NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

Stocks slide again on Wall Street as companies report weak earnings; Europe still looms large

A parade of grim news, from weak corporate earnings to a pullback at U.S. factories to spreading fault lines in Europe's debt crisis, sent investors fleeing stocks for a third straight day on Tuesday.

The Dow Jones industrial average fell 104.14 points, or 0.8 percent, to 12,617.32. It was the third triple-digit point loss in row for the blue chip index. The last time that happened was September, when fears were rife that the U.S. was on the brink of another recession.

Lower earnings forecasts from corporate bellwethers like United Parcel Service combined with the weak report on manufacturing fed fears of more disappointing results from Corporate America in the coming days.

"Our guess is we haven't seen the worst," said Carl Yingst, chief market analyst at Joseph Gunner, an investment bank.

Investors around the world dumped stocks and fled to the relative safety of U.S. government debt. The yield on the benchmark 10-year Treasury note fell to another record low and the dollar hit a two-year high against the euro.

Stocks fell from the start of trading following news that UPS had cut its earnings forecast 4 percent for all of 2012. The package delivery company said it expects global trade to slow even more than the global economy this year, a first since the financial crisis. UPS's stock fell $3.61, or 5 percent, to $74.34.

Also weighing on stocks, Spain's borrowing costs spiked as investors worried that country could become the latest in Europea to ask for a financial lifeline. Spain's banks have already received help from international lenders.

The broader Standard & Poor's 500 fell 12.21 points to 1,338.31. The Nasdaq composite was off 27.16 points to 2,862.99.

The NYSE DOW closed LOWER ▼ -104.14 points or ▼ -0.82% Tuesday, 24 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,617.32 ▼ -104.14 ▼ -0.82%
Nasdaq____ 2,862.99 ▼ -27.16 ▼ -0.94%
S&P_500__ 1,338.31 ▼ -12.21 ▼ -0.90%
30_Yr_Bond 2.470 ▼ -0.05 ▼ -1.83%

NYSE Volume 3,853,090,250
Nasdaq Volume 1,757,931,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,499.23 ▼ -34.64 ▼ -0.63%
DAX_____ 6,390.41 ▼ -28.92 ▼ -0.45%
CAC_40__ 3,074.68 ▼ -26.85 ▼ -0.87%

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____ 8,488.09 ▼ -20.23 ▼ -0.24%
Hang_Seng____ 18,903.20 ▲ 53.93 ▼ -0.79%
Strait_Times___ 2,998.44 ▲ 15.95 ▲ 0.53%
NZX 50 Index__ 3,460.70 ▼ -4.66 ▼ -0.13%

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

Stocks drop for a 3rd day as earnings slide

Stocks slide again on Wall Street as companies report weak earnings; Europe still looms large

By Bernard Condon, AP Business Writer

A parade of grim news, from weak corporate earnings to a pullback at U.S. factories to spreading fault lines in Europe's debt crisis, sent investors fleeing stocks for a third straight day on Tuesday.

The Dow Jones industrial average fell 104.14 points, or 0.8 percent, to 12,617.32. It was the third triple-digit point loss in row for the blue chip index. The last time that happened was September, when fears were rife that the U.S. was on the brink of another recession.

Lower earnings forecasts from corporate bellwethers like United Parcel Service combined with the weak report on manufacturing fed fears of more disappointing results from Corporate America in the coming days.

"Our guess is we haven't seen the worst," said Carl Yingst, chief market analyst at Joseph Gunner, an investment bank.

Investors around the world dumped stocks and fled to the relative safety of U.S. government debt. The yield on the benchmark 10-year Treasury note fell to another record low and the dollar hit a two-year high against the euro.

Stocks fell from the start of trading following news that UPS had cut its earnings forecast 4 percent for all of 2012. The package delivery company said it expects global trade to slow even more than the global economy this year, a first since the financial crisis. UPS's stock fell $3.61, or 5 percent, to $74.34.

Also weighing on stocks, Spain's borrowing costs spiked as investors worried that country could become the latest in Europea to ask for a financial lifeline. Spain's banks have already received help from international lenders.

The broader Standard & Poor's 500 fell 12.21 points to 1,338.31. The Nasdaq composite was off 27.16 points to 2,862.99.

Early in the day, DuPont reported that its net income fell 3 percent for the second quarter on slower business in Europe and Asia. The huge chemical maker also reported revenue that fell short of Wall Street's expectations. DuPont's stock lost 97 cents, or 2 percent, to $47.74.

Adding to the jitters was a report from Federal Reserve Bank of Richmond indicated that manufacturing in the central-Atlantic region is contracting. That followed reports of pullbacks in New York and Philadelphia.

After the market closed, investors got a rare dose of disappointing news from Apple. The consumer electronics giant reported earnings that badly missed analysts' expectations, sending the stock 5 percent lower in after-hours trading. Sales of iPhones came in at the low end of Wall Street's forecasts. The stock fell $29.76 to $571.19.

In Europe, the yield on the 10-year Spanish government bond rose 0.10 percentage point to 7.53 percent, a dangerously high level. Investors also sold Italian government bonds, sending the yield on that country's 10-year bond up 0.32 percentage points to 6.54 percent.

Late Monday, Moody's Investors Service issued a warning about the credit rating for Germany. Moody's anticipates that strong countries like Germany will have to shoulder a heavy financial burden as they support weaker countries like Spain and Italy. The debts of those countries are considered far too big for current bailout funds to handle.

In cutting its outlook on Germany, Moody's also said there was an "increased likelihood" that Greece would leave Europe's monetary union.

"Things are only going to get worse," said Adrian Day, president of Adrian Day Investment Management. He added that he's not buying stocks, save for gold-related companies, because he expects them head lower as the European crisis deepens.

As they dump stocks, investors have been piling into U.S. government bonds. On Tuesday, the yield on the 10-year Treasury note fell to 1.40 percent, matching the record low it reached Monday.

Investors have also been selling the euro. The euro fell to $1.20 on Tuesday, a two-year low against the dollar.

In corporate news, AT&T and Whirlpool both fell short of analyst estimates of earnings and revenue. AT&T fell 75 cents, or 2 percent, to $34.63. Whirlpool, the world's biggest appliance maker, dropped $5.06, or 7.5 percent, to $62.25.

So far this earnings season, nearly seven of ten companies that have reported earnings have beaten estimates, slightly higher than is usual, according to S&P Capital IQ, a research firm. But analysts had been lowering those expectations for months, and so the feat of surpassing them isn't so impressive. Meanwhile, several companies have reported revenues below expectations as the global economy slows, and that is spooking investors.

Some other companies in the news:

”” Cisco Systems fell the most of the 30 stocks in the Dow, or 6 percent, after the network equipment maker announced its latest round of staff cuts. Cisco dropped 95 cents to $15.12.

”” DeVry plunged $6.76, or 25 percent, to $20.80, the biggest drop in the S&P 500 index. The for-profit education company said enrollment is falling, forcing it to cut 570 jobs. The company also projected that its profit for the latest quarter will come in well short of analyst estimates.

 

[bigdog]

Source: http://finance.yahoo.com

S&P 500 slips on disappointing corporate earnings, weak home sales; Dow ekes out a gain

Whipsawed by strong earnings from some companies, weak ones from others, including the once infallible Apple, investors couldn't make up their mind whether to buy or sell on Wednesday. In the end, they mostly sold, but barely.

The Standard & Poor's 500 slipped 0.42 points, or 0.03 percent, to end 1,337.89. The tiny loss extended the broad index's losses to a fourth straight day. A big reason was Apple, which dropped $22.12 to $578.80, a loss of 4 percent. A sharp drop in new home sales also fed the selling.

The Dow Jones industrial average rose 58.73 points, or 0.5 percent, to 12,676.05. That snapped a three-day, triple-digit losing streak for the index.

Helping the Dow were big gains from two of its components, Boeing and Caterpillar. The duo contributed 24 points to the index, or nearly half of its gain.

Boeing rose $2, nearly 3 percent, to $74.03 after reporting surprisingly strong earnings. The aircraft maker also raised its profit forecast for all of 2012.

Caterpillar, which makes mining and construction equipment, rose $1.17, or 1.4 percent, to $82.60. The company blew away analysts' estimates with a 67 percent surge in profits for the second quarter. Caterpillar credited strong sales of mining equipment overseas and a strengthening housing market.

Shortly after Caterpillar announced its results, the optimism about housing took a hit. The Commerce Department said sales of new homes plunged 8 percent last month, the steepest drop since February last year. Sales in the Northeastern U.S. plummeted 60 percent. The decline suggests a weaker job market is dampening any pickup in the industry.

The NYSE DOW closed HIGHER ▲ 58.73 points or ▲ 0.47% Wednesday, 25 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,676.05 ▲ 58.73 ▲ 0.47%
Nasdaq____ 2,854.24 ▼ -8.75 ▼ -0.31%
S&P_500__ 1,337.89 ▼ -0.42 ▼ -0.03%
30_Yr_Bond 2.467 ▼ 0.00 ▼ -0.08%

NYSE Volume 3,725,382,750
Nasdaq Volume 1,793,658,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,498.32 ▼ -0.91 ▼ -0.02%
DAX_____ 6,406.52 ▲ 16.11 ▲ 0.25%
CAC_40__ 3,081.74 ▲ 7.06 ▲ 0.23%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,151.40 ▼ -9.80 ▼ -0.24%
Shanghai_Comp 2,136.15 ▼ -10.44 ▼ -0.49%
Taiwan_Weight 6,979.13 ▼ -29.22 ▼ -0.42%
Nikkei_225____ 8,488.09 ▼ -20.23 ▼ -0.24%
Hang_Seng____ 18,903.20 ▲ 53.93 ▼ -0.79%
Strait_Times___ 2,998.44 ▲ 15.95 ▲ 0.53%
NZX 50 Index__ 3,458.98 ▼ -1.73 ▼ -0.05%

http://finance.yahoo.com/news/p-500-slips-weak-earnings-201844336.html

S&P 500 slips on weak earnings; Dow gains

S&P 500 slips on disappointing corporate earnings, weak home sales; Dow ekes out a gain

By Bernard Condon,

Whipsawed by strong earnings from some companies, weak ones from others, including the once infallible Apple, investors couldn't make up their mind whether to buy or sell on Wednesday. In the end, they mostly sold, but barely.

The Standard & Poor's 500 slipped 0.42 points, or 0.03 percent, to end 1,337.89. The tiny loss extended the broad index's losses to a fourth straight day. A big reason was Apple, which dropped $22.12 to $578.80, a loss of 4 percent. A sharp drop in new home sales also fed the selling.

The Dow Jones industrial average rose 58.73 points, or 0.5 percent, to 12,676.05. That snapped a three-day, triple-digit losing streak for the index.

Helping the Dow were big gains from two of its components, Boeing and Caterpillar. The duo contributed 24 points to the index, or nearly half of its gain.

Boeing rose $2, nearly 3 percent, to $74.03 after reporting surprisingly strong earnings. The aircraft maker also raised its profit forecast for all of 2012.

Caterpillar, which makes mining and construction equipment, rose $1.17, or 1.4 percent, to $82.60. The company blew away analysts' estimates with a 67 percent surge in profits for the second quarter. Caterpillar credited strong sales of mining equipment overseas and a strengthening housing market.

Shortly after Caterpillar announced its results, the optimism about housing took a hit. The Commerce Department said sales of new homes plunged 8 percent last month, the steepest drop since February last year. Sales in the Northeastern U.S. plummeted 60 percent. The decline suggests a weaker job market is dampening any pickup in the industry.

"Housing is not really recovering, it's bottoming," said Steven Ricchiuto, chief economist at Mizuho Securities, a brokerage firm. "That's still a problem with the economy."

Home builders were hit hard. Beazer Homes fell 13 cents, or 5 percent, to $2.35. KB Home lost 32 cents, or 3 percent, to $9.31.

The biggest loser in the S&P was Netflix, the video subscription company. It fell $20.11 to $60.28, a loss of 25 percent. The company reported late Tuesday that its net income plunged 91 percent in the latest quarter. Investors are worried about rising licensing fees and slowing subscriber growth.

Stocks were pushed higher at the opening by the gains in Caterpillar and Boeing. But the disappointing home sales news soon cut into the gains, and trading remained choppy throughout the day.

Apple didn't help. Late Tuesday, the company reported net income rose 21 percent in the second quarter instead of the 33 percent that analysts were expecting. The company said consumers appear to be holding off on buying iPhones before a new model comes out, even though it isn't expected until October.

Apple makes up 12.7 percent of the Nasdaq composite, making it by far the biggest component of the technology-focused index. The Nasdaq lagged the broader market, giving up 0.3 percent, or 8.75 points, to close at 2,854.24.

The bad news from tech stocks didn't end there. After the closing bell, Zynga, the maker of online video games like "Farmville," slashed its forecast for full-year earnings, blaming delays in launching new games, dwindling revenue from existing web games and a "more challenging environment" on the Facebook platform. The stock plunged $2.04, or 40 percent, to $3.05 in after-hours trading.

In other corporate news, computer security provider Symantec soared $1.79 to $14.96. The company announced the departure of its CEO, Enrique Salem, and reported earnings per share and revenue came in well ahead of Wall Street's estimates.

WellPoint, the nation's second largest insurer, lowered its earnings forecast. Its stock fell $7.41, or 12 percent, $54.01, the biggest one-day drop for the stock in more than three years. The insurer said enrollment has been slipping as companies cut jobs.

Corning said its second-quarter profit sank 39 percent on lower sales volumes and prices of its liquid-crystal-display glass products. Its stock fell 93 cents to $11.14, or 8 percent.

Stock in RadioShack plunged $1.05, or 29 percent, to $2.60, an all-time low for the electronics retailer. The company reported an unexpected loss for its second quarter and suspended its dividend.

In Europe, stock indexes mostly higher. A European Central Bank policymaker said the region's bailout fund should be given the power to borrow money from the central bank, increasing its financial resources. That would be necessary if Spain asked for a bailout.

The yield on the Spain's 10-year government bond fell to 7.37 percent from 7.53 percent late Tuesday. That's a positive sign that investors are slightly less worried about Spain's ability to repay its debts.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks soar after ECB vows to protect the euro

European Central Bank vows to protect the euro, sending stocks sharply higher in Europe and US

It was the buy signal that markets were waiting for.

When European Central Bank president Mario Draghi vowed to "do whatever it takes" to keep the continent's monetary union intact, stocks were off to races in the U.S. and Europe.

The Dow Jones industrial average on Thursday jumped 212 points, or 1.7 percent, to 12,888 following big gains in European markets. Benchmark stock indexes in Spain and Italy surged 6 percent and 4 percent in France.

Draghi's comments at an investor conference at the Olympics raised hopes that Europe's central bank might intervene to bring down the cripplingly high borrowing costs for struggling European countries like Spain and Italy.

After insisting for months that it was up to European governments to restore confidence in the currency shared by 17 nations there, Draghi pledged that "the ECB is ready to do whatever it takes to preserve the euro."

That commitment gave a big boost to global markets. "The No. 1 problem in the world now is Europe's finances," John Fox, director of research at Fenimore Asset Management, said. "When the head of the ECB comes out and says he's willing to do anything, that's code for 'We are going to agree to resolve this issue.' "

In other signs that investors were becoming more confident that Europe's financial crisis would not spin out of control, borrowing costs for Spain and Italy fell sharply, the euro surged a penny to $1.23 against the dollar and the yield on the 10-year Treasury note rose to 1.43 percent from 1.40 percent late Wednesday. Investors tend to sell low-risk assets like Treasurys when they're less fearful about global markets and the economy.

As earnings reports this week from Caterpillar and Ford have shown, Europe's troubles can have a big impact on the results of major U.S. corporations.

The NYSE DOW closed HIGHER ▲ 211.88 points or ▲ 1.67% Thursday, 26 July 2012
Symbol …........Last ......Change.....
Dow_Jones 12,887.93 ▲ 211.88 ▲ 1.67%
Nasdaq____ 2,893.25 ▲ 39.01 ▲ 1.37%
S&P_500__ 1,360.02 ▲ 22.13 ▲ 1.65%
30_Yr_Bond 2.490 ▲ 0.02 ▲ 0.93%

NYSE Volume 4,426,480,000
Nasdaq Volume 1,963,639,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,573.16 ▲ 74.84 ▲ 1.36%
DAX_____ 6,582.96 ▲ 176.44 ▲ 2.75%
CAC_40__ 3,207.12 ▲ 125.38 ▲ 4.07%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,173.80 ▲ 22.40 ▲ 0.54%
Shanghai_Comp 2,126.00 ▼ -10.15 ▼ -0.47%
Taiwan_Weight 6,970.69 ▼ -8.44 ▼ -0.12%
Nikkei_225____ 8,443.10 ▲ 77.20 ▲ 0.92%
Hang_Seng____ 18,892.79 ▲ 53.93 ▲ 0.08%
Strait_Times___ 3,004.57 ▲ 13.65 ▲ 0.46%
NZX 50 Index__ 3,485.74 ▲ 26.77 ▲ 0.77%

http://finance.yahoo.com/news/stocks-soar-ecb-vows-protect-134423178.html

Stocks soar after ECB vows to protect the euro

European Central Bank vows to protect the euro, sending stocks sharply higher in Europe and US

By Pallavi Gogoi

It was the buy signal that markets were waiting for.

