NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

Stocks jump as worries over Ireland ease; GM pops

Stocks post big gains as hopes build for a resolution of Ireland's debt woes; GM bounds higher

Stocks bounded higher Thursday thanks to a jump in manufacturing activity and growing confidence that Ireland will resolve its debt crisis.

Most eyes were glued on General Motors, an American icon which re-emerged from bankruptcy in the second-largest initial public offering in history. Its shares, trading under the ticker GM, rose 3.6 percent to $34.19.

The Dow Jones industrial average rose 173.35, or 1.6 percent, to close at 11,181.23. The Standard and Poor's 500 index rose 18.10, or 1.5 percent, to 1,196.69. The technology-focused Nasdaq composite index rose 38.39, or 1.6 percent, to close at 2,514.40.

Stocks got a boost from a surprisingly strong reading on manufacturing from the Federal Reserve Bank of Philadelphia. The report said factory orders in the mid-Atlantic region expanded at the fastest rate since December.

The NYSE DOW closed HIGHER +173.35 point +1.57% on Thursday November 18
Sym. .........Last .......Change..........
Dow 11,181.23 +173.35 +1.57%
Nasdaq 2,514.40 +38.39 +1.55%
S&P 500 1,196.69 +18.10 +1.54%
30-yr Bond 4.2840% +0.0040

NYSE Volume 5,365,773,500 (prior day 4,462,970,500)
Nasdaq Volume 2,083,029,875 (prior day 1,836,517,625)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,768.71 +76.15 +1.34%
DAX 6,832.11 +132.04 +1.97%
CAC 40 3,867.97 +105.50 +2.80%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,722.80 +17.70 +0.38%
Shanghai Comp 2,865.45 +26.59 +0.94%
Taiwan We... 8,283.45 +27.91 +0.34%
Nikkei 225 10,013.63 +201.97 +2.06%
Hang Seng 23,637.39 +422.93 +1.82%
Straits Times 3,215.22 +3.12 +0.10%

http://sg.finance.yahoo.com/news/Stocks-jump-as-worries-over-apf-3217083080.html?x=0

Stocks jump as worries over Ireland ease; GM pops

Stocks post big gains as hopes build for a resolution of Ireland's debt woes; GM bounds higher

Stephen Bernard and David K. Randall, AP Business Writers, On Friday 19 November 2010, 5:59

NEW YORK (AP) -- Stocks bounded higher Thursday thanks to a jump in manufacturing activity and growing confidence that Ireland will resolve its debt crisis.

Most eyes were glued on General Motors, an American icon which re-emerged from bankruptcy in the second-largest initial public offering in history. Its shares, trading under the ticker GM, rose 3.6 percent to $34.19.

The Dow Jones industrial average rose 173.35, or 1.6 percent, to close at 11,181.23. The Standard and Poor's 500 index rose 18.10, or 1.5 percent, to 1,196.69. The technology-focused Nasdaq composite index rose 38.39, or 1.6 percent, to close at 2,514.40.

Stocks got a boost from a surprisingly strong reading on manufacturing from the Federal Reserve Bank of Philadelphia. The report said factory orders in the mid-Atlantic region expanded at the fastest rate since December.

All ten industry groups within the S&P index rose, with industrial and materials stocks posting the largest gains. Alcoa Inc. jumped 3.4 percent, while General Electric Co. rose 1.5 percent and Caterpillar Inc. rose 2.4 percent.

All 30 stocks that make up the Dow rose except for Intel Corp. which edged down 0.3 percent. Sears Holdings Corp. sank 3.8 percent after reporting that its loss nearly doubled in the third quarter on weak sales.

Shares jumped in Europe after Ireland moved closer to accepting financial assistance from the European Union. Ireland has nationalized three of its six local banks following a collapse of the country's real estate market.

If it accepts outside help, Ireland will become the second European country to need a bailout this year. Greece came close to fiscal collapse in May and had to be rescued by other European countries and the International Monetary Fund. Fears that Greece's fiscal morass would undermine the euro and lead to bailouts of other European countries brought stock prices down around the world in May and early June.

Ireland is also expected to accept a loan worth tens of billions of euros from Great Britain. While Britain isn't one of the 16 nations that uses the euro, its banks have large holdings of Irish government debt and would face major losses if the country defaulted.

The Euro Stoxx 50 index, which tracks blue chip companies in the euro zone, gained 1.4 percent.

Bond prices retreated, pushing their yields higher. The yield on the 10-year Treasury note rose to 2.90 percent from 2.87 percent late Wednesday. The yield on the note, which is a widely used benchmark for consumer and business loans, traded as low at 2.49 percent on Nov. 4.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks post slight gains China raise bank reserves

Stocks eke out gains, one day after a big rally, as China raises bank reserve requirements

Stocks posted slight gains Friday after China took more steps to curb inflation, which traders fear could slow down the country's growth.

China ordered its banks to hold more reserves, the second time it has done so in the past two weeks. The goal is to curb lending and avoid speculative bubbles. Inflation in China shot up to a more than two-year high last month. Investors also expect China to raise key interest rates as part of its effort to control inflation.

"As long as the Chinese government takes more restrictive actions, that's going to be somewhat of a roadblock for equities," said Alan Gayle, a senior investment strategist at RidgeWorth Investments.

The NYSE DOW closed HIGHER +22.32 points +0.20% on Friday November 19
Sym. .........Last .......Change..........
Dow 11,203.55 +22.32 +0.20%
Nasdaq 2,518.12 +3.72 +0.15%
S&P 500 1,199.73 +3.04 +0.25%
30-yr Bond 0.3916% -3.8924

NYSE Volume 3,921,869,500 (prior day 5,365,773,500)
Nasdaq Volume 1,850,938,625 (prior day 2,083,029,875)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,732.83 -35.88 -0.62%
DAX 6,843.55 +11.44 +0.17%
CAC 40 3,860.16 -7.81 -0.20%


Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,717.70 -5.10 -0.11%
Shanghai Comp 2,888.57 +23.11 +0.81%
Taiwan We... 8,306.12 +22.67 +0.27%
Nikkei 225 10,022.39 +8.76 +0.09%
Hang Seng 23,605.71 -31.68 -0.13%
Straits Times 3,197.37 -17.85 -0.56%

http://sg.finance.yahoo.com/news/Stocks-post-slight-gains-apf-2862681080.html?x=0

Stocks post slight gains China raise bank reserves

Stocks eke out gains, one day after a big rally, as China raises bank reserve requirements

Stephen Bernard, AP Business Writer, On Saturday 20 November 2010, 6:22

NEW YORK (AP) -- Stocks posted slight gains Friday after China took more steps to curb inflation, which traders fear could slow down the country's growth.

China ordered its banks to hold more reserves, the second time it has done so in the past two weeks. The goal is to curb lending and avoid speculative bubbles. Inflation in China shot up to a more than two-year high last month. Investors also expect China to raise key interest rates as part of its effort to control inflation.

"As long as the Chinese government takes more restrictive actions, that's going to be somewhat of a roadblock for equities," said Alan Gayle, a senior investment strategist at RidgeWorth Investments.

The Dow Jones industrial average rose 22.32, or 0.2 percent, to 11,203.55.

The broader Standard & Poor's 500 index rose 3.04, or 0.3 percent, to 1,199.73. The technology-focused Nasdaq composite index rose 3.72, or 0.2 percent, to 2,518.12. The Nasdaq, which lost less than 0.1 percent, was the only major index to finish the week with a loss. The Dow and S&P 500 eked out weekly gains of less than 0.1 percent.

Eight of the 10 industry groups that make up the S&P 500 index rose. Materials companies posted the largest gains with a 0.7 percent rise. Utilities and financial companies fell.

Hewlett-Packard Co. rose 1.9 percent to lead the 30 stocks that make up the Dow. Boeing Co. was the laggard in the Dow with a decline of 1.0 percent.

The euro rose 0.3 percent to $1.36 against the dollar amid signs that Ireland was closer to agreeing to a bailout. Ireland's finances have been decimated after it nationalized three of its six banks following the collapse of a real estate boom.

Treasury prices were mixed. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.87 percent from 2.90 percent late Thursday.

The yield on the 10-year note is used as a benchmark to set interest rates for mortgages and other loans. Earlier this month, the Federal Reserve announced a plan to buy $600 billion in Treasurys to drive interest rates lower in an effort to encourage spending and lending.

Fed chairman Ben Bernanke defended the program in a speech Friday from critics who said the move would devalue the dollar and give American companies an advantage in global trade.

4848

 

[bigdog]

Source: http://finance.yahoo.com

Stocks pared their losses and ended narrowly mixed Monday amid anxiety over Europe's financial crisis and a widening probe into insider trading on Wall Street.

Bank shares slumped after the Federal Bureau of Investigation raided the offices of two hedge funds as part of a broad insider trading probe. Goldman Sachs Group Inc. sank 3.4 percent, while Bank of America Corp. fell 3.1 percent.

Retail and consumer goods stocks rose on hopes that shoppers will be in a spending mood when they turn up in stores the day after Thanksgiving as the holiday shopping season gets under way.

The NYSE DOW closed LOWER -24.97 points -0.22% on Monday November 22
Sym. .........Last .......Change..........
Dow 11,178.58 -24.97 -0.22%
Nasdaq 2,532.02 +13.90 +0.55%
S&P 500 1,197.84 -1.89 -0.16%
30-yr Bond 4.2090% -0.0430

NYSE Volume 4,305,755,500 (prior day 3,921,869,500)
Nasdaq Volume 1,872,093,875 (prior day 1,850,938,625)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,680.83 -52.00 -0.91%
DAX 6,822.05 -21.50 -0.31%
CAC 40 3,818.89 -41.27 -1.07%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,731.80 +14.10 +0.30%
Shanghai Comp 2,884.37 -4.20 -0.15%
Taiwan We... 8,374.91 +68.79 +0.83%
Nikkei 225 10,115.19 +92.80 +0.93%
Hang Seng 23,524.02 -81.69 -0.35%
Straits Times 3,194.24 -3.13 -0.10%

http://finance.yahoo.com/news/Stocks-mixed-as-Ireland-apf-1685475580.html?x=0

Stocks mixed as Ireland bailout, FBI probe weigh

US stocks end mixed as banks weaken on worries over FBI hedge fund probe, Ireland bailout

David K. Randall and Pallavi Gogoi, AP Business Writers, On Monday November 22, 2010, 5:09 pm

NEW YORK (AP) -- Stocks pared their losses and ended narrowly mixed Monday amid anxiety over Europe's financial crisis and a widening probe into insider trading on Wall Street.

Bank shares slumped after the Federal Bureau of Investigation raided the offices of two hedge funds as part of a broad insider trading probe. Goldman Sachs Group Inc. sank 3.4 percent, while Bank of America Corp. fell 3.1 percent.

Retail and consumer goods stocks rose on hopes that shoppers will be in a spending mood when they turn up in stores the day after Thanksgiving as the holiday shopping season gets under way.

The Dow Jones industrial average fell 24.97 points, 0.2 percent, to 11,178.58. The Dow was down as much as 149 points earlier.

Bank stocks were already under pressure because of concerns over how the bailout of Ireland would affect their investment portfolios and their ability to increase dividends.

"As part of the Ireland bailout, banks will have to take a haircut," said Benjamin Wallace, securities analyst at Grimes & Co in Westborough, Mass. "All these issues bring into question whether banks are strong enough to pay out dividends next year, and whether the government will ask them to hold on to more capital for some more time."

Ireland formally asked for help from its neighbors Sunday following weeks of pressure from the European Union. While details of the package were still being worked out, Ireland's government slipped further into crisis Monday as a coalition partner of Prime Minister Brian Cowen threatened to abandon him.

It was the second time this year that the European Union has come to the rescue of one of the 16 countries that use the euro. In May, the EU and the IMF committed $140 billion to Greece to prevent the country from defaulting on its debt.

Investors took heart from signs that the holiday shopping season is off to a good start. A widely watched gauge of spending, MasterCard Advisors SpendingPulse, found apparel sales rose 9.7 percent in the first two weeks of November.

Online retailer Amazon.com Inc.'s shares were up 3.4 percent, and Apple Inc. rose 2.2 percent. Other technology shares also rose, pushing the Nasdaq composite index up 13.90, or 0.6 percent, to 2,532.02.

