle at $74.15 a barrel on the New York Mercantile Exchange.

Bond prices rose, pushing yields down, after steep losses from last week. The yield on the benchmark 10-year Treasury note fell to 3.35 percent from 3.38 percent late Friday. Bond markets were closed Monday.

Three stocks fell for every two that rose on the New York Stock Exchange, where consolidated volume came to 4.4 billion shares compared with 3.8 billion Monday, when volume was much thinner because of the Columbus Day holiday.

The Russell 2000 index of smaller companies fell 2.11, or 0.3 percent, to 611.70.

Britain's FTSE 100 fell 1.1 percent, while Germany's DAX index and France's CAC-40 each fell 1.2 percent. Japan's Nikkei stock average rose 0.6 percent.

 

[bigdog]

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

Strong earnings from a couple of industry bellwethers and a weaker U.S. dollar brought about a concerted buying effort that sent all three major indices to new 2009 highs. Stocks lost a bit of their upward momentum as they headed into the close, but the Dow was still able to settle above 10,000 for the first time in one year.

Stocks traded solidly higher in broad-based fashion for the entire session. Their advance came on the heels of better-than-expected third quarter earnings from chipmaker Intel (INTC 20.83, +0.34) and diversified financial services outfit JPMorgan Chase (JPM 47.16, +1.50). For its part, Intel brought in $0.33 per share and also issued upside revenue guidance. JPMorgan brought in $0.82 per share for its latest quarter, even though it added $2.0 billion to consumer credit reserves, and said during its conference call that it hopes to raise its dividend back to $0.75 per share in the first half of 2010.

When the Dow Jones industrial average first passed 10,000, traders tossed commemorative caps and uncorked champagne. This time around, the feeling was more like relief.

The best-known barometer of the stock market entered five-figure territory again Wednesday, the most visible sign yet that investors believe the economy is clawing its way back from the worst downturn since the Depression.

The milestone caps a stunning 53 percent comeback for the Dow since early March, when stocks were at their lowest levels in more than a decade.

The NYSE DOW closed HIGHER +144.80 points +1.47% on Wednesday October 14
Sym Last........ ........Change..........
Dow 10,015.86 +144.80 +1.47%
Nasdaq 2,172.23 +32.34 +1.51%
S&P 500 1,092.02 +18.83 +1.75%
30-yr Bond 4.2750% +0.1220

NYSE Volume 6,248,702,000 (prior day 5,076,014,000)
Nasdaq Volume 2,383,078,250 (prior day 2,078,084,880)

Oil 71.50 -0.05 -0.07%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,256.10 +101.95 +1.98%
DAX 5,854.14 +139.83 +2.45%
CAC 40 3,882.67 +81.28 +2.14%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,060.21 -16.35 -0.16%
Hang Seng 21,886.48 +419.12 +1.95%
Straits Times 2,708.48 +40.08 +1.50%

http://finance.yahoo.com/news/Dow-c...2.html?x=0&sec=topStories&pos=4&asset=&ccode=

Dow closes above 10,000 for 1st time in a year

DJ comeback: Stock market's best-known barometer closes above 10,000 for 1st time in a year

By Tim Paradis, AP Business Writer
On 6:24 pm EDT, Wednesday October 14, 2009

NEW YORK (AP) -- When the Dow Jones industrial average first passed 10,000, traders tossed commemorative caps and uncorked champagne. This time around, the feeling was more like relief.

The best-known barometer of the stock market entered five-figure territory again Wednesday, the most visible sign yet that investors believe the economy is clawing its way back from the worst downturn since the Depression.

The milestone caps a stunning 53 percent comeback for the Dow since early March, when stocks were at their lowest levels in more than a decade.

"It's almost like an announcement that the bear market is over," said Arthur Hogan, chief market analyst at Jefferies & Co. in Boston. "That is an eye-opener -- 'Hey, you know what, things must be getting better because the Dow is over 10,000.'"

Cheers went up briefly when the Dow eclipsed the milestone in the early afternoon, during a daylong rally driven by encouraging earnings reports from Intel Corp. and JPMorgan Chase & Co. The average closed at 10,015.86, up 144.80 points.

It was the first time the Dow had touched 10,000 since October 2008, that time on the way down.

"I think there were times when we were in the deep part of the trough there back in the springtime when it felt like we'd never get back to this level," said Bernie McSherry, senior vice president of strategic initiatives at Cuttone & Co.

