NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

A week ago, markets were soaring on hopes that a fix for Europe's debt crisis was near. On Monday, stocks had their worst drop in two weeks after German leaders cast doubt on how fast that process would be.

Expectations that a resolution to the crisis could be reached at a European summit in Brussels Oct. 23 helped lift the S&P 500 index to its biggest gain in two years last week. Germany's finance chief Wolfgang Schaeuble said Monday that those expectations were too optimistic.

It was the worst day for U.S. stock indexes since Oct. 3, when each hit a low for the year. The Dow Jones industrial average dropped 247.49 points, or 2.1 percent, to close at 11,397. Alcoa Inc. led the Dow lower with a 6.6 percent decline.

"It's completely a reaction to Germany," said Jason Pride, the director of investment strategy at Glenmede, a wealth management firm in Philadelphia. "The reality is everybody is hanging on to what Europe's doing."

The Standard & Poor's 500 index lost 23.72, or 1.9 percent, to 1,200.86. All 10 industry groups in the S&P 500 were lower. Banks fell the most, 3.3 percent.

The NYSE DOW NYSE DOW closed -247.49 points LOWER or -2.13% on Monday October 17
Sym .......Last .......Change..........
Dow 11,397.00 -247.49 -2.13%
Nasdaq 2,614.92 -52.93 -1.98%
S&P 500 1,200.86 -23.72 -1.94%
30-yr Bond 3.1360% -0.0730

NYSE Volume 4,296,762,500
Nasdaq Volume 1,728,379,250

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,436.70 +33.32 +0.62%
DAX 5,859.43 -107.77 -1.81%
CAC 40 3,166.06 -51.83 -1.61%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,337.90 +68.90 +1.61%
Shanghai Comp 2,440.40 +9.03 +0.37%
Taiwan We... 7,461.12 +103.04 +1.40%
Nikkei 225 8,879.60 +131.64 +1.50%
Hang Seng 18,873.99 +372.20 +2.01%
Straits Times 2,778.97 +34.80 +1.27%

http://finance.yahoo.com/news/Stocks-slide-as-Germany-cools-apf-2139606591.html?x=0

Stocks slide as Germany cools hope for debt deal

Stocks slide after Germany quells hopes for a quick resolution to Europe's debt crisis

David K. Randall and Matthew Craft, AP Business Writers, On Monday October 17, 2011, 5:00 pm

NEW YORK (AP) -- A week ago, markets were soaring on hopes that a fix for Europe's debt crisis was near. On Monday, stocks had their worst drop in two weeks after German leaders cast doubt on how fast that process would be.

Expectations that a resolution to the crisis could be reached at a European summit in Brussels Oct. 23 helped lift the S&P 500 index to its biggest gain in two years last week. Germany's finance chief Wolfgang Schaeuble said Monday that those expectations were too optimistic.

It was the worst day for U.S. stock indexes since Oct. 3, when each hit a low for the year. The Dow Jones industrial average dropped 247.49 points, or 2.1 percent, to close at 11,397. Alcoa Inc. led the Dow lower with a 6.6 percent decline.

"It's completely a reaction to Germany," said Jason Pride, the director of investment strategy at Glenmede, a wealth management firm in Philadelphia. "The reality is everybody is hanging on to what Europe's doing."

The Standard & Poor's 500 index lost 23.72, or 1.9 percent, to 1,200.86. All 10 industry groups in the S&P 500 were lower. Banks fell the most, 3.3 percent.

A batch of weak corporate earnings reports also pulled stocks lower. Gannett Co. Inc. plunged 8 percent, the most of any stock in the Standard & Poor's 500 index, after the newspaper publisher reported a drop in advertising. Wells Fargo sank 8.4 percent after posting results that fell short of analysts' expectations.

The Nasdaq composite index fell 52.93, or 2 percent, to 2,614.92.

Stock markets around the world rallied last week after the leaders of France and Germany pledged to come up with a far-reaching solution to the region's debt crisis by the end of October. That pledge appeared to be pushed back by German officials Monday. Schaeuble said he expects European leaders to adopt a general framework to tackle the crisis on Sunday. Separately, a spokesman for German Chancellor Angela Merkel said discussions on how to solve Europe's debt problems will likely last into the new year.

Concerns about a messy default by the Greek government have been the main cause behind many of the stock market's big swings lately. The fear is that a default would cause deep losses for European banks that hold Greek bonds. That could lead to a freeze in lending between banks and escalate into another financial crisis similar to the one that occurred in 2008 after the collapse of Lehman Brothers.

Pride said there are other issues to worry about, such as a global economic slowdown and squabbles over U.S. government debt. But Pride believes the European debt debacle is the only one that has the power to undermine the global financial system.

News on the U.S. economy was mixed. A measure of U.S. industrial production rose for a third month, but a gauge of New York area manufacturing fell more than Wall Street expected.

The yield on the 10-year Treasury note fell to 2.16 percent from 2.25 percent late Friday. Yields on bonds fall when demand for them increases and investors become more willing to accept lower returns in exchange for holding assets they consider safe.

In corporate news, Kinder Morgan said late Sunday that it would buy El Paso Corp. for $20.7 billion. The deal would create America's largest natural gas pipeline operator. El Paso jumped 24.8 percent. Kinder Morgan Inc., gained 4.8 percent.

Citigroup Inc. fell 1.6 percent, less than the overall market, after the bank said a decline in loan losses helped it beat Wall Street's profit forecasts. The parent of American Airlines, AMR Corp., sank 6.1 percent on news the company and its pilots failed to reach agreement on a new contract over the weekend.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks rallied Tuesday on reports that Germany and France are moving closer to finding a fix for the European debt crisis.

The Guardian newspaper reported that France and Germany have agreed to expand a rescue fund. European officials are expected to take up the expansion along with a package of other measures at a meeting this weekend.

The Dow Jones industrial average rose 180.05 points, or 1.6 percent, to close at 11,577.05. It was another day of wild swings for the stock market. The Dow dropped as many as 100 points in the morning and soared as many as 255 points within an hour of the closing bell.

"The news out of Europe is taking fears of a 2008 scenario off the table," said Jeffrey Kleintop, chief market strategist at LPL Financial. The worry hanging over markets for months is that a default by a deeply indebted European government could set off a financial crisis similar to the one triggered by the collapse of Lehman Brothers in 2008.

The S&P 500 index rose 24.52 points, or 2 percent, to 1,225.38. The Nasdaq composite rose 42.51 points, or 1.6 percent, to 2,657.43.

The rally came in stark contrast to the previous day's trading. Stocks slumped Monday after the German government played down hopes that Europe's debt crisis would be resolved soon. It was the worst day for the major indexes since Oct. 3, when all three hit their lowest points in 2011.

The NYSE DOW NYSE DOW closed +180.05 points HIGHER or +1.58% on Tuesday October 18
Sym .......Last .......Change..........
Dow 11,577.05 +180.05 +1.58%
Nasdaq 2,657.43 +42.51 +1.63%
S&P 500 1,225.38 +24.52 +2.04%
30-yr Bond 3.1570% +0.0210

NYSE Volume 5,669,232,500
Nasdaq Volume 1,988,896,750

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,410.35 -26.35 -0.48%
DAX 5,877.41 +17.98 +0.31%
CAC 40 3,141.10 -24.96 -0.79%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,249.50 -88.40 -2.04%
Shanghai Comp 2,383.49 -56.92 -2.33%
Taiwan We... 7,359.48 -101.64 -1.36%
Nikkei 225 8,741.91 -137.69 -1.55%
Hang Seng 18,076.46 -797.53 -4.23%
Straits Times 2,721.45 -57.52 -2.07%

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

Stocks jump on reports of progress in Europe

Stocks rally on reports that France and Germany agree to boost Europe rescue fund

David K. Randall and Matthew Craft, AP Business Writers, On Tuesday October 18, 2011, 4:57 pm

NEW YORK (AP) -- Stocks rallied Tuesday on reports that Germany and France are moving closer to finding a fix for the European debt crisis.

The Guardian newspaper reported that France and Germany have agreed to expand a rescue fund. European officials are expected to take up the expansion along with a package of other measures at a meeting this weekend.

The Dow Jones industrial average rose 180.05 points, or 1.6 percent, to close at 11,577.05. It was another day of wild swings for the stock market. The Dow dropped as many as 100 points in the morning and soared as many as 255 points within an hour of the closing bell.

"The news out of Europe is taking fears of a 2008 scenario off the table," said Jeffrey Kleintop, chief market strategist at LPL Financial. The worry hanging over markets for months is that a default by a deeply indebted European government could set off a financial crisis similar to the one triggered by the collapse of Lehman Brothers in 2008.

The S&P 500 index rose 24.52 points, or 2 percent, to 1,225.38. The Nasdaq composite rose 42.51 points, or 1.6 percent, to 2,657.43.

The rally came in stark contrast to the previous day's trading. Stocks slumped Monday after the German government played down hopes that Europe's debt crisis would be resolved soon. It was the worst day for the major indexes since Oct. 3, when all three hit their lowest points in 2011.

Banks and homebuilders also pulled the stock market higher Tuesday. Bank of America Corp. jumped 10.1 percent after it beat earnings expectations for the third quarter thanks to accounting gains and the sale of a stake in a Chinese bank.

Goldman Sachs rose 5.5 percent, even after reporting just its second quarterly loss since going public in 1999.

There was also better news from the housing market, which has rattled banks since the real estate collapse.

A survey of U.S. homebuilders showed they are less pessimistic about the struggling market. The National Association of Home Builders said its index of builder sentiment rose from 14 to 18 this month, the highest level since May 2010. But any reading below 50 reflects overall pessimism.

Building company stocks jumped on the news. D. R. Horton Inc. and PulteGroup Inc. both soared more than 11 percent. Lennar Corp. jumped 9.2 percent.

Markets wavered in early morning trading after some disappointing corporate earnings reports and reports that France and Germany might not reach an agreement on additional support for Greece. An agreement between the two countries is seen as the bedrock for a rescue package that can pass all 17 countries that share the euro.

The ratings agency Moody's also said late Monday that the stable outlook for France's top-notch credit rating is under pressure. On Tuesday, that country's finance minister said that the economy will likely grow a rate of less than 1.5 percent next year. France is Europe's second-largest economy behind Germany.

The Greek government is widely expected to go through some kind of default or restructuring of its debt. If that process becomes disorderly, European banks could suffer big losses on Greek government bonds and that could spread overseas, jolting global credit markets.

Tuesday brought another full day of corporate earnings reports in the U.S. International Business Machines tugged on the Dow average, falling 4.1 percent, the most of any Dow stock by far. IBM reported quarterly revenue that fell short of Wall Street estimates.

UnitedHealth Group Inc. fell 2.7 percent after its third-quarter profit dipped. The country's largest health insurer by sales said medical costs climbed and more patients visited their doctors' office.

Coca-Cola Co. lost half of 1 percent after narrowly beating Wall Street's earnings estimates. Johnson & Johnson rose 1 percent after posting a 6 percent decline in third-quarter profit, roughly in line with analyst expectations.

More than five stocks rose for every one that fell on the New York Stock Exchange. Trading volume was higher than average at 5 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

A rare earnings miss by Apple pulled down technology stocks Wednesday. Broad market indexes turned lower in late afternoon trading on reports of an impasse in talks to resolve Europe's debt crisis.

The leaders of Germany, France, the International Monetary Fund and the European Central Bank met Wednesday in preparation for a summit scheduled for this weekend. Markets sank and the price of oil fell after a report came out that France's President Nicolas Sarkozy said Germany and France were in a deadlock over how to expand an emergency fund.

The Dow closed at 11,504.62, a loss of 72.43 points, or 0.6 percent. On Tuesday the Dow closed half a point below where it started the year.

"The big theme this week is what's going to happen in Europe over the weekend," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "If a Greece or another country defaults, it could do real damage to Europe. If that pushes Europe into a recession, it will further clip the pace of global growth."

The Dow had traded higher for most of the day but started to slump shortly before 2 p.m., when the report of the impasse came out. Within an hour it was down 88 points.

Citigroup and other banks turned lower. It was the latest in a series of sudden turns for the market. Shifting expectations for the Oct. 23 meeting have rattled markets every day this week.

Apple Inc. slumped 5.6 percent after the company's income and revenue fell short of forecasts. It was a rare miss for the company, which had jumped 31 percent this year through Tuesday. Apple blamed the shortfall on a later-than-usual release of its newest iPhone.

The NYSE DOW NYSE DOW closed -72.43 points LOWER or -0.63% on Wednesday October 19
Sym .......Last .......Change..........
Dow 11,504.62 -72.43 -0.63%
Nasdaq 2,604.04 -53.39 -2.01%
S&P 500 1,209.88 -15.50 -1.26%
30-yr Bond 3.1690% +0.0120

NYSE Volume 4,846,397,500
Nasdaq Volume 2,005,484,375

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,450.49 +40.14 +0.74%
DAX 5,913.53 +36.12 +0.61%
CAC 40 3,157.34 +16.24 +0.52%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,274.80 +25.30 +0.60%
Shanghai Comp 2,377.51 -5.97 -0.25%
Taiwan We... 7,353.37 -6.11 -0.08%
Nikkei 225 8,772.54 +30.63 +0.35%
Hang Seng 18,309.22 +232.76 +1.29%
Straits Times 2,720.21 -4.48 -0.16%

http://finance.yahoo.com/news/Apples-earnings-miss-drags-apf-718415847.html?x=0

Apple's earnings miss drags tech stocks lower

Rare earnings miss from Apple drags down Nasdaq index; new worries emerge about euro summit

David K. Randall and Matthew Craft, AP Business Writers, On Wednesday October 19, 2011, 5:00 pm

NEW YORK (AP) -- A rare earnings miss by Apple pulled down technology stocks Wednesday. Broad market indexes turned lower in late afternoon trading on reports of an impasse in talks to resolve Europe's debt crisis.

The leaders of Germany, France, the International Monetary Fund and the European Central Bank met Wednesday in preparation for a summit scheduled for this weekend. Markets sank and the price of oil fell after a report came out that France's President Nicolas Sarkozy said Germany and France were in a deadlock over how to expand an emergency fund.

The Dow closed at 11,504.62, a loss of 72.43 points, or 0.6 percent. On Tuesday the Dow closed half a point below where it started the year.

"The big theme this week is what's going to happen in Europe over the weekend," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "If a Greece or another country defaults, it could do real damage to Europe. If that pushes Europe into a recession, it will further clip the pace of global growth."

The Dow had traded higher for most of the day but started to slump shortly before 2 p.m., when the report of the impasse came out. Within an hour it was down 88 points.

Citigroup and other banks turned lower. It was the latest in a series of sudden turns for the market. Shifting expectations for the Oct. 23 meeting have rattled markets every day this week.

Apple Inc. slumped 5.6 percent after the company's income and revenue fell short of forecasts. It was a rare miss for the company, which had jumped 31 percent this year through Tuesday. Apple blamed the shortfall on a later-than-usual release of its newest iPhone.

