NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

For the week, the Dow dropped 4.5 percent. The S&P 500 index lost 5 percent, while the Nasdaq dropped 5.9 percent.

Holiday Monday in NY for long Independence Day weekend

A disappointing jobs report sent stocks falling Friday and gave the Dow Jones industrial average its longest losing streak since the worst days of the financial crisis.

The Dow dropped 46 points Friday for its seventh straight loss and its longest slide since October 2008. The Dow and other major indexes posted big losses for a second straight week.

Investors found new reason to worry that the economic recovery is losing momentum after the government said private employers added only 83,000 jobs last month, fewer than the 112,000 analysts had forecast.

Light trading ahead of the long Independence Day weekend brought choppy moves, particularly in the final hour. The Dow was essentially flat in the last five minutes before sliding just before the close.


The NYSE DOW closed LOWER -46.05 points -0.47% on Friday July 2
Sym. Last......... ........Change..........
Dow 9,686.48 -46.05 -0.47%
Nasdaq 2,091.79 -9.57 -0.46%
S&P 500 1,022.58 -4.79 -0.47%
30-yr Bond 3.9410% +0.7300

NYSE Volume 4,681,014,500 (prior day 7,594,671,500)
Nasdaq Volume 1,647,803,120 (prior day 2,684,100,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 4,850.21 +44.46 +0.93%
DAX 5,860.55 +3.12 +0.05%
CAC 40 3,358.07 +18.17 +0.54%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,203.71 +12.11 +0.13%
Hang Seng 19,905.32 -223.67 -1.11%
Straits Times 2,842.34 +21.99 +0.78%

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

Stocks fall as jobs report adds to economic fears

Stocks drop ahead of long holiday weekend as June jobs report finds weak hiring by businesses

Tim Paradis, AP Business Writer, On Friday July 2, 2010, 5:55 pm EDT
NEW YORK (AP) -- A disappointing jobs report sent stocks falling Friday and gave the Dow Jones industrial average its longest losing streak since the worst days of the financial crisis.

The Dow dropped 46 points Friday for its seventh straight loss and its longest slide since October 2008. The Dow and other major indexes posted big losses for a second straight week.

Investors found new reason to worry that the economic recovery is losing momentum after the government said private employers added only 83,000 jobs last month, fewer than the 112,000 analysts had forecast.

Light trading ahead of the long Independence Day weekend brought choppy moves, particularly in the final hour. The Dow was essentially flat in the last five minutes before sliding just before the close.

Reports on jobs earlier in the week had diminished expectations for the latest and most important snapshot of the labor market. Payroll company ADP said private employment was weaker than expected, while the government said initial claims for unemployment benefits rose unexpectedly last week.

Investors are focused on business hiring because that makes up the bulk of the country's work force. Also, overall jobs numbers have been skewed in recent months by temporary census workers. With many of those jobs gone, it was again clear that businesses aren't adding to payrolls as quickly as most investors would like.

"The small businessman refuses to play here," said Linda Duessel, equity market strategist at Federated Investors in Pittsburgh. She said business leaders don't yet have the confidence to hire and are in some cases relying on temporary workers. The enduring jobs problems are raising concerns that the economy will begin sliding again. Many economists say that's unlikely but still a worry.

"We're going to need, as a market, something to make us believe that the double-dip scenario is wrong," Duessel said, referring to the possibility of a second recession. "A soft patch is normal."

She said earnings reports for the April-June quarter could boost sentiment if companies also give upbeat forecasts.

The government cut 225,000 census jobs in June. Overall, 125,000 workers lost their jobs last month, more than the drop of 110,000 analysts predicted. The unemployment rate did drop unexpectedly, sliding to 9.5 percent from 9.7 percent. Economists polled by Thomson Reuters had expected it to rise to 9.8 percent. However, the decrease came as some people gave up looking for work. That means they weren't counted among the unemployed.

The government also reported that factory orders fell in May for the first time in nine months. The 1.4 percent drop was the biggest since March 2009, when major stock indexes hit a 12-year low. The drop unnerved traders because manufacturing has been one of the strongest areas of the economy.

Pessimism has been growing since late April about the health of the global economy. Debt problems in Greece and other European countries gave way to concerns about the pace of the U.S. recovery. The Dow dropped 10 percent for the second quarter, which ended Wednesday, while the Standard & Poor's 500 index lost 11.9 percent.

"Clearly there is a loss of momentum," Bob Baur, chief global economist at Principal Global Investors, said about the recovery. He said the slide in stocks could hurt the economy by eroding confidence. Still, he said a double-dip is unlikely in part because incomes are ticking higher and consumers are slowly boosting spending. "We just don't see the typical things that start another recession," Baur said.

The Dow fell 46.05, or 0.5 percent, to 9,686.48, its lowest close since Oct. 5 2009. The Dow hasn't fallen for seven straight days since an eight-day loss that ended Oct. 10, 2008.

The Standard & Poor's 500 index fell 4.79, or 0.5 percent, to 1,022.58.

The Dow is now down 13.6 from its 2010 high of 11,205.03, while the S&P 500 is down 16 percent from its high of 1,217.28.

The Nasdaq composite index fell 9.57, or 0.5 percent, Friday to 2,091.79.

For the week, the Dow dropped 4.5 percent. The S&P 500 index lost 5 percent, while the Nasdaq dropped 5.9 percent.

The S&P 500's two-week drop is the worst since early May.

Demand for Treasurys weakened after spiking earlier in the week as investors sought a safe place for their money. The yield on the 10-year note, which moves opposite its price, rose to 2.98 percent from 2.95 percent late Thursday. Its yield is used as a benchmark for interest rates on some mortgages and other consumer loans.

Crude oil fell 81 cents to $72.14 per barrel on the New York Mercantile Exchange. Gold rose.

Daniel Penrod, senior industry analyst for the California Credit Union League, said some businesses are going to put off hiring until there is more certainty about the economy.

"I don't see business really taking huge risks right now to build when they don't think people are going to be walking through the door," Penrod said.

The coming week could bring more insight into the economy if companies begin to drop hints about their earnings and forecasts. U.S. markets are closed Monday in observance of Independence Day. Tuesday brings a report on services businesses, which make up the biggest chunk of the economy.

Three stocks fell for every two that rose on the New York Stock Exchange, where consolidated volume came to 4 billion shares, compared with 6.2 billion Thursday.

The Russell 2000 index of smaller companies fell 5.79, or 1 percent, to 598.97. The Russell dropped 7.2 percent for the week.

Britain's FTSE 100 rose 0.7 percent, Germany's DAX index fell 0.4 percent, and France's CAC-40 rose 0.3 percent. Japan's Nikkei stock average rose 0.1 percent.

5760

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average broke a seven-day slide Tuesday after traders sifted through the market for beaten-down stocks.

The Dow rose 57 points, or 0.6 percent, after dropping 7.3 percent in just the past two weeks and reaching its lowest level since October. Traders were looking to pick up stocks while they're still cheap, but the buying was selective and there were more losing stocks than gainers on the New York Stock Exchange. The Dow rose as much as 172 points in morning trading but also fell into the red by mid-afternoon.

"There are pockets of opportunity out there. There are some areas with good valuations," said Aaron Reynolds, senior portfolio analyst at Robert W. Baird in Milwaukee.

The NYSE DOW closed HIGHER +57.14 points +0.59% on Tuesday July 6
Sym. Last......... ........Change..........
Dow 9,743.62 +57.14 +0.59%
Nasdaq 2,093.88 +2.09 +0.10%
S&P 500 1,028.06 +5.48 +0.54%
30-yr Bond 3.8920% -0.4900

NYSE Volume 5,618,450,500 (prior day 4,681,014,500)
Nasdaq Volume 2,185,501,500 (prior day 1,647,803,120)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 4,965.00 +141.47 +2.93%
DAX 5,940.98 +124.78 +2.15%
CAC 40 3,423.36 +90.90 +2.73%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,338.04 +71.26 +0.77%
Hang Seng 20,084.12 +241.92 +1.22%
Straits Times 2,868.02 +24.00 +0.84%

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

Dow industrials climb 57 to break seven-day slide

Traders hunting for beaten-down stocks lift stocks; Dow gains 57 points but ends off its high

Tim Paradis, AP Business Writer, On Tuesday July 6, 2010, 5:41 pm EDT

NEW YORK (AP) -- The Dow Jones industrial average broke a seven-day slide Tuesday after traders sifted through the market for beaten-down stocks.

The Dow rose 57 points, or 0.6 percent, after dropping 7.3 percent in just the past two weeks and reaching its lowest level since October. Traders were looking to pick up stocks while they're still cheap, but the buying was selective and there were more losing stocks than gainers on the New York Stock Exchange. The Dow rose as much as 172 points in morning trading but also fell into the red by mid-afternoon.

"There are pockets of opportunity out there. There are some areas with good valuations," said Aaron Reynolds, senior portfolio analyst at Robert W. Baird in Milwaukee.

High-tech and oil service companies were among the market leaders. But retailers slumped amid downbeat comments from analysts and ahead of reports later in the week on June sales. Investors are concerned that a weakening of the economic recovery will keep cautious consumers out of stores. Macy's Inc. fell 2.5 percent, while Home Depot Inc. lost 1.5 percent.

The unevenness to the day's moves signaled that traders remain on edge about the economy.

Brian Dolan, chief currency strategist at Forex.com in Bedminster, N.J., said a rise in Treasury prices made it clear that worries remain. Treasurys have been rallying during the past month as investors worried about where the economy is heading looked for a safe place for their money.

"We've obviously ratcheted down the outlook and now it's a question of how much further," Dolan said, referring to the economy. "From here I would expect to see further weakness."

The day's economic news didn't offer investors much incentive to buy. The Institute for Supply Management, a trade group of purchasing executives, said growth in services businesses slowed last month. Its services index fell to 53.8 from 55.4 in May. Economists polled by Thomson Reuters forecast a reading 55.0. Anything above 50 indicates growth.

The Dow rose 57.14, or 0.6 percent, to 9,743.62. The broader Standard & Poor's 500 index rose 5.48, or 0.5 percent, to 1,028.06, and the Nasdaq composite index rose 2.09, or 0.1 percent, to 2,093.88.

The market's advance came after stocks dropped Friday on a report found that employers didn't ramp up hiring as much as economists had forecast. It was the second straight month hiring by private employers missed expectations. U.S. markets were closed Monday for Independence Day.

Meanwhile, bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.94 percent from 2.98 percent late Friday.

Crude oil fell 16 cents to settle at $71.98 a barrel on the New York Mercantile Exchange.

Oil service companies rose after a Barclays Capital analyst upgraded ratings for the industry. Halliburton Inc. rose 72 cents, or 2.8 percent, to $26.46.

Some of the tech stocks that were pounded in recent weeks had a natural bounce back. Microsoft Inc. rose 55 cents, or 2.4 percent, to $23.82. Intel Corp. rose 28 cents, or 1.5 percent, to $19.48.

Macy's fell 44 cents, or 2.5 percent, to $17.41, while Home Depot fell 42 cents, or 1.5 percent, to $27.34.

The number of stocks that fell narrowly outpaced those that rose on the NYSE, where volume came to 1.3 billion shares, compared with 1.1 billion Friday.

The Russell 2000 index of smaller companies fell 8.94, or 1.5 percent, to 590.03.

Overseas markets rose after investors found stock prices more attractive and Australia's central bank issued an upbeat forecast for the country's economy. Britain's FTSE 100 rose 2.9 percent, Germany's DAX index gained 2.2 percent, and France's CAC-40 jumped 2.7 percent. Japan's Nikkei stock average rose 0.8 percent.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrials climbed back above 10,000 Wednesday after investors had second thoughts about the heavy selling in the stock market during the last two weeks.

Stocks soared and the Dow rose 275 points after a modest gain Tuesday. It was the market's first back-to-back advance since mid-June and the first close above psychological benchmark of 10,000 since June 28. But analysts warn that the buying doesn't mean that investors are more optimistic. They said there wasn't a single catalyst behind the move and that it looked like a case of investors scooping up stocks that had become cheaper after heavy losses. The Dow had fallen 7.3 percent over two weeks.

"It's just more of a reaction to a little bit too much negativity," said Marc Harris, co-head of global research for RBC Capital Markets in New York.

The Dow and broader indexes gained more than 2 percent. Trading volume was light, however, signaling that many skeptical investors were staying out of the market. Interest rates rose as some investors dumped Treasurys in favor of riskier assets like stocks.

The NYSE DOW closed HIGHER +274.66 points +2.82% on Wednesday July 7
Sym. Last......... ........Change..........
Dow 10,018.28 +274.66 +2.82%
Nasdaq 2,159.47 +65.59 +3.13%
S&P 500 1,060.27 +32.21 +3.13%
30-yr Bond 3.9540% +0.6200

NYSE Volume 5,869,736,500 (prior day 5,618,450,500)
Nasdaq Volume 2,190,606,000 (prior day 2,185,501,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,014.82 +49.82 +1.00%
DAX 5,992.86 +51.88 +0.87%
CAC 40 3,483.44 +60.08 +1.75%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,279.65 -58.39 -0.63%
Hang Seng 19,857.07 -227.05 -1.13%
Straits Times 2,859.38 -8.64 -0.30%

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

Stocks surge as financials, materials jump

Stocks leap after traders snap up banks, materials shares; Dow gains 275 to top 10,000

Tim Paradis, AP Business Writer, On Wednesday July 7, 2010, 5:54 pm EDT

NEW YORK (AP) -- The Dow Jones industrials climbed back above 10,000 Wednesday after investors had second thoughts about the heavy selling in the stock market during the last two weeks.

Stocks soared and the Dow rose 275 points after a modest gain Tuesday. It was the market's first back-to-back advance since mid-June and the first close above psychological benchmark of 10,000 since June 28. But analysts warn that the buying doesn't mean that investors are more optimistic. They said there wasn't a single catalyst behind the move and that it looked like a case of investors scooping up stocks that had become cheaper after heavy losses. The Dow had fallen 7.3 percent over two weeks.

"It's just more of a reaction to a little bit too much negativity," said Marc Harris, co-head of global research for RBC Capital Markets in New York.

The Dow and broader indexes gained more than 2 percent. Trading volume was light, however, signaling that many skeptical investors were staying out of the market. Interest rates rose as some investors dumped Treasurys in favor of riskier assets like stocks.

Financial stocks rose on an upbeat profit forecast from State Street Corp. The stock gained 9.9 percent. Materials stocks rose after having logged steep drops over worries about the economy. Aluminum producer Alcoa Inc. climbed 3.3 percent, while U.S. Steel rose 5.7 percent.

Wednesday's big gain fit into a pattern of volatility that began in late April, when the Dow began tumbling from its 2010 high of 11,205.03. The Dow had fallen 13 percent since then, and the long slide included many triple-digit moves.

The protracted drop began on concerns that debt problems in Greece and other European countries would stifle the continent's recovery and eventually the recovery in the U.S. But in the past few weeks, stocks have been tumbling on signs that the domestic rebound is slowing. Some traders were selling on fears that the country is headed back into recession. They were also buying Treasurys so they could put their money into a safe place.

Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said that what's called a "double-dip" is unlikely, but the idea of one is scary because the government wouldn't have many options to revive the economy a second time.