Ethan Harris, head of North America economics at Bank of America Merrill Lynch, described it as a "relief rally that the world is not coming to an end."

The mood was far from the euphoria of March 1999, when the Dow surpassed 10,000 for the first time. The Internet then was driving extraordinary gains in productivity, and serious people debated whether there was such a thing as a boom without end.

"If this is a bubble," The Wall Street Journal marveled on its front page, "it sure is hard to pop."

It did pop, of course. And then came the lost decade.

The Dow peaked at 14,164.53 in October 2007, then lost more than half its value after the financial meltdown last fall. At its low point, the average stood at 6,547.05. The breathtaking rally since then brings stocks to roughly break-even for the past 10 years.

On Wednesday, the Dow rose 144.80, or 1.5 percent, to 10,015.86, its biggest gain since Aug. 21 and highest close since Oct. 3 last year.

Broader indexes also climbed to 2009 highs. The Standard & Poor's 500 index rose 18.83, or 1.8 percent, to 1,092.02. The index, the basis of many mutual funds, is up 61.4 percent from a 12-year low in March.

The Nasdaq composite index rose 32.34, or 1.5 percent, to 2,172.23. It's up 71.2 percent since March.

So where does the market go from here?

Some market watchers see 10,000 as an illusion because there are still lingering threats to an economic recovery -- rising unemployment, weak consumer spending and a battered housing market.

The investors who have driven stocks higher since March are the pros: hedge funds and institutions whose furious selling hastened the collapse of the market in the first place.

And red flags are showing up in the technical charts that professional investors use as they make their trading decisions. The Dow sits about 18 percent above its average of the past 200 days.

"The market by all technical indicators is completely overbought, just like back in March it was completely oversold," said Rich Hughes, co-president of Portfolio Management Consultants in Los Angeles.

On the other hand, Wall Street analysts say 10,000 is more than just a number -- it can have legitimate psychological implications.

A recovering stock market soothes the psyche as people watch their portfolios and 401(k) retirement accounts being replenished. And if people start spending again, that may persuade more investors, including some reluctant pros, to go back into the market.

"Psychology plays a huge role in investing, so when you're trying to overcome the huge levels of panic and fear that we've seen over the last year, psychology shouldn't be discounted," said Carl Beck, a partner at Harris Financial Group.

Many investors, especially individuals, are afraid they'll put money into the market only to watch it disappear if stocks plunge again. It's happened before: In 1975, stocks rose 53 percent in less than four months after a recession. Then they lost 11 percent before climbing again in early 1976.

If stocks follow historical patterns, they could be nearing their peak. Assuming the recession technically ended this summer, as many economists believe, the Dow's surge since March puts it near where past rebounds have started to fade.

On top of that, there are still plenty of problems that could trip up the market. Companies posted better-than-expected earnings in the second quarter, but mostly because of cost-cutting, not the sales increases needed to keep growing.

Earnings reports from chip maker Intel Corp. and banker JPMorgan Chase & Co. gave the Dow its final push past 10,000.

JPMorgan, the first major bank to report third-quarter earnings, stoked the market's optimism as it easily beat Wall Street's expectations, reporting a profit of $3.59 billion for the July-September period. The stock, a Dow component, rose $1.50, or 3.3 percent, to $47.16.

Financial stocks have posted the biggest gains since the rally began, but they were also among the most decimated. JPMorgan is up 197 percent and Bank of America Corp. is up 492 percent.

Intel also beat analysts' estimates, reporting a smaller-than-expected drop in profits and sales after the market closed Tuesday. Intel rose 34 cents, or 1.7 percent, to $20.83.

Individual investors remain cautious. In August, well into the rally, they put $11 into bond funds for every dollar they put into stock funds, according to the Investment Company Institute, the mutual fund trade group.

But they appear to slowly be coming back to stocks. Retail brokerage TD Ameritrade reported an average of 431,000 trades a day in August, up from barely more than 300,000 when the market was sliding in January and February.

If the market can hold Wednesday's milestone, investors should grow even more confident.

"It wouldn't surprise me if it made Joe Main Street more comfortable," David Kelson, portfolio manager of Talon Asset Management in Chicago.

Bond prices fell as stocks soared. The yield on the 10-year Treasury note rose to 3.42 percent from 3.35 percent late Tuesday.