Apple's results helped drag down technology stocks. The Nasdaq composite slid 53.39, or 2 percent, to 2,604.04. The Standard & Poor's 500 index fell 15.50, or 1.3 percent, to 1,209.88.

Worries that Europe's troubles could get worse have kept markets on edge. The Greek government is widely expected to go through some kind of default or restructuring of its debt. If that process becomes messy, European banks that hold Greek government bonds may find it difficult to raise money from other banks. That, in turn, could trigger a freeze in credit markets and deliver a blow to an already weak European economy.

Stocks slumped Monday after the German government played down hopes that Europe's debt crisis would be resolved soon. They roared back Tuesday on a report that Germany and France had reached an agreement to expand the European rescue fund.

Investors had plenty of corporate news to digest on Wednesday. Abbott Laboratories announced plans to spin off its drug business. Abbott's stock rose 1.5 percent.

Travelers Cos., a major insurer, jumped 5.7 percent after reporting revenue that beat analysts' expectations.

Intel Corp. rose 3.6 percent after its net income beat Wall Street's target.

Large banks that were trading higher dropped in the late afternoon. Morgan Stanley edged up less than 1 percent. The bank said a jump in investment banking revenue helped it earn $1.15 a share, well above analyst expectations of 30 cents per share.

Citigroup Inc. slipped 1.6 percent. The bank agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was starting to collapse.

BlackRock Inc. dropped 4.7 percent after the money management giant said its assets under management fell 3 percent.

Airlines fell. AMR Corp., the parent of American Airlines, slid 7.5 percent after reporting a loss that was worse than Wall Street analysts predicted. The company said its fuel spending jumped 40 percent, wiping out revenue gains from higher fares and fees. JetBlue Airways Corp. dropped 6.7 percent after the company said its chief financial officer has resigned.

 

[bigdog]

Source: http://finance.yahoo.com

New signs of division among European leaders over how to handle the region's debt crisis led to confusion on financial markets Thursday.

Stock indexes rose, fell, rose back again and then ended the day more or less where they started. As they have been doing for weeks now, traders remain focused on the latest hope for a resolution to Europe's debt crisis: this time, a weekend summit of European leaders.

The Dow Jones industrial average moved between gains and losses all day before ending up 37.16 points, or 0.3 percent, to close at 11,541.78. The Dow had been down as many as 113 points shortly after noon. The Dow is 0.3 percent below where it started the year, and is headed for its first down week after three weeks of gains.

Trading was choppy as talks across the Atlantic appeared to falter because of differences between Germany and France over how to protect European banks from the consequences of a default by the Greek government. Later in the day stocks rose slightly on news that a second summit meeting would take place next week after it became clear that France and Germany would not be able to bridge their difference in time for the meeting Sunday.

A messy default by Greece could lead to deep losses for European banks that hold Greek debt. If that leads them to pull back on lending to each other, it could cause another freeze in global credit markets like the one in late 2008 after Lehman Brothers collapsed.

The Standard & Poor's 500 index rose 5.51 points, or 0.5 percent, to 1,215.39.

The Nasdaq composite lost 5.42 points, or 0.2 percent, to 2,598.62.

The NYSE DOW NYSE DOW closed +37.16 points HIGHER or +0.32% on Thursday October 20
Sym .......Last .......Change..........
Dow 11,541.78 +37.16 +0.32%
Nasdaq 2,598.62 -5.42 -0.21%
S&P 500 1,215.39 +5.51 +0.46%
30-yr Bond 3.2010% +0.0320

NYSE Volume 4,870,291,500
Nasdaq Volume 2,094,939,625

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,384.68 -65.81 -1.21%
DAX 5,766.48 -147.05 -2.49%
CAC 40 3,084.07 -73.27 -2.32%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,206.80 -68.00 -1.59%
Shanghai Comp 2,331.37 -46.15 -1.94%
Taiwan We... 7,244.32 -109.05 -1.48%
Nikkei 225 8,682.15 -90.39 -1.03%
Hang Seng 17,983.10 -326.12 -1.78%
Straits Times 2,697.36 -22.85 -0.84%

http://finance.yahoo.com/news/Stock...et=&ccode=&sec=topStories&pos=1&asset=&ccode=

Stocks end mixed as Europe haggles over debt fix

Stocks end little changed as European leaders remain divided over new financial rescue plan

David K. Randall and Matthew Craft, AP Business Writers, On Thursday October 20, 2011, 5:16 pm

NEW YORK (AP) -- New signs of division among European leaders over how to handle the region's debt crisis led to confusion on financial markets Thursday.

Stock indexes rose, fell, rose back again and then ended the day more or less where they started. As they have been doing for weeks now, traders remain focused on the latest hope for a resolution to Europe's debt crisis: this time, a weekend summit of European leaders.

The Dow Jones industrial average moved between gains and losses all day before ending up 37.16 points, or 0.3 percent, to close at 11,541.78. The Dow had been down as many as 113 points shortly after noon. The Dow is 0.3 percent below where it started the year, and is headed for its first down week after three weeks of gains.

Trading was choppy as talks across the Atlantic appeared to falter because of differences between Germany and France over how to protect European banks from the consequences of a default by the Greek government. Later in the day stocks rose slightly on news that a second summit meeting would take place next week after it became clear that France and Germany would not be able to bridge their difference in time for the meeting Sunday.

A messy default by Greece could lead to deep losses for European banks that hold Greek debt. If that leads them to pull back on lending to each other, it could cause another freeze in global credit markets like the one in late 2008 after Lehman Brothers collapsed.

The Standard & Poor's 500 index rose 5.51 points, or 0.5 percent, to 1,215.39.

The Nasdaq composite lost 5.42 points, or 0.2 percent, to 2,598.62.

U.S. Treasury prices also fluctuated sharply as the latest news from Europe crossed, before ending about where they were a day earlier. The yield on the 10-year Treasury note was 2.18 percent late Thursday compared with 2.16 percent late Wednesday.

Stock indexes had edged higher in early trading after the Federal Reserve Bank of Philadelphia said regional manufacturing was "showing signs of recovery." Its index of manufacturing, shipments and new orders was far better than economists had forecast. An unexpected drop in the index spurred a stock market sell-off in August.

Other economic reports were mixed. The Labor Department said new applications for unemployment benefits dropped to 403,000 last week, a sign that layoffs are easing. On the down side, sales of previously-occupied homes dipped 3 percent last month.

Among stocks making big moves, Newfield Exploration plunged 14.8 percent, the largest decline in the S&P 500 index. The oil and gas producer reported disappointing third-quarter results and cut its production forecast for the year.

Union Pacific Corp., the country's largest railroad, surged after its earnings came in well ahead of analysts' estimates. The company gained 4 percent after reporting that its income trumped forecasts. It also said it expects the growth to continue.

Southwest Airlines rose 4.5 percent after reporting income that was a penny per share higher than analysts predicted. AT&T Inc. lost 0.3 percent after reporting that the number of new iPhones activated last quarter was the lowest in a year and a half.

The New York Times jumped 9.2 percent after the company reported higher profits than expected.

Casino operator Wynn Resorts Ltd. said that it turned a profit in the third quarter after posting a loss a year ago, but the results still fell short of Wall Street's estimates. Its stock lost 5.3 percent.

 

[bigdog]

Source: http://finance.yahoo.com

A broad rally swept through the stock market Friday after McDonald's and several other large companies reported solid earnings. The Standard & Poor's 500 index closed higher for the third straight week, its best run since February, as hope builds that a weekend meeting will bring European leaders closer to easing the region's debt troubles.

The Dow Jones industrial average jumped 267.01 points, or 2.3 percent, to 11,808.79. The Dow is now up 2 percent from where it started 2011. Before Friday's surge, it was down for the year. The Dow has risen for four weeks straight, the first time that has happened since January.

The combination of stronger earnings, better economic news and a sense that European officials were taking the debt crisis more seriously have helped lift stocks, said Phil Orlando, chief equity market strategist at Federated Investors. "It seems like there's a greater sense of urgency to deal with Greece and the sovereign debt trouble in Europe," Orlando said.

McDonald's Corp., Chipotle Mexican Grill Inc. and Harman International Industries Inc. were among the companies that beat analysts' expectations. The quarterly earnings season is off to a strong start. Of the 118 companies that reported earnings so far, 75 percent have beaten estimates, according to financial data provider FactSet.

The encouraging corporate news was in line with recent signs that the U.S. economy strengthened in September after a very weak summer. On Friday the government said unemployment fell last month in half of U.S. states and was unchanged in 11. That's much better than in August, when unemployment rose in 26 states.

Markets have been moving sharply in recent weeks, mainly in reaction to the latest headlines out of Europe on the debt crisis. The Dow had a bigger jump on Oct. 10, 330 points, after the leaders of France and Germany pledged to have a comprehensive solution to the debt crisis in place by the end of the month. The Dow has now gained 10.8 percent since Oct. 3, when it sank to its lowest point of the year.

The S&P 500 gained 22.86 points, or 1.9 percent, to 1,238.25. Rising stocks in the S&P outpaced falling ones by a margin of 20 to 1: only 23 companies traded lower.

The Nasdaq composite index gained 38.84, or 1.5 percent, to 2,637.

The NYSE DOW NYSE DOW closed +267.01 points HIGHER or +2.31% on Friday October 21
Sym .......Last .......Change..........
Dow 11,808.79 +267.01 +2.31%
Nasdaq 2,637.46 +38.84 +1.49%
S&P 500 1,238.25 +22.86 +1.88%
30-yr Bond 3.2520% +0.0510

NYSE Volume 4,980,771,000
Nasdaq Volume 2,182,490,000

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,488.65 +103.97 +1.93%
DAX 5,970.96 +204.48 +3.55%
CAC 40 3,171.34 +87.27 +2.83%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,203.40 -3.40 -0.08%
Shanghai Comp 2,317.28 -14.09 -0.60%
Taiwan We... 7,254.51 +10.19 +0.14%
Nikkei 225 8,678.89 -3.26 -0.04%
Hang Seng 18,025.72 +42.62 +0.24%
Straits Times 2,712.41 +18.40 +0.68%

http://finance.yahoo.com/news/Stock...5.html?x=0&sec=topStories&pos=9&asset=&ccode=

Stocks rise sharply on solid corporate earnings

US stock indexes rise sharply on solid corporate earnings reports; McDonald's, Chipotle jump

Daniel Wagner and Matthew Craft, AP Business Writers, On Friday October 21, 2011, 5:03 pm

A broad rally swept through the stock market Friday after McDonald's and several other large companies reported solid earnings. The Standard & Poor's 500 index closed higher for the third straight week, its best run since February, as hope builds that a weekend meeting will bring European leaders closer to easing the region's debt troubles.

The Dow Jones industrial average jumped 267.01 points, or 2.3 percent, to 11,808.79. The Dow is now up 2 percent from where it started 2011. Before Friday's surge, it was down for the year. The Dow has risen for four weeks straight, the first time that has happened since January.

The combination of stronger earnings, better economic news and a sense that European officials were taking the debt crisis more seriously have helped lift stocks, said Phil Orlando, chief equity market strategist at Federated Investors. "It seems like there's a greater sense of urgency to deal with Greece and the sovereign debt trouble in Europe," Orlando said.

McDonald's Corp., Chipotle Mexican Grill Inc. and Harman International Industries Inc. were among the companies that beat analysts' expectations. The quarterly earnings season is off to a strong start. Of the 118 companies that reported earnings so far, 75 percent have beaten estimates, according to financial data provider FactSet.

The encouraging corporate news was in line with recent signs that the U.S. economy strengthened in September after a very weak summer. On Friday the government said unemployment fell last month in half of U.S. states and was unchanged in 11. That's much better than in August, when unemployment rose in 26 states.

Markets have been moving sharply in recent weeks, mainly in reaction to the latest headlines out of Europe on the debt crisis. The Dow had a bigger jump on Oct. 10, 330 points, after the leaders of France and Germany pledged to have a comprehensive solution to the debt crisis in place by the end of the month. The Dow has now gained 10.8 percent since Oct. 3, when it sank to its lowest point of the year.

The S&P 500 gained 22.86 points, or 1.9 percent, to 1,238.25. Rising stocks in the S&P outpaced falling ones by a margin of 20 to 1: only 23 companies traded lower.

The Nasdaq composite index gained 38.84, or 1.5 percent, to 2,637.

European markets closed sharply higher as investors hoped that European leaders will agree on a package of measures to address the region's debt crisis in time for a summit scheduled for Wednesday. Germany's DAX index rose 3.5 percent. France's CAC 40 and Italy's FTSE MIB rose 2.8 percent.

Traders sold ultra-safe U.S. Treasury debt as riskier assets rose. The yield on the 10-year Treasury note rose to 2.22 percent from 2.18 percent late Thursday. Bond yields rise as demand for them falls and their prices decline.

Stocks were lifted earlier this week by better news about the U.S. economy. A measure of manufacturing in the Philadelphia region grew in October after contracting for two straight months. The number of people claiming unemployment benefits declined last week, and inflation remains low.

Among the companies reporting earnings late Thursday or early Friday:

-- McDonald's Corp. rose 3.7 percent after reporting a 9 percent increase in income. The results beat analysts' expectations and marked McDonalds' ninth straight quarter of gains.

-- Harman International Industries Inc. jumped 20.6 percent, the most in the Standard & Poor's 500, after the audio equipment maker's income trumped expectations.

-- Chipotle Mexican Grill Inc. leaped 8.3 percent after reporting a 25-percent jump in third-quarter income. The fast-casual chain raised prices, sold more burritos and opened new stores.

6609

 

[bigdog]

Source: http://finance.yahoo.com

Stock indexes closed at the highest point since the U.S. debt limit showdown in August Monday. The market was driven higher by a round of big corporate takeovers and reports that Europe's bailout fund will be larger than originally thought. The Nasdaq composite turned positive for the year.

Netflix Inc. plunged 22 percent in after-hours trading after the DVD-by-mail and video streaming company forecast a sharp drop in fourth-quarter profits.

Investors are still waiting for a resolution to Europe's debt problems. European leaders said they made progress at a weekend summit and plan to unveil concrete plans for containing the crisis by Wednesday.

The Dow was up about 40 points in the first hour of trading but moved steadily higher through midday following reports that Europe's takeover fund will be greatly expanded. It finished with a gain of 104.83 points, or 0.9 percent, at 11,913.62.

"The market is expecting that there will be some kind of deal worked out Wednesday," when European financial ministers are scheduled to meet, said Uri Landesman, president of Platinum Partners. "If there's not a deal by then, the market is going down significantly."

Even with concerns about Europe, U.S. companies are still reporting bigger profits. "Although there is a good deal of economic and political uncertainty in the world, we are not seeing it much in our business at this point," Caterpillar Chief Executive Doug Oberhelman said.

The maker of construction equipment reported a 44 percent surge in income, more than Wall Street analysts were expecting, thanks to strong growth in exports. The company said it expected the global economy to continue recovering, albeit slowly. Caterpillar jumped 5 percent, the most of the 30 companies in the Dow.

