NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

A deal to forge stronger ties between most of Europe's economies sent stocks sharply higher Friday as hopes grew that the region is close to resolving its debt crisis. The Dow Jones industrial average rose 186 points.

The Dow and S&P 500 both had their second straight week of gains. Financial stocks rose the most over the week as worries eased about Europe. The yield on the 10-year Treasury note rose back above 2 percent as investors shed low-risk investments.

All 17 nations that use the euro agreed to sign a treaty that allows a central European authority closer oversight of their budgets. Nine other EU nations are considering it. Britain is the lone holdout.

The agreement came after marathon overnight talks among European leaders at a two-day summit in Brussels. A deal on tighter fiscal control is considered a crucial step before the European Central Bank will consider committing more money to lower borrowing costs of heavily indebted countries like Italy and Spain by buying their bonds.

Ryan Detrick, senior technical strategist with Schaffer's Investment Research, cautioned that investors have been disappointed by Europe's previous efforts to contain its debt crisis. The market will likely remain volatile in the coming weeks, Detrick said, because the Europe plan is "only a minor step" toward a solution.

"We've seen these agreements before, and they can just as easily deteriorate," Detrick said.

The Dow closed up 186.56 points, or 1.6 percent, at 12,184.26. It's up 1.4 percent for the week.

Bank stocks led the market higher, reflecting traders' optimism about Europe's progress toward solving its crisis. Citigroup Inc. rose 3.7 percent, Morgan Stanley 3.1 percent and JPMorgan Chase & Co. 3 percent.

Banks have been weighed down for months by fears about their exposure to Europe. The biggest European banks have been downgraded. If Europe's crisis spins out of control, U.S. banks that do business with them would also suffer because of the closely intertwined relationships between global lenders and financial markets.

The Standard & Poor's 500 index closed up 20.84 points, or 1.7 percent, at 1,255.19. The Nasdaq composite index finished up 50.47, or 1.9 percent, at 2,646.85. The S&P is up 0.9 percent for the week, the Nasdaq 0.8 percent.

The NYSE DOW NYSE DOW closed +186.56 points HIGHER or +1.55% on Friday December 9
Sym .......Last .......Change..........
Dow 12,184.26 +186.56 +1.55%
Nasdaq 2,646.85 +50.47 +1.94%
S&P 500 1,255.19 +20.84 +1.69%
30-yr Bond 3.1000 % +0.1030

NYSE Volume 3,830,617,250
Nasdaq Volume 1,680,372,375

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,529.21 +45.44 +0.83%
DAX 5,986.71 +112.27 +1.91%
CAC 40 3,172.35 +76.86 +2.48%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,264.10 -74.80 -1.72%
Shanghai Comp 2,315.27 -14.55 -0.62%
Taiwan Wei... 6,893.30 -89.60 -1.28%
Nikkei 225 8,536.46 -128.12 -1.48%
Hang Seng 18,586.23 -521.58 -2.73%
Strait Times 2,694.60 -33.71 -1.24%

http://finance.yahoo.com/news/Stocks-close-higher-Europe-apf-530243834.html?x=0

Stocks close higher as Europe nears budget pact

Stocks close sharply higher as most of Europe agrees to fiscal coordination plan

By Daniel Wagner, AP Business Writer

A deal to forge stronger ties between most of Europe's economies sent stocks sharply higher Friday as hopes grew that the region is close to resolving its debt crisis. The Dow Jones industrial average rose 186 points.

The Dow and S&P 500 both had their second straight week of gains. Financial stocks rose the most over the week as worries eased about Europe. The yield on the 10-year Treasury note rose back above 2 percent as investors shed low-risk investments.

All 17 nations that use the euro agreed to sign a treaty that allows a central European authority closer oversight of their budgets. Nine other EU nations are considering it. Britain is the lone holdout.

The agreement came after marathon overnight talks among European leaders at a two-day summit in Brussels. A deal on tighter fiscal control is considered a crucial step before the European Central Bank will consider committing more money to lower borrowing costs of heavily indebted countries like Italy and Spain by buying their bonds.

Ryan Detrick, senior technical strategist with Schaffer's Investment Research, cautioned that investors have been disappointed by Europe's previous efforts to contain its debt crisis. The market will likely remain volatile in the coming weeks, Detrick said, because the Europe plan is "only a minor step" toward a solution.

"We've seen these agreements before, and they can just as easily deteriorate," Detrick said.

The Dow closed up 186.56 points, or 1.6 percent, at 12,184.26. It's up 1.4 percent for the week.

Bank stocks led the market higher, reflecting traders' optimism about Europe's progress toward solving its crisis. Citigroup Inc. rose 3.7 percent, Morgan Stanley 3.1 percent and JPMorgan Chase & Co. 3 percent.

Banks have been weighed down for months by fears about their exposure to Europe. The biggest European banks have been downgraded. If Europe's crisis spins out of control, U.S. banks that do business with them would also suffer because of the closely intertwined relationships between global lenders and financial markets.

The Standard & Poor's 500 index closed up 20.84 points, or 1.7 percent, at 1,255.19. The Nasdaq composite index finished up 50.47, or 1.9 percent, at 2,646.85. The S&P is up 0.9 percent for the week, the Nasdaq 0.8 percent.

The gains were broad. DuPont was the only stock among the 30 in the Dow average to fall. The chemical and materials company slid 3.2 percent after saying it expects earnings this year will fall well short of Wall Street's forecasts because of weak demand for electronics and industrial supplies.

It was the second consecutive week of gains for all three indexes. Stocks were pummeled two weeks ago as borrowing costs soared for European nations such as Italy. They recovered last week after the world's major central banks announced a program to give commercial banks easier, cheaper access to loans in U.S. dollars.

Both the Dow and the S&P have risen 14 percent since hitting yearly lows on Oct. 3. Only the Dow, however, is higher for the year. The Dow's up 5.2 percent for 2011; the S&P and Nasdaq are each down 0.2 percent.

Trading volume was very light. Just 3.6 billion shares were traded on the New York Stock Exchange, well below the recent daily average of 4.7 billion.

The yield on the 10-year Treasury note rose to 2.07 percent from 1.97 percent late Thursday, signaling lower demand for ultra-safe investments. The rise followed news that a survey of U.S. consumer sentiment hit a six-month high this month, better than Wall Street expected. Stocks barely reacted.

"The U.S. is showing definite signs of improving on the economic front, yet we almost ignore it, and every day we seem to focus on European issues," Detrick said.

Many think the only path out of the debt crisis is a more active role by the European Central Bank, which can buy up government debt to keep nations' borrowing costs down. It currently buys bonds in the markets, but only reluctantly, and in small quantities.

Germany and France, the two biggest economies in the euro zone, had hoped to persuade all 27 members of the European Union to change an EU treaty and impose tight fiscal rules on its members. Britain refused to join in because it wanted to be exempt from proposed financial rules.

Among other companies making big moves:

— Pall Corp. surged 7.9 percent after the filtration equipment maker reported fiscal first-quarter earnings that far exceeded analysts' expectations.

— The Cooper Cos. Inc. leaped 16.6 percent after the eye care company topped expectations with its fiscal fourth-quarter performance.

— GE rose 3.2 percent after the manufacturing giant said it will increase its quarterly dividend by 2 cents to 17 cent per share, GE's fourth increase in two years.

0910

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed sharply lower Monday after two big rating agencies criticized a fiscal pact between European leaders last week that is aimed at easing the region's debt crisis.

Fitch Ratings said the deal to bind Europe's budgets more closely will make little difference. The region will face "a significant economic downturn" as it wrestles with its sovereign debt crisis for another year or more, Fitch predicted.

The Dow Jones industrial average dropped as many as 243 points in afternoon trading before closing down 163. Intel Corp. dragged the Dow lower, falling 4 percent after the chipmaker said its fourth-quarter revenue will be lower than expected because of supply chain problems. Intel is considered a bellwether for the computer industry because its chips are used in a wide range of products.

The euro hit a 10-week low against the dollar, plunging nearly 2 cents. Yields on Italian bonds rose as investors fretted about that nation's debt burden. European stocks fell.

Moody's Investors Service said that it will review the credit ratings of all European Union nations in the first quarter of next year. The statement doused optimism among investors that had lifted stocks and other risky assets late last week.

The summit produced "few new measures" and Europe remains in a "critical and volatile stage," Moody's said in a published report. The pact, Moody's noted, does not address Europe's immediate problem: the crushing debt loads of some nations and their rising borrowing costs.

The agreement "kicks off a process that has a chance of solving the next crisis, not this one," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott. "The problem is the changes they've agreed to go toward solving the root of current problems 12 months from now."

Stocks fell broadly, with declines across all 10 industry groups in the Standard & Poor's 500 index and 28 of the 30 stocks in the Dow.

The Dow closed down 162.87 points, or 1.3 percent, at 12,021.39. The S&P 500 lost 18.72, or 1.5 percent, to close at 1,236.47. The Nasdaq composite index dropped 34.59, or 1.3 percent, to close at 2,612.26.

The NYSE DOW NYSE DOW closed -162.87 points LOWER or -1.34% on Monday December 12
Sym .......Last .......Change..........
Dow 12,021.39 -162.87 -1.34%
Nasdaq 2,612.26 -34.59 -1.31%
S&P 500 1,236.47 -18.72 -1.49%
30-yr Bond 3.0500 % -0.0540

NYSE Volume 3,638,212,750
Nasdaq Volume 1,579,970,250

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,427.86 -101.35 -1.83%
DAX 5,785.43 -201.28 -3.36%
CAC 40 3,089.59 -82.76 -2.61%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,311.40 +47.30 +1.11%
Shanghai Comp 2,291.54 -23.73 -1.02%
Taiwan Wei... 6,949.04 +55.74 +0.81%
Nikkei 225 8,653.82 +117.36 +1.37%
Hang Seng 18,575.66 -10.57 -0.06%
Straits Times 2,701.72 +7.12 +0.26%

http://finance.yahoo.com/news/Stocks-fall-rating-agencies-apf-479626456.html?x=0

Stocks fall as rating agencies knock euro deal

US stocks fall as rating agencies knock Europe's fiscal pact; fears about debt crisis persist



NEW YORK (AP) -- Stocks closed sharply lower Monday after two big rating agencies criticized a fiscal pact between European leaders last week that is aimed at easing the region's debt crisis.

Fitch Ratings said the deal to bind Europe's budgets more closely will make little difference. The region will face "a significant economic downturn" as it wrestles with its sovereign debt crisis for another year or more, Fitch predicted.

The Dow Jones industrial average dropped as many as 243 points in afternoon trading before closing down 163. Intel Corp. dragged the Dow lower, falling 4 percent after the chipmaker said its fourth-quarter revenue will be lower than expected because of supply chain problems. Intel is considered a bellwether for the computer industry because its chips are used in a wide range of products.

The euro hit a 10-week low against the dollar, plunging nearly 2 cents. Yields on Italian bonds rose as investors fretted about that nation's debt burden. European stocks fell.

Moody's Investors Service said that it will review the credit ratings of all European Union nations in the first quarter of next year. The statement doused optimism among investors that had lifted stocks and other risky assets late last week.

The summit produced "few new measures" and Europe remains in a "critical and volatile stage," Moody's said in a published report. The pact, Moody's noted, does not address Europe's immediate problem: the crushing debt loads of some nations and their rising borrowing costs.

The agreement "kicks off a process that has a chance of solving the next crisis, not this one," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott. "The problem is the changes they've agreed to go toward solving the root of current problems 12 months from now."

Stocks fell broadly, with declines across all 10 industry groups in the Standard & Poor's 500 index and 28 of the 30 stocks in the Dow.

The Dow closed down 162.87 points, or 1.3 percent, at 12,021.39. The S&P 500 lost 18.72, or 1.5 percent, to close at 1,236.47. The Nasdaq composite index dropped 34.59, or 1.3 percent, to close at 2,612.26.

Financial stocks had some of the steepest declines. Investors fear that big banks might be damaged by the turmoil in Europe. Morgan Stanley fell 6.1 percent, Citigroup Inc. 5.4 percent. Bank of America Corp. and JPMorgan Chase & Co. posted the biggest and third-biggest losses in the Dow 30, falling 4.7 percent and 3.4 percent, respectively.

The warning from Moody's helped deflate optimism about last week's pact, which called for tougher fiscal discipline among European countries and a central authority with the ability to punish those that spend too much.

The yield on the 10-year Treasury note fell to 2.02 percent from 2.07 percent late Friday, indicating stronger demand for low-risk investments. Bond yields fall as demand for them increases.

Fears that Italy or Spain will default reduced demand for their government bonds, driving their yields higher and pushing their borrowing costs near the dangerous levels that forced Greece, Portugal and Ireland to take bailouts. The yield on the 10-year Italian bond rose to 6.53 percent. Greece and Portugal were forced to seek bailouts from their creditors when their bond yields approached 7 percent.

Stocks in Italy led European markets to a much lower close. Italy's main index closed down 3.8 percent. Germany's DAX lost 3.4 percent and Spain's fell 3.1 percent.

Among the top corporate movers:

”” Endo Pharmaceuticals Holdings Inc. jumped 6 percent after federal regulators approved a new form of one of its pain medications, extending its patent rights over the drug.

”” Diamond Foods Inc. plunged 22.8 percent after reports of an investigation of its payments to walnut farmers. Lawsuits already have been filed, and more are expected.

”” Vulcan Materials Co. shot up 15.4 percent, the most in the S&P 500, after Martin Marietta Materials Inc. made an unsolicited bid to buy the company for $4.74 billion in stock. Martin Marietta rose 1.2 percent.

 

[bigdog]

Source: http://finance.yahoo.com

A late afternoon slide pulled stock indexes lower after the Federal Reserve held off on any new steps to boost the economy. The Fed cautioned that strains in global financial markets still pose a danger, a nod to Europe's debt crisis.

The Dow Jones industrial average fell 66.45 points, or 0.6 percent, to close at 11,954.94. The Dow dropped more than 70 points in the last hour of trading and had risen as high as 126 points earlier Tuesday after two strong auctions of European debt.

The Standard & Poor's 500 index fell 10.74 points, or 0.9 percent, to 1,225.73. The Nasdaq composite fell 32.99 points, or 1.3 percent, to 2,579.27.

The Federal Reserve portrayed the U.S. economy as slightly healthier but cautioned that it remains vulnerable to the European debt crisis. "Strains in global financial markets continue to pose significant downside risks to the economic outlook," the Fed said. Stock indexes turned lower after the Fed released its policy statement at 2:15 p.m.

Stocks had been higher for most of the day after the Spanish government was able to sell short-term debt at much lower interest rates compared with a month ago, a signal that markets are becoming less fearful about the government's ability to repay its debt.

In its first sale of short-term bills, the European Financial Stability Fund raised 1.9 billion euros ($2.6 billion) from investors at an average rate of 0.22 percent. That's below the rate Germany pays for the similar bills. "This is an amazing success," Carl Weinberg, chief economist at High Frequency Economics, wrote in a note to clients.

The Dow sank 162 points Monday when Moody's and Fitch warned that the fiscal agreement reached last week among European leaders fell far short of what was needed to contain that region's debt crisis.

