NYSE Dow Jones finished today at:

bigdog · 8 February 2012

Source: http://finance.yahoo.com

Stocks resumed their slow but steady climb Tuesday as Greece appeared close to announcing a deal with creditors to cut its debt. The Dow Jones industrial average ended at its highest level since May 2008.

Stock indexes rose after a report that Greece and the investors who bought its government bonds were close to a deal to reduce what Greece owes. Greece's crushing debt has unnerved financial markets around the world for two years.

"Just some kind of optimism overseas is going to be positive, considering many didn't think anything was going to come to fruition," said Stephen J. Carl, head equity trader at The Williams Capital Group.

A report that job openings soared to the highest level in almost three years in December also helped the U.S. market.

The Dow rose 33.07 points, or 0.3 percent, to close at 12,878.20. It has not closed higher since May 19, 2008, four months before the financial crisis. The Dow is roughly a 10 percent rally away from its all-time high.

The average fell 17 points to start the week. On Tuesday, it was down as much as 62 points in the first half-hour of trading.

McDonald's rose 1.4 percent, best among the 30 stocks in the Dow, to $100.91, close to its 52-week high. Coca-Cola rose 0.8 percent after it reported better profits than analysts were expecting.

In other trading, the Standard & Poor's 500 gained 2.72 points, or 0.2 percent, to 1,347.05. The Nasdaq composite rose 2.09 points, or less than 0.1 percent, to 2,904.08. The Nasdaq is about a point shy of its best close since December 2000.

The jump in U.S. job openings was the latest sign that the job market is improving. The Dow climbed 156 points Friday after the government reported that the U.S. unemployment rate fell to 8.3 percent in January, the lowest in almost three years.

The NYSE DOW closed HIGHER 33.07 0.26% on Tuesday February 7
Sym .......Last .......Change..........
Dow 12,878.20 33.07 0.26%
Nasdaq 2,904.08 2.09 0.07%
S&P_500 1,347.05 2.72 0.20%
30-yr Bond 3.141 0.05 1.72%

NYSE Volume 3,726,652,250
Nasdaq Volume 1,784,905,000

Europe
Symbol... ......Last .....Change.......
FTSE_100 5,890.26 -1.94 -0.03%
DAX 6,754.20 -10.63 -0.16%
CAC_40 3,411.54 6.27 0.18%

Asia Pacific
Symbol...... .....Last ....Change.......
ASX All Ord 4,344.90 -19.70 -0.45%
Shanghai Comp 2,291.90 -39.23 -1.68%
Taiwan Wei... 7,707.44 19.46 0.25%
Nikkei_225 8,917.52 -11.68 -0.13%
Hang Seng 20,699.19 -10.75 -0.05%
Straits Times 2,957.78 17.68 0.60%

http://finance.yahoo.com/news/stock-end-higher-erasing-early-losses-221529465.html

Stock end higher, erasing early losses

By SAMANTHA BOMKAMP | Associated Press

NEW YORK (AP) ”” Stocks resumed their slow but steady climb Tuesday as Greece appeared close to announcing a deal with creditors to cut its debt. The Dow Jones industrial average ended at its highest level since May 2008.

Stock indexes rose after a report that Greece and the investors who bought its government bonds were close to a deal to reduce what Greece owes. Greece's crushing debt has unnerved financial markets around the world for two years.

"Just some kind of optimism overseas is going to be positive, considering many didn't think anything was going to come to fruition," said Stephen J. Carl, head equity trader at The Williams Capital Group.

A report that job openings soared to the highest level in almost three years in December also helped the U.S. market.

The Dow rose 33.07 points, or 0.3 percent, to close at 12,878.20. It has not closed higher since May 19, 2008, four months before the financial crisis. The Dow is roughly a 10 percent rally away from its all-time high.

The average fell 17 points to start the week. On Tuesday, it was down as much as 62 points in the first half-hour of trading.

McDonald's rose 1.4 percent, best among the 30 stocks in the Dow, to $100.91, close to its 52-week high. Coca-Cola rose 0.8 percent after it reported better profits than analysts were expecting.

In other trading, the Standard & Poor's 500 gained 2.72 points, or 0.2 percent, to 1,347.05. The Nasdaq composite rose 2.09 points, or less than 0.1 percent, to 2,904.08. The Nasdaq is about a point shy of its best close since December 2000.

The jump in U.S. job openings was the latest sign that the job market is improving. The Dow climbed 156 points Friday after the government reported that the U.S. unemployment rate fell to 8.3 percent in January, the lowest in almost three years.

Michael Sheldon, chief market strategist at RDM Financial Group in Westport, Conn., said that while investors are becoming more optimistic about the economy, there are still signs that they're allocating money cautiously.

The utilities sector was the best performer in the S&P 500, indicating that investors are hanging on to stocks they consider to be relatively safe.

In the bond market, the yield on the benchmark 10-year Treasury note rose to 1.98 percent from 1.90 percent late Monday. Demand for bonds waned as investors became more confident that Greece would reach a deal. A relatively weak auction of three-year Treasury notes also pushed bond prices lower.

The euro rose to a two-year high against the dollar as worries eased about Greece's and Europe's debt problems. The euro rose 1.4 cents against the dollar to $1.33 in afternoon trading.

Among the stocks making big moves in the U.S.:

”” Yum Brands, which owns Taco Bell and KFC, jumped 2.6 percent. Its income surged 30 percent in the fourth quarter because of strong growth overseas and a turnaround in its Pizza Hut business in the U.S.

”” Emerson Electric Co. lost 2.7 percent after the manufacturing and technology company said its quarterly profit fell 23 percent. It said costs rose and sales took a hit from flooding in Thailand.

”” Becton, Dickinson & Co., a medical technology company, fell 3.8 percent. Its profit fell 17 percent in the latest quarter because of higher costs for raw materials and other expenses. The company also cut its 2012 earnings forecast.

bigdog · 9 February 2012

Source: http://finance.yahoo.com
Stocks staged an afternoon-long rally and closed higher Wednesday as Greece appeared to close in on the cost-cutting deal it needs to keep from defaulting on its national debt.

The Dow Jones industrial average gained 5.75 points to close at 12,883.95 after falling as much as 60 points at midday. It was the Dow's highest close since May 19, 2008, the last time it finished above 13,000.

The Standard & Poor's 500 index edged up 2.91 points to 1,346.96. The Nasdaq composite rose 11.78 points to 2,915.86, its highest close since December 2000.

After three days of delays, Greek government leaders met in Athens to go over a deal on steep cuts in public spending demanded by the country's lenders. European leaders will meet Thursday in Brussels to discuss a â‚¬130 billion bailout for Greece.

Investors are worried that Greece will default on its debt next month, which could roil financial markets and cause major losses for banks and other investors that hold Greek debt. Several deadlines have passed without an agreement.

Stock trading has been relatively quiet this week after a slow but steady rise since the beginning of the year. The Dow has added 2 percent in February and is up 5.5 percent for the year.

Rick Fier, vice president of stock trading at Conifer Securities in New York, said he wasn't that worried that the market's advance has slowed this week. The S&P 500 is still up 7.3 percent for the year, and has fallen on only eight days in 2012.

The NYSE DOW closed HIGHER ▲ 5.75 points or ▲ 0.04% Wednesday, 8 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,883.95 ▲ 5.75 ▲ 0.04%
Nasdaq___ 2,915.86 ▲ 11.78 ▲ 0.41%
S&P_500__ 1,349.96 ▲ 2.91 ▲ 0.22%
30_Yr_Bond 3.141 ▲ 0.00 ▲ 0.00%

NYSE Volume 4,050,627,000
Nasdaq Volume 1,983,271,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,875.93 ▼ -14.33 ▼ -0.24%
DAX_____ 6,748.76 ▼ -5.44 ▼ -0.08%
CAC_40__ 3,410.00 ▼ -1.54 ▼ -0.05%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,363.70 ▲ 18.80 ▲ 0.43%
Shanghai_Comp 2,347.53 ▲ 55.63 ▲ 2.43%
Taiwan_Weight 7,869.91 ▲ 162.47 ▲ 2.11%
Nikkei_225____ 9,015.59 ▲ 98.07 ▲ 1.10%
Hang_Seng____ 21,018.46 ▲ 319.27 ▲ 1.54%
Strait_Times___ 2,982.20 ▲ 24.42 ▲ 0.83%

http://finance.yahoo.com/news/stocks-rally-early-losses-close-higher-215639879.html

Stocks rally from early losses to close higher

By CHRISTINA REXRODE | Associated Press

NEW YORK (AP) ”” Stocks staged an afternoon-long rally and closed higher Wednesday as Greece appeared to close in on the cost-cutting deal it needs to keep from defaulting on its national debt.

The Dow Jones industrial average gained 5.75 points to close at 12,883.95 after falling as much as 60 points at midday. It was the Dow's highest close since May 19, 2008, the last time it finished above 13,000.

The Standard & Poor's 500 index edged up 2.91 points to 1,346.96. The Nasdaq composite rose 11.78 points to 2,915.86, its highest close since December 2000.

After three days of delays, Greek government leaders met in Athens to go over a deal on steep cuts in public spending demanded by the country's lenders. European leaders will meet Thursday in Brussels to discuss a â‚¬130 billion bailout for Greece.

Investors are worried that Greece will default on its debt next month, which could roil financial markets and cause major losses for banks and other investors that hold Greek debt. Several deadlines have passed without an agreement.

Stock trading has been relatively quiet this week after a slow but steady rise since the beginning of the year. The Dow has added 2 percent in February and is up 5.5 percent for the year.

Rick Fier, vice president of stock trading at Conifer Securities in New York, said he wasn't that worried that the market's advance has slowed this week. The S&P 500 is still up 7.3 percent for the year, and has fallen on only eight days in 2012.

Fier said he is concerned that the batch of earnings reports from U.S. companies for the last three months of last year "hasn't been as robust" as previous quarters. Revenue growth has slowed even though profits have been strong, he said.

Walt Disney reported earnings Tuesday that beat analysts' estimates, but its revenue growth fell short. Movie revenue fell as Disney released fewer big films in the quarter than in previous years. Revenue from DVD sales and interactive media also declined. Disney's stock rose 0.7 percent nevertheless.

Caesars Entertainment Corp., the big casino operator, soared on its first day of trading. Caesars went as high as $17.90, nearly double its offering price of $9 per share. It finished at $15.39, up 71 percent, but lost some of the gains in after-hours trading.

Caesars raised $16 million, a sliver of the more than $500 million its private owners hoped for when they first tried to go public in late 2010.

Ralph Lauren rose 9 percent after reporting higher net income and revenue in the latest quarter, a sign that wealthy customers are still spending even as the economy struggles with high unemployment. The purveyor of $1,000 dresses and handbags said holiday sales had been strong.

Buffalo Wild Wings, a chicken-and-beer chain that has bucked the trend of weak revenue dogging many of its competitors, shot up 17 percent after reporting income and revenue that easily beat analysts' estimates.

Sprint Nextel, the phone company, fell 2 percent after reporting a fourth-quarter loss. It added subscribers but had to pay dearly for them. Sprint started offering customers iPhones, but it had to subsidize them so customers could buy them for as little as $99.

OpenTable, which lets people book tables at restaurants online, plunged 12 percent. Investors had reservations about the company's cautious outlook. Executives said they expect the growth to slow this quarter in the number of diners it seats.

In other markets, Treasury prices were mostly flat, like stocks. The yield on the U.S. government's 10-year note was unchanged at 1.98 percent. The price of oil rose 0.3 percent to $98.71, and gold fell 1 percent to $1,736.20.

bigdog · 10 February 2012

Source: http://finance.yahoo.com

The stock market finally got a deal in Greece, but it didn't produce much of a rally.

U.S. stocks rose Thursday morning after Greece announced an agreement to cut costs and keep from defaulting on its debt next month, an event that could have shocked the world financial system.

But stocks dropped later in the morning and never returned to their highs for the day. Analysts cautioned that the market had expected the deal in Greece and warned that Europe still faced problems.

"We still have a lot of wood to chop," said Jeremy Zirin, chief equity strategist at UBS Wealth Management.

The Dow Jones industrial average finished up 6.51 points at 12,890.46. The Standard & Poor's 500 index rose 1.99 to 1,351.95. The Nasdaq composite index climbed 11.37 to 2,927.23.

Earlier in the day, the Dow was as high as 12,924.71, its highest level during a trading day since May 20, 2008. That was also the last day the average traded above 13,000.

In the afternoon, the S&P rose as high as 1,354.32, more than double its level on March 9, 2009, the low for stocks during the Great Recession. It last closed at double the low last July. The Nasdaq is trading at its highest level since December 2000.

The markets have had a strong start this year, mostly because of optimism about the economy. The Dow has gained 5.5 percent, the S&P 7.5 percent. But Zirin said the markets had assumed Greece would reach a deal to keep from defaulting, which is why stocks didn't skyrocket on the news.

The deal calls for Greece to make steep cuts in government jobs and spending. Greece's so-called troika of lenders — the European Union, the European Central Bank and the International Monetary Fund — insisted on the cuts.

The cuts are one condition of a €130 billion bailout for Greece, without which it can't afford €14.5 billion worth of bond payments due March 20.

But the cuts will be hard to implement in a country that has grown used to profligate government spending. Workers are already protesting that job cuts and pay cuts have been too severe.

The NYSE DOW closed HIGHER ▲ 6.51 points or ▲ 0.05% Thursday, 9 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,890.46 ▲ 6.51 ▲ 0.05%
Nasdaq___ 2,927.23 ▲ 11.37 ▲ 0.39%
S&P_500__ 1,351.95 ▲ 1.99 ▲ 0.15%
30_Yr_Bond 3.189 ▲ 0.05 ▲ 1.53%

NYSE Volume 4,059,081,500
Nasdaq Volume 2,148,295,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,895.47 ▲ 19.54 ▲ 0.33%
DAX_____ 6,788.80 ▲ 40.04 ▲ 0.59%
CAC_40__ 3,424.71 ▲ 14.71 ▲ 0.43%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,357.10 ▼ -6.60 ▼ -0.15%
Shanghai_Comp 2,349.59 ▲ 2.06 ▲ 0.09%
Taiwan_Weight 7,910.78 ▲ 40.87 ▲ 0.52%
Nikkei_225____ 9,002.24 ▼ -13.35 ▼ -0.15%
Hang_Seng____ 21,010.01 ▼ -8.45 ▼ -0.04%
Strait_Times___ 2,981.17 ▼ -1.03 ▼ -0.03%

http://finance.yahoo.com/news/stocks-close-higher-debt-deal-greece-211701912.html

Stocks close higher after debt deal in Greece

By CHRISTINA REXRODE | Associated Press

NEW YORK (AP) — The stock market finally got a deal in Greece, but it didn't produce much of a rally.

U.S. stocks rose Thursday morning after Greece announced an agreement to cut costs and keep from defaulting on its debt next month, an event that could have shocked the world financial system.

But stocks dropped later in the morning and never returned to their highs for the day. Analysts cautioned that the market had expected the deal in Greece and warned that Europe still faced problems.

"We still have a lot of wood to chop," said Jeremy Zirin, chief equity strategist at UBS Wealth Management.

The Dow Jones industrial average finished up 6.51 points at 12,890.46. The Standard & Poor's 500 index rose 1.99 to 1,351.95. The Nasdaq composite index climbed 11.37 to 2,927.23.

Earlier in the day, the Dow was as high as 12,924.71, its highest level during a trading day since May 20, 2008. That was also the last day the average traded above 13,000.

In the afternoon, the S&P rose as high as 1,354.32, more than double its level on March 9, 2009, the low for stocks during the Great Recession. It last closed at double the low last July. The Nasdaq is trading at its highest level since December 2000.

The markets have had a strong start this year, mostly because of optimism about the economy. The Dow has gained 5.5 percent, the S&P 7.5 percent. But Zirin said the markets had assumed Greece would reach a deal to keep from defaulting, which is why stocks didn't skyrocket on the news.

The deal calls for Greece to make steep cuts in government jobs and spending. Greece's so-called troika of lenders — the European Union, the European Central Bank and the International Monetary Fund — insisted on the cuts.

The cuts are one condition of a €130 billion bailout for Greece, without which it can't afford €14.5 billion worth of bond payments due March 20.

But the cuts will be hard to implement in a country that has grown used to profligate government spending. Workers are already protesting that job cuts and pay cuts have been too severe.

The country has missed other targets for reducing its debts. It also still has to persuade private investors to agree to losses on their holdings, which will make those investors less likely to buy Greek bonds in the future.

And other European countries, notably Portugal and Italy, still have long-term debt that economists warn could be unsustainable.

Nigel Travis, CEO of Dunkin' Brands, said the agreement in Greece will be a psychological boost for consumers. And when they feel good about the economy, they're more likely to spend, regardless of whether their wealth is directly affected, he said.

But Travis, whose company runs Dunkin' Donuts and Baskin-Robbins, said Greece wasn't the most pressing problem facing his franchisees. They're more concerned about the U.S. presidential election and getting clarity on whether terms for government-backed small-business loans will change and whether a cut in the Social Security payroll tax will be extended.