The Standard & Poor's 500 index rose to 1,254.19. That is just 3.45 points, or 0.3 percent, below where it started the year. It's the highest close for the S&P 500 since Aug. 3, just as Washington was resolving a showdown over raising the country's borrowing limit. If the S&P 500 finishes the year with a gain, it will be its biggest turnaround since 1984.

The Nasdaq composite rose 61.98, or 2.3 percent, to 2,699.44. The gains turned the Nasdaq positive for the year. The S&P 500 is the only major market index that remains lower than where it started the year.

The NYSE DOW NYSE DOW closed +104.83 points HIGHER or +0.89% on Monday October 24
Sym .......Last .......Change..........
Dow Jones 11,913.62 +104.83 +0.89%
Nasdaq 2,699.44 +61.98 +2.35%
S&P 500 1,254.19 +15.94 +1.29%
30-Yr Bond 3.2780% +0.0260

NYSE Volume 4,309,382,000
Nasdaq Volume 2,009,932,625

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,548.06 +59.41 +1.08%
DAX 6,055.27 +84.31 +1.41%
CAC 40 3,220.46 +49.12 +1.55%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,313.60 +110.20 +2.62%
Shanghai Comp 2,370.33 +53.06 +2.29%
Taiwan We... 7,470.30 +215.79 +2.97%
Nikkei 225 8,843.98 +165.09 +1.90%
Hang Seng 18,771.82 +746.10 +4.14%
Straits Times 2,760.95 +48.54 +1.79%

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

Stocks reach highest level since August

Takeovers, progress on European debt crisis talks sends stocks to highest point since August

Stan Choe and David K. Randall, AP Business Writers, On Monday October 24, 2011, 5:09 pm EDT

NEW YORK (AP) -- Stock indexes closed at the highest point since the U.S. debt limit showdown in August Monday. The market was driven higher by a round of big corporate takeovers and reports that Europe's bailout fund will be larger than originally thought. The Nasdaq composite turned positive for the year.

Netflix Inc. plunged 22 percent in after-hours trading after the DVD-by-mail and video streaming company forecast a sharp drop in fourth-quarter profits.

Investors are still waiting for a resolution to Europe's debt problems. European leaders said they made progress at a weekend summit and plan to unveil concrete plans for containing the crisis by Wednesday.

The Dow was up about 40 points in the first hour of trading but moved steadily higher through midday following reports that Europe's takeover fund will be greatly expanded. It finished with a gain of 104.83 points, or 0.9 percent, at 11,913.62.

"The market is expecting that there will be some kind of deal worked out Wednesday," when European financial ministers are scheduled to meet, said Uri Landesman, president of Platinum Partners. "If there's not a deal by then, the market is going down significantly."

Even with concerns about Europe, U.S. companies are still reporting bigger profits. "Although there is a good deal of economic and political uncertainty in the world, we are not seeing it much in our business at this point," Caterpillar Chief Executive Doug Oberhelman said.

The maker of construction equipment reported a 44 percent surge in income, more than Wall Street analysts were expecting, thanks to strong growth in exports. The company said it expected the global economy to continue recovering, albeit slowly. Caterpillar jumped 5 percent, the most of the 30 companies in the Dow.

The Standard & Poor's 500 index rose to 1,254.19. That is just 3.45 points, or 0.3 percent, below where it started the year. It's the highest close for the S&P 500 since Aug. 3, just as Washington was resolving a showdown over raising the country's borrowing limit. If the S&P 500 finishes the year with a gain, it will be its biggest turnaround since 1984.

The Nasdaq composite rose 61.98, or 2.3 percent, to 2,699.44. The gains turned the Nasdaq positive for the year. The S&P 500 is the only major market index that remains lower than where it started the year.

The Russell 2000 index of small companies rose 3.3 percent as investors moved money into higher-risk assets.

Netflix sank 21.6 percent post-market trading after forecasting fourth-quarter income that was far below what analysts were expecting. Through Monday's close the stock had plunged 59 percent since July 12, when it raised prices and announced a plan to break its DVD-by-mail business into a separate company. The company abandoned the plan after it triggered a revolt among subscribers.

Other major U.S. companies due to report earnings this week include UPS Inc., Ford Motor Co. and Procter & Gamble.

Analysts expect companies in the S&P 500 to report earnings growth of 14 percent for the third quarter, according to data provider FactSet. They expect a 10 percent gain in revenue.

Expenses are also expected to climb. Higher costs for raw materials helped drag down income 8 percent at Kimberly-Clark Corp., which reported results Monday. The stock fell 5 percent. The company is a major consumer products maker whose brands include Huggies and Kleenex.

Higher costs also hurt cigarette maker Lorillard, which reported a 3 percent drop in income. Lorillard's stock fell 0.6 percent.

A series of corporate deals helped lift the market, said Phil Orlando, chief equity strategist at Federated Investors. "This is telling us that companies think stocks are cheap, and they're willing to spend some of the cash that's sitting around on their balance sheets," he said.

Deals announced included:

-- HealthSpring Inc. jumped 34 percent after Cigna Corp. said it will buy the health insurer for about $3.8 billion in cash. Cigna rose 1.4 percent.

-- RightNow Technologies Inc. gained 19 percent after Oracle Corp. said it will buy the tech service company for about $1.5 billion. Oracle rose 2.3 percent.

-- Mattel Inc. rose 2 percent after it agreed to buy Hit Entertainment, the owner of the Thomas & Friends and Barney brands, for $680 million in cash.

-- The J.M. Smucker Co. added 0.7 percent after it bought most of Sara Lee Corp.'s North American foodservice coffee operations for about $350 million.

Five shares rose for every one that fell on the New York Stock Exchange. Volume was average at 4.2 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed with steep losses Tuesday after disappointing corporate earnings and reports that a key meeting of European financial ministers had been canceled. Assets that tend to hold their value in a weak economy like U.S. government debt and gold rose.

The Dow Jones industrial average lost 207 points. It had gained 409 points over the previous three days.

Manufacturing conglomerate 3M cut its 2011 earnings forecast, and U.S. Steel warned that demand for its products could slow. Netflix Inc. plunged 35 percent after the company cut its profit forecast and said it is losing subscribers following a price increase in July. After the market closed, Amazon Inc. plunged 17 percent after its earnings came in far below Wall Street's forecasts.

The market was also pulled lower by a report that consumer confidence plunged in October to the lowest level since March 2009. The Conference Board index measures how shoppers feel about business conditions, the job market and their outlook for the next six months.

"It's hard to parse this data and find any way that you can glean something positive about it," said Tim Speiss, vice president at EisnerAmper Wealth Planning.

The Dow fell 207 points, or 1.7 percent, to close at 11,706.62. 3M fell 6.3 percent, the largest drop among the 30 stocks that make up the Dow average.

The Standard & Poor's 500 index fell 25.14, or 2 percent, to 1,229.05. The Nasdaq dropped 61.02, or 2.3 percent, to 2,638.42. The losses turned the Nasdaq negative for the year once again. A rally Monday left the index up 1.8 percent for 2011.

The NYSE DOW NYSE DOW closed -207.00 points LOWER or -1.74% on Tuesday October 25
Sym .......Last .......Change..........
Dow 11,706.62 -207.00 -1.74%
Nasdaq 2,638.42 -61.02 -2.26%
S&P 500 1,229.05 -25.14 -2.00%
30-yr Bond 3.1440% -0.1340

NYSE Volume 4,473,973,000
Nasdaq Volume 1,837,603,250

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,525.54 -22.52 -0.41%
DAX 6,046.75 -8.52 -0.14%
CAC 40 3,174.29 -46.17 -1.43%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,287.70 -25.90 -0.60%
Shanghai Comp 2,409.67 +39.34 +1.66%
Taiwan We... 7,491.21 +20.91 +0.28%
Nikkei 225 8,762.31 -81.67 -0.92%
Hang Seng 18,968.20 +196.38 +1.05%
Straits Times 2,767.95 +7.00 +0.25%

http://finance.yahoo.com/news/Stocks-fall-as-hopes-for-apf-365325223.html?x=0

Stocks fall as hopes for Europe debt deal falter

Dow slumps on poor profit reports, Europe; Consumer confidence at lowest level since 2009

Stan Choe and David K. Randall, AP Business Writers, On Tuesday October 25, 2011, 4:45 pm EDT

NEW YORK (AP) -- Stocks closed with steep losses Tuesday after disappointing corporate earnings and reports that a key meeting of European financial ministers had been canceled. Assets that tend to hold their value in a weak economy like U.S. government debt and gold rose.

The Dow Jones industrial average lost 207 points. It had gained 409 points over the previous three days.

Manufacturing conglomerate 3M cut its 2011 earnings forecast, and U.S. Steel warned that demand for its products could slow. Netflix Inc. plunged 35 percent after the company cut its profit forecast and said it is losing subscribers following a price increase in July. After the market closed, Amazon Inc. plunged 17 percent after its earnings came in far below Wall Street's forecasts.

The market was also pulled lower by a report that consumer confidence plunged in October to the lowest level since March 2009. The Conference Board index measures how shoppers feel about business conditions, the job market and their outlook for the next six months.

"It's hard to parse this data and find any way that you can glean something positive about it," said Tim Speiss, vice president at EisnerAmper Wealth Planning.

The Dow fell 207 points, or 1.7 percent, to close at 11,706.62. 3M fell 6.3 percent, the largest drop among the 30 stocks that make up the Dow average.

The Standard & Poor's 500 index fell 25.14, or 2 percent, to 1,229.05. The Nasdaq dropped 61.02, or 2.3 percent, to 2,638.42. The losses turned the Nasdaq negative for the year once again. A rally Monday left the index up 1.8 percent for 2011.

Small company stocks fell far more than the broader market, a sign that investors were shunning assets perceived as being risky. The Russell 2000, an index of small companies, plunged 3 percent, reversing a gain of 3.3 percent Monday.

Prices for assets seen as stable stores of value rose. The yield on 10-year Treasury notes fell to 2.14 percent from 2.23 percent late Monday. Bond yields fall when investors send their prices higher. Gold rose 2.9 percent.

The latest headlines from Europe cast doubt over whether leaders there can agree on a comprehensive solution for the region's debt crisis in time for a summit Wednesday. Europe's ongoing debt crisis has been behind much of the market's big moves lately.

European officials are working to patch together a plan that will prevent banks from taking huge losses if the Greek government defaults on its bonds. A messy default could lead to a credit freeze-up similar to the one in 2008 following the fall of Lehman Brothers.

Anticipation of a solution to Europe's debt mess and strong profit reports from Caterpillar Inc., McDonald's Inc. and other major U.S. companies helped the S&P 500 surge 14.1 percent from Oct. 3, when it slumped to its lowest point of the year, through Monday's close. Traders warn that if European leaders fail to come up with a credible solution it could sent markets sharply lower.

United States Steel Corp. dropped 9.6 percent after the nation's largest steelmaker warned that demand for some of its products could decline in the final three months of the year if the economy slows down more.

Delta Air Lines Inc. slumped 5.2 percent after the airline reported results that missed Wall Street's expectations. Delta cut its flights 1 percent in the most recent quarter and said it would cut as much as another 5 percent during the last three months of this year.

United Parcel Service fell 2.1 percent after the company said its growth in Asia was slowing. First Solar Inc. plunged 25 percent after the company said its chief executive had stepped down.

Five stocks fell for every one that rose on the New York Stock Exchange. Volume was average at 4.3 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Stock indexes finished higher Wednesday following reports that China will come to the aid of Europe by investing in a financial rescue fund.

Agence France-Presse reported that China has agreed to invest in Europe's financial rescue fund, which will be used to support struggling countries and banks in the European Union. The Dow Jones industrial average jumped more than 100 points after the report came out in the early afternoon.

Stocks had been mixed for much of the day as investors weighed stronger earnings from Boeing and Corning with uncertainty about the outcome of a key meeting among European leaders.

Top European officials met in Brussels to discuss how to contain the region's debt crisis, which has festered for two years. One consideration is increasing the power of a financial rescue fund, which Germany's parliament approved shortly before U.S. stock markets opened.

European officials announced a plan after the U.S. market closed that will require the region's banks to increase their levels of cash to better protect themselves from losses on the Greek bonds they hold. European governments have been pressing the banks to forgive significant amounts of the Greek government's debt.

"This is a total news and rumor-driven market right now, and everyone's attention is focused on Europe," said Joe Bell, an analyst at Schaeffer's Investment Research.

The Dow Jones industrial average gained 162.42 points, or 1.4 percent, to 11,869.04. Boeing Co. led the way. It rose 4.5 percent after it reported a bigger profit for its latest quarter than analysts expected. It also raised its forecast for 2011 earnings.

The S&P 500 index rose 12.95, or 1.1 percent, to 1,242. The Nasdaq composite added 12.25, or 0.5 percent, to 2,650.67. Amazon.com Inc. slumped 12.7 percent after reporting a 73 percent drop in income. The retailer cited higher costs for expansion.

The NYSE DOW NYSE DOW closed +162.42 points HIGHER or +1.39% on Wednesday October 26
Sym .......Last .......Change..........
Dow 11,869.04 +162.42 +1.39%
Nasdaq 2,650.67 +12.25 +0.46%
S&P 500 1,242.00 +12.95 +1.05%
30-yr Bond 3.2240% +0.0800

NYSE Volume 4,801,191,000
Nasdaq Volume 2,152,965,000

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,553.24 +27.70 +0.50%
DAX 6,016.07 -30.68 -0.51%
CAC 40 3,169.62 -4.67 -0.15%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,300.80 +13.10 +0.31%
Shanghai Comp 2,427.48 +17.81 +0.74%
Taiwan We... 7,535.82 +44.61 +0.60%
Nikkei 225 8,748.47 -13.84 -0.16%
Hang Seng 19,066.54 +98.34 +0.52%
Straits Times 2,769.94 0.00 0.00%

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

Stocks end higher on reports of help for Europe

Stocks turn positive in afternoon trading after reports that China will buy European bonds

Stan Choe and David K. Randall, AP Business Writers, On Wednesday October 26, 2011, 4:36 pm

NEW YORK (AP) -- Stock indexes finished higher Wednesday following reports that China will come to the aid of Europe by investing in a financial rescue fund.

Agence France-Presse reported that China has agreed to invest in Europe's financial rescue fund, which will be used to support struggling countries and banks in the European Union. The Dow Jones industrial average jumped more than 100 points after the report came out in the early afternoon.

Stocks had been mixed for much of the day as investors weighed stronger earnings from Boeing and Corning with uncertainty about the outcome of a key meeting among European leaders.

Top European officials met in Brussels to discuss how to contain the region's debt crisis, which has festered for two years. One consideration is increasing the power of a financial rescue fund, which Germany's parliament approved shortly before U.S. stock markets opened.

European officials announced a plan after the U.S. market closed that will require the region's banks to increase their levels of cash to better protect themselves from losses on the Greek bonds they hold. European governments have been pressing the banks to forgive significant amounts of the Greek government's debt.

"This is a total news and rumor-driven market right now, and everyone's attention is focused on Europe," said Joe Bell, an analyst at Schaeffer's Investment Research.

