NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

Homebuilders led stocks up on Tuesday, helping major indexes recoup some losses from the day before. Rupert Murdoch's News Corp. surged after the media conglomerate said it may split into two companies.

The Dow Jones industrial average rose 32.01 points to close at 12,534.67.

PulteGroup, Lennar and other housing stocks climbed following news that a measure of national home prices rose 1.3 percent in April, the first increase in seven months. The Standard & Poor's/Case-Shiller home price index showed a rise in 19 out of the 20 major cities tracked; Detroit was the only city where prices fell.

PulteGroup rose 49 cents to $9.72 and Lennar rose 81 cents to $27.39.

"There's some good news out there, especially if you look at the housing market," said John De Clue, regional investment director of U.S. Bank's wealth management unit in Minneapolis. "But there's this overriding theme: concerns over global growth. Things are pretty much slowing everywhere you look."

News Corp. jumped 8 percent. The company confirmed that it's contemplating a breakup into two publicly traded companies. The split would divide its publishing from its entertainment businesses. The media empire includes The Wall Street Journal, Fox News Channel, and newspapers in Britain and Australia. News Corp.'s stock leapt $1.68 to $21.76.

In other trading, the broader Standard & Poor's 500 index gained 6.27 points to 1,319.99. The Nasdaq composite rose 17.90 points to 2,854.06.

The NYSE DOW closed HIGHER ▲ 32.01 points or ▲ 0.26% Tuesday, 26 June 2012
Symbol …........Last ......Change.....
Dow_Jones 12,534.67 ▲ 32.01 ▲ 0.26%
Nasdaq____ 2,854.06 ▲ 17.89 ▲ 0.63%
S&P_500__ 1,319.99 ▲ 6.27 ▲ 0.48%
30_Yr_Bond 2.698 ▲ 0.02 ▲ 0.60%

NYSE Volume 3,412,957,250
Nasdaq Volume 1,600,777,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,446.96 ▼ -3.69 ▼ -0.07%
DAX_____ 6,136.69 ▲ 4.30 ▲ 0.07%
CAC_40__ 3,012.71 ▼ -8.93 ▼ -0.30%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,056.30 ▼ -15.70 ▼ -0.39%
Shanghai_Comp 2,222.07 ▼ -2.05 ▼ -0.09%
Taiwan_Weight 7,137.93 ▼ -28.45 ▼ -0.40%
Nikkei_225____ 8,663.99 ▼ -70.63 ▼ -0.81%
Hang_Seng____ 18,981.84 ▲ 53.93 ▲ 0.45%
Strait_Times___ 2,809.31 ▼ -5.95 ▼ -0.21%
NZX 50 Index__ 3,381.32 ▼ -19.80 ▼ -0.58%

http://finance.yahoo.com/news/homebuilders-lead-stocks-wall-street-200954563.html

Homebuilders lead stocks up on Wall Street
Wall Street edges up a day after big losses; homebuilders rise on news of higher home prices

By Matthew Craft, AP Business Writer

Homebuilders led stocks up on Tuesday, helping major indexes recoup some losses from the day before. Rupert Murdoch's News Corp. surged after the media conglomerate said it may split into two companies.

The Dow Jones industrial average rose 32.01 points to close at 12,534.67.

PulteGroup, Lennar and other housing stocks climbed following news that a measure of national home prices rose 1.3 percent in April, the first increase in seven months. The Standard & Poor's/Case-Shiller home price index showed a rise in 19 out of the 20 major cities tracked; Detroit was the only city where prices fell.

PulteGroup rose 49 cents to $9.72 and Lennar rose 81 cents to $27.39.

"There's some good news out there, especially if you look at the housing market," said John De Clue, regional investment director of U.S. Bank's wealth management unit in Minneapolis. "But there's this overriding theme: concerns over global growth. Things are pretty much slowing everywhere you look."

News Corp. jumped 8 percent. The company confirmed that it's contemplating a breakup into two publicly traded companies. The split would divide its publishing from its entertainment businesses. The media empire includes The Wall Street Journal, Fox News Channel, and newspapers in Britain and Australia. News Corp.'s stock leapt $1.68 to $21.76.

In other trading, the broader Standard & Poor's 500 index gained 6.27 points to 1,319.99. The Nasdaq composite rose 17.90 points to 2,854.06.

Investors sold coal company stocks after S&P lowered the credit rating for James River Coal deeper into junk status, citing weaker demand for coal. Utilities have favored natural gas instead of coal to generate electricity and are also preparing for new emission standards. James River plunged 15 percent, or 43 cents, to $2.49.

Alpha Natural Resources sank 20 cents, to $7.73. Peabody Energy dropped 34 cents to $21.12.

More worrisome developments in Europe kept U.S. markets in check. Spain's borrowing costs jumped in a pair of short-term debt auctions, the latest sign that investors are hesitant to lend the country money. The interest rate on the country's 3-month bills was 2.36 percent Tuesday, nearly triple the rate in the last such auction in May.

Spain's main stock index sank 1.5 percent, the second day straight of deep losses, and the yield on its benchmark 10-year government bond rose to 6.81 percent, which makes it more expensive for the country to borrow. The slump in Spanish financial markets came a day after the credit rating agency Moody's lowered ratings on 28 Spanish banks.

Stock markets fell sharply in the U.S. and Europe on Monday as Europe's latest efforts to calm its financial crisis sapped investors' confidence. Spain's formal request for help for its banking systems left many questions unanswered, including how much money it needs.

Markets have also been battered by signs of withering economic growth around the world. Manufacturing has slowed in China, and hiring has weakened in the U.S. The Dow has taken its two largest daily losses of the year this month: a 250-point plunge June 21 and a 274-point one June 1.

Even with those losses, the Dow remains up 1.1 percent for June. The S&P 500 is up 0.7 percent.

Among other stocks making big moves:

”” Apollo Group, a for-profit education company which operates the University of Phoenix, soared 10 percent. The company reported quarterly income that was far larger than analysts had expected. The company's stock rose $3.34 to $35.81.

”” Seagate Technology gained 4 percent. The maker of hard disk drives is going to replace Progress Energy in the S&P 500 index. As a result, fund managers, whose performance is measured against the S&P index, are more likely to buy Seagate. The stock rose 85 cents to $24.12.

 

[bigdog]

Source: http://finance.yahoo.com

A rare double shot of good news about the U.S. economy sent stocks strongly higher Wednesday. The Dow Jones industrial average rose 92 points despite lingering fear about Europe's debt turmoil.

Americans signed more contracts to buy previously occupied homes in May, matching the fastest pace in two years, the National Association of Realtors said. It was the latest signal that the housing market is improving in many regions following a slump of more than six years.

Homebuilders soared. Lennar Corp. jumped $1.31, or 5 percent, to $28.70. That company had reported earlier that its second-quarter profit rose as it boosted deliveries and new orders. PulteGroup, D.R. Horton and Hovnanian Enterprises also rose sharply.

Earlier, the government said that businesses placed more orders for long-lasting manufactured goods in May, suggesting that their confidence in the U.S. economy was not shaken by signs of weakness that emerged this spring. Core goods, a measure of business investment plans, also jumped.

The reports "were really quite good," boosting hopes about the economic recovery after three months of weak output and abysmal job growth, said Dennis Gartman, an economist and editor of The Gartman Letter, a source of daily market commentary.

"The economy is doing reasonably well and will continue to muddle on through," Gartman said.

The Dow closed up 92.34 points, or 0.7 percent, at 12,627.01. Coca-Cola rose $1.26, or 2 percent, to $76.34, after saying it will invest another $3 billion in India's rapidly growing consumer market over the next eight years.

The Standard & Poor's 500 index rose 11.86 points, or 0.9 percent, to 1,331.85.

The NYSE DOW closed HIGHER ▲ 92.34 points or ▲ 0.74% Wednesday, 27 June 2012
Symbol …........Last ......Change.....
Dow_Jones 12,627.01 ▲ 92.34 ▲ 0.74%
Nasdaq____ 2,875.32 ▲ 21.26 ▲ 0.74%
S&P_500__ 1,331.85 ▲ 11.86 ▲ 0.90%
30_Yr_Bond 2.693 ▼ -0.01 ▼ -0.19%

NYSE Volume 3,286,921,000
Nasdaq Volume 1,638,583,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,523.92 ▲ 76.96 ▲ 1.41%
DAX_____ 6,228.99 ▲ 92.30 ▲ 1.50%
CAC_40__ 3,063.12 ▲ 50.41 ▲ 1.67%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,084.00 ▲ 27.70 ▲ 0.68%
Shanghai_Comp 2,216.93 ▼ -5.13 ▼ -0.23%
Taiwan_Weight 7,183.01 ▲ 45.08 ▲ 0.63%
Nikkei_225____ 8,730.49 ▲ 66.50 ▲ 0.77%
Hang_Seng____ 19,174.61 ▲ 53.93 ▲ 1.02%
Strait_Times___ 2,841.60 ▲ 35.97 ▲ 1.28%
NZX 50 Index__ 3,387.78 ▲ 6.45 ▲ 0.19%

http://finance.yahoo.com/news/stocks-rise-stronger-us-housing-143942348.html

Stocks rise on stronger US housing, factory data

US stocks rise on stronger data about housing, factories; European debt turmoil looms

By Daniel Wagner, AP Business Writer

A rare double shot of good news about the U.S. economy sent stocks strongly higher Wednesday. The Dow Jones industrial average rose 92 points despite lingering fear about Europe's debt turmoil.

Americans signed more contracts to buy previously occupied homes in May, matching the fastest pace in two years, the National Association of Realtors said. It was the latest signal that the housing market is improving in many regions following a slump of more than six years.

Homebuilders soared. Lennar Corp. jumped $1.31, or 5 percent, to $28.70. That company had reported earlier that its second-quarter profit rose as it boosted deliveries and new orders. PulteGroup, D.R. Horton and Hovnanian Enterprises also rose sharply.

Earlier, the government said that businesses placed more orders for long-lasting manufactured goods in May, suggesting that their confidence in the U.S. economy was not shaken by signs of weakness that emerged this spring. Core goods, a measure of business investment plans, also jumped.

The reports "were really quite good," boosting hopes about the economic recovery after three months of weak output and abysmal job growth, said Dennis Gartman, an economist and editor of The Gartman Letter, a source of daily market commentary.

"The economy is doing reasonably well and will continue to muddle on through," Gartman said.

The Dow closed up 92.34 points, or 0.7 percent, at 12,627.01. Coca-Cola rose $1.26, or 2 percent, to $76.34, after saying it will invest another $3 billion in India's rapidly growing consumer market over the next eight years.

The Standard & Poor's 500 index rose 11.86 points, or 0.9 percent, to 1,331.85. Its biggest loser by far was auto parts maker O'Reilly Automotive, which fell $13.83, or 14 percent, to $82.61. O'Reilly said its second-quarter earnings will be at the low end of its earlier estimates and sales will be weaker than previously expected.

H&R Block leapt 58 cents, or 4 percent, to $15.67. The tax preparation company posted a lower fourth-quarter profit than analyst had expected, but the company gained valuable market share while cutting jobs and closing stores to focus on electronic tax filing.

The Nasdaq composite average rose 21.26 points to 2,875.32.

Investors remain wracked with concern about Europe as leaders there prepare for a two-day summit aimed at defusing their lingering debt crisis. German Chancellor Angela Merkel warned Wednesday that there would be no quick solution to the structural issues plaguing the continent.

Europe will cause volatile stock trading in the coming weeks because the summit is unlikely to produce a lasting solution, Gartman said. The meeting is scheduled to be two days, he said, but Italian Prime Minister Mario Monti promised to keep it going until Sunday if an agreement has not been reached.

"I think he can keep them there until Sunday five weeks from now and there's little chance they'll agree," Gartman said.

 

[bigdog]

Source: http://finance.yahoo.com

A late recovery on Wall Street wiped out most of the stock market's losses Thursday, leaving the Dow Jones industrial average down just 25 points.

The Dow had been down as much as 177 points but came back sharply in the last 20 minutes of trading.

Many insurance stocks fell sharply after the Supreme Court upheld most of President Obama's health care law. The stocks of hospital operators rose. The ruling upheld the central provision of the law, a requirement that almost all Americans carry health insurance.

There were varying explanations for the late comeback on the stock market. European leaders were holding their first day of summit talks to address the region's sluggish economic growth and collapse of investor confidence in the finances of weak countries like Greece and Portugal.

There wasn't any concrete or official plan to emerge from the meeting, but rumors swirled that the European Central Bank could cut interest rates, and that European leaders were becoming more conciliatory, rather than just confrontational, as they worked on how to prop up troubled countries that are too big to bail out, like Spain and Italy.

Bank stocks erased much of their losses in late trading. JPMorgan cut its loss in half. The stock was down as much as $1.93 but ended with a loss of 90 cents at $35.88. It was still the biggest loss among the 30 stocks in the Dow average.

The New York Times reported that its loss from a complex trade that went wrong could swell to $9 billion, much larger than the bank has acknowledged. The bank had said previously the loss was $2 billion but could get larger.

The Dow Jones industrial average ended down 24.75 points at 12,602.26.

Other indexes also cut their losses. The Standard & Poor's 500 index fell 2.91 points to end at 1,329.04 and the Nasdaq composite fell 25.83 points to 2,849.49. Both indexes had been down more earlier.

The NYSE DOW closed LOWER ▼ -24.75 points or ▼ -0.20% Thursday, 28 June 2012
Symbol …........Last ......Change.....
Dow_Jones 12,602.26 ▼ -24.75 ▼ -0.20%
Nasdaq____ 2,849.49 ▼ -25.83 ▼ -0.90%
S&P_500__ 1,329.04 ▼ -2.81 ▼ -0.21%
30_Yr_Bond 2.666 ▼ -0.03 ▼ -1.00%

NYSE Volume 3,867,150,000
Nasdaq Volume 1,753,433,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,493.06 ▼ -30.86 ▼ -0.56%
DAX_____ 6,149.91 ▼ -79.08 ▼ -1.27%
CAC_40__ 3,051.68 ▼ -11.44 ▼ -0.37%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,085.60 ▲ 1.60 ▲ 0.04%
Shanghai_Comp 2,195.84 ▼ -21.09 ▼ -0.95%
Taiwan_Weight 7,169.61 ▼ -13.40 ▼ -0.19%
Nikkei_225____ 8,874.11 ▲ 143.62 ▲ 1.65%
Hang_Seng____ 19,025.27 ▲ 53.93 ▼ -0.79%
Strait_Times___ 2,846.82 ▲ 5.22 ▲ 0.18%
NZX 50 Index__ 3,401.34 ▲ 13.57 ▲ 0.40%

http://finance.yahoo.com/news/stock-market-cuts-losses-comeback-201708957.html

Stock market cuts its losses with a late comeback

Wall Street recovers from a deep slide and ends slightly lower; Dow closed down 25

By Christina Rexrode, AP Business Writer

A late recovery on Wall Street wiped out most of the stock market's losses Thursday, leaving the Dow Jones industrial average down just 25 points.

The Dow had been down as much as 177 points but came back sharply in the last 20 minutes of trading.

Many insurance stocks fell sharply after the Supreme Court upheld most of President Obama's health care law. The stocks of hospital operators rose. The ruling upheld the central provision of the law, a requirement that almost all Americans carry health insurance.

There were varying explanations for the late comeback on the stock market. European leaders were holding their first day of summit talks to address the region's sluggish economic growth and collapse of investor confidence in the finances of weak countries like Greece and Portugal.

There wasn't any concrete or official plan to emerge from the meeting, but rumors swirled that the European Central Bank could cut interest rates, and that European leaders were becoming more conciliatory, rather than just confrontational, as they worked on how to prop up troubled countries that are too big to bail out, like Spain and Italy.

Bank stocks erased much of their losses in late trading. JPMorgan cut its loss in half. The stock was down as much as $1.93 but ended with a loss of 90 cents at $35.88. It was still the biggest loss among the 30 stocks in the Dow average.

The New York Times reported that its loss from a complex trade that went wrong could swell to $9 billion, much larger than the bank has acknowledged. The bank had said previously the loss was $2 billion but could get larger.

The Dow Jones industrial average ended down 24.75 points at 12,602.26.

Other indexes also cut their losses. The Standard & Poor's 500 index fell 2.91 points to end at 1,329.04 and the Nasdaq composite fell 25.83 points to 2,849.49. Both indexes had been down more earlier.