When European Central Bank president Mario Draghi vowed to "do whatever it takes" to keep the continent's monetary union intact, stocks were off to races in the U.S. and Europe.

The Dow Jones industrial average on Thursday jumped 212 points, or 1.7 percent, to 12,888 following big gains in European markets. Benchmark stock indexes in Spain and Italy surged 6 percent and 4 percent in France.

Draghi's comments at an investor conference at the Olympics raised hopes that Europe's central bank might intervene to bring down the cripplingly high borrowing costs for struggling European countries like Spain and Italy.

After insisting for months that it was up to European governments to restore confidence in the currency shared by 17 nations there, Draghi pledged that "the ECB is ready to do whatever it takes to preserve the euro."

That commitment gave a big boost to global markets. "The No. 1 problem in the world now is Europe's finances," John Fox, director of research at Fenimore Asset Management, said. "When the head of the ECB comes out and says he's willing to do anything, that's code for 'We are going to agree to resolve this issue.' "

In other signs that investors were becoming more confident that Europe's financial crisis would not spin out of control, borrowing costs for Spain and Italy fell sharply, the euro surged a penny to $1.23 against the dollar and the yield on the 10-year Treasury note rose to 1.43 percent from 1.40 percent late Wednesday. Investors tend to sell low-risk assets like Treasurys when they're less fearful about global markets and the economy.

As earnings reports this week from Caterpillar and Ford have shown, Europe's troubles can have a big impact on the results of major U.S. corporations.

"Close to 20 percent of the S&P 500 companies' revenues comes from Europe," said Lawrence Creatura, portfolio manager at Federated Investors. "We're in a global, interconnected economy and Europe's troubles are our own today."

The broader the Standard & Poor's 500 index rose for the first time in five days. It was up 22.13 points, or 1.7 percent, to 1,360.02 The gains in the U.S. stock market were broad. All 10 of the industry groups in the S&P 500 index rose, led by telecommunications companies.

In other trading, and the Nasdaq composite index rose 39.01 points, or 1.4 percent, to 2,893.25, despite more disappointing news from technology companies including the online game maker Zynga.

Several U.S. companies were also rising sharply after reporting stronger earnings. Sprint Nextel jumped 68 cents, or 20 percent, to $4.05. The country's third-largest wireless carrier was successful in convincing smartphone subscribers to pay up for "unlimited data" service, and its service revenue zoomed higher, beating analysts' estimates.

In Europe, Draghi's comments came after days of uncertainty in Europe and rising concern over Spain's recession and the country's banks, which are reeling following the implosion of a real estate bubble. As borrowing costs for both Spain and Italy rose in the past week, investors feared that both countries might need to be rescued, like Greece, Portugal and Ireland had been in the last two years.

Borrowing costs for Spain's government plunged following Draghi's comments as investors anticipated that the European Central Bank might step up its purchases of Spanish government bonds.

The yield on Spain's benchmark 10-year bond dropped almost half a percentage point, a huge move, to 6.89 percent. That rate surged as high as 7.54 percent this week as investors dumped the country's bonds and lost confidence in Spain's ability to manage its debts.

Technology companies continued to report disappointing earnings following industry leader Apple's rare earnings disappointment earlier this week.

Zynga, which produces popular social network games "CityVille" and "FarmVille" posted poor quarterly results and cut its outlook, prompting a number of analyst downgrades. Its stock fell $1.90, or 37.5 percent, to $3.17.

Zynga's disastrous results were also a bad omen for Facebook, which got about 12 percent of its 2011 revenue from Zynga. Facebook plunged 10 percent in after-hours trading after the company reported a loss of $157 million for its second quarter. The stock was down $2.63 at $24.19.

Among other stocks making big moves:

”” PulteGroup jumped $1.84, or 18 percent, to $11.86 after the homebuilder posted a quarterly profit, beating Wall Street's forecasts thanks to higher house prices and sales.

”” United Continental slumped $1.21, or 6 percent, $19.20 after the combined airline's second-quarter net income dropped 37 percent as it continued to wrestle with merger-related issues.

”” Whole Foods Market jumped $9.57, or 11 percent, to $94.10 after the natural and organic foods store chain lifted its profit outlook for the year. Its net income jumped 32 percent in the latest quarter as shoppers spent more.

 

[bigdog]

Source: http://finance.yahoo.com

Dow blows past 13,000 on hope for action in Europe

Stocks rise sharply on Wall Street as hopes grow for action on Europe crisis; Dow above 13,000

Faced with Facebook, Starbucks and Angela Merkel, the market chose to focus on Merkel.

For a second day, the U.S. stock market powered higher after European leaders, including German chancellor Merkel, pledged to protect the union of 17 countries that use the euro. The Dow Jones industrial average blew past 13,000, a key psychological marker that it hadn't hit since early May.

It wasn't that there weren't any troubling signs about the economy. In fact, they abounded: U.S. economic growth was anemic in the second quarter. A measure of consumer sentiment fell in July as people worried about their job prospects. And Facebook and Starbucks dropped sharply after reporting disappointing quarterly results.

But on this day, investors homed in on a couple of remarks coming from Europe.

Most notably, Merkel and French president Francois Hollande released a joint statement saying they were "determined to do everything to protect the eurozone." That followed a similar pledge the day before from Mario Draghi, the president of the European Central Bank.

Merkel's statement was closely watched because Germany will have to sign on if any plan to keep the euro countries together is to succeed. As one of the stronger countries, Germany usually foots the bill for bailing out the weaker ones.

For all the rejoicing, a longstanding roadblock remains: Strong countries like Germany want other European nations to agree to cut spending. Weaker countries like Greece are resisting. The statement from Merkel and Hollande made clear that individual countries aren't off the hook, but "must comply with their obligations" ”” meaning a showdown over spending cuts is still possible.

But the markets liked what they heard Friday. The Dow obliterated the 13,000 mark, climbing 187.73 points to 13,075.66. In two days, it's climbed 400 points.

The Standard & Poor's 500 jumped 25.95 to 1,385.97. The Nasdaq composite index rose 64.84 to 2,958.09.

The NYSE DOW closed HIGHER ▲ 187.73 points or ▲ 1.46% Friday, 27 July 2012
Symbol …........Last ......Change.....
Dow_Jones 13,075.66 ▲ 187.73 ▲ 1.46%
Nasdaq____ 2,958.09 ▲ 64.84 ▲ 2.24%
S&P_500__ 1,385.97 ▲ 25.95 ▲ 1.91%
30_Yr_Bond 2.640 ▲ 0.15 ▲ 6.10%

NYSE Volume 4,290,234,500
Nasdaq Volume 2,085,561,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,627.21 ▲ 54.05 ▲ 0.97%
DAX_____ 6,689.40 ▲ 106.44 ▲ 1.62%
CAC_40__ 3,280.19 ▲ 73.07 ▲ 2.28%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,234.40 ▲ 60.60 ▲ 1.45%
Shanghai_Comp 2,128.76 ▲ 2.76 ▲ 0.13%
Taiwan_Weight 7,124.49 ▲ 153.80 ▲ 2.21%
Nikkei_225____ 8,566.64 ▲ 123.54 ▲ 1.46%
Hang_Seng____ 19,274.96 ▲ 53.93 ▲ 2.02%
Strait_Times___ 2,998.49 ▼ -6.08 ▼ -0.20%
NZX 50 Index__ 3,501.29 ▲ 15.55 ▲ 0.45%

http://finance.yahoo.com/news/dow-blows-past-13-000-201546638.html

Dow blows past 13,000 on hope for action in Europe

Stocks rise sharply on Wall Street as hopes grow for action on Europe crisis; Dow above 13,000

By Christina Rexrode,

Faced with Facebook, Starbucks and Angela Merkel, the market chose to focus on Merkel.

For a second day, the U.S. stock market powered higher after European leaders, including German chancellor Merkel, pledged to protect the union of 17 countries that use the euro. The Dow Jones industrial average blew past 13,000, a key psychological marker that it hadn't hit since early May.

It wasn't that there weren't any troubling signs about the economy. In fact, they abounded: U.S. economic growth was anemic in the second quarter. A measure of consumer sentiment fell in July as people worried about their job prospects. And Facebook and Starbucks dropped sharply after reporting disappointing quarterly results.

But on this day, investors homed in on a couple of remarks coming from Europe.

Most notably, Merkel and French president Francois Hollande released a joint statement saying they were "determined to do everything to protect the eurozone." That followed a similar pledge the day before from Mario Draghi, the president of the European Central Bank.

Merkel's statement was closely watched because Germany will have to sign on if any plan to keep the euro countries together is to succeed. As one of the stronger countries, Germany usually foots the bill for bailing out the weaker ones.

For all the rejoicing, a longstanding roadblock remains: Strong countries like Germany want other European nations to agree to cut spending. Weaker countries like Greece are resisting. The statement from Merkel and Hollande made clear that individual countries aren't off the hook, but "must comply with their obligations" ”” meaning a showdown over spending cuts is still possible.

"Talk is cheap," said Michael Strauss, chief investment strategist and chief economist at the Commonfund investment firm in Connecticut. "While there's some euphoria over this, at the end of the day, is Spain going to still be in a recession? Yes. Is Greece still going to be in a recession? Yes. So I wouldn't get too carried away."

Others said they were heartened that Europe appeared to be fleshing out more of the details of its plans. Leaders recently agreed that Europe's bailout fund could give money directly to banks, rather than slowing down the process by going through a country's government. Investors also hope that Draghi's remarks mean that Europe's powerful central bank will buy the bonds of distressed countries like Spain and Italy, lowering their borrowing costs.

"In our estimate, this is the first real step in the right direction that Europe has taken in terms of concrete plans," said Mitch Schlesinger, chief investment officer of FBB Capital Partners in Maryland. "Everything to date has been very politically motivated and kicking the can down the road. These are things that actually make a difference."

Jim Millstein, CEO of the Washington, D.C., financial advisory firm Millstein & Co., said investors shouldn't be surprised if any rescue plan takes a long time. The eurozone countries currently function with no real unity on their fiscal policies, even though they use the same currency.

"They are engaged in a very difficult project, which is to transform a monetary union into a fiscal union, and that is a cumbersome process," Millstein said. "It takes longer than the markets might otherwise like."

But the markets liked what they heard Friday. The Dow obliterated the 13,000 mark, climbing 187.73 points to 13,075.66. In two days, it's climbed 400 points.

The Standard & Poor's 500 jumped 25.95 to 1,385.97. The Nasdaq composite index rose 64.84 to 2,958.09.

Bond trading was also a study in optimism. The yield on the benchmark 10-year Treasury note jumped to 1.54 percent from 1.44 percent the day before. That means investors are feeling more confident about the economy and more willing to put their money in the stock market instead of low-risk government bonds.

In other positive signs, the euro rose against the dollar, stock indexes moved higher in Europe ”” including a 4 percent leap in Spain's benchmark index ”” and borrowing costs fell for Italy and Spain.

But there were plenty of red flags for anyone looking for them. The government reported that the U.S. economy grew at an annual rate of just 1.5 percent in the second quarter, a paltry number that likely isn't enough to bring down the unemployment rate. The government also said consumers pulled back on their spending. The Thomson Reuters/University of Michigan index of consumer sentiment fell in July as people worried about job prospects.

Among other stocks making big moves:

”” Expedia, the online travel company, jumped 20 percent after blowing past analysts' earnings estimates. A jump in hotel bookings offset a decline in airline ticket revenue. The stock surged $9.19 to $54.90.

”” Starbucks fell 9 percent, losing $4.94 to $47.47. Investors were disappointed that the company cut its outlook for the current quarter, and is considering closing unprofitable stores in Europe.

”” Facebook fell 12 percent, giving up $3.14 to $23.70. Investors were disappointed that the company, in its first quarterly report since going public, reported a slowdown in revenue growth. It has now lost nearly 38 percent of its value since its initial pricing at $38.

4233

 

[bigdog]

Source: http://finance.yahoo.com

Indexes close slightly lower, ending a two-day rally on Wall Street; Shaw group soars

A two-day rally that sent stocks soaring last week fizzled out Monday.

European leaders vowed Thursday and Friday to keep the continent's monetary union intact, and investors sent stock markets shooting higher. But stocks were little changed Monday as investors waited to see if they would back up their words with action.

The Dow Jones industrial average sank 2.65 points to close at 13,073.01. JPMorgan Chase led the Dow lower, falling 2 percent to $36.14.

U.S. Treasury Secretary Timothy Geithner met separately with Germany's finance minister and the head of the European Central Bank, Mario Draghi, on Monday. Draghi's pledge to do whatever was needed to protect the euro set off a market rally last week. The Dow rose back above 13,000 for the first time since May and is now up 1.5 percent for the month.

Hopes are high that Draghi will announce plans to support the euro when the central bank meets Thursday, said David Brown, the CEO and chief market strategist at the research firm Sabrient.

"I think that's the big story this week," Brown said. "The market has really responded to his bold statement. I hope the ECB takes action. If they don't do anything, it's not going to be pretty."

Investors are also looking toward the Federal Reserve's meeting this week. Many in the financial markets believe the Fed will take new steps to stimulate the economy in coming months. The Fed will release its statement on interest rate policy Wednesday afternoon.

The NYSE DOW closed LOWER ▼ -2.65 points or ▼ -0.02% Monday, 30 July 2012
Symbol …........Last ......Change.....
Dow_Jones 13,073.01 ▼ -2.65 ▼ -0.02%
Nasdaq____ 2,945.84 ▼ -12.25 ▼ -0.41%
S&P_500__ 1,385.30 ▼ -0.67 ▼ -0.05%
30_Yr_Bond 2.579 ▼ -0.06 ▼ -2.38%

NYSE Volume 3,217,994,500
Nasdaq Volume 1,488,308,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,693.63 ▲ 66.42 ▲ 1.18%
DAX_____ 6,774.06 ▲ 84.66 ▲ 1.27%
CAC_40__ 3,320.71 ▲ 40.52 ▲ 1.24%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,266.90 ▲ 32.50 ▲ 0.77%
Shanghai_Comp 2,109.91 ▼ -18.85 ▼ -0.89%
Taiwan_Weight 7,158.88 ▲ 34.39 ▲ 0.48%
Nikkei_225____ 8,635.44 ▲ 68.80 ▲ 0.80%
Hang_Seng____ 19,585.40 ▲ 53.93 ▲ 1.61%
Strait_Times___ 3,029.26 ▲ 30.77 ▲ 1.03%
NZX 50 Index__ 3,518.89 ▲ 17.60 ▲ 0.50%

http://finance.yahoo.com/news/stock-indexes-drift-lower-ending-201648916.html

Stock indexes drift lower, ending a two-day rally

Indexes close slightly lower, ending a two-day rally on Wall Street; Shaw group soars

By Matthew Craft

A two-day rally that sent stocks soaring last week fizzled out Monday.

European leaders vowed Thursday and Friday to keep the continent's monetary union intact, and investors sent stock markets shooting higher. But stocks were little changed Monday as investors waited to see if they would back up their words with action.

The Dow Jones industrial average sank 2.65 points to close at 13,073.01. JPMorgan Chase led the Dow lower, falling 2 percent to $36.14.

U.S. Treasury Secretary Timothy Geithner met separately with Germany's finance minister and the head of the European Central Bank, Mario Draghi, on Monday. Draghi's pledge to do whatever was needed to protect the euro set off a market rally last week. The Dow rose back above 13,000 for the first time since May and is now up 1.5 percent for the month.

Hopes are high that Draghi will announce plans to support the euro when the central bank meets Thursday, said David Brown, the CEO and chief market strategist at the research firm Sabrient.

"I think that's the big story this week," Brown said. "The market has really responded to his bold statement. I hope the ECB takes action. If they don't do anything, it's not going to be pretty."