The Standard & Poor's 500 index fell 1.89, or 0.2 percent, to 1,197.84.

"Consumers make up 70 percent of the economy and there is a sense that they will start spending their increasing savings," said Steven Goldman, chief market strategist at Weeden & Co.

In another positive sign, computer and printer maker Hewlett-Packard Co. reported better than expected results and raised its profit forecast. It's stock was up 1.7 percent in after-hours trading.

Investors will sort through a full plate of economic data this week, but trading will be shortened by the Thanksgiving holiday on Thursday.

Reports set to be released Tuesday and Wednesday include October home sales, an update of consumer sentiment, and revisions to earlier estimates of the third-quarter gross domestic product.

Some economists expect that the latest reading on U.S. economic growth for the third quarter will be slightly higher that the previously estimated 2.0 percent increase.

Rising shares outpaced falling shares by a hair on the New York Stock Exchange. Volume was 918 million shares.

 

[bigdog]

Source: http://finance.yahoo.com

Korean conflict, European worries weigh on stocks
Stocks fall on concerns about Korean military conflict, European economy

Stocks fell Tuesday as a flare-up of tensions between North and South Korea combined with downbeat news on the economy gave investors plenty of reasons to sell ahead of the Thanksgiving holiday. The dollar and gold rose as investors sought safe places to park money.

North Korea and South Korea exchanged artillery fire, killing at least two South Korean marines. That came as investors were already concerned that a bailout of Ireland may not be enough to contain Europe's debt crisis. Borrowing costs for Portugal and Spain rose, leading Spain to trim the size of a debt sale.

In the U.S., sales of previously-owned houses dipped 2.2 percent in October. Also, Federal Reserve officials became more pessimistic and lowered their outlook for economic growth for the next year.

The NYSE DOW closed LOWER -142.21 points -1.27% on Tuesday November 23
Sym. .........Last .......Change..........
Dow 11,036.37 -142.21 -1.27%
Nasdaq 2,494.95 -37.07 -1.46%
S&P 500 1,180.73 -17.11 -1.43%
30-yr Bond 0.3916% 0.0000

NYSE Volume 4,711,546,000 (prior day 4,305,755,500)
Nasdaq Volume 1,916,609,750 (prior day 1,872,093,875)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,581.28 -99.55 -1.75%
DAX 6,705.00 -117.05 -1.72%
CAC 40 3,724.42 -94.47 -2.47%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,676.90 -54.90 -1.16%
Shanghai Comp 2,828.28 -56.09 -1.94%
Taiwan We... 8,328.63 -46.28 -0.55%
Nikkei 225 10,115.19 +92.80 +0.93%
Hang Seng 22,896.14 -627.88 -2.67%
Straits Times 3,131.32 -59.60 -1.87%

http://finance.yahoo.com/news/Korean-conflict-European-apf-1448671180.html?x=0

Korean conflict, European worries weigh on stocks

Stocks fall on concerns about Korean military conflict, European economy

Matthew Craft and Pallavi Gogoi, AP Business Writers, On Tuesday November 23, 2010, 4:48 pm

NEW YORK (AP) -- Stocks fell Tuesday as a flare-up of tensions between North and South Korea combined with downbeat news on the economy gave investors plenty of reasons to sell ahead of the Thanksgiving holiday. The dollar and gold rose as investors sought safe places to park money.

North Korea and South Korea exchanged artillery fire, killing at least two South Korean marines. That came as investors were already concerned that a bailout of Ireland may not be enough to contain Europe's debt crisis. Borrowing costs for Portugal and Spain rose, leading Spain to trim the size of a debt sale.

In the U.S., sales of previously-owned houses dipped 2.2 percent in October. Also, Federal Reserve officials became more pessimistic and lowered their outlook for economic growth for the next year.

The Dow Jones industrial average fell 142.21, or 1.3 percent, to 11,036.37.

The Standard & Poor's 500 lost 17.11, or 1.4 percent, to 1,180.73. The Nasdaq composite index fell 37.07, or 1.5 percent, to 2,494.95

The clash between North and South Korea was one of the most dramatic between the two rivals since the end of the Korean war. Fifteen South Korean soldiers and three civilians were injured in the artillery exchanges.

The escalating tensions came shortly after the reclusive North Korean regime claimed to have a new uranium enrichment facility and six weeks after the country's leader Kim Jong Il anointed his youngest son as his heir apparent.

The showdown between the two countries raises tensions in Asia, but was seen as less of an immediate danger in the U.S. Traders said the showdown was seen by many as an excuse to pare back exposure to risk ahead of the Thanksgiving holiday Thursday. Trading is expected to be light Wednesday as people leave early. Markets will be open for an abbreviated session on Friday.

"Investors don't want to go into the holiday with any lingering doubts," said John Derrick, director of research for U.S. Global Investors. "The tensions in Korea just gave them another excuse to sell."

Hewlett-Packard Co. was the only one among the 30 stocks that make up the Dow Jones industrial average to rise. Shares gained 2.2 percent after the technology company beat Wall Street's expectations for revenue and income thanks to strong corporate spending.

Energy shares led the decline as the price of crude oil fell. Chevron Corp. fell 2 percent, while ExxonMobil Corp. lost 1.7 percent.

A widening probe into insider trading was still weighing on financial shares Tuesday, a day after FBI agents raided the offices of three hedge funds. JPMorgan Chase & Co. was the worst-performing major bank with a 2.3 percent decline, followed closely by Goldman Sachs Group Inc. with a 2 percent fall.

In other gloomy news on the economy, the Federal Reserve lowered its forecast for growth through next year. In a report releasing minutes from its last meeting Nov. 3, the Fed predicted that the economy will grow only 2.4 percent to 2.5 percent this year. That's down sharply from a previous projection of 3 percent to 3.5 percent. Next year, the economy will expand by 3 percent to 3.6 percent, the Fed said, also much lower than its June forecast.

The darker view helps explain why the Fed decided at its meeting earlier this month to launch another round of stimulus. The central bank plans to buy $600 billion in Treasury bonds over the next eight months in an effort to lower interest rates and spur more spending.

Treasury prices rose, sending their yields lower. The yield on the 10-year Treasury slipped to 2.79 percent, down from 2.80 percent late Monday. That rate is a widely used benchmark for business and consumer loans including mortgages.

The dollar rose 1.3 percent against an index of six other currencies and the euro fell 1.8 percent against the dollar. Gold rose 1.5 percent to $1,377.60 an ounce.

The VIX, a measure of volatility in U.S. stock prices, jumped 14 percent to 21. The index had been steadily falling since May 20 when it went as high as 45, its highest level of the year.

Among gainers was retailer J. Crew Group Inc., which is being taken private in a $3 billion deal with two investment firms. Shares rose $6.34, or 17 percent, to $43.99.

Wednesday will bring an unusually large amount of economic data since several reports that normally come out Thursday are being moved up because of the holiday. Reports are due out on weekly claims for unemployment benefits, durable goods and personal income.

Falling shares outpaced rising shares by four to one on the New York Stock Exchange. Volume was 1 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Wall Street was closed for the Thanksgiving holiday Thursday November 25

Stock exchanges of countries at the forefront of investor concerns over Europe's debt crisis closed lower Thursday, on a day when trading activity was light as Wall Street was closed for the Thanksgiving holiday.

Ireland's ISEQ fell 1.2 percent, Spain's IBEX dropped 0.3 percent and Portugal's PSI-20 ended 0.4 percent lower. Greece's ASE composite index ended 0.7 percent lower, too.

Europe's healthier economies saw their markets advance.

The FTSE 100 index of leading British shares closed up 41.83 points, or 0.7 percent, at 5,698.93, while Germany's DAX rose 55.86 points, or 0.8 percent, to 6,879.66. The CAC-40 in France ended 12.81 points, or 0.4 percent, lower at 3,760.42.


The NYSE DOW -- Wall Street was closed for the Thanksgiving holiday on Thursday November 25
Sym. .........Last .......Change..........
Dow 11,036.37
Nasdaq 2,494.95
S&P 500 1,180.73
30-yr Bond 0.3916%

NYSE Volume 4,711,546,000
Nasdaq Volume 1,916,609,750

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,703.77 +46.67 +0.82%
DAX 6,879.66 +174.66 +2.60%
CAC 40 3,760.42 +36.00 +0.97%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,683.30 +10.10 +0.22%
Shanghai Comp 2,898.26 +38.33 +1.34%
Taiwan We... 8,349.99 +52.94 +0.64%
Nikkei 225 10,079.76 +49.65 +0.50%
Hang Seng 23,054.68 +30.82 +0.13%
Straits Times 3,159.23 +22.22 +0.71%

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

European markets diverge on debt crisis concerns

European markets diverge on debt crisis concerns; Spain, Ireland, Portugal drop

Pan Pylas, AP Business Writer, On Thursday November 25, 2010, 12:39 pm EST

LONDON (AP) -- Stock exchanges of countries at the forefront of investor concerns over Europe's debt crisis closed lower Thursday, on a day when trading activity was light as Wall Street was closed for the Thanksgiving holiday.

Ireland's ISEQ fell 1.2 percent, Spain's IBEX dropped 0.3 percent and Portugal's PSI-20 ended 0.4 percent lower. Greece's ASE composite index ended 0.7 percent lower, too.

Europe's healthier economies saw their markets advance.

The FTSE 100 index of leading British shares closed up 41.83 points, or 0.7 percent, at 5,698.93, while Germany's DAX rose 55.86 points, or 0.8 percent, to 6,879.66. The CAC-40 in France ended 12.81 points, or 0.4 percent, lower at 3,760.42.

But those gains in Europe were mainly consigned to countries not considered to be at threat from bond market investors.

In Ireland, banking stocks continued to drop amid mounting expectations that they will be fully nationalized during the country's impending bailout.

The Irish government confirmed last weekend that it was asking for a financial lifeline from its partners in Europe and the International Monetary Fund and on Wednesday outlined another euro15 billion worth of austerity measures in order to get the cash. However, it's not going to be easy, as the political situation in the country remain turbulent.

On Tuesday, Ireland's premier, Brian Cowen, bowed to the inevitable and confirmed that the country will be going to the polls early next year if the 2011 budget, scheduled for Dec. 7, is passed.

"Complicating matters further, the leading opposition party signaled that they will re-examine any IMF-EU deal, if they come to power in an early 2011 general election," said Carl Campus, an analyst at BMO Capital Markets.

The bigger worry in the markets, though, is whether the debt crisis, which also has seen Greece get its own euro110 billion bailout, will claim any more casualties.

Investors are getting twitchy that Portugal, or more dangerously, Spain will be next, hence the under performance of their stock markets Thursday.

"Reports are beginning to surface that Spain may be next, ahead of Portugal, when it comes to a market focal point," said Will Hedden, sales trader at IG Index.

The prevailing view in the markets is that Europe may be able to support Portugal but that a bailout of Spain would be one step too far and that the euro project itself could be in jeopardy. Spain accounts for around 10 percent of the eurozone economy, in contrast with the other three countries, which account for around 2 percent each.

Those worries remained evident in the bond markets. The yield on Spain's 10-year bonds was up another 0.1 percent at 5.17 percent, while Portugal's was steady at 7 percent.

While the exchanges in the so-called peripheral countries were depressed, Europe's major indexes in London, Frankfurt and Paris continued to rally following Wall Street's strong close Wednesday following generally upbeat U.S. economic data -- not least the news that weekly jobless claims fell last week to their lowest level since July 2008.

The U.S. data stoked hopes that the economy actually may be picking up pace and that the overall unemployment rate -- a key concern for both the Obama administration and the Federal Reserve -- could be heading downward soon.

Getting the unemployment rate down from near 10 percent is one of the main reasons why the Fed decided earlier this month to pump another $600 billion into the U.S. economy over the coming months. Preventing prices from actually falling is the other key tenet of the controversial policy.

The euro failed to garner as much support from the improvement in risk appetite it would normally get, given the concerns about Ireland, Portugal and Spain.

A rise in risk appetite would normally give the euro a boost against the dollar. When investors have a greater interest in riskier investments, stocks usually get a boost, while the dollar loses some of its safe haven shine.

By late afternoon London time, the euro was up 0.3 percent on the day at $1.3365.