The dollar and Treasury prices rose as investors parked money in low-risk assets. The yield on the 10-year Treasury note fell to 1.59 percent from 1.63 percent late Wednesday. The dollar rose about a penny against the euro to $1.24.

There was little for investors to like in new reports on the U.S. economy.

The U.S. economy grew at an annual rate of just 1.9 percent in the January-March quarter, according to a new government estimate. Consumer spending, which accounts for a huge part of the economy, grew 2.5 percent, below the previous 2.7 percent estimate. The four-week average of applications for unemployment benefits didn't decline, a sign that layoffs aren't easing.

News Corp. fell 1 percent after the media conglomerate said it would separate its publishing and entertainment businesses into two public companies. The stock or Rupert Murdoch's sprawling media empire, which includes The Wall Street Journal, the Fox TV network, Fox News Channel and newspapers in Australia and Britain, gave up 32 cents to $21.99.

Family Dollar Stores fell $1.93 to $67.20 after the discount retailer of household goods and food reported earnings and revenue that were short of what Wall Street analysts were expecting.

Paychex dropped 95 cents to $30.98. The company, which provides payroll, human resources and benefits services to employers, reported revenue was shy of what analysts were expecting.

Rising stocks outnumbered falling ones three to two. Volume was average at 3.8 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Financial markets around the world stormed higher Friday after European leaders came up with a breakthrough plan to rescue banks, relieve debt-burdened governments and restore investor confidence.

The Dow Jones industrial average climbed 277 points, its second-biggest gain this year, and stocks advanced even further in Europe, in strong and weak countries alike.

The price of oil posted its biggest one-day increase in more than three years, and other commodities shot higher ”” signs of hope that a deal in Europe will remove a big barrier to a healthier world economy.

In Brussels, leaders of the 17 countries that use the euro appeared finally to have found a broad strategy to fight a debt crisis that has hounded European governments and world investors for three years.

The leaders agreed to pump money directly into stricken banks, let some countries tap into rescue money without submitting to stringent budget requirements and, later, tie European governments closer in economic union.

David Kelly, chief global strategist at JPMorgan Funds, said it was becoming clear that European leaders will compromise to solve the crisis. One of the biggest stock gains Friday came in Germany, which took a hard line in earlier negotiations.

In New York, the Dow Jones industrial average closed up 277.83 points, only a sliver below its high for the day. The Standard & Poor's 500 index soared 2.5 percent. The rally left the S&P with a gain of 8.3 percent at the halfway mark for the year.

The NYSE DOW closed HIGHER ▲ 277.83 points or ▲ 2.20% Friday, 29 June 2012
Symbol …........Last ......Change.....
Dow_Jones 12,880.09 ▲ 277.83 ▲ 2.20%
Nasdaq____ 2,935.05 ▲ 85.56 ▲ 3.00%
S&P_500__ 1,362.16 ▲ 33.12 ▲ 2.49%
30_Yr_Bond 2.763 ▲ 0.10 ▲ 3.64%

NYSE Volume 4,480,780,000
Nasdaq Volume 1,961,213,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,571.15 ▲ 78.09 ▲ 1.42%
DAX_____ 6,416.28 ▲ 266.37 ▲ 4.33%
CAC_40__ 3,196.65 ▲ 144.97 ▲ 4.75%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,135.50 ▲ 49.90 ▲ 1.22%
Shanghai_Comp 2,225.43 ▲ 29.59 ▲ 1.35%
Taiwan_Weight 7,296.28 ▲ 126.67 ▲ 1.77%
Nikkei_225____ 9,006.78 ▲ 132.67 ▲ 1.50%
Hang_Seng____ 19,441.46 ▲ 53.93 ▲ 2.19%
Strait_Times___ 2,878.45 ▲ 31.63 ▲ 1.11%
NZX 50 Index__ 3,399.83 ▼ -1.51 ▼ -0.04%

http://finance.yahoo.com/news/world-markets-surge-europe-finds-184211710.html

World markets surge after Europe finds rescue plan

World markets surge after Europe unveils broad plan to fight debt crisis, banking woes

By Daniel Wagner, AP Business Writer

Financial markets around the world stormed higher Friday after European leaders came up with a breakthrough plan to rescue banks, relieve debt-burdened governments and restore investor confidence.

The Dow Jones industrial average climbed 277 points, its second-biggest gain this year, and stocks advanced even further in Europe, in strong and weak countries alike.

The price of oil posted its biggest one-day increase in more than three years, and other commodities shot higher ”” signs of hope that a deal in Europe will remove a big barrier to a healthier world economy.

In Brussels, leaders of the 17 countries that use the euro appeared finally to have found a broad strategy to fight a debt crisis that has hounded European governments and world investors for three years.

The leaders agreed to pump money directly into stricken banks, let some countries tap into rescue money without submitting to stringent budget requirements and, later, tie European governments closer in economic union.

David Kelly, chief global strategist at JPMorgan Funds, said it was becoming clear that European leaders will compromise to solve the crisis. One of the biggest stock gains Friday came in Germany, which took a hard line in earlier negotiations.

"The whole language is positive here," he said. "Every time they've stared over the cliff into the abyss of a euro breakup, they've realized it's much wiser to get closer together."

There was a sign immediately that Europe's latest plan was working: The cost for the troubled government of Spain to borrow money on the bond market fell dramatically, by more than half a percentage point, to 6.34 percent.

Previous market rallies tied to progress in Europe have proved temporary. But for the day, at least, global stock markets were jubilant:

”” In New York, the Dow Jones industrial average closed up 277.83 points, only a sliver below its high for the day. The Standard & Poor's 500 index soared 2.5 percent. The rally left the S&P with a gain of 8.3 percent at the halfway mark for the year.

”” The benchmark stock index in Germany rose 4.3 percent, by far its best performance this year. Germany has the strongest economy in Europe, and it depends heavily on exports, so it needs other countries to stay healthy.

”” Stocks hit their highest level in two months in Italy and Spain, two of the countries with the shakiest finances. Stocks also neared a two-month high in Greece, another epicenter of the debt crisis.

Traders sold U.S. Treasurys, sending the yield on the 10-year Treasury note up to 1.65 percent from 1.57 percent late Thursday, as demand decreased for ultra-safe investments.

Energy prices rose sharply because a cure for Europe's debt problem would remove a big drag on global economic growth. The price of oil jumped $7.27 per barrel to $84.96. It was a gain of 9.4 percent, the biggest for oil since March 2009.

Gold gained $54, the biggest jump since June 1, to $1,604 an ounce. Copper and silver both rose about 5 percent. Copper is a key ingredient of economic expansion because of its use in electrical wiring, pipes and machinery.

The euro gained 2.3 cents against the dollar, to $1.2651.

On Thursday, economic reports from the United States were discouraging, and the Dow fell as much as 177 points. But stocks staged a big comeback late in the day, partly because rumors swirled that European leaders were more conciliatory.

News of the deal in Europe broke overnight, and on Friday, stocks soared from the open. The Dow swung 430 points between its Thursday low and the high it reached late Friday.

Some market analysts remained cautious. Uri Landesman, president of Platinum Partners LLC, a New York hedge fund, said he expects more sharp leaps and dives this summer as traders speculate about Europe's future.

"This Europe thing is going to trade up and down based on the news of the day," Landesman said.

Kelly took a brighter view. Besides the Europe deal, he referred to a Greek election this month carried by pro-bailout parties and the Supreme Court's decision Thursday to uphold most of President Barack Obama's health care overhaul.

"Uncertainty is diminishing," he said. "These are all big question marks that have been out there, and as those question marks decrease, stock prices and interest rates increase."

As the first half of the year ends, there are still reasons to worry about the world economy: China's expansion is slowing, and U.S. employers have created fewer jobs in the past three months. A report next Friday is expected to show a fourth straight month of anemic U.S. job growth.

Because of the economic fears and a deep slump in May as Spain's banks teetered near collapse, the S&P 500 lost 3.3 percent for the quarter.

There may be more damage in store, Landesman said. "I remain quite negative about the market in the next two months," he said, adding that lower trading volumes during the summer can lead to choppier trading.

The S&P 500 at least started the summer strong. It rose 4 percent in June, its best month since February and its strongest June since 1999.

For the year, the Dow is up 662.53 points for the year, or 5.4 percent. The Nasdaq composite index is up 12.7 percent.

For the day, the Dow closed up 277.83 points, or 2.2 percent, at 12,880.09. The S&P 500 rose 33.12, or 2.5 percent, to 1,362.16. The Nasdaq rose 85.56, or 3 percent, to 2,935.05.

Industrial and information technology stocks rose the most of the 10 industry groups in the S&P 500. Those companies would benefit from faster growth and stronger demand from Europe, a key trading partner.

In corporate news, Research in Motion, maker of the BlackBerry, plunged 20.3 percent after the company posted quarterly results that suggest it is crumbling faster than thought. RIM is cutting 5,000 jobs and unexpectedly delaying the launch of new phones deemed critical to its survival.

The biggest gainer in the S&P was the alcoholic beverage giant Constellation Brands. The stock jumped 24.4 percent after the company secured the right to distribute Corona beer and other popular brands in the U.S. Constellation bought the other half of Crown Imports LLC from Grupo Modelo for $1.85 billion.

Nike plunged 9.4 percent, the biggest drop in the S&P 500. The world's largest athletic shoe and clothing company said profit dropped 8 percent last quarter on high product costs, a restructuring charge and an unexpected customs assessment.

1678

 

[bigdog]

Source: http://finance.yahoo.com

Investors rejoiced over Europe last week. On Monday, they got back to worrying about the United States.

Stocks struggled to stay out of the red in quiet holiday-week trading after a trade group said American manufacturing shrank in June for the first time in almost three years.

The Dow Jones industrial average was higher in early trading but fell after the manufacturing report came out at 10 a.m. EDT and never recovered. It finished down 8.70 points at 12,871.39.

The Standard & Poor's 500 and the Nasdaq composite index both finished slightly higher after hopping between small gains and losses. The S&P rose 3.35 to 1,365.51. The Nasdaq rose 16.18 to 2,951.23.

Chemical company DuPont fell the most in the Dow. It lost $1.14, or 2.3 percent, to $49.43. Caterpillar, General Electric, Alcoa, Exxon Mobil, Boeing and other companies tied to manufacturing were also down.

It was a tepid performance compared with Europe's. Stock indexes in France, Britain and Germany rose more than 1 percent, still riding the euphoria from Friday's announcement that European leaders will make it easier for banks to get bailout loans. That news pushed the Dow up 277 points Friday.

The government did report a sliver of good news about the U.S. economy Monday, though investors seemed underwhelmed: Construction spending rose in May by 0.9 percent, the most in five months.

Monday was the first day of trading for the second half of the year. In the first half, the S&P gained more than 8 percent. Several financial analysts said they expected volatile markets, at least through the November presidential election.

The NYSE DOW closed LOWER ▼ -8.70 points or ▼ -0.07% Monday, 2 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,871.39 ▼ -8.70 ▼ -0.07%
Nasdaq____ 2,951.23 ▲ 16.18 ▲ 0.55%
S&P_500__ 1,365.51 ▲ 3.35 ▲ 0.25%
30_Yr_Bond 2.683 ▼ -0.08 ▼ -2.90%

NYSE Volume 3,301,752,000
Nasdaq Volume 1,805,103,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,640.64 ▲ 69.49 ▲ 1.25%
DAX_____ 6,496.08 ▲ 79.80 ▲ 1.24%
CAC_40__ 3,240.20 ▲ 43.55 ▲ 1.36%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,172.50 ▲ 37.00 ▲ 0.89%
Shanghai_Comp 2,226.11 ▲ 0.68 ▲ 0.03%
Taiwan_Weight 7,345.16 ▲ 48.88 ▲ 0.67%
Nikkei_225____ 9,003.48 ▼ -3.30 ▼ -0.04%
Hang_Seng____ 19,441.46 ▲ 53.93 ▲ 2.19%
Strait_Times___ 2,911.10 ▲ 32.65 ▲ 1.13%
NZX 50 Index__ 3,440.16 ▲ 40.33 ▲ 1.19%

http://finance.yahoo.com/news/stocks-mixed-american-manufacturing-slows-201334255.html

Stocks mixed as American manufacturing slows

Investors rejoiced over Europe last week. On Monday, they got back to worrying about the United States.

By Christina Rexrode, AP Business Writer

Stocks struggled to stay out of the red in quiet holiday-week trading after a trade group said American manufacturing shrank in June for the first time in almost three years.

The Dow Jones industrial average was higher in early trading but fell after the manufacturing report came out at 10 a.m. EDT and never recovered. It finished down 8.70 points at 12,871.39.

The Standard & Poor's 500 and the Nasdaq composite index both finished slightly higher after hopping between small gains and losses. The S&P rose 3.35 to 1,365.51. The Nasdaq rose 16.18 to 2,951.23.

Chemical company DuPont fell the most in the Dow. It lost $1.14, or 2.3 percent, to $49.43. Caterpillar, General Electric, Alcoa, Exxon Mobil, Boeing and other companies tied to manufacturing were also down.

It was a tepid performance compared with Europe's. Stock indexes in France, Britain and Germany rose more than 1 percent, still riding the euphoria from Friday's announcement that European leaders will make it easier for banks to get bailout loans. That news pushed the Dow up 277 points Friday.

The government did report a sliver of good news about the U.S. economy Monday, though investors seemed underwhelmed: Construction spending rose in May by 0.9 percent, the most in five months.

Monday was the first day of trading for the second half of the year. In the first half, the S&P gained more than 8 percent. Several financial analysts said they expected volatile markets, at least through the November presidential election.

"We don't know who it will be," said Benjamin Segal, portfolio manager for global equities at Neuberger Berman. "And even if we did, we don't know the particular policies they'd pursue."

Analysts also cited tax increases and spending cuts scheduled to take effect in January ”” the so-called fiscal cliff.

Derrick Irwin, portfolio manager for Wells Fargo Advantage Funds, said the U.S. market would "muddle through the foreseeable future." Leo Grohowski, chief investment officer of Bank of New York Mellon's wealth management division, said the market would "continue to move from hope to despair."

Investors hope for some clarity later this week. U.S. car companies report monthly sales Tuesday, retailers like Target and Macy's report monthly sales on Thursday, and a closely watched report on U.S. jobs comes out Friday.

And though stocks rose in Europe, some analysts wondered how long those gains would last. Previous steps to ease the debt crisis have been met by market gains that quickly disappeared.

"The eurozone is really uncharted territory for a generation of investors," Irwin said. "I think anybody who thinks they really know what is happening there is, at best, guessing."

The day also brought reminders of how badly Europe needs help: Unemployment in the 17 countries that use the euro hit the highest level since the euro was launched in 1999.

In France, auditors warned that the country still has a big budget hole to plug. In Cyprus, leaders prepared for talks on its own bailout. And in Germany, the highest court announced it would hear arguments from people who want to block the rescue.

The yield on the benchmark 10-year U.S. Treasury note fell to 1.59 percent on Monday, down from 1.63 on Friday. The price of crude oil fell $1.21 to end the day at $83.75 per barrel.

In corporate news:

”” Best Buy jumped $1.24, or 5.9 percent, to $22.20 after reports that its founder was nearing an offer to buy the company and take it private. Best Buy, an electronics store, has struggled to keep up with online-only competitors like Amazon.

”” Groupon fell $1.12, or 10.5 percent, to $9.51 after analysts at Susquehanna cut their price target for the company, noting higher marketing expenses.

Stocks mixed as a slowdown in US manufacturing underscores economic uncertainty

 

[bigdog]

Source: http://finance.yahoo.com

Stocks climbed Tuesday in an abbreviated holiday trading session after an encouraging report about manufacturing. Energy stocks rose the most because of increased tension over oil-rich Iran.

Major stock indexes wavered in early trading, then moved decisively higher after the government reported that factory orders rose in May. Caterpillar, Alcoa, Boeing and other stocks that depend on manufacturing rose.

The report was welcome after a trade group reported on Monday that U.S. manufacturing shrank in June for the first time since July 2009, the first month after the Great Recession ended.

The price of oil climbed more than 4 percent after Iran threatened to block a critical Persian Gulf shipping route. On Sunday, Europe enacted stricter rules against buying oil from Iran, trying to force it to be more open about its nuclear program.

New York crude rose $3.91 per barrel to $87.66. The supply fears drove energy stocks up more than 2 percent, more than any other industry in the Standard & Poor's 500. Chevron rose $1.51, or 1.4 percent, to $107.37.

