NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average closed the week up 70.28 points, or 0.6 percent, at 10,997.35. The Standard & Poor's 500 index rose 16.27, or 1.4 percent, to 1,194.37. The Nasdaq composite index rose 51.47, or 2.1 percent, to 2,454.05

Most of this session was spent in choppy trade with modest gains, but a late flurry of buying boosted the stock market to its best intraday levels and highest close since September 2008.

Stocks spent the majority of the session broadly higher, but overall gains were held in check amid persistent wariness about the financial health of Greece. Those concerns became more real when analysts at Fitch downgraded Greece's debt rating to BBB-, but shortly thereafter Reuters reported that eurozone finance officials have reached a deal on how to provide loans to Greece if they are needed.

The stock market closed at a new 18-month high Friday, with the Dow Jones industrial average briefly touching 11,000 before retreating slightly.

The gains were driven by fresh signs that the economy continues to recover. Many analysts remain skeptical that the market's gains are sustainable since they have come on relatively low volume, indicating that a large number of investors are still sitting on the sidelines.

The Dow very briefly touched 11,000 in the final five minutes of trading before ending with a gain of 70 points. It hadn't crossed that level since Sept. 29, 2008, just as the worst phase of the financial crisis was beginning.

The NYSE DOW closed HIGHER +70.28 points +0.64% on Friday April 9
Sym. Last......... ........Change..........
Dow 10,997.35 +70.28 +0.64%
Nasdaq 2,454.05 +17.24 +0.71%
S&P 500 1,194.37 +7.94 +0.67%
30-yr Bond 4.7460% -0.1500

NYSE Volume 4,994,104,000 (prior day 5,293,107,500)
Nasdaq Volume 2,129,072,500 (prior day 2,343,521,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,770.98 +58.28 +1.02%
DAX 6,249.70 +77.87 +1.26%
CAC 40 4,050.54 +72.08 +1.81%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,204.34 +36.14 +0.32%
Hang Seng 22,208.50 +341.46 +1.56%


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

Stocks rise on more signs of growth; Dow tops 11K

Stocks rise as economy shows signs of growth; Dow briefly crosses 11,000

Ieva M. Augstums and Stephen Bernard, AP Business Writers, On Friday April 9, 2010, 6:39 pm
NEW YORK (AP) -- The stock market closed at a new 18-month high Friday, with the Dow Jones industrial average briefly touching 11,000 before retreating slightly.

The gains were driven by fresh signs that the economy continues to recover. Many analysts remain skeptical that the market's gains are sustainable since they have come on relatively low volume, indicating that a large number of investors are still sitting on the sidelines.

The Dow very briefly touched 11,000 in the final five minutes of trading before ending with a gain of 70 points. It hadn't crossed that level since Sept. 29, 2008, just as the worst phase of the financial crisis was beginning.

Stocks got a boost after reassuring statements from Greece's finance minister and the head of the European Central Bank. Major European indexes closed higher, while the dollar fell against the euro.

Major indexes pulled back briefly after Fitch Ratings cut its view on Greece's debt, but quickly recovered. Stocks have been fluctuating in recent days and the euro has weakened because of concerns that Greece might default on its debt.

Greece's deepening fiscal crisis has upset other financial markets and caused concerns that other weak European countries also might default on their debt, which could cause a crisis for Europe's shared currency.

"If (Greece) falls apart, it makes everything else there fall apart," Chip Cobb, a senior vice president at Bryn Mawr Trust Asset Management in Bryn Mawr, Pa. "Greece is becoming a real thorn in the side."

Rising commodity prices also helped energy and material stocks, pushing indexes higher. Commodities mostly climbed on hopes demand will jump as the economy continues to improve. Chevron Corp. and ExxonMobil Corp. both rose.

The Dow Jones industrial average crept toward 11,000 throughout the day, having come within 12 points of that barrier on both Monday and Tuesday before closing lower.

While the Dow's approach to 11,000 has been a big focus for many individual investors, a number of Wall Street analysts downplay its importance for professional money managers. The Dow has crossed the 11,000 level 34 times since first hitting it in May of 1999.

"Round numbers are always psychologically significant," but rarely do they represent a technical milestone such as an index breaking out of a recent trading range, said Uri Landesman, head of global growth at ING Investment Management in New York.

The Dow rose 70.28, or 0.6 percent, to close at 10,997.35. The Standard & Poor's 500 index climbed 7.93, or 0.7 percent, to 1,194.37. The Nasdaq composite index rose 17.24, or 0.7 percent, to 2,454.05.

The Dow's rise Friday gives the index its sixth straight weekly gain for the first time since a stretch in March and April last year, just after market bottomed out at 12-year lows. The Dow started the day at exactly the same level it closed last week.

The Dow Jones industrial average is now up 68 percent from a 12-year low of 6,547.05 on March 9, 2009. It's still down 22 percent from its October 2007 peak of 14,164.53.

A report on wholesale inventories Friday provided the latest positive sign on the economy. The Commerce Department said inventories rose 0.6 percent in February, better than the 0.4 percent forecast by economists polled by Thomson Reuters.

Sales at wholesalers also rose faster than expected, gaining 0.8 percent. It was the 11th straight month of rising sales. Economists had forecast a 0.5 percent rise.

Consistently rising inventories and sales at the wholesale level mean that manufacturers are getting steady orders that should allow them to hire more workers. It also means retailers are ramping up orders as consumers return to stores after curtailing their spending during the recession.

The start of earnings reports could give the Dow the push it needs to close above 11,000 if investors see companies continuing to increase profits. Reports are expected next week from Aloca Inc., as well as JPMorgan Chase & Co. and Bank of America Corp. Traders will also have plenty of economic data to digest, including March retail sales Wednesday and housing starts Friday.

Advancing stocks narrowly outpaced those that fell two to one on the New York Stock Exchange, where consolidated volume came to 4.4 billion shares, compared with 4.8 billion shares Thursday.

Benchmark crude for May delivery pulled back from morning highs to close down 47 cents at $84.92 a barrel.

Chevron jumped $1.84, or 2.4 percent, to close at $79.50, while ExxonMobil rose 90 cents to $68.76. J.C. Penney climbed 54 cents to $31.52.

Bond prices edged up. The yield on the 10-year Treasury note fell to 3.88 percent from 3.89 percent late Thursday.

The Russell 2000 index of smaller companies rose 3.31, or 0.5 percent, to 702.95.

Britain's FTSE 100 gained 1 percent, Germany's DAX index rose 1.3 percent, and France's CAC-40 jumped 1.8 percent. Japan's Nikkei stock average rose 0.3 percent.

The Dow Jones industrial average closed the week up 70.28 points, or 0.6 percent, at 10,997.35. The Standard & Poor's 500 index rose 16.27, or 1.4 percent, to 1,194.37. The Nasdaq composite index rose 51.47, or 2.1 percent, to 2,454.05.

The Russell 2000 index, which tracks the performance of small company stocks, rose 18.97, or 2.8 percent, for the week to 702.95.

The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 12,316.03, up 191.63, or 1.6 percent for the week.

The Index is up 81 percent -- about $6.3 trillion in market capitalization -- from a 12 1/2-year low of 6800.08 on March 9, 2009. It's still down nearly 22 percent -- or about $4.8 trillion in value -- from its October 2007 peak of 15,745.39.

7205

 

[bigdog]

Source: http://finance.yahoo.com

An agreement by ministers of the European Union to provide financial aid to Greece drove down the dollar and helped stocks hit new 52-week highs, but overall gains remained modest as market participants exercised caution ahead of earnings season.

The Dow Jones industrial average closed above 11,000 for the first time in a year and a half on investors' rising hopes about the economy.

The Dow edged up about 9 points Monday to almost 11,006. The Standard & Poor's 500 index came within a point of hitting its own milestone of 1,200 during trading but closed just short of that mark.

Analysts said the Dow's move above 11,000 could provide a psychological boost and perhaps draw more investors to the market.

The NYSE DOW closed HIGHER +8.62 points +0.08% on Monday April 12
Sym. Last......... ........Change..........
Dow 11,005.97 +8.62 +0.08%
Nasdaq 2,457.87 +3.82 +0.16%
S&P 500 1,196.48 +2.11 +0.18%
30-yr Bond 4.6980% -0.4800

NYSE Volume 5,066,973,500 (prior day 4,994,104,000)
Nasdaq Volume 2,061,967,500 (prior day 2,129,072,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,777.65 +6.67 +0.12%
DAX 6,250.69 +0.99 +0.02%
CAC 40 4,050.50 -0.04 -0.00%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,251.90 +47.56 +0.42%
Hang Seng 22,138.17 -70.33 -0.32%
Straits Times 2,977.17 +5.20 +0.17%

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

Dow ends above 11,000 for first time in 18 months

Stocks climb after Greece loan agreement curbs default fears; Dow closes above 11,000

Tim Paradis, AP Business Writer, On Monday April 12, 2010, 6:44 pm

NEW YORK (AP) -- The Dow Jones industrial average closed above 11,000 for the first time in a year and a half on investors' rising hopes about the economy.

The Dow edged up about 9 points Monday to almost 11,006. The Standard & Poor's 500 index came within a point of hitting its own milestone of 1,200 during trading but closed just short of that mark.

Analysts said the Dow's move above 11,000 could provide a psychological boost and perhaps draw more investors to the market.

"There is a huge stockpile of cash on the sidelines earning virtually nothing," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. "Maybe this can help shake a few people into the market."

Stocks have been rising this year on growing expectations that the economy will shake off job market weakness and housing problems. A test of whether the Dow can hold the 11,000 mark will come in the next three weeks when companies report earnings. Investors also will want to see whether the government's next employment report, due in early May, shows that employers added jobs in April as they did during March.

On Monday, a loan agreement for Greece allowed U.S. investors to focus on domestic economic and corporate news, including announcements of two big deals.

European Union leaders agreed over the weekend to make loans available to Greece to help the country lower its public debt burden. The 16 countries that use the euro agreed to provide $40.5 billion to Greece if needed. The International Monetary Fund could contribute another $13.5 billion.

Investors have been concerned that mounting debt in Greece and other European nations including Spain and Portugal would stunt a global recovery.

"This is clearly a positive development that the EU is identifying and dealing with what has really been it's first real challenge," said Alan Gayle, senior investment strategist for RidgeWorth Investments.

Meanwhile, the latest round of corporate dealmaking signaled that business leaders are more confident about a recovery.

Mirant Corp. agreed to acquire rival power company RRI Energy Inc. for $1.61 billion, while the private equity firm Cerberus Capital Management is buying DynCorp International, a provider of support services to U.S. national security operations, for $1 billion.

The reports on Greece and the corporate buyouts raised expectations that the economy is recovering. Hopes of a rebound have been driving the stock market higher for 13 months. The advance since February has been more incremental but the gains have still left major stock indexes at their best levels since 2008.

The Dow rose 8.62, or 0.1 percent, to 11,005.97. It was the Dow's first close above 11,000 since Sept. 26, 2008. The index climbed above 11,000 in the final moments of trading Friday before fading below the threshold.

The Dow has posted six straight weekly advances, its longest winning streak in a year. The index has added 1,000 points in two months. The index's only close below 10,000 this year came on Feb. 8. Since then, it's up 11 percent.

It has risen 68.1 percent since hitting a 12-year low in March last year though it is still down 22.3 percent from its peak or 14,164.53 in October 2007.

In other trading, the S&P 500 index rose 2.11, or 0.2 percent, to 1,196.48. It traded has high as 1,199.20. It hasn't topped 1,200 since September 2008.

The Nasdaq composite index rose 3.82, or 0.2 percent, to 2,457.87.

Bond prices rose, and the advance pushed down interest rates. The yield on the benchmark 10-year Treasury note fell to 3.85 percent from 3.88 percent late Friday.

Gold rose. Crude oil fell 58 cents to $84.34 per barrel on the New York Mercantile Exchange.

Alcoa Inc., the first of the Dow industrials to report first-quarter earnings, said late Monday it had a smaller loss than during the first three months of last year. But the aluminum company's revenue fell short of expectations, and its stock fell 6 cents to $14.51 in after-hours activity. Alcoa was up 18 cents to $14.57 during regular trading.

Mirant rose $1.95, or 18.2 percent, to $12.68, while RRI rose 58 cents, or 14.7 percent, to $4.53. DynCorp surged $5.66, or 48.2 percent, to $17.41.

Three stocks rose for every two that fell on the New York Stock Exchange, where consolidated volume came to 4.6 billion shares, compared with 4.4 billion Friday.

The Russell 2000 index of smaller companies rose 2.11, or 0.3 percent, to 705.06.

Britain's FTSE 100 rose 0.1 percent, Germany's DAX index rose less than 0.1 percent, and France's CAC-40 slipped less than 0.1 percent. Japan's Nikkei stock average rose 0.4 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Market participants were initially uninspired by mixed results from Alcoa, but interest in tech plays ahead of Intel's latest report helped the broader market muster a fractional gain. A slight dip by the dollar helped, too.

The Dow Jones industrial average extended its push past 11,000 Tuesday after expectations grew that stronger corporate earnings would signal that a recovery is on track.

Stocks fell in early trading after quarterly results from aluminum producer Alcoa Inc. missed expectations. Major indexes later poked higher as traders jockeyed for position ahead of earnings from leading chipmaker Intel Corp., which reported strong results after the closing bell.

By the close, the Dow had tacked on about 13 points. The Dow on Monday finished above the psychological benchmark of 11,000 for the first time in a year and a half.

The NYSE DOW closed HIGHER +13.45 points +0.12% on Tuesday April 13
Sym. Last......... ........Change..........
Dow 11,019.42 +13.45 +0.12%
Nasdaq 2,465.99 +8.12 +0.33%
S&P 500 1,197.30 +0.82 +0.07%
30-yr Bond 4.6690% -0.2900

NYSE Volume 5,850,825,000 (prior day 5,066,973,500)
Nasdaq Volume 2,558,479,500 (prior day 2,061,967,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,761.66 -15.99 -0.28%
DAX 6,230.83 -19.86 -0.32%
CAC 40 4,031.99 -18.51 -0.46%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,161.23 -90.67 -0.81%
Hang Seng 22,103.53 -34.64 -0.16%
Straits Times 2,971.60 -5.57 -0.19%

http://finance.yahoo.com/news/Stock...0.html?x=0&sec=topStories&pos=5&asset=&ccode=

Stocks end higher on hopes for good Intel results

Dow Jones industrials extend push past 11,000 on rising expectations for Intel's results

Stephen Bernard and Tim Paradis, AP Business Writers, On Tuesday April 13, 2010, 5:51 pm EDT

NEW YORK (AP) -- The Dow Jones industrial average extended its push past 11,000 Tuesday after expectations grew that stronger corporate earnings would signal that a recovery is on track.

Stocks fell in early trading after quarterly results from aluminum producer Alcoa Inc. missed expectations. Major indexes later poked higher as traders jockeyed for position ahead of earnings from leading chipmaker Intel Corp., which reported strong results after the closing bell.

By the close, the Dow had tacked on about 13 points. The Dow on Monday finished above the psychological benchmark of 11,000 for the first time in a year and a half.

The results from Alcoa brought a disappointing start to the flow of earnings reports from the January-March quarter. But analysts said the company's performance didn't provide a good indication of how other companies would do.

Alcoa's loss narrowed from a year earlier but its adjusted earnings and revenue came in below analysts' estimates. Alcoa was the first of the 30 Dow stocks to report results.

The mood could brighten Wednesday following Intel's report. The company said its first-quarter profit nearly quadrupled from a year earlier when it booked a big loss on an investment. The company's earnings and revenue came in ahead of analysts' expectations and brought more evidence that businesses are again spending on technology after a drop during the financial crisis. Intel's shares rose more than 3 percent in electronic trading after hours.