That's a healthy rebound from Wednesday's two-month low of $1.3282, but the single currency remains five cents down from Monday's peak of $1.3786.

Earlier, Asian markets ended mostly higher earlier.

Japan's Nikkei 225 stock average rose 0.5 percent to 10,079.76, while Hong Kong's Hang Seng index added 0.1 percent to 23,054.68. South Korea's Kospi index gained 0.1 percent to 1,927.68. Australia's S&P/ASX was up 0.2 percent at 4,593.4.

Chinese shares closed higher on Thursday, tracking overseas gains, buoyed by property and oil refiners. The benchmark Shanghai Composite Index gained 1.3 percent to 2,898.26 while the Shenzhen Composite Index for China's smaller, second exchange edged 0.3 percent higher to 1,337.83.

Benchmark oil for January delivery was up 64 cents to $84.50 a barrel in electronic trading on the New York Mercantile Exchange.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks ended the week mixed. The Dow ended 112 points lower, and the Standard & Poor's 500 index lost 10. However, the technology-heavy Nasdaq composite index gained 17 points for the week

Europe's troubles, Korean conflict weigh on stocks in post-Thanksgiving session

Stocks sank during Friday's shortened session as jittery traders were afraid to commit to any holdings ahead of the weekend amid lingering uncertainty surrounding Europe's debt troubles and North Korea's war threats.

European stock markets and the euro fell as worries mounted that Portugal will be the next country to need cash from other European Union countries, even as details of Ireland's bailout were being worked out.

On Friday, Portugal adopted a raft of debt-reducing austerity measures, which the government claimed would be enough to restore market confidence in its public finances without resorting to a bailout.

However, that didn't soothe traders who are also nervously eyeing North Korea's threat of war, which could destabilize its neighboring Asian nations. North Korea warned Friday that plans by South Korea and the U.S. to stage military maneuvers have put the Korean peninsula on the brink of war. North Korea fired artillery shells at a South Korean island on Tuesday, killing four people.

The NYSE DOW NYSE DOW closed LOWER -95.28 points -0.85% on Friday November 26
Sym. .........Last .......Change..........
Dow 11,092.00 -95.28 -0.85%
Nasdaq 2,534.56 -8.56 -0.34%
S&P 500 1,189.40 -8.95 -0.75%
30-yr Bond 4.2070% -0.0890

NYSE Volume 1,788,429,875
Nasdaq Volume 628,409,938

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,668.70 -30.23 -0.53%
DAX 6,848.98 -30.68 -0.45%
CAC 40 3,728.65 -31.77 -0.84%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,690.20 +6.90 +0.15%
Shanghai Comp 2,871.70 -26.56 -0.92%
Taiwan We... 8,312.15 -37.84 -0.45
Nikkei 225 10,039.56 -40.20 -0.40%
Hang Seng 22,877.25 -177.43 -0.77%
Straits Times 3,159.37 +0.14 +0.00%

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

Stocks slide on worries over Korea, European debt

Europe's troubles, Korean conflict weigh on stocks in post-Thanksgiving session

Matthew Craft and Pallavi Gogoi, AP Business Writers, On Friday November 26, 2010, 3:18 pm EST

NEW YORK (AP) -- Stocks sank during Friday's shortened session as jittery traders were afraid to commit to any holdings ahead of the weekend amid lingering uncertainty surrounding Europe's debt troubles and North Korea's war threats.

European stock markets and the euro fell as worries mounted that Portugal will be the next country to need cash from other European Union countries, even as details of Ireland's bailout were being worked out.

On Friday, Portugal adopted a raft of debt-reducing austerity measures, which the government claimed would be enough to restore market confidence in its public finances without resorting to a bailout.

However, that didn't soothe traders who are also nervously eyeing North Korea's threat of war, which could destabilize its neighboring Asian nations. North Korea warned Friday that plans by South Korea and the U.S. to stage military maneuvers have put the Korean peninsula on the brink of war. North Korea fired artillery shells at a South Korean island on Tuesday, killing four people.

The Dow Jones industrial average fell 95.28, or 0.9 percent, to 11,092. The S&P 500 index was down 8.95, or 0.8 percent, to 1,189.40. The Nasdaq composite index fell 8.56, or 0.3 percent, to 2,534.56.

"Until there's final resolution of both Spain and Portugal investors will continue to be fearful," said John O'Donoghue, co-head of equities at Cowen & Co.

The 16-nation euro fell to $1.3244 in midday trading Friday from $1.3368 late Thursday, earlier dipping below $1.32 for the first time since Sept. 21. The Euro Stoxx 50, which tracks the shares of blue chip companies in countries that use the euro, slipped 0.7 percent.

Consolidated volume on the New York Stock Exchange was 1.5 billion, which was just about a third of the usual volume. Trading desks were thinly staffed on the day after Thanksgiving. Falling shares outpaced rising ones by two to one on the New York Stock Exchange. U.S. stock markets closed at 1 p.m. EST Friday instead of the usual 4 p.m. Markets were closed on Thursday for the holiday.

Friday also marks the unofficial start of the holiday shopping season. Black Friday, a crucial event for retailers, was off to a strong start, according to early reports.

Many stores pushed more exclusive deals online on Thursday in a bid to rope in shoppers before Black Friday. It apparently worked. According to IBM's Coremetrics, online sales soared 33 percent on the holiday compared with Thanksgiving 2009.

Sales during the Thanksgiving weekend made up 12.3 percent of all holiday revenue last year, according to research firm ShopperTrak. Black Friday accounted for half of that.

Macy's Inc. shares were up 11 cents to $26.

It was the end of a rollercoaster week. Stocks fell on Tuesday after North Korea's shelling, but surged on Wednesday after a batch of economic reports buoyed hopes that the U.S. economic recovery was gaining strength. The reports showed that Americans' income rose and consumer spending climbed in October. And fewer people filed first-time claims for unemployment benefits last week.

Overall, stocks ended the week mixed. The Dow ended 112 points lower, and the Standard & Poor's 500 index lost 10. However, the technology-heavy Nasdaq composite index gained 17 points for the week.

5288

 

[bigdog]

Source: http://finance.yahoo.com

Stocks mostly recover from early stumble as Ireland bailout fails to stem fears of contagion

Stocks ended lower Monday on lingering fears that Europe's debt crisis will continue to spread even after Ireland gets bailed out. The Dow Jones industrial average dipped below 11,000 but recovered much of its losses late in the day.

The euro fell to a two-month low as investors flocked to the safety of the dollar and U.S. Treasurys. Gold prices also rose.

Investors are worried that other weak European countries like Portugal and Spain will still need help even after the $90 billion bailout package for Ireland announced on Sunday.

The NYSE DOW NYSE DOW closed LOWER -39.51 points -0.36% on Monday November 29
Sym. .........Last .......Change..........
Dow 11,052.49 -39.51 -0.36%
Nasdaq 2,525.22 -9.34 -0.37%
S&P 500 1,187.76 -1.64 -0.14%
30-yr Bond 4.1480% -0.0590

NYSE Volume 4,207,444,500
Nasdaq Volume 1,689,825,125

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,569.73 -98.97 -1.75%
DAX 6,697.97 -151.01 -2.20%
CAC 40 3,636.96 -91.69 -2.46%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,706.70 +16.50 +0.35%
Shanghai Comp 2,866.36 -5.34 -0.19%
Taiwan We... 8,367.17 +55.02 +0.66%
Nikkei 225 10,125.99 +86.43 +0.86%
Hang Seng 23,166.22 +288.97 +1.26%
Straits Times 3,166.80 +8.72 +0.28%

http://nz.finance.yahoo.com/news/Stocks-end-off-their-lows-apf-783212264.html?x=0

Stocks end off their lows, weighed down by Europe

Stocks mostly recover from early stumble as Ireland bailout fails to stem fears of contagion

Chip Cutter and Pallavi Gogoi, AP Business Writers, On Tuesday 30 November 2010, 10:57

NEW YORK (AP) -- Stocks ended lower Monday on lingering fears that Europe's debt crisis will continue to spread even after Ireland gets bailed out. The Dow Jones industrial average dipped below 11,000 but recovered much of its losses late in the day.

The euro fell to a two-month low as investors flocked to the safety of the dollar and U.S. Treasurys. Gold prices also rose.

Investors are worried that other weak European countries like Portugal and Spain will still need help even after the $90 billion bailout package for Ireland announced on Sunday.

Some of those worries faded late in the day as traders shifted their focus to positive economic news. The Federal Reserve Banks of Dallas and Chicago both reported higher manufacturing activity in their areas.

"The fundamentals are improving and there are several indications that the economy is picking up a little bit of steam here," said Peter Cardillo, chief market economist at Avalon Partners, a New York brokerage house. "There's a slew of numbers that are coming out later this week and the market is preparing for that."

The Dow Jones industrial average fell 39.51 points, or 0.4 percent, to close at 11,052.49. It had been down as many as 163 earlier.

The Standard & Poor's 500 index edged down 1.64, or 0.1 percent, to 1,187.76. The technology-heavy Nasdaq composite index dropped 9.34, or 0.4 percent, to 2,525.22.

Holiday retail sales also got off to a good start in the post-Thanksgiving weekend. The National Retail Federation, a trade group, estimated that 212 million shoppers visited stores and websites during the first weekend of the holiday season, up from 195 million last year.

Online spending rose more than 14 percent from Thanksgiving Day through Saturday, according to IBM's Coremetrics. Shares of online retailer Amazon.com rose 1.3 percent on expectations that shoppers were returning on what is known as "Cyber Monday," when retailers offer deals to lure people to buy items online while at work.

A fuller picture on spending will come Thursday when retailers report November sales. Investors have been hoping that consumers, who have generally been spending cautiously since the recession, would feel more comfortable about shopping during the holidays.

Bank stocks were some of the best performers. Wells Fargo & Co. rose 2 percent, Bank of America Corp. was up 1.7 percent, while JPMorgan Chase & Co. rose 1.7 percent.

Dick Bove, a banking analyst at Rochdale Securities, said investors realized that some U.S. banks had little exposure to European debt issues. He added that if European banks are subject to more stringent capital requirements, U.S. banks could benefit.

"When people sit down and think about the situation in Europe, it is clear that the American banks emerge in a much stronger position," he said.

In corporate news, Wal-Mart Stores Inc. rose 0.2 percent, after the company said it is buying a 51 percent stake in South African retailer Massmart. The transaction, worth about $2 billion, will cost Wal-Mart $20.71 per share. It gives the retailer access to the growing South African economy.

Oil prices rose $1.97 to $85.73 a barrel. Gold for February delivery rose $3.20, or 0.3 percent, to $1,367.50 an ounce.

The dollar rose 0.4 percent against an index of six other currencies.

Bond prices rose as investors shifted money out of riskier assets like stocks and commodities and into defensive investments. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.83 percent Monday from 2.87 percent Friday.

Investors were also cautious as they awaited the week's economic reports, including the government's monthly employment report due out on Friday. Also due this week are the Conference Board's survey of consumer confidence on Tuesday, and the Institute for Supply Management's assessments of the manufacturing and services industries.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks trim their losses after Obama, lawmakers vow to compromise on Bush-era tax cuts

Stocks ended November on a down note Tuesday, notching their first monthly losses since August.

The Dow Jones industrial average lost 46 points. It had been down as many as 110 points earlier in the day. The index pared most of its losses after President Barack Obama and Republican lawmakers promised to seek a compromise before the end of the year on extending Bush-era tax cuts.

Extending the cuts would motivate investors to hold stocks since they wouldn't be subject to higher capital gains taxes next year. It would also encourage companies to continue paying dividends, which are taxed at a more favorable rate.

The Dow ended November with a loss of 1 percent. It had rallied through September and October on hopes that a bond-buying program by the Federal Reserve would boost the economy.