Barring any big news out of Europe, stocks are likely to be stuck in a range for the rest of the week, said Tim Hoyle, director of research at Haverford Investments. Trying to guess which way the market is going to go any day is a "fool's errand," he said.

The NYSE DOW NYSE DOW closed 66.45 points LOWER or -0.55% on Tuesday December 13
Sym .......Last .......Change..........
Dow 11,954.94 -66.45 -0.55%
Nasdaq 2,579.27 -32.99 -1.26%
S&P 500 1,225.73 -10.74 -0.87%
30-yr Bond 3.0000 % -0.0470

NYSE Volume 4,081,448,500
Nasdaq Volume 1,770,145,500

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,490.15 +62.29 +1.15%
DAX 5,774.26 -11.17 -0.19%
CAC 40 3,078.72 -10.87 -0.35%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,251.70 -59.70 -1.38%
Shanghai Comp 2,248.59 -42.95 -1.87%
Taiwan Wei... 6,896.31 -52.73 -0.76%
Nikkei 225 8,552.81 -101.01 -1.17%
Hang Seng 18,447.17 -128.49 -0.69%
Straits Times 2,688.44 -13.28 -0.49%

http://finance.yahoo.com/news/stock-gains-fade-fed-warns-201540833.html

Stock gains fade as Fed warns of market strains

Stocks drop as Fed refrains from new steps, cautions of strains in financial markets

By Matthew Craft, AP Business Writer

NEW YORK (AP) -- A late afternoon slide pulled stock indexes lower after the Federal Reserve held off on any new steps to boost the economy. The Fed cautioned that strains in global financial markets still pose a danger, a nod to Europe's debt crisis.

The Dow Jones industrial average fell 66.45 points, or 0.6 percent, to close at 11,954.94. The Dow dropped more than 70 points in the last hour of trading and had risen as high as 126 points earlier Tuesday after two strong auctions of European debt.

The Standard & Poor's 500 index fell 10.74 points, or 0.9 percent, to 1,225.73. The Nasdaq composite fell 32.99 points, or 1.3 percent, to 2,579.27.

The Federal Reserve portrayed the U.S. economy as slightly healthier but cautioned that it remains vulnerable to the European debt crisis. "Strains in global financial markets continue to pose significant downside risks to the economic outlook," the Fed said. Stock indexes turned lower after the Fed released its policy statement at 2:15 p.m.

Stocks had been higher for most of the day after the Spanish government was able to sell short-term debt at much lower interest rates compared with a month ago, a signal that markets are becoming less fearful about the government's ability to repay its debt.

In its first sale of short-term bills, the European Financial Stability Fund raised 1.9 billion euros ($2.6 billion) from investors at an average rate of 0.22 percent. That's below the rate Germany pays for the similar bills. "This is an amazing success," Carl Weinberg, chief economist at High Frequency Economics, wrote in a note to clients.

The Dow sank 162 points Monday when Moody's and Fitch warned that the fiscal agreement reached last week among European leaders fell far short of what was needed to contain that region's debt crisis.

Barring any big news out of Europe, stocks are likely to be stuck in a range for the rest of the week, said Tim Hoyle, director of research at Haverford Investments. Trying to guess which way the market is going to go any day is a "fool's errand," he said.

The Commerce Department reported Tuesday that retail sales rose for the sixth straight month in November. Sales increased just 0.2 percent, below what analysts had expected. But the government also revised the previous month's slightly higher. Hoyle called that the encouraging part. "It reassures you that the economy is going in the right direction," Hoyle said.

Consumer discretionary stocks fell more than the rest of the market. Electronics retailer Best Buy plunged 15 percent. The company said its third-quarter income sank 29 percent as it cut prices on tablets and TVs to drive sales and traffic during the busy holiday season.

Energy giants made gains as crude oil climbed back above $100. Exxon Mobil Corp. and Chevron Corp. added half a percent.

The Vix, a measure of stock market volatility, fell to 25 and has dropped 8 percent so far this month. The index remained above 30 from early August until last week. Hoyle said a sustained fall in the Vix usually is followed by a rise in stock prices. The recent trend "sets us up for a little Santa Claus rally between now and the end of the year."

In other corporate news:

”” Pfizer Inc. gained 1.8 percent, the most of the 30 companies in the Dow. The drugmaker said it plans to buy back up to $10 billion of its own stock.

”” Urban Outfitters jumped 5.3 percent, the most in the S&P 500 index, after the retailer said its sales were rising faster than analysts were expecting. The Philadelphia-based company owns Urban Outfitters stores, Anthropologie and Free People.

”” Sprint Nextel Corp. rose less than 1 percent as it looked like its rival AT&T Inc. would be unable to pull off an acquisition of T-Mobile USA. Sprint agreed to drop a lawsuit against AT&T now that the deal appears to be in jeopardy. Sprint had been lobbying to stop it.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow is now down 3 percent for the week, while S&P has lost 3.5 percent. The Nasdaq is down 4 percent.

A growing sense that Europe's leaders have failed to contain that region's debt crisis swept through financial markets Wednesday.

It started with the euro dropping below $1.30 for the first time since January and a jump in borrowing costs for Italian government debt. By the end of the trading day the Dow had lost 131 points, European stock indexes fell as much as 3 percent and gold dropped $76, ending below $1,600 an ounce for the first time in more than two months.

Investors dumped assets that might be seen as risky and piled into the most conservative ones around: the dollar and U.S. government debt.

The market appears to be in "sell now and ask questions later mode," said John Canally, investment strategist at LPL Financial.

Since European leaders reached an agreement to rein in future government budget deficits last week, investors and credit rating agencies have criticized the deal for failing to address current problems. "Markets are impatient," Canally said. "They still can't see how all these efforts will get this situation stabilized."

Italy had to pay higher borrowing rates in its last bond auction of the year Wednesday. The euro zone's third-largest economy paid 6.47 percent interest to borrow €3 billion ($3.95 billion) for five years, up from 6.30 percent just a month ago. The higher rates make it more expensive for Italy to borrow money and reflect rising doubts that the country will be able to repay its debts.

The Dow Jones industrial average fell 131.46 points, or 1.1 percent, to close at 11,823.48. Caterpillar Inc. fell 4.4 percent, the worst drop among the 30 stocks in the Dow.

The NYSE DOW NYSE DOW closed -131.46 points LOWER or -1.10% on Wednesday December 14
Sym .......Last .......Change..........
Dow 11,823.48 -131.46 -1.10%
Nasdaq 2,539.31 -39.96 -1.55%
S&P 500 1,211.82 -13.91 -1.13%
30-yr Bond 2.9000 % -0.0940

NYSE Volume 4,233,378,500
Nasdaq Volume 1,804,674,875

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,366.80 -61.06 -1.12%
DAX 5,675.14 -99.12 -1.72%
CAC 40 2,976.17 -102.55 -3.33%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,249.80 -1.90 -0.04%
Shanghai Comp 2,228.53 -20.06 -0.89%
Taiwan Wei... 6,922.57 +26.26 +0.38%
Nikkei 225 8,519.13 -33.68 -0.39%
Hang Seng 18,354.43 -92.74 -0.50%
Straits Times 2,672.39 -13.35 -0.50%

http://finance.yahoo.com/news/stocks-euro-slide-worries-europe-171614375.html

Stocks, euro slide as worries about Europe persist

Stocks fall as Europe shows further signs of weakness; euro falls below $1.30

By Matthew Craft, AP Business Writer

NEW YORK (AP) -- A growing sense that Europe's leaders have failed to contain that region's debt crisis swept through financial markets Wednesday.

It started with the euro dropping below $1.30 for the first time since January and a jump in borrowing costs for Italian government debt. By the end of the trading day the Dow had lost 131 points, European stock indexes fell as much as 3 percent and gold dropped $76, ending below $1,600 an ounce for the first time in more than two months.

Investors dumped assets that might be seen as risky and piled into the most conservative ones around: the dollar and U.S. government debt.

The market appears to be in "sell now and ask questions later mode," said John Canally, investment strategist at LPL Financial.

Since European leaders reached an agreement to rein in future government budget deficits last week, investors and credit rating agencies have criticized the deal for failing to address current problems. "Markets are impatient," Canally said. "They still can't see how all these efforts will get this situation stabilized."

Italy had to pay higher borrowing rates in its last bond auction of the year Wednesday. The euro zone's third-largest economy paid 6.47 percent interest to borrow €3 billion ($3.95 billion) for five years, up from 6.30 percent just a month ago. The higher rates make it more expensive for Italy to borrow money and reflect rising doubts that the country will be able to repay its debts.

The Dow Jones industrial average fell 131.46 points, or 1.1 percent, to close at 11,823.48. Caterpillar Inc. fell 4.4 percent, the worst drop among the 30 stocks in the Dow.

Canally said the fear that another bank failure will lead to a financial crisis like Lehman Brothers did in 2008 overshadows everything else, he said. Markets are so jittery now that traders see a slight drop in the euro or a small rise in Italian government bond yields as a step toward a wider collapse.

The Standard & Poor's 500 index fell 13.91 points, or 1.1 percent, to 1,211.82. The Nasdaq fell 39.96, or 1.6 percent to 2,539.31.

Gold dropped 4.6 percent to settle at $1,586, the lowest closing price since July. Commodity prices tend to fall when the dollar gains strength, since a stronger dollar makes it more expensive for investors using other currencies to buy commodities, which are priced in dollars.

The yield on the 10-year Treasury note dropped to 1.91 percent from 1.96 percent late Tuesday as demand increased for ultrasafe assets. High demand for U.S. government debt helped the government sell $13 billion in 30-year bonds at a record low rate of 2.92 percent. In a note to clients, strategists at Nomura said "the insatiable appetite" for Treasurys at such low yields implies that bond buyers are readying themselves for "the end-of-the-euro-trade."

The dollar also rose against other currencies. The euro shed about a penny against the dollar to $1.29 and has now lost 3 percent in three days.

European markets fell broadly. Germany's DAX dropped 1.7 percent; France's main stock index lost 3.3 percent.

Energy stocks led the U.S. stock market lower after the price of crude oil lost $5 to $94.95 a barrel. Apache Corp. shed 5 percent and Chevron Corp 2.9 percent.

First Solar Inc. plunged 21 percent, the biggest drop in the S&P 500, after the country's largest solar company slashed its earnings estimate for the year. The solar industry has been hit hard by slower economic growth around the world and as government funding for alternative energy projects has dried up.

Avon jumped 5 percent, the largest gain in the S&P 500. The company announced late Tuesday that its CEO, Andrea Jung, will step down. The cosmetics company has been struggling with erratic financial results and is under scrutiny by regulators.

The Dow is now down 3 percent for the week, while S&P has lost 3.5 percent. The Nasdaq is down 4 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Investors shifted their attention from Europe to the U.S. on Thursday, pushing stocks slightly higher on good jobs and manufacturing reports.

The Dow Jones industrial average rose 45.33 points, or 0.4 percent, to 11,868.81. The Dow had lost 360 points over the past three days on worries that Europe's latest plan to keep its currency union intact would fail.

Jack Ablin, chief investment officer at Harris Bank, said the break from selling meant that investors are starting to focus on signs of strength in the U.S. economy.

"We're not completely insulated (from Europe), but trouble there doesn't necessary spell problems for us," he said.

Before the market opened, the government reported that the number of people applying for unemployment benefits dropped sharply last week to 366,000, the fewest level since May 2008. That's a sign that layoffs are easing, a first step toward bringing down the unemployment rate, which currently stands at 8.6 percent.

Investors were also encouraged by report from the Federal Reserve of New York that its index measuring regional manufacturing jumped to the highest level since May. That was far more than economists were expecting. A similar report from the Philadelphia branch of the Fed also increased faster than analysts anticipated.

"The base of the economy is getting stronger," said Steven Malin, an associate at money manager Aronson Johnson Ortiz.

FedEx Corp. reported that its quarterly income nearly doubled on strong growth in online shopping during the holiday season. FedEx is seen as a bellwether for the economy. Its stock jumped 8 percent.

The Standard & Poor's 500 rose 3.94 points, or 0.3 percent, to 1,215.76. The gains were broad. All but two of the 10 industry groups in the index rose. The two groups ”” technology and energy ”” edged down less than 0.3 percent each.

The NYSE DOW NYSE DOW closed +45.33 points HIGHER or +0.38% on Thursday December 15
Sym .......Last .......Change..........
Dow 11,868.81 +45.33 +0.38%
Nasdaq 2,541.01 +1.70 +0.07%
S&P 500 1,215.75 +3.93 +0.32%
30-yr Bond 2.9300 % +0.0210

NYSE Volume 3,848,143,750
Nasdaq Volume 1,757,437,875

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,400.85 +34.05 +0.63%
CAC 40 2,998.73 +22.56 +0.76%
DAX 5,730.62 +55.48 +0.98%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,197.80 -52.00 -1.22%
Shanghai Comp 2,180.90 -47.63 -2.14%
Taiwan Wei... 6,764.59 -157.98
Nikkei 225 8,377.37 -141.76 -1.66%
Hang Seng 18,026.84 -327.59 -1.78%
Straits Times 2,635.25 -37.14 -1.39%

http://finance.yahoo.com/news/better-manufacturing-jobs-news-send-211312435.html

Better manufacturing, jobs news send stocks higher

Stocks edge higher, breaking three-day losing streak; FedEx earnings soar, jobless claims fall

By Bernard Condon, AP Business Writer

NEW YORK (AP) -- Investors shifted their attention from Europe to the U.S. on Thursday, pushing stocks slightly higher on good jobs and manufacturing reports.

The Dow Jones industrial average rose 45.33 points, or 0.4 percent, to 11,868.81. The Dow had lost 360 points over the past three days on worries that Europe's latest plan to keep its currency union intact would fail.

Jack Ablin, chief investment officer at Harris Bank, said the break from selling meant that investors are starting to focus on signs of strength in the U.S. economy.

"We're not completely insulated (from Europe), but trouble there doesn't necessary spell problems for us," he said.

Before the market opened, the government reported that the number of people applying for unemployment benefits dropped sharply last week to 366,000, the fewest level since May 2008. That's a sign that layoffs are easing, a first step toward bringing down the unemployment rate, which currently stands at 8.6 percent.

Investors were also encouraged by report from the Federal Reserve of New York that its index measuring regional manufacturing jumped to the highest level since May. That was far more than economists were expecting. A similar report from the Philadelphia branch of the Fed also increased faster than analysts anticipated.

"The base of the economy is getting stronger," said Steven Malin, an associate at money manager Aronson Johnson Ortiz.

FedEx Corp. reported that its quarterly income nearly doubled on strong growth in online shopping during the holiday season. FedEx is seen as a bellwether for the economy. Its stock jumped 8 percent.

The Standard & Poor's 500 rose 3.94 points, or 0.3 percent, to 1,215.76. The gains were broad. All but two of the 10 industry groups in the index rose. The two groups ”” technology and energy ”” edged down less than 0.3 percent each.

The biggest gains came from utilities and health care. The profits of those companies are less likely to crumble in an economic slowdown. That suggests that investors, though encouraged by the good news Thursday, were still playing it safe.

"There's a defensive tone to the market," said Jeff Schwarte, a portfolio manager at Principal Global Investors. "Investors still aren't sure about the economy."

The Nasdaq rose 1.70 points, less than 0.1 percent, to 2,541.01.