Oil jumped $1.03 to settle at $75.18 a barrel on the New York Mercantile Exchange.

The Russell 2000 index of smaller companies rose 12.24, or 2 percent, to 623.94.

 

[bigdog]

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

The major stock indices extended their 2009 highs late this session by overcoming losses that stemmed from a sell-the-news reaction to quarterly reports from Goldman Sachs and Citigroup.

The broader market spent most of the session with modest losses, which came amid considerable weakness in the financial sector. Financials were down as much as 1.7% following better-than-expected earnings from Goldman Sachs (GS 188.63, -3.65) and Citigroup (C 4.75, -0.25), both of which benefited in the previous session from an upbeat report from JPMorgan Chase (JPM 47.16, +0.00). However, the gains during the previous session effectively priced in this morning's positive surprise, prompting participants to sell the shares and take profits as the news hit.

A late-day surge left stocks with modest advances Thursday as a jump in the price of oil lifted energy companies and offset weakness in bank shares.

The gains came a day after strong profit reports from JPMorgan Chase & Co. and Intel Corp. vaulted the Dow Jones industrials above the 10,000 level for the first time in a year. The Dow tacked on another 47 points.

Stocks spent most of the day lower but rallied in the final 15 minutes of trading ahead of quarterly reports from Google Inc., IBM Corp. and chip maker Advanced Micro Devices that arrived after the closing bell. All three topped expectations and could help the market extend its gains if reports due early Friday from General Electric Co. and Bank of America Corp. aren't spoilers.

The NYSE DOW closed HIGHER +47.08 points +0.47% on Thursday October 15
Sym Last........ ........Change..........
Dow 10,062.94 +47.08 +0.47%
Nasdaq 2,173.29 +1.06 +0.05%
S&P 500 1,096.56 +4.54 +0.42%
30-yr Bond 4.3130% +0.0380

NYSE Volume 6,179,383,500 (prior day 6,248,702,000)
Nasdaq Volume 2,199,385,750 (prior day 2,383,078,250)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 1049.85 -12.10 -1.14%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,222.95 -33.15 -0.63%
DAX 5,830.77 -23.37 -0.40%
CAC 40 3,883.83 +1.16 +0.03%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,238.65 +178.44 +1.77%
Hang Seng 21,999.08 +112.60 +0.51%
Straits Times 2,712.15 +3.67 +0.14%

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

Stocks rise as energy gains offset drop in banks

Stocks post modest gains as rising energy companies offset slide in financials; Dow adds 47

By Tim Paradis, AP Business Writer

NEW YORK (AP) -- A late-day surge left stocks with modest advances Thursday as a jump in the price of oil lifted energy companies and offset weakness in bank shares.

The gains came a day after strong profit reports from JPMorgan Chase & Co. and Intel Corp. vaulted the Dow Jones industrials above the 10,000 level for the first time in a year. The Dow tacked on another 47 points.

Stocks spent most of the day lower but rallied in the final 15 minutes of trading ahead of quarterly reports from Google Inc., IBM Corp. and chip maker Advanced Micro Devices that arrived after the closing bell. All three topped expectations and could help the market extend its gains if reports due early Friday from General Electric Co. and Bank of America Corp. aren't spoilers.

Analysts say the market's late bounce signals investors are still looking to get into the market.

"People are trying to buy on the dips," said Andrew Neale, partner and portfolio manager at Fogel Neale Partners in New York. "There is so much money waiting on the sidelines."

A rise in oil prices to their highest level in nearly a year lifted energy stocks and, in turn, the overall market. Gains in companies like refiner Tesoro Corp. and Chevron Corp. helped offset losses in financial stocks after earnings from Goldman Sachs Group Inc. and Citigroup Inc. disappointed investors.

JPMorgan helped set a high bar for bank earnings, and investors didn't like as much what they heard from rivals Goldman and Citi. Goldman's net income of $3.19 billion beat expectations on strong trading profits, but investment banking revenues fell. Citigroup reported a smaller loss than expected but said credit losses remain high.

Investors drew some comfort from a government report that new unemployment claims fell more than expected last week.

"Things are going in the right direction but the fundamental economic improvement is slow," said Robert Dye, senior economist at PNC Financial Services Group.