The Dow Jones industrial average finished 72.43 points higher at 12,943.82. The S&P 500 index rose 8.51 to 1,374.02. The Nasdaq composite index rose 24.85 to 2,976.08.

The NYSE DOW closed HIGHER ▲ 72.43 points or ▲ 0.56% Tuesday, 3 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,943.82 ▲ 72.43 ▲ 0.56%
Nasdaq____ 2,976.08 ▲ 24.84 ▲ 0.84%
S&P_500__ 1,374.02 ▲ 8.51 ▲ 0.62%
30_Yr_Bond 2.744 ▲ 0.06 ▲ 2.27%

NYSE Volume 2,116,065,500
Nasdaq Volume 1,025,364,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,687.73 ▲ 47.09 ▲ 0.83%
DAX_____ 6,578.21 ▲ 82.13 ▲ 1.26%
CAC_40__ 3,271.20 ▲ 31.00 ▲ 0.96%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,166.40 ▼ -6.10 ▼ -0.15%
Shanghai_Comp 2,229.19 ▲ 3.08 ▲ 0.14%
Taiwan_Weight 7,418.36 ▲ 73.20 ▲ 1.00%
Nikkei_225____ 9,066.59 ▲ 63.11 ▲ 0.70%
Hang_Seng____ 19,735.53 ▲ 53.93 ▲ 1.51%
Strait_Times___ 2,945.33 ▲ 34.74 ▲ 1.19%
NZX 50 Index__ 3,444.63 ▲ 4.47 ▲ 0.13%

http://finance.yahoo.com/news/stocks-rise-oil-prices-factory-161727692.html

Stocks rise as oil prices, factory orders climb

US stocks slightly higher after factory orders rise; oil prices jump on concerns about Iran

By Christina Rexrode, AP Business Writer

Stocks climbed Tuesday in an abbreviated holiday trading session after an encouraging report about manufacturing. Energy stocks rose the most because of increased tension over oil-rich Iran.

Major stock indexes wavered in early trading, then moved decisively higher after the government reported that factory orders rose in May. Caterpillar, Alcoa, Boeing and other stocks that depend on manufacturing rose.

The report was welcome after a trade group reported on Monday that U.S. manufacturing shrank in June for the first time since July 2009, the first month after the Great Recession ended.

The price of oil climbed more than 4 percent after Iran threatened to block a critical Persian Gulf shipping route. On Sunday, Europe enacted stricter rules against buying oil from Iran, trying to force it to be more open about its nuclear program.

New York crude rose $3.91 per barrel to $87.66. The supply fears drove energy stocks up more than 2 percent, more than any other industry in the Standard & Poor's 500. Chevron rose $1.51, or 1.4 percent, to $107.37.

The Dow Jones industrial average finished 72.43 points higher at 12,943.82. The S&P 500 index rose 8.51 to 1,374.02. The Nasdaq composite index rose 24.85 to 2,976.08.

Brian Jacobsen, chief portfolio strategist at Wells Fargo Fund Management, was investing in energy companies ”” not just oil but also natural gas. He figures that as the price of oil rises, more businesses will explore natural gas as an alternative.

"Like it or not," Jacobsen said, "we're dependent on a variety of energy sources."

Ford and General Motors both jumped after they and other car companies reported higher sales for June. Overall car sales still came in slightly below what analysts polled by FactSet were expecting.

Factory orders increased 0.7 percent in May from April, the Commerce Department said. Core capital goods, which include machinery and computers, rose 2.1 percent. That was better than the 1.6 percent estimated last week.

"Not much was expected, and it managed to come in just above 'not much,'" said Patrick O'Keefe, director of economic research at J.H. Cohn.

O'Keefe said he keeps waiting for the U.S. economy to turn a corner but hasn't seen it yet. "We're still getting growth, and that was expected," he said, "but it's growth that is both weak and erratic."

Mostly, investors were in a holding pattern, waiting for the government's Friday report on June employment, and for companies to start reporting second-quarter earnings next week.

Trading volume was light. The market closed three hours early, at 1 p.m., and many traders had already taken off for the Fourth of July holiday.

Europe was relatively quiet, though with underpinnings of discord. A Greek government spokesman said the government was preparing an "alarming" report on its recession in a bid to renegotiate the terms of its bailout.

Slovakia's prime minister said his country was running out of patience for bailing out its more free-spending neighbors. Cyprus opened talks with the European Union and the International Monetary Fund on a bailout for its troubled banks.

The European Central Bank will announce later this week whether it will cut interest rates, a move that would likely drive markets higher but also signal that Europe's economy is still weak. Major indexes in France, Britain, Germany, Spain and Greece rose.

 

[bigdog]

Source: http://finance.yahoo.com

The NYSE DOW was closed for Independece Holiday on Wednesday, 4 July 2012

European stocks gave up some of their recent gains Wednesday as investors remained cautious on a day Wall Street was closed for July 4 celebrations and ahead of key economic news in coming days.

Markets have enjoyed one of their best three-day runs in months as investors cheered Friday's agreement by the leaders of the 17 euro countries to allow Europe's bailout fund to capitalize banks directly and to buy bonds of imperiled countries.

However, with the eurozone economy showing signs of heading back into recession, the crisis has the potential to flare up again. Mounting concerns over the state of the U.S. economic recovery are also keeping sentiment in check, especially ahead of Friday's closely-watched nonfarm payrolls report for June. The payrolls data often set the market tone for a week or two after their release.

"If the rally in equities is to last into this month and beyond, then the significant measures of economic strength, such as non-farm payrolls, must be seen to stabilize," said David White, a trader at Spreadex.

The NYSE DOW closed for Independece Holiday Wednesday, 4 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,943.82 ▲ 72.43 ▲ 0.56%
Nasdaq____ 2,976.08 ▲ 24.84 ▲ 0.84%
S&P_500__ 1,374.02 ▲ 8.51 ▲ 0.62%
30_Yr_Bond 2.744 ▲ 0.06 ▲ 2.27%

NYSE Volume 2,116,065,500
Nasdaq Volume 1,025,364,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,684.47 ▼ -3.26 ▼ -0.06%
DAX_____ 6,564.80 ▼ -13.41 ▼ -0.20%
CAC_40__ 3,267.75 ▼ -3.45 ▼ -0.11%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,213.80 ▲ 47.40 ▲ 1.14%
Shanghai_Comp 2,227.31 ▼ -1.88 ▼ -0.08%
Taiwan_Weight 7,422.59 ▲ 4.23 ▲ 0.06%
Nikkei_225____ 9,104.17 ▲ 37.58 ▲ 0.41%
Hang_Seng____ 19,709.75 ▲ 53.93 ▼ -0.13%
Strait_Times___ 2,950.17 ▲ 4.84 ▲ 0.16%
NZX 50 Index__ 3,483.12 ▲ 38.48 ▲ 1.12%

http://finance.yahoo.com/news/european-market-rally-runs-steam-095414035.html

European market rally runs out of steam

European markets' rally runs out of steam as trading is subdued by July 4 US holiday

By Pan Pylas, Associated Press

European stocks gave up some of their recent gains Wednesday as investors remained cautious on a day Wall Street was closed for July 4 celebrations and ahead of key economic news in coming days.

Markets have enjoyed one of their best three-day runs in months as investors cheered Friday's agreement by the leaders of the 17 euro countries to allow Europe's bailout fund to capitalize banks directly and to buy bonds of imperiled countries.

However, with the eurozone economy showing signs of heading back into recession, the crisis has the potential to flare up again. Mounting concerns over the state of the U.S. economic recovery are also keeping sentiment in check, especially ahead of Friday's closely-watched nonfarm payrolls report for June. The payrolls data often set the market tone for a week or two after their release.

"If the rally in equities is to last into this month and beyond, then the significant measures of economic strength, such as non-farm payrolls, must be seen to stabilize," said David White, a trader at Spreadex.

Before the payrolls data, markets have a couple of key central bank policy statements to digest, notably from the European Central Bank, which is expected on Thursday to reduce its main borrowing rate below 1 percent for the first time ever. A services sector survey Wednesday from financial information company Markit added to the prevailing view that the eurozone is heading back to recession.

The Bank of England is also expected to do more to help the British economy, which is already in recession, at its meeting on Thursday. The consensus view is that it will pump another 50 billion pounds into the economy.

"There is plenty of scope for disappointment given the high expectations, so traders will be cautious ahead of the meetings, and also as we approach non-farm payrolls," said David Morrison, senior market strategist at GFT Markets.

In Europe, Germany's DAX closed down 0.2 percent at 6,564.80 while the CAC-40 in France fell 0.1 percent to 3,267.75. The FTSE 100 index of leading British shares lost 0.1 percent to 5,684.47.

The Athens stock exchange bucked the trend, jump 4.9 percent, hopes that Greece's new conservative-led government will ease the effects of a major recession on business.

Prime Minister Antonis Samaras' government will in two days issue its first major policy statement on how it intends to deal with the country's crushing debt crisis. International debt inspectors are in Athens to examine the country's finances. Based on that report, Greece and its fellow eurozone countries will discuss if and how to ease the country's pace of austerity measures.

The euro was down 0.6 percent at $1.2536, while oil prices gave up some ground amid the softer tone in Europe ”” benchmark oil for August delivery was down 66 cents at $87.00 a barrel in electronic trading on the New York Mercantile Exchange.

Earlier in Asia, stocks ended mostly higher. Japan's Nikkei 225 index rose 0.4 percent to 9,104.17 and South Korea's Kospi gained 0.4 percent to 1,874.45. China's Shanghai Composite fell 0.1 percent to 2,227.31 and Hong Kong's Hang Seng was down 0.1 percent at 19,709.75.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed mostly lower on Wall Street Thursday after signs emerged that Americans are spending at a slower pace and that China's economy may be in worse shape than previously thought.

American shoppers slowed their spending in June, resulting in tepid sales for many retailers. Target's stock fell 1 percent and Costco Wholesale fell less than a percent after reporting that sales rose less than analysts were expecting.

"It all boils down to one little word: uncertainty," said Peter Cardillo, chief market economist at Rockwell Global Capital. "No one will spend if it feels like we're in a recession."

The reports raised concerns about Americans' ability to spend during the back-to-school shopping season, which starts later this month. That's a crucial period for retailers.

The Dow Jones industrial average closed down 47.15 points at 12,896.67 on Thursday. The Standard & Poor's 500 fell 6.44 points to 1,367.58. The Nasdaq composite was 0.04 point higher at 2,976.12.

Eight of the 10 major industries tracked by the S&P 500 fell, led by bank stocks. JPMorgan Chase fell $1.50, or 4 percent, to $34.38, while Bank of America fell 24 cents, or 3 percent, to $7.82.

China surprised investors earlier Thursday when it cut interest rates for the second time in a month. That caused investors to worry that the downturn in the world's second-largest economy may be worse than previously expected.

The People's Bank of China cut its main lending rate 0.31 percentage point to 6 percent and reduced its deposit rates by a quarter of a percentage point to 3 percent. The bank said the lower rates are intended to boost economic growth in the second half of the year. Analysts said the cuts are also a sign that Chinese authorities are increasingly concerned about that country's economy.

As the largest buyer of raw materials, a slowdown in China can hurt sales at a wide range of companies and cause commodities prices to weaken. Crude oil fell 44 cents to $87.22 per barrel, and copper lost 4.7 cents to $3.493 a pound.

The NYSE DOW closed LOWER ▼ -47.15 points or ▼ -0.36% Thursday, 5 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,896.67 ▼ -47.15 ▼ -0.36%
Nasdaq____ 2,976.12 ▲ 0.04 ▲ 0.00%
S&P_500__ 1,367.58 ▼ -6.44 ▼ -0.47%
30_Yr_Bond 2.722 ▼ -0.02 ▼ -0.80%

NYSE Volume 2,942,578,500
Nasdaq Volume 1,401,864,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,692.63 ▲ 8.16 ▲ 0.14%
DAX_____ 6,535.56 ▼ -29.24 ▼ -0.45%
CAC_40__ 3,229.36 ▼ -38.39 ▼ -1.17%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,209.90 ▼ -3.90 ▼ -0.09%
Shanghai_Comp 2,201.35 ▼ -25.96 ▼ -1.17%
Taiwan_Weight 7,387.78 ▼ -34.81 ▼ -0.47%
Nikkei_225____ 9,079.80 ▼ -24.37 ▼ -0.27%
Hang_Seng____ 19,809.13 ▲ 53.93 ▲ 0.50%
Strait_Times___ 2,971.47 ▲ 22.70 ▲ 0.77%
NZX 50 Index__ 3,484.20 ▲ 1.08 ▲ 0.03%

http://finance.yahoo.com/news/weak-retail-sales-figures-push-194934501.html

Weak retail sales figures push stocks lower

Weak retail sales, signs of weakness in China leave stocks mostly lower on Wall Street

By Pallavi Gogoi, AP Business Writer

Stocks closed mostly lower on Wall Street Thursday after signs emerged that Americans are spending at a slower pace and that China's economy may be in worse shape than previously thought.

American shoppers slowed their spending in June, resulting in tepid sales for many retailers. Target's stock fell 1 percent and Costco Wholesale fell less than a percent after reporting that sales rose less than analysts were expecting.

"It all boils down to one little word: uncertainty," said Peter Cardillo, chief market economist at Rockwell Global Capital. "No one will spend if it feels like we're in a recession."

The reports raised concerns about Americans' ability to spend during the back-to-school shopping season, which starts later this month. That's a crucial period for retailers.

The Dow Jones industrial average closed down 47.15 points at 12,896.67 on Thursday. The Standard & Poor's 500 fell 6.44 points to 1,367.58. The Nasdaq composite was 0.04 point higher at 2,976.12.

Eight of the 10 major industries tracked by the S&P 500 fell, led by bank stocks. JPMorgan Chase fell $1.50, or 4 percent, to $34.38, while Bank of America fell 24 cents, or 3 percent, to $7.82.

China surprised investors earlier Thursday when it cut interest rates for the second time in a month. That caused investors to worry that the downturn in the world's second-largest economy may be worse than previously expected.

The People's Bank of China cut its main lending rate 0.31 percentage point to 6 percent and reduced its deposit rates by a quarter of a percentage point to 3 percent. The bank said the lower rates are intended to boost economic growth in the second half of the year. Analysts said the cuts are also a sign that Chinese authorities are increasingly concerned about that country's economy.

As the largest buyer of raw materials, a slowdown in China can hurt sales at a wide range of companies and cause commodities prices to weaken. Crude oil fell 44 cents to $87.22 per barrel, and copper lost 4.7 cents to $3.493 a pound.

Central banks in Europe also moved to stem a slowdown there. The Bank of England approved a 50 billion pound injection into the ailing British economy, while the European Central Bank cut its main interest rate by a quarter of a percentage point to 0.75 percent, the lowest it's been since the bank was established in 1999.

Usually central bank action to spur economies bolsters stock prices. But investors were cautious ahead of the closely-watched U.S. government's report on hiring for June that is scheduled for release on Friday.

"Given the big negative headlines we have had this past month from Europe, business owners would have been cautious about hiring," said Steven Goldman, principal of asset manager Goldman Management. Goldman expects the data to reflect a weak jobs market.

Economists are predicting that the unemployment rate held steady at 8.2 percent.

However, at least two reports on Thursday sketched a picture of a slowly improving job market.

Weekly unemployment benefit applications dropped by 14,000 to 374,000, the Labor Department said Thursday. That's the fewest since the week of May 19.

Separately, payroll provider ADP said businesses added 176,000 jobs last month. That's better than the revised total of 136,000 jobs it reported for May. If that pace keeps up, it would be enough to lower the unemployment rate.

An increase in jobs will spur people to spend and provide a boost to the economy. Though some key retailers reported poor sales for June, several others beat analysts' expectations.

Ross Stores stock rose $4.41, or over 7 percent, to $67.19 after the discount store operator said sales at stores open at least a year rose 7 percent in June, easily beating Wall Street predictions. TJX Cos., which operates T.J. Maxx, Marshalls and Home Goods stores, also reported a wider-than-expected 7 percent increase in sales last month. Its stock rose $1.59, or 3.7 percent, to $44.09.

Among other stocks making big moves:

”” Netflix jumped $9.68, or 13.5 percent, to $81.72 after the company said earlier this week that its online subscriber base was increasing.

”” Apple gained $10.53, or 1.76 percent, to $609.94, after The Wall Street Journal reported that the company is preparing to come out with a tablet computer with a screen smaller than the one its hugely popular iPad.