Investors are also looking toward the Federal Reserve's meeting this week. Many in the financial markets believe the Fed will take new steps to stimulate the economy in coming months. The Fed will release its statement on interest rate policy Wednesday afternoon.

Besides the Fed statement and the ECB meeting, another potentially market-moving event comes up Friday, when the U.S. Labor Department releases its monthly employment survey. Economists expect that the unemployment rate will remain at 8.2 percent.

In other Monday trading, the broader Standard & Poor's 500 index fell 0.67 of a point to 1,385.30, while the Nasdaq dropped 12.25 points to 2,945.84.

The indexes had been creeping higher early in the day, then reversed course soon after a regional manufacturing report came in much weaker than analysts had expected. A survey of manufacturing by the Dallas branch of the Federal Reserve showed a steep drop in July. Economists had forecast a modest gain.

Two corporate deals announced early Monday pushed some stocks higher. Chicago Bridge & Iron Co. agreed to buy Shaw Group for $3 billion in cash and stock. Shaw jumped $14.80, or 55 percent, to $41.49.

Medical and industrial equipment maker Roper Industries said it plans to buy hospital software company Sunquest Information Systems for $1.42 billion. Roper also raised its earnings estimate for the year, a result of the pending merger and a stronger dollar. Roper gained 1 percent to $99.64. Sunquest is privately owned.

History suggests the stock market could head higher in the coming months, said Sam Stovall, chief equity strategist at S&P Capital IQ. Stocks usually hit their annual peak in the second half of the year. But Stovall said economic reports and earnings estimates "point to a more challenging period ahead."

Of the 294 companies in the S&P 500 that have reported earnings so far, 195 have surpassed analysts' expectations. But the bar was set low. Analysts now expect quarterly profits will sink 0.25 percent and revenue will rise just 1.9 percent compared with the year before, according to S&P Capital IQ. That would be the worst earnings season since the summer quarter of 2009.

Among other stocks making big moves:

”” Supermarket operator Supervalu rose 13 percent, or 25 cents, to $2.24 after the company announced that it would oust its CEO. Earlier this month, the Minneapolis company reported weaker sales and profits and suspended its dividend. Supervalu also said it may put itself up for sale.

”” Loews Corp. sank 5 percent after reporting that its net income plunged 78 percent in the second quarter. The holding company, controlled by New York's Tisch family, took a hit as falling energy prices lowered the value of its oil and gas properties. The company runs Diamond Offshore Drilling Inc., HighMount Exploration & Production and Loews Hotels. Its stock lost $2.16 to $39.54.

”” Suntech Power Holdings plunged 15 percent. The Chinese solar company said it may be the victim of a massive fraud. Suntech dropped 23 cents to $1.34. The solar company's stock has lost 82 percent of its market value over the past year.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks ended slightly lower Tuesday as investors held back ahead of three critical events this week: policy meetings at both the Federal Reserve and the European Central Bank and a closely watched report on jobs in the U.S.

The Dow Jones industrial average lost 64.33 points to close at 13,008.68. The Standard & Poor's 500 edged down 5.98 points to 1,379.32, and the Nasdaq composite lost 6.32 points to 2,939.52.

The Federal Reserve, which started a two-day policy meeting Tuesday, had appeared to be moving toward announcing some kind of new step to energize the U.S. economy. But there were big questions over whether it will do so this week.

That's because some economists believe the Fed isn't convinced that the U.S. economic slowdown is pronounced enough yet to require more economic stimulus. A slew of recent data that has shown weakness in the economy has been offset by some pockets of strength.

Tuesday was no exception.

The Commerce Department reported that spending by the U.S. consumer was unchanged in June. But personal income edged up 0.5 percent.

"If incomes are rising, but people aren't spending, it tells you that the consumer has some ammunition for more spending during the crucial back-to-school season," said Quincy Krosby, market strategist with Prudential Financial.

There were other positive numbers. The Standard & Poor's/Case-Shiller home price index released Tuesday showed that prices increases in all of the 20 cities it tracks. The Conference Board said Consumer Confidence Index increased to its highest reading since April, and better than economists had forecast.

Investors were also closely watching for the outcome from the European Central Bank's meeting on Thursday to discuss concrete steps to help countries with crippling debt

The NYSE DOW closed LOWER ▼ -64.33 points or ▼ -0.49% Tuesday, 31 July 2012
Symbol …........Last ......Change.....
Dow_Jones 13,008.68 ▼ -64.33 ▼ -0.49%
Nasdaq____ 2,939.52 ▼ -6.32 ▼ -0.21%
S&P_500__ 1,379.32 ▼ -5.98 ▼ -0.43%
30_Yr_Bond 2.577 ▼ 0.00 ▼ -0.08%

NYSE Volume 3,825,227,750
Nasdaq Volume 1,816,832,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,635.28 ▼ -58.35 ▼ -1.02%
DAX_____ 6,772.26 ▼ -1.80 ▼ -0.03%
CAC_40__ 3,291.66 ▼ -29.05 ▼ -0.87%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,289.40 ▲ 22.50 ▲ 0.53%
Shanghai_Comp 2,103.63 ▼ -6.28 ▼ -0.30%
Taiwan_Weight 7,270.49 ▲ 111.61 ▲ 1.56%
Nikkei_225____ 8,695.06 ▲ 59.62 ▲ 0.69%
Hang_Seng____ 19,796.81 ▲ 53.93 ▲ 1.08%
Strait_Times___ 3,036.40 ▲ 3.60 ▲ 0.12%
NZX 50 Index__ 3,545.01 ▲ 26.12 ▲ 0.74%

http://finance.yahoo.com/news/stock...AtZGI1MS0xMWUxLWI3OWItMjViY2RhZTcxZTJh;_ylv=3

Stocks slip ahead of crucial Fed, ECB meetings

Investors hold back ahead of key meetings this week at Federal Reserve, European Central Bank

By Pallavi Gogoi

Stocks ended slightly lower Tuesday as investors held back ahead of three critical events this week: policy meetings at both the Federal Reserve and the European Central Bank and a closely watched report on jobs in the U.S.

The Dow Jones industrial average lost 64.33 points to close at 13,008.68. The Standard & Poor's 500 edged down 5.98 points to 1,379.32, and the Nasdaq composite lost 6.32 points to 2,939.52.

The Federal Reserve, which started a two-day policy meeting Tuesday, had appeared to be moving toward announcing some kind of new step to energize the U.S. economy. But there were big questions over whether it will do so this week.

That's because some economists believe the Fed isn't convinced that the U.S. economic slowdown is pronounced enough yet to require more economic stimulus. A slew of recent data that has shown weakness in the economy has been offset by some pockets of strength.

Tuesday was no exception.

The Commerce Department reported that spending by the U.S. consumer was unchanged in June. But personal income edged up 0.5 percent.

"If incomes are rising, but people aren't spending, it tells you that the consumer has some ammunition for more spending during the crucial back-to-school season," said Quincy Krosby, market strategist with Prudential Financial.

There were other positive numbers. The Standard & Poor's/Case-Shiller home price index released Tuesday showed that prices increases in all of the 20 cities it tracks. The Conference Board said Consumer Confidence Index increased to its highest reading since April, and better than economists had forecast.

Investors were also closely watching for the outcome from the European Central Bank's meeting on Thursday to discuss concrete steps to help countries with crippling debt.

It will be the first meeting after ECB President Mario Draghi said last Thursday that the central bank would do "whatever it takes" to preserve the euro, sending markets sharply higher. Over the following days, the leaders of Germany, France and Italy also said they would do all they can to protect the 17-country currency union. The comments raised expectations that the ECB might step in to buy Spanish and perhaps Italian government bonds to lower the borrowing costs for those countries, which have shot up to unsustainably high levels.

Investors were also waiting for the monthly unemployment report on Friday, the most-watched gauge of how healthy the U.S. economy is.

"There's a lot to absorb this week, including two major announcements from two very important central banks and payroll data," Krosby said.

Corporate earnings news did little to inspire investors. Aetna, the health insurance company, reported a 15 percent slump in net income as rising medical costs outweighed a gain in revenue. Its stock fell $1.08, or almost 3 percent, to $36.06.

Archer Daniels Midland, hammered by record corn prices, reported a 25 percent drop in net income. The agriculture company's stock fell $1.40, or 5 percent, to $26.09.

Bond yields ended slightly lower as traders waited for news from the Fed and the ECB. Investors are particularly interested to see whether the Fed will change or extend its bond purchasing program. The yield on the benchmark 10-year Treasury note fell to 1.47 percent from 1.50 percent late Monday. The euro also rose slightly against the dollar, to $1.23 from $1.22.

Among other stocks making big moves:

”” Coach, the luxury handbag maker, fell $11.2, or 18.6 percent, to $49.33, the biggest loss in the S&P 500 index. The company's revenue came in below analysts' forecasts because of slower sales at North American factory stores as consumers became more cautious about spending.

”” U.S. Steel gained $1.73, or 9 percent, to $20.65. Higher prices and lower costs for raw materials and energy helped the company beat analysts' forecasts despite challenging economic conditions, particularly in Europe.

”” Goodyear Tire rose $1.08, or 10.4 percent, to $11.45. The company's income more than doubled in the quarter after lower costs offset a drop in tire sales and beat Wall Street's expectations.

”” Valero Energy rose $1.42, or 5.4 percent, to $27.50. The second quarter results from the gasoline and petroleum products maker beat Wall Street profit forecasts after the company expanded its fuel-making operation in the United Kingdom, which helped the company increase production.

 

[bigdog]

Source: http://finance.yahoo.com

On a chaotic day, Fed, glitches push stocks lower

Stocks turn lower after Fed decides not to take new action; technical glitch scrambles shares

There was more than one story line playing out in the stock market Wednesday.

The market wavered between gains and losses for much of the day, yanked around by technical problems, an ambiguous statement from the Federal Reserve, and mixed reports on U.S. companies that made it difficult to decipher just where the economy is headed.

By the time it was all over, all the key indexes were down, their third straight day of losses. The euphoria of late last week, when investors celebrated after European leaders promised to keep the euro zone intact, seemed a distant memory.

The Dow Jones industrial average shed 32.55 points to 12,976.13. The Standard & Poor's 500 fell four points to 1,375.32. And the Nasdaq composite index lost 19.31 points to 2,920.21.

The NYSE DOW closed LOWER ▼ -32.55 points or ▼ -0.25% Wednesday, 1 August 2012
Symbol …........Last ......Change.....
Dow_Jones 12,976.13 ▼ -32.55 ▼ -0.25%
Nasdaq____ 2,920.21 ▼ -19.31 ▼ -0.66%
S&P_500__ 1,375.32 ▼ -4.00 ▼ -0.29%
30_Yr_Bond 2.614 ▲ 0.04 ▲ 1.44%

NYSE Volume 4,421,180,500
Nasdaq Volume 1,758,079,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,712.82 ▲ 77.54 ▲ 1.38%
DAX_____ 6,754.46 ▼ -17.80 ▼ -0.26%
CAC_40__ 3,321.56 ▲ 29.90 ▲ 0.91%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,282.70 ▼ -6.70 ▼ -0.16%
Shanghai_Comp 2,123.36 ▲ 19.73 ▲ 0.94%
Taiwan_Weight 7,267.96 ▼ -2.53 ▼ -0.03%
Nikkei_225____ 8,641.85 ▼ -53.21 ▼ -0.61%
Hang_Seng____ 19,820.38 ▲ 53.93 ▲ 0.12%
Strait_Times___ 3,051.08 ▲ 14.68 ▲ 0.48%
NZX 50 Index__ 3,530.65 ▼ -14.36 ▼ -0.41%

http://finance.yahoo.com/news/chaotic-day-fed-glitches-push-205234942.html

On a chaotic day, Fed, glitches push stocks lower

Stocks turn lower after Fed decides not to take new action; technical glitch scrambles shares

By Christina Rexrode

There was more than one story line playing out in the stock market Wednesday.

The market wavered between gains and losses for much of the day, yanked around by technical problems, an ambiguous statement from the Federal Reserve, and mixed reports on U.S. companies that made it difficult to decipher just where the economy is headed.

By the time it was all over, all the key indexes were down, their third straight day of losses. The euphoria of late last week, when investors celebrated after European leaders promised to keep the euro zone intact, seemed a distant memory.

The Dow Jones industrial average shed 32.55 points to 12,976.13. The Standard & Poor's 500 fell four points to 1,375.32. And the Nasdaq composite index lost 19.31 points to 2,920.21.

Here's a look at the key developments Wednesday:

””THE ECONOMY

For every hint that the economy is improving, another cropped up to indicate that it isn't.

Chrysler, Volkswagen and Nissan reported strong sales in July ”” but General Motors and Ford faltered.

Construction spending rose for the third month in a row, according to one closely watched report, but manufacturing activity shrank, according to another.

The cable company Comcast jumped 3 percent after beating analysts' expectations for second-quarter earnings, but Avon lost 1 percent, after missing them. Comcast finished up $1 at $33.55. Avon lost 19 cents to $15.30.

Zahid Siddique, portfolio manager at Gamco in Rye, N.Y., captured the mood simply: "We have a couple of positives," he said, "offset by a couple of negatives."

””TRADING GLITCHES

The opening minutes of trading were chaotic for some companies, with their shares swinging wildly for no immediately apparent reason. Abercrombie & Fitch, for example, jumped 9 percent in early trading, and Harley-Davidson sank 12 percent, before stabilizing.

The culprit was an unspecified problem at Knight Capital, one of the largest processors of stock trades. The New York Stock Exchange, where the shares are traded, eventually decided to cancel some trades in six smaller stocks.

Among traders, the problems brought unwelcome reminders of previous technological problems that have damaged investors' faith in the financial system, including technical problems on the Nasdaq stock exchange when Facebook went public in May.

"These have happened not once but a number of times, and unless they're addressed they'll continue to happen," said Matthew Rubin, director of investment strategy at Neuberger Berman in New York. "I think it's one of many, many things that has rattled investors' faith in the equity markets."

””THE FED

The Federal Reserve issued a statement Wednesday afternoon after wrapping up a two-day policy meeting, as is customary.

But investors hoping for clarity were disappointed.

Investors' reaction to the Fed statements can be a perverse equation. Some investors want the Fed to say that the economy is doing poorly ”” poorly enough to persuade the Fed to take more action to try to get it going again.

Instead, policymakers acknowledged that the economy has ebbed so far this year, but pledged merely to take further steps in the future if necessary.

But there are also doubts as to whether the Fed has any arrows left in its quiver. It can lower interest rates to try to spur borrowing, but rates are already at historic lows. It can buy bonds to try to drive investors into stocks, but the effect on the fundamentals of the economy are debatable.

Matt Ballew, chairman of Security Ballew Wealth Management in Jackson, Miss., thinks that only more-responsible spending policies will help.

"What the central banks can do from this point on is meaningless," Ballew said. "They can make it worse, but they can't make it better."

Thursday, investors will be watching for statements from the European Central Bank meeting. Investors are anxious to know if European leaders have some concrete plan to tame the continent's debt crisis, or merely good intentions.

 

[bigdog]

Source: http://finance.yahoo.com

Europe promises to keep working on debt crisis but can't promise much more; markets slump

European leaders on Thursday gamely promised to keep tackling the continent's debt crisis. But the markets wanted much more.

Stocks sank across the U.S. and Europe, the euro fell against the dollar and investors dumped bonds issued by the governments of Spain and Italy. Investors had been expecting more immediate action from the European Central Bank and were disappointed by the plan's lack of details, especially considering the ECB president's pledge last week to do "whatever it takes" to keep the euro intact.

A week later, investors' response was more like: "whatever."

It was the second day in a row that markets were disappointed by a lack of decisive action from a major central bank. On Wednesday, stocks closed lower after the Federal Reserve made only vague promises about its plans for trying to revive the U.S. economy.

"It's more jawboning, it's more copy and paste from last week," said Kenny Polcari, managing director of the brokerage ICAP. "There was no definitive plan, and so all the hype and energy (Draghi) created last week is going to go down in flames today."

The Dow Jones industrial average fell 92.18 points to 12,878.88. The Dow had been down as much as 192 shortly after noon.

The Standard & Poor's 500 index fell 10.32 to 1,365. The Nasdaq composite index lost 10.44 to 2,909.77.

It was the fourth day in a row of losses; U.S. stocks haven't risen since ECB President Mario Draghi's now-famous three-word promise one week ago.

Investors had been hoping for clear action from the ECB, such as a cut in interest rates or clear plans to buy more European government bonds, which could lower borrowing costs for troubled countries like Spain and Italy.