"I think it's good news," Travis said of the Greece deal. "Whether it actually solves the euro problem, you have to question."

The euro rose slightly against the dollar to $1.33, its highest level in two months. Bond prices fell slightly. The yield on the U.S. government's benchmark 10-year note rose to 2.04 percent from 1.99 percent Wednesday.

Stocks were also helped Thursday by U.S. jobs data. The number of people seeking unemployment assistance fell to its lowest level since April 2008.

Apple closed in on $500 per share and set an all-time high after reports that it will unveil the iPad 3 at an event in March. The stock has been on a tear for six weeks, rising 22 percent since the start of the year and securing Apple's place, at least for now, as the world's most valuable company by market cap, ahead of Exxon Mobil.

Last month, the company that transformed how Americans listen to music, check email and share photos announced that sales of the iPhone and iPad more than doubled in the last three months of last year. Apple stock closed at $493.17, up almost 4 percent, after touching a record high of $496.75. That's up from $405 just since Dec. 30.

But other stocks didn't fare so well. Among losers for the day:

— Diamond Foods, maker of Emerald Nuts and Pop Secret popcorn, plunged 37 percent. It announced late Wednesday that it was ousting its top two executives amid allegations of improper accounting.

— Groupon, the daily deal website, fell 14 percent after it announced a surprising quarterly loss in its first earnings report as a public company.

— TripAdvisor, the website where travelers can post advice and reviews, lost 15 percent after it missed analysts' earnings expectations. Like Groupon, TripAdvisor was also making its first earnings report as a public company. The website spun off from Expedia in December.

— PepsiCo fell 4 percent after announcing it will cut 3 percent of its workforce, a defense against higher costs for materials.

bigdog · 11 February 2012

Source: http://finance.yahoo.com

Stocks are having their worst day this year Friday after Greece hit a roadblock on its way to a critical international bailout.

The Dow Jones industrial average was down 126 points, or 1 percent, at 12,765 at 3 p.m. EST. Materials stocks fell the most. Aluminum producer Alcoa Inc. fell 3.4 percent, the biggest drop among the 30 stocks in the index.

Just a day earlier, investors had been buying stocks on news that Greek Prime Minister Lucas Papademos and the heads of the three parties backing his government had agreed to wage cuts, civil service layoffs and cuts in government spending.

But finance ministers from the other 16 countries that use the euro insisted that Greece save an extra euro325 million ($430 million), pass the cuts through parliament and guarantee that they will be enforced after planned elections in April.

Greece needs another round of international bailout money, its second, to avoid missing a bond payment next month and defaulting, an event that could cause a shock in world financial markets.

By Friday, four Greek cabinet ministers had resigned over the wage cuts and spending reductions, known as austerity measures.

"The economy in Greece is deteriorating faster than anticipated, and the austerity measures aren't particularly popular," said Mark Luschini, chief investment analyst at Janney Montgomery Scott. "There could be a disorderly default."

The decline in U.S. stocks was broad. All 10 industry categories in the S&P 500 were down. Industrial, energy and financial stocks each fell more than 1 percent.

Since the start of the year, stocks have been generally rising on small daily gains because of good economic news and a sense that the worst of the debt crisis in Europe may be over. The Dow has risen 4.5 percent in 2012 and seemed poised earlier this week to break 13,000 for the first time since 2008.

At its low point for the day, the Dow was down 145 points. Its largest intraday loss so far this year was 159 points, on Jan. 13, but the Dow has not closed down more than 100 points since Dec. 28.

In other trading, the broader Standard & Poor's 500 was down 11 points to 1,341. The Nasdaq composite fell 23 points to 2,905.

The benchmark stock index in Athens fell 3.2 percent. Germany's DAX was down 1.4 percent. The CAC-40 in France was down 1.5 percent.

The NYSE DOW closed LOWER ▼ -89.23 points or ▼ -0.69% Friday, 10 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,801.23 ▼ -89.23 ▼ -0.69%
Nasdaq___ 2,903.88 ▼ -23.35 ▼ -0.80%
S&P_500__ 1,342.64 ▼ -9.31 ▼ -0.69%
30_Yr_Bond 3.122 ▼ -0.07 ▼ -2.10%

NYSE Volume 3,798,786,500
Nasdaq Volume 1,751,967,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,852.39 ▼ -43.08 ▼ -0.73%
DAX_____ 6,692.96 ▼ -95.84 ▼ -1.41%
CAC_40__ 3,373.14 ▼ -51.57 ▼ -1.51%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,322.60 ▼ -34.50 ▼ -0.79%
Shanghai_Comp 2,351.98 ▲ 2.39 ▲ 0.10%
Taiwan_Weight 7,862.27 ▼ -48.51 ▼ -0.61%
Nikkei_225____ 9,002.24 ▼ -13.35 ▼ -0.15%
Hang_Seng____ 21,010.01 ▼ -8.45 ▼ -0.04%
Strait_Times___ 2,981.17 ▼ -1.03 ▼ -0.03%

http://finance.yahoo.com/news/stocks-fall-sharply-greek-deal-164503882.html

Stocks fall sharply as Greek deal is held up

Stocks fall most in 2012 over Greek deal holdup; first losing week of the year for S&P 500
By BERNARD CONDON

Stocks are having their worst day this year Friday after Greece hit a roadblock on its way to a critical international bailout.

The Dow Jones industrial average was down 126 points, or 1 percent, at 12,765 at 3 p.m. EST. Materials stocks fell the most. Aluminum producer Alcoa Inc. fell 3.4 percent, the biggest drop among the 30 stocks in the index.

Just a day earlier, investors had been buying stocks on news that Greek Prime Minister Lucas Papademos and the heads of the three parties backing his government had agreed to wage cuts, civil service layoffs and cuts in government spending.

But finance ministers from the other 16 countries that use the euro insisted that Greece save an extra euro325 million ($430 million), pass the cuts through parliament and guarantee that they will be enforced after planned elections in April.

Greece needs another round of international bailout money, its second, to avoid missing a bond payment next month and defaulting, an event that could cause a shock in world financial markets.

By Friday, four Greek cabinet ministers had resigned over the wage cuts and spending reductions, known as austerity measures.

"The economy in Greece is deteriorating faster than anticipated, and the austerity measures aren't particularly popular," said Mark Luschini, chief investment analyst at Janney Montgomery Scott. "There could be a disorderly default."

The decline in U.S. stocks was broad. All 10 industry categories in the S&P 500 were down. Industrial, energy and financial stocks each fell more than 1 percent.

Since the start of the year, stocks have been generally rising on small daily gains because of good economic news and a sense that the worst of the debt crisis in Europe may be over. The Dow has risen 4.5 percent in 2012 and seemed poised earlier this week to break 13,000 for the first time since 2008.

At its low point for the day, the Dow was down 145 points. Its largest intraday loss so far this year was 159 points, on Jan. 13, but the Dow has not closed down more than 100 points since Dec. 28.

In other trading, the broader Standard & Poor's 500 was down 11 points to 1,341. The Nasdaq composite fell 23 points to 2,905.

The benchmark stock index in Athens fell 3.2 percent. Germany's DAX was down 1.4 percent. The CAC-40 in France was down 1.5 percent.

The euro, which had risen Thursday to its highest level against the dollar in two months, fell by a penny and was trading at just under $1.32. U.S. Treasury yields fell, a sign that investors were buying bonds as a safer investment than stocks.

The price of gold fell $16, or nearly 1 percent, to settle at $1,725 an ounce.

Gold usually rises when stocks fall because it's seen as a safe place to park money when markets are volatile, but that relationship has broken down recently. Many investors now worry that gold is too expensive after a 26 percent surge over the past year.

"People are speculating, and so the drop could get bigger," said Mark Matson, CEO of Matson Money, which manages more $3 billion in assets. "Gold is good for jewelry, not in your portfolio."

In other commodity news, the price of oil fell $1.17 to $98.67 a barrel.

Among stocks making big moves:

-- LinkedIn rose 17 percent. The online networking company announced that fourth quarter earnings had soared and revenue doubled.

-- Jeans maker True Religion Apparel plunged 28 percent. The company reported earnings that were far below what analysts were expecting. Analysts slashed their ratings on the stock, citing weak sales and big markdowns.

-- Telecom gear maker Alcatel-Lucent rose 12 percent after announcing it made its first annual profit in 2011 after years of losses.

-- First Solar, the solar panel maker, fell 10 percent. The company said a construction delay is threatening to undo the sale of a large solar project to power producer Exelon Corp.

7376

bigdog · 14 February 2012

Source: http://finance.yahoo.com
Investors shook off their worries about Greece on Monday and got back to their routine of little-by-little gains.

The Dow Jones industrial average climbed 73 points ”” nothing flashy, but enough to regain most of what it lost with an 89-point drop on Friday. Before that, stocks enjoyed a slow, steady climb this year.

Financial stocks led the Dow higher. Its biggest gainers were Bank of America, up 2.2 percent, and JPMorgan Chase, up 1.8 percent. Financial stocks have been the best performers in the market this year.

Apple crossed $500 per share for the first time, with a 1.9 percent rise to close at $502.60. The company jockeyed with Exxon Mobil last year for the title of most valuable by market value but now enjoys a wide lead, $468 billion to $400 billion.

The market's gains were broad-based, with nine of 10 stock categories in the Standard & Poor's 500 rising, led by industrial stocks. Utilities declined by a whisker. European stocks rose.

For once, investors had the Greek parliament to thank. On Sunday, it approved sharp cuts in civil service jobs, welfare and the minimum wage, required by international leaders for a $170 billion bailout that Greece must have to avoid defaulting on its debt.

Other details of the bailout still need to be finalized, though. And rioting while Greece's parliament voted was a reminder that its financial problems are not solved. Germany also indicated it would take time before approving the bailout.

The Greek debt deal amounts to a default because creditors will get less than they are owed, said Peter Cardillo, chief market economist for Rockwell Global Capital.

Still, "orderly default is better than a chaotic default, which would lean on the whole eurozone and the global economy as well," he said, referring to the 17 countries that use the euro currency.

Cardillo said market gains may be muted for a while because of the social unrest in Greece and because stocks have already risen this year. The Dow is up 5.4 percent, the S&P 7.5 percent.

The Dow closed up 72.81 points, or 0.6 percent, at 12,874.04. It's 16 points shy of its highest close since the 2008 financial meltdown. The S&P rose 9.13 points, or 0.7 percent, to 1,351.77. The Nasdaq composite rose 27.51 points, or 1 percent, to 2,931.39.

The NYSE DOW closed HIGHER ▲ 72.81 points or ▲ 0.57% Monday, 13 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,874.04 ▲ 72.81 ▲ 0.57%
Nasdaq___ 2,931.39 ▲ 27.51 ▲ 0.95%
S&P_500__ 1,351.77 ▲ 9.13 ▲ 0.68%
30_Yr_Bond 3.140 ▲ 0.02 ▲ 0.64%

NYSE Volume 3,617,828,000
Nasdaq Volume 1,628,770,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,738.47 ▲ 45.51 ▲ 0.68%
DAX_____ 3,384.55 ▲ 11.41 ▲ 0.34%
CAC_40__ 0.81 ▲ 0.01 ▲ 0.62%

Asia Pacific Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,359.40 ▲ 36.80 ▲ 0.85%
Shanghai_Comp 2,351.85 ▼ -0.13 ▼ -0.01%
Taiwan_Weight 7,912.91 ▲ 50.64 ▲ 0.64%
Nikkei_225____ 8,999.18 ▲ 52.01 ▲ 0.58%
Hang_Seng____ 20,887.40 ▲ 103.54 ▲ 0.50%
Strait_Times___ 2,976.34 ▲ 16.00 ▼ -0.03%

http://finance.yahoo.com/news/us-market-shakes-off-greek-worries-advances-203144836.html

US market shakes off Greek worries and advances

By JOSHUA FREED | Associated Press

Investors shook off their worries about Greece on Monday and got back to their routine of little-by-little gains.

The Dow Jones industrial average climbed 73 points ”” nothing flashy, but enough to regain most of what it lost with an 89-point drop on Friday. Before that, stocks enjoyed a slow, steady climb this year.

Financial stocks led the Dow higher. Its biggest gainers were Bank of America, up 2.2 percent, and JPMorgan Chase, up 1.8 percent. Financial stocks have been the best performers in the market this year.

Apple crossed $500 per share for the first time, with a 1.9 percent rise to close at $502.60. The company jockeyed with Exxon Mobil last year for the title of most valuable by market value but now enjoys a wide lead, $468 billion to $400 billion.

The market's gains were broad-based, with nine of 10 stock categories in the Standard & Poor's 500 rising, led by industrial stocks. Utilities declined by a whisker. European stocks rose.

For once, investors had the Greek parliament to thank. On Sunday, it approved sharp cuts in civil service jobs, welfare and the minimum wage, required by international leaders for a $170 billion bailout that Greece must have to avoid defaulting on its debt.

Other details of the bailout still need to be finalized, though. And rioting while Greece's parliament voted was a reminder that its financial problems are not solved. Germany also indicated it would take time before approving the bailout.

The Greek debt deal amounts to a default because creditors will get less than they are owed, said Peter Cardillo, chief market economist for Rockwell Global Capital.

Still, "orderly default is better than a chaotic default, which would lean on the whole eurozone and the global economy as well," he said, referring to the 17 countries that use the euro currency.

Cardillo said market gains may be muted for a while because of the social unrest in Greece and because stocks have already risen this year. The Dow is up 5.4 percent, the S&P 7.5 percent.

The Dow closed up 72.81 points, or 0.6 percent, at 12,874.04. It's 16 points shy of its highest close since the 2008 financial meltdown. The S&P rose 9.13 points, or 0.7 percent, to 1,351.77. The Nasdaq composite rose 27.51 points, or 1 percent, to 2,931.39.

Worries about the global economy and the state of the U.S. recovery pushed stocks around during the second half of 2011, said Ralph Fogel, a partner and investment strategist for wealth management and advisory firm Fogel Neale Partners in New York. .

"The end of the world was coming," or so traders thought, he said. "It wasn't the end of the world. ... Then the market stopped listening."

The Greek debt deal appeared to take some pressure off U.S. banks. Moody's Investors Services said the $25 billion settlement between mortgage lenders and states over foreclosure practices is a negative for all five major banks involved. Still, most major banks, which have varying levels of exposure in Europe, gained on Monday.

The euro fell a fraction of a penny against the dollar, to $1.32.

In Europe, the FTSE 100 in Britain rose 0.9 percent to 5,906. Germany's DAX rose 0.7 percent to 6,738. The CAC-40 in France rose slightly to 3,385. In Athens, stocks rose 4.6 percent.

In Asia, Japan's Nikkei 225 closed 0.6 percent higher at 8,999, and Hong Kong's Hang Seng gained 0.5 percent.

Investors were not ready to leave the haven of bonds in great numbers. Prices bounced between gains and losses as traders appeared skeptical that Greece was past its debt problem. The yield on the 10-year Treasury note was 1.98 percent, flat from Friday.

Oil rose to $100.49 per barrel in New York. Gold rose slightly to $1,726.60 per ounce.

Among other stocks in the news:

”” ATM maker Diebold Inc. rose 9 percent after it reported strong sales to banks, a sign they may be willing to spend more to upgrade their technology.

”” Chesapeake Energy Corp. rose 2.4 percent after saying it will try to raise as much as $12 billion by selling assets to pay down debt.

”” Regeneron Pharmaceuticals Inc. rose almost 12.3 percent after it said sales of its eye drug Eylea should reach $300 million, up from its previous forecast of $160 million.

”” AmerisourceBergen Corp. fell 3.6 percent after the prescription drug distributor said its chief financial officer left to pursue other interests.

”” The Madison Square Garden Co., following the winning streaks of the NHL's Rangers and the NBA's Knicks, rose 3.8 percent. "Linsanity," the fervor over the Knicks' surprise point guard, Jeremy Lin, should help revenue. Over five games, Lin is racking up an average of 27 points, or about four more than the Dow on a typical day this year.

bigdog · 15 February 2012

Source: http://finance.yahoo.com

MY CHARTS NOW COMPARES THE DOW, S&P 500 & THE AUST ALL ORDS
-- charts indicates we are not performing as well as the US per the one and five year charts!

The stock market rallied in the last half-hour Tuesday, seizing on reports that suggested the unraveling Greek debt talks might be saved after all. Stocks finished flat after languishing in the red for most of the day.

The Dow Jones industrial average gained 4.24 points to close at 12,878.28, about 12 points shy of its best finish this year. The Standard & Poor's 500 lost 1.27 points to close at 1,350.50. The Nasdaq composite index gained 0.44 point to 2,931.83.

As usual, it was about Greece. U.S. stocks were weighed down as European finance chiefs canceled a meeting planned for Wednesday to discuss a second international bailout for the country.

The meeting was called off after Athens failed to deliver on several demands made by its partners in the euro currency union. Greece needs a â‚¬130 billion bailout by March 20 to avoid a default that could rattle the world financial system.

