NYSE Dow Jones finished today at:

[bigdog]

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

Maybe the global economy isn't in such bad shape after all.

After weeks of worries about the economy pulled stocks down, indexes have risen sharply for two days in a row.

The Dow Jones industrial average rose more than 140 points Tuesday, thanks in part to signs that concerns of a global slowdown may be overblown.

Quarterly results from Nike Inc. bested analysts' expectations and sent its stock up 10 percent. That helped lead to a rally in stocks of clothing stores, restaurants and jewelers. Such companies tend to do well when consumers are less worried about things like high gas prices and are willing to spend on themselves.

Other industries that do well during periods of economic expansion led the stock market higher. Caterpillar Inc., one of the 30 stocks that make up the Dow, gained the most, rising 3 percent. Industrials gained 1.5 percent overall. Consumer discretionary companies gained 1.9 percent.

Both sectors are still well below their highs for the year. Industrials and consumer companies have lost 5.8 percent and 3.6 percent, respectively, since peaking on April 29.

The Dow gained 145.13 points, or 1.2 percent, to 12,188.69. The Standard & Poor's 500 index rose 16.57, or 1.3 percent, to 1,296.68. The Nasdaq composite index added 41.03, or 1.5 percent, to 2,729.31. All three indexes are down more than 3 percent for the month.

The NYSE DOW NYSE DOW closed HIGHER +145.13 points +1.21% on Tuesday June 28
Sym .......Last .......Change..........
Dow 12,188.69 +145.13 +1.21%
Nasdaq 2,729.31 +41.03 +1.53%
S&P 500 1,296.67 +16.57 +1.29%
30-yr Bond 4.3330% +0.0510

NYSE Volume 3,681,501,250 (prior 3,602,571,750)
Nasdaq Volume 1,706,669,125 (prior 1,729,619,875)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,766.88 +44.54 +0.78%
DAX 7,170.43 +62.53 +0.88%
CAC 40 3,851.89 +55.34 +1.46%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,523.20 +9.40 +0.21%
Shanghai Comp 2,759.97 +1.74 +0.06%
Taiwan We... 8,478.86 -21.30 -0.25%
Nikkei 225 9,648.98 +70.67 +0.74%
Hang Seng 22,061.78 +20.01 +0.09%
Straits Times 3,050.79 +2.51 +0.08%

http://finance.yahoo.com/news/Strong-Nike-earnings-help-apf-141449013.html?x=0

Strong Nike earnings help lead stocks higher

Higher earnings from Nike and the first rise in home prices in 8 months lift stocks

Francesca Levy and David K. Randall, AP Business Writer, On Tuesday June 28, 2011, 4:57 pm EDT

NEW YORK (AP) -- Maybe the global economy isn't in such bad shape after all.

After weeks of worries about the economy pulled stocks down, indexes have risen sharply for two days in a row.

The Dow Jones industrial average rose more than 140 points Tuesday, thanks in part to signs that concerns of a global slowdown may be overblown.

Quarterly results from Nike Inc. bested analysts' expectations and sent its stock up 10 percent. That helped lead to a rally in stocks of clothing stores, restaurants and jewelers. Such companies tend to do well when consumers are less worried about things like high gas prices and are willing to spend on themselves.

Other industries that do well during periods of economic expansion led the stock market higher. Caterpillar Inc., one of the 30 stocks that make up the Dow, gained the most, rising 3 percent. Industrials gained 1.5 percent overall. Consumer discretionary companies gained 1.9 percent.

Both sectors are still well below their highs for the year. Industrials and consumer companies have lost 5.8 percent and 3.6 percent, respectively, since peaking on April 29.

The Dow gained 145.13 points, or 1.2 percent, to 12,188.69. The Standard & Poor's 500 index rose 16.57, or 1.3 percent, to 1,296.68. The Nasdaq composite index added 41.03, or 1.5 percent, to 2,729.31. All three indexes are down more than 3 percent for the month.

Signs that the housing market is improving helped lift Home Depot Inc. It's sales benefit when consumers spend money on home improvement. Home Depot gained 2.4 percent following a report that home prices rose in April in 13 of the 20 cities tracked by the Standard & Poor's/Case-Shiller index. The index rose for the first time in eight months thanks to an annual push to buy homes in the spring.

Housing usually leads the economy out of recessions. But that hasn't been the case with the current recovery, which began in June 2009. The long slump in the housing market has been a drag on the U.S. economic recovery.

A decline in U.S. consumer confidence to a seven-month low, largely because of worries about jobs, did not slow down the gains in stocks.

Signs that the Greece may be making progress in its debt crisis also boosted markets. Greek lawmakers are debating austerity measures that must be passed to secure the next installment of emergency loans from international lenders. On Monday French banks agreed to accept slower repayment on Greek debts, another key step in avoiding a Greek debt default.

Among U.S. companies, Accenture rose 3.2 percent after S&P announced that the company would be added to its S&P 500 index. And tobacco company Altria Group fell 1.5 percent after the Food and Drug Administration announced it is reviewing research to determine the public health impact of menthol cigarettes.

Government bond prices fell as investors put a greater value on riskier assets like stocks. The yield on the benchmark 10-year Treasury rose to 3.03 percent from 2.93 percent Monday. Bond yields rise when prices fall. Bond yields fell to their lowest level of the year last week due to concerns that Greece's debt problems would spread to other European countries.

Four stocks rose for every one that fell on the New York Stock Exchange. Volume was relatively light at 3.2 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed higher for the third day in a row Wednesday after Greece cleared a hurdle toward getting more emergency loans. Financial stocks rose after Bank of America reached a settlement with investors over failed mortgage securities.

Greek lawmakers passed an austerity bill that brought the country closer to getting a financial backstop it needs to avoid defaulting on its debt. A default by Greece would shock global markets and freeze lending to other heavily indebted European countries.

The $17 billion relief package from international lenders does not eliminate the possibility that Greece will default, but it does buy Greece and other European countries more time to repair their budgets.

"The hope is that through the passage of time and slow improvement of finances, markets will become a little more forgiving," said Wasif Latif, a vice president at USAA Investment Management.

The Dow Jones industrial average rose 72.73 points, or 0.6 percent, to close at 12,261.42 Wednesday. The Standard & Poor's 500 index rose 10.74, or 0.8 percent, to 1,307.41. The Nasdaq composite rose 11.18, or 0.4 percent, to 2,740.49.

The NYSE DOW NYSE DOW closed HIGHER +72.73 points +0.60% on Wednesday June 29
Sym .......Last .......Change..........
Dow 12,261.42 +72.73 +0.60%
Nasdaq 2,740.49 +11.18 +0.41%
S&P 500 1,307.41 +10.74 +0.83%
30-yr Bond 4.3710% +0.0380

NYSE Volume 4,347,503,500 (prior 3,681,501,250)
Nasdaq Volume 1,825,070,875 (prior 1,706,669,125)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,855.95 +89.07 +1.54%
DAX 7,294.14 +123.71 +1.73%
CAC 40 3,924.23 +72.34 +1.88%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,579.80 +56.60 +1.25%
Shanghai Comp 2,728.48 -30.72 -1.11%
Taiwan We... 8,573.38 +94.52 +1.11%
Nikkei 225 9,797.26 +148.28 +1.54%
Hang Seng 22,061.18 -0.60 0.00%
Straits Times 3,081.69 +30.90 +1.01%

http://finance.yahoo.com/news/Stock...3.html?x=0&sec=topStories&pos=7&asset=&ccode=

Stocks rise as Greece nears debt solution

Stocks rise for a 3rd day as Greece passes key austerity bill; BofA settles bad loan claims

Francesca Levy and Matthew Craft, AP Business Writers, On Wednesday June 29, 2011, 4:37 pm EDT

NEW YORK (AP) -- Stocks closed higher for the third day in a row Wednesday after Greece cleared a hurdle toward getting more emergency loans. Financial stocks rose after Bank of America reached a settlement with investors over failed mortgage securities.

Greek lawmakers passed an austerity bill that brought the country closer to getting a financial backstop it needs to avoid defaulting on its debt. A default by Greece would shock global markets and freeze lending to other heavily indebted European countries.

The $17 billion relief package from international lenders does not eliminate the possibility that Greece will default, but it does buy Greece and other European countries more time to repair their budgets.

"The hope is that through the passage of time and slow improvement of finances, markets will become a little more forgiving," said Wasif Latif, a vice president at USAA Investment Management.

The Dow Jones industrial average rose 72.73 points, or 0.6 percent, to close at 12,261.42 Wednesday. The Standard & Poor's 500 index rose 10.74, or 0.8 percent, to 1,307.41. The Nasdaq composite rose 11.18, or 0.4 percent, to 2,740.49.

Financial companies in the S&P 500 rose 2.1 percent after Bank of America Corp. reached an $8.5 billion settlement with investors over claims it sold them bad loans. The investors said Bank of America violated agreements with them by selling them low-quality mortgage-backed securities that lost value when the housing market collapsed. Much of the losses stem from BofA's 2008 purchase of the troubled lender Countrywide.

Bank stocks also got a lift from news that the Federal Reserve plans to limit the fees banks can charge retailers for swiping debit cards to 21 cents. That's higher than the 12 cents the Fed first proposed.

Relief that Bank of America settled with investors sent the lender's stock up 3 percent. Bank of America is still down 24 percent over the past year, far more than any other major U.S. bank.

It was the third and largest settlement Bank of America has struck this year over mortgage investments. The bank reached a $2.6 billion settlement in January over home loans sold to the government-backed mortgage agencies Fannie Mae and Freddie Mac. In April, the company agreed to pay up to $1.6 billion to an insurer that demanded the bank repurchase faulty mortgages it had been sold.

Energy stocks rose more than 1 percent after oil prices rose above $95 on a report that U.S. crude supplies fell last week. The drop suggests demand for oil might be rising.

Monsanto Co. gained 5 percent after the chemicals company reported earnings that beat analysts' expectations. BJ's Wholesale Club rose 4.6 percent after announcing that two private equity firms would buy the warehouse chain.

More than two stocks rose for every one that fell on the New York Stock Exchange. Consolidated trading volume was an average 3.9 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

http://finance.yahoo.com/news/Stock...3.html?x=0&sec=topStories&pos=1&asset=&ccode=

Stocks are headed for a correction. No, stocks are rallying. Wait, stocks are down again. Or up -- a lot.

For investors, June was one long seesaw ride that began with a deep plunge on the first day of the month. Six days of declines were followed by a week of give and take and then four days of gains. The month ended with strong earnings from a consumer bellwether and signs that a European debt crisis could be averted. That led to a 4-day advance in the three major stock indexes.

The Dow Jones industrial average rose 480 points, or 4 percent, the last four days of the month and the Standard & Poor's 500 index is on track for its best weekly return for since July 2010.

That strong ending didn't make June a winner. Stocks were down about 2 percent for the month, the second straight month that the market finished lower. Only the Dow Jones industrial average eked out a gain, of 0.8 percent, for the quarter.

===============================================================
Four days, 480 points.

That's how the Dow Jones industrial average closed the final four days of June. The Dow added more than 150 points on Thursday alone after Greece cleared the final hurdle needed to receive its next installment of emergency loans. A pickup in manufacturing around Chicago also pushed indexes higher.

The weeklong rally began Monday when Nike Inc. reported quarterly results that showed that consumers were spending more than expected. The stock market's gains put it on track for the best week since July of last year.

It was a stunning reversal from the beginning of the month, when the Dow dropped nearly 280 points in one day. The first day of June, reports showed that auto sales fell sharply in May and that private companies were hiring far fewer people than expected. The late surge was not enough to turn the broader stock market positive for the month, but it brought the Dow up 0.8 percent for the quarter. The Standard and Poor's 500 index and Nasdaq composite each lost about 0.3 percent for the month.

Thursday's gains came after Greek lawmakers passed a cost-cutting bill that had to be approved before international lenders would release $17 billion in rescue funds to Greece. The country needs the money to avoid defaulting on its debt. A default by Greece could disrupt financial markets and lead to a widespread European financial crisis.

The NYSE DOW NYSE DOW closed HIGHER +152.92 points +1.25% on Thursday June 30
Sym .......Last .......Change..........
Dow 12,414.34 +152.92 +1.25%
Nasdaq 2,773.52 +33.03 +1.21%
S&P 500 1,320.64 +13.23 +1.01%
30-yr Bond 4.3820% +0.0110

NYSE Volume 4,260,375,000 (prior 4,347,503,500)
Nasdaq Volume 1,884,700,625 (prior 1,825,070,875)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,945.71 +89.76 +1.53%
DAX 7,376.24 +82.10 +1.13%
CAC 40 3,982.21 +57.98 +1.48%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,659.80 +80.00 +1.75%
Shanghai Comp 2,762.08 +33.59 +1.23%
Taiwan We... 8,652.59 +79.21 +0.92%
Nikkei 225 9,816.09 +18.83 +0.19%
Hang Seng 22,398.10 +336.92 +1.53%
Straits Times 3,121.57 +41.83 +1.36%

http://finance.yahoo.com/news/Stock...9.html?x=0&sec=topStories&pos=3&asset=&ccode=

Stocks rise as Greece clears final bailout hurdle

Stocks jump after Greece clears way for rescue loans; Chicago area manufacturing picks up

David K. Randall and Francesca Levy, AP Business Writers, On Thursday June 30, 2011, 5:21 pm EDT

NEW YORK (AP) -- Four days, 480 points.