The NYSE DOW closed LOWER ▼ -92.18 points or ▼ -0.71% Thursday, 2 August 2012
Symbol …........Last ......Change.....
Dow_Jones 12,878.88 ▼ -92.18 ▼ -0.71%
Nasdaq____ 2,909.77 ▼ -10.44 ▼ -0.36%
S&P_500__ 1,365.00 ▼ -10.14 ▼ -0.74%
30_Yr_Bond 2.547 ▼ -0.07 ▼ -2.56%

NYSE Volume 4,139,315,750
Nasdaq Volume 1,840,866,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,662.30 ▼ -50.52 ▼ -0.88%
DAX_____ 6,606.09 ▼ -148.37 ▼ -2.20%
CAC_40__ 3,232.46 ▼ -89.10 ▼ -2.68%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,290.10 ▲ 7.40 ▲ 0.17%
Shanghai_Comp 2,111.18 ▼ -12.18 ▼ -0.57%
Taiwan_Weight 7,267.96 ▼ -2.53 ▼ -0.03%
Nikkei_225____ 8,653.18 ▲ 11.33 ▲ 0.13%
Hang_Seng____ 19,690.20 ▲ 53.93 ▼ -0.66%
Strait_Times___ 3,036.19 ▼ -14.89 ▼ -0.49%
NZX 50 Index__ 3,564.11 ▲ 33.46 ▲ 0.95%

http://finance.yahoo.com/news/no-concrete-action-europe-stocks-153934101.html

With no concrete action in Europe, stocks slump

Europe promises to keep working on debt crisis but can't promise much more; markets slump

By Christina Rexrode

European leaders on Thursday gamely promised to keep tackling the continent's debt crisis. But the markets wanted much more.

Stocks sank across the U.S. and Europe, the euro fell against the dollar and investors dumped bonds issued by the governments of Spain and Italy. Investors had been expecting more immediate action from the European Central Bank and were disappointed by the plan's lack of details, especially considering the ECB president's pledge last week to do "whatever it takes" to keep the euro intact.

A week later, investors' response was more like: "whatever."

It was the second day in a row that markets were disappointed by a lack of decisive action from a major central bank. On Wednesday, stocks closed lower after the Federal Reserve made only vague promises about its plans for trying to revive the U.S. economy.

"It's more jawboning, it's more copy and paste from last week," said Kenny Polcari, managing director of the brokerage ICAP. "There was no definitive plan, and so all the hype and energy (Draghi) created last week is going to go down in flames today."

The Dow Jones industrial average fell 92.18 points to 12,878.88. The Dow had been down as much as 192 shortly after noon.

The Standard & Poor's 500 index fell 10.32 to 1,365. The Nasdaq composite index lost 10.44 to 2,909.77.

It was the fourth day in a row of losses; U.S. stocks haven't risen since ECB President Mario Draghi's now-famous three-word promise one week ago.

Investors had been hoping for clear action from the ECB, such as a cut in interest rates or clear plans to buy more European government bonds, which could lower borrowing costs for troubled countries like Spain and Italy.

But Germany's central bank, which has footed much of the bill for bailing out other European countries, declined to go along. And so Draghi on Thursday had to tell a highly anticipated news conference that the ECB "may" intervene in the bond market. He promised the ECB would consider other emergency measures in coming weeks.

The yield, or interest rate, on Spain's benchmark 10-year bond jumped to 7.06 percent from 6.68 percent late Wednesday, making it more expensive for the country to borrow money. The yield on Italy's 10-year bond rose to 6.30 percent from 5.85 percent. Other countries have been forced to seek bailouts once their rates rose above 7 percent.

To be fair, the ECB faces a Herculean task with no easy solutions. Whatever it does is sure to offend someone. Some of the weaker countries, like Greece, have lodged their own resistance to other ECB measures, such as demands for spending cuts meant to help countries achieve sustainable budgets.

It's also unrealistic for investors to expect quick fixes to a problem that was so long in the making, said Christian Bertelsen, chief investment officer of Global Financial Private Capital in Sarasota, Fla.

In the U.S., he noted, there was a half-year lag between the Treasury Department announcing it would buy stakes directly in banks in the fall of 2008 and investors becoming comfortable by the spring of 2009 that there wouldn't be uncontrollable bank failures.

"People look at Euroland and say, 'Why don't they get something done there?'" Bertelsen said. "How quickly they forget what a miserable six months it was here."

In the U.S., thoughts of Europe were close at hand. General Motors and Kellogg reported lower quarterly profits and put some of the blame on Europe.

In other trading:

””Knight Capital Group, the trading firm whose technical glitch sent trading of dozens of stocks into chaos early Wednesday, lost 63 percent of its value, plunging $4.36 to $2.58. In two days, it has lost 75 percent of its value.

””Abercrombie & Fitch dropped 15 percent and Aeropostale dropped 33 percent after both companies warned of weak second-quarter sales. Abercrombie lost $4.96 to $29.06. Aeropostale lost $6.37 to $13.08.

””A smattering of positive signs about the economy got lost in the greater maelstrom. Retailers including Target, Limited Brands and Gap announced that July sales beat expectations. Shares of all three companies climbed, with the biggest increase at Gap. It rose 13 percent, gaining $3.75 to $33.17.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks soar on surprisingly strong July job report

Stocks surge on Wall Street after the US government says hiring picked up sharply in July

A surge in hiring last month got a big welcome on Wall Street Friday.

The Dow Jones industrial average surged 217.29 points to close at 13,096.17, ending a four-day losing streak. It was the best day for the Dow since June 29.

Markets had been slumping all week after central banks in the U.S and Europe took no new action to shore up the economy, as investors had hoped.

The Labor Department's closely watched monthly jobs report gave investors assurance that the U.S. economy may be doing better on its own. U.S. employers added 163,000 jobs last month, far more than the 100,000 economists were expecting. From April through June, the economy added an average of just 73,000 jobs a month, compared with an average of 226,000 in the first three months of the year.

"It's one step forward," said Joe Bell, senior equity analyst at Schaeffer's Investment Research. "But we would like to see continued improvement in the labor market in coming months."

There was more to cheer about from the service sector, which employs 90 percent of all Americans.

The Institute for Supply Management reported that U.S. service companies grew at a slightly faster pace in July. The ISM's services index rose to 52.6 from 52.1 in June, which was the lowest reading since January 2010. Any reading above 50 means that business is growing for service providers.

The good economic news caused investors to sell low-risk assets like U.S. government debt. The selling drove prices down and yields up. The benchmark 10-year Treasury note was yielding 1.57 percent, up from 1.48 percent Thursday.

Oil prices also rose as investors became more optimistic about the economy. Benchmark crude shot up $4.27 to $91.40 on the New York Mercantile Exchange.

The broader Standard & Poor's 500 index rose 25.99 points to 1,390.99, and the Nasdaq composite index added 58.13 points to 2,967.90.

The NYSE DOW closed HIGHER ▲ 217.29 points or ▲ 1.69% Friday, 3 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,096.17 ▲ 217.29 ▲ 1.69%
Nasdaq____ 2,967.90 ▲ 58.13 ▲ 2.00%
S&P_500__ 1,390.99 ▲ 25.99 ▲ 1.90%
30_Yr_Bond 2.662 ▲ 0.12 ▲ 4.52%

NYSE Volume 3,689,187,750
Nasdaq Volume 1,727,792,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,787.28 ▲ 124.98 ▲ 2.21%
DAX_____ 6,865.66 ▲ 259.57 ▲ 3.93%
CAC_40__ 3,374.19 ▲ 141.73 ▲ 4.38%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,243.00 ▼ -47.10 ▼ -1.10%
Shanghai_Comp 2,132.80 ▲ 21.61 ▲ 1.02%
Taiwan_Weight 7,217.51 ▼ -50.45 ▼ -0.69%
Nikkei_225____ 8,555.11 ▼ -98.07 ▼ -1.13%
Hang_Seng____ 19,666.18 ▲ 53.93 ▼ -0.12%
Strait_Times___ 3,051.33 ▲ 15.14 ▲ 0.50%
NZX 50 Index__ 3,548.00 ▼ -16.11 ▼ -0.45%

http://finance.yahoo.com/news/stocks-soar-surprisingly-strong-july-142727797.html

Stocks soar on surprisingly strong July job report

Stocks surge on Wall Street after the US government says hiring picked up sharply in July

By Pallavi Gogoi

A surge in hiring last month got a big welcome on Wall Street Friday.

The Dow Jones industrial average surged 217.29 points to close at 13,096.17, ending a four-day losing streak. It was the best day for the Dow since June 29.

Markets had been slumping all week after central banks in the U.S and Europe took no new action to shore up the economy, as investors had hoped.

The Labor Department's closely watched monthly jobs report gave investors assurance that the U.S. economy may be doing better on its own. U.S. employers added 163,000 jobs last month, far more than the 100,000 economists were expecting. From April through June, the economy added an average of just 73,000 jobs a month, compared with an average of 226,000 in the first three months of the year.

"It's one step forward," said Joe Bell, senior equity analyst at Schaeffer's Investment Research. "But we would like to see continued improvement in the labor market in coming months."

There was more to cheer about from the service sector, which employs 90 percent of all Americans.

The Institute for Supply Management reported that U.S. service companies grew at a slightly faster pace in July. The ISM's services index rose to 52.6 from 52.1 in June, which was the lowest reading since January 2010. Any reading above 50 means that business is growing for service providers.

The good economic news caused investors to sell low-risk assets like U.S. government debt. The selling drove prices down and yields up. The benchmark 10-year Treasury note was yielding 1.57 percent, up from 1.48 percent Thursday.

Oil prices also rose as investors became more optimistic about the economy. Benchmark crude shot up $4.27 to $91.40 on the New York Mercantile Exchange.

The broader Standard & Poor's 500 index rose 25.99 points to 1,390.99, and the Nasdaq composite index added 58.13 points to 2,967.90.

Despite the gain in hiring, there were still enough signs of weakness in the latest jobs report to keep hope alive that the Federal Reserve may still take more steps to kick-start the economy at its next meeting in September. A separate survey of households by the Labor Department found that the unemployment rate rose to 8.3 percent in July from 8.2 percent in June.

"I'm not ready to declare victory just yet," said Uri Landesman, president of hedge fund Platinum Partners. "Lending activity is still pretty low because banks aren't taking that much risk, and it's hard for an economy to expand when banks are on tenterhooks themselves."

At the end of a two-day policy meeting on Wednesday, the Fed said it would take action on the economy "as needed to promote a stronger economic recovery." On Thursday, markets fell sharply after the European Central Bank didn't announce specific plans to tackle the continent's debt crisis, as many investors expected it would.

Several U.S. companies turned in strong earnings reports on Friday. Procter & Gamble, which makes Tide, Bounty, NyQuil and many other consumer products, reported a 45 percent surge in quarterly earnings, easily beating Wall Street's forecasts. P&G's stock rose $1.99 to $65.50.

Other stocks making big moves included:

”” Knight Capital leapt 57 percent after the company obtained an emergency credit line, according to news reports. The trading firm was responsible for stock market disruptions on Wednesday which will cost it $440 million. The stock had fallen 75 percent over the previous two days. On Friday, the stock rose $1.47 to $4.05.

”” LinkedIn shot up $15 to $108.51. The social media company reported that its second-quarter revenue increased faster than analysts had expected. LinkedIn also raised its full-year revenue forecast.

”” Kraft Foods rose $1.57 to $40.51 after reporting a 5 percent jump in its second-quarter profit. Higher prices helped offset a drag from raw-materials costs and currency exchange rates.

”” Zipcar plummeted $3.88 to $6.75. The stock reached an all-time low Friday after the car-sharing network reported lower-than-expected revenue in the second quarter and cut its annual revenue estimates.

4950

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stocks edged higher on a day marked by uncharacteristic quiet following a turbulent week.

In the absence of major economic news, stocks were riding a tailwind of optimism from the most recent U.S. job numbers released last week and hope for more action by European authorities to address that region's debt crisis.

On Monday, beleaguered stock trading company Knight Capital Group said it has lined up $400 million in financing that will allow the firm to continue to operate. Knight was fighting for survival after a disastrous software glitch in its systems sent the trading of dozens of stocks into chaos last week.

Best Buy's stock soared after its founder offered to buy the company.

The Dow Jones industrial average closed up 21.34 points at 13,117.51. The broader Standard & Poor's 500 index added 3.24 points to 1,394.23. The index came within half a point of 1,400, where it hasn't traded since May 3.

The Nasdaq index rose 22.01 points to 2,989.91.

Markets fell the first four days of last week after investors were disappointed by the lack of specific action from central banks in Europe and the U.S. to support the economy. The Dow lost 197 points from Monday through Thursday.

The Dow soared 217 points on Friday, however, following a surprisingly strong jobs report. The U.S. economy generated 163,000 jobs last month, the fastest pace since February and far more than economists were expecting.

The upturn was seen as a sign that the U.S. may be resilient enough to pull out of a midyear slump and grow modestly, even as the rest of the world slows down. Investors drove markets higher Monday on hopes that the positive momentum will continue.

Stock indexes also rose in Europe. Speculation has been building that the European Central Bank will support struggling countries like Spain and Italy by buying bonds issued by those governments.

The NYSE DOW closed HIGHER ▲ 21.34 points or ▲ 0.16% Monday, 6 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,117.51 ▲ 21.34 ▲ 0.16%
Nasdaq____ 2,989.91 ▲ 22.01 ▲ 0.74%
S&P_500__ 1,394.23 ▲ 3.24 ▲ 0.23%
30_Yr_Bond 2.646 ▼ -0.02 ▼ -0.60%

NYSE Volume 3,120,591,750
Nasdaq Volume 1,530,659,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,808.77 ▲ 21.49 ▲ 0.37%
DAX_____ 6,918.72 ▲ 53.06 ▲ 0.77%
CAC_40__ 3,401.56 ▲ 27.37 ▲ 0.81%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,292.90 ▲ 49.90 ▲ 1.18%
Shanghai_Comp 2,154.92 ▲ 22.12 ▲ 1.04%
Taiwan_Weight 7,286.33 ▲ 68.82 ▲ 0.95%
Nikkei_225____ 8,726.29 ▲ 171.18 ▲ 2.00%
Hang_Seng____ 19,998.72 ▲ 53.93 ▲ 1.69%
Strait_Times___ 3,071.25 ▲ 19.92 ▲ 0.65%
NZX 50 Index__ 3,563.20 ▲ 15.21 ▲ 0.43%

http://finance.yahoo.com/news/us-stocks-rise-knight-capital-134054948.html

US stocks rise; Knight Capital gets lifeline

US stocks rise on hopes of strengthening economy; Knight Capital says it has $400M lifeline

By Pallavi Gogoi

U.S. stocks edged higher on a day marked by uncharacteristic quiet following a turbulent week.

In the absence of major economic news, stocks were riding a tailwind of optimism from the most recent U.S. job numbers released last week and hope for more action by European authorities to address that region's debt crisis.

On Monday, beleaguered stock trading company Knight Capital Group said it has lined up $400 million in financing that will allow the firm to continue to operate. Knight was fighting for survival after a disastrous software glitch in its systems sent the trading of dozens of stocks into chaos last week.

Best Buy's stock soared after its founder offered to buy the company.

The Dow Jones industrial average closed up 21.34 points at 13,117.51. The broader Standard & Poor's 500 index added 3.24 points to 1,394.23. The index came within half a point of 1,400, where it hasn't traded since May 3.

The Nasdaq index rose 22.01 points to 2,989.91.

Markets fell the first four days of last week after investors were disappointed by the lack of specific action from central banks in Europe and the U.S. to support the economy. The Dow lost 197 points from Monday through Thursday.

The Dow soared 217 points on Friday, however, following a surprisingly strong jobs report. The U.S. economy generated 163,000 jobs last month, the fastest pace since February and far more than economists were expecting.

The upturn was seen as a sign that the U.S. may be resilient enough to pull out of a midyear slump and grow modestly, even as the rest of the world slows down. Investors drove markets higher Monday on hopes that the positive momentum will continue.

Stock indexes also rose in Europe. Speculation has been building that the European Central Bank will support struggling countries like Spain and Italy by buying bonds issued by those governments.

Germany's DAX and the CAC-40 in France both rose a little less than 1 percent. Spain's IBEX 35 soared 4.4 percent despite a five-hour blackout from a technical problem that halted trading for much of the day.

"Mutual fund managers and hedge funds have sizable holdings in cash and they need to put those to work," said Richard Cripps, chief investment officer for Stifel Financial. "There's optimism over the progress made in Europe and also constructive news from the U.S. economy."