Nasdaq 100 index futures rose 0.4 percent following Intel's report.

Jim McDonald, chief investment strategist at Northern Trust in Chicago, said earnings reports are likely to top expectations because few companies have warned their results will miss forecasts.

"If we continue with this pace, at the end of the second quarter we will be at a new all-time high for earnings for the U.S. economy," he said. "That's a pretty stunning achievement."

The stock market has been rising for 13 months on signs that the economy is improving. But some analysts are concerned that the rise has come too quickly.

Since major stock indexes hit 12-year lows last year, there have been five pullbacks of as much as 8 percent in the Standard & Poor's 500 index. None have topped the 10 percent mark that would signify a correction.

There have been few drops in the past two months. Instead, stocks have been notching a string of steady gains.

"The market has ground higher steadily," said Adrian Cronje, chief investment officer at the investment firm Balentine in Atlanta. "It's up a little bit every day, a little bit every day. And that tends to lull people into complacency."

The Dow rose 13.45, or 0.1 percent, to 11,019.42, its highest close since September 2008. The Dow has risen four straight days and is up 10 of the last 13 days.

The S&P 500 index rose 0.82, or 0.1 percent, to 1,197.30, while the Nasdaq composite index rose 8.12, or 0.3 percent, to 2,465.99.

Advancing stocks narrowly outpaced those that fell on the New York Stock Exchange, where consolidatd volume came to 5.4 billion shares, compared with 4.6 billion Monday.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.82 percent from 3.85 percent late Monday.

The dollar slipped against other major currencies. Gold fell.

Oil dropped for a fifth day after Alcoa's results lowered expectations about the pace of a rebound. Light, sweet crude fell 33 cents to $84.01 per barrel on the New York Mercantile Exchange.

The Chicago Board Options Exchange's Volatility Index, which is known as the market's fear gauge, rose 4 percent a day after closing at its lowest level since July 2007. That means fewer investors are predicting big swings in the market.

Max Bublitz, chief strategist at SCM Advisors in San Francisco, is among the traders who remain cautious because of how high stocks have risen. He said that the drop in the VIX is a sign that too many investors are predicting that the smooth ride higher will continue.

"It is interesting that people have kind of forgotten all the pain and forgotten all the lessons," he said, referring to the stock market's plunge during the recession.

The S&P 500 index has jumped 77 percent since March last year but it would have to climb another 24 percent to reach its peak of 1,565 in October 2007.

Among stocks in the news, Alcoa fell 23 cents to $14.34. Intel rose 23 cents to $22.77 ahead of its report. In after-hours trading, the stock advanced 81 cents, or 3.6 percent, to $23.58.

The Russell 2000 index of smaller companies rose 1.97, or 0.3 percent, to 707.03.

Britain's FTSE 100 fell 0.3 percent, Germany's DAX index fell 0.3 percent, and France's CAC-40 fell 0.5 percent. Japan's Nikkei stock average fell 0.8 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Pleasing quarterly results from a couple of key industry players and some strong consumer spending numbers compelled market participants to push stocks higher for the fifth straight session to a new 18-month high.

Upbeat forecasts from JPMorgan Chase & Co. and Intel Corp. propelled the stock market higher for a fifth day.

The Standard & Poor's 500 index topped the 1,200 mark Wednesday for the first time in a year and a half. The Dow Jones industrial average rose 104 points and moved above 11,100.

The good news came from all directions: Corporate earnings numbers and government reports on retail sales and regional economic conditions indicated that the recovery is taking hold.

The NYSE DOW closed HIGHER +103.69 points +0.94% on Wednesday April 14
Sym. Last......... ........Change..........
Dow 11,123.11 +103.69 +0.94%
Nasdaq 2,504.86 +38.87 +1.58%
S&P 500 1,210.65 +13.35 +1.12%
30-yr Bond 4.7220% +0.5300

NYSE Volume 6,350,777,000 (prior day 5,850,825,000)
Nasdaq Volume 3,048,264,750 (prior day 2,558,479,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,796.25 +34.59 +0.60%
DAX 6,278.40 +47.57 +0.76%
CAC 40 4,057.70 +25.71 +0.64%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,204.90 +43.67 +0.39%
Hang Seng 22,121.43 +17.90 +0.08%
Straits Times 3,019.74 +48.14 +1.62%

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

Stocks rise on Intel, JPMorgan; S&P crosses 1,200

Stock climb on earnings from Intel and JPMorgan Chase; S&P tops 1,200 and Dow adds 104 points

Tim Paradis, AP Business Writer, On Wednesday April 14, 2010, 6:51 pm

NEW YORK (AP) -- Upbeat forecasts from JPMorgan Chase & Co. and Intel Corp. propelled the stock market higher for a fifth day.

The Standard & Poor's 500 index topped the 1,200 mark Wednesday for the first time in a year and a half. The Dow Jones industrial average rose 104 points and moved above 11,100.

The good news came from all directions: Corporate earnings numbers and government reports on retail sales and regional economic conditions indicated that the recovery is taking hold.

One of the biggest forces behind the market's climb came from JPMorgan Chase, which reported a better-than-expected profit for the January-March quarter. The bank is still facing big losses from souring consumer loans, but CEO Jamie Dimon said there have been clear improvements in the economy.

The forecast from chipmaker Intel boosted the technology-dominated Nasdaq composite index. Intel posted earnings and revenue after the closing bell Tuesday that topped analysts' expectations. The company also raised its 2010 outlook.

JPMorgan rose 4.1 percent, while Intel added 3.3 percent.

Michael Binger, portfolio manager at Thrivent Investment Management in Minneapolis, said the strong results from leaders of the banking and technology industries are signs that a rebound is in place.

"It diminishes the chance that we go back into a double-dip recession," he said. "It lends credence that the financial industry is recovering and the tech industry is beyond recovering and is doing very well."

A Commerce Department report that retail sales rose more than expected in March added to a sense that consumers are feeling more comfortable spending.

The Federal Reserve said its survey of regional economic activity found that business was getting better in most areas of the country. The report offered a brighter assessment of the economy than the previous survey in early March.

Fed Chairman Ben Bernanke told Congress' Joint Economic Committee that the recovery should hold but that high budget deficits must be addressed to avoid big jumps in interest rates. Bernanke cautioned that unemployment will remain an obstacle.

The stock market has been rising for more than a year and has advanced steadily for two months on encouraging signs of growth. Some analysts have warned that shares have climbed too high, but the latest reports eased some concerns that prices are stretched.

The Dow rose 103.69, or 0.9 percent, to 11,123.11. The Dow closed over 11,000 on Monday for the first time since September 2008. It is up 2.1 percent in five days, its best advance since early March.

The S&P 500 index rose 13.35, or 1.1 percent, to 1,210.65. It was the biggest percentage gain since March 5. Like the Dow, the S&P 500 index is at its highest level since September 2008, when the financial crisis began. The S&P 500 index is up 79 percent from a 12-year low in March last year though it would still need to gain 23 percent to reach its October 2007 high of 1,565.

The Nasdaq rose 38.87, or 1.6 percent, to 2,504.86. It hasn't been above 2,500 since June 2008. The Nasdaq has nearly doubled since last March but it is still down by half from its peak of 5,048.62 in March 2000.

The stronger signs about the economy hurt bond prices and raised yields. The yield on the benchmark 10-year Treasury note rose to 3.87 percent from 3.82 percent late Tuesday.

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

Crude oil rose $1.79 to $85.84 per barrel on the New York Mercantile Exchange.

Strength at JPMorgan Chase's investment bank helped offset losses from consumer loan defaults and propelled the company's profit above analysts' expectations. JPMorgan said it plans to add 9,000 employees in the U.S.

Intel's first-quarter results easily topped analysts' expectations. The results indicated that businesses are stepping up their technology spending on growing confidence about the economy. Intel said its profit margin will be better than it had estimated for 2010 and that it plans to hire 1,000 workers.

JPMorgan and Intel were the biggest gainers among the 30 stocks that make up the Dow industrials. JPMorgan rose $1.86, or 4.1 percent, to $47.73. Intel climbed 75 cents, or 3.3 percent, to $23.52.

CSX, the nation's third largest railroad, rose $2.18, or 4.1 percent, to $55.46 after reporting a 20 percent increase in its first-quarter earnings. The company said it has seen "gradual and steady growth" in the economy. It has also started hiring.

"That was the real positive surprise. You hadn't really heard about big companies hiring," said Peter Tuz, president of Chase Investment Council in Charlottesville, Va.

Tuz said the strength of the earnings signals that stocks could be properly valued and perhaps even cheap.

The government offered investors more signs the economy is improving. Retail sales rose 1.6 percent in March, the third consecutive month of growth. That was bigger than the increase of 1.2 percent economists had expected, according to Thomson Reuters.

The Consumer Price Index, a measure of inflation at the retail level, rose 0.1 percent in March. That was in line with economists' forecast.

The Fed has said that inflation isn't a problem. Without an immediate threat of rising prices, policymakers have been able to hold the Fed's key interest rate at a record low of essentially zero. The Fed wants to keep rates low to stimulate lending and help revive the economy.

Health care, consumer staples and utilities stocks lagged after traders grew more confident about the economy. These industries are seen as safe in weak economies but fall out of favor when business growth is expected to increase.

About three stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume rose to 5.7 billion shares compared with 5.4 billion Tuesday.

The Russell 2000 index of smaller companies rose 15.37, or 2.2 percent, to 722.40.

Britain's FTSE 100 gained 0.6 percent, Germany's DAX index rose 0.8 percent, and France's CAC-40 rose 0.6 percent. Japan's Nikkei stock average rose 0.4 percent.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market stretched its streak of gains to six even though interest among buyers cooled amid a mixed batch of headlines.

Better-than-expected earnings and an upside forecast from UPS (UPS 68.89, +3.44) after the prior session's close seemed to set the stage for continued gains in the early going. The report propelled UPS to its best single-session percentage gain in more than one year and pushed the Dow Jones Transportation Index up 1.7% to a new 52-week high. CSX (CSX 55.25, -0.21) lagged even though analysts at Deutsche Bank raised their target on the rail carrier.

The broader market had a hard time trading in a clear direction as bounces fleeted and retreats ran into technical support. Still, the stock market was able to eke out another gain, which made for the best streak of gains by the S&P 500 in one month.

An encouraging earnings forecast from UPS and stronger manufacturing figures gave the stock market its sixth straight advance.

The gains Thursday were modest following a surprise increase in the number of newly laid off people seeking unemployment benefits.

Analysts said a slowdown in the market's upward push was overdue. The Dow Jones industrial average rose 21 points after racing up nearly 104 on Wednesday. The Dow closed above 11,000 Monday for the first time in a year and a half. Other major stock indexes also stand at their highest levels since 2008.

The NYSE DOW closed HIGHER +21.46 points +0.19% on Thursday April 15
Sym. Last......... ........Change..........
Dow 11,144.57 +21.46 +0.19%
Nasdaq 2,515.69 +10.83 +0.43%
S&P 500 1,211.67 +1.02 +0.08%
30-yr Bond 4.7280% +0.0600

NYSE Volume 6,535,831,500 (prior day 6,350,777,000)
Nasdaq Volume 2,765,684,750 (prior day 3,048,264,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,825.01 +28.76 +0.50%
DAX 6,291.45 +13.05 +0.21%
CAC 40 4,065.65 +7.95 +0.20%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,273.79 +68.89 +0.61%
Hang Seng 22,157.82 +36.39 +0.16%
Straits Times 3,016.94 -2.80 -0.09%

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

Stocks edge higher on mixed reports, UPS outlook

Stocks post sixth straight advance; UPS boosts earnings forecast, Weekly jobless claims rise

Tim Paradis, AP Business Writers, On Thursday April 15, 2010, 6:01 pm

NEW YORK (AP) -- An encouraging earnings forecast from UPS and stronger manufacturing figures gave the stock market its sixth straight advance.

The gains Thursday were modest following a surprise increase in the number of newly laid off people seeking unemployment benefits.

Analysts said a slowdown in the market's upward push was overdue. The Dow Jones industrial average rose 21 points after racing up nearly 104 on Wednesday. The Dow closed above 11,000 Monday for the first time in a year and a half. Other major stock indexes also stand at their highest levels since 2008.

The technology-dominated Nasdaq composite index posted the biggest rise of major indexes ahead of earnings from Google Inc. The Internet search company reported after the closing bell that its first-quarter profit rose 37 percent but the stock fell 5 percent in electronic trading on concerns the company wasn't holding down costs.

Nasdaq 100 index futures slipped 0.2 percent following Google's report.

The forecast from UPS Inc. raised hopes that the economy is strengthening. The company raised its full-year earnings target because of stronger international deliveries. As the world's largest shipping company, UPS's results are seen as an early indicator of overall business activity. UPS shares rose 5.3 percent.

The UPS numbers and improved manufacturing reports from the Federal Reserve helped to offset some of the concern about the jobs figures.

The Labor Department reported that initial claims for unemployment benefits rose unexpectedly for a second straight week. First-time claims for jobless benefits rose by 24,000 to 484,000 last week, the highest level since late February. Economists polled by Thomson Reuters forecast a drop. The Easter holiday could have skewed the numbers, analysts said.

The stock market has been churning steadily higher after major indexes hit 12-year lows in March last year. Growing expectations for a recovery have been driving the climb. The increases in the past two months have been more subdued.

Charlie Smith, chief investment officer at Fort Pitt Capital in Pittsburgh, said the market's more consistent advance since February is welcome because it means investors aren't getting overly optimistic.

"We are seeing a straight line (higher) but there's not a whole lot of exuberance to it," he said. "There is a tremendous amount of skepticism about the market and that's a good thing."

The Dow rose 21.46, or 0.2 percent, to 11,144.57, its highest close since Sept. 19, 2008. The Dow has risen three out of every four days in the past two months but it hasn't gone up six straight days since mid-March.

The S&P 500 rose 1.02, or 0.1 percent, to 1,211.67, while the Nasdaq rose 10.83, or 0.4 percent, to 2,515.69.

Falling stocks narrowly outnumbered those that rose on the New York Stock Exchange, where consolidated volume dropped to 6 billion shares from 5.7 billion Wednesday.

Bond prices rose, pushing their yields lower. The yield on the benchmark 10-year Treasury note fell to 3.84 percent from 3.87 percent late Wednesday.

The dollar and gold both rose.

Crude oil fell 33 cents to $85.51 per barrel on the New York Mercantile Exchange.

David Chalupnik, head of equities at First American Funds in Minneapolis, said investors continue to put money in stocks of companies that are poised to benefit from a sharp rebound in the economy, like technology and industrial businesses. Defensive stocks like health care providers and phone companies are lagging.

He said the companies most tied to the winds of the economy cut costs the most during the recession and can snap back the most.

"As you go through earnings season here, it's going to be these companies that are going to put up the biggest surprises," he said.

The Federal Reserve said industrial production rose 0.1 percent in March. The increase was less than most economists had forecast but the report still indicated growth at the nations' factories, mines and utilities for the ninth straight month.

The New York Federal Reserve's Empire State Manufacturing Survey rose more than expected for April. A similar snapshot of regional manufacturing from the Philadelphia Federal Reserve also signaled that conditions are improving.

Among stocks in the news, UPS rose $3.44, or 5.3 percent, to $68.89.

Citigroup fell 12 cents, or 2.4 percent, to $4.81 after trading as high as $5.07. It hadn't topped the psychological barrier of $5 since October.

Yum Brands Inc., the parent of the Pizza Hut, Taco Bell and KFC restaurant chains, rose to a new high after the company's first-quarter earnings topped expectations. Yum shares closed up $1.10, or 2.6 percent, to $42.78. The stock rose as high as $43.76 following its report after regular trading hours Wednesday.

Google Inc. rose $6.30, or 1.1 percent, to $595.30. In after-hours trading the stock fell $29.06, or 4.9 percent, to $566.24.