”” OraSure Technologies Inc. surged $1.26, or 10.4 percent, to $13.35 after the Food and Drug Administration approved the healthcare product company's in-home oral test for HIV, which will be sold in stores starting in October.

 

[bigdog]

Source: http://finance.yahoo.com

Investors abandoned stocks Friday after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.

The Dow Jones industrial average fell 124.20 points to close at 12,772.47. The loss wiped out the Dow's gain for the week.

The reluctance of U.S. employers to add jobs shows that the economy is still struggling three years after the recession officially ended. An average of just 75,000 jobs were created every month in the April-June quarter, far below the 226,000 created every month in the first three months of the year.

"It shows the U.S. economy is losing momentum," said Sharon Stark, chief market strategist at the brokerage firm Sterne Agee. "It's a sign of everyone waiting to see what's next."

Of the 30 stocks in the Dow average, only five rose, including McDonald's and AT&T. The world's largest producer of aluminum, Alcoa, and Caterpillar, the construction equipment maker, were among the hardest-hit Dow stocks with declines of about 3 percent each. Materials and industrial companies are the most likely to suffer if the economy weakens.

The anemic jobs report led investors to shift money into low-risk assets. The price of the 10-year Treasury note rose, sending its yield down to 1.55 percent from 1.60 percent late Thursday. The dollar rose against the euro.

The sluggish growth in American jobs comes at a time when the global economy is also losing pace. Central banks in Europe and China took action Thursday to prop up their sliding economies.

The new signs of economic sluggishness around the world sent commodities prices lower. Crude oil dropped $2.77, or 3 percent, to $84.45 a barrel. The U.S. is the world's biggest oil consumer, and the prospect of lower demand pushed down prices.

In other trading on Wall Street, the Standard & Poor's 500 slid 12.90 points, or 0.9 percent, to 1,354.68 and the Nasdaq composite fell 38.79 points, or 1.3 percent, to 2,937.33.

One of the reasons stocks fell is that though the jobs report was weak, the country isn't heading into a recession. That suggests the Federal Reserve is less likely to take more action to stimulate the economy, according to Brian Jacobsen, chief portfolio strategist at Wells Fargo Advantage Funds.


The NYSE DOW closed LOWER ▼ -124.20 points or ▼ -0.96% Friday, 6 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,772.47 ▼ -124.20 ▼ -0.96%
Nasdaq____ 2,937.33 ▼ -38.78 ▼ -1.30%
S&P_500__ 1,354.68 ▼ -12.90 ▼ -0.94%
30_Yr_Bond 2.664 ▼ -0.06 ▼ -2.13%

NYSE Volume 2,662,059,250
Nasdaq Volume 1,428,049,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,662.63 ▼ -30.00 ▼ -0.53%
DAX_____ 6,410.11 ▼ -125.45 ▼ -1.92%
CAC_40__ 3,168.79 ▼ -60.57 ▼ -1.88%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,199.00 ▼ -10.90 ▼ -0.26%
Shanghai_Comp 2,223.58 ▲ 22.23 ▲ 1.01%
Taiwan_Weight 7,368.59 ▼ -19.19 ▼ -0.26%
Nikkei_225____ 9,020.75 ▼ -59.05 ▼ -0.65%
Hang_Seng____ 19,800.64 ▲ 53.93 ▼ -0.04%
Strait_Times___ 2,978.55 ▲ 7.08 ▲ 0.24%
NZX 50 Index__ 3,478.70 ▼ -5.50 ▼ -0.16%


http://finance.yahoo.com/news/us-stocks-plunge-weak-june-160941251.html

US stocks plunge after weak June jobs report

Stocks fall sharply on Wall Street after US reports third month of anemic job growth

By Pallavi Gogoi, AP Business Writer

Investors abandoned stocks Friday after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.

The Dow Jones industrial average fell 124.20 points to close at 12,772.47. The loss wiped out the Dow's gain for the week.

The reluctance of U.S. employers to add jobs shows that the economy is still struggling three years after the recession officially ended. An average of just 75,000 jobs were created every month in the April-June quarter, far below the 226,000 created every month in the first three months of the year.

"It shows the U.S. economy is losing momentum," said Sharon Stark, chief market strategist at the brokerage firm Sterne Agee. "It's a sign of everyone waiting to see what's next."

Of the 30 stocks in the Dow average, only five rose, including McDonald's and AT&T. The world's largest producer of aluminum, Alcoa, and Caterpillar, the construction equipment maker, were among the hardest-hit Dow stocks with declines of about 3 percent each. Materials and industrial companies are the most likely to suffer if the economy weakens.

The anemic jobs report led investors to shift money into low-risk assets. The price of the 10-year Treasury note rose, sending its yield down to 1.55 percent from 1.60 percent late Thursday. The dollar rose against the euro.

The sluggish growth in American jobs comes at a time when the global economy is also losing pace. Central banks in Europe and China took action Thursday to prop up their sliding economies.

The new signs of economic sluggishness around the world sent commodities prices lower. Crude oil dropped $2.77, or 3 percent, to $84.45 a barrel. The U.S. is the world's biggest oil consumer, and the prospect of lower demand pushed down prices.

Energy stocks followed the price of oil lower. Peabody Energy fell $1.27, or close to 5 percent, to $24.86, while Alpha Natural Resources declined 60 cents, or 6.5 percent, to $8.67.

In other trading on Wall Street, the Standard & Poor's 500 slid 12.90 points, or 0.9 percent, to 1,354.68 and the Nasdaq composite fell 38.79 points, or 1.3 percent, to 2,937.33.

One of the reasons stocks fell is that though the jobs report was weak, the country isn't heading into a recession. That suggests the Federal Reserve is less likely to take more action to stimulate the economy, according to Brian Jacobsen, chief portfolio strategist at Wells Fargo Advantage Funds.

A new round of bond-buying by the Fed is "quite unlikely," Jacobsen said. The Federal Reserve has made two rounds of bond purchases since the financial crisis to keep interest rates low and encourage banks to lend money.

European markets also lost ground on Friday. A week after investors welcomed an agreement among European leaders to help Spain and Italy, the borrowing rates of both countries rose again. That means bond investors are less willing to loan those countries money at favorable rates.

The yield on the 10-year Spanish government bond rose 0.22 percentage point to 6.96 percent earlier in the day. That's a very high level and could eventually force Spain to seek more financial support from its neighbors in Europe.

European stock indexes slid. Germany's DAX and France's CAC-40 each lost 1.9 percent. Spain's benchmark index slumped 3 percent.

Other Wall Street stocks making big moves included:

”” Navistar International. The truck maker's stock fell $4.37, or over 15 percent, to $24.42 on investor worries that the heavy engine and truck maker will have to incur additional costs to get a crucial new engine approved by federal regulators.

”” Sequenom Inc. The stock fell 8 cents, or 2 percent, to $3.99 after a California court refused to block a competitor from selling a similar product to Sequenom's Down syndrome test for pregnant women.

”” Informatica Corp. The business software maker fell $12, or 28 percent, to $31.36 after warning that its second-quarter results didn't live up to the projections of its management or analysts.

2323

 

[bigdog]

Source: http://finance.yahoo.com

Edgy investors sent stocks lower Monday on Wall Street ahead of U.S. corporate earnings reports and amid more signs of instability in Europe.

The Dow Jones industrial average closed down 36.18 points at 12,736.29. It was the Dow's third straight day of declines.

The Standard & Poor's 500 index fell 2.22 points to 1,352.46 and the Nasdaq composite index fell 5.56 points to 2,931.77. Health care stocks rose the most, while stocks of materials companies fell the most.

Alcoa, one of the 30 stocks in the Dow, became the first major U.S. company to report second-quarter results after the market closed Monday.

The aluminum manufacturer beat the earnings per share estimates of Wall Street analysts by a penny, although revenue dropped due to weaker prices and pockets of declining demand in the slowing global economy.

Alcoa's results are often seen as a harbinger for other major companies. So far, investor expectations are low. Wall Street forecasts a 1 percent decline in second-quarter earnings of S&P 500 companies compared with last year, according to Standard & Poor's Capital IQ. That would be the first decline since the third quarter of 2009.

Kim Caughey-Forrest, senior equity analyst at Fort Pitt Capital Group, said many portfolio managers are afraid that this earnings season could bring bad surprises about stocks they've picked up earlier this year.

"It's report card time," Caughey-Forrest said.

AMD dropped 6 percent in after-hours trading after the semiconductor company unexpectedly released preliminary results following the market close. Revenue fell 11 percent from the previous quarter due to weak sales in China and Europe. The company had previously forecast revenue growth of 3 percent. The stock slumped 33 cents to $5.29.

Investors were also spooked Monday by news from Europe, where Spain's borrowing costs rose as finance ministers from the euro countries gathered in Brussels to finalize a rescue package for Spain's banks.

The interest rate on Spain's 10-year government bond rose to 7 percent. Greece, Ireland and Portugal all asked for help from their international lenders when their own borrowing costs rose that high.

The NYSE DOW closed LOWER ▼ -36.18 points or ▼ -0.28% Monday, 9 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,736.29 ▼ -36.18 ▼ -0.28%
Nasdaq____ 2,931.77 ▼ -5.55 ▼ -0.19%
S&P_500__ 1,352.46 ▼ -2.22 ▼ -0.16%
30_Yr_Bond 2.620 ▼ -0.04 ▼ -1.65%

NYSE Volume 2,852,208,250
Nasdaq Volume 1,438,876,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,627.33 ▼ -35.30 ▼ -0.62%
DAX_____ 6,387.57 ▼ -22.54 ▼ -0.35%
CAC_40__ 3,156.80 ▼ -11.99 ▼ -0.38%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,159.80 ▼ -39.20 ▼ -0.93%
Shanghai_Comp 2,170.81 ▼ -52.77 ▼ -2.37%
Taiwan_Weight 7,309.96 ▼ -58.63 ▼ -0.80%
Nikkei_225____ 8,896.88 ▼ -123.87 ▼ -1.37%
Hang_Seng____ 19,428.09 ▲ 53.93 ▼ -1.88%
Strait_Times___ 2,929.08 ▼ -49.47 ▼ -1.66%
NZX 50 Index__ 3,480.19 ▲ 1.49 ▲ 0.04%

http://finance.yahoo.com/news/stocks-slide-ahead-corporate-earnings-164344318.html

Stocks slide ahead of corporate earnings season

Stocks slide ahead of the start of corporate earnings season; Spain's borrowing rates rise

By Pallavi Gogoi, AP Business Writer

Edgy investors sent stocks lower Monday on Wall Street ahead of U.S. corporate earnings reports and amid more signs of instability in Europe.

The Dow Jones industrial average closed down 36.18 points at 12,736.29. It was the Dow's third straight day of declines.

The Standard & Poor's 500 index fell 2.22 points to 1,352.46 and the Nasdaq composite index fell 5.56 points to 2,931.77. Health care stocks rose the most, while stocks of materials companies fell the most.

Alcoa, one of the 30 stocks in the Dow, became the first major U.S. company to report second-quarter results after the market closed Monday.

The aluminum manufacturer beat the earnings per share estimates of Wall Street analysts by a penny, although revenue dropped due to weaker prices and pockets of declining demand in the slowing global economy.

Alcoa's results are often seen as a harbinger for other major companies. So far, investor expectations are low. Wall Street forecasts a 1 percent decline in second-quarter earnings of S&P 500 companies compared with last year, according to Standard & Poor's Capital IQ. That would be the first decline since the third quarter of 2009.

Kim Caughey-Forrest, senior equity analyst at Fort Pitt Capital Group, said many portfolio managers are afraid that this earnings season could bring bad surprises about stocks they've picked up earlier this year.

"It's report card time," Caughey-Forrest said.

AMD dropped 6 percent in after-hours trading after the semiconductor company unexpectedly released preliminary results following the market close. Revenue fell 11 percent from the previous quarter due to weak sales in China and Europe. The company had previously forecast revenue growth of 3 percent. The stock slumped 33 cents to $5.29.

Investors were also spooked Monday by news from Europe, where Spain's borrowing costs rose as finance ministers from the euro countries gathered in Brussels to finalize a rescue package for Spain's banks.

The interest rate on Spain's 10-year government bond rose to 7 percent. Greece, Ireland and Portugal all asked for help from their international lenders when their own borrowing costs rose that high.

In Greece, a new three-party coalition government won a vote of confidence in parliament early Monday, ending a period of uncertainty that led to two elections in less than two months. Greece is in its fifth year of recession and has survived for two years on international rescue loans.

Spain is in better shape financially, and can afford the high rates for a few weeks at least. However, a long-term solution is badly needed to prevent the nation, which has an unemployment rate near 25 percent, from defaulting.

A pair of acquisitions were announced Monday. The nation's second largest health insurer, WellPoint Inc., is paying $4.46 billion to acquire Amerigroup Corp., a provider of Medicaid coverage provider.

With the acquisition, Wellpoint seeks to become a major player in state and federally funded programs like Medicaid. Its stock rose $2.04, or 3.4 percent, to $61.95. Amerigroup soared $24.45, or 38 percent, to $88.79.

Also on Monday, the world's biggest soup maker, Campbell Soup Co., said it will buy natural foods maker Bolthouse Farms in a $1.55 billion cash deal. Campbell stock fell 27 cents, or about 1 percent, to $32.72.

Among other stocks making big moves:

”” LinkedIn, the social networking company, fell $5.88, or 5.4 percent, to $102.98 after reports that Facebook would add a job search feature to its website, which could pose direct competition for LinkedIn.

”” FTI Consulting, a business advisory company, lost $1.70, or 5.8 percent, to $27.43 after announcing on Friday that it was planning to cut 3 percent of its work force.

”” Visa and MasterCard fell after an analyst recommended investors sell those stocks because of the global economic slowdown. MasterCard fell $10.36 to $431.27, while Visa fell $1.63 to $123.65

 

[bigdog]

Source: http://finance.yahoo.com

Stocks fell for the fourth straight day Tuesday following a profit slump at technology companies and a steep decline in oil prices, which sent energy stocks sharply lower.

The Dow Jones industrial average fell 83.17 points to close at 12,653.12. Aluminum maker Alcoa was the biggest loser in the Dow, giving up 4 percent after reporting a slump in revenue late Monday.

The broader Standard & Poor's 500 lost 10.99 points to 1,341.47. The index is in its longest slump since May 18.

Chip maker Advanced Micro Devices fell sharply after reporting that a slowdown in China and Europe led to an 11 percent drop in second-quarter revenue. The company had previously forecast a gain of 3 percent.

That news sent other technology stocks down hard. The tech-heavy Nasdaq composite dropped 1 percent, the most of the three major indexes. It closed 29.44 points lower at 2,902.33.

The bad news outweighed hopeful developments in Europe earlier in the day. Before U.S. markets opened, European finance ministers announced they had agreed on the terms of a bailout for Spain's banks. The first installment of $37 billion in aid can be ready by the end of the month.

Investors were concerned that some details seemed to be missing from the plan.

Also weighing on the market: worries about a slew of upcoming corporate earnings reports. Financial analysts expect that earnings at companies in the S&P 500 fell 2 percent in the April-through-June period compared with a year ago, according to S&P Capital IQ. That would be the first drop in nearly three years.

"The past quarter was great, but going forward many companies may have problems," said Joe Kinahan, chief derivatives strategist at TD Ameritrade, a brokerage. "People are confused about what to think."

A resolution to a labor dispute in Norway early Friday weighed on oil prices, which pushed energy stocks lower. Early Tuesday, the Norwegian government intervened to end a strike that threatened North Sea oil production.

The NYSE DOW closed LOWER ▼ -83.17 points or ▼ -0.65% Tuesday, 10 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,653.12 ▼ -83.17 ▼ -0.65%
Nasdaq____ 2,902.33 ▼ -29.43 ▼ -1.00%
S&P_500__ 1,341.47 ▼ -10.99 ▼ -0.81%
30_Yr_Bond 2.590 ▼ -0.03 ▼ -0.99%

NYSE Volume 3,439,566,000
Nasdaq Volume 1,705,174,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,664.07 ▲ 36.74 ▲ 0.65%
DAX_____ 6,438.33 ▲ 50.76 ▲ 0.79%
CAC_40__ 3,175.41 ▲ 18.61 ▲ 0.59%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,137.90 ▼ -21.90 ▼ -0.53%
Shanghai_Comp 2,164.44 ▼ -6.38 ▼ -0.29%
Taiwan_Weight 7,251.35 ▼ -58.61 ▼ -0.80%
Nikkei_225____ 8,857.73 ▼ -39.15 ▼ -0.44%
Hang_Seng____ 19,386.25 ▲ 53.93 ▼ -0.22%
Strait_Times___ 2,964.62 ▲ 35.54 ▲ 1.21%
NZX 50 Index__ 3,464.72 ▼ -15.47 ▼ -0.44%

http://finance.yahoo.com/news/stocks-fall-fourth-day-tech-193714314.html

Stocks fall for a fourth day as tech profits slump

Stocks fall for a fourth straight day as technology profits and the price of crude oil drop

By Bernard Condon, AP Business Writer

Stocks fell for the fourth straight day Tuesday following a profit slump at technology companies and a steep decline in oil prices, which sent energy stocks sharply lower.