Knight Capital's stock fell 98 cents, or 24 percent, to $3.07 Monday. It's down 70 percent since last Tuesday, the day before a software malfunction caused its computer systems to send erroneous orders flooding into the market.

Knight said a group of investors agreed to buy $400 million of preferred stock that can be converted into a 73 percent stake in the firm.

Knight takes orders for stock trades from brokers like TD Ameritrade and E-Trade and banks. It then routes them to the exchanges where stocks are traded, like the New York Stock Exchange. Its future was thrown into doubt after the trading malfunction cost the firm $440 million.

Going in the opposite direction was Best Buy Co., which jumped 13 percent after founder and former CEO Richard Schulze offered to buy the company at a premium to its stock price. Schulze, 71, is its largest shareholder with a 20 percent stake.

Among other stocks making big moves:

”” Cognizant Technology Solutions jumped $6.34, or 11 percent, to $64.21 after the consulting company's second-quarter results beat Wall Street's estimates. The company raised its full-year earnings forecast.

”” The Interpublic Group fell 86 cents, or 8 percent, to $10.11 after rival Publicis Groupe of France shot down a report that it was weighing a bid to buy the American advertising company.

”” Tyson Foods fell $1.23, or 8 percent, to $14.17 after the nation's biggest meat company reported that income dropped 61 percent in the quarter partly due to lower U.S. consumer demand for chicken and beef.

”” Pluristem Therapeutics climbed 49 cents, or 15 percent, to $3.80. The Israeli drugmaker said a cancer patient's life was saved with the use of certain cells it had developed.

 

[bigdog]

Source: http://finance.yahoo.com

It was a day of milestones for the stock market.

Stronger corporate earnings reports and expectations that central banks will act to support the economy powered the Standard & Poor's 500 index past 1,400 for the first time in three months. The index rose 7.12 points to close at 1,401.35 on Tuesday. Energy stocks increased the most of the 10 industry groups tracked by the index.

The Nasdaq composite index marked a milestone of its own: the first close above 3,000 since early May. The Nasdaq rose 25.95 points to 3,015.86.

The S&P hasn't closed above 1,400 since May 2, and the Nasdaq hasn't closed above 3,000 since May 3.

"There's been a bunch of positive earnings numbers," said Stephen Carl, head of equity trading at The Williams Capital Group. "While that makes some investors happy, I'd like to see some more robust growth."

The Dow Jones industrial average rose 51.09 points to 13,168.60. The Dow is now 996 points below its all-time high of 14,164.53 reached on Oct. 9, 2007, prior to the financial crisis. The Dow would have to rise 7.6 percent to break that record.

Energy companies rose broadly after Chesapeake Energy reported that its income doubled in the second quarter. Revenue from oil, natural gas and natural gas liquids rose. Chesapeake's stock soared $1.67 to $19.37, lifting other energy stocks with it ”” Cabot Oil & Gas jumped $2.09 to $42.88 and Occidental Petroleum rose $2.48 to $90.74.

The NYSE DOW closed HIGHER ▲ 51.09 points or ▲ 0.39% Tuesday, 7 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,168.60 ▲ 51.09 ▲ 0.39%
Nasdaq____ 3,015.86 ▲ 25.96 ▲ 0.87%
S&P_500__ 1,401.35 ▲ 7.12 ▲ 0.51%
30_Yr_Bond 2.719 ▲ 0.07 ▲ 2.76%

NYSE Volume 3,689,693,250
Nasdaq Volume 1,905,500,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,841.24 ▲ 32.47 ▲ 0.56%
DAX_____ 6,967.95 ▲ 49.23 ▲ 0.71%
CAC_40__ 3,453.28 ▲ 51.72 ▲ 1.52%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,311.40 ▲ 18.50 ▲ 0.43%
Shanghai_Comp 2,157.62 ▲ 2.70 ▲ 0.13%
Taiwan_Weight 7,295.46 ▲ 9.13 ▲ 0.13%
Nikkei_225____ 8,803.31 ▲ 77.02 ▲ 0.88%
Hang_Seng____ 20,072.55 ▲ 53.93 ▲ 0.37%
Strait_Times___ 3,067.38 ▼ -4.44 ▼ -0.14%
NZX 50 Index__ 3,584.81 ▲ 21.61 ▲ 0.61%

http://finance.yahoo.com/news/p-clo...1lMGQ2LTExZTEtYmZmYy03YmE0OTZkOWViNjY-;_ylv=3

S&P closes over 1,400 for first time in 3 months
S&P 500 index closes over 1,400 on better corporate earnings, hope for central bank action
By Pallavi Gogoi

It was a day of milestones for the stock market.

Stronger corporate earnings reports and expectations that central banks will act to support the economy powered the Standard & Poor's 500 index past 1,400 for the first time in three months. The index rose 7.12 points to close at 1,401.35 on Tuesday. Energy stocks increased the most of the 10 industry groups tracked by the index.

The Nasdaq composite index marked a milestone of its own: the first close above 3,000 since early May. The Nasdaq rose 25.95 points to 3,015.86.

The S&P hasn't closed above 1,400 since May 2, and the Nasdaq hasn't closed above 3,000 since May 3.

"There's been a bunch of positive earnings numbers," said Stephen Carl, head of equity trading at The Williams Capital Group. "While that makes some investors happy, I'd like to see some more robust growth."

The Dow Jones industrial average rose 51.09 points to 13,168.60. The Dow is now 996 points below its all-time high of 14,164.53 reached on Oct. 9, 2007, prior to the financial crisis. The Dow would have to rise 7.6 percent to break that record.

Energy companies rose broadly after Chesapeake Energy reported that its income doubled in the second quarter. Revenue from oil, natural gas and natural gas liquids rose. Chesapeake's stock soared $1.67 to $19.37, lifting other energy stocks with it ”” Cabot Oil & Gas jumped $2.09 to $42.88 and Occidental Petroleum rose $2.48 to $90.74.

Chesapeake was the latest major U.S. company to turn in a stronger earnings report. Of the 430 companies in the S&P 500 that have reported earnings through Tuesday, 65 percent beat Wall Street's expectations, according to S&P Capital IQ. More than 43 percent have reported double-digit growth.

On Tuesday, accessories maker Fossil reported that its second-quarter net income climbed 12 percent thanks to growing demand in Asia and strong watch sales. The performance topped analysts' estimates, and the stock popped $21.98, or 31.5 percent, to $91.77, the biggest gain in the S&P 500 index.

MGM Resorts International reported a 29 percent surge in revenue even though the casino company had a quarterly loss. The stock rose 70 cents, or 7.5 percent, to $10.08.

Also Tuesday, the Labor Department said U.S. employers posted the most job openings in four years in June, a positive sign that hiring may pick up. Layoffs also fell. The data follow Friday's report that said U.S. employers in July added the most jobs in five months, far more than economists were expecting.

Recent comments by Federal Reserve chairman Ben Bernanke that the slow economic recovery has hurt many Americans has kept hope alive that the Fed will take more steps to kick-start the economy at its next meeting in September.

Investors cut their holdings of safer assets like U.S. Treasurys, sending yields higher, as investors sold them. The yield on the benchmark 10-year Treasury note rose to 1.63 percent from 1.56 late Monday.

In Europe, most markets rose, despite news that Italy's recession deepened in the April through June period. Italy's economy shrank for the fourth quarter in a row. Benchmark stock indexes rose 2.2 percent in both Italy and Spain, and 1.5 percent in France.

Italy's government, which is trying to reduce debt, has made spending cuts and tax increases that are hurting businesses and households. Investors hope that the European Central Bank will help support financial weaker countries like Italy and Spain by buying their government bonds, which will hold down the interest rates these countries must pay to borrow money.

 

[bigdog]

Source: http://finance.yahoo.com

A stock market rally lost steam Wednesday after mixed earnings from U.S. companies added to fears about Europe's economic slowdown.

Several big consumer goods companies warned that weak demand in Europe was cutting into their revenue. That followed worrisome economic news from England, France and Germany, where growth had offset recessions in other European countries like Italy and Greece.

Major U.S. stock indexes closed little changed. The Dow Jones industrial average finished up 7.04 points, or 0.1 percent, at 13,175.64. The Standard & Poor's 500 index added 0.87 point, or 0.1 percent, to 1,402.22. The Nasdaq closed down 4.61 points, or 0.2 percent, at 3,011.25.

The Dow had risen 290 points over the previous three trading days. On Tuesday, the S&P 500 passed 1,400 and the Nasdaq composite closed above 3,000, both for the first time since early May.

As stocks in New York traded tentatively, the dollar rose against the euro, a sign that investors are becoming more fearful.

"It's not unusual for the market to pull back a bit after a strong move, absorb the latest earnings news and look to see the next catalyst to move higher," Quincy Krosby, market strategist with Prudential Financial, said.

The market is being held back in part by reports from consumer-goods companies that weak sales in Europe are hurting revenue, Krosby said. Consumer discretionary stocks fell the most among the 10 industry groups in the S&P 500.

The NYSE DOW closed HIGHER ▲ 7.04 points or ▲ 0.05% Wednesday, 8 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,175.64 ▲ 7.04 ▲ 0.05%
Nasdaq____ 3,011.25 ▼ -4.61 ▼ -0.15%
S&P_500__ 1,402.22 ▲ 0.87 ▲ 0.06%
30_Yr_Bond 2.740 ▲ 0.02 ▲ 0.77%

NYSE Volume 3,220,859,750
Nasdaq Volume 1,881,049,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,845.92 ▲ 4.68 ▲ 0.08%
DAX_____ 6,966.15 ▼ -1.80 ▼ -0.03%
CAC_40__ 3,438.26 ▼ -15.02 ▼ -0.43%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,332.90 ▲ 21.50 ▲ 0.50%
Shanghai_Comp 2,160.99 ▲ 3.37 ▲ 0.16%
Taiwan_Weight 7,319.80 ▲ 24.34 ▲ 0.33%
Nikkei_225____ 8,881.16 ▲ 77.85 ▲ 0.88%
Hang_Seng____ 20,065.52 ▲ 53.93 ▼ -0.04%
Strait_Times___ 3,047.99 ▼ -19.75 ▼ -0.64%
NZX 50 Index__ 3,581.79 ▼ -3.02 ▼ -0.08%

http://finance.yahoo.com/news/rally-wall-street-fades-priceline-200941491.html

A rally on Wall Street fades; Priceline tanks

Stock rally fades on Wall Street; mixed earnings reports add to fears about European economy

By Daniel Wagner

A stock market rally lost steam Wednesday after mixed earnings from U.S. companies added to fears about Europe's economic slowdown.

Several big consumer goods companies warned that weak demand in Europe was cutting into their revenue. That followed worrisome economic news from England, France and Germany, where growth had offset recessions in other European countries like Italy and Greece.

Major U.S. stock indexes closed little changed. The Dow Jones industrial average finished up 7.04 points, or 0.1 percent, at 13,175.64. The Standard & Poor's 500 index added 0.87 point, or 0.1 percent, to 1,402.22. The Nasdaq closed down 4.61 points, or 0.2 percent, at 3,011.25.

The Dow had risen 290 points over the previous three trading days. On Tuesday, the S&P 500 passed 1,400 and the Nasdaq composite closed above 3,000, both for the first time since early May.

As stocks in New York traded tentatively, the dollar rose against the euro, a sign that investors are becoming more fearful.

"It's not unusual for the market to pull back a bit after a strong move, absorb the latest earnings news and look to see the next catalyst to move higher," Quincy Krosby, market strategist with Prudential Financial, said.

The market is being held back in part by reports from consumer-goods companies that weak sales in Europe are hurting revenue, Krosby said. Consumer discretionary stocks fell the most among the 10 industry groups in the S&P 500.

McDonalds fell $1.48 to $87.53 after the company said a key revenue figure came in flat in July as the weakening global economy took a toll on customers of the world's biggest burger chain. McDonalds was the weakest stock in the Dow.

Priceline.com fell more than $100 after warning investors late Tuesday that its third-quarter revenue and income would come in far below analysts' forecasts because of the deepening malaise in Europe. Priceline's stock sank $117.48, or 17.3 percent, to $562.32.

Priceline's travails dragged on other online travel sites. TripAdvisor fell $1.89 to $36.77 and Expedia lost $2.73 to $56.14 percent. That made them three of the five biggest losers in the S&P 500 index.

Ralph Lauren fell $1.68 to $151.35 after the company forecast a revenue decline in the current quarter and cautioned that the weak global economy might reduce spending on its clothes and housewares.

"It's no longer a theoretical argument that Europe is hampering earnings for American companies," Krosby said. "It's a reality, and you're seeing that today."

Earlier Wednesday, the Bank of England said it expects the country's economy to stagnate this year. Only three months earlier, in its previous quarterly inflation report, the BOE had forecast annual growth of 0.8 percent.

Separately, the French central bank said it expects France's economy to contract in the third quarter, the second pullback in a row.

Standard & Poor's lowered its outlook on Greece's long-term credit rating, saying the bailed-out nation will likely need more aid from its international lenders as its economy crumbles and leaders delay imposing harsh austerity measures.

And in Germany, industrial output and exports dropped sharply in June, a sign that Europe's strongest economy might finally be succumbing to the regional crisis.

Bloomin' Brands Inc., operator of the Outback Steakhouse and other restaurant chains, jumped $1.41, or 12.8 percent, to $12.41 in its first day of trading on the Nasdaq.

Among other companies making big moves:

”” Macy's rose $1.01, or 2.7 percent, to $38.01 after the department store chain said its net income in the second quarter rose 16 percent and beat analysts' estimates.

”” Alpha Natural Resources fell 60 cents, or 8.7 percent, to $6.30 after reporting a wider net loss in the second quarter. The coal producer is struggling to compete with cheap natural gas.

”” Dean Foods soared $5.04, or 40.6 percent, to $17.46 after the company posted a second-quarter profit, raised its full-year forecast and announced the initial public offering of a dairy subsidiary that makes Horizon Organic milk and Land O' Lakes cream. It was the biggest percentage gain by far of any stock in the S&P 500.

”” Higher One Holdings Inc., which markets financial services to millions of U.S. higher education students, fell 38 cents to $11.13 after the company said its second-quarter net income declined and fell far short of analysts' expectations. Federal regulators announced Wednesday that the company had agreed to refund millions in excessive fees charged to students who used its cards.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market has the summer doldrums.

U.S. stocks dawdled between small gains and losses Thursday with investors unable to decide what to focus on: incremental encouraging news about the U.S. economy, or incremental negative news about China and elsewhere.

The Dow Jones industrial average fell 10.45 points ”” just 0.08 percent. It has barely budged for most of the week, rising Monday through Wednesday but only by small fractions of a percent. The relative quiet is partly due to a lack of major developments in the European debt crisis or decisive news on the U.S. economy. Another reason is simply because traders like to clear out for vacation in August.

"I think there are more active managers in the Hamptons than there are in Manhattan," said Hugh Johnson, chairman and chief investment officer of Hugh Johnson Advisors in Albany, N.Y.

David Abuaf, chief investment officer of Hefty Wealth Partners, wasn't in the Hamptons: He was in his office in Auburn, Ind. And he, also, was watching the markets languish.

"There has been nothing systemically consistent, either good news or bad news," Abuaf said. "So a lot of professional asset managers are saying, 'I don't know where I want to put my money, but if I don't invest now then my clients are going to start demanding their money back.'"

The Dow closed at 13,165.19. It was down about 51 points at its lowest and up 23 at its highest, meaning it had a spread of about 74 points throughout the day. The average spread for the year so far is much higher, about 134 points, according to Dow Jones Indexes.

Changes in the other indexes were equally underwhelming. The Standard & Poor's 500 was virtually flat, rising 0.58 points to 1,402.80. The Nasdaq edged up 7.39 to 3,018.64.

The trendless market was a product of conflicting news about the world economy.