That's how the Dow Jones industrial average closed the final four days of June. The Dow added more than 150 points on Thursday alone after Greece cleared the final hurdle needed to receive its next installment of emergency loans. A pickup in manufacturing around Chicago also pushed indexes higher.

The weeklong rally began Monday when Nike Inc. reported quarterly results that showed that consumers were spending more than expected. The stock market's gains put it on track for the best week since July of last year.

It was a stunning reversal from the beginning of the month, when the Dow dropped nearly 280 points in one day. The first day of June, reports showed that auto sales fell sharply in May and that private companies were hiring far fewer people than expected. The late surge was not enough to turn the broader stock market positive for the month, but it brought the Dow up 0.8 percent for the quarter. The Standard and Poor's 500 index and Nasdaq composite each lost about 0.3 percent for the month.

Thursday's gains came after Greek lawmakers passed a cost-cutting bill that had to be approved before international lenders would release $17 billion in rescue funds to Greece. The country needs the money to avoid defaulting on its debt. A default by Greece could disrupt financial markets and lead to a widespread European financial crisis.

Traders were also reassured by encouraging signals about the U.S. economy. A trade group reported that manufacturing in Chicago sped up unexpectedly in June. Analysts had forecast a decline. Earlier in the week, Nike Inc. reported earnings that were better than analysts had predicted. That led many investors to believe that high gas prices haven't stopped consumers from spending on non-necessities.

The Dow rose 152.92 points, or 1.3 percent, to 12,414.34. The S&P 500 added 13.23, or 1 percent, to 1,320.64. The Nasdaq composite gained 33.03, or 1.2 percent, to 2,773.52.

Companies that typically benefit from global expansion led the Dow. Intel Corp., Caterpillar Inc., and Hewlett-Packard Co. each gained more than 2.4 percent.

Stocks are still below the 2011 highs they reached in late April, when a series of weak economic reports indicated that the U.S. economy was slowing down. Since then investors have been debating whether the slowdown would be a short-term blip or the beginning of a long stall in the economic recovery.

"We have been in the camp that says it's temporary," said Brad Sorensen, a market analyst at Schwab. Sorensen says the pickup in Chicago manufacturing was the latest proof that the short-term slowdown view is correct

The manufacturing report, along with the government's formal end to its bond buying stimulus program known as QE2, sent bond prices lower as investors put less money into safer assets. The yield on the benchmark 10-year Treasury fell to 3.16 percent from 3.11 percent late Wednesday. Bond yields rise when prices fall.

Among U.S. companies, metals manufacturer Worthington Industries Inc. jumped nearly 10 percent after the company raised its quarterly dividend and said it would buy back up to 10 million shares of its own stock. Callaway Golf Co. fell 1.7 percent after the company shook up its leadership, announced job cuts and said it expects to have weak results in the second quarter. And fertilizer maker CF Industries Holdings Inc. fell 5.1 percent on news that farmers planted more corn in spring, which may weigh on prices and reduce farmers' income.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.8 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

So much for that soft patch.

A rebound in U.S. manufacturing surprised investors Friday, sending the Dow Jones industrial average up nearly 170 points. The Dow ended up 648 points, or 5.4 percent, for the week. It was the index's best week in two years.

The rally started Monday after Nike Inc. reported strong quarterly results. Revenue that beat analyst predictions indicated that shoppers are still splurging on pricier sneakers and sportswear, despite the recent run-up in gas prices. Thursday, Greece cleared its final hurdle before it receives its next round of loans to avoid default on its debt. The same day, a report showed that manufacturing in the Chicago region had picked up unexpectedly.

Friday's Institute for Supply Management report showed that manufacturing across the country had expanded, reinforcing the growing perception that the slowdown was temporary. Federal Reserve Chairman Ben Bernanke and a number of prominent economists have argued that the economy will pick up again once the effects of the Japan disaster waned and high gas prices receded.

It's quite a turnaround from May and early June. Many economists and analysts began lowering their estimates for growth in May after a string of negative reports on manufacturing, consumer spending and hiring by private companies. A shortage of computer chips and auto parts from Japan, higher gas prices and severe weather in the South all contributed to what appeared to be a slowdown in the economic recovery. Stocks had lost most of their gains for the year by mid-June

The NYSE DOW NYSE DOW closed HIGHER +168.43 +1.36% on Friday July 1
Sym .......Last .......Change..........
Dow 12,582.77 +168.43 +1.36%
Nasdaq 2,816.03 +42.51 +1.53%
S&P 500 1,339.67 +19.03 +1.44%
30-yr Bond 4.4020% +0.0200

NYSE Volume 3,796,932,000 (prior 4,260,375,000)
Nasdaq Volume 1,685,064,500 (prior 1,884,700,625)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,989.76 +44.05 +0.74%
DAX 7,419.44 +43.20 +0.59%
CAC 40 4,007.35 +25.14 +0.63%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,647.90 -11.90 -0.26%
Shanghai Comp 2,759.36 -2.71 -0.10%
Taiwan We... 8,739.82 +87.23 +1.01%
Nikkei 225 9,868.07 +51.98 +0.53%
Hang Seng 22,398.10 +336.92 +1.53%
Straits Times 3,139.01 +18.57 +0.60%

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

Stocks close huge week with rally; Dow up 168

Stock market has its best week in 2 years; Dow gains 168

David K. Randall, AP Business Writer, On Friday July 1, 2011, 5:42 pm
NEW YORK (AP) -- So much for that soft patch.

A rebound in U.S. manufacturing surprised investors Friday, sending the Dow Jones industrial average up nearly 170 points. The Dow ended up 648 points, or 5.4 percent, for the week. It was the index's best week in two years.

The rally started Monday after Nike Inc. reported strong quarterly results. Revenue that beat analyst predictions indicated that shoppers are still splurging on pricier sneakers and sportswear, despite the recent run-up in gas prices. Thursday, Greece cleared its final hurdle before it receives its next round of loans to avoid default on its debt. The same day, a report showed that manufacturing in the Chicago region had picked up unexpectedly.

Friday's Institute for Supply Management report showed that manufacturing across the country had expanded, reinforcing the growing perception that the slowdown was temporary. Federal Reserve Chairman Ben Bernanke and a number of prominent economists have argued that the economy will pick up again once the effects of the Japan disaster waned and high gas prices receded.

It's quite a turnaround from May and early June. Many economists and analysts began lowering their estimates for growth in May after a string of negative reports on manufacturing, consumer spending and hiring by private companies. A shortage of computer chips and auto parts from Japan, higher gas prices and severe weather in the South all contributed to what appeared to be a slowdown in the economic recovery. Stocks had lost most of their gains for the year by mid-June.

Todd Salamone, an investment strategist at Schaffer's Investment Research said the recent surge in stocks represents an "unwinding of the tremendous negativity that built up over the past few weeks."

The Dow rose 168.43 points, or 1.4 percent, to 12,582.77, on Friday. The Standard and Poor's 500 index gained 18.94, or 1.4 percent, to 1,339.67. The Nasdaq composite added 42.51, or 1.5 percent, to 2,816.03.

All 30 stocks in the index rose Friday. Companies that do well during times of economic expansion led the index. Alcoa Inc. and Caterpillar Inc. each gained more than 2 percent.

It was the fourth time this week that the Dow gained more than 100 points. The Dow's 648 point gain for the week is its largest since the bull market began in March 2009. It is up 8.7 percent for the year, about 2 percent below its April high. The S&P is up 6.5 percent for the year. It had been up as high as 8.4 percent.

A rebound in automobile sales also helped send stock indexes higher on Friday. General Motors and Ford Inc. both said that their sales rose 10 percent over this time last year. Car companies have been forced to slow the production of some models because of the shortage of parts following the earthquake and tsunami in Japan. Honda and Toyota said recently that their North American production is beginning to return to normal. That has helped push the national manufacturing index higher. The ISM index rose to 55.3 in June from 53.5 the month before based on a scale in which a number above 50 indicates growth.

Among U.S. companies, the for-profit education company Apollo Group rose 6 percent despite a steep drop in student enrollment. The company's profits fell, but not as much as analysts had predicted. Darden Restaurants, the parent company of Red Lobster and the Olive Garden, also rose 6 percent after reporting that sales rose in all of its divisions. And Eastman Kodak lost 14 percent after a judge threw out some of its claims in a trade dispute with Apple Inc. and Research in Motion Ltd.

Whether the current rally continues will hinge on next Friday's unemployment report and the next round of corporate earnings results. Alcoa Inc. will report on July 11th. A rise in profits for bellwether companies such as Alcoa, Caterpillar and Apple Inc. will likely mean that companies have weathered last quarter's sky high commodity prices and pullback in consumer spending.

5155

 

[bigdog]

Source: http://finance.yahoo.com

The NYSE DOW was closed for Independence Day Monday July 4 Holiday
Sym .......Last .......Change..........
Dow 12,582.77 closed for July 4 holiday
Nasdaq 2,816.03 closed for July 4 holiday
S&P 500 1,339.67 closed for July 4 holiday
30-yr Bond 4.4020% closed for July 4 holiday

NYSE Volume 3,796,932,000 (prior 4,260,375,000)
Nasdaq Volume 1,685,064,500 (prior 1,884,700,625)

Europe
Symbol... ......Last .....Change.......
FTSE 100 6,017.54 +27.78 +0.46%
DAX 7,442.96 +23.52 +0.32%
CAC 40 4,003.11 -4.24 -0.11%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,670.40 +22.50 +0.48%
Shanghai Comp 2,813.08 +0.26 +0.01%
Taiwan We... 8,774.72 +34.90 +0.40%
Nikkei 225 9,965.09 +97.02 +0.98%
Hang Seng 22,770.47 +372.37 +1.66%
Straits Times 3,153.44 +14.43 +0.46%

 

[bigdog]

Source: http://finance.yahoo.com

The first week of July is off to a much slower start than the last week of June, when stocks had their biggest gains in two years.

Major indexes were mixed for much of the day Tuesday but dipped in afternoon trading after Moody's downgraded Portugal's debt to "junk." The credit ratings agency cited concerns that Portugal will not be able to meet targets to reduce its deficit due to the "formidable challenges" the country is facing in cutting spending.

The Dow Jones industrial average fell 12.90, or 0.1 percent, to close at 12,569.87. The Dow had risen as many as 19 points in morning trading after the Commerce Department reported an increase in orders for manufactured goods.

The Standard & Poor's 500 fell 1.79, or 0.1 percent, to 1,337.88. The Nasdaq composite index rose 9.74, or 0.3 percent, to 2,825.77.

Bond prices rose, sending their yields lower, as investors sought out the relative safety of Treasurys. The yield on the 10-year Treasury note fell to 3.12 percent from 3.19 percent late Friday.

Investors have been worried that Europe's debt problems could slow the global economy and cause a crisis for European banks. "The European debt crisis is going to be with us for a while," said David Kelly, chief market strategist at J.P. Morgan Funds. "There still is a very big issue out there."

The NYSE DOW NYSE DOW closed LOWER +168.43 +1.36% on Tuesday July 5
Sym .......Last .......Change..........
Dow 12,569.87 -12.90 -0.10%
Nasdaq 2,825.77 +9.74 +0.35%
S&P 500 1,337.88 -1.79 -0.13%
30-yr Bond 4.3900% -0.0120

NYSE Volume 3,729,751,000 (prior 3,796,932,000)
Nasdaq Volume 1,572,379,375 (prior 1,685,064,500)


Europe
Symbol... ......Last .....Change.......
FTSE 100 6,024.03 +6.49 +0.11%
DAX 7,439.44 -3.52 -0.05%
CAC 40 3,978.83 -24.28 -0.61%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,656.90 -13.50 -0.29%
Shanghai Comp 2,816.35 +3.54 +0.13%
Taiwan We... 8,784.44 +9.72 +0.11%
Nikkei 225 9,972.46 +7.37 +0.07%
Hang Seng 22,747.95 -22.52 -0.10%
Straits Times 3,129.69 -23.75 -0.75%

http://finance.yahoo.com/news/Rally-stalls-as-Moodys-cuts-apf-2019483669.html?x=0

Rally stalls as Moody's cuts Portugal debt rating

Stocks falter after Moody's cuts rating on Portugal's government debt to junk status

Chip Cutter, AP Business Writer, On Tuesday July 5, 2011, 5:11 pm EDT

NEW YORK (AP) -- The first week of July is off to a much slower start than the last week of June, when stocks had their biggest gains in two years.

