NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

For the week, the Dow is up 2.4 percent, the S&P 2.1 percent, the Nasdaq 2.8 percent.

Stocks rose sharply on Friday, giving the market its fourth straight week of gains, after a big increase in orders for manufactured goods allowed investors to shake off several days of doldrums.

The Dow Jones industrial average jumped nearly 200 points, its first gain in three days. The market has now had its longest winning streak since an eight-week run ending in late April that pushed stocks to their highest levels of the year.

A surprise jump in durable goods orders and corporate spending provided the boost to U.S. stocks, as did a strong earnings report from Nike Inc. and an increase in new home sales last month.

Gold prices climbed to another record, briefly touching $1,300 an ounce, as many investors remained cautious. The dollar and Treasury prices fell.

The NYSE DOW closed HIGHER +197.84 points +1.86% on Friday September 24
Sym. Last......... .......Change..........
Dow 10,860.26 +197.84 +1.86%
Nasdaq 2,381.22 +54.14 +2.33%
S&P 500 1,148.67 +23.84 +2.12%
30-yr Bond 3.7930% +0.6000

NYSE Volume 4,386,440,500 (prior day 4,079,335,750)
Nasdaq Volume 2,028,369,000 (prior day 1,958,905,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,598.48 +51.40 +0.93%
DAX 6,298.30 +113.59 +1.84%
CAC 40 3,782.48 +71.87 +1.94%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,471.67 -94.65 -0.99%
Hang Seng 22,119.43 +71.72 +0.33%
Straits Times 3,091.41 +8.28 +0.27%

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

Stocks reignite a rally as economic woes fade

Stocks jump, sending Dow up 200, as better economic news snaps market out of doldrums

Stephen Bernard, AP Business Writer, On Friday September 24, 2010, 5:42 pm

NEW YORK (AP) -- Stocks rose sharply on Friday, giving the market its fourth straight week of gains, after a big increase in orders for manufactured goods allowed investors to shake off several days of doldrums.

The Dow Jones industrial average jumped nearly 200 points, its first gain in three days. The market has now had its longest winning streak since an eight-week run ending in late April that pushed stocks to their highest levels of the year.

A surprise jump in durable goods orders and corporate spending provided the boost to U.S. stocks, as did a strong earnings report from Nike Inc. and an increase in new home sales last month.

Gold prices climbed to another record, briefly touching $1,300 an ounce, as many investors remained cautious. The dollar and Treasury prices fell.

Industrial stocks including General Electric Co., Caterpillar Inc. and United Technologies Corp. gained after the Commerce Department reported that orders for durable goods excluding transportation rose last month at their fastest pace in five months, while corporate spending also rose.

Stocks have been volatile in recent days as investors react to the latest economic reports. Much of the economic news throughout September has been better than expected, pushing indexes sharply higher during the month after a big sell-off in August.

Zahid Siddique, an associate portfolio manager at Gabelli Equity Trust Inc., said traders are only reacting to the latest news because there still isn't certainty about the pace of recovery.

"Based on the daily data they get, they move the market one way or another," Siddique said.

The Dow Jones industrial average rose 197.84, or 1.9 percent, to close at 10,860.26. The Dow has risen 8.4 percent in September, but is only up 4.1 percent for the year and is still 3.1 percent below its 2010 high reached on April 26. The Dow is on track for its best performance for September, which is usually a weak month for stocks, since 1939.

The Standard & Poor's 500 index rose 23.84, or 2.1 percent, to 1,148.67, ending a three-day losing streak. The index, a commonly used benchmark for professional investors, also climbed back above a key technical trading level Friday.

The Nasdaq composite index rose 54.14, or 2.3 percent, to 2,381.22. The technology-focused index has been the best performer during this month's rally, jumping 12.6 percent.

For the week, the Dow is up 2.4 percent, the S&P 2.1 percent, the Nasdaq 2.8 percent.

One simple explanation for this month's surge is that many people were keeping money in cash at the start of September and didn't want to miss out on the rally once it got going, said Cleve Rueckert, an equity strategist at Birinyi Associates, a money management and research firm.

"You're in cash and want to buy stocks, and you're looking at a market that isn't going down," he said. "You start chasing it."

A separate report from the Commerce Department showed sales of new homes in August rebounded slightly from the lowest level on records dating back to 1963 in July. Sales rose 4.3 percent.

The modest rise in sales followed a similar report Thursday that showed sales of previously occupied homes rose in August from depressed levels in July. Sales plummeted in the months after a home buyer tax credit expired at the end of April, but analysts are becoming hopeful that the beleaguered housing market may be bottoming out.

Nike rose $1.90 or 2.5 percent, to $79.57. GE rose 52 cents, or 3.2 percent, to $16.46, while Caterpillar jumped $3.47, or 4.6 percent, to $79.73. United Technologies shares rose $1.70, or 2.4 percent, to $71.50.

Bond prices fell after the durable goods orders report. The yield on the 10-year Treasury note, which is used to set interest rates on loans, rose to 2.61 percent from 2.55 percent late Thursday.

About five stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 4.2 billion shares.

1259

 

[bigdog]

Source: http://finance.yahoo.com

A late slide in stocks saps energy from a 4-week rally; Dow Jones industrials lose 48

Stocks took a pause Monday from their big September rally as worries about the financial sector offset excitement over a fresh round of corporate dealmaking.

The Dow Jones industrial average lost 48 points in a late-day slide, but it's still up 8 percent for the month, putting it on track for its best September since 1939.

Chip Brian, CEO of SmarTrend, an electronic trend trading system, said Monday's modest decline was largely tied to investors pocketing profits racked up during the market's four-week rally.

Prior to Monday the Dow Jones industrial average had risen in each of the past four weeks, its longest winning streak since eight consecutive weekly gains ended in late April when stocks hit their highest levels of the year.

The NYSE DOW closed LOWER -48.22 points -0.44% on Monday September 27
Sym. Last......... .......Change..........
Dow 10,812.04 -48.22 -0.44%
Nasdaq 2,369.77 -11.45 -0.48%
S&P 500 1,142.16 -6.51 -0.57%
30-yr Bond 3.6990% -0.9400

NYSE Volume 3,798,316,500 (prior day 4,386,440,500)
Nasdaq Volume 1,894,619,250 (prior day 2,028,369,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,573.42 -25.06 -0.45%
DAX 6,278.89 -19.41 -0.31%
CAC 40 3,766.16 -16.32 -0.43%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,603.14 +131.47 +1.39%
Hang Seng 22,340.84 +221.41 +1.00%
Straits Times 3,113.46 +20.78 +0.67%

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

Stocks edge lower after 4 straight weeks of gains

A late slide in stocks saps energy from a 4-week rally; Dow Jones industrials lose 48

Stephen Bernard, AP Business Writer, On Monday September 27, 2010, 6:03 pm

NEW YORK (AP) -- Stocks took a pause Monday from their big September rally as worries about the financial sector offset excitement over a fresh round of corporate dealmaking.

The Dow Jones industrial average lost 48 points in a late-day slide, but it's still up 8 percent for the month, putting it on track for its best September since 1939.

Chip Brian, CEO of SmarTrend, an electronic trend trading system, said Monday's modest decline was largely tied to investors pocketing profits racked up during the market's four-week rally.

Prior to Monday the Dow Jones industrial average had risen in each of the past four weeks, its longest winning streak since eight consecutive weekly gains ended in late April when stocks hit their highest levels of the year.

"The September rally has been surprisingly resilient," Bryan said. But investors might be ready to put the brakes on the run-up so they can wait to see what happens during earnings season, which kicks off next week, Bryan said.

Financial stocks mostly dipped as concern remains about the health of Europe's banking sector. Moody's Investors Service cut its rating on Anglo Irish Bank Corp., one of Europe's more troubled banks in recent months. Global banking giants like Barclays PLC and JPMorgan Chase & Co. each fell more than 1 percent.

With no major economic reports to drive trading, investors focused on individual stocks after major deals in the airline, consumer products and retailing industries.

The Dow Jones industrial average fell 48.22, or 0.4 percent, to close at 10,812.04.

The Standard & Poor's 500 index dropped 6.51, or 0.6 percent, to 1,142.16, while the Nasdaq composite index fell 11.45, or 0.5 percent, to 2,369.77.

In deal news, consumer products giant Unilever NV agreed to buy beauty products maker Alberto Culver Co. for $3.7 billion. Southwest Airlines Co. will purchase AirTran Holdings Inc. for about $1.4 billion. Wal-Mart Stores Inc. proposed to buy South African consumer goods distributor Massmart Holdings Ltd. for about $4.25 billion.

Michael Sansoterra, portfolio manager of the RidgeWorth Large Cap Growth Fund, said the latest deals are a sign companies are confident economic growth will pick up in the coming quarters. Acquisition activity has been booming this month as companies become more willing to invest some of their large cash reserves built up during the recession.

"The timing is never certain, but smart companies are saying, 'If not now, when?'" Sansoterra said. "This is the time to be doing it."

Shares of Unilever, which makes Dove soaps, Axe deodorants and Suave shampoos, rose 34 cents to $29.71. Alberto Culver, which makes beauty products such as TRESemme, VO5 and Simple, jumped $6.16, or 19.6 percent, to $37.64.

AirTran shares jumped $2.79, or 61.3 percent, to $7.34. The deal valued Airtran shares at $7.69. Southwest rose $1.07, or 8.7 percent, to $13.35.

Wal-Mart shares fell 60 cents to $53.48.

JPMorgan shares fell 67 cents to $39.08. Barclays dropped 22 cents to $19.59.

Traders who prefer to look at the broader economic picture will get plenty of data later in the week to review. Traders get reports on consumer sentiment, weekly jobless claims and a final reading on second-quarter gross domestic product before the month ends Thursday.

On Friday, traders receive a key report on the manufacturing sector. The same monthly report helped jump-start the September rally when it was released at the beginning of the month.

Bond prices rose Monday, indicating some investors continued to seek safer alternatives to stocks. Even with stocks rising sharply throughout the month, money has regularly flowed into bonds and other perceived safe investments like gold.

The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.53 percent from 2.61 percent late Friday.

Falling stocks outpaced rising ones four to three on the New York Stock Exchange, where consolidated volume came to 3.6 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

A late push gave stock indexes moderate gains Tuesday as investors brushed off news that consumer confidence dropped to its lowest level since February.

A big jump in earnings from Walgreen Co. and another corporate acquisition gave investors enough confidence to extend a four-week rally. Stocks were mixed for much of the day but struggled higher at the finish.

With only two trading days left this month, the Dow Jones industrial average is on track for its best September since 1939 with a gain of 8.4 percent so far. It's still up only 4.1 percent for the year.

Stocks got off to a bad start after the Conference Board said its September reading on consumer confidence fell sharply from August and came in well below forecasts. Mostly positive readings from economic data on manufacturing, home sales and jobs have helped push stocks higher this month after a dismal performance on August.

The NYSE DOW closed HIGHER +46.10 points +0.43% on Tuesday September 28
Sym. Last......... .......Change..........
Dow 10,858.14 +46.10 +0.43%
Nasdaq 2,379.59 +9.82 +0.41%
S&P 500 1,147.70 +5.54 +0.49%
30-yr Bond 3.6480% -0.5100

NYSE Volume 4,219,463,000 (prior day 3,798,316,500)
Nasdaq Volume 2,150,123,500 (prior day 1,894,619,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,578.44 +5.02 +0.09%
DAX 6,276.09 -2.80 -0.04%
CAC 40 3,762.35 -3.81 -0.10%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,495.76 -107.38 -1.12%
Hang Seng 22,109.95 -230.89 -1.03%
Straits Times 3,097.35 -16.11 -0.52%

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

Deal news helps stocks recover from early losses

Traders shrug off poor consumer confidence reading and send stocks higher, extending rally

Stephen Bernard, AP Business Writer, On Tuesday September 28, 2010, 5:36 pm

NEW YORK (AP) -- A late push gave stock indexes moderate gains Tuesday as investors brushed off news that consumer confidence dropped to its lowest level since February.

A big jump in earnings from Walgreen Co. and another corporate acquisition gave investors enough confidence to extend a four-week rally. Stocks were mixed for much of the day but struggled higher at the finish.

