NYSE Dow Jones finished today at:

[wayneL]

Ha, I love the news. Retail sales had nothing to do with the dow jumping.

The news is just stupid...designed for the muppets.

But what do you think caused it? GS's largest client buying bonds? GS's largest client buying futures? Retail investors excited that long term rates aren't going to 10% in the next 3 days?

All of the above?

The mystery is killing me.

 

[bigdog]

The NYSE DOW closed HIGHER by 71 points on Thursday June 14:

Symbol ----- Last --- Change
Dow 13,553.72 +71.37 (0.53%)
Nasdaq 2,599.41 +17.10 (0.66%)
S&P 500 1,522.97 +7.30 (0.48%)
10-Yr Bond 5.22% +0.02
NYSE Volume 2,839,212,000
Nasdaq Volume 2,020,624

COLOR="Green"]Rising stock markets overseas also gave Wall Street a boost. Japan's Nikkei stock average gained 0.62 percent, Britain's FTSE 100 added 1.38 percent, Germany's DAX index rose 2.19 percent, and France's CAC-40 advanced 1.90 percent.[/COLOR]

http://biz.yahoo.com/ap/070614/wall_street.html?.v=52
Stocks Extend Rally After Inflation Data
Thursday June 14, 6:19 pm ET
By Madlen Read, AP Business Writer
Stocks Rally Again After Core Wholesale Inflation Shows Slight Rise

NEW YORK (AP) -- Wall Street surged again Thursday, launching the Dow Jones industrial average to its best two-day advance since last July after data showed that wholesale inflation, excluding energy and food costs, is rising at a gentle pace.

The market was unfazed by the Labor Department's headline producer price index, which rose 0.9 percent in May due to surging gasoline prices -- a bigger increase than in April and higher than economists predicted. Investors instead were pleased that the core PPI, which strips out often-volatile food and energy costs, posted a small 0.2 percent rise, as expected, after a flat reading in April.

If core inflation is under control, the Federal Reserve is unlikely to lift interest rates, a possibility that started dogging the market last week, when the yield on the benchmark 10-year Treasury note passed 5 percent for the first time since last summer.

The 10-year yield edged up Thursday to 5.23 percent from 5.21 percent late Wednesday, but stayed well below the peak of 5.295 percent reached Tuesday. The market's initial dismay over rising bond yields and the diminishing chance of a rate cut seems to have abated; with Treasury yields appearing stable, the market is more at ease with the idea that the Fed probably won't lower rates this year, said Jay Suskind, head trader at Ryan Beck & Co.

"Now perhaps the glass is being seen as half-full," Suskind said. "If the reason for higher interest rates is growth, well, at the end of the day, that's what grows corporate earnings."

The consumer price index, an inflation gauge that is even more closely watched by the Fed than the PPI, will be released Friday.

The Dow rose 71.37, or 0.53 percent, to 13,553.72. The Dow has risen 258 points over the past two sessions, logging its largest two-day point gain since July 18-19.

The blue chip index is still 122 points below the record close it hit on June 4, but it is up 287 points from 13,266.73 -- the trough it tumbled to on June 7, after rising yields started spooking investors.

Broader stock indicators also rose Thursday. The Standard & Poor's 500 index advanced 7.30, or 0.48 percent, to 1,522.97, and the Nasdaq composite index climbed 17.10, or 0.66 percent, to 2,599.41.

Rising stock markets overseas also gave Wall Street a boost. Japan's Nikkei stock average gained 0.62 percent, Britain's FTSE 100 added 1.38 percent, Germany's DAX index rose 2.19 percent, and France's CAC-40 advanced 1.90 percent.

The dollar rose against other major currencies, and gold prices also climbed.

Crude oil prices jumped $1.39 to $67.65 a barrel on the New York Mercantile Exchange, buoying oil company stocks. ExxonMobil Corp., Chevron Corp. and ConocoPhillips all rose more than 1 percent.

In other economic data Thursday, the Labor Department said jobless claims totaled 311,000 last week, unchanged from the previous week and a better result than the market expected.

A dearth of economic and earnings data last week gave investors time to mull over this year's sharp rise in stocks, and they took some money off the table. But with Thursday's core PPI arriving in line with most economists' estimates and bond yields retreating from multiyear records, Wall Street decided to jump back into stocks.

"The aggregate of all the statistics of the last month, except those related to homebuilding, has pointed to a stronger economy," said John Merrill, chief investment officer of Tanglewood Capital Management in Houston.

Merrill added that although high yields are seen as unfavorable because they slow down corporate dealmaking, it's important to note that the 10-year Treasury yield's jump over the past two weeks has helped long-term yields exceed short-term yields. Over the past several months, short-term yields were flat with or higher than long-term yields -- an unusual pattern that implies the economy is headed for a slowdown or recession. A return to normalcy in the bond market is a positive sign that the economy is on the upswing.

Takeover activity appears to be chugging along, despite the recent rise in rates. Chicago Mercantile Exchange Holdings Inc. Thursday offered to pay a special dividend of $485 million to CBOT Holdings Inc. shareholders in addition to its $10.19 billion takeover offer. CBOT, the parent company of the Chicago Board of Trade, gained $3.31 to $204.81, and CME fell $3.76 to $547.49.

Meanwhile, investment bank Goldman Sachs Group Inc. said second-quarter earnings rose on investment banking revenue, but a slowdown in its mortgage business capped profits. The stock dipped $7.89, or 3.4 percent, to $225.75.

Bear Stearns Cos. reported weaker-than-expected second-quarter earnings, also citing mortgage lending troubles. The stock rose 11 cents to $149.60.

The Russell 2000 index of smaller companies climbed 4.58, or 0.55 percent, to 837.12.

Advancing issues outnumbered decliners by nearly 2 to 1 on the New York Stock Exchange, where consolidated volume came to 2.80 billion shares, down from 3.02 billion Wednesday.

 

[bigdog]

The NYSE DOW closed HIGHER by 85 points on Friday June 15:

Symbol ----- Last --- Change
Dow 13,639.48 +85.76 (0.63%)
Nasdaq 2,626.71 +27.30 (1.05%)
S&P 500 1,532.91 +9.94 (0.65%)
10-Yr Bond 5.1710% -0.0460
NYSE Volume 3,380,907,000
Nasdaq Volume 2,554,236,000

Overseas,
Japan's Nikkei stock average rose 0.72 percent. In Europe, Britain's FTSE 100 rose 1.24 percent, Germany's DAX index rose 2.31 percent, and France's CAC-40 rose 0.96 percent.

http://biz.yahoo.com/ap/070615/wall_street.html?.v=51
Stocks Surge, Dow Jumps Almost 86 Points
Friday June 15, 5:16 pm ET
By Tim Paradis, AP Business Writer
Stocks Move Sharply Higher Following Tame Core Inflation Reading

NEW YORK (AP) -- Wall Street barreled higher again Friday after the week's most anticipated economic reading indicated that inflation excluding the price of gas remained tepid last month, easing some concerns that have jolted stock and bond markets in recent sessions.

The Dow Jones industrial average in the past three days has surged more than 344 points, the biggest three-day point gain since November 2004. The blue-chip index is now less than 40 points below its record close reached June 4.

The three major stock indexes finished the week higher, even as Friday's consumer price index showed prices rose at the fastest pace in 20 months in May as the cost of gas jumped. Investors were enthusiastic that the core CPI, which excludes food and energy prices, rose 0.1 percent. The figure, which the inflation-wary Federal Reserve watches closely, was below the 0.2 percent increase Wall Street expected.

The yield on the benchmark 10-year Treasury note fell to 5.16 percent Friday from 5.23 percent late Thursday after release of the CPI report helped ease concerns that the Fed might raise interest rates this year.

The notion of a rate hike gained traction last week when inflation concerns sent the yield on the 10-year note above 5 percent for the first time since last summer. Subsequent spikes in bond yields, which move in the opposite direction as prices, roiled stock markets last week and early this week.

"Today's numbers showed us that the little spook we had last week and earlier this week was misplaced," said Rob Lutts, president and chief investment officer at Cabot Money Management Inc.

The Dow jumped 85.76, or 0.63 percent, to 13,639.48.

Broader stock indicators also rose Friday. The Standard & Poor's 500 index rose 9.94, or 0.65 percent, to 1,532.91, moving near its record close of 1,539.18, hit June 4.

The Nasdaq composite index, still well off its record levels reached during the dot-com boom, rose 27.30, or 1.05 percent, to 2,626.71.

For the week, the Dow rose 1.60 percent, the S&P 500 index rose 1.67 percent, and the Nasdaq composite index gained 2.07 percent. The S&P 500 and the Nasdaq more than offset their losses of last week, while the Dow regained nearly all the ground it had lost.

The dollar was mixed against other major currencies Friday, while gold prices rose.

Lutts contended that concerns about inflation have been overblown and that increased trade and further intertwining of world economies will stave off major spikes in prices.

"What you're getting is a contribution of hundreds of millions of lower-cost workers coming into our economy. It's very positive for all economic activity," Lutts said.

Among other economic news, the Fed reported industrial production remained flat following a 0.4 percent jump in April. A slowdown had been expected amid a drop in output by utilities in May as weather proved milder than in April.

A reading on the current account deficit, which reflects not only trade in goods and services but also investment flows between countries, showed an increase as oil prices climbed. The Commerce Department said the imbalance in the current account increased 2.5 percent to $192.6 billion in the January-to-March period, compared with $187.9 billion in the fourth quarter. The increase was slightly below what analysts had been expecting.

Amid its enthusiasm over the week's inflation readings, Wall Street looked past a preliminary Reuters/University of Michigan reading on June consumer sentiment that showed the public was not as upbeat as last month.

Inflation worries have abated despite rising energy prices. Light, sweet crude rose 35 cents to $68.00 a barrel on the New York Mercantile Exchange, its highest close since September.

"Although everybody says the proportion of a person's pay that goes to transportation and gas costs has been declining, we still think people feel the pinch of that in their wallets," said Kim Caughey, equity research analyst at Fort Pitt Capital Group, Pittsburgh. "We are still concerned about inflation."

In corporate news, Goldman Sachs raised its rating on chip maker Intel to "buy" from "neutral," saying an increase in outsourcing by rival Advanced Micro Devices Inc. could benefit Intel. Intel rose $1.01, or 4.4 percent, to $24.24, making it the biggest gainer among the 30 Dow components. AMD slipped 15 cents to $13.63.