Major indexes were mixed for much of the day Tuesday but dipped in afternoon trading after Moody's downgraded Portugal's debt to "junk." The credit ratings agency cited concerns that Portugal will not be able to meet targets to reduce its deficit due to the "formidable challenges" the country is facing in cutting spending.

The Dow Jones industrial average fell 12.90, or 0.1 percent, to close at 12,569.87. The Dow had risen as many as 19 points in morning trading after the Commerce Department reported an increase in orders for manufactured goods.

The Standard & Poor's 500 fell 1.79, or 0.1 percent, to 1,337.88. The Nasdaq composite index rose 9.74, or 0.3 percent, to 2,825.77.

Bond prices rose, sending their yields lower, as investors sought out the relative safety of Treasurys. The yield on the 10-year Treasury note fell to 3.12 percent from 3.19 percent late Friday.

Investors have been worried that Europe's debt problems could slow the global economy and cause a crisis for European banks. "The European debt crisis is going to be with us for a while," said David Kelly, chief market strategist at J.P. Morgan Funds. "There still is a very big issue out there."

Trading volume was light as many traders took vacations. U.S. markets were closed Monday for the July 4th holiday. Many investors are looking ahead to next week, when aluminum maker Alcoa Inc. becomes the first major U.S. company to report financial results.

Last week the Dow rose 648 points, its best week in two years, after Nike reported strong earnings and Greece cleared its final hurdle before receiving another round of loans. Automakers also reported that their sales rose 7 percent in June compared with the same month a year ago.

The gains erased nearly six weeks of losses. Prior to last week stocks had been falling since late April because of concerns about the debt crisis in Europe, weak home sales in the U.S. and slowing manufacturing. By mid-June, stocks had given up most of their gains for the year.

With last week's rally, the Dow is now down just 1.8 percent from April 29, when it reached a three-year high. The Dow is up 8.6 percent for the year. The S&P 500 index is up 6.4 percent and the Nasdaq composite is up 6.5 percent.

Analysts are optimistic about the corporate earnings reports that will start to come in next week. Earnings from companies in the S&P 500 index are expected to rise 14 percent from the same period a year ago, according to FactSet. Revenue is expected to rise 11 percent.

"There hasn't yet really been a reason to get concerned about corporate America," said Randy Warren, chief investment officer of Warren Financial Service. "It's the rest of the America that's struggling."

Even while companies have been reporting higher profits, unemployment has remained stubbornly high since the recession officially ended in June 2009. The Labor Department will report the latest figures on unemployment and payrolls on Friday, and analysts expect to hear more bad news. They forecast that the unemployment rate will remain unchanged from May at 9.1 percent. They also expect that employers added only 90,000 jobs last month, below the 100,000 threshold that economists say is needed to prevent the unemployment rate from increasing.

Several stocks rose sharply on deals and other news. Immucor Inc. rose 30 percent after the maker of blood-testing equipment agreed to be bought by private-investment firm TPG Capital in a deal worth $1.97 billion.

Southern Union Co. rose 4.2 percent after Energy Transfer Equity LP said it would pay $5.1 billion for the pipeline company. The deal trumped a $4.9 billion bid made in late June by rival Williams Cos.

Netflix Inc. rose 8.1 percent, the most of any company in the Standard & Poor's 500 index, after announcing that it would expand its online video streaming service to 43 countries in Latin America and the Caribbean.

Chevron Corp. rose 1 percent, the most of any stock in the Dow average, after crude oil rose $1.95 to $96.89 a barrel.

The number of stocks that rose was about the same as those that fell on the New York Stock Exchange. Trading volume was very light at 3.4 billion shares, below the average of 4.2 billion over the past 200 days.

 

[bigdog]

Source: http://finance.yahoo.com

Stock indexes managed slight gains Wednesday as investors shrugged off slower growth in the U.S. service sector.

The Institute for Supply Management reported Wednesday that business growth slowed at U.S. service providers in June. Financial companies and health care providers reported the weakest results. On the positive side, June marked the 19th consecutive month of growth at service companies, which employ the majority of American workers.

U.S. stocks opened mixed after a broad sell-off in Europe and another interest rate hike in China.

Major banks fell sharply after Moody's lowered Portugal's credit rating to "junk" status late Tuesday. That raised fresh concerns about the strength of the European financial system and investment banks' exposure to possible bond defaults. Bank of America Corp. lost 2.4 percent. JPMorgan Chase dropped 1.2 percent.

Some investors were surprised that stock indexes held up after the weak economic report. Dorsey Farr, a co-founder of Atlanta investment advisory firm French Wolf & Farr, said attractive stock prices in technology and pharmaceutical companies helped the market rebound.

The Standard & Poor's 500 index rose 1.34 to close at 1,339.22. Rupert Murdoch's News Corp. was among the index's biggest losers, dropping 3.6 percent, as a phone-hacking scandal engulfed one of the media giant's tabloids. Some British legislators called on regulators to block News Corp. from taking over British Sky Broadcasting.

The NYSE DOW NYSE DOW closed HIGHER +56.15 points +0.45% on Wednesday July 6
Sym .......Last .......Change..........
Dow 12,626.02 +56.15 +0.45%
Nasdaq 2,834.02 +8.25 +0.29%
S&P 500 1,339.22 +1.34 +0.10%
30-yr Bond 4.3540% -0.0360

NYSE Volume 3,663,360,000 (prior 3,729,751,000)
Nasdaq Volume 1,658,028,000 (prior 1,572,379,375)

Europe
Symbol... ......Last .....Change.......
FTSE 100 6,002.92 -21.11 -0.35%
DAX 7,431.19 -8.25 -0.11%
CAC 40 3,961.34 -17.49 -0.44%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,663.60 +6.70 +0.14%
Shanghai Comp 2,810.48 -5.88 -0.21%
Taiwan We... 8,824.44 +40.00 +0.46%
Nikkei 225 10,082.48 +110.02 +1.10%
Hang Seng 22,517.55 -230.40 -1.01%
Straits Times 3,114.71 -14.98 -0.48%

http://finance.yahoo.com/news/Stock...9.html?x=0&sec=topStories&pos=2&asset=&ccode=

Stock market shrugs off weak service sector report

Stock indexes edge higher, shrugging off weakness in US service sector and Portugal downgrade

David K. Randall and Matthew Craft, AP Business Writers, On Wednesday July 6, 2011, 4:50 pm EDT

NEW YORK (AP) -- Stock indexes managed slight gains Wednesday as investors shrugged off slower growth in the U.S. service sector.

The Institute for Supply Management reported Wednesday that business growth slowed at U.S. service providers in June. Financial companies and health care providers reported the weakest results. On the positive side, June marked the 19th consecutive month of growth at service companies, which employ the majority of American workers.

U.S. stocks opened mixed after a broad sell-off in Europe and another interest rate hike in China.

Major banks fell sharply after Moody's lowered Portugal's credit rating to "junk" status late Tuesday. That raised fresh concerns about the strength of the European financial system and investment banks' exposure to possible bond defaults. Bank of America Corp. lost 2.4 percent. JPMorgan Chase dropped 1.2 percent.

Some investors were surprised that stock indexes held up after the weak economic report. Dorsey Farr, a co-founder of Atlanta investment advisory firm French Wolf & Farr, said attractive stock prices in technology and pharmaceutical companies helped the market rebound.

The Standard & Poor's 500 index rose 1.34 to close at 1,339.22. Rupert Murdoch's News Corp. was among the index's biggest losers, dropping 3.6 percent, as a phone-hacking scandal engulfed one of the media giant's tabloids. Some British legislators called on regulators to block News Corp. from taking over British Sky Broadcasting.

The Dow Jones industrial average rose 56.15 points, or 0.4 percent, to close at 12,626.02. Caterpillar Inc. rose 1.5 percent, the most of any stock in the average, followed by Intel Corp. The Nasdaq added 8.25 points, or 0.3 percent, to 2,834.02.

China raised a key interest rate for the third time this year in an attempt to curb inflation. Many U.S. companies have focused on the country as a source of profit growth and are hoping that interest rate hikes there will not lead to an economic slump.

Among U.S. companies, General Motors gained 1 percent after analysts upgraded the stock. Walgreen Co. rose 1.5 percent after reporting strong June sales.

Business software maker Compuware Corp. rose 5.5 percent, among the strongest in the S&P 500. Compuware bought another software maker, dynaTrace, for $256 million and said it expects the deal to more than double sales in the next year.

No major corporate earnings reports are scheduled for this week. Aluminum maker Alcoa Inc. starts the earnings reporting season next Monday.

The Dow climbed 648 points last week, its best week in two years. The gains came as Greece's parliament approved budget-cutting measures needed before it receives another round of loans. Nike also reported strong earnings and automakers said their sales rose 7 percent in June compared with the same month a year ago.

The gains erased nearly six weeks of losses. The Dow is now up 9.1 percent for the year. The S&P 500 index is up 6.5 percent and the Nasdaq composite is up 6.8 percent.

Trading has been light during the holiday-shortened week. Markets were closed in the U.S. on Monday for the July 4th holiday. Many investors are looking ahead to Friday's employment report. Economists expect that the unemployment rate was 9.1 percent in June, unchanged from the month before.

Four stocks rose for every three that fell on the New York Exchange. Trading volume was below average at 3.3 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

A rebound in retail sales and strong jobs reports pushed stocks near their highest levels of the year.

U.S. retailers had their best June sales results since 1999 as shoppers were lured into stores by warm weather and deep discounts. Kohl's Corp., Target Corp., and Urban Outfitters Inc. each gained more than 6 percent.

Investors have been concerned that high gas prices would constrain consumer spending as people looked for ways to save money. The higher sales figures reassured markets that consumers were becoming more willing to spend again.

"The closest thing to an unadulterated barometer of our progress is same-store sales," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. Same-store sales for the 28 retailers who reported them on Thursday were up 6.9 percent. "Everything is tied to it: Sales drives profits, profits drive hiring and hiring drives sales. It's a neat, virtuous circle."

An improving job market likely helped. The number of people who made first-time claims for unemployment benefits dropped last week to a seven-week low of 418,000, the government reported. That's a sign that employers are laying off fewer workers.

Separately, payroll processor Automatic Data Processing said companies added 157,000 employees in June. The bulk of the hiring came from small businesses. The tally is more than double the number economists had forecast and far more than the 36,000 added the previous month. The report isn't always an accurate predictor of the Labor Department's monthly unemployment report, but has been more of a bellwether in recent months. The Labor Department's report will be released Friday.

The Dow Jones industrial average gained 93.47 points, or 0.7 percent, to close at 12,719.49. The Standard and Poor's 500 index added 14 points, or 1.1 percent, to 1,353.22. The tech-focused Nasdaq composite closed at 2,872.66 after gaining 1.4 percent. It briefly traded at a new high for the year of 2,877.

The NYSE DOW NYSE DOW closed HIGHER +93.47 points +0.74% on Thursday July 7
Sym .......Last .......Change..........
Dow 12,719.49 +93.47 +0.74%
Nasdaq 2,872.66 +38.64 +1.36%
S&P 500 1,353.22 +14.00 +1.05%
30-yr Bond 4.3700% +0.0160

NYSE Volume 4,077,608,750 (prior 3,663,360,000)
Nasdaq Volume 1,892,126,125 (prior 1,658,028,000)

Europe
Symbol... ......Last .....Change.......
FTSE 100 6,054.55 +51.63 +0.86%
DAX 7,471.44 +40.25 +0.54%
CAC 40 3,979.96 +18.62 +0.47%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,666.10 +2.50 +0.05%
Shanghai Comp 2,794.27 -16.21 -0.58%
Taiwan We... 8,773.42 -51.02 -0.58%
Nikkei 225 10,071.14 -11.34 -0.11%
Hang Seng 22,530.18 +12.63 +0.06%
Straits Times 3,125.87 +11.16 +0.36%

http://au.finance.yahoo.com/news/Retail-sales-and-jobs-reports-apf-4290001233.html?x=0&.v=7

Retail sales and jobs reports send stocks higher

Stocks rise after unemployment claims dip and private hiring picks up; retailers surge

Matthew Craft and David K. Randall, AP Business Writers, On Friday 8 July 2011, 7:05 EST

NEW YORK (AP) -- A rebound in retail sales and strong jobs reports pushed stocks near their highest levels of the year.

U.S. retailers had their best June sales results since 1999 as shoppers were lured into stores by warm weather and deep discounts. Kohl's Corp., Target Corp., and Urban Outfitters Inc. each gained more than 6 percent.

Investors have been concerned that high gas prices would constrain consumer spending as people looked for ways to save money. The higher sales figures reassured markets that consumers were becoming more willing to spend again.