In corporate news, Michael Kors Holdings Ltd. jumped 21 percent to $24.20 on its first day of trading. The initial public offering valued the fashion design company at $3.8 billion.

Novellus Systems Inc. jumped 16 percent. The semiconductor equipment maker said late Wednesday that it was being acquired by rival Lam Research Corp. Lam fell 8 percent.

Rite Aid Corp. rose 3.5 percent. The drugstore chain announced that losses had narrowed in its third quarter.

European markets rose slightly, a day after big declines, as an auction of Spanish government bonds drew strong demand from investors. Germany's DAX rose 1 percent; France's main stock index rose 0.6 percent.

The euro rose against the dollar, moving back above $1.30, a day after hitting an 11-month low. The yields on Spanish and Italian government fell, a sign that investors were less worried about the ability of those countries to pay back their debts.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average closed down 2.42 points at 11,866.93.

The Standard & Poor's 500 index rose 3.91, or 0.3 percent, to 1,219.66. The Nasdaq composite index rose 14.32, or 0.6 percent, to 2,555.33 The Dow is down 2.6 percent for the week; the S&P 2.8 percent. The Nasdaq lost 3.5 percent.

An early rally faded on the stock market Friday, leaving indexes down about 3 percent for the week as worries resurfaced about a breakup of the euro.

BlackBerry maker Research in Motion plunged after slashing its forecast for holiday sales. The IPO of online game maker Zynga Inc. didn't live up to its lofty expectations. The stock lost 5 percent on its first day of trading

The Dow Jones industrial average closed down 2 points. It was up as many as 99 points in the morning after the Italian government won a confidence vote on austerity measures. That gain evaporated around midday after Fitch warned that it might downgrade the debt of Italy, Spain and four other countries that use the euro. After markets closed, Moody's downgraded Belgium's debt two notches and said more cuts were possible.

Materials and industrial companies rose, signaling that traders expect the U.S. economic recovery to remain on track. Utilities, health care and consumer staples companies lagged the market as traders sold stocks that are considered to be safer when the economy is weak.

The Dow Jones industrial average broke a three-day slump Thursday on news that claims for unemployment benefits plunged last week and measures of manufacturing in the Northeast improved dramatically. The Dow lost 360 points over the first three days of the week as investors questioned whether Europe's agreement to closer coordinate fiscal policy would be enough to save the euro from a catastrophic breakup.

The NYSE DOW NYSE DOW closed -2.42 points LOWER or -0.02% on Friday December 16
Sym .......Last .......Change..........
Dow 11,866.39 -2.42 -0.02%
Nasdaq 2,555.33 +14.32 +0.56%
S&P 500 1,219.66 +3.91 +0.32%
30-yr Bond 2.8600 % -0.0710

NYSE Volume 5,345,795,500
Nasdaq Volume 2,857,872,750

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,387.34 -13.51 -0.25%
DAX 5,701.78 -28.84 -0.50%
CAC 40 2,972.30 -26.43 -0.88%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,218.80 +21.00 +0.50%
Shanghai Comp 2,224.84 +43.95 +2.02%
Taiwan Wei... 6,785.09 +20.50 +0.30%
Nikkei 225 8,401.72 +24.35 +0.29%
Hang Seng 18,285.39 +258.55 +1.43%
Straits Times 2,659.22 +23.97 +0.91%

http://finance.yahoo.com/news/Early-rally-fades-stock-apf-629583105.html?x=0

Early rally fades; stock market down for the week

An early rally fades on the stock market; indexes down 3 percent for the week on euro worries

By Daniel Wagner, AP Business Writer

An early rally faded on the stock market Friday, leaving indexes down about 3 percent for the week as worries resurfaced about a breakup of the euro.

BlackBerry maker Research in Motion plunged after slashing its forecast for holiday sales. The IPO of online game maker Zynga Inc. didn't live up to its lofty expectations. The stock lost 5 percent on its first day of trading

The Dow Jones industrial average closed down 2 points. It was up as many as 99 points in the morning after the Italian government won a confidence vote on austerity measures. That gain evaporated around midday after Fitch warned that it might downgrade the debt of Italy, Spain and four other countries that use the euro. After markets closed, Moody's downgraded Belgium's debt two notches and said more cuts were possible.

Materials and industrial companies rose, signaling that traders expect the U.S. economic recovery to remain on track. Utilities, health care and consumer staples companies lagged the market as traders sold stocks that are considered to be safer when the economy is weak.

The Dow Jones industrial average broke a three-day slump Thursday on news that claims for unemployment benefits plunged last week and measures of manufacturing in the Northeast improved dramatically. The Dow lost 360 points over the first three days of the week as investors questioned whether Europe's agreement to closer coordinate fiscal policy would be enough to save the euro from a catastrophic breakup.

Phil Orlando, chief equity market strategist at Federated Investors, said investors are holding back until they get a "firmer resolution" to Europe's debt morass and more progress in Washington on reforming entitlements, balancing the budget and getting the country growing again. "Right, now we don't have anything to offer them," he said.

Some analysts believe nervousness about Europe this fall and winter pushed stock prices too far. Investment adviser Uri Landesman, president of Platinum Partners, expects stocks to rise into next year because of the growing likelihood that economic news and European headlines will remain positive.

"The odds are, the news is going to be better than the market is discounting," Landesman said. He said the market is near the low end of its recent trading range, and a dose of positive news could set off a mini-rally. Any market moves next week could be sharp as trading volume thins out before the Christmas holiday, Landesman said.

The Dow Jones industrial average closed down 2.42 points at 11,866.93.

The Standard & Poor's 500 index rose 3.91, or 0.3 percent, to 1,219.66. The Nasdaq composite index rose 14.32, or 0.6 percent, to 2,555.33 The Dow is down 2.6 percent for the week; the S&P 2.8 percent. The Nasdaq lost 3.5 percent.

The yield on the 10-year Treasury note plunged to 1.85 percent from 1.93 percent earlier Friday after the government said consumer prices were unchanged last month, suggesting that inflation remains low. Low inflation makes bonds more attractive because it doesn't diminish the buying power of the fixed return a bond provides over time.

Seven of the 10 industry groups in the S&P 500 index rose, with the only declines showing up in health care, consumer staples, and utilities. The biggest gains were in energy, materials and industrial companies. U.S. factories in some regions have had higher shipments and orders month, according to two surveys released Thursday. Materials companies are benefiting from soaring commodity prices.

Research In Motion Ltd. plummeted 11 percent after the company said late Thursday that new phones seen as critical to its future will be delayed until late next year. RIM also is taking a big loss on unsold tablet computers and predicted that its BlackBerry sales will fall sharply during the holiday sales season.

Zynga, which makes "Farmville" and other popular games, fell 5 percent to $9.50 in its first day of trading on the Nasdaq. The initial public offering was priced late Thursday at $10 per share, raising $1 billion. That means the San Francisco company can boast the biggest Internet IPO since Google Inc. first offered shares in 2004.

Among the other companies making big moves:

— New York-area cable TV provider Cablevision Systems Corp. plunged 9 percent following the sudden departure of its chief operating officer, Tom Rutledge.

— Adobe Systems Inc. jumped 6.6 percent after the software maker reported earnings and revenues that were far better than what analysts had expected. Analyst Walter Pritchard at Citigroup said the quarter was a "blow-out when most expected weakness."

1688

 

[bigdog]

Source: http://finance.yahoo.com

The stock market took a late afternoon fall after European Union finance ministers failed to come up with the full amount of money pledged for a bailout fund.

Banks led the way down Monday. Morgan Stanley dropped 5.5 percent and Bank of America Corp. sank 4 percent, the biggest fall in the Dow Jones Industrial average.

"If Europe is going to be bring us down it's going to come through the financial firms," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade.

The Dow lost 100.13 points, or 0.8 percent to close at 11,766.26. The average lost 55 points in the last hour of trading as reports emerged that the E.U. finance ministers couldn't drum up the full 200 billion euros ($261 billion) in new money to the International Monetary Fund. European leaders had pledged the money for a special IMF fund for struggling European countries at a summit meeting less than two weeks ago.

Cautious comments from the head of the European Central Bank also helped push stocks lower. The Standard & Poor's 500 index fell 14.31 points, or 1.2 percent, to 1,205.35. The Nasdaq composite index fell 32.19 points, or 1.3 percent, to 2,523.14.

Mario Draghi, the ECB president, said Monday that the central bank was looking for ways to keep the Eurozone's bailout fund working even if credit rating agencies strip France of its AAA grade. The bailout fund depends on the top ratings of France, Germany and the countries that contribute to it. Draghi also restated his view that large-scale government bond purchases were outside the central bank's responsibility.

In the U.S., a gauge of sentiment among builders inched up to its highest level since May 2010. The National Association of Home Builders/Wells Fargo builder sentiment index added two points to 21 in December. Any reading below 50 still reflects a negative outlook.

The NYSE DOW NYSE DOW closed 100.13 points LOWER or -0.84% on Monday December 19
Sym .......Last .......Change..........
Dow 11,766.26 -100.13 -0.84%
Nasdaq 2,523.14 -32.19 -1.26%
S&P 500 1,205.35 -14.31 -1.17%
30-yr Bond 2.8000 % -0.0540

NYSE Volume 3,618,478,000
Nasdaq Volume 1,570,795,000

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,364.99 -22.35 -0.41%
DAX 5,670.71 -31.07 -0.54%
CAC 40 2,974.20 +1.90 +0.06%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,113.90 -104.90 -2.49%
Shanghai Comp 2,218.25 -6.59 -0.30%
Taiwan Wei... 6,633.33 -151.76 -2.24%
Nikkei 225 8,296.12 -105.60 -1.26%
Hang Seng 18,070.21 -215.18 -1.18%
Straits Times 2,618.09 -41.13 -1.55%

http://finance.yahoo.com/news/US-stocks-drop-BofA-other-big-apf-3290358111.html?x=0

US stocks drop; BofA and other big banks fall hard

Financial stocks lead way lower; BofA slides 4 percent, the biggest drop in the Dow

By Matthew Craft

NEW YORK (AP) -- The stock market took a late afternoon fall after European Union finance ministers failed to come up with the full amount of money pledged for a bailout fund.

Banks led the way down Monday. Morgan Stanley dropped 5.5 percent and Bank of America Corp. sank 4 percent, the biggest fall in the Dow Jones Industrial average.

"If Europe is going to be bring us down it's going to come through the financial firms," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade.

The Dow lost 100.13 points, or 0.8 percent to close at 11,766.26. The average lost 55 points in the last hour of trading as reports emerged that the E.U. finance ministers couldn't drum up the full 200 billion euros ($261 billion) in new money to the International Monetary Fund. European leaders had pledged the money for a special IMF fund for struggling European countries at a summit meeting less than two weeks ago.

Cautious comments from the head of the European Central Bank also helped push stocks lower. The Standard & Poor's 500 index fell 14.31 points, or 1.2 percent, to 1,205.35. The Nasdaq composite index fell 32.19 points, or 1.3 percent, to 2,523.14.

Mario Draghi, the ECB president, said Monday that the central bank was looking for ways to keep the Eurozone's bailout fund working even if credit rating agencies strip France of its AAA grade. The bailout fund depends on the top ratings of France, Germany and the countries that contribute to it. Draghi also restated his view that large-scale government bond purchases were outside the central bank's responsibility.

In the U.S., a gauge of sentiment among builders inched up to its highest level since May 2010. The National Association of Home Builders/Wells Fargo builder sentiment index added two points to 21 in December. Any reading below 50 still reflects a negative outlook.

Among companies making large moves Monday:

”” Winn-Dixie soared 70 percent. The supermarket chain is being sold to Bi-Lo LLC, another supermarket operator with stores in the Southern U.S., in a deal valued at $560 million.

”” Cablevision Systems Corp. rose 2 percent after an analyst from Citibank said a recent drop in the company's stock seemed "way overdone." The stock has lost 27 percent from the end of October through last Friday following the unexpected resignation of its chief operating officer.

”” Bank of America ended the day at $4.99. The drop puts it at risk of further selling pressure because many mutual funds have rules against holding stocks that trade below the $5 mark.

”” Commercial Metals Co. dropped 1.4 percent. The company's board rejected a $1.7 billion takeover bid from investor Carl Icahn, saying the proposed deal undervalued the company.

The three major stock market indexes lost more than 2 percent last week amid worries that some European governments would try to drop the euro. Fitch Ratings warned Friday that it may cut the credit grades for Italy, Spain and four other countries that use the currency.

With two weeks of trading left in 2011, the S&P 500 is 4.2 percent below where it started the year. The Dow has managed to gain 1.6 percent in 2011, led by McDonald's Corp. and its 26 percent gain.

Nearly four stocks fell for every one that rose on the New York Stock Exchange. Trading volume was very light at 3.6 billion.

 

[bigdog]

Source: http://finance.yahoo.com

Encouraging signs out of Europe and a surprisingly strong report on the U.S. housing market drove the Dow Jones industrial average up more than 300 points Tuesday. It was the best day for stocks this month.

The Spanish government pulled off a successful debt auction and gauges of business and consumer confidence in Germany rose unexpectedly. Both helped ease worries about Europe's debt crisis. The dollar fell against the euro and U.S. government bond prices dropped as traders shifted money out of the safest assets.

Borrowing costs for the Spanish government plunged at an auction of short-term debt, a sign that bond buyers are more confident in the country's ability to pay them back.

"Spain has plenty of problems, large debts and budget deficits," said Sam Stovall, chief equity strategist at S&P Capital IQ. "So when we see debt auctions go much better than expected it's very encouraging."

Spain's government raised €5.6 billion ($7.3 billion), much more than its goal of €4.5 billion. Investors demanded an interest rate of only 1.74 percent to lend to Spain for three months, a steep fall from the 5.1 percent at an auction in November.

The Dow gained 337.32 points, or 2.9 percent to close at 12,103.58. It lost 100 points the day before.

Europe's major stock markets also climbed. Germany's DAX soared 3.1 percent. France's CAC-40 jumped 2.7 percent.

The gains held on Tuesday afternoon even after the U.S. House of Representatives rejected a plan to extend a cut in Social Security taxes. Unemployment benefits for 2 million people are also at risk.

The NYSE DOW NYSE DOW closed +337.32 points HIGHER or +2.87% on Tuesday December 20
Sym .......Last .......Change..........
Dow 12,103.58 +337.32 +2.87%
Nasdaq 2,603.73 +80.59 +3.19%
S&P 500 1,241.30 +35.95 +2.98%
30-yr Bond 2.9300 % +0.1260

NYSE Volume 4,074,907,500
Nasdaq Volume 1,884,011,375

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,419.60 +54.61 +1.02%
DAX 5,847.03 +176.32 +3.11%
CAC 40 3,055.39 +81.19 +2.73%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,107.10 -6.80 -0.17%
Shanghai Comp ,215.93 -2.30 -0.10%
Taiwan Wei... 6,662.64 +29.31 +0.44%
Nikkei 225 8,336.48 +40.36 +0.49%
Hang Seng 18,080.20 +9.99 +0.06%
Straits Times 2,614.45 -3.64 -0.14%)

http://finance.yahoo.com/news/stocks-soar-europe-hopes-strong-144805204.html

Stocks soar on Europe hopes, strong housing starts

Dow jumps 337 points following strong Spanish debt sale; US housing starts surge 9.3 percent

By Matthew Craft, AP Business Writer

NEW YORK (AP) -- Encouraging signs out of Europe and a surprisingly strong report on the U.S. housing market drove the Dow Jones industrial average up more than 300 points Tuesday. It was the best day for stocks this month.