The NYSE DOW closed LOWER ▼ -10.45 points or ▼ -0.08% Thursday, 9 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,165.19 ▼ -10.45 ▼ -0.08%
Nasdaq____ 3,018.64 ▲ 7.39 ▲ 0.25%
S&P_500__ 1,402.80 ▲ 0.58 ▲ 0.04%
30_Yr_Bond 2.750 ▲ 0.01 ▲ 0.36%

NYSE Volume 3,109,152,750
Nasdaq Volume 1,686,230,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,851.51 ▲ 5.59 ▲ 0.10%
DAX_____ 6,964.99 ▼ -1.16 ▼ -0.02%
CAC_40__ 3,456.71 ▲ 18.45 ▲ 0.54%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,330.10 ▼ -2.80 ▼ -0.06%
Shanghai_Comp 2,174.10 ▲ 13.11 ▲ 0.61%
Taiwan_Weight 7,433.70 ▲ 113.90 ▲ 1.56%
Nikkei_225____ 8,978.60 ▲ 97.44 ▲ 1.10%
Hang_Seng____ 20,269.47 ▲ 53.93 ▲ 1.02%
Strait_Times___ 3,052.25 ▼ -15.49 ▼ -0.50%
NZX 50 Index__ 3,583.61 ▲ 1.82 ▲ 0.05%

http://finance.yahoo.com/news/stocks-waver-signs-economy-hard-180830051.html

Stocks waver; signs on the economy hard to read

Stocks flicker between small gains and losses; unemployment claims dip, but China slows

By Christina Rexrode,

The stock market has the summer doldrums.

U.S. stocks dawdled between small gains and losses Thursday with investors unable to decide what to focus on: incremental encouraging news about the U.S. economy, or incremental negative news about China and elsewhere.

The Dow Jones industrial average fell 10.45 points ”” just 0.08 percent. It has barely budged for most of the week, rising Monday through Wednesday but only by small fractions of a percent. The relative quiet is partly due to a lack of major developments in the European debt crisis or decisive news on the U.S. economy. Another reason is simply because traders like to clear out for vacation in August.

"I think there are more active managers in the Hamptons than there are in Manhattan," said Hugh Johnson, chairman and chief investment officer of Hugh Johnson Advisors in Albany, N.Y.

David Abuaf, chief investment officer of Hefty Wealth Partners, wasn't in the Hamptons: He was in his office in Auburn, Ind. And he, also, was watching the markets languish.

"There has been nothing systemically consistent, either good news or bad news," Abuaf said. "So a lot of professional asset managers are saying, 'I don't know where I want to put my money, but if I don't invest now then my clients are going to start demanding their money back.'"

The Dow closed at 13,165.19. It was down about 51 points at its lowest and up 23 at its highest, meaning it had a spread of about 74 points throughout the day. The average spread for the year so far is much higher, about 134 points, according to Dow Jones Indexes.

Changes in the other indexes were equally underwhelming. The Standard & Poor's 500 was virtually flat, rising 0.58 points to 1,402.80. The Nasdaq edged up 7.39 to 3,018.64.

The trendless market was a product of conflicting news about the world economy.

In the U.S., the government reported that the trade deficit fell to the lowest level in 18 months, which is generally considered good for the economy. In June, the U.S. enjoyed lower prices for the oil it brought in and higher sales of the cars, pharmaceuticals and industrial machinery it shipped out.

But the report also brought a troubling sign that China, which grew even through the global recession and afterward, can't prop up world markets forever. U.S. exports to China dropped more than 4 percent. Separately, China reported that growth slowed in auto sales and factory output.

Another emerging-market giant, India, reported lower industrial output for the third time in four months.

Advance Auto Parts fell after reporting lower revenue and net income, losing nearly 4 percent, or $2.65, to $67.92. Cosmetics company Elizabeth Arden jumped 13 percent, rising $5.06 to $44.02, after reporting strong international sales.

Online brokerage E-Trade jumped nearly 7 percent, rising 55 cents to $8.57, after the company unexpectedly fired its CEO. The company didn't spell out its reasons for the dismissal, but the stock has languished and the company's largest shareholder, hedge fund Citadel, has clamored for change.

Across the Atlantic, there were a few foreboding reminders that Europe's economy remains in trouble.

Germany's Commerzbank predicted lower profits for the rest of the year, worrying that customers are too nervous to invest or take out loans.

Greece reported that unemployment soared to 23 percent in May from 17 percent the year before. Among people under 25 years old, 55 percent are out of work.

All year the market has swung back and forth on even small developments out of debt-hobbled Europe. But Thursday, investors apparently didn't mind.

"Investors are essentially giving (European) policymakers a pass over the next few weeks because it's summer," said Jeremy Zirin, chief equity strategist at UBS Wealth Management. "But when summer is over and everyone is back in September, markets are not going to be willing to give policymakers as much time and as much rope."

 

[bigdog]

Source: http://finance.yahoo.com

The market had a wishy-washy Friday, capping an equally directionless week.

Stocks inched down for most of the day. Then, with 45 minutes of trading left, the Dow Jones industrial average turned positive. The Standard & Poor's 500 and the Nasdaq composite soon followed. All ended the day slightly higher.

In a week with no major developments in Europe's debt crisis, and no surprising reports on the U.S. economy, the market struggled to figure out which way to go. The three indexes rose incrementally on Monday and Tuesday and were mixed on Wednesday and Thursday. In this quiet week, the biggest move came on Tuesday, when the Dow gained just 51 points.

With many money managers on vacation, trading volume was low. "The sound of silence" is how Bank of America Merrill Lynch economist Ethan Harris labeled a note to clients Friday.

Sure, there were piecemeal signs about the world economy for anyone who was looking. But they were less than the decisive.

The second-quarter earnings season continued to wind down calmly, with most companies coming in ahead of profit predictions. But China reported a troubling slowdown in its export growth. And the end of earnings season means not that investors can relax but that the so-called fiscal cliff of 2013, when government spending cuts and higher taxes kick in, looms larger now and with less to distract investors away from it.

To be sure, stocks have risen fairly steadily since a year ago, when a downgrade of the U.S. debt rating rocked the markets. Compared to a year ago, the Dow Jones industrial average is up 23 percent.

Friday, the Dow ended up 42.76 points at 13,207.95. The S&P 500 rose 3.07 to 1,405.87. The Nasdaq composite rose 2.22 to 3,020.86.

The NYSE DOW closed HIGHER ▲ 42.76 points or ▲ 0.32% Friday, 10 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,207.95 ▲ 42.76 ▲ 0.32%
Nasdaq____ 3,020.86 ▲ 2.22 ▲ 0.07%
S&P_500__ 1,405.87 ▲ 3.07 ▲ 0.22%
30_Yr_Bond 2.740 ▼ -0.01 ▼ -0.47%

NYSE Volume 2,727,674,000
Nasdaq Volume 1,592,768,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,847.11 ▼ -4.40 ▼ -0.08%
DAX_____ 6,944.56 ▼ -20.43 ▼ -0.29%
CAC_40__ 3,435.62 ▼ -21.09 ▼ -0.61%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,302.80 ▼ -27.30 ▼ -0.63%
Shanghai_Comp 2,168.81 ▼ -5.29 ▼ -0.24%
Taiwan_Weight 7,441.12 ▲ 7.42 ▲ 0.10%
Nikkei_225____ 8,891.44 ▼ -87.16 ▼ -0.97%
Hang_Seng____ 20,136.12 ▲ 53.93 ▼ -0.66%
Strait_Times___ 3,054.20 ▲ 1.95 ▲ 0.06%
NZX 50 Index__ 3,577.80 ▼ -5.82 ▼ -0.16%

http://finance.yahoo.com/news/wishy-washy-stock-market-ends-201709670.html

Wishy-washy stock market ends slightly higher

Stocks trade lower almost all day, then reverse course; Europe's problems are felt in Asia

By Christina Rexrode

The market had a wishy-washy Friday, capping an equally directionless week.

Stocks inched down for most of the day. Then, with 45 minutes of trading left, the Dow Jones industrial average turned positive. The Standard & Poor's 500 and the Nasdaq composite soon followed. All ended the day slightly higher.

In a week with no major developments in Europe's debt crisis, and no surprising reports on the U.S. economy, the market struggled to figure out which way to go. The three indexes rose incrementally on Monday and Tuesday and were mixed on Wednesday and Thursday. In this quiet week, the biggest move came on Tuesday, when the Dow gained just 51 points.

With many money managers on vacation, trading volume was low. "The sound of silence" is how Bank of America Merrill Lynch economist Ethan Harris labeled a note to clients Friday.

Sure, there were piecemeal signs about the world economy for anyone who was looking. But they were less than the decisive.

The second-quarter earnings season continued to wind down calmly, with most companies coming in ahead of profit predictions. But China reported a troubling slowdown in its export growth. And the end of earnings season means not that investors can relax but that the so-called fiscal cliff of 2013, when government spending cuts and higher taxes kick in, looms larger now and with less to distract investors away from it.

"There are three big elephants in the room," said Marty Leclerc, chief investment officer of Barrack Yard Advisors in Bryn Mawr, Penn. "A slowdown in Asia growth, the European crisis ... and the U.S. 'fiscal cliff.' "

To be sure, stocks have risen fairly steadily since a year ago, when a downgrade of the U.S. debt rating rocked the markets. Compared to a year ago, the Dow Jones industrial average is up 23 percent.

Friday, the Dow ended up 42.76 points at 13,207.95. The S&P 500 rose 3.07 to 1,405.87. The Nasdaq composite rose 2.22 to 3,020.86.

But the stock market's relative good cheer doesn't necessarily mean the underlying economy is improving. The market gains are more a sign that central banks like the Federal Reserve are still willing to artificially prop up the economy, said Bill Strazzullo, chief market strategist at Bell Curve Trading outside Boston.

"You've got every central bank out there saying, 'We're going to print as much money as it takes, we're going to buy as many bonds as it takes,' " Strazzullo said.

Europe, the cause of so much market consternation for so many months, was quiet. Benchmark indexes fell slightly in France, Germany and Spain. Italy's long-term borrowing costs jumped, a sign that investors are nervous about its ability to pay its debts.

Manchester United, the white-hot British soccer club, had a lethargic debut as a public company. The stock closed exactly where it opened, at $14, likely a sign that investors are worried about its heavy debts.

A few stocks did make big moves. J.C. Penney jumped 6 percent, rising $1.30 to $23.40, after CEO Ron Johnson laid out more of his vision for turning around the struggling department store company. Lions Gate, the movie and TV studio, gained 21 cents to $13.46, after reporting a revenue surge thanks to "The Hunger Games."

Chesapeake Energy fell 3 percent, slipping 63 cents to $19.68, after reporting that the government is investigating possible antitrust violations surrounding its purchase of oil and gas land in Michigan. Yahoo fell 5 percent, losing 86 cents to $15.15, after revealing that shareholders might not get a payout that the company had previously planned.

China reported that its export growth slumped to 1 percent in July from more than 11 percent in June, as debt-burdened Europe pulled back on buying Chinese goods.

Dan Heckman, senior vice president at U.S. Bank wealth management in Kansas City, wondered if China's next exports report would show exports shrinking, rather than just growing more slowly.

"You don't have far to go from 1 to zero, or from 1 to negative," he said mid-afternoon, when shares the stock indexes were trading lower. "Frankly, we're a little surprised that the stock market isn't down more."

China is the world's second-largest economy and a major player among world markets. Throughout the recession and its aftermath, as other countries struggled, China kept growing and helped prop up everyone else.

Friday's data was just the latest sign of cracks in the country's armor. Thursday, China said that growth had also slowed in its auto sales and factory output.

5612

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stocks fell Monday as evidence piled up that the global economic slowdown is dragging on Asia.

The losses broke the longest winning streak for the Standard & Poor's 500 index since December 2010. The index had risen for six straight days.

Japan's economy grew in the second quarter at a 1.4 percent annual rate, slower than many analysts had expected. Last week, China released dismal figures on retail sales and exports in July. Traders had hoped Beijing would roll out stimulus measures over the weekend. That did not happen.

Slower growth in Asia worries investors because Asia's economic endurance has helped offset weakness in the U.S. and Europe in recent years. Exports from China and Japan are declining as Europe's economic woes hurt consumer confidence there.

"What's happened is the law of gravity is starting to hit," said Doug Cote, chief market strategist at ING Investment Management. Japan is volatile because it is still recovering from last year's massive earthquake and tsunami, he said, and China's growth is slowing sharply.

Yet stocks, bonds and most other investments are all up for the year, Cote noted. He said the markets have been "pricing in Armageddon when clearly things are much better than that." Cote expects stocks to resume their upward trend as fears about the global economy dissipate.

The Dow Jones industrial average closed down 38.52 points at 13,169.43. The S&P 500 declined 1.76 to 1,404.11. The Dow is still up 7.8 percent for the year, the S&P 11.7 percent.

The S&P 500 and Dow have risen every week for the past five weeks. The S&P 500 last wrapped up a five-week climb in mid-March. The Dow hasn't done so since last October.

Mondays, however, have brought mostly losses for the market in recent weeks. The Dow has fallen for 10 out of the past 11 Mondays, and the S&P 500 has finished down five of the last six.

The Nasdaq composite index rose 1.66 points to 3,022.52. The index was helped by solid gains for two of its biggest components, Apple and Google.

The NYSE DOW closed LOWER ▼ -38.52 points or ▼ -0.29% Monday, 13 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,169.43 ▼ -38.52 ▼ -0.29%
Nasdaq____ 3,022.52 ▲ 1.66 ▲ 0.05%
S&P_500__ 1,404.11 ▼ -1.76 ▼ -0.13%
30_Yr_Bond 2.739 ▲ 0.00 ▲ 0.07%

NYSE Volume 2,500,921,750
Nasdaq Volume 1,362,211,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,831.88 ▼ -15.23 ▼ -0.26%
DAX_____ 6,909.68 ▼ -34.88 ▼ -0.50%
CAC_40__ 3,426.41 ▼ -9.21 ▼ -0.27%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,309.50 ▲ 6.70 ▲ 0.16%
Shanghai_Comp 2,136.08 ▼ -32.74 ▼ -1.51%
Taiwan_Weight 7,436.30 ▼ -4.82 ▼ -0.06%
Nikkei_225____ 8,885.15 ▼ -6.29 ▼ -0.07%
Hang_Seng____ 20,081.36 ▲ 53.93 ▼ -0.27%
Strait_Times___ 3,064.81 ▲ 10.61 ▲ 0.35%
NZX 50 Index__ 3,594.96 ▲ 17.17 ▲ 0.48%

http://finance.yahoo.com/news/stocks-fall-economic-malaise-spreads-141251271.html

Stocks fall as economic malaise spreads to Japan

US stocks fall after Japan reports weak economic growth, adding to fears of Asian slowdown

By Daniel Wagner

U.S. stocks fell Monday as evidence piled up that the global economic slowdown is dragging on Asia.

The losses broke the longest winning streak for the Standard & Poor's 500 index since December 2010. The index had risen for six straight days.

Japan's economy grew in the second quarter at a 1.4 percent annual rate, slower than many analysts had expected. Last week, China released dismal figures on retail sales and exports in July. Traders had hoped Beijing would roll out stimulus measures over the weekend. That did not happen.

Slower growth in Asia worries investors because Asia's economic endurance has helped offset weakness in the U.S. and Europe in recent years. Exports from China and Japan are declining as Europe's economic woes hurt consumer confidence there.

"What's happened is the law of gravity is starting to hit," said Doug Cote, chief market strategist at ING Investment Management. Japan is volatile because it is still recovering from last year's massive earthquake and tsunami, he said, and China's growth is slowing sharply.

Yet stocks, bonds and most other investments are all up for the year, Cote noted. He said the markets have been "pricing in Armageddon when clearly things are much better than that." Cote expects stocks to resume their upward trend as fears about the global economy dissipate.

The Dow Jones industrial average closed down 38.52 points at 13,169.43. The S&P 500 declined 1.76 to 1,404.11. The Dow is still up 7.8 percent for the year, the S&P 11.7 percent.

The S&P 500 and Dow have risen every week for the past five weeks. The S&P 500 last wrapped up a five-week climb in mid-March. The Dow hasn't done so since last October.

Mondays, however, have brought mostly losses for the market in recent weeks. The Dow has fallen for 10 out of the past 11 Mondays, and the S&P 500 has finished down five of the last six.

The Nasdaq composite index rose 1.66 points to 3,022.52. The index was helped by solid gains for two of its biggest components, Apple and Google.

Google rose 2.8 percent after announcing that it would cut 20 percent of the staff at Motorola Mobility, the struggling mobile phone maker it acquired in May. Motorola hasn't had a hit product since it introduced the Razr in 2005. Google's stock rose $18.01 to $660.01. Apple rose $8.30 to $630.

Groupon Inc. plunged in after-market electronic trading after the daily deals website said its revenue fell short of analysts' forecasts. Groupon was down $1.41, or 18.7 percent, at $6.14 as of 5:10 p.m. EDT.

Most Asian and European markets closed lower. Stocks edged higher in Spain. Many traders believe that the European Central Bank will take a more active role in fighting the region's debt crisis by reducing borrowing costs for Spain, Italy and others.