"When you're driving around on a spare tire you're on the lookout for nails," he said.

There were no economic reports to influence the market on Wednesday. Traders were getting a series of reports Thursday likely to give some insight into consumers' behavior. The government's weekly report on jobless claims is due out, and retailers will report June sales results. Investors will be looking for any signs that layoffs are slowing, and that consumers are feeling better about spending.

The market's other big concern is upcoming earnings reports. Investors want to know if companies are also seeing business slow, and if they're changing their forecasts for the coming quarters.

Ablin said the forecast from State Street bolstered confidence ahead of earnings for the April-June period. However, Ablin said he didn't expect the bounce to continue because investors are anxious about the hundreds of company reports still to come.

"I don't think any investor wants to commit one way or another with the whole string of earnings announcements" ahead, Ablin said.

The Dow rose 274.66, or 2.8 percent, to 10,018.28. The Dow rose 57 points Tuesday. The index hasn't risen two straight days since June 17-18.

The Standard & Poor's 500 index rose 32.21, or 3.1 percent, to 1,060.27, and the Nasdaq composite index rose 65.59, or 3.1 percent, 2,159.47.

Bond prices fell, driving up interest rates. The yield on the 10-year Treasury note rose to 2.99 percent from 2.94 percent late Tuesday. The yield fell below 3 percent last week for the first time since April 2009. The 10-year yield is used as a benchmark for interest rates on consumer loans and mortgages.

The dollar fell against other major currencies, including the euro.

Crude oil rose $2.09 to $74.07 per barrel on the New York Mercantile Exchange. Gold rose.

State Street rose $3.29, or 9.9 percent, to $36.63. Alcoa advanced 34 cents, or 3.3 percent, to $10.55, while U.S. Steel rose $2.17, or 5.7 percent, to $40.39.

About six stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 5.1 billion shares, compared with 4.7 billion Tuesday.

The Russell 2000 index of smaller companies rose 21.63, or 3.7 percent, to 611.66.

Overseas markets closed higher after sliding in early trading. Investors awaited a Thursday meeting of the European Central Bank. Traders are expecting the bank to keep interest rates unchanged, but will want to get details on the European Union's "stress tests" of bank balance sheets. The notion that the examination could be more rigorous than first thought helped U.S. stocks and drove the euro higher. Similar tests of U.S. banks in May last year helped bolster confidence in the financial system by reassuring investors that big banks likely would survive a deeper slide in the economy.

Britain's FTSE 100 rose 1 percent, Germany's DAX index rose 0.9 percent, and France's CAC-40 climbed 1.8 percent. Japan's Nikkei stock average fell 0.6 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks climb for 3rd day after jobless claims fall

Investors are getting enthusiastic about stocks again after some reassuring news from the job market.

Stocks rose for a third straight day Thursday on the Labor Department's report of a larger than expected drop in the number of newly laid-off people seeking unemployment benefits. The Dow Jones industrial average rose 121 points after climbing 275 Wednesday and advancing modestly Tuesday. The 4.7 percent gain in that time is the Dow's best three-day move since mid-May.

Employment news has been the key driver behind the market's moves during the past few weeks. Thursday's news was a welcome change from a string of disappointing jobs reports, including the government's June employment numbers, that have pounded stocks recently.

The NYSE DOW closed HIGHER +120.71 points +1.20% on Thuresday July 8
Sym. Last......... ........Change..........
Dow 10,138.99 +120.71 +1.20%
Nasdaq 2,175.40 +15.93 +0.74%
S&P 500 1,070.25 +9.98 +0.94%
30-yr Bond 4.0010% +0.4700

NYSE Volume 5,230,040,000 (prior day 5,869,736,500)
Nasdaq Volume 2,072,043,250 (prior day 2,190,606,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,105.45 +90.63 +1.81%
DAX 6,035.66 +42.80 +0.71%
CAC 40 3,538.25 +54.81 +1.57%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,535.74 +256.09 +2.76%
Hang Seng 20,050.56 +193.49 +0.97%
Straits Times 2,897.15 +36.12 +1.26%

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

Stocks climb for 3rd day after jobless claims fall

Stocks rise after better-than-expected report on unemployment claims eases economic worries

Tim Paradis, AP Business Writer, On Thursday July 8, 2010, 5:16 pm

NEW YORK (AP) -- Investors are getting enthusiastic about stocks again after some reassuring news from the job market.

Stocks rose for a third straight day Thursday on the Labor Department's report of a larger than expected drop in the number of newly laid-off people seeking unemployment benefits. The Dow Jones industrial average rose 121 points after climbing 275 Wednesday and advancing modestly Tuesday. The 4.7 percent gain in that time is the Dow's best three-day move since mid-May.

Employment news has been the key driver behind the market's moves during the past few weeks. Thursday's news was a welcome change from a string of disappointing jobs reports, including the government's June employment numbers, that have pounded stocks recently.

The Labor Department said initial claims for jobless benefits fell last week to their lowest levels since early May. Claims fell to 454,000, better than the 465,000 forecast by economists polled by Thomson Reuters.

High unemployment has dragged down consumer confidence, which in turn has slowed spending. And because consumers account for about 70 percent of U.S. economic activity, the recovery is unlikely to gain much momentum unless consumers are working and feeling more secure about spending.

Major retailers had mixed news Thursday about consumer spending. Several big retailers including those that cater to teenagers reported lackluster June sales. Others including department store operators Macy's Inc. and JCPenney Co., saw a pickup in business. Overall, merchants said shoppers again spent cautiously, and analysts said stores were discounting heavily in order to bring customers in.

Hank Smith, chief investment officer of equity at Haverford Investments in Radnor, Pa., said some investors have been worried about a so-called "double-dip" in the economy but that more recent data, including Thursday's jobs report, are a reminder that the recovery is continuing.

"It's hard to see rolling into a double dip," he said.

Stocks got some support from a global economic forecast from the International Monetary Fund. The IMF raised its world growth estimate for the year to 4.6 percent from 4.2 percent. The stock market's losses since the major indexes reached 2010 highs in late April have been largely due to fears that debt problems in European countries might hurt the recovery around the world.

The market's advance accelerated in the final hour. Many investors, seeing stocks hold their gains, wanted to be sure they didn't miss out on the rally, so they began buying before the closing bell.

The Dow rose 120.71, or 1.2 percent, to 10,138.99. The Standard & Poor's 500 index rose 9.98, or 0.9 percent, to 1,070.25, while the Nasdaq composite index rose 15.93, or 0.7 percent, to 2,175.40.

The Dow jumped back above 10,000 Wednesday. Traders say the recent gains, which came after seven straight days of declines, were not tied to any one particular catalyst. Instead some investors went back into the market thinking prices had been beaten down too much in the past couple of weeks. But trading volume has been light this week. That's a sign that few investors are driving the advance. And that means the gains could quickly unravel if more disappointing economic news arrives.

Interest rates were mixed in the Treasury market as investors sold bonds following the jobs report. Rates usually rise when there are signs the economy is improving because a stronger economy eventually leads to inflation.

The yield on the 10-year Treasury note, which moves opposite its price, rose to 3.03 percent from 2.99 percent late Wednesday. The yield fell below 3 percent last week for the first time since April 2009 as investors worried about the economy rushed into Treasurys. The yield on 10-year Treasurys helps determine the interest rate on some mortgages and other consumer loans.

The higher forecast from the IMF helped boost overseas markets and the euro. The 16-nation currency climbed to $1.2698, its highest level since May.

Among retailers, teen retailer American Eagle Outfitters Inc. fell 46 cents, or 3.8 percent, to $11.80 after reporting disappointing June sales. Abercrombie & Fitch rose $2.55, or 7.8 percent, to $35.45 after its sales at stores open at least a year rose 9 percent. Gap Inc. said sales at stores open at least one year were unchanged in June, less than analysts expected. The stock fell $1.50, or 7.6 percent, to $18.22.

Macy's rose 53 cents, or almost 3 percent, to $18.44. Penney was up $1.46, or 6.7 percent, at $23.24.

Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.2 billion shares, compared with 1.3 billion Wednesday.

The Russell 2000 index of smaller companies rose 8.61, or 1.4 percent, to 620.27.

Britain's FTSE 100 rose 1.8 percent, Germany's DAX index rose 0.7 percent, and France's CAC-40 gained 1.6 percent. Japan's Nikkei stock average jumped 2.8 percent.

 

[bigdog]

Source: http://finance.yahoo.com

For the week, the Dow rose 512 points, or 5.3 percent, its best gain since the week ended July 17, 2009. After a holiday on Monday, stocks rose modestly Tuesday and jumped Wednesday after traders looked for stocks that were bargains after two weeks of selling. The Dow rose 275 points to move back above 10,000. The Dow added another 120 points on Thursday after the unemployment report.

The Standard & Poor's 500 index rose 5.4 percent for the week, while the Nasdaq gained 5 percent.

The stock market ended its best week in a year with another gain Friday as investors bet that companies will report strong second-quarter earnings.

The Dow Jones industrial average rose 59 points, or 0.6 percent. That gave the Dow its biggest weekly advance in a year, 5.3 percent. Broader indexes posted bigger gains. Trading volume was light, signaling that many investors were staying out of the market. But those who were trading appeared optimistic about the company reports that will be announced starting next week.

Stocks also got a lift from news that China renewed Google's license to operate in the country. The renewal was in doubt because of a strained relationship between the company and China's government over censorship of search results. Google rose 2.4 percent.

The NYSE DOW closed HIGHER +59.04 points +0.58% on Friday July 9
Sym. Last......... ........Change..........
Dow 10,198.03 +59.04 +0.58%
Nasdaq 2,196.45 +21.05 +0.97%
S&P 500 1,077.96 +7.71 +0.72%
30-yr Bond 4.0400% +0.3900

NYSE Volume 4,021,670,250 (prior day 5,230,040,000)
Nasdaq Volume 1,611,284,750 (prior day 2,072,043,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,132.94 +27.49 +0.54%
DAX 6,065.24 +29.58 +0.49%
CAC 40 3,554.48 +16.23 +0.46%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,585.32 +49.58 +0.52%
Hang Seng 20,378.66 +328.10 +1.64%
Straits Times 2,917.17 +20.02 +0.69%

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

Dow ends week up 5.3 pct, its best gain in a year

Stocks have their best week in a year; Dow Jones industrial average gains 5.3 percent

Tim Paradis, AP Business Writer, On Friday July 9, 2010, 6:14 pm

NEW YORK (AP) -- The stock market ended its best week in a year with another gain Friday as investors bet that companies will report strong second-quarter earnings.

The Dow Jones industrial average rose 59 points, or 0.6 percent. That gave the Dow its biggest weekly advance in a year, 5.3 percent. Broader indexes posted bigger gains. Trading volume was light, signaling that many investors were staying out of the market. But those who were trading appeared optimistic about the company reports that will be announced starting next week.

Stocks also got a lift from news that China renewed Google's license to operate in the country. The renewal was in doubt because of a strained relationship between the company and China's government over censorship of search results. Google rose 2.4 percent.

News on the economy wasn't as upbeat. Inventories held by wholesalers rose in May for a fifth straight month though sales dropped for the first time in more than a year. The government said wholesale inventories rose 0.5 percent and sales dropped 0.3 percent. It was the first drop since March 2009, when major stock indexes hit a 12-year low.

But investors didn't appear fazed by the inventories report. Instead, the market appeared to hold on to optimism fed by Thursday's report of a drop in the number of newly laid off people seeking unemployment benefits. That report ended a string of bad news about the job market, and likely contributed to investors' more positive mood going into what's known as earning season.

Friday's modest moves weren't surprising. Traders often avoid making big bets just before earnings releases because the reports provide a good picture of how companies are performing. Investors will look closely at forecasts for future quarters because economic reports in the past two months have raised questions about the pace of the rebound.

"It's time to determine if this is just a soft patch in the recovery or if it's the beginning of a second leg down. That's what the market is struggling with," said Dan Deming, a trader with Stutland Equities in Chicago.

Investors will want to know whether companies are feeling the effects of slower growth and whether they believe the recovery will gain momentum in the coming months. Stocks fell over the past couple of months because data showed the economy was growing, but not as fast as had been forecast.

Earnings season starts with aluminum producer Alcoa Inc. on Monday. The company's stock rose 1.9 percent ahead of its report. Other companies scheduled to release results next week include banking giants JPMorgan Chase & Co. and Bank of America Corp. General Electric Co. and chipmaker Intel Corp. are also scheduled to report earnings next week.

Overseas markets rose after a surprise interest rate hike in South Korea was seen as a sign of confidence that the global economy will continue expand. Central banks around the world, including the U.S., have kept rates at historically low rates to stimulate growth.

The Dow rose 59.04, or 0.6 percent, to 10,198.03. The Standard & Poor's 500 index rose 7.71, or 0.7 percent, to 1,077.96, while the technology-focused Nasdaq composite index rose 21.05, or 1 percent, to 2,196.45.

For the week, the Dow rose 512 points, or 5.3 percent, its best gain since the week ended July 17, 2009. After a holiday on Monday, stocks rose modestly Tuesday and jumped Wednesday after traders looked for stocks that were bargains after two weeks of selling. The Dow rose 275 points to move back above 10,000. The Dow added another 120 points on Thursday after the unemployment report.

The Standard & Poor's 500 index rose 5.4 percent for the week, while the Nasdaq gained 5 percent.

Not all traders are confident that the gains will hold because there are still major problems like unemployment facing the economy.

"I think it's a short-term pop," said Joe Saluzzi, co-head of equity trading at Themis Trading LLC, of the week's advance. "A lot of people are playing it close to the vest at this point. You don't really know which way it's going to go."

Bond prices fell as stocks rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.06 percent from 3.04 percent late Thursday.

Crude oil rose 65 cents to $76.09 per barrel on the New York Mercantile Exchange.

Google rose $10.93 to $467.59. Alcoa rose 22 cents, or 2.1 percent, to $10.94, while JPMorgan climbed 69 cents, or 1.8 percent, to $38.85. Bank of America advanced 25 cents, or 1.7 percent, to $15.11, while GE rose 12 cents, or 0.8 percent, to $14.95. Intel advanced 14 cents, or 0.7 percent, to $20.24.

About four stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 3.6 billion shares compared with 4.6 billion Thursday.

The Russell 2000 index of smaller companies rose 9.16, or 1.5 percent, to 629.43.

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

6238

 

[bigdog]

Source: http://finance.yahoo.com

Stocks close mixed as investors await start of 2nd-quarter earnings; Alcoa has upbeat report

Stocks closed mixed Monday as investors grew more cautious while they waited for the start of second-quarter earnings reports. They got some good news after trading ended, when Alcoa Inc. reported better than expected results.

The Dow Jones industrial average rose 18 points and the other big indexes also had slight gains. But almost two stocks fell for every one that rose on the New York Stock Exchange, a sign that investors were wary about earnings.

Alcoa didn't disappoint them. The aluminum maker beat analysts' expectations, and it also said it was raising its forecast for consumption of the metal this year. That was particularly heartening for investors who have worried that the global economy was slowing, or even headed for another recession. The company's stock rose nearly 3 percent in after-hours trading.