The Russell 2000 index of smaller companies rose 1.81, or 0.3 percent, to 724.21.

Britain's FTSE 100 rose 0.5 percent, while Germany's DAX index and France's CAC-40 each rose 0.2 percent. Japan's Nikkei stock average gained 0.6 percent.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market's six-session streak of gains ended in dramatic fashion as the S&P 500 suffered its worst percentage loss in two months following news that the Securities Exchange Commission (SEC) has levied a charge against Goldman Sachs.

Stocks fall sharply after regulators file civil fraud charges against Goldman Sachs

Financial shares led the stock market sharply lower Friday after federal regulators filed civil fraud charges against Goldman Sachs over its dealings in subprime mortgages.

The Dow Jones industrial average lost about 125 points, having been down as much as 170. At times, it fell below 11,000 after closing above that level Monday for the first time in more than a year and a half.

Analysts say the market was poised to fall after a steady run of gains the past two months, and the Goldman Sachs news gave investors a reason to sell and take some profits.

The NYSE DOW closed LOWER -125.91 points -1.13% on Friday April 16
Sym. Last......... ........Change..........
Dow 11,018.66 -125.91 -1.13%
Nasdaq 2,481.26 -34.43 -1.37%
S&P 500 1,192.13 -19.54 -1.61%
30-yr Bond 4.6710% -0.5700

NYSE Volume 9,138,203,000 (prior day 6,535,831,500)
Nasdaq Volume 2,882,507,500 (prior day 2,765,684,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,743.96 -81.05 -1.39%
DAX 6,180.90 -110.55 -1.76%
CAC 40 3,986.63 -79.02 -1.94%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,102.18 -171.61 -1.52%
Hang Seng 21,865.26 -292.56 -1.32%

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

Stocks tumble as Goldman charged with civil fraud

Stocks fall sharply after regulators file civil fraud charges against Goldman Sachs

Stephen Bernard, AP Business Writer, On Friday April 16, 2010, 5:17 pm

NEW YORK (AP) -- Financial shares led the stock market sharply lower Friday after federal regulators filed civil fraud charges against Goldman Sachs over its dealings in subprime mortgages.

The Dow Jones industrial average lost about 125 points, having been down as much as 170. At times, it fell below 11,000 after closing above that level Monday for the first time in more than a year and a half.

Analysts say the market was poised to fall after a steady run of gains the past two months, and the Goldman Sachs news gave investors a reason to sell and take some profits.

"Basically it's sell, and ask questions later," said Quincy Krosby, market strategist at Prudential Financial. "A market that wants to sell off will find an excuse."

Stocks were already lower before news of the Securities and Exchange Commission's charges against the leading investment bank. Investors were disappointed after Google reported earnings that didn't live up to forecasts.

General Electric Co. and Bank of America Corp. also reported profits that topped forecasts, but their stocks still fell. GE's revenue came up short of expectations, while Bank of America said loan losses remain high.

The SEC charged Goldman and one of its vice presidents with failing to disclose key information to investors regarding complex mortgage-backed securities. The company's stock fell $23.57, or 12.8 percent, to $160.70 in heavy trading, and the rest of the market followed.

"It's all a knee-jerk reaction to Goldman," said Steven Goldman, chief market strategist at Weeden & Co., referring to the market's drop. He said the fundamentals of the market, the upbeat economic signs that have powered its rally, have not changed.

The charges come as the Obama administration seeks greater regulation of the nation's banks and their trading of exotic securities like those involved in the Goldman case. These kinds of investments are widely seen as one of the triggers of the financial crisis that crippled the nation's financial system in the fall of 2008.

"Road blocks for financial regulation have taken a hit today," said Thomas Villalta, co-portfolio manager of the Jones Villalta Opportunity Fund.

Analysts say other banks that also traded these types of securities will be closely scrutinized. That means the financial industry could continue to struggle because of uncertainty about reform and other potential investigations.

Friday's drop comes after six straight days of gains that pushed the Dow to its highest close in more than 18 months. Stocks have been steadily rising in recent months on growing signs that the economy is recovering, albeit slowly.

The Dow fell 125.91, or 1.1 percent, to 11,018.66. The Standard & Poor's 500 index dropped 19.54, or 1.6 percent, to 1,192.13, while the Nasdaq composite index fell 34.43, or 1.4 percent, to 2,481.26.

About five stocks fell for every one that rose on the New York Stock Exchange, where volume came to 1.8 billion shares, compared with 1.2 billion Thursday.

Investors looked past economic news. The Commerce Department said housing construction rose to a 16-month high in March. However, construction of single-family homes, the most important segment of the market, fell. Economists are also concerned about continued hurdles in the housing market, like rising mortgage rates and the end this month of a homebuyer tax credit. A separate report showed consumer sentiment fell this month.

With stocks reeling, investors sought safety in Treasury bonds. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.77 percent from 3.84 percent late Thursday.

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

Crude oil fell $2.27 to settle at $83.24 a barrel on the New York Mercantile Exchange.

The Chicago Board Options Exchange's Volatility Index, which measures how much disruption investors expect in the market, spiked 15 percent to its highest level in a month after the Goldman news came out.

Results from Bank of America and General Electric both topped expectations, as other earnings reports have done this week. Stocks jumped Wednesday after encouraging forecasts from JPMorgan Chase & Co. and Intel Corp.

GE said losses are beginning to moderate in its battered lending division, GE Capital. But its revenue did fall short or expectations, which has been hurting the stock.

Bank of America said strong trading revenue helped offset ongoing consumer loan losses. However, it did note those loan losses -- which have cost banks hundreds of billions of dollars -- are starting to ease.

Bank of America fell $1.07, or 5.5 percent, to $18.41

GE fell 53 cents, or 2.7 percent, to $18.97. Google fell $45.15, or 7.6 percent, to $550.15 after investors grew concerned that Google was seeing expenses rise too quickly.

The Commerce Department said construction rose 1.6 percent to a seasonally adjusted annual rate of 626,000 last month. Economists polled by Thomson Reuters had forecast construction would rise to 610,000 units.

Applications for building permits, considered a good gauge of future activity, rose to an annual rate of 685,000. Economists were expecting applications to rise to 630,000.

Also, a Reuters/University of Michigan consumer sentiment reading fell unexpectedly.

The Russell 2000 index of smaller companies fell 9.59, or 1.3 percent, to 714.62.

Overseas, Britain's FTSE 100 fell 1.4 percent, Germany's DAX index dropped 1.8 percent, and France's CAC-40 fell 1.9 percent. Japan's Nikkei stock average fell 1.5 percent.

7680

 

[bigdog]

Source: http://finance.yahoo.com

Financial stocks were whipsawed to a strong gain that helped the broader market recover from a modest loss to make a strong finish.

Early gains were quickly challenged as participants reapplied pressure to financial shares. That sent the financial sector from a gain of more than 1% down to a loss of nearly 1% at its session low. However, the sector was able to stage a rebound amid news that an SEC decision to press on with charges of fraud against Goldman Sachs (GS 163.32, +2.62) was only secured with a 3-to-2 vote, which suggested that the case might not be so strong. Shares of GS finished near their session high, while the broader financial sector settled with a 1.1% gain.

Stocks finish mixed after financials recover from concerns about Goldman; Dow rises 73 points

Investors snapped up financial stocks Monday after concerns eased about the government's case against Goldman Sachs.

The Dow Jones industrial average ended with a gain of 73 points after sliding for much of the day. The advance followed a drop of 126 points Friday after the Securities and Exchange Commission filed civil fraud charges against Goldman Sachs related to mortgage investments.

The Standard & Poor's index also rose, while the Nasdaq composite index fell.

The NYSE DOW closed HIGHER +73.39 points 0.67% on Monday April 19
Sym. Last......... ........Change..........
Dow 11,092.05 +73.39 +0.67%
Nasdaq 2,480.11 -1.15 -0.05%
S&P 500 1,197.52 +5.39 +0.45%
30-yr Bond 4.7000% +0.2900

NYSE Volume 7,337,044,000 (prior day 9,138,203,000)
Nasdaq Volume 2,158,517,750 (prior day 2,882,507,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,727.91 -16.05 -0.28%
DAX 6,162.44 -18.46 -0.30%
CAC 40 3,970.47 -16.16 -0.41%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 10,908.77 -193.41 -1.74%
Hang Seng 21,405.17 -460.09 -2.10%
Straits Times 2,960.93 -46.26 -1.54%

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

Stocks end mixed after financial stocks rebound

Stocks finish mixed after financials recover from concerns about Goldman; Dow rises 73 points

Tim Paradis, AP Business Writer, On Monday April 19, 2010, 5:38 pm EDT
NEW YORK (AP) -- Investors snapped up financial stocks Monday after concerns eased about the government's case against Goldman Sachs.

The Dow Jones industrial average ended with a gain of 73 points after sliding for much of the day. The advance followed a drop of 126 points Friday after the Securities and Exchange Commission filed civil fraud charges against Goldman Sachs related to mortgage investments.

The Standard & Poor's index also rose, while the Nasdaq composite index fell.

Analysts said reports that the SEC voted 3-2 along party lines to press its case against Goldman Sachs eased some of investors' worries. Investors seemed placated by the fact the vote wasn't unanimous. A rebound in Goldman helped lift financial shares.

Investors have been concerned about potential repercussions tied to the charges against Goldman. The SEC said the company didn't inform clients about conflicts of interest in mortgage investments it sold. Goldman has said it would fight the charges. The suit comes just as Congress is taking up a bill to overhaul regulation of the financial industry.

"Is financial reform going to be a big setback for financial company earnings?" said Colleen Supran, a portfolio manager at Bingham, Osborn & Scarborough in San Francisco. "And what is that going to mean for overall earnings for, say, the S&P, which is what we really care about."

Meanwhile, airline stocks fell after most European airports remained closed for a fifth day following the spread of ash from a volcano in Iceland. Analysts estimated that airline losses topped $1 billion. American Airlines parent AMR Corp. fell 4.3 percent, while United parent UAL Corp. lost 5.1 percent.

The technology-dominated Nasdaq composite index lagged ahead of a report from International Business Machines Corp. The company said after the closing bell that its first-quarter profit rose in part because of higher revenue. The stock slipped in electronic trading.

The market drew some support from a steep increase in the Conference Board's index of leading economic indicators. The report signals that economic activity will strengthen in the next three to six months. The Conference Board's leading indicators index rose to 1.4 percent for March. Economists had predicted growth of 0.9 percent.

"It's just giving you more indication that the road to recovery is not as tenuous as you might have thought," said Brett Hryb, portfolio manager with MFC Global Investment Management in Toronto, referring to the leading indicators report.

The stock market has been generally rising for about 13 months on expectations that the economy would begin improving, and over the past two months they have been on a nearly unbroken climb. Analysts said the bounce off the lows Monday signaled that there are enough buyers around to help the market to continue its advance.

The Dow rose 73.39, or 0.7 percent, to 11,092.05. The Standard & Poor's 500 index rose 5.39, or 0.5 percent, to 1,197.52, while the Nasdaq composite index slipped 1.15, or 0.1 percent, to 2,480.11.

Falling stocks narrowly outnumbered those that rose on the New York Stock Exchange, where consolidated volume came to 6.6 billion shares compared with 8.1 billion Friday.

Bond prices slipped, pushing yields higher. The yield on the benchmark 10-year Treasury note rose to 3.80 percent from 3.77 percent compared with late Friday.

The dollar rose against other major currencies. Gold fell.

Crude oil fell $1.79 to $81.45 per barrel on the New York Mercantile Exchange.

Stocks dropped Friday after the SEC announced the charges against Goldman. The Dow ended with a loss of 125 points but was down as much as 170 points during trading. It closed above 11,000 last week for the first time in 18 months.

Goldman shares rose after falling for much of trading. The stock climbed $2.62, or 1.6 percent, to $163.32 after tumbling 12.8 percent Friday.

Citigroup rose 32 cents, or 7 percent, to $4.88 after the bank said its first-quarter profit improved because of strong investment banking operations. Citi also said its losses from failed loans fell slightly from the previous quarter, but executives remain cautious about a recovery. The bank was among the hardest hit by the credit crisis. Bank of America Corp. and JPMorgan Chase & Co. last week also posted big improvements in profits.

IBM rose $1.60, or 1.2 percent, to $132.23 in regular trading. The stock fell $2.90, or 2.2 percent, to $129.33 in after-hours trading.

Apple Inc., Coca-Cola Co., Delta Air Lines Inc. and Goldman Sachs are slated to report earnings on Tuesday.

UAL fell $1.17, or 5.1 percent, to $21.66, while AMR fell 38 cents, or 4.3 percent, to $8.41.

The Russell 2000 index of smaller companies fell 3.22, or 0.5 percent, to 711.40.

Britain's FTSE 100 fell 0.3 percent, Germany's DAX index fell 0.3 percent, and France's CAC-40 fell 0.4 percent. Japan's Nikkei stock average lost 1.7 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Blue chips managed modest gains amid a bevy of better-than-expected earnings, but the results acted as a positive catalyst for the broader market, which settled with a strong gain.

The S&P 500 extended its rebound from the prior session so that it is now less than 1% below the 52-week high that it tumbled from late last week. Its strength in the latest session was broad based with all 10 major sectors booking gains.

Broader market strength coupled with a 0.9% increase in crude oil prices to $83.91 per barrel to take energy stocks to a 1.9% gain. That was the best of the major indices.

Stock market resumes steady advance following earnings reports, rebound in energy prices

Stocks resumed their advance after investors got the numbers they wanted from first-quarter earnings reports.

The Dow Jones industrial average rose 25 points Tuesday for its eighth gain in nine days. Broader indexes posted bigger percentage increases after a mixed finish Monday.

Investors set aside some concerns about the government's civil fraud case against Goldman Sachs Group Inc. and looked to profit numbers. Beyond those reports, a bounce in the price of crude oil after a two-week slide helped energy stocks.

The NYSE DOW closed HIGHER +25.01points +0.23% on Tuesday April 20
Sym. Last......... ........Change..........
Dow 11,117.06 +25.01 +0.23%
Nasdaq 2,500.31 +20.20 +0.81%
S&P 500 1,207.17 +9.65 +0.81%
30-yr Bond 4.68% -0.22

NYSE Volume 5,864,413,000 (prior day 7,337,044,000)
Nasdaq Volume 2,105,129,750 (prior day 2,158,517,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,783.69 +55.78 +0.97%
DAX 6,264.23 +101.79 +1.65%
CAC 40 4,026.65 +56.18 +1.41%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 10,900.68 -8.09 -0.07%
Hang Seng 21,623.38 +218.21 +1.02%
Straits Times 2,981.37 +20.44 +0.69%

http://finance.yahoo.com/news/Stock...2.html?x=0&sec=topStories&pos=3&asset=&ccode=

Stocks advance on higher earnings, energy prices

Stock market resumes steady advance following earnings reports, rebound in energy prices

Tim Paradis, AP Business Writer, On Tuesday April 20, 2010, 5:23 pm

NEW YORK (AP) -- Stocks resumed their advance after investors got the numbers they wanted from first-quarter earnings reports.

The Dow Jones industrial average rose 25 points Tuesday for its eighth gain in nine days. Broader indexes posted bigger percentage increases after a mixed finish Monday.

Investors set aside some concerns about the government's civil fraud case against Goldman Sachs Group Inc. and looked to profit numbers. Beyond those reports, a bounce in the price of crude oil after a two-week slide helped energy stocks.

Harley-Davidson Inc., industrial equipment maker Illinois Tool Works Inc., and regional bank Marshall & Ilsley Corp. rose after reporting earnings.

Goldman Sachs said its first-quarter profit nearly doubled on higher trading revenue. However, the stock fell on concerns about the company's legal troubles.