Penn National Gaming Inc. jumped $10.98, or 21.5 percent, to $62.12 after the racetrack and casino operator agreed to be acquired by two investment companies in $6.1 billion cash deal. Fortress Investment Group LLC and Centerbridge Partners LP will also assume about $2.8 billion of the company's debt.

Monsanto Co. jumped $1.55, or 2.5 percent, to $64.86 after the world's largest seed company raised its full-year earnings forecast.

Gun maker Smith & Wesson Holding Corp. rose $1.24, or 8.3 percent, to $16.15 after reporting stronger-than-expected fiscal fourth-quarter profit and sales, and raising its full-year forecasts.

Advancing issues outnumbered decliners by about 4 to 1 on the New York Stock Exchange, where volume came to 2.04 billion shares, up from 1.45 billion Thursday. Volume was inflated somewhat by the quarterly expiration of stock options, what's known as a quadruple witching day.

The Russell 2000 index of smaller companies rose 11.07, or 1.32 percent, to 848.19.

Overseas, Japan's Nikkei stock average rose 0.72 percent. In Europe, Britain's FTSE 100 rose 1.24 percent, Germany's DAX index rose 2.31 percent, and France's CAC-40 rose 0.96 percent.

 

[bigdog]

The NYSE DOW closed LOWER by 26 points on Monday June 18:

Symbol ----- Last --- Change
Dow 13,612.98 -26.50 (0.19%)
Nasdaq 2,626.60 -0.11 (0.00%)
S&P 500 1,531.05 -1.86 (0.12%)
10-Yr Bond 5.1420% -0.0290
NYSE Volume 2,480,241,000
Nasdaq Volume 1,803,344,000

Overseas
Japan's Nikkei stock average closed up 0.99 percent, while stocks in Hong Kong gained 2.69 percent and the sometimes-volatile Shanghai Composite index rose 2.9 percent. Britain's FTSE 100 slipped 0.43 percent, Germany's DAX index rose 0.07 percent, and France's CAC-40 fell 0.30 percent.


http://biz.yahoo.com/ap/070618/wall_street.html?.v=42
Wall Street Snaps 3-Day Gains
Monday June 18, 5:46 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks Little Changed, As Volatile Bond Yields Offset More Takeover News

NEW YORK (AP) -- Wall Street edged lower Monday after three days of solid gains as investors watched Treasury bond yields fluctuate amid lingering questions about inflation.

The market appeared to be taking a break after last week's sharp rally, when tame inflation data pushed the Dow Jones industrial average to its biggest three-day point gain since November 2004. With little significant economic data due at the start of the week, investors were left searching for a catalyst to extend the rally.

Treasury yields have moved higher over the past few weeks on concerns that inflation is stubbornly high and the economy is rebounding, trends that make it unlikely the Federal Reserve will lower interest rates. The yield on the benchmark 10-year Treasury note traded as high as 5.18 percent Monday before closing at 5.15 percent, just below Friday's 5.16 percent.

"There's a very strong correlation between yields and the stock market these days, and that will likely be the case until investors get more comfortable," said Mike Malone, trading analyst at Cowen & Co.

Investors were somewhat encouraged by a fresh round of acquisition news in a year that so far is on a record-setting pace. Alcoa Inc., the world's second-biggest aluminum producer, jumped on talk it might again be the target of a takeover bid by Australian mining company BHP Billiton Ltd. Meanwhile, General Electric Co. and Pearson PLC is said to be mulling a joint $5 billion bid for Dow Jones & Co.

The Dow fell 26.50, or 0.19 percent, to 13,612.98.

Broader stock indicators were also slightly lower. The Standard & Poor's 500 index fell 1.86, or 0.12 percent, to 1,531.05, and the Nasdaq composite index fell 0.11, or less than 0.01 percent, to 2,626.60.

Oil prices continued its march higher, with a barrel of light sweet crude settling up $1.09 at $69.09. Energy prices have rallied in recent weeks on speculation refiners might not have enough supply to meet summer demand. The dollar was mixed against other major currencies, while gold prices rose.

A downbeat report on the housing market from the National Association of Home Builders added to the sluggish tone on Wall Street Monday. The group's home builder sentiment index dropped to 28 from 30 in May, and analysts had expected it to remain unchanged. The report precedes the release of housing data Tuesday from the Commerce Department.

Aside from recent housing market snapshots, most economic data have been coming in strong, and last week's inflation gauges showed milder-than-anticipated upticks in costs once food and energy prices were stripped out.

"To me, it's amazing there's still people looking for what's wrong with a good economy," said Philip S. Dow, managing director of equity strategy at RBC Dain Rauscher in Minneapolis, noting that Treasury yields surged largely because of better-than-expected economic data. "It's kind of an abrupt change, but all in all, in reality, interest rates are relatively low by historic standards."

In corporate news, Alcoa rose 28 cents to $41.88 after The Times of London said BHP Billiton is considering another bid for the aluminum producer. BHP Billiton considered a bid in February but dropped the idea, while Alcoa is still trying to buy Canadian rival Alcan Inc. for $28.4 billion.

Alcan gained 70 cents to $83.55.

Dow Jones rose 2 cents to $59.03 after a report in The Wall Street Journal that GE and Financial Times publisher Pearson PLC are in talks about a potential rival bid. Dow Jones controlling Bancroft family is currently considering an offer made by Rupert Murdoch's News Corp.

Pearson fell 8 cents to $17.13, while GE shed 5 cents to $38.07. News Corp. fell 34 cents to $23.62.

Boeing Co. fell 75 cents to $97.40 as the aerospace powerhouse showcased its products at the annual Paris Air Show. The company has already secured a few smaller deals for its jets, while rival Airbus won orders from Middle Eastern airlines.

After the closing bell, Yahoo Inc. said co-founder Jerry Yang will replace Terry Semel as chief executive in the latest bid by the Internet portal to regain investor confidence. Semel will take the position of non-executive chairman and serve as an adviser to the company's management team. Yahoo rose 81 cents, or 3 percent, to close at $28.12, then rose another $1.40, or 5 percent, to $29.52 in after-hours trading.

The Russell 2000 index of smaller companies fell 1.91, or 0.23 percent, to 846.28.

Declining issues narrowly led advancers on the New York Stock Exchange, where consolidated volume came to 2.45 billion shares, down from 3.39 billion on Friday, when volume was swelled by the quarterly expiration of stock options.

Overseas, Japan's Nikkei stock average closed up 0.99 percent, while stocks in Hong Kong gained 2.69 percent and the sometimes-volatile Shanghai Composite index rose 2.9 percent. Britain's FTSE 100 slipped 0.43 percent, Germany's DAX index rose 0.07 percent, and France's CAC-40 fell 0.30 percent.

 

[bigdog]

The NYSE DOW closed HIGHER by 22 points on Tuesday June 19:

Symbol ----- Last --- Change
Dow 13,635.42 +22.44 (0.16%)
Nasdaq 2,626.76 +0.16 (0.01%)
S&P 500 1,533.70 +2.65 (0.17%)
10-Yr Bond 5.0860% -0.0560
NYSE Volume 2,879,157,000
Nasdaq Volume 1,954,203,000

Overseas
Japan's Nikkei stock average rose 0.08 percent. Britain's FTSE 100 fell 0.80 percent, Germany's DAX index fell 0.03 percent, and France's CAC-40 slipped 0.25 percent.

http://biz.yahoo.com/ap/070619/wall_street.html?.v=53
Stocks Rise As Bond Yields Dip
Tuesday June 19, 6:57 pm ET
By Tim Paradis, AP Business Writer
Stocks Manage Modest Gain Despite Best Buy Warning, Home Construction Report


NEW YORK (AP) -- Wall Street eked out small gains Tuesday, as investors found solace in declining Treasury yields but remained subdued after Best Buy Co.'s lackluster profit forecast and a drop in new home construction.

The 10-year Treasury note's yield, which hit five-year highs last week, fell to 5.09 percent from 5.14 percent late Monday -- alleviating some worries about high rates slowing down corporate dealmaking and hurting the already sluggish housing market.

Also lifting the stock market was a rise in General Electric Co.'s stock, after its unit GE Energy Financial Services bought a stake in Regency Energy Partners LP, a natural gas processor and distributor, from HM Capital Partners LLC for $603 million.

The major stock indexes wavered throughout the day on concerns about flagging consumer spending when electronics chain Best Buy lowered its fiscal 2008 profit forecast, and after Commerce Department data showed construction of new homes and apartments fell 2.1 percent last month. The dip, which followed small increases in April and March, was expected and came alongside a 3 percent rise in May permit applications.

Economic data has at turns upended and supported the market in recent weeks as investors try to feel their way forward while juggling concerns about inflation, interest rates, the housing sector and the overall economy.

"After having a full plate of information to digest last week, we don't have a lot of new incremental news. Today's housing starts was not startling in either direction," said Alan Gayle, senior investment strategist and director of asset allocation for Trusco Capital Management. "What's encouraging is the sanity that's returned to the bond market."

The Dow Jones industrial average rose 22.44, or 0.16 percent, to 13,635.42. The blue-chip index was buoyed largely by GE, which rose $1.22, or 3.2 percent, to $39.29.

Broader stock indicators also edged higher. The Standard & Poor's 500 index rose 2.65, or 0.17 percent, to 1,533.70, and the Nasdaq composite index rose 0.16, or 0.01 percent, to 2,626.76.

Bonds rose after the weak housing data. While Wall Street has largely tried to look past weakness in the housing market as old news, any sign that the fallout isn't contained and could taint other areas of the economy could alarm investors.

The dollar, which had strengthened in recent weeks as bond yields advanced, was lower against other major currencies. Gold prices rose.

Analysts said the stock market's small back-and-forth moves Tuesday were to be expected after its big advance last week, when relief over inflation and interest rates sent stocks soaring and gave the Dow its biggest three-day point gain since November 2004.

"We're taking a very normal time-out to refresh. One of the best ways to gauge a market is to see how it reacts when you have profit-taking. It shows that the mettle of the market is still quite positive, that there is still money on the sideline that wants in," said Al Goldman, chief market strategist at A.G. Edwards.

Going forward, the stock market will be focusing more on individual company news and pre-announcements ahead of July's second-quarter profit reports.

"It looks like investors have lowered their expectations for second-quarter earnings growth ... Companies will have a fairly low bar to step over when they start reporting next month," Gayle said.

Best Buy reported its fiscal first-quarter earnings fell 18 percent amid weak profits in China and increased sales of lower-margin products such as notebook computers. The stock fell $2.83, or 5.9 percent, to $45.18.