The NYSE DOW NYSE DOW closed LOWER -46.47 points -0.42% on Tuesday November 30
Sym. .........Last .......Change..........
Dow 11,006.02 -46.47 -0.42%
Nasdaq 2,498.23 -26.99 -1.07%
S&P 500 1,180.55 -7.21 -0.61%
30-yr Bond 4.1020% -0.0460

NYSE Volume 5,402,285,500 (prior day 4,207,444,500)
Nasdaq Volume 2,416,745,500 (prior day 1,689,825,125)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,528.27 -22.68 -0.41%
DAX 6,688.49 -9.48 -0.14%
CAC 40 3,610.44 -26.52 -0.73%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,676.40 -30.30 -0.64%
Shanghai Comp 2,820.18 -46.17 -1.61%
Taiwan We... 8,372.48 +5.31 +0.06%
Nikkei 225 9,937.04 -188.95 -1.87%
Hang Seng 23,007.99 -158.23 -0.68%
Straits Times 3,144.70 -13.51 -0.43%

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

Stocks pare losses on optimism over tax cuts

Stocks trim their losses after Obama, lawmakers vow to compromise on Bush-era tax cuts

Chip Cutter and David K. Randall, AP Business Writers, On Tuesday November 30, 2010, 5:41 pm

NEW YORK (AP) -- Stocks ended November on a down note Tuesday, notching their first monthly losses since August.

The Dow Jones industrial average lost 46 points. It had been down as many as 110 points earlier in the day. The index pared most of its losses after President Barack Obama and Republican lawmakers promised to seek a compromise before the end of the year on extending Bush-era tax cuts.

Extending the cuts would motivate investors to hold stocks since they wouldn't be subject to higher capital gains taxes next year. It would also encourage companies to continue paying dividends, which are taxed at a more favorable rate.

The Dow ended November with a loss of 1 percent. It had rallied through September and October on hopes that a bond-buying program by the Federal Reserve would boost the economy.

The Dow reached its highest point of the year on Nov. 5, two days after the Fed announced its $600 billion economic stimulus plan. Stocks have fallen since then on worries about Europe's debt troubles. Ireland on Sunday became the second European country after Greece to require a bailout this year.

The euro briefly fell below $1.30 for the first time since mid-September after investors sold off government bonds from Spain, Portugal and Italy. The bailout of Ireland's banks hasn't been enough to assuage worries that other weak European countries will also need to be rescued.

John Briggs, a fixed income analyst at RBS, said the concerns about weak members of the euro zone are spreading faster than governments can react.

"It's becoming more of a system-wide issue and the currency decline continues to accelerate day after day," he said. "Until we get some kind of systemic response, it's likely to continue."

The Dow Jones industrial average fell 46.47, or 0.4 percent, to close at 11,006.02.

The Standard & Poor's 500 index fell 7.21 or 0.6 percent, to 1,180.55. The Nasdaq composite index dropped 26.99, or 1.1 percent, to 2,498.23.

The S&P 500 fell 0.2 percent in November, the Nasdaq 0.4 percent.

Economic reports Tuesday did not present a clear picture of where the economy was headed. The Standard & Poor's S&P/Case-Shiller index showed that home prices are falling faster in the nation's largest cities. However, the Conference Board said its index of consumer confidence jumped to a five-month high in November.

The dollar rose 0.6 percent against an index of six other heavily traded currencies.

Bond prices rose, pushing their yields lower. The yield on the 10-year Treasury note fell to 2.79 percent from 2.83 percent Monday.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks started December with a jump. The Dow Jones industrial average rose 249 points, its biggest gain since Sept. 1.

An encouraging employment report and hopes that Europe's debt crisis may ease boosted major indexes on Wednesday, erasing nearly two weeks of losses. Bond prices and the dollar fell as investors moved money into riskier assets.

Signs that the U.S. job market thawed in November jumpstarted the gains. ADP Employer Services, a payroll company, said small businesses added the largest amount of workers in three years last month, well ahead of what analysts had forecast.

"The U.S. economy is all about jobs and anything that leads folks to believe that there's a better job market will be good for equities," said Paul Zemsky, the head of asset allocation at ING Investment Management.

The NYSE DOW NYSE DOW closed HIGHER +249.76 points +2.27% on Wednesday December 1
Sym. .........Last .......Change..........
Dow 11,255.78 +249.76 +2.27%
Nasdaq 2,549.43 +51.20 +2.05%
S&P 500 1,206.07 +19.47 +1.64%
30-yr Bond 4.2370% +0.1350

NYSE Volume 5,208,028,500 (prior day 5,402,285,500)
Nasdaq Volume 2,120,701,500 (prior day 2,416,745,500)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,642.50 +114.23 +2.07%
DAX 6,866.63 +178.14 +2.66%
CAC 40 3,663.75 +26.79 +0.74%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,676.80 +0.40 +0.01%
Shanghai Comp 2,823.45 +3.27 +0.12%
Taiwan We... 8,520.11 +147.63 +1.76%
Nikkei 225 9,988.05 +51.01 +0.51%
Hang Seng 23,249.80 +241.81 +1.05%
Straits Times 3,181.94 +37.24 +1.18%

http://finance.yahoo.com/news/Stock...4.html?x=0&sec=topStories&pos=1&asset=&ccode=

Stocks rise sharply on signs of economic growth

Stocks soar on US job growth, global manufacturing expansion; Dow up 249

David K. Randall, AP Business Writer, On Wednesday December 1, 2010, 4:57 pm

NEW YORK (AP) -- Stocks started December with a jump. The Dow Jones industrial average rose 249 points, its biggest gain since Sept. 1.

An encouraging employment report and hopes that Europe's debt crisis may ease boosted major indexes on Wednesday, erasing nearly two weeks of losses. Bond prices and the dollar fell as investors moved money into riskier assets.

Signs that the U.S. job market thawed in November jumpstarted the gains. ADP Employer Services, a payroll company, said small businesses added the largest amount of workers in three years last month, well ahead of what analysts had forecast.

"The U.S. economy is all about jobs and anything that leads folks to believe that there's a better job market will be good for equities," said Paul Zemsky, the head of asset allocation at ING Investment Management.

Greg Walker, a global investment strategist at J.P. Morgan Private Bank, said the ADP report gave traders confidence that the overall U.S. employment rate will fall. The Labor Department will release the November unemployment rate on Friday morning.

More encouraging news followed throughout the day. The Institute of Supply Management said its index of manufacturing activity rose in November for the 16th month. The Federal Reserve then said the U.S. economy improved in 10 of the Fed's 12 regions. Only the Philadelphia and St. Louis regions reported mixed economic conditions.

The Dow Jones industrial average rose 249.76, or 2.3 percent, to 11,255.78. The Dow's jump was big, but didn't rank among the top five point gains this year. The Dow had its largest gain on May 10, when it soared 404 points.

The Standard & Poor's 500 index rose 25.52, or 2.2 percent, to 1,206.07. The Nasdaq composite rose 51.20, or 2.1 percent, to 2,549.43.

All 10 industry groups that make up the S&P 500 index were higher, led by energy, industrial and technology companies. And all 30 stocks in the Dow index rose, led by Home Depot Inc., whose shares rose 4.6 percent. United Technologies rose 4 percent and Alcoa Inc. 3.4 percent.

Rising stocks outpaced falling ones by four to one on the New York Stock Exchange. Volume was 1.1 billion shares.

Bond prices fell sharply, pushing their yields higher. The yield on the 10-year Treasury bond rose to 2.97 percent from 2.80 percent late Tuesday. That yield is a widely used benchmark for loans including mortgages.

European stocks got a boost after European Central Bank President Jean-Claude Trichet suggested that the bank could buy bonds issued by countries within the European Union. That, along with a better-than-expected bond auction by Portugal, pushed the euro higher. The Euro Stoxx 50, which tracks blue chip companies in Europe, rose 2 percent.

Stocks rose in Asia on signals that the Chinese economy is growing. A Chinese state index of manufacturing activity indicated that the country's economy expanded for the 21st straight month. A competing Chinese survey by HSBC rose to an eight-month high.

Hong Kong's Hang Seng rose 1.1 percent. China's benchmark Shanghai Composite Index rose 0.1 percent. Stocks have fallen in Asia since early November after China raised a key interest rate to combat inflation.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks extend their gains after retailers report strong holiday sales; Dow up 106

Strong retail sales and a healthy reading on the housing market helped stocks start December with a two-day winning streak.

The Dow Jones industrial average rose 106 points. Combined with a 249-point gain Wednesday, the Dow has had its best two-day run since July 7-8.

Major retailers reported sales in November that were stronger than analysts expected. Increased spending during the holiday season would be a strong signal that consumers are feeling more confident.

The NYSE DOW NYSE DOW closed HIGHER +106.63 points +0.95% on Thursday December 2
Sym. .........Last .......Change..........
Dow 11,362.41 +106.63 +0.95%
Nasdaq 2,579.35 +29.92 +1.17%
S&P 500 1,221.53 +15.46 +1.28%
30-yr Bond 4.2660% +0.0290

NYSE Volume 5,584,217,500 (prior day 5,208,028,500)
Nasdaq Volume 2,053,117,000 (prior day 2,120,701,500)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,767.56 +125.06 +2.22%
DAX 6,957.61 +90.98 +1.32%
CAC 40 3,747.04 +77.75 +2.12%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,761.80 +85.00 +1.82%
Shanghai Comp 2,843.61 +20.16 +0.71%
Taiwan We... 8,585.77 +65.66 +0.77%
Nikkei 225 10,168.52 +180.47 +1.81%
Hang Seng 23,448.78 +198.98 +0.86%
Straits Times 3,197.96 +16.02 +0.50%

http://finance.yahoo.com/news/Jump-in-holiday-retail-sales-apf-1549231488.html?x=0

Jump in holiday retail sales pushes stocks higher

Stocks extend their gains after retailers report strong holiday sales; Dow up 106

David K. Randall, AP Business Writer, On Thursday December 2, 2010, 5:38 pm EST

NEW YORK (AP) -- Strong retail sales and a healthy reading on the housing market helped stocks start December with a two-day winning streak.

The Dow Jones industrial average rose 106 points. Combined with a 249-point gain Wednesday, the Dow has had its best two-day run since July 7-8.

Major retailers reported sales in November that were stronger than analysts expected. Increased spending during the holiday season would be a strong signal that consumers are feeling more confident.

"Any sign that the consumer is doing better means that the economy will be doing better," said Drew Matus, a senior economist at UBS.

Costco Wholesale Corp., Target Corp. and Limited Brands Inc. all beat Wall Street sales forecasts. Teen retailer Abercrombie & Fitch Co. jumped 11 percent after reporting that its sales soared 32 percent.

"The consumer is strong and month after month retailing has been very strong," said Ryan Detrick, the chief technical strategist at Schaeffer's Investment Research. "If you take a step back it's clear that the U.S. economy continues to slowly expand."

The National Association of Realtors said the number of people who signed contracts to buy homes jumped 10.4 percent in October. Economists expected a slight decline. Home builder KB Home rose by 4.5 percent.

The Dow rose 106.63, or 1 percent, to close at 11,362.41 The Dow jumped 2.3 percent Wednesday, its biggest gain since Sept. 1, after a report showed that private employers were adding jobs.

The broader Standard & Poor's 500 index rose 15.46, or 1.3 percent, to 1,221.53. The Nasdaq composite index rose 29.92, or 1.2 percent, to 2,579.35.

Rising shares outpaced falling ones more than two to one on the New York Stock Exchange. Consolidated volume was 4.7 billion shares.

The rise in both retail sales and existing home sales overshadowed an unexpected rise in new claims for unemployment benefits. The Labor Department said first-time unemployment claims rose to 436,000 last week.

Traders found a silver lining in the report, however: the average number of new unemployment claims over the past month fell to a two-year low, signaling that the job market may be improving.

Jobs data could also move markets tomorrow after the Labor Department releases its monthly unemployment report. Economists expect the U.S. added 145,000 jobs but that the unemployment rate will remain 9.6 percent. Economists say the country would have to add roughly 300,000 jobs a month to cause a significant fall in the unemployment rate.

Shares rose overseas after the European Central Bank said it will keep its benchmark interest rate at a record low 1 percent. Investors had hoped that bank would announce more purchases of bonds issued by struggling European countries including Ireland, Italy and Spain.

The Euro Stoxx 50 index, which tracks blue chip companies in countries that use the euro, rose 1.5 percent.

The dollar fell 0.5 percent against an index of six currencies.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks staged a late afternoon rally after spending most of the day weighed down by an unexpected rise in the unemployment rate. Indexes wound up closing higher for the third straight day.