"The closest thing to an unadulterated barometer of our progress is same-store sales," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. Same-store sales for the 28 retailers who reported them on Thursday were up 6.9 percent. "Everything is tied to it: Sales drives profits, profits drive hiring and hiring drives sales. It's a neat, virtuous circle."

An improving job market likely helped. The number of people who made first-time claims for unemployment benefits dropped last week to a seven-week low of 418,000, the government reported. That's a sign that employers are laying off fewer workers.

Separately, payroll processor Automatic Data Processing said companies added 157,000 employees in June. The bulk of the hiring came from small businesses. The tally is more than double the number economists had forecast and far more than the 36,000 added the previous month. The report isn't always an accurate predictor of the Labor Department's monthly unemployment report, but has been more of a bellwether in recent months. The Labor Department's report will be released Friday.

The Dow Jones industrial average gained 93.47 points, or 0.7 percent, to close at 12,719.49. The Standard and Poor's 500 index added 14 points, or 1.1 percent, to 1,353.22. The tech-focused Nasdaq composite closed at 2,872.66 after gaining 1.4 percent. It briefly traded at a new high for the year of 2,877.

The Dow and S&P 500 are close to their 2011 highs, reached on April 29. Then came higher gas prices, a slowdown in manufacturing and job growth and bad weather in the South. That led to concerns that the economic recovery was stalling. At the same time, worries about a debt default by Greece also heightened fears of a European financial crisis. The Dow and S&P had six straight weeks of declines falling as much as 8 percent off their April highs. Just three weeks ago, the S&P index had given up nearly all of its gains for the year.

A rebound in a key manufacturing index and stronger sales figures from Nike Inc. and other companies pushed the index up nearly 6 percent since June 15th. Signs of a deal to help Greece avoid default and allow the country to restructure its debt also calmed financial markets. The Dow and S&P 500 are now up 2.5 percent so far this month. The Dow is up 9.86 percent for the year.

Trading has been light in the stock market this week. Markets were closed in the U.S. on Monday for the July 4th holiday. No major corporate earnings came out this week. Aluminum maker Alcoa Inc. is the first major U.S. company to report second-quarter earnings on Monday.

The Labor Department releases its closely-watched monthly employment report before the market opens Friday. Economists estimate the unemployment rate will remain at 9.1 percent and that employers added only 90,000 jobs last month. But some experts now believe that number could be higher. After the ADP figures were released, economists at Deutsche Bank raised their forecasts for the number of jobs created in June to 175,000 from 100,000.

Four stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.6 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow rose 0.6 for the week, the Nasdaq 1.6 percent.

An unexpected drop in hiring put an end to the excitement that had been bubbling up on Wall Street over the past two weeks.

Stock indexes fell sharply Friday, erasing most of the week's gains, after the government reported that U.S. employers created the fewest number of jobs in nine months. The 18,000 net jobs in created in June were a fraction of what many economists expected and dampened hopes that the economy was improving. Private companies added jobs at the slowest pace in more than a year. The unemployment rate edged up to 9.2 percent, its highest level this year.

A broader measure of weakness in the labor market was even worse. Among Americans who want to work, 16.2 percent are either unemployed or unable to find full-time jobs. That was up from 15.8 percent in May.

"There's just a lot more evidence than before that we're in an extended weak patch," said Brian Gendreau, market strategist for Cetera Financial Group. He said private economists will likely reduce their projections for overall economic growth this year.

The Standard and Poor's 500 index fell 9.42 points, or 0.7 percent, to 1,343.80. That eliminated the index's gains from Thursday and left it with a 0.3 percent gain for the week.

The Dow Jones industrial average lost 62.29, or 0.5 percent, to 12,657.20. The Dow, which had been down by as much as 150 points Friday, had only its second down day over the past nine. The Nasdaq composite dropped 12.85, or 0.4 percent, to 2,859.81. It was its first loss in two weeks.

The NYSE DOW NYSE DOW closed LOWER -62.29 points -0.49% on Friday July 8
Sym .......Last .......Change..........
Dow 12,657.20 -62.29 -0.49%
Nasdaq 2,859.81 -12.85 -0.45%
S&P 500 1,343.80 -9.42 -0.70%
30-yr Bond 4.2770% -0.0930

NYSE Volume 3,600,058,250 (prior 4,077,608,750)
Nasdaq Volume 1,625,804,750 (prior 1,892,126,125)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,990.58 -63.97 -1.06%
DAX 7,402.73 -68.71 -0.92%
CAC 40 3,913.55 -66.41 -1.67%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,716.00 +49.90 +1.07%
Shanghai Comp 2,797.77 +3.51 +0.13%
Taiwan We... 8,749.55 -23.87 -0.27%
Nikkei 225 10,137.73 +66.59 +0.66%
Hang Seng 22,726.43 +196.25 +0.87%
Straits Times 3,151.28 +25.41 +0.81%

http://finance.yahoo.com/news/Stocks-sink-after-dismal-June-apf-2073081885.html?x=0

Stocks sink after dismal June jobs report

Dow, S&P 500 sink after a dismal jobs report shows slower hiring, rising unemployment rate

Daniel Wagner and David K. Randall, AP Business Writers, On Friday July 8, 2011, 4:42 pm EDT
An unexpected drop in hiring put an end to the excitement that had been bubbling up on Wall Street over the past two weeks.

Stock indexes fell sharply Friday, erasing most of the week's gains, after the government reported that U.S. employers created the fewest number of jobs in nine months. The 18,000 net jobs in created in June were a fraction of what many economists expected and dampened hopes that the economy was improving. Private companies added jobs at the slowest pace in more than a year. The unemployment rate edged up to 9.2 percent, its highest level this year.

A broader measure of weakness in the labor market was even worse. Among Americans who want to work, 16.2 percent are either unemployed or unable to find full-time jobs. That was up from 15.8 percent in May.

"There's just a lot more evidence than before that we're in an extended weak patch," said Brian Gendreau, market strategist for Cetera Financial Group. He said private economists will likely reduce their projections for overall economic growth this year.

The Standard and Poor's 500 index fell 9.42 points, or 0.7 percent, to 1,343.80. That eliminated the index's gains from Thursday and left it with a 0.3 percent gain for the week.

The Dow Jones industrial average lost 62.29, or 0.5 percent, to 12,657.20. The Dow, which had been down by as much as 150 points Friday, had only its second down day over the past nine. The Nasdaq composite dropped 12.85, or 0.4 percent, to 2,859.81. It was its first loss in two weeks.

Companies whose business would be most affected by a weakening economy were hit hardest. Bank of America Corp., General Electric Co. and Boeing Co. were among the biggest decliners in the Dow average.

"The chance of a July bounce back in the economy looks pretty slim now," said Jay Tyner, president of Semmax Financial Group in Greensboro, North Carolina.

Expectations for Friday's jobs report were raised Thursday after payroll processor ADP said that private companies added more than 150,000 jobs in June. While the ADP report does not always accurately predict the broader Labor Department report, some investors said that the apparent clashing pictures of the job market were due to a jobs pickup in the last weeks of June.

Phil Orlando, chief market strategist at Federated Investors, said he believes manufacturers began rehiring workers in late June following signs that Japan's economy was improving. Hiring slumped in May due partly to high fuel prices and disruptions of industrial supplies because of the earthquake and tsunami disasters in Japan.

Traders rushed to the relative safety of government bonds. The yield on the 10-year Treasury note fell to 3.01 percent from 3.19 percent just before the jobs report came out. Bond yields fall when demand for them increases.

Oil prices fell 2.5 percent. The slowdown in hiring suggested that demand for fuel will increase less than traders had expected. Lower fuel prices could eventually help the economy by leaving consumers with more money to spend on things other than gas.

Weak economic data this spring pushed stocks near their lowest levels of the year two weeks ago. Markets recovered last week, giving the Dow its best week in two years, on signals that the economy was rebounding. Stock indexes closed near their 2011 highs on Thursday.

Despite the weak job market, analysts still expect earnings at big U.S. companies to be strong. Companies are benefiting from export growth as the weak dollar makes American goods cheaper, and therefore more competitive, in overseas markets. Aluminum maker Alcoa Inc., one of the 30 companies in the Dow average, will be the first major corporation to report second-quarter financial results on Monday.

Orlando, the market strategist, said investors will be looking to see how companies have responded to higher commodity costs and a shortage of parts from Japan. "It's not going to be an earnings season where you can have a blanket proclamation regarding how companies are doing this time around," he said.

In other company news, Rupert Murdoch's media conglomerate News Corp. fell nearly 4 percent as a phone-hacking scandal at its News of the World tabloid deepened. A former editor of the paper who later served as spokesman for British Prime Minister David Cameron was arrested Friday. News Corp. shuttered the 168-year old paper on Thursday in hopes of saving its deal to take over the lucrative British satellite TV company British Sky Broadcasting. Government approval of that deal will now be delayed because of the crisis, which has shocked Britain.

The Dow rose 0.6 for the week, the Nasdaq 1.6 percent.

Two stocks fell for every one that rose on the New York Stock Exchange. Volume was lighter than average at 3.1 billion shares.

6169

 

[bigdog]

Source: http://finance.yahoo.com

July doesn't look so promising anymore.

The European debt crisis appears to be widening, with concerns about government debt defaults spreading beyond Greece to much larger countries like Italy and Spain. If that happens companies that do business internationally could see their revenue and profits decline as European countries and companies curtail purchases. What's more, a widespread financial crisis could cause a credit crunch in Europe and elsewhere.

The concerns sent stocks down. After a rally that sent markets up sharply the last two weeks of June, the Standard & Poor's 500 index dropped 24.31 points, or 1.8 percent, to 1,319.49 on Monday.

The Dow Jones industrial average had its biggest percentage drop in nearly a month. It fell 151.44 points, or 1.2 percent, to 12,505.76. And after closing one point off its 2011 high late last week, the Nasdaq composite fell 57.19, or 2.0 percent to 2,802.62.

Italy and Spain, Europe's third and fourth largest economies, have seen bond yields rise sharply. It's the latest sign that investors are less willing to hold the debt of those countries. Italy's largest banks, UniCredit SpA and Intesa, fell sharply on European exchanges. Some investors believe several of Italy and Spain's financial institutions might not pass an upcoming stress-test for European banks.

"What the European Union is trying to do is keep the problem contained at a sovereign level and not have the infection spread to the banking system," said Jack Ablin, chief investment officer at Harris Private Bank. "To see a bank drop that much that fast suggests there may be a breach."

That has led to fears in Europe and elsewhere that the aid from international lenders may not be enough to stop a broad deterioration of the European economy.

The NYSE DOW NYSE DOW closed LOWER -151.44 points -1.20% on Monday July 11
Sym .......Last .......Change..........
Dow 12,505.76 -151.44 -1.20%
Nasdaq 2,802.62 -57.19 -2.00%
S&P 500 1,319.49 -24.31 -1.81%
30-yr Bond 4.2050% -0.0720

NYSE Volume 3,890,789,000 (prior 3,600,058,250)
Nasdaq Volume 1,784,144,625 (prior 1,625,804,750)


Europe
Symbol... ......Last .....Change.......
FTSE 100 5,929.16 -61.42 -1.03%
DAX 7,230.25 -172.48 -2.33%
CAC 40 3,807.51 -106.04 -2.71%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,646.80 -69.20 -1.47%
Shanghai Comp 2,802.69 +4.92 +0.18%
Taiwan We... 8,665.85 -83.70 -0.96%
Nikkei 225 10,069.53 -68.20 -0.67%
Hang Seng 22,347.23 -379.20 -1.67%
Straits Times 3,117.37 -33.91 -1.08%

http://finance.yahoo.com/news/Stock...3.html?x=0&sec=topStories&pos=5&asset=&ccode=

Stocks sink on fresh fears about global economy
Stocks close sharply lower on fears that Europe's debt crisis could spread to Italy and Spain

Francesca Levy, AP Business Writer, On Monday July 11, 2011, 5:30 pm EDT
NEW YORK (AP) -- July doesn't look so promising anymore.

The European debt crisis appears to be widening, with concerns about government debt defaults spreading beyond Greece to much larger countries like Italy and Spain. If that happens companies that do business internationally could see their revenue and profits decline as European countries and companies curtail purchases. What's more, a widespread financial crisis could cause a credit crunch in Europe and elsewhere.

The concerns sent stocks down. After a rally that sent markets up sharply the last two weeks of June, the Standard & Poor's 500 index dropped 24.31 points, or 1.8 percent, to 1,319.49 on Monday.

The Dow Jones industrial average had its biggest percentage drop in nearly a month. It fell 151.44 points, or 1.2 percent, to 12,505.76. And after closing one point off its 2011 high late last week, the Nasdaq composite fell 57.19, or 2.0 percent to 2,802.62.

Italy and Spain, Europe's third and fourth largest economies, have seen bond yields rise sharply. It's the latest sign that investors are less willing to hold the debt of those countries. Italy's largest banks, UniCredit SpA and Intesa, fell sharply on European exchanges. Some investors believe several of Italy and Spain's financial institutions might not pass an upcoming stress-test for European banks.