Stocks in the U.S. were also hurt by a discouraging report on retail sales. Bank of America led the Dow lower, dropping 3.3 percent.

The Dow was down as much as 87 points at its low for the day. But the market found hope in reports quoting Greek government officials as saying party leaders would promise by Wednesday to implement deep spending cuts and other reforms.

Declining stocks still outnumbered advancing stocks by about 2-to-1. Volume was light at about 3.8 billion shares on the New York Stock Exchange.

The stock market has been rising slowly but steadily most of this year, despite the unresolved debt crisis in Europe and a stalemate over U.S. tax policy and benefits for the long-term unemployed.

For most of Tuesday, investors appeared to be waiting for more clarity on all those issues before sinking more money into stocks, said Colleen Supran, a principal at the investment adviser Bingham, Osborn & Scarborough.

"Everyone wants to know the rules of the game before making these decisions," Supran said.

The late-day rally was a sign that investors expect the coming round of Greek debt talks to resolve some of those outstanding questions. The talks have brought incremental and sometimes contradictory developments that have confused some investors.

The country has already passed some of the deep spending cuts its lenders were demanding but hasn't really satisfied anyone. Greeks have rioted, saying the cuts are too harsh, and Greece's neighbors have expressed concern that the cuts are not enough.

"Every week it's, 'The sky is falling,' then, 'No, it's not.' 'There's rioting in the street,' then it's over. 'There's going to be a deal Friday,' then, 'No, it's not Friday, it's Wednesday,'" said Ben Schwartz, chief market strategist at Lightspeed Financial in Chicago. "We really don't know what's underneath the covers over there."

He thinks U.S. stocks will continue to inch forward ”” not because investors are particularly optimistic about U.S. companies but because they have even less faith in European governments

The NYSE DOW closed HIGHER ▲ 4.24 points or ▲ 0.03% Tuesday, 14 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,878.28 ▲ 4.24 ▲ 0.03%
Nasdaq___ 2,931.83 ▲ 0.44 ▲ 0.02%
S&P_500__ 1,350.50 ▼ -1.27 ▼ -0.09%
30_Yr_Bond 3.065 ▼ -0.08 ▼ -2.45%

NYSE Volume 3,839,528,250
Nasdaq Volume 1,879,896,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,899.87 ▼ -5.83 ▼ -0.10%
DAX_____ 6,728.19 ▼ -10.28 ▼ -0.15%
CAC_40__ 3,375.64 ▼ -8.91 ▼ -0.26%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,318.90 ▼ -40.50 ▼ -0.93%
Shanghai_Comp 2,344.77 ▼ -7.08 ▼ -0.30%
Taiwan_Weight 7,884.08 ▼ -28.83 ▼ -0.36%
Nikkei_225____ 9,052.07 ▲ 52.89 ▲ 0.59%
Hang_Seng____ 20,917.83 ▲ 30.43 ▲ 0.15%
Strait_Times___ 2,987.41 ▲ 11.07 ▲ 0.37%

http://finance.yahoo.com/news/Stocks-stage-late-rally-apf-3937030017.html?x=0

Stocks stage late rally and finish flat

Stocks rally in last half-hour and finish flat for the day; Greece drives trading again

By Christina Rexrode, AP Business Writer

NEW YORK (AP) -- The stock market rallied in the last half-hour Tuesday, seizing on reports that suggested the unraveling Greek debt talks might be saved after all. Stocks finished flat after languishing in the red for most of the day.

The Dow Jones industrial average gained 4.24 points to close at 12,878.28, about 12 points shy of its best finish this year. The Standard & Poor's 500 lost 1.27 points to close at 1,350.50. The Nasdaq composite index gained 0.44 point to 2,931.83.

As usual, it was about Greece. U.S. stocks were weighed down as European finance chiefs canceled a meeting planned for Wednesday to discuss a second international bailout for the country.

The meeting was called off after Athens failed to deliver on several demands made by its partners in the euro currency union. Greece needs a â‚¬130 billion bailout by March 20 to avoid a default that could rattle the world financial system.

Stocks in the U.S. were also hurt by a discouraging report on retail sales. Bank of America led the Dow lower, dropping 3.3 percent.

The Dow was down as much as 87 points at its low for the day. But the market found hope in reports quoting Greek government officials as saying party leaders would promise by Wednesday to implement deep spending cuts and other reforms.

Declining stocks still outnumbered advancing stocks by about 2-to-1. Volume was light at about 3.8 billion shares on the New York Stock Exchange.

The stock market has been rising slowly but steadily most of this year, despite the unresolved debt crisis in Europe and a stalemate over U.S. tax policy and benefits for the long-term unemployed.

For most of Tuesday, investors appeared to be waiting for more clarity on all those issues before sinking more money into stocks, said Colleen Supran, a principal at the investment adviser Bingham, Osborn & Scarborough.

"Everyone wants to know the rules of the game before making these decisions," Supran said.

The late-day rally was a sign that investors expect the coming round of Greek debt talks to resolve some of those outstanding questions. The talks have brought incremental and sometimes contradictory developments that have confused some investors.

The country has already passed some of the deep spending cuts its lenders were demanding but hasn't really satisfied anyone. Greeks have rioted, saying the cuts are too harsh, and Greece's neighbors have expressed concern that the cuts are not enough.

"Every week it's, 'The sky is falling,' then, 'No, it's not.' 'There's rioting in the street,' then it's over. 'There's going to be a deal Friday,' then, 'No, it's not Friday, it's Wednesday,'" said Ben Schwartz, chief market strategist at Lightspeed Financial in Chicago. "We really don't know what's underneath the covers over there."

He thinks U.S. stocks will continue to inch forward ”” not because investors are particularly optimistic about U.S. companies but because they have even less faith in European governments.

"We're the best house in a bad neighborhood," he said.

Downbeat economic news from Europe reinforced the danger. Greece said its economy shrank drastically at the end of last year, and Europe is expected to report Wednesday that the economies of the 17 countries that use the euro shrank 0.4 percent after growing 0.1 percent the quarter before.

Late Monday, Moody's also downgraded its debt ratings on six European countries, including Italy, Portugal and Spain. Moody's also said it might cut France, Austria and the U.K. as well.

News out of the U.S. was also disappointing. The Commerce Department said U.S. retail sales rose 0.4 percent last month, but analysts were expecting 0.7 percent, and spending on auto sales was down. Automakers had reported higher sales, so Tuesday's numbers could mean they have had to offer more discounts to persuade customers to spend.

”” Yahoo fell 5 percent after reports that its plans to sell its Asian assets, a key strategy for turning around the troubled company, fell apart.

”” Goodyear Tire and Rubber Co. fell 5 percent after its fourth-quarter profits missed analysts' expectations.

”” Bank of America fell 3.3 percent after Citi analyst Keith Horowitz downgraded his rating to neutral, saying the bank's "legacy issues," notably its 2008 purchase of mortgage lender Countrywide, "will take a while to play out."

”” Luxury retailer Michael Kors Holdings Limited was a bright spot, shooting up 28 percent after revenue skyrocketed 69 percent in the latest quarter. The company, which peddles $300 sequined jumpsuits and wristwatches at stores in cities like Milan and Paris, was helped by strong holiday sales as well as new stores. Its results are also a sign that wealthy customers are continuing to shop even as the rest of the economy struggles.

bigdog · 16 February 2012

Source: http://finance.yahoo.com
Stocks slumped Wednesday in one of their worst showings this year as Greece, slogging through negotiations with other countries over a bailout, once again cast a long shadow over the financial markets.

The Dow Jones industrial average dropped 97.33 points to close at 12,780.95. It was the worst one-day decline for the Dow this year, and the index narrowly avoided its first triple-digit loss for the year. The average was down as much as 125 points.

The Standard & Poor's 500 and the Nasdaq composite index climbed tentatively through the morning but gave up their gains by afternoon. The S&P fell 7.27 points to 1,343.23. The Nasdaq fell 16 points to 2,915.83.

The declines were broad, with nine of the 10 industry groups in the S&P recording losses. The only group that didn't was materials, which was flat. Only five of the 30 stocks in the Dow rose for the day, and just barely.

In a 3 ½-hour conference call with the finance ministers of the other 16 countries that use the euro, Greece offered assurances that it had found â‚¬325 million in budget cuts in addition to harsh measures that it has already promised.

But in a sign of the distrust that has built during the European debt crisis, particularly among richer countries, a European official said Greece would need tighter oversight of its budget before it receives another bailout.

Greece needs the money before a big bond payment comes due March 20. A default would rattle the world financial system. For weeks, incremental movement in the Greek crisis has whipsawed U.S. stocks.

"Long story short, we long for the days when markets traded on fundamentals," said David Katz, principal at WeiserMazars Wealth Advisors. He thinks stock picks have been ruled by emotion, rather than clear-eyed examinations of companies' balance sheets, at least since the credit crunch in 2007 and the ensuing Great Recession.

"Just as quickly as you see the market pop up from one headline, then you see the downturn from another," Katz said. "It doesn't really have to be (big news). It's not even the meat of the story, it's the headline."

Greece makes up just 2 percent of the total economic output of the 17 countries that use the euro. But investors are troubled by the fallout from a potential default and similar financial problems festering in other European countries, like Portugal, Italy and Spain.

Stocks have risen steadily all year, so some analysts argued that a slowdown was inevitable. The S&P 500 ended 2011 at 1,258, and many analysts predicted it would end 2012 at 1,350. But it had already reached that level last week.

The NYSE DOW closed LOWER ▼ -97.33 points or ▼ -0.76% Wednesday, 15 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,780.95 ▼ -97.33 ▼ -0.76%
Nasdaq___ 2,915.83 ▼ -16.00 ▼ -0.55%
S&P_500__ 1,343.23 ▼ -7.27 ▼ -0.54%
30_Yr_Bond 3.093 ▲ 0.03 ▲ 0.91%

NYSE Volume 4,045,544,750
Nasdaq Volume 2,038,680,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,892.16 ▼ -7.71 ▼ -0.13%
DAX_____ 6,757.94 ▲ 29.75 ▲ 0.44%
CAC_40__ 3,390.35 ▲ 14.71 ▲ 0.44%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,327.40 ▲ 8.50 ▲ 0.20%
Shanghai_Comp 2,366.70 ▲ 21.93 ▲ 0.94%
Taiwan_Weight 8,005.24 ▲ 121.16 ▲ 1.54%
Nikkei_225____ 9,260.34 ▲ 208.27 ▲ 2.30%
Hang_Seng____ 21,365.23 ▲ 447.40 ▲ 2.14%
Strait_Times___ 3,011.68 ▲ 24.27 ▲ 0.81%

http://finance.yahoo.com/news/dow-falls-97-points-worst-showing-222251847.html

Dow falls 97 points, worst showing this year

By CHRISTINA REXRODE

NEW YORK (AP) ”” Stocks slumped Wednesday in one of their worst showings this year as Greece, slogging through negotiations with other countries over a bailout, once again cast a long shadow over the financial markets.

The Dow Jones industrial average dropped 97.33 points to close at 12,780.95. It was the worst one-day decline for the Dow this year, and the index narrowly avoided its first triple-digit loss for the year. The average was down as much as 125 points.

The Standard & Poor's 500 and the Nasdaq composite index climbed tentatively through the morning but gave up their gains by afternoon. The S&P fell 7.27 points to 1,343.23. The Nasdaq fell 16 points to 2,915.83.

The declines were broad, with nine of the 10 industry groups in the S&P recording losses. The only group that didn't was materials, which was flat. Only five of the 30 stocks in the Dow rose for the day, and just barely.

In a 3 ½-hour conference call with the finance ministers of the other 16 countries that use the euro, Greece offered assurances that it had found â‚¬325 million in budget cuts in addition to harsh measures that it has already promised.

But in a sign of the distrust that has built during the European debt crisis, particularly among richer countries, a European official said Greece would need tighter oversight of its budget before it receives another bailout.

Greece needs the money before a big bond payment comes due March 20. A default would rattle the world financial system. For weeks, incremental movement in the Greek crisis has whipsawed U.S. stocks.

"Long story short, we long for the days when markets traded on fundamentals," said David Katz, principal at WeiserMazars Wealth Advisors. He thinks stock picks have been ruled by emotion, rather than clear-eyed examinations of companies' balance sheets, at least since the credit crunch in 2007 and the ensuing Great Recession.

"Just as quickly as you see the market pop up from one headline, then you see the downturn from another," Katz said. "It doesn't really have to be (big news). It's not even the meat of the story, it's the headline."

Greece makes up just 2 percent of the total economic output of the 17 countries that use the euro. But investors are troubled by the fallout from a potential default and similar financial problems festering in other European countries, like Portugal, Italy and Spain.

"There is no shortage of people who would argue that Greece is a non-event," said Dan McMahon, director of equity trading at Raymond James. "It's more that it's a barometer for the rest of the eurozone."

Stocks have risen steadily all year, so some analysts argued that a slowdown was inevitable. The S&P 500 ended 2011 at 1,258, and many analysts predicted it would end 2012 at 1,350. But it had already reached that level last week.

"When the market does in a few weeks what was expected for the year, it's natural for the market to sort of pause and pinch itself and say, 'Is this supposed to go on?'" said Brian Gendreau, market strategist for Cetera Financial Group.

"If it continued at the same pace for the rest of the year, that's just unrealistic. You'd need an unrelenting drumbeat of good news, and we haven't gotten that," Gendreau said.

The price of oil climbed to its highest level in five weeks after Iran said it would cut off some exports of crude to Europe. Iran was responding to the European Union's plans to embargo Iranian oil this summer, an attempt to pressure Iran to abandon its nuclear program. Benchmark U.S. crude rose $1.06 to end the day at $101.80 per barrel in New York.

The average retail price for a gallon of gas was $3.52. Gas prices are already the highest on record for this time of year, and economists fear that they could crimp the halting economic recovery. This time a year ago, gas was $3.12.

Apple stock went on a wild zigzag. It set an all-time high at midday, $526.29 per share, but fell sharply and closed down $11.79 at $497.67 after eight straight days of gains.

The decline appeared to be caused by rumors that the Nasdaq 100 index would adjust its components to give Apple, the biggest company in the world by market value, less weight. That would force mutual funds that track the Nasdaq 100 to sell Apple stock.

Those rumors may have been overblown. Nasdaq declined to comment on Apple but pointed out that it adjusts the index if a company's market value represents more than 24 percent of the index. Apple represented about 17 percent at the end of the day Wednesday.

The euro fell slightly against the dollar to just under $1.31. The euro had been mostly rising since mid-January, but topped out around $1.33 late last week.

The yield on the U.S. government's benchmark 10-year Treasury note fell to 1.93 percent from 1.94 percent. Yields fall and bond prices rise when investors decided to seek a haven for their money rather than take a bet on the stock market.

Among the biggest movers in the U.S. market:

”” Comcast, the cable provider, climbed 5 percent after beating Wall Street expectations for profit and revenue. It managed to slow the loss of customers as it added channels and better customer service.

”” Kellogg rose 5 percent after announcing it would buy Pringles from Procter & Gamble. Diamond Foods had a deal to buy Pringles but got caught up in an accounting scandal. P&G was flat, and Diamond was up 5 percent.

”” Zynga, the maker of popular Facebook games like FarmVille, plummeted 18 percent after reporting it lost money in the fourth quarter. Zynga went public in December.

bigdog · 17 February 2012

Source: http://finance.yahoo.com

Investors sent U.S. stocks barreling to their highest levels of the year Thursday, buoyed by slivers of encouraging news about jobs and housing. At least for a day, they overlooked the lack of clarity about Greece's marathon negotiation for a bailout.

The Dow Jones industrial average rose 123.13 points to close at 12,904.08, its third triple-digit gain this year. It was the highest close for the Dow since May 19, 2008, four months before the worst of the financial crisis.

As the Dow moved to within sight of 13,000, applause broke out at the closing bell on the floor of the New York Stock Exchange.

The Standard & Poor's 500 rose 14.81 points to 1,358.04, its highest close in nine and a half months. The Nasdaq composite, which has had an even stronger year than the Dow and S&P and is trading at its highest since 2000, rose 44.02 points to 2,959.85.

The rally was broad, with all but one of the 30 stocks in the Dow, Kraft Foods, closing higher. All 10 industry groups in the S&P were comfortably higher, led by materials stocks, including strong showings from DuPont and Dow Chemical.

General Motors was among the best-performing stocks of the day. Two years after it was almost wiped out, the company turned a record $7.6 billion profit last year, bigger even than when Americans couldn't stop buying trucks and SUVs.

Microsoft rose 4 percent, as did Bank of America, which tends to swing wildly with the market.

The Labor Department said weekly applications for unemployment benefits dropped for the fourth time in five weeks to the lowest point since March 2008. That was when the jobless rate was just 5.1 percent, far below the current rate of 8.3 percent.

Construction of single-family homes cooled slightly in January, but a rise in permits suggested builders were growing more confident that more buyers are ready to come off the sidelines.

There are doubts about how long the momentum can be sustained, and even questions about what's sustaining it.