The Dow Jones industrial average rose 2.6 percent for the week, its best weekly gain since hitting a 2010 high on Nov. 5. The Dow is now just 0.5 percent below that level.

Materials and energy companies led the rebound. Newmont Mining Corp. gained 3.1 percent and oil field services company Schlumberger Ltd. added 2.5 percent. The dollar fell 1.4 percent against an index of six other currencies. Oil and gold prices rose.

The NYSE DOW NYSE DOW closed HIGHER +19.68 points +0.17% on Friday December 3
Sym. .........Last .......Change..........
Dow 11,382.09 +19.68 +0.17%
Nasdaq 2,591.46 +12.11 +0.47%
S&P 500 1,224.71 +3.18 +0.26%
30-yr Bond 4.3120% +0.0460

NYSE Volume 4,381,935,000 (prior day 5,584,217,500)
Nasdaq Volume 1,842,640,750 (prior day 2,053,117,000)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,745.32 -22.24 -0.39%
DAX 6,947.72 -9.89 -0.14%
CAC 40 3,750.55 +3.51 +0.09%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,780.10 +18.30 +0.38%
Shanghai Comp 2,842.43 -1.18 -0.04%
Taiwan We... 8,624.01 +38.24 +0.45%
Nikkei 225 10,178.32 +9.80 +0.10%
Hang Seng 23,320.52 -128.26 -0.55%
Straits Times 3,172.44 -25.52 -0.80%

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

Stocks recover ground after weak employment report

Stocks up for third straight day; major indexes rebound after stumbling over weak jobs report

David K. Randall and Matthew Craft, AP Business Writers, On Friday December 3, 2010, 5:53 pm EST

NEW YORK (AP) -- Stocks staged a late afternoon rally after spending most of the day weighed down by an unexpected rise in the unemployment rate. Indexes wound up closing higher for the third straight day.

The Dow Jones industrial average rose 2.6 percent for the week, its best weekly gain since hitting a 2010 high on Nov. 5. The Dow is now just 0.5 percent below that level.

Materials and energy companies led the rebound. Newmont Mining Corp. gained 3.1 percent and oil field services company Schlumberger Ltd. added 2.5 percent. The dollar fell 1.4 percent against an index of six other currencies. Oil and gold prices rose.

Michael Sheldon, chief market strategist at RDM Financial Group in Westport, Conn. said the relationship between a weaker dollar and stronger stocks followed a recent trend.

"You don't see it every day, but it's a clear inverse relationship: When the dollar goes down, stocks go up," he said.

Industrial and basic materials companies that derive much of their revenue from overseas tend to rise when the dollar falls. That's because their earnings from other countries are worth more in U.S. dollars when the dollar falls against other currencies.

The Dow Jones industrial average rose 19.68, or 0.2 percent, to close at 11,382.09.

The Standard & Poor's 500 rose 3.18, or 0.3 percent, to 1,224.71. The Nasdaq composite index rose 12.11, or 0.5 percent, to 2,591.46.

Stocks spent most of the day in a slump. The Labor Department reported that the unemployment rate climbed to a seven-month high of 9.8 percent in November. Employers added just 39,000 jobs, far below what economists forecast.

Expectations of job growth had risen Wednesday after a report showed that private companies were hiring at the fastest pace in three years. That and strong reports Thursday on retail spending and home sales pushed the Dow Jones industrial average up 356 points in two days.

Of the 30 stocks that make up the Dow, 17 rose. Bank of America Corp. led the index with a 1.5 percent gain. Cisco Systems Inc. was the index's laggard with a 0.8 percent loss.

The weak jobs report served as a reminder that the recovery is proceeding fitfully. The recession that started in December 2007 ended more than a year ago, in June 2009, according to the National Bureau of Economic Research. But the fallout lingers in the form of a rising unemployment rate. Economists say the economy will have to add up to 300,000 new jobs a month before the unemployment rate drops significantly.

"The U.S. may have to face the fact that unemployment is going to be high for a long time," said Drew Matus, a senior economist at UBS. "There are people who need to be retrained for new jobs and that will take time."

In corporate news, discount retailer Big Lots Inc. fell 5 percent after reporting that its third-quarter income dropped 42 percent.

Rising shares outpaced falling ones by almost two to one on the New York Stock Exchange. Consolidated volume was 3.8 billion shares.

5746

 

[bigdog]

Source: http://finance.yahoo.com

Bernanke's comments on economy keep stock indexes in check; hope for tax deal mitigates losses

Stocks spent most of Monday in a funk brought on by cautious comments about the economy from Federal Reserve Chairman Ben Bernanke. Hopes for a compromise on extending Bush-era tax cuts and unemployment benefits erased some of the losses.

The Dow Jones industrial average ended down 20 points, breaking a three-day winning streak from last week. Stock indexes traded in a tight range all day and volume was light.

Stocks began the day on a sour note after Federal Reserve Chairman Ben Bernanke said the economic recovery is still struggling to become "self-sustaining" without government help.

In an interview with CBS' "60 Minutes" that aired Sunday, Bernanke argued that Congress shouldn't cut spending or boost taxes given how fragile the economy remains. He also said it could take four or five more years for unemployment, now at 9.8 percent, to fall to a historically normal 5 percent or 6 percent.

The NYSE DOW NYSE DOW closed LOWER -19.90 points -0.17% on Monday December 6
Sym. .........Last .......Change..........
Dow 11,362.19 -19.90 -0.17%
Nasdaq 2,594.92 +3.46 +0.13%
S&P 500 1,223.12 -1.59 -0.13%
30-yr Bond 4.2500% -0.0620

NYSE Volume 3,694,646,750 (prior day 4,381,935,000
Nasdaq Volume 1,633,835,875 (prior day 1,842,640,750)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,770.28 +24.96 +0.43%
DAX 6,954.38 +6.66 +0.10%
CAC 40 3,749.23 -1.32 -0.04%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,779.40 -0.70 -0.01%
Shanghai Comp 2,857.18 +14.75 +0.52%
Taiwan We... 8,702.23 +78.22 +0.91%
Nikkei 225 10,167.23 -11.09 -0.11%
Hang Seng 23,237.69 -82.83 -0.36%
Straits Times 3,181.41 +8.97 +0.28%

http://finance.yahoo.com/news/Stocks-end-mixed-on-hope-of-apf-1668405800.html?x=0

Caution from Bernanke sends stock indexes lower

Bernanke's comments on economy keep stock indexes in check; hope for tax deal mitigates losses

Chip Cutter, AP Business Writer, On Monday December 6, 2010, 5:19 pm

NEW YORK (AP) -- Stocks spent most of Monday in a funk brought on by cautious comments about the economy from Federal Reserve Chairman Ben Bernanke. Hopes for a compromise on extending Bush-era tax cuts and unemployment benefits erased some of the losses.

The Dow Jones industrial average ended down 20 points, breaking a three-day winning streak from last week. Stock indexes traded in a tight range all day and volume was light.

Stocks began the day on a sour note after Federal Reserve Chairman Ben Bernanke said the economic recovery is still struggling to become "self-sustaining" without government help.

In an interview with CBS' "60 Minutes" that aired Sunday, Bernanke argued that Congress shouldn't cut spending or boost taxes given how fragile the economy remains. He also said it could take four or five more years for unemployment, now at 9.8 percent, to fall to a historically normal 5 percent or 6 percent.

Stocks recovered somewhat in the afternoon after Obama said in a speech that he would cede ground to help lawmakers reach an agreement on the tax cuts and unemployment benefits.

The Dow Jones industrial average fell 19.90, or 0.2 percent, to close at 11,362.19. The index had been down as many as 32 points earlier in the day.

The broader Standard & Poor's 500 index lost 1.59, or 0.1 percent, to 1,223.12. The Nasdaq composite index rose 3.46, or 0.1 percent, at 2,594.92.

Last week, strong reports on home sales, retail spending and consumer confidence lifted the Dow 2.6 percent, its best weekly gain since hitting a 2010 high on Nov. 5. The Dow is up 8.9 percent for the year.

"The animal spirits of investors remain bullish," said Channing Smith, a money manager and managing director of Capital Advisors Inc. However traders still have concerns about the lingering European debt crisis and the state of U.S. economy, he said.

Treasury prices rose as investors put money into less risky assets. The yield on the 10-year Treasury note, which moves opposite to its price, fell to 2.95 percent from 3.00 percent late Friday. That yield helps set interest rates on many kinds of loans including mortgages.

Gold for February delivery added $9.90 to settle at $1,416.10 an ounce. Silver gained 46.40 cents to settle at $29.735 an ounce.The dollar rose 0.4 percent against an index of six other currencies.

In corporate news, Barnes & Noble Inc. shot up $1.41, or 10.6 percent, to $14.69 after activist investor William Ackman and other shareholders of Borders Group Inc. said they were prepared to finance a $16 per share takeover bid for Barnes & Noble.

Sprint Nextel Corp. jumped 25 cents, or 6.4 percent, to $4.17 after the company said it would start phasing out the Nextel part of its network in 2013. That decision follows near-constant subscriber losses since Sprint bought Nextel in 2005.

Massey Energy Co. rose $1.21, or 2.4 percent, to $51.63 after the company issued a surprise announcement late Friday that its chairman and CEO, Don Blankenship, would retire at the end of the year. Blankenship is still expected to testify this month about the April 5 explosion at the Upper Big Branch mine, the nation's worst coal mine disaster in decades.

Rising shares and falling ones were almost evenly matched on the New York Stock Exchange. Trading volume was a light 804 million shares.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks turn mixed and bonds drop after Obama, GOP reach deal on extending tax cuts

Stocks closed mixed after enthusiasm over a deal to extend tax cuts faded.

Bond prices fell sharply as traders anticipated the tax cuts would lead to ballooning budget deficits. The yield on the 10-year Treasury note jumped to 3.13 percent, its highest level since June 22.

President Barack Obama and Republican leaders agreed to a broad package of tax cuts and an extension of unemployment benefits. The compromise plan helped send stocks higher in the morning. The extension of the Bush-era tax cuts, which were due to expire at the end of the year, removed a major source of uncertainty for financial markets. The deal announced late Monday also included a one-year break on payroll taxes which will put money directly in Americans' pockets. The same is true for the extension of unemployment benefits, which economists see as an effective way to stimulate the economy by getting people spending again.

The NYSE DOW NYSE DOW closed LOWER -3.03 points -0.03%
on Tuesday December 7
Sym. .........Last .......Change..........
Dow 11,359.16 -3.03 -0.03%
Nasdaq 2,598.49 +3.57 +0.14%
S&P 500 1,223.75 +0.63 +0.05%
30-yr Bond 4.4260% +0.1760

NYSE Volume 6,967,751,000 (prior day 3,694,646,750)
Nasdaq Volume 1,936,224,500 (prior day 1,633,835,875)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,808.45 +38.17 +0.66%
DAX 7,001.91 +47.53 +0.68%
CAC 40 3,810.50 +61.27 +1.63%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,779.40 -0.70 -0.01%
Shanghai Comp 2,857.18 +14.75 +0.52%
Taiwan We... 8,702.23 +78.22 +0.91%
Nikkei 225 10,167.23 -11.09 -0.11%
Hang Seng 23,237.69 -82.83 -0.36%
Straits Times 3,181.41 +8.97 +0.28%

http://finance.yahoo.com/news/Stocks-end-flat-as-rally-over-apf-3923661154.html?x=0

Stocks end flat as rally over tax cuts fades

Stocks turn mixed and bonds drop after Obama, GOP reach deal on extending tax cuts

Chip Cutter, AP Business Writer, On Tuesday December 7, 2010, 4:57 pm

NEW YORK (AP) -- Stocks closed mixed after enthusiasm over a deal to extend tax cuts faded.

Bond prices fell sharply as traders anticipated the tax cuts would lead to ballooning budget deficits. The yield on the 10-year Treasury note jumped to 3.13 percent, its highest level since June 22.

President Barack Obama and Republican leaders agreed to a broad package of tax cuts and an extension of unemployment benefits. The compromise plan helped send stocks higher in the morning. The extension of the Bush-era tax cuts, which were due to expire at the end of the year, removed a major source of uncertainty for financial markets. The deal announced late Monday also included a one-year break on payroll taxes which will put money directly in Americans' pockets. The same is true for the extension of unemployment benefits, which economists see as an effective way to stimulate the economy by getting people spending again.