Airline stocks lifted after an analyst upgrade of US Airways Group Inc. and an announcement from United Airlines that it is hiring pilots for the first time since 2001.

US Airways rose $1.85, or 6.8 percent, to $29.14.

UAL Corp., the parent company of United Airlines, rose $2.60, or 7.4 percent, to $37.93. Other airlines followed, with Continental Airlines Inc. rising 90 cents, or 2.7 percent, to $33.80; and AMR Corp. climbing 73 cents, or 2.9 percent, to $26.29.

Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where consolidated volume came to 2.80 billion shares, up from 2.45 billion Monday.

The Russell 2000 index of smaller companies rose 2.06, or less than 0.24 percent, to 848.34.

Overseas, Japan's Nikkei stock average rose 0.08 percent. Britain's FTSE 100 fell 0.80 percent, Germany's DAX index fell 0.03 percent, and France's CAC-40 slipped 0.25 percent.

 

[bigdog]

The NYSE DOW closed LOWER by 146 points on Wednesday June 20:

Symbol ----- Last --- Change
Dow 13,489.42 -146.00 (1.07%)
Nasdaq 2,599.96 -26.80 (1.02%)
S&P 500 1,512.84 -20.86 (1.36%)
10-Yr Bond 5.1230% +0.0370
NYSE Volume 3,301,054,000
Nasdaq Volume 2,038,316,000

Overseas
Germany's DAX index rose 0.71 percent to an all-time high, its first record close since March 7, 2000. Japan's Nikkei stock average rose 0.26 percent, Britain's FTSE 100 slipped 0.01 percent, and France's CAC-40 rose 0.36 percent.

http://biz.yahoo.com/ap/070620/wall_street.html?.v=54
Stocks Plummet on Soaring Bond Yields
Wednesday June 20, 7:10 pm ET
By Madlen Read, AP Business Writer
Stocks Fall As Soaring Bond Yields Rekindle Interest Rate Fears

NEW YORK (AP) -- A surge in Treasury yields rattled Wall Street Wednesday, forcing stocks to give up early gains and drive down the Dow Jones industrial average more than 140 points.

The 10-year Treasury note's yield soared to 5.15 percent late Wednesday from 5.09 percent late Tuesday, reigniting worries among stock investors that high rates could thwart corporate deal-making and further injure the limping housing market.

The stock market started reacting violently to Treasury yields two weeks ago when the 10-year yield surged past 5 percent for the first time since last summer. Wall Street had traded more mildly in recent days as yields retreated from last week's peak of nearly 5.30 percent, but Wednesday's yield advance stoked fears that they could resume their climb.

"People are watching this 10-year, and it looks like it might want to go back to 5.25," said Todd Leone, managing director of equity trading at Cowen & Co. Until last week, the 10-year Treasury yield had not traded consistently above 5.25 percent since 2002.

Furthermore, Leone said, the private equity deal-making wave, which was a main driver for the market for several weeks, seems to have slowed down a bit compared to last month. "The guys are doing a little more homework, and there aren't as many companies to grab up."

Home Depot's $22.5 billion buyback Wednesday initially lent some support to the market, as did stronger-than-expected quarterly earnings from Morgan Stanley and a retreat in oil prices. But the market eventually caved, after investors decided the positive news wasn't enough to warrant a return to record territory.

Troubles at two of Bear Stearns Cos.' hedge funds also weighed on the markets, especially financial firms: Bear Stearns, JPMorgan Chase & Co. and Merrill Lynch & Co. all fell more than 2 percent.

The Dow fell 146.00, or 1.07 percent, to 13,489.42, after bobbing in and out of positive and negative territory earlier in the day.

Broader stock indicators also tumbled. The Standard & Poor's 500 index declined 20.86, or 1.36 percent, to 1,512.84, and the Nasdaq composite index fell 26.80, or 1.02 percent, to 2,599.96.

Home Depot, one of the 30 Dow components, rose $1.76, or 4.6 percent, to $40.03 after announcing it will buy back more than a quarter of its shares and sell its Home Depot Supply business to a group of private equity firms for $10.3 billion. The decisions are not only likely to increase the retailer's profit, they also bolster the idea that stocks, despite their big run-up this year, have further to climb. Cutting the number of shares outstanding typically lifts a company's stock price, because less stock on the market raises the value of each share, and it makes key ratios such as earnings per share look stronger.

Another positive piece of news was FedEx Corp.'s report that its fiscal fourth-quarter profit rose 7 percent, boosted by an 8 percent increase in revenue and higher package volumes. FedEx rose $1.74 to $109.80.

Morgan Stanley also posted a strong rise in quarterly profit, but the second-largest U.S. investment bank turned lower by 48 cents to $87.32 as rest of the financial sector wilted.

In other corporate news, Nuveen Investments Inc. rose $8.98, or 16.6 percent, to $63.14, after the investment manager said it agreed to be acquired by a private equity group led by Madison Dearborn Partners LLC for $5.42 billion in cash.

But in a sign that takeover activity might be cooling, billionaire Kirk Kerkorian's investment arm said it was ending discussions to potentially buy MGM Mirage's Bellagio hotel-casino and CityCenter project. The casino operator fell $5.90, or 7.1 percent, to $80.38.

Wednesday was light on economic data, but Thursday will bring the Labor Department's weekly jobless claims report, the Conference Board's index of leading economic indicators and the Philadelphia Federal Reserve's June index of business activity. The reports have the potential to move the Treasury markets.

Last week, applications for home loans fell 3.4 percent as mortgage rates -- closely tied to the 10-year Treasury yield -- increased, the Mortgage Bankers Association said Wednesday.

Larry Peruzzi, senior equity trader at The Boston Company Asset Management, noted that while high yields are worrisome, the yield curve is more normal now, which should be positive for stocks going forward.

The yield curve is the difference between short-term yields and long-term yields; the rise in long-term bond yields has made the relationship more typical, rewarding long-term risk with higher returns. The pattern now suggests "steady growth -- not spectacular, but somewhat steady," said Peruzzi. Before, the yield curve had pointed to a slowdown in growth.

The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude oil futures dipped 91 cents to $68.19 a barrel on the New York Mercantile Exchange, and gasoline futures also retreated. The government said Wednesday in its weekly inventory report that crude oil stockpiles rose 6.9 million barrels last week and gasoline stockpiles rose 1.8 million barrels.

Declining issues outnumbered advancers by more than 3 to 1 on the New York Stock Exchange, where consolidated volume came to 3.22 billion shares, up from 2.80 billion Tuesday.

The Russell 2000 index of smaller companies fell 12.16, or 1.43 percent, to 836.18.

Overseas, Germany's DAX index rose 0.71 percent to an all-time high, its first record close since March 7, 2000. Japan's Nikkei stock average rose 0.26 percent, Britain's FTSE 100 slipped 0.01 percent, and France's CAC-40 rose 0.36 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 56 points on Thursday June 21:

Symbol ----- Last --- Change
Dow 13,545.84 +56.42 (0.42%)
Nasdaq 2,616.96 +17.00 (0.65%)
S&P 500 1,522.19 +9.35 (0.62%)
10-Yr Bond 5.1630% +0.0400
NYSE Volume 3,206,845,000
Nasdaq Volume 2,086,738,000

Overseas
Japan's Nikkei stock average closed up 0.16 percent. Britain's FTSE 100 fell 0.80 percent, Germany's DAX index fell 1.55 percent, and France's CAC-40 lost 1.04 percent.

http://biz.yahoo.com/ap/070621/wall_street.html?.v=53
Stocks Rise After Strong Economic Data
Thursday June 21, 6:05 pm ET
By Tim Paradis, AP Business Writer
Stocks Rise Following Upbeat Economic Data, Drop in Oil Prices

NEW YORK (AP) -- Stocks lurched higher after a back-and-forth session Thursday as investors apparently set aside some interest rate concerns and took a dose of upbeat economic data at face value.

The Philadelphia Federal Reserve said regional manufacturing in June has had its strongest growth since April 2005. The bank's index of regional manufacturing activity jumped to 18 from 4.2 in May. But the report had little effect on the market although investors have been wary about any signs of economic strength that might lead the Federal Reserve to raise interest rates when its Open Market Committee meets next week.

Investors, looking for a reason to buy back into the market, briefly pushed away their rate concerns, even though the yield on the benchmark 10-year Treasury rose to 5.20 percent from 5.15 late Wednesday.

Oil, which had advanced amid concerns about a general strike in Nigeria, Africa's largest crude oil producer, reversed course Thursday. Light, sweet crude fell 21 cents to $68.65 per barrel on the New York Mercantile Exchange after nearing $70 early Thursday.

"Things on a fundamental basis haven't changed all that much. The market just gets excited one way or the other," said Tom Higgins, chief economist at Payden & Rygel Investment Management, referring to even slight shifts, for example, in bond yields.

"Now that things have stabilized, although we're at a higher level the market can move higher for the year, but there's going to be higher volatility along the way."

The Dow Jones industrial average rose 56.42, or 0.42 percent, to 13,545.84 after dropping 146 points Wednesday.

Broader stock indicators also rose. The Standard & Poor's 500 index rose 9.35, or 0.62 percent, to 1,522.19 and the Nasdaq composite index advanced 17.00, or 0.65 percent, to 2,616.96.

The dollar was mixed against other major currencies, while gold prices fell.

Recent weeks have proven relatively volatile on Wall Street after months-long periods of generally steady advances. Comments this month from Fed Chairman Ben Bernanke and inflation concerns furthered the notion that the central bank wasn't likely to cut interest rates this year as some observers had predicted and could possibly even raise rates.

Investor concerns sent the yield on the 10-year note above 5 percent this month for the first time since last summer. Subsequent spikes in yields, which move inversely to bond prices, have at times rattled stock markets. Since then, as yields receded stocks have logged sharp -- if temporary -- gains, such as those from the final three days of last week when the Dow surged more than 344 points.

Also Thursday, the American Stock Exchange resumed trading of stocks and exchange traded funds in the afternoon after the exchange resolved technical problems that had forced it to halt trading earlier in the day.

Among other economic data investors were considering was a weekly Labor Department report showing the number of workers seeking jobless benefits rose by 10,000 last week to a two-month high, marking the third straight weekly gain. While the increase wasn't large, the movement could suggest unemployment isn't quite as low as it had been. Wall Street might regard the report as good news, however, because overall unemployment remains quite low and wage inflation could result if employers have to fight for workers.

The Conference Board's May index of leading economic indicators predicted the U.S. economy will expand modestly in the coming months.