The NYSE DOW closed HIGHER +18.24 points +0.18% on Monday July 12
Sym. Last......... ........Change..........
Dow 10,216.27 +18.24 +0.18%
Nasdaq 2,198.36 +1.91 +0.09%
S&P 500 1,078.75 +0.79 +0.07%
30-yr Bond 4.04% 0.00

NYSE Volume 3,964,091,000 (prior day 4,021,670,250)
Nasdaq Volume 1,781,265,750 (prior day 1,611,284,750)

Oil 74.78 -1.31 -1.72%
Gold 1,198.50 -11.10 -0.92%

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,167.02 +61.57 +1.21%
DAX 6,077.19 +11.95 +0.20%
CAC 40 3,567.66 +13.18 +0.37%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,548.11 -37.21 -0.39%
Hang Seng 20,467.43 +88.77 +0.44%
Straits Times 2,925.32 +8.15 +0.28%

http://finance.yahoo.com/news/Stocks-in-narrow-range-ahead-apf-1799604164.html?x=0

Stocks in narrow range ahead of earnings season

Stocks close mixed as investors await start of 2nd-quarter earnings; Alcoa has upbeat report

Stephen Bernard, AP Business Writer, On Monday July 12, 2010, 5:45 pm

NEW YORK (AP) -- Stocks closed mixed Monday as investors grew more cautious while they waited for the start of second-quarter earnings reports. They got some good news after trading ended, when Alcoa Inc. reported better than expected results.

The Dow Jones industrial average rose 18 points and the other big indexes also had slight gains. But almost two stocks fell for every one that rose on the New York Stock Exchange, a sign that investors were wary about earnings.

Alcoa didn't disappoint them. The aluminum maker beat analysts' expectations, and it also said it was raising its forecast for consumption of the metal this year. That was particularly heartening for investors who have worried that the global economy was slowing, or even headed for another recession. The company's stock rose nearly 3 percent in after-hours trading.

Investors made few big moves as they waited for Alcoa's earnings. So they showed little reaction to news of several corporate acquisitions.

Insurance broker Aon Corp. said it will buy human resources company Hewitt Associates for $4.9 billion in cash and stock, and Playboy Enterprises Inc. founder Hugh Hefner offered to take the media company private. Also Avon Products Inc. agreed to buy Silpada Designs for $650 million in a bid to expand its jewelry business.

Investors generally see acquisitions as a sign that companies are confident and willing to spend cash to expand.

Earnings are likely to dominate trading for the next few weeks. Investors are seeking insight into the state of the economy not only from how well companies fared during the April-June period, but also from their forecasts for the coming quarters. In particular, investors want to see whether sluggish retail sales, waning consumer confidence and high unemployment have actually hurt corporate profits.

Greg Estes, fund manager at Intrepid Capital Funds in Jacksonville Beach, Fla., said of companies' forecasts, "people are really wanting to see things get better." He said some industries like technology were more likely to report improvement versus those that rely more on consumer spending.

Tech stocks rose after analysts upgraded their ratings of Qualcomm Inc. and SanDisk Corp. The analysts forecast continuing growth in the smart phone market.

The Dow Jones industrial average rose 18.24, or 0.2 percent, to 10,216.27. The Standard & Poor's 500 index rose 0.79, or 0.1 percent, to 1,078.75, while the Nasdaq composite index rose 1.91, or 0.1 percent, to 2,198.36.

Consolidated volume on the NYSE, which includes shares traded on other exchanges, came to a light 3.47 billion shares as many investors chose to sit out the day while they waited for Alcoa's report. On Friday, consolidated volume totaled 3.56 billion shares.

Investors' caution followed the market's biggest weekly gains in a year. Some analysts have questioned how long the rebound would last. But if earnings and companies' forecasts are upbeat and indicate that the economic recovery is proceeding despite continuing high unemployment and weak consumer spending, investors are likely to keep buying. The Dow is still down 9 percent from its 2010 high reached in late April.

Economic news this week should shed some light about how well the recovery is going. In addition to earnings reports, readings are also due on retail sales, weekly jobless claims, manufacturing activity, consumer sentiment and inflation.

Alcoa rose to $11.23 in after-hours trading after falling 7 cents to $10.87 in regular trading.

Other materials stocks fell in regular trading. A drop in commodities imports in China, particularly copper, hurt shares of companies like Freeport McMoran Copper & Gold Inc. Its shares fell $2.76, or 4.2 percent, to $63.22.

Hewitt shares jumped $11.39, or 32.2 percent, to $46.79. Aon shares fell $2.72, or 7.1 percent, to $35.62. Playboy jumped $1.52, or 37.4 percent, to $5.58. Avon rose 15 cents to $28.42.

Qualcomm rose $1.19, or 3.5 percent, to $35.10. SanDisk rose $2.91, or 6.8 percent, to $45.81.

Bond prices traded in a tight range. The yield on the benchmark 10-year Treasury note was unchanged from late Friday at 3.06 percent.

The Russell 2000 index of smaller companies fell 7.82, or 1.2 percent, to 621.61.

Overseas, Britain's FTSE 100 rose 1.2 percent, Germany's DAX index gained 0.2 percent, and France's CAC-40 rose 0.4 percent. Japan's Nikkei stock average dipped 0.4 percent after the ruling party lost elections Sunday.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks extend gains into 6th straight day after Alcoa, CSX report upbeat profit, outlook

The stock market got a shot of confidence and adrenaline from the start of second-quarter earnings season.

Investors were enthusiastic Tuesday about better-than-expected profits from aluminum maker Alcoa Inc. and railroad operator CSX Corp. The Dow Jones industrial average rose more than 145 points and the major indexes were up well over 1 percent.

There was more good news from Intel Corp. after the close of trading. The chip maker reported earnings and revenue that beat analysts' expectations, and it also raised its forecast for the year. Its stock shot up more than 5 percent in after-hours trading.


The NYSE DOW closed HIGHER +146.75 points +1.44% on Tuesday July 13
Sym. Last......... ........Change..........
Dow 10,363.02 +146.75 +1.44%
Nasdaq 2,242.03 +43.67 +1.99%
S&P 500 1,095.34 +16.59 +1.54%
30-yr Bond 4.10% +0.61

NYSE Volume 5,369,470,000 (prior day 3,964,091,000)
Nasdaq Volume 2,347,598,750 (prior day 1,781,265,750)

Oil 77.25 +0.10 +0.13%
Gold 1,213.30 +14.80 +1.23%

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,271.02 +104.00 +2.01%
DAX 6,191.13 +113.94 +1.87%
CAC 40 3,637.76 +70.10 +1.96%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,537.23 -10.88 -0.11%
Hang Seng 20,431.06 -36.37 -0.18%
Straits Times 2,928.70 +3.38 +0.12%

http://finance.yahoo.com/news/Stock...8.html?x=0&sec=topStories&pos=7&asset=&ccode=

Stocks surge after Alcoa, CSX report strong profit

Stocks extend gains into 6th straight day after Alcoa, CSX report upbeat profit, outlook

Stephen Bernard, AP Business Writer, On Tuesday July 13, 2010, 4:53 pm EDT

NEW YORK (AP) -- The stock market got a shot of confidence and adrenaline from the start of second-quarter earnings season.

Investors were enthusiastic Tuesday about better-than-expected profits from aluminum maker Alcoa Inc. and railroad operator CSX Corp. The Dow Jones industrial average rose more than 145 points and the major indexes were up well over 1 percent.

There was more good news from Intel Corp. after the close of trading. The chip maker reported earnings and revenue that beat analysts' expectations, and it also raised its forecast for the year. Its stock shot up more than 5 percent in after-hours trading.

The companies, among the first to report second-quarter earnings, also issued upbeat forecasts for the rest of the year. That was heartening news for investors who have been concerned that the recovery was stalling, or that the economy might even fall back into recession.

"When we go back to earnings and fundamentals, companies are delivering," said Tom Karsten, senior managing partner at Karsten Financial in Fort Worth, Texas.

Alcoa's earnings reports are closely watched because its varied customer base provides a snapshot of a broad range of other industries. It is also a component of the Dow Jones industrial average. CSX also provides insight into economic activity because it ships a wide range of products.

Alcoa said global consumption of aluminum will grow this year by more than it had forecast just three months ago. There have been concerns that the global economic recovery will end as many European nations face mounting government debt problems and high unemployment slows growth in the U.S.

CSX, meanwhile, said it sees its the economy's upward momentum continuing this year.

Intel's results are considered a good gauge of the health of the economy since its sales are driven by consumers and businesses buying computers.

Frank Ingarra, co-portfolio manager of Hennessy Funds in Stamford, Conn., said Alcoa and CSX's results lifted the market because they hit on the two themes that traders are looking for in earnings: revenue growth and optimistic outlooks.

"That's why the earnings were so good," Ingarra said. "You saw that top-line growth and good guidance."

During the recession, companies that made money often did so by cutting costs rather than bringing in sales. So sales growth is a sign that business is indeed picking up.

The Commerce Department reported Tuesday that the U.S. trade deficit increased to its widest level in 18 months as an increase in exports was outpaced by rising imports. A jump in both imports and exports is a sign that the economy is growing.

Earnings will likely continue to dictate trading over the next few weeks as hundreds of companies release results.

According to preliminary calculations, the Dow rose 146.75, or 1.4 percent, to 10,363.02. The Standard & Poor's 500 index rose 16.59, or 1.5 percent, to 1,095.34, while the Nasdaq composite index rose 43.67, or 2 percent, to 2,242.03.

 

[bigdog]

Source: http://finance.yahoo.com

The DOW was very lucky to be HIGHER for the day; check the chart below!!

Stocks are mixed after Fed's weaker economic outlook chills investors' optimism over earnings

A weaker economic forecast from the Federal Reserve chilled the stock market's winning streak.

Stocks closed mixed Wednesday, with the Dow Jones industrial average rising almost 4 points for its seventh straight advance. The other major market indexes also had single-digit moves. Bond prices rose as investors, again uneasy about the strength of the economic recovery, went in search of safe investments.

The Fed's economic forecast was only slightly more downbeat than the outlook issued in April. And investors have been well aware that the country faces a bumpy recovery. But the Fed's assessment was still a sharp reminder that economic growth won't come easily.

The NYSE DOW closed HIGHER +3.70 points +0.04% on Wednesday July 14
Sym. Last......... ........Change..........
Dow 10,366.72 +3.70 +0.04%
Nasdaq 2,249.84 +7.81 +0.35%
S&P 500 1,095.17 -0.17 -0.02%
30-yr Bond 4.0330% -0.6800

NYSE Volume 4,669,407,000 (prior day 5,369,470,000)
Nasdaq Volume 2,170,388,250 (prior day 2,347,598,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,253.52 -17.50 -0.33%
DAX 6,209.76 +18.63 +0.30%
CAC 40 3,632.98 -4.78 -0.13%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,795.24 +258.01 +2.71%
Hang Seng 20,560.81 +129.75 +0.64%
Straits Times 2,952.81 +24.11 +0.82%

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

Stocks are mixed after weaker Fed economic outlook

Stocks are mixed after Fed's weaker economic outlook chills investors' optimism over earnings

Dave Carpenter and Joel Schectman, AP Business Writers, On Wednesday July 14, 2010, 5:14 pm
NEW YORK (AP) -- A weaker economic forecast from the Federal Reserve chilled the stock market's winning streak.

Stocks closed mixed Wednesday, with the Dow Jones industrial average rising almost 4 points for its seventh straight advance. The other major market indexes also had single-digit moves. Bond prices rose as investors, again uneasy about the strength of the economic recovery, went in search of safe investments.

The Fed's economic forecast was only slightly more downbeat than the outlook issued in April. And investors have been well aware that the country faces a bumpy recovery. But the Fed's assessment was still a sharp reminder that economic growth won't come easily.

Investors initially sold on the Fed's statement. A strong start to second-quarter earnings reports, including upbeat forecasts from Intel Corp. and Alcoa Inc., helped temper their disappointment.

The Fed lowered its projection for the gross domestic product, the broadest measure of the economy, and said GDP will grow between 3 percent and 3.5 percent this year. That's down from the 3.2 percent to 3.7 percent forecast in April.

The central bank also said the unemployment rate, now at 9.5 percent, will at best fall to 9.2 percent. In its April forecast, the Fed had a slightly lower bottom number of 9.1 percent.

The Fed also released minutes from its June 22-23 meeting, at which it found that "economic developments abroad" could hurt the U.S. economy. That's a reference to the debt crisis that began in Greece and threatened to spread to other European countries.

While the Fed's statement contained no real surprises, investors are particularly cautious after the advances of the past week and because so much of corporate earnings reports are still ahead, said Rob Lutts, president and chief investment officer of Cabot Money Management in Salem, Mass.

"It's been a very strong last three or four days. And at this point, valuations are a little higher and a little more of a challenge," he said.

And after the beating stocks took this spring, he said, investors remain more cautious than in any down investment cycle in memory. That caution is reflected in how they are continuing to move money into bonds.

"We need time to heal, more than anything else," Lutts said.

Analysts said investors were initially unnerved by the Fed's long-term outlook.

"The Fed is talking about 5 to 7 years time before the economy gets back to the old modus operani," said Joseph V. Battipaglia, market strategiest for the Private Client Group at Stifel Nicolaus & Co. "This is the government admitting that the coast is not clear because the outlook is a slower environment and unemployment stays doggedly high."

The Dow rose 3.70, or 0.04 percent, to 10,366.72. The Standard & Poor's 500 index fell 0.17, or 0.02 percent, to 1,095.17, while the Nasdaq composite index rose 7.81, or 0.4 percent, to 2,249.84.

Losing stocks were ahead of gainers by 4 to 3 on the New York Stock Exchange. Volume came to 1.06 billion shares.

Bond prices rose, pushing interest rates lower in the Treasury market. Investors were following their pattern of turning to government debt as a safe place to put their cash when the economy looks troubled.

The yield on the benchmark 10-year Treasury note fell to 3.05 percent from 3.13 percent late Tuesday. That yield helps set interest rates on mortgages and other consumer loans.

Earlier Wednesday, there was disappointing economic news from the Commerce Department, which said June retail sales fell 0.5 percent. That's worse than the 0.2 percent decline forecast by economists polled by Thomson Reuters. However, excluding autos, sales were down 0.1 percent, in line with expectations.

Shares of retailers including J.C. Penney Co., Macy's Inc. and Target Corp., all fell after the monthly sales report.

Late Tuesday, Intel reported its biggest quarterly profit in a decade as large corporations started buying new computers. Companies have been reluctant to upgrade technology during the recession, so a return of spending could be a sign corporations are ready to start expanding their businesses again and hire new workers.

Intel's profit and outlook, which surpassed analysts' forecasts, are considered good signs for the economy because the chipmaker manufactures 80 percent of the processors that run PCs and has a large global reach.

Although the market's rally stalled Wednesday, the Dow is up 7 percent over seven days, its best stretch since last July. The Dow rose 147 points Tuesday after aluminum producer Alcoa and railroad company CSX both reported better-than-expected profit. The pair also provided optimistic outlooks for the rest of the year.

Stocks were in a slump in May and June as economic reports showed the recovery wasn't proceeding as fast as hoped. It wasn't clear Wednesday afternoon whether stocks would resume their slide, or go up on the next strong earnings report.

"You have a classic tug of war -- profits for the second quarter are quite good," Battipaglia said. "On the other hand, you have a growing list of data points that the show stimulus is not leading to a private sector recovery."