"The deal in Washington is a big deal," said Kim Caughey Forrest, equity research analyst at Fort Pitt Capital Group. "Investors really do like certainty, and they really do like certainty around taxes."

The Dow Jones industrial average fell 3, or 0.03 percent, to close at 11,359.16. It had been up as many as 89 points before turning lower in the afternoon.

The broader Standard & Poor's 500 index rose 0.6, or 0.05 percent, to 1,223.75. The S&P closed within 2 points of its 2010 high reached on Nov. 5.

The Nasdaq composite index rose 3.6, or 0.1 percent, to 2,598.49.

Treasury prices fell sharply, sending their yields higher. The yield on the 10-year Treasury note rose to 3.13 percent from 2.93 percent late Monday. The yield on the 10-year note is a widely used benchmark for interest rates on loans including mortgages.

Citigroup Inc. rose 3.8 percent to $4.62 after the government said late Monday it reached a deal to sell its remaining stake in the bank for a $12 billion profit. Nicor Inc. jumped 4.3 percent to $48.79 after the natural gas distributor said it had agreed to be acquired by AGL Resources Inc. for about $2.38 billion in cash and stock.

Shares of New York Times Co. rose 4 percent to $9.76 after the newspaper publisher said declines in print advertising sales are slowing and expenses are falling.

Investors were also encouraged by news out of Europe. European stock markets rose after finance ministers from the 16 nations that use the euro did not rule out increasing their $1 trillion bailout fund. Ireland also passed a budget with steep tax hikes aimed at slashing its deficit.

The dollar was up 0.5 percent against an index of six other currencies. It had been down as much as 0.4 percent earlier in the day before recouping its losses by midday.

Rising stocks were even with declining ones on the New York Stock Exchange. Volume was 1.6 billion shares

 

[bigdog]

Source: http://finance.yahoo.com

Stocks inch higher, Treasury bonds in steep fall, as investors weigh compromise tax-cut plan

Stock indexes wobbled for most of the day before turning positive in the afternoon.

The compromise backed by President Barack Obama and Republican leaders on extending tax cuts crushed bonds Wednesday as traders expected the plan to lead to higher budget deficits and a pickup in economic growth. Stocks posted modest gains.

Congressional Democrats could still scuttle the tax agreement, but bond traders are acting like it's a done deal. Treasury prices dropped sharply, sending their yields higher for a second day. The yield on the 10-year Treasury note rose to 3.24 percent, the highest level since June 21 and a huge jump from the 2.93 percent it was trading at Monday before the tax deal was announced.

Part of the reason bonds are selling off is that investors now expect the tax package, which also includes an extension of unemployment benefits, to lead to better growth in the U.S. economy. That means less incentive to keep money parked in ultra-safe investments like Treasurys and also a greater likelihood of inflation, which would erode the value of the fixed payments from bonds.

The NYSE DOW NYSE DOW closed HIGHER +13.32 +0.12% on Wednesday December 8
Sym. .........Last .......Change..........
Dow 11,372.48 +13.32 +0.12%
Nasdaq 2,609.16 +10.67 +0.41%
S&P 500 1,228.28 +4.53 +0.37%
30-yr Bond 4.4430% +0.0170

NYSE Volume 5,252,957,000 (prior day 6,967,751,000)
Nasdaq Volume 1,788,131,000 (prior day 1,936,224,500)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,794.53 -13.92 -0.24%
DAX 6,975.87 -26.04 -0.37%
CAC 40 3,831.98 +21.48 +0.56%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,791.70 -24.30 -0.50%
Shanghai Comp 2,848.55 -27.32 -0.95%
Taiwan We... 8,703.79 -0.60 -0.01%
Nikkei 225 10,232.33 +91.23 +0.90%
Hang Seng 23,092.52 -335.63 -1.43%
Straits Times 3,202.80 +10.92 +0.34%

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

Stocks edge higher, Treasurys fall on tax-cut plan

Stocks inch higher, Treasury bonds in steep fall, as investors weigh compromise tax-cut plan

Matthew Craft, AP Business Writer, On Wednesday December 8, 2010, 4:31 pm

NEW YORK (AP) -- The compromise backed by President Barack Obama and Republican leaders on extending tax cuts crushed bonds Wednesday as traders expected the plan to lead to higher budget deficits and a pickup in economic growth. Stocks posted modest gains.

Congressional Democrats could still scuttle the tax agreement, but bond traders are acting like it's a done deal. Treasury prices dropped sharply, sending their yields higher for a second day. The yield on the 10-year Treasury note rose to 3.24 percent, the highest level since June 21 and a huge jump from the 2.93 percent it was trading at Monday before the tax deal was announced.

Part of the reason bonds are selling off is that investors now expect the tax package, which also includes an extension of unemployment benefits, to lead to better growth in the U.S. economy. That means less incentive to keep money parked in ultra-safe investments like Treasurys and also a greater likelihood of inflation, which would erode the value of the fixed payments from bonds.

Economists are already raising their estimates for economic growth as a result of the tax-cut package. Goldman Sachs economists released a rough estimate Wednesday saying that the tax relief could wind up adding between 0.5 and 1 percentage point to economic growth next year.

"There is no question that near term this tax deal will be a net positive for the economy because it will help growth," said Nariman Behravesh, chief economist at IHS Global Insight.

Another reason the tax package is pushing bond prices lower is that it will lead to a greater supply of Treasurys in the marketplace as the U.S. government issues more debt to finance its increasingly large budget deficits. Estimates of the total cost of the tax-cut package vary widely but go as high as $900 billion over the next few years.

Higher Treasury rates ripple through every corner of the economy, raising borrowing costs for the government, business and consumers. The Treasury Department auctioned another $21 billion in 10-year notes Wednesday at a rate of 3.34 percent, the highest since May. The Treasury will sell $13 billion in 30-year bonds Thursday. Selling long-dated bonds is often tricky: investors like the higher yields, but 30-year bonds would get hit the hardest if inflation picks up.

The Mortgage Bankers Association also reported that mortgage applications slipped last week as refinancing activity fell. The average rate for a 30-year fixed loan rose to 4.66 from 4.56 percent the previous week.

Stock indexes wobbled for most of the day before turning positive in the afternoon.

The Dow Jones industrial average edged up 13.32 points, or 0.1 percent, to 11,372.48.

The broader Standard & Poor's 500 index rose 4.53 or 0.4 percent, to a new yearly high of 1,228.28. The index last traded at this level in late September 2008.

Four of the 10 company groups in the S&P index rose. Financials rose the most with a 1.8 percent gain. Bank of America Corp. rose 3.7 percent to lead the 30 stocks that make up the Dow.

The Nasdaq composite index rose 10.67, or 0.4, to 2,609.16.

The higher rates in the Treasury market helped push the dollar up against other currencies including the Japanese yen and the euro. The dollar rose 0.2 percent against an index of six other major currencies.

In corporate news, McDonald's Corp. fell 1.6 percent to $78.74, making it the biggest decliner among the 30 stocks that make up the Dow. The company reported November sales figures that fell short of analysts' expectations.

Fortune Brands Inc. rose 1 percent to $61.76 after the company announced plans to split into three parts. Fortune will keep its liquor business led by Jim Beam bourbon while shedding the units that make Titleist golf balls, Moen faucets and Master Locks.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average fell 2.42, or less than 0.1 percent, to 11,370.06. The Nasdaq composite index rose 7.51, or 0.3 percent, to 2,616.67.

Stocks in limbo as tax deal stalls in House; jobless claims drop to 2nd-lowest level this year

Stocks closed mixed Thursday as traders waited to see whether a tax compromise brokered by the White House and Republicans will pass the Democratic-controlled House.

House Democrats pledged Thursday to reject the tax deal as it is currently written. The compromise reached by President Barack Obama and Republican leaders would extend tax cuts at all income levels for two years. House Democrats want tax rates for the wealthiest Americans to revert to their previous levels.

"There is a tremendous amount of uncertainty about some major tax planning and estate planning issues," said Eric Thorne, a vice president at Bryn Mawr Trust. "We think that the market will rally nicely once an agreement is passed one way or another."

The NYSE DOW NYSE DOW closed LOWER -2.42 points -0.02% on Thursday December 9
Sym. .........Last .......Change..........
Dow 11,370.06 -2.42 -0.02%
Nasdaq 2,616.67 +7.51 +0.29%
S&P 500 1,233.00 +4.72 +0.38%
30-yr Bond 4.4000% -0.0430

NYSE Volume 4,994,395,500 (prior day 5,252,957,000)
Nasdaq Volume 1,951,715,375 (prior day 1,788,131,000)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,807.96 +13.43 +0.23%
DAX 6,964.16 -11.71 -0.17%
CAC 40 3,858.05 +26.07 +0.68%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,827.50 +35.80 +0.75%
Shanghai Comp 2,810.95 -37.60 -1.32%
Taiwan We... 8,753.84 +50.05 +0.58%
Nikkei 225 10,285.88 +53.55 +0.52%
Hang Seng 23,171.80 +79.28 +0.34%
Straits Times 3,210.20 +7.40 +0.23%

http://sg.finance.yahoo.com/news/Stocks-end-mixed-as-tax-apf-2633304254.html?x=0

Stocks end mixed as tax compromise stalls in House

Stocks in limbo as tax deal stalls in House; jobless claims drop to 2nd-lowest level this year

Matthew Craft and David K. Randall, AP Business Writers, On Friday 10 December 2010, 5:32

NEW YORK (AP) -- Stocks closed mixed Thursday as traders waited to see whether a tax compromise brokered by the White House and Republicans will pass the Democratic-controlled House.

House Democrats pledged Thursday to reject the tax deal as it is currently written. The compromise reached by President Barack Obama and Republican leaders would extend tax cuts at all income levels for two years. House Democrats want tax rates for the wealthiest Americans to revert to their previous levels.

"There is a tremendous amount of uncertainty about some major tax planning and estate planning issues," said Eric Thorne, a vice president at Bryn Mawr Trust. "We think that the market will rally nicely once an agreement is passed one way or another."

The White House has been pushing Democrats to back the tax measure, arguing that a defeat could knock the economy back into recession. The deal also contains a provision extending unemployment benefits.

Economists expect the tax package to boost the U.S. economy and are already raising their estimates for economic growth next year. Goldman Sachs's rough estimate is that the tax proposal could add between 0.5 and 1 percentage point to economic growth in 2011. A stronger economy diminishes the appeal of ultra-safe investments like Treasurys and raises the prospect of higher inflation.

Stocks had edged higher in the morning after a report from the Labor Department showed that first time claims for unemployment benefits dropped last week to the second-lowest level this year. Claims fell to 421,000, below the 428,000 figure that Wall Street expected.

The four-week average of claims also slid for the fifth straight week, reaching the lowest level since August 2008, before the darkest days of the financial crisis.

The Standard & Poor's 500 index inched higher a day after setting a closing high for 2010. The index rose 4.72, or 0.4 percent, to 1,233. It was the second straight day that the S&P index reached a new high for the year.

The Dow Jones industrial average fell 2.42, or less than 0.1 percent, to 11,370.06. The Nasdaq composite index rose 7.51, or 0.3 percent, to 2,616.67.

Bank of America Corp. was the strongest performer among the 30 companies that make up the Dow. It rose up 5.4 percent. The index's laggard was McDonald's Corp., which lost 1.1 percent.

Eight of the 10 company groups in the S&P 500 index rose. Financial companies led the way with a 1.3 percent gain. Consumer discretionary companies were the weakest with a drop of less than 0.1 percent.

American International Group Inc. rose 13.2 percent to $47.78. Trading in the insurance conglomerate's shares was interrupted Wednesday as the company announced it would repay a loan from the New York Federal Reserve, clearing the way for the government to shed its 80 percent stake. The government's bailout of AIG was at one point worth $182 billion.

Treasurys prices rose slightly, causing their yields to drop, after getting crushed for two days straight. The yield on the 10-year note slipped to 3.22 percent. The yield, which help set rates for a variety of loans, reached as high as 3.33 percent Wednesday, the highest level in nearly six months.

The dollar remained flat against an index of six other major currencies.