The Dow Jones industrial average gained 162.42 points, or 1.4 percent, to 11,869.04. Boeing Co. led the way. It rose 4.5 percent after it reported a bigger profit for its latest quarter than analysts expected. It also raised its forecast for 2011 earnings.

The S&P 500 index rose 12.95, or 1.1 percent, to 1,242. The Nasdaq composite added 12.25, or 0.5 percent, to 2,650.67. Amazon.com Inc. slumped 12.7 percent after reporting a 73 percent drop in income. The retailer cited higher costs for expansion.

Strong economic reports also helped send stocks higher. Businesses ordered more heavy machinery and other long-lasting manufactured goods last month, after excluding aircraft orders, which can be volatile. That indicates businesses are still spending on equipment despite worries about a weak economy and Europe's debt problems. Sales of new homes rose in September after falling for four straight months. Lower home prices enticed buyers.

The yield on the 10-year Treasury note rose to 2.21 percent from 2.14 percent late Tuesday as demand diminished for assets perceived to be relatively safe.

Corning Inc. rose 3 percent after reporting a 3 percent increase in income last quarter on stronger sales of glass for flat-panel televisions. Its earnings and revenue beat analysts' expectations.

First Solar Inc. rose 6.6 percent. It reported results a week earlier than expected, and revenue and earnings both improved. That helped the stock recover some of its losses from Tuesday, when it fell 24 percent after the surprise departure of the company's chief executive.

Five stocks rose for every one that fell on the New York Stock Exchange. Volume was slightly above average at 4.8 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average surged nearly 340 points Thursday after European leaders agreed on a deal to slash Greece's debt load and prevent the crisis there from engulfing larger countries like Italy. The Standard & Poor's 500 index is close to having its best month since 1974.

Commodities and Treasury yields soared as investors took on more risk. The euro rose sharply against the dollar.

Europe's sweeping agreement, reached after an all-night summit meeting, is aimed at preventing the Greek government's inability to pay its debt from escalating into another financial crisis like the one that happened in September 2008 after the collapse of Lehman Brothers.

Banks agreed to take 50 percent losses on the Greek bonds they hold. Europe will also strengthen a financial rescue fund to protect the region's banks and other struggling European countries such as Italy and Portugal.

"This seems to set aside the worries that there would be a massive contagion over there that would have brought everything down with it," said Mark Lamkin, head of Lamkin Wealth Management.

Stronger U.S. economic growth and corporate earnings also drove markets higher. The government reported Thursday that the economy grew at a 2.5 percent annual rate from July through September on stronger consumer spending and business investment. That was nearly double the 1.3 percent growth in the previous quarter.

The Dow Jones industrial average soared 339.51 points, or 2.9 percent, to 12,208.55. All 30 stocks in the Dow rose, led by Bank of America Corp. with a 9.6 percent gain. It was the first time the Dow closed above 12,000 since Aug. 1

The Dow is up 11.9 percent for the month so far. With only two full days of trading left in October, the Dow could have its biggest monthly gain since January 1987. The Dow's jump was its largest since Aug. 11th, when it rose 423.

The S&P 500 rose 42.59, or 3.7 percent, to 1,284.59. The gain turned the S&P positive for the year for the first time since Aug. 3, just before the U.S. government's debt was downgraded. The index is up 13.5 percent for the month, its best performance since a 16.3 percent gain in October 1974.

The Dow and S&P have both fallen for the previous five months.

The Nasdaq composite jumped 87.96, or 3.3 percent, to 2,738.63.

The NYSE DOW NYSE DOW closed +339.51 points HIGHER or +2.86% on Thurssday October 27
Sym .......Last .......Change..........
Dow 12,208.55 +339.51 +2.86%
Nasdaq 2,738.63 +87.96 +3.32%
S&P 500 1,284.59 +42.59 +3.43%
30-yr Bond 3.4460% +0.2220

NYSE Volume 6,600,588,000
Nasdaq Volume 2,851,743,250

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,713.82 +160.58 +2.89%
DAX 6,337.84 +321.77 +5.35%
CAC 40 3,368.62 +199.00 +6.28%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,403.90 +103.10 +2.40%
Shanghai Comp 2,435.61 +8.13 +0.34%
Taiwan We... 7,565.21 +29.39 +0.39%
Nikkei 225 8,926.54 +178.07 +2.04%
Hang Seng 19,688.70 +622.16 +3.26%
Straits Times 2,847.57 +77.63 +2.80%

http://au.finance.yahoo.com/news/Stocks-surge-on-European-debt-apf-2182810507.html?x=0

Stocks surge on European debt deal; Dow gains 339

European debt deal, stronger US growth send stocks soaring; Dow average leaps 339 points

Stan Choe and David K. Randall, AP Business Writers, On Friday 28 October 2011, 7:25

NEW YORK (AP) -- The Dow Jones industrial average surged nearly 340 points Thursday after European leaders agreed on a deal to slash Greece's debt load and prevent the crisis there from engulfing larger countries like Italy. The Standard & Poor's 500 index is close to having its best month since 1974.

Commodities and Treasury yields soared as investors took on more risk. The euro rose sharply against the dollar.

Europe's sweeping agreement, reached after an all-night summit meeting, is aimed at preventing the Greek government's inability to pay its debt from escalating into another financial crisis like the one that happened in September 2008 after the collapse of Lehman Brothers.

Banks agreed to take 50 percent losses on the Greek bonds they hold. Europe will also strengthen a financial rescue fund to protect the region's banks and other struggling European countries such as Italy and Portugal.

"This seems to set aside the worries that there would be a massive contagion over there that would have brought everything down with it," said Mark Lamkin, head of Lamkin Wealth Management.

Stronger U.S. economic growth and corporate earnings also drove markets higher. The government reported Thursday that the economy grew at a 2.5 percent annual rate from July through September on stronger consumer spending and business investment. That was nearly double the 1.3 percent growth in the previous quarter.

The Dow Jones industrial average soared 339.51 points, or 2.9 percent, to 12,208.55. All 30 stocks in the Dow rose, led by Bank of America Corp. with a 9.6 percent gain. It was the first time the Dow closed above 12,000 since Aug. 1

The Dow is up 11.9 percent for the month so far. With only two full days of trading left in October, the Dow could have its biggest monthly gain since January 1987. The Dow's jump was its largest since Aug. 11th, when it rose 423.

The S&P 500 rose 42.59, or 3.7 percent, to 1,284.59. The gain turned the S&P positive for the year for the first time since Aug. 3, just before the U.S. government's debt was downgraded. The index is up 13.5 percent for the month, its best performance since a 16.3 percent gain in October 1974.

The Dow and S&P have both fallen for the previous five months.

The Nasdaq composite jumped 87.96, or 3.3 percent, to 2,738.63.

Small company stocks rose more than the broader market. That's a sign investors were more comfortable holding assets perceived as being risky but also more likely to appreciate in a strong economy. The Russell 2000 index jumped 5.3 percent.

Raw materials producers, banks and stocks in other industries that depend on a strong economy for profit growth led the way. Copper jumped 5.8 percent to $3.69 a pound and crude oil jumped 4.2 percent to $93.96 a barrel.

The euro rose sharply, to $1.42, as confidence in Europe's financial system grew. The euro was worth $1.39 late Wednesday and had been as low as $1.32 on Oct. 3. European stock indexes also soared. France's CAC-40 rose 6.3 percent and Germany's DAX jumped 6.1 percent.

Investors sold U.S. Treasury notes and bonds, an indication they were moving away from safer investments. The yield on the 10-year Treasury note, which moves in the opposite direction of its price, rose to 2.38 percent from 2.21 percent late Wednesday.

European leaders still have to finalize the details of their latest plan. French President Nicolas Sarkozy spoke with Chinese President Hu Jintao amid hopes that countries with lots of cash like China can contribute to the European rescue.

Past attempts to contain Europe's two-year debt crisis have proved insufficient. Greece has been surviving on rescue loans since May 2010. In July, creditors agreed to take some losses on their Greek bonds, but that wasn't enough to fix the problem.

Some analysts cautioned that Europe's problems remained unsolved. "The market keeps on thinking that it's put Europe's problems to bed, but it's like putting a three-year old to bed: you might put it there but it won't stay there," said David Kelley, chief market strategist at J.P. Morgan Funds. Kelly said that Europe's debt problems will remain an issue until the economies of struggling nations like Greece and Portugal grow again.

Worries about Europe's debt crisis and a weak U.S. economy dragged the S&P 500 down 19.4 percent between April 29 and Oct. 3. That put it on the cusp of what's called a bear market, which is a 20 percent decline.

Since then, there have been a number of more encouraging signs on the U.S. economy. Despite the jitters over Europe, many large U.S. companies have been reporting strong profit growth in the third quarter.

Dow Chemical rose 8.2 percent after its profit last quarter rose 59 percent on strong sales growth from Latin America. Occidental Petroleum Corp. jumped 9.7 percent after reporting a 50 percent surge in income.

Citrix Systems Inc. rose 17.3 percent. The technology company's revenue rose 20 percent last quarter, and it forecast growth of up to 13 percent for 2012. Akamai Technologies Inc., whose products help speed the delivery of online content, jumped 15.4 percent after the company reported earnings that beat analysts' expectations.

Avon Products Inc. fell 18 percent, the most in the S&P 500, after the company said the Securities and Exchange Commission is investigating its contacts with financial analysts and Avon's own probe into bribery in China and other countries.

Nine stocks rose for every one that fell on the New York Stock Exchange. Volume was heavy at 6.5 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

A quiet day on Wall Street ended Friday with major stock indexes little changed after a big rally the day before. The Dow Jones industrial average closed out its fifth week of gains, its longest winning streak since January.

The Dow edged up 23 points, or 0.2 percent, to finish at 12,231.11. Stock indexes jumped more than 3 percent Thursday after European leaders unveiled a plan to expand their regional bailout fund and take other steps to contain the debt crisis in Greece.

Optimism ebbed on Friday as analysts raised questions about the plan, which left out many key details about how the fund would work. European markets mostly fell, and the euro declined against the dollar.

"It's a kind of sobering-up after a day of partying," said Jerry Webman, chief economist with Oppenheimer Funds in New York. "We got back to what's more of a square position, closer to where we want to be, and now we're going to take a couple of deep breaths and reassess what this really means."

There are still plenty of obstacles to overcome before the crisis is resolved. One troubling sign: Borrowing costs for Italy and Spain increased, signaling that traders remain worried about their finances.

The S&P 500 rose less than a point to 1,285.09. The Nasdaq composite fell 1.48, or 0.1 percent, to 2,737.15.

In less than four weeks, the Dow has risen 14.8 percent from its 2011 low, reached on Oct. 3. The S&P has gained 17 percent. However, the Dow remains 4.5 percent below this year's high, reached on April 29. The S&P is 5.8 percent below its high.

The Dow surged 3.6 percent for the week; the S&P and Nasdaq each gained 3.8 percent. Both indexes are on pace to have their best month since January 1987.

The NYSE DOW NYSE DOW closed +22.56 points HIGHER or +0.18% on Friday October 28
Sym .......Last .......Change..........
Dow 12,231.11 +22.56 +0.18%
Nasdaq 2,737.15 -1.48 -0.05%
S&P 500 1,285.09 +0.50 +0.04%
30-yr Bond 3.3520% -0.0940

NYSE Volume 4,575,286,000
Nasdaq Volume 1,868,976,875

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,702.24 -11.58 -0.20%
DAX 6,346.19 +8.35 +0.13%
CAC 40 3,348.63 -19.99 -0.59%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,411.40 +7.50 +0.17%
Shanghai Comp 2,473.41 +37.80 +1.55%
Taiwan We... 7,616.06 +50.85 +0.67%
Nikkei 225 9,050.47 +123.93 +1.39%
Hang Seng 20,019.24 +330.54 +1.68%
Straits Times 2,905.72 +58.15 +2.04%

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

Stocks finish mixed after Thursday's big rally

Stocks end mixed as traders turn a skeptical eye to Europe's plan to contain its debt crisis

Daniel Wagner and David K. Randall, AP Business Writers, On Friday October 28, 2011, 5:32 pm

A quiet day on Wall Street ended Friday with major stock indexes little changed after a big rally the day before. The Dow Jones industrial average closed out its fifth week of gains, its longest winning streak since January.

The Dow edged up 23 points, or 0.2 percent, to finish at 12,231.11. Stock indexes jumped more than 3 percent Thursday after European leaders unveiled a plan to expand their regional bailout fund and take other steps to contain the debt crisis in Greece.

Optimism ebbed on Friday as analysts raised questions about the plan, which left out many key details about how the fund would work. European markets mostly fell, and the euro declined against the dollar.

"It's a kind of sobering-up after a day of partying," said Jerry Webman, chief economist with Oppenheimer Funds in New York. "We got back to what's more of a square position, closer to where we want to be, and now we're going to take a couple of deep breaths and reassess what this really means."

There are still plenty of obstacles to overcome before the crisis is resolved. One troubling sign: Borrowing costs for Italy and Spain increased, signaling that traders remain worried about their finances.

The S&P 500 rose less than a point to 1,285.09. The Nasdaq composite fell 1.48, or 0.1 percent, to 2,737.15.

In less than four weeks, the Dow has risen 14.8 percent from its 2011 low, reached on Oct. 3. The S&P has gained 17 percent. However, the Dow remains 4.5 percent below this year's high, reached on April 29. The S&P is 5.8 percent below its high.

The Dow surged 3.6 percent for the week; the S&P and Nasdaq each gained 3.8 percent. Both indexes are on pace to have their best month since January 1987.

Whirlpool Corp. slumped 14 percent, the most in the S&P index, after the appliance maker said it would cut 5,000 jobs, citing weak demand and higher costs for materials. Another household name, Newell Rubbermaid Inc., soared 11 percent after its adjusted earnings beat Wall Street's expectations. The maker of tubs and markers maintained its outlook for the year.

Cablevision Systems Corp. fell 12.5 percent after reporting that its third-quarter net income dropped sharply and it lost cable TV subscribers. Hewlett-Packard Co. rose 3.5 percent after the company said it would shelve its plan to spin off its PC business.

Thursday's stock rally led to a sell-off in Treasurys, which traders hold to protect their money when other investments are falling. Demand for Treasurys increased sharply Friday, pushing the yield on the 10-year Treasury down to 2.33 percent from 2.39 percent late Thursday.

Markets have been roiled for months by fears about the impact of Europe's debt crisis. Greece couldn't afford to repay its lenders, and banks holding Greek bonds faced billions in losses. A disorganized default by Greece threatened to spook lenders to other countries with heavy debt loads such as Spain and Italy. Traders feared that a wave of defaults by countries would cause financial panic and mire the global economy.

Some analysts expect traders to refocus on U.S. economic news next week after months spent watching Europe. The government releases its jobs report for October next Friday. A news conference by Federal Reserve Chairman Ben Bernanke might offer clues about the Fed's economic outlook. Key reports on manufacturing and business sentiment are due out as well.

7261

 

[bigdog]

Source: http://finance.yahoo.com

October is somewhat cursed for the stock market -- the Crash of 1929, Black Monday in 1987, a slow-motion meltdown in 2008. This time, the demons made a last gasp, but Wall Street still managed to break the jinx.

