NYSE Dow Jones finished today at:

bigdog · 7 March 2012

Source: http://finance.yahoo.com

Stocks suffered their biggest losses in three months Tuesday, the first hiccup in a strong and steady rally to start the year. Wall Street worried about the global economy and waited while Greece pressured the last investors to sign on for its bailout.

The Dow Jones industrial average fell more than 200 points, giving up more than a quarter of its 745-point advance since Jan. 1, the best start to a year in the U.S. market since 1998.

The sell-off, which spread west from Europe, also interrupted a period of unusual calm on Wall Street. Before Tuesday, the Dow had not fallen 100 points for 45 straight trading sessions, the longest streak since 2006.

The decline of 203.66 points was the worst for the Dow since Nov. 23 and left the average at 12,759.15. It was only last week that the Dow closed above 13,000 for the first time since May 2008, four months before the worst of the financial crisis.

"When things go straight up and don't ever correct or have some sort of normal pullback, as an investor, that makes me nervous," said Ed Hyland, a global investment specialist with J.P. Morgan Private Bank.

The gradual rally had been powered by optimism about the U.S. economic recovery. But investors realized that Greece's debt problems, Europe's economic problems and Israel's Iran problems were still very much their problems, too.

Stocks fell sharply from the opening bell and never mounted a serious comeback. The Dow was down as much as 227 points. All but one of the 30 stocks in the average finished the day lower. Intel managed a gain of 7 cents.

All 10 industry groups in the Standard & Poor's 500 declined. Bank stocks, which typically take a hit when there is any reason to worry about Greece, led the declines, followed by industrial and materials companies, which depend on strength in the world economy.

The NYSE DOW closed LOWER ▼ -203.66 points or ▼ -1.57% Tuesday, 6 March 2012
Symbol …........Last ......Change.....
Dow_Jones 12,759.15 ▼ -203.66 ▼ -1.57%
Nasdaq___ 2,910.32 ▼ -40.16 ▼ -1.36%
S&P_500__ 1,343.36 ▼ -20.97 ▼ -1.54%
30_Yr_Bond 3.080 ▼ -0.06 ▼ -1.94%

NYSE Volume 4,171,692,250
Nasdaq Volume 1,870,041,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,765.80 ▼ -109.02 ▼ -1.86%
DAX_____ 6,633.11 ▼ -233.35 ▼ -3.40%
CAC_40__ 3,362.56 ▼ -124.98 ▼ -3.58%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,295.50 ▼ -58.70 ▼ -1.35%
Shanghai_Comp 2,410.45 ▼ -34.56 ▼ -1.41%
Taiwan_Weight 7,937.97 ▼ -66.77 ▼ -0.83%
Nikkei_225____ 9,637.63 ▼ -60.96 ▼ -0.63%
Hang_Seng____ 20,806.25 ▲ 53.93 ▼ -2.16%
Strait_Times___ 2,932.01 ▼ -59.79 ▼ -0.06%

http://finance.yahoo.com/news/dow-falls-more-200-interrupting-191018555.html

Dow falls more than 200, interrupting 2012 rally

Wall Street's not-so-super Tuesday: Dow falls 203 in worst drop this year

By Joshua Freed, AP Business Writer

Stocks suffered their biggest losses in three months Tuesday, the first hiccup in a strong and steady rally to start the year. Wall Street worried about the global economy and waited while Greece pressured the last investors to sign on for its bailout.

The Dow Jones industrial average fell more than 200 points, giving up more than a quarter of its 745-point advance since Jan. 1, the best start to a year in the U.S. market since 1998.

The sell-off, which spread west from Europe, also interrupted a period of unusual calm on Wall Street. Before Tuesday, the Dow had not fallen 100 points for 45 straight trading sessions, the longest streak since 2006.

The decline of 203.66 points was the worst for the Dow since Nov. 23 and left the average at 12,759.15. It was only last week that the Dow closed above 13,000 for the first time since May 2008, four months before the worst of the financial crisis.

"When things go straight up and don't ever correct or have some sort of normal pullback, as an investor, that makes me nervous," said Ed Hyland, a global investment specialist with J.P. Morgan Private Bank.

The gradual rally had been powered by optimism about the U.S. economic recovery. But investors realized that Greece's debt problems, Europe's economic problems and Israel's Iran problems were still very much their problems, too.

Stocks fell sharply from the opening bell and never mounted a serious comeback. The Dow was down as much as 227 points. All but one of the 30 stocks in the average finished the day lower. Intel managed a gain of 7 cents.

All 10 industry groups in the Standard & Poor's 500 declined. Bank stocks, which typically take a hit when there is any reason to worry about Greece, led the declines, followed by industrial and materials companies, which depend on strength in the world economy.

Alcoa, which makes aluminum and depends heavily on world economic demand, fell 4.1 percent, the worst of the Dow 30. China revised its projection for economic growth on Monday to 7.5 percent this year, down from 8 percent.

The Standard & Poor's 500 index fell 20.97 points, its worst decline since Dec. 8, to 1,343.36. The S&P had not declined 1 percent or more for 45 straight trading days, also the longest streak since 2006. That year, the S&P put together 94 in a row.

The Nasdaq composite index dropped 40.16 points to 2,910.32. The Nasdaq last week broke through 3,000 for the first time since December 2000, during the collapse in dot-com stocks.

Last year, sell-offs like this were much more common. The S&P fell by at least 1 percent on 48 trading days, roughly one in every five. During the depths of the financial crisis in the last four months of 2008, it happened roughly one in every three days.

Stocks fell more than 3 percent Tuesday in Germany, Spain and France, and 1.9 percent in Britain. Greece stepped up pressure on private investors to swap their Greek government bonds for replacements with a lower face value and interest rate.

Major banks and investment funds have signed on for the swap, but it remains unclear whether hedge funds, which had already bought the bonds at a steep discount and may profit from bond insurance payouts if Greece defaults, will agree. The deadline is Thursday.

The swap is vital for Greece to cut its debt and get a bailout of â‚¬130 billion, or $172 billion, from other countries and the International Monetary Fund. Without the bailout, Greece could default on its debt later this month and rattle markets around the world.

Bill Stone, chief investment strategist for PNC Wealth Management, called Tuesday's decline "fairly rational," considering how much the market has climbed and the economic worries in Greece and the rest of Europe.

"You need the pullback to give people opportunities to want to get involved again," Stone said.

The price of oil slipped $2.02 to $104.70 per barrel on the New York Mercantile Exchange. New York crude has risen from $96 last month amid fears of a disruption in global oil supplies driven by the potential for military conflict with Iran.

President Barack Obama said diplomacy can still resolve the crisis over Iran's possible pursuit of nuclear weapons and accused his Republican critics of "beating the drums of war." Iran dominated Obama's first news conference of the year.

The price of gold fell $31.80 per ounce, or 2.1 percent, to $1,672.10 per ounce. Silver, platinum and copper all fell more than 2 percent because of concerns about Europe and weaker economic demand in China.

"Global growth fears now are hitting home, and we're seeing selling across the board," said Matt Zeman, a market analyst for Kingsview Financial.

Yields on U.S. government debt also fell as investors moved their money into what they perceive to be a safer asset. The yield on the benchmark 10-year Treasury note fell to 1.96 percent from 2.01 percent late Monday. Bond yields fall when their prices rise.

Among stocks making big moves:

”” Weight loss company Nutrisystem Inc. fell 10.9 percent after it reported a bigger-than-expected fourth-quarter loss and a disappointing outlook.

”” General Motors fell 5.5 percent after saying it will pay â‚¬304 million, or $402 million, for a 7 percent stake in Peugeot, which will make it the French carmaker's second-largest shareholder after the Peugeot family.

”” VeriFone Systems Inc. rose 7.9 percent after the maker of electronic payment systems predicted a bigger-than-expected 2012 profit.

”” Apple fell 0.5 percent one day before the expected release of its iPad 3 tablet computer.

bigdog · 8 March 2012

Source: http://finance.yahoo.com

The stock market reclaimed some losses from its biggest dive this year and returned Wednesday to its pattern of steady gains and stable trading. Reassuring reports on productivity and hiring overshadowed worries about the Greek debt crisis.

Stock indexes made solid gains by mid-morning after the government said oil refineries are operating at a faster clip than economists had expected. Oil refiners Valero Energy Corp. and Tesoro Inc. were among the biggest gainers in the Standard & Poor's 500.

The Dow Jones industrial average closed up 78.18 points, or 0.6 percent, at 12,837.33. The S&P 500 index gained 9.27, or 0.7 percent, to close at 1,352.63. The Nasdaq composite index added 25.37, or 0.9 percent, to close at 2,935.69.

The Dow dived 203 points on Tuesday, the biggest hitch in a strong rally for stocks this year. Many market-watchers believe that stocks had risen too quickly and were due for a setback. Before Tuesday, the Dow was up more than 6 percent for 2012.

"You wouldn't expect to get it all back in one day," said Jerry Webman, chief economist at OppenheimerFunds Inc.

The average has gained more than 20 percent since last Oct. 3, and the rally has proved resilient. Tuesday was the eighth time during that stretch that the Dow fell more than 200 points. Each previous time, it made up most or all of its losses within days.

Tuesday's sell-off was triggered by fears that not enough private investors would sign on to exchange their Greek government bonds for replacements with a lower face value and interest rate.

Greece needs the investors to agree so it can secure an international bailout of â‚¬130 billion, or $171 billion, and avoid a default later this month that would rattle the world financial system.

By Wednesday, owners of about half of Greece's privately held debt had agreed. Greece needs a 90 percent voluntary participation rate, but 70 percent could be enough for Greece to strong-arm the holdouts.

The NYSE DOW closed HIGHER ▲ 78.18 points or ▲ 0.61% Wednesday, 7 March 2012
Symbol …........Last ......Change.....
Dow_Jones 12,837.33 ▲ 78.18 ▲ 0.61%
Nasdaq___ 2,935.69 ▲ 25.37 ▲ 0.87%
S&P_500__ 1,352.63 ▲ 9.27 ▲ 0.69%
30_Yr_Bond 3.116 ▲ 0.04 ▲ 1.23%

NYSE Volume 3,518,445,500
Nasdaq Volume 1,588,215,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,791.41 ▲ 25.61 ▲ 0.44%
DAX_____ 6,671.11 ▲ 38.00 ▲ 0.57%
CAC_40__ 3,392.33 ▲ 29.77 ▲ 0.89%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,234.40 ▼ -61.10 ▼ -1.42%
Shanghai_Comp 2,394.79 ▼ -15.65 ▼ -0.65%
Taiwan_Weight 7,903.08 ▼ -34.89 ▼ -0.44%
Nikkei_225____ 9,576.06 ▼ -61.57 ▼ -0.64%
Hang_Seng____ 20,627.78 ▲ 53.93 ▼ -0.86%
Strait_Times___ 2,915.03 ▼ -16.98 ▼ -0.58%

http://finance.yahoo.com/news/stocks-close-higher-day-big-211507538.html

Stocks close higher a day after big dive

Stocks close up on economic reports and energy outlook a day after Dow's worst drop this year

By Daniel Wagner, AP Business Writer

The stock market reclaimed some losses from its biggest dive this year and returned Wednesday to its pattern of steady gains and stable trading. Reassuring reports on productivity and hiring overshadowed worries about the Greek debt crisis.

Stock indexes made solid gains by mid-morning after the government said oil refineries are operating at a faster clip than economists had expected. Oil refiners Valero Energy Corp. and Tesoro Inc. were among the biggest gainers in the Standard & Poor's 500.

The Dow Jones industrial average closed up 78.18 points, or 0.6 percent, at 12,837.33. The S&P 500 index gained 9.27, or 0.7 percent, to close at 1,352.63. The Nasdaq composite index added 25.37, or 0.9 percent, to close at 2,935.69.

The Dow dived 203 points on Tuesday, the biggest hitch in a strong rally for stocks this year. Many market-watchers believe that stocks had risen too quickly and were due for a setback. Before Tuesday, the Dow was up more than 6 percent for 2012.

"You wouldn't expect to get it all back in one day," said Jerry Webman, chief economist at OppenheimerFunds Inc.

The average has gained more than 20 percent since last Oct. 3, and the rally has proved resilient. Tuesday was the eighth time during that stretch that the Dow fell more than 200 points. Each previous time, it made up most or all of its losses within days.

Tuesday's sell-off was triggered by fears that not enough private investors would sign on to exchange their Greek government bonds for replacements with a lower face value and interest rate.

Greece needs the investors to agree so it can secure an international bailout of â‚¬130 billion, or $171 billion, and avoid a default later this month that would rattle the world financial system.

By Wednesday, owners of about half of Greece's privately held debt had agreed. Greece needs a 90 percent voluntary participation rate, but 70 percent could be enough for Greece to strong-arm the holdouts.

European markets and the euro rose slightly. Benchmark indexes finished 0.9 percent higher in France, 0.6 percent higher in Germany and 0.4 percent higher in Britain. The euro rose to $1.315 from $1.311 on Tuesday.

Before the U.S. market opened, the government said workers were more efficient late last year, though productivity grew more slowly than in the summer. As productivity growth slows, businesses may need to hire more people to keep up with demand.

A closely watched private estimate of hiring also exceeded economists' expectations. Payroll processor ADP said employers added 216,000 jobs last month. The result lifted hopes about the big February jobs report, which comes out Friday.

Webman said the report will signal whether hiring is brisk enough to offset the economic drag of high gas prices.

"There's a foot race between gas bills and paychecks," he said. "If we continue to print new paychecks at the rate we've been adding them, that mitigates a lot of the damage of higher gasoline prices."

The economic optimism pushed prices for U.S. government debt lower and yields higher. The yield on the benchmark 10-year Treasury note rose to 1.98 percent from 1.95 percent late Tuesday.

Among stocks making big moves Wednesday:

”” Pandora Media Inc., an Internet radio company, dived 23.9 percent after its projected results for the first quarter badly missed analysts' estimates.

”” Netflix fell 1.8 percent. Investors appeared unimpressed with a strategy, signaled by CEO Reed Hastings, of partnering with cable TV companies to expand Netflix's customer base. The video streaming and DVD-by-mail company has about 22 million online streaming subscribers in the U.S.

”” American Eagle Outfitters rose 6.3 percent. The teen clothing retailer said it expects profit margins and sales to improve this year. Revenue at stores open at least a year rose 10 percent in the fourth quarter.

bigdog · 9 March 2012

Source: http://finance.yahoo.com

The stock market posted substantial gains Thursday as Greece closed in on a deal to restructure its debt and avoid a default. That overshadowed a small increase in unemployment claims last week.

The Dow Jones industrial average closed up 70.61 points, or 0.6 percent, at 12,907.94. Two days of solid gains have erased about three-quarters of the losses from Tuesday, when the Dow fell 203 points, its biggest loss of the year.

The close left the Dow up 97 percent since March 9, 2009, its low point during the Great Recession. Last week, the Dow closed above 13,000 for the first time since May 2008. The Standard & Poor's 500 index has more than doubled in three years.

On Thursday, the S&P 500 added 13.28 points, or 1 percent, to 1,365.91. It has gained 22.80 points since Tuesday, its best two days since December. All 10 industry groups rose, led by materials companies.

The Nasdaq composite index rose 34.73 points, or 1.2 percent, to 2,970.42.

A Greek government official told The Associated Press that more than 75 percent of investors in Greek bonds had agreed to exchange them for bonds with a lower face value and interest rate.

Greece needs 90 percent of investors to participate to get a bailout of â‚¬130 billion, or about $173 billion, and avoid a default later this month that could rattle financial markets around the world. The Athens government will release final results Friday.

The Greek crisis is "starting to wind down, we hope," said Paul Powers, head of U.S. equity sales trading for Raymond James. "It doesn't seem nearly as dire as it was a couple of weeks ago."