The market has seemed determined to move higher this year, despite mostly incremental and vague news about the Greek debt crisis and sometimes-conflicting reports on the U.S. economy.

The NYSE DOW closed HIGHER ▲ 123.13 points or ▲ 0.96% Thursday, 16 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,904.08 ▲ 123.13 ▲ 0.96%
Nasdaq___ 2,959.85 ▲ 44.02 ▲ 1.51%
S&P_500__ 1,358.04 ▲ 14.81 ▲ 1.10%
30_Yr_Bond 3.149 ▲ 0.06 ▲ 1.81%

NYSE Volume 4,066,990,500
Nasdaq Volume 1,942,289,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,885.38 ▼ -6.78 ▼ -0.12%
DAX_____ 6,751.96 ▼ -5.98 ▼ -0.09%
CAC_40__ 3,393.25 ▲ 2.90 ▲ 0.09%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,257.20 ▼ -70.20 ▼ -1.62%
Shanghai_Comp 2,356.86 ▼ -9.84 ▼ -0.42%
Taiwan_Weight 7,869.70 ▼ -135.54 ▼ -1.69%
Nikkei_225____ 9,238.10 ▼ -22.24 ▼ -0.24%
Hang_Seng____ 21,277.28 ▼ -87.95 ▼ -0.41%
Strait_Times___ 2,973.82 ▼ -37.86 ▲ 0.81%

http://finance.yahoo.com/news/dow-within-100-13-000-stocks-barrel-higher-200712066.html

Dow within 100 of 13,000 as stocks barrel higher

By CHRISTINA REXRODE | Associated Press

NEW YORK (AP) — Investors sent U.S. stocks barreling to their highest levels of the year Thursday, buoyed by slivers of encouraging news about jobs and housing. At least for a day, they overlooked the lack of clarity about Greece's marathon negotiation for a bailout.

The Dow Jones industrial average rose 123.13 points to close at 12,904.08, its third triple-digit gain this year. It was the highest close for the Dow since May 19, 2008, four months before the worst of the financial crisis.

As the Dow moved to within sight of 13,000, applause broke out at the closing bell on the floor of the New York Stock Exchange.

The Standard & Poor's 500 rose 14.81 points to 1,358.04, its highest close in nine and a half months. The Nasdaq composite, which has had an even stronger year than the Dow and S&P and is trading at its highest since 2000, rose 44.02 points to 2,959.85.

The rally was broad, with all but one of the 30 stocks in the Dow, Kraft Foods, closing higher. All 10 industry groups in the S&P were comfortably higher, led by materials stocks, including strong showings from DuPont and Dow Chemical.

General Motors was among the best-performing stocks of the day. Two years after it was almost wiped out, the company turned a record $7.6 billion profit last year, bigger even than when Americans couldn't stop buying trucks and SUVs.

Microsoft rose 4 percent, as did Bank of America, which tends to swing wildly with the market.

The Labor Department said weekly applications for unemployment benefits dropped for the fourth time in five weeks to the lowest point since March 2008. That was when the jobless rate was just 5.1 percent, far below the current rate of 8.3 percent.

Construction of single-family homes cooled slightly in January, but a rise in permits suggested builders were growing more confident that more buyers are ready to come off the sidelines.

There are doubts about how long the momentum can be sustained, and even questions about what's sustaining it.

The market has seemed determined to move higher this year, despite mostly incremental and vague news about the Greek debt crisis and sometimes-conflicting reports on the U.S. economy.

"I think we're floating on air. There's not much going on," said Ben Schwartz, chief market strategist at Lightspeed Financial.

He warned that there could be volatility ahead for the market. The Dow has yet to suffer a 100-point loss this year, a sharp contrast to the triple-digit swings that were common last summer.

John Burke, president of Burke Financial Strategies in New Jersey, said he thinks the Federal Reserve has been artificially propping up the market with cheap money generated by low interest rates.

Burke warned that the low rates could allow the U.S. to put off reducing its budget deficit.

"They're pushing the problem off," Burke said. "We're fine today, we'll avoid recession, but what's that going to do to us when the term is up?"

Gas prices could be a threat for the U.S. economy, particularly as Iran threatens to cut exports. The average price for a gallon of gasoline is $3.52, the highest on record this time of year, and could climb to $4.25 a gallon by late April.

But others thought the positive jobs and housing reports will continue to be what sways the market.

"The more important story is what clearly is a continuing U.S. recovery," said Tim Speiss, chairman of personal wealth advisers at EisnerAmper. "I could go find some negative news report, but it would go against what investors are doing."

The hopeful signs about the economy increased investors' appetite for higher-risk investments like stocks, and they moved money out of bonds to make room in their portfolios.

The yield on the government's benchmark 10-year Treasury note, which moves in the opposite direction from its price, was at 1.92 percent before the report on jobless claims. It jumped to 1.96 percent in minutes.

A separate report found that wholesale prices, excluding the volatile food and energy categories, increased 0.4 percent in January, the most in six months. Inflation generally hurts Treasurys by reducing the buying power of the fixed returns they pay.

Also just before the jobs news came out, the euro was sitting at a three-week low against the dollar. But it rallied almost a full penny, to $1.3143 from $1.3063 late Wednesday.

The euro is perceived to be a riskier investment than the dollar, and traders tend to buy riskier currencies and sell safer ones when they perceive the economic situation to be getting better.

As it has for many days, the Greek crisis plodded along without any certainty. The difference this time was that investors didn't seem to care. European finance ministers will discuss the Greek bailout at a meeting Monday.

Greece is negotiating for breaks on loans due next month in addition to the bailout, which would be aimed at preventing a bankruptcy that could send a shock through the world financial system.

But some investors are growing complacent: They either have faith that the European Union will find a way to keep Greece from defaulting, or they think Greece will default but it won't matter to the rest of Europe.

Among other stocks making big moves:

— J.M. Smucker plummeted 8 percent after the company missed analysts' estimates for net income and revenue. The company said its sales volume fell 10 percent because it raised prices for Jif peanut butter, Folgers coffee and Crisco.

— Molson Coors rose 3 percent after the beer maker beat analysts' expectations, helped by higher sales of Modelo beer in Japan and Coors Light in Latin America and China.

— Tech stocks rose 1.57 percent, behind only materials companies as the biggest gainers for the day. Some analysts think that tech will prove a wise investment because companies, sitting on cash that they are nervous about investing otherwise, will plow it into new technology. Groupon rose 4 percent.

bigdog · 18 February 2012

Source: http://finance.yahoo.com

The Dow edged teasingly close to the 13,000 marker on Friday, a milestone it hasn't reached since before the financial crisis brought the U.S. economy to its knees.

The Dow Jones industrial average rose 45.79 points, or 0.4 percent, to close at 12,949.87, its highest close for the year so far. That followed a 123-point surge the day before, when it also set a closing record for 2012.

The rest of the market struggled for direction on what turned out to be a quiet news day as traders prepared for the long Presidents' Day weekend. The Standard & Poor's 500 rose 3.19 points, or 0.2 percent, to 1,361.23, also setting a record close for 2012. The Nasdaq composite, after surging Thursday, fell 8.07 points, or 0.3 percent, to 2,951.78. Greek debt talks idled and a key economic indicator, U.S. consumer prices, came in at about what analysts were expecting.

The Dow hasn't closed above 13,000 since May 19, 2008, a time when the Bush administration was still in charge, Lehman Brothers and Merrill Lynch still existed, and unemployment was just 5.4 percent, compared to the current 8.3 percent.

Though 13,000 in some ways would be just a number on a board, with no direct bearing on the fundamentals of the economy, its psychological effect could still be important. People and businesses tend to spend based on how they feel about the economy, and big round numbers can affect feelings just as much as money in the wallet.

For the most part, the market has moved higher this year, despite worries that the rally is being driven just by emotion rather than economic fundamentals. The Dow is up 6 percent in the first seven weeks of this year. In all of 2011, it rose 5.5 percent.

The NYSE DOW closed HIGHER ▲ 46.02 points or ▲ 0.36% Friday, 17 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,950.10 ▲ 46.02 ▲ 0.36%
Nasdaq___ 2,951.78 ▼ -8.07 ▼ -0.27%
S&P_500__ 1,361.23 ▲ 3.19 ▲ 0.23%
30_Yr_Bond 3.161 ▲ 0.01 ▲ 0.38%

NYSE Volume 3,708,468,000
Nasdaq Volume 1,973,903,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,905.07 ▲ 19.69 ▲ 0.33%
DAX_____ 6,848.03 ▲ 96.07 ▲ 1.42%
CAC_40__ 3,439.62 ▲ 46.37 ▲ 1.37%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,273.30 ▲ 16.10 ▲ 0.38%
Shanghai_Comp 2,357.18 ▲ 0.32 ▲ 0.01%
Taiwan_Weight 7,894.36 ▲ 24.66 ▲ 0.31%
Nikkei_225____ 9,384.17 ▲ 146.07 ▲ 1.58%
Hang_Seng____ 21,491.62 ▲ 214.34 ▲ 1.01%
Strait_Times___ 3,000.59 ▲ 23.39 ▲ 0.79%

http://finance.yahoo.com/news/dow-average-closes-within-50-211105059.html

Dow average closes within 50 points of 13,000

Hopes for resolution on Greece's debt crisis bring the Dow to within 50 points of 13,000

By Christina Rexrode, AP Business Writer

NEW YORK (AP) -- The Dow edged teasingly close to the 13,000 marker on Friday, a milestone it hasn't reached since before the financial crisis brought the U.S. economy to its knees.

The Dow Jones industrial average rose 45.79 points, or 0.4 percent, to close at 12,949.87, its highest close for the year so far. That followed a 123-point surge the day before, when it also set a closing record for 2012.

The rest of the market struggled for direction on what turned out to be a quiet news day as traders prepared for the long Presidents' Day weekend. The Standard & Poor's 500 rose 3.19 points, or 0.2 percent, to 1,361.23, also setting a record close for 2012. The Nasdaq composite, after surging Thursday, fell 8.07 points, or 0.3 percent, to 2,951.78. Greek debt talks idled and a key economic indicator, U.S. consumer prices, came in at about what analysts were expecting.

The Dow hasn't closed above 13,000 since May 19, 2008, a time when the Bush administration was still in charge, Lehman Brothers and Merrill Lynch still existed, and unemployment was just 5.4 percent, compared to the current 8.3 percent.

Though 13,000 in some ways would be just a number on a board, with no direct bearing on the fundamentals of the economy, its psychological effect could still be important. People and businesses tend to spend based on how they feel about the economy, and big round numbers can affect feelings just as much as money in the wallet.

"It's not an insignificant psychological barrier," said Marc Scudillo, managing officer at EisnerAmper in New Jersey. "People still need to have that vote of confidence that investing in U.S. companies is still the right direction to go long-term."

On the other hand, popping up to 13,000 could also have a contradictory effect on the Dow. It would almost certainly trigger requirements in some investment firms to sell off some of their stocks, which could briefly push the index back down.

By some accounts, the market is stalling out under the weight of conflicting headlines about the U.S. economy and about Greece, which is trying to secure rescue loans from other European countries so it won't default on debt due next month.

Though recent news about jobless claims and housing starts have been incrementally better, they're still far below where they need to be for a full recovery. Greece and its lenders no sooner hammer out one portion of a debt deal before they find something else to disagree on. In the 33 trading days of 2012 to date, the Dow has risen on 19 and fallen on 14.

"Today is just waiting to see what's next," said Sanjeev Bhojraj, an accounting professor at Cornell's Johnson business school. "You don't know which way to go — you're hoping the news will help you figure it out."

For the most part, the market has moved higher this year, despite worries that the rally is being driven just by emotion rather than economic fundamentals. The Dow is up 6 percent in the first seven weeks of this year. In all of 2011, it rose 5.5 percent.

Some of that could be an early-year pop. Last year, all three major indexes rose in the first quarter before giving up at least some of those gains by year's end.

The yield on the benchmark 10-year Treasury note rose to 2.01 percent from 1.99 percent late Thursday. That's a sign that investors are moving money out of safe-haven government bonds and into riskier investments like stocks.

Major European indexes rose, including a 5 percent surge in Greece's ATHEX. The euro rose slightly to $1.32, indicating confidence in Europe.

There were some encouraging signs that Greece could secure its bailout deal next week. The finance ministers of the euro zone countries are meeting Monday to finalize the terms. A spokesman for German Chancellor Angela Merkel said that she as well as the leaders of Greece and Italy are "optimistic" that a deal can be reached.

Among stocks making big moves:

— Campbell Soup rose 3 percent after beat analysts' expectations for quarterly earnings. The company is in the midst of a turnaround plan that includes adding more expensive, higher-quality soups and broadening offerings in its snack, beverage and other categories

— H.J. Heinz rose 5 percent after beating expectations for quarterly earnings and revenue. The ketchup maker was helped by a big sales increase in emerging markets like China, Russia and Latin America.

— Madison Square Garden jumped in afternoon trading after reports circulated that it had reached an agreement with Time Warner Cable to let Time Warner customers view MSG sports programming. That ends a blackout that infuriated customers anxious to watch New York Knicks point guard Jeremy Lin. Madison Square Garden was flat for most of the day before rising to close up 3 percent.

— Gilead Sciences plunged 14 percent after the drugmaker said a promising hepatitis C treatment it recently acquired may have to be used with other drugs in patients with the disease. The company said some patients in a small part of a mid-stage study relapsed within a month of completing the treatment.

8088

bigdog · 21 February 2012

Source: http://finance.yahoo.com

Wall Street was shut for a public holiday on Monday, 20 February 2012

Markets were optimistic Monday that Greece will finally secure a massive but long-delayed international bailout, allowing the debt-crippled country to avoid defaulting on its debts next month.

A surprise easing in monetary policy in China over the weekend also added to the buoyant mood in markets ”” many stock indexes are trading at multi-month highs, while the euro has recovered its poise.

The main focus of attention ”” on a day when Wall Street is shut for a public holiday ”” will be Brussels, where the finance ministers from the 17 eurozone countries are gathering to discuss the elusive Greek bailout deal.

After some eurozone countries suggested last week that they might prefer Greece to default, the latest comments indicate the ministers will approve the euro130 billion ($171 billion) bailout. Greece has struggled to convince its partners in the eurozone, particularly Germany, that it will enact the austerity and reform measures in return for the cash.

As the finance ministers arrived for the meeting, which may last until well into the night, they appeared ready to back the deal.

The NYSE DOW was closed for public holiday on Monday, 20 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,950.10
Nasdaq___ 2,951.78
S&P_500__ 1,361.23
30_Yr_Bond 3.161

NYSE Volume 3,708,468,000
Nasdaq Volume 1,973,903,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,945.25 ▲ 40.18 ▲ 0.68%
DAX_____ 6,948.25 ▲ 100.22 ▲ 1.46%
CAC_40__ 3,472.54 ▲ 32.92 ▲ 0.96%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,332.80 ▲ 59.50 ▲ 1.39%
Shanghai_Comp 2,363.60 ▲ 6.42 ▲ 0.27%
Taiwan_Weight 7,954.82 ▲ 60.46 ▲ 0.77%
Nikkei_225____ 9,485.09 ▲ 100.92 ▲ 1.08%
Hang_Seng____ 21,424.79 ▼ -66.83 ▼ -0.31%
Strait_Times___ 3,021.19 ▲ 20.60 ▲ 0.69%

http://finance.yahoo.com/news/greek-bailout-hopes-shore-markets-110921901.html

Greek bailout hopes shore up markets

Markets rise on Greek bailout hopes, China's move to ease monetary policy

By Pan Pylas, AP Business Writer

LONDON (AP) -- Markets were optimistic Monday that Greece will finally secure a massive but long-delayed international bailout, allowing the debt-crippled country to avoid defaulting on its debts next month.

A surprise easing in monetary policy in China over the weekend also added to the buoyant mood in markets ”” many stock indexes are trading at multi-month highs, while the euro has recovered its poise.

The main focus of attention ”” on a day when Wall Street is shut for a public holiday ”” will be Brussels, where the finance ministers from the 17 eurozone countries are gathering to discuss the elusive Greek bailout deal.

After some eurozone countries suggested last week that they might prefer Greece to default, the latest comments indicate the ministers will approve the euro130 billion ($171 billion) bailout. Greece has struggled to convince its partners in the eurozone, particularly Germany, that it will enact the austerity and reform measures in return for the cash.

As the finance ministers arrived for the meeting, which may last until well into the night, they appeared ready to back the deal.

"I am of the opinion that today we have to deliver, because we don't have any more time," Jean-Claude Juncker, the prime minister of Luxembourg who also chairs the meetings of eurozone finance ministers, said as he arrived in Brussels.

Alongside the bailout, Greece is expected to conclude debt-reduction discussions with its private creditors. That should slice off around euro100 billion ($133 billion) from Greece's debt mountain. Even after that, Greece will have the highest debt burden of all the euro countries.

One of the last-minute hurdles to overcome is how to get Greece's debt burden down to around 120 percent of GDP by 2020. One way that target could be met is if European central banks forgo profits due on their holdings of Greek debt.