Intel rose 35 cents, or 1.7 percent, to $21.36. J.C. Penney fell 20 cents to $22.99, while Macy's dropped 9 cents to $18.38. Target fell 24 cents to $49.65.

The Russell 2000 index of smaller companies fell 2.66, or 0.4 percent, to 640.16.

Overseas, Britain's FTSE 100 fell 0.33 percent, Germany's DAX index rose 0.3 percent, and France's CAC-40 fell 0.1 percent. Japan's Nikkei stock average jumped 2.7 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks turn around late in the session, close mixed ahead of Goldman settlement announcement

Investors gave the stock market a big last-hour turnaround on just the anticipation of Goldman Sachs settling the government's civil fraud charges.

As word spread that the Securities and Exchange Commission had scheduled a late-afternoon announcement, investors began buying on the belief that the government and Goldman Sachs Group Inc. had settled the charges that grew out of the sale of securities based on risky mortgages.

The $550 million settlement was announced less than an hour after trading ended. Goldman agreed to pay fines of $300 million, the largest fine against a financial company in SEC history, and $250 million to compensate investors who lost money on the securities. The deal also requires Goldman to review how it sells complex financial mortgage investments.

The NYSE DOW closed LOWER -7.41 points -0.07% on Thursday July 15
Sym. Last......... ........Change..........
Dow 10,359.31 -7.41 -0.07%
Nasdaq 2,249.08 -0.76 -0.03%
S&P 500 1,096.48 +1.31 +0.12%
30-yr Bond 3.9680% -0.6500

NYSE Volume 5,278,046,000 (prior day 4,669,407,000)
[Nasdaq Volume 1,989,145,500 (prior day 2,170,388,250)

B]Europe[/B]
Symbol.... Last...... .....Change.......
FTSE 100 5,211.29 -42.23 -0.80%
DAX 6,149.36 -60.40 -0.97%
CAC 40 3,581.82 -51.16 -1.41%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,685.53 -109.71 -1.12%
Hang Seng 20,255.62 -305.19 -1.48%
Straits Times 2,946.32 -6.49 -0.22%

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

Late stock rally ahead of Goldman settlement news

Stocks turn around late in the session, close mixed ahead of Goldman settlement announcement

Stephen Bernard, AP Business Writer, On Thursday July 15, 2010, 6:06 pm

NEW YORK (AP) -- Investors gave the stock market a big last-hour turnaround on just the anticipation of Goldman Sachs settling the government's civil fraud charges.

As word spread that the Securities and Exchange Commission had scheduled a late-afternoon announcement, investors began buying on the belief that the government and Goldman Sachs Group Inc. had settled the charges that grew out of the sale of securities based on risky mortgages.

The $550 million settlement was announced less than an hour after trading ended. Goldman agreed to pay fines of $300 million, the largest fine against a financial company in SEC history, and $250 million to compensate investors who lost money on the securities. The deal also requires Goldman to review how it sells complex financial mortgage investments.

The settlement lifts uncertainty that has hovered around Goldman since the charges were announced April 16. Expectations of a deal were enough to make traders temporarily set aside concerns about the economy. A series of disappointing economic reports had sent the Dow Jones industrial average down nearly 100 points in late trading. The Dow scrambled back to a loss of just 7 by the close. Broader indexes were narrowly mixed.

Goldman was trading at about $140 a share when word of the pending announcement came. The stock then soared to close at $145.22, up $6.16, and shot up to $153.45 in after-hours trading.

The company's stock has been pounded by the SEC case. It closed at $183.81 on April 15, the day before the charges, and plunged 12.6 percent the day they were announced. By the time it reached its closing low of $131.08 on July 2, the stock had fallen nearly 29 percent.

Investors viewed Goldman's settlement as a buying opportunity for a stock that has been hammered since the SEC filed charges.

"The SEC case is now behind Goldman as far as investors are concerned," said independent market analyst Edward Yardeni said, adding that the manageable size of the settlement added to the demand for the company's shares.

"This fine is a bargain for Goldman," Yardeni said.

Goldman's problems have been a pall on other financial companies and in turn, the overall market. So stocks overall benefited Thursday from news of a deal.

A little more uncertainty was lifted from the market late in the day, when the Senate passed and sent to President Barack Obama the financial regulation bill. However, because regulations that will implement the bill's provisions have yet to be written, traders were still wary. Analysts said that likely contributed to the market's dip right before word of an SEC announcement.

Bill Strazzullo, partner and chief market strategist for Bell Curve Trading in Boston, noted that JPMorgan Chase & Co. CEO Jamie Dimon earlier in the day said it wasn't possible to estimate the impact of the bill on his company's profits.

"Maybe the reality of it is finally upon us," Strazzullo said.

The Dow fell 7.41, or 0.07 percent, to 10,359.31. The Standard & Poor's 500 index rose 1.31, or 0.1 percent, to 1,096.48, while the Nasdaq composite index fell 0.76, or 0.03 percent, to 2,249.08.

Losing stocks were slightly ahead of gainers on the New York Stock Exchange, where consolidated volume came to 4.6 billion shares, up from 4.1 billion Wednesday.

Bond prices rose as investors worried about the economy sought safety the safety of government securities. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3 percent from 3.05 percent late Wednesday.

For much of the day, the market was down on pessimism about weak economic reports -- a problem that will continue to dog the market. A day after the Federal Reserve issued a slightly more bleak outlook on the economy, steep drops reported in the Empire State and Philadelphia Fed Manufacturing indexes pointed to a slowing in manufacturing activity in the Northeast. Meanwhile, the Fed reported modest growth in industrial output nationwide. And the Labor Department said first-time claims for unemployment benefits fell last week, but that was largely due to seasonal factors.

"We've hit a soft spot," Howard Ward, chief investment officer at GAMCO Growth Fund, said of the economic recovery. "The question is, are we starting to already improve or are we still falling down."

The disappointing manufacturing reports, which followed a weeklong stock rally, made the market "susceptible to profit taking" after the market's week-long advance, Ward said.

There appeared to be a shift in investors' view of the economy. They had been upbeat over the past week on more positive economic signs, in particular forecasts from companies including Intel Corp. and Alcoa Inc. But the latest disappointing numbers now seem to be dictating investors' moves, and analysts questioned whether investors would start buying again if companies keep reporting strong earnings and outlooks.

JPMorgan Chase, the first big bank to report its second-quarter earnings, said it had set aside less money to cover losses on failed loans. That is a sign that mortgage and loan defaults may be moderating. But Dimon kept a cautious tone about future economic growth.

"Earnings are strong," said Sandy Mehta, principal and chief investment officer of Value Investment Principals. "But the underlying economy is not as strong."

JPMorgan Chase rose 11 cents to $40.46. Several other big banks fell. Bank of America Corp. dropped 28 cents to $15.39 and Citigroup Inc. fell 5 cents to $4.16. Both companies report earnings on Tuesday.

Caterpillar Inc. fell 19 cents to $66.51 on the downbeat manufacturing reports.

The euro climbed above $1.28 for the first time in more than two months Thursday as investors worried about the strength in the U.S.

Overseas, Britain's FTSE 100 fell 0.7 percent, Germany's DAX index fell 1 percent, and France's CAC-40 fell 1.4 percent. Japan's Nikkei stock average fell 1.1 percent.

 

[bigdog]

Source: http://finance.yahoo.com

For the week, the Dow is down 1 percent, the S&P 500 is down 1.2 percent, and the Nasdaq is down 0.8 percent.

Stocks slump, sending Dow down 261 as consumer confidence plunges, banks report lower revenues

Investors are finding disappointment everywhere and taking out their frustration on stocks.

Stocks slumped Friday after banks' second-quarter earnings fell short of expectations and a new survey found that consumers are becoming more pessimistic. The Dow Jones industrial average lost 261 points, and all the major market indexes dropped more than 2.5 percent. Interest rates fell in the Treasury market as investors once again sought the safety of government securities.

The market fell at the opening after Citigroup Inc. and Bank of America Corp. released earnings. The two banks, like JPMorgan Chase & Co. a day earlier, reported higher earnings as losses from failed loans fell. But they are also seeing lower trading revenue because of the stock market's plunge this spring. The drop in revenue raised questions about how banks will be able to make big profits if trading is curtailed by new federal regulations.

The NYSE DOW closed LOWER -261.41 points -2.52% on Friday July 16
Sym. Last......... ........Change..........
Dow 10,097.90 -261.41 -2.52%
Nasdaq 2,179.05 -70.03 -3.11%
S&P 500 1,064.88 -31.60 -2.88%
30-yr Bond 3.9490% -0.1900

NYSE Volume 6,094,597,000 (prior day 5,278,046,000)
Nasdaq Volume 2,188,542,500 (prior day 1,989,145,500)

Oil 76.01 -0.61 -0.80%
Gold 1,188.00 -20.10 -1.66%

B]Europe[/b]
Symbol.... Last...... .....Change.......
FTSE 100 5,158.85 -52.44 -1.01%
DAX 6,040.27 -109.09 -1.77%
CAC 40 3,500.16 -81.66 -2.28%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,408.36 -277.17 -2.86%
Hang Seng 20,250.16 -5.46 -0.03%
Straits Times 2,953.53 +9.98 +0.34%

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

Stocks drop on weak consumer sentiment, bank earns

Stocks slump, sending Dow down 261 as consumer confidence plunges, banks report lower revenues

Stephen Bernard and Seth Sutel, AP Business Writers, On Friday July 16, 2010, 5:35 pm EDT

NEW YORK (AP) -- Investors are finding disappointment everywhere and taking out their frustration on stocks.

Stocks slumped Friday after banks' second-quarter earnings fell short of expectations and a new survey found that consumers are becoming more pessimistic. The Dow Jones industrial average lost 261 points, and all the major market indexes dropped more than 2.5 percent. Interest rates fell in the Treasury market as investors once again sought the safety of government securities.

The market fell at the opening after Citigroup Inc. and Bank of America Corp. released earnings. The two banks, like JPMorgan Chase & Co. a day earlier, reported higher earnings as losses from failed loans fell. But they are also seeing lower trading revenue because of the stock market's plunge this spring. The drop in revenue raised questions about how banks will be able to make big profits if trading is curtailed by new federal regulations.

Stocks fell further after a twice-monthly survey from the University of Michigan and Reuters found that consumers' gloom is increasing. An index of consumer sentiment compiled from the survey fell to 66.5 in early July from 76. That was a bigger drop than expected.

"It's mostly about the poor consumer confidence numbers," said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. "The possibility of a double dip also starts to come to mind" for investors, he said, referring to a phrase that describes the economy falling back into recession.

The unexpectedly low reading on consumer confidence "spooks people and reinforces fears that the economy is slowing too much too fast," said Scott Marcouiller, chief technical market strategist at Wells Fargo Advisors. He noted that stocks had just enjoyed a seven-day winning streak, which makes them vulnerable to a big drop. And light volume, typical for a summer Friday, exacerbated the losses.

The market's retreat following a big gain fit with its pattern since late April, when the major indexes hit 2010 highs and then tumbled amid a variety of economic worries. But it wasn't just the economic data that set investors off Friday.

"You get a few bad earnings numbers and it's a lot of excuses to take profits if you got them," Marcouiller said.

Citigroup's shares were off 6.3 percent while Bank of America was off 9.2 percent. General Electric Co. fell 4.6 percent beating despite delivering stronger earnings and a healthy outlook. The company also reported a drop in revenue.

Stocks had struggled to a mixed finish Thursday after being down for much of the day on disappointing regional manufacturing reports for the Northeast. Much of the deficit was erased late in the day as news began to circulate that Goldman Sachs Group Inc. had settled civil fraud charges with the government over its dealings with subprime mortgage securities.

However, while investors were relieved that Goldman was putting the case behind it, they were again confronted Friday by larger ongoing worries: the economy and the future of the banking industry now that Congress has approved the banking industry overhaul bill.

The Dow fell 261.41, or 2.5 percent, to 10,097.90. The Standard & Poor's 500 index fell 31.60, or 2.9 percent, to 1,064.88. The Nasdaq composite index fell 70.03, or 3.1 percent, to 2,179.05.

For the week, the Dow is down 1 percent, the S&P 500 is down 1.2 percent, and the Nasdaq is down 0.8 percent.

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

Bond prices rose in what's known as a flight to safety. That sent their yields lower. The yield on the benchmark 10-year Treasury note, which helps set interest rates on mortgages and other kinds of loans, fell to 2.93 percent from 3.00 percent late Thursday.

The formal announcement of Goldman's $550 million settlement came after the stock market closed on Thursday. Goldman was the only major financial company to show a gain Friday. It was up 95 cents, or 0.7 percent, at $146.17.

Bank of America's stock fell $1.41, or 9.2 percent, to $13.98. Citigroup was off 26 cents, or 6.3 percent, at $3.90. Both companies beat analysts' expectations. However, the drop in their revenue as a result of the stock market's slide had investors worried about how banks would make money in the future under new government regulations.

Google Inc. fell $34.41, or 7 percent, to $459.61 after its earnings fell short of analysts' expectations.

GE lost 70 cents or 4.6 percent to $14.55.

The Dow ended its seven-day winning streak on Thursday. It was down as much as 126 points early in the day, but closed down just 7 as word spread about the Goldman Sachs settlement.

A government report on consumer prices for June was mainly in line with analysts' expectations. The Consumer Price Index dipped 0.1 percent last month, largely due to lower energy bills.

The euro climbed above $1.29 as it recovers following a steep plunge earlier this year amid fears that government debt in many European nations would send the continent back into recession.

Overseas, Britain's FTSE 100 fell 0.9 percent, Germany's DAX index fell 1.8 percent, and France's CAC-40 fell 2.1 percent. Japan's Nikkei stock average tumbled 2.9 percent.

6670

 

[bigdog]

Source: http://finance.yahoo.com

Stocks rebound as investors focus on upcoming earnings, shrug off homebuilders report

The stock market is fulfilling predictions of an uneasy trek through second-quarter earnings season.

Stocks ended a choppy day Monday with a moderate rebound that sent the Dow Jones industrial average up 56 points. Analysts said the advance was due in part to investors' regaining their optimism about earnings. But that change in sentment was fleeting: After the market closed, IBM reported revenue that fell short of expectations, and investors were back to selling in after-hours trading.

IBM Corp. did issue a more upbeat forecast for its 2010 earnings that in the past would have lifted stocks. But with investors increasingly on edge about signs of trouble in the economy, many decided not to share in IBM's more confident view of the future.

The NYSE DOW closed HIGHER +56.53 points +0.56% on Monday July 19
Sym. Last......... ........Change..........
Dow 10,154.43 +56.53 +0.56%
Nasdaq 2,198.23 +19.18 +0.88%
S&P 500 1,071.25 +6.37 +0.60%
30-yr Bond 3.9880% +0.3900

NYSE Volume 4,689,566,000 (prior day 6,094,597,000)
Nasdaq Volume 1,756,038,000 (prior day 2,188,542,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,148.28 -10.57 -0.20%
DAX 6,009.11 -31.16 -0.52%
CAC 40 3,486.33 -13.83 -0.40%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,408.36 -277.17 -2.86%
Hang Seng 20,090.95 -159.21 -0.79%

http://finance.yahoo.com/news/Stock...4.html?x=0&sec=topStories&pos=3&asset=&ccode=

Stocks rebound as investors await earnings

Stocks rebound as investors focus on upcoming earnings, shrug off homebuilders report

Stephen Bernard, AP Business Writer, On Monday July 19, 2010, 5:44 pm

NEW YORK (AP) -- The stock market is fulfilling predictions of an uneasy trek through second-quarter earnings season.