After the closing bell, Apple Inc. said its first-quarter profit jumped 90 percent after it sold more iPhones and Macintosh computers. The stock rose 6 percent in electronic trading after ending the regular session lower.

James Meyer, chief investment officer at Tower Bridge Advisors in Conshohocken, Pa., said stocks aren't as likely to leap higher as they were even days ago because expectations have risen.

"We all know now that the economy is recovering at a rate that is faster than we thought two or three weeks ago and the market has adjusted," Meyer said. He said that could bring more volatility in the coming weeks when investors start looking for something else to move the market.

Stocks have rocketed higher since major stock indexes hit 12-year lows more than 13 months ago. Tuesday's advance extended a streak of steady gains seen in the past two months. Improving economic and earnings reports have given investors more confidence that the economy will mount a sustained recovery.

The Dow rose 25.01, or 0.2 percent, to 11,117.06. The Standard & Poor's 500 index rose 9.65, or 0.8 percent, to 1,207.17. The Nasdaq composite index advanced 20.20, or 0.8 percent, to 2,500.31.

Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.1 billion shares, compared with 1.3 billion Monday.

The Dow rose 73 points Monday after being lower throughout much of the day on concerns about the fallout from the charges against Goldman. The index climbed 100 points during the last two hours of trading.

Bill Stone, chief investment strategist at PNC Wealth Management in Philadelphia, said the market climbed with little break ahead of the earnings reports so a slowdown isn't unexpected.

"We got paid ahead for this earnings period," Stone said.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note was unchanged at 3.80 percent from late Monday.

The dollar and gold rose.

Crude oil for May delivery rose $2 to $83.45 per barrel on the New York Mercantile Exchange. Oil has fallen in eight of the past nine trading days since reaching $87 per barrel. Disruptions to air travel from the volcanic eruption in Iceland is hurting demand for jet fuel.

Analysts said that the rise in stocks was a sign that the market's slow grind higher is continuing after a slide last week. The market fell Friday after the Securities and Exchange Commission said Goldman Sachs failed to tell clients about conflicts of interest in mortgage investments it sold. Goldman has denied wrongdoing and vowed to fight the charges.

Doug Roberts, chief investment strategist at Channel Capital Research in Shrewsbury, N.J., said the market is able to resume its climb in part because the government has flooded the financial system with so much cash that some of it ends up in stocks.

Goldman Sachs fell $3.34, or 2.1 percent, to $159.98.

Illinois Tool rose $1.90, or 3.9 percent, to $50.71, while Marshall & Ilsley rose 90 cents, or 10.7 percent, to $9.31. Harley-Davidson advanced $2.40, or 7.3 percent, to $35.17.

Apple said it sold nearly 9 million of its popular iPhone smart phones for the three months that ended March 27, more than double a year earlier. Its revenue and earnings far outstripped most analysts' expectations.

Shares of Apple rose $14.73, or 6 percent, to $259.98 in after-hours trading after falling $2.48, or 1 percent, to $244.59 in regular trading.

Exxon Mobil rose 74 cents, or 1.1 percent, to $68.97. Schlumberger Ltd., which provides services to oil companies, rose $2.61, or 4 percent, to $67.85. Chevron rose 73 cents, or 0.9 percent, to $82.05.

The Russell 2000 index of smaller companies rose 10.15, or 1.4 percent, to 721.55.

Britain's FTSE 100 rose 1 percent, Germany's DAX index rose 1.7 percent, and France's CAC-40 gained 1.4 percent. Japan's Nikkei stock average fell 0.1 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Action was generally lackluster in the broader market this session, but there were a few pockets of strength as participants digested the latest round of earnings results.

Choppy trade took the S&P 500 from a modest gain in the early going down below the psychologically significant 1200 line, but the broad market measure was able to recover into the close to settle with a slight loss.

Most stocks edge higher, but boost from Apple results ebbs; Traders no longer wowed by results

The stock market stalled Wednesday after the glow of strong results at Apple Inc. and a few other companies faded.

The Dow Jones industrial average rose about 8 points, while broader indexes were mixed.

Technology and industrial shares drew buyers after Apple Inc. and Boeing Co. delivered results that topped expectations. Health care stocks lagged on concerns that new health care laws will hurt the industry's profits. Financial stocks also fell after traders speculated on the fallout from a potential overhaul of government regulations.

The NYSE DOW closed HIGHER +7.86 points +0.07% on Wednesday April 21
Sym. Last......... ........Change..........
Dow 11,124.92 +7.86 +0.07%
Nasdaq 2,504.61 +4.30 +0.17%
S&P 500 1,205.93 -1.24 -0.10%
30-yr Bond 4.6090% -0.6900

NYSE Volume 6,321,168,500 (prior day 5,864,413,000)
Nasdaq Volume 2,644,937,250 (prior day 2,105,129,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,723.43 -60.26 -1.04%
DAX 6,230.38 -33.85 -0.54%
CAC 40 3,977.67 -48.98 -1.22%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,090.05 +189.37 +1.74%
Hang Seng 21,510.93 -112.45 -0.52%
Straits Times 2,971.04 -10.33 -0.35%

http://finance.yahoo.com/news/Stock...4.html?x=0&sec=topStories&pos=7&asset=&ccode=

Stocks muddled as glow from Apple results fades

Most stocks edge higher, but boost from Apple results ebbs; Traders no longer wowed by results

Tim Paradis, AP Business Writer, On Wednesday April 21, 2010, 6:00 pm EDT

NEW YORK (AP) -- The stock market stalled Wednesday after the glow of strong results at Apple Inc. and a few other companies faded.

The Dow Jones industrial average rose about 8 points, while broader indexes were mixed.

Technology and industrial shares drew buyers after Apple Inc. and Boeing Co. delivered results that topped expectations. Health care stocks lagged on concerns that new health care laws will hurt the industry's profits. Financial stocks also fell after traders speculated on the fallout from a potential overhaul of government regulations.

The good news on earnings wasn't enough to give the market much of a lift. Analysts caution that investors are starting to become accustomed to better earnings so even stellar numbers might not inject energy into stocks.

"This market is overbought and it really does need a little bit of a pullback. We're priced for perfection," said Burt White, chief investment officer for LPL Financial in Boston.

Some selling could come Thursday after a profit forecast from eBay Inc. disappointed investors after the closing bell. Shares of the online auction company fell 8 percent in after-hours electronic trading. Futures contracts for technology-dominated Nasdaq 100 index fell 0.3 percent after eBay's report.

Apple's earnings blew past analysts forecasts thanks to strong sales of iPhones, sending its stock up 6 percent. Apple was the latest in a string of technology companies to report improving profits as the economy recovers.

Industrial stocks rose after Boeing's first-quarter profit was stronger than expected and the aircraft maker said it plans to deliver its 787 by the end of the year. The stock rose 4 percent. United Technologies Corp.'s profit jumped and the parent of Otis elevators and Sikorsky Aircraft raised the lower end of its profit forecast. United Technologies climbed about 4 percent. Boeing and United Technologies are both among the 30 stocks that make up the Dow industrials.

Economic concerns eclipsed some of investors' enthusiasm over the improved earnings.

Traders grew cautious after Greece's borrowing costs jumped to record highs. Government officials in the debt-strapped country have begun discussions about the terms of a bailout plan from other eurozone countries and the International Monetary Fund. There is concerns that debt problems in Greece could spill over to other countries and jeopardize a recovery.

Investors also looked to Washington for insights into a proposed overhaul of the nation's financial regulations. There is concern among traders that the wrong mix of rule tightening could hamper profits at large financial companies. President Barack Obama plans to speak in New York City on Thursday to push for new restrictions.

The stock market has been rising for 13 months since major stock indexes hit 12-year lows. For more than two months there have been few interruptions in the advance. Many analysts say some break is needed to keep stocks from getting overheated.

The Dow rose 7.86, or 0.1 percent, to 11,124.92, its third straight advance. The Dow has risen nine of the past 10 days.

The broader Standard & Poor's 500 index slipped 1.23, or 0.1 percent, to 1,205.94. The Nasdaq composite index rose 4.30, or 0.2 percent, to 2,504.61.

About three stocks rose for every two that fell on the New York Stock Exchange, where consolidated volume came to 5.7 billion shares, compared with 5.3 billion Tuesday.

White said a recent increase in trading volume is a sign that investors who think the market has run too far are starting to make moves after months of not being able to fight the market's climb. The higher volume could signal a shift is looming.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.74 percent from 3.80 percent late Tuesday.

Howard Ward, chief investment officer of the GAMCO Growth Fund, said the money companies are now making again will boost the economy.

"You don't get the new jobs without the profits," Ward said. "Strong profits suggest that the employment news in the months ahead is going to be better than we've expected."

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

Crude oil 17 cents to settle at $83.68 per barrel on the New York Mercantile Exchange.

Apple rose $14.63, or 6 percent, to $259.22. The stock topped its previous record of $251.14 set Friday.

Boeing rose $2.75, or 3.9 percent, to $74.16, while United Technologies rose $2.73, or 3.7 percent, to $76.93.

Gilead Sciences Inc. slid $4.31, or 9.6 percent, to $40.76 after the drug developer late Tuesday lowered its full-year revenue forecast citing the new health care laws.

Wells Fargo & Co. fell 68 cents, or 2 percent, to $33.01 after its earnings slipped on soured consumer loans.

EBay fell $2.10, or 8 percent, to $24.17 following its forecast. The company said that its first-quarter earnings rose 11 percent after consumers stepped up spending. The stock slipped 11 cents to $26.29 in regular trading.

The Russell 2000 index of smaller companies rose 4.64, or 0.6 percent, to 726.19.

Britain's FTSE 100 fell 1 percent, Germany's DAX index fell 0.5 percent, and France's CAC-40 dropped 1.2 percent. Japan's Nikkei stock average rose 1.7 percent.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market dropped more than 1% as participants shrugged off another batch of better-than-expected earnings amid renewed concerns about the fiscal health of Greece, but technical support helped set the stage for an afternoon rally that took stocks to a modest gain.

Stocks recover after Obama speech on financial reform; upbeat home sales report lifts builders.

The stock market recovered from early losses and closed modestly higher Thursday after President Barack Obama's speech on financial reform contained no unpleasant surprises.

The Dow Jones industrial average rose about 9 points after being down about 108. Broader indexes also turned higher.

The market fell sharply early in the day as Greece's debt problems worsened and on fears that Obama would advocate tough restrictions on banks. When he didn't, stocks recovered.

The NYSE DOW closed HIGHER +9.37 points +0.08% on Thursday April 22
Sym. Last......... ........Change..........
Dow 11,134.29 +9.37 +0.08%
Nasdaq 2,519.07 +14.46 +0.58%
S&P 500 1,208.67 +2.74 +0.23%
30-yr Bond 4.6360% +0.2700

NYSE Volume 6,682,983,500 (prior day 6,321,168,500)
Nasdaq Volume 2,728,098,000 (prior day 2,644,937,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,665.33 -58.10 -1.02%
DAX 6,168.72 -61.66 -0.99%
CAC 40 3,924.65 -53.02 -1.33%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 10,949.09 -140.96 -1.27%
Hang Seng 21,454.94 -55.99 -0.26%
Straits Times 2,980.69 +13.04 +0.44%

http://finance.yahoo.com/news/Stock...8.html?x=0&sec=topStories&pos=4&asset=&ccode=

Stocks recover after Obama speech, home sales data

Stocks recover after Obama speech on financial reform; upbeat home sales report lifts builders

Stephen Bernard and Tim Paradis, AP Business Writers, On Thursday April 22, 2010, 5:43 pm

NEW YORK (AP) -- The stock market recovered from early losses and closed modestly higher Thursday after President Barack Obama's speech on financial reform contained no unpleasant surprises.

The Dow Jones industrial average rose about 9 points after being down about 108. Broader indexes also turned higher.

The market fell sharply early in the day as Greece's debt problems worsened and on fears that Obama would advocate tough restrictions on banks. When he didn't, stocks recovered.

Prices also got a boost from a jump in sales of existing homes last month.

In a speech in New York, Obama said the economy is recovering quickly but the progress needs to be felt more deeply among the millions of unemployed Americans. He has blamed Wall Street for helping push the country into recession. Obama gave a speech in support of his efforts to pass legislation that would overhaul financial markets.

The Senate could debate the financial overhaul bill next week. The House has already passed its own version.

Investors were rattled early in the day by news about Greece. The country's borrowing costs surged again when Europe's statistics agency found that Greece's budget deficit last year was even larger than previously thought. The findings pushed Greece closer to tapping loans from 15 European countries and the International Monetary Fund. Moody's Investor Services downgraded Greece's debt and said more downgrades could be coming.

"It rings the alarm bell at least in the very short-term," said Steven Goldman, chief market strategist at Weeden & Co., referring to the latest problems in Greece.

Greece's debt crisis has undermined confidence in Europe's shared currency, the euro, and raised the troubling possibility that other weak European economies such as Portugal may also need to be bailed out.

Investors sent homebuilder stocks higher after the National Association of Realtors said sales of existing homes rose 6.8 percent last month after falling 0.8 percent in February. Sales of previously occupied homes had been expected to rise 5.2 percent, according to Thomson Reuters.

Stocks have been climbing steadily over the past 13 months, and the gains in the past two months have come with very few breaks. Many analysts have been expecting a break in the market's ascent, which would be in keeping with historical patterns. As occurred Thursday, most recent drops have faded quickly as buyers step in.

The Dow rose 9.37, or 0.1 percent, to 11,134.29. The Standard & Poor's 500 index rose 2.73, or 0.2 percent, to 1,208.67, while the Nasdaq composite index rose 14.46, or 0.6 percent, to 2,519.07.

Bond prices fell, lifting yields. The yield on the benchmark 10-year Treasury note rose to 3.78 percent from 3.74 percent late Wednesday.

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

Crude oil rose 2 cents to $83.70 per barrel on the New York Mercantile Exchange.

The Labor Department reported that the number of people applying for unemployment benefits dipped to 456,000 last week, after rising unexpectedly the past couple of weeks. The drop was about in line with expectations.

Homebuilder Hovnanian Enterprises Inc. rose 25 cents, or 4 percent, to $6.57. KB Home rose $1.12, or 6.3 percent, to $18.87.

Stronger corporate earnings reports in the past two weeks have brought an important signal that the economy is recovering. But not all the numbers have been as strong as investors would like.

Shares of eBay Inc. fell $1.51, or 5.7 percent, to $24.78 after the online auction house's profit forecast fell short of what analysts had been expecting.

Profits at mobile phone maker Nokia Corp. missed analysts' forecasts. The stock fell $1.96, or 13.1 percent, to $12.99. Dow component Verizon Communications Inc. reported better-than-expected earnings but the stock fell after the company brought in fewer new customers than predicted. Verizon fell 28 cents, or 1 percent, to $29.28.

Two stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 6 billion shares compared with 5.7 billion Wednesday.

The Russell 2000 index of smaller companies rose 8.12, or 1.1 percent, to 734.31.

Britain's FTSE 100 dropped 1 percent, Germany's DAX index fell 1 percent, and France's CAC-40 fell 1.3 percent. Japan's Nikkei stock average fell 1.3 percent.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow closed on its highs for the year, and finished higher for its eighth consecutive week, closing on its 200-week moving average. U.S. equities initially took their cue from Europe as investors responded positively to Greece seeking aid from the IMF and European Union.

Stocks climb on home sales; Dow posts 8th straight weekly gain for first time since 2004

Investors expecting a pullback in stocks -- and there are plenty of them -- are going to have to wait. As of Friday the Dow Jones industrial average has entered its longest winning streak in more than six years.

Stocks climbed again Friday after a strong report on new home sales more than offset mixed news from corporate earnings reports. Investors were also keeping a cautious eye fixed on Greece's ongoing debt problems after the country decided to tap a bailout program.