Even though there are issues that need to be ironed out, investors are confident of a successful conclusion.

"Although we can all be allowed a degree of skepticism regarding an imminent solution to the Greek bailout, investors still seem happy to look for excuses to buy, and stock markets still seem to have plenty of momentum, even considering how far they have come in recent months," said David Jones, chief market strategist at IG Index.

In Europe, the FTSE 100 index of leading British shares was up 0.6 percent at 5,942 while Germany's DAX rose 1.1 percent to 6,926. The CAC-40 in France was 0.5 percent higher at 3,456.

The euro was 0.3 percent higher at $1.3249.

Sentiment was also boosted by the surprise decision over the weekend by China's central bank to lower the ratio of funds that banks must hold as reserves to 20.5 percent from 21 percent, effective Friday. That will free up tens of billions of dollars for loans at a time when the growth rate is expected to drop from last quarter's 8.9 percent to closer to 8 percent. The cut is the second in two months.

"The loosening of monetary policy reflects official concern over the prospects for economic growth, where a variety of indicators such as exports, industrial production and retail sales are all reflecting a slower pace of growth," said Neil MacKinnon, global macro strategist at VTB Capital.

Earlier in Asia, Japan's Nikkei 225 index added 1.1 percent to close at 9,485.09, its highest closing level of the year. South Korea's Kospi rose slightly to 2,024.90. Mainland China's benchmark Shanghai Composite Index climbed 0.3 percent to 2,363.60 after gaining more than 1 percent earlier in the day, while the Shenzhen Composite Index gained 0.3 percent to 923.32.

Hong Kong's Hang Seng dipped 0.3 percent to 21,424.79.

In the oil markets, Iran was battling with Greece to be the main focus of attention. Oil prices jumped to a nine-month high above $105 a barrel Monday after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern country's nuclear program. Benchmark March crude was up $1.83 to $105.43 per barrel in electronic trading on the New York Mercantile Exchange.

bigdog · 22 February 2012

Source: http://finance.yahoo.com

It came and went in a flash, a number on a board for seconds at a time, but its symbolic power couldn't be dismissed.

The Dow Jones industrial average, powered higher all year by optimism that the economic recovery is finally for real, crossed 13,000 on Tuesday for the first time since May 2008.

The last time the Dow occupied such rarefied territory, unemployment was a healthy 5.4 percent, and Lehman Brothers was a solvent investment bank. Financial crises happened in other countries, or the history books.

The milestone Tuesday came about two hours into the trading day. The Dow was above 13,000 for about 30 seconds, and for slightly longer at about noon and 1:30 p.m., but couldn't hold its gains. It finished up 15.82 points at 12,965.69.

Still, Wall Street took note of the marker.

It was just last summer that the Dow unburdened itself of 2,000 points in three terrifying weeks. S&P downgraded the United States credit rating, Washington was fighting over the federal borrowing limit, and the European debt crisis was raging.

The tumult of last summer and fall left the Dow as low as 10,655. Its close Tuesday put it 22 percent above that low. The Dow is 1,199 points from an all-time high, a 9 percent rally from here.

Dow Jones, which decides which 30 companies are the best barometer, says the index can accurately represent the economy because the Dow 30 make up 25 to 30 percent of the market value of all U.S. public companies.

The NYSE DOW closed HIGHER ▲ 15.82 points or ▲ 0.12% Tuesday, 21 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,965.69 ▲ 15.82 ▲ 0.12%
Nasdaq___ 2,948.57 ▼ -3.21 ▼ -0.11%
S&P_500__ 1,362.21 ▲ 0.98 ▲ 0.07%
30_Yr_Bond 3.191 ▲ 0.03 ▲ 0.95%

NYSE Volume 3,765,543,250
Nasdaq Volume 1,815,109,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,928.20 ▼ -17.05 ▼ -0.29%
DAX_____ 6,908.18 ▼ -40.07 ▼ -0.58%
CAC_40__ 3,465.24 ▼ -7.30 ▼ -0.21%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,368.20 ▲ 35.40 ▲ 0.82%
Shanghai_Comp 2,381.43 ▲ 17.83 ▲ 0.75%
Taiwan_Weight 7,921.50 ▼ -33.32 ▼ -0.42%
Nikkei_225____ 9,463.02 ▼ -22.07 ▼ -0.23%
Hang_Seng____ 21,478.72 ▲ 53.93 ▲ 0.25%
Strait_Times___ 3,025.07 ▲ 3.88 ▲ 0.13%

http://finance.yahoo.com/news/dow-breaks-13-000-cant-211228807.html

Dow breaks 13,000 but can't hold gains

Dow crosses 13,000 for first time since 2008 but can't hold on

By Christina Rexrode, AP Business Writer

NEW YORK (AP) -- It came and went in a flash, a number on a board for seconds at a time, but its symbolic power couldn't be dismissed.

The Dow Jones industrial average, powered higher all year by optimism that the economic recovery is finally for real, crossed 13,000 on Tuesday for the first time since May 2008.

The last time the Dow occupied such rarefied territory, unemployment was a healthy 5.4 percent, and Lehman Brothers was a solvent investment bank. Financial crises happened in other countries, or the history books.

The milestone Tuesday came about two hours into the trading day. The Dow was above 13,000 for about 30 seconds, and for slightly longer at about noon and 1:30 p.m., but couldn't hold its gains. It finished up 15.82 points at 12,965.69.

Still, Wall Street took note of the marker.

It was just last summer that the Dow unburdened itself of 2,000 points in three terrifying weeks. S&P downgraded the United States credit rating, Washington was fighting over the federal borrowing limit, and the European debt crisis was raging.

A second recession in the United States was a real fear. But the economy grew faster every quarter last year, and gains in the job market have been impressive, including 243,000 jobs added in January alone.

"Essentially over the last couple of months you've taken the two biggest fears off the table, that Europe is going to melt down and that we're going to have another recession here," said Scott Brown, chief economist for Raymond James.

The tumult of last summer and fall left the Dow as low as 10,655. Its close Tuesday put it 22 percent above that low. The Dow is 1,199 points from an all-time high, a 9 percent rally from here.

A long-awaited deal to cut the debt of Greece and prevent a potentially catastrophic default, announced before dawn in Europe after 12 hours of talks, helped the Dow clear 13,000.

Under the bailout deal, Greece will get â‚¬130 billion, or about $172 billion, from other European nations and the International Monetary Fund. In a separate deal, investors in Greek bonds will forgive â‚¬107 billion in debt.

After months in which talks crawled along and vague headlines yanked the market up and down, the conclusion was almost anticlimactic because the markets were already expecting an agreement.

European markets didn't take the news as well. Stocks closed down 3.5 percent in Greece, where stocks have lost 80 percent of their value since 2007. Stocks declined less than 1 percent Tuesday in Germany, France and Britain.

Investors noted that Greece remains in deep recession. Its bond investors will take a 53.5 percent loss on the face value of their bonds, which could discourage future investment.

In the U.S., investors were cheered by earnings from Home Depot, watched closely as a barometer of American spending on homes, and Macy's. Wal-Mart missed Wall Street expectations, and its stock lost 4 percent, worst among the 30 stocks in the Dow.

The Dow has climbed 6 percent this year and has not lost 100 points on any day. The Greek debt crisis may be receding, but high gasoline prices are emerging as a threat to the economic recovery, and thus the stock market.

A gallon of regular gas costs $3.57 on average, the highest on record for this time of year. With tension building over Iran's nuclear ambitions, Iran has halted oil exports to Britain and France and threatened to stop shipping to other European countries.

The price of oil settled at $106.25, up $2.65 for the day and its highest level since last May. The price jumped more than $1 in about 20 minutes after Iran's foreign ministry spokesman told reporters that a U.N. team visiting Iran has no plans to inspect the country's nuclear facilities and will only hold talks with Iranian officials.

"That was the olive branch the market was holding onto," said Phil Flynn, an analyst for the brokerage PFGBest. "If they're not going to discuss the nuclear program, then we're a lot closer to a conflict than further away," he said.

Airline stocks got clobbered. United Continental lost 9 percent, Delta Air Lines 7 percent. The Dow transportation average lost 1.5 percent.

Materials, telecommunications and energy companies led the industries gaining ground. Health care companies, makers of consumer staples and utilities, traditionally stocks to own in more cautious times, were lower.

The Standard & Poor's 500 index surpassed 1,363, its peak from April 2011, but closed at 1,362.21, up 0.98 point. The Nasdaq composite, which is heavy with technology stocks and trading at levels not seen since December 2000, closed down 3.21 points at 2,948.57.

Metals prices jumped because of expectations that demand may improve after the Greek bailout package was approved and China took another step to stimulate economic growth. Silver finished up 3.7 percent, and platinum, copper and palladium all rose 3 percent or more. Gold ended up 1.9 percent.

The Dow industrials last closed above 13,000 on May 19, 2008. The next day, they crossed under 13,000, not to return for almost four years. They fell as low as 6,547 on March 9, 2009. A reading of 13,094 would double that.

Dan McMahon, director of equity trading at Raymond James, called the 13,000 mark "just a big round number" as a matter of market fundamentals. But he added: "Psychologically, it matters."

The milestone could motivate cautious investors to pump more money back into the stock market. The yield on the government's benchmark 10-year Treasury note rose to 2.06 percent from 2.01 percent Friday, a sign that fewer investors wanted the bonds and were instead willing to buy riskier stocks.

"You need notches along the way to measure things," and Dow 13,000 is as good as any, said John Manley, chief equity strategist for Wells Fargo's funds group. "Is 50 older than 49 and a half? Yes, by six months. Do those six months really make a difference? Probably not. But it does give us a fixed point, something we can look at."

The Dow is also an imperfect measure of the economy's health. It is made up of just 30 companies, and it's weighted so that the few with the highest stock prices carry the most heft.

A tiny percentage change in the stock of IBM, which is trading around $193, sways the index much more than a giant change in the stock of Bank of America, which is trading around $8.

Last year, the Dow rose 5.5 percent. But strip out IBM and McDonald's, the two stocks with the highest prices last year, and it rose just 1.8 percent, according to calculations by Birinyi Associates.

Dow Jones, which decides which 30 companies are the best barometer, says the index can accurately represent the economy because the Dow 30 make up 25 to 30 percent of the market value of all U.S. public companies.

bigdog · 23 February 2012

Source: http://finance.yahoo.com

Stocks closed lower Wednesday for the first time in four trading days. The Dow Jones industrial average lost 27.02 points to finish at 12,938.67. The day before, it briefly passed 13,000 for the first time since May 2008.

Some investors worried about the details of a bailout deal reached for Greece this week. But analysts said investors were mostly in a holding pattern after seeing the market hit an important psychological mark.

"The market is pausing for the next slew of good news," said Doug Cote, chief market strategist at ING Investment Management. "The real U.S. economy continues to march along while the attention is on Europe."

On Thursday, the government will give the latest reading on unemployment claims. They have been declining steadily and fell last week to 348,000, the lowest since March 2008.

The Dow has lost ground on just four of the past 11 trading days. It's been trading at or near four-year highs for three weeks and is up 6 percent this year. Strong corporate earnings have been a key factor, Cote said.

On Wednesday, the Dow traded in a range of just 63 points. Over the past year, it has had smaller trading ranges on only nine other days. The average daily range over that time has been 181 points.

Financial stocks led the market lower. Investors worried that a $170 billion bailout for Greece, announced Tuesday, would not be enough to keep the debt-laden country from eventually defaulting and possibly leaving the euro currency group.

The NYSE DOW closed LOWER ▼ -27.02 points or ▼ -0.21% Wednesday, 22 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,938.67 ▼ -27.02 ▼ -0.21%
Nasdaq___ 2,933.17 ▼ -15.40 ▼ -0.52%
S&P_500__ 1,357.66 ▼ -4.55 ▼ -0.33%
30_Yr_Bond 3.149 ▼ -0.04 ▼ -1.32%

NYSE Volume 3,608,694,000
Nasdaq Volume 1,705,701,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,916.55 ▼ -11.65 ▼ -0.20%
DAX_____ 6,843.87 ▼ -64.31 ▼ -0.93%
CAC_40__ 3,447.37 ▼ -17.87 ▼ -0.52%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,372.10 ▲ 3.90 ▲ 0.09%
Shanghai_Comp 2,403.59 ▲ 22.16 ▲ 0.93%
Taiwan_Weight 8,001.68 ▲ 80.18 ▲ 1.01%
Nikkei_225____ 9,554.00 ▲ 90.98 ▲ 0.96%
Hang_Seng____ 21,549.28 ▲ 53.93 ▲ 0.33%
Strait_Times___ 2,995.59 ▼ -29.48 ▼ -0.97%

http://finance.yahoo.com/news/stocks-lower-day-dows-blip-211153649.html

Stocks lower a day after Dow's blip above 13,000

Stocks edge lower a day after Dow's short-lived climb past 13,000

By Samantha Bomkamp, AP Business Writer

NEW YORK (AP) -- A day after Dow 13,000, investors took a break.

Stocks closed lower Wednesday for the first time in four trading days. The Dow Jones industrial average lost 27.02 points to finish at 12,938.67. The day before, it briefly passed 13,000 for the first time since May 2008.

Some investors worried about the details of a bailout deal reached for Greece this week. But analysts said investors were mostly in a holding pattern after seeing the market hit an important psychological mark.

"The market is pausing for the next slew of good news," said Doug Cote, chief market strategist at ING Investment Management. "The real U.S. economy continues to march along while the attention is on Europe."

On Thursday, the government will give the latest reading on unemployment claims. They have been declining steadily and fell last week to 348,000, the lowest since March 2008.

The Dow has lost ground on just four of the past 11 trading days. It's been trading at or near four-year highs for three weeks and is up 6 percent this year. Strong corporate earnings have been a key factor, Cote said.

On Wednesday, the Dow traded in a range of just 63 points. Over the past year, it has had smaller trading ranges on only nine other days. The average daily range over that time has been 181 points.

Financial stocks led the market lower. Investors worried that a $170 billion bailout for Greece, announced Tuesday, would not be enough to keep the debt-laden country from eventually defaulting and possibly leaving the euro currency group.

Greece says the bailout, plus an agreement it hopes to secure from investors to take losses on Greek government bonds, will keep it in the euro group. "There is no issue of the country's financial collapse," Finance Minister Evangelos Venizelos said.

The Greek economy is entering its fifth year of recession. Fitch ratings agency downgraded Greece further into junk status Wednesday, to a rating of C, one notch above default.

In the U.S., the Standard & Poor's 500 lost 4.55 points to close at 1,357.66. The Nasdaq composite index declined 15.40 points to 2,933.17. Volume was lighter than average, 3.6 billion shares.

All three major averages are well ahead for the year. The Dow is up 5.9 percent, the S&P 8 percent and the Nasdaq 12.6 percent.

"The market has done well in the face of some pretty low expectations," said Todd Salamone of Schaeffer's Investment Research. "Right now we're just seeing a few speed bumps."

Salamone said he believes investors will keeping focusing on negative news overseas despite better news on the U.S. economy. Last week, Congress extended a cut in the Social Security payroll tax, worth $1,000 for someone making $50,000 a year.

European markets closed lower. In Asia, stocks mostly rose even after a fairly weak Chinese manufacturing survey. The dollar rose to a seven-month high against the Japanese yen. U.S. Treasury prices edged higher, and the yield on the 10-year U.S. Treasury note fell to 2 percent from 2.05 percent.

Among U.S. stocks making big moves:

”” Computer maker Dell fell 6 percent after reporting an 18 percent drop in first-quarter profit. The company was hurt by slow sales to government agencies, tough competition from Apple and flooding in Thailand that disrupted its supplies.

”” Toll Brothers Inc., the luxury homebuilder, fell 5 percent after posting a quarterly loss. It did report more signed contracts and a bigger backlog, encouraging measures for coming months.

”” Garmin Ltd., which makes GPS systems, jumped 9 percent after its quarterly net income rose 25 percent on higher prices and sales. The company's results and 2012 revenue forecast beat Wall Street's expectations.

bigdog · 24 February 2012

Source: http://finance.yahoo.com

The Dow Jones industrial average made another run at 13,000 but couldn't quite get there.

Stocks recovered from an early loss Thursday and pushed the Dow within four points of the milestone. Investors were encouraged by more good news on U.S. jobs, but gains were limited by poor results from retailers such as Safeway and Kohl's.

The Dow finished up 46.02 points at 12,984.69. The Standard & Poor's 500 index gained 5.80 points to close at 1,363.46. The Nasdaq composite index climbed 23.81 points to 2,956.98.

The Dow pierced 13,000 three times Tuesday but could not hold the milestone. The average hasn't closed above 13,000 since May 19, 2008, four months before the financial crisis.

Investors were encouraged Thursday after the government reported that the number of people seeking unemployment benefits last week was unchanged. The four-week average was the lowest in four years.

High unemployment has been a problem for retailers, which have been forced to slash prices even though they are paying more to make and ship their goods. The burden showed in Thursday's earnings reports.