Stocks ended a choppy day Monday with a moderate rebound that sent the Dow Jones industrial average up 56 points. Analysts said the advance was due in part to investors' regaining their optimism about earnings. But that change in sentment was fleeting: After the market closed, IBM reported revenue that fell short of expectations, and investors were back to selling in after-hours trading.

IBM Corp. did issue a more upbeat forecast for its 2010 earnings that in the past would have lifted stocks. But with investors increasingly on edge about signs of trouble in the economy, many decided not to share in IBM's more confident view of the future.

"The market is caught up by this fear factor over how much the economy has slowed and what does it mean in terms of future earnings growth," Peter Cardillo, chief market economist for Avalon Partners in New York, said before the market closed.

IBM stock fell sharply in after-hours trading. Investors also punished Texas Instruments Inc. after the chip maker matched but didn't surpass analysts' second-quarter revenue predictions.

Analysts have predicted that stock trading would be erratic throughout earnings season. Recent economic data has been disappointing, and investors are having a hard time trusting upbeat forecasts.

Stocks had fallen sharply Friday, taking the Dow down 261 points, after news of a drop in consumer confidence. That was a negative signal for the economy. Stocks also fell after big banks' earnings had investors doubting whether financial company profits would be curtailed in the future by new federal regulations.

Investors managed to weather some bad news early in the day Monday. The National Association of Home Builders said that its confidence index sank to 14, its lowest level since March 2009. A reading below 50 indicates homebuilders have a negative view of the housing market. The report was the latest in a series of disappointing housing numbers that began appearing after the government's homebuyer tax credit expired at the end of April.

Alan Gayle, senior investment strategist for RidgeWorth Investments, said Monday's market moves were in part a response to the announcement of better-than-expected orders for Boeing Co. at the Farnborough International Airshow in Britain. The aircraft maker announced orders at the Farnborough show, including a deal with Dubai-based airline Emirates worth $3.6 billion. Boeing also said GE Capital Aviation Services placed a $3 billion order.

Boeing's stock rose during regular trading, but it joined other stocks in falling in after-hours trading in response to IBM's revenue report.

The Dow rose 56.53, or 0.6 percent, to 10,154.43. The Standard & Poor's 500 index rose 6.37, or 0.6 percent, to 1,071.25, while the Nasdaq composite index, lifted by a rally in tech stocks, rose 19.18, or 0.9 percent, to 2,198.23.

Gainers outnumbered losers by 2 to 1 on the New York Stock Exchange. Volume was light, which can help exaggerate price moves. More than 954 million shares changed hands.

Hundreds of companies are still to report earnings in the next few weeks. On Tuesday, companies from a variety of industries are reporting their results, including Yahoo Inc., Apple Inc., Johnson & Johnson and PepsiCo. Inc. Goldman Sachs Group Inc., which last week settled civil fraud charges with the government, will also report its earnings.

Further readings on the housing market are due out later in the week. They too are expected to show the market is weak and that there are few signs that business will pick up anytime soon. Economists predict reports on housing starts, building permits and sales of previously occupied homes will show declines for June.

The building permits data is likely to be particularly discouraging because it is used as a gauge for future construction. Investors have become more concerned with forecasts for the future rather than past reports, so anything that indicates weakness in the coming months and quarters is being met with disappointment.

Housing stocks fell on the homebuilders' survey. D.R. Horton Inc. fell 13 cents to $9.97. Toll Bros. Inc. dropped 20 cents to $16.23, while Lennar Corp. fell 19 cents to $13.82.

IBM rose $1.76 to $129.79 in regular trading, lifted by investors' optimism. But it fell $5.29 in after-hours trading. Texas Instruments had gained 78 cents and closed at $25.55 in regular trading. It later fell $1.42.

Boeing rose $1.28 to $63.18 in regular trading, then retreated 57 cents after the market closed.

Investors were encouraged by Halliburton Co.'s earnings report and prospects for land-based business growth. The energy services company's stock jumped after it said a ban on offshore drilling would only cut earnings by 5 cents to 8 cents per share per quarter. Halliburton rose $1.66, or 6 percent, to $29.17.

At the same time, toy maker Hasbro Inc.'s earnings showed that shoppers are staying out of stores while unemployment remains high. Hasbro's earnings rose, but toy sales dropped adding to worries about the uncertain labor market and its effect on consumer spending. Hasbro fell 15 cents to $39.35.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.96 percent from 2.93 percent late Friday.

European markets all dipped. Moody's Investors Service cut its rating on Ireland's debt. Ratings agencies have regularly slashed ratings on many European countries' debt in recent months as mounting deficits dim the hopes for strong growth.

Britain's FTSE 100 fell 0.2 percent, while Germany's DAX dipped 0.5 percent and France's CAC-40 fell 0.4 percent.

Japan's Nikkei stock average fell 2.9 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks rise as investors sort through mixed earnings; Apple scores but Yahoo falls short

Investors are trying to get a read on the economy using earnings reports. They're finding it's not so easy.

The result Tuesday was yet another erratic day of stock trading. The Dow Jones industrial average rose 75 points after having fallen 140 in early trading in response to a series of disappointing revenue reports. Analysts were hard-pressed to come up with a reason for the turnaround. But trading was extremely light, and that tends to skew stock prices.

Analysts said some investors were getting a little more upbeat as they awaited earnings reports from Yahoo Inc. and Apple Inc. after the close. But those reports came in mixed, just like those from the many companies that have also reported second-quarter results. Apple's stock surged in after-hours trading, but Yahoo fell. Like IBM Corp., Johnson & Johnson and Goldman Sachs Inc., its revenue fell short of expectations.

The NYSE DOW closed HIGHER +75.53 points +0.74% on Tuesday July 20
Sym. Last......... ........Change..........
Dow 10,229.96 +75.53 +0.74%
Nasdaq 2,222.49 +24.26 +1.10%
S&P 500 1,083.48 +12.23 +1.14%
30-yr Bond 3.9630% -0.2500

NYSE Volume 5,372,015,000 (prior day 4,689,566,000)
Nasdaq Volume 1,957,777,380 (prior day 1,756,038,000)

Oil 77.44 +0.90 +1.18%



Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,139.46 -8.82 -0.17%
DAX 5,967.49 -41.62 -0.69%
CAC 40 3,468.02 -18.31 -0.53%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,300.46 -107.90 -1.15%
Hang Seng 20,264.59 +173.64 +0.86%

http://finance.yahoo.com/news/Stock...6.html?x=0&sec=topStories&pos=5&asset=&ccode=

Stocks struggle higher in choppy trade; Dow up 75

Stocks rise as investors sort through mixed earnings; Apple scores but Yahoo falls short

Seth Sutel and Bernard Condon, AP Business Writers, On Tuesday July 20, 2010, 5:44 pm EDT

NEW YORK (AP) -- Investors are trying to get a read on the economy using earnings reports. They're finding it's not so easy.

The result Tuesday was yet another erratic day of stock trading. The Dow Jones industrial average rose 75 points after having fallen 140 in early trading in response to a series of disappointing revenue reports. Analysts were hard-pressed to come up with a reason for the turnaround. But trading was extremely light, and that tends to skew stock prices.

Analysts said some investors were getting a little more upbeat as they awaited earnings reports from Yahoo Inc. and Apple Inc. after the close. But those reports came in mixed, just like those from the many companies that have also reported second-quarter results. Apple's stock surged in after-hours trading, but Yahoo fell. Like IBM Corp., Johnson & Johnson and Goldman Sachs Inc., its revenue fell short of expectations.

Investors have been quick to sell on even a whiff of bad news. Early Tuesday, they were motivated by the reports from IBM, J&J and Goldman. Investors have been focusing on revenue rather than bottom-line earnings because of the link between companies' sales and the economy. If revenue is down because consumers aren't spending, that's a sign that the economy could remain weak.

Investors seem to have decided as Tuesday wore on that earnings didn't look quite as bad as they first thought. Analysts noted that Goldman's drop in revenue was similar to those reported by JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. Their revenue fell not because of a weak economy, but because their customers decided to avoid the financial markets' turbulence during the spring.

Some analysts said there were technical factors involved in the market's moves.

"Investors may have been anticipating the market heading back to early July lows so when it didn't fall apart in early trading, they slowly came back in," said Michael Sheldon, chief market strategist at RDM Financial Group in Westport, Conn.

Those investors were looking at charts that track the movements of indicators including the Standard & Poor's 500. When the S&P reaches, or doesn't reach, a specific level, that can prompt investors to buy or sell.

It was hard to predict what turn trading might take Wednesday. Yahoo and Apple are considered indicators of the overall economy, but their mixed results weren't giving investors a clear-cut direction for stocks.

The Dow rose 75.53, or 0.7 percent, to 10,229.96. The broader Standard & Poor's 500 index rose 12.23, or 1.1 percent, to 1,083.48 and the Nasdaq composite index rose 24.26, or 1.1 percent, to 2,222.49.

Advancing stocks were ahead of losers by 4 to 1 on the New York Stock Exchange, where consolidated volume came to an extremely light 1.7 billion shares, up from Monday's 4.1 billion.

Treasury prices ended the day little changed, although they rose in early trading as stocks fell as investors opted for safer investments. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was unchanged from 2.96 percent late Monday.

Tom di Galoma, head of U.S. government bond trading at Guggenheim Partners, commented on the erratic stock trading: "It's a constant tug-of-war we're seeing" as investors try to figure out how much growth potential there is in the economy. Earnings have been mixed, which adds to the muddled picture, he said.

While earnings reports will continue to flow in on Wednesday and beyond, investors are also going to watch closely the next two days as Federal Reserve Chairman Ben Bernanke gives Congress his semi-annual report on the economy.

Sheldon predicted that Bernanke would reaffirm comments made in the minutes of the Fed's June meeting, which were released last week. There, the Fed predicted that the economy will see softer growth in second half of the year.

If Bernanke is able to placate investors and help send stocks higher, it likely will be a temporary blip. The market has quickly shrugged off the chairman's comments in recent months, and focused instead on the latest bad economic or earnings report.

A downbeat report on the housing sector didn't help the market's early bad mood. The Commerce Department said home construction fell last month to the lowest level since October. The drop was mitigated by a 2.1 percent rise in building permit applications, an indicator of future activity.

Yahoo rose 10 cents in regular trading to $15.20, then dropped $1.10, or 7.2 percent, in after-hours trading. Apple rose $6.31 to $251.89 in regular trading, then surged another $7, or 2.8 percent, in extended trading after its results impressed investors.

Johnson & Johnson's revenues came in flat, and below what analysts were expecting. The company said several recalls of popular nonprescription medicines kept its top line in check. J&J's shares, a component of the Dow, fell 99 cents, or 2.7 percent to $58.58.

For some companies, even matching expectations for revenues isn't enough. Late Monday Texas Instruments reported revenues that came in line with estimates, but investors were disappointed that the company didn't report results as robust as come of its competitors. TI's shares slumped 78 cents, or 3 percent, to $24.77.

IBM fell $3.24, or 2.5 percent, to $126.52.

Goldman Sachs' results are being closely watched since investors are concerned about how much banks will be restricted from trading by new financial regulation reform. The bank's net income after paying preferred stock dividends fell 83 percent to $453 million on lower trading revenue and a charge to settle civil fraud charges brought by the government.

Goldman rose $3.23, or 2.2 percent, to $148.91.

Overseas, Britain's FTSE 100 fell 0.2 percent, Germany's DAX index fell 0.8 percent, and France's CAC-40 fell 0.7 percent. Japan's Nikkei stock average fell 1.2 percent.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow fell 109.43, or 1.1 percent, to 10,120.53. The broader Standard & Poor's 500 index fell 13.89, or 1.3 percent, to 1,069.59. The Nasdaq composite index lost 35.16, or 1.6 percent, and fell to 2,187.33.

Stocks fell sharply Wednesday after Federal Reserve Chairman Ben Bernanke confirmed investors' fears that the economy has weakened. Interest rates dropped in the Treasury market as investors sought safer places for their money.

Bernanke told a congressional committee that the economy is "unusually uncertain." He said the economy is fragile, but he did not forecast that it would fall back into recession.

The Dow Jones industrial average, which was modestly higher before Bernanke's prepared remarks, fell 109 points as investors absorbed his assessment of the economy, and his statement that the Fed is ready to take action if the economy worsens.

The NYSE DOW closed LOWER -109.43 points -1.07% on Wednesday July 21
Sym. Last......... ........Change..........
Dow 10,120.53 -109.43 -1.07%
Nasdaq 2,187.33 -35.16 -1.58%
S&P 500 1,069.59 -13.89 -1.28%
30-yr Bond 3.9010% -0.6200

NYSE Volume 5,470,259,500 (prior day 5,372,015,000)
Nasdaq Volume 2,245,542,250 (prior day 1,957,777,380)



Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,214.64 +75.18 +1.46%
DAX 5,990.38 +22.89 +0.38%
CAC 40 3,493.92 +25.90 +0.75%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,278.83 -21.63 -0.23%
Hang Seng 20,449.17 +184.58 +0.91%
Straits Times 2,926.09 -22.52 -0.76%

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

Stocks drop as Bernanke warns of uncertain economy

Stocks fall sharply after Fed Chairman Bernanke warns of 'unusually uncertain' economy

Stephen Bernard and Bernard Condon, AP Business Writers, On Wednesday July 21, 2010, 5:47 pm EDT

NEW YORK (AP) -- Stocks fell sharply Wednesday after Federal Reserve Chairman Ben Bernanke confirmed investors' fears that the economy has weakened. Interest rates dropped in the Treasury market as investors sought safer places for their money.

Bernanke told a congressional committee that the economy is "unusually uncertain." He said the economy is fragile, but he did not forecast that it would fall back into recession.

The Dow Jones industrial average, which was modestly higher before Bernanke's prepared remarks, fell 109 points as investors absorbed his assessment of the economy, and his statement that the Fed is ready to take action if the economy worsens.

Bernanke's comments, part of his semiannual report to Congress, weren't surprising given the disappointing economic reports and corporate earnings numbers released in recent weeks. But they were enough to upset investors who have grown increasingly nervous about the state of the recovery. Some investors may have been hoping for a more upbeat reading from the Fed chairman.

The Fed is still expecting the economy to expand this year, but the central bank has lowered its forecast for growth.

Oliver Pursche, executive vice president at Gary Goldberg Financial Services, said investors took Bernanke's comments as "not exactly a ra-ra USA type of endorsement."

Craig Peckham, market strategist at Jefferies & Co., said stocks fell not because of anything Bernanke said, but what he didn't say about any plans to stimulate the economy. Although Bernanke said the Fed was "prepared to take further policy actions as needed," he also said, "we are not prepared to take any specific steps in the near term" because the Fed is still evaluating the economy.