The Dow Jones industrial average closed the day higher for the 11th time in the past 12 trading days. Friday's 70-point gain wrapped up the index's eighth straight weekly rise, which matches its longest string of gains since a two-month stretch that ended in January 2004.

The NYSE DOW closed HIGHER +69.99 points +0.63% on Friday April 23
Sym. Last......... ........Change..........
Dow 11,204.28 +69.99 +0.63%
Nasdaq 2,530.15 +11.08 +0.44%
S&P 500 1,217.28 +8.61 +0.71%
30-yr Bond 4.6680% +0.3200

NYSE Volume 5,888,237,000 (prior day 6,682,983,500)
Nasdaq Volume 2,434,851,250 (prior day 2,728,098,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,723.65 +58.32 +1.03%
DAX 6,259.53 +90.81 +1.47%
CAC 40 3,951.30 +26.65 +0.68%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 10,914.46 -34.63 -0.32%
Hang Seng 21,244.49 -210.45 -0.98%

http://finance.yahoo.com/news/Stock...4.html?x=0&sec=topStories&pos=5&asset=&ccode=

Stocks rise again; Dow up for 8th straight week

Stocks climb on home sales; Dow posts 8th straight weekly gain for first time since 2004

Stephen Bernard, AP Business Writer, On Friday April 23, 2010, 5:23 pm

NEW YORK (AP) -- Investors expecting a pullback in stocks -- and there are plenty of them -- are going to have to wait. As of Friday the Dow Jones industrial average has entered its longest winning streak in more than six years.

Stocks climbed again Friday after a strong report on new home sales more than offset mixed news from corporate earnings reports. Investors were also keeping a cautious eye fixed on Greece's ongoing debt problems after the country decided to tap a bailout program.

The Dow Jones industrial average closed the day higher for the 11th time in the past 12 trading days. Friday's 70-point gain wrapped up the index's eighth straight weekly rise, which matches its longest string of gains since a two-month stretch that ended in January 2004.

Analysts have been saying for weeks that the market could be primed for a pullback, yet it still hasn't materialized.

"It's been quite a run," said Stephen Carl, head of equity trading at The Williams Capital Group in New York. Carl said momentum could be slowing after stocks have been on a nearly unbroken path upward over the past two months.

The Dow is up 8.5 percent during its two-month climb. The pattern of slow, steady gains leads analysts to believe that investors are becoming less discerning in their stock picking, leaving the market vulnerable if sentiment shifts for the worse.

"The market is trying to sort out how overbought it is," said Nick Kalivas, vice president of financial research at MF Global in Chicago. "That's left us in a choppy state."

Volume has been low during the stretch, which analysts say is proof that investors are not fully confident that the gains are built on a solid foundations.

Despite that skepticism, stocks continued their recent pattern of slow but steady climbs upward Friday.

The Dow rose 69.99, or 0.6 percent, to 11,204.28 on Friday, closing near its high for the day. The Standard & Poor's 500 index rose 8.61, or 0.7 percent, to 1,217.28, while the Nasdaq composite index rose 11.08, or 0.4 percent, to 2,530.15.

The gains followed another report showing the economy is getting better. The Commerce Department said sales of new homes jumped 27 percent in March, bouncing off a record low in February. It was the best month since July and the biggest monthly increase in 47 years. However much of the recent big gains in home sales were likely fueled by customers who are trying to qualify for federal tax credits that will expire at the end of this month.

Friday was the second straight day the sector got good news. On Thursday, the National Association of Realtors said sales of existing homes also rose last month.

Joe Heider, principal at Rehmann in Cleveland, said the home sales report is a strong indication that consumers are growing more confident about the economy.

"We're seeing that people have the confidence to make the biggest purchase of their lives," Heider said. "And that bodes well for the markets."

Shares of homebuilders including PulteGroup Inc. and Lennar Corp. rose sharply as hopes grew that the troubled housing sector may finally be on the mend. Housing has been one of the hardest-hit sectors in the economy, helping to the economy into recession in late 2007.

Gold and oil rose after the housing report, pushing shares of energy and materials stocks higher throughout the day.

Before the housing report, major indexes were slightly lower following mixed earnings from two Dow components. There was also skepticism that the latest effort to resolve Greece's debt problems would work out in the long term.

Dow components Microsoft Corp. and Travelers Cos. both fell after their quarterly results failed to impress investors. Travelers fell 41 cents to $53.38. Microsoft's shares fell 43 cents to $30.96.

The technology-heavy Nasdaq was hurt by a disappointing earnings outlook from Amazon.com Inc. Its shares fell $6.46, or 4.3 percent, to $143.63.

Homebuilders were the big gainers on the day. Pulte shares rose 71 cents, or 5.7 percent, to $13.19. Lennar jumped 79 cents, or 4 percent, to $20.53.

Five stocks rose for every two that fell on the New York Stock Exchange. Volume came to 1.21 billion shares.

In Europe, stock indexes rose after Greek officials said they would tap a rescue package from the 15 other countries that use the euro and the International Monetary Fund. The move gives Greece better interest rates on its debt than it would be able to get from private investors.

Some remained skeptical, however, if the bailout would provide a long-term solution to Greece's debt woes. Investors also expect that other weak European countries such as Portugal may require help, further undermining confidence in the euro, Europe's shared currency.

The euro did rebound late in the day against the dollar after touching its lowest level in a year against the U.S. currency earlier Friday.

Bond prices fell as investors moved into stocks. The yield on the benchmark 10-year Treasury note rose to 3.82 percent from 3.78 percent late Thursday.

The Russell 2000 index of smaller companies rose 7.61, or 1 percent, to 741.92.

Overseas, Britain's FTSE 100 rose 1 percent, Germany's DAX index gained 1.5 percent, and France's CAC-40 rose 0.7 percent. Japan's Nikkei stock average fell 0.3 percent.

8079

 

[bigdog]

Source: http://finance.yahoo.com

Stocks chopped along in mixed fashion for the entire session. Though that made for rather lackluster action, it allowed recent gains to consolidate.

Overall buying interest cooled among market participants this session. In turn, the major market averages lacked leadership and were confined to a relatively narrow trading range until a late slip led to a weak finish.

The stock market closed narrowly mixed Monday after a strong earnings report from Caterpillar Inc. offset investors' concerns about financial regulation.

The Dow Jones industrial average, supported by Caterpillar, eked out a gain of 1 point. Broader market indexes fell modestly.

Banking shares fell as negotiations on financial overhaul legislation continued in Washington.

The NYSE DOW closed HIGHER +0.75 points +0.01% on Monday April 26
Sym. Last......... ........Change..........
Dow 11,205.03 +0.75 +0.01%
Nasdaq 2,522.95 -7.20 -0.28%
S&P 500 1,212.05 -5.23 -0.43%
30-yr Bond 4.6730% +0.0500

NYSE Volume 6,176,508,000 (prior day 5,888,237,000)
Nasdaq Volume 2,386,476,750 (prior day 2,434,851,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,753.85 +30.25 +0.53%
DAX 6,332.10 +72.57 +1.16%
CAC 40 3,997.39 +46.09 +1.17%

Asia
Symbol...... Last...... .....Change.......
Nikkei 22511,165.79 +251.33 +2.30%
Hang Seng 21,587.06 +342.57 +1.61%
Straits Times 3,002.62 +14.13 +0.47%

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

Strong Caterpillar results, outlook lift stocks

Stocks narrowly mixed after Caterpillar posts higher results, sees hopeful economic signs

Ieva M. Augstums, AP Business Writer, On Monday April 26, 2010, 5:44 pm EDT

The stock market closed narrowly mixed Monday after a strong earnings report from Caterpillar Inc. offset investors' concerns about financial regulation.

The Dow Jones industrial average, supported by Caterpillar, eked out a gain of 1 point. Broader market indexes fell modestly.

Banking shares fell as negotiations on financial overhaul legislation continued in Washington.

Caterpillar, whose results are seen as an economic indicator, reported earnings that beat analyst expectations after a one-time charge related to health care. The company said economic conditions are "definitely improving" and that orders for its heavy equipment are significantly higher than last year.

Investors also got some good news from Whirlpool Corp., which said profits doubled on higher sales of appliances in the U.S. and other countries. That's a signal that consumer spending is picking up.

News that car rental company Hertz Global Holdings Inc. agreed to buy rival Dollar Thrifty Automotive Inc. also helped stocks.

But investors showed caution throughout the day. A series of upbeat earnings reports have sent stocks steadily higher over the past week, and many analysts believe that strong corporate earnings results are already priced into the market.

Peter Cardillo, chief market economist at the brokerage Avalon Partners Inc. in New York, said the market is "perhaps defying logic at this point, and nevertheless moving up."

"We will be headed for some sort of a pullback, which could happen at any time," Cardillo said, adding he doesn't think it will be too steep, maybe 5 percent to 7 percent. "For the moment, the enthusiasm continues."

The Dow rose 0.75, or less than 0.1 percent, to 11,205.03. The Standard & Poor's 500 index fell 5.23, or 0.4 percent, to 1,212.05, while the Nasdaq composite index fell 7.20, or 0.3 percent, to 2,522.95.

Losing shares narrowly outpaced advancers on the New York Stock Exchange, where volume came to 1.2 billion shares.

Caterpillar rose $2.87, or 4.2 percent, to close at $71.65.

This week will bring a stream of earnings news from companies across a range of industries, including Ford Motor Co., Exxon Mobil Corp. and UPS Inc. Consumer products companies including Procter & Gamble Co. are also scheduled to release their results.

Hertz, the world's largest car rental company, agreed to buy rival Dollar Thrifty for almost $1.2 billion in cash and stock.

Hertz closed up $1.81, or 14.1 percent, at $14.69, while Dollar Thrifty rose $4.22, or 10.9 percent, to $43.07. Investors view mergers and acquisition activity as a sign of investor confidence about the economy.

Investors also got some reassurance about Greece's debt problems. The Greek government on Friday said it wanted to tap a rescue package from 15 European countries and the International Monetary Fund. Investors have been concerned that Greece could default on its debt and that the trouble there would spread to other countries.

Financial shares slid as negotiations on financial overhaul legislation continued in Washington.

Senate Democrats reached a tentative deal on sweeping new rules for the derivatives market. Derivatives are the complex securities blamed for helping precipitate the 2008 financial crisis, but they also have earned big profits for banks.

"We are starting to see the financials crack, or get a little shaky," Hobart said, speaking about bank and other financial company stocks. "Going forward really for the next several months we are going to see a lot of choppiness and volatility in financials, simply because we don't know all the plans (the government) is putting together."

JPMorgan Chase & Co. lost $1.05, or 2.3 percent, to $43.89, while Bank of America Corp. shed 38 cents, or 2.1 percent, to $18.05.

Citigroup Inc.'s shares fell 5.1 percent after the Treasury said it plans to sell up to 1.5 billion shares of Citigroup stock, its latest move to unwind the support it provided big banks during the financial crisis. Citi shares fell 25 cents to $4.61.

Gold and the dollar both rose. Oil prices fell 92 cents to settle at $84.20 on the New York Mercantile Exchange.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note fell to 3.81 percent from 3.82 percent late Friday.

The Russell 2000 index of smaller companies fell 3.06, or 0.4 percent, to 738.86.

In European trading stocks are higher in reaction to Greece's request for rescue funds. The FTSE-100 in London rose 0.5 percent. The CAC 40 index in Paris rose 1.2 percent.

Stocks closed higher in Tokyo. The Nikkei 225 average rose 2.3 percent.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow fell 213.04, or 1.9 percent, to 10,991.99. It was the biggest drop for the average since it fell 268.37 on Feb. 4, also amid concerns about European debt problems.

Investors are again worried that debt problems in Greece and Portugal could threaten the global economic recovery.

Stocks plunged in the U.S. and Europe Tuesday after Standard & Poor's downgraded the debt of the two European countries. The Dow Jones industrial average fell 213 points, its biggest loss in almost three months. All the major market indexes were down about 2 percent.

The ratings downgrades also sent the dollar up more than 1.1 percent against the euro, hitting its highest level in about a year. At the same time, gold and Treasury prices rose as investors sought safer investments. The three often do not trade in the same direction.

The NYSE DOW closed LOWER -213.04 points -1.90% on Tuesday April 27
Sym. Last......... ........Change..........
Dow 10,991.99 -213.04 -1.90%
Nasdaq 2,471.47 -51.48 -2.04%
S&P 500 1,183.71 -28.34 -2.34%
30-yr Bond 4.5610% -1.1200

NYSE Volume 8,354,417,500 (prior day 6,176,508,000)
Nasdaq Volume 2,766,876,250 (prior day 2,386,476,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,603.52 -150.33 -2.61%
DAX 6,159.51 -172.59 -2.73%
CAC 40 3,844.60 -152.79 -3.82%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,212.66 +46.87 +0.42%
Hang Seng 21,261.79 -325.27 -1.51%
Straits Times 2,991.68 -10.94 -0.36%

http://finance.yahoo.com/news/Stock...0.html?x=0&sec=topStories&pos=5&asset=&ccode=

Stocks pull back on Europe's deepening debt woes

US stocks follow European markets sharply lower as Portugal, Greece debt downgraded

Stephen Bernard, AP Business Writer, On Tuesday April 27, 2010, 5:59 pm EDT
NEW YORK (AP) -- Investors are again worried that debt problems in Greece and Portugal could threaten the global economic recovery.

Stocks plunged in the U.S. and Europe Tuesday after Standard & Poor's downgraded the debt of the two European countries. The Dow Jones industrial average fell 213 points, its biggest loss in almost three months. All the major market indexes were down about 2 percent.

The ratings downgrades also sent the dollar up more than 1.1 percent against the euro, hitting its highest level in about a year. At the same time, gold and Treasury prices rose as investors sought safer investments. The three often do not trade in the same direction.

"It was a knee-jerk reaction," said Brian Peardon, a wealth adviser at Harrison Financial Group in Citrus Heights, Calif. Peardon said the small size of Greece and Portugal's economies mean their debt struggles are not yet a major problem. But if they were to default on their debt, other countries that hold their bonds would also suffer.

Debt-strapped countries would also likely find it harder to spend more to stimulate their economies and help feed the global economic recovery.

Standard & Poor's downgraded Greece's debt to junk status and lowered Portugal's debt two notches to A-minus from A-plus. Greece has already admitted it can't pay debts coming due shortly and it has asked for a bailout from European neighbors and the International Monetary Fund. And there are growing concerns about Portugal's ability to handle its debts.

Investors have been on edge for months about Greece's fiscal crisis even as they've sent stocks higher on signs of an improving U.S. economy. They have also been worried that Portugal could be the next European country to need help. That has undermined confidence in the euro, and raised questions about whether some of the 16 nations that share the currency might abandon it.

"This is a major test case for the euro," said Quincy Krosby, a market strategist with Prudential Financial. The European Union "needs a viable template on how to deal with these issues," Krosby added, noting that troubles extend beyond just Greece.

The drop in the euro can be a problem for U.S. companies that do business in Europe. When the dollar is up against the currency, the profits they earn in European countries translate to fewer dollars and can cause a dip in earnings.

Greece agreed last week to tap a rescue package from the euro nations and the International Monetary Fund. However, there are now worries that Greece won't have access to the money before it is forced to make a big debt repayment on May 19.

A setback in the European economic recovery "sends a U.S. recovery back and spreads to emerging markets," said Eric Thorne, an investment adviser at Bryn Mawr Trust Wealth Management in Bryn Mawr, Pa.

The debt problems have the potential "to have devastating effects," Thorne said. Thorne noted, however, he doesn't yet predict a worst-case scenario that would put a global recovery completely on hold.

Tuesday's downgrades overshadowed a jump in consumer confidence and the latest upbeat earnings reports from U.S. companies including 3M and Dupont. Still, many analysts, noting that the market has been going up almost relentlessly the past two months, have said stocks were due for a pullback.