The day's modest moves weren't unexpected. Seeing the Dow Jones industrials at five digits for the first time in a year could spook some traders who worry that stocks have been too quick to rebound. Others say that skepticism is a signal that the market will continue to defy expectations and advance.

The Dow rose 47.08, or 0.5 percent, to 10,062.94, its highest close since Oct. 3 last year. The broader Standard & Poor's 500 index rose 4.54, or 0.4 percent, to 1,096.56. The Nasdaq composite index rose 1.06, or 0.1 percent, to 2,173.29.

Advancing stocks narrowly outpaced those that fell on the New York Stock Exchange, where consolidated volume came to 5.4 billion shares, in line with Wednesday.

Since March, the Dow has jumped 53.7 percent, while the S&P 500 index is up 62.1 percent and the Nasdaq is up 71.3 percent.

Crude oil rose $2.40 to settle at $77.58 a barrel on the New York Mercantile Exchange after the government said refiners cut production last week.

That lifted energy stocks. Tesoro advanced $1.25, or 8.6 percent, to $15.83, while Chevron rose $1.23, or 1.6 percent, to $76.69.

Bob Brown, chief investment officer at Northern Trust in Chicago, said rising oil could trip up a recovery in the economy if it continues.

"Whenever oil goes up two-and-a-half bucks we can't have too many days like that before start to worry," he said.

The Labor Department said the number of newly laid-off workers filing claims for unemployment insurance fell to its lowest level since January. First-time claims for jobless benefits dropped to 514,000, better than the 525,000 economists were expecting, according to Thomson Reuters.

Bond prices slipped as the economic reports signaled improvement in the economy. The yield on the benchmark 10-year Treasury note rose to 3.46 percent from 3.42 percent late Wednesday.

The Russell 2000 index of smaller companies slipped 0.60, or 0.1 percent, to 623.34.

Overseas, Britain's FTSE 100 fell 0.6 percent, Germany's DAX index lost 0.4 percent, and France's CAC-40 rose less than 0.1 percent. Japan's Nikkei stock average jumped 1.8 percent.

 

[bigdog]

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

Weekly Recap - Week ending 16-Oct-09 - All ten of the sectors gained, with the advance led by energy companies (+5.2%) and materials (+2.2%). Telecom (+0.1%) and consumer staples (+0.2%) underperformed on a relative basis.

The Dow Jones industrial average closed the week up 130.97, or 1.3 percent, at 9,995.91. The Standard & Poor's 500 index rose 16.19, or 1.5 percent, to 1,087.68. The Nasdaq composite index rose 17.52, or 0.8 percent, to 2,156.80.

Stocks ended a strong week with a flash of selling after Bank of America Corp. and General Electric Co. signaled that businesses and consumers are still struggling to pay off their debts.

The market slid Friday as quarterly results from the companies dented hopes that earnings would show strong signs of improvement in the July-September period. A rise in oil also helped the market end well off its lows, repeating a pattern seen earlier in the week.

The Dow Jones industrial average fell 67 points to finish just below the 10,000 mark, which it had broken through on Wednesday for the first time in a year. Despite the drop stocks still posted big gains for the week.

The NYSE DOW closed LOWER -67.03 points -0.67% on Friday October 16
Sym Last........ ........Change..........
Dow 9,995.91 -67.03 -0.67%
Nasdaq 2,156.80 -16.49 -0.76%
S&P 500 1,087.68 -8.88 -0.81%
30-yr Bond 4.2470% -0.0660

NYSE Volume 5,708,362,000 (prior day 6,179,383,500)
Nasdaq Volume 2,237,903,750 (prior day 2,199,385,750)

Oil 71.50 -0.05 -0.07%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,190.24 -32.71 -0.63%
DAX 5,743.39 -87.38 -1.50%
CAC 40 3,827.60 -56.23 -1.45%
Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,257.56 +18.91 +0.18%
Hang Seng 21,929.90 -69.18 -0.31%
Straits Times 2,708.12 -4.03 -0.15%


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

Bank of America, GE results push stocks lower

Stocks fall as results from Bank of America, General Electric rattle investors; Dow falls 67

By Sara Lepro and Tim Paradis, AP Business Writers
On 6:07 pm EDT, Friday October 16, 2009

NEW YORK (AP) -- Stocks ended a strong week with a flash of selling after Bank of America Corp. and General Electric Co. signaled that businesses and consumers are still struggling to pay off their debts.