With only two trading days left this month, the Dow Jones industrial average is on track for its best September since 1939 with a gain of 8.4 percent so far. It's still up only 4.1 percent for the year.

Stocks got off to a bad start after the Conference Board said its September reading on consumer confidence fell sharply from August and came in well below forecasts. Mostly positive readings from economic data on manufacturing, home sales and jobs have helped push stocks higher this month after a dismal performance on August.

Scott Rostan, founder of Training The Street, which provides courses in financial modeling and corporate valuation, said the small move in stocks compared to the big decline in confidence was indicative of a growing schism between consumers and traders.

"There's a big dichotomy between Main Street sentiment and Wall Street sentiment," Rostan said. Right now, traders are more focused on sentiment and confidence among corporate executives than consumers, he said.

Drug developer Endo Pharmaceuticals Holdings said Tuesday it will buy Qualitest Pharmaceuticals for $1.2 billion. That comes a day after major companies including Unilever NV and Southwest Airlines Co. announced deals. Wal-Mart Stores Inc. said it was pursuing buying a South African company.

In other corporate news, Walgreen Co. soared 11.4 percent after the drugstore chain reported income that easily beat forecasts. Meanwhile technology stocks were being dragged down on disappointment that Research in Motion Ltd. said it would not roll out its competitor to Apple Inc.'s iPad, called the PlayBook, until the beginning of 2011.

The Dow Jones industrial average rose 46.10, or 0.4 percent, to 10,858.14. It's up 8.4 percent so far in September, and extraordinary showing for a month that is historically a weak one for the market.

Investors are "looking beyond today's news at broader indications a double-dip (recession) is more and more remote," said Joe Heider, a principal at Rehmann Financial.

If the Dow can climb above 11,000 it would be a strong indication the market is ready to break out of the broad trading range it's been stuck in since hitting its 2010 high in late April, Heider said.

The Standard & Poor's 500 index rose 5.54, or 0.5 percent, to 1,147.70, while the Nasdaq composite index rose 9.82, or 0.4 percent, to 2,379.59.

Treasury prices rose after the weak report on consumer confidence, driving interest rates lower. The yield on the 10-year Treasury note, which is often used to set interest rates on loans, fell to 2.47 percent from 2.53 percent late Monday.

Apple shares fell $4.30 to $286.86 on heavy volume. Its price plummeted $16.77, or 5.7 percent, in the first three minutes of trading before quickly recovering most of those losses.

Endo Pharmaceuticals shares rose $2.49, or 8.1 percent, to $33.10. Research in Motion shares fell $1.45, or 3 percent, to $46.91. Walgreen rose $3.46 to $33.81.

Rising stocks outpaced falling ones two to one on the New York Stock Exchange, where consolidated volume came to 4.1 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks slipped in muted trading Wednesday as traders held back ahead of corporate earnings announcements, which start to roll in next week. Protests in Europe against austerity measures renewed worries about the region's finances and helped keep buyers at bay.

The dollar fell further against other currencies as traders anticipate more action by the Federal Reserve to push U.S. interest rates down. Gold climbed past $1,300.

Most sectors fell on the stock market except for energy, which rose after crude oil prices gained. Schlumberger Ltd., Occidental Petroleum Corp. and other companies rose after the price of crude oil jumped on news that inventories fell last week. Benchmark crude for November delivery rose $1.68 to settle at $77.86 a barrel on the New York Mercantile Exchange.

Trading was relatively subdued with no major economic reports or corporate earnings due out. Third-quarter earnings season gets under way Oct. 7 with Alcoa Inc.

The NYSE DOW closed LOWER -22.86 points -0.21% on Wednesday September 29
Sym. Last......... .......Change..........
Dow 10,835.28 -22.86 -0.21%
Nasdaq 2,376.56 -3.03 -0.13%
S&P 500 1,144.73 -2.97 -0.26%
30-yr Bond 3.6910% +0.0430

NYSE Volume 4,256,400,000 (prior day 4,219,463,000)
Nasdaq Volume 2,116,654,000 (prior day 2,150,123,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,569.27 -9.17 -0.16%
DAX 6,246.92 -29.17 -0.46%
CAC 40 3,737.12 -25.23 -0.67%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,559.38 +63.62 +0.67%
Hang Seng 22,378.67 +268.72 +1.22%
Straits Times 3,106.03 +8.68 +0.28%

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

Stocks slip as European protests worsen debt fears

Stocks falter, following European markets lower on austerity protests

On Wednesday September 29, 2010, 5:39 pm

NEW YORK (AP) -- Stocks slipped in muted trading Wednesday as traders held back ahead of corporate earnings announcements, which start to roll in next week. Protests in Europe against austerity measures renewed worries about the region's finances and helped keep buyers at bay.

The dollar fell further against other currencies as traders anticipate more action by the Federal Reserve to push U.S. interest rates down. Gold climbed past $1,300.

Most sectors fell on the stock market except for energy, which rose after crude oil prices gained. Schlumberger Ltd., Occidental Petroleum Corp. and other companies rose after the price of crude oil jumped on news that inventories fell last week. Benchmark crude for November delivery rose $1.68 to settle at $77.86 a barrel on the New York Mercantile Exchange.

Trading was relatively subdued with no major economic reports or corporate earnings due out. Third-quarter earnings season gets under way Oct. 7 with Alcoa Inc.

"The big drivers of the market were just absent today," said Kim Caughey, an equity research analyst at Fort Pitt Capital Group in Pittsburgh. "Everyone is sitting around waiting for earnings season to begin."

Wednesday's decline in U.S. stocks marked another pause in a monthlong rally that has made this September one of the strongest for U.S. stocks in history. With only one trading day left this month, the Dow Jones industrial average is on track for its best September since 1939 with a gain of 8.2 percent so far. It's still up only 3.9 percent for the year.

The Dow Jones industrial average lost 22.86, or 0.2 percent, to close at 10,835.28

The Standard & Poor's 500 index slipped 2.97, or 0.3 percent, to 1,144.73, and the Nasdaq composite fell 3.03, or 0.1 percent, to 2,376.56.

European markets fell as demonstrators gathered in Brussels, where the European Union is based, and in several of the bloc's member countries to protest austerity measures aimed at preventing another crisis like the one that required a bailout of Greece earlier this year. The protests raised concerns that countries like Spain will not be able to implement policies required to heal their bloated public finances.

Kate Warne, investment strategist at Edward Jones in St. Louis, said the protests in Europe suggest those countries will have trouble implementing austerity measures and that that's spooked markets there.

"Governments will have more difficulty making cuts to get their budgets in order," she said.

U.S. stocks swooned this spring as a fiscal crisis in Greece appeared to be spreading to other weak European economies like Portugal and Spain. A relative calm in European markets since then has allowed U.S. stocks to rise sharply.

Rising stocks narrowly outpaced falling ones on the New York Stock Exchange, where volume came to 1 billion shares.

Bond prices edged lower. The yield on the 10-year Treasury note edged up to 2.50 percent from 2.47 percent late Tuesday.

There's a growing certainty within the bond market that the Federal Reserve will attempt to spur economic activity through pushing long-term interest rates down further. To do that, the Fed would buy more Treasurys, lifting bond prices and lowering yields. That would also keep downward pressure on the dollar.

Schlumberger rose $1.23, or 2 percent, to $61.52, while Occidental Petroleum rose $1.12, or 1.5 percent, to $76.63.

Gold rose $2 to $1,310.30, a day after settling above $1,300 for the first time.

The euro rose to as high as $1.3647 Wednesday, its strongest point since mid-April. In late trading in New York, the euro was worth $1.3643, up from $1.3567 late Tuesday.

 

[bigdog]

Source: http://finance.yahoo.com

Dow Jones industrial average ends rally on weak note, still has best September since 1939

Stocks ended a monthlong rally on a weak note, but still chalked up the best September in 71 years.

Indexes rose sharply at the open Thursday following some better news on the economy, but stumbled at midmorning and stayed lower the rest of the day as traders pulled out profits following a spectacular run for the market in September. The Dow Jones industrial average closed down 47 points, having been up as many as 113 earlier in the day.

The Dow gained 7.7 percent in the month, making it the strongest September since 1939, at the dawn of World War II. However that runup followed a dismal August, and the Dow is still only up 3.5 percent for the year and is 3.7 percent below its closing high for 2010 reached on April 26.

Technology shares, which have been among the best performers this month, led Thursday's pullback. Major technology companies like Apple Inc., IBM Corp. and Oracle Corp. were all down about 1 percent.

The NYSE DOW closed LOWER -47.23 points -0.44% on Thursday September 30
Sym. Last......... .......Change..........
Dow 10,788.05 -47.23 -0.44%
Nasdaq 2,368.62 -7.94 -0.33%
S&P 500 1,141.20 -3.53 -0.31%
30-yr Bond 3.6870% -0.0400

NYSE Volume 4,730,451,500 (prior day 4,256,400,000)
Nasdaq Volume 2,467,969,000 (prior day 2,116,654,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,548.62 -20.65 -0.37%
DAX 6,229.02 -17.90 -0.29%
CAC 40 3,715.18 -21.94 -0.59%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,369.35 -190.03 -1.99%
Hang Seng 22,358.17 -20.50 -0.09%
Straits Times 3,097.63 -8.40 -0.27%

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

Stocks end bullish month on weak note; Dow off 47

Dow Jones industrial average ends rally on weak note, still has best September since 1939

Stephen Bernard, AP Business Writer, On Thursday September 30, 2010, 5:31 pm

NEW YORK (AP) -- Stocks ended a monthlong rally on a weak note, but still chalked up the best September in 71 years.

Indexes rose sharply at the open Thursday following some better news on the economy, but stumbled at midmorning and stayed lower the rest of the day as traders pulled out profits following a spectacular run for the market in September. The Dow Jones industrial average closed down 47 points, having been up as many as 113 earlier in the day.

The Dow gained 7.7 percent in the month, making it the strongest September since 1939, at the dawn of World War II. However that runup followed a dismal August, and the Dow is still only up 3.5 percent for the year and is 3.7 percent below its closing high for 2010 reached on April 26.

Technology shares, which have been among the best performers this month, led Thursday's pullback. Major technology companies like Apple Inc., IBM Corp. and Oracle Corp. were all down about 1 percent.

"You can't underestimate people taking profits," said T.C. Robillard Jr., a managing director at investment bank Signal Hill. Robillard said that like most reports throughout the month, Thursday's batch of data only confirmed that the economy is growing very slowly.

Major indexes have been surging all month on signs of incremental improvement in the economy, which have allayed worries that the country would fall back into recession.

The Dow Jones industrial average fell 47.23, or 0.4 percent, to 10,788.05. The Dow had risen 113 in the opening minutes of trading on improved economic news before pulling back.

Brett D'Arcy, chief investment officer at CBIZ Wealth Management Group, said traders might have also pulled back because the Dow was approaching the psychological barrier of 11,000. The Dow came within 52 points of that level Thursday morning. It has not touched 11,000 since May 4.

"We haven't broken out of that mental cycle that this market might be range bound," D'Arcy said.

The Standard & Poor's 500 index fell 3.53, or 0.3 percent, to 1,141.20, while the Nasdaq composite fell 7.94, or 0.3 percent, to 2,368.62.

Traders were initially upbeat Thursday after a reading on regional manufacturing in the Chicago area jumped in September. Economists had expected the Chicago Purchasing Managers Index to fall slightly. That regional manufacturing report bodes well heading into Friday's monthly report on national manufacturing activity from the Institute for Supply Management.

"The jump in Chicago PMI was nothing short of shocking," said Nick Kalivas, vice president of financial research at MF Global. "It was complemented by the drop in (unemployment) claims."

The Labor Department said Thursday that first-time claims for unemployment benefits fell more than economists had predicted last week. Applications are still at levels that indicate employers aren't necessarily ramping up hiring, but at least the pace of firings seems to be slowing.

The government also slightly raised its estimate on second-quarter gross domestic product, the broadest measure of the nation's economic activity. The government said GDP grew at a 1.7 percent pace in the second quarter, better than the 1.6 percent pace estimated a month ago.