The Dow Jones industrial average fell 83.17 points to close at 12,653.12. Aluminum maker Alcoa was the biggest loser in the Dow, giving up 4 percent after reporting a slump in revenue late Monday.

The broader Standard & Poor's 500 lost 10.99 points to 1,341.47. The index is in its longest slump since May 18.

Chip maker Advanced Micro Devices fell sharply after reporting that a slowdown in China and Europe led to an 11 percent drop in second-quarter revenue. The company had previously forecast a gain of 3 percent.

That news sent other technology stocks down hard. The tech-heavy Nasdaq composite dropped 1 percent, the most of the three major indexes. It closed 29.44 points lower at 2,902.33.

The bad news outweighed hopeful developments in Europe earlier in the day. Before U.S. markets opened, European finance ministers announced they had agreed on the terms of a bailout for Spain's banks. The first installment of $37 billion in aid can be ready by the end of the month.

Investors were concerned that some details seemed to be missing from the plan.

Also weighing on the market: worries about a slew of upcoming corporate earnings reports. Financial analysts expect that earnings at companies in the S&P 500 fell 2 percent in the April-through-June period compared with a year ago, according to S&P Capital IQ. That would be the first drop in nearly three years.

"The past quarter was great, but going forward many companies may have problems," said Joe Kinahan, chief derivatives strategist at TD Ameritrade, a brokerage. "People are confused about what to think."

A resolution to a labor dispute in Norway early Friday weighed on oil prices, which pushed energy stocks lower. Early Tuesday, the Norwegian government intervened to end a strike that threatened North Sea oil production.

Benchmark crude oil fell $2.08 to $83.91 a barrel in New York. Major energy companies dropped as a result, including Occidental Petroleum, down $1.95 at $83.24, and ConocoPhillips, down 90 cents at $53.43.

Natural gas producers took a hit from a sharp drop in the price of natural gas, which was down 5 percent at $2.74 per 1,000 cubic feet. Cabot Oil & Gas slumped $1.20 to $39.07 and Chesapeake Energy gave up $1.29 cents to $18.69.

Also weighing on commodities was a report from China that import growth fell in half in June from May, a signal its economy may be slowing more than expected. The Chinese economy, the world's second biggest, is growing at its slowest pace since the 2008 financial crisis.

Copper fell 1 percent to $3.40 per pound. China is a big importer of the metal.

In stocks, the selling was broad. Eight of the ten industry groups in the S&P 500 fell. Industrial companies led the declines with a slump of 1.6 percent. Utilities and consumer staples, industries that fare better than others when the economy is struggling, rose slightly.

In Europe, the deal to aid Spain helped push the yield on its benchmark 10-year government bond down to 6.8 percent. On Monday, that country's key borrowing rate surged to 7 percent, a dangerously high level. The lower yield means investors are less fearful about the country having trouble paying its debts.

Portugal, Ireland and Greece all had to ask for help from international lenders after spikes in their own borrowing rates made it unaffordable for them to raise money from selling bonds on the open market. Spain is the largest European country to date to seek international assistance.

In corporate news, Applied Materials, which makes equipment for chipmakers, cut its fiscal year profit and sales estimates because of weak demand. The stock fell 30 cents to $10.71. AMD, the chip maker hurt by slumping sales in China, plunged 63 cents to $4.99.

Embattled BlackBerry maker Research in Motion fell 38 cents to $7.29. The company's CEO, Thorsten Heins, told a shareholders meeting that he isn't satisfied with the company's performance. Two weeks ago the company announced disappointing earnings, plans to cut 30 percent of its workforce and the latest delay in BlackBerry 10.

Alcoa lost 36 cents to $8.40 after a financial analyst cut his estimate for the company's 2012 earnings. Alcoa reported Monday that it beat analyst estimate for earnings in the second quarter but that revenue dropped due to slowing world demand for aluminum.

Two stocks fell for every one that rose on the New York Stock Exchange. Volume was lighter than average at 3.4 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market mostly recovered from an afternoon slump to end with slight losses.

In minutes from their latest meeting released Wednesday afternoon, Federal Reserve officials said they saw a variety of threats to the U.S. economy, including a slowdown in China and a looming budget crunch in Washington. The Fed also didn't signal that new steps to stimulate the economy were on the way.

Stock investors took the news badly at first, but by the end of the day were taking it in stride. The Dow Jones industrial average dropped as many as 118 points shortly after the 2 p.m. release of the Fed's minutes. Thanks to a recovery in the last hour it was down just 48 points at the closing bell, not much different from where it was earlier.

Fed officials said the economy could struggle if Congress fails to avert tax hikes and across-the-board spending cuts scheduled for the end of the year. They also worried that Europe's debt crisis and China's slower growth would weigh on the U.S.

But it was what the Fed didn't say that really tripped the stock market up, said Steven Ricchiuto, chief economist at Mizuho Securities USA. He said many traders had hoped to see evidence that the Fed was prepared to pull the trigger on a new bond-buying effort to prod the economy forward.

"They didn't get what they wanted to see," Ricchiuto said.

The Dow closed at 12,604.53, down 48.59 points. The Standard & Poor's 500 index slipped 0.02 of a point to 1,341.45. The technology-focused Nasdaq composite index lost 14.35 points to 2,887.98.

It was the fifth straight day of losses for both the Dow and S&P. That's the worst stretch for both since a six-day losing streak that ran through May 18. With Europe still working out the details of a bailout for Spanish banks and the U.S. economy still sluggish, there's little for investors to buy stocks.

"The bottom line is that there aren't a lot of investors willing to put money into this market," said Jeff Kleintop, chief market strategist at LPL Financial. "There's not much to get excited about."

The NYSE DOW closed LOWER ▼ -48.59 points or ▼ -0.38% Wednesday, 11 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,604.53 ▼ -48.59 ▼ -0.38%
Nasdaq____ 2,887.98 ▼ -14.35 ▼ -0.49%
S&P_500__ 1,341.45 ▼ -0.02 ▲ 0.00%
30_Yr_Bond 2.589 ▼ -0.01 ▼ -0.19%

NYSE Volume 3,391,516,500
Nasdaq Volume 1,622,225,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,664.48 ▲ 0.41 ▲ 0.01%
DAX_____ 6,453.85 ▲ 15.52 ▲ 0.24%
CAC_40__ 3,157.25 ▼ -18.16 ▼ -0.57%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,135.00 ▼ -2.90 ▼ -0.07%
Shanghai_Comp 2,175.38 ▲ 10.95 ▲ 0.51%
Taiwan_Weight 7,257.91 ▲ 6.56 ▲ 0.09%
Nikkei_225____ 8,851.00 ▼ -6.73 ▼ -0.08%
Hang_Seng____ 19,419.87 ▲ 53.93 ▲ 0.12%
Strait_Times___ 2,990.95 ▲ 26.33 ▲ 0.89%
NZX 50 Index__ 3,478.84 ▲ 14.12 ▲ 0.41%

http://finance.yahoo.com/news/stocks-close-lower-fifth-day-201650932.html

Stocks close lower for fifth day straight

Stocks close lower after the Fed releases minutes from June meeting; oil stocks recover

By Matthew Craft, AP Business Writer

The stock market mostly recovered from an afternoon slump to end with slight losses.

In minutes from their latest meeting released Wednesday afternoon, Federal Reserve officials said they saw a variety of threats to the U.S. economy, including a slowdown in China and a looming budget crunch in Washington. The Fed also didn't signal that new steps to stimulate the economy were on the way.

Stock investors took the news badly at first, but by the end of the day were taking it in stride. The Dow Jones industrial average dropped as many as 118 points shortly after the 2 p.m. release of the Fed's minutes. Thanks to a recovery in the last hour it was down just 48 points at the closing bell, not much different from where it was earlier.

Fed officials said the economy could struggle if Congress fails to avert tax hikes and across-the-board spending cuts scheduled for the end of the year. They also worried that Europe's debt crisis and China's slower growth would weigh on the U.S.

But it was what the Fed didn't say that really tripped the stock market up, said Steven Ricchiuto, chief economist at Mizuho Securities USA. He said many traders had hoped to see evidence that the Fed was prepared to pull the trigger on a new bond-buying effort to prod the economy forward.

"They didn't get what they wanted to see," Ricchiuto said.

The Dow closed at 12,604.53, down 48.59 points. The Standard & Poor's 500 index slipped 0.02 of a point to 1,341.45. The technology-focused Nasdaq composite index lost 14.35 points to 2,887.98.

It was the fifth straight day of losses for both the Dow and S&P. That's the worst stretch for both since a six-day losing streak that ran through May 18. With Europe still working out the details of a bailout for Spanish banks and the U.S. economy still sluggish, there's little for investors to buy stocks.

"The bottom line is that there aren't a lot of investors willing to put money into this market," said Jeff Kleintop, chief market strategist at LPL Financial. "There's not much to get excited about."

The current batch of U.S. corporate earnings, which started to come in this week, isn't expected to help the stock market. Financial analysts forecast that companies in the S&P 500 will report a 2 percent earnings drop in the April-through-June period compared with the year before, according to the research firm S&P Capital IQ. That would be the first fall in profits since the summer quarter of 2009.

Chevron and other energy stocks rose, following oil prices higher. The price of crude oil jumped $1.90, to $85.81 a barrel, after the government said U.S. crude supplies fell for a second week in a row, a sign that demand for energy may be increasing.

Energy stocks led the 10 industry groups within the S&P 500 index, rising 1.4 percent. Chevron gained 97 cents to $104.85 and Exxon Mobil gained $1.27 to $84.38.

In Europe, Spain's borrowing costs fell after the country imposed new sales tax hikes and spending cuts in a bid to slash nearly $80 billion from its budget over the next two and a half years. High borrowing rates and 25 percent unemployment are squeezing Spain's economy.

Europe's debt crisis has led banks and investment funds from around the world to shift their money into Treasurys. High demand for Treasurys has kept U.S. government borrowing rates low.

The Treasury auctioned 10-year notes at a record low interest rate Wednesday afternoon, 1.46 percent.

Among other stocks making bigger moves than the overall market:

”” HHGregg plunged 36 percent. The appliance and electronics retailer said after the market closed Tuesday that weak sales will cause its quarterly loss to widen. The company also cut its full-year earnings outlook. Analysts at SunTrust and Stifel Nicolaus downgraded the company's shares. The company's stock lost $4.20 to $7.34.

”” AMC Networks jumped 2 percent. A stock analyst at Susquehanna Financial Group said AMC, whose shows include "Mad Men," and "The Walking Dead," could reach a settlement with Dish Network in their dispute over fees by mid-October. Dish replaced AMC's channels on July 1, arguing that they were too expensive. AMC's stock gained 86 cents to $40.73. Dish fell 3 percent, or 95 cents, to $26.80.

”” Mead Johnson Nutrition surged 4 percent after a Chinese agency apologized for what it said were false accusations that the company's baby formula contained a possibly dangerous ingredient. The accusations helped knock the company's stock down 3 percent on Tuesday. Mead Johnson jumped $2.99 to $78.28.

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stocks slid for a sixth day Thursday as concern spread that weaker global economic growth and the European debt crisis will hurt U.S. corporate earnings. The Dow Jones industrial average and Standard & Poor's 500 index had their longest losing streaks since mid-May.

Billionaire investment guru Warren Buffett set a gloomy tone before the market opened, telling CNBC that weak demand is hurting his retail, jewelry, carpet and other businesses. He said business in Europe has dropped off quickly in the past two months.

Other companies appear to be struggling as well. Aluminum maker Alcoa, which kicked off the second-quarter earnings season on Monday, reported very weak revenue because of the faltering global economy. Fastenal, a U.S. industrial distributor, reported revenue Thursday that was weaker than analysts were expecting.

Hotel operator Marriott and Progressive, an insurance company, both plunged after reporting weak financial results.

Traders also sweated about Europe's debt crisis and new Chinese economic data due out Friday.

The Dow fell as much as 112 points in early trading. It recovered to turn briefly positive in the afternoon before closing with a loss of 31.26 points, or 0.3 percent, at 12,573.27. Dow component 3M fell $1.44, or 2 percent, to $86.41. Demand for the manufacturing conglomerate's products would weaken if the global economy faltered.

The S&P 500 fell 6.69 points, or 0.5 percent, at 1,334.76. The Nasdaq composite index fell 21.79, or 0.8 percent, to 2,866.19.

The NYSE DOW closed LOWER ▼ -31.26 points or ▼ -0.25% Thursday, 12 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,573.27 ▼ -31.26 ▼ -0.25%
Nasdaq____ 2,866.19 ▼ -21.79 ▼ -0.75%
S&P_500__ 1,334.76 ▼ -6.69 ▼ -0.50%
30_Yr_Bond 2.564 ▼ -0.03 ▼ -0.97%

NYSE Volume 3,654,441,000
Nasdaq Volume 1,710,358,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,608.25 ▼ -56.23 ▼ -0.99%
DAX_____ 6,419.35 ▼ -34.50 ▼ -0.53%
CAC_40__ 3,135.18 ▼ -22.07 ▼ -0.70%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,106.00 ▼ -29.00 ▼ -0.70%
Shanghai_Comp 2,185.49 ▲ 10.11 ▲ 0.46%
Taiwan_Weight 7,130.93 ▼ -126.98 ▼ -1.75%
Nikkei_225____ 8,720.01 ▼ -130.99 ▼ -1.48%
Hang_Seng____ 19,025.11 ▲ 53.93 ▼ -2.03%
Strait_Times___ 2,972.04 ▼ -17.27 ▼ -0.58%
NZX 50 Index__ 3,501.40 ▲ 22.56 ▲ 0.65%

http://finance.yahoo.com/news/stocks-slide-wall-street-sixth-151627667.html

Stocks slide on Wall Street for sixth straight day

Another slide on Wall Street; Dow and S&P 500 index mark sixth day of losses in a row

By Daniel Wagner, AP Business Writer

U.S. stocks slid for a sixth day Thursday as concern spread that weaker global economic growth and the European debt crisis will hurt U.S. corporate earnings. The Dow Jones industrial average and Standard & Poor's 500 index had their longest losing streaks since mid-May.

Billionaire investment guru Warren Buffett set a gloomy tone before the market opened, telling CNBC that weak demand is hurting his retail, jewelry, carpet and other businesses. He said business in Europe has dropped off quickly in the past two months.

Other companies appear to be struggling as well. Aluminum maker Alcoa, which kicked off the second-quarter earnings season on Monday, reported very weak revenue because of the faltering global economy. Fastenal, a U.S. industrial distributor, reported revenue Thursday that was weaker than analysts were expecting.

Hotel operator Marriott and Progressive, an insurance company, both plunged after reporting weak financial results.

Traders also sweated about Europe's debt crisis and new Chinese economic data due out Friday.

The Dow fell as much as 112 points in early trading. It recovered to turn briefly positive in the afternoon before closing with a loss of 31.26 points, or 0.3 percent, at 12,573.27. Dow component 3M fell $1.44, or 2 percent, to $86.41. Demand for the manufacturing conglomerate's products would weaken if the global economy faltered.

The S&P 500 fell 6.69 points, or 0.5 percent, at 1,334.76. The Nasdaq composite index fell 21.79, or 0.8 percent, to 2,866.19.

Supermarket operator Supervalu plunged by nearly half after the company reported a sharp drop in net income late Tuesday and suspended its dividend. Supervalu, which owns Albertsons, Jewel-Osco and Save-A-Lot, lost $2.60 to close at $2.69.

Supervalu's losses dragged on rival grocery chain Safeway, which fell $2.25, or 13 percent, to $15.73. Safeway's was the biggest percentage decline in the S&P 500 index.