The NYSE DOW closed HIGHER ▲ 46.02 points or ▲ 0.36% Thursday, 23 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,984.69 ▲ 46.02 ▲ 0.36%
Nasdaq___ 2,956.98 ▲ 23.81 ▲ 0.81%
S&P_500__ 1,363.46 ▲ 5.80 ▲ 0.43%
30_Yr_Bond 3.124 ▼ -0.03 ▼ -0.79%

NYSE Volume 3,726,476,500
Nasdaq Volume 1,768,261,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,937.89 ▲ 21.34 ▲ 0.36%
DAX_____ 6,809.46 ▼ -34.41 ▼ -0.50%
CAC_40__ 3,447.31 ▼ -0.06 ▲ 0.00%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,367.50 ▼ -4.60 ▼ -0.11%
Shanghai_Comp 2,409.55 ▲ 5.97 ▲ 0.25%
Taiwan_Weight 7,937.30 ▼ -64.38 ▼ -0.80%
Nikkei_225____ 9,595.57 ▲ 41.57 ▲ 0.44%
Hang_Seng____ 21,380.99 ▲ 53.93 ▼ -0.78%
Strait_Times___ 2,968.34 ▼ -27.25 ▼ -0.91%

http://finance.yahoo.com/news/dow-flirts-13-000-again-210726737.html

Dow flirts with 13,000 again but can't make it

Stocks climb, but Dow can't quite clear 13,000 barrier at the close

NEW YORK (AP) -- The Dow Jones industrial average made another run at 13,000 but couldn't quite get there.

Stocks recovered from an early loss Thursday and pushed the Dow within four points of the milestone. Investors were encouraged by more good news on U.S. jobs, but gains were limited by poor results from retailers such as Safeway and Kohl's.

The Dow finished up 46.02 points at 12,984.69. The Standard & Poor's 500 index gained 5.80 points to close at 1,363.46. The Nasdaq composite index climbed 23.81 points to 2,956.98.

The Dow pierced 13,000 three times Tuesday but could not hold the milestone. The average hasn't closed above 13,000 since May 19, 2008, four months before the financial crisis.

Investors were encouraged Thursday after the government reported that the number of people seeking unemployment benefits last week was unchanged. The four-week average was the lowest in four years.

High unemployment has been a problem for retailers, which have been forced to slash prices even though they are paying more to make and ship their goods. The burden showed in Thursday's earnings reports.

Kohl's, the department store chain, sank 6 percent after weak holiday sales caused it to miss Wall Street estimates for revenue and earnings. Grocery store chain Safeway Inc. plunged more than 7 percent after reporting a 6 percent drop in profit.

Part of the problem is the rising cost of gas, which could hurt the economic recovery. The price of gas is rising as tensions mount over Iran's nuclear program. A gallon of regular sells for $3.61 on average, the highest on record this time of year.

The price of oil jumped again Thursday, to $107.83, a nine-month high and up $1.52 for the day. Besides Iran, analysts blamed the falling U.S. dollar, which makes oil more expensive for investors holding foreign money.

The euro jumped to a two-month high against the dollar, $1.337, up almost a penny from Wednesday, after business confidence surged in Germany.

Dillard's, another department store chain, and the discount chain Target also missed analysts' estimates. Earlier this week, Wal-Mart fell short on earnings and revenue after aggressive discounts for the holidays cut into profit margin.

Sears Holdings Corp., which owns Sears, Kmart and Land's End, also missed estimates for revenue and per-share earnings. Its stock soared 19 percent, but that was because it outlined plans to spin off some stores and sell others.

For the most part, U.S. stocks have been rising since Thanksgiving, as the most potent fears of last summer ”” that the country would enter another recession, and that the European debt crisis would damage the U.S. economy ”” have dissipated.

The market has yet to settle into a definitive trend, however. In the 36 completed trading days so far this year, the Dow has risen on 21 and fallen on 15.

"On Tuesday the world is ending, on Wednesday the opposite happens, after two or three weeks we're right where we started because not much happened," said Bill Hampel, chief economist of the Credit Union National Association.

Of the S&P 500's 10 industry groups, nine finished the day higher. Financial stocks led the charge forward, partly because of a calm day for news about Greek debt talks. U.S. bank stocks were pummeled last year as investors worried about exposure to European debt, but some of those concerns have eased.

On Thursday, the Greek Parliament approved a plan to wipe out â‚¬107 billion of debt that it owes to investors who hold its government bonds. Greece is expected to make a formal offer to bondholders Friday.

Earlier this week, Greece locked down a second bailout from the International Monetary Fund and other countries that use the euro currency. The bailout is designed to prevent a default on Greece's debt, which could shock the world financial system.

But deep problems continue to haunt Greece, including a recession and the prospect that investors will shy away from buying its bonds in the future. The U.S. market has been yanked up and down this year by incremental headlines from Greece.

David Trone, managing director of JMP Securities, a brokerage, said financial stocks were up because of the relative calm in Greece. U.S. bank stocks had plummeted last year over fears about their exposure to European debt.

"Investors aren't feeling any happier or any worse than they were yesterday," Trone said.

In the bond market, yields for U.S. Treasurys fell slightly after the government sold seven-year notes at a lower yield than the average over the past four months. The yield on the 10-year Treasury was 2 percent, virtually unchanged from Wednesday.

Among other stocks making big moves in the U.S.:

”” HSN Inc., which runs a cable TV channel for home shopping, rose 1.6 percent after its profit climbed 13 percent in the most recent quarter.

”” Vivus Inc., a drugmaker, rose 78 percent after federal regulators said that Qnexa, a drug Vivus is developing for weight loss, should be approved.

”” CEC Entertainment Inc., which owns Chuck E. Cheese children's restaurants, rose 1 percent after an analyst for Morgan Keegan upgraded the company. Morgan Keegan said store remodels may attract more guests.

By Christina Rexrode, AP Business Writer

bigdog · 25 February 2012

Source: http://finance.yahoo.com

A two-point gain was enough to push the S&P 500 index to its highest level since June 2008, three months before the collapse of Lehman Brothers and the darkest days of the financial crisis.

The S&P 500 index closed at 1,365.74, beating its 2011 closing high by two points.

For the second day this week, the Dow Jones industrial average nudged above 13,000 then pulled back. It rose 29 points in the morning but wavered in the afternoon. The Dow dropped 1.74 points to close at 12,982.95. American Express was the leading stock among the 30 that make up the average, gaining 1.2 percent.

It was a similar story on Tuesday, when the Dow flitted above 13,000 three times but ended the day lower. The average hasn't closed above 13,000 since May 19, 2008.

What will it take for the Dow to close above 13,000 and stay there? Mark Lamkin, CEO of Lamkin Wealth Management in Louisville, Ky., said it would require a surprising news event, like a huge merger or an economic report that blows past expectations.

"It needs some type of surprise, a bombshell," Lamkin said. "We've had a pretty good run over the past four months. Now it's going to take something great to keep it above 13,000."

The Dow has climbed back slowly since its 2009 low of 6,547.05, and its other milestones have also generated a frenzy of attention. But as motivations for investment, their record has been mixed:

— On Oct. 14, 2009, about 10 years after the first time the Dow hit 10,000, the average hit the mark again. Traders passed around baseball caps labeled "Dow 10,000 2.0" on the floor of the New York Stock Exchange.

— On April 12, 2010, the Dow crossed 11,000. This time, the Dow climbed in the following week, up 0.8 percent. Three weeks after that, it was down 2 percent.

— On Feb. 1, 2011, the Dow crossed 12,000. A week later, it was up 1.6 percent. Three weeks after that, it was virtually flat.

The NYSE DOW closed LOWER ▼ -1.74 points or ▼ -0.01% Friday, 24 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,982.95 ▼ -1.74 ▼ -0.01%
Nasdaq___ 2,963.75 ▲ 6.77 ▲ 0.23%
S&P_500__ 1,365.74 ▲ 2.28 ▲ 0.17%
30_Yr_Bond 3.098 ▼ -0.03 ▼ -0.83%

NYSE Volume 3,367,789,000
Nasdaq Volume 1,641,587,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,935.13 ▼ -2.76 ▼ -0.05%
DAX_____ 6,864.43 ▲ 54.97 ▲ 0.81%
CAC_40__ 3,467.03 ▲ 19.72 ▲ 0.57%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,389.00 ▲ 21.50 ▲ 0.49%
Shanghai_Comp 2,439.63 ▲ 30.07 ▲ 1.25%
Taiwan_Weight 7,959.34 ▲ 22.04 ▲ 0.28%
Nikkei_225____ 9,647.38 ▲ 51.81 ▲ 0.54%
Hang_Seng____ 21,406.86 ▲ 53.93 ▲ 0.12%
Strait_Times___ 2,978.08 ▲ 9.74 ▲ 0.33%

http://finance.yahoo.com/news/S-P-500-index-hits-highest-apf-2205963910.html?x=0

S&P 500 index hits highest point since June 2008

Dow Jones industrial average hovers near 13,000; consumer confidence surges past forecasts

By Matthew Craft, AP Business Writer

NEW YORK (AP) -- A two-point gain was enough to push the S&P 500 index to its highest level since June 2008, three months before the collapse of Lehman Brothers and the darkest days of the financial crisis.

The S&P 500 index closed at 1,365.74, beating its 2011 closing high by two points.

For the second day this week, the Dow Jones industrial average nudged above 13,000 then pulled back. It rose 29 points in the morning but wavered in the afternoon. The Dow dropped 1.74 points to close at 12,982.95. American Express was the leading stock among the 30 that make up the average, gaining 1.2 percent.

It was a similar story on Tuesday, when the Dow flitted above 13,000 three times but ended the day lower. The average hasn't closed above 13,000 since May 19, 2008.

What will it take for the Dow to close above 13,000 and stay there? Mark Lamkin, CEO of Lamkin Wealth Management in Louisville, Ky., said it would require a surprising news event, like a huge merger or an economic report that blows past expectations.

"It needs some type of surprise, a bombshell," Lamkin said. "We've had a pretty good run over the past four months. Now it's going to take something great to keep it above 13,000."

The two economic reports out Friday didn't make the cut.

A consumer sentiment index taken by the University of Michigan and Reuters edged up in February to its highest level in a year. And the Commerce Department reported that sales of new homes dipped slightly in January, but the figure still topped economists' estimates. It also said sales in the final three months of 2011 were higher than previously reported.

"The numbers are just OK," Lamkin said. "They weren't bad, but they weren't great, either."

In other trading, the Nasdaq composite index rose 6.77 points to 2,963.75.

Oil prices hit a nine-month high of $109.77 a barrel. The price of oil has jumped 10 percent this month amid rising concerns about a conflict with Iran.

The euro added a penny against the dollar, hitting $1.346, its highest since Dec. 5. Greece made a formal offer to creditors to swap their Greek government bonds for new ones, another step toward knocking $142 billion off its debts. The swap is part of a deal to prevent Greece from defaulting on a debt payment due next month.

Stock indexes have been climbing since November as European officials redoubled their efforts to contain the region's debt crisis and the European Central Bank extended cheap loans to troubled banks. The S&P 500 index has gained 8.6 percent to start 2012, better than its long-term annual average gain.

In contrast to the volatile trading of late last year, the market's gains have been small but steady. To Lamkin, the lack of large swings looks ominous. The world is still full of dangers, he said. Lamkin tells his clients that the top risks are another flare-up in the European debt crisis and a war between Israel and Iran.

"When the next big thing happens, and it will, you're going to see a pullback," he said. "I think we're due."

Among stocks making big moves:

— Sprint Nextel Corp. lost 2 percent. The country's largest cable company, Comcast, filed a suit against Sprint Nextel, alleging that it was violating Comcast's patents.

— Gap fell 4 percent. The clothing retailer reported a 40 percent plunge in quarterly profit after the market closed Thursday. Gap said higher costs and deep discounts weighed on its revenue.

— Deckers Outdoor Corp. sank 14 percent after the maker of Ugg boots and Teva footwear said higher costs will lead to lower profits for the quarter and full year.

— Kenneth Cole Production Inc. soared 18 percent to $15.49 on news that Kenneth Cole is offering to buy the rest of the company. Cole currently holds about 47 percent of the company and has offered would give stockholders $15 per share, a 15 percent premium to the company's Thursday closing price.

8687

bigdog · 28 February 2012

Source: http://finance.yahoo.com

The Dow Jones industrial average narrowly missed 13,000. Again.

A burst of selling at the closing bell drove the Dow lower after it hovered around the milestone for most of the afternoon. The average finished the day about 19 points shy of the mark.

The Dow broke through 13,000 several times last week but hasn't closed above that level since May 19, 2008, four months before the fall of Lehman Brothers investment bank and the worst of the financial crisis.

For the day, the Dow lost 1.44 points and closed at 12,981.51. The Standard & Poor's 500 index rose 1.85 points to 1,367.59, a 3 ½-year high. The Nasdaq composite index rose 2.41 points to close at 2,966.16.

The Dow fell 100 points at the open Monday, then climbed back above 13,000 after a report that the number of Americans who signed contracts to buy homes rose in January to the highest in almost two years.

The National Association of Realtors said its index of sales agreements rose 2 percent last month to a reading of 97, the highest since April 2010. A reading of 100 is considered healthy.

Financial stocks led the industries gaining ground Monday. They rose 0.9 percent as a group. All nine of the other industry groups in the S&P 500 finished with small gains or narrow losses.

The NYSE DOW closed LOWER ▼ -1.44 points or ▼ -0.01% Monday, 27 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,981.51 ▼ -1.44 ▼ -0.01%
Nasdaq___ 2,966.16 ▲ 2.41 ▲ 0.08%
S&P_500__ 1,367.59 ▲ 1.85 ▲ 0.14%
30_Yr_Bond 3.042 ▼ -0.06 ▼ -1.81%

NYSE Volume 3,492,574,750
Nasdaq Volume 1,761,845,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,915.55 ▼ -19.58 ▼ -0.33%
DAX_____ 6,849.60 ▼ -14.83 ▼ -0.22%
CAC_40__ 3,441.45 ▼ -25.58 ▼ -0.74%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,354.50 ▼ -34.50 ▼ -0.79%
Shanghai_Comp 2,447.06 ▲ 7.43 ▲ 0.30%
Taiwan_Weight 7,959.34 ▲ 22.04 ▲ 0.28%
Nikkei_225____ 9,633.93 ▼ -13.45 ▼ -0.14%
Hang_Seng____ 21,217.86 ▲ 53.93 ▼ -0.88%
Strait_Times___ 2,946.78 ▼ -31.30 ▼ -1.05%

http://finance.yahoo.com/news/close-not-quite-dow-push-212340003.html

Close but not quite for the Dow in push for 13,000

Housing news helps stock market erase early losses, but Dow finishes shy of 13,000 again
By Joshua Freed, AP Business Writer

The Dow Jones industrial average narrowly missed 13,000. Again.

A burst of selling at the closing bell drove the Dow lower after it hovered around the milestone for most of the afternoon. The average finished the day about 19 points shy of the mark.

The Dow broke through 13,000 several times last week but hasn't closed above that level since May 19, 2008, four months before the fall of Lehman Brothers investment bank and the worst of the financial crisis.

For the day, the Dow lost 1.44 points and closed at 12,981.51. The Standard & Poor's 500 index rose 1.85 points to 1,367.59, a 3 ½-year high. The Nasdaq composite index rose 2.41 points to close at 2,966.16.

The Dow fell 100 points at the open Monday, then climbed back above 13,000 after a report that the number of Americans who signed contracts to buy homes rose in January to the highest in almost two years.

The National Association of Realtors said its index of sales agreements rose 2 percent last month to a reading of 97, the highest since April 2010. A reading of 100 is considered healthy.

Financial stocks led the industries gaining ground Monday. They rose 0.9 percent as a group. All nine of the other industry groups in the S&P 500 finished with small gains or narrow losses.

Scott Wren, senior equity strategist for Wells Fargo Advisors in St. Louis, said investors have gotten ahead of themselves since October. The S&P 500 is up 8.8 percent this year alone.

He said he thinks U.S. economic growth is likely to be a mild 2 percent this year, there are fewer people working now than there were at the end of 2007, and Europe may be in a recession.

"I don't see any reason for the market to be on some incredible run," he said.

The price of oil fell below $109 a barrel as investors booked profits after a 14 percent gain this month driven by signs of an improving U.S. economy and fears of an Iranian supply cut. Benchmark crude fell by $1.21 to end the day at $108.56 per barrel in New York.

Brent crude, which is used to price oil that's imported by U.S. refineries, lost $1.30 to finish at $124.17 per barrel in London.

Government figures show that growth in demand for crude oil has slowed in the U.S. from a year earlier, although some oil traders are betting a strengthening economy will eventually boost consumption.

"Four dollar gas, that's not going to really shut down the economy," Wren said. "$5, $6 gas, that's a different story."

The average U.S. price of a gallon of gasoline has jumped 18 cents over the past two weeks, with a gallon of regular at $3.70.

Overseas markets fell slightly because of worries about high oil prices. Stocks fell 0.3 percent in Britain, 0.2 percent in Germany and 0.7 percent in France.