The market slid Friday as quarterly results from the companies dented hopes that earnings would show strong signs of improvement in the July-September period. A rise in oil also helped the market end well off its lows, repeating a pattern seen earlier in the week.

The Dow Jones industrial average fell 67 points to finish just below the 10,000 mark, which it had broken through on Wednesday for the first time in a year. Despite the drop stocks still posted big gains for the week.

Bank of America lost more than $2.2 billion in the third quarter. The bank wrote down almost $10 billion in bad loans, about $1 billion more than in the previous quarter. The loss was steeper than expected and the write-offs stirred fears that struggling consumers won't be able to increase their spending.

Rivals Citigroup Inc. and JPMorgan Chase & Co. also posted higher loan losses as part of their financial results this week. The reports underscored the challenges brought by high unemployment, weak consumer spending and diminished home values.

"It is, after all, the largest consumer bank and it may have just offered up a reminder that financial strains in the household sector haven't gone away," said David Rosenberg, chief economist and strategist at Gluskin Sheff, referring to Bank of America.

General Electric's report also revealed signs of credit weakness. The conglomerate's profit dropped 44 percent, hurt by much lower earnings at its financial arm, GE Capital, which loans money to a variety of businesses.

A drop in the mood of consumers fanned concerns that people nervous about jobs and the economy will hold off spending. The Reuters/University of Michigan consumer sentiment index fell to 69.4 in a preliminary reading for October from 73.5 in September.

Tim Knepp, chief investment officer of Genworth Financial Asset Management, said the reports from Bank of America and GE indicated that the stock market could be getting too far ahead of the economy. The Standard & Poor's 500 index is up 60.8 percent from a 12-year low in early March.

"They're still talking about a tough environment," Knepp said, referring to the companies. "The market is a bit rich."

The Dow fell 67.03, or 0.7 percent, to 9,995.91 after being down as much as 123 points at its low of the day. The broader S&P 500 index fell 8.88, or 0.8 percent, to 1,087.68, and the Nasdaq composite index fell 16.49, or 0.8 percent, to 2,156.80.

Two stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 5 billion compared with 5.4 billion Thursday.

For the week, the Dow rose 1.3 percent, the S&P 500 index added 1.5 percent and the Nasdaq rose 0.8 percent.

Investors pored over the rush of bank reports during the week for signs that credit losses are stabilizing, which would help the economy recover.

JPMorgan reported a strong profit in part because of robust activity in its trading business, which compensated for its own higher loan losses. That helped push the Dow industrials over 10,000, a welcome sign of the market's recovery. Stocks are still well below from their peak in October 2007.

Bank of America fell 84 cents, or 4.6 percent, to $17.26, while GE gave up 71 cents, or 4.2 percent, to $16.08.

The reports overshadowed solid results from Google Inc. that arrived after the closing bell Thursday. The Internet search company reported a record profit as revenue growth accelerated for the first time since the recession began in December 2007. The stock advanced $19.94, or 3.8 percent, to $549.85. During trading, it rose to $554.75, a 12-month high.

Google's report and a rise in oil helped limit the day's selling by lifting shares of energy companies. Crude oil rose 95 cents to settle at $78.53 a barrel on the New York Mercantile Exchange. Oil rose more than 9 percent during the week as the dollar slid.

Investors have continued to pump money into stocks even as many analysts worry that the market is getting overheated. Some of those who have been left out of the advance have been buying on the dips, as occurred Thursday and Friday.

That stream of new money could be disrupted if earnings reports signal that the economy will have trouble mounting even a modest recovery.

Most earnings from the third quarter have topped expectations, but the heaviest weeks of reports are yet to come. Reports are due next week from hundreds of companies ranging from Coca-Cola Co. to Microsoft Corp.

Investors also will get data on home construction and inflation as well as a region-by-region look at the economy from the Federal Reserve.

Bond prices mostly rose, pushing yields lower. The yield on the benchmark 10-year Treasury note fell to 3.42 percent from 3.46 percent late Thursday.

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

The Russell 2000 index of smaller companies fell 7.16, or 1.2 percent, to 616.18.

Overseas, Britain's FTSE 100 fell 0.6 percent, while Germany's DAX index and France's CAC-40 each dropped 1.5 percent. Earlier, Japan's Nikkei stock average rose 0.2 percent.