The NYSE DOW closed HIGHER ▲ 70.61 points or ▲ 0.55% Thursday, 8 March 2012
Symbol …........Last ......Change.....
Dow_Jones 12,907.94 ▲ 70.61 ▲ 0.55%
Nasdaq___ 2,970.42 ▲ 34.73 ▲ 1.18%
S&P_500__ 1,365.91 ▲ 13.28 ▲ 0.98%
30_Yr_Bond 3.170 ▲ 0.05 ▲ 1.73%

NYSE Volume 3,525,994,500
Nasdaq Volume 1,624,941,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,859.73 ▲ 68.32 ▲ 1.18%
DAX_____ 6,834.54 ▲ 163.43 ▲ 2.45%
CAC_40__ 3,478.36 ▲ 86.03 ▲ 2.54%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,262.20 ▲ 27.80 ▲ 0.66%
Shanghai_Comp 2,420.28 ▲ 25.48 ▲ 1.06%
Taiwan_Weight 7,984.56 ▲ 81.48 ▲ 1.03%
Nikkei_225____ 9,768.96 ▲ 192.90 ▲ 2.01%
Hang_Seng____ 20,900.73 ▲ 53.93 ▲ 1.32%
Strait_Times___ 2,970.38 ▲ 57.22 ▲ 1.96%

http://finance.yahoo.com/news/stocks-gain-greek-nears-deal-215922477.html

Stocks gain as Greek nears a deal on debt swap

Stock markets rise as optimism builds about Greek debt exchange; investors shrug off jobs data

By Eileen Aj Connelly, AP Business Writer

NEW YORK (AP) -- The stock market posted substantial gains Thursday as Greece closed in on a deal to restructure its debt and avoid a default. That overshadowed a small increase in unemployment claims last week.

The Dow Jones industrial average closed up 70.61 points, or 0.6 percent, at 12,907.94. Two days of solid gains have erased about three-quarters of the losses from Tuesday, when the Dow fell 203 points, its biggest loss of the year.

The close left the Dow up 97 percent since March 9, 2009, its low point during the Great Recession. Last week, the Dow closed above 13,000 for the first time since May 2008. The Standard & Poor's 500 index has more than doubled in three years.

On Thursday, the S&P 500 added 13.28 points, or 1 percent, to 1,365.91. It has gained 22.80 points since Tuesday, its best two days since December. All 10 industry groups rose, led by materials companies.

The Nasdaq composite index rose 34.73 points, or 1.2 percent, to 2,970.42.

A Greek government official told The Associated Press that more than 75 percent of investors in Greek bonds had agreed to exchange them for bonds with a lower face value and interest rate.

Greece needs 90 percent of investors to participate to get a bailout of â‚¬130 billion, or about $173 billion, and avoid a default later this month that could rattle financial markets around the world. The Athens government will release final results Friday.

The Greek crisis is "starting to wind down, we hope," said Paul Powers, head of U.S. equity sales trading for Raymond James. "It doesn't seem nearly as dire as it was a couple of weeks ago."

The rally came despite a report from the Labor Department that the number of people seeking unemployment benefits rose slightly more than expected last week. The four-week average remained near a four-year low.

The government reports Friday on how many jobs the U.S. economy added in February and the unemployment rate. Economists expect 200,000 jobs were added. If the unemployment rate falls from 8.3 percent, it would be the sixth straight decline.

"The trend here is that the job market has continued to grind higher, and I don't see any reason why tomorrow's number shouldn't be a good one," said Phil Orlando, chief equity market strategist at Federated Investors.

He pointed to a private estimate of hiring released Wednesday that exceeded expectations, along with the unemployment claims figures, as good indicators for more positive news.

Stocks rose around the world as optimism about the Greek debt deal took hold. In Europe, the FTSE 100 index of leading British stocks closed up 1.2 percent. Germany's DAX and the CAC-40 in France both gained 2.5 percent.

The euro rose almost a penny and a half against the dollar, to $1.328. In another sign of investor confidence in Europe, the yields on government bonds of both Italy and Spain both fell.

Asian markets also rallied, ending a three-day losing streak. Japan's Nikkei Stock Average climbed 2 percent, Hong Kong's Hang Seng jumped 1.3 percent and China's Shanghai Composite Index rose 1.1 percent.

The prospect of a successful bond swap in Greece also helped push oil prices higher. Resolving the crisis would be good for the European economy, and demand could rise. Oil closed near $107 per barrel on the New York Mercantile Exchange. Gold prices also rose.

The yield on the benchmark 10-year U.S. Treasury note rose to 2.01 percent from 1.98 percent late Wednesday.

Brian Gendreau, market strategist for Cetera Financial Group, said that even if some of Greece's private investors reject the bond swap deal, the situation in Europe is clearly improving.

"A year and a half ago, the idea that private bondholders would take a hit wasn't even on the table," Gendreau said.

Gendreau said the market's response to a possible Greek default would not be as harsh as last year, when some wondered whether the euro might collapse. He would expect "fatigue and exasperation. But that's not the same as panic and crisis."

Among stocks making big moves Tuesday:

”” Coach Inc. jumped 4.6 percent after the luxury accessories maker said it is sticking to its long-term sales goals.

”” McDonald's Corp. lost more than 3 percent after reporting slower growth in February.

”” American International Group Inc. fell 1.1 percent after the U.S. government said it would sell $6 billion of the common stock it holds in the bailed-out insurer.

bigdog · 10 March 2012

Source: http://finance.yahoo.com

Stocks closed modestly higher Friday after the government's monthly report on employment bolstered hopes that the economic recovery is on track. The gains were tempered by news that a big debt write-down by Greece could cause big losses for banks.

Three years after stocks hit bottom during the Great Recession, the Dow Jones industrial average rose 14 points and finished the week with a loss of 56. That was after a 203-point dive Tuesday, the worst drop this year.

The Dow was up more than 60 points Friday morning but lost ground in the afternoon after the trade group that oversees financial derivatives said Greece's bond-swap deal will trigger payouts on bond insurance.

The Dow finished up 14.08 points, or 0.1 percent, at 12,922.02. The Standard & Poor's 500 gained 4.96, or 0.4 percent, to 1,370.87. The Nasdaq composite average gained 17.92, or 0.6 percent, to 2,988.34.

The Dow has nearly doubled in the three years since its bottom during the financial crisis. On March 9, 2009, it closed at 6,547. The S&P 500 closed that day at 676.

The morning's gains were driven by news that employers added 227,000 jobs last month, finishing three of the best months for hiring since the recession began. The unemployment rate was unchanged at 8.3 percent because unemployed people started looking for work again, which increased the size of the labor force.

The hiring was spread across a range of industries, including business and professional services, leisure and hospitality and health care.

Later Friday, the International Swaps and Derivatives Association said it had determined that a massive bond-swap by Greece constituted a "credit event," meaning that holders of credit-default swaps on their Greek bonds will be able to claim insurance payments. Traders sold stocks on the news, fearing big losses for banks that had sold the insurance.

Greece convinced most of its private creditors to swap their bonds for new ones worth far less. The deal clears the way for a fresh bailout from Greece's neighbors. Fears of a disorderly Greek default have weighed on the market for two years

The NYSE DOW closed HIGHER ▲ 14.08 points or ▲ 0.11% Friday, 9 March 2012
Symbol …........Last ......Change.....
Dow_Jones 12,922.02 ▲ 14.08 ▲ 0.11%
Nasdaq___ 2,988.34 ▲ 17.92 ▲ 0.60%
S&P_500__ 1,370.87 ▲ 4.96 ▲ 0.36%
30_Yr_Bond 3.190 ▲ 0.02 ▲ 0.60%

NYSE Volume 3,639,469,250
Nasdaq Volume 1,587,261,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,887.49 ▲ 27.76 ▲ 0.47%
DAX_____ 6,880.21 ▲ 45.67 ▲ 0.67%
CAC_40__ 3,487.48 ▲ 9.12 ▲ 0.26%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,300.50 ▲ 38.30 ▲ 0.90%
Shanghai_Comp 2,439.46 ▲ 19.19 ▲ 0.79%
Taiwan_Weight 8,016.01 ▲ 31.45 ▲ 0.39%
Nikkei_225____ 9,929.74 ▲ 160.78 ▲ 1.65%
Hang_Seng____ 21,086.00 ▲ 53.93 ▲ 0.89%
Strait_Times___ 2,963.15 ▼ -7.23 ▼ -0.24%

http://finance.yahoo.com/news/stocks-rise-modestly-february-jobs-203307882.html

Stocks rise modestly on February jobs report

Stocks rise modestly on strong February jobs report; Greek default ruling tempers gains

By Daniel Wagner, AP Business Writer

Stocks closed modestly higher Friday after the government's monthly report on employment bolstered hopes that the economic recovery is on track. The gains were tempered by news that a big debt write-down by Greece could cause big losses for banks.

Three years after stocks hit bottom during the Great Recession, the Dow Jones industrial average rose 14 points and finished the week with a loss of 56. That was after a 203-point dive Tuesday, the worst drop this year.

The Dow was up more than 60 points Friday morning but lost ground in the afternoon after the trade group that oversees financial derivatives said Greece's bond-swap deal will trigger payouts on bond insurance.

The Dow finished up 14.08 points, or 0.1 percent, at 12,922.02. The Standard & Poor's 500 gained 4.96, or 0.4 percent, to 1,370.87. The Nasdaq composite average gained 17.92, or 0.6 percent, to 2,988.34.

The Dow has nearly doubled in the three years since its bottom during the financial crisis. On March 9, 2009, it closed at 6,547. The S&P 500 closed that day at 676.

The morning's gains were driven by news that employers added 227,000 jobs last month, finishing three of the best months for hiring since the recession began. The unemployment rate was unchanged at 8.3 percent because unemployed people started looking for work again, which increased the size of the labor force.

The hiring was spread across a range of industries, including business and professional services, leisure and hospitality and health care.

Later Friday, the International Swaps and Derivatives Association said it had determined that a massive bond-swap by Greece constituted a "credit event," meaning that holders of credit-default swaps on their Greek bonds will be able to claim insurance payments. Traders sold stocks on the news, fearing big losses for banks that had sold the insurance.

Greece convinced most of its private creditors to swap their bonds for new ones worth far less. The deal clears the way for a fresh bailout from Greece's neighbors. Fears of a disorderly Greek default have weighed on the market for two years.

"There's a lot less imbalance and a lot less uncertainty than there was three years ago," said John Canally, investment strategist with LPL Financial Corp. Canally said the odds of another recession have been dropping as the economic recovery strengthens and becomes less vulnerable to shocks.

For the week, the Dow lost 55.55 points, or 0.4 percent. It was the second straight week of modest losses for the Dow, which closed above 13,000 last week for the first time since May 2008.

Canally said investors should be prepared for the stock market's rally to fade after significant gains so far this year. He said his firm had slowed stock purchases because the market had gained as much in two months as he expected it to gain all year. The Dow is up 6 percent for the year, the S&P 500 9 percent.

European stocks added to their gains after the U.S. market opened. France's benchmark indexes closed 0.3 percent higher, Britain's 0.5 percent higher and Germany's 0.7 percent higher.

Also Friday, the Commerce Department said the U.S. trade deficit surged in January to the widest imbalance in more than three years as imports hit an all-time high, reflecting rising demand for foreign-made cars, computers and food products.

Exports to Europe fell, raising concerns that economic contraction across most of the continent will hurt U.S. corporate profits.

Some of the stocks that made big moves on Friday:

— Green Mountain Coffee Roasters Inc. plunged 16 percent after its larger rival, Starbucks Corp., said it will start selling single-cup coffee machines. That could deflate demand for Green Mountain's Keurig machines. Starbucks rose 3 percent.

— Texas Instruments fell 1 percent after the chipmaker lowered its forecast for revenue and earnings in the first quarter, blaming weaker demand for wireless products.

— Smith & Wesson Holding Corp. leaped 23 percent after the maker of guns and security systems beat analysts' expectations for third-quarter earnings and raised its full-year guidance.

0432

bigdog · 13 March 2012

Source: http://finance.yahoo.com

U.S. stocks struggled for direction Monday, unsure of what to make of news about Greece's debt workout and eclectic announcements from a few well-known U.S. companies, such as mattress maker Sealy and luxury retailer Michael Kors.

The Dow Jones industrial average and the Standard & Poor's 500 ended the day higher, but the Nasdaq fell. Both indexes wavered between small gains and losses for big chunks of the day.

The Dow was the most stable, staying above Friday's close for all but a few minutes. The Dow closed up 37.69 points at 12,959.71. That marked four straight days of gains, only the second time that has happened so far this year.

The Dow has now erased a nerve-wracking 204-point loss it suffered last Tuesday, when investors sent stocks lower over concerns about Greece. The Dow's trading range of 56.38 points was its narrowest in more than 11 months.

The S&P 500 was virtually unchanged at day's end, up 0.22 points to 1,371.09. The Nasdaq fell 4.68 points to 2,983.66.

"The market is going to continue to feel very schizophrenic," said Carol Pepper, CEO and founder of Pepper International, a money management firm in New York. "Some days it's depressed, some days it's excited, some days it's terrified."

The 10 industry groups in the S&P 500 were evenly split between gainers and losers. Utilities, which tend to attract nervous investors because of their relative stability and generous dividends, rose the most. Markets in Europe were also divided. Germany did better than others, rising 0.3 percent. Greece fell 2.5 percent.

The news out of Europe seemed only to make predictions on where the market is heading more foggy. Greece persuaded private investors to agree to big losses on their bond holdings, which should help the country stave off default later this month. But the country is still in a severe recession.

The NYSE DOW closed HIGHER ▲ 37.69 points or ▲ 0.29% Monday, 12 March 2012
Symbol …........Last ......Change.....
Dow_Jones 12,959.71 ▲ 37.69 ▲ 0.29%
Nasdaq___ 2,983.66 ▼ -4.68 ▼ -0.16%
S&P_500__ 1,371.09 ▲ 0.22 ▲ 0.02%
30_Yr_Bond 3.170 ▼ -0.02 ▼ -0.60%

NYSE Volume 3,086,209,000
Nasdaq Volume 1,343,738,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,892.75 ▲ 5.26 ▲ 0.09%
DAX_____ 6,901.35 ▲ 21.14 ▲ 0.31%
CAC_40__ 3,490.06 ▲ 2.58 ▲ 0.07%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,288.20 ▼ -12.30 ▼ -0.29%
Shanghai_Comp 2,434.86 ▼ -4.60 ▼ -0.19%
Taiwan_Weight 7,927.55 ▼ -88.46 ▼ -1.10%
Nikkei_225____ 9,889.86 ▼ -39.88 ▼ -0.40%
Hang_Seng____ 21,134.18 ▲ 53.93 ▲ 0.23%
Strait_Times___ 2,962.18 ▼ -0.97 ▼ -0.03%

http://finance.yahoo.com/news/schizophrenic-markets-shrug-off-greek-203628847.html

'Schizophrenic' markets shrug off Greek deal

US markets are mixed even as completion of Greece's bailout deal nears; China's growth slows

By Christina Rexrode, AP Business Writer

NEW YORK (AP) -- U.S. stocks struggled for direction Monday, unsure of what to make of news about Greece's debt workout and eclectic announcements from a few well-known U.S. companies, such as mattress maker Sealy and luxury retailer Michael Kors.

The Dow Jones industrial average and the Standard & Poor's 500 ended the day higher, but the Nasdaq fell. Both indexes wavered between small gains and losses for big chunks of the day.

The Dow was the most stable, staying above Friday's close for all but a few minutes. The Dow closed up 37.69 points at 12,959.71. That marked four straight days of gains, only the second time that has happened so far this year.

The Dow has now erased a nerve-wracking 204-point loss it suffered last Tuesday, when investors sent stocks lower over concerns about Greece. The Dow's trading range of 56.38 points was its narrowest in more than 11 months.

The S&P 500 was virtually unchanged at day's end, up 0.22 points to 1,371.09. The Nasdaq fell 4.68 points to 2,983.66.

"The market is going to continue to feel very schizophrenic," said Carol Pepper, CEO and founder of Pepper International, a money management firm in New York. "Some days it's depressed, some days it's excited, some days it's terrified."

The 10 industry groups in the S&P 500 were evenly split between gainers and losers. Utilities, which tend to attract nervous investors because of their relative stability and generous dividends, rose the most. Markets in Europe were also divided. Germany did better than others, rising 0.3 percent. Greece fell 2.5 percent.