Bond prices fell, driving interest rates higher, after the upbeat economic reports dampened demand for defensive investments like bonds. The yield on the 10-year Treasury note, which is used to set interest rates on many kinds of consumer and corporate loans, rose to 2.51 percent from 2.50 percent late Wednesday.

Rising stocks narrowly outpaced falling ones on the New York Stock Exchange, where consolidated volume came to 4.5 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average rose 41.63, or 0.4 percent, to close at 10,829.68. It's down 0.3 percent for the week and up 3.9 percent for the year.

The Standard & Poor's 500 index rose 5.04, or 0.4 percent, to 1,146.24. It's down 0.2 percent for the week and up 2.8 percent for the year.

The Nasdaq composite rose 2.13, or 0.1 percent, to 2,370.75. The technology-heavy index is down 0.4 percent for the week and up 4.5 percent for the year, making it the best-performing major stock index for 2010.

Stocks started off October on a positive note following mostly good news on the economy.

Shares of big manufacturing companies like Boeing Co., General Electric Co. and 3M Co. rose Friday after the Institute for Supply Management said its manufacturing index showed that factory activity was still expanding in September, although not quite as fast as analysts had hoped and slightly slower than the month before.

Stock indexes started the day higher but gave up some of their gains late in the day. The market is coming off a major surge that brought the Dow Jones industrial average up 10.4 percent in the third quarter, and its upward momentum may be waning. The Dow and the Standard & Poor's 500 index both had their first down week after four weeks of gains.

"Expectations have risen slightly" for the economy in the past month, said Eric Thorne, an investment adviser at Bryn Mawr Trust Wealth Management. "While that's a good thing, it also means that data needs to show significant signs of improvement to drive stocks higher."

The NYSE DOW closed HIGHER +41.63 points +0.39% on Friday October 1
Sym. Last......... .......Change..........
Dow 10,829.68 +41.63 +0.39%
Nasdaq 2,370.75 +2.13 +0.09%
S&P 500 1,146.24 +5.04 +0.44%
30-yr Bond 3.7210% +0.3400

NYSE Volume 4,510,646,000 (prior day 4,730,451,500)
Nasdaq Volume 1,943,262,125 (prior day 2,467,969,000)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,592.90 +44.28 +0.80%
DAX 6,211.34 -17.68 -0.28%
CAC 40 3,692.09 -23.09 -0.62%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,404.23 +34.88 +0.37%
Hang Seng 22,358.17 -20.50 -0.09%
Straits Times 3,131.17 +33.54 +1.08%

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

Stocks nudge higher as manufacturing improves

Stocks edge higher at start of 4th quarter as signs of slow growth keep lid on gains

Stephen Bernard, AP Business Writer, On Friday October 1, 2010, 6:08 pm EDT

NEW YORK (AP) -- Stocks started off October on a positive note following mostly good news on the economy.

Shares of big manufacturing companies like Boeing Co., General Electric Co. and 3M Co. rose Friday after the Institute for Supply Management said its manufacturing index showed that factory activity was still expanding in September, although not quite as fast as analysts had hoped and slightly slower than the month before.

Stock indexes started the day higher but gave up some of their gains late in the day. The market is coming off a major surge that brought the Dow Jones industrial average up 10.4 percent in the third quarter, and its upward momentum may be waning. The Dow and the Standard & Poor's 500 index both had their first down week after four weeks of gains.

"Expectations have risen slightly" for the economy in the past month, said Eric Thorne, an investment adviser at Bryn Mawr Trust Wealth Management. "While that's a good thing, it also means that data needs to show significant signs of improvement to drive stocks higher."

Stocks jumped after the opening bell on signs of strong growth in Chinese manufacturing. Traders were sorting through other reports suggesting that U.S. economic growth remains sluggish.

Personal income and spending both rose more than expected in August, with incomes jumping by their fastest pace in eight months. However the savings rate also climbed, an indication that spending might not climb much in the near future. Consumer sentiment was better than initially thought in September, but still not quite as strong as it was in August.

Taken together, the batch of U.S. economic reports point to "very slow growth," said Bob Enck, president and CEO of Equinox Fund Management. "It tells us there's still uncertainty."

The Dow Jones industrial average rose 41.63, or 0.4 percent, to close at 10,829.68. It's down 0.3 percent for the week and up 3.9 percent for the year.

The Standard & Poor's 500 index rose 5.04, or 0.4 percent, to 1,146.24. It's down 0.2 percent for the week and up 2.8 percent for the year.

The S&P 500 again touched the 1,150 level in early trading Friday, but was unable to hold above that threshold as it remains somewhat range bound. It was the sixth straight day the S&P came within or breached 1,150, a level it has not closed above since early May.

The Nasdaq composite rose 2.13, or 0.1 percent, to 2,370.75. The technology-heavy index is down 0.4 percent for the week and up 4.5 percent for the year, making it the best-performing major stock index for 2010.

About two stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 4.3 billion shares.

In corporate news, Hewlett-Packard Co. dropped after the computer company named Leo Apotheker, the former head of business software maker SAP AG, its new CEO. Shares fell $1.30, or 3.1 percent, to $40.77.

United and Continental closed a deal to create the world's biggest airline Friday. Shares of the newly combined company, United Continental Holdings Inc., jumped $1.04, or 4.4 percent, to $24.70.

Boeing shares rose 29 cents to $66.83. GE climbed 11 cents to $16.36, while 3M rose 91 cents o $87.62.

Bond prices and interest rates were little changed. The yield on the 10-year Treasury note, which is a benchmark for interest rates on mortgages and other loans, was flat at 2.51 percent.

1732

 

[bigdog]

Source: http://finance.yahoo.com

Stocks fell Monday as investors took a pause from a historic rally in September and held back ahead of a busy week of economic and earnings reports.

The Dow Jones industrial average lost nearly 80 points after factory orders fell slightly more than expected in August and contracts for new homes remained far below last year's pace.

Analysts say the market was due for a pullback following a 10.4 percent gain in the Dow last month. The monthlong rally has come on relatively low volume, a sign that many investors are still waiting on the sidelines.

The NYSE DOW closed LOWER -78.41 points -0.72% on Monday October 4
Sym. Last......... .......Change..........
Dow 10,751.27 -78.41 -0.72%
Nasdaq 2,344.52 -26.23 -1.11%
S&P 500 1,137.03 -9.21 -0.80%
30-yr Bond 3.7100% -0.1100

NYSE Volume 3,810,693,500 (prior day 4,510,646,000)
Nasdaq Volume 1,925,765,250 (prior day 1,943,262,125)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,555.97 -36.93 -0.66%
DAX 6,134.21 -77.13 -1.24%
CAC 40 3,649.81 -42.28 -1.15%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,381.06 -23.17 -0.25%
Hang Seng 22,618.66 +260.49 +1.17%
Straits Times 3,157.45 +26.55 +0.85%

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

Stocks fall at the beginning of a busy week

Stocks fall as traders kick off busy week of economic, earnings reports

Stephen Bernard, AP Business Writer, On Monday October 4, 2010, 5:34 pm EDT

NEW YORK (AP) -- Stocks fell Monday as investors took a pause from a historic rally in September and held back ahead of a busy week of economic and earnings reports.

The Dow Jones industrial average lost nearly 80 points after factory orders fell slightly more than expected in August and contracts for new homes remained far below last year's pace.

Analysts say the market was due for a pullback following a 10.4 percent gain in the Dow last month. The monthlong rally has come on relatively low volume, a sign that many investors are still waiting on the sidelines.

In corporate news, American Express Co. sank 6.5 percent after the Justice Department hit the credit card company with an antitrust suit. The government also sued MasterCard and Visa but announced proposed settlements with those two.

Doug Roberts, chief investment strategist at Channel Capital Research, said the market has been trading in a broad range over the past six months. With it approaching the high end of that range, a pullback is not surprising, he said.

The market has been "alternating between euphoria and despair," Roberts said of the wide trading range dating back to late April, when stocks hit their high for the year.

This week brings a number of potentially important news events for stocks, including Friday's monthly jobs survey and earnings on Thursday from Dow industrials component Alcoa Inc., a report that marks the traditional kickoff to the quarterly earnings season.

France's Sanofi-Aventis launched an $18.5 billion hostile takeover offer for Genzyme Corp. Sanofi-Aventis' previous offer was rejected by Genzyme's board, so it is now taking the offer directly to shareholders. The offer, at $69 per share, is unchanged from Sanofi-Aventis' original offer in July.

The Dow Jones industrial average fell 78.41, or 0.7 percent, to close at 10,751.27

The Standard & Poor's 500 index fell 9.21, or 0.8 percent, to 1,137.03. The Nasdaq composite index fell 26.23, or 1.1 percent, to 2,344.52.

The S&P 500 again came within two points of hitting 1,150. The index has come that close or crossed 1,150 each of the past seven days during trading. However, it has been unable to close above the key level during that stretch.

Mike Shea, managing partner at Direct Access Partners LLC, said optimistic profit outlooks from companies as they report earnings in the next few weeks would "absolutely get us through 1,150."

Factory orders fell 0.5 percent in August, slightly worse than the 0.4 percent drop predicted by economists polled by Thomson Reuters. But the drop was largely due to a steep falloff in commercial aircraft orders. Excluding transportation, orders rose 0.9 percent.

The number of buyers that signed contracts to purchase homes rose more than expected in August. The National Association of Realtors pending home sales index rose 4.3 percent, slightly better than the 2.5 percent jump economists predicted.

The housing market remains weak after a home buyer tax credit expired at the end of April. The pending home sales index is 20 percent below where it was just a year ago.

The week's blitz of economic reports and the start of earnings season should provide insight into the economy and help give the market direction. With unemployment still at 9.6 percent, traders will be most closely watching Friday's monthly jobs report.

Sanofi-Aventis shares fell 25 cents to $32.87. Genzyme shares rose 13 cents to $71.01. American Express fell $2.73 to $39.05.

Cautious investors continued to pour money into bonds, sending Treasury prices higher and their yields lower. The yield on the 10-year Treasury note, which helps set interest rates on loans, fell to 2.48 percent from 2.51 percent late Friday.

About three stocks fell for every one that rose on the New York Stock Exchange where consolidated volume came to 3.7 billion shares.

 

[Dome]

It's still a mess out there. So many unemployed in the US ~ blood on the streets. I'm here I know what's happening out there.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks surged to their highest level in five months Tuesday after a report that activity in U.S. services companies powered ahead in September, a hopeful sign for the economy's largest sector and the country's main source of employment.

A surprise move by the Bank of Japan to cut its key interest rate to virtually zero also lifted stocks worldwide. The dollar fell as investors shed defensive assets, and a gauge of U.S. stock market volatility fell.

The Institute for Supply Management reported that the U.S. services industry grew slightly faster in September as demand from customers improved. It was the ninth-straight month of expansion in services, which have been growing at a slower pace in the U.S. relative to the much smaller manufacturing sector.

The NYSE DOW closed HIGHER +193.45 points +1.80% on Tuesday October 5
Sym. Last......... .......Change..........
Dow 10,944.72 +193.45 +1.80%
Nasdaq 2,399.83 +55.31 +2.36%
S&P 500 1,160.75 +23.72 +2.09%
30-yr Bond 3.7310% +0.2100

NYSE Volume 4,934,742,000 (prior day 3,810,693,500)
Nasdaq Volume 2,234,237,500 (prior day 1,925,765,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,635.76 +79.79 +1.44%
DAX 6,215.83 +81.62 +1.33%
CAC 40 3,731.93 +82.12 +2.25%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,518.76 +137.70 +1.47%
Hang Seng 22,639.14 +20.48 +0.09%
Straits Times 3,162.36 +4.91 +0.16%
http://finance.yahoo.com/news/Gain-...tml?x=0&sec=topStories&pos=main&asset=&ccode=

Gain in services powers stocks; Dow up nearly 200

Stocks surge to highest level in 5 months after services sector revs up in September

Seth Sutel, AP Business Writer, On Tuesday October 5, 2010, 4:33 pm

NEW YORK (AP) -- Stocks surged to their highest level in five months Tuesday after a report that activity in U.S. services companies powered ahead in September, a hopeful sign for the economy's largest sector and the country's main source of employment.