The Spanish government pulled off a successful debt auction and gauges of business and consumer confidence in Germany rose unexpectedly. Both helped ease worries about Europe's debt crisis. The dollar fell against the euro and U.S. government bond prices dropped as traders shifted money out of the safest assets.

Borrowing costs for the Spanish government plunged at an auction of short-term debt, a sign that bond buyers are more confident in the country's ability to pay them back.

"Spain has plenty of problems, large debts and budget deficits," said Sam Stovall, chief equity strategist at S&P Capital IQ. "So when we see debt auctions go much better than expected it's very encouraging."

Spain's government raised €5.6 billion ($7.3 billion), much more than its goal of €4.5 billion. Investors demanded an interest rate of only 1.74 percent to lend to Spain for three months, a steep fall from the 5.1 percent at an auction in November.

The Dow gained 337.32 points, or 2.9 percent to close at 12,103.58. It lost 100 points the day before.

Europe's major stock markets also climbed. Germany's DAX soared 3.1 percent. France's CAC-40 jumped 2.7 percent.

The gains held on Tuesday afternoon even after the U.S. House of Representatives rejected a plan to extend a cut in Social Security taxes. Unemployment benefits for 2 million people are also at risk.

A Federal Reserve proposal for stricter rules on larger banks didn't knock down JPMorgan Chase, Citigroup and other big bank stocks. JPMorgan Chase & Co. gained 4.9 percent. Citigroup added 4.6 percent.

The Standard & Poor's 500 index gained 35.95 points, or 3 percent, to 1,241.30. Only six stocks in the index fell. The Nasdaq composite index rose 80.59, or 3.2 percent, to 2,603.73.

Analysts cautioned that recent big rallies in the stock market have been quick to fade as traders seize the chance to sell stocks and lock in gains. "If you're selling into rallies, it means people want out," said Quincy Krosby, Prudential Financial's market strategist. "They don't believe it's sustainable."

Take the Dow's 490-point jump Nov. 30 after major central banks made a coordinated move to prop up European lenders by freeing up cash. The one-day rally brought the Dow to 12,045, but that gain had evaporated by last week.

The Commerce Department said Tuesday that builders broke ground on 685,000 new homes last month, a 9.3 percent jump from October. That's the highest level since April 2010. Building permits, a gauge of future construction, increased 5.7 percent, spurred by a jump in apartment permits. Stovall said the surge in housing construction was another piece of evidence that the U.S. will avoid slipping into another recession soon. "It's great news," he said.

The report drove housing stocks higher. PulteGroup Inc. jumped 10 percent. D.R. Horton Inc. rose 5.7 percent.

In other corporate news,

— General Mills Inc. dropped 1 percent after reporting that its quarterly profit sank 28 percent. The maker of Cheerios and Yoplait yogurt blamed higher costs for ingredients and packaging for pinching profit margins.

— AT&T Inc. rose 1.3 percent after the company abandoned its bid late Monday to acquire the wireless provider T-Mobile USA. Sprint Nextel Corp. gained 5 percent. Sprint, the No. 3 wireless carrier, had opposed the deal.

— Red Hat Inc. plunged 8.9 percent after the software company forecast revenue that was short of what analysts were expecting. Red Hat provides support to business users for the freely distributed Linux operating system.

— Oracle Corp. dropped 8 percent in extended trading after the business software giant's quarterly earnings and sales missed analysts' estimates.

 

[bigdog]

Source: http://finance.yahoo.com

Technology stocks fell Wednesday, dragged down by a weak earnings report from the business software maker Oracle Corp.

Broad market indexes were flat. The Dow Jones industrial average eked out a gain of 4 points after having been down most of the day.

The Dow was down 104 points at midday, led by technology stocks. The rare earnings miss by Oracle raised worries that weak government and business spending might hurt other big technology companies. IBM Corp. was by far the biggest loser in the Dow, falling 3.1 percent to $181.47.

Investors also had more to worry about from Europe. New data showed extensive lending from the European Central Bank to European banks. The initial reaction to the $639 billion in lending by the ECB was positive, but then worry set in that Europe's banks needed so much help in the first place.

"Long-term, people were a little bit concerned that banks needed more money than we thought they did," said Joe Bell, a senior equity analyst with Schaeffer's Investment Research.

The Dow edged up 4.16 points, less than 0.1 percent, to close at 12,107.74. On Tuesday the Dow jumped 337 ”” its biggest gain this month ”” on good economic news from Europe and a surge in new home construction in the U.S.

The Standard & Poor's 500 rose 2.42 points, or 0.2 percent, to 1,243.72. Outside of the 2 percent decline for technology companies, prices rose or were flat in the rest of the S&P 500's 10 sectors.

The Nasdaq composite fell 25.76 points, or 1 percent, to 2,577.97.

The NYSE DOW NYSE DOW closed HIGHER +4.16 +0.03% on Wednesday December 21
Sym .......Last .......Change..........
Dow 12,107.74 +4.16 +0.03%
Nasdaq 2,577.97 -25.76 -0.99%
S&P 500 1,243.72 +2.42 +0.19%
30-yr Bond 3.0000 % +0.0740

NYSE Volume 3,574,327,250
Nasdaq Volume 1,865,536,000

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,389.74 -29.86 -0.55%
DAX 5,791.53 -55.50 -0.95%
CAC 40 3,030.47 -24.92 -0.82%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,190.20 +83.10 +2.02%
Shanghai Comp 2,191.15 -24.78 -1.12%
Taiwan Wei... 6,966.48 +303.84 +4.56%
Nikkei 225 8,459.98 +123.50 +1.48%
Hang Seng 18,416.45 +336.25 +1.86%
Straits Times 2,673.32 +58.87 +2.25%

http://finance.yahoo.com/news/stocks-end-mixed-oracle-miss-214918957.html

Stocks end mixed; Oracle miss drags down tech

Stocks close mixed; Oracle earnings miss leads technology companies lower, other sectors rise

By Joshua Freed, AP Business Writer

Technology stocks fell Wednesday, dragged down by a weak earnings report from the business software maker Oracle Corp.

Broad market indexes were flat. The Dow Jones industrial average eked out a gain of 4 points after having been down most of the day.

The Dow was down 104 points at midday, led by technology stocks. The rare earnings miss by Oracle raised worries that weak government and business spending might hurt other big technology companies. IBM Corp. was by far the biggest loser in the Dow, falling 3.1 percent to $181.47.

Investors also had more to worry about from Europe. New data showed extensive lending from the European Central Bank to European banks. The initial reaction to the $639 billion in lending by the ECB was positive, but then worry set in that Europe's banks needed so much help in the first place.

"Long-term, people were a little bit concerned that banks needed more money than we thought they did," said Joe Bell, a senior equity analyst with Schaeffer's Investment Research.

The Dow edged up 4.16 points, less than 0.1 percent, to close at 12,107.74. On Tuesday the Dow jumped 337 ”” its biggest gain this month ”” on good economic news from Europe and a surge in new home construction in the U.S.

The Standard & Poor's 500 rose 2.42 points, or 0.2 percent, to 1,243.72. Outside of the 2 percent decline for technology companies, prices rose or were flat in the rest of the S&P 500's 10 sectors.

The Nasdaq composite fell 25.76 points, or 1 percent, to 2,577.97.

Oracle Corp. plunged almost 14 percent after the business software company said it was struggling to close deals. The results seemed to reinforce worries that businesses and the government may cut back on technology spending. Especially worrying was a weak 2 percent gain in new software licenses, a key sign of demand from other businesses. Oracle had predicted gains of as much as 16 percent.

Consumer staples rose with help from a 1.7 percent increase by Coca-Cola Co. and a gain of 1.2 percent at Kraft.

Nike Inc. rose 2.9 percent after reporting strong demand and higher prices for its shoes and clothing.

Volume was much lower than usual at 3.5 billion shares, which can make prices more volatile

 

[bigdog]

Source: http://finance.yahoo.com

Encouraging economic reports pushed stocks higher Thursday. The Dow Jones industrial average rose 61 points, its third gain in a row.

The number of people applying for unemployment benefits dropped last week to the lowest level since April 2008, the latest sign that the job market is healing. It was the third week in a row that applications fell. The Conference Board also reported that its measure of future economic activity had a big increase last month. It was the second straight gain, signaling that the U.S. economy was picking up speed and the risk of another recession was fading.

"Today, Main Street is what matters because Main Street makes up 71 percent of the economy," said Quincy Krosby, chief market strategist for Prudential Securities. "You can't argue with the fact that the cost of gas has come down, which puts more money in the pockets of consumers to spend, and so things are starting to tick up."

Krosby noted that the latest data showed that shoppers were opening up their wallets to spend during the holidays. However, she said the economy needs to grow at a faster pace than 2 percent to be able to survive any shocks caused by the European debt crisis or a sharp slowdown in China's economy in 2012.

The government lowered its estimate of U.S. economic growth in the July-September quarter to an annual rate of 1.8 percent from 2 percent. That was still the fastest growth this year, up from 1.3 percent in the April-June quarter.

The Dow Jones industrial average rose 61.91 points, or 0.51 percent, to close at 12,169.65. The Dow has risen 409 points over the past three days. Bank of America Corp. rose 4.6 percent to $5.47, the most among the 30 stocks in the Dow.

The S&P 500 index gained 10.28 points, or 0.83 percent, to 1,254. The Nasdaq composite index rose 21.48, or 0.83 percent, to 2,599.45.

The NYSE DOW NYSE DOW closed HIGHER +61.91 +0.51% on Thursday December 22
Sym .......Last .......Change..........
Dow 12,169.65 +61.91 +0.51%
Nasdaq 2,599.45 +21.48 +0.83%
S&P 500 1,254.00 +10.28 +0.83%
30-yr Bond 2.9800 % -0.0200

NYSE Volume 3,467,137,250
Nasdaq Volume 1,513,834,375

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,456.97 +67.23 +1.25%
DAX 5,852.18 +60.65 +1.05%
CAC 40 3,071.80 +41.33 +1.36%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,142.20 -48.00 -1.15%
Shanghai Comp 2,186.30 -4.85 -0.22%
Taiwan Wei... 6,966.35 -0.13 -0.00%
Nikkei 225 8,395.16 -64.82 -0.77%
Hang Seng 18,378.23 -38.22 -0.21%
Straits Times 2,664.80 -8.52 -0.32%

http://finance.yahoo.com/news/stocks-close-higher-better-job-211152439.html

Stocks close higher on better job market news

Stocks close up after claims for unemployment benefits drop to the lowest since April 2008

By Pallavi Gogoi, AP Business Writer

NEW YORK (AP) -- Encouraging economic reports pushed stocks higher Thursday. The Dow Jones industrial average rose 61 points, its third gain in a row.

The number of people applying for unemployment benefits dropped last week to the lowest level since April 2008, the latest sign that the job market is healing. It was the third week in a row that applications fell. The Conference Board also reported that its measure of future economic activity had a big increase last month. It was the second straight gain, signaling that the U.S. economy was picking up speed and the risk of another recession was fading.

"Today, Main Street is what matters because Main Street makes up 71 percent of the economy," said Quincy Krosby, chief market strategist for Prudential Securities. "You can't argue with the fact that the cost of gas has come down, which puts more money in the pockets of consumers to spend, and so things are starting to tick up."

Krosby noted that the latest data showed that shoppers were opening up their wallets to spend during the holidays. However, she said the economy needs to grow at a faster pace than 2 percent to be able to survive any shocks caused by the European debt crisis or a sharp slowdown in China's economy in 2012.

The government lowered its estimate of U.S. economic growth in the July-September quarter to an annual rate of 1.8 percent from 2 percent. That was still the fastest growth this year, up from 1.3 percent in the April-June quarter.

The Dow Jones industrial average rose 61.91 points, or 0.51 percent, to close at 12,169.65. The Dow has risen 409 points over the past three days. Bank of America Corp. rose 4.6 percent to $5.47, the most among the 30 stocks in the Dow.

The S&P 500 index gained 10.28 points, or 0.83 percent, to 1,254. The Nasdaq composite index rose 21.48, or 0.83 percent, to 2,599.45.

Economists say that the improving job market, strong holiday shopping, and cheaper gas prices will leave consumers with more money to spend. That would get the economy growing at an annual rate of more than 3 percent in the final three months of this year, which would be the fastest pace since 3.8 percent growth in the spring of 2010.

Banks, energy and technology stocks were the biggest gainers, while consumer goods companies traded lower. Morgan Stanley led bank stocks, gaining 6.5 percent to close at $15.88, while among tech stocks Akamai Technologies Inc. the biggest gainer, rising 18.6 percent to $31.63.

In other corporate news:

”” Mead Johnson Nutrition Co. plummeted 10 percent on news that Wal-Mart Stores Inc. pulled a batch of its powdered infant formula from more than 3,000 of its stores nationwide. A newborn Missouri boy was fed a batch of the Enfamil Newborn powder made by Mead and died from what preliminary tests indicate was a rare bacterial infection. So far, no link has been established between the death and the formula and the government has not ordered a recall of Enfamil.

”” Tibco Software Inc. jumped 8 percent after the business software maker reported a 20 percent increase in revenue and net income that was far ahead than what Wall Street analysts were expecting.

”” Bed, Bath & Beyond Inc. slid 6 percent after the retailer warned investors that its fourth-quarter earnings might be lower than analysts had expected. Third-quarter sales also fell below analysts' expectations.

With just over a week of trading left in 2011, the S&P 500 is less than 1 percent below where it started the year. The Dow has managed to gain 5.1 percent in 2011, while the Nasdaq is still off 2 percent.

Nearly three stocks gained for every one that fell on the New York Stock Exchange. Trading volume was very light at 3.5 billion, compared to the recent average of 4.6 billion.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed higher Friday after a quiet, pre-holiday session that turned the S&P 500 index positive for the year.

Traders were relieved by news that Congress extended a payroll tax holiday for workers and emergency unemployment benefits. Both programs were set to expire at the end of the year. Letting that happen would have reduced economic growth by about 1 percent, analysts said.

The final business day before Christmas also was the slowest full day of trading so far this year. Traders exchanged just 2.22 billion shares, about half of the recent average. The market will be closed on Monday because Christmas falls on a Sunday this year.

Stocks have risen steadily since Tuesday on hopeful signs about the pace of economic growth in the fourth quarter, which ends next week. New claims for unemployment benefits fell last week to the lowest level since April 2008, long before anyone realized the nation was in a recession.

A series of mixed economic reports Friday did little to derail that optimism. The Standard & Poor's 500 index added 11.33 points, or 0.9 percent, to 1,265.33. It started the year at 1,257.64.

Stocks might surge into the new year if the S&P 500 passes a couple of key technical thresholds, said Todd Salamone, research director at Schaeffer's Investment Research.

Fund managers currently hold relatively few stocks, Salamone noted, and many of their funds have underperformed the market and are negative for the year. If the index rises farther above its break-even point for the year or its average over the past several months, fund managers might flood into the market in a last-ditch attempt to improve their annual returns, he said.