"What the European Union is trying to do is keep the problem contained at a sovereign level and not have the infection spread to the banking system," said Jack Ablin, chief investment officer at Harris Private Bank. "To see a bank drop that much that fast suggests there may be a breach."

That has led to fears in Europe and elsewhere that the aid from international lenders may not be enough to stop a broad deterioration of the European economy.

The S&P fell broadly, led by financial companies. Financial stocks in the index fell 2.8 percent as bank stocks sank. Investment manager Janus Capital Group fared worst, falling 6.8 percent to $9.16. Citigroup Inc. led banks down, declining 5.3 percent to $39.79. If Europe's debt crisis continues to spread, bank lending could seize up. Banks are also expected to report weak earnings beginning later this week.

Of the 500 companies in the S&P index, 492 fell.

The euro fell against the dollar and U.S. government bond prices rose. The euro fell below $1.40 for the first time since May 23 and hit a record low against the Swiss franc. The yield on the 10-year Treasury note fell to 2.95 percent from 3.02 percent late Friday. Bond yields fall when their prices rise.

Markets seemed to be recovering during the last half of June. The last week of the month, the Dow had its best week in two years after several positive reports on manufacturing and consumer spending. All three major indexes were close to their previous highs for the year, reached April 29.

But the run-up just gave markets more room to fall, says Ralph Fogel, an investment strategist at Fogel Neal Partners in New York.

"When markets are at their bottom, they don't listen to bad news. But because we're at the top end, they listen," said Fogel.

The broadening of Europe's debt troubles follows disappointing U.S. employment news and a setback in negotiations over the country's borrowing limit.

The government reported Friday that employers pulled back sharply on hiring in June, compounding fears that the U.S. economy was in even worse shape than previously thought. The unemployment rate rose to 9.2 percent.

Weekend budget talks between Republicans and Democrats also stalled, raising the possibility that lawmakers might not reach an agreement on raising the country's debt limit before an Aug. 2 deadline. President Obama said he wouldn't sign a short-term extension to the limit.

"Markets don't like when they don't know what's going on," said Fogel. "They don't appreciate politics."

News Corp. fell 7.6 percent on Monday, the most of any company in the S&P 500, as its phone hacking scandal threatened the approval of its proposed takeover of British Sky Broadcasting, a highly profitable satellite TV company in Britain. The deal will now be reviewed by British competition authorities, which will put off a final decision for several months.

Wells Fargo fell 2.6 percent after the bank offered to settle for $125 million with pension funds that accused it of not warning investors about risky mortgage-backed securities.

Insurer American International Group Inc. fell 3.6 percent after saying it would fire one or more of the banks it used for its recent public stock offering when it sells more stock later this year. The move indicates that the company might not have confidence in its ability to sell more stock at a desirable price.

Gulfport Energy Corp. fell 6.2 percent. The oil and natural gas producer plans to sell 3 million shares to repay debt and pay for acquisitions.

Aluminum maker Alcoa Inc. fell 2.9 percent ahead of announcing its second-quarter results. Alcoa's report marks the unofficial beginning of U.S. earnings season. Aluminum is used in everything from airplanes to beer cans; the company's results typically offer insight into the health of the broader U.S. economy.

The company reported earnings after the market closed. Its income more than doubled as higher sales and prices offset increasing prices for raw materials, the company reported. Alcoa earned 32 cents per share. Analysts expected the company to earn 33 cents per share, according to FactSet. The company reaffirmed its forecast for 12 percent growth in global aluminum demand this year. Alcoa was down 0.4 percent in early aftermarket trading.

Several companies did post gains on Monday. Arch Chemicals Inc. rose 11.7 percent after saying it would be bought by Swiss drugmaker Lonza for $1.2 billion. Arch makes antibacterial products.

Chip-maker Microsemi Corp. was up 2.3 percent after an Oppenheimer analyst upgraded its rating on the company. The analyst cited a growing backlog of orders and improving profit margins.

LinkedIn rose 1.1 percent after web analytics company Comscore said that in June, the professional networking site was second only to Facebook among social networking sites in its number of unique visitors. LinkedIn had 33.9 million unique visitors in June. Facebook had 106.8 million unique visitors.

Six stocks fell for every one that rose on the New York Stock Exchange. Volume was lighter than usual at 3.5 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Hope that the Federal Reserve might consider more economic stimulus wasn't enough to keep bad news about Ireland from sinking stocks.

Ireland's government bonds were downgraded by ratings agency Moody's to junk status shortly before U.S. markets closed Tuesday, sending stocks sharply lower and erasing the day's gains. Ireland joins Greece and Portugal, whose debt was also recently graded as junk.

The move puts Ireland back on the list of heavily-indebted European countries in danger of default. The country has already received a financial rescue package from other countries. If a European country fails to pay its debts, it could cause widespread disruptions in financial markets and lead to a slowdown in lending. Worries about debt problems in Europe sent stocks down through the first half of June and appear to be having the same effect in July.

The Standard & Poor's 500 index fell 5.85, or 0.4 percent, to close at 1,313.64. The S&P is now down 0.5 percent for the month and 2.2 percent for the week. The Dow Jones industrial average fell 58.88, or 0.5 percent, to close at 12,446.88. The Nasdaq composite fell 20.71, or 0.7 percent, to close at 2,781. Both the Dow and Nasdaq are still up about 0.3 percent for the month.

Earlier Tuesday, minutes from the Federal Reserve's last meeting on June 21-22 were released. In those minutes, several Fed officials said that the government would have to consider new monetary policy to stimulate the economy, especially if growth remains too slow to reduce the unemployment rate.

That raised hopes that more economic stimulus might be on the way. The Dow rose about 60 points after the minutes were released, but retreated not long after

The NYSE DOW NYSE DOW closed LOWER -58.88 -0.47% on Tuesday July 12
Sym .......Last .......Change..........
Dow 12,446.88 -58.88 -0.47%
Nasdaq 2,781.91 -20.71 -0.74%
S&P 500 1,313.64 -5.85 -0.44%
30-yr Bond 4.1910% -0.0140

NYSE Volume 4,227,888,500 (prior 3,890,789,000)
Nasdaq Volume 2,034,454,750 (prior 1,784,144,625)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,868.96 -60.20 -1.02%
DAX 7,174.14 -56.11 -0.78%
CAC 40 3,774.12 -33.39 -0.88%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,563.50 -83.30 -1.79%
Shanghai Comp 2,754.58 -48.11 -1.72%
Taiwan We... 8,491.01 -174.84 -2.02%
Nikkei 225 9,925.92 -143.61 -1.43%
Hang Seng 21,663.16 -684.07 -3.06%
Straits Times 3,077.36 -40.01 -1.28%

http://finance.yahoo.com/news/Stock...3.html?x=0&sec=topStories&pos=1&asset=&ccode=

Stocks fall after Ireland downgrade erases gains

Stocks plunge in late trading, erase gains after Moody's sends Ireland's debt into junk status

Francesca Levy, AP Business Writer, On Tuesday July 12, 2011, 5:13 pm EDT
NEW YORK (AP) -- Hope that the Federal Reserve might consider more economic stimulus wasn't enough to keep bad news about Ireland from sinking stocks.

Ireland's government bonds were downgraded by ratings agency Moody's to junk status shortly before U.S. markets closed Tuesday, sending stocks sharply lower and erasing the day's gains. Ireland joins Greece and Portugal, whose debt was also recently graded as junk.

The move puts Ireland back on the list of heavily-indebted European countries in danger of default. The country has already received a financial rescue package from other countries. If a European country fails to pay its debts, it could cause widespread disruptions in financial markets and lead to a slowdown in lending. Worries about debt problems in Europe sent stocks down through the first half of June and appear to be having the same effect in July.

The Standard & Poor's 500 index fell 5.85, or 0.4 percent, to close at 1,313.64. The S&P is now down 0.5 percent for the month and 2.2 percent for the week. The Dow Jones industrial average fell 58.88, or 0.5 percent, to close at 12,446.88. The Nasdaq composite fell 20.71, or 0.7 percent, to close at 2,781. Both the Dow and Nasdaq are still up about 0.3 percent for the month.

Earlier Tuesday, minutes from the Federal Reserve's last meeting on June 21-22 were released. In those minutes, several Fed officials said that the government would have to consider new monetary policy to stimulate the economy, especially if growth remains too slow to reduce the unemployment rate.

That raised hopes that more economic stimulus might be on the way. The Dow rose about 60 points after the minutes were released, but retreated not long after.

Stocks bounced between small gains and losses for most of the day amid worries that Italy would need help managing its debts. A successful auction of new Italian government bonds and a promise to fast-track that country's austerity measures helped ease those fears. The news sent Milan's main stock index up 1.2 percent. A default by Italy, the third-largest economy in Europe, would cause far more damage to the global financial system than one by Greece, which is a much smaller economy.

Investors also felt some relief after a meeting of 17 European finance ministers Monday resulted in a statement that implied they were open to buying distressed Greek bonds.

"They are trying to staunch the bleeding," said Quincy Krosby, market strategist for Prudential Financial. "That has reassured investors that there are, in essence, buyers of last resort."

U.S. financial stocks rose as tensions eased about Europe's financial crisis. MBIA Inc. rose 6.9 percent after the company agreed to dismiss a lawsuit against Merrill Lynch.

Technology stocks fell following poor results from chip makers. Microchip Technology Inc. fell 4.5 percent, the most of any stock in the S&P 500 index, after the chip maker said it expected lower quarterly revenue and income because of waning demand from car makers. That pushed the stocks of other chip makers lower too. Novellus Systems Inc. fell 11.2 percent after lowering its own profit forecast, and Texas Instruments Inc. fell 3.7 percent.

Radiant Systems Inc. soared 30.5 percent after saying ATM maker NCR Corp. would buy the company, which makes equipment and software for the hospitality and retail industries, for $1.2 billion. But Central Vermont Public Service Corp. fell 2.6 percent after it announced Canada's Gaz Metro would buy the utility for $472.4 million. Rival bidder Fortis cancelled its offer.

International Game Technology rose 3.3 percent after a Sterne Agee analyst raised its rating on the company, saying it would likely sell more casino games.

 

[bigdog]

Source: http://finance.yahoo.com

Comments from Fed Chairman Ben Bernanke set off a stock market rally early Wednesday, but it wasn't long before another Fed official helped cut it short.

In testimony before Congress, Bernanke said the central bank would be open to new economic stimulus measures, but only if the economy gets much worse. The remarks were far from a promise for more Fed action, but markets reacted immediately nonetheless. The Dow Jones industrial average jumped as many as 164 points, or 1.3 percent.

Most of those gains evaporated later in the day after Federal Reserve Bank of Dallas President Richard Fisher said in a speech that the Fed had already "pressed the limits of monetary policy."

The Standard & Poor's 500 index rose 4.08, or 0.3 percent, to close at 1,317.72. The Dow Jones industrial average rose 44.73, or 0.4 percent, to 12,491.61. The Nasdaq composite rose 15.01, or 0.5 percent, to 2,796.92. Indexes had fallen over the previous three days.

Stocks also took a hit in the afternoon when House Speaker John Boehner called into question whether lawmakers would agree to raise the government's borrowing limit by an Aug. 2 deadline. Failure to meet the deadline could result in a U.S. debt default, which would have disastrous effects for the economy and financial markets. Boehner, a Republican, said that dealing with Democrats on the issue has been like "dealing with Jell-O."

The NYSE DOW NYSE DOW closed HIGHER +44.73 points +0.36% on Friday July 8
Sym .......Last .......Change..........
Dow 12,491.61 +44.73 +0.36%
Nasdaq 2,796.92 +15.01 +0.54%
S&P 500 1,317.72 +4.08 +0.31%
30-yr Bond 4.1790% -0.0120

NYSE Volume 4,060,077,000 (prior 4,227,888,500)
Nasdaq Volume 1,907,240,125 (prior 2,034,454,750)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,904.19 +35.23 +0.60%
DAX 7,268.42 +94.28 +1.31%
CAC 40 3,792.05 +17.93 +0.48%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,583.20 +19.70 +0.43%
Shanghai Comp 2,795.48 +40.89 +1.48%
Taiwan We... 8,488.06 -2.95 -0.03%
Nikkei 225 9,963.14 +37.22 +0.37%
Hang Seng 21,926.88 +263.72 +1.22%
Straits Times 3,091.10 +13.74 +0.45%

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

Stock rally weakens as hopes dim for more stimulus

Stock rally fizzles as hopes fade for more Fed stimulus; Dow, S&P break a 3-day losing streak

Francesca Levy, AP Business Writer, On Wednesday July 13, 2011, 6:14 pm
NEW YORK (AP) -- Comments from Fed Chairman Ben Bernanke set off a stock market rally early Wednesday, but it wasn't long before another Fed official helped cut it short.