Four stocks rose for every three that fell on the New York Stock Exchange. Trading volume came to 1.1 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow was the weakest of the three main stock average for the week, gaining just 0.3 percent. The S&P 500 added 1.3 percent and the Nasdaq rose 1.8 percent

An encouraging trade report and signs that a tax cut package would pass the Senate sent stocks to their highest levels in two years Friday. Bond prices fell for another day as investors expected the tax deal to lead to economic growth and higher budget deficits.

The Commerce Department reported that the U.S. trade deficit fell to its lowest level in nine months in October. Growing demand for American goods overseas pushed exports to their highest level in more than two years.

Separately, the Treasury Department said the federal government's budget shortfall hit $150.4 billion in November. Treasury prices dropped after the report was released, pushing their yields higher. The yield for the 10-year note rose to 3.33 percent, up from 3.21 percent late Thursday.

The NYSE DOW NYSE DOW closed HIGHER +40.26 points +0.35% on Friday December 10
Sym. .........Last .......Change..........
Dow 11,410.32 +40.26 +0.35%
Nasdaq 2,637.54 +20.87 +0.80%
S&P 500 1,240.40 +7.40 +0.60%
30-yr Bond 4.4220% +0.0220

NYSE Volume 5,021,669,500 (prior day 4,994,395,500)
Nasdaq Volume 1,758,487,625 (prior day 1,951,715,375)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,812.95 +4.99 +0.09%
DAX 7,006.17 +42.01 +0.60%
CAC 40 3,857.35 -0.70 -0.02%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,830.00 +2.50 +0.05%
Shanghai Comp 2,841.04 +30.09 +1.07%
Taiwan We... 8,718.83 -35.01 -0.40%
Nikkei 225 10,211.95 -73.93 -0.72%
Hang Seng 23,162.91 -8.89 -0.04%
Straits Times 3,185.42 -24.78 -0.77%

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

Stocks edge higher on encouraging economic signs

Stocks slightly higher on lower trade deficit; Treasury prices fall on expectations of growth

Matthew Craft and David K. Randall, AP Business Writers, On Friday December 10, 2010, 5:38 pm

NEW YORK (AP) -- An encouraging trade report and signs that a tax cut package would pass the Senate sent stocks to their highest levels in two years Friday. Bond prices fell for another day as investors expected the tax deal to lead to economic growth and higher budget deficits.

The Commerce Department reported that the U.S. trade deficit fell to its lowest level in nine months in October. Growing demand for American goods overseas pushed exports to their highest level in more than two years.

Separately, the Treasury Department said the federal government's budget shortfall hit $150.4 billion in November. Treasury prices dropped after the report was released, pushing their yields higher. The yield for the 10-year note rose to 3.33 percent, up from 3.21 percent late Thursday.

The Standard & Poor's 500 index rose 7.40, or 0.6 percent, to 1,240.40. It was the third straight day that the S&P index closed at a new high for the year. The index has gained 11.2 percent this year and is now trading at the same price it did the week before Lehman Brothers filed for bankruptcy in September 2008.

The Dow Jones industrial average rose 40.26, or 0.4 percent, to 11,410.32. General Electric Co. led the 30 stocks that make up the index with a 3.4 percent jump to $17.72. GE said it planned to raise its dividend by 17 percent.

The Nasdaq composite index rose 20.87, or 0.8 percent, to 2,637.54.

The Dow was the weakest of the three main stock average for the week, gaining just 0.3 percent. The S&P 500 added 1.3 percent and the Nasdaq rose 1.8 percent.

Investors were encouraged to see that prospects were improving that the Senate would approve legislation aimed at avoiding sweeping tax increases Jan. 1. Negotiators added a few sweeteners to promote ethanol and other forms of alternative energy. A test vote was set for Monday.

House Democrats have balked at the proposal to extend tax cuts, voting in a closed-door meeting Thursday not to allow the package to reach the floor for a vote without changes to scale back tax cuts for the rich.

Tom di Galoma, head of fixed income trading at Guggenheim Partners in New York, said traders see passage of the deal as nearly inevitable. "To stimulate the economy, it really has to be done," he said. "The last thing you want to do is raise taxes in the middle of a recession."

On the off chance it failed, di Galoma said, stocks would probably lose the gains made over the past two weeks. Treasurys would jump, causing their yields to plummet.

Movie rental company Netflix Inc. rose 1.9 percent to $194.63 after Standard and Poor's added it to the S&P 500 index. The company has gained 250 percent this year.

Cablevision Systems Co., F5 Networks Inc. and Newfield Exploration Co. were added to the S&P 500 as well. The index dropped The New York Times Co., Eastman Kodak Co. and Office Depot Inc.

Two stocks rose for every one that fell on the New York Stock Exchange. Consolidated volume was 4.6 billion shares.

6321

 

[bigdog]

Source: http://finance.yahoo.com

Stocks end flat ahead of Senate vote on tax-cut compromise; Dow up 18

Stocks ended flat Monday after expectations that a tax-cut package will pass the Senate kept them higher for much of the day.

The tax-cut compromise brokered by the White House and Republicans was scheduled for its first Senate vote late Monday.

If enacted, the package will extend tax cuts passed during the Bush administration for all income levels for another two years. It will also extend unemployment benefits through next year and put in place a one-year reduction in Social Security taxes.

Economists expect the nearly $900 billion tax package to boost economic growth and increase the size of the budget deficit. House Democrats have pledged to block the measure unless tax rates rise for the nation's wealthiest estates.

Traders were also encouraged by a handful of deals announced Monday. General Electric Co. is paying $1.3 billion to buy British oilfield company Wellstream Holdings PLC and Dell Inc. is spending $960 million for network storage company Compellent Technologies Inc.

The NYSE DOW NYSE DOW closed HIGHER +18.24 points +0.16% on Monday December 13
Sym. .........Last .......Change..........
Dow 11,428.56 +18.24 +0.16%
Nasdaq 2,624.91 -12.63 -0.48%
S&P 500 1,240.46 +0.06 +0.00%
30-yr Bond 4.4010% -0.0210

NYSE Volume 4,861,613,500 (prior day 5,021,669,500)
Nasdaq Volume 1,847,898,125 (prior day 1,758,487,625)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,860.75 +47.80 +0.82%
DAX 7,029.39 +23.22 +0.33%
CAC 40 3,892.44 +35.09 +0.91%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,841.20 +11.20 +0.23%
Shanghai Comp 2,922.95 +81.91 +2.88%
Taiwan We... 8,736.59 +17.76 +0.20%
Nikkei 225 10,293.89 +81.94 +0.80%
Hang Seng 23,317.61 +154.70 +0.67%
Straits Times 3,182.32 -3.10 -0.10%

http://finance.yahoo.com/news/Stocks-end-mixed-ahead-of-apf-3594708458.html?x=0

Stocks end mixed ahead of Senate vote on tax deal

Stocks end flat ahead of Senate vote on tax-cut compromise; Dow up 18

David K. Randall, AP Business Writer, On Monday December 13, 2010, 4:56 pm

NEW YORK (AP) -- Stocks ended flat Monday after expectations that a tax-cut package will pass the Senate kept them higher for much of the day.

The tax-cut compromise brokered by the White House and Republicans was scheduled for its first Senate vote late Monday.

If enacted, the package will extend tax cuts passed during the Bush administration for all income levels for another two years. It will also extend unemployment benefits through next year and put in place a one-year reduction in Social Security taxes.

Economists expect the nearly $900 billion tax package to boost economic growth and increase the size of the budget deficit. House Democrats have pledged to block the measure unless tax rates rise for the nation's wealthiest estates.

Traders were also encouraged by a handful of deals announced Monday. General Electric Co. is paying $1.3 billion to buy British oilfield company Wellstream Holdings PLC and Dell Inc. is spending $960 million for network storage company Compellent Technologies Inc.

The S&P 500 index eked out a new 2010 high for the fourth time in four days. The index rose 0.06 point to 1,240.46.

Other indexes took a late afternoon spill. The Dow Jones industrial average rose 18.24, or 0.16 percent, to 11,428.56, having been up as many as 70 points earlier. The Dow is now just 15.52 points from its 2010 closing high, reached Nov. 5.

Falling shares and rising ones were almost evenly matched on the New York Stock Exchange. Volume was 963 million shares.

The tax plan has crushed the prices of Treasury bonds since it was announced last Monday. The yield of 10-year Treasurys rose to 3.36 percent early Monday before falling to 3.28. Treasurys reversed course after the Federal Reserve bought $7.8 billion in government bonds coming due between 2016 and 2017. Treasury yields have been mainly rising over the past month.

"It looks like the big trade going on right now is that money is working its way out of bonds and into stocks," said Ryan Detrick, a senior strategist at Schaeffer's Investment Research. "We think that is only going to continue as the economy starts looking better."

World stock markets rose. China's benchmark Shanghai Composite Index gained 2.8 percent after Chinese authorities surprised investors by not raising interest rates. Investors had anticipated an interest rate hike to combat high inflation.

Blue chip stocks in Europe rose 0.2 percent. The dollar fell 0.9 percent against an index of six currencies.

In corporate news, Hewlett-Packard Co. fell 2.1 percent to $41.65 after Goldman Sachs gave the hardware company a sell rating. Goldman's analysts see tablet computers, such as Apple Inc.'s iPad, taking business away from PCs.

Shares in Dionex Corp. shot up 20 percent to $117.83, after Thermo Fisher Scientific Inc. said Monday it planned to buy the maker of laboratory equipment for $2.1 billion. Thermo Fisher said it will pay $118.50 a share. Shares in Thermo Fisher rose 4.7 percent to $55.56.

 

[bigdog]

Source: http://finance.yahoo.com

US stocks closed higher on Tuesday, buoyed by a strong rise in November retail sales as the all-important holiday shopping season nears its peak.

The Dow Jones Industrial Average rose 47.98 points (0.42 percent) to close at 11,476.54, reaching its highest level in 27 months.

The S&P 500 index, a broader measure of the market, was up 1.13 points (0.09 percent) to 1,241.59, while the tech-rich Nasdaq rose 2.81 points (0.11 percent) to 2,627.72.

Financial stocks were the main laggards, with shares of Citigroup declining 2.5 percent and those of JPMorgan losing 1.7 percent and Bank of America declining 1.1 percent.

The NYSE DOW NYSE DOW closed HIGHER +47.98 points +0.42% on Tuesday December 14
Sym. .........Last .......Change..........
Dow 11,476.54 +47.98 +0.42%
Nasdaq 2,627.72 +2.81 +0.11%
S&P 500 1,241.59 +1.13 +0.09%
30-yr Bond 4.5560% +0.1550

NYSE Volume 4,603,373,500 (prior day 4,861,613,500)
Nasdaq Volume 1,875,756,125 (prior day 1,847,898,125)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,891.21 +30.46 +0.52%
DAX 7,027.40 -1.99 -0.03%
CAC 40 3,902.87 +10.43 +0.27%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,850.90 +9.70 +0.20%
Shanghai Comp 2,927.08 +4.12 +0.14%
Taiwan We... 8,740.43 +3.84 +0.04%
Nikkei 225 10,316.77 +22.88 +0.22%
Hang Seng 23,431.19 +113.58 +0.49%
Straits Times 3,176.91 -5.41 -0.17%

http://au.finance.yahoo.com/news/Dow-reaches-two-year-high-US-afp-1706793139.html?x=0

Dow reaches two year high as US stocks hold gains

On Tuesday 14 December 2010, 22:47 EST

US stocks closed higher on Tuesday, buoyed by a strong rise in November retail sales as the all-important holiday shopping season nears its peak.

The Dow Jones Industrial Average rose 47.98 points (0.42 percent) to close at 11,476.54, reaching its highest level in 27 months.

The S&P 500 index, a broader measure of the market, was up 1.13 points (0.09 percent) to 1,241.59, while the tech-rich Nasdaq rose 2.81 points (0.11 percent) to 2,627.72.

Financial stocks were the main laggards, with shares of Citigroup declining 2.5 percent and those of JPMorgan losing 1.7 percent and Bank of America declining 1.1 percent.

The tone for trade was set early in the day, when the Commerce Department released data showing US retail sales rose more than expected in November for a fifth straight month of gains.

Retail and food services sales for November rose 0.8 percent from the prior month to 378.7 billion dollars, the department said.