The news out of Europe seemed only to make predictions on where the market is heading more foggy. Greece persuaded private investors to agree to big losses on their bond holdings, which should help the country stave off default later this month. But the country is still in a severe recession.

Jeff Sica, president and chief investment officer of SICA Wealth Management in Morristown, N.J., said Greece is only a distraction from other deep-rooted problems throughout Europe, including brewing debt burdens in Portugal and Italy. Presidential elections in France add another layer of uncertainty because a new leader could backpedal on fiscal commitments made by President Nicolas Sarkozy.

The struggling European countries also can't cut spending, which they'll likely need to do to avoid bankruptcy, without angering their citizens. On Sunday, hundreds of thousands of people in Spain took to the streets in dozens of cities to protest cuts in government spending.

Greece has "become a touchstone for people to say, 'Okay, things are getting better,'" Sica said. "But they had to force private investors to take losses, the European Central Bank has swelled their balance sheet, it's going to be impossible to impose austerity on these countries. They haven't really accomplished a single thing except buying time."

News about the U.S. economy has also been opaque, with every sign of economic recovery met with another sign of economic slowdown. While the unemployment rate falls, some analysts raise questions about the quality of the new jobs being created, and others worry that the high price of gas will prevent people from spending on non-necessities, which is crucial to an economic recovery. The average price for a gallon of gasoline jumped a nickel over the weekend to $3.80. China, the superpower that has pushed the world economy forward even as other countries flagged since 2008, announced that its growth slowed at the end of last year.

The market's knee-jerk nature has been highlighted in the past two weeks. The Dow generated positive buzz when it closed over 13,000 on Feb. 28, a milestone it hadn't reached since May 2008. But it's failed to close above that line again, and Tuesday's 204-point decline added to the uncertainty.

"Everybody is stepping back and assessing whether the ride is over," Sica said. "It's almost as if investors get to a point where they scratch their head and say, 'Does the market deserve to be here?'"

Several companies made big moves:

”” Defibrillator maker Zoll Medical Corp. jumped 24 percent to $92.94 after its board agreed to a buyout offer of $93 per share from Japan's Asahi Kasei Corp.

”” Mattress maker Sealy Corp. climbed 6 percent after its second-largest shareholder, an investment firm called H Partners Management, asked the company to shuffle its board and blamed the company's problems on the largest shareholder, private equity firm KKR & Co.

””Harley-Davidson Inc. climbed nearly 3 percent after Citigroup analyst Greg Badishkanian raised his price target to $50 from $46, saying he expects higher sales in the first quarter.

””Luxury retailer Michael Kors fell 2 percent after the company, purveyor of $950 high heels, announced late Friday that some of its major shareholders would sell their shares earlier than expected.

bigdog · 14 March 2012

Source: http://finance.yahoo.com

Bank stocks turbocharged a rally across the financial markets Tuesday, and all three major stock indexes posted their biggest gains of the year. The Dow Jones industrial average rose 218 points and closed at its highest level since the last day of 2007.

The Nasdaq composite closed above 3,000 for the first time since December 2000, when dot-com stocks were collapsing.

There was already plenty of good news driving the market higher Tuesday: Retail sales in February increased the most since September, and the Federal Reserve said it expected the unemployment rate to keep falling.

Then the market soared in the final hour after JPMorgan Chase, the country's largest bank by assets, announced that it plans to buy back as much as $15 billion of its stock and raise its quarterly dividend by a nickel to 30 cents per share.

"That's what really made the day," said Jeffrey Kleintop, chief market strategist at LPL Financial.

JPMorgan Chase stock soared 7 percent, and other banks followed. Citigroup and Goldman Sachs gained 6 percent. Banks were easily the best-performing stocks in the market, gaining almost 4 percent as a group.

The Fed had planned to release the results of its so-called stress test for 19 financial institutions Thursday after the market closed. But after JPMorgan Chase made its announcement ”” and said it was raising the dividend with the Fed's blessing ”” the Fed pulled a surprise.

The central bank released its stress test results two days ahead of schedule, a half-hour after the markets closed Tuesday. JPMorgan Chase and 14 other financial institutions passed. Four, including Citigroup, failed.

Citigroup stock was down 4 percent in after-hours trading following the Fed announcement.

The Dow finished at 13,177.68, its highest close since Dec. 31, 2007. The close put the Dow within 1,000 points of its record, 14,164.53, set less than three months earlier. All 30 stocks in the Dow closed higher, the first time that has happened this year.

The Nasdaq composite index rose 56.22 points, or 1.9 percent, to 3,039.88.

On Dec. 11, 2000, the last time the Nasdaq closed above 3,000, it was in the middle of a horrifying slide ”” from a peak above 5,000 in March 2000 to just above 1,100 in October 2002.

At the beginning of 2000, the peak of the dot-com frenzy, investors valued stocks in the Nasdaq composite index at an astronomical 175 times their per-share earnings over the previous year.

The NYSE DOW closed HIGHER ▲ 217.97 points or ▲ 1.68% Tuesday, 13 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,177.68 ▲ 217.97 ▲ 1.68%
Nasdaq___ 3,039.88 ▲ 56.22 ▲ 1.88%
S&P_500__ 1,395.95 ▲ 24.86 ▲ 1.81%
30_Yr_Bond 3.250 ▲ 0.08 ▲ 2.40%

NYSE Volume 4,386,466,000
Nasdaq Volume 1,719,736,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,955.91 ▲ 63.16 ▲ 1.07%
DAX_____ 6,995.91 ▲ 94.56 ▲ 1.37%
CAC_40__ 3,550.16 ▲ 60.10 ▲ 1.72%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,336.50 ▲ 48.30 ▲ 1.13%
Shanghai_Comp 2,434.86 ▼ -4.60 ▼ -0.19%
Taiwan_Weight 8,031.51 ▲ 103.96 ▲ 1.31%
Nikkei_225____ 9,899.08 ▲ 9.22 ▲ 0.09%
Hang_Seng____ 21,339.70 ▲ 53.93 ▲ 0.97%
Strait_Times___ 2,989.57 ▲ 27.39 ▲ 0.92%

http://finance.yahoo.com/news/stocks-record-biggest-gains-dow-202756062.html

Stocks record biggest gains of year; Dow up 218

Biggest day of year on Wall St.: Dow adds 218; Nasdaq reaches a milestone from dot-com days

By Matthew Craft, AP Business Writer

NEW YORK (AP) -- Bank stocks turbocharged a rally across the financial markets Tuesday, and all three major stock indexes posted their biggest gains of the year. The Dow Jones industrial average rose 218 points and closed at its highest level since the last day of 2007.

The Nasdaq composite closed above 3,000 for the first time since December 2000, when dot-com stocks were collapsing.

There was already plenty of good news driving the market higher Tuesday: Retail sales in February increased the most since September, and the Federal Reserve said it expected the unemployment rate to keep falling.

Then the market soared in the final hour after JPMorgan Chase, the country's largest bank by assets, announced that it plans to buy back as much as $15 billion of its stock and raise its quarterly dividend by a nickel to 30 cents per share.

"That's what really made the day," said Jeffrey Kleintop, chief market strategist at LPL Financial.

JPMorgan Chase stock soared 7 percent, and other banks followed. Citigroup and Goldman Sachs gained 6 percent. Banks were easily the best-performing stocks in the market, gaining almost 4 percent as a group.

The Fed had planned to release the results of its so-called stress test for 19 financial institutions Thursday after the market closed. But after JPMorgan Chase made its announcement ”” and said it was raising the dividend with the Fed's blessing ”” the Fed pulled a surprise.

The central bank released its stress test results two days ahead of schedule, a half-hour after the markets closed Tuesday. JPMorgan Chase and 14 other financial institutions passed. Four, including Citigroup, failed.

Citigroup stock was down 4 percent in after-hours trading following the Fed announcement.

The Dow finished at 13,177.68, its highest close since Dec. 31, 2007. The close put the Dow within 1,000 points of its record, 14,164.53, set less than three months earlier. All 30 stocks in the Dow closed higher, the first time that has happened this year.

The Nasdaq composite index rose 56.22 points, or 1.9 percent, to 3,039.88.

On Dec. 11, 2000, the last time the Nasdaq closed above 3,000, it was in the middle of a horrifying slide ”” from a peak above 5,000 in March 2000 to just above 1,100 in October 2002.

At the beginning of 2000, the peak of the dot-com frenzy, investors valued stocks in the Nasdaq composite index at an astronomical 175 times their per-share earnings over the previous year.

Google was not yet a public company, and the iPod didn't exist. Apple pulled in $2.3 billion in quarterly revenue. Many Nasdaq companies were Internet startups with high stock prices but big losses.

And many of them failed, taking the Nasdaq down with them.

Jack Ablin, chief investment officer at Harris Private Bank, said the key difference between the Nasdaq then and now is that the technology companies that dominate the index only promised profits 12 years ago.

"The Nasdaq hasn't done much of anything for 12 years, but it's had a huge rally in earnings," Ablin said.

Today, the profits are real. Apple reported $46 billion in revenue in its latest quarter. The Nasdaq composite, which includes more than 2,500 companies, trades at about 24 times earnings, according to Birinyi Associates.

The Standard & Poor's 500 index closed up 24.87 points, or 1.8 percent, at 1,395.96, its highest level since June 5, 2008. The S&P has gained 11 percent since Jan. 1, more than what it posts in an average year. The S&P is a 12 percent rally from its record of 1,565.15.

Brian Gendreau, market strategist at Cetera Financial, said stocks could still go higher. Investors are paying roughly 14 times the past year's earnings for the S&P 500 index. The long-term average is closer to 15.

"Valuations are still very cheap," he said.

The dollar rose against the euro and hit an 11-month high against the Japanese yen after the Federal Reserve assessment. The euro fell to $1.3073 late Tuesday from $1.3150 late Monday. The dollar soared to 83.08 yen from 82.26 late Monday.

The retail sales report showed a gain of 1.1 percent last month. Some of it reflected higher gas prices, but Americans also spent more on cars, clothes and appliances. Department stores had their biggest gains in more than a year. The government also revised its estimates higher for December and January.

Retail stories reported a 6.7 percent increase in sales in February compared with the same month a year ago.

A reading of confidence among small business owners also rose in February for the sixth month in a row. The National Federation of Independent Business optimism index reached its highest level in a year, helped by an increase in expected sales.

The rally gained strength in the afternoon when the Federal Reserve said it saw signs of an improving economy and expected the unemployment rate to keep falling. The Fed also said strains in the global financial markets have eased.

Among companies making big moves:

”” Great Wolf Resorts jumped 27 percent to $5.13. Apollo Global Management said it has agreed to buy the indoor water park operator for $5 a share.

”” Urban Outfitters dropped 5.3 percent, the worst drop in the S&P 500 index. The retailer reported earnings that fell below what analysts were expecting after it had to mark down prices on women's clothing at its Anthropologie and Urban Outfitters stores.

”” Carmike Cinemas soared 17 percent. The Georgia-based movie theater chain reported earnings and sales that far outpaced what Wall Street analysts had expected

bigdog · 15 March 2012

Source: http://finance.yahoo.com

Stocks ended pretty much where they started Wednesday on Wall Street, a day after the market had its biggest gain of the year.

The Dow Jones industrial average eked out an increase of 16.42 points, its sixth consecutive gain. The Dow ended at 13,194.10, up 0.1 percent. The Dow was up as much as 43 points in the morning, but most of those gains evaporated by mid-afternoon.

It was the longest winning stretch for the Dow since February 2011, but that was one of the few bright spots on an otherwise glum day in the stock market.

The Standard & Poor's 500 edged down 1.67 points to 1,394.28. The Nasdaq composite inched up 0.85 point to end at 3,040.73. The Nasdaq closed above 3,000 on Tuesday for the first time since December 2000.

Other market indicators were weak. The Russell 2000 index of small-company stocks fell 1 percent. Only two of the 10 industry groups in the S&P 500 rose, technology and banks. Falling stocks outnumbered rising ones more than 2-to-1 on the New York Stock Exchange.

American Express led the Dow higher with a 3.5 percent advance. The credit card company said it would increase its dividend and buy back up to $5 billion of its own stock after passing the Federal Reserve's latest "stress test."

Citigroup fell 3.4 percent after regulators ruled that the bank couldn't afford to raise its dividend. Citi was one of just four major financial companies that didn't pass the Fed's latest test of how banks would hold up during an extreme economic downturn.

On Tuesday, a powerful rally in bank stocks pushed the Dow to its highest close since the last day of 2007. The Federal Reserve said 15 of the 19 major banks it surveyed passed its test.

The NYSE DOW closed HIGHER ▲ 16.42 points or ▲ 0.12% Wednesday, 14 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,194.10 ▲ 16.42 ▲ 0.12%
Nasdaq___ 3,040.73 ▲ 0.85 ▲ 0.03%
S&P_500__ 1,394.28 ▼ -1.67 ▼ -0.12%
30_Yr_Bond 3.410 ▲ 0.16 ▲ 4.99%

NYSE Volume 4,502,279,500
Nasdaq Volume 1,669,365,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,945.43 ▼ -10.48 ▼ -0.18%
DAX_____ 7,079.42 ▲ 83.51 ▲ 1.19%
CAC_40__ 3,564.51 ▲ 14.35 ▲ 0.40%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,375.60 ▲ 39.10 ▲ 0.90%
Shanghai_Comp 2,391.23 ▼ -64.57 ▼ -2.63%
Taiwan_Weight 8,125.26 ▲ 93.75 ▲ 1.17%
Nikkei_225____ 10,050.52 ▲ 151.44 ▲ 1.53%
Hang_Seng____ 21,307.89 ▲ 53.93 ▼ -0.15%
Strait_Times___ 3,026.40 ▲ 37.33 ▲ 1.25%

http://news.yahoo.com/stocks-mostly-lower-wall-street-dow-gains-16-201534769.html

Stocks mostly lower on Wall Street; Dow gains 16

Stocks end little changed on Wall Street a day after the market's biggest day of the year

By The Associated Press

Stocks ended pretty much where they started Wednesday on Wall Street, a day after the market had its biggest gain of the year.

The Dow Jones industrial average eked out an increase of 16.42 points, its sixth consecutive gain. The Dow ended at 13,194.10, up 0.1 percent. The Dow was up as much as 43 points in the morning, but most of those gains evaporated by mid-afternoon.

It was the longest winning stretch for the Dow since February 2011, but that was one of the few bright spots on an otherwise glum day in the stock market.

The Standard & Poor's 500 edged down 1.67 points to 1,394.28. The Nasdaq composite inched up 0.85 point to end at 3,040.73. The Nasdaq closed above 3,000 on Tuesday for the first time since December 2000.

Other market indicators were weak. The Russell 2000 index of small-company stocks fell 1 percent. Only two of the 10 industry groups in the S&P 500 rose, technology and banks. Falling stocks outnumbered rising ones more than 2-to-1 on the New York Stock Exchange.

American Express led the Dow higher with a 3.5 percent advance. The credit card company said it would increase its dividend and buy back up to $5 billion of its own stock after passing the Federal Reserve's latest "stress test."

Citigroup fell 3.4 percent after regulators ruled that the bank couldn't afford to raise its dividend. Citi was one of just four major financial companies that didn't pass the Fed's latest test of how banks would hold up during an extreme economic downturn.

On Tuesday, a powerful rally in bank stocks pushed the Dow to its highest close since the last day of 2007. The Federal Reserve said 15 of the 19 major banks it surveyed passed its test.

Other banks that got passing grades from the Fed mostly rose. Regions Financial rose 6.9 percent to $6.17 after the bank said it would sell $900 million in stock to repay some of the money it received as part of the 2008 bank bailout. Bank of America rose 4.1 percent to $8.84 and Zions Bancorporation jumped 10.5 percent to $21.58, the most of any stock in the S&P 500 index.

MetLife, an insurance company, also failed to pass the Fed's stress test. The stock slid 5.8 percent to $37.16, the most in the S&P 500.