"The worst thing that can happen for a fund manager is to underperform and be in the red when your benchmark, the S&P index, is in the green" for the year, Salamone said.

The Dow Jones industrial average rose 124.35 points, or 1 percent, to 12,294. Bank of America Corp. was the Dow's biggest gainer, adding 2.4 percent. All but two of the 30 Dow stocks rose, Alcoa Inc. and Boeing Co.

The Dow has risen 527.74 points, or 4.5 percent in the past four days. It was the first four-day winning streak for the Dow since mid-September.

The Nasdaq composite index gained 19.19 points, or 0.7 percent, to 2,618.64.

The NYSE DOW NYSE DOW closed HIGHER +124.35 +1.02% on Friday December 23
Sym .......Last .......Change..........
Dow 12,294.00 +124.35 +1.02%
Nasdaq 2,618.64 +19.19 +0.74%
S&P 500 1,265.33 +11.33 +0.90%
30-yr Bond 3.0600 % +0.0830

NYSE Volume 2,226,056,500
Nasdaq Volume 970,584,500

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,512.70 +55.73 +1.02%
DAX 5,878.93 +26.75 +0.46%
CAC 40 3,102.09 +30.29 +0.99%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,192.10 +49.90 +1.20%
Shanghai Comp 2,204.78 +18.49 +0.85%
Taiwan Wei... 7,110.73 +144.38 +2.07%
Nikkei 225 8,395.16 -64.82 -0.77%
Hang Seng 18,629.17 +250.94 +1.37%
Straits Times 2,676.47 +11.67 +0.44

http://finance.yahoo.com/news/Stocks-close-higher-S-P-turns-apf-2584617187.html?x=0

Stocks close higher; S&P turns positive for 2011

Stocks close higher after quiet, pre-holiday trading; S&P 500 turns positive for the year

By Daniel Wagner, AP Business Writer

Stocks closed higher Friday after a quiet, pre-holiday session that turned the S&P 500 index positive for the year.

Traders were relieved by news that Congress extended a payroll tax holiday for workers and emergency unemployment benefits. Both programs were set to expire at the end of the year. Letting that happen would have reduced economic growth by about 1 percent, analysts said.

The final business day before Christmas also was the slowest full day of trading so far this year. Traders exchanged just 2.22 billion shares, about half of the recent average. The market will be closed on Monday because Christmas falls on a Sunday this year.

Stocks have risen steadily since Tuesday on hopeful signs about the pace of economic growth in the fourth quarter, which ends next week. New claims for unemployment benefits fell last week to the lowest level since April 2008, long before anyone realized the nation was in a recession.

A series of mixed economic reports Friday did little to derail that optimism. The Standard & Poor's 500 index added 11.33 points, or 0.9 percent, to 1,265.33. It started the year at 1,257.64.

Stocks might surge into the new year if the S&P 500 passes a couple of key technical thresholds, said Todd Salamone, research director at Schaeffer's Investment Research.

Fund managers currently hold relatively few stocks, Salamone noted, and many of their funds have underperformed the market and are negative for the year. If the index rises farther above its break-even point for the year or its average over the past several months, fund managers might flood into the market in a last-ditch attempt to improve their annual returns, he said.

"The worst thing that can happen for a fund manager is to underperform and be in the red when your benchmark, the S&P index, is in the green" for the year, Salamone said.

The Dow Jones industrial average rose 124.35 points, or 1 percent, to 12,294. Bank of America Corp. was the Dow's biggest gainer, adding 2.4 percent. All but two of the 30 Dow stocks rose, Alcoa Inc. and Boeing Co.

The Dow has risen 527.74 points, or 4.5 percent in the past four days. It was the first four-day winning streak for the Dow since mid-September.

The Nasdaq composite index gained 19.19 points, or 0.7 percent, to 2,618.64.

Earlier Friday, the government said that consumer spending and incomes barely grew in November. The weak gains suggest that consumers may have trouble sustaining their spending into 2012.

In another worrying sign, a measure of business investment decreased for the second straight month. Business investment has been a pocket of strong demand and spending amid a sluggish recovery. A tax break that encouraged companies to invest in new equipment and facilities expires at the end of the year.

Yet hopes for the economy remained high after this week's encouraging news about the job market and strong holiday sales for retailers.

Among the companies making big moves:

— Rambus Inc. jumped 12.2 percent after the technology licensing company said it reached a patent license deal with Broadcom Corp. and settled a lawsuit with the chip maker.

— TripAdvisor Inc. rose 6.1 percent, the most in the S&P 500, as traders reassessed the value of the newly-spun off travel review website. The stock had fallen sharply since it officially started trading on Wednesday. It recovered some losses on Friday as analysts weighed its rapidly growing revenue and market share.

— Eastman Kodak Co. rose 9.5 percent after the struggling photography company said its general counsel, Laura Quatela, would become co-president on Jan. 1.

2488

 

[bigdog]

Source: http://finance.yahoo.com

Stocks ended barely changed in light trading Tuesday amid mixed economic news. Consumer confidence surged to an eight-month high, but home prices dropped in major cities. Sears plummeted after reporting that it would close more than 100 stores around the country.

The Dow Jones industrial average closed down just 2 points after staying in a narrow range all day. The S&P 500 index and Nasdaq eked out small gains.

In the latest sign of a bumpy recovery in the housing market, home prices fell in 19 of the 20 cities tracked by the Standard & Poor's/Case-Shiller index. Atlanta, Detroit and Minneapolis posted the biggest declines. Prices in Atlanta and Las Vegas fell to their lowest points since the housing crisis began.

That report dampened investors' enthusiasm about a jump in consumer confidence to the highest level since April. The New York-based Conference Board reported that its Consumer Confidence Index rose almost 10 points to 64.5 in December. Economists watch the numbers closely because consumer spending accounts for about 70 percent of U.S. economic activity.

Henry Herrmann, chief executive officer at the investment management firm Waddell & Reed, said the increase reflected the fact that more jobs have been created in recent weeks, which will likely lead to "a more sustained" economic recovery.

"If job creation will come with wage improvement in the coming weeks, it will boost confidence further," Herrmann said.

The Dow Jones lost 2.65 points, or 0.02 percent, to close at 12,291.35. The S&P 500 was up 0.10 points, or 0.01 percent, to 1,265.43. The Nasdaq composite rose 6.56, or 0.3 percent, to 2,625.20.

The most the Dow rose during the day was 34 points, and the most it fell was 24. It was the narrowest trading range in 5 months. Stocks are expected to trade within a narrow range all this week as trading remains light between the Christmas holiday and New Year's. The volume of shares traded on the New York Stock Exchange Tuesday was 2 billion, less than half the average daily volume this month.

The NYSE DOW NYSE DOW closed LOWER -2.65 -0.02% on Tuesday December 27
Sym .......Last .......Change..........
Dow 12,291.35 -2.65 -0.02%
Nasdaq 2,625.20 +6.56 +0.25%
S&P 500 1,265.43 +0.10 +0.01%
30-yr Bond 3.0400 % -0.0250

NYSE Volume 2,048,767,875
Nasdaq Volume 960,492,500

B]Europe[/B]
Symbol... ......Last .....Change.......
FTSE 100 5,512.70 closed
DAX 5,889.76 closed
CAC 40 3,103.11 closed

Asia Pacific
Symbol...... .....Last ....Change.......
All Ordinaries 4,192.10 closed
Shanghai Composite 2,166.21 -23.91 -1.09%
Hang Seng 18,629.17 23 closed
Nikkei 225 8,440.56 -38.78 -0.46%
Straits Times 2,673.62 -2.85 -0.11%
Taiwan Weighted 7,085.03 -7.55 -0.11%

http://news.yahoo.com/stocks-barely-changed-light-holiday-trading-211327030.html

Stocks barely changed in light holiday trading
By PALLAVI GOGOI

NEW YORK (AP) — Stocks ended barely changed in light trading Tuesday amid mixed economic news. Consumer confidence surged to an eight-month high, but home prices dropped in major cities. Sears plummeted after reporting that it would close more than 100 stores around the country.

The Dow Jones industrial average closed down just 2 points after staying in a narrow range all day. The S&P 500 index and Nasdaq eked out small gains.

In the latest sign of a bumpy recovery in the housing market, home prices fell in 19 of the 20 cities tracked by the Standard & Poor's/Case-Shiller index. Atlanta, Detroit and Minneapolis posted the biggest declines. Prices in Atlanta and Las Vegas fell to their lowest points since the housing crisis began.

That report dampened investors' enthusiasm about a jump in consumer confidence to the highest level since April. The New York-based Conference Board reported that its Consumer Confidence Index rose almost 10 points to 64.5 in December. Economists watch the numbers closely because consumer spending accounts for about 70 percent of U.S. economic activity.

Henry Herrmann, chief executive officer at the investment management firm Waddell & Reed, said the increase reflected the fact that more jobs have been created in recent weeks, which will likely lead to "a more sustained" economic recovery.

"If job creation will come with wage improvement in the coming weeks, it will boost confidence further," Herrmann said.

The Dow Jones lost 2.65 points, or 0.02 percent, to close at 12,291.35. The S&P 500 was up 0.10 points, or 0.01 percent, to 1,265.43. The Nasdaq composite rose 6.56, or 0.3 percent, to 2,625.20.

The most the Dow rose during the day was 34 points, and the most it fell was 24. It was the narrowest trading range in 5 months. Stocks are expected to trade within a narrow range all this week as trading remains light between the Christmas holiday and New Year's. The volume of shares traded on the New York Stock Exchange Tuesday was 2 billion, less than half the average daily volume this month.

Sears Holding Corp. plunged 27 percent to $33.38, the most in the S&P 500. The retailer warned it would close between 100 and 120 Sears and Kmart stores following poor sales during the holidays, the most crucial time of year for retailers.

The Sears news also dragged Whirlpool Corp. down 9 percent to $46.62. Investors worried the store closings would hurt sales of Whirlpool and Maytag washers and dryers the company makes.

A run of strong economic data in the U.S. has boosted the stock market in recent days. However analysts expect any gains to be tempered by worries over the European debt crisis.

Italy's borrowing costs rose Tuesday, reflecting a continued high level of investor anxiety. The yield on the country's ten-year bonds hit 7 percent again, which is considered unsustainable in the long run. Greece, Ireland and Portugal had to seek relief from their lenders after their own borrowing costs rose that high.

Italy is the euro zone's third-largest economy and is considered too big to get bailed out by its neighbors. Mario Monti, the country's new premier, got parliamentary approval last week for a big austerity package that is intended to save the country from financial disaster.

Markets have grown increasingly fearful over the past few months that Italy will find it difficult to pay off its massive debts, which stand at around $2.5 trillion.

In other corporate news:

— Computer Sciences Corp. fell 9 percent after warning that it will write down the value of an investment by about $1.5 billion.

— U.S. oil and gas explorer Endeavour International Corp. rose 24 percent after the company announced an agreement to buy ConocoPhillips' interest in three U.K. oil fields in the Central North Sea for $330 million.

— International Game Technology shares gained 5 percent following news that some states might be closer to permitting online gambling.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed lower Wednesday after Europe's central bank disclosed figures suggesting that banks in the region were becoming increasingly reluctant to lend to each other.

The Dow Jones industrial average lost nearly 140 points and the S&P 500 index fell after five days of gains. The S&P is now negative for the year again, after barely turning positive on Friday.

The European Central Bank said the continent's banks parked $590.72 billion with it overnight, surpassing the record set only Monday. That means those banks were less willing to take the risk of making short-term loans to each other, opting instead to earn low interest rates from the ECB. The disclosure also hurt the euro, which fell to $1.291, its lowest level against the dollar since January.

The worrying news from the ECB overshadowed two successful auctions of Italian government debt. Italy was able to pay much lower borrowing rates than last month. The strong demand from investors raised hopes that Italy would be able to avoid sinking into a financial crisis, as smaller countries like Greece and Portugal have.

John Merrill, chief investment officer at Tanglewood Wealth Management, said markets would remain vulnerable to flare-ups in Europe's long-running financial crisis until leaders there come up with more convincing solutions for paying down their enormous debt loads and keeping the 17-nation currency union intact.

"We live in a Band-Aid world," Merrill said. "Nobody really is addressing underlying issues."

European leaders agreed at a summit Dec. 9 to forge closer fiscal ties over the long term, but investors are still worried that Greece might default on its debt or be forced to leave the euro bloc. A Greek exit from the currency union would likely cause huge disruptions for the country's economy and losses for European banks that hold Greek government debt. Investors fear that could cascade into another global financial panic, as happened in 2008 following the collapse of the U.S. investment bank Lehman Brothers.

The Dow Jones industrial average fell 139.94 points, or 1.1 percent, to 12,151.41. Materials and energy companies led the declines. Alcoa Inc. fell 3 percent and Caterpillar Inc. fell 2.4 percent.

Trading was very thin in a holiday-shortened week. Shares traded on the New York Stock Exchange totaled 2.3 billion, less than half of the usual volume.

The S&P 500 fell 15.79 points, or 1.3 percent, to 1,249.64. The Nasdaq composite declined 35.22 points, or 1.3 percent, to 2,589.98.

The NYSE DOW NYSE DOW closed LOWER -139.94 -1.14% on Wednesday December 28
Sym .......Last .......Change..........
Dow 12,151.41 -139.94 -1.14%
Nasdaq 2,589.98 -35.22 -1.34%
S&P 500 1,249.64 -15.79 -1.25%
30-yr Bond 2.897 -0.142 -4.67%

NYSE Volume 2,349,981.25
Nasdaq Volume 1,084,756.75

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,507.40 -5.30 -0.10%
DAX 5,771.27 -118.49 -2.01%
CAC 40 3,071.08 -32.03 -1.03%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,141.70 -50.40 -1.20%
Shanghai Comp 2,170.01 +3.81 +0.18%
Taiwan Wei... 7,056.67 -28.36 -0.40%
Nikkei 225 8,423.62 -16.94 -0.20%
Hang Seng 18,518.67 -110.50 -0.59%
Straits Times 2,666.25 -7.37 -0.28%

http://finance.yahoo.com/news/stocks-slide-p-500-turns-211005879.html

Stocks slide; S&P 500 turns negative for year

Stock fall on European banking worries; S&P 500 index turns negative for year

By Pallavi Gogoi, AP Business Writer



NEW YORK (AP) -- Stocks closed lower Wednesday after Europe's central bank disclosed figures suggesting that banks in the region were becoming increasingly reluctant to lend to each other.

The Dow Jones industrial average lost nearly 140 points and the S&P 500 index fell after five days of gains. The S&P is now negative for the year again, after barely turning positive on Friday.

The European Central Bank said the continent's banks parked $590.72 billion with it overnight, surpassing the record set only Monday. That means those banks were less willing to take the risk of making short-term loans to each other, opting instead to earn low interest rates from the ECB. The disclosure also hurt the euro, which fell to $1.291, its lowest level against the dollar since January.

The worrying news from the ECB overshadowed two successful auctions of Italian government debt. Italy was able to pay much lower borrowing rates than last month. The strong demand from investors raised hopes that Italy would be able to avoid sinking into a financial crisis, as smaller countries like Greece and Portugal have.