Peckham said, "The market expected that we'd see more sign of monetary easing in the testimony. But that didn't happen." Monetary easing would include steps to make credit more available or encourage banks to lend more.

The market fluctuated for much of the day on another mixed batch of earnings reports. John Merrill, chief investment officer of Tanglewood Wealth Management in Houston said the day was like many others recently: Very little news but lots of professional traders reacting to it.

"Bernanke said he wants to collect more data before doing anything, and that's just fine. But traders are impatient. They got a 'buy' button and a 'sell' button and they're going to do do one or the other," Merrill said.

The Dow fell 109.43, or 1.1 percent, to 10,120.53. The broader Standard & Poor's 500 index fell 13.89, or 1.3 percent, to 1,069.59. The Nasdaq composite index lost 35.16, or 1.6 percent, and fell to 2,187.33.

Two stocks fell for every one that rose on the New York Stock Exchange. Consolidated volume came to 4.8 billion shares, up from Tuesday's 4.7 billion.

Treasury prices surged and their yields fell as investors sought out the safety of government debt after Bernanke's testimony. The yield on the benchmark 10-year Treasury note, which helps set rates on mortgages and other kinds of loans, fell to 2.88 percent from 2.96 percent late Tuesday.

Investors have been selling stocks since late April on a combination of weak economic indicators and disappointing earnings reports. The Dow, which reached a 2010 high of 11,205.03 on April 26, has fallen 10 percent as investors have seized on any piece of bad news and shrugged off more positive signs about the economy.

In the past few days, companies' revenue figures have become a culprit. Although companies including IBM Corp. and General Electric Co. have beat analysts' second-quarter earnings estimates, their revenue has not met expectations and investors have been selling. The belief in the market is that companies aren't getting the strong sales needed to fuel the economic recovery.

"The numbers aren't bleak but there's no top-line growth, and that's scaring people. There's a realization that the economy is stuck in slow growth for a year or two," said Brian Wenzinger, a portfolio manager at Aronson-Johnson-Ortiz in Philadelphia.

Stocks fell across the market Wednesday. Of the few stocks in the S&P 500 that rose, most were companies that had upbeat earnings news Wednesday or late Tuesday.

Morgan Stanley rose $1.58, or 6.3 percent, to $26.80, after its second-earnings were better than expected. The investment bank weather the stock market's difficult quarter better than some of its competitors. Another banker, Wells Fargo & Co., rose 15 cents, or 0.6 percent, to $26.06, after also surpassing expectations.

Coca-Cola Co. rose 84 cents, or 1.6 percent, to $54.08 after saying its North American soft drink sales stopped falling during the April-June period.

Thursday's earnings reports include some from companies seen as measures of how the overall economy is faring: United Parcel Service Inc., Microsoft Corp. and Caterpillar Inc.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks rally after strong earnings reports and encouraging signs of growth in Europe

Stocks had their biggest rally in two weeks Thursday as earnings and economic reports reassured investors that the recovery, while uncertain, is continuing.

The Dow Jones industrial average rose 201 points after second-quarter earnings from Caterpillar Inc., UPS Inc. and other companies beat analysts' forecasts. A better than expected report on housing and encouraging signs of growth in Europe added to the upbeat mood.

But investors might be ready to sell again when trading resumes Friday. After the close of regular trading, Amazon.com Inc. issued a report that fell short of expectations. Its stock fell almost 14 percent in after-hours trading. If the market gives back gains Friday, it would follow its pattern of falling on disappointments in what so far has been a mixed earnings season.

The NYSE DOW closed HIGHER +201.77 points +1.99% on Thursday July 22
Sym. Last......... ........Change..........
Dow 10,322.30 +201.77 +1.99%
Nasdaq 2,245.89 +58.56 +2.68%
S&P 500 1,093.67 +24.08 +2.25%
30-yr Bond 3.9480% +0.4700

NYSE Volume 5,581,216,500 (prior day 5,470,259,500)
Nasdaq Volume 2,281,054,750 (prior day 2,245,542,250)



Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,313.81 +99.17 +1.90%
DAX 6,142.15 +151.77 +2.53%
CAC 40 3,600.57 +106.65 +3.05%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,220.88 -57.95 -0.62%
Hang Seng 20,589.70 +102.47 +0.50%
Straits Times 2,955.67 +29.58 +1.01%

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

Stocks surge on upbeat earnings and forecasts

Stocks rally after strong earnings reports and encouraging signs of growth in Europe

Stephen Bernard, AP Business Writer, On Thursday July 22, 2010, 5:50 pm

NEW YORK (AP) -- Stocks had their biggest rally in two weeks Thursday as earnings and economic reports reassured investors that the recovery, while uncertain, is continuing.

The Dow Jones industrial average rose 201 points after second-quarter earnings from Caterpillar Inc., UPS Inc. and other companies beat analysts' forecasts. A better than expected report on housing and encouraging signs of growth in Europe added to the upbeat mood.

But investors might be ready to sell again when trading resumes Friday. After the close of regular trading, Amazon.com Inc. issued a report that fell short of expectations. Its stock fell almost 14 percent in after-hours trading. If the market gives back gains Friday, it would follow its pattern of falling on disappointments in what so far has been a mixed earnings season.

Microsoft Corp. also released earnings after the close of trading and beat analyst estimates. Its stock fell slightly.

Investors had plenty of reasons to buy on Thursday. Caterpillar said its orders are growing and production will pick up in the second half of the year. UPS raised its outlook because of spending by businesses. Caterpillar's stock rose 1.7 percent, while UPS gained 5.2 percent.

Chris Hobart, founder of Hobart Financial Group in Charlotte, N.C., said the outlooks are especially important because, if companies expect to grow, they'll need to hire again.

If improved forecasts lead to jobs growth, "then this can be better than a good quarter or good second half, (it can mean) we've got a good economy," Hobart said.

A report on the housing market, while still showing a slowdown, was reassuring because it wasn't as bad as investors expected. The National Association of Realtors said sales of previously occupied homes fell to an annual rate of 5.37 million in June from 5.66 million a month earlier. Economists forecast the sales rate to fall to 5.18 million.

The Dow rose 201.77, or 2 percent, to 10,322.30. That was the Dow's biggest advance since it rose 274 points on July 7.

The Standard & Poor's 500 index rose 24.08, or 2.3 percent, to 1,093.67, while the Nasdaq composite index rose 58.56, or 2.7 percent, to 2,245.89.

Only 397 stocks fell on the New York Stock Exchange, while 2,675 rose. Consolidated volume came to 4.9 billion shares, up from 4.8 billion on Wednesday.

Traders largely wrote off a jump in the number of people seeking unemployment benefits for the first time. The increase was likely skewed by seasonal factors. Instead, investors focused on earnings from a broad range of companies that showed businesses aren't seeing a slowdown in the recovery. News of corporate deals also lifted shares.

Meanwhile, European markets rose after a report showed unexpected growth in the 16-nation group that uses the euro. In recent months, investors worldwide have been concerned that rising government debt in Europe would stall a global recovery. A jump in Europe's purchasing managers index Thursday was a relief after forecasts of a possible recession on the continent.

The economic reports out of Europe were "a big surprise because everyone expects that to be the Achilles heel of the global economy," said Anthony Chan, chief economist at J.P. Morgan Private Wealth Management in New York.

Problems in Europe set off the big drop in stocks in late April. As Greece struggled to make debt payments and ratings agencies downgraded the government debt of several companies, stocks plunged in the U.S. on fears that the domestic recovery was in jeopardy. Stocks then fell further as U.S. economic reports showed that the recovery was at best bumpy. Some investors feared a "double dip," or the economy falling back into recession.

Overseas, Britain's FTSE 100 rose 1.9 percent, Germany's DAX index gained 2.5 percent and France's CAC-40 rose 3.1 percent. In Japan, where trading ends before it begins in the U.S., the Nikkei stock average fell 0.6 percent.

Bond prices dipped as investors jumped back into stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.94 percent from 2.88 percent late Wednesday.

The market's gains Thursday came a day after investors sold stocks because Federal Reserve Chairman Ben Bernanke warned Congress that the economy remains fragile. Bernanke confirmed investors' fears that the best scenario for the economy is only slow growth and relatively high unemployment. Bernanke testified again before Congress on Thursday, but his comments had little impact on trading.

Guy LeBas, chief fixed income strategist of Janney Montgomery Scott in Philadelphia said there are two groups in the market fighting back and forth, which has led to the volatility. One believes the economy is going to fall back into recession, while the other thinks this is just a pause in a strong rebound.

"There's no middle ground," LeBas said. As a result, he said, each group will pounce on news that backs up their claims and send the market sharply higher or lower. "We are absolutely hypersensitive to what we're seeing."

Amazon, which rose $2.64, or 2.3 percent, to $120.07 in regular trading, slid $16.57, or 13.8 percent, after hours. Microsoft, which rose 72 cents, or 2.9 percent in regular trading, to $25.84, slipped 8 cents in after-hours activity.

UPS jumped $3.14, or 5.2 percent, to $63.15. Caterpillar rose $1.13, or 1.7 percent, to $68.

Homebuilders stocks rose in response to the home sales report. Hovnanian Enterprises Inc. rose 15 cents, or 3.8 percent, to $4.07. KB Home rose 41 cents, or 3.9 percent, to $11.06.

The Labor Department said weekly claims for jobless benefits jumped by 37,000 to 464,000. Economists polled by Thomson Reuters expected claims to rise to 445,000 last week. The big jump comes after a big drop a couple of weeks ago when companies like GM reported fewer temporary layoffs than usual for the time of year. Even with the distorted numbers, high unemployment remains of the biggest obstacles to a strong, sustained recovery.

 

[bigdog]

Source: http://finance.yahoo.com

The major indexes had a winning week, rebounding from the previous week's loss. The Dow rose 3.2 percent, the S&P 500 rose 3.5 percent and the Nasdaq picked up 4.2 percent

The Dow closed up 102.32, or 1 percent, at 10,424.62 after rising 201 on Thursday. The Standard & Poor's 500 index rose 8.99, or 0.8 percent, to 1,102.66, while the Nasdaq composite index rose 23.58, or 1.1 percent, to 2,269.47.

Stocks climb after most European banks pass stress tests

Investors bought stocks again on the latest reassuring news about the economy. This time, it was about European banks.

European regulators, who issued the results of what are called "stress tests" on the banks, said Friday that only a handful would struggle if the continent's economy weakens. That helped send the Dow Jones industrial average up more than 100 points, which gave the index a two-day gain of more than 300.

The latest second-quarter earnings reports also convinced investors that the economic recovery is proceeding. So did announcements that General Electric Co. is raising its dividend and reports that French drug maker Sanofi-Aventis is interested in buying Genzyme Corp.

The NYSE DOW closed HIGHER +102.32points +0.99% on Friday July 23
Sym. Last......... ........Change..........
Dow 10,424.62 +102.32 +0.99%
Nasdaq 2,269.47 +23.58 +1.05%
S&P 500 1,102.66 +8.99 +0.82%
30-yr Bond 4.0190% +0.7100

NYSE Volume 5,172,005,500 (prior day 5,581,216,500)
Nasdaq Volume 2,423,020,500 (prior day 2,281,054,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,312.62 -1.19 -0.02%
DAX 6,166.34 +175.96 +2.94%
CAC 40 3,607.05 +6.48 +0.18%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,430.96 +210.08 +2.28%
Hang Seng 20,815.33 +225.63 +1.10%
Straits Times 2,973.47 +17.80 +0.60%

http://finance.yahoo.com/news/Stocks-rise-after-Euro-bank-apf-1739687688.html?x=0&.v=4

Stocks rise after Euro bank tests, earnings

Stocks climb after most European banks pass stress tests

Stephen Bernard, AP Business Writer, On Friday July 23, 2010, 5:18 pm

NEW YORK (AP) -- Investors bought stocks again on the latest reassuring news about the economy. This time, it was about European banks.

European regulators, who issued the results of what are called "stress tests" on the banks, said Friday that only a handful would struggle if the continent's economy weakens. That helped send the Dow Jones industrial average up more than 100 points, which gave the index a two-day gain of more than 300.

The latest second-quarter earnings reports also convinced investors that the economic recovery is proceeding. So did announcements that General Electric Co. is raising its dividend and reports that French drug maker Sanofi-Aventis is interested in buying Genzyme Corp.

Investors were initially cautious about the stress tests, which measure how well banks would fare if government debt problems and the region's economy worsened. Europe's debt issues have sent stocks falling worldwide since April amid concerns they could slow the global economic recovery.

There were some concerns in the market that the tests might not have been rigorous enough. Because the results were issued after the close of trading in Europe, it won't be known until Monday how investors on the continent react. And, if they react badly, if that will prompt U.S. investors to sell.

The tests showed that just seven of 91 European banks tested would fail. The European Union said the results should put to rest questions about the health of the continent's financial sector.

Financial stocks, which had struggled early in the day, started to climb after the results were released at midday.

Brian Peardon, a wealth adviser at Harrison Financial Group, said there could be an initial, "gut" reaction to the results based on the headlines alone, but the full impact on the market won't come until next week because there is so much information to sort through.

"It will take the weekend to digest whether they're good or bad," Peardon said.

Some analysts were skeptical because there was little known about the criteria used to test the banks.

"There's obviously a lot of smoke and mirrors in these types of tests," said Albert Meyer, portfolio manager of the Mirzam Capital Appreciation Fund. "They no doubt provide us with numbers that aren't too alarming, even if they are correct."

Investors who have shuttled between buying and selling for weeks on uneven economic and earnings numbers have now had two straight days of upbeat news. On Thursday, stocks surged after Caterpillar Inc., UPS Inc. and other companies released results and forecasts that reassured investors who were disappointed by the first wave of second-quarter announcements. The latest reports, including results issued Friday by companies including Ford Motor Co. and Verizon Communications Inc., convinced investors that the economic recovery may not be as shaky as feared.

The Dow closed up 102.32, or 1 percent, at 10,424.62 after rising 201 on Thursday. The Standard & Poor's 500 index rose 8.99, or 0.8 percent, to 1,102.66, while the Nasdaq composite index rose 23.58, or 1.1 percent, to 2,269.47.

Rising stocks outpaced those that fell by a 4 to 1 margin on the New York Stock Exchange, where volume came to 1.15 billion shares.

The major indexes had a winning week, rebounding from the previous week's loss. The Dow rose 3.2 percent, the S&P 500 rose 3.5 percent and the Nasdaq picked up 4.2 percent.

Investors buying stocks took money out of Treasurys. That sent prices higher and interest rates lower. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3 percent from 2.94 percent late Thursday.

European markets had already closed by the time the test results were released, so investors there couldn't trade following Friday's announcement. German shares rose after a closely watched business climate index rose unexpectedly for the fifth straight month.

Germany's DAX index rose 0.4 percent, Britain's FTSE 100 fell less than 0.1 percent, and France's CAC-40 rose 0.2 percent.

Industrial conglomerate General Electric said it would raise its dividend 2 cents per share and start buying back stock because of its improved financial position. GE was hit hard by the recession, so its ability to turn around and start paying out more money to shareholders is a sign the company believes the economy is improving.

A report that Sanofi-Aventis is looking to buy biotechnology company Genzyme is also boosting markets. Mergers and acquisitions activity is also a sign companies are confident the economy is improving and that they are ready to spend money to grow their businesses.