The economic readings come amid a quiet week for news about the economy. There are also only a handful of quarterly results from companies. Corporate earnings reports will begin flowing in earnest in several weeks and Wall Street is accustomed to receiving profit forecasts around this time. Investors are hoping a parade of strong earnings might continue and provide adequate fodder to send stocks higher after a largely uninterrupted, 11-month rally.

"The market is kind of in a wait-and-see mode," said J. Bryant Evans, a portfolio manager at Cozad Asset Management. "When we hear from the Fed again the market will probably move one way or the other."

In corporate news, coffee chain Starbucks Corp. fell $1.06, or 3.9 percent, to $26.26 after warning that reaching the top end of its fiscal 2007 earnings forecast could prove challenging, in part because of high dairy costs.

H&R Block Inc. fell 74 cents, or 3.3 percent, to $22.04 after reporting it swung to a fourth-quarter loss amid continuing troubles in its mortgage lending arm. Difficulties there outweighed higher revenue from the company's tax and financial-services businesses.

Eyewear maker Luxottica Group SpA rose $3.18, or 9.1 percent, to $38.02 after agreeing to acquire rival Oakley Inc. for $2.1 billion. Oakley jumped $3.22, or 13 percent, to $23.45.

Andersons Inc., an ethanol and grain producer, rose $5.10, or 13 percent, to $45.50 after the company raised its full-year profit forecast following a strong second-quarter performance from its agricultural businesses. The company also began producing ethanol from a second plant and has seen better-than-expected margins.

Advancing issues outpaced decliners by about 9 to 7 on the New York Stock Exchange, where consolidated volume came to 3.10 billion shares, down from 3.22 billion Wednesday.

The Russell 2000 index of smaller companies rose 3.63, or 0.43 percent, to 839.81.

Overseas, Japan's Nikkei stock average closed up 0.16 percent. Britain's FTSE 100 fell 0.80 percent, Germany's DAX index fell 1.55 percent, and France's CAC-40 lost 1.04 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed LOWER by 185 points on Friday June 22:

Symbol ----- Last --- Change
Dow 13,360.26 -185.58 (1.37%)
Nasdaq 2,588.96 -28.00 (1.07%)
S&P 500 1,502.56 -19.63 (1.29%)
10-Yr Bond 5.1380% -0.0250
NYSE Volume 10,297,000
Nasdaq Volume 3,921,741,000

Overseas
Japan's Nikkei stock average fell 0.28 percent, while the sometimes-volatile Shanghai Composite Exchange fell 3.3 percent. Britain's FTSE 100 fell 0.43 percent, Germany's DAX index fell 0.19 percent, and France's CAC-40 fell 0.11 percent.

http://biz.yahoo.com/ap/070622/wall_street.html?.v=43
Stocks End Lower on Investor Worries
Friday June 22, 9:14 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall Sharply As Subprime Problems, Inflation, Rising Oil Stir Investor Concerns

NEW YORK (AP) -- Wall Street ended a volatile week with a sharp decline Friday as investors again succumbed to nervousness about souring subprime loans and rising interest rates. The Dow Jones industrial average fell more than 185 points.

The steep pullback coming a day after a respectable gain was characteristic of the erratic sessions Wall Street has endured in recent weeks as it dealt with concerns ranging from interest rates to the health of hedge funds to, more recently, the prospects of unfavorable legislation from Washington.

Friday's session, unusually devoid of economic or earnings data, began with a focus on the initial public offering of a stake in the management arm of Blackstone Group LP. The most talked-about IPO since Google Inc. went public saw the buyout shop's stock open well above the $31 a share at which it had been priced late Thursday. The stock rose $4.15, or 13.4 percent, to $35.15. Enthusiasm over Blackstone wasn't broad enough to prop up the markets, however.

The Dow fell 185.58, or 1.37 percent, to 13,360.26. On Thursday, stocks had fluctuated before ending higher, with the Dow recovering 56 points following a 146-point tumble on Wednesday.

Broader stock indicators also dropped sharply Friday. The Standard & Poor's 500 index fell 19.63, or 1.29 percent, to 1,502.56, and the Nasdaq composite index fell 28.00, or 1.07 percent, to 2,588.96.

The week was a rough one on the stock market. The Dow lost 2.1 percent, while the S&P 500 fell 2 percent and Nasdaq lost 1.4 percent.

Stocks, which had risen in the past 13 Fridays, lost ground even as bond yields fell. The yield on the benchmark 10-year Treasury note fell to 5.14 percent from 5.20 percent late Thursday. The dollar fell against most other major currencies, while gold prices rose.

Light, sweet crude rose 49 cents to $69.14 per barrel on the New York Mercantile Exchange.

Investors have been grappling with concerns about whether the economy will heat up and prompt the Federal Reserve to put off cutting, or perhaps even raising, interest rates. Also, concerns about the health of Bear Stearns hedge funds involved with subprime loans, those made to people with poor credit, have weighed on the markets.

In addition, news from Washington has shown some lawmakers are impatient with some of the vast sums Wall Street investors have generated and could look to tamp down big payouts with higher taxes. Several House Democrats on Friday proposed an increase to the taxes paid by those who manage hedge funds and private-equity companies.

Bill Schultz, chief investment officer at McQueen, Ball & Associates, contends the pullback in stocks isn't unexpected given the sizable gains Wall Street has seen. Even with Friday's losses, the Dow is up 7.2 percent for the year, while the S&P 500 is higher by 5.9 percent and the Nasdaq is up 7.2 percent.

"There's a point where you need to see a pause before people get excited again. Do you commit at this point or do you wait for a pullback? There's a sense that maybe we may be a little bit overextended here," he said.

Friday's session brought added volatility for some stocks as the Russell indexes implemented changes, adding and subtracting some names. The changes can stir some unusual trading activity as investments that track the index try to square their holdings with the latest look of an index.

The Russell 2000 index of smaller companies fell 5.06, or 0.60 percent, to 834.75.

Neil Massa, senior trader at MFC Global Investment Management, contends stocks were showing volatility Friday in part because of the rebalancing of the Russell indexes. Even the moves among some smallcap companies can affect larger stocks, he said, as investors jockey for positions.

"I think it spills over and I think this is a little healthy pullback from the highs we've been seeing," he said.

The session comes ahead of a busy week in which the Federal Reserve meets and in which investors will receive several readings on the housing sector and the final report on economic growth in the first quarter with release of the gross domestic product.

In corporate news, Jabil Circuit Inc., a contract electronics manufacturer, rose $1.93, or 9.1 percent, to $23.13 after its fiscal third-quarter profit excluding items such as restructuring costs topped Wall Street's estimate.

Cognos Inc., a software maker and technology consultant, forecast a fiscal second-quarter profit that fell short of Wall Street's expectations. The stock fell 52 cents to $39.10.

Taser International Inc., the stungun maker, rose 80 cents, or 6.3 percent, to $13.43 after a court dismissed a lawsuit alleging the company's product resulted in an accidental death.

Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where volume came to a heavy 2.62 billion shares, compared with 1.6 billion traded Thursday.

Overseas, Japan's Nikkei stock average fell 0.28 percent, while the sometimes-volatile Shanghai Composite Exchange fell 3.3 percent. Britain's FTSE 100 fell 0.43 percent, Germany's DAX index fell 0.19 percent, and France's CAC-40 fell 0.11 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[Dr.Stock]

Thankyou bigdog.
Its just not complete without weetbix, a cup of tea and your morning or evening 'NYSE dow jones finished at......`.
Keep it up, it IS appreciated
regards Stock

 

[bigdog]

Todays Australian
http://www.theaustralian.news.com.au/story/0,20867,21960425-643,00.html

Markets expected to follow Wall St down

June 25, 2007

THE Australian stock market is expected to open sharply lower today, after Wall Street posted losses and the price of oil continued to climb.

The key culprit for Friday's steep fall in the US was the financial sector, which slumped on worries that hedge fund losses on risky mortgage securities might not be contained, while a general strike in Africa's biggest oil producing nation, Nigeria, sent crude futures upwards.

MFS Investment Management chief investment officer Guy Hutchings said he was expecting a significantly weaker start on the local bourse.

"I expect the local share market to open significantly weaker on Monday, down about 60 to 70 points, following steep falls on Wall Street at the end of another volatile week for stocks and the bond market," he said.

The Dow Jones industrial average fell 185.58 points or 1.37per cent to 13,360.26 on Friday. The Standard & Poor's 500 Index dropped 19.63 points, or 1.3 per cent, to 1,502.56 and the Nasdaq Composite Index declined 28.0 points, or 1.07 per cent, to 2588.96. Mr Hutchings also said Australian resource stocks might open lower, on rumours of a tightening of monetary policy by the Chinese government sparking falls on the Shanghai exchange.

But CommSec chief equities economist Craig James warned against panic over lower base metal prices. "Base metal prices have softened over the past six weeks, but investors must be wary," Mr James said.

"The same thing happened last year and it proved to be a short-term correction rather than cyclical decline."

AMP Capital Investors head of investment strategy and chief economist Shane Oliver said that, overall, the bond market-driven correction in shares was now over and the rising trend in share markets would soon restart. "The bull market in shares is alive and well and this is likely to remain the case for some time to come," he said.

Things to watch out for this week include a decision on US interest rates, with a US Federal Open Market Committee meeting on Thursday, but markets are expecting rates to be left unchanged at 5.25 per cent.

 

[bigdog]

The NYSE DOW closed LOWER by 8 points on Monday June 25:

Symbol ----- Last --- Change
Dow 13,352.05 -8.21 (0.06%)
Nasdaq 2,577.08 -11.88 (0.46%)
S&P 500 1,497.74 -4.82 (0.32%)
10-Yr Bond 5.0780% -0.0600
NYSE Volume 3,287,826,000
Nasdaq Volume 2,111,292,000

Overseas
Japan's Nikkei stock average fell 0.56 percent. Britain's FTSE 100 rose 0.32 percent, Germany's DAX index fell 0.24 percent, and France's CAC-40 fell 0.34 percent.

http://biz.yahoo.com/ap/070625/wall_street.html?.v=51
Stocks Lose Ground Ahead of Fed Meeting
Monday June 25, 6:25 pm ET
By Madlen Read, AP Business Writer
Stocks Turn Lower After Home Sales Data, Subprime Worries, Oil Price Rebound

NEW YORK (AP) -- Wall Street gave up a big advance and turned lower Monday as investors suffered a renewed case of the jitters ahead of the Federal Reserve's meeting on interest rates later this week.