Stocks had their best month in almost a decade, rising from their low point of the year in an almost uninterrupted four-week rally. The juice mostly came from Europe, which appeared to finally find a strategy for taming its debt crisis.

But the finish sure was ugly. The Dow Jones industrial average fell 276 points and finished below 12,000 on the final day of the month. It was as rough an end as it was a beginning: On the first trading day of October, the Dow lost 258.

Bank stocks were hit hard Monday. MF Global, a securities firm headed by former New Jersey Gov. Jon Corzine, filed for bankruptcy protection. Rating agencies downgraded the company last week, worried that it holds too much European debt.

Still, even counting the Halloween scare, October 2011 will be remembered on Wall Street for a comeback that only the St. Louis Cardinals could match.

For the month, the Dow rose more than 1,000 points. It gained 9.5 percent, its best showing since October 2002. The Standard & Poor's 500 index, the broadest major market average, rose 10.8 percent for the month, the best since December 1991.

On Oct. 3, both the Dow and the S&P closed at their lows of the year. The market had been through a brutal summer, losing almost 20 percent of its value -- near bear territory.

Investors were worried that the United States, with an economy growing at the slowest pace since the end of the Great Recession, was on the brink of falling back into recession.

And if the U.S. didn't tip into a new recession by itself, the market was worried that Europe would give it a push. Greece and other European nations face crushing debt, and European banks that loaned them money face big losses.

A recession in Europe would be bad news for the United States because Europe buys about 20 percent of American exports.

The NYSE DOW NYSE DOW closed -276.10 points LOWER or -2.26% on Monday October 31
Sym .......Last .......Change..........
Dow 11,955.01 -276.10 -2.26%
Nasdaq 2,684.41 -52.74 -1.93%
S&P 500 1,253.30 -31.79 -2.47%
30-yr Bond 3.1990% -0.1530

NYSE Volume 4,310,221,000
Nasdaq Volume 1,788,348,375

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,544.22 -158.02 -2.77%
DAX 6,141.34 -204.85 -3.23%
CAC 40 3,242.84 -105.79 -3.16%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,360.50 -50.90 -1.15%
Shanghai Comp 2,468.25 -5.16 -0.21%
Taiwan We... 7,587.69 -28.37 -0.37%
Nikkei 225 8,988.39 -62.08 -0.69%
Hang Seng 19,864.87 -154.37 -0.77%
Straits Times 2,855.77 -49.95 -1.72%

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

Ugly end to historic October on Wall Street

An ugly finish, but Wall Street has its best month in almost a decade

Matthew Craft, AP Business Writer, On Monday October 31, 2011, 4:53 pm

NEW YORK (AP) -- October is somewhat cursed for the stock market -- the Crash of 1929, Black Monday in 1987, a slow-motion meltdown in 2008. This time, the demons made a last gasp, but Wall Street still managed to break the jinx.

Stocks had their best month in almost a decade, rising from their low point of the year in an almost uninterrupted four-week rally. The juice mostly came from Europe, which appeared to finally find a strategy for taming its debt crisis.

But the finish sure was ugly. The Dow Jones industrial average fell 276 points and finished below 12,000 on the final day of the month. It was as rough an end as it was a beginning: On the first trading day of October, the Dow lost 258.

Bank stocks were hit hard Monday. MF Global, a securities firm headed by former New Jersey Gov. Jon Corzine, filed for bankruptcy protection. Rating agencies downgraded the company last week, worried that it holds too much European debt.

Still, even counting the Halloween scare, October 2011 will be remembered on Wall Street for a comeback that only the St. Louis Cardinals could match.

For the month, the Dow rose more than 1,000 points. It gained 9.5 percent, its best showing since October 2002. The Standard & Poor's 500 index, the broadest major market average, rose 10.8 percent for the month, the best since December 1991.

On Oct. 3, both the Dow and the S&P closed at their lows of the year. The market had been through a brutal summer, losing almost 20 percent of its value -- near bear territory.

Investors were worried that the United States, with an economy growing at the slowest pace since the end of the Great Recession, was on the brink of falling back into recession.

And if the U.S. didn't tip into a new recession by itself, the market was worried that Europe would give it a push. Greece and other European nations face crushing debt, and European banks that loaned them money face big losses.

A recession in Europe would be bad news for the United States because Europe buys about 20 percent of American exports.

Someone opening his or her quarterly account statement at about that time might have tossed it in the garbage and been afraid to look again. But that day was to be the turning point.

Reports that European leaders were working on a debt plan began trickling out. Investors gained confidence after the leaders of France and Germany pledged to come up with a far-reaching resolution by the end of the month.

Added to the encouraging news out of Europe: stronger corporate earnings from the likes of Google and McDonald's and signs that the U.S. economy was not as bad as feared. Retail sales rose 1.1 percent in September, the biggest gain in seven months.

When European leaders finally unveiled the deal Thursday, stocks roared higher. The S&P 500 jumped 3.7 percent and was up for the year for the first time since Aug. 3, just before the U.S. government's debt lost its top-notch credit rating.

"It's a rally off what was a very pessimistic view of the global economy," says Todd Henry, an emerging-market equity specialist at T. Rowe Price. "Does it have legs? I think that's yet to be seen."

Under the debt agreement, banks will take a 50 percent loss on their Greek government bonds. Europe will also add money to a financial rescue fund to protect other countries. And banks will increase their capital reserves to protect themselves.

With the October books closed, the Dow was at 11,955.01. The Dow is up about 83 percent from March 2009, its lowest point after the financial meltdown. It would have to rise more than 2,200 points from here to set an all-time high.

Strong as it was, this October wasn't close to ranking as one of the best. After the 1929 crash, the market routinely ran up much bigger percentage gains. In July and August 1932, for example, the market gained more than 36 percent each month.

Worries about a second recession have receded somewhat. The government announced last week that the economy in July, August and September grew at an annual rate of 2.5 percent, more than twice the speed of earlier this year.

The European debt crisis is still far from fixed. One troubling sign is that borrowing costs for Italy and Spain have increased, a signal that traders remain worried about those countries' ability to pay their debts.

And there are problems closer to home. A congressional "supercommittee" has to find $1.2 trillion in deficit cuts in less than a month, and Republicans and Democrats are fighting about whether to focus on higher taxes or cuts in federal spending.

If they can't agree, investors are worried that Moody's, the prominent credit rating agency, will strip the United States of its top rating, joining S&P, or that S&P will lower the nation even further.

 

[bigdog]

Source: http://finance.yahoo.com

A wave of selling swept across Wall Street and stock markets around the world Tuesday after Greece's prime minister said he would call a national vote on an unpopular European plan to rescue that nation's economy.

The Dow Jones industrial average finished down nearly 300 points. It swung in 100 point bursts throughout the day as investors reacted to sometimes conflicting headlines about the next steps in Greece's long-running debt crisis. Treasurys and other assets considered safe surged. The stocks of major banks, including Citigroup and JPMorgan Chase, were hit hard.

Intense selling roiled markets in Europe. Italy's main stock index dropped 6.8 percent. France's fell 5.4 percent and Germany's fell 5 percent.

The value of the dollar rose, and bond prices jumped so dramatically that analysts said they were stunned. Analysts said the bond action reflected fears that the turmoil in Greece would tear at the fabric of Europe's financial system and create a crisis that could engulf the entire European Union, which together forms the world's largest economy.

"This brings all of the concerns about Europe back to the front burner," said Scott Brown, chief economist at Raymond James. "If this ends up turning into a financial catastrophe in Europe, then no one will escape it."

The prime minister of Greece said unexpectedly Monday that he would put the European rescue plan to a popular vote, the first referendum to be held in Greece since 1974.

The plan requires banks that hold Greek national bonds to accept 50 percent losses to help keep the Greek economy afloat. It also beefs up a European bailout fund and requires banks to strengthen their financial cushions.

There were also late reports that Greek lawmakers dissented from the plan, raising the possibility that Greece's government would not last until a confidence vote on Friday.

International creditors have demanded that Greece enact painful tax increases and drastic cuts in public welfare programs, and Greeks have shown their hostility to those measures in violent protests and strikes.

If the European rescue falls through and Greece defaults on its debt, the ripple effect would be global. Europe could fall into recession, hurting a major market for American exports, and banks could severely restrict lending.

The NYSE DOW NYSE DOW closed -297.05 points LOWER or -2.48% on Tuesday November 1
Sym .......Last .......Change..........
Dow 11,657.96 -297.05 -2.48%
Nasdaq 2,606.96 -77.45 -2.89%
S&P 500 1,218.28 -35.02 -2.79%
30-yr Bond 3.0120% -0.1870

NYSE Volume 5,734,926,000
Nasdaq Volume 2,326,218,000

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,421.57 -122.65 -2.21%
DAX 5,834.51 -306.83 -5.00%
CAC 40 3,068.33 -174.51 -5.38%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,297.20 -63.30 -1.45%
Shanghai Comp 2,470.02 +1.77 +0.07%
Taiwan We... 7,622.01 +34.32 +0.45%
Nikkei 225 8,835.52 -152.87 -1.70%
Hang Seng 19,369.96 -494.91 -2.49%
Straits Times 2,789.35 -66.42 -2.33%

http://finance.yahoo.com/news/Greek...9.html?x=0&sec=topStories&pos=1&asset=&ccode=

Greek turmoil sends US and world markets lower

Stocks plunge in US and around the world after Greece rescue thrown into doubt

Matthew Craft and David K. Randall, AP Business Writers, On Tuesday November 1, 2011, 5:30 pm

NEW YORK (AP) -- A wave of selling swept across Wall Street and stock markets around the world Tuesday after Greece's prime minister said he would call a national vote on an unpopular European plan to rescue that nation's economy.

The Dow Jones industrial average finished down nearly 300 points. It swung in 100 point bursts throughout the day as investors reacted to sometimes conflicting headlines about the next steps in Greece's long-running debt crisis. Treasurys and other assets considered safe surged. The stocks of major banks, including Citigroup and JPMorgan Chase, were hit hard.

Intense selling roiled markets in Europe. Italy's main stock index dropped 6.8 percent. France's fell 5.4 percent and Germany's fell 5 percent.

The value of the dollar rose, and bond prices jumped so dramatically that analysts said they were stunned. Analysts said the bond action reflected fears that the turmoil in Greece would tear at the fabric of Europe's financial system and create a crisis that could engulf the entire European Union, which together forms the world's largest economy.

"This brings all of the concerns about Europe back to the front burner," said Scott Brown, chief economist at Raymond James. "If this ends up turning into a financial catastrophe in Europe, then no one will escape it."

The prime minister of Greece said unexpectedly Monday that he would put the European rescue plan to a popular vote, the first referendum to be held in Greece since 1974.

The plan requires banks that hold Greek national bonds to accept 50 percent losses to help keep the Greek economy afloat. It also beefs up a European bailout fund and requires banks to strengthen their financial cushions.

There were also late reports that Greek lawmakers dissented from the plan, raising the possibility that Greece's government would not last until a confidence vote on Friday.

International creditors have demanded that Greece enact painful tax increases and drastic cuts in public welfare programs, and Greeks have shown their hostility to those measures in violent protests and strikes.

If the European rescue falls through and Greece defaults on its debt, the ripple effect would be global. Europe could fall into recession, hurting a major market for American exports, and banks could severely restrict lending.

It was only last Thursday that European leaders announced a deal that they believed would be a turning point in the two-year debt crisis. Banks agreed to take bigger losses on Greek debt and to boost their levels of cash, while the European Union increased the size of its bailout fund. Global stock markets surged after the plan was unveiled. Now, those gains seem to be fleeting.

"The stock market is expressing disgust with Greek politics and a lack of confidence that Italy and Spain will generate the growth needed to pay down their debt," said Peter Boockvar, equity strategist at Miller Tabak & Co.

The Dow fell 297.05 points, or 2.5 percent, to close at 11,657.96. It was the biggest drop since Sept. 22. The Dow has lost 573 points, or 4.7 percent, in the last two days.

The S&P 500 lost 35.02, or 2.8 percent, to 1,218.28. Some analysts took comfort that the S&P closed above 1,215. A drop below that level would erase nearly all of the market's gains in October. The Nasdaq composite dropped 77.45, or 2.9 percent, to 2,606.96.

Pfizer Inc. was the only company in the Dow stock to rise. It gained 0.4 percent after its income and revenue beat Wall Street's estimates. General Motors Co. sank 9.8 percent after its October sales came in lower than Wall Street analysts were expecting.

Financial companies in the S&P 500 dropped 4.7 percent, the biggest loss among the 10 company groups that make up the index.

Bank of America Corp lost 6.3 percent. JP Morgan Chase & Co. dropped 5.9 percent, and Citigroup shed 7.7 percent.

Tuesday's sell-off came after an almost uninterrupted rally in October that was largely due to higher confidence in Europe's latest financial rescue plan for Greece and signs that the U.S. economy was not falling into another recession.

The S&P 500 rose from 1,099 on Oct. 3 to 1,285 Friday, or 17 percent. The last two days, it's given up one-third of that gain.

"The market is being held hostage by a random event that is overshadowing everything else," said John Canally, an economist at LPL Financial. Canally noted that the U.S. economy continues to expand. Retail sales came in better than expected in September and auto sales increased in October.

In the United States, the market sank Monday before the surprise Greek announcement. MF Global Holdings, a securities firm led by former New Jersey Gov. Jon Corzine, was driven into bankruptcy in part because of its holdings of European debt. The selling accelerated after the Greek announcement, and the U.S. market opened with a drop of almost 300 points.

In the bond market, the yield on the 10-year Treasury note sank to 1.96 percent from 2.16 percent late Monday, a steep drop. Bond yields fall when their prices rise as investors buy assets that are considered to better hold their value during a slowing economy. The dollar rose to $1.36 for every euro.

The yield on the 30-year Treasury bond sank from 3.38 percent Friday to 2.96 percent Tuesday.

"That's the biggest change that I've seen in my career," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott. "It's obscene."

The yields of Italian debt spiked to their highest level this year, another sign that investors are concerned that the debt crisis could spread to the larger economies of Europe. The yield on 1-year Italian government bonds soared 48 percent to 5.17 percent.

The yield on the 10-year German bund plunged to 1.78 percent, a 23.5 percent fall from the day before. The German economy is seen as the strongest in Europe and the most likely to repay its debt.

 

[bigdog]

Source: http://finance.yahoo.com

Stock indexes closed with broad gains Wednesday as international leaders scramble to save a week-old plan to prevent a financial crisis in Europe. Strong corporate earnings and a bump up in hiring by private companies also helped send markets higher after a steep two-day drop.

The Dow Jones industrial average gained 178.08 points, or 1.5 percent, to close at 11,836.04. The Dow lost 573 points the previous two days after the brokerage MF Global collapsed and Greece's prime minister surprised markets and his own government with a call to put unpopular austerity measures to a public vote.