The Dow Jones industrial average closed the week up 130.97, or 1.3 percent, at 9,995.91. The Standard & Poor's 500 index rose 16.19, or 1.5 percent, to 1,087.68. The Nasdaq composite index rose 17.52, or 0.8 percent, to 2,156.80.

The Russell 2000 index, which tracks the performance of small company stocks, rose 1.26, or 0.2 percent, for the week to 616.18.

The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 11,111.85, up 148.36, or 1.4 percent.

650

 

[bigdog]

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

Broad-based buying helped stocks bounce back from a dip at the open to log fresh highs for 2009, but the S&P 500 met resistance when it hit the 1100 mark, which was last seen just over one year ago.
Investors are seeing the kind of earnings numbers that make them feel confident about stocks.

The market stepped to new highs for the year Monday after a handful of earnings reports bolstered hopes that the economy is coming back sooner than many analysts had thought.

That is helping some investors move past a bout of nerves about whether expectations for the economy are stretched too far. The Dow Jones industrial average rose 96 points, while the Standard & Poor's 500 index advanced but ended just shy of 1,100, having topped that level during the day.

The NYSE DOW closed HIGHER +96.28 points +0.96% on Monday October 19
Sym Last........ ........Change..........
Dow 10,092.19 +96.28 +0.96%
Nasdaq 2,176.32 +19.52 +0.91%
S&P 500 1,097.91 +10.23 +0.94%
30-yr Bond 4.2170% -0.0300

NYSE Volume 5,262,016,500 (prior day 5,708,362,000)
Nasdaq Volume 1,997,103,000 (prior day 2,237,903,750)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 1062.70 +9.50 +0.90%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,281.54 +58.59 +1.12%
DAX 5,852.56 +109.17 +1.90%
CAC 40 3,892.36 +64.76 +1.69%


Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,236.51 -21.05 -0.21%
Hang Seng 22,200.46 +270.56 +1.23%
Straits Times 2,710.24 +2.12 +0.08%

http://finance.yahoo.com/news/Stock...6.html?x=0&sec=topStories&pos=2&asset=&ccode=

Stocks rise as earnings reports top expectations

Stocks climb as earnings jump past expectations; Eaton, Gannett gain after results top views

By Tim Paradis, AP Business Writers
On 5:56 pm EDT, Monday October 19, 2009

NEW YORK (AP) -- Investors are seeing the kind of earnings numbers that make them feel confident about stocks.

The market stepped to new highs for the year Monday after a handful of earnings reports bolstered hopes that the economy is coming back sooner than many analysts had thought.

That is helping some investors move past a bout of nerves about whether expectations for the economy are stretched too far. The Dow Jones industrial average rose 96 points, while the Standard & Poor's 500 index advanced but ended just shy of 1,100, having topped that level during the day.

Industrial equipment maker Eaton Corp. said it was seeing improvement in key markets and raised its full-year profit forecast. Newspaper publisher Gannett Co. managed to post a profit despite a sharp fall in revenue.

The day's gains came ahead of quarterly earnings released after the closing bell from Apple Inc. and Texas Instruments Inc. Both wound up beating forecasts.

Apple blew past expectations because of increased sales of the iPhone, while Texas Instruments' profit and sales came in above the improved forecast the chip maker issued just last month. Share of both tech companies gained in after-hours electronic trading.

The reports are adding to investors' expectations for the technology industry. Last week, Google Inc. and chipmaker Intel Corp. posted solid earnings. Many tech companies have strong balance sheets have large amounts of cash that have enabled them to weather the recession better than companies in other industries.

Caterpillar Inc., Coca-Cola Co. and DuPont are slated to report results before the opening bell Tuesday.

A drop in the dollar also helped push commodity prices higher, which in turn helped stocks of materials and energy companies.

Investors are relieved to see better results in a broad range of industries following news last week from some major banks, which reported rising loan delinquencies.

Burt White, chief investment officer at LPL Financial in Boston, noted that three of every four companies have topped analysts' expectations for earnings in the July-September quarter. While most have yet to report, the early results are a sign that companies are holding up better than many had predicted.

"The recovery is moving faster than analysts can sharpen their pencils and revise their estimates upward," he said.

The Dow rose 96.28, or 1 percent, to 10,092.19. The broader S&P 500 index rose 10.23, or 0.9 percent, to 1,097.91. For both indexes, it was the highest close since Oct. 3 last year.