The increase was much better than the 0.5 percent rise expected by economists and signaled Americans were more willing to open their wallets, fueling consumer spending that makes up two-thirds of US economic activity.

"Overall, the November retail sales report was a strong report that flew in the face of the weak wage growth reported in the November employment report," said Patrick O'Hare at Briefing.com.

The data came shortly after electric appliance retailer Best Buy posted disappointing quarterly earnings, with a five percent drop in US sales, even though it included Black Friday, the day after Thanksgiving considered one of the shopping peaks of the year.

Best Buy's reported a 217 million dollar profit in the quarter ending November 27, compared with 227 million dollars in the same period last year. Its shares slumped nearly 15 percent on the news.

Later trade was choppy amid news that the Federal Reserve will maintain near-zero interest rates and its massive 600 billion dollar asset purchasing program launched last month.

The Federal Open Market Committee said the US economic recovery was chugging forward, but too slowly to reduce high unemployment rates.

"The FOMC statement made for a volatile afternoon as stocks sold off, treasuries sold off, and the dollar rallied," said analysts at briefing.com.

In other corporate news, shares of General Electric rose 0.4 percent after it forecast solid growth in 2011.

The bond market declined.

The yield on the 10-year Treasury bonds rose to 3.45 percent from 3.29 percent on Monday, while that of the 30-year bond climbed to 4.56 percent from 4.40 percent. Bond prices and yields move in opposite directions.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks fell slightly as investors fretted over euro-zone finances, but encouraging U.S. economic data limited the decline.

The Dow Jones Industrial Average fell 19.07 points, or 0.17%, to 11457.47, a day after the measure reached its highest close since September 2008. Alcoa was the measure's worst performer with a drop of 24 cents, or 1.7%, to $13.96, while J.P. Morgan Chase fell 58 cents, or 1.4%, to 40.21, and General Electric shed 20 cents, or 1.1%, to 17.49.

The Nasdaq Composite lost 10.50, or 0.40%, to 2617.22. The Standard & Poor's 500-stock index shed 6.36, or 0.51%, to 1235.23.

The euro slipped after Moody's Investors Service said it may downgrade its ratings on Spanish government debt and Standard and Poor's Ratings Services lowered its ratings outlook on Belgium to negative from stable.

The warnings added to investors' worries over the euro zone even as U.S. data showed New York manufacturing activity roared ahead this month after contracting in November, while U.S. industrial production staged a modest rebound in November following a brief drop-off. Capacity utilization bounced back as well.

The NYSE DOW NYSE DOW closed LOWER -19.07 points -0.17% on Wednesday December 15
Sym. .........Last .......Change..........
Dow 11,457.47 -19.07 -0.17%
Nasdaq 2,617.22 -10.50 -0.40%
S&P 500 1,235.23 -6.36 -0.51%
30-yr Bond 4.5980% +0.0420

NYSE Volume 5,096,538,500 (prior day 4,603,373,500)
Nasdaq Volume 1,888,903,875 (prior day 1,875,756,125)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,882.18 -9.03 -0.15%
DAX 7,016.37 -11.03 -0.16%
CAC 40 3,880.19 -22.68 -0.58%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,853.40 +2.50 +0.05%
Shanghai Comp 2,911.41 -15.66 -0.54%
Taiwan We... 8,756.71 +16.28 +0.19%
Nikkei 225 10,309.78 -6.99 -0.07%
Hang Seng 22,975.35 -455.84 -1.95%
Straits Times 3,147.20 -29.71 -0.94%

http://www.smartmoney.com/Investing...wednesday-dec-15-2010-26041/?cid=yahoofinance


Dow Loses Grip on Gains
By Donna Kardos Yesalavich

NEW YORK””Stocks fell slightly as investors fretted over euro-zone finances, but encouraging U.S. economic data limited the decline.

The Dow Jones Industrial Average fell 19.07 points, or 0.17%, to 11457.47, a day after the measure reached its highest close since September 2008. Alcoa was the measure's worst performer with a drop of 24 cents, or 1.7%, to $13.96, while J.P. Morgan Chase fell 58 cents, or 1.4%, to 40.21, and General Electric shed 20 cents, or 1.1%, to 17.49.

The Nasdaq Composite lost 10.50, or 0.40%, to 2617.22. The Standard & Poor's 500-stock index shed 6.36, or 0.51%, to 1235.23.

The euro slipped after Moody's Investors Service said it may downgrade its ratings on Spanish government debt and Standard and Poor's Ratings Services lowered its ratings outlook on Belgium to negative from stable.

The warnings added to investors' worries over the euro zone even as U.S. data showed New York manufacturing activity roared ahead this month after contracting in November, while U.S. industrial production staged a modest rebound in November following a brief drop-off. Capacity utilization bounced back as well.

"We seem to be getting better as an economy while you cannot say the same thing about the European economy, especially the affected countries," said Peter Tuz, president at Chase Investment Counsel.

In issuing its warning on Spain, Moody's cited the country's challenging refinancing needs next year and a complicated outlook for the country's banks and regional governments. The lowered outlook from S&P on Belgium came as the ratings agency warned that if the country fails to form a government within six months, it could possibly face a one-notch downgrade.

Also in the euro zone, German Chancellor Angela Merkel said European leaders will approve a permanent facility to rescue financially-stressed governments on Thursday, but again opposed a plan for collective government-debt issuance.

Irish lawmakers voted Wednesday to accept 67.5 billion euros in loans from the European Union and International Monetary Fund as part of a 85 billion euros package to shore up Ireland's banks and public finances.

Still, investors are thinking, "any bailouts over there, is that really a positive thing?" said Stephen Carl, head equity trader at The Williams Capital Group. "It's just kind of a temporary Band-Aid."

Among stocks in focus, U.S. shares of Novartis climbed 3.16, or 5.7%, to 58.99. The company paved the way to take full control of Alcon after sweetening its original share offer with a cash component, ending a drawn-out battle to acquire the remaining 23% of the U.S. eye-care company it doesn't own for a total value of $12.9 billion. Alcon added 1.67, or 1%, to 164.10.

Goldman Sachs Group fell 2.12, or 1.3%, to 165.21, and Morgan Stanley shed 43 cents, or 1.6%, to 26.20, after some Wall Street analysts cut fourth-quarter earnings estimates on the investment banks, citing lower-than-expected trading volumes in fixed income, currencies, and commodities.

Joy Global climbed 5.57, or 6.9%, to 85.78. The heavy-duty mining-equipment company's fiscal fourth-quarter earnings rose 18%, topping analysts' expectations as it was aided by a weaker dollar and stronger margins.

Boston Beer rose 10.22, or 12%, to 94.97. The brewer boosted its 2010 per-share earnings forecast, saying it is seeing increased beer shipments and benefiting from the timing of certain selling, general and administrative expenses.

Shares of U.S.-based rare-earth producer Molycorp jumped 3.19, or 9.4%, to 36.98, after further details were released about China's plan to raise export duties on some rare earth minerals next year and maintain temporary duties on the export of coal, crude oil, fertilizer and nonferrous metals.

Zale Corp. climbed 7 cents, or 2.2%, to 3.22. The jewelry retailer is exploring the sale of its Piercing Pagoda kiosk business, Bloomberg News reported, citing people familiar with the matter.

Cypress Bioscience rose 70 cents, or 12%, to 6.45, after the company agreed to be acquired by Ramius LLC after the hedge-fund operator raised its bid to about $255 million. Activist investor Ramius is offering $6.50 per share for the biotechnology company.

Cubist Pharmaceuticals fell 40 cents, or 1.8%, to 21.58. The company lowered its already downbeat revenue estimate for the year because cost restraints at hospitals hurt demand for its infection-fighting flagship drug more than expected.

 

[bigdog]

Source: http://finance.yahoo.com

A small drop in unemployment claims and a higher profit forecast by FedEx Corp. helped push stocks up Thursday. The Dow Jones industrial average and the Standard & Poor's 500 index closed at their highest levels of the year.

The Labor Department said first-time claims for unemployment benefits fell last week to 420,000, the third drop in four weeks. The four-week average of claims also slid for the sixth straight week, reaching the lowest level since July 2008. That was before Lehman Brothers collapsed and markets seized up at the height of the financial crisis.

Separately, the Commerce Department said housing starts rose slightly last month, reversing a two-month decline.

Card companies fell sharply after the Federal Reserve proposed as 12-cent cap on the fees that merchants pay every time a customer uses a debit card. Merchants now pay a fee that ranges between 1 to 2 percent of each transaction.

The NYSE DOW NYSE DOW closed HIGHER +41.78 points +0.36% on Thursday December 16
Sym. .........Last .......Change..........
Dow 11,499.25 +41.78 +0.36%
Nasdaq 2,637.31 +20.09 +0.77%
S&P 500 1,242.87 +7.64 +0.62%
30-yr Bond 4.5820% -0.0160

NYSE Volume 4,863,538,000 (prior day 5,096,538,500)
Nasdaq Volume 1,750,373,125 (prior day 1,888,903,875)

Europe
Symbol.... ......Last .....Change.......
FTSE 100 5,881.12 -1.06 -0.02%
DAX 7,024.40 +8.03 +0.11%
CAC 40 3,888.36 +8.17 +0.21%

Asia Pacific
Symbol ........... Last ....Change.......
ASX All Ord 4,868.80 +15.40 +0.32%
Shanghai Comp 2,898.14 -13.28 -0.46%
Taiwan We... 8,782.20 +25.49 +0.29%
Nikkei 225 10,311.29 +1.51 +0.01%
Hang Seng 22,668.78 -306.57 -1.33%
Straits Times 3,147.67 +0.47 +0.01%

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

Drop in jobless claims helps send stocks higher

Better news on jobless claims, trade sends stocks higher; card companies sink on Fed proposal

Matthew Craft and David K. Randall, AP Business Writers, On Thursday December 16, 2010, 4:40 pm

NEW YORK (AP) -- A small drop in unemployment claims and a higher profit forecast by FedEx Corp. helped push stocks up Thursday. The Dow Jones industrial average and the Standard & Poor's 500 index closed at their highest levels of the year.

The Labor Department said first-time claims for unemployment benefits fell last week to 420,000, the third drop in four weeks. The four-week average of claims also slid for the sixth straight week, reaching the lowest level since July 2008. That was before Lehman Brothers collapsed and markets seized up at the height of the financial crisis.

Separately, the Commerce Department said housing starts rose slightly last month, reversing a two-month decline.

Card companies fell sharply after the Federal Reserve proposed as 12-cent cap on the fees that merchants pay every time a customer uses a debit card. Merchants now pay a fee that ranges between 1 to 2 percent of each transaction.

The proposal could cut revenues for major banks and card networks like Visa Inc. and MasterCard Inc. Visa fell 12.7 percent to $67.19. MasterCard fell 10.3 percent to $223.49.

FedEx Corp. rose 1.9 percent to $94.22 after the company raised its earnings predictions for next year because businesses and consumers are shipping more packages. Traders took that as a sign the economy is improving.

The Dow Jones industrial average rose 41.78, or 0.4 percent, to 11,499.25. The broader Standard & Poor's 500 index rose 7.64, or 0.6 percent, to 1,242.87. The Nasdaq composite rose 20.09, or 0.8, to 2,637.31.

Gains came across the market. All 10 company groups in the Standard and Poor's 500 index rose.

Alcoa Inc. was the biggest gainer of the 30 stocks that make up the Dow index, rising 3.5 percent to $14.45. American Express Co. fell the most. The company lost 3.4 percent to $44.57.

A bill to extend Bush-era tax cuts along with unemployment benefits was postponed by the House of Representatives Thursday afternoon. The Senate passed the bill Wednesday. The tax package, a compromise between the White House and Senate Republicans, is expected to boost economic growth next year but also widen the budget deficit.

House Democratic leaders say they'll pass the bill, but only after first voting whether to raise the proposed rate for the estate tax.

The yield on the 10-year Treasury fell to 3.45 percent from 3.53 percent the day before. Investors have been selling Treasurys as their outlook on the economy improves, sending yields on the bonds higher. The 10-year yield traded as low as 2.49 percent as recently as Nov. 4.

The dollar fell 0.2 percent against an index of six heavily traded currencies. Gold fell 1.1 percent.