A surprise move by the Bank of Japan to cut its key interest rate to virtually zero also lifted stocks worldwide. The dollar fell as investors shed defensive assets, and a gauge of U.S. stock market volatility fell.

The Institute for Supply Management reported that the U.S. services industry grew slightly faster in September as demand from customers improved. It was the ninth-straight month of expansion in services, which have been growing at a slower pace in the U.S. relative to the much smaller manufacturing sector.

Traders are also hoping to get more positive news from the beginning of corporate earnings reports this week and from another key economic indicator, the Labor Department's monthly jobs survey on Friday. PepsiCo Inc. and Alcoa Inc. report results on Thursday.

In corporate news, Mexican broadcaster Grupo Televisa said it would invest $1.2 billion in Univision Communications, expanding a license deal between the Spanish-language media heavyweights. Televisa's U.S. shares rose 9.8 percent.

The Dow Jones industrial average rose 193.45 points, or 1.8 percent, to close at 10,944.72. All but one of the 30 companies that make up the average rose, led by Boeing Co. and Bank of America Corp. American Express Co. fell again, a day after the company said it would fight an antitrust lawsuit, even after Visa and MasterCard settled similar suits.

The Standard & Poor's 500 index rose 23.72, or 2.1 percent, to 1,160.75. The index broke through 1,150, a level it hadn't traded above since mid-May, and kept on going.

Robert Pavlik, chief market strategist at Banyan Partners LLC in New York, cited another factor in today's upward swing: Even when stocks have fallen lately, the S&P 500 has managed to stay above 1,130, a key technical barrier that it had broken through on Sept. 20. He said that has given jittery investors confidence to buy.

"A lot folks who have cash on the sidelines are being drawn into the market because they don't want to be left behind," Pavlik says. "I think there's potential to get to 1,200 by the end of the year."

The Nasdaq composite index rose 55.31, or 2.4 percent, to 2,399.83.

Other market indicators also suggested growing confidence among investors. An index measuring the dollar against six major currencies fell 0.7 percent, the CBOE Market Volatility Index fell 7.2 percent to its lowest level since Sept. 24, and crude oil rose $1.35 to settle at $82.82 a barrel.

In a surprise move, Japan's central bank cut its key interest rate target to a range of zero to 0.1 percent, and is looking to buy government bonds in an effort to boost the faltering Japanese economy. Japan has been struggling with a strong currency and falling prices, and authorities there intervened in currency markets last month to weaken the yen, but the impact was short-lived.

Investors are also hoping for more action from the Federal Reserve to boost the U.S. economy, and got more encouragement from remarks by Fed Chairman Ben Bernanke late Monday. Bernanke said the economy could be helped by another round of asset purchases by the central bank, and hopes are building that the Fed could announce new measures at its next meeting Nov. 2 and 3.

Stocks were also trading higher in Europe. Britain's FTSE 100 rose 1.4 percent, Germany's DAX index rose 1.3 percent, and France's CAC-40 rose 2.3 percent. Hong Kong's Hang Seng index rose 0.1 percent.

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

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average rose 22.93, or 0.2 percent, to close at 10,967.65.

Broader indexes fell. The Standard & Poor's 500 fell 0.78, or 0.1 percent, to 1,159.97, while the Nasdaq composite index fell 19.17, or 0.8 percent, to 2,380.66.

Falling stocks narrowly outpaced rising ones on the New York Stock Exchange, where volume came to 980 million shares.

Stocks closed mostly lower Wednesday after a disappointing report on the jobs market renewed concern about the economy. Treasury yields sank to new lows as investors sought safety and anticipated more stimulus measures from the Federal Reserve.

Payroll company ADP said private employers cut jobs in September for the first time in seven months. Investors are seeing a silver lining in the news, however, hoping that it could help push the Federal Reserve to take more action to get the U.S. economy going next month, including stepping up its purchases of bonds.

"It's just a matter of when and how much," Christian Hviid, chief market strategist at Genworth Financial Asset Management, said of the Fed's likely plans to buy bonds. "The motivation is to keep (interest) rates low."

Gold reached another high and the dollar slumped further against other currencies on anticipation that U.S. interest rates could head even lower if the Fed moves aggressively to buy bonds and take other measures to encourage borrowing.

The NYSE DOW closed HIGHER +22.93 points +0.21% on Wednesday October 6
Sym. Last......... .......Change..........
Dow 10,967.65 +22.93 +0.21%
Nasdaq 2,380.66 -19.17 -0.80%
S&P 500 1,159.97 -0.78 -0.07%
30-yr Bond 3.6650% -0.6600

NYSE Volume 4,238,371,000 (prior day 4,934,742,000)
Nasdaq Volume 2,133,545,500 (prior day 2,234,237,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,681.39 +45.63 +0.81%
DAX 6,270.73 +54.90 +0.88%
CAC 40 3,764.91 +32.98 +0.88%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,691.43 +172.67 +1.81%
Hang Seng 22,880.41 +241.27 +1.07%
Straits Times 3,190.07 +27.71 +0.88%

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

Stocks dip, Treasury yields drop after jobs data

Stocks edge lower, investors opt for Treasurys after disappointing jobs report from ADP

Stephen Bernard, AP Business Writer, On Wednesday October 6, 2010, 5:06 pm EDT

NEW YORK (AP) -- Stocks closed mostly lower Wednesday after a disappointing report on the jobs market renewed concern about the economy. Treasury yields sank to new lows as investors sought safety and anticipated more stimulus measures from the Federal Reserve.

Payroll company ADP said private employers cut jobs in September for the first time in seven months. Investors are seeing a silver lining in the news, however, hoping that it could help push the Federal Reserve to take more action to get the U.S. economy going next month, including stepping up its purchases of bonds.

"It's just a matter of when and how much," Christian Hviid, chief market strategist at Genworth Financial Asset Management, said of the Fed's likely plans to buy bonds. "The motivation is to keep (interest) rates low."

Gold reached another high and the dollar slumped further against other currencies on anticipation that U.S. interest rates could head even lower if the Fed moves aggressively to buy bonds and take other measures to encourage borrowing.

The Dow Jones industrial average rose 23 points, closing at its highest level since early May, but broader indexes dropped and falling stocks outpaced those that climbed. The yield on the two-year Treasury note touched a record low 0.38 percent, and the yield on the 10-year note fell to 2.39 percent. The 10-year yield touched its lowest level since January 2009 when the country was mired in a recession.

More weak economic data in the coming weeks, including any disappointment from Friday's key Labor Department report on employment, could provide further incentive for Fed action.

The Dow Jones industrial average rose 22.93, or 0.2 percent, to close at 10,967.65.

Broader indexes fell. The Standard & Poor's 500 fell 0.78, or 0.1 percent, to 1,159.97, while the Nasdaq composite index fell 19.17, or 0.8 percent, to 2,380.66.

Falling stocks narrowly outpaced rising ones on the New York Stock Exchange, where volume came to 980 million shares.

In corporate news, Johnson & Johnson agreed to buy Dutch biotechnology company Crucell NV for about $2.41 billion. Johnson & Johnson first announced it was planning an offer last month. Johnson & Johnson shares rose 41 cents to $63.21.

In currency trading, the euro moved above $1.39 for the first time since February, while the yen struck a 15-year high as investors anticipate more action from the Fed to lower U.S. interest rates.

The poor showing on the ADP jobs report suggest that the much broader Labor Department jobs survey on Friday "probably won't improve at all," said Mark Luschini, chief market strategist at Janney Montgomery Scott.

A bad jobs report from the government Friday would "increase odds the Fed is more forthcoming and aggressive" in trying to stimulate the economy, he said.

Japan announced similar bond-buying measures Tuesday when it also cut a key interest rate to near zero. The U.S. central bank long ago set interest rates at near zero, leaving it few other options but to buy Treasurys to further drive interest rates lower. If the Fed continues to push interest rates down it could make investing in stocks and other kinds of riskier assets more appealing by comparison.

Private hiring has been slow to pick up as the economy remains sluggish. ADP said private employers cut 39,000 jobs last month.

The ADP report usually comes in below the government's measure of total private payrolls. So far this year, the average difference has been about 75,000. That means Friday's report could show a net increase in private hiring. But the ADP figure does suggest that current forecasts for a gain of about 75,000 private sector jobs could be too high.

Gold prices touched another record high as investors shied away from the dollar, whose value is hurt if the Fed buys more bonds. Gold rose as high as $1,351.00 an ounce before pulling back to settle at $1,347.70, up $7.40 on the day.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks edged lower Thursday, backing away from early gains, as uncertainty built up ahead of a key report on the labor market.

The Dow Jones industrial average came within two points of 11,000 before turning lower for most of the day. The Dow hasn't traded above that level since May 4, about a week after reaching its highest point of the year.

Slightly better news on claims for unemployment insurance gave stocks an early lift, but the gains faded quickly as traders opted for caution ahead of Friday's employment report from the Labor Department, the most crucial piece of news on the economic calendar.

Stocks are coming off a historically strong performance in September, and analysts say the market will need significant doses of positive news on the economy, corporate earnings or, preferably, both before heading decisively higher again. The Dow Jones industrial average gained 10.4 percent in September, but is still 2.1 percent below its 2010 high reached on April 26.

The NYSE DOW closed LOWER -19.07 points -0.17% on Thursday October 7
Sym. Last......... .......Change..........
Dow 10,948.58 -19.07 -0.17%
Nasdaq 2,383.67 +3.01 +0.13%
S&P 500 1,158.06 -1.91 -0.16%
30-yr Bond 0.3727% 0.0000

NYSE Volume 4,123,925,000 (prior day 4,238,371,000)
Nasdaq Volume 1,864,847,380 (prior day 2,133,545,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,662.13 -19.26 -0.34%
DAX 6,276.25 +5.52 +0.09%
CAC 40 3,770.47 +5.56 +0.15%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,684.81 -6.62 -0.07%
Hang Seng 22,884.32 +3.91 +0.02%
Straits Times 3,166.65 -23.42 -0.73%

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

Stocks dip ahead of jobs news, pull back from 11K

Stocks drop as uncertainty over monthly employment report offsets upbeat weekly data on jobs

Stephen Bernard, AP Business Writer, On Thursday October 7, 2010, 5:48 pm

NEW YORK (AP) -- Stocks edged lower Thursday, backing away from early gains, as uncertainty built up ahead of a key report on the labor market.

The Dow Jones industrial average came within two points of 11,000 before turning lower for most of the day. The Dow hasn't traded above that level since May 4, about a week after reaching its highest point of the year.

Slightly better news on claims for unemployment insurance gave stocks an early lift, but the gains faded quickly as traders opted for caution ahead of Friday's employment report from the Labor Department, the most crucial piece of news on the economic calendar.

Stocks are coming off a historically strong performance in September, and analysts say the market will need significant doses of positive news on the economy, corporate earnings or, preferably, both before heading decisively higher again. The Dow Jones industrial average gained 10.4 percent in September, but is still 2.1 percent below its 2010 high reached on April 26.

In economic news, first-time claims for unemployment insurance fell last week, a better result than analysts were expecting. Retailers including Macy's Inc., Abercrombie & Fitch and Limited Brands Inc. reported better-than-expected monthly sales, which initially provided a lift to the market.

The retail-sales news was positive, but "there's not enough to move the needle given that we've got the big jobs report" Friday, said Hank Smith, chief investment officer at Haverford Investments.

The Dow Jones industrial average fell 19.07, or 0.2 percent, to close at 10,948.58. The Standard & Poor's 500 index fell 1.91, or 0.2 percent, to 1,158.06, while the Nasdaq composite rose 3.01, or 0.1 percent, to 2,383.67.

Falling stocks narrowly outpaced rising ones on the New York Stock Exchange, where consolidated volume came to 3.9 billion shares.

There is a wide range of expectations for how Friday's jobs report might turn out, said Ed Crotty, chief investor officer at Davidson Investment Advisors. Even upbeat results might not be enough to drive stocks significantly higher.

"If the number is good, there will be skepticism it's not sustainable," Crotty said.