John Merrill, chief investment officer at Tanglewood Wealth Management, said markets would remain vulnerable to flare-ups in Europe's long-running financial crisis until leaders there come up with more convincing solutions for paying down their enormous debt loads and keeping the 17-nation currency union intact.

"We live in a Band-Aid world," Merrill said. "Nobody really is addressing underlying issues."

European leaders agreed at a summit Dec. 9 to forge closer fiscal ties over the long term, but investors are still worried that Greece might default on its debt or be forced to leave the euro bloc. A Greek exit from the currency union would likely cause huge disruptions for the country's economy and losses for European banks that hold Greek government debt. Investors fear that could cascade into another global financial panic, as happened in 2008 following the collapse of the U.S. investment bank Lehman Brothers.

The Dow Jones industrial average fell 139.94 points, or 1.1 percent, to 12,151.41. Materials and energy companies led the declines. Alcoa Inc. fell 3 percent and Caterpillar Inc. fell 2.4 percent.

Trading was very thin in a holiday-shortened week. Shares traded on the New York Stock Exchange totaled 2.3 billion, less than half of the usual volume.

The S&P 500 fell 15.79 points, or 1.3 percent, to 1,249.64. The Nasdaq composite declined 35.22 points, or 1.3 percent, to 2,589.98.

The Bank of Italy raised $11.8 billion in two bond auctions, reflecting investor approval of the country's recently passed austerity measures. The yield on Italy's six-month bill offering was half the interest rate the country paid in a similar auction last month. The yield on the country's 10-year bond remained dangerously high, however, at 6.93 percent. It had risen to 7 percent Tuesday, a level that is considered unsustainable.

Italy is the euro zone's third-largest economy and is considered too big to save under the euro zone's current bailout funds. Investors have grown fearful over the past few months that Italy will find it difficult to pay off its massive debts, which stand at around $2.5 trillion.

The worries were reflected in U.S. bank stocks. Bank of America Corp. fell 3.5 percent, while Regions Financial Corp. fell 2.7 percent.

In other corporate news:

— Sandridge Energy Inc. stock declined 4.4 percent on news that it is selling drilling rights in two states to a Spanish energy company, Repsol YPF.

— Cavium Inc. fell over 1 percent, a day after the chipmaker said its fourth-quarter results will fall below its previous forecast.

 

[bigdog]

Source: http://finance.yahoo.com

Better news on home sales and improved prospects for job growth sent stocks higher on Wall Street Thursday.

The Dow Jones industrial average rose 135 points, nearly making up its 140-point loss from the day before. The S&P 500 edged back into the black for 2011, with just one more day of trading left in the year.

The four-week average of unemployment claims fell to a three-and-a-half-year low, an indication that hiring could pick up. Also, the number of Americans who signed contracts to buy homes in November rose more than 7 percent to the highest level in a year and a half, according to the National Association of Realtors.

Quincy Krosby, Prudential Financial's market strategist, said the reports were encouraging signals for the economy going in to 2012.

"The correlation between jobs and housing has been crystal-clear this year," Krosby said. "Parts of the country where jobs are more plentiful are the ones where the housing market has held up."

Krosby said the correlation has become more pronounced after the real estate bust, when lenders became reluctant to even consider customers for a mortgage unless they held jobs. She said it's a noticeable trend in many cities nationwide.

For instance, Boston's 1.1 percent drop in home prices since last year was one of the lowest among metro areas tracked by S&P/Case-Shiller index. The city's unemployment rate is 6.2 percent, much lower than the national average of 8.6 percent.

The positive housing news sent the stocks of home builders sharply higher. Masco Corp. soared 8.4 percent, the most in the S&P 500. PulteGroup Inc. rose 6 percent and Lennar Corp. gained 4.6 percent.

The Dow closed at 12,287.04, a gain of 135.63 points, or 1.1 percent. For the year, the Dow is up 709 points, or 6 percent.

The S&P 500 rose 13.38 points, or 1.07 percent, to 1,263.02. That's just 5 points above where the index started the year.

The NYSE DOW NYSE DOW closed HIGHER +135.63 +1.12% on Thursday December 29
Sym .......Last .......Change..........
Dow 12,287.04 +135.63 +1.12%
Nasdaq 2,613.74 +23.76 +0.92%
S&P 500 1,263.02 +13.38 +1.07%
30-yr Bond 2.9100 % +0.0100

NYSE Volume 2,278,125,500
Nasdaq Volume 1,038,898,688

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,566.77 +59.37 +1.08%
DAX 5,848.78 +77.51 +1.34%
CAC 40 3,127.56 +56.48 +1.84%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,123.10 -18.60 -0.45%
Shanghai Comp 2,173.56 +3.55 +0.16%
Taiwan Wei... 7,074.82 +18.15 +0.26%
Nikkei 225 8,398.89 -24.73 -0.29%
Hang Seng 18,397.92 -120.75 -0.65%
Straits Times 2,672.78 +6.53 +0.24%

http://finance.yahoo.com/news/stocks-home-deals-job-growth-211525538.html

Stocks up on new home deals, job growth prospects

Stocks up after new home contracts rise and unemployment claims suggest hiring could pick up

By Pallavi Gogoi, AP Business Writer

NEW YORK (AP) -- Better news on home sales and improved prospects for job growth sent stocks higher on Wall Street Thursday.

The Dow Jones industrial average rose 135 points, nearly making up its 140-point loss from the day before. The S&P 500 edged back into the black for 2011, with just one more day of trading left in the year.

The four-week average of unemployment claims fell to a three-and-a-half-year low, an indication that hiring could pick up. Also, the number of Americans who signed contracts to buy homes in November rose more than 7 percent to the highest level in a year and a half, according to the National Association of Realtors.

Quincy Krosby, Prudential Financial's market strategist, said the reports were encouraging signals for the economy going in to 2012.

"The correlation between jobs and housing has been crystal-clear this year," Krosby said. "Parts of the country where jobs are more plentiful are the ones where the housing market has held up."

Krosby said the correlation has become more pronounced after the real estate bust, when lenders became reluctant to even consider customers for a mortgage unless they held jobs. She said it's a noticeable trend in many cities nationwide.

For instance, Boston's 1.1 percent drop in home prices since last year was one of the lowest among metro areas tracked by S&P/Case-Shiller index. The city's unemployment rate is 6.2 percent, much lower than the national average of 8.6 percent.

The positive housing news sent the stocks of home builders sharply higher. Masco Corp. soared 8.4 percent, the most in the S&P 500. PulteGroup Inc. rose 6 percent and Lennar Corp. gained 4.6 percent.

The Dow closed at 12,287.04, a gain of 135.63 points, or 1.1 percent. For the year, the Dow is up 709 points, or 6 percent.

The S&P 500 rose 13.38 points, or 1.07 percent, to 1,263.02. That's just 5 points above where the index started the year.

The technology-heavy Nasdaq composite rose 23.76 points, or 0.92 percent, to 2,613.74. The index if down 39 points for the year.

Trading was very light as investors get ready to close the books on 2011. Markets will be closed Monday in observance of New Year's Day, which falls on Sunday.

Volume on the New York Stock Exchange was 2 billion shares, less than half of its recent average. Gaining stocks led losing ones four-to-one.

The euro fell to its lowest level against the dollar in more than a year and its lowest against the Japanese yen in a decade. The euro went as low as $1.28 versus the dollar, its weakest since September 2010.

Investors continued to be worried that Italy's 10-year borrowing rate remains uncomfortably close to 7 percent, a level that economists consider unsustainable. Greece, Ireland and Portugal all had to seek relief from their creditors after their 10-year bond yields rose above 7 percent.

Italy paid 6.98 percent on a 10-year bond auction where it raised $3.3 billion. That's lower than the 7.56 percent it had to pay at an equivalent auction last month, but not low enough to assuage investors. Italy's new premier said his government has more to do before it convinces financial markets it can manage the heavy debts that have made it the focus of the euro zone crisis.

In other corporate news:

”” Chesapeake Midstream Partners rose 5 percent after the natural gas systems operator agreed to acquire Chesapeake Energy Corp.'s pipeline business.

”” Hill International Inc. rose 3 percent after the construction management company was awarded a $3.3 million contract to build a new stadium in Iraq.

”” Sears Holdings Corp. fell 1 percent as investors worried over the fate of the retailer, two days after it said it was closing over 100 stores nationwide.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market is ending a tumultuous year right where it started.

The Standard & Poor's 500 index closed 2011 a fraction of a point below where it started the year. The S&P closed at 1,257.60, up 5.42 points or 0.4 percent. It ended 2010 at nearly the exact same level, at 1,257.64. Its loss for the year is 0.04 point.

The Dow Jones industrial average lost 69 points, or 0.6 percent, at 12,218. The Dow is up 5.5 percent for the year. The Nasdaq composite index fell 9 points, or 0.3 percent, to 2,605. It lost 1.8 percent for the year.

McDonald's Corp. was the biggest winner in the Dow this year with a gain of 31 percent. Bank of America Corp. was the worst, down 58 percent.

The conventional wisdom is the more risk, the greater the potential rewards. But the opposite is proving true this year: Investors playing it safe have gained the most.

The most dull and conservative of stocks — utilities — gained 15 percent, the largest gain of the ten industry sectors in the S&P 500 index. Other winning groups are consumer staples and health care companies, up 11 percent and 10 percent in 2011 respectively.

In Europe, many of the biggest markets ended down for the year. Britain's FTSE 100 lost 5.6 percent, Germany's DAX 14.7 percent.

Trading has been quiet this week with many investors away on vacation. Volume on the New York Stock Exchange has been about half of its daily average. Markets will be closed Monday in observance of New Year's Day.

The NYSE DOW NYSE DOW closed LOWER -69.48 -0.57% on Friday December 30
Sym .......Last .......Change..........
Dow 12,217.56 -69.48 -0.57%
Nasdaq 2,605.15 -8.59 -0.33%
S&P 500 1,257.60 -5.42 -0.43%
30-yr Bond 2.8900 % -0.0180

NYSE Volume 2,260,306,250
Nasdaq Volume 1,083,414,000

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,572.28 +5.51 +0.10%
DAX 5,898.35 +49.57 +0.85%
CAC 40 3,159.81 +32.25 +1.03%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,111.00 -12.10 -0.29%
Shanghai Comp 2,199.42 +25.86 +1.19%
Taiwan Wei... 7,072.08 -2.74 -0.04%
Nikkei 225 8,455.35 +56.46 +0.67%
Hang Seng 18,434.39 +36.47 +0.20%
Straits Times 2,646.35 -26.43 -0.99%

http://finance.yahoo.com/news/stocks-ending-flat-big-ups-212102028.html

Stocks ending flat for year after big ups, downs

After big climbs and falls, stocks are ending year right where they started

By Bernard Condon, AP Business Writer



NEW YORK (AP) -- The stock market is ending a tumultuous year right where it started.

The Standard & Poor's 500 index closed 2011 a fraction of a point below where it started the year. The S&P closed at 1,257.60, up 5.42 points or 0.4 percent. It ended 2010 at nearly the exact same level, at 1,257.64. Its loss for the year is 0.04 point.

The Dow Jones industrial average lost 69 points, or 0.6 percent, at 12,218. The Dow is up 5.5 percent for the year. The Nasdaq composite index fell 9 points, or 0.3 percent, to 2,605. It lost 1.8 percent for the year.

McDonald's Corp. was the biggest winner in the Dow this year with a gain of 31 percent. Bank of America Corp. was the worst, down 58 percent.

The conventional wisdom is the more risk, the greater the potential rewards. But the opposite is proving true this year: Investors playing it safe have gained the most.

The most dull and conservative of stocks — utilities — gained 15 percent, the largest gain of the ten industry sectors in the S&P 500 index. Other winning groups are consumer staples and health care companies, up 11 percent and 10 percent in 2011 respectively.

In Europe, many of the biggest markets ended down for the year. Britain's FTSE 100 lost 5.6 percent, Germany's DAX 14.7 percent.

Trading has been quiet this week with many investors away on vacation. Volume on the New York Stock Exchange has been about half of its daily average. Markets will be closed Monday in observance of New Year's Day.

Better news on the job market and home sales lifted stocks Thursday, pushing the Dow up 135 points. On Friday Ford reported that its sales topped 2 million this year for the first time since 2007. Ford fell 0.1 percent.

Rising and falling stocks were about even on the New York Stock Exchange. Volume was just 2.2 billion shares, about half of the recent daily average.

In other corporate news:

— Sears Holdings Corp. fell 3 percent to $31.78 after Fitch Ratings downgraded the company's credit rating to "junk." Sears has plunged 30 percent this week after disclosing that it would close more than 100 Sears and Kmart stores because of weak holiday sales.

— Diamond Foods Inc. jumped 2.4 percent to $32.27. Rumors have been circulating that the hedge fund manager David Einhorn has acquired a stake in the food company that makes Emerald Nuts.

— AMR Corp., the parent company of American Airlines, fell 17 cents to 35 cents. The company filed for bankruptcy protection last month. Late Thursday the company said its stock would be delisted from the New York Stock Exchange next week.

3148

 

[bigdog]

Source: http://finance.yahoo.com

The stock market got a big jump on a better year.

After a flat 2011, stocks rose sharply Tuesday in the first trading of 2012 after investors returned from the holiday and found encouraging economic reports from the United States and around the world.

The Dow Jones industrial average rose 179.82 points, or 1.4 percent, to 12,397.38, its highest close in more than five months.

The Standard & Poor's 500 index, a broader gauge than the Dow, finished up almost 20 points at 1,277. The S&P finished 2011 almost exactly where it started — down a sliver, 0.04 of a point.

The market may have gotten an extra boost from what's known as the January effect: Investors sell stocks at the end of the year to lock in losses for tax purposes, then come back in January and buy stocks again.

The effect could be more pronounced this year because the stock market was so volatile in 2011 and more investors had losses to take, said Sam Stovall, chief equity strategist at Standard & Poor's Capital IQ.

Money managers also usually get a fresh infusion of cash at the beginning of the year because workers who maxed out their contributions to retirement accounts well before the previous year ended start contributing again.

These investors are back hunting for bargains, he said: "Investors are a lot like dieters and look to January as a new beginning."

January is a fairly good predictor of the year for U.S. stocks. Only seven times since 1950 has January turned out to be a "major error" in predicting the year to come, according to the Stock Trader's Almanac.

The NYSE DOW NYSE DOW closed HIGHER +179.82 +1.47% on Tuesday January 3
Sym .......Last .......Change..........
Dow 12,397.38 +179.82 +1.47%
Nasdaq 2,648.72 +43.57 +1.67%
S&P 500 1,277.06 +19.46 +1.55%
30-yr Bond 2.9900 % +0.1050

NYSE Volume 3,901,939,500
Nasdaq Volume 1,656,356,375

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,699.91 +127.63 +2.29%
DAX 6,166.57 +91.05 +1.50%
CAC 40 3,245.40 +23.10 +0.72%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,155.20 +44.20 +1.08%
Shanghai Comp 2,199.42 closed
Taiwan Wei... 7,053.38 +101.17 +1.46%
Nikkei 225 8,455.35 +56.46 +0.67%
Hang Seng 18,877.41 +443.02 +2.40%
Straits Times 2,688.36 +42.01 +1.59%

http://finance.yahoo.com/news/wall-streets-happy-dow-almost-213554895.html

Wall Street's happy new year: Dow up almost 180

Dow rises 179 as investors return from break and find reason to buy; aiming to beat flat '10

By Pallavi Gogoi, AP Business Writer



NEW YORK (AP) -- The stock market got a big jump on a better year.