The European debt crisis is also still a lingering concern. Finance ministers from the world's 20 leading economies said that they would not add money to the International Monetary Fund until the European Union puts up more money to stave off its debt crisis.

Earlier in Asia, Japan's Nikkei 225 index ended down 0.1 percent at 9,633.9, giving up gains posted earlier in the day. Hong Kong's Hang Seng fell 0.8 percent to 21,217.86 and South Korea's Kospi lost 1.4 percent to 1,991.16.

Other commodities rose, including a 1.2 percent rise in wheat prices in Chicago. Soybeans topped $13 a bushel for the first time in five months. Global soybean supplies are tight, and hot, dry weather has damaged crops in Brazil and Argentina.

Among U.S. stocks making moves:

”” Cooper Tire & Rubber Company Co. rose 13.9 percent after it said net income more than quadrupled in the fourth quarter, mostly because of a large tax-related gain.

”” Chipmaker Micron Technology Inc. rose 7.7 percent after a Japanese rival company filed for bankruptcy protection.

”” Warren Buffett's Berkshire Hathaway Inc. rose 0.3 percent after the investor, known as the Oracle of Omaha, said the company has a successor in mind, plus two backups. Berkshire has not named those executives.

”” Netflix stock fell 2.2 percent after a downgrade by an analyst at Raymond James.

”” Shares of Sprint Nextel Corp. rose 3.2 percent after reports that its board rejected a purchase of MetroPCS Communications. MetroPCS fell 1.5 percent.

”” Lowe's, the home improvement chain, rose 0.7 percent after reporting a 13 percent jump in fourth-quarter profits.

bigdog · 29 February 2012

Source: http://finance.yahoo.com

The Dow Jones industrial average on Tuesday reclaimed the last of the ground it held before the carnage of the Great Recession ”” bailouts, bank failures, layoffs by the million and a stock market panic that cut retirement savings in half.

The Dow closed above 13,000 for the first time since May 19, 2008, almost four months before the fall of the Lehman Brothers investment bank triggered the worst of the financial crisis.

It just cleared the mark ”” 13,005.12, up 23.61 points for the day.

"I think it's a momentous day for investor confidence," said Jack Ablin, chief investment officer at Harris Private Bank. "What this number implies is that the financial crisis that we were all losing sleep over, it never happened, because now we're back."

The average first pierced 13,000 last Tuesday but fell back by the close. It floated above hte milestone again on Friday and Monday, but slipped below both days. A strong rally for stocks this year seemed stalled as worry built on Wall Street about climbing prices for oil and gasoline.

But on Tuesday, the Dow got the final push from a report that consumer confidence jumped in February to its highest level in a year. Improved perceptions of the job market made the difference.

The report, which came out at 10 a.m., lifted the Dow over 13,000, and it stayed there for most of the day.

"Two months ago, we were talking about a double-dip recession. Now consumer confidence is growing," said Ryan Detrick, senior technical strategist for Schaffer's Investment Research. "A major milestone like 13,000 wakes up a lot of investors who have missed a lot of this rally."

The breaking of the 13,000 barrier continues a remarkable run for stocks this year. The Dow started with its best January since 1997 and has added to that gain. The index is up 6.5 percent for the young year.

Other averages have fared even better: The Standard & Poor's 500 is up 9 percent, the Russell 2000 index of smaller stocks is up 11 percent, and the Nasdaq composite index, dominated by technology stocks, is up 14 percent.

The NYSE DOW closed HIGHER ▲ 23.61 points or ▲ 0.18% Tuesday, 28 February 2012
Symbol …........Last ......Change.....
Dow_Jones 13,005.12 ▲ 23.61 ▲ 0.18%
Nasdaq___ 2,986.76 ▲ 20.60 ▲ 0.69%
S&P_500__ 1,372.18 ▲ 4.59 ▲ 0.34%
30_Yr_Bond 3.059 ▲ 0.02 ▲ 0.56%

NYSE Volume 3,526,408,500
Nasdaq Volume 1,811,560,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,927.91 ▲ 12.36 ▲ 0.21%
DAX_____ 6,887.63 ▲ 38.03 ▲ 0.56%
CAC_40__ 3,453.99 ▲ 12.54 ▲ 0.36%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,351.20 ▼ -3.30 ▼ -0.08%
Shanghai_Comp 2,451.86 ▲ 4.80 ▲ 0.20%
Taiwan_Weight 7,959.34 ▲ 22.04 ▲ 0.28%
Nikkei_225____ 9,722.52 ▲ 88.59 ▲ 0.92%
Hang_Seng____ 21,568.73 ▲ 53.93 ▲ 1.65%
Strait_Times___ 2,969.73 ▲ 22.95 ▲ 0.78%

http://finance.yahoo.com/news/dow-closes-above-13-000-210820928.html

Dow closes above 13,000, first time since crisis

Dow Jones industrials, riding economic strength, close above 13,000 for first time since 2008

By Daniel Wagner, AP Business Writer

The Dow Jones industrial average on Tuesday reclaimed the last of the ground it held before the carnage of the Great Recession ”” bailouts, bank failures, layoffs by the million and a stock market panic that cut retirement savings in half.

The Dow closed above 13,000 for the first time since May 19, 2008, almost four months before the fall of the Lehman Brothers investment bank triggered the worst of the financial crisis.

It just cleared the mark ”” 13,005.12, up 23.61 points for the day.

"I think it's a momentous day for investor confidence," said Jack Ablin, chief investment officer at Harris Private Bank. "What this number implies is that the financial crisis that we were all losing sleep over, it never happened, because now we're back."

The average first pierced 13,000 last Tuesday but fell back by the close. It floated above hte milestone again on Friday and Monday, but slipped below both days. A strong rally for stocks this year seemed stalled as worry built on Wall Street about climbing prices for oil and gasoline.

But on Tuesday, the Dow got the final push from a report that consumer confidence jumped in February to its highest level in a year. Improved perceptions of the job market made the difference.

The report, which came out at 10 a.m., lifted the Dow over 13,000, and it stayed there for most of the day.

"Two months ago, we were talking about a double-dip recession. Now consumer confidence is growing," said Ryan Detrick, senior technical strategist for Schaffer's Investment Research. "A major milestone like 13,000 wakes up a lot of investors who have missed a lot of this rally."

The breaking of the 13,000 barrier continues a remarkable run for stocks this year. The Dow started with its best January since 1997 and has added to that gain. The index is up 6.5 percent for the young year.

Other averages have fared even better: The Standard & Poor's 500 is up 9 percent, the Russell 2000 index of smaller stocks is up 11 percent, and the Nasdaq composite index, dominated by technology stocks, is up 14 percent.

The other major indexes sit at multi-year highs as well. The S&P closed Tuesday at its highest level since June 2008, and the Nasdaq has not traded so high since December 2000, during the bursting of the bubble in technology stocks.

Just last August, the Dow dropped 2,000 points in three frightening weeks. Investors were worried about the European debt crisis, gridlock in Washington over the federal borrowing limit, a downgrade of the U.S. credit rating and the threat of another recession.

After Labor Day, the recession fears melted away. Since then, the stock market has been engaged in a tug-of-war between optimism over the improving American economy and fear that crisis in Europe would derail the U.S. recovery.

The optimists have been winning.

The Dow cruised to 13,000 the old-fashioned way, riding the economy higher. The unemployment rate has come down five months in a row, the first time that has happened since 1994.

The economy added 243,000 jobs in January, one of the three best months since 2006. Gains were surprisingly robust in industries across the economy, including the strongest hiring in manufacturing in a year.

In the stock market, the improving economy has translated to slow, steady gains ”” about 20 points a day for the Dow, averaged over the eight weeks. The index has gained more than 100 points on only three days, and it has not fallen 100 points on any day.

Seven of the 10 industry groups within the S&P 500 index were higher, with information technology and consumer discretionary stocks leading the way. Utility stocks, traditionally solid investments in a weak economy, were lower.

The Dow first cracked 13,000 on April 25, 2007, when the unemployment rate was 4.5 percent, far below today's 8.3 percent, and the economy was growing at a relatively healthy clip.

From there, it was a quick ride to the Dow's all-time high. The average crossed 14,000 in July 2007, then peaked at 14,164.53 on Oct. 9, 2007. Concerns about weak corporate earnings and tighter credit were already haunting the market, though.

The trip back down to 13,000 was less pleasant. It took little more than a month. Ten months later came the fall of Lehman Brothers investment bank and the financial meltdown. The Dow hit bottom on March 9, 2009, at 6,547.05.

Analysts say the stock market has grown accustomed to lingering threats this year, including a debt crisis in Europe and an economic recovery in the United States that is still not as strong as economists would like.

The price of gasoline has emerged as the latest worry. A gallon of regular costs $3.72 on average. The price has risen 21 days in a row. Economists worry about whether gas will climb high enough to cut into consumer spending in the rest of the economy.

John Manley, chief equity strategist for Wells Fargo's funds group, said investors haven't forgotten the "black swans" surrounding the market ”” a term traders use for events outside of what is normally predicted.

"We know that profits eventually have to come down, we know that something will happen in the Middle East, we know that Greece isn't going to do everything it says it's going to do. We're seeing black swans everywhere," Manley said.

He added: "But these issues have been around for a while."

bigdog · 1 March 2012

Source: http://finance.yahoo.com

The Nasdaq composite index briefly touched 3,000 on Wednesday for the first time since the collapse in dot-com stocks more than a decade ago. Stocks ended lower, but it was still the best February on Wall Street in 14 years.

The milestone for the Nasdaq, heavy with technology stocks, came a day after the Dow Jones industrial average closed above 13,000 for the first time since May 2008.

Apple, the Nasdaq's biggest component, topped $500 billion in market value, the only company above the half-trillion mark and only the sixth in U.S. corporate history to grow so big. Apple might reveal its next iPad model next week.

The Nasdaq last hit 3,000 on Dec. 13, 2000. Its last close above 3,000 was two days earlier. It was only above 3,000 for seconds on Wednesday before closing down 19.87 points at 2,966.89.

The Dow lost 53.05 to close at 10,952.07. The Standard & Poor's 500 index lost 6.50 points to close at 2,966.89.

For the month, the Dow gained 2.5 percent, the S&P 4.1 percent and the Nasdaq 5.4 percent. The last time the stock market had such a strong February was in 1998, when the S&P gained 7 percent.

Stocks opened higher after the government said that the economy grew faster at the end of last year than previously estimated ”” a 3 percent annual rate, the best reading since the spring of 2010.

Stocks fell sharply after about an hour, then recovered by mid-afternoon, after the Federal Reserve's survey of regional economic conditions said the economy strengthened in the first six weeks of the year.

They turned negative after Federal Reserve Chairman Ben Bernanke testified on Capitol Hill that the economy has performed better than expected in recent months. He said gas prices will add to inflation and unemployment is falling faster than expected.

The NYSE DOW closed LOWER ▼ -53.05 points or ▼ -0.41% Wednesday, 29 February 2012
Symbol …........Last ......Change.....
Dow_Jones 12,952.07 ▼ -53.05 ▼ -0.41%
Nasdaq___ 2,966.89 ▼ -19.87 ▼ -0.67%
S&P_500__ 1,365.68 ▼ -6.50 ▼ -0.47%
30_Yr_Bond 3.086 ▲ 0.03 ▲ 0.88%

NYSE Volume 4,389,822,500
Nasdaq Volume 2,165,513,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,871.51 ▼ -56.40 ▼ -0.95%
DAX_____ 6,856.08 ▼ -31.55 ▼ -0.46%
CAC_40__ 3,452.45 ▼ -1.54 ▼ -0.04%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,388.10 ▲ 36.90 ▲ 0.85%
Shanghai_Comp 2,428.49 ▼ -23.37 ▼ -0.95%
Taiwan_Weight 8,121.44 ▲ 162.10 ▲ 2.04%
Nikkei_225____ 9,723.24 ▲ 0.72 ▲ 0.01%
Hang_Seng____ 21,680.08 ▲ 53.93 ▲ 0.52%
Strait_Times___ 2,994.06 ▲ 24.33 ▲ 0.82%

http://finance.yahoo.com/news/nasdaq-cracks-3-000-stocks-210746581.html

Nasdaq cracks 3,000, but stocks fall

Nasdaq hits 3,000; stocks fall on last day of best February in 14 years

By Daniel Wagner, AP Business Writer

The Nasdaq composite index briefly touched 3,000 on Wednesday for the first time since the collapse in dot-com stocks more than a decade ago. Stocks ended lower, but it was still the best February on Wall Street in 14 years.

The milestone for the Nasdaq, heavy with technology stocks, came a day after the Dow Jones industrial average closed above 13,000 for the first time since May 2008.

Apple, the Nasdaq's biggest component, topped $500 billion in market value, the only company above the half-trillion mark and only the sixth in U.S. corporate history to grow so big. Apple might reveal its next iPad model next week.

The Nasdaq last hit 3,000 on Dec. 13, 2000. Its last close above 3,000 was two days earlier. It was only above 3,000 for seconds on Wednesday before closing down 19.87 points at 2,966.89.

The Dow lost 53.05 to close at 10,952.07. The Standard & Poor's 500 index lost 6.50 points to close at 2,966.89.

For the month, the Dow gained 2.5 percent, the S&P 4.1 percent and the Nasdaq 5.4 percent. The last time the stock market had such a strong February was in 1998, when the S&P gained 7 percent.

Stocks opened higher after the government said that the economy grew faster at the end of last year than previously estimated ”” a 3 percent annual rate, the best reading since the spring of 2010.

Stocks fell sharply after about an hour, then recovered by mid-afternoon, after the Federal Reserve's survey of regional economic conditions said the economy strengthened in the first six weeks of the year.

They turned negative after Federal Reserve Chairman Ben Bernanke testified on Capitol Hill that the economy has performed better than expected in recent months. He said gas prices will add to inflation and unemployment is falling faster than expected.

Bernanke's remarks made it appear less likely that the Fed will begin another round of bond-buying to juice the economy. Bond-buying increases the money supply and could add to inflation, so signs of inflation make it a less appetizing option. And unemployment must remain high for the Fed to justify such an aggressive policy.

U.S. Treasury debt plunged on speculation that the Fed wouldn't enter the market again. The yield on the 10-year Treasury note spiked to 2.02 percent during Bernanke's remarks, from 1.94 percent minutes earlier. It fell back to 1.97 percent. Bond yields rise as their prices fall.

Materials and energy companies had the steepest losses of the S&P 500's 10 industry groups. Consumer products and financial companies rose modestly.

The price of gold plunged $77 per ounce, the biggest one-day drop since September, as traders dialed back their expectations that the dollar would be weakened by another round of economic stimulus from the Fed. Gold settled at $1,711.30 an ounce , its lowest close since Jan. 25. Silver also fell sharply.

The Nasdaq has gained 14.5 percent this year, compared with 6.4 percent for the Dow and 9.1 percent for the S&P 500. The Nasdaq already has risen almost as much this year as it did in all of 2010. It edged lower in 2011.

The strength of tech stocks is no surprise when you consider the licking they took during last year's market gyrations. Tech stocks tend to be more risky and rise faster as investors regain confidence in the economy.

The Nasdaq also is benefiting from long-term economic currents that could carry tech stocks even higher. Many companies put off replacing worn-out technology during the recession and now are investing again.

There's also a growing global market for technology, and big tech companies face less competition these days when they try to acquire smaller ones. Established companies like IBM and Oracle can be picky about buying only companies that will increase their earnings.

The gains have some analysts on the lookout for another tech bubble, like the one that yanked the Nasdaq from 5,132 in February 2000 down to 1,792 in October 2001.

"It's justifiable to worry about exuberance," said Sam Stovall, chief equity strategist at S&P Capital IQ. But he said he expects the broad market to rise another 3 to 10 percent in the next few months before hitting a ceiling and correcting downward.

"It's momentum, combined with too many investors on the sidelines," Stovall said. "As the market blows past these benchmarks, these investors selectively throw in the towel" and buy stocks whose prices are rising.

In corporate news:

”” DreamWorks Animation SKG Inc. plunged 12.2 percent after the maker of "Kung Fu Panda" said its fourth-quarter profit fell 71 percent on weak DVD sales.

”” News Corp. rose 0.3 percent after James Murdoch stepped down as executive chairman of News International, the British newspaper arm at the center of a phone-hacking scandal. James is the youngest son of 80-year-old CEO Rupert Murdoch.

”” Staples Inc. dropped 8.4 percent after the office supply retailer said international sales weakened in the fourth quarter. The company's outlook for 2012 was far weaker than analysts had expected.

bigdog · 2 March 2012

Source: http://finance.yahoo.com

Banks dodged a big hit from the Greek debt crisis and rallied Thursday to lead the stock market higher. Strong retail sales and more encouraging news about the U.S. job market also helped stocks rise.

The banks of the world are on the hook for as much as $70 billion in bond-insurance payments if Greece defaults on its debt. But a panel ruled that Greece's plan to restructure its debt should not trigger any insurance payments, at least not yet.