The weak corporate results will likely prompt analysts to lower their quarterly earnings forecasts for the entire S&P 500, said John Fox, co-manager of the FAM Value Fund, which specializes in small and medium-sized companies.

"There will be more disappointments than surprises," Fox said. "It's a global world, and many of the small companies we invest in do business all over the world," he said, adding that his firm already is using estimates that are below Wall Street's consensus.

Fox said Buffett sounded far more negative than he has over the past year. At Berkshire's last annual meeting, which Fox attended, Buffett declared that all but a handful of the conglomerate's companies were doing better.

"The tone of his comments has definitely changed, which I think is a fair reflection of the environment," Fox said.

In Europe, Spain's borrowing costs crept higher, a sign that investors fear the country might default. Spain's neighbors are rescuing the country's banks, but the government itself was not bailed out and bond investors are not satisfied. Spain's main stock index closed down 2.6 percent.

Greece continues to struggle. Its government said unemployment there continues to rise and hit 22.5 percent in April.

The euro fell to a two-year low as fed-up investors questioned the region's ability to solve its debt crisis conclusively. It fell as low as $1.2165 and is down about five cents already this month.

A stronger dollar is another threat to U.S. corporate earnings, Fox said, because it makes U.S. goods more expensive to overseas buyers. Later, when companies convert those sales back into dollars, the unfavorable exchange rate shrinks the value of revenue earned overseas.

Traders also are concerned that China's economy is growing more slowly and might deprive the world of a crucial economic engine. New numbers due out on Friday are expected to show that growth in the second quarter fell to 7.3 percent from the previous quarter's 8.1 percent, which is already a three-year low. Revenue from the construction, shipbuilding and export manufacturing industries might have been cut in half since last year.

Among the companies making big moves:

”” Marriott International dropped 6 percent. The hotel operator reported revenue late Wednesday that fell short of analysts' expectations. The company also cut its prediction for fees it would make from in-room services like wireless Internet. The stock fell $2.45 to $35.58.

”” Progressive, an auto insurance company, fell 5 percent after reporting a 52 percent drop in second-quarter income, partly due to an investment loss. The results were far weaker than analysts had expected. Progressive fell $1.02 to $19.53.

 

[bigdog]

Source: http://finance.yahoo.com

US stocks surge at the end of a rough week; JPMorgan and Wells Fargo post stronger earnings

JPMorgan Chase blew away a cloud of concern hanging over the banking industry Friday and set off a rally in stocks. Relieved investors drove up bank stocks, ended a six-day losing streak for the market and sent the Dow Jones industrial average up 204 points, the best day this month.

JPMorgan jumped 6 percent, the biggest gain in the Dow by far. The country's largest bank earned $5 billion in the most recent quarter, easily beating Wall Street's forecasts, even as it took a deeper loss from a complex trade that went wrong. The results brightened the outlook for other major banks. If JPMorgan could sustain such a hard hit and still post stronger earnings, the thinking went, maybe others could, too.

"Today is all about bank uncertainty getting resolved," said Doug Cote, chief market strategist at ING Investment Management. "To me, that's what is really driving the market."

JPMorgan revealed that the loss from a derivative trade it first disclosed in May had grown to $5.8 billion, nearly triple the original estimate. Its stock shot up $2.03 to $36.07.

The bank's underwriting business also fared better than many expected. That rubbed off on the investment banks Goldman Sachs and Morgan Stanley, driving both up more than 3 percent. Goldman jumped $3.41 to $97.43. Morgan Stanley rose 50 cents to $14.05.

The Dow gained 203.82 points to close at 12,777.09.

Wells Fargo, the other major bank reporting results Friday, said a strong pickup in lending lifted its net income 18 percent. Wells Fargo has managed to avoid problems plaguing other big banks and is now the country's largest mortgage lender. The bank's stock gained 3 percent, or $1.06, to $33.91.

The surge erased the week's losses for the main indexes. The Dow would up flat for the week, and the S&P eked out a 0.2 percent gain. The technology-heavy Nasdaq, which is more sensitive to swings in the economy, slumped 1 percent.

The NYSE DOW closed HIGHER ▲ 203.82 points or ▲ 1.62% Friday, 13 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,777.09 ▲ 203.82 ▲ 1.62%
Nasdaq____ 2,908.47 ▲ 42.28 ▲ 1.48%
S&P_500__ 1,356.78 ▲ 22.02 ▲ 1.65%
30_Yr_Bond 2.584 ▲ 0.02 ▲ 0.78%

NYSE Volume 3,190,493,000
Nasdaq Volume 1,357,620,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,666.13 ▲ 57.88 ▲ 1.03%
DAX_____ 6,557.10 ▲ 137.75 ▲ 2.15%
CAC_40__ 3,180.81 ▲ 45.63 ▲ 1.46%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,118.30 ▲ 12.30 ▲ 0.30%
Shanghai_Comp 2,185.90 ▲ 0.40 ▲ 0.02%
Taiwan_Weight 7,104.27 ▼ -26.66 ▼ -0.37%
Nikkei_225____ 8,724.12 ▲ 4.11 ▲ 0.05%
Hang_Seng____ 19,092.63 ▲ 53.93 ▲ 0.35%
Strait_Times___ 2,995.56 ▲ 23.52 ▲ 0.79%
NZX 50 Index__ 3,495.41 ▼ -5.99 ▼ -0.17%

http://finance.yahoo.com/news/jpmorgan-chase-launches-stock-market-163915108.html

JPMorgan Chase launches a stock market rally

US stocks surge at the end of a rough week; JPMorgan and Wells Fargo post stronger earnings

By Matthew Craft, AP Business Writer

JPMorgan Chase blew away a cloud of concern hanging over the banking industry Friday and set off a rally in stocks. Relieved investors drove up bank stocks, ended a six-day losing streak for the market and sent the Dow Jones industrial average up 204 points, the best day this month.

JPMorgan jumped 6 percent, the biggest gain in the Dow by far. The country's largest bank earned $5 billion in the most recent quarter, easily beating Wall Street's forecasts, even as it took a deeper loss from a complex trade that went wrong. The results brightened the outlook for other major banks. If JPMorgan could sustain such a hard hit and still post stronger earnings, the thinking went, maybe others could, too.

"Today is all about bank uncertainty getting resolved," said Doug Cote, chief market strategist at ING Investment Management. "To me, that's what is really driving the market."

JPMorgan revealed that the loss from a derivative trade it first disclosed in May had grown to $5.8 billion, nearly triple the original estimate. Its stock shot up $2.03 to $36.07.

The bank's underwriting business also fared better than many expected. That rubbed off on the investment banks Goldman Sachs and Morgan Stanley, driving both up more than 3 percent. Goldman jumped $3.41 to $97.43. Morgan Stanley rose 50 cents to $14.05.

The Dow gained 203.82 points to close at 12,777.09.

Wells Fargo, the other major bank reporting results Friday, said a strong pickup in lending lifted its net income 18 percent. Wells Fargo has managed to avoid problems plaguing other big banks and is now the country's largest mortgage lender. The bank's stock gained 3 percent, or $1.06, to $33.91.

Todd Salamone, director of research at Schaeffer's Investment Research, said the rally in bank stocks shows that investors had expected the worst. When they're too gloomy on an industry, the slightest bit of good news can jolt their stocks up.

"The bar for earnings is set extremely low, and a lot of people have been betting against banks" he said. "The lower the bar, the easier it is for positive surprises."

The rally swept across the stock market. Five stocks rose for every one that fell on the New York Stock Exchange, and all 10 industry groups within the S&P 500 rose, led by financial firms.

The surge erased the week's losses for the main indexes. The Dow would up flat for the week, and the S&P eked out a 0.2 percent gain. The technology-heavy Nasdaq, which is more sensitive to swings in the economy, slumped 1 percent.

The stock market took a beating this week as the U.S. corporate earnings season got off to a weak start and Europe stumbled along in its latest attempts to resolve the region's debt crisis.

In other trading, the Standard & Poor's 500 index rose 22.02 points to 1,356.78 and the Nasdaq composite gained 42.28 points to 2,908.47.

Among other stocks making big moves:

”” Procter & Gamble rose 2 percent after reports emerged that board members of the consumer products giant are considering the removal of Chief Executive Officer Robert McDonald. On Thursday the Federal Trade Commission cleared activist investor William Ackman's hedge fund to make an investment in the company, whose many products include Tide, Bounce and Duracell. P&G rose $1.39 to $65.09 and gained 6 percent for the week.

”” Lexmark International plunged 16 percent. The printer maker warned late Thursday that it fared worse during the second quarter than expected, a result of slowing business spending. Its stock fell $3.95 to $20.36.

”” Phillips 66 jumped 6 percent, following news that Warren Buffett said Berkshire Hathaway has invested in the refining company. The stock rose $1.93 to $34.94.

2883

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed lower for the seventh day out of the last eight on Monday after the government reported that U.S. consumers cut their spending last month.

The news pushed stocks down from the start of the trading day. Though they recovered a bit around midday, all three major indexes closed down. The Dow Jones industrial average dropped 49.88 points, or 0.4 percent, to 12,727.21.

Before trading opened, the Commerce Department said retail sales fell 0.5 percent in June from the month before as Americans spent less on autos, furniture and appliances.

It was the third straight month of declining sales, a worrisome trend. The last time sales slumped for so long was in the fall of 2008, at the worst point of the global financial crisis.

"The summer soft patch is here, and it could be here a while," said Randy Frederick, a managing director at Charles Schwab, the stock brokerage firm. "Consumers are belt-tightening."

Also dampening spirits, the International Monetary Fund said it now forecasts the global economy to grow 3.9 percent in 2013, down from an earlier estimate of 4.1 percent.

The Standard & Poor's 500 index fell 3.14 points, or 0.23 percent, to 1,353.64. The Nasdaq composite index fell 11.53 points, or 0.4 percent, to 2,896.94.

The NYSE DOW closed LOWER ▼ -49.88 points or ▼ -0.39% Monday, 16 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,727.21 ▼ -49.88 ▼ -0.39%
Nasdaq____ 2,896.94 ▼ -11.52 ▼ -0.40%
S&P_500__ 1,353.64 ▼ -3.14 ▼ -0.23%
30_Yr_Bond 2.548 ▼ -0.04 ▼ -1.39%

NYSE Volume 2,913,276,250
Nasdaq Volume 1,465,590,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,662.43 ▼ -3.70 ▼ -0.07%
DAX_____ 6,565.72 ▲ 8.62 ▲ 0.13%
CAC_40__ 3,179.90 ▼ -0.91 ▼ -0.03%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,143.20 ▲ 24.90 ▲ 0.60%
Shanghai_Comp 2,147.96 ▼ -37.94 ▼ -1.74%
Taiwan_Weight 7,090.04 ▼ -14.23 ▼ -0.20%
Nikkei_225____ 8,724.12 ▲ 4.11 ▲ 0.05%
Hang_Seng____ 19,121.34 ▲ 53.93 ▲ 0.15%
Strait_Times___ 2,998.75 ▲ 3.19 ▲ 0.11%
NZX 50 Index__ 3,467.34 ▼ -28.07 ▼ -0.80%

http://finance.yahoo.com/news/stocks-close-lower-consumer-spending-205750921.html

Stocks close lower after consumer spending slides
Report of a third straight month of weak consumer spending sends stocks lower on Wall Street
By Bernard Condon, AP Business Writer

Stocks closed lower for the seventh day out of the last eight on Monday after the government reported that U.S. consumers cut their spending last month.

The news pushed stocks down from the start of the trading day. Though they recovered a bit around midday, all three major indexes closed down. The Dow Jones industrial average dropped 49.88 points, or 0.4 percent, to 12,727.21.

Before trading opened, the Commerce Department said retail sales fell 0.5 percent in June from the month before as Americans spent less on autos, furniture and appliances.

It was the third straight month of declining sales, a worrisome trend. The last time sales slumped for so long was in the fall of 2008, at the worst point of the global financial crisis.

"The summer soft patch is here, and it could be here a while," said Randy Frederick, a managing director at Charles Schwab, the stock brokerage firm. "Consumers are belt-tightening."

Also dampening spirits, the International Monetary Fund said it now forecasts the global economy to grow 3.9 percent in 2013, down from an earlier estimate of 4.1 percent.

The Standard & Poor's 500 index fell 3.14 points, or 0.23 percent, to 1,353.64. The Nasdaq composite index fell 11.53 points, or 0.4 percent, to 2,896.94.

Companies that rely heavily on consumer spending were among the weakest on the New York Stock Exchange. Home Depot fell 64 cents, or 1.2 percent, to $51.45. Lowe's Cos. lost 92 cents, or 3.4 percent, to $25.80.

Industrial stocks also fell sharply. General Electric and Caterpillar, a heavy equipment maker, each fell about 1 percent. GE lost 18 cents to $19.59. Caterpillar lost 92 cents to $81.15, one of the biggest losses among the 30 stocks that make up the Dow average.

Comments from Chinese Premier Wen Jiabao over the weekend also weighed on the market. Wen said his country's economy has not yet entered a recovery and "economic difficulties may continue for some time." Some of the weakness in China comes from the debt crisis in Europe, which has crippled spending on imported goods.

In the Treasury market, the yield on the benchmark 10-year Treasury fell to 1.45 percent from 1.49 percent late Friday as investors sought the relative safety of government debt.

In Europe, borrowing rates for Italy and Spain rose again, the latest signal that bond investors are leery of the finances of those countries. Stocks fell 2 percent in Spain and 0.4 percent in Italy. Benchmark indexes in Germany and France were flat.

The U.S. corporate earnings season resumes in earnest this week with reports from major companies that cover a wide span of the economy. On deck Tuesday are Harley-Davidson, Coca-Cola, Goldman Sachs and Johnson & Johnson. Intel and Yahoo also report this week.

Other stocks making big moves included:

”” Visa rose $3.06 to $127.15 and MasterCard rose $7.29 to $436.89. The two giant payment processing companies, along with major banks, settled a seven-year old lawsuit with merchants over fees they charge when customers pay with credit cards.

”” Par Pharmaceutical jumped $13.42 to $50. The generic drug maker agreed to be acquired for $1.84 billion in cash by the private investment firm TPG. The offer was a 37 percent premium to Friday's closing price.

”” Yahoo rose 34 cents in after-hours trading to $15.98 after the company named longtime Google executive Marissa Mayer to be its next CEO. Mayer will be the fifth leader the struggling Internet pioneer has had in the past five years.

Declining stocks narrowly outpaced rising ones. Volume was light at 2.9 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Earnings reports from Mattel, Coca-Cola and others lift stocks to a rare July win

Stronger earnings from Mattel, Coca-Cola and other big companies lifted the Standard & Poor's 500 index on Tuesday for only the fourth day this month.

Mattel jumped 9 percent, more than any other company in the S&P. The country's biggest toy maker said net income rose because of better sales of Barbie dolls and lower advertising costs. Its stock climbed $3.01 to $34.05.

Coca-Cola posted higher income and revenue than Wall Street had expected, thanks in part to booming business overseas. Coke rose $1.21, or 1.6 percent, to $77.69.

The S&P rose 10.03 points to 1,363.67. The Dow Jones industrial average gained 78.33 points to 12,805.54, only its third increase of the month. Concern about corporate earnings and slower economic growth have weighed on the market.

The stock market wavered between gains and losses in morning trading as investors kept an eye on Federal Reserve Chairman Ben Bernanke's first of two days of testimony before Congress.

Bernanke said weaker economic growth probably means unemployment will remain stubbornly high. But he offered no signs that the Fed was ready to take action to bolster growth soon.

"The big question here isn't whether the Fed will act," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. "We know they will. The question is how bad do things have to deteriorate before they act."

The NYSE DOW closed HIGHER ▲ 78.33 points or ▲ 0.62% Tuesday, 17 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,805.54 ▲ 78.33 ▲ 0.62%
Nasdaq____ 2,910.04 ▲ 13.09 ▲ 0.45%
S&P_500__ 1,363.67 ▲ 10.03 ▲ 0.74%
30_Yr_Bond 2.595 ▲ 0.05 ▲ 1.84%

NYSE Volume 3,566,679,000
Nasdaq Volume 1,762,991,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,629.09 ▼ -33.34 ▼ -0.59%
DAX_____ 6,577.64 ▲ 11.92 ▲ 0.18%
CAC_40__ 3,176.97 ▼ -2.93 ▼ -0.09%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,175.30 ▲ 32.10 ▲ 0.77%
Shanghai_Comp 2,161.19 ▲ 13.23 ▲ 0.62%
Taiwan_Weight 7,127.00 ▲ 36.96 ▲ 0.52%
Nikkei_225____ 8,755.00 ▲ 30.88 ▲ 0.35%
Hang_Seng____ 19,476.01 ▲ 53.93 ▲ 1.85%
Strait_Times___ 3,012.70 ▲ 13.95 ▲ 0.47%
NZX 50 Index__ 3,468.86 ▲ 1.53 ▲ 0.04%

http://finance.yahoo.com/news/stocks-rise-mattel-coke-among-163733127.html

Stocks rise; Mattel, Coke among earnings winners

Earnings reports from Mattel, Coca-Cola and others lift stocks to a rare July win

By Matthew Craft, AP Business Writer

Stronger earnings from Mattel, Coca-Cola and other big companies lifted the Standard & Poor's 500 index on Tuesday for only the fourth day this month.