The yield on the 10-year Treasury note rose sharply, to 2.27 percent from 2.11 percent late Tuesday. The benchmark yield has risen for five days straight and is at the highest level since October. That's a sign that investors believe the economy is improving and that they're more willing to hold higher-risk assets like stocks.

Gold plunged $51 to $1,643 an ounce as the dollar surged against other currencies. Gold often falls when the dollar rises because it's seen as an alternative to holding cash.

European markets were mostly higher. Germany's DAX rose 1.2 percent. France's benchmark index rose 0.4 percent and Spain's edged up 0.2 percent.

The Fed was planning to wait until Thursday to release the results of its stress tests, which determine which financial companies are healthy enough to raise their dividends. After JPMorgan Chase surprised the market with an announcement Tuesday that it would raise its dividend and buy back stock, the Fed released the results early.

Apple rose for a sixth straight day, gaining $21.48, or 3.8 percent, to $589.58. The stock started the year at $405. The company announced the latest version of its blockbuster tablet computer, the iPad, last week.

Southwest Airlines fell 2.7 percent to $8.18 a day after the low-cost carrier said it didn't expect to earn a profit in the first quarter because of higher fuel costs. The airline also said ticket bookings for spring travel weakened in late February.

Cliffs Natural Resources jumped 7 percent to $69.50. The Cleveland-based mining company said late Tuesday it was bumping its dividend to 62.6 cents, from 28 cents.

bigdog · 16 March 2012

Source: http://finance.yahoo.com

The stock market cleared another barrier Thursday in its long recovery from the Great Recession: The Standard & Poor's 500 index closed above 1,400 for the first time since June 2008.

The Dow Jones industrial average, driven higher like the rest of the market by more good economic news, set a four-year high. It climbed 58.66 points to finish at 13,252.76, its highest close since the last day of 2007.

It was the seventh gain in a row for the Dow, the longest streak since February 2011.

The government said applications for unemployment benefits fell last week to 351,000, matching a four-year low. When applications stay below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.

Optimism about the job market and the broader economic recovery has driven stocks steadily higher all year. The S&P is up more than 11 percent, beating its performance for an average year, and the Dow is up more than 8 percent.

Employers have added an average 245,000 jobs each month since December.

"We've been sputtering for the last couple of days, but now we're seeing those strong jobs numbers really drive the market higher," said Joe Bell, senior equity strategist at Schaeffer's Investment Research.

A separate report Thursday showed that prices paid by wholesalers rose less than expected in February, despite a spike in gasoline prices. The producer price index has increased 3.3 percent in the past year, the smallest gain since August 2010.

The S&P finished at 1,402.60, up 8.32 points. The close put it about 107 points shy of its record, 1565.15, set in October 2007. And the index, the broadest of the three major market gauges, suggests stocks are still inexpensive by historical standards.

The S&P trades at about 14.5 times the past year's earnings for its 500 companies, compared with a historical average of 15. It's not unusual for stocks to trade higher than the long-term average and for many years at a time.

The index is up 107 percent since its low during the Great Recession in March 2009.

Nine of the 10 industry groups in the S&P finished higher, led by financial stocks, which gained 1.9 percent as a group. Utility stocks, traditionally sought by investors with little tolerance for risk, were the only group to fall.

The NYSE DOW closed HIGHER ▲ 58.66 points or ▲ 0.44% Thursday, 15 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,252.76 ▲ 58.66 ▲ 0.44%
Nasdaq___ 3,056.37 ▲ 15.64 ▲ 0.51%
S&P_500__ 1,402.60 ▲ 8.32 ▲ 0.60%
30_Yr_Bond 3.412 ▲ 0.00 ▲ 0.12%

NYSE Volume 4,271,647,000
Nasdaq Volume 1,688,321,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,940.72 ▼ -4.71 ▼ -0.08%
DAX_____ 7,144.45 ▲ 65.03 ▲ 0.92%
CAC_40__ 3,580.21 ▲ 15.70 ▲ 0.44%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,366.90 ▼ -8.70 ▼ -0.20%
Shanghai_Comp 2,373.77 ▼ -17.46 ▼ -0.73%
Taiwan_Weight 8,121.62 ▼ -3.64 ▼ -0.04%
Nikkei_225____ 10,123.28 ▲ 72.76 ▲ 0.72%
Hang_Seng____ 21,353.53 ▲ 53.93 ▲ 0.21%
Strait_Times___ 3,019.87 ▼ -6.53 ▼ -0.22%

http://finance.yahoo.com/news/p-cra...ZlZGMtMTFlMS1iZmRmLTMxMjk3ODdkNmI0ZA--;_ylv=3

S&P cracks 1,400 for first time since 2008

Standard & Poor's 500 over 1,400 for first time since June 2008; 7-day win streak for the Dow

By Samantha Bomkamp, AP Business Writer

NEW YORK (AP) -- The stock market cleared another barrier Thursday in its long recovery from the Great Recession: The Standard & Poor's 500 index closed above 1,400 for the first time since June 2008.

The Dow Jones industrial average, driven higher like the rest of the market by more good economic news, set a four-year high. It climbed 58.66 points to finish at 13,252.76, its highest close since the last day of 2007.

It was the seventh gain in a row for the Dow, the longest streak since February 2011.

The government said applications for unemployment benefits fell last week to 351,000, matching a four-year low. When applications stay below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.

Optimism about the job market and the broader economic recovery has driven stocks steadily higher all year. The S&P is up more than 11 percent, beating its performance for an average year, and the Dow is up more than 8 percent.

Employers have added an average 245,000 jobs each month since December.

"We've been sputtering for the last couple of days, but now we're seeing those strong jobs numbers really drive the market higher," said Joe Bell, senior equity strategist at Schaeffer's Investment Research.

A separate report Thursday showed that prices paid by wholesalers rose less than expected in February, despite a spike in gasoline prices. The producer price index has increased 3.3 percent in the past year, the smallest gain since August 2010.

The S&P finished at 1,402.60, up 8.32 points. The close put it about 107 points shy of its record, 1565.15, set in October 2007. And the index, the broadest of the three major market gauges, suggests stocks are still inexpensive by historical standards.

The S&P trades at about 14.5 times the past year's earnings for its 500 companies, compared with a historical average of 15. It's not unusual for stocks to trade higher than the long-term average and for many years at a time.

The index is up 107 percent since its low during the Great Recession in March 2009.

Nine of the 10 industry groups in the S&P finished higher, led by financial stocks, which gained 1.9 percent as a group. Utility stocks, traditionally sought by investors with little tolerance for risk, were the only group to fall.

CSX Corp., the railroad company, jumped 8.5 percent after its chief financial officer said at a conference that the company expects the improving economy to drive record first-quarter earnings.

CSX was the best-performing stock in the S&P 500, and the Dow Jones transportation average gained 3.3 percent, its best day of the year. Two other railroad stocks, Norfolk Southern and Union Pacific, gained 5 percent apiece.

The Nasdaq composite index climbed 15.64 points to close at 3,056.37. It has gained 17 percent this year, easily beating the Dow and S&P, and is trading at levels last seen in December 2000.

Apple cleared $600 per share for the first time on the day before the release of its latest iPad tablet. The stock fell back and closed at $585.56, down 0.7 percent for the day. Apple ended last year at $405.

The price of oil dropped almost $2 per barrel in minutes after a report just before noon that the United States and Britain had agreed to release oil from emergency reserves.

The White House later said those reports were inaccurate, and oil prices recovered. Oil closed at $105.11 per barrel in New York, down 32 cents for the day.

U.S. Treasury yields held their five-month highs. The yield on the benchmark 10-year note rose to 2.28 percent, from 2.27 percent Wednesday. Bond prices have fallen as investors move money into stocks and bet on the economic recovery.

Gold rose $15.70 to $1,658.50 an ounce. The euro gained half a penny against the dollar to $1.309.

In Asia, markets mostly fell after Chinese Premier Wen Jiabao said curbs that have slowed a run-up in housing prices will remain in place, despite fears that the effort could contribute to the nation's economic slowdown.

The benchmark Shanghai Composite Index lost 0.7 percent. But Hong Kong's Hang Seng closed 0.2 percent higher, and Japan's Nikkei index rose 0.7 percent as the yen continued to decline from record highs against the U.S. dollar.

Markets in Europe ended mostly higher. Britain's FTSE 100 index fell 0.1 percent, but France's CAC 40 index gained 0.4 percent, Germany's DAX index gained 0.9 percent.

Among other U.S. stocks making big moves on Thursday:

”” Cisco Systems Inc. slipped 1.4 percent after it announced a $5 billion deal to buy NDS Group Ltd., a video technology company, from News Corp. Shares of News Corp., which owns Fox News Channel and The Wall Street Journal,sears edged higher.

”” AMC Networks, a spinoff of Cablevision that owns the cable networks AMC, IFC and Sundance Channel, dropped 4.4 percent after its fourth-quarter earnings fell short of Wall Street estimates.

”” Goldman Sachs, the investment bank, rose 2.2 percent. It fell 3.4 percent Wednesday, when a young banker published a resignation essay in The New York Times accusing the bank of losing its moral fiber.

howmanyru · 16 March 2012

Don't know about others but I am getting nervous about the DJIA approaching its pre GFC highs. I mean, what has actually been fixed since then?

bigdog · 17 March 2012

Source: http://finance.yahoo.com
It was a mundane end to an electrifying week on the stock market.

Stock indexes wavered indecisively between small gains and losses Friday before closing mixed. Earlier in the week, the Standard & Poor's 500 and the Nasdaq composite index were on a tear, hitting levels that hadn't been reached in years.

On Friday, the Dow Jones industrial average and the Nasdaq both ended the day down. The Dow fell 20.14 points to 13,232.62. The Nasdaq fell 1.11 points to 3,055.26. The broader S&P 500 index edged up 1.57 points to 1,404.17.

Despite Friday's losses, the three major indexes were all still up more than 2 percent for the week. The Dow had its first down day after seven straight gains, ending its longest winning streak since February 2011.

Investors were weighing competing reports about the health of the U.S. economy. A key measure of consumer sentiment came in lower than expected, and high gas prices continued to weigh down hopes about a recovery. On the plus side, prices for other goods, including food, stabilized.

Telly Zachariades, a partner at The Valence Group investment bank, said the market appears to be on the upswing, even if it's marred by a few off-days. "It's almost like today was a spring training game that ended up getting rained out," he said.

Others think the market's rise earlier this week only masks underlying problems in the economy's fundamentals, like uncertainty over oil prices and tax policies and the country's burgeoning deficit.

The NYSE DOW closed LOWER ▼ -20.14 points or ▼ -0.15% Friday, 16 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,232.62 ▼ -20.14 ▼ -0.15%
Nasdaq___ 3,055.26 ▼ -1.11 ▼ -0.04%
S&P_500__ 1,404.17 ▲ 1.57 ▲ 0.11%
30_Yr_Bond 3.411 ▼ 0.00 ▼ -0.03%

NYSE Volume 4,953,295,000
Nasdaq Volume 2,146,069,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,965.58 ▲ 24.86 ▲ 0.42%
DAX_____ 7,157.82 ▲ 13.37 ▲ 0.19%
CAC_40__ 3,594.83 ▲ 14.62 ▲ 0.41%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,364.70 ▼ -2.20 ▼ -0.05%
Shanghai_Comp 2,404.74 ▲ 30.96 ▲ 1.30%
Taiwan_Weight 8,054.94 ▼ -66.68 ▼ -0.82%
Nikkei_225____ 10,129.83 ▲ 6.55 ▲ 0.06%
Hang_Seng____ 21,317.85 ▲ 53.93 ▼ -0.17%
Strait_Times___ 3,010.68 ▼ -15.16 ▼ -0.50%

http://news.yahoo.com/us-stocks-waver-then-end-day-mixed-201039577.html

By CHRISTINA REXRODE | AP Business Writer

NEW YORK ”” It was a mundane end to an electrifying week on the stock market.

Stock indexes wavered indecisively between small gains and losses Friday before closing mixed. Earlier in the week, the Standard & Poor's 500 and the Nasdaq composite index were on a tear, hitting levels that hadn't been reached in years.

On Friday, the Dow Jones industrial average and the Nasdaq both ended the day down. The Dow fell 20.14 points to 13,232.62. The Nasdaq fell 1.11 points to 3,055.26. The broader S&P 500 index edged up 1.57 points to 1,404.17.

Despite Friday's losses, the three major indexes were all still up more than 2 percent for the week. The Dow had its first down day after seven straight gains, ending its longest winning streak since February 2011.

Investors were weighing competing reports about the health of the U.S. economy. A key measure of consumer sentiment came in lower than expected, and high gas prices continued to weigh down hopes about a recovery. On the plus side, prices for other goods, including food, stabilized.

Telly Zachariades, a partner at The Valence Group investment bank, said the market appears to be on the upswing, even if it's marred by a few off-days. "It's almost like today was a spring training game that ended up getting rained out," he said.

Others think the market's rise earlier this week only masks underlying problems in the economy's fundamentals, like uncertainty over oil prices and tax policies and the country's burgeoning deficit.

"The market is giving us a free pass on our unsustainable fiscal positions through the presidential election," said Barry Knapp, head of equity strategies at Barclays Capital. "But in 2013, we're going to have to deal with this."

"What we've seen today," Knapp added, "is a little bit of a warning sign."

The market's back-and-forth pattern this week was caused partly by conflicting news about the economy. The University of Michigan's closely watched consumer sentiment index came in below analysts' expectations, driven by worries about rising gas prices. The Labor Department also noted that gas prices soared 6 percent in February.

Many analysts think the higher gas prices will crimp the U.S. economy by shrinking the amount of money that people have to spend on discretionary purchases. Gas is currently selling for an average of $3.83 per gallon in the U.S., 31 cents more than a month ago.

The price of gas has spiked as Iran's nuclear program sows tension in the Middle East. Some analysts also blame the Federal Reserve, which has pumped cheap money into the economy in an attempt to help it recover. That has also put pressure on the U.S. dollar. When the dollar falls in value, it takes more of them to buy the same amount of oil.

The Labor Department also noted that inflation in other sectors seemed under control. Food prices, which have been rising, were unchanged for the first time in 19 months.

Positive signs from bonds and the European markets added to the confusion about where the market was going. The yield on the 10-year Treasury continued to rise, reaching 2.30 percent late Friday compared with 2.03 percent the week before. That's the highest level since October and a sign that investors are more confident in the economy. Markets in Europe also finished higher.

The earlier part of the week was an exhilarating ride for the stock market. Both the Nasdaq and the S&P 500 crossed key milestones. The Nasdaq closed above 3,000 for the first time since December 2000; The S&P closed above 1,400 for the first time since June 2008. On Tuesday, the Dow, the Nasdaq and the S&P 500 all recorded their biggest percentage gains of the year.

The euphoria was brought on by what investors saw as encouraging news about employment and retail sales. Some cautioned that the improvements were incremental and unconvincing, driving short-term market surges but little else.

"It's becoming so much of a sound bite economy," said Ziad Abdelnour, CEO of private equity firm Blackhawk Partners.

In the U.S., Bank of America led the Dow higher, rising more than 6 percent after a report that its proportion of delinquent loans fell in February. Buffalo Wild Wings fell more than 3 percent after a Wedbush analyst lowered his rating to the equivalent of hold from buy, noting the high cost of wings.

Energy companies were the biggest gainers in the S&P 500 index. Transocean, an offshore drilling company, rose nearly 5 percent after it reported that it had secured several new contracts. Analysts from at least three companies raised their price targets on the company.

1168

bigdog · 20 March 2012

Source: http://finance.yahoo.com

U.S. stocks drifted higher Monday but lost the momentum from their biggest week of the year. A dividend from Apple, a deal for UPS and the promise of greater demand for U.S. Steel drove those stocks to gains.

The Dow Jones industrial average was up as much as 37 points but sank most of the afternoon and finished up 6.51 at 13,239.13. It was a ho-hum performance compared with the Dow's 310-point gain last week.

The Standard & Poor's 500 rose 5.58 points to 1,409.75, its highest close since May 20, 2008. The Nasdaq composite index rose 23.06 points to 3,078.32.