The stock market, which has seen huge swings in recent weeks, was initially relieved to hear from the National Association of Realtors that existing home sales declined in May by only 0.3 percent to 5.99 million units. The tepid reading was expected, and indicated that the housing sector is still weak -- the pace of existing home sales was the slowest in four years; housing inventories rose by 5 percent to the highest level since 1992; and the median home price fell for a record 10th consecutive month.

The data wasn't enough to keep the stock market afloat, so when crude oil prices rose back above $69 a barrel on news of U.S. refinery outages, many investors chose to take money off the table. High energy prices could translate to accelerating inflation -- which investors fear the Fed may use as a reason to raise interest rates later in the year. The Fed is scheduled to meet this Wednesday and Thursday.

"Without much of a catalyst right now, profit-taking from that big rise earlier this morning is what we're seeing. The stock market doesn't like uncertainty," said Matt Kelmon, portfolio manager of the Kelmoore Strategy Funds.

He added that Wall Street is growing concerned again about the troubles surrounding subprime lending, or lending to people with poor credit histories. Bear Stearns Cos. said last week that two of its hedge funds nearly collapsed after betting on complex securities backed by subprime mortgages; Bear Stearns' stock fell more than 3 percent Monday.

The Dow Jones industrial average fell 8.21, or 0.06 percent, to 13,352.05, after rising more than 100 points earlier in the day, and falling 185 points on Friday.

Broader stock indexes also declined. The Standard & Poor's 500 index fell 4.82, or 0.32 percent, to 1,497.74, and the Nasdaq composite index lost 11.88, or 0.46 percent, to 2,577.08.

A retreat in Treasury yields failed to calm the stock market Monday. The 10-year Treasury note's yield fell to 5.08 percent from 5.14 percent late Friday, dampened by worries about mortgage-backed securities. If high-risk investments are souring, investors tend to buy up safe-haven Treasury issues.

Soaring yields have played a starring role in the stock market's volatility this month, because higher rates can slow down corporate activity; the 10-year yield's climb above 5 percent knocked the Dow from a record high reached June 4, and since then, stocks have been rising and falling fitfully as investors attempt to determine interest rates' direction.

Last week, the three major indexes posted sizable losses: the Dow dropped 2.1 percent, the S&P declined 2 percent and the Nasdaq dipped 1.4 percent.

Central bankers are widely expected to keep the benchmark rate steady at 5.25 percent Thursday, but Wall Street is unsure if the Fed will alter its stance on inflation, which could mean a rate hike or decrease later in the year.

On Tuesday, investors will be closely reading the Conference Board's June consumer confidence index and the Commerce Department's report on May new homes sales. So far, despite the weak housing market, the economy appears to be on the rebound.

"My sense is consumption is still reigning -- consumer sales are up," said Richard Hoyt, market strategist at KDV Wealth Management, pointing to the Commerce Department's report earlier this month that May retail sales jumped by 1.4 percent.

But even if economic data keep coming in strong, analysts predict high volatility in the stock market ahead of second-quarter earnings season, which begins in earnest in mid-July.

On Monday, the dollar rose against the euro and pound but fell against the yen. Gold prices fell.

Crude oil futures rose 4 cents to settle at $69.18 a barrel on the New York Mercantile Exchange, after falling to $68 a barrel and then rising after news of refinery outages.

Gasoline futures also advanced, reigniting worries that pump prices could bounce back above $3 a gallon. U.S. retail gasoline prices have retreated to an average $2.978 a gallon Monday, below the record high of $3.227 reached in late May, according to AAA and the Oil Price Information Service.

Blackstone Group LP -- the private-equity powerhouse that went public on Friday -- fell $2.62, or 7.5 percent, to $32.44 in its second day of trading. Investors were concerned about valuation of the company, and also speculation that big buyout deals might begin to dry up.

In other corporate news, Rupert Murdoch was said to be near a pact to guarantee editorial independence of The Wall Street Journal if News Corp. acquires Dow Jones & Co., according to newspaper reports Sunday. Dow Jones fell $1.30, or 2.2 percent, to $57.70, while News Corp rose 18 cents to $23.50.

The Russell 2000 index of smaller companies fell 7.29, or 0.87 percent, to 827.46.

Declining issues outnumbered advancers by more than 2 to 1 on the New York Stock Exchange, where consolidated volume came to 3.20 billion shares, down from a heavy 4.08 billion Friday.

Overseas, Japan's Nikkei stock average fell 0.56 percent. Britain's FTSE 100 rose 0.32 percent, Germany's DAX index fell 0.24 percent, and France's CAC-40 fell 0.34 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[>Apocalypto<]

I wanted to say thank you and well done on your consistent effort in this thread, Cheers

Joseph

 

[bigdog]

The NYSE DOW closed LOWER by 14 points on Tuesday June 26:

Symbol ----- Last --- Change
Dow 13,337.66 -14.39 (0.11%)
Nasdaq 2,574.16 -2.92 (0.11%)
S&P 500 1,492.89 -4.85 (0.32%)
10-Yr Bond 5.1010% +0.0230
NYSE Volume 3,408,893,000
Nasdaq Volume 2,135,684,000

Overseas, Japan's Nikkei stock average fell 0.12 percent. Britain's FTSE 100 declined 0.44 percent, Germany's DAX index dropped 0.88 percent, and France's CAC-40 lost 0.82 percent.

http://biz.yahoo.com/ap/070626/wall_street.html?.v=47
Stocks Edge Lower As Investors Await Fed
Tuesday June 26, 6:33 pm ET
By Madlen Read, AP Business Writer
Overseas, Japan's Nikkei stock average fell 0.12 percent. Britain's FTSE 100 declined 0.44 percent, Germany's DAX index dropped 0.88 percent, and France's CAC-40 lost 0.82 percent.

NEW YORK (AP) -- Wall Street finished an extremely erratic session with a modest decline Tuesday as investors parsed unimpressive data on home sales and consumer confidence and awaited the Federal Reserve's meeting on interest rates.

The Dow Jones industrial average initially slipped, soared nearly 100 points, and ultimately pulled back again -- much as it did Monday, when the blue chip index rose by triple digits only to give up the gains and finish lower.

A slight decline in May new home sales provided investors with some relief, but the report wasn't much to cheer about. The Commerce Department said sales of new homes fell 1.6 percent in May to a seasonally adjusted annual rate of 915,000 units. It was the fourth decline in the past five months -- in April, new home sales had jumped 12.5 percent.

Investors were also jittery about a larger-than-expected drop in the Conference Board's consumer confidence index, ongoing subprime lending troubles, and what the Fed might say when it decides on interest rates Thursday. Wall Street anticipates central bankers will keep the benchmark rate steady at 5.25 percent, but it will be watching for any change in their stance on inflation that could suggest a rate cut or rate hike later in the year.

"There's a lot to keep people busy," said Scott Fullman, director of investment strategy for I. A. Englander & Co. "All of these issues are really coming into play, as we're seeing with the volatility in the market. It's going to go on for a little while longer until the market has a reason to settle down."

The stock market at times drew support from a drop in oil prices and some new takeover activity Tuesday, but they weren't enough to maintain a rally.

The Dow fell 14.39, or 0.11 percent, to 13,337.66.

Broader stock indicators also fell after sacrificing large gains. The Standard & Poor's 500 index slipped 4.85, or 0.32 percent, to 1,492.89, and the Nasdaq composite index fell 2.92, or 0.11 percent, to 2,574.16.

The Dow and the S&P reached record closes June 4 but have been stumbling in recent weeks, after a surge in Treasury yields raised concerns about the Fed's rate policy.

Bonds fell after the home sales data. The yield on the benchmark 10-year Treasury note rose to 5.09 percent from 5.08 percent late Monday.

The dollar was mixed against other major currencies. Gold prices fell.

Overall, the housing market looked dim Tuesday: the Standard & Poor's home price index for April fell for the 17th consecutive month and showed its steepest year-over-year decline since 1991. Also, homebuilder Lennar Corp. posted a loss for the second quarter and warned that a third-quarter loss is likely.

Lennar fell $1.20, or 3.1 percent, to $37.55, and other homebuilders followed.

Some new deal-making news initially gave stocks a lift.

Basell, a division of billionaire investor Leonard Blavatnik's Access Industries, said it will buy rival chemical company Huntsman Corp. in a cash deal worth $5.6 billion. Huntsman soared $5.31, or 28.1 percent, to $24.21.

Investment management company BlackRock Inc. said it is buying the fund of funds division of Quellos Group LLC in a deal worth up to $1.7 billion. BlackRock rose $1.77 to $156.30.

Roche Holding AG made a $3 billion hostile bid for the medical testing products maker Ventana Medical Systems Inc., which surged $24.69, or 47.72 percent, to $76.42.

Late Monday, Spanish power company Iberdrola SA said it plans to buy utility owner Energy East Corp. for $4.5 billion in cash. Energy East surged $3.71, or 16.5 percent, to $26.25.

But the buyout news could not calm Wall Street's skittishness ahead of the Fed meeting.

"The glass is half-empty right now. We've got to wait for the sentiment to change," said John Forelli, portfolio manager for Independence Investment LLC in Boston. "People aren't worried about growth, people aren't worried about earnings -- they're worried about inflation."

Meanwhile, subprime lending woes have re-emerged as a major market concern, after Bear Stearns Cos. said last week it had to bail out a collapsing hedge fund heavily invested in bonds backed by subprime loans. On Tuesday, Securities and Exchange Commission Chairman Christopher Cox said the SEC has opened about a dozen investigations related to complex products in which debt is bundled together.

Subprime worries should be a boon for the safe-haven Treasury bond market, but so far, they haven't been. Treasurys have remained weak, leading many investors to avoid stocks because high rates can slow down business.

"They're worried about the safest asset class out there, U.S. government bonds, and the riskiest asset class out there, subprime loans. It shows the indecision out there among investors right now," Forelli said.

Crude oil futures for August dropped $1.41 to $67.77 a barrel on the New York Mercantile Exchange ahead of the government's weekly inventory report Wednesday.

Declining issues outnumbered advancers by about 5 to 3 on the New York Stock Exchange. Consolidated volume came to 3.26 billion shares, up from 3.20 billion Monday.

The Russell 2000 index of smaller companies fell 1.33, or 0.16 percent, to 826.13.