Claims for unemployment insurance have been falling steadily in recent weeks, but still indicate that employers aren't ramping up hiring. Payroll company ADP said Wednesday that private employers trimmed jobs in September for the first time in seven months.

Earnings reporting season got under way for U.S. companies after the market closed Thursday when aluminum maker Alcoa Inc. became the first company that's part of the Dow Jones industrial average to report quarterly results. Alcoa's net income fell 21 percent because of lower metals prices, but the results still beat analysts' expectations.

PepsiCo Inc. reported mixed results earlier in the day. The drink and snack maker said its third-quarter profit jumped in part on revenue gains following its acquisition of its two largest bottlers earlier this year. Earnings matched expectations, but the company narrowed its earnings outlook to a level below analysts' forecasts.

PepsiCo fell $2.01, or 3 percent, to $66.10. Limited Brands shares rose $1.05, or 3.8 percent, to $28.64, while Abercrombie & Fitch jumped $3.44, or 8.9 percent, to $42.03. Macy's rose 15 cents to $23.85.

Bond yields remained near their lowest levels since January 2009 as traders expect the Federal Reserve to step up its purchases of Treasurys in order lower interest rates and encourage borrowing.

Cliff Draughn, president and chief investment officer at Excelsia Investment Advisors, said the Fed could act as early as its next meeting that wraps up Nov. 3. The timing of the Fed re-entering the Treasury market hinges on how the investors react to election results Nov 2.

The yield on the 10-year Treasury note, which moves opposite its price, was unchanged at 2.39 percent compared with late Wednesday. Its yield helps set interest rates on a variety of loans including mortgages.

Mortgage buyer Freddie Mac said rates on traditional 30-year fixed-rate mortgages reached their lowest level on records dating back to 1971.

The dollar continued to fall against other major currencies as traders expect U.S. interest rates to fall further. Currencies with higher interest rates become more attractive to foreign exchange traders when U.S. rates fall.

Gold, which is considered a safe alternative to the dollar, hit another record of $1,366.00 an ounce early Thursday before pulling back to $1,335.00 an ounce.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow rose 57.90, or 0.5 percent, at 11,006.48. The Dow first crossed 11,000 in May of 1999, and reached its highest close of all time on Oct. 9, 2007, when it finished at 14,164.53.

The Dow is up five of the past six weeks, and 5.5 percent for the year.

The Standard & Poor's 500 index gained 7.09, or 0.6 percent, to 1,165.15, and the Nasdaq composite index gained 18.24, or 0.8 percent, to 2,401.91.

The Dow Jones industrial average closed above 11,000 for the first time in five months Friday as hopes built that the Federal Reserve will take more action to get the economy going again.

The milestone, which effectively erases the effects of a long summer slump for stocks, comes one day before the three-year anniversary of the market's all-time high. The Dow is still 22.3 percent below that level.

The last time the Dow closed above 11,000 was May 3, just three days prior to a harrowing "flash crash" that briefly sent stocks plummeting. The Dow had reached its highest level of the year just a week before.

A weaker jobs report added to a series of tepid economic indicators in recent weeks that have built expectations that the Fed will announce new steps to encourage borrowing when it meets in early November.

The NYSE DOW closed HIGHER +57.90 points +0.53% on Friday October 8
Sym. Last......... .......Change..........
Dow 11,006.48 +57.90 +0.53%
Nasdaq 2,401.91 +18.24 +0.77%
S&P 500 1,165.15 +7.09 +0.61%
30-yr Bond 0.3727% -3.3403

NYSE Volume 4,088,665,750 (prior day 4,123,925,000)
Nasdaq Volume 2,019,331,880 (prior day 1,864,847,380)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,657.61 -4.52 -0.08%
DAX 6,291.67 +15.42 +0.25%
CAC 40 3,763.18 -1.73 -0.05%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,588.88 -95.93 -0.99%
Hang Seng 22,944.18 +59.86 +0.26%
Straits Times 3,153.34 -13.31 -0.42%

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

Dow closes above 11,000 for first time since May

Hopes for Fed action on economy send Dow Jones industrials above 11K for first time since May

Stephen Bernard, AP Business Writer, On Friday October 8, 2010, 5:54 pm

NEW YORK (AP) -- The Dow Jones industrial average closed above 11,000 for the first time in five months Friday as hopes built that the Federal Reserve will take more action to get the economy going again.

The milestone, which effectively erases the effects of a long summer slump for stocks, comes one day before the three-year anniversary of the market's all-time high. The Dow is still 22.3 percent below that level.

The last time the Dow closed above 11,000 was May 3, just three days prior to a harrowing "flash crash" that briefly sent stocks plummeting. The Dow had reached its highest level of the year just a week before.

A weaker jobs report added to a series of tepid economic indicators in recent weeks that have built expectations that the Fed will announce new steps to encourage borrowing when it meets in early November.

Private employers added 64,000 workers last month, short of the 75,000 economists expected, according to a monthly government report released early Friday. Overall, 95,000 jobs were slashed as governments laid off workers, including temporary census employees. The unemployment rate held steady at 9.6 percent.

Jason Pride, director of investment strategy at wealth management firm Glenmede, said that the weak report gives the Fed "the window of opportunity to take action."

The Fed's goal, if it starts buying bonds again, would be to drive interest rates down further from their already low levels and spark borrowing and spending. Lower rates could also eventually drive investors into riskier assets like stocks or into currencies in countries with more attractive interest rates.

Alcoa Inc. was the biggest gainer among the 30 stocks that make up the Dow Jones industrial average after reporting earnings that beat expectations late Thursday. Shares of the aluminum maker rose 5.7 percent to close at $12.89 after the company raised its forecast for global aluminum consumption.

Alcoa is traditionally the first of the Dow 30 to report earnings and is often seen as a bellwether for industrial companies. Other materials companies such as Freeport-McMoRan Copper & Gold Inc. and Dow Chemical Co. also rose.

The Dow rose 57.90, or 0.5 percent, at 11,006.48. The Dow first crossed 11,000 in May of 1999, and reached its highest close of all time on Oct. 9, 2007, when it finished at 14,164.53.

The Dow is up five of the past six weeks, and 5.5 percent for the year.

The Standard & Poor's 500 index gained 7.09, or 0.6 percent, to 1,165.15, and the Nasdaq composite index gained 18.24, or 0.8 percent, to 2,401.91.

Employers have not started hiring a lot of workers because of worries about potential tax hikes and unknown costs associated with health care and financial regulatory reform passed earlier this year. Consumers have also kept their spending down, which has kept a lid on hiring.

Earnings are likely to become more of a factor in the market's direction in the coming weeks as hundreds of companies report results.

Carole Peck, president and founder of Carole Peck Financial Center, said "if we see positive earnings, and projections for the fourth quarter are fairly decent, that should play positively."

Strong earnings results and upbeat corporate outlooks drove the Dow up 7.1 percent in July.

About three stocks rose for every two that fell on the New York Stock Exchange, where volume came to 945 million shares.

2197

 

[bigdog]

Source: http://finance.yahoo.com

Stocks struggled to a mixed finish on Monday, just days after the Dow Jones industrial average rose above 11,000 for the first time since early May.

Trading was muted with no major economic or earnings reports out. Investors were looking ahead to more corporate earnings this week. The Dow was stuck in a 35-point range throughout the day.

Bond trading was closed for Columbus Day.

Investors have been betting that the Federal Reserve will act in the coming weeks to stimulate the economy and drive interest rates lower. Hopes have been building that the Fed could announce an expansion of its bond-buying program as soon as its next meeting Nov. 2-3.

The NYSE DOW closed HIGHER +3.86 points +0.04% on Monday October 11
Sym. Last......... .......Change..........
Dow 11,010.34 +3.86 +0.04%
Nasdaq 2,402.33 +0.42 +0.02%
S&P 500 1,165.32 +0.17 +0.01%
30-yr Bond 0.3727% Bond trading was closed for Columbus Day.

NYSE Volume 3,214,776,250 (prior day 4,088,665,750)
Nasdaq Volume 1,551,447,880 (prior day 2,019,331,880)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,672.40 +14.79 +0.26%
DAX 6,309.51 +17.84 +0.28%
CAC 40 3,768.49 +5.31 +0.14%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,588.88 closed for holiday
Hang Seng 23,207.31 +263.13 +1.15%
Straits Times 3,163.41 +10.07 +0.32%

http://finance.yahoo.com/news/Stock...6.html?x=0&sec=topStories&pos=8&asset=&ccode=

Stocks end flat at the start of busy earnings week

Stocks struggle to end with meager gains ahead of earnings and economic reports later in week

Stephen Bernard, AP Business Writer, On Monday October 11, 2010, 4:29 pm

NEW YORK (AP) -- Stocks struggled to a mixed finish on Monday, just days after the Dow Jones industrial average rose above 11,000 for the first time since early May.

Trading was muted with no major economic or earnings reports out. Investors were looking ahead to more corporate earnings this week. The Dow was stuck in a 35-point range throughout the day.

Bond trading was closed for Columbus Day.

Investors have been betting that the Federal Reserve will act in the coming weeks to stimulate the economy and drive interest rates lower. Hopes have been building that the Fed could announce an expansion of its bond-buying program as soon as its next meeting Nov. 2-3. The bond market was closed Monday for the Columbus Day holiday.

Tom Samuels, managing partner at Palantir Capital Management, said the stock market has even been reacting to disappointing reports in recent days because that adds to the expectations the Fed will act soon.

"The market is trying to convince itself that good news is good news and bad news is good news," Samuels said. The Dow has risen five of the past six weeks and is now less than 2 percent from its highest level of the year, which it touched in late April.

Interest rates have also been plummeting in anticipation of the Fed's move, and those lower rates make stocks more attractive.

"The 10-year rate is going to make stocks look cheaper and cheaper compared to bonds," said Bob Phillips, managing partner at Spectrum Management Group. The yield on the 10-year Treasury note is often used to set interest rates on loans. It was at 2.39 percent Friday, near its lowest level since January 2009.

Traders will get key economic reports at the end of the week, including data on inflation, retail sales and consumer sentiment, that could influence trading. The Fed has said part of the reason it might buy bonds is to get inflation more in line with historical levels.

In corporate news, shares of Gymboree Corp. jumped 22.6 percent after Bain Capital agreed to buy the children's clothing retailer for $1.8 billion.

Earnings season also picks up this week with industry bellwethers Intel Corp., JPMorgan Chase & Co. and General Electric Co. releasing quarterly results.

Channing Smith, portfolio manager at Capital Advisors Growth Fund, said that earnings could take a backseat to the Fed.

"The market is so focused on the Fed stepping in," Smith said. "There will be some interest on revenue growth. (Corporate outlooks) will be important. But the Fed trumps that."

The Dow Jones industrial average gained 3.63, or 0.03 percent, to close at 11,010.11.

The Standard & Poor's 500 index rose 0.15 to 1,165.30, while the Nasdaq composite index rose 0.42, or 0.02 percent, to 2,402.33.

Rising stocks narrowly outpaced declining ones on the New York Stock Exchange, where volume came to 825 million shares.

The dollar rose Monday against the euro and Japan's yen. It had been falling consistently in recent weeks against those two currencies. Lower interest rates on American bonds would make it less attractive for foreign investors to hold the dollar. A weekend meeting of the International Monetary Fund and Group of 20 finance ministers did not yield any new agreements over the recent currency moves.

 

[bigdog]

Source: http://finance.yahoo.com

Traders pushed shares higher Tuesday after minutes from the latest Federal Reserve meeting kept hope alive that the central bank would take more action to stimulate the economy.

The Fed had said after its Sept. 21 meeting that it was concerned that inflation was too low, and suggested it could step up its purchases of government bonds and take other action to encourage lending.

Minutes from the September meeting, released Tuesday afternoon, indicated that Fed Chairman Ben Bernanke and his colleagues were nearing a consensus on what steps to take. Traders are hoping for more concrete news from the Fed following its next meeting in early November.

The dollar fell against other currencies after the Fed minutes came out as traders anticipated another reduction in U.S. interest rates.