In testimony before Congress, Bernanke said the central bank would be open to new economic stimulus measures, but only if the economy gets much worse. The remarks were far from a promise for more Fed action, but markets reacted immediately nonetheless. The Dow Jones industrial average jumped as many as 164 points, or 1.3 percent.

Most of those gains evaporated later in the day after Federal Reserve Bank of Dallas President Richard Fisher said in a speech that the Fed had already "pressed the limits of monetary policy."

The Standard & Poor's 500 index rose 4.08, or 0.3 percent, to close at 1,317.72. The Dow Jones industrial average rose 44.73, or 0.4 percent, to 12,491.61. The Nasdaq composite rose 15.01, or 0.5 percent, to 2,796.92. Indexes had fallen over the previous three days.

Stocks also took a hit in the afternoon when House Speaker John Boehner called into question whether lawmakers would agree to raise the government's borrowing limit by an Aug. 2 deadline. Failure to meet the deadline could result in a U.S. debt default, which would have disastrous effects for the economy and financial markets. Boehner, a Republican, said that dealing with Democrats on the issue has been like "dealing with Jell-O."

Bernanke spelled out specific steps the Fed might consider if the economy gets worse, including another round of bond purchases. He also detailed what the Fed would do should the economy improve.

Bernanke's position remains that the slowdown in the U.S. economy this spring is due largely to temporary factors including high gas prices and parts shortages caused by the earthquake in Japan. He said he still expects economic growth to pick up in the second half of the year.

Energy and materials stocks rose more than the overall market as investors bought companies that would benefit most from an upturn in the economy. Heavy equipment maker Caterpillar Inc. rose 1.6 percent, the most of any of the 30 stocks in the Dow average.

The Fed's policy of ultra-low interest rates and buying U.S. Treasury bonds on the open market has pushed stocks higher since last August. Many traders were disappointed when the Fed ended its second round of bond purchases in June.

Signs of healthy growth in China also helped push stocks higher. The Chinese government reported that the country's economy grew at a slower but still healthy rate of 9.5 percent last quarter. China is attempting to rein in its speeding expansion and ease inflation, but a sudden drop-off in growth could hurt the U.S. economy by cutting into demand for U.S. exports.

Markets also rose because fears abated that Italy would default on its debt. The S&P 500 fell 2.9 percent over the past three days as traders worried one or more European countries would fail to pay their debts, causing a global slowdown in lending.

A successful auction of Italian government debt and a pledge by that country's leaders to accelerate cost-cutting plans reassured markets that Europe's third-largest economy was not on the verge of becoming the latest European country to need emergency financial support to avoid a default. Italian stocks rallied 1.8 percent on relief that Italy's fiscal outlook was not as shaky as believed just a few days ago.

About two stocks rose for every one that fell on the New York Stock Exchange. Volume was relatively light at 3.3 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Remarks by Federal Reserve Chairman Ben Bernanke that dimmed hopes for a third round of bond-buying pushed stocks lower Thursday.

In a second day of testimony, Bernanke told lawmakers the Fed expects the economy to improve. He said the central bank would only step in with more economic stimulus if there is a significant downturn in the economy.

"We're not prepared at this point to take further action," Bernanke said.

Stocks turned immediately lower after the remarks and fell for much of the day.

Bernanke was clarifying statements he made Wednesday that left the door open to new economic stimulus measures. Investors took his earlier remarks to mean that the Fed chairman had all but guaranteed new action to stimulate the economy, said Jeff Cleveland, senior economist at money manager Payden & Rygel.

"They realize that's not the case now," Cleveland said.

The Standard & Poor's 500 index fell 8.85 points, or 0.7 percent, to close at 1,308.87. The Dow Jones industrial average fell 54.49, or 0.4 percent, to 12,437.12. The Nasdaq composite fell 34.25, or 1.2 percent, to 2,762.67.

It was the fourth day of losses on the stock market out of the last five. Worries that Italy could be the next European country to get caught up in the region's debt problems have kept investors on edge this week.

The NYSE DOW NYSE DOW closed LOWER -54.49 points -0.44% on Thursday July 14
Sym .......Last .......Change..........
Dow 12,437.12 -54.49 -0.44%
Nasdaq 2,762.67 -34.25 -1.22%
S&P 500 1,308.87 -8.85 -0.67%
30-yr Bond 4.2420% +0.0630

NYSE Volume 4,364,093,500 (prior 4,060,077,000)
Nasdaq Volume 2,023,066,125 (prior 1,907,240,125)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,846.95 -59.48 -1.01%
DAX 7,214.74 -53.13 -0.73%
CAC 40 3,751.23 -42.04 -1.11%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,561.30 -21.90 -0.48%
Shanghai Comp 2,811.49 +1.04 +0.04%
Taiwan We... 8,481.35 -6.71 -0.08%
Nikkei 225 9,936.12 -27.02 -0.27%
Hang Seng 21,940.20 +13.32 +0.06%
Straits Times 3,088.70 +0.28 +0.01%

Stocks fall after Bernanke dims stimulus hopes

Stocks end lower after Bernanke says the Fed is not about to stimulate the economy

By FRANCESCA LEVY
AP Business Writer

NEW YORK ”” Remarks by Federal Reserve Chairman Ben Bernanke that dimmed hopes for a third round of bond-buying pushed stocks lower Thursday.

In a second day of testimony, Bernanke told lawmakers the Fed expects the economy to improve. He said the central bank would only step in with more economic stimulus if there is a significant downturn in the economy.

"We're not prepared at this point to take further action," Bernanke said.

Stocks turned immediately lower after the remarks and fell for much of the day.

Bernanke was clarifying statements he made Wednesday that left the door open to new economic stimulus measures. Investors took his earlier remarks to mean that the Fed chairman had all but guaranteed new action to stimulate the economy, said Jeff Cleveland, senior economist at money manager Payden & Rygel.

"They realize that's not the case now," Cleveland said.

The Standard & Poor's 500 index fell 8.85 points, or 0.7 percent, to close at 1,308.87. The Dow Jones industrial average fell 54.49, or 0.4 percent, to 12,437.12. The Nasdaq composite fell 34.25, or 1.2 percent, to 2,762.67.

It was the fourth day of losses on the stock market out of the last five. Worries that Italy could be the next European country to get caught up in the region's debt problems have kept investors on edge this week.

Google Inc. rose 12 percent in after-hours trading after the company reported earnings that soared past analyst expectations. The results calmed investors who were concerned that a leadership shake-up would hurt the company.

JPMorgan Chase & Co. rose 1.8 percent after the bank reported that higher investment banking fees raised its net income above analysts' expectations.

ConocoPhillips rose 1.6 percent after the country's third-largest oil company said it would split in two. One company will be an oil producer, and the other a refinery. Investors preferred two simple businesses to one complicated one.

Stocks started higher after applications for unemployment benefits fell to a three-month low last week, a sign that companies are laying off fewer workers. At 405,000, the figure is still above the 375,000 that signals healthy job growth.

In a separate report, the government also said an increase in car sales and a drop in gas prices pushed up retail sales slightly in June.

Stocks were also held back by a stalemate in Washington over raising the country's borrowing limit. Late Wednesday Moody's threatened to lower the U.S. credit rating below the highest grade of triple-A, citing the risk that the government might fail to make its debt payments if an agreement isn't reached by an Aug. 2 deadline.

In Europe, a threat resurfaced that Italy's government could lose control of the country's debt crisis. Yields on Italy's debt jumped to their highest level since the introduction of the euro following a bond sale. A debt default for an economy as large as Italy's would hurt lending across the globe.

Marriott International Inc. fell 6.6 percent after the hotel chain said it would earn less in the full year than previously expected.

YUM Brands Inc. rose 1.4 percent after the owner of the Pizza Hut, Taco Bell and KFC fast-food chains said its earnings rose on strong international sales.

About four stocks fell for every one that rose on the New York Stock Exchange. Volume was light at 3.8 billion.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow average fell 1.4 percent for the week, the Nasdaq 2.4 percent.

A late rally Friday prevented the stock market from having its worst week in nearly a year.

Investors seemed to largely ignore the ongoing debate in Washington over raising the country's borrowing limit. Troubling questions over Europe's financial health and manufacturing in the U.S. weighed down stock prices for much of the day, overwhelming a very strong earnings report from Google Inc.

Google jumped nearly 13 percent, the most of any stock in the Standard and Poor's 500 index, after the company said its revenue hit a record last quarter. Google's earnings pushed tech stocks in the S&P index broadly higher. Microsoft Corp. and Cisco Systems Inc. each gained 1 percent.

Worries about Europe and weak factory output in the U.S. have kept traders' expectations and stock prices relatively low since early this spring, said Ryan Detrick, senior technical strategist Schaeffer's Investment Research. If corporate earnings remain strong and Europe stabilizes, he said, stocks might rally in the second half of the year. That happened last year, after fears about Europe held the stock market back all summer.

"With all the talk about European debt and the U.S. issues, the fact that earnings are coming in pretty strong is a good sign," Detrick said. "Once those issues work their way through the system, long-term growth is going to come from earnings."

Most investors believe a deal to raise the country's debt ceiling will be reached before the Aug. 2 deadline. Standard & Poor's said Thursday there is a 50 percent chance it will downgrade the government's triple-A rating within three months because of the impasse. Moody's made a similar warning on Wednesday. Even so, there has been little visible progress in negotiations between President Barack Obama and Congressional Republicans.

The Standard and Poor's 500 stock index finished with a gain of 7.27, or 0.6 percent, to 1,316.14. Most of the gains came in the last hour of trading.

The Dow Jones industrial average added 42.61, or 0.3 percent, to 12,479.73. The Nasdaq composite rose 27.13, or 1 percent, to 2,789.80

The NYSE DOW NYSE DOW closed HIGHER +42.61 points +0.34% on Friday July 15
Sym .......Last .......Change..........
Dow 12,479.73 +42.61 +0.34%
Nasdaq 2,789.80 +27.13 +0.98%
S&P 500 1,316.14 +7.27 +0.56%
30-yr Bond 4.2510% +0.0090

NYSE Volume 4,446,061,000 (prior 4,364,093,500
Nasdaq Volume 1,829,946,750 (prior 2,023,066,125)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,843.66 -3.29 -0.06%
DAX 7,220.12 +5.38 +0.07%
CAC 40 3,726.59 -24.64 -0.66%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,542.70 -18.60 -0.41%
Shanghai Comp 2,820.17 +9.73 +0.35%
Taiwan We... 8,574.91 +93.56 +1.10%
Nikkei 225 9,974.47 +38.35 +0.39%
Hang Seng 21,875.38 -64.82 -0.30%
Straits Times 3,084.24 -4.46 -0.14%


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

Stocks narrowly miss having worst week in a year

Stocks inch higher on strong earnings from Google and Citi; indexes finish week lower

Daniel Wagner and David K. Randall, AP Business Writers, On Friday July 15, 2011, 5:08 pm EDT

A late rally Friday prevented the stock market from having its worst week in nearly a year.

Investors seemed to largely ignore the ongoing debate in Washington over raising the country's borrowing limit. Troubling questions over Europe's financial health and manufacturing in the U.S. weighed down stock prices for much of the day, overwhelming a very strong earnings report from Google Inc.

Google jumped nearly 13 percent, the most of any stock in the Standard and Poor's 500 index, after the company said its revenue hit a record last quarter. Google's earnings pushed tech stocks in the S&P index broadly higher. Microsoft Corp. and Cisco Systems Inc. each gained 1 percent.

Worries about Europe and weak factory output in the U.S. have kept traders' expectations and stock prices relatively low since early this spring, said Ryan Detrick, senior technical strategist Schaeffer's Investment Research. If corporate earnings remain strong and Europe stabilizes, he said, stocks might rally in the second half of the year. That happened last year, after fears about Europe held the stock market back all summer.

"With all the talk about European debt and the U.S. issues, the fact that earnings are coming in pretty strong is a good sign," Detrick said. "Once those issues work their way through the system, long-term growth is going to come from earnings."

Most investors believe a deal to raise the country's debt ceiling will be reached before the Aug. 2 deadline. Standard & Poor's said Thursday there is a 50 percent chance it will downgrade the government's triple-A rating within three months because of the impasse. Moody's made a similar warning on Wednesday. Even so, there has been little visible progress in negotiations between President Barack Obama and Congressional Republicans.

The Standard and Poor's 500 stock index finished with a gain of 7.27, or 0.6 percent, to 1,316.14. Most of the gains came in the last hour of trading.

The Dow Jones industrial average added 42.61, or 0.3 percent, to 12,479.73. The Nasdaq composite rose 27.13, or 1 percent, to 2,789.80.

The late gains Friday trimmed the S&P 500's weekly losses to 2.1 percent. Had the index closed where it was at 2:30pm it would have been down 2.6 percent for the week, making it the worst week for the widely used market measure since last August.