An index of homebuilder confidence came in unchanged. Without major economic news or headlines out of Europe, the markets were steered by announcements from a handful of well-known companies.

Apple rose 2.7 percent to $601.10, its first close above $600, after announcing that it would pay a shareholder dividend and buy back $10 billion of its stock over three years.

The dividend is expected to expand the company's shareholder reach because value-oriented mutual funds that focus on dividends will buy it. Apple's stock has already skyrocketed from $405 this year, partly in anticipation of the dividend.

UPS rose 3.4 percent after announcing it would buy TNT Express, the second-largest express mail company in Europe behind DHL. The purchase further solidifies UPS' status as the world's largest delivery company.

U.S. Steel climbed 6.4 percent, the best performer in the S&P 500, after some manufacturers announced price hikes last week, fueling expectations of improving demand. Steel Dynamics and AK Steel Holding Corp. also rose.

The NYSE DOW closed HIGHER ▲ 6.51 points or ▲ 0.05% Monday, 19 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,239.13 ▲ 6.51 ▲ 0.05%
Nasdaq___ 3,078.32 ▲ 23.06 ▲ 0.75%
S&P_500__ 1,409.75 ▲ 5.58 ▲ 0.40%
30_Yr_Bond 3.481 ▲ 0.07 ▲ 2.05%

NYSE Volume 3,932,578,250
Nasdaq Volume 1,553,209,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,961.11 ▼ -4.47 ▼ -0.07%
DAX_____ 7,154.22 ▼ -3.60 ▼ -0.05%
CAC_40__ 3,577.88 ▼ -16.95 ▼ -0.47%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,381.20 ▲ 16.50 ▲ 0.38%
Shanghai_Comp 2,410.18 ▲ 5.45 ▲ 0.23%
Taiwan_Weight 8,043.92 ▼ -11.02 ▼ -0.14%
Nikkei_225____ 10,141.99 ▲ 12.16 ▲ 0.12%
Hang_Seng____ 21,115.29 ▲ 53.93 ▼ -0.95%
Strait_Times___ 2,992.16 ▼ -18.52 ▼ -0.62%

http://finance.yahoo.com/news/us-stocks-drift-higher-cant-205417826.html

US stocks drift higher but can't match last week

US stocks climb slightly but can't match last week's big rally; Apple announces a dividend

By Christina Rexrode, AP Business Writer

NEW YORK (AP) -- U.S. stocks drifted higher Monday but lost the momentum from their biggest week of the year. A dividend from Apple, a deal for UPS and the promise of greater demand for U.S. Steel drove those stocks to gains.

The Dow Jones industrial average was up as much as 37 points but sank most of the afternoon and finished up 6.51 at 13,239.13. It was a ho-hum performance compared with the Dow's 310-point gain last week.

The Standard & Poor's 500 rose 5.58 points to 1,409.75, its highest close since May 20, 2008. The Nasdaq composite index rose 23.06 points to 3,078.32.

An index of homebuilder confidence came in unchanged. Without major economic news or headlines out of Europe, the markets were steered by announcements from a handful of well-known companies.

Apple rose 2.7 percent to $601.10, its first close above $600, after announcing that it would pay a shareholder dividend and buy back $10 billion of its stock over three years.

The dividend is expected to expand the company's shareholder reach because value-oriented mutual funds that focus on dividends will buy it. Apple's stock has already skyrocketed from $405 this year, partly in anticipation of the dividend.

UPS rose 3.4 percent after announcing it would buy TNT Express, the second-largest express mail company in Europe behind DHL. The purchase further solidifies UPS' status as the world's largest delivery company.

U.S. Steel climbed 6.4 percent, the best performer in the S&P 500, after some manufacturers announced price hikes last week, fueling expectations of improving demand. Steel Dynamics and AK Steel Holding Corp. also rose.

The markets couldn't match the electricity of last week. The Dow and the S&P 500 both rose 2.4 percent last week, their best showings of the year so far. For the first time, the Dow closed above 13,000 and the Nasdaq above 3,000 on the same day.

On Monday, while ever-present concerns about European debt, a slowdown in China and the pace of U.S. economic growth were bubbling below the surface, investors seemed to take a day off from worrying about them.

"The absence of any negative news over the weekend was pretty positive," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Va., who described the market as complacent. "It sounds backward, but that's quite often the case."

There was little in the way of major economic indicators. The National Association of Home Builders' index of builder confidence came in unchanged from the previous month but is at its highest since June 2007, a year before the financial meltdown.

Prices for U.S. Treasury debt slid for the ninth day in a row, and the yield on the 10-year Treasury note hit 2.40 percent. It has not settled that high since Oct. 27. The 10-year was at 2.36 late Monday, up from 2.30 percent Friday.

The falling prices are a sign that investors are feeling more confident in the economy and moving money out of bonds and into riskier assets like stocks.

The price of oil climbed above $108, up more than a dollar for the day and almost $3 for the last two trading days. The average price for a gallon of regular gasoline rose a penny over the weekend to $3.84 and is up 30 cents from a month ago, pushed higher by tension in Europe over Iran's nuclear program.

European markets were mixed. The main stock indexes fell less than 1 percent in France, Britain and Germany. Stocks rose 1.6 percent in Greece and 1.2 percent in Spain.

Though Greece's debt crisis has faded from the spotlight for the moment, Greece remains in deep recession, and uncertainty lingers. Unions throughout Europe are protesting cuts in benefits, making it difficult for governments to rein in their spending.

Leadership questions are also surfacing, with the Greek finance minister stepping down to run the majority Socialist party and France gearing up for presidential elections.

Among other U.S. stocks making moves:

”” Sprint Nextel plummeted 4.5 percent after an analyst downgraded the stock to underperform, predicted that future incarnations of the iPhone could have trouble with the Sprint network and expressed concern about the company's debt.

”” Bank of America rose above $10 in midday trading for the first time since August, though it's still well off its pre-crisis high of more than $50. The stock ended the day down 2.8 percent, at $9.53.

bigdog · 21 March 2012

Source: http://finance.yahoo.com

Stocks closed lower Tuesday for only the second time in two weeks after two reports suggested an economic slowdown in China, where blistering growth over the past three years has helped sustain the global economic recovery.

Home prices dropped in 45 Chinese cities last month, a result of government policies designed to reduce property speculation. And BHP Billiton, a mining company, predicted that China will not use much more iron ore in 2020 than it does today.

In the United States, stocks recovered some of their early loss but still closed lower. The Dow Jones industrial average declined 68.94 points to 13,170.19. It had been down as much as 116 points.

The Standard & Poor's 500 index closed down 4.23 points at 1,405.52. The Nasdaq composite index dropped 4.17 points to 3,074.15.

Brian Gendreau, a market strategist at the brokerage Cetera Financial Group, said traders were concerned about slower growth in India and Brazil as well. That could rein in a rally that has driven the S&P up almost 12 percent this year.

"If there were skeptics out there that the market might have gotten a little ahead of itself, this was all the news they needed," Gendreau said.

Mining companies, which rely on rising demand from the developing world, plunged. Peabody Energy fell 5.4 percent, Cliffs Natural Resources 2.4 percent and U.S. Steel 0.9 percent. Energy stocks were the worst-performing group in the S&P 500.

Caterpillar, the maker of heavy equipment, led the Dow lower and slid 2.6 percent after it said global sales are growing more slowly. Bank of America, by far the most active stock in the Dow, led the average with a 2.9 percent gain.

Besides the report on home prices and the prediction of weaker demand for iron ore, which is used to make steel, China raised the price of gasoline for the second time in two months. That could hurt demand for fuel.

China's economy grew at an annual rate of 8.9 percent in the last three months of 2011, but the government, which is worried that the economy will overheat, has set a growth target of 7.5 percent this year.

The NYSE DOW closed LOWER ▼ -68.94 points or ▼ -0.52% Tuesday, 20 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,170.19 ▼ -68.94 ▼ -0.52%
Nasdaq___ 3,074.15 ▼ -4.17 ▼ -0.14%
S&P_500__ 1,405.52 ▼ -4.23 ▼ -0.30%
30_Yr_Bond 3.460 ▼ -0.02 ▼ -0.69%

NYSE Volume 3,695,271,500
Nasdaq Volume 1,532,892,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,891.41 ▼ -69.70 ▼ -1.17%
DAX_____ 7,054.94 ▼ -99.28 ▼ -1.39%
CAC_40__ 3,530.83 ▼ -47.05 ▼ -1.32%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,365.60 ▼ -15.60 ▼ -0.36%
Shanghai_Comp 2,376.84 ▼ -33.35 ▼ -1.38%
Taiwan_Weight 7,972.70 ▼ -71.22 ▼ -89.00%
Nikkei_225____ 10,141.99 ▲ 12.16 ▲ 0.12%
Hang_Seng____ 20,888.24 ▲ 53.93 ▼ -1.08%
Strait_Times___ 3,006.12 ▲ 16.03 ▲ 0.54%

http://news.yahoo.com/worry-chinese-demand-drives-us-stocks-lower-185332057.html

Worry about Chinese demand drives US stocks lower

Stocks closed lower Tuesday for only the second time in two weeks after two reports suggested an economic slowdown in China, where blistering growth over the past three years has helped sustain the global economic recovery.

Home prices dropped in 45 Chinese cities last month, a result of government policies designed to reduce property speculation. And BHP Billiton, a mining company, predicted that China will not use much more iron ore in 2020 than it does today.

In the United States, stocks recovered some of their early loss but still closed lower. The Dow Jones industrial average declined 68.94 points to 13,170.19. It had been down as much as 116 points.

The Standard & Poor's 500 index closed down 4.23 points at 1,405.52. The Nasdaq composite index dropped 4.17 points to 3,074.15.

Brian Gendreau, a market strategist at the brokerage Cetera Financial Group, said traders were concerned about slower growth in India and Brazil as well. That could rein in a rally that has driven the S&P up almost 12 percent this year.

"If there were skeptics out there that the market might have gotten a little ahead of itself, this was all the news they needed," Gendreau said.

Mining companies, which rely on rising demand from the developing world, plunged. Peabody Energy fell 5.4 percent, Cliffs Natural Resources 2.4 percent and U.S. Steel 0.9 percent. Energy stocks were the worst-performing group in the S&P 500.

Caterpillar, the maker of heavy equipment, led the Dow lower and slid 2.6 percent after it said global sales are growing more slowly. Bank of America, by far the most active stock in the Dow, led the average with a 2.9 percent gain.

Besides the report on home prices and the prediction of weaker demand for iron ore, which is used to make steel, China raised the price of gasoline for the second time in two months. That could hurt demand for fuel.

China's economy grew at an annual rate of 8.9 percent in the last three months of 2011, but the government, which is worried that the economy will overheat, has set a growth target of 7.5 percent this year.

Commodity prices fell broadly, also because of concerns about Chinese demand. Copper fell almost 2 percent. Platinum and palladium also fell. Gold fell more than $20 an ounce to $1,647 and is down 8 percent this month.

The price of oil dropped $2.48 to $105.61 in New York trading. In addition to the worry about China, oil fell because Saudi Arabia promised to fulfill any shortfalls in global supply because of the standoff over Iran's nuclear program.

Yields for U.S. government debt fell slightly after rising for nine consecutive days. The yield on the 10-year Treasury note dropped to 2.33 percent, from 2.36 late Monday, but had recovered to 2.36 percent later Tuesday.

The dollar rose against the euro. Traders tend to buy what they consider safer currencies, such as the dollar, when they are worried about the global economy. The euro fell to $1.322 from $1.324 late Monday.

The U.S. Commerce Department released a mixed report on the housing market. Builders broke ground on fewer homes in February, though they obtained more permits to build homes later in the year.

Gendreau said the report's impact on trading was mild because most housing data in recent months have signaled a modest revival for the industry.

European indexes fell. Germany's DAX lost 1.4 percent, France's CAC-40 1.3 percent and Britain's FTSE 100 1.2 percent.

Among the companies making big moves in the U.S. on Tuesday:

”” Tiffany & Co., the jeweler, jumped 6.7 percent after it said it expects higher profits and revenue this year.

”” Adobe Systems Inc., a maker of graphic design software, fell 3.9 percent after its quarterly profit fell sharply because of higher operating costs.

”” Lions Gate Entertainment Corp., the movie studio, rose 7.2 percent and hit a one-year high. "The Hunger Games," a science-fiction action movie opening Friday, could be a hit.

bigdog · 22 March 2012

Source: http://finance.yahoo.com

U.S. stocks closed mixed Wednesday after a quiet trading day that left the indexes little changed.

The Dow Jones industrial average closed down 45.57 points, or 0.3 percent, to 13,124.62. It had been up 20 shortly after the opening bell. The Dow had its biggest loss in two weeks on Tuesday, falling 68.94 points.

The Standard & Poor's 500 index closed down 2.63 points, or 0.2 percent, at 1,402.89. The Nasdaq composite average closed up 1.17 at 3,075.32.

Hewlett-Packard led the Dow lower, sliding 2.2 percent after saying it would combine its printer and PC divisions to save money and improve efficiency. H-P is coping with declining sales of PCs and printer ink as smartphones, tablets and electronic document-sharing gain popularity.

Earlier Wednesday, the National Association of Realtors released a mixed report about the state of the housing market. Sales of previously occupied homes dipped last month, but the sales pace for the winter was the best in five years, NAR said. Housing has been dragging on the economic recovery; an oversupply of homes has decimated construction and other trades in many parts of the country.

Without strongly positive or negative news to move the market, stocks meandered sideways for most of the day. John Manley, chief equity strategist for Wells Fargo Advantage Funds, said the lack of market-moving events is generally good for stocks. Traders are increasingly confident that the risks hanging over the market from Europe, oil prices and China will blow over, he said.

"If it hasn't happened today, that means it might not happen tomorrow," Manley said. "My guess is, no news means a slight upward bias to the market."

The yield on the 10-year Treasury note fell to 2.30 percent from 2.36 percent late Tuesday. Gold and crude oil prices rose slightly.

Stocks closed lower on Tuesday after two reports signaled an economic slowdown in China. Supercharged growth in China over the past three years has helped sustain the global economic recovery. The Dow had its biggest loss since March 6.

The Dow is still up 1.3 percent this month and 7.4 percent so far this year. Other indexes are up even more for the year: The S&P 500 has gained 11.6 percent; the technology-focused Nasdaq composite 18.1 percent.

The NYSE DOW closed LOWER ▼ -45.57 points or ▼ -0.35% Wednesday, 21 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,124.62 ▼ -45.57 ▼ -0.35%
Nasdaq___ 3,075.32 ▲ 1.17 ▲ 0.04%
S&P_500__ 1,402.89 ▼ -2.63 ▼ -0.19%
30_Yr_Bond 3.379 ▼ -0.08 ▼ -2.26%

NYSE Volume 3,573,597,250
Nasdaq Volume 1,563,464,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,891.95 ▲ 0.54 ▲ 0.01%
DAX_____ 7,071.32 ▲ 16.38 ▲ 0.23%
CAC_40__ 3,527.37 ▼ -3.46 ▼ -0.10%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,347.00 ▼ -18.60 ▼ -0.43%
Shanghai_Comp 2,378.20 ▲ 1.36 ▲ 0.06%
Taiwan_Weight 7,981.94 ▲ 9.24 ▲ 0.12%
Nikkei_225____ 10,086.49 ▼ -55.50 ▼ -0.55%
Hang_Seng____ 20,856.63 ▲ 53.93 ▼ -0.15%
Strait_Times___ 3,005.63 ▲ 2.90 ▲ 0.10%

http://finance.yahoo.com/news/us-stocks-close-mixed-continuing-201038840.html

US stocks close mixed, continuing bumpy week

US stocks close mixed; H-P leads Dow lower as investors sour on new strategy

By Daniel Wagner, AP Business Writer

U.S. stocks closed mixed Wednesday after a quiet trading day that left the indexes little changed.

The Dow Jones industrial average closed down 45.57 points, or 0.3 percent, to 13,124.62. It had been up 20 shortly after the opening bell. The Dow had its biggest loss in two weeks on Tuesday, falling 68.94 points.