Overseas, Japan's Nikkei stock average fell 0.12 percent. Britain's FTSE 100 declined 0.44 percent, Germany's DAX index dropped 0.88 percent, and France's CAC-40 lost 0.82 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 90 points on WEdnesday June 27:

Symbol ----- Last --- Change
Dow 13,427.73 +90.07 (0.68%)
Nasdaq 2,605.35 +31.19 (1.21%)
S&P 500 1,506.34 +13.45 (0.90%)
10-Yr Bond 5.0700% -0.0310
NYSE Volume 3,398,146,000
Nasdaq Volume 2,114,350,000

Overseas, Japan's Nikkei stock average fell 1.20 percent, and the sometimes-volatile Shanghai Composite Exchange rose 2.65 percent. Britain's FTSE 100 fell 0.48 percent, Germany's DAX index fell 0.75 percent, and France's CAC-40 fell 0.20 percent.

http://biz.yahoo.com/ap/070627/wall_street.html?.v=56
Stocks Rally Ahead of Fed Rate Decision
Wednesday June 27, 6:06 pm ET
By Madlen Read, AP Business Writer
Stocks Rally After Wobbly Day of Trading As Fed Holds 2-Day Meeting

NEW YORK (AP) -- Wall Street rallied Wednesday, reversing the Dow Jones industrial average's three-day losing streak, but investors still appeared skittish ahead of the Federal Reserve's interest rate decision.

Stocks initially dropped after the Commerce Department said orders for durable goods plunged 2.8 percent in May following three months of increases. Later, the market shrugged off the report and clawed its way back up, boosted by some takeover deals and strong earnings reports, particularly from ConAgra Foods Inc. and software maker Oracle Corp.

Given the market's turbulence over the past few weeks due to soaring bond yields, investors will be looking for any clues in the central bank's statement Thursday about policy makers' views on growth and inflation.

The Fed -- which is expected to keep the benchmark rate steady at 5.25 percent after its two-day meeting ends Thursday -- has stated recently that it expects the economy to recover from a weak first quarter despite difficulties in the housing market, and that inflation remains a paramount concern.

"We'd like to hear a Fed that's much closer to the center, because they're still pretty hawkish. They sound closer to tightening than to easing," said Arthur Hogan, chief market analyst at Jefferies & Co. Rate hikes tend to slow down business and can dampen corporate profits.

The Dow rose 90.07, or 0.68 percent, to 13,427.73, after dropping 77 points earlier in the day. The blue-chip index had lost a total of 208 points in the previous three sessions.

Broader indexes also rose. The Standard & Poor's 500 index gained 13.45, or 0.90 percent, to 1,506.34, and the Nasdaq composite index jumped 31.19, or 1.21 percent, to 2,605.35.

Treasury bond prices finished slightly lower after the weak durable goods data. The 10-year Treasury note's yield slipped to 5.08 percent from 5.09 percent late Tuesday.

On Thursday, all eyes will be on the Fed's statement.

"If they change the statement, people will pick up on that, no doubt. No matter what the change is, people will think it means something," said Janna Sampson, director of portfolio management at Oakbrook Investments.

Much of the choppiness in the market, though, has been from people simply rebalancing their portfolios as the second quarter ends and ahead of the July Fourth holiday week, Sampson added.

"We've got that internally here, people moving money around. We're heading into a pretty quiet week next week -- people are trying to get their houses in order before going on vacation," she said.

The bulk of second-quarter earnings results arrive in mid-July. So far, earnings news has been mostly positive.

Oracle rose 53 cents, or 2.8 percent, to $19.69, after saying late Tuesday that its profit in the most recent quarter rose 23 percent, and that sales in the current quarter could beat estimates.

ConAgra on Wednesday reported a surge in its quarterly profit, despite the ongoing costs of recalling its Peter Pan peanut butter. The company, whose brands include Healthy Choice and Chef Boyardee, saw its stock rise $1.14, or 4.5 percent, to $26.70.

Nike Inc. said late Tuesday that growth in the United States and abroad pushed profit up 32 percent in the most recent quarter compared to the year-ago period. Nike rose $4.47, or 8.3 percent, to $58.29.

Though some investors are concerned that rising bond yields could translate to higher rates and dampen buyout activity, deal-making continued Wednesday.

Guitar Center Inc., the largest U.S. musical instrument retailer, said its board accepted a $1.9 billion cash buyout offer from a private equity firm. Guitar Center soared $9.92, or 19.8 percent, to $59.98.

Meanwhile, banking company People's United Financial Inc. agreed to buy Chittenden Corp., which operates banks in New England, for $1.9 billion in cash and stock. Chittenden rose $6.91, or 24.5 percent, to $35.15, while People's United Financial fell 54 cents, or 2.9 percent, to $18.17.

And CommScope Inc., which supplies coaxial cable and other networking infrastructure, said it is buying cable maker Andrew Corp. for about $2.6 billion. Andrew Corp. rose $1.42, or 10.9 percent, to $14.40, while CommScope rose 71 cents to $55.87.

The Russell 2000 index of smaller companies rose 12.33, or 1.49 percent, to 838.46.

Advancing issues outnumbered decliners by about 3 to 1 on the New York Stock Exchange, where consolidated volume came to 3.35 billion shares, up from 3.26 billion shares Tuesday.

Crude oil futures for August delivery rose $1.20 to $68.97 a barrel on the New York Mercantile Exchange after the government said U.S. gasoline inventories dropped last week.

The dollar was mixed against other major currencies. Gold slipped.

Overseas, Japan's Nikkei stock average fell 1.20 percent, and the sometimes-volatile Shanghai Composite Exchange rose 2.65 percent. Britain's FTSE 100 fell 0.48 percent, Germany's DAX index fell 0.75 percent, and France's CAC-40 fell 0.20 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed LOWER by 5 points on Thursday June 28
-- Nasdaq 2,608.37 +3.points

Symbol ----- Last --- Change
Dow 13,422.28 -5.45 (0.04%)
Nasdaq 2,608.37 +3.02 (0.12%)
S&P 500 1,505.71 -0.63 (0.04%)
10-Yr Bond 5.12% +0.05
NYSE Volume 3,006,714,000
Nasdaq Volume 2,015,779,000

Overseas
Japan's Nikkei stock average rose 0.46 percent. Britain's FTSE 100 rose closed up 0.67 percent, Germany's DAX index rose 1.54 percent, and France's CAC-40 rose 1.09 percent.

http://biz.yahoo.com/ap/070628/wall_street.html?.v=51
Stocks End Flat Following Fed Comments
Thursday June 28, 6:22 pm ET
By Tim Paradis, AP Business Writer
Stocks End Flat Following Fed Comments on Inflation, Economic Growth

NEW YORK (AP) -- Stocks finished flat Thursday after the Federal Reserve said the economy appeared to be growing at a "moderate" pace but offered a cautious reading on inflation.

The Dow Jones industrial average, which at one point had been up 70 points after the Fed decision, ended down 5.45, or 0.04 percent, at 13,422.28.

Broader stock indicators finished mixed. The Standard & Poor's 500 index slipped 0.63, or 0.04 percent, to 1,505.71, and the Nasdaq composite index rose 3.02, or 0.12 percent, to 2,608.37.

The central bank, which stood pat on short-term interest rates as had been widely expected, offered investors a relatively unchanged assessment of the economy, saying its primary concern remains the risk that inflation will fail to moderate.

Stocks bounced around as investors tried to interpret the Fed's comment that recent readings on inflation excluding energy and food prices showed some improvement but no pronounced signals of easing.

"They took a middle-of-the-road approach. The Fed said some encouraging things about the future growth rate of the economy," said John Miller, head of fund management for Nuveen Asset Management. "They could have been more negative or more concerned about the meltdown in subprime markets or the potential for housing weakness to spread into consumer spending. The changes in the statement didn't indicate any concerns about those recent events."

He contends, however, that the Fed, which left rates unchanged at 5.25 percent as it has for the past year, was careful to remain guarded about inflation.

"It's a little bit of a hawkish message because they're saying they're not really convinced inflation is decreasing in any meaningful way," he said.

Bonds fell after the Fed comments, with the yield on the benchmark 10-year Treasury note rising to 5.11 percent from 5.08 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.

The modest moves in stocks Thursday follow a rally by all three major indexes in the previous session. Stocks have been turbulent during the past few weeks because of soaring bond yields and concern about the broader effect of faltering subprime loans.

The Fed's comments on so-called core inflation, which excludes often volatile food and energy prices, came as some investors had expected the bank would switch its focus to overall inflation, said Marc Pado, U.S. market strategist at Cantor Fitzgerald. Some inflation readings have been rising because of spikes in energy and food costs. While the Fed often focuses on the core level, Pado noted the overall inflation figure affects the economy because rising prices for gas and food can cut into consumer spending.

Wall Street's focus on the Fed's comments left little room for attention elsewhere; investors appeared unfazed as oil prices spiked above $70 per barrel on the New York Mercantile Exchange for the first time since August, then fell back.

Oil prices began moving up Wednesday after a government report showed an unexpected drop in gasoline inventories. Light, sweet crude rose 60 cents to close at $69.57 on Thursday.

In corporate news, shares of General Motors Corp., one of the 30 stocks that make up the Dow industrials, rose to a two-year high after agreeing to sell its Allison Transmission commercial and military business to an investment conglomerate and a private equity firm. The stock was the best performer in the Dow, rising 74 cents, or 2 percent, to $38.15.

Dillard's Inc. rose $2.76, or 8.1 percent, to $36.69 after an investment group representing minority shareholders said it plans to press the department store chain to boost profits.

Digital River fell $5.67, or 11.2 percent, to $45 after the e-commerce outsourcing company cut its second-quarter and full-year forecasts.

Bed Bath & Beyond Inc. fell $1.47, or 3.9 percent, to $36.09 after the home goods chain lowered its full-year profit target, citing uncertain economic trends.

Novellus Systems Inc., a semiconductor equipment maker, fell $1.01, or 3.4 percent, to $28.89 after warning its second-quarter results would come in at the low end of its forecast amid weakness in the chip market.

Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 1.49 billion shares compared with 1.76 billion traded Wednesday.

The Russell 2000 index of smaller companies rose 0.57, or 0.07 percent, to 839.03.