The news about Greece and Portugal also drew some of the market's attention away from testimony by Goldman Sachs CEO Lloyd Blankfein and other top executives from the bank on Capitol Hill. The executives testified about the company's dealings in mortgage-backed securities during the credit crisis.

The Securities and Exchange Commission has charged Goldman with civil fraud, accusing it of misleading investors about investments tied to subprime mortgages.

Goldman was actually one of the relatively few winning stocks Tuesday. Analysts said investors were reassured by the fact there were few new details in the testimony. The stock rose $1.01, or 0.7 percent, to $153.04.

The Dow fell 213.04, or 1.9 percent, to 10,991.99. It was the biggest drop for the average since it fell 268.37 on Feb. 4, also amid concerns about European debt problems.

The Standard & Poor's 500 index fell 28.34, or 2.3 percent, to 1,183.71, while the Nasdaq composite index dropped 51.48, or 2 percent, to 2,471.47.

Only 498 stocks rose on the New York Stock Exchange, while 2,592 fell. Volume came to a heavy 1.68 billion shares, compared with 1.2 billion Monday. It picked up markedly when news of the ratings downgrades came out.

Portugal's main stock index dropped 5.4 percent, while Greece's plummeted 6 percent. Britain's FTSE 100 fell 2.6 percent, Germany's DAX index dropped 2.7 percent, and France's CAC-40 tumbled 2.8 percent.

The Chicago Board Options Exchange's Volatility Index, known as the market's fear gauge, surged 30.6 percent. It often jumps when investors become rattled. Still, at about 22, it is far below the 89 that it reached in October 2008, at the height of the financial crisis.

Bond prices surged as investors sought safety in U.S. government-backed debt. The yield on the benchmark 10-year Treasury note, which moves opposite to its price, fell to 3.69 percent from 3.81 percent late Monday.

The Russell 2000 index of smaller companies fell 17.59, or 2.4 percent, to 721.27.

Dow components 3M Co. and Dupont Co. both reported better-than-expected first-quarter profits. The pair also boosted their earnings outlooks for the year based on improving sales and a rebounding economy.

3M shares rose 53 cents to $87.97, while DuPont dropped $1.55, or 3.7 percent, to $39.42.

The Conference Board's consumer confidence index jumped to 57.9 in April. Economists polled by Thomson Reuters had forecast it would rise to 53.5.

On Wednesday, the market will be watching the Federal Reserve, which will end a two-day, rate-setting meeting. The Fed has said it plans to keep rates at historic lows for an extended time to help the recovery. However, eventually rates will need to climb to fight inflation as the economic rebound continues. Investors are hoping the Fed will hold off on raising rates for some time.

 

[bigdog]

Source: http://finance.yahoo.com

Strength among financials helped the broader market fend off the challenge of another midsession sovereign debt downgrade and a late flurry of selling. The latest FOMC policy statement had no real effect on trade.

Early trade was rather choppy, but the action was generally positive as stocks sported broad-based gains. Buying came largely as a reflex to the outsized losses that dropped stocks in the prior session.

Investors gave stocks a rebound after reassuring words from the Federal Reserve and another batch of upbeat earnings reports.

The Dow Jones industrials rose 53 points Wednesday, making back a quarter of the 213 they lost the previous day.

Investors were able to shake off Standard & Poor's downgrade of Spain's debt, the third European country in two days to have its rating lowered. Instead, they focused on the domestic economy.

The NYSE DOW closed HIGHER +53.28 points +0.48% on Wednesday April 28
Sym. Last......... ........Change..........
Dow 11,045.27 +53.28 +0.48%
Nasdaq 2,471.73 +0.26 +0.01%
S&P 500 1,191.36 +7.65 +0.65%
30-yr Bond 4.6380% +0.7700

NYSE Volume 7,042,364,000 (prior day 8,354,417,500)
Nasdaq Volume 2,722,792,750 (prior day 2,766,876,250)


Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,586.61 -16.91 -0.30%
DAX 6,084.34 -75.17 -1.22%
CAC 40 3,787.00 -57.60 -1.50%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 10,924.79 -287.87 -2.57%
Hang Seng 20,949.40 -312.39 -1.47%
Straits Times 2,932.04 -59.64 -1.99%

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

Stocks climb on earnings; Fed holds rate steady

Strong earnings help stocks bounce back after Spain's debt ratings latest to get slashed

Stephen Bernard, AP Business Writer, On Wednesday April 28, 2010, 6:13 pm

NEW YORK (AP) -- Investors gave stocks a rebound after reassuring words from the Federal Reserve and another batch of upbeat earnings reports.

The Dow Jones industrials rose 53 points Wednesday, making back a quarter of the 213 they lost the previous day.

Investors were able to shake off Standard & Poor's downgrade of Spain's debt, the third European country in two days to have its rating lowered. Instead, they focused on the domestic economy.

In an economic assessment statement that accompanied the Fed's decision to keep interest rates stable, the central bank said the labor market is "beginning to improve" and it noted that housing starts have edged up. The statement, which came at the end of a two-day policymaking meeting, did say that employers are still reluctant to hire, but that came as no surprise to investors.

The Fed said it expects to keep rates low for an "extended period" to help strengthen the economy.

"The Fed essentially kicked the can down the road," said Burt White, chief investment officer at LPL Financial in Boston. Eventually the Fed will have to raise rates, but that might not happen now until early in 2011, White said.

But the Fed's view of the economy is actually more conservative than data suggests, White said. That's because it is concerned about European debt problems, White added, noting that a slowdown in Europe's economy could slow U.S. exports and affect the domestic recovery.

Earnings provided a boost to stocks throughout the day. Cable company Comcast Corp., defense contractor Northrop Grumman Corp. and Dow Chemical Co. were the latest companies to top earnings expectations.

Tim Courtney, chief investment officer at Burns Advisory Group in Oklahoma City, said that improving sales at companies like Dow Chemical prove the economy is healing.

"It indicates consumers may be getting back on their feet," Courtney said.

The Dow rose 53.28, or 0.5 percent, to 11,045.27. The Standard & Poor's 500 index rose 7.65, or 0.7 percent, to 1,191.36, while the Nasdaq composite index rose 0.26, or 0.01 percent, to 2,471.73.

Wednesday's trading was far quieter than on Tuesday, when the market plunged on news that S&P slashed its credit ratings on Greece and Portugal. Greece's debt was cut to junk status, deepening the country's credit crisis.

"When you get some of these negative headlines, you will get a short-term negative pullback," said Brett D'Arcy, chief investment officer at CBIZ Wealth Management Group in San Diego.

European leaders calmed investors' nerves early Wednesday. They said Greece would receive bailout money in time to cover $11.3 billion in debt payments due on May 19.

German leaders said their country's portion of a nearly $60 billion bailout for Greece could be approved by the end of next week. Germany, the largest of the 16 countries that use the euro, has been demanding further spending cuts from Athens before it approves the bailout package.

Debt concerns across Europe have sent the euro sharply lower in the last few months. The euro traded in a narrow range against the dollar again on Wednesday, though it did touch its lowest level in a year earlier in the day.

Some analysts believe the debt problems could spread throughout the continent and hurt an economic recovery.

"Greece and Portugal will be Europe's subprime problem," said John Lekas, portfolio manager at Leader Capital in Portland, Ore.

After the close of trading, it was announced that Hewlett-Packard Co. was buying smart phone pioneer Palm Inc. for about $1 billion in cash. HP stock, which edged up 3 cents to $53.28 in regular trading, fell back to $52.93. Palm, which had closed down 2 cents at $4.63, shot up to $5.90, a 27 percent surge.

Dow Chemical rose $1.76, or 5.9 percent, to $31.83. Comcast rose 35 cents to $18.81, while Northrop Grumman rose $1.49, or 2.2 percent, to $68.67.

About three stocks rose for every two that fell on the New York Stock Exchange, where consolidated volume came to 6.4 billion shares, down from 7.5 billion Tuesday.

Bond prices dipped after surging higher a day earlier. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.77 percent from 3.69 percent late Tuesday.

Gold and oil both rose.

The Russell 2000 index of smaller companies rose 1.12, or 0.2 percent, to 722.39.

Overseas, Britain's FTSE 100 fell 0.3 percent, Germany's DAX index dropped 1.2 percent, and France's CAC-40 fell 1.1 percent. Japan's Nikkei stock average tumbled 2.6 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks surged higher after another series of upbeat earnings reports and a reading on unemployment provided more evidence of an improving economy.

The Dow Jones industrials rose 122 points Thursday after the Labor Department said initial claims for unemployment benefits fell last week. And companies including Motorola, Time Warner Cable and Starwood Hotels & Resorts reported earnings that topped analysts' forecasts.

It was the market's second straight winning day after a plunge Tuesday that took the Dow down 213. Greece's debt problems, one of the triggers for that slide, appeared less dire Wednesday and Thursday, and that allowed investors to focus on the growing signs of healing in the U.S.

High-volume buying gave the stock market its best single-session percentage gain in more than one month. The S&P 500 is now just 1% below its 52-week high, which was set earlier this week. Strength was steady and broad based for the entire session.

The NYSE DOW closed HIGHER +122.05 points +1.10% on Thursday April 29
Sym. Last......... ........Change..........
Dow 11,167.32 +122.05 +1.10%
Nasdaq 2,511.92 +40.19 +1.63%
S&P 500 1,206.78 +15.42 +1.29%
30-yr Bond 4.5910% -0.4700

NYSE Volume 6,708,069,500 (prior day 7,042,364,000)
Nasdaq Volume 2,997,385,000 (prior day 2,722,792,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,617.84 +31.23 +0.56%
DAX 6,144.91 +60.57 +1.00%
CAC 40 3,840.62 +53.62 +1.42%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 10,924.79 -287.87 -2.57%
Hang Seng 20,778.92 -170.48 -0.81%
Straits Times 2,954.23 +22.19 +0.76%

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

Stocks climb on earnings, drop in jobless claims

Stocks rise on earnings, drop in jobless claims; European debt problems remain a focus

Stephen Bernard, AP Business Writer, On Thursday April 29, 2010, 6:06 pm

NEW YORK (AP) -- Stocks surged higher after another series of upbeat earnings reports and a reading on unemployment provided more evidence of an improving economy.

The Dow Jones industrials rose 122 points Thursday after the Labor Department said initial claims for unemployment benefits fell last week. And companies including Motorola, Time Warner Cable and Starwood Hotels & Resorts reported earnings that topped analysts' forecasts.

It was the market's second straight winning day after a plunge Tuesday that took the Dow down 213. Greece's debt problems, one of the triggers for that slide, appeared less dire Wednesday and Thursday, and that allowed investors to focus on the growing signs of healing in the U.S.

The Labor Department said first-time claims dipped to 448,000, slightly above analysts' forecast of 445,000, according to Thomson Reuters. It was the second weekly drop and lifted hopes that layoffs are slowing.

Dealmaking and strong corporate earnings reports added to the growing optimism.

Hewlett-Packard Co. said late Wednesday it is buying smart phone maker Palm Inc. in an all-cash deal worth $1.4 billion. Acquisitions are a sign that the economy is recovering and companies are comfortable spending cash to build their businesses.

"Business are in a very strong position financially," said Doug Lockwood, chief investment officer at Cornerstone Wealth Management in Auburn, Ind. Companies have built up big cash reserves that can not only go toward deals, but also eventually to hire back workers, Lockwood said.

Companies including Motorola, Time Warner Cable and Starwood Hotels & Resorts reported earnings that topped analysts' expectations, as have many other companies that announced first-quarter results in recent weeks.

"It just seems like the market is moving and moving and nothing is going to get in its way," said Steve Stahler, president of the Stahler Group Inc. in Baton Rouge, La.

On Friday, the government will give its first assessment of overall economic activity during the first quarter when it issues the gross domestic product. Analysts surveyed by Thomson Reuters forecast that the economy grew at an annual rate of 3.4 percent, down from 5.6 percent in the fourth quarter. However, many economists have warned for months that the hectic pace at the end of 2009 would not be sustained, so a lower rate of growth won't be seen as a negative -- as long as it meets or beats expectations.

The Dow rose 122.05, or 1.1 percent, to 11,167.32, bringing its two-day advance to 175.33. The Standard & Poor's 500 index rose 15.42, or 1.3 percent, to 1,206.78, while the Nasdaq composite index rose 40.19, or 1.6 percent, to 2,511.92.

European stock markets rose Thursday after two days of steep declines. On Wednesday Spain became the third European country this week to see its debt rating slashed by Standard & Poor's, following Greece and Portugal.

There are concerns that debt problems will spread across the continent and slow a global economic recovery. The most pressing problems are in Greece, which is still trying to tap a bailout package worth nearly $60 billion. European Union officials said again Thursday that Greece would have access to the money that will help it avoid defaulting on debt payments next month. The downgrades of Greek and Portuguese debt on Tuesday sent indexes worldwide tumbling.

Guy LeBas, chief fixed income strategist of Janney Montgomery Scott in Philadelphia, said the Greece crisis is "the tip of the iceberg for the European Union."

The debt crisis has the potential to drag down a European economic recovery and lead to a collapse of the euro, a currency shared by 16 member nations, LeBas said. That could hurt the recovery in the U.S. and other countries as well.

Some analysts said investors were overreacting to the situation in Europe when they sent stocks tumbling Tuesday. But analysts also acknowledged that the market was due for a pullback after moving steadily higher for months. When stocks go in one direction for a sustained period of time, market watchers worry that investors are buying or selling indiscriminately.

Earnings were one of the primary drivers of stocks Thursday.

Starwood Hotels & Resorts Worldwide Inc.'s profit jumped sharply as more people checked in its hotels, including the Sheraton, W, and Westin. Drug maker Bristol-Myers Squibb Co., phone maker Motorola Inc. and Time Warner Cable Inc. also reported stronger earnings.

Dow component ExxonMobil Corp.'s profit rose during the quarter, but fell short of expectations. Exxon Mobil fell 53 cents, or 0.8 percent, to $68.66.

Starwood Hotels & Resorts rose $3.02, or 5.7 percent, to $56.29, while Bristol-Myers Squibb rose $1.03, or 4.2 percent, to $25.37. Motorola jumped 24 cents, or 3.5 percent, to $7.16 and Time Warner Cable rose $4.02, or 7.6 percent, to $57.15.

Hewlett-Packard shares fell 40 cents to $52.88, while Palm surged $1.21, or 26 percent, to $5.84.

About three shares rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 6.1 billion shares, down from 6.4 billion on Wednesday.

Bond prices rose slightly after an auction for $32 billion in seven-year Treasury notes. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.73 percent from late Wednesday's 3.77 percent.

Gold fell, while oil rose.

The Russell 2000 index of smaller companies rose 15.35, or 2.1 percent, to 737.74.

Overseas, Britain's FTSE 100 rose 0.6 percent, Germany's DAX index gained 1 percent, and France's CAC-40 rose 1.4 percent. Japan's market was closed for a holiday.

 

[bigdog]

Source: http://finance.yahoo.com

Investors sent stocks soaring Monday after getting a boost of confidence from the latest economic reports and Warren Buffett's defense of Goldman Sachs.

The Dow Jones industrial average rose 143 points for its biggest gain in two and a half months. The Dow and broader indexes all climbed more than 1 percent.

The market rebounded from a drop Friday after a string of welcome news eased some of the concerns that have been dogging investors. Economic reports signaled that consumer spending and manufacturing are strengthening.

Unable to push past 1205, the S&P 500 settled just a few points shy of its session high with broad-based gains.