"It's crazy how much the markets dropped in two days, considering that the data of the U.S. economy has actually looked pretty good," said Barry Knapp, head of equity strategy at Barclay's Capital. "It just shows you how fragile the investor psychology is with Greece hanging over everything."

For much of the summer, investors were worried that the U.S. economy was on the verge of another recession. But signs that consumers are continuing to spend and that manufacturing expanded in September have put many of those concerns to rest.

The Federal Reserve said Wednesday the economy was likely to expand modestly over the next two years. But Fed Chairman Ben Bernanke cautioned that the pace of economic growth will likely be "frustratingly slow." The Fed said it would not take any more steps to help the economy for now, but it left open the possibility of more steps later.

The fear of a wider financial crisis eased somewhat as the euro rose against the dollar and Treasury prices slipped. A revolt in George Papandreou's government could scuttle the Greek referendum. That would bring relief to investors by keeping the bailout plan intact. Papandreou faces a confidence vote on Friday.

Should voters reject the austerity plan, it could lead to a messy default on Greece's debt that would send shock waves through Europe's financial system and likely cause massive losses for banks that hold Greek bonds. Only last week European leaders agreed to a wide-ranging plan to shore up European banks and heavily indebted countries like Greece and Italy.

Papandreou traveled to France Wednesday and is scheduled to meet with leaders of the Group of 20 nations Thursday and Friday. France and Germany are expected to insist that a bailout plan reached last Thursday is the best way to solve Europe's debt problems and avoid a financial crisis.

The NYSE DOW NYSE DOW closed +178.08 points HIGHER or +1.53% on Wednesday November 2
Sym .......Last .......Change..........
Dow 11,836.04 +178.08 +1.53%
Nasdaq 2,639.98 +33.02 +1.27%
S&P 500 1,237.90 +19.62 +1.61%
30-yr Bond 3.0380% +0.0260

NYSE Volume 4,062,784,500
Nasdaq Volume 1,942,042,250

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,484.10 +62.53 +1.15%
DAX 5,965.63 +131.12 +2.25%
CAC 40 3,110.59 +42.26 +1.38%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,251.30 -45.90 -1.07%
Shanghai Comp 2,504.11 +34.09 +1.38%
Taiwan Wei... 7,598.45 -23.56 -0.31%
Nikkei 225 8,640.42 -195.10 -2.21%
Hang Seng 19,733.71 +363.75 +1.88%
Straits Times 2,834.75 +45.40 +1.63%

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

Stocks recover after a two-day slump; Dow up 178

Stocks recover as G-20 leaders scramble to save Greece rescue plan; Dow breaks two-day slump

Matthew Craft and David K. Randall, AP Business Writers, On Wednesday November 2, 2011, 4:23 pm

NEW YORK (AP) -- Stock indexes closed with broad gains Wednesday as international leaders scramble to save a week-old plan to prevent a financial crisis in Europe. Strong corporate earnings and a bump up in hiring by private companies also helped send markets higher after a steep two-day drop.

The Dow Jones industrial average gained 178.08 points, or 1.5 percent, to close at 11,836.04. The Dow lost 573 points the previous two days after the brokerage MF Global collapsed and Greece's prime minister surprised markets and his own government with a call to put unpopular austerity measures to a public vote.

"It's crazy how much the markets dropped in two days, considering that the data of the U.S. economy has actually looked pretty good," said Barry Knapp, head of equity strategy at Barclay's Capital. "It just shows you how fragile the investor psychology is with Greece hanging over everything."

For much of the summer, investors were worried that the U.S. economy was on the verge of another recession. But signs that consumers are continuing to spend and that manufacturing expanded in September have put many of those concerns to rest.

The Federal Reserve said Wednesday the economy was likely to expand modestly over the next two years. But Fed Chairman Ben Bernanke cautioned that the pace of economic growth will likely be "frustratingly slow." The Fed said it would not take any more steps to help the economy for now, but it left open the possibility of more steps later.

The fear of a wider financial crisis eased somewhat as the euro rose against the dollar and Treasury prices slipped. A revolt in George Papandreou's government could scuttle the Greek referendum. That would bring relief to investors by keeping the bailout plan intact. Papandreou faces a confidence vote on Friday.

Should voters reject the austerity plan, it could lead to a messy default on Greece's debt that would send shock waves through Europe's financial system and likely cause massive losses for banks that hold Greek bonds. Only last week European leaders agreed to a wide-ranging plan to shore up European banks and heavily indebted countries like Greece and Italy.

Papandreou traveled to France Wednesday and is scheduled to meet with leaders of the Group of 20 nations Thursday and Friday. France and Germany are expected to insist that a bailout plan reached last Thursday is the best way to solve Europe's debt problems and avoid a financial crisis.

In the U.S., an increase in hiring by private companies helped lift stock prices. Automatic Data Processing said company payrolls rose by 110,000 in October, more than economists had expected. Most of the gains came from the service industry. ADP also revised its survey results for September higher. Investors see ADP's report as a precursor to the government's broader employment report, which is due out Friday.

Bank of America rose 5 percent, the largest gain among the 30 stocks in the Dow. MasterCard gained 7 percent after reporting that its quarterly earnings soared 38 percent. The results beat analysts' expectations. Intel Corp. was the only Dow stock to drop, losing 0.2 percent.

The Standard and Poor's 500 rose 19.62 points, or 1.6 percent, to 1,237.90. The Nasdaq composite gained 33.02, or 1.3 percent, to 2,639.98.

Small stocks rose more than the overall market, a sign that investors were taking on more risk. The Russell 2000 index added 2.7 percent.

The yield on the 10-year Treasury note rose to 1.99 percent, up from 1.96 percent late Tuesday.

Among companies reporting quarterly earnings, EOG Resources Inc. rose 11.8 percent. The oil and gas company reported third-quarter earnings that beat analysts' expectations after posting a loss a year ago. JDS Uniphase Corp. jumped 8.5 percent after the technology company's earnings surpassed estimates.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average jumped 208 points Thursday after Greece scrapped a referendum on unpopular budget cuts and the European Central Bank unexpectedly cut interest rates. It was the second straight day of big gains in the stock market.

The European Central Bank surprised markets by cutting its benchmark interest rate a quarter of a percentage point, to 1.25 percent. The bank had increased its key rate twice this year, but that was before Mario Draghi took over as head of the bank this week. The announcement sent stocks higher as investors hoped that lowering borrowing costs would help prevent a recession in Europe.

Buying intensified in the early afternoon after Greek Prime Minister George Papandreou abandoned his effort to put package of austerity measures to a public vote. A "no" vote could have caused chaos in the European financial system by leading to a messy default on Greece's debt.

Investors and other European nations were shocked by Papandreou's announcement Monday that he would call a referendum on a financial rescue package worked out just last week after months of negotiations between Greece and its international lenders.

The Dow lost 573 points the first two days of this week as investors feared that Europe's plan to preserve its currency union was in jeopardy. Markets in the U.S. and Europe have been highly sensitive to headlines out of Europe as leaders there try to avoid a financial calamity. Investors have become fatigued as various efforts to resolve the situation seem to continually run into trouble.

"Today it looks like a deal in Europe is more likely and that's making the market positive, but who knows what people will think tomorrow," said Uri Landesman, president of Platinum Partners.

The Dow Jones industrial average gained 208.43 points, or 1.8 percent, to 12,044.47. The average closed above 12,000 for only the third time since the start of August. The Dow last closed above that level on Friday. Even with the gain of 386 points over the last two days, the Dow is still 1.5 percent below where it closed on Friday.

The S&P 500 rose 23.25, or 1.9 percent, to 1,261.15. The Nasdaq composite added 57.99, or 2.2 percent, to 2,697.97.

The NYSE DOW NYSE DOW closed +208.43 points HIGHER or +1.76% on Thursday November 3
Sym .......Last .......Change..........
Dow 12,044.47 +208.43 +1.76%
Nasdaq 2,697.97 +57.99 +2.20%
S&P 500 1,261.15 +23.25 +1.88%
30-yr Bond 3.1190% +0.0810

NYSE Volume 4,849,149,500
Nasdaq Volume 2,148,791,750

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,545.64 +61.54 +1.12%
DAX 6,133.18 +167.55 +2.81%
CAC 40 3,195.47 +84.88 +2.73%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,237.50 -13.80 -0.32%
Shanghai Comp 2,508.09 +3.98 +0.16%
Taiwan We... 7,460.31 -138.14 -1.82%
Nikkei 225 8,640.42 -195.10 -2.21%
Hang Seng 19,242.50 -491.21 -2.49%
Straits Times 2,810.04 -24.71 -0.87%

http://au.finance.yahoo.com/news/Dow-jumps-208-after-Greek-apf-716882577.html?x=0

Dow jumps 208 after Greek referendum is scrapped

Dow average soars 208 points after Greece scraps referendum on austerity measures

Matthew Craft and David K. Randall, AP Business Writers, On Friday 4 November 2011, 8:18
NEW YORK (AP) -- The Dow Jones industrial average jumped 208 points Thursday after Greece scrapped a referendum on unpopular budget cuts and the European Central Bank unexpectedly cut interest rates. It was the second straight day of big gains in the stock market.

The European Central Bank surprised markets by cutting its benchmark interest rate a quarter of a percentage point, to 1.25 percent. The bank had increased its key rate twice this year, but that was before Mario Draghi took over as head of the bank this week. The announcement sent stocks higher as investors hoped that lowering borrowing costs would help prevent a recession in Europe.

Buying intensified in the early afternoon after Greek Prime Minister George Papandreou abandoned his effort to put package of austerity measures to a public vote. A "no" vote could have caused chaos in the European financial system by leading to a messy default on Greece's debt.

Investors and other European nations were shocked by Papandreou's announcement Monday that he would call a referendum on a financial rescue package worked out just last week after months of negotiations between Greece and its international lenders.

The Dow lost 573 points the first two days of this week as investors feared that Europe's plan to preserve its currency union was in jeopardy. Markets in the U.S. and Europe have been highly sensitive to headlines out of Europe as leaders there try to avoid a financial calamity. Investors have become fatigued as various efforts to resolve the situation seem to continually run into trouble.

"Today it looks like a deal in Europe is more likely and that's making the market positive, but who knows what people will think tomorrow," said Uri Landesman, president of Platinum Partners.

The Dow Jones industrial average gained 208.43 points, or 1.8 percent, to 12,044.47. The average closed above 12,000 for only the third time since the start of August. The Dow last closed above that level on Friday. Even with the gain of 386 points over the last two days, the Dow is still 1.5 percent below where it closed on Friday.

The S&P 500 rose 23.25, or 1.9 percent, to 1,261.15. The Nasdaq composite added 57.99, or 2.2 percent, to 2,697.97.

Reports on the U.S. economy also lifted stocks. The number of people who applied for unemployment benefits last week dipped to the lowest level in five weeks. The number of applications fell below 400,000 for only the third time since April. That's a sign layoffs are easing. Companies also made more orders to U.S. factories in September.

"All of the economic data is pointing to a slow-growing economy, and putting the recession fears to rest," said Bill Stone, chief investment strategist at PNC Asset Management Group.

Companies reporting quarterly earnings were among those making the biggest gains.

Estee Lauder Cos. jumped 18 percent, the top stock in the S&P 500. The company's quarterly earnings soared 46 percent on strong global sales, which beat analysts' expectations. The company also raised its annual earnings outlook.

Alpha Natural Resources rose 13.3 percent. The coal producer's profit more than doubled, helped by its acquisition of rival Massey Energy Co. and higher prices for coal used to make steel. The results topped estimates.

Qualcomm Inc. gained 7.5 percent, after the chip-maker for mobile phones said rising smartphone demand helped it post results that were stronger than analysts were expecting.

Kraft Foods Inc. rose 33 percent. The food company, whose brands include Nabisco and Maxwell House, reported a 22 percent jump in income thanks to higher prices on some of its products. Kraft also raised its full-year profit forecast.

Kellogg Co. dropped 7.6 percent after its quarterly earnings fell even further than analysts had expected. The cereal and snack maker was hit by higher costs for ingredients.

 

[bigdog]

Source: http://finance.yahoo.com

Investors were taking few chances Friday while they waiting for a confidence vote in Greece on the country's embattled prime minister. Stocks fell on concerns that the country might not go through with an austerity program needed to prevent a default on its debt.

The Dow Jones industrial average closed down 61 points, recouping some of the ground it lost earlier in the day. The average fell 2 percent for the week, its first weekly loss since September.

Europe's debt problems were again the focus for investors Friday -- as they have been all week. Stocks plunged Monday and Tuesday after Prime Minister George Papandreou shocked investors with an announcement that he would put the country's austerity plan to a public vote. He backed away from the plan, but investors are still unnerved by the political turmoil in Greece. It threatens to hobble Europe's efforts to control its debt crisis.

In one bright spot Friday, Groupon Inc. jumped 31 percent to $26.11 on its first day of trading. The initial public offering of the company priced at $20 a share late Thursday.

The dollar rose after the Labor Department raised its estimates for job growth. The nation added 80,000 jobs last month, the 13th consecutive month of gains. The government also said a total of 102,000 more jobs were added in August and September than had been previously reported.

The Dow fell 61.23 points, or 0.5 percent, to close at 11,983.24. It had been down as many as 194 points after the first hour of trading.

The Standard & Poor's 500 index fell 7.92, or 0.6 percent, to 1,253.23. The Nasdaq composite shed 11.82, or 0.4 percent, to 2,686.15.

The S&P 500 fell 2.5 percent for the week, while the Nasdaq dropped 1.9 percent.

The NYSE DOW NYSE DOW closed -61.23 points LOWER or -0.51% on Friday November 4
Sym .......Last .......Change..........
Dow 11,983.24 -61.23 -0.51%
Nasdaq 2,686.15 -11.82 -0.44%
S&P 500 1,253.23 -7.92 -0.63%
30-yr Bond 3.1040% -0.0150

NYSE Volume 3,947,110,000
Nasdaq Volume 1,959,117,625

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,527.16 -18.48 -0.33%
DAX 5,966.16 -167.02 -2.72%
CAC 40 3,123.55 -71.92 -2.25%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,342.50 +105.00 +2.48%
Shanghai Comp 2,528.29 +20.20 +0.81%
Taiwan We... 7,603.23 +142.92 +1.92%
Nikkei 225 8,801.40 +160.98 +1.86%
Hang Seng 19,842.79 +600.29 +3.12%
Straits Times 2,848.24 +38.20 +1.36%

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

Stocks slide ahead of confidence vote in Greece

Stocks slide as Greece's government faces a confidence vote; Europe's debt deal in question

David K. Randall, AP Business Writer, On Friday November 4, 2011, 5:26 pm

NEW YORK (AP) -- Investors were taking few chances Friday while they waiting for a confidence vote in Greece on the country's embattled prime minister. Stocks fell on concerns that the country might not go through with an austerity program needed to prevent a default on its debt.

The Dow Jones industrial average closed down 61 points, recouping some of the ground it lost earlier in the day. The average fell 2 percent for the week, its first weekly loss since September.