Overseas, Japan's Nikkei stock average rose 0.46 percent. Britain's FTSE 100 rose closed up 0.67 percent, Germany's DAX index rose 1.54 percent, and France's CAC-40 rose 1.09 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed LOWER by 13 points on Friday June 29

Symbol ----- Last --- Change
Dow 13,408.62 -13.66 (0.10%)
Nasdaq 2,603.23 -5.14 (0.20%)
S&P 500 1,503.35 -2.36 (0.16%)
10-Yr Bond 5.0330% -0.0850
NYSE Volume 3,165,412,000
Nasdaq Volume 2,288,736,000

Overseas
Japan's Nikkei stock average rose 1.15 percent. Britain's FTSE 100 rose 0.56 percent, Germany's DAX index rose 1.09 percent, and France's CAC-40 rose 0.81 percent.

http://biz.yahoo.com/ap/070629/wall_street.html?.v=43
Stocks Fall on Oil, Subprime Concerns
Friday June 29, 5:48 pm ET
By Madlen Read, AP Business Writer
Wall Street Dips As Worries Over Subprime Lending, Oil Prices Offset Upbeat Economic Data

NEW YORK (AP) -- Stocks slid Friday as investors, securing positions before the second half of the year begins, sold off due to rising oil prices and lingering worries about subprime mortgage lending troubles.

The erratic day capped off a strong second quarter for Wall Street, which pushed the Dow Jones industrial average up more than 1,000 points over the last three months.

The stock market initially rose Friday, encouraged by Commerce Department data that fit well with the Federal Reserve's assessment Thursday that the economy appears to be growing moderately and that inflation, while still a concern, seems to be easing.

Friday's reports said May construction spending rose by the largest amount in nearly 1-1/2 years and consumer spending increased for the second month in a row. The data also indicated that "core" prices, which strip out food and energy, moderated to 1.9 percent over the last 12 months -- the lowest year-over-year rate since 2004.

But the stock market couldn't hold on to gains, as oil prices surged above $70 a barrel and jitters about subprime lending escalated.

"Oil's over $70, and that's going to worry some people," said Brian Gendreau, investment strategist for ING Investment Management. "And there's still a bit of a hangover from all these subprime problems. ... No one really knows the extent to which this is a serious problem or not."

Last week, Bear Stearns & Cos. had to bail out a hedge fund with investments tied to subprime loans. The stock fell nearly 3 percent Friday, and other financial companies followed.

The Dow fell 13.66, or 0.10 percent, to 13,408.62, after swinging dramatically higher and lower over the course of the day. The index rose 1,054.27 points, or 8.53 percent, during the second quarter, and hit its most recent record high on June 4.

Broader stock indicators also dipped Friday. The Standard & Poor's 500 index fell 2.36, or 0.16 percent, to 1,503.35, and the Nasdaq composite index fell 5.14, or 0.20 percent, to 2,603.23.

The S&P rose 82.49 points, or 5.81 percent, in the second quarter, during which it reached record closing levels for the first time since March 2000. The Nasdaq rose 181.59 points, or 7.50 percent.

Bonds rose Friday on heightened fears of terrorist activity in Great Britain. The yield on the benchmark 10-year Treasury note fell to 5.03 percent from 5.11 percent late Thursday. The dollar slipped against most other major currencies. Gold prices edged higher.

Oil futures jumped $1.11 to $70.68 a barrel on the New York Mercantile Exchange. Crude closed above the psychologically important $70 level for the first time this year due to tight U.S. gasoline supplies.

Analysts said Friday's stock market fluctuations were mostly a function of high volatility and end-of-quarter selling.

"I don't read too much into the market on Friday; it's a lot of the same old, same old," said Robert Schaeffer, portfolio manager of the Becker Value Equity Fund. "There's probably some window dressing going on out there, some minor rebalancing, so there's some fluff in the market."

Friday's economic news was positive, overall.

The University of Michigan's monthly index of consumer sentiment slipped in June compared to May by a smaller amount than expected, as did the Chicago Purchasing Manager's Index -- a precursor to the Institute for Supply Management's manufacturing index on Monday. The PMI, which measures Midwest manufacturing activity, also showed a decrease in its prices-paid index, a sign that inflation is easing.

Meanwhile, the U.S. Department of Agriculture said farmers this year planted 92.9 million acres of corn, a 19 percent jump from 2006 and the most corn planted since the last days of World War II.

In corporate news, Apple Inc. released its iPhone to the public. The gadget, which combines the functions of a cell phone, iPod and wireless Web browser, was to go on sale in the United States at Apple and AT&T stores at 6 p.m. Friday in each time zone. Apple rose $1.48 to $122.04.

If the iPhone is a hit, it could cause weakness among other smart phone makers.

Palm Inc. on Thursday posted lower earnings for its latest quarter as sales of its signature Treo phone were offset by a downturn in handheld computers. Palm fell 54 cents, or 3.3 percent, to $16.02.

BlackBerry maker Research in Motion Corp. certainly wasn't suffering, however, after announcing late Thursday a 3-for-1 stock split and a 73 percent surge in first-quarter profit. Research in Motion soared $34.40, or 20.8 percent, to $199.99.

The Russell 2000 index of smaller companies fell 5.33, or 0.64 percent, to 833.70. It rose 4.12 percent in the second quarter.

Declining issues outpaced advancers by about 9 to 7 on the New York Stock Exchange, where consolidated volume came to 3.10 billion shares, up from 2.93 billion shares Thursday.

Overseas, Japan's Nikkei stock average rose 1.15 percent. Britain's FTSE 100 rose 0.56 percent, Germany's DAX index rose 1.09 percent, and France's CAC-40 rose 0.81 percent.

The Dow Jones industrial average ended the week up 48.36, or 0.36 percent, at 13,408.62. The Standard & Poor's 500 index finished up 0.79, or 0.05 percent, at 1,503.35. The Nasdaq composite index ended up 14.27, or 0.55 percent, at 2,603.23.

The Russell 2000 index finished the week down 1.05, or 0.13 percent, at 833.70.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 15,210.65, up 7.33 points for the week. A year ago, the index was at 12,845.77.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 126 points on Monday July 2:

Symbol ----- Last --- Change
Dow 13,535.43 +126.81 (0.95%)
Nasdaq 2,632.30 +29.07 (1.12%)
S&P 500 1,519.43 +16.08 (1.07%)
10-Yr Bond 4.9980% -0.0350
NYSE Volume 2,589,076,000
Nasdaq Volume 1,928,317,000

Overseas
Japan's Nikkei stock average rose 0.04 percent. Britain's FTSE 100 fell 0.26 percent, Germany's DAX index declined 0.61 percent, and France's CAC-40 lost 0.46 percent.

http://biz.yahoo.com/ap/070702/wall_street.html?.v=46
Stocks Rally As Bond Yields Dip
Monday July 2, 5:27 pm ET
By Madlen Read, AP Business Writer
Wall Street Rises on Falling Bond Yields, Recovery in Manufacturing

NEW YORK (AP) -- Wall Street soared Monday in the first day of trading for the third quarter, boosted by a decline in Treasury yields, a rise in June manufacturing activity and a spate of buyout news.

The Dow Jones industrial average gained more than 120 points after the Institute for Supply Management's June manufacturing index came in at 56.0, slightly higher than the market expected and indicating stronger expansion than May's reading of 55.0. The report also showed a decrease in its prices paid index, suggesting inflation pressures lifted a bit last month and easing some of the market's worries about the Federal Reserve's interest rate policy.

Meanwhile, the 10-year Treasury note's yield fell below 5 percent from 5.03 percent late Friday, dampened as investors flocked to the safe-haven assets amid ongoing jitters about subprime lending. In mid-June, Bear Stearns & Cos. had to bail out a hedge fund with investments tied to subprime mortgages.

Investors were also enthusiastic about new takeover activity, involving such targets as Canadian telecommunications company BCE Inc., rural wireless provider Dobson Communications Corp. and British telecommunications company Virgin Media Inc.

"There's favorable economic news and continuing merger talk. That's a pretty good recipe for the market," said Stuart Schweitzer, managing director and global markets strategist for JPMorgan Private Bank. He added, though, that the market has been seesawing in recent weeks and trading volumes are light, so the market's gain should not be interpreted as a turnaround just yet.

"I think the movie's going to end well this year, but there are still going to be some scenes where we'll have to take our eyes away from the screen," Schweitzer said, pointing to persistent sluggishness in the housing market and nervousness over credit problems.

The Dow rose 126.81, or 0.95 percent, to 13,535.43.

Broader stock indicators also rose. The Standard & Poor's 500 index gained 16.08, or 1.07 percent, to 1,519.43, and the Nasdaq composite index jumped 29.07, or 1.12 percent, to 2,632.30.

The combination of retreating yields and reports of fresh buyout activity gave some relief to investors who were worried about business slowing down due to high rates.

"There's a little positive to the subprime woes, that being that interest rates are dropping now," said Steven Goldman, chief market strategist at Weeden & Co. in Greenwich, Conn. The 10-year Treasury note's yield breached the 5 percent level in early June for the first time since last year, hit a peak of nearly 5.30 percent, and have since retreated. High rates can hamper deal making.

BCE rose $1.66, or 4.4 percent, to $39.45 after a $32.6 billion buyout offer over the weekend -- the biggest Canadian takeover ever -- from a consortium led by the Ontario Teachers Pension Plan Board.

The news followed AT&T's announcement Friday that it agreed to buy Dobson for $2.8 billion. Dobson rose $1.31, or 11.8 percent, to $12.40 Monday, while AT&T rose 35 cents to $41.85.

On Monday, Virgin Media confirmed it received a buyout offer, following reports that private equity firm the Carlyle Group bid more than $11 billion for the company. Virgin Media soared $4.30, or 17.6 percent, to $28.67.

The Carlyle Group also made an offer for nursing home chain Manor Care Inc., valued at $4.9 billion. Manor Care slipped $1.19 to $64.10.

Investors appeared unfazed Monday by high oil prices. Crude oil futures on the New York Mercantile Exchange initially fell, but then rebounded to rise 41 cents to $71.09 a barrel -- closing above $71 for the first time in 10 months.

The dollar fell against most other major currencies, while gold prices rose.

Advancing issues outnumbered decliners by about 4 to 1 on the New York Stock Exchange, where volume came to 1.38 billion shares, down from 1.66 billion shares Friday.

Trading volumes are fairly low ahead of the Independence Day holiday on Wednesday, when U.S. stock exchanges will be closed. The markets are also closing early on Tuesday.

Two big pieces of data this week include the ISM's index of the service sector in June, to be released Thursday, and the Labor Department's jobs report, scheduled to come out Friday.

No major earnings reports are scheduled to be released this week, but investors will keep an eye out for profit warnings ahead of the second-quarter earnings season, which starts the third week of July.

The Russell 2000 index of smaller companies rose 11.36, or 1.36 percent, to 845.06.