The Nasdaq composite index rose 19.52, or 0.9 percent, to 2,176.32, its highest close since Sept. 26, 2008.

The day's advance came on the 22nd anniversary of the 1987 stock market crash known as "Black Monday," which saw the Dow plunge a record 22.6 percent on worries about interest rates and slowing economic growth.

Bond prices rose. The yield on the benchmark 10-year Treasury note fell to 3.39 percent from 3.42 percent late Friday.

Investors grew hopeful that Federal Reserve policymakers would be able to withdraw some of the money supporting the economy as conditions improved. That could help prevent inflation, which is a worry for investors because of the huge amounts of money the government has pumped into the financial system.

The New York Federal Reserve, which carries out the central bank's market operations, said it has been preparing plans for how it could begin weaning the economy from monetary stimulus.

The dollar mostly fell against other major currencies, while gold prices rose. The ICE Futures U.S. dollar index fell 0.3 percent to its lowest level since August 2008.

Crude oil rose $1.08 to settle at $79.61 per barrel on the New York Mercantile Exchange. The Reuters/Jefferies CRB index, a measure of commodities trading, jumped 1.3 percent to its highest level of the year.

Apple rose $1.81, or 1 percent, to $189.86 in the regular session and rose 6.2 percent in electronic trading after its report. Texas Instruments rose 77 cents, or 3.4 percent, to $23.52 and added 2.2 percent in late trading.

Bob Jergovic, chief investment officer at CLS Investments in Omaha, Neb., said investors are now trying to determine whether a recovery in corporate profits will continue and, if so, whether that will help the overall economy if companies are more willing to hire and make investments.

"We're in that phase where the market has really got to sort it out," he said. "Can we make that handoff from a profit recovery to an economic recovery?"

More than two stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 4.7 billion shares compared with 5 billion Friday.

The Russell 2000 index of smaller companies rose 6.16, or 1 percent, to 622.34.

Britain's FTSE 100 rose 1.8 percent, Germany's DAX index rose 1.9 percent, and France's CAC-40 advanced 1.7 percent. Japan's Nikkei stock average fell 0.2 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Positive earnings surprises from Apple (AAPL 198.76, +8.90), Texas Instruments (TXN 23.66, +0.14), Caterpillar (CAT 59.61, +1.76), Pfizer (PFE 17.93, -0.05), and UnitedHealth (UNH 25.96, +1.04) couldn't keep the broader market from slipping to a loss as a stronger dollar pressured stocks and commodities alike.

Stocks looked poised to start the session on strong footing and extend the previous session's gains, but the positive tone among participants dwindled in the opening minutes as enthusiasm faded for the strong earnings of several widely-held companies. A bounce by the U.S. dollar also undercut stocks; basic materials stocks (-1.1%) and energy stocks (-0.9%) were hit particularly hard, given their correlation to commodity prices.

A disappointing report on housing starts made investors nervous about the economy Tuesday and sent stocks lower even as profits at many companies exceed expectations.

The major indexes slipped about half a percent, and the Dow Jones industrials lost 50 points.

Stocks retreated from 2009 highs after the Commerce Department said applications for home building permits fell in September by the largest amount in five months. That is a discouraging signal for future construction.

The NYSE DOW closed LOWER -50.71 points -0.50% on Tuesday October 20
Sym Last........ ........Change..........
Dow 10,041.48 -50.71 -0.50%
Nasdaq 2,163.47 -12.85 -0.59%
S&P 500 1,091.06 -6.85 -0.62%
30-yr Bond 4.1600% -0.0570

NYSE Volume 6,108,117,000 (prior day 5,262,016,500)
Nasdaq Volume 2,156,024,250 (prior day 1,997,103,000)

Oil 71.50 -0.05 -0.07%
Gold US$/oz 1054.60 -8.10 -0.76%

Europe
Symbol... Last...... .....Change.......
FTSE 100 5,243.40 -38.14 -0.72%
DAX 5,811.77 -40.79 -0.70%
CAC 40 3,871.45 -20.91 -0.54%

Asia
Symbol..... Last...... .....Change.......
Nikkei 225 10,336.84 +100.33 +0.98%
Hang Seng 22,384.96 +184.50 +0.83%
Straits Times 2,711.09 -0.61 -0.02%

http://finance.yahoo.com/news/Stock...0.html?x=0&sec=topStories&pos=3&asset=&ccode=

Stocks fall after mixed economic data, earnings

Market retreats after mixed signals from economic reports, earnings reports; Dow falls 51

By Tim Paradis, AP Business Writer
On 5:46 pm EDT, Tuesday October 20, 2009

NEW YORK (AP) -- A disappointing report on housing starts made investors nervous about the economy Tuesday and sent stocks lower even as profits at many companies exceed expectations.