The Standard & Poor's 500 index closed down 2.63 points, or 0.2 percent, at 1,402.89. The Nasdaq composite average closed up 1.17 at 3,075.32.

Hewlett-Packard led the Dow lower, sliding 2.2 percent after saying it would combine its printer and PC divisions to save money and improve efficiency. H-P is coping with declining sales of PCs and printer ink as smartphones, tablets and electronic document-sharing gain popularity.

Earlier Wednesday, the National Association of Realtors released a mixed report about the state of the housing market. Sales of previously occupied homes dipped last month, but the sales pace for the winter was the best in five years, NAR said. Housing has been dragging on the economic recovery; an oversupply of homes has decimated construction and other trades in many parts of the country.

Without strongly positive or negative news to move the market, stocks meandered sideways for most of the day. John Manley, chief equity strategist for Wells Fargo Advantage Funds, said the lack of market-moving events is generally good for stocks. Traders are increasingly confident that the risks hanging over the market from Europe, oil prices and China will blow over, he said.

"If it hasn't happened today, that means it might not happen tomorrow," Manley said. "My guess is, no news means a slight upward bias to the market."

The yield on the 10-year Treasury note fell to 2.30 percent from 2.36 percent late Tuesday. Gold and crude oil prices rose slightly.

Stocks closed lower on Tuesday after two reports signaled an economic slowdown in China. Supercharged growth in China over the past three years has helped sustain the global economic recovery. The Dow had its biggest loss since March 6.

The Dow is still up 1.3 percent this month and 7.4 percent so far this year. Other indexes are up even more for the year: The S&P 500 has gained 11.6 percent; the technology-focused Nasdaq composite 18.1 percent.

In a research report Wednesday, Goldman Sachs analysts urged investors to dump bonds and put money into stocks. The report argues that the weak economic growth in the United States and Europe is not universal, and that the 2010s could be the strongest period for world growth between 1980 and 2050.

It also argues that, while Japan's two decades of economic stagnation in the 1990s and 2000s are a tempting comparison to what the U.S. and Europe face today, Japanese stocks were far more overvalued before Japan entered its decline.

"We think it's time to say a 'long goodbye' to bonds, and embrace the 'long good buy' for equities as we expect them to embark on an upward trend over the next few years," the report says.

Among stocks making big moves:

”” Baker Hughes fell 5.8 percent, the most of any company in the S&P 500, after the oil-field services company said its profit margin would fall below last quarter's as companies shift from crude to natural gas exploration. Baker Hughes faces shortages of raw materials used in its pressure pumping business, a decline in fleet usage and higher-than-expected personnel and logistics costs.

”” Hartford Financial jumped 1.4 percent after the company said it would get out of the annuity business and focus on property and casualty insurance, group benefits and mutual funds. Hedge fund manager John Paulson had urged Hartford to spin off businesses.

”” Green Mountain Coffee Roasters soared 10 percent. The company said it was expanding its partnership with Starbucks to sell Starbucks' Vue coffee packs for use in Green Mountain's Keurig single-cup machines. The news relieved investors concerned that Starbucks' new single-cup Verismo coffee machine might be a competitive threat to Keurig.

”” FSI International, which makes equipment for producing microelectronics, jumped 5.9 percent after the company reported that orders skyrocketed in the latest quarter, helping it beat analysts' forecasts.

bigdog · 23 March 2012

Source: http://finance.yahoo.com

Signs that China's economy is weakening and Europe is slowing sent U.S. stocks lower.

The price of crude oil dropped 2 percent Thursday to its lowest level in a week. That hurt oil stocks: Alpha Natural Resources, Consol Energy, and Noble Energy each fell 4 percent.

The disconcerting economic news from overseas overshadowed other reports that suggested the U.S. economy is gaining momentum.

The Dow Jones industrial average closed down 78.48 points, or 0.6 percent, at 13,046.14.

The Standard & Poor's 500 index fell 10.11, or 0.7 percent, at 1,392.78, while the Nasdaq composite index fell 12 points, or 0.4 percent to 3,063.32.

Eight out of 10 sectors declined in the S&P 500, led by energy and materials as investors worried about a drop in global demand for oil and raw materials.

China has released a string of worrisome economic reports recently. The latest, on Thursday, signaled that its manufacturing sector could be contracting. A manufacturing index compiled by HSBC fell to 48.1 in March from 49.6 in February. Figures below 50 indicate that manufacturing is contracting.

That's a negative sign because growth in China has played a key role in shoring up the global economy since the financial crisis of 2008.

China is also the world's largest consumer of raw materials, so a slowdown there would affect those companies. US Steel Corp. tumbled 5.82 percent, and copper wire and bar manufacturer Freeport-McMoRan Copper Gold Inc. lost 3.7 percent.

The NYSE DOW closed LOWER ▼ -78.48 points or ▼ -0.60% Thursday, 22 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,046.14 ▼ -78.48 ▼ -0.60%
Nasdaq___ 3,063.32 ▼ -12.00 ▼ -0.39%
S&P_500__ 1,392.78 ▼ -10.11 ▼ -0.72%
30_Yr_Bond 3.362 ▼ -0.02 ▼ -0.50%

NYSE Volume 3,740,587,250
Nasdaq Volume 1,529,811,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,845.65 ▼ -46.30 ▼ -0.79%
DAX_____ 6,981.26 ▼ -90.06 ▼ -1.27%
CAC_40__ 3,472.46 ▼ -54.91 ▼ -1.56%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,364.90 ▲ 17.90 ▲ 0.41%
Shanghai_Comp 2,375.77 ▼ -2.42 ▼ -0.10%
Taiwan_Weight 8,059.94 ▲ 78.00 ▲ 0.98%
Nikkei_225____ 10,127.08 ▲ 40.59 ▲ 0.40%
Hang_Seng____ 20,901.56 ▲ 53.93 ▲ 0.22%
Strait_Times___ 2,983.48 ▼ -22.15 ▼ -0.74%

http://finance.yahoo.com/news/stocks-lower-worries-over-china-154746824.html

Stocks lower on worries over China slowdown

Stocks sink on signs of slowdown in China and Europe; Energy shares lead market lower

NEW YORK (AP) -- Signs that China's economy is weakening and Europe is slowing sent U.S. stocks lower.

The price of crude oil dropped 2 percent Thursday to its lowest level in a week. That hurt oil stocks: Alpha Natural Resources, Consol Energy, and Noble Energy each fell 4 percent.

The disconcerting economic news from overseas overshadowed other reports that suggested the U.S. economy is gaining momentum.

The Dow Jones industrial average closed down 78.48 points, or 0.6 percent, at 13,046.14.

The Standard & Poor's 500 index fell 10.11, or 0.7 percent, at 1,392.78, while the Nasdaq composite index fell 12 points, or 0.4 percent to 3,063.32.

Eight out of 10 sectors declined in the S&P 500, led by energy and materials as investors worried about a drop in global demand for oil and raw materials.

China has released a string of worrisome economic reports recently. The latest, on Thursday, signaled that its manufacturing sector could be contracting. A manufacturing index compiled by HSBC fell to 48.1 in March from 49.6 in February. Figures below 50 indicate that manufacturing is contracting.

That's a negative sign because growth in China has played a key role in shoring up the global economy since the financial crisis of 2008.

China is also the world's largest consumer of raw materials, so a slowdown there would affect those companies. US Steel Corp. tumbled 5.82 percent, and copper wire and bar manufacturer Freeport-McMoRan Copper Gold Inc. lost 3.7 percent.

It didn't help that another survey in Europe also pointed to slower growth. The purchasing managers' index from Markit, a financial information company, fell to a below-forecast 48.8 points in March from 49.3 a month earlier. The index combines both the services and manufacturing sectors in Europe.

Those signs of a deceleration in key global markets dwarfed the latest positive news on the U.S. economy. The number of Americans seeking unemployment benefits fell 5,000 to a four-year low last week, bolstering the view that the job market is strengthening. A measure of future U.S. economic activity, the Conference Board's index of leading economic indicators, rose 0.7 percent in February for the fifth straight month, more evidence that the economy is gaining momentum.

The poor economic news from abroad also hurt FedEx Corp.'s stock, which fell 4 percent. Chief financial officer Alan Graf said the current global economic environment and higher fuel prices are driving more customers to "trade down" or choose slower methods of shipping to save money, just like they did during the recession. Investors decided to focus on his comments, rather than the company's stellar performance. FedEx's quarterly profit more than doubled between December and February after it shipped more packages and charged higher prices.

While news out of China has been bad for global company stocks, it may provide some relief to consumers with oil prices falling. Gasoline has risen 59 cents per gallon since Jan. 1 and the average price nationwide is above $4 in at least eight states, plus the District of Columbia.

It was a good day for IPOs. Payment processor Vantiv Inc. soared 14.7 percent in its first day of trading on the New York Stock Exchange, while email marketer ExactTarget Inc. rocketed up 32 percent on its first day of trading.

In other corporate news:

”” Watson Pharmaceuticals Inc. jumped 3.8 percent on reports the generic drugmaker is in talks to buy European counterpart Actavis for about $7 billion.

”” Discover Financial Services stock rose 2.7 percent, a day after it reported a 36 percent jump in its first-quarter profit. Customers used its credit card more and racked up higher balances but also improved their payment habits.

”” Diamond Foods Inc. declined 7.2 percent after the maker of Emerald nuts and other snacks said it is suspending dividend payments to stockholders because of a new credit agreement.

By Pallavi Gogoi, AP Business Writer

bigdog · 24 March 2012

Source: http://finance.yahoo.com

Stocks eked out a small gain at the end of a rough week in which the market was weighed down by prospects of a global economic slowdown.

The Dow on Friday closed up 34.59 points, or 0.3 percent, at 13,080.73. Financial stocks performed well, led by a 2.6 percent gain for Bank of America.

For the week, the Dow Jones industrial average was off 152 points, the worst in a month despite reports of strengthening in the U.S. jobs market and better corporate profits. Investors were worried about a slowdown in Asia and Europe and the impact of higher oil prices on consumer spending.

Home builders and home improvement stocks fell Friday after the Commerce Department said sales of new homes fell 1.6 percent last month. PulteGroup fell 2.6 percent and Lennar declined 1 percent, while Lowe's and Home Depot fell a little less than 1 percent.

In other trading, the Standard & Poor's 500 index inched up 4.33 points, or 0.3 percent, to 1,397.11 and the Nasdaq composite rose 4.6 points, or 0.1 percent, to 3,067.92.

A wide range of companies including Nike, Oracle, FedEx, and Tiffany have reported stellar earnings this week. However, those accomplishments were marred by worries of the effect of a slowdown in Asia and Europe on the companies that rely on global sales. Reports in China and Europe earlier in the week pointed to a likely slowdown in those economies.

Nike was off 3.2 percent, FedEx down less than 1 percent and Tiffany was off 1.4 percent.

The NYSE DOW closed HIGHER ▲ 34.59 points or ▲ 0.27% Friday, 23 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,080.73 ▲ 34.59 ▲ 0.27%
Nasdaq___ 3,067.92 ▲ 4.60 ▲ 0.15%
S&P_500__ 1,397.11 ▲ 4.33 ▲ 0.31%
30_Yr_Bond 3.314 ▼ -0.05 ▼ -1.43%

NYSE Volume 3,395,176,000
Nasdaq Volume 1,428,078,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,854.89 ▲ 9.24 ▲ 0.16%
DAX_____ 6,995.62 ▲ 14.36 ▲ 0.21%
CAC_40__ 3,476.18 ▲ 3.72 ▲ 0.11%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,360.70 ▼ -4.20 ▼ -0.10%
Shanghai_Comp 2,349.54 ▼ -26.23 ▼ -1.10%
Taiwan_Weight 8,076.61 ▲ 16.67 ▲ 0.21%
Nikkei_225____ 10,011.47 ▼ -115.61 ▼ -1.14%
Hang_Seng____ 20,668.80 ▲ 53.93 ▼ -1.11%
Strait_Times___ 2,990.08 ▲ 10.83 ▲ 0.36%

http://finance.yahoo.com/news/stocks-edge-global-economic-worries-204114973.html

Stocks edge up but global economic worries linger

Stocks close slightly higher but concerns over global slowdown linger

By Pallavi Gogoi, AP Business Writer

NEW YORK (AP) -- Stocks eked out a small gain at the end of a rough week in which the market was weighed down by prospects of a global economic slowdown.

The Dow on Friday closed up 34.59 points, or 0.3 percent, at 13,080.73. Financial stocks performed well, led by a 2.6 percent gain for Bank of America.

For the week, the Dow Jones industrial average was off 152 points, the worst in a month despite reports of strengthening in the U.S. jobs market and better corporate profits. Investors were worried about a slowdown in Asia and Europe and the impact of higher oil prices on consumer spending.

Home builders and home improvement stocks fell Friday after the Commerce Department said sales of new homes fell 1.6 percent last month. PulteGroup fell 2.6 percent and Lennar declined 1 percent, while Lowe's and Home Depot fell a little less than 1 percent.

In other trading, the Standard & Poor's 500 index inched up 4.33 points, or 0.3 percent, to 1,397.11 and the Nasdaq composite rose 4.6 points, or 0.1 percent, to 3,067.92.

A wide range of companies including Nike, Oracle, FedEx, and Tiffany have reported stellar earnings this week. However, those accomplishments were marred by worries of the effect of a slowdown in Asia and Europe on the companies that rely on global sales. Reports in China and Europe earlier in the week pointed to a likely slowdown in those economies.

Nike was off 3.2 percent, FedEx down less than 1 percent and Tiffany was off 1.4 percent.

"Investors are scared so they're seeing a glass half empty rather than a glass half full," said Rob Lutts, president at Cabot Money Management.

American consumers, who drive two-thirds of the economy, are spending more in stores and restaurants. But investors are worried about how long that will last if oil prices continue to rise.

Darden Restaurants, which operates Olive Garden and Red Lobster, beat Wall Street forecasts with an 8.5 percent increase in profits after warm weather brought more people to its restaurants. But Darden stock fell 1.7 percent.

Crude oil rose 1.4 percent after a brief downturn Thursday. Gasoline has risen 59 cents per gallon since Jan. 1 and the average price nationwide is above $4 in at least eight states, plus the District of Columbia.

And then there is China and Europe. New surveys showed a contraction in the manufacturing sector in China, a bellwether for world demand as it produces and exports a huge amount of consumer goods. In Europe, Ireland dipped back into recession.

However, Lutts believe the worries are overblown. "Though China is slowing, I'm not that worried because the government will do all it can to get growth back on track," he said.

Treasury prices and gold rose. The yield on the benchmark 10-year Treasury note fell to 2.23 percent.

In other corporate news:

— Micron Technology fell 3.6 percent, one of the biggest drops in the S&P 500. The maker of computer chips and flash memory reported a larger loss than analysts expected after the market closed Thursday.

— KB Home stock plunged 8.5 percent after it said there was a spike in cancellations of contracts for new homes between December and February, driving its home orders down 8 percent. Buyers canceled orders because KB Home raised prices and some mortgage lenders backed away from making loans.

— Fertilizer maker Mosaic Co. was up 2.5 percent after JPMorgan analysts upgraded the stock for securing new contracts.

— Morgan Stanley stock moved up 3.8 percent, after a Credit Suisse analyst upgraded its stock on an improved outlook for its investment banking business

1971

bigdog · 27 March 2012

Source: http://finance.yahoo.com

Stocks leapt to multi-year highs and recorded one of their biggest gains of the year Monday after Federal Reserve Chairman Ben Bernanke suggested that the economy still needs help to produce faster job growth.

The Dow Jones industrial average climbed 160.90 points to 13,241.63, its third-best showing this year. The Standard & Poor's 500 index rose 19.40 points to 1,416.51, its highest close since May 2008.

The Nasdaq composite index, which is closing in on a 20 percent rally for the year, climbed 54.65 points to 3,122.57, its best finish since November 2000.