Overseas, Japan's Nikkei stock average rose 0.04 percent. Britain's FTSE 100 fell 0.26 percent, Germany's DAX index declined 0.61 percent, and France's CAC-40 lost 0.46 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 126 points on Tuesday July 3:
-- NYSE closed early today at 1:00 PM for July 4 holiday and hence volumes down.

Sym -----Last ----Change-----
Dow 13,577.30 +41.87 (0.31%)
Nasdaq 2,644.95 +12.65 (0.48%)
S&P 500 1,524.87 +5.44 (0.36%)
10-Yr Bond 5.0500% +0.0520
NYSE Volume 1,560,789,000
Nasdaq Volume 1,096,143,000

Overseas
Japan's Nikkei stock average rose 0.02 percent. Britain's FTSE 100 rose 0.75 percent, Germany's DAX index added 1.16 percent, and France's CAC-40 rose 0.71 percent.

http://biz.yahoo.com/ap/070703/wall_street.html?.v=37
Stocks Rise Ahead of Holiday
Tuesday July 3, 6:06 pm ET
By Madlen Read, AP Business Writer
Wall Street Rises Moderately on New M&A Activity, Factory Order Data
NEW YORK (AP) -- Wall Street advanced Tuesday ahead of the July 4th holiday as investors drew confidence from a smaller-than-expected dip in factory orders and new merger-and-acquisition activity.

The market was relieved to hear from the Commerce Department that U.S. factories saw demand dip in May by just 0.5 percent; most analysts had predicted a decline of more than 1 percent.

Takeover news gave the market an extra boost. Kraft Foods Inc. said it offered $7.2 billion to buy the biscuit division of French food company Groupe Danone SA; Canadian miner Teck Cominco Ltd. bid 4.1 billion Canadian dollars, or $3.87 billion, for Canadian copper miner Aur Resources Inc.; and a major Wendy's International Inc. shareholder said he is considering buying the hamburger chain.

The M&A activity helped the stock market extend Monday's steep gains, but most analysts aren't taking this week's movements too seriously, given that trading volumes are low. The stock market closed early at 1 p.m. EDT.

"Historically, the two days leading up to the July 4th holiday have been positive for the equity markets," said Michael Sheldon, chief market strategist at Spencer Clarke LLC. Investors shouldn't breathe a sigh of relief just yet; the few days after July 4th are often negative, he said, and the market's recent choppiness is expected to continue after that.

"In general, volatility levels have been rising over the last couple of weeks. You're likely to see a pickup in volatility in the third quarter," Sheldon said.

The Dow Jones industrial average rose 41.87, or 0.31 percent, to 13,577.30, adding to Monday's 126.81-point gain.

Broader stock indicators also climbed. The Standard & Poor's 500 index gained 5.44, or 0.36 percent, to 1,524.87, and the Nasdaq composite index lifted 12.65, or 0.48 percent, to 2,644.95.

Bonds fell after the better-than-anticipated factory orders data. The yield on the benchmark 10-year Treasury note rose 5.04 percent from 4.99 percent late Monday.

Homebuilders declined after the National Association of Realtors reported its index for pending sales of existing homes declined in May for the third straight month; however, the broader market shrugged off the data.

Kraft fell 87 cents to $34.66 after saying it made an offer to buy such European brands as LU, Petit Dejeuner, Tuc, and Mikado from Danone. Danone, which rose 1.3 percent in Paris trading, said its board is considering the bid on an exclusive basis.

Wendy's rose $1, or 2.7 percent, to $38.39 after billionaire investor Nelson Peltz said in a letter to Wendy's chairman that his company, which owns fast-food chain Arby's, would be a "natural, strategic buyer" for Wendy's, but that Wendy's is preventing him from doing so.

The financial sector helped lead stocks higher Tuesday, with Merrill Lynch & Co. and JPMorgan Chase & Co. each rising more than 1 percent and Goldman Sachs Group Inc. climbing 2.5 percent.

Airline stocks also jumped Tuesday, after Continental Airlines Inc. reported stronger-than-expected growth in June unit revenue. Continental climbed 11.1 percent; American Airlines parent AMR Corp. rose 4.8 percent; and US Airways Group Inc. rose 7 percent.

Caterpillar Inc., one of the 30 Dow components, declined after being downgraded by a UBS analyst. The heavy machinery maker, which had been the biggest gainer in the Dow Monday, was the blue-chip index's biggest loser Tuesday, falling $2.46, or 3.1 percent, to $77.99.

A barrel of light sweet crude rose 32 cents to settle at $71.41 on the New York Mercantile Exchange. Though the average U.S. retail price of a gallon of gasoline has fallen below $3, crude futures have been trading at 10-month highs.

The dollar rose against most other major currencies, except the British pound, which has strengthened to 26-year highs versus the U.S. currency. Gold prices slipped.

Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where consolidated volume came to 1.52 billion shares -- down from 2.50 billion shares Monday, which was a full day of trading.

The Russell 2000 index of smaller companies rose 3.14, or 0.37 percent, to 848.20.

Overseas, Japan's Nikkei stock average rose 0.02 percent. Britain's FTSE 100 rose 0.75 percent, Germany's DAX index added 1.16 percent, and France's CAC-40 rose 0.71 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE was closed yesterday for the 4th of July Independence Day holiday

 

[bigdog]

The NYSE DOW closed LOWER by 11 points on Thursday July 5:
-- Nasdaq up 11 points

Sym -----Last ----Change-----
Dow 13,565.84 -11.46 (0.08%)
Nasdaq 2,656.65 +11.70 (0.44%)
S&P 500 1,525.40 +0.53 (0.03%)
10-Yr Bond 5.14% +0.09
NYSE Volume 2,623,619,000
Nasdaq Volume 1,709,125,000

Overseas
The often-volatile Shanghai Composite Index plunged 5.3 percent on worries about government steps to cool down the market and concerns that several new share listings could dampen prices.

Japan's Nikkei stock average rose despite the drop in China's stock market, gaining 0.29 percent. Britain's FTSE 100 fell 0.57 percent, Germany's DAX index fell 1.09 percent, and France's CAC-40 fell 0.63 percent.

http://biz.yahoo.com/ap/070705/wall_street.html?.v=64
Stocks End Mixed As Bond Yields Rise
Thursday July 5, 5:34 pm ET
By Madlen Read, AP Business Writer
Wall Street Mixed As Bond Yields Rise, Service Sector Shows Growth

NEW YORK (AP) -- Stocks closed mixed in uneven post-holiday trading Thursday as a rebound in bond yields stifled Wall Street's excitement about new buyout activity and strength in the U.S. service sector.

The Institute for Supply Management's index of service sector activity rose to 60.7 in June from 59.7 in May, indicating that non-manufacturing industries saw slightly faster expansion. The figure was better than expected, fueling sentiment that the economy is recovering from a slow first quarter.

However, the data weighed on bond prices, which were already weak after payroll company Automatic Data Processing and consultancy Macroeconomic Advisers said the private sector added 150,000 jobs last month -- a good sign that the Labor Department's report on June nonfarm payrolls Friday will show a solid rise.

As bond prices fell, the 10-year Treasury note's yield shot up to 5.14 percent Thursday from 5.04 percent Tuesday, ahead of the July 4th holiday. On Monday, the 10-year yield had slipped below the 5 percent level for the first time since early June.

Robust data can be double-edged for the stock market; though investors want the economy to strengthen, they remain worried that it will cause interest rates to rise, which can slow down business.

But the 10-year Treasury yield would have to rise significantly to do any real damage to the stock market, said Joe Balestrino, a portfolio manager at Federated Investors Inc. "If things are good, yields are supposed to be a little higher."

Also hurting the Dow Jones industrial average was General Motors Corp., one of the blue-chip index's 30 components. GM was downgraded by a Bear Stearns analyst after the automaker on Tuesday posted a 21.3 percent drop in June sales compared to last year.

The Dow fell 11.46, or 0.08 percent, to 13,565.84.

Broader stock indicators were narrowly mixed. The Standard & Poor's 500 index rose 0.53, or 0.03 percent, to 1,525.40, while the Nasdaq composite index rose 11.70, or 0.44 percent, to 2,656.65.

The technology-laden Nasdaq was lifted in part by Apple Inc., which rose $5.71, or 4.5 percent, to $132.88 after hitting an all-time high on continued enthusiasm over the iPhone. BlackBerry maker Research In Motion Ltd. also buoyed the Nasdaq, reaching a record high after saying it got cleared to sell its smartphones in China. Research in Motion rose $8.34, or 4 percent, to $216.28.

Many on Wall Street remained confident about stocks amid takeover news. Hilton Hotels Corp. agreed Tuesday to an all-cash buyout from Blackstone Group in a $20.1 billion deal; chemical company Huntsman Corp. said Wednesday a private equity firm made a cash buyout offer of about $6 billion that trumps last week's bid from a Dutch company; and a Coca-Cola Co. spokesman said Wednesday the company is looking into buying Cadbury Schweppes PLC's Snapple iced tea brand or building its own tea brand.

After agreeing to private equity buyouts, Hilton Hotels soared $9.40, or 26.1 percent, to $45.45, and Huntsman jumped $3.06, or 12.5 percent, to $27.46.

Coca-Cola slipped 26 cents to $52.64, while GM fell $1.20, or 3.2 percent, to $36.78 after the analyst downgrade.

The dollar rose against most major currencies on strong U.S. economic data, and gold prices fell. Meanwhile, the European Central Bank indicated it might raise rates later in the year than some analysts had expected, pressuring the euro lower.

Light, sweet crude futures bounced back from earlier losses, rising 40 cents to $71.81 a barrel on the New York Mercantile Exchange. Unrest in Nigeria, a major U.S. oil supplier, offset a report from the Energy Department showing oil and gasoline inventories increased last week.

Declining issues outnumbered advancers by about 4 to 3 on the New York Stock Exchange, where consolidated volume came to 2.62 billion shares, up from 1.52 billion shares in Tuesday's abbreviated session. Trading volumes remained relatively light with many of the big players out of the office following the July 4th holiday.

"Direction buyers aren't there," said Bill Groenveld, head trader for vFinance Investments.

The Russell 2000 index of smaller companies rose 1.93, or 0.23 percent, to 850.13.

Overseas, the often-volatile Shanghai Composite Index plunged 5.3 percent on worries about government steps to cool down the market and concerns that several new share listings could dampen prices.

Japan's Nikkei stock average rose despite the drop in China's stock market, gaining 0.29 percent. Britain's FTSE 100 fell 0.57 percent, Germany's DAX index fell 1.09 percent, and France's CAC-40 fell 0.63 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com