The S&P 500 has only had two up days out of the last six as Italy appeared to be the next European country headed for a fiscal calamity. Those concerns ebbed Friday after Italy passed new austerity measures and Europe's banking authority said only eight banks out of 90 failed the latest round of "stress" tests designed to measure how they would stand up under severe financial strains.

Energy stocks rose 2.4 percent after Australian natural-resource giant BHP Billiton Ltd. said it would buy Petrohawk Energy Corp. for $12.1 billion, feeding speculation about which company might be the next takeover target. BHP was attracted to the long-term value of Petrohawk's U.S. natural gas reserves. Chesapeake Energy Corp., Cabot Oil & Gas Corp and Pioneer Natural Resources Co. each rose 10 percent. Natural gas prices rose 3.7 percent.

Mattel Inc. rose nearly 2 percent after the company said its income jumped 56 percent in the second quarter, helped by strong demand for Barbie and "Cars 2" toys. Clorox Co. jumped 9 percent after billionaire investor Carl Icahn offered to take the company private in a deal that values the household products company at $10.2 billion. Icahn offered 12 percent more for shares than they were worth at Thursday's close.

Bank of America closed at $10 after briefly dipping below that mark for the first time since May 2009. The company, which is expected to report Tuesday that it lost money in its most recent quarter.

Three stocks rose for every two that fell on the New York Stock Exchange. Volume was slightly higher than average at 4 billion shares.

The Dow average fell 1.4 percent for the week, the Nasdaq 2.4 percent.

7070

 

[Boggo]

If this continues to play by the rules as it has so far then 13500 may be an area of interest (correction ?).

(click to expand)

 

[Boggo]

Will/do history (patterns) repeat, with a little 1600 point ABC correction in the middle ?

(tech/a, if you see this can you have a look in Aget ?. Are we in a W.3 in the current sequence maybe ?, ie 1 and 2 completed)

(click to expand)

 

[bigdog]

Source: http://finance.yahoo.com

Five stocks fell for every one that rose on the New York Stock Exchange. Volume was slightly below average at 3.7 billion shares.

Not even a string of better earnings reports could stave off worries about debt on Monday.

Europe's banking troubles and an impasse over lifting the U.S. government's borrowing limit helped drag down stock markets in the U.S. and Europe. Gold rose above $1,600 an ounce as investors sought safe places to park money.

The S&P 500 index dropped 10.70 points, or 0.8 percent, to close at 1,305.44.

The Dow Jones industrial average and Nasdaq composite index gave up their gains for the month. The Dow fell 94.57 points, 0.8 percent, to 12,385.16. The Nasdaq fell 24.69 points, or 0.9 percent, to 2,765.11.

The results of stress tests on European banks released last week came under deeper scrutiny. Eight banks failed the test aimed at measuring how well they would hold up under additional financial strain.

But the tests didn't take into account how banks would fare if Greece or Italy defaults, says Dan Greenhaus, chief global strategist at BTIG. Greece and Italy are among the countries most at risk of defaulting on their debts.

The NYSE DOW NYSE DOW closed LOWER -94.57 points -0.76% on Monday July 18
Sym .......Last .......Change..........
Dow 12,385.16 -94.57 -0.76%
Nasdaq 2,765.11 -24.69 -0.89%
S&P 500 1,305.44 -10.70 -0.81%
30-yr Bond 4.2880% +0.0370

NYSE Volume 4,186,472,500 (prior 4,446,061,000)
Nasdaq Volume 1,776,835,000 (prior 1,829,946,750)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,752.81 -90.85 -1.55%
DAX 7,107.92 -112.20 -1.55%
CAC 40 3,650.71 -75.88 -2.04%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,539.90 -2.80 -0.06%
Shanghai Comp 2,816.69 -3.48 -0.12%
Taiwan We... 8,538.57 -36.34 -0.42%
Nikkei 225 9,974.47 +38.35 +0.39%
Hang Seng 21,804.75 -70.63 -0.32%
Straits Times 3,078.95 -5.29 -0.17%

http://finance.yahoo.com/news/Debt-...5.html?x=0&sec=topStories&pos=1&asset=&ccode=

Debt worries drag down the stock market

Stocks fall on worries about European banks and impasse in Washington over the US debt limit

Matthew Craft, AP Business Writer, On Monday July 18, 2011, 4:53 pm EDT
NEW YORK (AP) -- Not even a string of better earnings reports could stave off worries about debt on Monday.

Europe's banking troubles and an impasse over lifting the U.S. government's borrowing limit helped drag down stock markets in the U.S. and Europe. Gold rose above $1,600 an ounce as investors sought safe places to park money.

The S&P 500 index dropped 10.70 points, or 0.8 percent, to close at 1,305.44.

The Dow Jones industrial average and Nasdaq composite index gave up their gains for the month. The Dow fell 94.57 points, 0.8 percent, to 12,385.16. The Nasdaq fell 24.69 points, or 0.9 percent, to 2,765.11.

The results of stress tests on European banks released last week came under deeper scrutiny. Eight banks failed the test aimed at measuring how well they would hold up under additional financial strain.

But the tests didn't take into account how banks would fare if Greece or Italy defaults, says Dan Greenhaus, chief global strategist at BTIG. Greece and Italy are among the countries most at risk of defaulting on their debts.

Italy not only has Europe's third largest economy but also the world's third-largest bond market at 1.8 trillion euro ($2.5 trillion). "So far European officials have failed to stabilize a country as small as Greece," Greenhaus said. "So we have little reason to have faith they'll fix a country as big as Italy."

In the U.S., the debt limit debate remains at a standstill in Washington. The Treasury Department says the limit must be raised by Aug. 2 or the government risks defaulting on its debt.

But a deal needs to be reached soon, possibly as early as Friday, to have legislation ready for President Barack Obama to sign by the deadline. Rating agencies warned last week that the impasse puts the country's triple-A credit rating grade at risk.

House Republicans are preparing to vote Tuesday on their plan that would lift the debt ceiling but also slash spending. The proposal includes a balanced-budget amendment to the U.S. Constitution. President Barack Obama pledged to veto the bill.

The latest delay in reaching a deal is beginning to weigh on markets.

U.S. banks stocks, which would get hit hard in the event of a default, fell sharply. Bank of America slid 2.8 percent, to $9.72, the biggest drop for the 30 stocks in the Dow average. The bank recently announced an $8.5 billion settlement with a group of mortgage bond investors and reports earnings Tuesday. It's the only major bank trading in the single digits.

Gold rose for the tenth day in a row, jumping 0.8 percent to $1,602.40 an ounce. That's another record in dollar terms, but it's still below the high reached in the early 1980s once inflation is taken into account.

Gold has been rising steadily since the start of the month as the countries considered at risk of default expanded beyond Greece to include Italy and the U.S. Traders have been buying gold as an alternative to holding dollars and euros as the debt problems in the U.S. and Europe undermine confidence in both currencies.

Adding to the worries for investors: lowered expectations for the U.S. economy. Economists at Goldman Sachs lowered their estimates for U.S. economic growth in the second and third quarters of the year late Friday. The economists cited weak sales growth and a drop in consumer confidence in cutting their forecast for second-quarter growth to 1.5 percent from 2 percent. Goldman lowered its third quarter estimate to 2.5 percent from 3.25 percent.

Monday's stock-market sell-off pulled down companies in every industry, especially banks. Even companies reporting strong profits slid lower.

Halliburton Co. ended the day nearly unchanged after posting record revenue in the second quarter. The oil-field service company trounced Wall Street's earnings estimates as higher oil prices led to more drilling, increasing demand for Halliburton's services.

News Corp. fell 4.3 percent as the troubles deepened for Rupert Murdoch's media conglomerate. Rebekah Brooks, the former head of the company's British newspaper business, was arrested over the weekend in connection with a widening phone-hacking scandal. News Corp. has abandoned its bid to assume full control of the highly lucrative satellite TV company British Sky Broadcasting. News Corp.'s shares are down 15 percent this month.

Hasbro Inc. fell 4.8 percent. Stronger sales of Transformers action figures and other products lifted the toy maker's earnings but not enough to beat Wall Street's estimates.

Profits at newspaper publisher Gannett Co. Inc. fell 22 percent but it still beat analysts' estimates by a penny. Gannett said it would start buying back stock and double its quarterly dividend to 8 cents. Gannett's stock dropped 3.5 percent.

It's the start of a crowded week of earnings reports. More than 100 of the companies that make up the S&P 500 index are set to release second-quarter results. The list includes the major banks, Apple Inc., Johnson & Johnson and General Electric Co.

Five stocks fell for every one that rose on the New York Stock Exchange. Volume was slightly below average at 3.7 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Four stocks rose for every one that fell on the New York Stock Exchange. Trading volume was below average at 3.9 billion shares.

Strong profits and a bipartisan plan to lift the U.S. debt limit drove a stock market rebound Tuesday.

Stock indexes rose after Coca-Cola, IBM and other companies reported better second-quarter earnings. The indexes added to their gains in the afternoon after President Barack Obama backed a proposal by six senators that would cut debt by $3.7 trillion over the next decade and raise the country's $14.3 trillion debt ceiling.

The Dow Jones industrial average gained 202.26 points, or 1.6 percent, to close at 12,587.42. That's the Dow's largest one-day jump this year.

"It looks like there's bipartisan support for a robust plan," said Burt White, chief investment officer at LPL Financial in Boston. "The stock market had been looking for a reason to have a relief rally. And it looks like they got the start of one today. "

The ongoing deadlock in Washington over raising the country's borrowing limit and Europe's debt crisis have been weighing on markets this month. The Dow slid five of the previous seven days.

The S&P 500 index rose 21.29 points, or 1.6 percent, to 1,326.73. That's the broader index's best day since March 3. The Nasdaq gained 61.41 points, or 2.2 percent, to 2,826.52.

Tuesday's gains turned the three major indexes positive for the month. The Dow and Nasdaq are now up more than 1 percent in July. The S&P 500 is up 0.5 percent.

The NYSE DOW NYSE DOW closed HIGHER +202.26 points +1.63% on Wednesday July 20
Sym .......Last .......Change..........
Dow 12,587.42 +202.26 +1.63%
Nasdaq 2,826.52 +61.41 +2.22%
S&P 500 1,326.73 +21.29 +1.63%
30-yr Bond 4.1960% -0.0920

NYSE Volume 4,269,318,000 (prior 4,186,472,500)
Nasdaq Volume 1,861,717,375 (prior 1,776,835,000)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,789.99 +37.18 +0.65%
DAX 7,192.67 +84.75 +1.19%
CAC 40 3,694.95 +44.24 +1.21%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,539.40 -0.50 -0.01%
Shanghai Comp 2,798.32 -18.36 -0.65%
Taiwan We... 8,524.57 -14.00 -0.16%
Nikkei 225 9,889.72 -84.75 -0.85%
Hang Seng 21,902.40 +97.65 +0.45%
Straits Times 3,096.12 +17.17 +0.56% ]Europe[/B]

http://finance.yahoo.com/news/Stock...5.html?x=0&sec=topStories&pos=7&asset=&ccode=

Stocks rebound on earnings, debt-limit proposal

Strong earnings from Coke, IBM send stocks up; Dow jumps 202, its biggest gain this year


Matthew Craft, AP Business Writer, On Tuesday July 19, 2011, 4:59 pm EDT
NEW YORK (AP) -- Strong profits and a bipartisan plan to lift the U.S. debt limit drove a stock market rebound Tuesday.

Stock indexes rose after Coca-Cola, IBM and other companies reported better second-quarter earnings. The indexes added to their gains in the afternoon after President Barack Obama backed a proposal by six senators that would cut debt by $3.7 trillion over the next decade and raise the country's $14.3 trillion debt ceiling.

The Dow Jones industrial average gained 202.26 points, or 1.6 percent, to close at 12,587.42. That's the Dow's largest one-day jump this year.

"It looks like there's bipartisan support for a robust plan," said Burt White, chief investment officer at LPL Financial in Boston. "The stock market had been looking for a reason to have a relief rally. And it looks like they got the start of one today. "

The ongoing deadlock in Washington over raising the country's borrowing limit and Europe's debt crisis have been weighing on markets this month. The Dow slid five of the previous seven days.

The S&P 500 index rose 21.29 points, or 1.6 percent, to 1,326.73. That's the broader index's best day since March 3. The Nasdaq gained 61.41 points, or 2.2 percent, to 2,826.52.

Tuesday's gains turned the three major indexes positive for the month. The Dow and Nasdaq are now up more than 1 percent in July. The S&P 500 is up 0.5 percent.

Information technology stocks led industry groups higher after IBM Corp.'s results beat analysts' estimates. Corporate software spending held steady during the quarter. IBM's stock rose 5.7 percent.

The tech gains could continue Wednesday. Apple Inc. reported another surge in earnings after the stock market closed as sales of iPhones and iPads again set records. The stock rose 6 percent to $399.53 in after-hours trading.