Europe's debt problems were again the focus for investors Friday -- as they have been all week. Stocks plunged Monday and Tuesday after Prime Minister George Papandreou shocked investors with an announcement that he would put the country's austerity plan to a public vote. He backed away from the plan, but investors are still unnerved by the political turmoil in Greece. It threatens to hobble Europe's efforts to control its debt crisis.

In one bright spot Friday, Groupon Inc. jumped 31 percent to $26.11 on its first day of trading. The initial public offering of the company priced at $20 a share late Thursday.

The dollar rose after the Labor Department raised its estimates for job growth. The nation added 80,000 jobs last month, the 13th consecutive month of gains. The government also said a total of 102,000 more jobs were added in August and September than had been previously reported.

The release of the monthly employment report is usually a focus for the stock market, but this time developments in Europe's debt crisis were driving trading.

"Unless the jobs number came out with a huge surprise one way or the other, it's just a momentary diversion from where the market focus has been, and will continue to be for the foreseeable future, until there is a resolution in Europe," said Brad Sorenson, head of market analysis at Charles Schwab.

It wasn't clear that if the confidence vote went against Papandreou that his government, or the austerity plan, would fail. But investors want the political and economic situation in Greece to be resolved. They're worried that if Greece defaults it could cripple European banks and cause fiscal strain on much larger European countries like Italy, which are too big to bail out. Greece, Ireland and Portugal -- all relatively small countries -- have received financial lifelines from international lenders.

The Dow fell 61.23 points, or 0.5 percent, to close at 11,983.24. It had been down as many as 194 points after the first hour of trading.

The Standard & Poor's 500 index fell 7.92, or 0.6 percent, to 1,253.23. The Nasdaq composite shed 11.82, or 0.4 percent, to 2,686.15.

The S&P 500 fell 2.5 percent for the week, while the Nasdaq dropped 1.9 percent.

The stock market has begun November by continuing the volatility that marked the previous four months. The Dow rose or fell by more than 100 points the first three days of the month. However, November has historically been the beginning of the market's best six months of the year. Since 1950, the S&P 500 has risen 7.1 percent from November through April. The other six months it has averaged a gain of just 1 percent.

In corporate news, Starbucks Corp. jumped 7 percent to $44.19 after the company's quarterly results beat Wall Street's expectations.

Advanced Micro Devices Inc. fell 1 percent to $5.67 after the chip maker said it would cut 1,400 workers because of a weak market for computers. It also reported manufacturing delays.

Social networking site LinkedIn Inc. dropped 5.9 percent to $82.37 after posting its first quarterly loss since going public.

7904

 

[bigdog]

Source: http://finance.yahoo.com

A late rally pushed the Dow Jones industrial average back above 12,000 Monday as investors responded to the latest twists in Europe's efforts to control its debt crisis.

U.S. indexes were down for much of the day on worries that Italy could become the next country to run into trouble. Stocks turned higher after 2 p.m. Eastern on news that Greece would receive the latest installment of emergency aid as long as the country's two main parties commit to implementing economic reforms agreed to by the country's previous government.

Investors again reacted to whatever was the latest headline out of Europe. The region's problems have been offsetting optimism about strong corporate earnings in the U.S. and signs of improvement in the economy.

"Every day it seems like it's the butting of heads between whatever the latest rumor is out of Europe with good economic data and corporate earnings," said Karyn Cavanaugh, a market strategist with ING Investment Management. "It's overshadowing the fact that earnings are on track to be the best year ever."

The Dow rose 85.15 points, or 0.7 percent, to close at 12,068.39. The Dow closed near its highest point of the day and had been down as many as 102 points shortly after midday. Hewlett-Packard Co. rose 3.4 percent, the most of the 30 stocks in the Dow.

The Standard & Poor's 500 index rose 7.89, or 0.6 percent, to 1,261.12. Last week the S&P had its first down week since September. The Nasdaq rose 9.10, or 0.3 percent, to 2,695.25.

Worries that Italy could become the next victim of Europe's debt crisis kept investors uneasy.

The NYSE DOW NYSE DOW closed +85.15 points HIGHER or +0.71% on Monday November 7
Sym .......Last .......Change..........
Dow 12,068.39 +85.15 +0.71%
Nasdaq 2,695.25 +9.10 +0.34%
S&P 500 1,261.12 +7.89 +0.63%
30-yr Bond 3.0350 % -0.0690

NYSE Volume 3,429,742.25
Nasdaq Volume 1,730,964.12

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,510.82 -16.34 -0.30%
DAX 5,928.68 -37.48 -0.63%
CAC 40 3,103.60 -19.95 -0.64%
Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,335.30 -7.20 -0.17%
Shanghai Comp 2,509.80 0.00 0.00%
Taiwan We... 7,621.72 +18.49 +0.24%
Nikkei 225 8,767.09 -34.31 -0.39%
Hang Seng 19,677.89 -164.90 -0.83%
Straits Times 2,848.24 0.00 0.00%

http://beta.finance.yahoo.com/news/stocks-push-higher-dow-regains-215309166.html

Stocks push higher; Dow regains the 12,000 mark

Late rally sends stocks higher on hopes Greece will get more bailout funds; Dow up 85

By David k. Randall, AP Business Writer | AP – 28 minutes ago

NEW YORK (AP) -- A late rally pushed the Dow Jones industrial average back above 12,000 Monday as investors responded to the latest twists in Europe's efforts to control its debt crisis.

U.S. indexes were down for much of the day on worries that Italy could become the next country to run into trouble. Stocks turned higher after 2 p.m. Eastern on news that Greece would receive the latest installment of emergency aid as long as the country's two main parties commit to implementing economic reforms agreed to by the country's previous government.

Investors again reacted to whatever was the latest headline out of Europe. The region's problems have been offsetting optimism about strong corporate earnings in the U.S. and signs of improvement in the economy.

"Every day it seems like it's the butting of heads between whatever the latest rumor is out of Europe with good economic data and corporate earnings," said Karyn Cavanaugh, a market strategist with ING Investment Management. "It's overshadowing the fact that earnings are on track to be the best year ever."

The Dow rose 85.15 points, or 0.7 percent, to close at 12,068.39. The Dow closed near its highest point of the day and had been down as many as 102 points shortly after midday. Hewlett-Packard Co. rose 3.4 percent, the most of the 30 stocks in the Dow.

The Standard & Poor's 500 index rose 7.89, or 0.6 percent, to 1,261.12. Last week the S&P had its first down week since September. The Nasdaq rose 9.10, or 0.3 percent, to 2,695.25.

Worries that Italy could become the next victim of Europe's debt crisis kept investors uneasy.

Italy's borrowing rates spiked Monday to the highest level since the country adopted the euro. Unlike Greece, Portugal or Ireland ”” all of which received financial lifelines ”” Italy has too much debt to be rescued by its European neighbors. Prime Minister Silvio Berlusconi has rejected suggestions that he resign to make way for more cost-cutting.

In Greece, the two main political parties agreed over the weekend to share power in a new government after George Papandreou said he would step aside as prime minister. European finance officials agreed to release the next slice of bailout money to Greece as long as leaders of the parties agree in writing to carry out austerity measures required by international lenders.

The payment has been delayed by two months and is needed to avoid a potentially disastrous default on the country's debt, which would roil financial markets and cause losses for European banks.

The worries over Europe's debt problems lifted the prices of assets seen as safe havens. The yield on the 10-year Treasury note fell to 2.01 percent from 2.04 percent late Friday. Bond yields fall when their prices rise, reflecting an increase in demand. Gold rose 2 percent.

In corporate news:

”” Amgen Inc. rose 5.9 percent to $58.43, the most in the S&P 500 index, after the biotech drugmaker said it would buy back up to $5 billion of its stock.

”” Dish Network Corp. rose 5 percent to $24.66 after the satellite TV provider announced a special $2 per share dividend and a 30 percent increase in net income.

”” Home Depot Inc. rose 2.6 percent to $37.34 after getting upgraded by analysts.

Rising stocks slightly outnumbered falling ones on the New York Stock Exchange. Volume was lighter than average at 3.4 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks turned higher Tuesday once investors got the news they had been hoping for: Italian Prime Minister Silvio Berlusconi promised to resign once a new budget was passed. The Dow Jones industrial closed up 101 points.

Italy became a key focus for investors this week after doubts emerged that the country would go through with a tough package of austerity measures. Many investors saw Berlusconi as an obstacle to sweeping economic reforms needed to help Italy avoid sinking into a debt crisis.

The yield on the 10-year Italian government bond spiked close to 7 percent Tuesday, a sign that markets are questioning the country's ability to pay its debt. Unlike Greece, Portugal or Ireland -- all of which received financial lifelines -- Italy has too much debt to be rescued by its European neighbors.

Europe's debt crisis has dictated much of the trading in financial markets since the beginning of October. Investors fear that a default by Greece or another nation that shares the euro currency could lead to a widespread financial crisis similar to the one in 2008 after the fall of Lehman Brothers.

"Europe is the last big question hanging over the market, and drowned out a decent earnings season," said Rick Fier, vice president of equity trading at Confier Securities. "The market has been so whipsawed lately that it's really just staying in place until we know some more outcomes."

The Dow Jones industrial average rose 101.79 points, or 0.8 percent, to close at 12,170.18. Manufacturer 3M Co. gained 2.7 percent, the most of the 30 stocks in the average.

The S&P 500 rose 14.80, or 1.2 percent, to 1,275.92. Financial companies posted the strongest gains. Regions Financial Corp. jumped 5.3 percent. Wells Fargo & Co. climbed 4.4 percent.

The Nasdaq composite rose 32.24, or 1.2 percent, to 2,727.49.

The NYSE DOW NYSE DOW closed +101.79 points HIGHER or +0.84%
on Tuesday November 8
Sym .......Last .......Change..........
Dow 12,170.18 +101.79 +0.84%
Nasdaq 2,727.49 +32.24 +1.20%
S&P 500 1,275.92 +14.80 +1.17%
30-yr Bond 3.1250% +0.09

NYSE Volume 3,950,287,000.00
Nasdaq Volume 1,875,708,250.00

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,567.34 +56.52 +1.03%
DAX 5,961.44 +32.76 +0.55%
CAC 40 3,143.30 +39.70

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,356.70 +21.40 +0.49%
Shanghai Comp 2,503.84
Taiwan We... 7,600.79 -20.93 -0.27%
Nikkei 225 8,655.51 -111.58 -1.27%
Hang Seng 19,678.47 +0.58 +0.00%
Straits Times 2,866.08 +17.84 +0.63%


http://finance.yahoo.com/news/Dow-S...content/main/803223079/date/desc/11/s10400842

Stocks rise after Berlusconi promises to leave

Stocks close higher after Italy's Berlusconi says he will resign following passage of budget

David K. Randall and Matthew Craft, AP Business Writers, On Tuesday November 8, 2011, 5:10 pm

NEW YORK (AP) -- Stocks turned higher Tuesday once investors got the news they had been hoping for: Italian Prime Minister Silvio Berlusconi promised to resign once a new budget was passed. The Dow Jones industrial closed up 101 points.

Italy became a key focus for investors this week after doubts emerged that the country would go through with a tough package of austerity measures. Many investors saw Berlusconi as an obstacle to sweeping economic reforms needed to help Italy avoid sinking into a debt crisis.

The yield on the 10-year Italian government bond spiked close to 7 percent Tuesday, a sign that markets are questioning the country's ability to pay its debt. Unlike Greece, Portugal or Ireland -- all of which received financial lifelines -- Italy has too much debt to be rescued by its European neighbors.

Europe's debt crisis has dictated much of the trading in financial markets since the beginning of October. Investors fear that a default by Greece or another nation that shares the euro currency could lead to a widespread financial crisis similar to the one in 2008 after the fall of Lehman Brothers.

"Europe is the last big question hanging over the market, and drowned out a decent earnings season," said Rick Fier, vice president of equity trading at Confier Securities. "The market has been so whipsawed lately that it's really just staying in place until we know some more outcomes."

The Dow Jones industrial average rose 101.79 points, or 0.8 percent, to close at 12,170.18. Manufacturer 3M Co. gained 2.7 percent, the most of the 30 stocks in the average.

The S&P 500 rose 14.80, or 1.2 percent, to 1,275.92. Financial companies posted the strongest gains. Regions Financial Corp. jumped 5.3 percent. Wells Fargo & Co. climbed 4.4 percent.

The Nasdaq composite rose 32.24, or 1.2 percent, to 2,727.49.

U.S. stock indexes fell in the morning after Berlusconi narrowly survived a confidence vote, a sign that he might continue to cling to power. The market turned higher immediately after headlines crossed around 2 p.m. Eastern saying Berlusconi had promised to step down after economic reforms are passed. That is expected to happen next week.

European stock markets were also higher. Italy's main index rose 0.7 percent. Germany's main index rose 0.6 percent, France's 1.3 percent.

In the U.S., the Labor Department said employers advertised more jobs in September than at any other point in the past three years. The 7 percent increase in job openings are a hopeful sign that companies may step up hiring.

Priceline.com Inc. rose 8.6 percent after its third-quarter earnings more than doubled from a year earlier. Most of the gains were attributed to a jump in hotel bookings.

Activision Blizzard Inc. gained 1.4 percent as analysts expect the company's latest "Call of Duty" video game to sell about 10 percent more units than last year's version. Auction house Sotheby's fell 2.2 percent after the company posted a wider-than-expected loss in the third quarter.

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

 

[bigdog]

Source: http://finance.yahoo.com

Trouble on two fronts in Europe's debt crisis dragged the Dow Jones industrial average down 389 points Wednesday. The S&P 500 lost 3.7 percent, its biggest one-day drop since August, after Italy's borrowing costs soared and talks collapsed in Greece on forming a new government.

The euro dropped 2 percent against the dollar and Treasury yields sank as money moved out of Europe and traders bought U.S. government bonds. Goldman Sachs, Morgan Stanley and other large banks were hit hard on worries over their ability to handle a financial crisis that might be brought on by trouble in Europe.

Only one stock in the S&P 500 rose: Best Buy Co. Inc., up 1.4 percent.

The yield on the benchmark Italian government bond spiked above 7 percent, evidence that investors are losing faith in the country's ability to repay its debt. Greece, Portugal and Ireland required financial rescues when their government bond yields rose above the same mark. Unlike those countries, Italy's $2.6 trillion in debt is too large for other European countries to rescue.

In Greece, power-sharing talks fell apart between the country's two main political parties, raising doubt about whether the country will be able to receive the next installment of emergency loans it needs to avoid default.

Italian Premier Silvio Berlusconi promised late Tuesday to step aside after a new budget is passed, but there are concerns that the transition to a new government will be difficult. Markets see Berlusconi as an impediment to the kind of far-reaching economic reforms Italy needs to remain solvent.

"The market loves a quick solution and we're obviously not getting one," said Mark Lehmann, director of equities of JMP Securities. "We've had a strong rally off the bottom and any piece of bad news is going to be responded to negatively."

The Dow sank 3.2 percent to close at 11,780.94, the biggest drop since Sept. 22.