After a flat 2011, stocks rose sharply Tuesday in the first trading of 2012 after investors returned from the holiday and found encouraging economic reports from the United States and around the world.

The Dow Jones industrial average rose 179.82 points, or 1.4 percent, to 12,397.38, its highest close in more than five months.

The Standard & Poor's 500 index, a broader gauge than the Dow, finished up almost 20 points at 1,277. The S&P finished 2011 almost exactly where it started — down a sliver, 0.04 of a point.

The market may have gotten an extra boost from what's known as the January effect: Investors sell stocks at the end of the year to lock in losses for tax purposes, then come back in January and buy stocks again.

The effect could be more pronounced this year because the stock market was so volatile in 2011 and more investors had losses to take, said Sam Stovall, chief equity strategist at Standard & Poor's Capital IQ.

Money managers also usually get a fresh infusion of cash at the beginning of the year because workers who maxed out their contributions to retirement accounts well before the previous year ended start contributing again.

These investors are back hunting for bargains, he said: "Investors are a lot like dieters and look to January as a new beginning."

January is a fairly good predictor of the year for U.S. stocks. Only seven times since 1950 has January turned out to be a "major error" in predicting the year to come, according to the Stock Trader's Almanac.

In other words, whichever direction the market has gone in January, the rest of the year has usually followed.

The "major errors" are usually extraordinary events, the almanac points out. In 2001, for example, the S&P 500 rose 3.5 percent in January, but the market was rocked by the Sept. 11 attacks and finished the year down 13 percent.

The first day of the year is less useful for fortune-telling than the first month. If you were to bet on whether the market would finish the year up or down based on how it performed the first day, you would be right only about half the time.

And there's no special power to January. A strong market in any single month makes it more likely that the market will be higher over the 12 months to come, Dan Greenhaus, chief global strategist at the brokerage BTIG, pointed out in a note to clients.

"As goes any month, so goes any 12-month period," he said. "This is not the exclusive province of January."

Predictive ability aside, the Dow's 179-point gain was its third-biggest for the first trading day of the year and its biggest gain on the first day since 2009, when the Dow climbed 258 points.

Tuesday was also the fourth time in a row the market rose on opening day. On Jan. 3, 2011, on its way to flat-lining for the year, the S&P rose 14 points.

Bank stocks and materials and industrial companies posted the largest gains. Alcoa, which produces aluminum, rose 6.7 percent, JPMorgan Chase rose 5.2 percent, and Bank of America rose 4.3 percent, the biggest winners among the 30 stocks in the Dow.

The market's gains were broad. All but four of the Dow 30 finished higher. Of the 10 categories of stocks in the S&P 500 index, one, utilities, finished lower. Utilities are traditionally conservative stocks to own.

Investors seized on the latest signs of strength in the U.S. economy: Manufacturing expanded in December at the fastest rate in six months, and construction spending rose in November as builders spent more on single-family homes, apartments and remodeling projects.

There was also hope from Europe's largest economy, Germany, which reported that the average number of people unemployed there last year was the lowest in two decades. Germany has an unemployment rate of 6.6 percent, compared with 8.6 percent in the United States.

And a Chinese manufacturing index rose in December, reversing a November slide and raising hopes that China's economic slowdown is under control.

The economic reports overshadowed, at least for a day, concerns in the global markets about the European debt crisis, which will probably be the main catalyst for markets in the weeks ahead.

Earlier Tuesday, the government of debt-crippled Greece warned that it would have to ditch the euro currency if the details of a second international bailout worth $169 billion can't be worked out.

Investors have been afraid that a Greek exit from the euro currency union would further disrupt the Greek economy and cause heavy losses for European banks that hold Greek government debt, perhaps triggering a global financial crisis.

The second Greek bailout was approved last October, but Greece still has to persuade its creditors, including banks and investment firms, to take steep losses on their holdings of Greek debt.

Greece also says more tax increases and spending cuts may be required. A spokesman for the Greek government, Pantelis Kapsis, said negotiations in the next three or four months with international debt monitors will "determine everything."

The euro rose to $1.3056 from $1.2929 late Monday. Last Thursday, it hit a 15-month low of $1.2857 after an Italian bond auction disappointed investors. On Tuesday, the better economic data had investors more willing to buy riskier currencies.

The price of oil rose $4.13 to $102.96 per barrel in its first trading of 2012. Tensions grew over key Persian Gulf oil shipments after Iran warned the United States to stay out of the strategically important Strait of Hormuz waterway.

The dollar and Treasury prices fell as investors shed low-risk assets. The yield on the U.S. government's 10-year Treasury note, which moves in the opposite direction from its price, rose to 1.95 percent from 1.88 percent late Friday.

Gold rose 2.2 percent. In other stock trading, the Nasdaq closed up 43.57, or 1.7 percent, at 2,648.72.

U.S. investors were also reacting to news they had missed out on during the holidays. The markets were open last week, but trading volume was only about half its normal level.

— Last Friday, a federal court delayed the implementation of new air-pollution regulations. So coal stocks did well Tuesday: Peabody Energy Corp. rose over 9 percent and James River Coal Co. soared close to 11 percent, while Alpha Natural Resources Inc. gained 8 percent.

— Last Thursday, a JPMorgan analyst told clients that two wireless companies, Leap Wireless International Inc. and MetroPCS Communications Inc., could be targeted by AT&T or T-Mobile for takeovers. MetroPCS rose 8 percent Tuesday, and Leap rose over 6 percent.

In other corporate news:

— Chesapeake Energy Corp. rose almost 6 percent after the energy company sold a part of its Ohio oil and gas business to a unit of French energy company Total SA for $2.32 billion.

— Rambus Inc. jumped 7 percent after the technology licensing company raised its fourth-quarter revenue forecast to $83 million from an earlier range of $66 million to $71 million.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks barely budged Wednesday, letting investors hold on to their gains from a strong opening to the year a day earlier.

Strong December sales boosted carmakers and specialty retailers. Banks, health care companies, and utilities fell slightly. But nothing moved much.

The Dow Jones industrial average edged up 21.04 points, or 0.2 percent, to close at 12,418.42. The Dow opened the year with a 180-point gain Tuesday, which brought it to the highest level since July.

"It's healthy to see that after a big rally," said Randy Warren, chief investment officer for Warren Financial Service. "People need to sit back and think about it."

The Standard & Poor's 500 index and Nasdaq were nearly flat. The S&P inched up 0.24 point to close at 1,277.30. The Nasdaq fell 0.36 point to 2,648.36.

Specialty stores such as Bed Bath & Beyond rose on a report that mall shopping was strong in the week after Christmas. Retailing industry stocks rose 0.8 percent. A trade group estimated that after-Christmas sales rose 5.3 percent compared with a year ago. Bed Bath & Beyond Inc. rose 1.8 percent, and Ross Stores Inc., which sells discounted clothes, rose 0.7 percent.

Big-box retailers fell. Analysts have been concerned that some stores raised holiday sales with deep discounts that will hurt profits. Wal-Mart Stores Inc. fell 1.1 percent, making it the second-biggest decliner among the Dow's 30 stocks. Target Corp. fell 2.2 percent and Kohl's Corp. fell 1.4 percent.

Automakers delivered a strong end to 2011. Analysts had been expecting December to be a strong sales month for cars on the theory that more confidence in the economy would unlock pent-up demand. Ford Motor Co. rose 1.5 percent, and General Motors Co. rose 0.5 percent after those two companies and Chrysler reported strong increases in December and full-year sales.

The NYSE DOW NYSE DOW closed HIGHER +21.04 +0.17% on Wednesday January 4
Sym .......Last .......Change..........
Dow 12,418.42 +21.04 +0.17%
Nasdaq 2,648.36 -0.36 -0.01%
S&P 500 1,277.30 +0.24 +0.02%
30-yr Bond 3.0400 % +0.0490

NYSE Volume 3,554,443,750
Nasdaq Volume 1,690,198,875

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,668.45 -31.46 -0.55%
DAX 6,111.55 -55.02 -0.89%
CAC 40 3,193.65 -51.75 -1.59%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,239.50 +84.30 +2.03%
Shanghai Comp 2,169.39 -30.03 -1.37%
Taiwan Wei... 7,082.97 +29.59 +0.42%
Nikkei 225 8,560.11 +104.76 +1.24%
Hang Seng 18,727.31 -150.10 -0.80%
Straits Times 2,711.02 +22.66 +0.84%

http://finance.yahoo.com/news/stock-market-ends-mixed-day-211400166.html

Stock market ends mixed a day after big gains

Dow average ekes out a 21-point advance a day after big rally; a strong December for retailers

By Joshua Freed, AP Business Writer

Stocks barely budged Wednesday, letting investors hold on to their gains from a strong opening to the year a day earlier.

Strong December sales boosted carmakers and specialty retailers. Banks, health care companies, and utilities fell slightly. But nothing moved much.

The Dow Jones industrial average edged up 21.04 points, or 0.2 percent, to close at 12,418.42. The Dow opened the year with a 180-point gain Tuesday, which brought it to the highest level since July.

"It's healthy to see that after a big rally," said Randy Warren, chief investment officer for Warren Financial Service. "People need to sit back and think about it."

The Standard & Poor's 500 index and Nasdaq were nearly flat. The S&P inched up 0.24 point to close at 1,277.30. The Nasdaq fell 0.36 point to 2,648.36.

Specialty stores such as Bed Bath & Beyond rose on a report that mall shopping was strong in the week after Christmas. Retailing industry stocks rose 0.8 percent. A trade group estimated that after-Christmas sales rose 5.3 percent compared with a year ago. Bed Bath & Beyond Inc. rose 1.8 percent, and Ross Stores Inc., which sells discounted clothes, rose 0.7 percent.

Big-box retailers fell. Analysts have been concerned that some stores raised holiday sales with deep discounts that will hurt profits. Wal-Mart Stores Inc. fell 1.1 percent, making it the second-biggest decliner among the Dow's 30 stocks. Target Corp. fell 2.2 percent and Kohl's Corp. fell 1.4 percent.

Automakers delivered a strong end to 2011. Analysts had been expecting December to be a strong sales month for cars on the theory that more confidence in the economy would unlock pent-up demand. Ford Motor Co. rose 1.5 percent, and General Motors Co. rose 0.5 percent after those two companies and Chrysler reported strong increases in December and full-year sales.

Visa Inc. fell 1.8 percent and MasterCard Inc. fell 3.3 percent. Janney analysts downgraded both to "Neutral" from "Buy" and predicted that U.S. consumers will continue to reduce debt.

Netflix Inc. soared 11 percent, the most in the S&P 500, after the DVD-by-mail and online video company said its customers streamed more than two billion hours of video during the fourth quarter. It was some welcome good news from a company that has had several missteps, including a failed plan to split the DVD and video streaming business.

Ryan Detrick, senior technical analyst with Schaeffer's Investment Research, said it's good to see stock prices hold onto gains after a strong start to the year on Tuesday.

"At least thus far in 2012 we haven't followed the path of 2011, where if it's a good day, there's a bad day right away," he said. "The recent trend is clearly to give back what you get just as fast."

The yield on 10-year Treasury Notes briefly popped above 2 percent, although it fell to 1.99 percent in the afternoon. Yields have been falling over the past year as investors loaded up on low-risk investments. A rise in yields suggests that investors are more willing to take risks by parking money elsewhere in exchange for higher rewards.

Gold prices rose $12.20, or 0.8 percent, to $1,612.70 per ounce. Oil prices rose 26 cents to $103.2.

European markets declined, and the euro fell back below $1.30, to $1.2945, within a penny of its lowest level in a year. Another increase in Italy's borrowing costs renewed worries about Europe's efforts to restore confidence in its debt-hobbled governments.

In other corporate news:

”” Acme Packet Inc., which makes phone equipment, plunged 19 percent after saying its quarterly profit and revenue would be well below analyst expectations.

”” Yahoo Inc. fell 3.1 percent after the company named Scott Thompson, president of eBay Inc.'s PayPal division, as CEO ”” its fourth in five years. Yahoo has been without a permanent CEO since firing Carol Bartz in September. EBay fell 3.8 percent.

”” Fallen photography pioneer Eastman Kodak Co. dropped 28 percent to 46 cents after The Wall Street Journal, quoting unidentified people familiar with the matter, reported that Kodak is preparing for a Chapter 11 filing "in the coming weeks" in case efforts to sell digital-imaging patents fail. On Tuesday Kodak said its stock could be removed from the New York Stock Exchange if it doesn't rise above $1 in the next six months.

 

[bigdog]

Source: http://finance.yahoo.com

It took the whole day, but stocks came all the way back.

Bruised once again by uncertainty about European debt, the U.S. stock market fell sharply Thursday at the open, then steadily gained ground for six hours. By the close, the Dow Jones industrial average had shaved its loss to less than three points.

It was the first decline of the year for the Dow. The Standard & Poor's 500 index gained just under four points and managed to extend its January winning streak to three days.

Investors looking for good news had the latest encouraging report on the U.S. job market. Weekly unemployment claims declined again, one day before a crucial report on the national jobs picture in December.

The Dow recovered from a 134-point loss to end down just 2.72 points at 12,415.70. The Standard & Poor's 500 index closed up 3.76 points at 1,281.06. The Nasdaq rose 21.5 points to 2,669.86.

The market has had a strong start to the year. The Dow is up 1.6 percent, the S&P 500 1.9 percent. The technology-focused Nasdaq composite is already 2.5 percent.

Stocks spent the morning underwater. Worries about Europe's financial crisis appeared to outweigh a jobs report that showed a drop in new applications for unemployment insurance.

The NYSE DOW NYSE DOW closed LOWER -2.72 -0.02% on Thursday January 5
Sym .......Last .......Change..........
Dow 12,415.70 -2.72 -0.02%
Nasdaq 2,669.86 +21.50 +0.81%
S&P 500 1,281.06 +3.76 +0.29%
30-yr Bond 3.0600 % +0.0140

NYSE Volume 4,264,649,000
Nasdaq Volume 1,859,210,875

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,624.26 -44.19 -0.78%
DAX 6,095.99 -15.56 -0.25%
CAC 40 3,144.91 -48.74 -1.53%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,196.60 -42.90 -1.01%
Shanghai Comp 2,148.45 -20.94 -0.97%
Taiwan Wei... 7,130.86 +47.89
Nikkei 225 8,488.71 -71.40 -0.83%
Hang Seng 18,813.41 +86.10 +0.46%
Straits Times 2,713.02 +2.00 +0.07%

http://news.yahoo.com/dow-average-marks-first-tiny-loss-2012-215017659.html

Dow average marks its first (tiny) loss of 2012
By JOSHUA FREED

It took the whole day, but stocks came all the way back.

Bruised once again by uncertainty about European debt, the U.S. stock market fell sharply Thursday at the open, then steadily gained ground for six hours. By the close, the Dow Jones industrial average had shaved its loss to less than three points.

It was the first decline of the year for the Dow. The Standard & Poor's 500 index gained just under four points and managed to extend its January winning streak to three days.