The NYSE DOW closed HIGHER +10.06 points +0.09% on Tuesday October 12
Sym. Last......... .......Change..........
Dow 11,020.40 +10.06 +0.09%
Nasdaq 2,417.92 +15.59 +0.65%
S&P 500 1,169.77 +4.45 +0.38%
30-yr Bond 3.7940% +0.4800

NYSE Volume 4,233,061,500 (prior day 3,214,776,250)
Nasdaq Volume 1,984,735,250 (prior day 1,551,447,880)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,661.59 -10.81 -0.19%
DAX 6,304.57 -4.94 -0.08%
CAC 40 3,748.86 -19.63 -0.52%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,388.64 -200.24 -2.09%
Hang Seng 23,121.70 -85.61 -0.37%
Straits Times 3,149.36 -14.05 -0.44%

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

Stocks end higher after release of Fed minutes

Indexes recoup losses, led by banks and tech, after Fed minutes hint at stimulus action

Stephen Bernard, AP Business Writer, On Tuesday October 12, 2010, 4:50 pm

NEW YORK (AP) -- Traders pushed shares higher Tuesday after minutes from the latest Federal Reserve meeting kept hope alive that the central bank would take more action to stimulate the economy.

The Fed had said after its Sept. 21 meeting that it was concerned that inflation was too low, and suggested it could step up its purchases of government bonds and take other action to encourage lending.

Minutes from the September meeting, released Tuesday afternoon, indicated that Fed Chairman Ben Bernanke and his colleagues were nearing a consensus on what steps to take. Traders are hoping for more concrete news from the Fed following its next meeting in early November.

The dollar fell against other currencies after the Fed minutes came out as traders anticipated another reduction in U.S. interest rates.

Stocks turned higher in the afternoon, led by financial stocks. Technology stocks edged slightly higher, led by Citrix Systems, Inc. and Apple Inc.

The tech-heavy Nasdaq composite index rose 15.59, or .6 percent, to 2,417.92, while the Dow Jones industrial average rose 10.06 points, or .09 percent, to 11,020.40.

Google shares rose by $2.55 to $541.39 after the company said it would invest in wind farms off the East coast. Apple hit a new record, approaching $300 for the first time, after Wal-Mart Stores Inc. said its stores will start carrying the popular iPad.

In other corporate news, shares of King Pharmaceuticals Inc. surged after Pfizer Inc. agreed to buy the drugmaker for $3.6 billion in cash. Traders sold shares of CSX Corp. before the company reports results after the market close.

The Standard & Poor's 500 index rose 4.45, or 0.38 percent, to 1,169.77.

Shares of Intel Corp. rose 1.1 percent in after-hours trading after the chipmaker announced that it beat analysts estimates on earnings per share and total revenue in the third quarter.

CSX Corp., one of the largest railroad companies in the United States, also beat analyst estimates on both earnings and sales. Shares rose 2.4 percent in after-hours trading.

Treasury prices traded in a tight range. The yield on the 10-year Treasury note, which moves opposite to its price, was unchanged at 2.39 percent compared with late Friday. Bond markets were closed Monday for the Columbus Day holiday.

Stocks have rallied in recent weeks as traders bet the Fed will enact the bond-buying program as early as its next meeting, which ends Nov. 3. Buying bonds would drive interest rates and yields even lower, which makes stocks a more attractive investment.

Paul Brigandi, senior portfolio manager at Direxion Funds, said a pause in the market is normal because stocks have surged on expectations for Fed actions and upbeat earnings in the coming weeks. The Dow has risen 1.7 percent this month and is up about 10 percent since the beginning of September.

"A lot of the best-case scenarios are priced into the market right now," Brigandi said. Now investors want to pause and see if those scenarios play out, he said.

About four stocks rose for every three that fell on the New York Stock Exchange where volume came to 922 million shares.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow is up 2.9 percent in October, and closed Wednesday at its highest level since May 3. The Dow has been up for 22 of the 31 trading days since the end of August.

Better than expected earnings reports from three corporate bellwethers helped push stocks to their fourth day of gains on Monday, even though the companies themselves didn't get to enjoy the rally.

Intel Corp. and JP Morgan Chase & Co. both fell by more than a percent despite announcing double-digit gains in profits. Their earnings reports, however, contained nuggets of hopeful news on the direction of the broader economy.

JPMorgan's CEO Jamie Dimon predicted credit card defaults are likely to fall next quarter, which helped push shares of American Express up 1.9 percent and MasterCard up 3.9 percent. Intel predicted sales should remain consistent through the end of the year as customers switch from back-to-school shopping to the holiday season. That contributed to gains in Dell, which was up 1.5 percent for the day, and Microsoft, which was up 2 percent. CSX Corp, one of the country's largest railroad companies, saw a big jump in the shipment of cars and trucks.

The NYSE DOW closed HIGHER +75.68 points +0.69% on Wednesday October 13
Sym. Last......... .......Change..........
Dow 11,096.08 +75.68 +0.69%
Nasdaq 2,441.23 +23.31 +0.96%
S&P 500 1,178.10 +8.33 +0.71%
30-yr Bond 0.3727%

NYSE Volume 5,462,499,000 (prior day 4,233,061,500)
Nasdaq Volume 2,318,881,250 (prior day 1,984,735,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,747.35 +85.76 +1.51%
DAX 6,434.52 +129.95 +2.06%
CAC 40 3,828.34 +79.48 +2.12%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,403.51 +14.87 +0.16%
Hang Seng 23,457.69 +335.99 +1.45%
Straits Times 3,202.16 +52.80 +1.68%

http://finance.yahoo.com/news/Stocks-rise-on-upbeat-apf-553148630.html?x=0

Earnings reports push stocks higher, Dow up 76

Surging prices for metals, oil lift industrial shares; JPMorgan, Intel and CSX top forecasts

David K. Randall and Stephen Bernard, AP Business Writers, On Wednesday October 13, 2010, 5:47 pm

NEW YORK (AP) -- Better than expected earnings reports from three corporate bellwethers helped push stocks to their fourth day of gains on Monday, even though the companies themselves didn't get to enjoy the rally.

Intel Corp. and JP Morgan Chase & Co. both fell by more than a percent despite announcing double-digit gains in profits. Their earnings reports, however, contained nuggets of hopeful news on the direction of the broader economy.

JPMorgan's CEO Jamie Dimon predicted credit card defaults are likely to fall next quarter, which helped push shares of American Express up 1.9 percent and MasterCard up 3.9 percent. Intel predicted sales should remain consistent through the end of the year as customers switch from back-to-school shopping to the holiday season. That contributed to gains in Dell, which was up 1.5 percent for the day, and Microsoft, which was up 2 percent. CSX Corp, one of the country's largest railroad companies, saw a big jump in the shipment of cars and trucks.

"They were assuring," Andrew Ross, partner at First New York Securities, said of the earnings reports. "But they weren't inspiring, or disrupting."

One reason that the shares in the companies that announced earnings didn't jump was that some traders were expecting even higher gains. "With Intel especially, there were whisper expectations that were much higher than what the analysts had printed, and that helped push the stock up beyond estimates," said Jay Leupp, the president of Grubb & Ellis AGA mutual funds.

Those results allowed the market to continue the upward trajectory it has taken in recent weeks, Ross said. The Dow is up 2.9 percent in October, and closed Wednesday at its highest level since May 3. The Dow has been up for 22 of the 31 trading days since the end of August.

Commodities also jumped sharply. Gold touched another record and oil rose about 2 percent. Freeport-McMoRan Copper & Gold Inc. and Newmont Mining Corp. were among the biggest winners.

"In an improving (global) economy, everyone is going to consume more," said Christian Wagner, CEO of Longview Capital Management. "You need the basic materials."

Wagner said growth should remain strong in emerging markets, helping keep demand high for commodities like aluminum and other metals.

The Dow rose 75.68, or 0.7 percent, to 11,096.08. The broad Standard & Poor's 500 index rose 8.33, also 0.7 percent, to 1,178.10, while the Nasdaq composite index rose 23.31, or 1 percent, to 2,441.23.

Gold settled up $23.80 at $1,370.50 an ounce, the latest in a recent series of record highs. Benchmark crude oil rose $1.34 to $83.01 a barrel on the New York Mercantile Exchange.

Bond prices rose and interest rates rose slightly. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.42 percent from 2.43 percent late Tuesday.

Bond prices have been rising in recent weeks as expectations mount that the Federal Reserve will start buying Treasurys and take other measures to encourage lending. Minutes from the Fed's September meeting released Tuesday afternoon suggest that the central bank is nearing consensus on when and how to take more stimulus measures. Traders are hoping for more specific news after the Fed's meeting in early November.

In an odd twist, stocks have also benefited from the expected move by the Fed because they become more attractive investments over a longer period if bond yields continue to fall.

Freeport-McMoRan rose $3.95, or 4.15 percent, to $99.08, while Newmont jumped $1.18 to $63.18.

CSX shares jumped $2.40, or 4.2 percent, to $59.66.

JPMorgan Chase shares fell 56 cents to $39.84 and Intel slipped 53 cents to $19.24. Both rose earlier in the day.

Volume on the New York Stock Exchange came to 5.1 billion shares, with three stocks up for every one that fell.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed little changed Thursday on another disappointing jobs report and growing concern over an investigation of banks' foreclosure practices. But the market made up earlier losses as investors anticipated that the Federal Reserve will take steps soon to strengthen the economy.

Bank and other financial stocks were pummeled as more companies suspended foreclosures on homes while taking steps to confirm that they have fully complied with the law. Attorneys general in all the states are investigating whether lenders used flawed documents to foreclose on hundreds of thousands of loans.

Shares of Bank of America Corp., Wells Fargo & Co., Citigroup Inc. and JPMorgan Chase & Co. fell between 2 percent and 5 percent. By comparison, the Standard & Poor's 500 index fell less than 1 percent.

The NYSE DOW closed LOWER -1.51 points -0.01% on Thursday October 14
Sym. Last......... .......Change..........
Dow 11,094.57 -1.51 -0.01%
Nasdaq 2,435.38 -5.85 -0.24%
S&P 500 1,173.81 -4.29 -0.36%
30-yr Bond 3.8980% +0.7100

NYSE Volume 5,962,776,500 (prior day 5,462,499,000)
Nasdaq Volume 2,026,936,500 (prior day 2,318,881,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,727.21 -20.14 -0.35%
DAX 6,455.27 +20.75 +0.32%
CAC 40 3,819.17 -9.17 -0.24%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,583.51 +180.00 +1.91%
Hang Seng 23,852.17 +394.48 +1.68%
Straits Times 3,195.02 -7.14 -0.22%

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

Market rallies for a flat finish

Despite falling early, Dow stays flat on hopes for Fed assistance

David K. Randall, AP Business Writer, On Thursday October 14, 2010, 4:56 pm

NEW YORK (AP) -- Stocks closed little changed Thursday on another disappointing jobs report and growing concern over an investigation of banks' foreclosure practices. But the market made up earlier losses as investors anticipated that the Federal Reserve will take steps soon to strengthen the economy.

Bank and other financial stocks were pummeled as more companies suspended foreclosures on homes while taking steps to confirm that they have fully complied with the law. Attorneys general in all the states are investigating whether lenders used flawed documents to foreclose on hundreds of thousands of loans.

Shares of Bank of America Corp., Wells Fargo & Co., Citigroup Inc. and JPMorgan Chase & Co. fell between 2 percent and 5 percent. By comparison, the Standard & Poor's 500 index fell less than 1 percent.

The Dow Jones industrial average fell less than 2 points despite falling as much as 70 in the morning. In recent months, any indication that the job market is growing worse had led to large selloffs on Wall Street. However, those same reports have led to a strong consensus that the Fed will step in to prevent further economic decay.

Initial claims for unemployment aid rose by 13,000 to a seasonally adjusted 462,000, the Labor Department said Thursday. It was only the second rise in two months.

"Good news is good news and bad news is good news," said Sarah Hunt, a research analyst at Alpine Mutual Funds. The Fed's next meeting on its monetary policy ends Nov. 3 and it is widely expected the central bank will announce actions to stimulate the economy.