Coca-Cola Co.'s income increased 18 percent in the second quarter on stronger sales overseas. The world's largest beverage maker raised some prices to offset higher ingredient costs. Coca-Cola's stock was up 3.3 percent.

KeyCorp rose 4.3 percent after the Cleveland-based banking company reported a jump in earnings thanks to a drop in loan losses. The bank reported income of 25 cents a share, up from 3 cents a share a year ago.

Harley-Davidson Inc. rose 8.9 percent, making it the top performing stock in the S&P 500 index. The motorcycle maker reported its first increase in U.S. sales since the final quarter of 2006. Sales of its motorcycles, some of which sell for more than $30,000, had languished throughout the economic slump.

A jump in housing construction lifted the stocks of Lennar Corp. and D.R. Horton Inc. The Commerce Department said building of new houses and apartments increased 14.6 percent in June from the previous month. Single-family house construction rose 9.4 percent, the largest increase since June 2009, the month that marked the end of the recession. Much of the monthly increase, however, came from new apartment buildings.

Bank stocks were mixed. Wells Fargo & Co.'s profit soared 30 percent to 70 cents per share on stronger results from lending. Uncollected loans dropped for the sixth quarter in a row. The bank's stock gained 5.6 percent.

Both Bank of America Corp. and Goldman Sachs Group Inc. fell after posting disappointing results.

Bank of America lost 90 cents per share. That's more than analysts polled by data provider FactSet expected. The loss included a $8.5 billion settlement the bank paid to mortgage-bond investors.

Goldman's earnings more than doubled to $1.85 per share, up from 78 cents a year ago. But a drop in bond trading kept results from hitting the analysts' estimates of $2.35 per share.

Two weeks are left before the Treasury Department says the government must lift the country's $14.3 trillion borrowing limit or risk defaulting on its obligations.

Most economists say that if the world's largest economy reneges on its debts, the consequences would be catastrophic. In testimony last week, Federal Reserve Chairman Ben Bernanke said a default would be a "calamitous outcome" and "create a severe financial shock."

Bernanke said U.S. government bonds are so widely used in global finance that if faith in them were undermined it would have far-reaching and unexpected consequences.

Four stocks rose for every one that fell on the New York Stock Exchange. Trading volume was below average at 3.9 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

A rally over hopes for a debt-limit deal turned into a waiting game for investors.

One day after the Dow Jones industrial average had its best day this year, the stock market edged lower on Wednesday. Analysts say concerns about lifting the U.S. debt limit outweighed strong earnings from Apple and a slew of new corporate deals.

"In this environment, stringing together a few days like yesterday is going to be tough," said Brad Sorensen, director of market analysis at Charles Schwab.

Apparent progress on raising the U.S. debt limit launched a stock market rally Tuesday. The Dow jumped 202 points, its best day this year. But investors woke up Wednesday to find Washington still at a stalemate. And with less than two weeks before the government risks defaulting on its debt, they are finding it hard to continue the celebration.

The Dow Jones industrial average fell 15.51 points, or 0.1 percent, to close at 12,571.91.

The S&P 500 index dropped 0.89 point to 1,325.84. The Nasdaq fell 12.29 points, or 0.4 percent, to 2,814.23.

The NYSE DOW NYSE DOW closed LOWER -15.51 points -0.12% on Wednesday July 20
Sym .......Last .......Change..........
Dow 12,571.91 -15.51 -0.12%
Nasdaq 2,814.23 -12.29 -0.43%
S&P 500 1,325.84 -0.89 -0.07%
30-yr Bond 4.2630% +0.0670

NYSE Volume 3,801,132,000 (prior 4,269,318,000)
Nasdaq Volume 1,884,351,500 (prior 1,861,717,375)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,853.82 +63.83 +1.10%
DAX 7,221.36 +28.69 +0.40%
CAC 40 3,754.60 +59.65 +1.61%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,618.40 +79.00 +1.74%
Shanghai Comp 2,794.20 -2.78 -0.10%
Taiwan We... 8,706.17 +181.60 +2.13%
Nikkei 225 10,005.90 +116.18 +1.17%
Hang Seng 22,003.69 +101.29 +0.46%
Straits Times 3,126.53 +30.41 +0.98%

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

Stocks dip after biggest day in a year

Concerns about raising the debt limit overshadow stronger earnings and merger news

Matthew Craft, AP Business Writer, On Wednesday July 20, 2011, 4:55 pm EDT

NEW YORK (AP) -- A rally over hopes for a debt-limit deal turned into a waiting game for investors.

One day after the Dow Jones industrial average had its best day this year, the stock market edged lower on Wednesday. Analysts say concerns about lifting the U.S. debt limit outweighed strong earnings from Apple and a slew of new corporate deals.

"In this environment, stringing together a few days like yesterday is going to be tough," said Brad Sorensen, director of market analysis at Charles Schwab.

Apparent progress on raising the U.S. debt limit launched a stock market rally Tuesday. The Dow jumped 202 points, its best day this year. But investors woke up Wednesday to find Washington still at a stalemate. And with less than two weeks before the government risks defaulting on its debt, they are finding it hard to continue the celebration.

The Dow Jones industrial average fell 15.51 points, or 0.1 percent, to close at 12,571.91.

The S&P 500 index dropped 0.89 point to 1,325.84. The Nasdaq fell 12.29 points, or 0.4 percent, to 2,814.23.

Apple Inc. rose 2.7 percent after the company's income doubled last quarter. Sales of Apple's iPhones quadrupled in Asia.

The stock of Zillow, a real estate website, jumped 79 percent in its first day of trading to $35.77. Zillow's initial public offering of stock priced at $20 late Tuesday.

Clorox rose 2.4 percent after billionaire investor Carl Icahn raised his bid for the company to $80 a share. The consumer products company rejected his previous offer.

News of record earnings and new deals would usually brighten investors' mood, Sorenson said. In the current earnings season, for instance, some 75 percent of companies in the Standard & Poor's 500 index have beaten analysts' estimates. But larger worries about debt troubles in the U.S. and Europe are holding the market back. "It's causing investors and businesses and consumers to be concerned about the future," he said.

European Union officials plan to meet at an emergency summit Thursday in Brussels. Many expect E.U. members to drum up a new aid package for Greece. Worries about Europe's debt crisis have plagued markets for months. The results of stress tests on European banks released last week failed to calm fears that the crisis could soon turn worse. The tests didn't take into account the possibility that most analysts are worried about: a default by Greece or Portugal, two of the countries most at risk.

E-Trade Financial Corp. gained 13.7 percent, more than any other stock in the S&P 500 index. E-Trade's largest shareholder urged the online discount brokerage to consider putting itself up for sale. In a letter to E-Trade disclosed in a regulatory filing, the money manager Citadel LLC called for changes to the company's board, saying E-Trade's "phenomenal franchise" had been "squandered."

Cleaning and pest-control services company Ecolab Inc. said it would buy the water treatment company Nalco Holding Co. for $5.4 billion. Nalco soared 24 percent while Ecolab dropped 7.3 percent.

Tuesday's rally turned the three major indexes positive for the month. The Dow and Nasdaq are now up more than 1 percent in July. The S&P 500 is up 0.4 percent.

Rising stocks outpaced falling ones by a small margin on the New York Stock Exchange. Trading volume was below average at 3.5 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Dow, S&P 500 index post big gains as European leaders agree on a rescue plan for Greece

What's good for Europe is good for markets.

News that European leaders were drawing up a new rescue plan for Greece and taking a broader approach to dealing with Europe's debt troubles drove markets higher Thursday.

The Dow rose 152 points. Oil crossed above $100 for the first time since June. The euro rose against the dollar, and U.S. government bonds fell.

At an emergency meeting in Brussels, European officials agreed to give Greece a rescue package worth 109 billion euros ($155 billion). They also plan to lower interest rates and lengthen payback terms for loans to Greece, as well as those made to Ireland and Portugal.

European officials gave new powers to the region's bailout fund, allowing it to provide credit to struggling countries before a crisis flares up. German Chancellor Angela Merkel said European officials want to tackle the "root" of the debt crisis.

Worries about Europe's debt crisis have been hanging over financial markets for months. A default by Greece or another deeply indebted country could freeze debt markets and cause other damage to Europe's banking system.

The Dow Jones industrial average rose 152.50 points, or 1.2 percent, to close at 12,724.41.

The S&P 500 index rose 17.96 points, or 1.4 percent, to 1,343.80. The Nasdaq composite index rose 20.20 points, or 0.7 percent, to 2,834.43.

The NYSE DOW NYSE DOW closed HIGHER +152.50 points +1.21% on Thursday July 21
Sym .......Last .......Change..........
Dow 12,724.41 +152.50 +1.21%
Nasdaq 2,834.43 +20.20 +0.72%
S&P 500 1,343.80 +17.96 +1.35%
30-yr Bond 4.3150% +0.0520

NYSE Volume 4,903,190,000 (prior 3,801,132,000)
Nasdaq Volume 2,314,949,750 (prior 1,884,351,500)

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,899.89 +46.07 +0.79%
DAX 7,290.14 +68.78 +0.95%
CAC 40 3,816.75 +62.15 +1.66%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,626.20 +7.80 +0.17%
Shanghai Comp 2,765.89 -28.31 -1.01%
Taiwan We... 8,717.14 +10.97 +0.13%
Nikkei 225 10,010.39 +4.49 +0.04%
Hang Seng 21,987.29 -16.40 -0.07%
Straits Times 3,138.51 +11.98 +0.38%

http://finance.yahoo.com/news/European-debt-deal-sends-apf-3545867339.html?x=0

European debt deal sends markets higher

Dow, S&P 500 index post big gains as European leaders agree on a rescue plan for Greece

Matthew Craft, AP Business Writer, On Thursday July 21, 2011, 4:55 pm EDT
NEW YORK (AP) -- What's good for Europe is good for markets.

News that European leaders were drawing up a new rescue plan for Greece and taking a broader approach to dealing with Europe's debt troubles drove markets higher Thursday.

The Dow rose 152 points. Oil crossed above $100 for the first time since June. The euro rose against the dollar, and U.S. government bonds fell.

At an emergency meeting in Brussels, European officials agreed to give Greece a rescue package worth 109 billion euros ($155 billion). They also plan to lower interest rates and lengthen payback terms for loans to Greece, as well as those made to Ireland and Portugal.

European officials gave new powers to the region's bailout fund, allowing it to provide credit to struggling countries before a crisis flares up. German Chancellor Angela Merkel said European officials want to tackle the "root" of the debt crisis.

Worries about Europe's debt crisis have been hanging over financial markets for months. A default by Greece or another deeply indebted country could freeze debt markets and cause other damage to Europe's banking system.

The Dow Jones industrial average rose 152.50 points, or 1.2 percent, to close at 12,724.41.

The S&P 500 index rose 17.96 points, or 1.4 percent, to 1,343.80. The Nasdaq composite index rose 20.20 points, or 0.7 percent, to 2,834.43.

The yield on the 10-year Treasury jumped to 3.00 percent, up from 2.93 percent late Wednesday. The euro rose two cents to $1.44.

Europe's debt crisis and the debate over raising the U.S. government's borrowing limit have kept investors on edge over the past two weeks. The Dow and S&P have flip-flopped between gains and losses over the past eight trading days.

Markets have overreacted to signs of progress in the European debt crisis before.

In late June, stocks soared when French banks agreed to accept slower repayment of loans to Greece. Markets rose again two days later after Greek lawmakers passed an austerity bill, a necessary step before the country could receive a loan installment. Each rally has been short-lived.

But this deal is more comprehensive. "This is the first serious effort to address Greece's problems," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott. LeBas said the 110 billion euro loan package arranged last year by the European Union and International Monetary Fund just piled more loans on top of the debt Greece already owed.

Bank stocks were broadly higher. A fix for Europe's debt trouble would remove a threat to banks. Morgan Stanley jumped 11 percent. The investment bank's quarterly loss was much smaller than analysts expected, thanks to an increase in trading revenues.

Of the 30 banks that have reported earnings so far, 24 have surpassed analysts' estimates, according to research by Keefe Bruyette & Woods.

Technology stocks trailed the rest of the market. Intel Corp. slipped 1 percent, the only company in the Dow average that dropped. The chip maker said it expects weaker PC sales for the rest of the year as people and companies choose to buy tablet computers instead.

Express Scripts said it would buy Medco Health Solutions for $29.1 billion. The merger would combine the largest U.S. pharmacy benefits managers. Medco's stock rose 14 percent and Express Scripts gained 5 percent.

Stronger earnings pushed the stocks of Union Pacific Corp. and Philip Morris International up more than 4 percent. The cigarette maker also increased its full-year earnings forecast. Union Pacific's profit increased 10 percent thanks to higher shipping prices and a pickup in the number of carloads it carries.

Four stocks rose for every one that fell on the New York Stock Exchange. Volume was higher than average at 4.4 billion shares.