Monetary authorities in the U.S. and China also are believed to be weighing plans to boost growth. Central banks have been hesitant so far to get involved with an economy that may be on the cusp of a rebound. They are mindful, however, of the effect that an achingly slow recovery has on businesses and consumers.

China revealed Friday that export growth in July plunged to just 1 percent from 11.3 percent as recently as the prior month. That was well below forecasts of about 5 percent.

The lack of global demand is trimming revenue for U.S. corporations. Many are cutting costs to limit declines in net income.

Investors had divergent reactions to two major asset sales by energy giant BP:

”” Tesoro Corp. rose 9.5 percent, the most in the S&P 500 index, after saying it will pay $2.5 billion cash for a California refinery, pipelines, storage terminals and Arco-branded retail outlets in the Southwest. Tesoro's stock jumped $3.37 to $38.87.

”” Eagle Rock Energy Partners fell 2.7 percent after the company agreed to buy two BP gas processing plants in Texas for $227.5 million in cash. The stock fell 24 cents to $8.72.

Among the other big gainers, Sears Holdings Corp. shot up $2.94, or 5.7 percent, to $54.36. The department store chain announced plans to spin off its Hometown and Outlet stores and some hardware stores into a separate, public company.

 

[bigdog]

Source: http://finance.yahoo.com

Shoppers are starting to spend, but business owners aren't so sure their customers will keep coming back.

These conflicting signals confused investors, who first bought stocks and then sold them as the day progressed Tuesday. It didn't help that there were fewer stock traders in the market as is common during the summer months, which led to lower than usual trading volume.

The Dow Jones industrial average closed up 2.71 points at 13,172.14. It was up as much as 53 points at midday. The broader Standard & Poor's 500 index lost 0.18 point to 1,403.93 and the Nasdaq composite index fell 5.54 points to 3,016.98.

Earlier, investors were energized by a surprise gain in retail sales in July. That report provided evidence that American shoppers are still spending even as their counterparts in Europe and Asia slow down.

However, another report showed that U.S. companies weren't restocking their shelves or their warehouses fast enough, a signal that they believed shoppers weren't going to continue spending.

U.S. retail sales rose in July by the largest amount in five months as Americans spent more on cars, furniture and clothes. The 0.8 percent gain was better than analysts were expecting and showed that U.S. consumers spend at stores after cutting back in the April to June period.

The NYSE DOW closed HIGHER ▲ 2.71 points or ▲ 0.02% Tuesday, 14 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,172.14 ▲ 2.71 ▲ 0.02%
Nasdaq____ 3,016.98 ▼ -5.54 ▼ -0.18%
S&P_500__ 1,403.93 ▼ -0.18 ▼ -0.01%
30_Yr_Bond 2.825 ▲ 0.09 ▲ 3.14%

NYSE Volume 2,937,723,250
Nasdaq Volume 1,574,072,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,864.78 ▲ 32.90 ▲ 0.56%
DAX_____ 6,974.39 ▲ 64.71 ▲ 0.94%
CAC_40__ 3,450.27 ▲ 23.86 ▲ 0.70%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,317.40 ▲ 7.90 ▲ 0.18%
Shanghai_Comp 2,142.52 ▲ 6.45 ▲ 0.30%
Taiwan_Weight 7,479.25 ▲ 42.95 ▲ 0.58%
Nikkei_225____ 8,929.88 ▲ 44.73 ▲ 0.50%
Hang_Seng____ 20,291.68 ▲ 53.93 ▲ 1.05%
Strait_Times___ 3,087.84 ▲ 23.03 ▲ 0.75%
NZX 50 Index__ 3,608.88 ▲ 13.92 ▲ 0.39%

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

Stocks lose steam after confusing economic reports

Stocks mostly lower as excitement over retail sales gains fades at end of a light trading day

By Pallavi Gogoi

Shoppers are starting to spend, but business owners aren't so sure their customers will keep coming back.

These conflicting signals confused investors, who first bought stocks and then sold them as the day progressed Tuesday. It didn't help that there were fewer stock traders in the market as is common during the summer months, which led to lower than usual trading volume.

The Dow Jones industrial average closed up 2.71 points at 13,172.14. It was up as much as 53 points at midday. The broader Standard & Poor's 500 index lost 0.18 point to 1,403.93 and the Nasdaq composite index fell 5.54 points to 3,016.98.

Earlier, investors were energized by a surprise gain in retail sales in July. That report provided evidence that American shoppers are still spending even as their counterparts in Europe and Asia slow down.

However, another report showed that U.S. companies weren't restocking their shelves or their warehouses fast enough, a signal that they believed shoppers weren't going to continue spending.

U.S. retail sales rose in July by the largest amount in five months as Americans spent more on cars, furniture and clothes. The 0.8 percent gain was better than analysts were expecting and showed that U.S. consumers spend at stores after cutting back in the April to June period.

JJ Kinahan, a strategist at online broker TD Ameritrade, said the increase wasn't enough to justify a significant upward move in the stock market.

"Consumers are still cautious," Kinahan said. "Even numbers that are marginally better look good when compared to a trough."

Investors did sell low-risk assets, sending the yield on the benchmark 10-year Treasury note up to 1.73 percent from 1.66 percent late Monday.

Stocks were held back by a report that U.S. companies barely increased their inventories in June. The slower restocking trend could act as a drag on overall economic growth. When businesses place fewer orders, factory production slows.

"The data points to the fact that the economy is stabilizing at a lower level," said Peter Cardillo, chief market economist at investment bank Rockwell Global Capital. "While the economy isn't slipping further, it leaves open the possibility of the Fed's support for the economy to grow at a better rate."

Many economists believe the Federal Reserve will try to stimulate the economy by launching another program of buying government bonds and mortgage-backed securities to keep interest rates low. They will be closely watching Fed Chairman Ben Bernanke's speech on Aug. 31 at an annual economic conference in Jackson Hole, Wyo.

With most European leaders and Washington away on vacation, there hasn't been much news to move the market. In the last seven trading days the Dow's biggest move was a 51-point gain on Aug. 7. As is typical of late summer months, trading volumes have also been light, averaging between two and three billion shares a day, as opposed to four and five billion during the rest of the year.

Home Depot jumped $1.89 to $54.71. The world's biggest home-improvement retailer posted a 12 percent jump in net income and increased its earnings forecast for the entire year. Home Depot's fortunes are closely tied to the housing market, which has been improving. On Thursday, the Department of Commerce releases the housing starts and building permits report for July.

The number of declining stocks narrowly outpaced rising ones on the New York Stock Exchange. Trading volume was very light at 2.9 billion shares.

Among other stocks that also made big moves:

”” Groupon plummeted 27 percent. The online coupon company's stock closed at an all-time low of $5.51, down $2.04 after its sales growth fell short of expectations partly due to worsening conditions in Europe.

”” Estee Lauder rose $5.12, or 9 percent, to $60.13. The beauty company, whose brands include MAC and Aveda, reported results that topped Wall Street expectations. The company also raised its revenue forecast for the year.

”” NCR Corp. fell close to 10 percent following allegations that the ATM maker has violated sanctions and a federal corruption law by operating a subsidiary in Syria and working with blacklisted banks in the country. NCR's stock was off $2.47 at $22.65.

 

[bigdog]

Source: http://finance.yahoo.com

Signs that the U.S. economic recovery is advancing, albeit slowly, sent stocks bouncing up and down in narrow ranges for much of the day Wednesday.

The Dow Jones industrial average closed with a loss of 7.36 points at 13,164.78. The broader Standard & Poor's 500 index was up 1.60 points at 1,405.53 and the Nasdaq composite rose 13.95 points to 3,030.93.

U.S. industrial production increased last month as factories made more cars, computers and airplanes, according to the Federal Reserve.

It was a sign that manufacturing is recovering after a weak spring. Also, consumer prices were unchanged in July from June, as a small drop in energy costs offset slightly higher food prices. The consumer price index hasn't changed since March, which means that inflation is in check.

Lower inflation gives the Federal Reserve more leeway to launch new programs intended to rekindle the economy. The Fed signaled at a meeting in late July that it is ready to act if growth and hiring stays weak.

Recent reports have suggested that the economy improved somewhat in July. Employers created the most jobs in five months, while consumers spent a little more at stores after three months of declines.

Many investors wonder if the economy is fragile enough to create the sense of urgency for policy makers to act proactively. The slightly better outlook for the economy could prompt the Fed to hold off on taking action when its policy committee next meets in September.

"We're in a period of very slow growth, though interest rates are low, and very little inflation," said David Kotok, chief investment officer at Cumberland Advisors. "Unless the U.S. economy goes into a swoon and there is no pick up in retail sales and deterioration in jobs growth or major shocks from Europe and China, the Fed will not take any action for now."

The bond market is betting that the Fed is not likely to act. Investors have been selling low-risk U.S. government bonds, sending the yield on the benchmark 10-year Treasury note up to 1.81 percent Wednesday. That's up from 1.73 percent Tuesday and 1.66 percent late Monday

The NYSE DOW closed LOWER ▼ -7.36 points or ▼ -0.06% Wednesday, 15 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,164.78 ▼ -7.36 ▼ -0.06%
Nasdaq____ 3,030.93 ▲ 13.95 ▲ 0.46%
S&P_500__ 1,405.53 ▲ 1.60 ▲ 0.11%
30_Yr_Bond 2.914 ▲ 0.09 ▲ 3.15%

NYSE Volume 2,657,326,000
Nasdaq Volume 1,550,615,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,833.04 ▼ -31.74 ▼ -0.54%
DAX_____ 6,946.80 ▼ -27.59 ▼ -0.40%
CAC_40__ 3,449.20 ▼ -1.07 ▼ -0.03%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,307.00 ▼ -10.40 ▼ -0.24%
Shanghai_Comp 2,118.94 ▼ -23.58 ▼ -1.10%
Taiwan_Weight 7,467.74 ▼ -11.51 ▼ -0.15%
Nikkei_225____ 8,925.04 ▼ -4.84 ▼ -0.05%
Hang_Seng____ 20,052.29 ▲ 53.93 ▼ -1.18%
Strait_Times___ 3,062.11 ▼ -25.73 ▼ -0.83%
NZX 50 Index__ 3,631.19 ▲ 22.30 ▲ 0.62%

http://finance.yahoo.com/news/stocks-mostly-higher-signs-economic-201138313.html

Stocks mostly higher on signs of economic growth

Stocks end mostly higher after signs that the US economy is growing, albeit slowly

By Pallavi Gogoi

Signs that the U.S. economic recovery is advancing, albeit slowly, sent stocks bouncing up and down in narrow ranges for much of the day Wednesday.

The Dow Jones industrial average closed with a loss of 7.36 points at 13,164.78. The broader Standard & Poor's 500 index was up 1.60 points at 1,405.53 and the Nasdaq composite rose 13.95 points to 3,030.93.

U.S. industrial production increased last month as factories made more cars, computers and airplanes, according to the Federal Reserve.

It was a sign that manufacturing is recovering after a weak spring. Also, consumer prices were unchanged in July from June, as a small drop in energy costs offset slightly higher food prices. The consumer price index hasn't changed since March, which means that inflation is in check.

Lower inflation gives the Federal Reserve more leeway to launch new programs intended to rekindle the economy. The Fed signaled at a meeting in late July that it is ready to act if growth and hiring stays weak.

Recent reports have suggested that the economy improved somewhat in July. Employers created the most jobs in five months, while consumers spent a little more at stores after three months of declines.

Many investors wonder if the economy is fragile enough to create the sense of urgency for policy makers to act proactively. The slightly better outlook for the economy could prompt the Fed to hold off on taking action when its policy committee next meets in September.

"We're in a period of very slow growth, though interest rates are low, and very little inflation," said David Kotok, chief investment officer at Cumberland Advisors. "Unless the U.S. economy goes into a swoon and there is no pick up in retail sales and deterioration in jobs growth or major shocks from Europe and China, the Fed will not take any action for now."

The bond market is betting that the Fed is not likely to act. Investors have been selling low-risk U.S. government bonds, sending the yield on the benchmark 10-year Treasury note up to 1.81 percent Wednesday. That's up from 1.73 percent Tuesday and 1.66 percent late Monday.

As investors shuffled their money around, the Russell 2000 index of small stocks gained the most of the major indexes, 0.9 percent. The S&P was up 0.1 percent, the Nasdaq 0.5 percent.

In the last few weeks of the summer, trading volumes in the stock market have been low. On Wednesday, the number of shares changing hands on the New York Stock Exchange totaled just 2.6 billion, compared to an average of 4 billion on an average day. Investors may also be holding off on taking aggressive positions ahead of a meeting of the U.S. Federal Reserve in Wyoming at the end of this month.

On Wednesday, the Dow traded within a range of just 54 points.

U.S. earnings were mixed.

Target rose $1.12 to $64.50 after the retailer reported earnings that beat analysts' expectations and raised its profit forecast for the year. Target is preparing its first expansion out of the U.S., into Canada.

Deere plummeted $5.03 to $75.10 after the agriculture machinery maker reported results that were well below Wall Street's expectations. The company attributed its poor results to a slowing global economy and the effects of a prolonged U.S. drought. Deere also cut its revenue forecast for the year.

Staples dropped $1.96 to $11.49 after the office and school supplies store said its income dropped 32 percent following weak sales in North America and Europe. The results fell short of analysts' expectations and the company cut its full-year earnings forecast.

Abercrombie & Fitch struggled to sell its preppy jeans and T-shirts in the previous quarter, but its results weren't as bad as analysts had forecast. The teen fashion leader also laid out plans for updating its fashions. The stock soared 9 percent, or $2.90, to $35.23.

 

[bigdog]

Source: http://finance.yahoo.com

Encouraging earnings from Cisco and hopeful signs in a housing report lifted the stock market Thursday. The gains nudged the Standard & Poor's 500 index near the four-year high it reached earlier this year.

Cisco Systems, the world's largest maker of computer networking equipment, led the 30 stocks in the Dow Jones industrial average, surging 10 percent. Cisco beat profit expectations late Wednesday and raised its quarterly dividend to 14 cents per share from 8 cents. Cisco gained $1.67 to $19.02.

Before the market opened Thursday, the Commerce Department reported that construction of single-family homes and apartments dipped 1.1 percent in July compared with June.

But market analysts seized on another number: Building permits jumped to 812,000, the most since August 2008 and a hint of stronger construction in coming months.

"I think the housing numbers really got investors' attention," said Tim Speiss, chairman of the personal wealth advisers practice at EisnerAmper.

"Presumably, ground is going to get broken. Houses are going to get built," he said. "It feeds other parts of the economy. A house isn't just sticks and bricks. It's everything else that goes into building a house."

The report helped push the S&P and Dow near their highest closing levels since 2007.

The Standard & Poor's 500 index gained 9.98 points to close at 1,415.51, less than four points shy of its April 2 high. The Dow rose 85.33 points to 13,250.11, an increase of 0.6 percent and 29 points away from its May 1 peak of 13,279.

Wal-Mart Stores trailed other Dow stocks. The world's largest retail chain sank 3 percent after it posted quarterly net income and sales that fell short of what analysts had predicted. Its stock lost $2.30 to $72.15.

In other trading, the Nasdaq composite index rose 31.46 points to 3,062.39.

Facebook fell 6 percent on the first day that its early investors and a handful of founders were free to sell their stock. In all, 271 million shares can be sold, according to Facebook's regulatory filings. The social networking company lost $1.33 to $19.87.

The S&P 500 has rallied more than 5 percent in the last three weeks, with the bulk of the gains made on a few days in late July and early August. The first jolt was a pledge to protect the euro currency by the head of the European Central Bank, the second a report that showed stronger-than-expected U.S. hiring last month.

The NYSE DOW closed HIGHER ▲ 85.33 points or ▲ 0.65% Thursday, 16 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,250.11 ▲ 85.33 ▲ 0.65%
Nasdaq____ 3,062.39 ▲ 31.46 ▲ 1.04%
S&P_500__ 1,415.51 ▲ 9.98 ▲ 0.71%
30_Yr_Bond 2.956 ▲ 0.04 ▲ 1.44%

NYSE Volume 3,107,818,000
Nasdaq Volume 1,948,743,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,834.51 ▲ 1.47 ▲ 0.03%
DAX_____ 6,996.29 ▲ 49.49 ▲ 0.71%
CAC_40__ 3,480.49 ▲ 31.29 ▲ 0.91%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,353.50 ▲ 46.50 ▲ 1.08%
Shanghai_Comp 2,112.20 ▼ -6.75 ▼ -0.32%
Taiwan_Weight 7,490.21 ▲ 22.47 ▲ 0.30%
Nikkei_225____ 9,092.76 ▲ 167.72 ▲ 1.88%
Hang_Seng____ 19,962.95 ▲ 53.93 ▼ -0.45%
Strait_Times___ 3,062.89 ▲ 0.78 ▲ 0.03%
NZX 50 Index__ 3,616.20 ▼ -14.99 ▼ -0.41%

http://finance.yahoo.com/news/p-500-creeps-near-four-185143015.html

S&P 500 creeps near four-year high; Cisco surges

S&P 500 and Dow creep closer to four-year highs; Cisco leads Dow with stronger earnings

By Matthew Craft

Encouraging earnings from Cisco and hopeful signs in a housing report lifted the stock market Thursday. The gains nudged the Standard & Poor's 500 index near the four-year high it reached earlier this year.