Mattel jumped 9 percent, more than any other company in the S&P. The country's biggest toy maker said net income rose because of better sales of Barbie dolls and lower advertising costs. Its stock climbed $3.01 to $34.05.

Coca-Cola posted higher income and revenue than Wall Street had expected, thanks in part to booming business overseas. Coke rose $1.21, or 1.6 percent, to $77.69.

The S&P rose 10.03 points to 1,363.67. The Dow Jones industrial average gained 78.33 points to 12,805.54, only its third increase of the month. Concern about corporate earnings and slower economic growth have weighed on the market.

The stock market wavered between gains and losses in morning trading as investors kept an eye on Federal Reserve Chairman Ben Bernanke's first of two days of testimony before Congress.

Bernanke said weaker economic growth probably means unemployment will remain stubbornly high. But he offered no signs that the Fed was ready to take action to bolster growth soon.

"The big question here isn't whether the Fed will act," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. "We know they will. The question is how bad do things have to deteriorate before they act."

As the earnings season got under way last week, analysts had expected quarterly profits for companies in the Standard & Poor's 500 index to fall 1 percent compared with the year before, according to S&P Capital IQ, the research arm of S&P. That would break a streak of higher earnings that started in the last quarter of 2009.

Jack Ablin, the chief investment officer of Harris Private Bank, said that when investors are sure that earnings are going to be dismal, it can set the market up for a rally.

Ablin joked that it was similar to how, as a child, he tried to convince his parents his grades were going to be awful.

"That way, anything I brought home was a relief," he said.

Goldman Sachs also reported earnings and revenue that beat Wall Street's forecasts. The bank said it bundled more mortgages into bonds, leading to a 37 percent increase in sales from mortgage and commodity trading. Its stock gained 30 cents to $97.98.

The gains were broad. All 10 industries in the S&P 500 rose, led by health care companies. The Nasdaq composite index gained 13.10 points to 2,910.04.

Among other stocks making big moves:

”” Mosaic jumped 5 percent. The fertilizer maker's net income beat Wall Street's forecasts, with the help of stronger phosphate sales and higher prices for potash. Mosaic also doubled its quarterly dividend to 25 cents per share. The stock gained $2.84 to $58.21.

”” Reports that HSBC allowed Mexican drug cartels to launder billions through its U.S. banks helped push the bank's stock down. A Senate investigation also said some HSBC bank affiliates ignored U.S. government bans against financial transactions with Iran and other countries. HSBC fell 20 cents to $43.28.

”” Walt Disney led the Dow, gaining $1.49, or 3.1 percent, to $49.35 after getting an upgrade by analysts at Bank of America.

 

[bigdog]

Source: http://finance.yahoo.com

A new sign of recovery in the housing market and strong corporate earnings sent stocks higher for a second day.

The Dow Jones industrial average rose 103.16 points, or 0.8 percent, to 12,908.70 on Wednesday, a strong showing for what has been a mediocre July so far. The index has risen only four times in the last 12 trading days.

"The market expects bad news, so when it doesn't get it, it rises," said John Manley, chief equity strategist at Wells Fargo Advantage Funds. "Earnings haven't been disastrous for the quarter."

A big gain by Intel after it posted a strong earnings report drove up technology stocks, especially other chip makers. Those companies, plus industrials, were responsible for much of the market's gains. The Nasdaq composite climbed 32.56 points, or 1.1 percent, to 2,942.60.

The government reported that builders broke ground last month on the most new homes and apartments in nearly four years. The 6.9 percent jump brought the number of housing starts to the highest since October 2008. The news came a day after a gauge of confidence among U.S. homebuilders jumped to the highest level in five years.

The Standard & Poor's 500 index rose 9.11 points, or 0.7 percent, to 1,372.78. Amphenol jumped nearly 15 percent, the most in the index, after the maker of electronic cables and connectors reported second-quarter earnings that were higher than analysts were expecting. Its stock rose $7.58 to $58.94.

For several weeks, big companies have talked down prospects for big jumps in earnings, and Wall Street analysts have slashed their forecasts in response. At the start of the earnings season last week, they said earnings for companies in the S&P 500 would likely fall 2 percent, according to S&P Capital IQ.

The NYSE DOW closed HIGHER ▲ 103.16 points or ▲ 0.81% Wednesday, 18 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,908.70 ▲ 103.16 ▲ 0.81%
Nasdaq____ 2,942.60 ▲ 32.56 ▲ 1.12%
S&P_500__ 1,372.78 ▲ 9.11 ▲ 0.67%
30_Yr_Bond 2.580 ▼ -0.02 ▼ -0.58%

NYSE Volume 3,612,909,000
Nasdaq Volume 1,793,360,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,685.77 ▲ 56.68 ▲ 1.01%
DAX_____ 6,684.42 ▲ 106.78 ▲ 1.62%
CAC_40__ 3,235.40 ▲ 58.43 ▲ 1.84%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,156.40 ▼ -18.90 ▼ -0.45%
Shanghai_Comp 2,169.10 ▲ 7.91 ▲ 0.37%
Taiwan_Weight 7,049.05 ▼ -77.95 ▼ -1.09%
Nikkei_225____ 8,726.74 ▼ -28.26 ▼ -0.32%
Hang_Seng____ 19,239.88 ▲ 53.93 ▼ -1.11%
Strait_Times___ 3,016.31 ▲ 1.51 ▲ 0.05%
NZX 50 Index__ 3,474.05 ▲ 5.19 ▲ 0.15%

http://finance.yahoo.com/news/jump-...Rwc3RhaWQDBHBzdGNhdAMEcHQDc2VjdGlvbnM-;_ylv=3

Jump in housing starts, earnings send stocks up
US stocks rise for 2nd day after a jump in housing starts and better earnings reports
By Bernard Condon, AP Business Writer

A new sign of recovery in the housing market and strong corporate earnings sent stocks higher for a second day.

The Dow Jones industrial average rose 103.16 points, or 0.8 percent, to 12,908.70 on Wednesday, a strong showing for what has been a mediocre July so far. The index has risen only four times in the last 12 trading days.

"The market expects bad news, so when it doesn't get it, it rises," said John Manley, chief equity strategist at Wells Fargo Advantage Funds. "Earnings haven't been disastrous for the quarter."

A big gain by Intel after it posted a strong earnings report drove up technology stocks, especially other chip makers. Those companies, plus industrials, were responsible for much of the market's gains. The Nasdaq composite climbed 32.56 points, or 1.1 percent, to 2,942.60.

The government reported that builders broke ground last month on the most new homes and apartments in nearly four years. The 6.9 percent jump brought the number of housing starts to the highest since October 2008. The news came a day after a gauge of confidence among U.S. homebuilders jumped to the highest level in five years.

The Standard & Poor's 500 index rose 9.11 points, or 0.7 percent, to 1,372.78. Amphenol jumped nearly 15 percent, the most in the index, after the maker of electronic cables and connectors reported second-quarter earnings that were higher than analysts were expecting. Its stock rose $7.58 to $58.94.

For several weeks, big companies have talked down prospects for big jumps in earnings, and Wall Street analysts have slashed their forecasts in response. At the start of the earnings season last week, they said earnings for companies in the S&P 500 would likely fall 2 percent, according to S&P Capital IQ.

Earnings are still expected to fall, marking the first quarterly decline in nearly three years, but several companies have delivered pleasant surprises nonetheless. Honeywell International, a big technology and manufacturing company, reported an 11 percent increase in second-quarter income Wednesday, more than Wall Street was expecting, thanks to higher demand for its products. Honeywell also raised its forecast for full-year profits. Its stock jumped $3.64, or 7 percent, to $58.18.

Of the 65 companies in the S&P 500 to report earnings so far, 43 have beat estimates, or 66 percent, according to S&P Capital IQ. That is slightly higher than the 62 percent long-term average.

"Many of the risks ”” an anemic European economy, a slowdown in Asia ”” have been factored into earnings expectations," said Talley Leger, investment strategist at Macro Vision Research, an investment consulting firm. "That's why we're seeing positive surprises."

Other earnings reports disappointed. Bank of America reported income that beat most analysts' expectations for the second quarter, but its revenue fell short. The stock fell 39 cents, or nearly 5 percent, to $6.59. Profit declined for PNC Financial Services Group and the investment manager BlackRock, sending both stocks down more than 0.5 percent.

Among the gainers Wednesday was Intel, which rose 83 cents, or 3 percent, at $26.21. Investors also piled into Vivus Inc., pushing its stock up nearly 10 percent, after the drug maker announced approval from regulators to sell a new weight-loss pill. Doctors consider the pill, Qsymia, the most effective of a new generation of anti-obesity drugs. The company plans to start selling it by the end of the year.

Madison Square Garden's stock lost 1 percent after the owner of the New York Knicks NBA team confirmed that it was losing star player Jeremy Lin to the Houston Rockets. The Knicks said they wouldn't match a three-year, $25 million offer for the player. MSG's stock fell 36 cents to $35.45.

So far this year, the Dow is up 5.7 percent, but has mostly fallen this month. Thanks to Wednesday's gain, it's back in the black for July, but barely ”” up 0.2 percent.

After the market closed, a few companies reporting second-quarter results added to the somewhat positive earnings picture.

Ebay said net income more than doubled, and its stock jumped 6 percent in after-hours trading. IBM, a tech bellwether, reported earnings rose 6 percent, beating analyst estimates. Its stock rose 3 percent in extended trading.

Yum Brands, the owner of Taco Bell, KFC and Pizza Hut, fell 2 percent after it reported a rare profit decline in its key China market.

In addition to housing news, the Federal Reserve said Wednesday that its survey of the economy across the country showed modest expansion in June and early July, but that growth and hiring slowed in several regions.

In his second day of testimony before Congress, Federal Reserve Chairman Ben Bernanke did not signal any new stimulus is imminent, though he did say the Fed was looking at "ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market."

Treasury prices rose slightly as demand for low-risk assets remained strong. The yield on the benchmark 10-year Treasury note was flat at 1.50 percent. Germany auctioned $6.14 billion in two-year treasury notes Wednesday with an average interest rate, or yield, of minus 0.06 percent.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.6 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks head higher for third day in a row; IBM, eBay jump after posting better earnings

Strong earnings from IBM and other technology companies nudged the stock market higher Thursday, but a trio of weak economic reports kept the gains in check.

IBM surged 4 percent after it posted a jump in profits late Wednesday even as revenue fell. It marked the 38th consecutive quarter that IBM's net income rose over the previous year. IBM leapt $7.09 to $195.34.

The Dow Jones industrial average rose 34.66 points to close at 12,943.36 on Thursday, the third straight day of gains.

"One thing is dominating today and it's tech earnings," said Lawrence Creatura, portfolio manager at the mutual fund manager Federated Investors. "Earnings have been better than a lot of people expected. That could still change, but so far, so good."

Analysts forecast that earnings at S&P 500 companies shrank 1.5 percent in the April-through-June period versus a year ago, according to researchers at S&P Capital IQ. If that turns out to be true, it will be the worst earnings season since the summer quarter of 2009.

In other trading, the Standard & Poor's 500 index gained 3.73 points to 1,376.51. The Nasdaq composite index rose 23.30 points to 2,965.90.

Despite the modest gains, utilities and consumer staples lagged behind the market, usually a sign that investors were willing to take on risk.

eBay jumped 9 percent after the company reported that its second-quarter net income doubled, thanks to higher revenue from its PayPal online payments business and its e-commerce websites. eBay rose $3.73 to $44.19.

The market wavered in early trading, flipping from gains to losses and back again, after a measure of manufacturing in the mid-Atlantic region came in much weaker than economists had expected. Two other economic reports also released at 10 a.m., homes sales and leading economic indicators, were also weak.

Big banks and financial firms were mostly lower, following poor earnings reports from American Express and Morgan Stanley.

The NYSE DOW closed HIGHER ▲ 34.66 points or ▲ 0.27% Thursday, 19 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,943.36 ▲ 34.66 ▲ 0.27%
Nasdaq____ 2,965.90 ▲ 23.29 ▲ 0.79%
S&P_500__ 1,376.51 ▲ 3.73 ▲ 0.27%
30_Yr_Bond 2.614 ▲ 0.03 ▲ 1.32%

NYSE Volume 4,002,898,250
Nasdaq Volume 1,736,280,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,714.19 ▲ 28.42 ▲ 0.50%
DAX_____ 6,758.39 ▲ 73.97 ▲ 1.11%
CAC_40__ 3,263.64 ▲ 28.24 ▲ 0.87%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,236.40 ▲ 80.00 ▲ 1.92%
Shanghai_Comp 2,184.84 ▲ 15.74 ▲ 0.73%
Taiwan_Weight 7,148.57 ▲ 99.52 ▲ 1.41%
Nikkei_225____ 8,795.55 ▲ 68.81 ▲ 0.79%
Hang_Seng____ 19,559.05 ▲ 53.93 ▲ 1.66%
Strait_Times___ 3,028.96 ▲ 11.75 ▲ 0.39%
NZX 50 Index__ 3,485.78 ▲ 11.72 ▲ 0.34%

http://finance.yahoo.com/q/bc?t=1d&s=^DJI&l=on&z=m&q=l&c=^aord&c=^GSPC

US stocks creep up; IBM, other tech stocks rise

Stocks head higher for third day in a row; IBM, eBay jump after posting better earnings

By Matthew Craft, AP Business Writer

Strong earnings from IBM and other technology companies nudged the stock market higher Thursday, but a trio of weak economic reports kept the gains in check.

IBM surged 4 percent after it posted a jump in profits late Wednesday even as revenue fell. It marked the 38th consecutive quarter that IBM's net income rose over the previous year. IBM leapt $7.09 to $195.34.

The Dow Jones industrial average rose 34.66 points to close at 12,943.36 on Thursday, the third straight day of gains.

"One thing is dominating today and it's tech earnings," said Lawrence Creatura, portfolio manager at the mutual fund manager Federated Investors. "Earnings have been better than a lot of people expected. That could still change, but so far, so good."

Analysts forecast that earnings at S&P 500 companies shrank 1.5 percent in the April-through-June period versus a year ago, according to researchers at S&P Capital IQ. If that turns out to be true, it will be the worst earnings season since the summer quarter of 2009.

In other trading, the Standard & Poor's 500 index gained 3.73 points to 1,376.51. The Nasdaq composite index rose 23.30 points to 2,965.90.

Despite the modest gains, utilities and consumer staples lagged behind the market, usually a sign that investors were willing to take on risk.

eBay jumped 9 percent after the company reported that its second-quarter net income doubled, thanks to higher revenue from its PayPal online payments business and its e-commerce websites. eBay rose $3.73 to $44.19.

The market wavered in early trading, flipping from gains to losses and back again, after a measure of manufacturing in the mid-Atlantic region came in much weaker than economists had expected. Two other economic reports also released at 10 a.m., homes sales and leading economic indicators, were also weak.

Big banks and financial firms were mostly lower, following poor earnings reports from American Express and Morgan Stanley.

American Express lost 4 percent, the largest drop in the Dow, after its earnings missed Wall Street's expectations. Slower growth in Europe weighed on the credit-card company's results as international revenue fell 4 percent. Amex lost $2.06 to $56.23.

Morgan Stanley fell 74 cents to $13.25, a drop of 6 percent. The investment bank's income and revenue fell far short of what analysts expected, dragged down by dismal results from trading stocks and bonds.

The Dow is now up 1.3 percent for the week, and the S&P 500 index 1.5 percent.

Among other stocks making big moves:

”” Walgreen Co. soared 12 percent, the largest gain in the S&P 500. The Walgreen pharmacy chain and Express Scripts reached an agreement in which Walgreen will once again fill prescriptions from people in the Express Scripts network. That ended a dispute between the two companies. Walgreen gained $3.65 to $34.62.