Health care stocks led the market. The Supreme Court heard the first of three days of arguments on the constitutionality of President Barack Obama's 2010 health care law, which will require Americans to carry insurance or pay a penalty.

Health care stocks gained 1.7 percent as a group. Aetna gained 3.1 percent, WellPoint 2.9 percent and UnitedHealth Group 2.7 percent. The court is expected to decide the case in June.

Bernanke, speaking to a group of economists, sounded pessimistic about jobs even though the country added an average of 245,000 jobs each month since December and the unemployment rate has fallen steadily since last summer.

He noted that the number of people working and the hours they work are well below where they stood before the 2008 financial crisis. He also suggested that some of the decline in the rate was because discouraged workers gave up looking for work.

Bernanke's comments could mean two things for the market.

On one hand, they suggest that he believes the Fed needs to continue to prop up the economy ”” by keeping short-term interest rates near zero and perhaps by buying more bonds later.

"It's been a while since we've had any real direction saying we need a bigger push to clean up unemployment," said Chip Cobb, senior vice president of Bryn Mawr Trust Asset Management in Pennsylvania. "Now we're looking for more stimulus again. It's like we can't get enough."

The NYSE DOW closed HIGHER ▲ 160.90 points or ▲ 1.23% Monday, 26 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,241.63 ▲ 160.90 ▲ 1.23%
Nasdaq___ 3,122.57 ▲ 54.65 ▲ 1.78%
S&P_500__ 1,416.51 ▲ 19.40 ▲ 1.39%
30_Yr_Bond 3.330 ▲ 0.02 ▲ 0.48%

NYSE Volume 3,467,794,000
Nasdaq Volume 1,625,670,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,902.70 ▲ 47.81 ▲ 0.82%
DAX_____ 7,079.23 ▲ 83.61 ▲ 1.20%
CAC_40__ 3,501.98 ▲ 25.80 ▲ 0.74%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,355.20 ▼ -5.50 ▼ -0.13%
Shanghai_Comp 2,350.60 ▲ 1.06 ▲ 0.05%
Taiwan_Weight 7,967.62 ▼ -108.99 ▼ -1.35%
Nikkei_225____ 10,018.24 ▲ 6.77 ▲ 0.07%
Hang_Seng____ 20,668.86 ▲ 53.93 ▲ 0.00%
Strait_Times___ 2,974.50 ▼ -15.58 ▼ -0.52%

http://finance.yahoo.com/news/big-gain-stocks-bernanke-remarks-160233701.html

Big gain for stocks after Bernanke remarks

Stocks rise sharply after Bernanke suggests economy still needs help

By Christina Rexrode, AP Business Writer

NEW YORK (AP) -- Stocks leapt to multi-year highs and recorded one of their biggest gains of the year Monday after Federal Reserve Chairman Ben Bernanke suggested that the economy still needs help to produce faster job growth.

The Dow Jones industrial average climbed 160.90 points to 13,241.63, its third-best showing this year. The Standard & Poor's 500 index rose 19.40 points to 1,416.51, its highest close since May 2008.

The Nasdaq composite index, which is closing in on a 20 percent rally for the year, climbed 54.65 points to 3,122.57, its best finish since November 2000.

Health care stocks led the market. The Supreme Court heard the first of three days of arguments on the constitutionality of President Barack Obama's 2010 health care law, which will require Americans to carry insurance or pay a penalty.

Health care stocks gained 1.7 percent as a group. Aetna gained 3.1 percent, WellPoint 2.9 percent and UnitedHealth Group 2.7 percent. The court is expected to decide the case in June.

Bernanke, speaking to a group of economists, sounded pessimistic about jobs even though the country added an average of 245,000 jobs each month since December and the unemployment rate has fallen steadily since last summer.

He noted that the number of people working and the hours they work are well below where they stood before the 2008 financial crisis. He also suggested that some of the decline in the rate was because discouraged workers gave up looking for work.

Bernanke's comments could mean two things for the market.

On one hand, they suggest that he believes the Fed needs to continue to prop up the economy ”” by keeping short-term interest rates near zero and perhaps by buying more bonds later.

"It's been a while since we've had any real direction saying we need a bigger push to clean up unemployment," said Chip Cobb, senior vice president of Bryn Mawr Trust Asset Management in Pennsylvania. "Now we're looking for more stimulus again. It's like we can't get enough."

Others focused on Bernanke's remarks that some recent hiring is merely companies making up for laying off too many people in 2009, rather than a sign of a growing economy.

That could be a relief to investors who were worried that labor costs would grow too quickly and shrink earnings, said Paul Zemsky, head of asset allocation at ING Investment Management in New York.

Some of the jump in stocks could also be because money managers are piling into stocks before the first quarter ends this week. Fund managers who missed out on this quarter's rally will want to show clients they are invested for the next quarter.

"It may not be a wise investment decision, but I think it happens," said Brian Lazorishak, portfolio manager at Chase Investment Counsel in Charlottesville, Va.

Stocks mostly rose in Europe. Germany's DAX index climbed 1.2 percent after a measure of business confidence in that country rose for the fifth month in a row. France's CAC-40 rose 0.7 percent, and in London, the FTSE rose 0.8 percent.

The euro gained less than a penny against the dollar, to $1.335. Gold rose $23.20 to $1,685.60 an ounce.

The yield on the 10-year Treasury note rose to 2.25 percent from 2.23 percent late Friday. Rising yields are a sign that investors are willing to take money out of safer government bonds and put it into riskier investments like stocks.

The price of crude oil settled at $107.03, up 16 cents, and the average price of gasoline hit $3.90 per gallon. Last year's peak was $3.98 but that was set in May, when the summer driving season begins and prices usually rise.

Among stocks making moves Monday:

”” Lions Gate Entertainment climbed 4.5 percent after its movie "The Hunger Games" had a record-setting opening weekend.

”” Select Comfort Corp., which makes Sleep Number beds, climbed 3.3 percent after KeyBanc reiterated its "buy" rating on the stock and said shipments across the mattress industry were up in February.

”” American Express climbed 2.5 percent after announcing that it will raise its quarterly dividend to 20 cents from 18 cents. It is the company's first dividend increase since November 2007.

”” Tenet Healthcare rose 5.5 percent after the hedge fund Glenview Capital Management disclosed that it has taken a 5.5 percent stake in the company. That makes it Tenet's fifth-largest shareholder.

”” Safeway, the grocery chain, fell 3.4 percent, worst in the S&P 500, after a Credit Suisse analyst downgraded his rating on the company. The analyst said a pension liability could cause its costs to rise.

bigdog · 28 March 2012

Source: http://finance.yahoo.com

Major stock indexes dipped Tuesday as weak readings on consumer confidence gave investors little reason to extend the recent rally.

The Dow Jones industrial average dropped 43.90 points to close at 13,197.73, a loss of 0.3 percent. Bank of America fell 3.3 percent, the biggest drop in the Dow, after an analyst downgraded the stock.

Major indexes opened higher, then pulled back after 10 a.m., when the Conference Board said its index of consumer confidence slipped in March. Higher gas prices offset the surging stock market. Around the same time, the Federal Reserve Bank of Richmond, Virginia reported that a measure of regional manufacturing plunged this month.

Other indexes edged lower. The Standard & Poor's 500 index dropped 3.99 points to 1,412.52. The Nasdaq composite fell 2.22 points to 3,120.35.

More than four stocks fell for every three that rose on the New York Stock Exchange. Trading volume was well below average at 3.4 billion.

The S&P 500 index and the Nasdaq are up more than 1 percent for the week. The S&P 500 has already gained 12.3 percent to start the year. That three-month surge easily beats the 8 percent return most fund managers hope to make in a whole year. The Nasdaq is up even more for the year, 19.8 percent.

Brian Gendreau, market strategist at Cetera Financial, said the stock market still has room to go higher even after such a strong start. Companies in the S&P 500 index are trading for around 13 times their expected earnings over the next year, below the average of 14.6 times over the past decade. And there's plenty of cash still tucked away in the Treasury market.

"Compared to bonds, stocks remain very attractive," Gendreau said. "That doesn't tell you if we'll get a move in a week or a month from now, but it does tell you that there's a lot of pent-up demand."

The NYSE DOW closed LOWER ▼ -43.90 points or ▼ -0.33% Tuesday, 27 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,197.73 ▼ -43.90 ▼ -0.33%
Nasdaq___ 3,120.35 ▼ -2.22 ▼ -0.07%
S&P_500__ 1,412.52 ▼ -3.99 ▼ -0.28%
30_Yr_Bond 3.300 ▼ -0.03 ▼ -0.90%

NYSE Volume 3,474,068,000
Nasdaq Volume 1,660,968,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,869.55 ▼ -33.15 ▼ -0.56%
DAX_____ 7,078.90 ▼ -0.33 ▲ 0.00%
CAC_40__ 3,469.59 ▼ -32.39 ▼ -0.92%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,391.60 ▲ 36.40 ▲ 0.84%
Shanghai_Comp 2,347.18 ▼ -3.42 ▼ -0.15%
Taiwan_Weight 8,029.46 ▲ 61.84 ▲ 0.78%
Nikkei_225____ 10,255.15 ▲ 236.91 ▲ 2.36%
Hang_Seng____ 21,046.91 ▲ 53.93 ▲ 1.83%
Strait_Times___ 3,015.63 ▲ 41.13 ▲ 1.38%

http://finance.yahoo.com/news/stocks-edge-lower-consumer-confidence-201403025.html

Stocks edge lower after consumer confidence report

Stocks drift lower following dip in consumer confidence; Lennar leads housing stocks up

By Matthew Craft, AP Business Writer

NEW YORK (AP) -- Major stock indexes dipped Tuesday as weak readings on consumer confidence gave investors little reason to extend the recent rally.

The Dow Jones industrial average dropped 43.90 points to close at 13,197.73, a loss of 0.3 percent. Bank of America fell 3.3 percent, the biggest drop in the Dow, after an analyst downgraded the stock.

Major indexes opened higher, then pulled back after 10 a.m., when the Conference Board said its index of consumer confidence slipped in March. Higher gas prices offset the surging stock market. Around the same time, the Federal Reserve Bank of Richmond, Virginia reported that a measure of regional manufacturing plunged this month.

Other indexes edged lower. The Standard & Poor's 500 index dropped 3.99 points to 1,412.52. The Nasdaq composite fell 2.22 points to 3,120.35.

More than four stocks fell for every three that rose on the New York Stock Exchange. Trading volume was well below average at 3.4 billion.

The S&P 500 index and the Nasdaq are up more than 1 percent for the week. The S&P 500 has already gained 12.3 percent to start the year. That three-month surge easily beats the 8 percent return most fund managers hope to make in a whole year. The Nasdaq is up even more for the year, 19.8 percent.

Brian Gendreau, market strategist at Cetera Financial, said the stock market still has room to go higher even after such a strong start. Companies in the S&P 500 index are trading for around 13 times their expected earnings over the next year, below the average of 14.6 times over the past decade. And there's plenty of cash still tucked away in the Treasury market.

"Compared to bonds, stocks remain very attractive," Gendreau said. "That doesn't tell you if we'll get a move in a week or a month from now, but it does tell you that there's a lot of pent-up demand."

Earnings from Lennar Corp. pulled housing stocks up. The country's third-largest builder reported quarterly profits that beat analysts' estimates by delivering more houses and pulling in more orders. Lennar rose 4.7 percent, the best gain in the S&P 500 index. PulteGroup rose 3.6 percent, D.R. Horton 2.8 percent.

The economic reports on consumer confidence and regional manufacturing helped push up prices in the U.S. government debt market, where traders park funds when the economy looks sluggish. The 10-year Treasury note rose 53 cents for every $100 invested. The yield fell to 2.18 percent from 2.26 percent late Monday.

Demand for Treasurys has pulled yields down from highs reached last week. The yield on the 10-year note touched 2.4 percent last Tuesday, the highest yield since October.

Natural gas prices fell again Tuesday on rising supplies and warmer winter weather. Natural gas futures fell 1.8 cents to $2.21 per 1,000 cubic feet. That's near a 10-year low and half of what natural gas fetched back in July.

Any money that consumers are saving on natural gas could wind up in the gasoline tank. The national average for regular gasoline in the U.S. is $3.90 per gallon. It's risen 62 cents since Jan. 1.

Among stocks making big moves:

”” Walgreen Co. rose 1.2 percent. The drugstore chain posted a drop in quarterly earnings but the results still topped analysts' expectations.

”” Apollo Group Inc. fell 8.5 percent, the biggest drop in the S&P 500. The for-profit education company reported a profit in the most recent quarter but issued a dim forecast. Apollo expects fewer students to enroll in the coming quarter.

”” Ista Pharmaceuticals Inc. leapt 7.8 percent on news that Bausch & Lomb plans to buy the drug maker for roughly $500 million in cash. Ista gets most of its revenue from Bromday, an eye drop for patients recovering from cataract surgery. Bausch & Lomb plans to pay $9.10 per share for Ista, a 72-cent premium over Monday's closing price. Bausch & Lomb is privately held.

bigdog · 29 March 2012

Source: http://finance.yahoo.com

Falling commodity prices punished materials and energy companies Wednesday, pushing Wall Street's major stock indexes to a lower close.

Materials fell the most among the 10 industry groups in the Standard & Poor's 500 index. Aluminum producer Alcoa Inc. fell 2.6 percent. The only stock in the Dow Jones industrial average that lost more was heavy equipment maker Caterpillar Inc., which dropped 3.5 percent.

All three major indexes lost a half-percent. The Dow closed down 71.52 points at 13,126.21. The broader S&P 500 index lost 6.98 to 1,405.54. The Nasdaq composite index, heavy with technology stocks, fell 15.39 to 3,104.96.

One bright spot was the strong debut of Annie's Inc., a company that sells prepared organic foods. In its first day of trading on the New York Stock Exchange, Annie's leapt 89 percent to $35.92. The company, based in Berkeley, Calif., had priced its shares at $19 late Tuesday.

The broad declines came in spite of a government report that orders for durable goods rose strongly last month, a sign that businesses continue to invest.

The Commerce Department said before the market opened that orders for durable goods, which are defined as products expected to last at least three years, rose 2.2 percent in February. Orders for machinery, computers, autos and aircraft led the rise.

The positive economic news reduced demand for U.S. Treasury debt. The yield on the 10-year Treasury rose to 2.21 percent from 2.19 percent before the report. As stocks fell, traders again sought the safety of Treasurys and the yield fell back to 2.20 percent.

Health insurance companies declined more than the broader market as the U.S. Supreme Court wrapped up oral arguments in a challenge to President Barack Obama's massive health care overhaul. Aetna Inc. and Health Net Inc. lost 1 percent; Catalyst Health Solutions fell 1.4 percent.

Insurers lost ground because of tough questions from key justices, a signal to some observers that they might strike down the law. Dave Shove, an analyst with BMO Capital Markets, said most people expect the law to help big health insurers by extending coverage to millions more Americans.

"Stocks are following what most people think, which is that these exchanges were going to be a fairly good thing for insurers and bring a bunch of the uninsured in," Shove said, referring to the health policy exchanges where uninsured people would be able to buy coverage.

The NYSE DOW closed LOWER ▼ -71.52 points or ▼ -0.54% Wednesday, 28 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,126.21 ▼ -71.52 ▼ -0.54%
Nasdaq___ 3,104.96 ▼ -15.39 ▼ -0.49%
S&P_500__ 1,405.54 ▼ -6.98 ▼ -0.49%
30_Yr_Bond 3.304 ▲ 0.00 ▲ 0.12%

NYSE Volume 3,854,130,750
Nasdaq Volume 1,764,716,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,808.99 ▼ -60.56 ▼ -1.03%
DAX_____ 6,998.80 ▼ -80.10 ▼ -1.13%
CAC_40__ 3,430.15 ▼ -39.44 ▼ -1.14%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,431.50 ▲ 39.90 ▲ 0.91%
Shanghai_Comp 2,284.88 ▼ -62.30 ▼ -2.65%
Taiwan_Weight 8,038.07 ▲ 8.61 ▲ 0.11%
Nikkei_225____ 10,182.57 ▼ -72.58 ▼ -0.71%
Hang_Seng____ 20,885.42 ▲ 53.93 ▼ -0.77%
Strait_Times___ 3,015.98 ▼ -2.93 ▼ -0.10%

Falling commodity prices lower stocks

Falling commodity prices pushed stocks lower Wednesday. The Dow fell 71 points to close at 13126, and all three major indexes lost at least a half percent.