That expectation also helped push the dollar lower and gold higher. The Fed is expected to buy government bonds, which would drive interest rates down from already low levels. That would make gold and other currencies, where interest rates are higher, more attractive than the dollar.

Gold hit another record high. It touched a record of $1,388.10 an ounce before pulling back to $1,373.25. The dollar fell to a 15-year low against the yen and touched its lowest level against the euro since January.

"People are pretty focused on what the Fed is going to do," said Russell Croft, portfolio manager of the Croft Value Fund. Fed chairman Ben Bernanke is scheduled to give a speech Friday that could provide more details about how much money the central bank might pump into the economy.

The Dow ended the day down 1.51, or less than 0.01 percent, at 1,1094.57, while the Standard & Poor's 500 index fell 4.29, or 0.36 percent, to 1,173.81. The Nasdaq composite index fell 5.85, or 0.2 percent, to 2,435.38.

Inflation remains a concern at the Fed. At its meeting last month, the Fed hinted that future bond purchases would help get inflation back to more historically normal levels. The lower interest rates are also aimed at sparking new borrowing and spending by companies and consumers. More spending would drive prices for goods higher.

The Labor Department released its reading on inflation at the wholesale level for September. The government said core Producer Price Index, which is a measure of the cost of goods before they reach consumers excluding volatile energy and food costs, rose in line with analysts' expectations.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.46 percent from 2.42 percent late Wednesday. It has been falling regularly in recent weeks because the Fed will likely ramp up its purchase of the bonds to help the economy.

Bank of America fell 69 cents, or 5.1 percent, to $12.60, while JPMorgan Chase dropped $1.12, or 1.1 percent, to $38.72. Citigroup Inc. fell 19 cents, or 4.4 percent, to $4.06 and Wells Fargo & Co. dropped $1.09, or 4.2 percent, to $24.72.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow fell 31.79, or 0.3 percent, to 11,062.78. It had been up as much as 47 points shortly after the opening bell. It was up 0.5 percent for the week.

The Standard & Poor's 500 index rose 2.38, or 0.2 percent, to 1,176.19. It was up 1 percent for the week.

The Nasdaq jumped 33.39, or 1.4 percent, to 2,468.77. It was up 2.8 percent for the week.

Google's upbeat earnings report sent technology stocks higher Friday, while the rest of the stock market lagged on concerns about banks' foreclosure problems.

The tech-focused Nasdaq composite index rose more than 1 percent with a boost from Google Inc.'s 11 percent gain. While all three major market indexes rose for the week, the Nasdaq's 2.7 percent jump more than doubled the performance of other measures.

Stocks across the board initially rose after Federal Reserve Chairman Ben Bernanke reiterated that the central bank is ready to do more to stimulate the economy. Bernanke's comments were the latest confirmation the central bank is about to step up its purchase of Treasury bonds to spark growth.

The NYSE DOW closed LOWER -31.79 points -0.29% on Friday October 15
Sym. Last......... .......Change..........
Dow 11,062.78 -31.79 -0.29%
Nasdaq 2,468.77 +33.39 +1.37%
S&P 500 1,176.19 +2.38 +0.20%
30-yr Bond 0.3727% 0.0000

NYSE Volume 6,608,088,500 (prior day 5,962,776,500)
Nasdaq Volume 2,258,614,250 (prior day 2,026,936,500)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,703.37 -23.84 -0.42%
DAX 6,492.30 +37.03 +0.57%
CAC 40 3,827.37 +8.20 +0.21%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,500.25 -83.26 -0.87%
Hang Seng 23,757.63 -94.54 -0.40%
Straits Times 3,204.27 +9.25 +0.29%

http://finance.yahoo.com/news/Stocks-rise-as-Bernanke-apf-799017358.html?x=0

Dow falls, but Google helps Nasdaq

Stocks erase early morning gains as traders worry about banks, GE results disappoint

David K. Randall, AP Business Writer, On Friday October 15, 2010, 6:02 pm EDT

NEW YORK (AP) -- Google's upbeat earnings report sent technology stocks higher Friday, while the rest of the stock market lagged on concerns about banks' foreclosure problems.

The tech-focused Nasdaq composite index rose more than 1 percent with a boost from Google Inc.'s 11 percent gain. While all three major market indexes rose for the week, the Nasdaq's 2.7 percent jump more than doubled the performance of other measures.

Stocks across the board initially rose after Federal Reserve Chairman Ben Bernanke reiterated that the central bank is ready to do more to stimulate the economy. Bernanke's comments were the latest confirmation the central bank is about to step up its purchase of Treasury bonds to spark growth.

But that burst of optimism couldn't fully overcome worries about how banks like Bank of America Corp. and JPMorgan Chase & Co. handled the foreclosure process on mortgages. Both banks, along with General Electric Co., were the primary culprits in sending the Dow Jones industrial average down more than 30 points.

"The market is not going to continue to rally if financials accelerate to the downside," said Maier Tarlow, a managing director at Raven Securities. "It's a major roadblock."

A small drop in the University of Michigan/Reuters consumer sentiment survey countered reports of growth in retail sales and manufacturing activity in New York.

Economists polled by Thomson Reuters expected the preliminary reading on October consumer sentiment to rise slightly. Retail sales climbed in September by more than economists had forecast. Manufacturing activity in New York surged in October and pointed to continued expansion in the coming months.

The Dow fell 31.79, or 0.3 percent, to 11,062.78. It had been up as much as 47 points shortly after the opening bell. It was up 0.5 percent for the week.

The Standard & Poor's 500 index rose 2.38, or 0.2 percent, to 1,176.19. It was up 1 percent for the week.

The Nasdaq jumped 33.39, or 1.4 percent, to 2,468.77. It was up 2.8 percent for the week. Tech stocks got a lift from Google's 32 percent jump in third-quarter earnings. The Internet search company's results were well above analyst's estimates. The company reported big gains in advertising revenue.

The Fed has hinted in recent weeks it would resume a program it ran during the recession to stimulate the economy. Bernanke's comments Friday were the most definitive proclamation yet that the Fed would act. However, he cautioned the central bank is still trying to figure out how big the bond purchase program should be.

Anthony Chan, chief economist at J.P.Morgan Private Wealth Management, said Bernanke successfully walked a fine line Friday between maintaining market enthusiasm over the expected program and avoiding upsetting other Fed board members who might have differing opinions.

The program would likely be aimed at driving interest rates down from already low levels in an effort to spark borrowing and spending by companies and consumers.

More spending, in turn, could lift corporate sales and lead to more jobs. High unemployment remains one of the biggest drags on the economy.

Stocks have been rallying in recent weeks in anticipation the Fed would announce a firm plan at its next meeting, which ends Nov. 3. Lower rates have helped stocks because it drives down yields on Treasury bonds. That makes stocks and other riskier investments like commodities more attractive.

"The Federal Reserve has basically put a floor in the market," said Kevin Mahn, chief investment officer at Hennion & Walsh Asset Management.

Any action by the Fed could have the dual effect of increasing inflation. Bernanke said inflation still remains too low by historical standards. If rates drop and borrowing and spending pick up, prices would rise.

The government said Friday that the consumer price index, a measure of inflation at the retail level, rose just 0.1 percent last month. Prices were flat excluding volatile food and energy costs.

Bond prices were trading in a tight range after Bernanke's speech. The yield on the 10-year Treasury note, which moves opposite its price, rose to 2.58 percent from 2.51 percent late Thursday. Its yield is helped to set interest rates on mortgages and other consumer loans.

Bank of America shares fell 62 cents, or 4.92 percent, to $11.98, while JPMorgan Chase dropped $1.57, or 4.1 percent, to $37.15. GE fell 86 cents, or 5 percent, to $16.30.

2652

 

[bigdog]

Source: http://finance.yahoo.com

Upbeat news for banks and homebuilders pushed the stock market broadly higher Monday, extending its gains for the month.

Better-than-expected results from Citigroup Inc. drove financial stocks up by more than 2 percent, halting a recent slide brought on by questions into how banks have handled foreclosures. The Dow Jones industrial average gained 81 points.

Citigroup said fewer of its customers defaulted on loans, an encouraging sign that borrowers may be returning to financial health. Citi's shares rose 5.6 percent, lifting shares of other banks along with it including Wells Fargo & Co. and JPMorgan Chase & Co. Bank shares had swooned last week as fallout spread from accusations that banks had improperly processed large amounts of foreclosures.

Investors will be turning their attention to corporate earnings this week as dozens of large companies report their results. Broad economic reports have been the main factor driving stock trading in recent months.

The NYSE DOW closed HIGHER +80.91 points +0.73% on Monday October 18
Sym. Last......... .......Change..........
Dow 11,143.69 +80.91 +0.73%
Nasdaq 2,480.66 +11.89 +0.48%
S&P 500 1,184.71 +8.52 +0.72%
30-yr Bond 0.3727% 0.0000

NYSE Volume 4,996,277,000 (prior day 6,608,088,500)
Nasdaq Volume 1,746,927,250 (prior day 2,258,614,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,742.52 +39.15 +0.69%
DAX 6,516.63 +24.33 +0.37%
CAC 40 3,834.50 +7.13 +0.19%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,498.49 -1.76 -0.02%
Hang Seng 23,469.38 -288.25 -1.21%
Straits Times 3,183.85 -20.42 -0.64%

http://finance.yahoo.com/news/Bank-stocks-push-market-apf-757600310.html?x=0

Bank stocks push market broadly higher; Dow up 81

Stocks climb after Citigroup's 3rd-quarter results give financial stocks a lift

David K. Randall, AP Business Writer, On Monday October 18, 2010, 4:24 pm

NEW YORK (AP) -- Upbeat news for banks and homebuilders pushed the stock market broadly higher Monday, extending its gains for the month.

Better-than-expected results from Citigroup Inc. drove financial stocks up by more than 2 percent, halting a recent slide brought on by questions into how banks have handled foreclosures. The Dow Jones industrial average gained 81 points.

Citigroup said fewer of its customers defaulted on loans, an encouraging sign that borrowers may be returning to financial health. Citi's shares rose 5.6 percent, lifting shares of other banks along with it including Wells Fargo & Co. and JPMorgan Chase & Co. Bank shares had swooned last week as fallout spread from accusations that banks had improperly processed large amounts of foreclosures.

Investors will be turning their attention to corporate earnings this week as dozens of large companies report their results. Broad economic reports have been the main factor driving stock trading in recent months.

"Earnings will be at the forefront," said Mike Schenk, vice president of economics and statistics at the Credit Union National Association. "Underlying that will be any information we get out of the consumer sector."

Schenk said that the health of the consumer will likely be more apparent in earnings outlooks from consumer goods companies and Thursday's weekly unemployment report.

Apple Inc.'s results will be seen as an indicator of how much appetite consumers have for new gadgets. The iPod and iPad have been popular this year even as shoppers cut back spending elsewhere.

The National Association of Home Builders reported that its housing market index, which measures builder confidence in the sales of new, single-family homes, rose by three points in October. It was the first time that the measure had risen since June, which came shortly after the end of a federal tax rebate for first-time homebuyers.

The stock market is up more than 3 percent this month, which is leading some investors to conclude that traders are buying on any sign of good news. "It seems like these days that every little bit of good information, no matter how materially irrelevant, is something that the market latches on to," said Peter Zunger, the manager of the Touchstone Mid-Cap Value fund.

The Dow Jones industrial average rose 80.91, or 0.73 percent, to 11,143.69.

The Standard & Poor's 500 index rose 8.52, or 0.72 percent, to 1,184.71, while the Nasdaq composite index rose 11.89, or 0.48 percent, to 2,480.66.

In other earnings reports, Halliburton Co.'s profit rose. But its revenue fell short of expectations, sending its shares lower. The oil services company has been hampered by a ban on drilling in the Gulf of Mexico.

IBM Corp. announces its results after the closing bell. IBM's earnings report will be studied for clues about whether companies are spending more to upgrade technology and computers. Signs that companies are ramping up technology spending would be a good indication that they expect business to pick up.

Citigroup rose 22 cents, or 5.6 percent, to $4.17. Wells Fargo rose $1.29, or 5.4 percent, to $24.87. JPMorgan rose $1.05, or 2.8 percent, to $38.20.