The Dow fell 276 on Monday of last week and then 297 points the following day after the Greek prime minister said he would put an unpopular package of austerity cuts to a public vote. That raised the prospect that the measures would fail and Greece would default. The referendum was later scrapped. The Dow gained back nearly all that ground over the following five days.

The S&P 500 lost 46.82 points, or 3.7 percent, to 1,229.10.

The Nasdaq composite slid 105.84, or 3.9 percent, to 2,621.65. Both the S&P 500 and the Nasdaq are below where they started the year. The Dow is still up 1.8 percent.

The NYSE DOW NYSE DOW closed -389.24 points LOWER or -3.20% on Wednesday November 9
Sym .......Last .......Change..........
Dow 11,780.94 -389.24 -3.20%
Nasdaq 2,621.65 -105.84 -3.88%
S&P 500 1,229.10 -46.82 -3.67%
30-yr Bond 3.0160% -0.1090

NYSE Volume 4,669,040,000.00
Nasdaq Volume 2,161,751,750.00

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,460.38 -106.96 -1.92%
CAC 40 3,075.16 -68.14 -2.17%
DAX 5,829.54 -131.90 -2.21%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,406.20 +49.50 +1.14%
Shanghai Comp 2,524.92 +21.08 +0.84%
Taiwan Wei... 7,561.86 -38.93 -0.51%
Nikkei 225 8,755.44 +99.93 +1.15%
Hang Seng 20,014.43 +335.96 +1.71%
Straits Times 2,861.17 -5.35 -0.19%

http://finance.yahoo.com/news/Dow-sinks-3-percent-as-Europe-apf-2948626889.html?x=0

Dow sinks 3 percent as Europe uncertainty deepens

Dow plunges 3 percent as Italy's borrowing rate soars and Greek political chaos deepens

Matthew Craft and David K. Randall, AP Business Writers, On Wednesday November 9, 2011, 4:37 pm

NEW YORK (AP) -- Trouble on two fronts in Europe's debt crisis dragged the Dow Jones industrial average down 389 points Wednesday. The S&P 500 lost 3.7 percent, its biggest one-day drop since August, after Italy's borrowing costs soared and talks collapsed in Greece on forming a new government.

The euro dropped 2 percent against the dollar and Treasury yields sank as money moved out of Europe and traders bought U.S. government bonds. Goldman Sachs, Morgan Stanley and other large banks were hit hard on worries over their ability to handle a financial crisis that might be brought on by trouble in Europe.

Only one stock in the S&P 500 rose: Best Buy Co. Inc., up 1.4 percent.

The yield on the benchmark Italian government bond spiked above 7 percent, evidence that investors are losing faith in the country's ability to repay its debt. Greece, Portugal and Ireland required financial rescues when their government bond yields rose above the same mark. Unlike those countries, Italy's $2.6 trillion in debt is too large for other European countries to rescue.

In Greece, power-sharing talks fell apart between the country's two main political parties, raising doubt about whether the country will be able to receive the next installment of emergency loans it needs to avoid default.

Italian Premier Silvio Berlusconi promised late Tuesday to step aside after a new budget is passed, but there are concerns that the transition to a new government will be difficult. Markets see Berlusconi as an impediment to the kind of far-reaching economic reforms Italy needs to remain solvent.

"The market loves a quick solution and we're obviously not getting one," said Mark Lehmann, director of equities of JMP Securities. "We've had a strong rally off the bottom and any piece of bad news is going to be responded to negatively."

The Dow sank 3.2 percent to close at 11,780.94, the biggest drop since Sept. 22.

The Dow fell 276 on Monday of last week and then 297 points the following day after the Greek prime minister said he would put an unpopular package of austerity cuts to a public vote. That raised the prospect that the measures would fail and Greece would default. The referendum was later scrapped. The Dow gained back nearly all that ground over the following five days.

The S&P 500 lost 46.82 points, or 3.7 percent, to 1,229.10.

The Nasdaq composite slid 105.84, or 3.9 percent, to 2,621.65. Both the S&P 500 and the Nasdaq are below where they started the year. The Dow is still up 1.8 percent.

The slide was broad. Financial firms and material producers fell the most. Morgan Stanley plunged 8 percent and Goldman Sachs lost 7 percent.

In quarterly filings this week, Morgan Stanley reported that it had $1.79 billion in exposure to Italy. Goldman Sachs Group Inc. said it had $2.4 billion in loans and other liabilities to Greece, Italy and other heavily indebted European countries. Goldman has a total of $28 billion exposed to all of Europe.

Markets fear that a chaotic default by either Greece or Italy would lead to huge losses for European banks. That, in turn, could cause a global lending freeze that might escalate into another credit crisis similar to the one in 2008 after Lehman Brothers fell.

European markets also fell sharply. Italy's benchmark index plunged 3.8 percent. Germany's DAX and France's CAC-40 each lost 2.2 percent.

A main cause of worry was a sharp increase in Italy's borrowing costs. The yield on the benchmark 10-year Italian government bond surged as high as 7.40 percent Wednesday, a gain of 0.82 percentage point from the previous day. It settled down to 7.25 percent later in the day, a level still considered unsustainable by economists.

Prices of assets seen as havens rose sharply. The dollar jumped 2 percent versus the euro. The yield on the benchmark 10-year Treasury note fell to 1.96 percent from 2.08 percent late Tuesday, a steep drop.

Nine stocks fell for every one that rose on the New York Stock Exchange. Trading volume was high at 4.6 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Signs of progress in Europe's debt crisis and an unexpected drop in unemployment claims pushed stocks higher Thursday, a day after the stock market took its worst fall since the summer.

Greece named a new prime minister Thursday and Italy borrowed $6.8 billion at lower interest rates than analysts expected. Italy's benchmark rate dropped below 7 percent after spiking above that level Wednesday.

Investors were also relieved by talk that the economist Mario Monti is likely to replace Premier Silvio Berlusconi, who was seen as an obstacle to meaningful economic reforms. Italy's president pledged that Berlusconi will step down soon.

The Dow Jones industrial average rose 112.92 points, or 1 percent, to close at 11,893.86. It plunged 389 points Wednesday after Italy's borrowing rates soared and talks in Greece to name a new prime minister broke down. Traders have been concerned that debt troubles in Italy and Greece could spread to the U.S. and lead to a global financial crisis.

The NYSE DOW NYSE DOW closed +112.92 points HIGHER or +0.13% on Thursday November 10
Sym .......Last .......Change..........
Dow 11,893.86 +112.92 +0.96%
Nasdaq 2,625.15 +3.50 +0.13%
S&P 500 1,239.70 +10.60 +0.86%
30-yr Bond 3.1110 % +0.0950

NYSE Volume 4,015,058.50
Nasdaq Volume 1,908,959.75

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,444.82 -15.56 -0.28%
DAX 5,867.81 +38.27 +0.66%
CAC 40 3,064.84 -10.32 -0.34%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,307.30 -98.90 -2.24%
Shanghai Comp 2,479.54 -45.38 -1.80%
Taiwan Wei... 7,308.68 -253.18 -3.35%
Nikkei 225 8,500.80 -254.64 -2.91%
Hang Seng 18,963.89 -1,050.54 -5.25%
Straits Times 2,786.90 -71.76 -2.51%

http://news.yahoo.com/progress-italy-greece-debt-sends-stocks-160240195.html

Progress in Italy, Greece on debt sends stocks up
By DAVID K. RANDALL and MATTHEW CRAFT - AP Business Writers

NEW YORK (AP) ”” Signs of progress in Europe's debt crisis and an unexpected drop in unemployment claims pushed stocks higher Thursday, a day after the stock market took its worst fall since the summer.

Greece named a new prime minister Thursday and Italy borrowed $6.8 billion at lower interest rates than analysts expected. Italy's benchmark rate dropped below 7 percent after spiking above that level Wednesday.

Investors were also relieved by talk that the economist Mario Monti is likely to replace Premier Silvio Berlusconi, who was seen as an obstacle to meaningful economic reforms. Italy's president pledged that Berlusconi will step down soon.

The Dow Jones industrial average rose 112.92 points, or 1 percent, to close at 11,893.86. It plunged 389 points Wednesday after Italy's borrowing rates soared and talks in Greece to name a new prime minister broke down. Traders have been concerned that debt troubles in Italy and Greece could spread to the U.S. and lead to a global financial crisis.

Peter Cardillo, chief market economist at Rockwell Global Capital, called the drop in unemployment claims and the news from Europe encouraging. "It's got the markets on the cheerful side," he said.

The S&P 500 index gained 10.60, or 0.9 percent, to 1,239.70. The Nasdaq rose 3.50 points, or 0.1 percent, to 2,625.15. Apple Inc. fell 2.5 percent, dragging down the Nasdaq.

The Labor Department reported early Thursday that the number of people applying for unemployment benefits fell to 390,000 last week. That figure and the four-week average were the lowest since April. The drop is a sign the job market may be improving.

There were also signs of progress in Greece, the other focus of Europe's debt crisis. A day after a breakdown in power-sharing talks in Greece jolted financial markets, senior banker Lucas Papademos was named prime minister of a new coalition government. Papademos, a former vice president at the European Central Bank, is tasked with passing austerity measures being demanded by international lenders.

Cardillo said he didn't believe that the worst predictions about Europe's debt crisis would come true. If things get bad enough, he said, the U.S. would have no choice but to come to the rescue.

"If Italy was to fail, you can rest assured Europe would fail and the global economy would fail," he said. "The U.S. is in a global economy. Whatever happens in one part of the globe is no longer isolated."

 

[bigdog]

Source: http://finance.yahoo.com

Stocks surged Friday, erasing their losses for the week, after Italy and Greece moved closer to getting their financial crises under control. The Dow Jones industrial average jumped back above 12,000.

Italy's benchmark stock index leapt 3.7 percent and its borrowing costs plunged after the country's Senate passed a crucial austerity budget demanded by the European Union. Other European stock markets and the euro also pushed higher as investors became more confident that Italy would avoid a fiscal disaster.

The passage clears the way for Italian Premier Silvio Berlusconi to step down. Berlusconi was widely considered an obstacle to serious economic reforms. The yield on Italy's benchmark two-year bond dropped 0.43 percentage point to 5.69 percent. That's a sign bond investors think Italy will succeed in managing its massive debt load.

The Dow Jones industrial average jumped 259.89 points, or 2.2 percent, to 12,153.68. It closed below 12,000 the previous two days. Friday's rally pushed the Dow up 1.4 percent for the week.

Together with a 112-point gain the day before, the Dow has now made up most of the 389-point plunge it took on Wednesday. That sell-off was triggered by a spike in Italy's borrowing costs and a breakdown in talks to name a new prime minister in Greece.

The S&P 500 rose 24.16, or 1.9 percent, to 1,263.85. Only 13 of the 500 stocks in the S&P fell. Technology and materials companies had the biggest gains.

The NYSE DOW NYSE DOW closed +259.89 points HIGHER or +2.19% on Friday November 11
Sym .......Last .......Change..........
Dow 12,153.68 +259.89 +2.19%
Nasdaq 2,678.75 +53.60 +2.04%
S&P 500 1,263.85 +24.16 +1.95%
30-yr Bond 3.1100% -0.0010

NYSE Volume 3,326,968,750
Nasdaq Volume 1,599,995,000

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,545.38 +100.56 +1.85%
FTSE 100 5,545.38 +100.56 +1.85%
DAX 6,057.03 +189.22 +3.22%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,358.60 +51.30 +1.19%
Shanghai Comp 2,481.08 +1.55 +0.06%
Taiwan Wei... 7,367.29 +58.61 +0.80%
Nikkei 225 8,514.47 +13.67 +0.16%
Hang Seng 19,137.17 +173.28 +0.91%
Straits Times 2,790.94 +4.04 +0.14%

http://finance.yahoo.com/news/stocks-surge-italy-greece-allay-185336762.html

Stocks surge as Italy, Greece allay debt fears

Stocks surge, putting the Dow back above 12,000, after Italy passes key economic

By Matthew Craft, AP Business Writer | AP


NEW YORK (AP) -- Stocks surged Friday, erasing their losses for the week, after Italy and Greece moved closer to getting their financial crises under control. The Dow Jones industrial average jumped back above 12,000.

Italy's benchmark stock index leapt 3.7 percent and its borrowing costs plunged after the country's Senate passed a crucial austerity budget demanded by the European Union. Other European stock markets and the euro also pushed higher as investors became more confident that Italy would avoid a fiscal disaster.

The passage clears the way for Italian Premier Silvio Berlusconi to step down. Berlusconi was widely considered an obstacle to serious economic reforms. The yield on Italy's benchmark two-year bond dropped 0.43 percentage point to 5.69 percent. That's a sign bond investors think Italy will succeed in managing its massive debt load.

The Dow Jones industrial average jumped 259.89 points, or 2.2 percent, to 12,153.68. It closed below 12,000 the previous two days. Friday's rally pushed the Dow up 1.4 percent for the week.

Together with a 112-point gain the day before, the Dow has now made up most of the 389-point plunge it took on Wednesday. That sell-off was triggered by a spike in Italy's borrowing costs and a breakdown in talks to name a new prime minister in Greece.

In Greece, too, there was good news for the markets Friday. Lucas Papademos, a former central banker, was sworn in as interim prime minister. Lucas Papademos took over a coalition government after a two-week political crisis that jeopardized the country's ability to continue receiving emergency loans.

Plenty of uncertainty still hangs over financial markets. Brian Gendreau, senior investment strategist at Cetera Financial Group, noted that the VIX index is still above 30, a sign that traders expect stocks to stay volatile.

Gendreau expects the S&P 500 to trade in a range of 1,200 to 1,275 until Europe's debt crisis gets closer to resolution and the U.S. Congress signs off on a larger debt-cutting plan. A supercommittee in Congress has until Nov. 23 to agree on a deficit-reduction package of at least $1.2 trillion over a decade.

"We still don't have a real resolution on either side of the Atlantic," Gendreau said.

The S&P 500 rose 24.16, or 1.9 percent, to 1,263.85. Only 13 of the 500 stocks in the S&P fell. Technology and materials companies had the biggest gains.

Walt Disney Co. jumped 6 percent. The company reported record annual profits and revenues after the market closed Thursday, thanks to stronger advertising sales at ESPN and the Disney Channel.

The Nasdaq composite rose 53.60, or 2 percent, to 2,678.75.

In other corporate news:

— D.R. Horton Inc. returned to a quarterly profit as more people bought houses. But the builder's earnings and revenue fell below what analysts had expected. D.R. Horton's stock dropped 1.7 percent.

— Nordstrom Inc. also reported stronger quarterly profit late Thursday. But the retailer lowered its full-year profit outlook below what analysts expected. Its stock fell 0.3 percent.

— Viacom Inc., the parent of Nickelodeon, said it will move its stock listing to the Nasdaq Stock Market from the New York Stock Exchange next month because it's more "cost effective." The company's class B stock rose 3 percent.

— E-Trade Financial Corp. sank 4.1 percent. The online broker said late Thursday that it had decided against putting itself up for sale. E-Trade's largest shareholder, the hedge fund Citadel Advisors, had been pushing for a sale.

U.S. bond trading was closed for Veterans Day.

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

8407