By Daniel Wagner, AP Business writer

Falling commodity prices punished materials and energy companies Wednesday, pushing Wall Street's major stock indexes to a lower close.

Materials fell the most among the 10 industry groups in the Standard & Poor's 500 index. Aluminum producer Alcoa Inc. fell 2.6 percent. The only stock in the Dow Jones industrial average that lost more was heavy equipment maker Caterpillar Inc., which dropped 3.5 percent.

All three major indexes lost a half-percent. The Dow closed down 71.52 points at 13,126.21. The broader S&P 500 index lost 6.98 to 1,405.54. The Nasdaq composite index, heavy with technology stocks, fell 15.39 to 3,104.96.

One bright spot was the strong debut of Annie's Inc., a company that sells prepared organic foods. In its first day of trading on the New York Stock Exchange, Annie's leapt 89 percent to $35.92. The company, based in Berkeley, Calif., had priced its shares at $19 late Tuesday.

The broad declines came in spite of a government report that orders for durable goods rose strongly last month, a sign that businesses continue to invest.

The Commerce Department said before the market opened that orders for durable goods, which are defined as products expected to last at least three years, rose 2.2 percent in February. Orders for machinery, computers, autos and aircraft led the rise.

The positive economic news reduced demand for U.S. Treasury debt. The yield on the 10-year Treasury rose to 2.21 percent from 2.19 percent before the report. As stocks fell, traders again sought the safety of Treasurys and the yield fell back to 2.20 percent.

Health insurance companies declined more than the broader market as the U.S. Supreme Court wrapped up oral arguments in a challenge to President Barack Obama's massive health care overhaul. Aetna Inc. and Health Net Inc. lost 1 percent; Catalyst Health Solutions fell 1.4 percent.

Insurers lost ground because of tough questions from key justices, a signal to some observers that they might strike down the law. Dave Shove, an analyst with BMO Capital Markets, said most people expect the law to help big health insurers by extending coverage to millions more Americans.

"Stocks are following what most people think, which is that these exchanges were going to be a fairly good thing for insurers and bring a bunch of the uninsured in," Shove said, referring to the health policy exchanges where uninsured people would be able to buy coverage.

Shove said his firm has a contrarian view, namely that the law "is much less disruptive to the marketplace" than many people expect.

Many investors are holding back on major trades as they await news later this week on Europe's progress in resolving its debt crisis, said Andrew Goldberg, global market strategist with J.P. Morgan Funds.

"Investors know Europe is still in crisis" and fear a steeper drop if markets are spooked by a meeting of European finance ministers that begins Thursday and Spain's budget announcement on Friday, Goldberg said.

European markets closed sharply lower. London's FTSE 100 dropped 1 percent; benchmark indexes in France and Germany dropped 1.1 percent.

Futures for crude, natural gas, heating oil and gasoline all fell Wednesday, with crude leading the way. Oil prices fell after a report suggesting a larger-than-expected jump in U.S. crude supplies, a sign that demand remains weak.

If consumers get a break on what they have to pay for energy, that could provide a bump for the U.S. economy.

In corporate news:

”” Sealy Corp. rose 6.4 percent after the mattress maker reported a surprise profit in the first quarter of 1 cent per share. Analysts surveyed by FactSet had expected a loss of 2 cents per share.

”” Medco Health Solutions Inc. jumped 3.2 percent after the company said its $29.1 billion merger with Express Scripts Inc. could close as early as next week. Express Scripts rose 1.3 percent.

”” JoS A. Bank Clothiers Inc. plunged 8.6 percent after the company said its first quarter began weakly because the mild winter weather crimped demand.

bigdog · 1 April 2012

Source: http://finance.yahoo.com

Rising consumer spending boosted stocks on Friday, and Wall Street closed its best first quarter since 1998.

The Dow Jones industrial average rose 66.22 points to close at 13,212.04. The Standard & Poor's 500 index rose 5.19 points to close at 1,408.47. The Nasdaq composite barely moved, falling 3.79 points to close at 3,091.57.

For the quarter, the Dow posted an 8 percent gain and the S&P a 12 percent gain, the best for those indexes in 14 years. The gain was 19 percent for the Nasdaq, its best since 1991.

The Commerce Department said consumer spending rose in February at the fastest rate in seven months. Strong hiring over the past three months has added up to the best jobs growth in two years, putting more people back to work.

Americans spent more even though their income has stagnated for two months after taxes and inflation. Some of the increased spending has gone to gasoline, which is the most expensive on record for this time of year. Oil prices rose again on Friday, up 23 cents in New York to $103.02 per barrel.

Nine out of 10 industry groups in the S&P 500 rose. The biggest-gaining category was energy stocks, although refiners fell because of the higher oil prices. Health care stocks rose, too, with two of the biggest gainers being health insurers UnitedHealth Group Inc. and WellPoint Inc. Technology stocks fell slightly.

Some of the buying could be driven by end-of-the-quarter efforts by fund managers to get into stocks now that they have become popular again, said Jim Russell, a regional investment director for US Bank Wealth Management. And individual investors who have been relying on bonds appear to be getting back into the market, too, he said.

"We are very heartened to see the retail investor stop playing one key on the piano — that is, all bonds, all the time," he said.

The NYSE DOW closed HIGHER ▲ 66.22 points or ▲ 0.50% Saturday, 31 March 2012
Symbol …........Last ......Change.....
Dow_Jones 13,212.04 ▲ 66.22 ▲ 0.50%
Nasdaq___ 3,091.57 ▼ -3.79 ▼ -0.12%
S&P_500__ 1,408.47 ▲ 5.19 ▲ 0.37%
30_Yr_Bond 3.350 ▲ 0.07 ▲ 2.26%

NYSE Volume 3,683,487,000
Nasdaq Volume 1,846,421,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,768.45 ▲ 26.42 ▲ 0.46%
DAX_____ 6,946.83 ▲ 71.68 ▲ 1.04%
CAC_40__ 3,423.81 ▲ 42.69 ▲ 1.26%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,420.00 ▼ -2.00 ▼ -0.05%
Shanghai_Comp 2,262.79 ▲ 10.63 ▲ 0.47%
Taiwan_Weight 7,933.00 ▲ 60.34 ▲ 0.77%
Nikkei_225____ 10,083.56 ▼ -31.23 ▼ -0.31%
Hang_Seng____ 20,555.58 ▲ 53.93 ▼ -0.26%
Strait_Times___ 3,010.46 ▲ 16.37 ▲ 0.55%

http://finance.yahoo.com/news/stocks-rise-extending-best-start-155523876.html

Stocks rise, extending best start since 1998

Stocks rise on increased consumer spending; market heads for best start since 1998

By Joshua Freed, AP Business Writer

Rising consumer spending boosted stocks on Friday, and Wall Street closed its best first quarter since 1998.

The Dow Jones industrial average rose 66.22 points to close at 13,212.04. The Standard & Poor's 500 index rose 5.19 points to close at 1,408.47. The Nasdaq composite barely moved, falling 3.79 points to close at 3,091.57.

For the quarter, the Dow posted an 8 percent gain and the S&P a 12 percent gain, the best for those indexes in 14 years. The gain was 19 percent for the Nasdaq, its best since 1991.

The Commerce Department said consumer spending rose in February at the fastest rate in seven months. Strong hiring over the past three months has added up to the best jobs growth in two years, putting more people back to work.

Americans spent more even though their income has stagnated for two months after taxes and inflation. Some of the increased spending has gone to gasoline, which is the most expensive on record for this time of year. Oil prices rose again on Friday, up 23 cents in New York to $103.02 per barrel.

Nine out of 10 industry groups in the S&P 500 rose. The biggest-gaining category was energy stocks, although refiners fell because of the higher oil prices. Health care stocks rose, too, with two of the biggest gainers being health insurers UnitedHealth Group Inc. and WellPoint Inc. Technology stocks fell slightly.

Some of the buying could be driven by end-of-the-quarter efforts by fund managers to get into stocks now that they have become popular again, said Jim Russell, a regional investment director for US Bank Wealth Management. And individual investors who have been relying on bonds appear to be getting back into the market, too, he said.

"We are very heartened to see the retail investor stop playing one key on the piano — that is, all bonds, all the time," he said.

Apple fell 1.7 percent after a company that makes its iPhones and iPads said it would effectively raise per-hour wages at its factories in China, suggesting that manufacturing prices could rise.

Shares of BlackBerry maker Research in Motion Ltd. rose 6.6 percent a day after the Canadian company said it would return to focusing on corporate customers and shake up its management to try to get profits growing again.

Corn prices surged 6.6 percent on news that suppliers are tighter than previously thought. Higher corn plus higher oil prices points toward higher food prices. Grocer stocks fell: Supervalu Inc. was down 3.7 percent, and Safeway Inc. fell 1.3 percent.

Best Buy closed down 4.4 percent as investors continued to digest its plan to cut stores and staff as it shifts toward smaller stores in an effort to compete with online retailers. Best Buy stock lost almost 7 percent on Thursday.

Sports apparel maker Finish Line Inc. fell 16 percent after it predicted a lower-than-expected first-quarter profit.

European markets bounced back after a rocky week that included a national strike in Spain. On Friday, the country unveiled a draft 2012 budget that seeks to cut the deficit by $36 billion through spending cuts and a tax hike on large companies. But Spain also plans to cut government ministry spending by an average of nearly 17 percent.

Germany's DAX closed up 1 percent at 6,947, while the CAC-40 in France rose 1.3 percent to 3,424. The FTSE 100 index of leading British shares was up 0.5 percent to 5,768. The euro rose half a penny against the dollar, to $1.3334.

Asian markets took a hit after some poor factory production numbers from Japan.

The yield on the benchmark 10-year U.S. Treasury note rose to 2.22 percent from 2.16 percent late Thursday. Treasury yields have risen two months in a row as investors feel more comfortable moving out of bonds and into riskier assets like stocks.

2787

bigdog · 3 April 2012

Source: http://finance.yahoo.com

A positive report on U.S. manufacturing overshadowed concerns about weaker global growth and lifted stocks to multi-year highs Monday. The gain added to the best first quarter for stocks in more than a decade.

The Institute for Supply Management said that its index of manufacturing activity rose strongly this month. A measure of manufacturing employment rose to a nine-month high.

Stocks in the U.S. and Europe had tilted negative but rose after the ISM report. The S&P 500 closed up 10.57 points, or 0.8 percent, at 1,419.04. That was its highest close since May 19, 2008.

The Dow Jones industrial average added 52.45 points, or 0.4 percent, to close at 13,264.49. It hasn't closed that high since the last day of 2007. The Nasdaq composite average gained 28.13, or 0.9 percent, to 3,119.70.

From January through March, the Dow rose 8 percent and the S&P 12 percent, the best first quarter for those indexes since 1998. The Nasdaq rose 19 percent, its best first quarter since 1991.

Groupon plunged 17 percent on the first trading day after the company said its internal controls are weak and its fourth-quarter loss was bigger than initially reported.

Still, the rally was broad, lifting all 10 of the S&P 500's industry groups. Rising commodity prices gave materials and energy companies some of the strongest gains.

A weaker report on U.S. construction activity kept traders' enthusiasm in check. Builders slowed their activity for a second straight month in February, pushing construction spending down by the largest amount in seven months.

The NYSE DOW closed HIGHER ▲ 52.45 points or ▲ 0.40% Monday, 2 April 2012
Symbol …........Last ......Change.....
Dow_Jones 13,264.49 ▲ 52.45 ▲ 0.40%
Nasdaq___ 3,119.70 ▲ 28.13 ▲ 0.91%
S&P_500__ 1,419.04 ▲ 10.57 ▲ 0.75%
30_Yr_Bond 3.338 ▼ -0.01 ▼ -0.21%

NYSE Volume 3,571,908,000
Nasdaq Volume 1,778,994,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,874.89 ▲ 132.86 ▲ 2.31%
DAX_____ 7,056.65 ▲ 109.82 ▲ 1.58%
CAC_40__ 3,462.91 ▲ 39.10 ▲ 1.14%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,416.40 ▼ -3.60 ▼ -0.08%
Shanghai_Comp 2,262.79 ▲ 10.63 ▲ 0.47%
Taiwan_Weight 7,862.90 ▼ -70.10 ▼ -0.88%
Nikkei_225____ 10,109.87 ▲ 26.31 ▲ 0.26%
Hang_Seng____ 20,522.26 ▲ 53.93 ▼ -0.16%
Strait_Times___ 3,016.07 ▲ 5.61 ▲ 0.19%

http://finance.yahoo.com/news/us-stocks-rise-building-soaring-201852544.html

US stocks rise, building on soaring first quarter

US stocks rise after strong report on US factories, building on blockbuster first quarter

By Daniel Wagner, AP Business Writer

A positive report on U.S. manufacturing overshadowed concerns about weaker global growth and lifted stocks to multi-year highs Monday. The gain added to the best first quarter for stocks in more than a decade.

The Institute for Supply Management said that its index of manufacturing activity rose strongly this month. A measure of manufacturing employment rose to a nine-month high.

Stocks in the U.S. and Europe had tilted negative but rose after the ISM report. The S&P 500 closed up 10.57 points, or 0.8 percent, at 1,419.04. That was its highest close since May 19, 2008.

The Dow Jones industrial average added 52.45 points, or 0.4 percent, to close at 13,264.49. It hasn't closed that high since the last day of 2007. The Nasdaq composite average gained 28.13, or 0.9 percent, to 3,119.70.

From January through March, the Dow rose 8 percent and the S&P 12 percent, the best first quarter for those indexes since 1998. The Nasdaq rose 19 percent, its best first quarter since 1991.

Groupon plunged 17 percent on the first trading day after the company said its internal controls are weak and its fourth-quarter loss was bigger than initially reported.

Still, the rally was broad, lifting all 10 of the S&P 500's industry groups. Rising commodity prices gave materials and energy companies some of the strongest gains.

A weaker report on U.S. construction activity kept traders' enthusiasm in check. Builders slowed their activity for a second straight month in February, pushing construction spending down by the largest amount in seven months.

The conflicting U.S. economic reports followed mixed data from overseas.

Surveys of Chinese factory executives shaded an uneven picture: A government-sanctioned report said that manufacturing there gained momentum for a fourth straight month.

But a separate survey by megabank HSBC suggested that China's export activity is contracting. The HSBC survey recorded its lowest average reading in three years in the first quarter.

Later, a survey of European manufacturing executives by financial data firm Markit fell to a three-month low. The result indicated that manufacturing activity there is contracting.

Europe's statistics bureau said that unemployment in the 17 countries that use the euro has risen to 10.8 percent, the highest level since the launch of the euro in 1999.

The nervous tone boosted demand for ultra-safe Treasurys, sending the yield on the 10-year Treasury note down to 2.19 percent from 2.24 percent earlier Monday.

Trading on the New York Stock Exchange was lighter than average. Many traders looked ahead to the U.S. March jobs report, due out Friday. Economists expect that job creation slowed modestly after three of the strongest months for the labor market since the recession.

European markets soared in their final 90 minutes of trading after the U.S. factory report was released. France's CAC 40 rose 1.1 percent, London's FTSE 100 gained 1.8 percent, and Germany's DAX added 1.6 percent.

In corporate news:

”” Avon Products Inc., which makes hair gel, makeup and watches, leaped 17 percent after the company rejected a $10 billion buyout offer from Coty Inc., a giant German perfume company.

Avon reported a fourth-quarter loss earlier this year and is in the hunt for a new CEO. The company has struggled as it attempts to put behind it an overseas bribery investigation that began in 2008.

”” Express Scripts rose 2 percent after it completed its $29.1 billion acquisition of Medco Health, creating the country's largest pharmacy benefits manager.

NYSE Dow Jones finished today at:

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