Apple rose $3.26 cents to $318.00. Apple shares surged above the $300 level for the first time last week and are up 12 percent for the month.

Halliburton shares fell $1.73, or 4.8 percent, to $34.09, while IBM rose $1.77 cents to $142.83.

Bond prices rose slightly. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.50 percent from 2.57 percent late Friday. Its yield is often used as a benchmark to set interest rates on mortgages and other loans.

 

[bigdog]

Source: http://finance.yahoo.com

A stronger dollar and a surprise interest rate hike in China that may slow that country's economy helped push stocks sharply lower Tuesday.

The Dow Jones industrial average fell below 11,000 for the first time in a little more than a week, reversing a streak that had pushed the index up nearly 7 percent for the year. It was the largest single-day drop in the market since early August.

Bank of America Corp.'s 4.4 percent drop was the largest fall in the Dow and came amid reports that a group of investors including BlackRock Inc. and Pacific Investment Management Co. are reportedly attempting to force the bank to repurchase mortgages put out by Countrywide Financial Corp., which Bank of America bought in 2008. BlackRock and Pimco declined to comment.

The broader stock market fell following an announcement that China, whose rapid growth has helped pull the global economy along, raised a key interest rate to fight inflation. That pushed the shares of U.S. companies down, many of which consider China an important market

The NYSE DOW closed LOWER -165.07 points -1.48% on Tuesday October 19
Sym. Last......... .......Change..........
Dow 10,978.62 -165.07 -1.48%
Nasdaq 2,436.95 -43.71 -1.76%
S&P 500 1,165.90 -18.81 -1.59%
30-yr Bond 0.3727% 0.0000

NYSE Volume 6,342,726,000 (prior day 4,996,277,000)
Nasdaq Volume 2,268,959,250 (prior day 1,746,927,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,703.89 -38.63 -0.67%
DAX 6,490.69 -25.94 -0.40%
CAC 40 3,807.17 -27.33 -0.71%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,539.45 +40.96 +0.43%
Hang Seng 23,763.73 +294.35 +1.25%
Straits Times 3,192.29 +11.02 +0.35%

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

Dow drops below 11,000 as dollar rebounds

Dow falls after China raises key interest rate; energy and materials sectors fall

David K. Randall, AP Business Writer, On Tuesday October 19, 2010, 5:56 pm

NEW YORK (AP) -- A stronger dollar and a surprise interest rate hike in China that may slow that country's economy helped push stocks sharply lower Tuesday.

The Dow Jones industrial average fell below 11,000 for the first time in a little more than a week, reversing a streak that had pushed the index up nearly 7 percent for the year. It was the largest single-day drop in the market since early August.

Bank of America Corp.'s 4.4 percent drop was the largest fall in the Dow and came amid reports that a group of investors including BlackRock Inc. and Pacific Investment Management Co. are reportedly attempting to force the bank to repurchase mortgages put out by Countrywide Financial Corp., which Bank of America bought in 2008. BlackRock and Pimco declined to comment.

The broader stock market fell following an announcement that China, whose rapid growth has helped pull the global economy along, raised a key interest rate to fight inflation. That pushed the shares of U.S. companies down, many of which consider China an important market.

The Dow Jones industrial average fell 165.07, or 1.5 percent, to 10,978.62. Standard & Poor's 500 index fell 18.81, or 1.6 percent, to 1,165.90, while the Nasdaq composite index fell 43.71, or 1.8 percent, to 2,436.95.

After the market closed, Yahoo! Inc. announced that its total revenue for the third quarter came to $1.6 billion, up less than 2 percent from the $1.58 billion it earned at the same time last year. After accounting for a one-time gain from the sale of its help-wanted site, the company earned 16 cents per share, which was one cent more than analysts were expecting. Shares of Yahoo were up 1 percent in after-market trading.

Earlier in the day, disappointing news from Apple Inc. and IBM Corp. helped send the technology-heavy Nasdaq down about 2 percent. Both companies beat earnings forecasts when they reported results late Monday, but each delivered news that investors didn't like. Apple Inc. didn't sell as many iPads as analysts had hoped and a measure of profitability was lower than expected. IBM Corp.'s outsourcing business didn't do as well analysts predicted.

Shares of Apple fell 2.6 percent, to $309.49. Apple's shares have gained 9.1 percent this quarter.

"On average, the earnings reports have beaten expectations, but now investors are asking, 'What's next?'," said Jonathan Satovsky, the head of Satovsky Asset Management. "Even Apple reduced guidance for the fourth quarter of the year."

The dollar rose 1.7 percent against a basket of currencies, while gold fell 2 percent.

The strengthening dollar led to a broad selloff of commodities. That dragged down stocks of companies in the energy and materials sectors of the Standard and Poor's 500, which were both down more than 2 percent.

"The dollar rebounded pretty significantly today and that's one of the primary drivers of the market," said John Pandtle, who is a co-manager of the Eagle Large Cap Value fund.

For weeks, traders have been anticipating that the Federal Reserve will expand a program to buy bonds in hopes of encouraging spending. That has led many investors to buy stocks despite questions about the strength of the economic recovery.

"We're seeing a mixed bag from earnings reports and housing numbers," said Doug Roberts, the chief investment strategist for Channel Capital Research, citing a recent report that showed a slight increase in homebuilder confidence. "If the Fed wasn't sitting there following through with liquidity, then we'd be in a very different situation."

Shares of Bank of America Corp. fell 54 cents, or 4.4 percent, after the company reported a loss because of a one-time charge tied to credit and debit card reform legislation passed this year. Goldman Sachs Group, Inc., which also reported results before the bell, earned $1.74 billion, or $2.98 a share, much higher than the $2.32 per share analysts predicted. Shares rose $3.02, or 1.9 percent.

Some traders may be taking earnings annoucements as an opportunity to sell and record gains. "We're seeing some profit-taking today after the tremendous September and first week of October that we've seen in the market," said Eric Marshall, the director of research at Hodges Capital.

Coca Cola Co., which reported earnings Tuesday, was one of only two stocks in the Dow with gains. The other was chipmaker Intel Corp.

Bond prices rose. The yield on the benchmark 10-year Treasury note fell to 2.48. It traded late Monday at 2.51 percent.

Consolidated trading volume on the New York Stock Exchange came to 5.5 billion shares. Five shares fell for every one that rose on the NYSE.

 

[bigdog]

Source: http://finance.yahoo.com

Market rebounds as dollar falls; Dow up 129

Strong results from Delta and Boeing help push stock market higher

A decline in the dollar helped fuel a market rebound on Wednesday that nearly erased a big-sell off the day before brought on by fears of a slowdown in China.

Stocks had fallen more than 1 percent Tuesday after a surprise interest rate increase in China, the first time the country had raised rates in nearly three years. That made some traders concerned that slower growth in China might put a drag on the global economy.

Some of those concerns were erased after the Shanghai Composite Index, China's main stock market benchmark, rose slightly in overnight trading. Those gains "helped create a more constructive tone for the trade this morning," said Nick Kalivas, an equity analyst for MF Global.

The NYSE DOW closed HIGHER +129.35 points +1.18% on Wednesday October 20
Sym. Last......... .......Change..........
Dow 11,107.97 +129.35 +1.18%
Nasdaq 2,457.39 +20.44 +0.84%
S&P 500 1,178.17 +12.27 +1.05%
30-yr Bond 0.3727% 0.0000

NYSE Volume 5,598,244,000 (prior day 6,342,726,000)
Nasdaq Volume 2,061,150,380 (prior day 2,268,959,250)

Europe
Symbol.... Last...... .....Change.......
FTSE 100 5,728.93 +25.04 +0.44%
DAX 6,524.55 +33.86 +0.52%
CAC 40 3,828.15 +20.98 +0.55%

Asia
Symbol...... Last...... .....Change.......
Nikkei 225 9,381.60 -157.85 -1.65%
Hang Seng 23,556.50 -207.23 -0.87%
Straits Times 3,179.15 -13.14 -0.41%

http://finance.yahoo.com/news/Market-rebounds-as-dollar-apf-2502719606.html?x=0

Market rebounds as dollar falls; Dow up 129

Strong results from Delta and Boeing help push stock market higher

David K. Randall, AP Business Writer, On Wednesday October 20, 2010, 5:26 pm

NEW YORK (AP) -- A decline in the dollar helped fuel a market rebound on Wednesday that nearly erased a big-sell off the day before brought on by fears of a slowdown in China.

Stocks had fallen more than 1 percent Tuesday after a surprise interest rate increase in China, the first time the country had raised rates in nearly three years. That made some traders concerned that slower growth in China might put a drag on the global economy.

Some of those concerns were erased after the Shanghai Composite Index, China's main stock market benchmark, rose slightly in overnight trading. Those gains "helped create a more constructive tone for the trade this morning," said Nick Kalivas, an equity analyst for MF Global.

The fact that China raised interest without leading to a drop in stock prices "was a sign of strength," said Sandy Mehta, the chief investment manager for Value Investment Principals, based in Hong Kong. "Raising rates show that they have confidence in their economy and it continues to grow strongly."

After the bell, West Coast technology companies Netflix Inc. and eBay Inc. reported stronger than expected revenues. Shares of both companies were up more than 6 percent in after-market trading. The strong results could help shift sentiment in favor of technology companies, which took a beating Tuesday after earnings from Apple Inc. and IBM Corp. didn't live up to investors' high expectations.

Every segment within the Standard and Poor index rose, led by a 1.9 percent jump in S&P's index of materials companies, a group that includes aluminum maker Alcoa Inc. and International Paper Co.

The dollar fell 1.2 percent against a broad basket of currencies as demand for safe-haven investments eased.

The Dow Jones industrial average rose 129.35, or 1.2 percent, to 11,107.97. The broader Standard and Poor's 500 index was up 12.27, or 1.1 percent, to 1,178.17, and the technology-focused Nasdaq composite index was up 20.44, or 0.8 percent, to 2,457.39.

A batch of positive corporate earnings reports from companies like Delta Air Lines Inc., American Airlines parent company AMR Corp. and Boeing Co. helped send the stock market broadly higher.

Delta rose 10.8 percent after the company announced a profit driven by a 19 percent jump in passenger revenue. That helped push shares of competitors like Jet Blue and Southwest Airlines up more than 4 percent.

Boeing rose 2.3 percent after the aircraft manufacturer raised its profit forecast for the year and said that it expects to sell more commercial airplanes. Boeing was the top performer among the 30 companies in the Dow, followed closely by Caterpillar Inc. Bank of America, General Electric Co. and Hewlett Packard Co. were the only companies within the Dow index to fall.

Financial companies within the Standard and Poor's index rose 1.1 percent as some traders saw the stocks as a bargain amid questions over how banks have been handling foreclosures. "People are taking advantage of an opportunity to buy on dips," said Bruce Simon, the chief investment officer at Ballentine Partners.

Investors continue to question what the impact will be over reports that the New York Federal Reserve will join institutional bond holders in an effort to force Bank of America Corp. to repurchase billions of dollars in mortgage bonds issued by Countrywide Financial, which BofA purchased in 2008. The North Carolina bank was down 5 cents, or 0.4 percent, to $11.75.

Before the market opened, San Francisco bank Wells Fargo & Co. announced that it beat profit forecasts but missed slightly on revenues, while Morgan Stanley reported a loss of 7 cents per share on special charges. Shares of Morgan Stanley fell 1 cent to $25.38.

Shares of Wells Fargo were up $1.05, or 4.3 percent, at $25.60. Earlier in the day, the stock had traded as low as $23.50.

Late in the afternoon, the Federal Reserve announced that 7 of the bank's 12 regions reported moderate improvements in business activity. Economic growth was slowing in the Dallas and Atlanta regions.

Bond prices traded in a tight range. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.48 percent from 2.46 percent late Tuesday.

Shares of Delta rose $1.27 to $12.97, while shares of Boeing rose $2.31 to $71.36. Jet Blue was up 44 cents to $6.95, and Southwest rose 47 cents to $13.16.

Trading on the floor of the New York Stock Exchange came to 1.1 billion shares. Three stocks rose for every one that fell.