Meanwhile, Verizon, Ford and American Express Co. reported earnings that topped forecasts. Their results also showed that businesses and consumers are increasing their spending as the economy recovers.

Verizon added more new wireless customers during the second quarter than its top rival, AT&T Inc. Ford's sales jumped 28 percent in first half of the year, nearly double the pace of the industry. And American Express said customers are spending close to pre-recession levels, a sign that shoppers are gaining confidence in their personal finances.

"It provides a glimmer of hope," David Chalupnik, head of equities at First American Funds, said of the largely upbeat earnings throughout the week.

GE rose 50 cents, or 3.3 percent, to $15.71. Sanofi-Aventis' shares trading in the U.S. fell $1.29, or 4.2 percent, to $29.35, while Genzyme jumped $8.35, or 15.4 percent, to $62.52.

Verizon rose $1.02, or 3.8 percent, to $28.02. Ford jumped 63 cents, or 5.2 percent, to $12.72. American Express rose $1.60 or 3.7 percent, to $44.79.

7076

 

[bigdog]

Source: http://finance.yahoo.com

Dow has third straight triple-digit gain on better housing stats, new FedEx forecast

The Dow Jones industrial average gained more than 100 points for the third straight day Monday after investors got some unexpected good news about the economy.

A report on the housing market came in better than investors anticipated. And shipping giant FedEx Corp. released a forecast that was more upbeat than the prediction it made just six weeks ago.

The news pulled stocks out of a slow start and sent the Dow up 100 points by the close for a three-day gain of 405. Investors who a week ago were selling on a pessimistic view of companies' earnings and the economy are now buying on the belief that the economic recovery, while slow, is proceeding.

The NYSE DOW closed HIGHER +100.81 points +0.97% on Monday July 26
Sym. Last......... ........Change..........
Dow 10,525.43 +100.81 +0.97%
Nasdaq 2,296.43 +26.96 +1.19%
S&P 500 1,115.01 +12.35 +1.12%
30-yr Bond 4.0180% -0.0100

NYSE Volume 4,626,048,000 (prior day 5,172,005,500)
Nasdaq Volume 2,188,979,750 (prior day 2,423,020,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,351.12 +38.50 +0.72%
DAX 6,194.21 +27.87 +0.45%
CAC 40 3,636.18 +29.13 +0.81%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,503.66 +72.70 +0.77%
Hang Seng 20,839.91 +24.58 +0.12%
Straits Times 2,966.99 -6.48 -0.22%

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

Good news gives Dow 3rd straight triple digit gain

Dow has third straight triple-digit gain on better housing stats, new FedEx forecast

Stephen Bernard, AP Business Writer, On Monday July 26, 2010, 5:46 pm EDT

NEW YORK (AP) -- The Dow Jones industrial average gained more than 100 points for the third straight day Monday after investors got some unexpected good news about the economy.

A report on the housing market came in better than investors anticipated. And shipping giant FedEx Corp. released a forecast that was more upbeat than the prediction it made just six weeks ago.

The news pulled stocks out of a slow start and sent the Dow up 100 points by the close for a three-day gain of 405. Investors who a week ago were selling on a pessimistic view of companies' earnings and the economy are now buying on the belief that the economic recovery, while slow, is proceeding.

The Dow has now closed higher in 12 of 17 trading days this month. Its latest advance means the average is up 7.7 percent in July after falling 10 percent from April through June on a stream of bad economic news. The Dow is also up 0.9 percent for the year. The broader Standard & Poor's 500 index is still in the negative for 2010, but barely. It's down less than 0.01 percent.

Trading volume was light Monday, a sign that investors might be a little cautious despite the advance. Many are likely waiting for hundreds of earnings reports to be released this week before they make any major investing decisions.

But FedEx gave investors reason to buy when it said its overnight and ground delivery businesses are doing better than expected, and that it expects a moderate global economic recovery. That was heartening news for investors because the shipping giant, which carries packages for businesses and consumers, is considered a barometer for how the economy is doing.

The shipping company raised its earnings forecast for the three months that will end Aug. 31. It said it expects to earn between $1.05 and $1.25 per share, up from its previous estimate of 85 cents to $1.05 per share.

Six weeks ago, investors were disappointed by FedEx's forecast.

"FedEx tells you a lot about overall manufacturing in the country," said Russ Koesterich a managing director at the money manager BlackRock Inc. "The positive release tells investors the recovery is bumpy but is still on pace."

Shortly after trading began, the Commerce Department said new home sales rebounded from a record low in May to an annual rate of 330,000 units, more than economists expected. The gain came after sales hit a record low annual rate of 267,000 in May. The report showed that the housing market might be weathering the severe slump that began with the expiration of a homebuyer's tax credit at the end of April.

Sales are still down 72 percent from their peak annual rate of 1.39 million in July 2005. Last year, sales plunged to a rate of 375,000 last year. So June's number was still weak, but investors were relieved that it wasn't worse.

"It tells investors that the housing market is not melting down again," Koesterich said. "One of the big fears is that as government stimulus is taken away there is going to be another housing meltdown -- that doesn't appear to the case."

Homebuilders stocks rose on the news. D.R. Horton Inc., Lennar Corp. and Toll Bros. Inc. rose more than 2 percent after the report.

The Dow rose 100.81, or 1 percent, to 10,525.43. Only one of the Dow's 30 stocks fell. Wal-Mart Stores Inc. fell 54 cents, or 1 percent, to $51.13.

The S&P 500 index rose 12.35, or 1.1 percent, to 1,115.01. Analysts said stocks were helped Monday by the fact that S&P 500 stayed above 1,100, an important psychological level. When the index didn't give back its gains, more investors were encouraged to buy.

The Nasdaq composite index rose 26.96, or 1.2 percent, to 2,296.43.

About four stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1 billion shares.

Bond prices were narrowly mixed. The yield on the 10-year note, which moves opposite its price, fell to 2.99 percent from 3 percent late Friday. That yield helps set interest rates on mortgages and other consumer loans.

Stocks have rallied in recent days as more companies reported strong second-quarter earnings and revenue and raised their outlooks for the coming quarters.

"There's been too much negativism priced in and we're coming off that," said Brian Gendreau, market strategist at Financial Network Investment Corp. "Earnings reports are definitely helping."

D.R. Horton rose 32 cents, or 3 percent, to $11.17. Lennar rose 49 cents, or 3.3 percent, to $15.42, while Toll Bros. rose 42 cents, or 2.4 percent, to $17.82.

FedEx gained $4.43, or 5.6 percent, to $83.39. Rival shipper UPS Inc. rose $1.21, or 1.9 percent, to $64.88.

European markets rose slightly as investors had their first chance to react to a series of tests that assessed the health of the continent's big banks. Regulators said only seven of the 91 banks tested would struggle if the European economy and government debt problems worsened.

Britain's FTSE 100 rose 0.7 percent, Germany's DAX index rose 0.5 percent, and France's CAC-40 gained 0.8 percent. Japan's Nikkei stock average rose 0.8 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks fall on consumer confidence dip; economic data distracts investors from strong earnings

News that consumers are more pessimistic put the stock market's rally on hold.

Stocks fell modestly Tuesday after three days of big gains. The Dow Jones industrial average rose 12 points for its fourth straight advance, but the gain was largely to due a jump in DuPont Co. after the chemical maker reported strong earnings. Broader market indexes fell slightly, and there were more losers than gainers on the New York Stock Exchange.

The Conference Board's report that its Consumer Confidence Index fell to 50.4 from June's revised reading of 54.3 distracted investors from another batch of upbeat earnings reports. The market had expected the index to come in at 51.

The NYSE DOW closed HIGHER +12.26 points +0.12% on Tuesday July 27
Sym. Last......... ........Change..........
Dow 10,537.69 +12.26 +0.12%
Nasdaq 2,288.25 -8.18 -0.36%
S&P 500 1,113.84 -1.17 -0.10%
30-yr Bond 4.0800% +0.6200

NYSE Volume 5,363,133,500 (prior day 4,626,048,000)
Nasdaq Volume 2,073,491,880 (prior day 2,188,979,750)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,365.67 +14.55 +0.27%
DAX 6,207.31 +13.10 +0.21%
CAC 40 3,666.40 +30.22 +0.83%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,496.85 -6.81 -0.07%
Hang Seng 20,973.39 +133.48 +0.64%
Straits Times 2,979.38 +12.39 +0.42%

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

Stocks fall slightly on consumer confidence report

Stocks fall on consumer confidence dip; economic data distracts investors from strong earnings

Stephen Bernard, AP Business Writer, On Tuesday July 27, 2010, 5:53 pm EDT

NEW YORK (AP) -- News that consumers are more pessimistic put the stock market's rally on hold.

Stocks fell modestly Tuesday after three days of big gains. The Dow Jones industrial average rose 12 points for its fourth straight advance, but the gain was largely to due a jump in DuPont Co. after the chemical maker reported strong earnings. Broader market indexes fell slightly, and there were more losers than gainers on the New York Stock Exchange.

The Conference Board's report that its Consumer Confidence Index fell to 50.4 from June's revised reading of 54.3 distracted investors from another batch of upbeat earnings reports. The market had expected the index to come in at 51.

Consumer confidence has fallen in recent months as people have waited in vain for a turnaround in the job market. That has made many consumers hesitant to spend and in turn raised concerns about the economic recovery. Most retail stocks fell after the confidence number was released.

Companies have a very different take on the economy from consumers. Chemical maker DuPont on Tuesday joined the growing number of big corporations that have raised their earnings forecasts. DuPont also easily beat analysts' predictions for its second-quarter profit and revenue. The company's stock rose $1.39, or 3.6 percent, to $40.38, and accounted for 10.52 points of the Dow's advance.

Investors have been torn over the past few months between buying on companies' upbeat reports and selling on government and private sector numbers that keep pointing to a slowing of the economy.

"Investors are really uncertain whether to focus on the underlying economy or earnings," said Tyler Vernon, principal and portfolio manager at Biltmore Capital Advisors.

Although earnings had investors' attention the past two weeks, the occasional economic number like Tuesday's consumer confidence survey can trump companies' results, Vernon said. When earnings reports are done, unsettling data on jobs, housing and consumer spending will dominate trading, and may well lead to more selling.

John Brady, a senior vice president at MF Global in Chicago, said there is little that's likely to turn around consumer confidence in the near future. Consumers won't become more optimistic until they see a drop in unemployment and clear signs that employers are hiring.

"I don't know what turns around confidence aside from jobs growth," Brady said.

The Dow rose 12.26, or 0.1 percent, to 10,537.69 after gaining 405 points the past three days on strong earnings and forecasts. The Dow has surged in July, rising almost 8 percent. The sharp gains helped push the index back into the black for the year on Monday.

The Standard & Poor's 500 index fell 1.17, or 0.1 percent, to 1,113.84, while the Nasdaq composite index fell 8.18, or 0.4 percent, to 2,288.25.

Losing stocks were ahead of gainers by about 4 to 3 on the New York Stock Exchange, where volume came to 4.7 billion shares, up from Monday's 4.1 billion.

Bond prices fell, sending their yields higher. The yield on the 10-year Treasury note rose to 3.05 percent from 2.99 percent late Monday. That yield helps set interest rates on mortgages and other consumer loans.

The fact that stocks didn't fall further on the consumer news was a sign that investors weren't that upset by the reading. During the past few months, bad news after a big gain was likely to send stocks tumbling. But analysts said they saw more cashing in of gains rather than anxiety behind Tuesday's trading.

"People say they want to book their profits rather than wait for another plunge," said Richard A. Dickson, senior market strategist, at Lowry Research.

The market had some other negative economic news Tuesday, a report of a slowdown in regional manufacturing from the Richmond Federal Reserve. The Richmond Fed's manufacturing index fell to 16 this month from 23 in June.

News on the housing market was mildly upbeat. The S&P/Case-Shiller 20-city home price index for May rose 1.3 percent from April. But the homebuyer's tax credit that expired April 30 had an impact on the reading, and the report warned that the recent gains in home prices are not likely to last.

But there was good economic news from overseas. Major European banks including UBS AG and Deutsche Bank reported strong earnings. The results came a few days after regulators evaluated banks across Europe to see which might have trouble surviving another economic downturn. Major European indexes rose following the earnings and another positive report on Germany's economy.

UBS shares trading in the U.S. rose $1.35, or 8.9 percent, to $16.50. Deutsche Bank jumped $1.88 or 2.8 percent, to $68.06.

Apparel retailers were some of the hardest hit by the drop in consumer confidence. AnnTaylor Stores Corp. fell 33 cents, or 5 percent, to $16.87. Talbots Inc. fell 51 cents, or 4.3 percent, to $11.43.

Britain's FTSE 100 rose 0.3 percent, Germany's DAX index gained 0.2 percent, and France's CAC-40 rose 0.8 percent. Japan's Nikkei stock average earlier fell 0.1 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Dow ends 4-day win streak on Fed economic report

Investors cashed in some of their recent gains Wednesday after the Federal Reserve gave them more confirmation that the economic recovery is slowing.

The Dow Jones industrial average fell almost 40 points after the Fed released its regional survey of the economy, a report known as the "beige book." The Fed said economic growth has been steady during the summer in Cleveland and Kansas City, but has slowed in Atlanta and Chicago. The central bank described economic activity elsewhere as modest.

The report had some sobering news about manufacturing, which had been one of the strongest parts of the economy. While manufacturing expanded in most of the Fed's 12 regions, about half ”” New York, Cleveland, Kansas City, Chicago, Atlanta and Richmond ”” said manufacturing had "slowed" or "leveled off."

The NYSE DOW closed LOWER -39.81 points -0.38% on Wednesday July 28
Sym. Last......... ........Change..........
Dow 10,497.88 -39.81 -0.38%
Nasdaq 2,264.56 -23.69 -1.04%
S&P 500 1,106.13 -7.71 -0.69%
30-yr Bond 4.0680% -0.1200

NYSE Volume 4,590,497,000 (prior day 5,363,133,500)
Nasdaq Volume 1,877,168,250 (prior day 2,073,491,880)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,319.68 -45.99 -0.86%
DAX 6,178.94 -28.37 -0.46%
CAC 40 3,670.36 +3.96 +0.11%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,753.27 +256.42 +2.70%
Hang Seng 21,105.67 +132.28 +0.63%
Straits Times 2,985.38 +6.00 +0.20%

http://news.yahoo.com/s/ap/20100728/ap_on_bi_st_ma_re/us_wall_street

Dow ends 4-day win streak on Fed economic report

By STEPHEN BERNARD, AP Business Writer Stephen Bernard, Ap Business Writer

NEW YORK – Investors cashed in some of their recent gains Wednesday after the Federal Reserve gave them more confirmation that the economic recovery is slowing.

The Dow Jones industrial average fell almost 40 points after the Fed released its regional survey of the economy, a report known as the "beige book." The Fed said economic growth has been steady during the summer in Cleveland and Kansas City, but has slowed in Atlanta and Chicago. The central bank described economic activity elsewhere as modest.

The report had some sobering news about manufacturing, which had been one of the strongest parts of the economy. While manufacturing expanded in most of the Fed's 12 regions, about half ”” New York, Cleveland, Kansas City, Chicago, Atlanta and Richmond ”” said manufacturing had "slowed" or "leveled off."