The major indexes slipped about half a percent, and the Dow Jones industrials lost 50 points.

Stocks retreated from 2009 highs after the Commerce Department said applications for home building permits fell in September by the largest amount in five months. That is a discouraging signal for future construction.

Investors will get another measure of the housing market's health Friday with a report on sales of existing homes. After several months of upbeat data, the past few weeks have brought signs that a housing recovery could be slowing.

A rebound in the dollar from 14-month lows against other major currencies also hurt stocks by driving down commodities prices and, in turn, sending energy and materials companies lower. Bond prices rose after the government said wholesale prices fell last month.

The housing data and the stronger dollar overshadowed strong earnings reports from Apple Inc., Caterpillar Inc. and health insurer UnitedHealth Group Inc.

Earnings are likely to dominate trading Wednesday. After the close of Tuesday's trading, Yahoo Inc. and SanDisk Corp. turned in profits that were well ahead of analyst expectations. The stocks gained in after-hours electronic trading.

Even with worries about the economy, Tuesday's drop was modest and not unexpected after stocks have rocketed higher with little break for seven months.

Schaeffer's Investment Research analyst Todd Salamone said the market's ability to avoid a big slide is encouraging.

"We've got a report that's disappointing and the bears haven't really gained control here," he said. "It's a good excuse just to take a breather."

The Dow fell 50.71, or 0.5 percent, to 10,041.48.

The broader Standard & Poor's 500 index fell 6.85, or 0.6 percent, to 1,091.06. The index, the basis of many mutual funds, is up 61.3 percent from a 12-year low in early March.

The Nasdaq composite index fell 12.85, or 0.6 percent, to 2,163.47.

Treasury prices rose, pushing their yields lower, after the Labor Department said wholesale prices fell in September, leaving a larger-than-expected monthly drop in the producer price index. The bond market tends to rise on signs of muted inflation. The yield on the 10-year Treasury note fell to 3.34 percent from 3.39 percent late Monday.

The dollar and gold rose. Crude oil lost ground for the first time in a week, falling 52 cents to settle at $79.09 a barrel on the New York Mercantile Exchange. Oil rose to $80.05 during the day, its highest level in a year.

Investors dumped shares of home builders after the report of a 1.2 percent drop in applications for housing permits. Pulte Homes Inc. fell 53 cents, or 5 percent, to $10.08, while Hovnanian Enterprises Inc. fell 18 cents, or 4.6 percent, to $3.76.

Not all analysts see the drop in permits as bad. Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said slower building will help the market work off a glut of unsold homes.

"The faster we can clear this inventory the better it will be," he said.

The retreat in stocks comes as many earnings reports are topping expectations in part because of cost-cutting.

Dan Cook, senior market analyst at IG Markets in Chicago, is concerned that companies aren't bringing in more revenue. He noted that reducing costs by laying off workers adds to the problems facing the overall economy.

"We call it cost-cutting because that's kind of the nice term, but in reality a lot of those are consumers," he said.

Cook said companies won't be able to keep generating earnings that top expectations if improved profits don't eventually help the economy.

Apple closed up $8.90, or 4.7 percent, at $198.76, after trading at a 12-month high of $201.75. Caterpillar rose $1.76, or 3 percent, to $59.61, while UnitedHealth Group jumped $1.04, or 4.2 percent, to $25.96.

Yahoo slipped 5 cents to $17.17. In late trading it rose 2.5 percent. SanDisk advanced 2 cents to $21.48 but jumped 11.5 percent in late trading.

Two stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 5.4 billion shares compared with 4.7 billion Monday.

The Russell 2000 index of smaller companies fell 8.93, or 1.4 percent, to 613.41.

Overseas, Britain's FTSE 100 fell 0.7 percent, Germany's DAX index lost 0.7 percent and France's CAC-40 fell 0.5 percent. Japan's Nikkei stock average rose 1 percent.