The NYSE DOW closed HIGHER +143.22 points +1.30% on Monday May 3
Sym. Last......... ........Change..........
Dow 11,151.83 +143.22 +1.30%
Nasdaq 2,498.74 +37.55 +1.53%
S&P 500 1,202.26 +15.58 +1.31%
30-yr Bond 4.5460% +0.1900

NYSE Volume 5,451,307,000 (prior day 6,708,069,500)
Nasdaq Volume 2,336,490,750 (prior day 2,997,385,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,553.29 -64.55 -1.15%
DAX 6,166.92 +31.22 +0.51%
CAC 40 3,828.46 +11.47 +0.30%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,057.40 +132.61 +1.21%
Hang Seng 20,811.36 -297.23 -1.41%
Straits Times 2,944.22 -30.39 -1.02%

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

Stronger economic reports pull stocks higher

Stocks rise after consumer, manufacturing data improve; Buffett defense of Goldman brings calm

Tim Paradis, AP Business Writer, On Monday May 3, 2010, 5:59 pm

NEW YORK (AP) -- Investors sent stocks soaring Monday after getting a boost of confidence from the latest economic reports and Warren Buffett's defense of Goldman Sachs.

The Dow Jones industrial average rose 143 points for its biggest gain in two and a half months. The Dow and broader indexes all climbed more than 1 percent.

The market rebounded from a drop Friday after a string of welcome news eased some of the concerns that have been dogging investors. Economic reports signaled that consumer spending and manufacturing are strengthening.

Meanwhile, Germany's approval of bailout funds for Greece and Buffett's vote of confidence in Goldman, whose shares he owns, helped reassure investors. Goldman has been under fire the past two weeks after regulators filed civil charges accusing the bank of fraudulent dealing in mortgage-backed securities.

An agreement by United Airlines to acquire Continental Airlines Inc. in a stock deal worth about $3 billion also lifted stock prices. Investors see corporate dealmaking as a positive sign for the economy.

"The merger in the airlines is great. As you begin to see mergers that means there is value out there," said Anthony Conroy, managing director and head trader for BNY ConvergEx Group.

Traders funneled money to retail and restaurant stocks after the Commerce Department said that personal spending rose 0.6 percent in March, the biggest increase in five months. However, personal income rose just 0.3 percent. The reports were in line with analysts' expectations but showed that consumers were pulling money from savings to make purchases.

Manufacturing continued to show broad improvement. Orders have been flowing to factories for months while companies rebuild depleted inventories. The Institute for Supply Management said that U.S. manufacturing activity expanded last month at the fastest pace in nearly six years. The trade group's manufacturing index rose to 60.4 in April from 59.6 in March. Economists expected a reading of 60.

The market has swung over the past week on investor indecision about the risks that face the economy. Economic numbers and concern about government debt loads in Europe are making traders quick to jump in and out of stocks. The Dow has risen or fallen by more than 100 points in four of the past six days.

Stocks bounced higher after a disappointing end to April. The market had tumbled Friday following mixed economic reports and concerns about a possible criminal investigation of Goldman Sachs. The government reported the nation's economy grew at a slower pace in the first quarter than had been forecast and a report on consumer sentiment showed a drop in confidence in April.

The Dow rose 143.22, or 1.3 percent, to 11,151.83, its biggest point and percentage gain since Feb. 16. It was the fourth largest increase of the year.

The broader Standard & Poor's 500 index rose 15.57, or 1.3 percent, to 1,202.26, and the Nasdaq composite index rose 37.55, or 1.5 percent, to 2,498.74.

Bond prices fell after demand for safety holdings eased. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.69 percent from 3.66 percent late Friday.

The dollar rose, while gold climbed.

Crude oil rose 4 cents to $86.19 per barrel on the New York Mercantile Exchange. Traders watched developments of the Gulf oil spill. There are concerns that the fallout from the April 20 accident could disrupt supplies and refining capacity. That would drive the price of oil higher and could hurt the economy.

European markets were volatile after the European Union and the International Monetary Fund agreed to provide Greece with $145 billion over the next three years to help it with its ongoing debt problems. European shares fell but closed higher after U.S. stocks rose.

Some investors are still skittish about Greece's ability to get its debt problems under control and the potential for other European nations to face similar issues. The euro fell against the dollar.

Shares of Goldman Sachs rose $4.30, or 3 percent, to $149.50 after Buffett said over the weekend that he doesn't think the investment bank committed fraud. The SEC has accused the company of fraud in a deal involving mortgage securities deals it set up. Goldman has denied wrongdoing.

"It is significant that Buffett came out pretty strongly in favor of Goldman Sachs," said John Apruzzese, partner and equity portfolio manager at Evercore Wealth Management in New York. He said some observers will dismiss the defense because Buffett owns shares in Goldman. Still, Buffett is a powerful voice for investors.

"Given his reputation, I think that was helpful," Apruzzese said.

United parent UAL Corp. rose 51 cents, or 2.4 percent, to $22.11, while Continental climbed 51 cents, or 2.3 percent, to $22.86.

Ford Motor Co. rose 28 cents, or 2.2 percent, to $13.30 after posting a 25 percent increase in its April sales.

Macy's Inc. rose 54 cents, or 2.3 percent, to $23.74 following the consumer spending report. McDonald's Corp. rose 83 cents, or 1.2 percent, to $71.42.

Apple Inc. rose $5.26, or 2 percent, to $266.35 after the company said it sold 1 million of its iPad tablet computers in the month since it introduced the product.

About three stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 5 billion shares compared with 6.3 billion Friday.

The Russell 2000 index of smaller companies rose 16.22, or 2.3 percent, to 732.82.

Germany's DAX index rose 0.5 percent, and France's CAC-40 rose 0.3 percent. Britain's FTSE 100 was closed for a bank holiday. Markets in Japan were closed for a holiday.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks plunged around the world Tuesday as fears spread that Europe's attempt to contain Greece's debt crisis would fail. The euro fell to its lowest point against the dollar in a year.

The Dow Jones industrial average fell 225 points, its biggest drop in three months. The slide erased a 143-point gain from Monday. The Dow and broader indexes each fell more than 2 percent. Treasury prices rose on increased demand for safe investments.

Stocks have seesawed in the past week as Europe's efforts to agree on a bailout package for Greece proceeded in fits and starts. An agreement finally came together over the weekend, but its ballooning size of $144 billion has investors worried that Europe would have an even tougher time assembling an aid package if a larger country such as Spain or Portugal were to get in trouble. Traders are concerned that weakening economies in Europe could jeopardize the recovery in this country.

The NYSE DOW closed LOWER -225.06 points -2.02% on Tuesday May 4
Sym. Last......... ........Change..........
Dow 10,926.77 -225.06 -2.02%
Nasdaq 2,424.25 -74.49 -2.98%
S&P 500 1,173.60 -28.66 -2.38%
30-yr Bond 4.4390% -1.0700

NYSE Volume 7,436,388,000 (prior day 5,451,307,000)
Nasdaq Volume 3,007,107,000 (prior day 2,336,490,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,411.11 -142.18 -2.56%
DAX 6,006.86 -160.06 -2.60%
CAC 40 3,689.29 -139.17 -3.64%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,057.40 +132.61 +1.21%
Hang Seng 20,763.05 -48.31 -0.23%
Straits Times 2,901.18 -43.04 -1.46%

http://finance.yahoo.com/news/Stock...0.html?x=0&sec=topStories&pos=5&asset=&ccode=

Stocks slide as new doubts about Greek aid emerge

Stocks in US, Europe slump as fears of debt contagion from Greece worsen; Dow tumbles 225

Tim Paradis, AP Business Writer, On Tuesday May 4, 2010, 4:34 pm EDT

NEW YORK (AP) -- Stocks plunged around the world Tuesday as fears spread that Europe's attempt to contain Greece's debt crisis would fail. The euro fell to its lowest point against the dollar in a year.

The Dow Jones industrial average fell 225 points, its biggest drop in three months. The slide erased a 143-point gain from Monday. The Dow and broader indexes each fell more than 2 percent. Treasury prices rose on increased demand for safe investments.

Stocks have seesawed in the past week as Europe's efforts to agree on a bailout package for Greece proceeded in fits and starts. An agreement finally came together over the weekend, but its ballooning size of $144 billion has investors worried that Europe would have an even tougher time assembling an aid package if a larger country such as Spain or Portugal were to get in trouble. Traders are concerned that weakening economies in Europe could jeopardize the recovery in this country.

The market's plunge wasn't a surprise to some analysts who have warned for weeks that stocks were due for a retreat. After Monday's rally, the Standard & Poor's 500 index was up almost 14 percent from its 2010 low of 1,056.74, reached Feb. 8. Investors have spent the past three months largely shrugging off the problems in Europe and focusing instead on the continuing signs of improvement in the U.S. economy.

The drop in stocks brought a reminder that it doesn't take much to rattle investors who are on alert for anything that could disrupt the economic recovery. The avalanche of selling could continue while investors await answers on Greece but analysts said most drops are likely to be mild because buyers have for months been using pullbacks as opportunities to buy.

The selling Tuesday after Monday's advance was reminiscent of the fearsome swings in the fall of 2008 and early 2009 when investors were panicked over how bad the recession would get.

Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York, said the sudden turns in the market are to be expected as traders wrestle concerns that stocks are overheated.

"The market has kind of gotten itself into a volatile trading range," Fullman said.

The trouble in Greece gave investors enough reason to worry that other cash-strapped European governments could follow Greece into asking for emergency loans. Traders have been skeptical that Europe can act on its own restore the credibility of its shared currency, the euro.

Mike Shea, managing partner at Direct Access Partners LLC in New York, said investors are concerned that the bailout for Greece and possibly other countries could threaten a rebound in other parts of Europe.

"It's not as though even the strongest economies of Europe are doing particularly well," Shea said. "Why is a plumber in Germany going to bail out Greece or Portugal?"

According to preliminary calculations, the Dow fell 225.06, or 2 percent, to 10,926.77, its lowest close since April 7. The Dow had been down as much as 283 points at its low of the day.

The slide was the Dow's fifth move of more than 100 points in the past six days. The Dow jumped 143 points Monday after falling 159 on Friday.

The S&P 500 index fell 28.66, or 2.4 percent, to 1,173.60. The Nasdaq composite index fell 74.49, or 3 percent, to 2,424.25.

Investors rushed to safety holdings like Treasurys, pushing down yields. The yield on the benchmark 10-year Treasury note fell to 3.61 percent from 3.69 percent late Monday.

The Chicago Board Options Exchange's Volatility Index, which is known as the market's fear gauge, soared 18 percent. That is a signal that more investors are betting on big drops in the market.

The euro again fell against the dollar as traders turned away from the currency, which is used by 16 European Union countries including Greece. Investors have punished the euro over the past few months over doubts that Europe would be able to enforce fiscal discipline in Greece and other weak countries in the region in order to protect the euro.

Anthony Chan, chief economist at J.P. Morgan Private Wealth Management in New York, said the troubles in Greece aren't enough to spoil a global rebound but that investors are concerned that this small hole in the economy will become bigger.

"My suspicion is that this won't end up being large enough to really cause the kind of problems that the market is obsessed with," he said.

The dollar rose against other major currencies, especially the euro. The euro sank as low as $1.2994 in New York, its weakest point since April 2009. It was worth $1.3212 late Monday and had traded as high as $1.51 last November, before the extent of Greece's debt crunch had become apparent.

The rising dollar is a negative for investors because it would cut into profits for U.S. companies with sizable foreign operations. Profit growth is the ultimate driver of stock prices so a sense that earnings might falter could make it harder for the market to climb. When the dollar is up, overseas profits translate into less money. The stronger dollar also makes it more expensive for foreign buyers to purchase commodities like oil. That hurts demand.

Crude oil fell to $3.45, or 4 percent, to $82.74 per barrel on the New York Mercantile Exchange.

The drop in commodities hurt companies like aluminum producer Alcoa Inc., which fell 57 cents, or 4.3 percent, to $12.58. Caterpillar Inc., the maker of construction and mining equipment, lost $3.24, or 4.6 percent, to $66.70. Caterpillar posted the steepest percentage drop among the 30 stocks that make up the Dow industrials.

Banks also fell on concerns about the debt problems. Spain's Banco Santander S.A. fell $1.08, or 8.8 percent, to $11.14. Bank of America Corp. fell 50 cents, or 2.8 percent, to $17.56.

Meanwhile, protests erupted throughout Greece against the spending cuts the country has promised to make to receive the bailout loans. A general strike has been called for Wednesday. Greece agreed on Sunday to slash public spending by $40 billion to secure the loans.

"Everybody is worried about who is going to be next," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York. He said stocks are still likely to resume their climb after a drop of a day or two.

"The trend of the market is still up," Fullman said.

Improved economic reports brought little help to stocks.

The Commerce Department said orders to U.S. factories rose 1.3 percent in March. Analysts expected a drop. The National Association of Realtors said its index of sales agreements for previously occupied homes rose a stronger-than-expected 5.3 percent in March.

About six stocks fell for every one that rose on the New York Stock Exchange, where volume came to 1.5 billion shares compared with 1.2 billion Monday.

The Russell 2000 index of smaller companies fell 23.12, or 3.2 percent, to 709.70.

Britain's FTSE 100 and Germany's DAX index each dropped 2.6 percent, and France's CAC-40 tumbled 3.3 percent. Greece's main index fell 6.7 percent, while Spain's Ibex 35 index lost 5.4 percent. Portugal's PSI 20 fell 4.2 percent.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market extended its slide Wednesday after investors couldn't shake their concerns about European countries' big debt loads.

The Dow Jones industrial average ended down about 59 points to put its two-day drop at 284. The Dow halved its loss by the close but finished off its high of the day. Treasury prices rose and pushed down interest rates in the bond market for a second day.

A drop in the euro and a rise in the dollar continued to ram markets around the world. The stronger dollar hurts U.S. stocks by cutting into profits of U.S. companies that do business abroad. A higher dollar also hurts commodity prices by reducing demand from foreign buyers.

The NYSE DOW closed LOWER -58.65 points -0.54% on Wednesday May 5
Sym. Last......... ........Change..........
Dow 10,868.12 -58.65 -0.54%
Nasdaq 2,402.29 -21.96 -0.91%
S&P 500 1,165.87 -7.73 -0.66%
30-yr Bond 4.3940% -0.4500

NYSE Volume 7,701,488,000 (prior day 7,436,388,000)
Nasdaq Volume 2,980,217,000 (prior day 3,007,107,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,341.93 -69.18 -1.28%
DAX 5,958.45 -48.41 -0.81%
CAC 40 3,636.03 -53.26 -1.44%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 11,057.40 +132.61 +1.21%
Hang Seng 20,327.54 -435.51 -2.10%
Straits Times 2,860.31 -40.87 -1.41%

http://finance.yahoo.com/news/Stock...6.html?x=0&sec=topStories&pos=4&asset=&ccode=

Stocks extend decline on European debt worries

Stocks fall for 2nd day as traders remain wary of debt woes in Europe; Dow falls 59 points

Tim Paradis, AP Business Writer, On Wednesday May 5, 2010, 5:59 pm EDT

NEW YORK (AP) -- The stock market extended its slide Wednesday after investors couldn't shake their concerns about European countries' big debt loads.

The Dow Jones industrial average ended down about 59 points to put its two-day drop at 284. The Dow halved its loss by the close but finished off its high of the day. Treasury prices rose and pushed down interest rates in the bond market for a second day.

A drop in the euro and a rise in the dollar continued to ram markets around the world. The stronger dollar hurts U.S. stocks by cutting into profits of U.S. companies that do business abroad. A higher dollar also hurts commodity prices by reducing demand from foreign buyers.

Investors are concerned that a $144 billion aid package for Greece won't be adequate to keep debt problems in Europe from spreading. There were also questions about whether the bailout would amount to more than a short-term fix for Greece. Investors don't want the trouble in Greece to spill to other countries and disrupt a global rebound.