Investors weren't surprised by the Fed report, but they also didn't like hearing their own downbeat assessment of the economy confirmed by the central bank.

"It does reiterate that the economy is not bouncing back as much as we would hope," Ryan Detrick, senior technical strategist chairman of Schaeffer's Investment Research, said of the beige book.

But Detrick also said the report gave investors an excuse to cash in some of their gains from the market's rally late last week and early this week. The Dow rose almost 420 points in four days as investors bought stocks in response to companies' strong second-quarter earnings and upbeat forecasts for the rest of the year.

The Fed survey followed a disappointing Commerce Department durable goods orders report early in the day. Orders for durable goods, which are expected to last at least three years, fell 1 percent in June. Economists expected a 1 percent gain.

Investors have been trying in recent weeks to balance strong earnings and corporate outlooks with economic data that isn't as encouraging. A drop in consumer confidence Tuesday helped push stocks mostly lower although another batch of robust earnings reports came out.

"The biggest issue the market is looking at is whether the soft patch in economic data is likely to continue," said Michael Sheldon, chief market strategist RDM Financial Group. "Investors wonder if the strong earnings reports that we have seen are more backwards as opposed to forwards looking."

The Dow fell 39.81, or 0.4 percent, to 10,497.88. The Standard & Poor's 500 index fell 7.71, or 0.7 percent, to 1,106.13, while the Nasdaq composite index fell 23.69, or 1 percent, to 2,264.56.

Two stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 4.1 billion shares versus 4.7 billion shares Tuesday.

Volume has been light even by summer standards, which has added to the day-to-day volatility. Many investors have been staying out of the market while they try to get a clearer sense of how the economy is faring.

Treasury prices, which get a boost from bad economic news, rose after the beige book was released. That sent interest rates lower. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.99 percent from 3.05 percent compared with late Tuesday. That yield helps set interest rates on mortgages and other consumer loans.

David Hefty, CEO of Cornerstone Wealth Management, said many investors are waiting for the government's report on gross domestic product, the broadest measure of how the economy is doing, before making any big investing moves.

The report will be issued before trading opens on Friday. Economists surveyed by Thomson Reuters are forecasting that the GDP rose at an annual rate 2.3 percent from April-June. That would be down from the first quarter's 2.7 percent.

Earnings reports were mixed Wednesday. Boeing Co. said its profit slipped from a year ago, but results still topped expectations. The airplane maker also didn't adjust its outlook.

Sprint Nextel Corp. said it added subscribers to its network for the first time in three years during the second quarter as it improves customer service and retention. Its revenue slightly topped forecasts.

ConocoPhillips profit more than doubled as refining margins improved and oil prices rose.

Sprint Nextel rose 1 cent to $4.84. ConocoPhillips was unchanged at $54.44. Boeing fell $1.30 to $67.32.

Overseas, Britain's FTSE 100 fell 0.9 percent, Germany's DAX index dropped 0.5 percent, and France's CAC-40 rose 0.1 percent. Japan's Nikkei stock average jumped 2.7 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks end erratic session with a loss as investors try to reconcile conflicting signals

Stocks ended an erratic day with a modest loss Thursday as investors tried to reconcile another batch of conflicting economic signals.

The Dow Jones industrial average closed down 30 points after falling as much as 110 and rising 87 during the course of the day. The other big market indexes also closed slightly lower.

Thursday's trading fit with the market's months-long pattern. Investors are torn between upbeat earnings news from companies and reports that point to an uncertain recovery. That indecision was clear as stocks rose on strong earnings at Southwest Airlines Co., ExxonMobil Corp. and other companies, then fell on disappointment over a slight drop in first-time claims for unemployment benefits.

The NYSE DOW closed LOWER -30.72 points -0.29% on Thursday July 29
Sym. Last......... ........Change..........
Dow 10,467.16 -30.72 -0.29%
Nasdaq 2,251.69 -12.87 -0.57%
S&P 500 1,101.53 -4.60 -0.42%
30-yr Bond 4.0800% +0.1200

NYSE Volume 5,287,627,000 (prior day 4,590,497,000)
Nasdaq Volume 2,341,117,250 (prior day 1,877,168,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,313.95 -5.73 -0.11%
DAX 6,134.70 -44.24 -0.72%
CAC 40 3,651.91 -18.45 -0.50%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,696.02 -57.25 -0.59%
Hang Seng 21,093.82 +2.64 +0.01%
Straits Times 2,997.65 +12.27 +0.41%

http://finance.yahoo.com/news/Stocks-fall-amid-uncertainty-apf-3425626932.html?x=0

Stocks fall amid uncertainty over the economy

Stocks end erratic session with a loss as investors try to reconcile conflicting signals

Stephen Bernard, AP Business Writer, On Thursday July 29, 2010, 5:38 pm

NEW YORK (AP) -- Stocks ended an erratic day with a modest loss Thursday as investors tried to reconcile another batch of conflicting economic signals.

The Dow Jones industrial average closed down 30 points after falling as much as 110 and rising 87 during the course of the day. The other big market indexes also closed slightly lower.

Thursday's trading fit with the market's months-long pattern. Investors are torn between upbeat earnings news from companies and reports that point to an uncertain recovery. That indecision was clear as stocks rose on strong earnings at Southwest Airlines Co., ExxonMobil Corp. and other companies, then fell on disappointment over a slight drop in first-time claims for unemployment benefits.

Traders were also uneasy ahead of the first reading on U.S. gross domestic product for the April-June quarter, to be released Friday.

"This is a market that is trying to ascertain how deep the downturn is going to be and it is a market that's future-looking," said Quincy Krosby, a market strategist with Prudential Financial.

"It's looking at numbers five to six months from now, trying to get a portrait of the economy and where earnings are going to be. Until it gets clarity on that it's going to be a choppy market."

There was little to help traders get that clarity Thursday. The Labor Department said initial claims for unemployment benefits dropped by a modest 11,000 to 457,000 last week. That's slightly better than the 459,000 forecast by economists polled by Thomson Reuters, but investors were disappointed because the drop was so small.

"They saw it was more of the same," said Bryan Jordan, director of financial markets analysis at Nationwide Investments. "This is an unusually stagnant labor market."

The Dow fell 30.72, or 0.3 percent, to 10,467.16. Although the Dow has fallen 70 points over the past two days, it is up 7.1 percent for July with one trading day to go.

A big chunk of the July gain came in just four days that ended Tuesday, as the average rose 420 points in response to strong earnings. On Wednesday, however, the Federal Reserve's assessment of the economy region by region reaffirmed for investors the fact that the recovery has slowed. Stocks fell and they continued their slide amid Thursday's uncertainty.

The Standard & Poor's 500 index fell 4.60, or 0.4 percent, to 1,101.53. The Nasdaq composite index fell 12.87, or 0.6 percent,to 2,251.69.

Rising stocks were narrowly ahead of losers on the New York Stock Exchange. Consolidated volume, which includes shares traded on other exchanges, was light at 4.7 billion shares, up from Wednesday's 4.1 billion. Many investors sat out the day because of the market's inability to settle on a direction.

Bond prices were mixed. The yield on the 10-year Treasury note, which moves opposite its price, was 2.99 percent, unchanged from late Wednesday. The 10-year yield helps set interest rates on mortgages and other consumer loans.

Traders will look next to Friday's GDP report for a sense of how the recovery is doing. Economists surveyed by Thomson Reuters are forecasting that the GDP, the broadest measure of the economy, slowed in the second quarter to an annual rate of 2.5 percent as the government cut back on stimulus programs. That would be down from the first quarter's 2.7 percent.

Southwest reported income that beat analyst forecasts. The company reported heavy traffic to start the summer travel season. ExxonMobil's earnings rose as a result of higher oil prices.

Japanese electronics maker Sony also reported strong earnings because of a jump in sales of televisions and PlayStation 3 gaming consoles.

Sony shares trading in the U.S. jumped $2.34, or 7.9 percent, to $31.90. Southwest shares were unchanged at $12.01. ExxonMobil dipped 57 cents to $60.34 after rising earlier in the day.

Colgate-Palmolive's earnings beat forecasts, but revenue fell short of expectations. It also said it would take a bigger charge than previously expected because of Venezuela's devaluation of its currency. When currencies in other countries fall, overseas profits for U.S. companies also come in lower when they're translated into dollars.

The consumer products maker's stock fell $5.74, or 6.8 percent, to $78.12.

Britain's FTSE 100 fell 0.1 percent, Germany's DAX index fell 0.7 percent, and France's CAC-40 dropped 0.5 percent. Japan's Nikkei stock average fell 0.6 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks end July with big gain; Dow gains 7.1 pct

Stocks end July with biggest gains in a year; Close is mixed after second-quarter GDP report

Stocks had a fitting end to a choppy July as prices seesawed their way to a narrowly mixed finish. The market still had its best month in a year.

Investors had an ambivalent response Friday to the government's gross domestic product report, which showed that economic growth slowed in the April-June quarter. The Dow Jones industrial average fell almost 120 points in early trading, then ratcheted up and down until the close. The Dow ended down just a point, and the other big indexes had similarly small moves.

The day was much like the rest of July, which saw investors alternately buying on strong earnings reports and selling on weak economic numbers. The Dow rose 7.1 percent for the month. The Dow and the Standard & Poor's 500 index both had their best months since July 2009 and their first winning months since this past April.

The Dow's top five performers for the month all had strong earnings: DuPont Co., which rose 17.58 percent during July; Caterpillar Inc., up 16.11 percent; American Express Co., up 12.44 percent; Chevron Corp., up 12.30 percent and Microsoft Corp., up 12.17 percent.

The NYSE DOW closed LOWER -1.22points -0.01% on Friday July 30
Sym. Last......... ........Change..........
Dow 10,465.94 -1.22 -0.01%
Nasdaq 2,254.70 +3.01 +0.13%
S&P 500 1,101.60 +0.07 +0.01%
30-yr Bond 3.9770% -1.0300

NYSE Volume 4,729,619,500 (prior day 5,287,627,000)
Nasdaq Volume 2,172,149,750 (prior day 2,341,117,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,258.02 -55.93 -1.05%
DAX 6,147.97 +13.27 +0.22%
CAC 40 3,643.14 -8.77 -0.24%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,537.30 -158.72 -1.64%
Hang Seng 21,029.81 -64.01 -0.30%
Straits Times 2,987.70 -9.95 -0.33%

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

Stocks end July with big gain; Dow gains 7.1 pct

Stocks end July with biggest gains in a year; Close is mixed after second-quarter GDP report

Stephen Bernard, AP Business Writer, On Friday July 30, 2010, 5:48 pm EDT

NEW YORK (AP) -- Stocks had a fitting end to a choppy July as prices seesawed their way to a narrowly mixed finish. The market still had its best month in a year.

Investors had an ambivalent response Friday to the government's gross domestic product report, which showed that economic growth slowed in the April-June quarter. The Dow Jones industrial average fell almost 120 points in early trading, then ratcheted up and down until the close. The Dow ended down just a point, and the other big indexes had similarly small moves.

The day was much like the rest of July, which saw investors alternately buying on strong earnings reports and selling on weak economic numbers. The Dow rose 7.1 percent for the month. The Dow and the Standard & Poor's 500 index both had their best months since July 2009 and their first winning months since this past April.

A repeat performance in August seemed unlikely due to the market's current pessimism, especially since the bulk of second-quarter earnings reports are in. Many investors, uncertain about the where the market is heading, stayed on the sidelines for much of July or moved money into safer investments. Even on days when the Dow was up 100 or 300 points, trading volume was unusually low.

"It's a very cautious environment today," said Rob Lutts, president, CIO at Cabot Money Management. That caution, he said, is what leads investors to sell.

The Commerce Department's GDP report was troubling for the market, and followed recent reports on housing and unemployment that showed the recovery has slowed. GDP grew at an annual pace of 2.4 percent in the second quarter, less than the 2.5 percent forecast of economists polled by Thomson Reuters.

Analysts said that as investors read deeper into the report, it didn't look as bad as they initially thought. They found some good news in the consumer savings rate.

Business spending on equipment and software also jumped in the second quarter by the biggest amount in 13 years. That was encouraging because it means companies could be getting ready to start hiring.

"We had a little bit for the bulls and a little bit for the bears," Lutts said, "and ultimately no one is really happy."

The Dow fell 1.22, or 0.01 percent, to 10,465.94. Its July gain was its best monthly advance since it rose 7.8 percent in July 2009.

The Dow's top five performers for the month all had strong earnings: DuPont Co., which rose 17.58 percent during July; Caterpillar Inc., up 16.11 percent; American Express Co., up 12.44 percent; Chevron Corp., up 12.30 percent and Microsoft Corp., up 12.17 percent.

The Standard & Poor's 500 index rose 0.07, or 0.01 percent, to 1,101.60. It rose 6.9 percent for July, its best performance since it rose 7.4 percent in July 2009.

The Nasdaq composite index rose 3.01, or 0.1 percent, to 2,254.70.

Rising stocks outpaced losers by about 3 to 2 on the New York Stock Exchange. Consolidated volume, including shares traded on other exchanges, came to a very light 4.2 billion shares, down from Thursday's 4.7 billion.

Volume usually falls off in the summertime but stays strong during July. This July was particularly slow.

"The biggest crowds aren't on the trading floor, they are on the beach. People don't want to be involved in the market now," said Jeffrey Frankel, president of Stuart Frankel & Co. "One day they are up, one day they are down. Nothing is making any sense. That's why there is no volume."

Treasurys benefited from the uncertainty. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.91 percent from 2.99 percent. Its yield is often used as a benchmark for interest rates on mortgages and other consumer loans. A yield below 3 percent suggests investors are worried about long-term growth and don't fear inflation will be a problem anytime soon. Inflation is a threat to the long-term value of bonds.

Investors did get some mildly good news from two other economic reports. The University of Michigan/Reuters consumer sentiment index for July rose slightly more than expected to 67.8 from a preliminary reading of 66.5. Economists expected it to rise to 67.

The Chicago Purchasing Managers Index, which measures manufacturing activity in the Midwest, rose unexpectedly to 62.3 this month from 59.1 in June. Economists were expecting a drop to 56.5. The report is seen as an indicator of how the Institute for Supply Management's nationwide manufacturing index is likely to come in when it's released on Monday.

Traders were also being cautious because they're waiting for a series of key reports next week that will give a first look at how the economy is doing in the current quarter. The ISM will have two reports and the Labor Department issues its report on employment for this month.

Economists predict the ISM will say manufacturing and the services industry expanded in July but at a slower pace than in June. Meanwhile, the unemployment rate likely inched higher to 9.6 percent in July from 9.5 percent in June as the government laid off more temporary census workers. Private employers likely added 90,000 jobs during the month, slightly better than in June.

Overseas markets mostly fell Friday after reports that Spain's credit rating is likely to be cut by Moody's Investors Service. The potential downgrade comes as the country's unemployment rate jumped to a 13-year high of 20.09 percent and the government continues to grapple with rising debt problems.

Spain's IBEX 35 fell 1.2 percent. Britain's FTSE 100 fell 1.1 percent, Germany's DAX index rose 0.2 percent, and France's CAC-40 fell 0.2 percent. Japan's Nikkei stock average fell 1.6 percent.

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