”” Textron jumped 12 percent. The maker of Cessna planes reported that its quarterly earnings nearly doubled. The results trounced Wall Street analysts' estimates, thanks to rising demand for its Citation line of business jets and Bell helicopters. Textron gained $2.74 to $26.50.

”” Johnson Controls sank 8 percent. Earnings for the maker of auto parts and building equipment fell far short of expectations, partially a result of a weaker euro and sluggish demand from Europe. The company said it expects Europe to remain a problem. Johnson Controls' stock lost $2.25 to $26.07.

 

[bigdog]

Source: http://finance.yahoo.com

Market takes a U-turn and trades lower; Google can't make investors forget Spain

For the past few days, the U.S. stock market was able to forget about problems in Europe.

Friday put Europe squarely back in the spotlight.

U.S. stocks fell sharply as escalating problems in Spain jolted investors. Spain's stock market plunged 6 percent and its borrowing costs spiked after a regional government asked for a financial lifeline.

The drop on Wall Street, which sent the Dow Jones industrial average down as much as 133 points, marked a U-turn for the market. Stocks had risen over the past three days as investors focused on healthy earnings from U.S. companies like Mattel, Honeywell and Coca-Cola.

On Friday, talk of sluggishness in Europe was prevalent as more companies turned in their quarterly results.

Staffing agency Manpower fell 6 percent, to $33.46, and chip maker Advanced Micro Devices fell 13 percent, to $4.22, after reporting that weak demand in Europe had dragged down second-quarter revenue.

Xerox trimmed its earnings forecasts as Europeans bought less equipment. Ingersoll-Rand, whose products include Trane air conditioners, cut its revenue prediction for the same reason. Xerox fell 49 cents to $6.70, and Ingersoll-Rand lost $1.22 to $40.25.

Late Thursday, guitar maker Fender abruptly canceled its plans to go public, blaming "current market conditions" and "concerns about economic conditions in Europe." And General Electric, though its stock edged up 7 cents to $19.87, noted Friday that its orders also fell in Europe.

"We prepared ourselves for a pretty tough year this year, or certainly a volatile year," CEO Jeff Immelt said in a call with analysts. "We haven't been disappointed." GE's finance officer, Keith Sherin, said the company is making "a full-court press" to reduce exposure to Europe.

All the major U.S. stock indexes fell. The Dow Jones industrial average dropped 120.79 points to 12,822.57. The Standard & Poor's 500 fell 13.85 to 1,362.66. The Nasdaq composite index lost 40.60 to 2,925.30. All three indicators were down about 1 percent. They eked out tiny gains for the week and are about flat for the month to date.


The NYSE DOW closed LOWER ▼ -120.79 points or ▼ -0.93% Friday, 20 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,822.57 ▼ -120.79 ▼ -0.93%
Nasdaq____ 2,925.30 ▼ -40.60 ▼ -1.37%
S&P_500__ 1,362.66 ▼ -13.85 ▼ -1.01%
30_Yr_Bond 2.546 ▼ -0.07 ▼ -2.60%

NYSE Volume 3,768,499,250
Nasdaq Volume 1,813,219,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,651.77 ▼ -62.42 ▼ -1.09%
DAX_____ 6,630.02 ▼ -128.37 ▼ -1.90%
CAC_40__ 3,193.89 ▼ -69.75 ▼ -2.14%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,230.60 ▼ -5.80 ▼ -0.14%
Shanghai_Comp 2,168.64 ▼ -16.20 ▼ -0.74%
Taiwan_Weight 7,164.68 ▲ 16.11 ▲ 0.23%
Nikkei_225____ 8,669.87 ▼ -125.68 ▼ -1.43%
Hang_Seng____ 19,640.80 ▲ 53.93 ▲ 0.42%
Strait_Times___ 3,015.53 ▼ -13.43 ▼ -0.44%
NZX 50 Index__ 3,463.70 ▼ -22.07 ▼ -0.63%

http://finance.yahoo.com/news/haunted-europe-us-market-cant-202803675.html

Haunted by Europe, US market can't get ahead

Market takes a U-turn and trades lower; Google can't make investors forget Spain

By Christina Rexrode, AP Business Writer

For the past few days, the U.S. stock market was able to forget about problems in Europe.

Friday put Europe squarely back in the spotlight.

U.S. stocks fell sharply as escalating problems in Spain jolted investors. Spain's stock market plunged 6 percent and its borrowing costs spiked after a regional government asked for a financial lifeline.

The drop on Wall Street, which sent the Dow Jones industrial average down as much as 133 points, marked a U-turn for the market. Stocks had risen over the past three days as investors focused on healthy earnings from U.S. companies like Mattel, Honeywell and Coca-Cola.

On Friday, talk of sluggishness in Europe was prevalent as more companies turned in their quarterly results.

Staffing agency Manpower fell 6 percent, to $33.46, and chip maker Advanced Micro Devices fell 13 percent, to $4.22, after reporting that weak demand in Europe had dragged down second-quarter revenue.

Xerox trimmed its earnings forecasts as Europeans bought less equipment. Ingersoll-Rand, whose products include Trane air conditioners, cut its revenue prediction for the same reason. Xerox fell 49 cents to $6.70, and Ingersoll-Rand lost $1.22 to $40.25.

Late Thursday, guitar maker Fender abruptly canceled its plans to go public, blaming "current market conditions" and "concerns about economic conditions in Europe." And General Electric, though its stock edged up 7 cents to $19.87, noted Friday that its orders also fell in Europe.

"We prepared ourselves for a pretty tough year this year, or certainly a volatile year," CEO Jeff Immelt said in a call with analysts. "We haven't been disappointed." GE's finance officer, Keith Sherin, said the company is making "a full-court press" to reduce exposure to Europe.

Even the Internet powerhouse Google noted that growth in Southern Europe had slowed, particularly in Spain. But Google also reported higher revenue and profit, and its stock rose $17.76, to $610.82.

All the major U.S. stock indexes fell. The Dow Jones industrial average dropped 120.79 points to 12,822.57. The Standard & Poor's 500 fell 13.85 to 1,362.66. The Nasdaq composite index lost 40.60 to 2,925.30. All three indicators were down about 1 percent. They eked out tiny gains for the week and are about flat for the month to date.

Despite the generally sour mood in the market, two tech companies soared on their first day of trading. Kayak Software, a travel-booking website, jumped 28 percent, or $7.18, to $33.18. Palo Alto Networks, a technology security company, rose 27 percent, or $11.13, to $53.13.

The broad downturn was an unwelcome change after three days of gains, the Dow's longest winning streak in more than a month. Until Friday, investors focused on upbeat earnings from U.S. companies. Nearly three-fourths of the companies that have reported second-quarter earnings so far have beat expectations, according to FactSet.

Jeff Mortimer, director of investment strategy for Bank of New York Mellon's wealth management division, expects Europe's problems to drag on for a long while.

"There is no quick answer to the issues that they're wrestling with," he said. "They have a sovereign debt issue, they have a banking issue and they have a growth issue. ... I think we'll have one eye over there for years."

Spain was the epicenter of the latest European earthquake. Protestors took to the streets to voice their disapproval of government spending cuts. The Treasury minister predicted that the recession would drag on into next year. And the region of Valencia said it needed help from the central government to pay its bills.

Spain did get approval from the other euro countries for a bailout for its struggling banks, but that wasn't enough to calm investors. The Spanish government's borrowing costs shot above 7 percent, the rate at which other countries have been unable to afford to borrow money. Spain's borrowing costs rose to 7.22 percent and its benchmark stock index plunged 6 percent, to 6,246.30.

To be sure, bad financial news out of Spain is hardly new. Just as troubling, if not more so, were budding signs that the crisis is deepening even among Europe's relatively strong members. Germany announced that its economic growth likely slowed in the second quarter. In the U.K., the government said it had to borrow more than expected in June.

Among other stocks making big moves, Chipotle plunged 22 percent even though the burrito chain reported big jumps in revenue and profits. Even though revenue climbed 21 percent, analysts had expected more. Chipotle stock lost $86.88 to $316.98.

The country's six megabanks ”” Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo ”” all fell. Investors are concerned about an array of recent challenges, including Moody's downgrades at all the banks except Wells, and net job cuts over the year at all the banks except JPMorgan.

3467

 

[bigdog]

Source: http://finance.yahoo.com

US stocks trim losses but end down amid fear Spain will need bailout; Dow falls 101

Fear that Spain may need a bailout sent its borrowing costs soaring, the euro to a two-year low against the dollar and stocks around the world tumbling as investors pulled back Monday from all manner of risk.

The Dow Jones industrial average, after falling 239 points earlier in the day, ended down 101.11 at 12,721.46. Yields for U.S. government bonds sank to record lows as traders sought the safety of American debt.

Borrowing costs rose sharply for Spain and Italy after news that the Spanish economy contracted by 0.4 percent in the second quarter. Falling economic output makes it more difficult for Spain to deal with its debts.

The Standard & Poor's 500 index fell 12.14 points to 1,350.52. The Nasdaq composite index dropped 35.15 points to 2,890.15.

"Increases in Spanish borrowing costs have brought back questions about the health of Europe," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia. "That's driven a flight to safety."

The selling was widespread. All 10 industry groups within the S&P 500 were down, with materials and health care companies off more than 1 percent. Including Friday's drop, the Dow is down 222 points, the biggest back-to-back drop in more than a month.

In addition to Spain, investors are worried that Greece might get cut off from emergency loans it needs to avoid default. On Tuesday, inspectors from its international creditors arrive in the country to check on its progress in cutting its budget and in meeting other conditions it had agreed to in exchange for aid.

The Greek government has repeatedly failed to hit targets required for the two bailouts it has received so far.

Adding to the jitters, a Chinese central bank adviser forecast that China's economic growth could slow from its second-quarter rate of 7.6 percent, which was already the slowest in three years

The NYSE DOW closed LOWER ▼ -101.11 points or ▼ -0.79% Monday, 23 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,721.46 ▼ -101.11 ▼ -0.79%
Nasdaq____ 2,890.15 ▼ -35.15 ▼ -1.20%
S&P_500__ 1,350.52 ▼ -12.14 ▼ -0.89%
30_Yr_Bond 2.515 ▼ -0.03 ▼ -1.22%

NYSE Volume 3,576,762,250
Nasdaq Volume 1,609,195,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,533.87 ▼ -117.90 ▼ -2.09%
DAX_____ 6,419.33 ▼ -210.69 ▼ -3.18%
CAC_40__ 3,101.53 ▼ -92.36 ▼ -2.89%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,159.20 ▼ -71.40 ▼ -1.69%
Shanghai_Comp 2,141.40 ▼ -27.24 ▼ -1.26%
Taiwan_Weight 7,028.73 ▼ -135.95 ▼ -1.90%
Nikkei_225____ 8,508.32 ▼ -161.55 ▼ -1.86%
Hang_Seng____ 19,053.47 ▲ 53.93 ▼ -2.99%
Strait_Times___ 2,982.49 ▼ -33.04 ▼ -1.10%
NZX 50 Index__ 3,465.36 ▲ 1.66 ▲ 0.05%

http://finance.yahoo.com/news/2nd-triple-digit-loss-dow-201412010.html

2nd triple-digit loss for Dow in 2 days

US stocks trim losses but end down amid fear Spain will need bailout; Dow falls 101

By Bernard Condon, AP Business Writer

Fear that Spain may need a bailout sent its borrowing costs soaring, the euro to a two-year low against the dollar and stocks around the world tumbling as investors pulled back Monday from all manner of risk.

The Dow Jones industrial average, after falling 239 points earlier in the day, ended down 101.11 at 12,721.46. Yields for U.S. government bonds sank to record lows as traders sought the safety of American debt.

Borrowing costs rose sharply for Spain and Italy after news that the Spanish economy contracted by 0.4 percent in the second quarter. Falling economic output makes it more difficult for Spain to deal with its debts.

The Standard & Poor's 500 index fell 12.14 points to 1,350.52. The Nasdaq composite index dropped 35.15 points to 2,890.15.

"Increases in Spanish borrowing costs have brought back questions about the health of Europe," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia. "That's driven a flight to safety."

The selling was widespread. All 10 industry groups within the S&P 500 were down, with materials and health care companies off more than 1 percent. Including Friday's drop, the Dow is down 222 points, the biggest back-to-back drop in more than a month.

In addition to Spain, investors are worried that Greece might get cut off from emergency loans it needs to avoid default. On Tuesday, inspectors from its international creditors arrive in the country to check on its progress in cutting its budget and in meeting other conditions it had agreed to in exchange for aid.

The Greek government has repeatedly failed to hit targets required for the two bailouts it has received so far.

Adding to the jitters, a Chinese central bank adviser forecast that China's economic growth could slow from its second-quarter rate of 7.6 percent, which was already the slowest in three years.

Investors had hoped that the world's second-largest economy would compensate for slowdowns in the U.S. and Europe but now aren't so sure.

"I wish it were still the weekend," said Lawrence Creatura, a portfolio manager at Federated Investors, a mutual fund firm. "People were initially worried just about the Europe, but now it's spread to China and beyond."

In Spain, the yield on the benchmark 10-year government bond rose to 7.43 percent, the highest since the euro was launched in 1999 and a level considered unsustainable for more than a few months. The fear was registered in other trading, too. The cost for investors to take out insurance on Spanish government debt soared to a record high Monday.

The message: After Spanish banks had to seek money from international creditors to stay afloat, now maybe the Spanish government needs help.

The prospect of bailing out Madrid is worrisome for Europe because the potential cost far exceeds what's available in existing emergency funds.

The fear ratcheted up over the weekend when a southern region of Spain announced that it might need a financial lifeline from Madrid to make ends meet. That followed news last week that an eastern region of the country had asked for help.

In a move that recalled the global financial crisis four years ago, Spain's market regulator on Monday said it was temporarily banning short selling of shares on its stock indexes. In a short sale, an investor seeks a profit by betting that the price of a certain stock will fall.

The U.S. briefly banned short selling of dozens of stocks in 2008 as prices were tumbling.

Strong selling rattled European markets. The main stock index dropped more than 7 percent in Greece, 1 percent in Spain, 3 percent in Germany and France. Asian stocks were also sharply lower.

Bank stocks, which tend to take a hit when fear flares in Europe, were among the biggest losers. Citigroup stock dropped 53 cents, or 2 percent, to $25.34.

The price of oil fell $3.69, or 4 percent, to finish the day at $88.14 per barrel in New York. Exxon Mobil stock declined 74 cents, or nearly 1 percent, to $85.21.

The euro slipped just below $1.21 against the dollar, its lowest since June 2010.

There were also signs that a global economic slowdown is hitting U.S. companies that rode out the anemic recovery well by selling more abroad. Now, they can't grow those sales as fast as before, and what they do sell has fallen in value as foreign currencies have weakened against the dollar. That's because U.S. companies must translate foreign currency earnings into dollars when reporting to investors, and weaker foreign currencies fetch fewer dollars.

While global sales at McDonald's restaurants open at least a year rose 3.7 percent, for instance, profits slid by about the same rate due to currency exchange. McDonald's generates about two-thirds of its revenue outside the U.S.

"A disproportionately large amount of revenue overseas is seen as a negative today," said Creatura of Federated Investors. "The list of weakening overseas markets is getting longer by the day."

Stock in the world's largest hamburger chain slid $2.64, or 2.9 percent, to $88.94 after the company fell short of most Wall Street expectations for both net income and revenue.

Hasbro is also getting hurt by currency trading. If not for the surge in the dollar, its international revenue in the second quarter would have risen 5 percent, instead of falling 4 percent, the toy maker said Monday. Still, the company beat analyst estimates of net income, thanks partly to cost cutting.

Stock in Hasbro, whose products include Monopoly and Scrabble, rose $1.35, or 4 percent, to $35.19.

In other stock news:

”” RailAmerica Inc., a short-line railroad operator, rose $2.44, or nearly 10 percent, to $27.25 after announcing it planned to sell itself another short-line operator, Genesee & Wyoming, for $1.39 billion in cash.

”” Halliburton, an oil and natural gas services firm, rose 2.4 percent after reporting flat earnings for the second quarter. The company has benefited lately from selling oil drilling around the world.

”” Peet's Coffee and Tea surged 28 percent to $73.05 after announcing a sale to Joh A. Benckiser, a privately-held consumer goods company in Germany.