Bank stocks pushed higher in relief. Goldman Sachs jumped 5.2 percent, and Morgan Stanley gained 3.5 percent.

JPMorgan Chase and Bank of America were the top gainers in the Dow Jones industrial average. The Dow added 28 points to close at 12,980.30. That's a gain of 0.2 percent.

In the latest sign of improvement in the job market, the number of people seeking unemployment benefits fell last week to the lowest point since March 2008. The four-week average was also the lowest in four years.

Oil climbed $1.77 to $108.84 a barrel. The surging price of oil has weighed on investors' minds in recent weeks. Quincy Krosby, chief market strategist at Prudential Financial, said higher oil prices could eventually cause a sharp drop in the stock market. They could also give money managers an excuse to take some winnings off the table after the S&P 500 gained 9 percent over the past two months.

The NYSE DOW closed HIGHER ▲ 28.23 points or ▲ 0.22% Thursday, 1 March 2012
Symbol …........Last ......Change.....
Dow_Jones 12,980.30 ▲ 28.23 ▲ 0.22%
Nasdaq___ 2,988.97 ▲ 22.08 ▲ 0.74%
S&P_500__ 1,374.09 ▲ 8.41 ▲ 0.62%
30_Yr_Bond 3.157 ▲ 0.07 ▲ 2.30%

NYSE Volume 3,919,251,750
Nasdaq Volume 1,911,682,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,931.25 ▲ 59.74 ▲ 1.02%
DAX_____ 6,941.77 ▲ 85.69 ▲ 1.25%
CAC_40__ 3,499.73 ▲ 47.28 ▲ 1.37%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,346.00 ▼ -42.10 ▼ -0.96%
Shanghai_Comp 2,426.11 ▼ -2.37 ▼ -0.10%
Taiwan_Weight 8,118.34 ▼ -3.10 ▼ -0.04%
Nikkei_225____ 9,707.37 ▼ -15.87 ▼ -0.16%
Hang_Seng____ 21,387.96 ▲ 53.93 ▼ -1.35%
Strait_Times___ 2,978.84 ▼ -15.22 ▼ -0.51%

http://finance.yahoo.com/news/banks-lead-stock-rally-nasdaq-190453130.html

Banks lead stock rally; Nasdaq nears 3,000

Banks rally after panel says Greek deal didn't trigger insurance payments; Nasdaq nears 3,000

By Matthew Craft, AP Business Writer

NEW YORK (AP) -- Banks dodged a big hit from the Greek debt crisis and rallied Thursday to lead the stock market higher. Strong retail sales and more encouraging news about the U.S. job market also helped stocks rise.

The banks of the world are on the hook for as much as $70 billion in bond-insurance payments if Greece defaults on its debt. But a panel ruled that Greece's plan to restructure its debt should not trigger any insurance payments, at least not yet.

Bank stocks pushed higher in relief. Goldman Sachs jumped 5.2 percent, and Morgan Stanley gained 3.5 percent.

JPMorgan Chase and Bank of America were the top gainers in the Dow Jones industrial average. The Dow added 28 points to close at 12,980.30. That's a gain of 0.2 percent.

In the latest sign of improvement in the job market, the number of people seeking unemployment benefits fell last week to the lowest point since March 2008. The four-week average was also the lowest in four years.

Oil climbed $1.77 to $108.84 a barrel. The surging price of oil has weighed on investors' minds in recent weeks. Quincy Krosby, chief market strategist at Prudential Financial, said higher oil prices could eventually cause a sharp drop in the stock market. They could also give money managers an excuse to take some winnings off the table after the S&P 500 gained 9 percent over the past two months.

"We're going to have a pullback at some point, because money managers want to lock in their profits," she said. "The catalyst could be these escalating oil prices."

The drop in unemployment claims helped pushed Treasury yields up. The yield on the benchmark 10-year Treasury rose to 2.03 percent from 1.99 percent late Wednesday.

The S&P 500 index rose 8.41 points to 1,374.09, its highest closing level since June 5, 2008.

The Nasdaq composite index rose 22.08 points to 2,988.97. The Nasdaq briefly topped 3,000 for the first time in more than a decade Wednesday.

The government also reported that consumers earned a little more in January and spent most of it. The Commerce Department said consumer spending increased 0.2 percent in January. Americans' income rose 0.3 percent, the second straight monthly increase.

Costco Wholesale, Target Corp. and other retailers reported better than expected February sales, as more customers showed up to shop.

In other news out Thursday, Ford, Honda and other automakers reported strong sales for February. Ford Motor Co. rose 2.3 percent after reporting a 14 percent sales gain.

Among stocks making big moves:

”” Gap soared 7.2 percent, the most in the S&P 500 index. The clothing retailer said a key sales figure rose 4 percent in February, helped by strong demand for spring clothing at its Banana Republic chain. Analysts had expected Gap's same-store sales to drop.

”” Kroger gained 2.7 percent. The grocery store chain said its adjusted earnings beat analysts' expectations and it also raised its full-year earnings forecast.

”” Sotheby's plunged 9.1 percent after the auction house reported earnings and revenues that were well below what Wall Street analysts were expecting.

bigdog · 3 March 2012

Source: http://finance.yahoo.com

The stock market reached a couple of milestones this week ”” Dow 13,000 for the first time since 2008 and Nasdaq 3,000 for the first time since 2000 ”” but it didn't achieve much else.

Stocks crept lower Friday, and the Dow Jones industrial average turned in its third losing week of the year. One of the few bright spots was Yelp, the online restaurant review site, which surged 64 percent in its debut. Yelp ended its first trading day at $24.58, far above its initial public offering price of $15.

The Dow slipped 2.73 points to close at 12,977.57. It's down 5 points for the week. American Express Co. dropped 1 percent, the biggest fall among the 30 companies in the Dow.

The Nasdaq composite index fell 12.78 points to 2,976.19, a loss of 0.4 percent.

Both the Dow and Nasdaq fell below highs hit earlier this week. The Dow ended the trading day above 13,000 on Tuesday for the first time since May 2008. The Nasdaq composite index broke the 3,000 level Wednesday for the first time since 2000.

The NYSE DOW closed LOWER ▼ -2.73 points or ▼ -0.02% Friday, 2 March 2012
Symbol …........Last ......Change.....
Dow_Jones 12,977.57 ▼ -2.73 ▼ -0.02%
Nasdaq___ 2,976.19 ▼ -12.78 ▼ -0.43%
S&P_500__ 1,369.63 ▼ -4.46 ▼ -0.32%
30_Yr_Bond 3.114 ▼ -0.04 ▼ -1.36%

NYSE Volume 3,346,329,500
Nasdaq Volume 1,754,632,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,911.13 ▼ -20.12 ▼ -0.34%
DAX_____ 6,921.37 ▼ -20.40 ▼ -0.29%
CAC_40__ 3,501.17 ▲ 1.44 ▲ 0.04%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,364.10 ▲ 18.10 ▲ 0.42%
Shanghai_Comp 2,460.69 ▲ 34.58 ▲ 1.43%
Taiwan_Weight 8,144.04 ▲ 0.00 ▲ 0.00%
Nikkei_225____ 9,777.03 ▲ 69.66 ▲ 0.72%
Hang_Seng____ 21,562.26 ▲ 53.93 ▲ 0.81%
Strait_Times___ 2,993.49 ▲ 14.65 ▲ 0.49%

http://finance.yahoo.com/news/us-stocks-slip-yelp-jumps-214943053.html

US stocks slip; Yelp jumps 64 percent after IPO

Dow posts a weekly drop, only its third this year; Yelp soars on its first day of trading

By Matthew Craft, AP Business Writer

NEW YORK (AP) -- The stock market reached a couple of milestones this week ”” Dow 13,000 for the first time since 2008 and Nasdaq 3,000 for the first time since 2000 ”” but it didn't achieve much else.

Stocks crept lower Friday, and the Dow Jones industrial average turned in its third losing week of the year. One of the few bright spots was Yelp, the online restaurant review site, which surged 64 percent in its debut. Yelp ended its first trading day at $24.58, far above its initial public offering price of $15.

The Dow slipped 2.73 points to close at 12,977.57. It's down 5 points for the week. American Express Co. dropped 1 percent, the biggest fall among the 30 companies in the Dow.

The Nasdaq composite index fell 12.78 points to 2,976.19, a loss of 0.4 percent.

Both the Dow and Nasdaq fell below highs hit earlier this week. The Dow ended the trading day above 13,000 on Tuesday for the first time since May 2008. The Nasdaq composite index broke the 3,000 level Wednesday for the first time since 2000.

These round numbers mean little to professional investors, said Brad Sorensen, director of market and sector analysis at Charles Schwab. But the media attention they generate may lure Americans back into the stock market, he said, and their savings could push indexes even higher.

"We're a little more surprised there isn't more enthusiasm given the run we've had over the last couple of months," Sorensen said. "The individual retail investor has been reluctant to participate, but we're looking to them to fuel the next leg of this rally."

The Standard & Poor's 500 index gained 8.6 percent in the first two months of this year, its best start since 1987. But Americans still pulled a total of $3.9 billion from U.S. stock funds over those two months, according to data from the Investment Company Institute. Most of their savings are going into taxable bond funds.

Douglas Cote, chief market strategist at ING Investment Management, has been telling his clients to shift more money into stocks and corporate bonds as the U.S. economy improves and the greatest threats are fading away. The European Central Bank loaned $712 billion to the region's struggling banks at cheap rates this week, a move Cote believes will keep the European debt crisis from boiling over.

"It takes the European debt crisis off the table," he said. "We've been counseling investors that it's time to get back in the market."

In other trading Friday, the broader Standard & Poor's 500 index fell 4.46 points to 1,369.63.

Sara Lee Corp. had the biggest gain in the index, up 7 percent, following news that its shareholders will get up to $4.5 billion in stock when the company spins off its international coffee and tea business later this year.

Oil fell $2.14 to $106.70 a barrel after Iranian media reported an explosion at a Saudi Arabia pipeline. Saudi Arabia denied the report. The drop clobbered oil and gas stocks. Peabody Energy fell 6.5 percent, the most in the S&P 500. Alpha Natural Resources was close behind, losing 5.7 percent.

Among other stocks making big moves:

”” Trading in Wynn Resorts Ltd. was briefly halted after a regulatory filing was mistakenly made. The erroneous report said Wynn had made progress on a new resort in Macau, a gambling hub. Wynn Resorts still gained 4.3 percent.

”” Big Lots Inc. dropped 4 percent after the discount retail company lowered its earnings guidance below analysts' forecasts.

”” Genesco Inc. gained 4.3 percent. The clothing company raised its 2013 earnings outlook above analysts' estimates. Genesco also reported quarterly earnings that topped expectations.

”” CVR Energy Inc. fell 2 percent after the Texas oil refiner rejected a $2.6 billion hostile takeover bid from the billionaire investor Carl Icahn.

9471

bigdog · 6 March 2012

Source: http://finance.yahoo.com

Two signs of trouble elsewhere in the world pushed U.S. stocks lower: slowing economic growth in China and a possible hitch in a deal to get Greece its bailout money.

The Dow Jones industrial average closed the day down 14.76 points to 12,962.81, or down 0.1 percent. The Dow closed above 13,000 last week for the first time since May 2008.

Monday was the 45th consecutive trading day without a loss of 100 points or more for the Dow. The last streak longer than that was 93 trading days from July 17 to Nov. 24, 2006.

Much of the pessimism in the market stemmed from China's premier, Wen Jiabao, lowering China's target rate for economic growth to 7.5 percent from 8 percent, where it has stood for years. That's a negative sign because growth in China has been a key factor shoring up the global economy since the financial crisis of 2008.

The news sent steel company stocks sharply lower. Half of the world's steel is consumed in China. AK Steel Holding Corp. lost 6 percent, while US Steel fell 4.7 percent.

The lower projection for Chinese growth also hurt stocks of U.S. materials companies that depend on China for profits. Caterpillar, which makes heavy equipment, fell 2.1 percent. Alcoa, the aluminum maker, fell 3.6 percent.

The Dow fell as much as 93 points in the morning before recouping some of that loss in the afternoon. Some market strategists said it was an overreaction to read too much into China's projection.

The NYSE DOW closed LOWER ▼ -14.76 points or ▼ -0.11% Monday, 5 March 2012
Symbol …........Last ......Change.....
Dow_Jones 12,962.81 ▼ -14.76 ▼ -0.11%
Nasdaq___ 2,950.48 ▼ -25.71 ▼ -0.86%
S&P_500__ 1,364.33 ▼ -5.30 ▼ -0.39%
30_Yr_Bond 3.139 ▲ 0.03 ▲ 0.80%

NYSE Volume 3,405,701,750
Nasdaq Volume 1,677,286,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,874.82 ▼ -36.31 ▼ -0.61%
DAX_____ 6,866.46 ▼ -54.91 ▼ -0.79%
CAC_40__ 3,487.54 ▼ -13.63 ▲ 0.04%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,354.20 ▼ -9.90 ▼ -0.23%
Shanghai_Comp 2,445.00 ▼ -15.69 ▼ -0.64%
Taiwan_Weight 8,004.74 ▼ -109.70 ▼ -1.35%
Nikkei_225____ 9,698.59 ▼ -78.44 ▼ -0.80%
Hang_Seng____ 21,265.31 ▲ 53.93 ▼ -1.38%
Strait_Times___ 2,991.80 ▼ -1.69 ▼ -0.06%

http://finance.yahoo.com/news/stocks-edge-lower-worries-china-210847319.html

Stocks edge lower on worries about China, Greece

Worries over Chinese growth, Greece's bond deal push US stocks lower

By Pallavi Gogoi

NEW YORK (AP) -- Two signs of trouble elsewhere in the world pushed U.S. stocks lower: slowing economic growth in China and a possible hitch in a deal to get Greece its bailout money.

The Dow Jones industrial average closed the day down 14.76 points to 12,962.81, or down 0.1 percent. The Dow closed above 13,000 last week for the first time since May 2008.

Monday was the 45th consecutive trading day without a loss of 100 points or more for the Dow. The last streak longer than that was 93 trading days from July 17 to Nov. 24, 2006.

Much of the pessimism in the market stemmed from China's premier, Wen Jiabao, lowering China's target rate for economic growth to 7.5 percent from 8 percent, where it has stood for years. That's a negative sign because growth in China has been a key factor shoring up the global economy since the financial crisis of 2008.

The news sent steel company stocks sharply lower. Half of the world's steel is consumed in China. AK Steel Holding Corp. lost 6 percent, while US Steel fell 4.7 percent.

The lower projection for Chinese growth also hurt stocks of U.S. materials companies that depend on China for profits. Caterpillar, which makes heavy equipment, fell 2.1 percent. Alcoa, the aluminum maker, fell 3.6 percent.

The Dow fell as much as 93 points in the morning before recouping some of that loss in the afternoon. Some market strategists said it was an overreaction to read too much into China's projection.

"China is still a driver of global growth, even at its slightly reduced pace," said Richard Cripps, chief market strategist at Stifel Nicolaus. "The growth rate is still far better than the U.S. and Europe."

The Standard & Poor's 500 dropped 5.30 points, or 0.4 percent, to 1,364.33.

The Nasdaq composite index fell 25.71 points, or 0.9 percent, to 2,950.48. The technology-heavy Nasdaq index fell slightly more than the other indexes as its star stocks Apple fell 2.2 percent and Google fell close to 1.1 percent.

Also weighing on the market were worries that not enough private investors will participate in a bond swap in Greece and accept bonds of lower face value and lower returns.

Trying to reassure world markets, a group representing a dozen banks, insurers and investment funds that hold Greek government bonds said they will participate in the swap by the Thursday night deadline.

Greece needs private investors to sign on before it gets a second international bailout worth $172 billion. Without the bailout, it could default on its debt later this month, an event many fear could shock the world financial system.

The stock market's losses were limited by some positive news from the U.S. economy. Service companies expanded in February at the fastest pace in a year, helped by a rise in orders and job growth.

The Institute for Supply Management said Monday that its index of non-manufacturing activity rose to 57.3, up from 56.8 in January and the third straight increase. Any reading above 50 indicates expansion.

In recent months, markets have been lifted by signs of improvement in the U.S. economy. U.S. stock indexes have been trading at their highest levels since before the collapse of the Lehman Brothers investment bank in 2008.

Among other stocks making big moves:

”” Alpha Natural Resources, a coal producer, fell 6 percent after the price of natural gas fell close to 5 percent due to weak demand for gas in a mild winter.

”” Archipelago Learning stock soared 22.7 percent after the online education company agreed to be bought by Plato Learning for $291 million in cash, helping boost the number of customers.

”” US Airways Group fell 8.4 percent after the airline said passenger revenue growth slowed in February, indicating it is having a tough time raising fares and fees to offset climbing oil prices.

”” American International Group rose close to 2 percent. AIG will raise $6 billion by selling part of its stake in an Asian insurance company and pay down some of its debt to the U.S. government from a bailout during the financial crisis. AIG owed $50 billion at the end of 2011.

NYSE Dow Jones finished today at:

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Retired many years ago

Attachments

Similar threads