Investors looking for good news had the latest encouraging report on the U.S. job market. Weekly unemployment claims declined again, one day before a crucial report on the national jobs picture in December.

The Dow recovered from a 134-point loss to end down just 2.72 points at 12,415.70. The Standard & Poor's 500 index closed up 3.76 points at 1,281.06. The Nasdaq rose 21.5 points to 2,669.86.

The market has had a strong start to the year. The Dow is up 1.6 percent, the S&P 500 1.9 percent. The technology-focused Nasdaq composite is already 2.5 percent.

Stocks spent the morning underwater. Worries about Europe's financial crisis appeared to outweigh a jobs report that showed a drop in new applications for unemployment insurance.

Trading in UniCredit, a large Italian bank, was halted after the stock lost a quarter of its value. The bank said Wednesday that it would need to offer huge discounts to investors to raise money.

And a financial crisis deepened in Hungary, which had to pay a staggeringly high interest rate of 10 percent on its 12-month debt. That is far above the 7 percent level that forced Greece and Portugal to seek bailouts.

Taken together, the news raised fears on Wall Street that Europe's debt crisis would spread from small countries such as Greece and infect much larger ones such as Italy that are too big to be bailed out.

"The positives that are coming out of our economy are less significant than the fear that is coming out of Europe," said Ralph Fogel, an investment strategist and partner at Fogel Neale Partners in New York.

Stocks fell more than 2 percent in Italy, Greece and Spain. Markets in the bigger, more stable economies of Britain and Germany fell slightly. The CAC-40 in France fell 1.5 percent.

The euro fell to just below $1.28, down more than a penny from Wednesday, to its lowest since September 2010. The euro spent most of last year, even the most uncertain days of the European debt crisis, above $1.30.

In the U.S., Barnes & Noble plunged 17 percent after lowering its profit forecast and saying it might spin off its Nook e-reader, which faces competition from the Amazon Kindle and the Apple iPad.

Other retailers fell, too, after their December sales failed to impress Wall Street.

Upscale stores did well, but others struggled. Macy's beat expectations for sales and rose 1 percent. But Target, J.C. Penney Co. and Gap were all among the worst performers in the S&P 500, each down more than 2.7 percent.

The Labor Department reported another drop in the number of people filing for unemployment benefits, and ADP, which processes payroll data, said private employers added 325,000 jobs last month.

The reports signaled further, though not dramatic, improvement in the job market. The government reports Friday on how many jobs were created in December and on the unemployment rate, which stands at 8.6 percent.

In other U.S. corporate news:

”” MetroPCS Communications Inc., the fifth-largest cellphone company in the U.S., fell 8.9 percent after reporting new subscriber growth that was lower than analysts had expected.

”” Constellation Brands Inc., which makes Robert Mondavi wine and Svedka vodka, fell 3.5 percent after its quarterly profit dropped 25 percent. North American wine and beer sales were weaker.

”” Tesoro Corp., a Texas oil refiner, plunged 5.9 percent. It said it lost money in the final three months of 2011 because the rising price of crude oil made refining more expensive at the same time gasoline prices were falling.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market offered a reminder Friday that even if the U.S. job market is improving, there's plenty to worry about elsewhere in the world.

The unemployment rate fell in December to 8.5 percent, the lowest level in nearly three years. Yet stock indexes teetered between small gains and losses all day as traders fretted about Europe's ongoing financial drama.

Italy's borrowing costs spiked to dangerously high levels and the euro fell to a 16-month low against the dollar. U.S. bank stocks fell on concerns that the debt crisis will spread through the financial industry.

The Dow Jones industrial average ended down nearly 56 points and the S&P had a tiny loss, its first of the year. Both gained more than 1 percent over the first week of 2012.

Most European markets closed lower after new data showed economic sentiment and retail sales falling across the region. Unemployment is stuck at 10.3 percent in the 17 nations that use the euro.

Europe's debt woes and China's slowing economy are overshadowing signs of strength in the U.S. economy, said Doug Cote, chief market strategist at ING Investment Management.

"The global risks continue to exert their weight," Cote said. Ultimately, improving U.S. stronger consumer demand, manufacturing activity and corporate profits will drive U.S. stocks higher, Cote said.

The Dow Jones industrial average fell 55.78 points, or 0.5 percent, to 12,359.92. Alcoa Inc. was the Dow's biggest loser, slipping 2.1 percent. A Citi analyst forecast that the aluminum maker lost money in the fourth quarter of 2011 for the first time since the recession. Alcoa, which reports earnings Monday, said late Thursday it would close an aluminum smelter in Tennessee and other operations to cut costs.

The NYSE DOW NYSE DOW closed LOWER -55.78 -0.45% on Friday January 6
Sym .......Last .......Change..........
Dow 12,359.92 -55.78 -0.45%
Nasdaq 2,674.22 +4.36 +0.16%
S&P 500 1,277.81 -3.25 -0.25%
30-yr Bond 3.0200 % -0.0410

NYSE Volume 3,544,665,750
Nasdaq Volume 1,706,199,500

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,649.68 +25.42 +0.45%
DAX 6,057.92 -38.07 -0.62%
CAC 40 3,137.36 -7.55 -0.24%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,164.50 -32.10 -0.76%
Shanghai Comp 2,163.39 +14.94 +0.70%
Taiwan Wei... 7,120.51 -10.35 -0.15%
Nikkei 225 8,390.35 -98.36 -1.16%
Hang Seng 18,593.06 -220.35 -1.17%
Straits Times 2,715.59 +2.57 +0.09%

http://finance.yahoo.com/news/positive-jobs-report-fails-lift-211211114.html

Positive jobs report fails to lift stocks

Stocks close mixed even after strong December jobs report; Europe worries weigh on the market

The stock market offered a reminder Friday that even if the U.S. job market is improving, there's plenty to worry about elsewhere in the world.

The unemployment rate fell in December to 8.5 percent, the lowest level in nearly three years. Yet stock indexes teetered between small gains and losses all day as traders fretted about Europe's ongoing financial drama.

Italy's borrowing costs spiked to dangerously high levels and the euro fell to a 16-month low against the dollar. U.S. bank stocks fell on concerns that the debt crisis will spread through the financial industry.

The Dow Jones industrial average ended down nearly 56 points and the S&P had a tiny loss, its first of the year. Both gained more than 1 percent over the first week of 2012.

Most European markets closed lower after new data showed economic sentiment and retail sales falling across the region. Unemployment is stuck at 10.3 percent in the 17 nations that use the euro.

Europe's debt woes and China's slowing economy are overshadowing signs of strength in the U.S. economy, said Doug Cote, chief market strategist at ING Investment Management.

"The global risks continue to exert their weight," Cote said. Ultimately, improving U.S. stronger consumer demand, manufacturing activity and corporate profits will drive U.S. stocks higher, Cote said.

The Dow Jones industrial average fell 55.78 points, or 0.5 percent, to 12,359.92. Alcoa Inc. was the Dow's biggest loser, slipping 2.1 percent. A Citi analyst forecast that the aluminum maker lost money in the fourth quarter of 2011 for the first time since the recession. Alcoa, which reports earnings Monday, said late Thursday it would close an aluminum smelter in Tennessee and other operations to cut costs.

The latest sign that the labor market is strengthening failed to spur buying by investors. The unemployment rate fell last month to 8.5 percent, while U.S. employers added a net 200,000 jobs, the Labor Department said.

The economy has generated 100,000 or more jobs each month for the past six, the longest such streak since April 2006. The number of people applying for unemployment benefits last week fell, pushing the four-week average of new claims down to its lowest level since June 2008.

In other trading, the Standard & Poor's 500 index fell 3.25 points, or 0.3 percent, to 1,277.81. The Nasdaq composite index rose 4.36, or 0.2 percent, to 2,674.22.

It was the second day in a row of indecisive trading on the stock market. The Dow and the S&P closed nearly unchanged Thursday. The indexes still had strong gains in this first, shortened trading week of the year. The Dow is up 1.2 percent this week, the S&P 1.6 percent. Trading was closed Monday, when the New Year's Day holiday was observed.

The euro fell as low as $1.2696 Friday, its lowest point since Sept. 10, 2010. The yield on the 10-year Treasury note fell to 1.97 percent from 2 percent late Thursday as investors put money into low-risk investments. Bond yields fall when demand for them increases.

Italy is now paying 7.09 percent to borrow for 10 years, reflecting investors' fears that the nation might default. Ireland and Portugal were forced to take bailouts when their ten-year borrowing rates rose above 7 percent.

Unlike those nations, Italy is too big for the rest of Europe to bail out. Leaders of France and Italy met in Paris on Friday to discuss the spiraling debt crisis that threatens to engulf both nations and push much of the region into recession.

In corporate news:

— Family Dollar Stores Inc. plunged 7.5 percent, the most in the S&P 500, after reporting revenue that was less than Wall Street expected.

— Dendreon Corp. jumped 16.3 percent after the drug developer said sales of its prostate-cancer therapy Provenge kept growing in the fourth quarter. Sales of the drug jumped 25 percent over the previous quarter.

— Global Payments Inc. fell 3.4 percent after the processor of credit, debit and gift card payments reported earnings that fell short of analysts' expectations. Janney Capital Markets analyst Thomas McCrohan said prospects for a sustained increased in profit margins "remain fleeting."

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[bigdog]

Source: http://finance.yahoo.com

Stocks drifted higher Monday in a fourth consecutive listless session. Traders waited for corporate financial results to start rolling in so they could look for clues about the economy.

In the unofficial kickoff to earnings season, Alcoa, considered an economic bellwether because so many companies use its products, said it lost $34 million from October through December because of lower demand for aluminum.

The results were released after the market closed for the day. Alcoa stock finished up 27 cents, or 2.9 percent, at $9.43, the biggest gain of the 30 companies in the Dow Jones industrial average.

The Dow closed up 32.77 points, or 0.3 percent, at 12,392.69. The broader Standard & Poor's 500 index gained 2.89 points, or 0.2 percent, to 1,280.70. The Nasdaq composite index rose 2.34, or 0.1 percent, to 2,676.56.

Stock trading has been subdued in recent days. The Dow's high and low were only 75 points apart Monday. In all of 2011, trading was that narrow on only 26 days. In the final five months, the average daily swing was 249 points.

The broader market has been calm, too. The S&P rose 19 points Jan. 3, the first trading day of the year, but has risen or fallen by less than four points each of the following four days.

Analysts think profit growth slowed for U.S. multinational companies from October through December because of weaker demand overseas. Europe is on the brink of recession, and China's explosive economy is cooling.

The NYSE DOW NYSE DOW closed HIGHER +32.77 +0.27% on Monday January 9
Sym .......Last .......Change..........
Dow 12,392.69 +32.77 +0.27%
Nasdaq 2,676.56 +2.34 +0.09%
S&P 500 1,280.70 +2.89 +0.23%
30-yr Bond 3.0290 % +0.0130

NYSE Volume 3,274,055.25
Nasdaq Volume 1,803,014.88

Europe
Symbol... ......Last .....Change.......
FTSE 100 5,612.26 -37.42 -0.66%
DAX 6,017.23 -40.69 -0.67%
CAC 40 3,146.25 +8.89 +0.28%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,161.50 -3.00 -0.07%
Shanghai Comp 2,225.89 +62.49 +2.89%
Taiwan Wei... 7,093.04 -27.47 -0.39%
Nikkei 225 8,390.35 -98.36 -1.16%
Hang Seng 18,865.72 +272.66 +1.47%
Straits Times 2,694.09 -21.50 -0.79%

http://finance.yahoo.com/news/calm-wall-street-ahead-corporate-215749185.html

Calm on Wall Street ahead of corporate earnings

Stocks float higher in another quiet session on Wall St.; traders await corporate earnings

By Daniel Wagner, AP Business Writer

Stocks drifted higher Monday in a fourth consecutive listless session. Traders waited for corporate financial results to start rolling in so they could look for clues about the economy.

In the unofficial kickoff to earnings season, Alcoa, considered an economic bellwether because so many companies use its products, said it lost $34 million from October through December because of lower demand for aluminum.

The results were released after the market closed for the day. Alcoa stock finished up 27 cents, or 2.9 percent, at $9.43, the biggest gain of the 30 companies in the Dow Jones industrial average.

The Dow closed up 32.77 points, or 0.3 percent, at 12,392.69. The broader Standard & Poor's 500 index gained 2.89 points, or 0.2 percent, to 1,280.70. The Nasdaq composite index rose 2.34, or 0.1 percent, to 2,676.56.

Stock trading has been subdued in recent days. The Dow's high and low were only 75 points apart Monday. In all of 2011, trading was that narrow on only 26 days. In the final five months, the average daily swing was 249 points.

The broader market has been calm, too. The S&P rose 19 points Jan. 3, the first trading day of the year, but has risen or fallen by less than four points each of the following four days.

Analysts think profit growth slowed for U.S. multinational companies from October through December because of weaker demand overseas. Europe is on the brink of recession, and China's explosive economy is cooling.

Quarterly profits for S&P 500 companies will probably only grow at half the rate of the previous three quarters, said Sam Stovall, chief equity strategist at S&P's Capital IQ. The companies generate about half their revenue overseas, he said.

The U.S. is in a "half-speed recovery, and that probably isn't enough to offset the weakness in Europe and Asia," Stovall said.

Many analysts expect materials companies such as Alcoa to suffer as developing nations expand more slowly. Government-funded construction booms had driven up prices for metals and other basic products.

"China, India, Latin America ”” that's where those companies have been really driving sales in the last few quarters," said John Butters, senior earnings analyst at FactSet, a provider of financial data.

He said investors should pay close attention to what companies say about their overseas sales for clues to their future performance.

Analysts with S&P Capital IQ took a brighter view of the materials sector. They said in a note to clients that rising prices for steel, gases and chemicals will help offset declining global demand.

Another reason to expect slower profit growth: The results for the last three months of 2011 will be compared with the last three months of 2010, which are not as easy to improve on as results from earlier in 2010.

In early 2010, the U.S. was just emerging from its deepest recession in decades. Changes in the economy since late 2010 have been less dramatic, so the comparisons are more challenging, Butters said.

European markets closed lower Monday. French and German leaders met to craft the regional fiscal treaty that they agreed to pursue last year. It was their first crisis summit of the year.

The treaty would strengthen controls of spending by the 17 countries that use the euro. Excessive borrowing by nations such as Greece and Italy has hurt the European economy and roiled the financial industry.

About two stocks rose for every one that fell on the New York Stock Exchange. Volume remained light at 3.28 billion shares.

In other corporate news:

”” Netflix Inc. shot up 13.8 percent after the company made its debut in Britain and Ireland. The stock has gained 28 percent this year, best in the S&P 500. Netflix traded above $300 last summer, then plunged to $62 after the company surprised customers with a price increase.

”” CareFusion Corp. plunged 8.6 percent, the most in the S&P 500. The company, which makes medical equipment, announced preliminary results that were weaker than analysts had expected.

”” Inhibitex Inc., which makes medicine to treat hepatitis C, soared 140 percent after Bristol-Myers Squibb said over the weekend that it would buy the company for $2.5 billion. Other developers of hepatitis C treatments followed the rally. Idenix Pharmaceuticals Inc. jumped 37 percent, and Achillion Pharmaceuticals Inc. added 22.7 percent.