Swings in global stock markets have intensified in the past week. Wednesday was the sixth time in seven days the Dow moved by more than 100 points. Investors have questions about Greece but they're also awaiting the government's April jobs report on Friday and monitoring Washington's overhaul of the rules that govern financial companies.

The problems in Greece are rattling the market partly because they are reminiscent of the subprime mortgage crisis in the U.S. that at first appeared contained. That bad debt cascaded through the world's financial system and pushed the U.S. economy into recession at the end of 2007.

German Chancellor Angela Merkel on Wednesday encouraged lawmakers in Berlin to rush the approval of Germany's share of the Greek rescue plan by Friday. Analysts say delays could bring more upheaval to global markets.

Investors fear that if a tourniquet for Greece's financial problems doesn't hold, it would be harder to help larger countries like Spain and Portugal that also face big deficits. Moody's Investors Service warned on Wednesday that it could cut Portugal's credit rating two notches in the next three months. Standard & Poor's cut Portugal's credit rating last week.

Adam Gould, senior portfolio manager at Direxion Funds in New York, said the uncertainty about what will happen in Europe is keeping investors from buying dips in the market the way they have for most of the 14-month climb in stocks.

"This is really a story that has the market spooked," Gould said. "First it was Greece. Now it's Spain and Portugal."

Fixing Greece's financial problems won't be easy. Riots erupted in Athens on Wednesday over tax hikes and government spending cuts that the International Monetary Fund and other European nations are requiring as part of the bailout. Three people were killed in the protests.

The problems of heavy government debts are a big test for the euro. Sixteen countries use the common currency. The euro fell against the dollar, sliding as low as $1.2805 in New York. That was its weakest level since March 2009.

The Dow fell 58.65, or 0.5 percent, to 10,868.12. It had been up as much as 20 points and down nearly 112 points.

The Dow is down 2.5 percent in two days, its steepest back-to-back drop in three months.

The broader Standard & Poor's 500 index fell 7.73, or 0.7 percent, to 1,165.87, while the Nasdaq composite index fell 21.96, or 0.9 percent, to 2,402.29.

Bond prices rose. The yield on the benchmark 10-year Treasury note fell to 3.54 percent from 3.60 percent late Tuesday.

Gold rose. Crude oil fell $2.77 to $79.97 per barrel on the New York Mercantile Exchange.

Kevin Mahn, chief investment officer at Hennion & Walsh in Parsippany, N.J., said the debt problems are severe but not new. He said investors had been looking for an excuse to sell stocks after the market's steep 14-month climb. Mahn expects the big back-and-forth moves will continue.

"I think it's going to be more of an extended pause than a correction," Mahn said.

The drop in commodity prices hurt energy and materials stocks. Retailers also fell ahead of April sales reports on Thursday.

Occidental Petroleum Corp. fell $3.66, or 4.2 percent, to $82.88, while Best Buy Co. slid $1.65, or 3.7 percent, to $42.90.

Investors looking for continued signs of a U.S. rebound found another encouraging sign on employment Wednesday. Payroll company ADP said private employers added 32,000 jobs last month. That was slightly above expectations.

The ADP report is seen an early indicator of the government's monthly employment report, though there are often wide variations because the ADP only accounts for private-sector jobs.

The Labor Department is expected to report Friday that the unemployment rate was unchanged at 9.7 percent last month while employers added 200,000 jobs. Unemployment is considered the main obstacle to a sustained recovery of the U.S. economy.

A trade group said that services industries expanded in April at a slower pace than economists expected. The Institute for Supply Management said its service sector index was unchanged at 55.4 in April from March. Analysts expected an increase. Still, a reading above 50 indicates growth.

About four stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume rose to 6.8 billion shares from 6.6 billion Tuesday.

The Russell 2000 index of smaller companies fell 11.12, or 1.6 percent, to 698.58.

Britain's FTSE 100 fell 1.3 percent, Germany's DAX index dropped 0.8 percent, and France's CAC-40 fell 1.4 percent. In Greece, the main stock index fell 3.9 percent. Portugal's PSI 20 lost 1.5 percent and Spain's main index fell 2.2 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Panic Eases as Dow Drops 3% After Plunging Nearly 1,000 Points

Stocks plunged 9 percent in the last two hours of trading on Thursday before clawing back some of the losses as the escalating debt crisis in Europe stoked fears a new credit crunch was in the making.

The Dow suffered its biggest ever intraday point drop, which may have been caused by an erroneous trade entered by a person at a big Wall Street bank, multiple market sources said.

Indexes recovered some of their losses heading into the close but equities had erased much of their gains for the year to end down just over 3 percent, the biggest fall since April 2009.

Stocks extend plunge on concerns about Greece

Stocks tumble anew on concerns Greek debt problems will spread through Europe,to the US

The stock market had one of its most turbulent days in history as the Dow Jones industrials dropped almost 1,000 points in less than half an hour on fears that Greece's debt problems could halt the global economic recovery.

The market's plunge came less than 90 minutes before the end of trading. The Dow's drop was its largest loss ever during the course of a trading day, but it recovered to a loss of 347 at the close. All the major indexes lost more than 3 percent.

There were reports that the sudden drop was caused by a trader who mistyped an order to sell a large block of stock. The drop in that stock's price was enough to trigger "sell" orders across the market.

Still, the Dow was already down more than 200 points as traders watched protests in the streets of Athens on TV. Protestors raged against austerity measures passed by the Greek parliament. But traders were not comforted by the fact that Greece seemed to be working towards a resolution of its debt problems. Instead, they focused on the possibility that other European countries would also run into trouble, and that the damage to their economies could spread to the U.S.

The NYSE DOW closed LOWER -58.65 points -0.54% on Thursday May 6
Sym. Last......... ........Change..........
Dow 10,520.32 -347.80 -3.20%
Nasdaq 2,319.64 -82.65 -3.44%
S&P 500 1,128.15 -37.72 -3.24%
10 Yr Bond(%) 3.40% -1.52

NYSE Volume 11,843,004.00 (prior day 7,701,488,000)
Nasdaq Volume 4,478,140.00 (prior day 2,980,217,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,260.99 -80.94 -1.52%
DAX 5,908.26 -50.19 -0.84%
CAC 40 3,556.11 -79.92 -2.20%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 10,695.69 -361.71 -3.27%
Hang Seng 20,133.41 -194.13 -0.96%
Straits Times 2,839.65 -20.66 -0.72%

http://finance.yahoo.com/news/Stocks-extend-plunge-on-apf-892184148.html?x=0

Stocks extend plunge on concerns about Greece

Stocks tumble anew on concerns Greek debt problems will spread through Europe,to the US

Tim Paradis, AP Business Writer, On Thursday May 6, 2010, 4:53 pm

NEW YORK (AP) -- The stock market had one of its most turbulent days in history as the Dow Jones industrials dropped almost 1,000 points in less than half an hour on fears that Greece's debt problems could halt the global economic recovery.

The market's plunge came less than 90 minutes before the end of trading. The Dow's drop was its largest loss ever during the course of a trading day, but it recovered to a loss of 347 at the close. All the major indexes lost more than 3 percent.

There were reports that the sudden drop was caused by a trader who mistyped an order to sell a large block of stock. The drop in that stock's price was enough to trigger "sell" orders across the market.

Still, the Dow was already down more than 200 points as traders watched protests in the streets of Athens on TV. Protestors raged against austerity measures passed by the Greek parliament. But traders were not comforted by the fact that Greece seemed to be working towards a resolution of its debt problems. Instead, they focused on the possibility that other European countries would also run into trouble, and that the damage to their economies could spread to the U.S.

"The market is now realizing that Greece is going to go through a depression over the next couple of years," said Peter Boockvar, equity strategist at Miller Tabak. "Europe is a major trading partner of ours, and this threatens the entire global growth story."

The stock market has had periodic bouts of anxiety about the European economies during the past few months. They have intensified over the past week even as Greece appeared to be moving closer to getting a bailout package from some of its neighbors.

Computer trading intensified the losses as programs designed to sell stocks at a specified level kicked in. Traders use those programs to try to limit their losses when the market is falling. And the selling only led to more selling as prices fell.

"I think the machines just took over. There's not a lot of human interaction," said Charlie Smith, chief investment officer at Fort Pitt Capital Group. "We've known that automated trading can run away from you, and I think that's what we saw happen today."

On the floor of the New York Stock Exchange, stone-faced traders huddled around electronic boards and televisions, silently watching and waiting. Traders' screens were flashing numbers non-stop, with losses shown in solid blocks of red numbers.

The impact on some stocks was enormous although brief. Stock in the consulting firm Accenture fell to 4 cents after closing at $42.17 on Wednesday. It closed at $41.09, down just over $1.

NYSE spokesman Raymond Pellecchia said the plunge wasn't caused by a problem with the exchange's trading systems. The Nasdaq Stock Market said it was reviewing its trades with other trading networks.

Even if there were technical issues, emotions about the world economy were running high. Down 998.50 points in its largest point drop ever, the Dow recovered two-thirds of that amount but still had its biggest point loss since February 2009.

The Dow has lost 631 points, or more than 5 percent, in three days amid worries about Greece. That is its largest three-day percentage drop since March 2009, when the stock market was nearing its bottom following the financial crisis.

The losses were so widespread that just 173 stocks rose on the NYSE, compared to 3,008 that fell. The major indexes were all down more than 3 percent.

Meanwhile, interest rates on Treasurys soared as traders sought the safety of U.S. government debt. The yield on the benchmark 10-year note, which moves opposite its price, fell to 3.4 percent from late Wednesday's 3.54 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Friday's trading left the Dow down 5.7 percent for the week and erased its gains for the year. The S&P fell about 6.4 percent, while the Nasdaq was off 7.9 percent for the week. The S&P and Nasdaq also went into the red for 2010.

The week's losses would put the market about well toward what experts call a "correction," usually defined as a drop of between 10 percent and 20 percent following a sustained rise. The Dow is now 7.4 percent off its recent high of 11,205.03 reached on April 26. The S&P 500 is down 8.7 percent from its recent high of 1,217.28 reached April 23.

Stocks falter after wild day, Europe woes linger

Stocks slide again a day after wild ride; European debt woes are still a worry
Stocks had another volatile day Friday, swinging widely before closing sharply lower.

The Dow Jones industrials closed with a loss of about 140 points, having been down almost 280 earlier. That followed a brief plunge of nearly 1,000 points on Thursday, the biggest one-day drop in the Dow's history. The erratic trading Friday was no surprise -- stocks often fluctuate sharply right after the market suffers a big slide.

Traders were still anxious amid lingering questions about what caused Thursday's sudden drop. Several possibilities were being investigated, but as of late Friday no clear explanation had emerged.

The NYSE DOW closed LOWER -139.89 points -1.33% on Friday May 7
Sym. Last......... ........Change..........
Dow 10,380.43 -139.89 -1.33%
Nasdaq 2,265.64 -54.00 -2.33%
S&P 500 1,110.88 -17.27 -1.53%
30-yr Bond 4.2800% +1.1500

NYSE Volume 10,867,255,000 (prior day 11,843,004,000)
Nasdaq Volume 4,182,665,000 (prior day 4,478,140,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,131.02 -129.97 -2.47%
DAX 5,715.09 -193.17 -3.27%
CAC 40 3,380.57 -175.54 -4.94%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 10,364.59 -331.10 -3.10%
Hang Seng 19,920.29 -213.12 -1.06%

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

Stocks falter after wild day, Europe woes linger

Stocks slide again a day after wild ride; European debt woes are still a worry

Stephen Bernard and Seth Sutel, AP Business Writers, On Friday May 7, 2010, 4:52 pm EDT
NEW YORK (AP) -- Stocks had another volatile day Friday, swinging widely before closing sharply lower.

The Dow Jones industrials closed with a loss of about 140 points, having been down almost 280 earlier. That followed a brief plunge of nearly 1,000 points on Thursday, the biggest one-day drop in the Dow's history. The erratic trading Friday was no surprise -- stocks often fluctuate sharply right after the market suffers a big slide.

Traders were still anxious amid lingering questions about what caused Thursday's sudden drop. Several possibilities were being investigated, but as of late Friday no clear explanation had emerged.

The market looked past a surprisingly strong report on the U.S. jobs market and focused instead on the harrowing plunge the day before and the latest moves in Europe's spreading debt crisis that had helped trigger Thursday's big drop.

Technology stocks were particularly hard hit following reports that Nokia Corp. was broadening its legal fight against rival cell phone maker Apple Inc. to include the iPad, Apple's new hit product. Apple shares fell 4.2 percent in heavy trading.

Meanwhile, Germany's parliament approved Berlin's share of the rescue package after a boisterous debate. However, investors still fear that Greece may not make a May 19 deadline to make a debt repayment.

The concerns go far beyond Greece, the smallest economy in the European Union. A further loss of confidence in European government debt could have an impact on other weak countries like Portugal, potentially requiring another difficult bailout process. The debt crisis has already badly undermined Europe's shared currency, the euro.

"You're not concerned about the kid with the cold, but how he spreads it to the rest of the class," said Len Blum, a managing partner at investment bank Westwood Capital. Blum noted that Greece's debt problem could be similar to the subprime mortgage meltdown in the U.S., which quickly spread to other parts of the financial system.

According to preliminary calculations, the Dow closed down 139.89, or 1.3 percent, at 10,380.43

The Standard & Poor's 500 index fell 17.27, or 1.5 percent, at 1,110.88, while the Nasdaq composite fell 54, or 2.3 percent, to 2,265.64

Falling stocks outpaced gainers two-to-one on the New York Stock Exchange, where volume was a heavy 2.4 billion shares.

Friday's trading left the Dow down 5.7 percent for the week and erased its gains for the year. The S&P fell about 6.4 percent, while the Nasdaq was off 7.9 percent for the week. The S&P and Nasdaq also went into the red for 2010.

The week's losses would put the market about well toward what experts call a "correction," usually defined as a drop of between 10 percent and 20 percent following a sustained rise. The Dow is now 7.4 percent off its recent high of 11,205.03 reached on April 26. The S&P 500 is down 8.7 percent from its recent high of 1,217.28 reached April 23.

Stocks have been on a nearly uninterrupted upward path since March of last year, when indexes hit 12-year lows. Analysts have been predicting a correction for months, only to see the market bounce back after brief periods of decline.

Long-term market watchers actually welcome occasional pullbacks in stocks, saying that gives investors opportunities to pick up shares at bargain prices.

"We were in the midst of a pullback, we needed one, we got one," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc. Cardillo said the choppy trading after such a drastic decline likely signals the market trying to find a bottom.

"Yesterday's glitch certainly means it's going to take some time for the victims of the decline to sort that out," Cardillo said. "But once we do, the market is probably a buy."

In economic news, the Labor Department reported that employers added 290,000 jobs last month, far more than expected and the biggest jump in four years. However the jobless rate rose to 9.9 percent from 9.7 percent as more people looked for work.

The big improvement in the jobs report brought some clarity to the biggest question remaining for the U.S. economy: When employers would start hiring again. Despite positive signs in manufacturing and housing, job creation has been lagging far behind other sectors of the economy, a worrisome point for economists. Friday's report may help change that perception.

"It's a good-size number and it had a lot of breadth," said John Silvia, chief economist at Wells Fargo. "There isn't a double-dip out there. The employment situation suggests that we have a sustained economic recovery in the U.S. Companies are hiring people."

Apple fell $10.39, or 4.2 percent, to $235.86.

Oil fell, and gold rose. The dollar was mostly lower against most currencies. The euro clawed back some ground against the dollar after several days of declines.

European markets were broadly lower.

The declines were deepest in France, where the CAC-40 index tumbled 4.6 percent. Germany's DAX fell 3.3 percent and Britain's FTSE 100 fell 2.6 percent. Japan's Nikkei fell 3.1 percent.

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