Cisco Systems, the world's largest maker of computer networking equipment, led the 30 stocks in the Dow Jones industrial average, surging 10 percent. Cisco beat profit expectations late Wednesday and raised its quarterly dividend to 14 cents per share from 8 cents. Cisco gained $1.67 to $19.02.

Before the market opened Thursday, the Commerce Department reported that construction of single-family homes and apartments dipped 1.1 percent in July compared with June.

But market analysts seized on another number: Building permits jumped to 812,000, the most since August 2008 and a hint of stronger construction in coming months.

"I think the housing numbers really got investors' attention," said Tim Speiss, chairman of the personal wealth advisers practice at EisnerAmper.

"Presumably, ground is going to get broken. Houses are going to get built," he said. "It feeds other parts of the economy. A house isn't just sticks and bricks. It's everything else that goes into building a house."

The report helped push the S&P and Dow near their highest closing levels since 2007.

The Standard & Poor's 500 index gained 9.98 points to close at 1,415.51, less than four points shy of its April 2 high. The Dow rose 85.33 points to 13,250.11, an increase of 0.6 percent and 29 points away from its May 1 peak of 13,279.

Wal-Mart Stores trailed other Dow stocks. The world's largest retail chain sank 3 percent after it posted quarterly net income and sales that fell short of what analysts had predicted. Its stock lost $2.30 to $72.15.

In other trading, the Nasdaq composite index rose 31.46 points to 3,062.39.

Facebook fell 6 percent on the first day that its early investors and a handful of founders were free to sell their stock. In all, 271 million shares can be sold, according to Facebook's regulatory filings. The social networking company lost $1.33 to $19.87.

The S&P 500 has rallied more than 5 percent in the last three weeks, with the bulk of the gains made on a few days in late July and early August. The first jolt was a pledge to protect the euro currency by the head of the European Central Bank, the second a report that showed stronger-than-expected U.S. hiring last month.

Steve Wood, chief market strategist for Russell Investments, said the stock market may simply tread water until the end of the month, when Federal Reserve Chairman Ben Bernanke gives a speech at Jackson Hole, Wyo. Investors expect Bernanke's speech will clarify whether the Fed plans to take additional steps to help the economy.

Markets often languish in August. Fewer shares are traded in late summer as trading desks remain short-staffed until people return from vacation after the Labor Day holiday. Without any major economic news, trading volume usually dries up and stock indexes appear sluggish, as if stuck in their beach chairs.

On Thursday, about 3.1 billion shares were traded on the New York Stock Exchange. Three months ago, daily trading volume on the NYSE averaged 3.8 billion.

The housing report also helped push the price of crude oil up $1.27 per barrel to $95.60 in New York. It has risen almost 3 percent in less than a week.

Among other stocks making big moves Thursday:

”” Agilent Technologies slid 8 percent, the worst drop in the S&P 500. Agilent said a slump in global demand for its high-tech measuring products helped tug net income down 26 percent. Its stock lost $3.33 to $37.15.

”” PetSmart Inc. climbed nearly 5 percent after the pet products store posted better earnings than analysts' forecasts. PetSmart's quarterly net income rose 28 percent, and it raised its annual profit forecast for the second time this year. The company's stock added $3.09 to $70.53.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks resembled summer vacationers on Friday, rising not-too-impressively in the morning and then mostly laying around for the rest of the day.

Positive news from retailers was the main reason U.S. indexes posted small gains. Apple helped too by hitting a new high.

Traders in both the U.S. and Europe are on vacation, so volumes were low. And the dog days continued for Facebook. A 4 percent decline left it shares at about half the price of its May initial public offering.

The Dow Jones industrial average rose 25.09 points to close at 13,275.20. The Standard & Poor's 500 index rose 2.65 points to close at 1,418.16. The Nasdaq rose 14.20 points to close at 3,076.59.

The modest gains put some indexes close to their highs for the year. The Dow is now within four points of 13,279, its high for the year set on May 1. The S&P 500 is within one point of its four-year high set on April 1.

The Dow has now risen eight out of the last 11 days and finished the week up a half-percent. The Dow is sporting a gain for the year of almost 8.7 percent for the year, while the S&P 500 is up almost 12.7 percent.

Next week is likely to be more eventful. Investors will get Chinese housing reports, minutes from a closely-watched Federal Reserve meeting, and jobless claims. And Europe's problems, which were mostly off center stage in recent days, return front-and-center as German Chancellor Angela Merkel meets in Berlin with Greek Prime Minister Antonis Samaras to talk about progress in overcoming Greece's debt crisis.

The NYSE DOW closed HIGHER ▲ 25.09 points or ▲ 0.19% Friday, 17 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,275.20 ▲ 25.09 ▲ 0.19%
Nasdaq____ 3,076.59 ▲ 14.20 ▲ 0.46%
S&P_500__ 1,418.16 ▲ 2.65 ▲ 0.19%
30_Yr_Bond 2.934 ▼ -0.02 ▼ -0.74%

NYSE Volume 2,919,487,500
Nasdaq Volume 1,644,240,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,852.42 ▲ 17.91 ▲ 0.31%
DAX_____ 7,040.88 ▲ 44.59 ▲ 0.64%
CAC_40__ 3,488.38 ▲ 7.89 ▲ 0.23%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,393.80 ▲ 40.30 ▲ 0.93%
Shanghai_Comp 2,114.89 ▲ 2.69 ▲ 0.13%
Taiwan_Weight 7,467.92 ▼ -22.29 ▼ -0.30%
Nikkei_225____ 9,162.50 ▲ 69.74 ▲ 0.77%
Hang_Seng____ 20,116.07 ▲ 53.93 ▲ 0.77%
Strait_Times___ 3,062.11 ▼ -0.78 ▼ -0.03%
NZX 50 Index__ 3,639.66 ▲ 23.46 ▲ 0.65%

http://finance.yahoo.com/news/stocks-slightly-strong-retail-results-143321058.html

Stocks up slightly on strong retail results

US stocks rise slightly after retailers post strong earnings; Facebook decline continues

By Joshua Freed

Stocks resembled summer vacationers on Friday, rising not-too-impressively in the morning and then mostly laying around for the rest of the day.

Positive news from retailers was the main reason U.S. indexes posted small gains. Apple helped too by hitting a new high.

Traders in both the U.S. and Europe are on vacation, so volumes were low. And the dog days continued for Facebook. A 4 percent decline left it shares at about half the price of its May initial public offering.

The Dow Jones industrial average rose 25.09 points to close at 13,275.20. The Standard & Poor's 500 index rose 2.65 points to close at 1,418.16. The Nasdaq rose 14.20 points to close at 3,076.59.

The modest gains put some indexes close to their highs for the year. The Dow is now within four points of 13,279, its high for the year set on May 1. The S&P 500 is within one point of its four-year high set on April 1.

The Dow has now risen eight out of the last 11 days and finished the week up a half-percent. The Dow is sporting a gain for the year of almost 8.7 percent for the year, while the S&P 500 is up almost 12.7 percent.

Next week is likely to be more eventful. Investors will get Chinese housing reports, minutes from a closely-watched Federal Reserve meeting, and jobless claims. And Europe's problems, which were mostly off center stage in recent days, return front-and-center as German Chancellor Angela Merkel meets in Berlin with Greek Prime Minister Antonis Samaras to talk about progress in overcoming Greece's debt crisis.

"Next week, you have somebody say something that no one expects, in thin trading it could really move markets around," said John Canally, investment strategist at LPL Financial.

Strong retail earnings and outlooks drove Friday's gains. Gap Inc. shares rose 4.8 percent after it boosted its outlook and posted a 29 percent jump in net income. That suggests the operator of Gap, Old Navy and Banana Republic stores is finally on the way to a turnaround.

Shares of Ann Inc., the parent of retailer Ann Taylor, jumped 20 percent after its second-quarter profit rose 24 percent. Foot Locker rose 1.7 percent after quarterly profits leaped 59 percent, boosted by higher sales, cost controls and a small tax-related gain.

A few retailers did struggle. Sears Holdings Corp. fell 1.3 percent, giving back some of Thursday's big gain.

Expectations for retailers were low, but they beat them, said Lawrence Creatura, portfolio manager at Federated Investors.

"Nobody going into the summer expected a vibrant consumer, so expectations were muted," he said.

Technology stocks saw both highs and lows on Friday.

Apple hit an all-time high, rising almost 2 percent to $648.11. It now has a market value of about $608 billion, almost 50 percent higher than No. 2 Exxon Mobil Corp. at $408 billion.

But declines continued for Facebook and Groupon, the online coupon company.

Facebook closed at $19, about half the value of its initial public offering price of $38. Investors are worried that mobile ads won't bring in as much money as those seen on desktop computers. And Facebook's short-term problems include the expiration of a lock-up period on Thursday that had kept early investors from selling.

Groupon lost another 5 percent to close at $4.75. It has now set a new low every day since Tuesday. Its woes include foreign-exchange rates in Europe and a worry that its business isn't very hard for competitors to copy.

Health care stocks declined a half-percent, the biggest drop among the 10 industry groups in the S&P 500. Pharmaceutical companies led the decline. Pfizer fell 1 percent, and Merck dropped 1.4 percent.

Computer chip maker Marvell Technology Group Ltd. stock dropped 14 percent after a revenue decline sliced its quarterly net income by more than half. Its CEO cited a slowing economy for the trouble.

Global markets edged higher after German Chancellor Angela Merkel gave a new pledge of support for the euro. On Thursday she said that "we feel committed to do everything we can to maintain the common currency." Germany is Europe's economic powerhouse, so its support is critical to the euro's survival. The German DAX rose 0.6 percent

6213

 

[bigdog]

Source: http://finance.yahoo.com

Stocks slipped Monday in one of the quietest trading sessions of the year. Worries about European debt crept up again, and Apple became the most valuable company of all time.

The Dow Jones industrial average fell 3.56 points, or 0.3 percent, at 13,271.64. The Standard & Poor's 500 fell a sliver, 0.03 point, to 1,418.13. The Nasdaq composite index fell 0.38 point to 3,076.21.

With many traders and investors on vacation, volume on the New York Stock Exchange was light, just 2.7 billion shares traded. The average this year is about 1 billion more.

In a monthly report, the German central bank reiterated doubts about having the European Central Bank buy bonds to help struggling European economies. It stressed that such purchases could carry "substantial risks."

Earlier this month, stocks rallied after ECB President Mario Draghi said the bank might buy bonds of some European countries to lower their borrowing costs. German Chancellor Angela Merkel also seemed to soften her stance on the idea.

"We're getting mixed messages at best coming from Europe," said Jim Russell, chief equity strategist at U.S. Bank Wealth Management. "Investors are on the sidelines, and they're still a little scared."

Apple, the most valuable company in the world, became the most valuable in history. It hit a market value of $623 billion, surpassing Microsoft's record from 1999. Apple is worth almost twice as much the next most valuable company, Exxon Mobil.

Apple stock rose $17.04, or 2.6 percent, to $665.15.

Stocks had been inching up for six weeks. On Friday, both the Dow and the S&P closed just below four-year highs.

Monday's drop was the 11th trading day in a row of moves of less than 1 percent for the S&P, according to FactSet, a financial data provider. In same period last year, amid fears the U.S. would default on its debt and a possible second recession, the S&P moved up or down by 1 percent or more roughly every other day.

Other stocks moving sharply Monday included Lowe's, the world's No. 2 home improvement store. It missed earnings expectations and lowered its outlook for the year. The stock fell 6 percent.

The NYSE DOW closed LOWER ▼ -3.56 points or ▼ -0.03% Monday, 20 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,271.64 ▼ -3.56 ▼ -0.03%
Nasdaq____ 3,076.21 ▼ -0.38 ▼ -0.01%
S&P_500__ 1,418.13 ▼ -0.03 ▲ 0.00%
30_Yr_Bond 2.927 ▼ -0.01 ▼ -0.24%

NYSE Volume 2,771,581,500
Nasdaq Volume 1,456,913,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,824.37 ▼ -28.05 ▼ -0.48%
DAX_____ 7,033.68 ▼ -7.20 ▼ -0.10%
CAC_40__ 3,480.58 ▼ -7.80 ▼ -0.22%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,391.90 ▼ -1.90 ▼ -0.04%
Shanghai_Comp 2,106.96 ▼ -7.93 ▼ -0.38%
Taiwan_Weight 7,431.91 ▼ -36.01 ▼ -0.48%
Nikkei_225____ 9,171.16 ▲ 8.66 ▲ 0.09%
Hang_Seng____ 20,104.27 ▲ 53.93 ▼ -0.06%
Strait_Times___ 3,062.11 ▲ 0.00 ▲ 0.00% closed for holiday
NZX 50 Index__ 3,661.09 ▲ 21.43 ▲ 0.59%

http://finance.yahoo.com/news/stock...1lYjA4LTExZTEtYmJlZi00MTgyYmE5NjlkZDc-;_ylv=3

Stocks slip, but Apple sets a record

US stocks slip; Apple becomes most valuable company of all time

By Bernard Condon

Stocks slipped Monday in one of the quietest trading sessions of the year. Worries about European debt crept up again, and Apple became the most valuable company of all time.

The Dow Jones industrial average fell 3.56 points, or 0.3 percent, at 13,271.64. The Standard & Poor's 500 fell a sliver, 0.03 point, to 1,418.13. The Nasdaq composite index fell 0.38 point to 3,076.21.

With many traders and investors on vacation, volume on the New York Stock Exchange was light, just 2.7 billion shares traded. The average this year is about 1 billion more.

In a monthly report, the German central bank reiterated doubts about having the European Central Bank buy bonds to help struggling European economies. It stressed that such purchases could carry "substantial risks."

Earlier this month, stocks rallied after ECB President Mario Draghi said the bank might buy bonds of some European countries to lower their borrowing costs. German Chancellor Angela Merkel also seemed to soften her stance on the idea.

"We're getting mixed messages at best coming from Europe," said Jim Russell, chief equity strategist at U.S. Bank Wealth Management. "Investors are on the sidelines, and they're still a little scared."

Apple, the most valuable company in the world, became the most valuable in history. It hit a market value of $623 billion, surpassing Microsoft's record from 1999. Apple is worth almost twice as much the next most valuable company, Exxon Mobil.

Apple stock rose $17.04, or 2.6 percent, to $665.15.

Stocks had been inching up for six weeks. On Friday, both the Dow and the S&P closed just below four-year highs.

Monday's drop was the 11th trading day in a row of moves of less than 1 percent for the S&P, according to FactSet, a financial data provider. In same period last year, amid fears the U.S. would default on its debt and a possible second recession, the S&P moved up or down by 1 percent or more roughly every other day.

Other stocks moving sharply Monday included Lowe's, the world's No. 2 home improvement store. It missed earnings expectations and lowered its outlook for the year. The stock fell 6 percent.

The health insurer Aetna announced it would buy Coventry Health Care for $5.7 billion as the insurance industry realigns itself to better navigate the health care overhaul. Aetna rose $2.14, or nearly 6 percent, to $40.18. Coventry climbed $7.10, or 20 percent, to $42.04.

The deal follows the $4.46 billion buyout last month of another insurer by WellPoint Inc., and last year's acquisition worth nearly $4 billion by Cigna of HealthSpring as it grabbed for a share of Medicare revenue.

Best Buy slid 10 percent after rejecting an offer from its founder and largest shareholder to take the electronics retailer private. The company named Hubert Joly, the former head of global hospitality company Carlson and a turnaround expert, as CEO Monday.

Facebook gained 96 cents, or 5 percent, to $20.01, following a slide last week after some insiders were able to sell stock for the first time since the company's public trading debut in May at an offering price of $38.

In the S&P 500, six of the 10 main industry groups fell, led by a 0.8 percent drop in telecommunications stocks.

In Europe, stocks fell. Greek stocks fell 2 percent. Spain's main index was off 1 percent.

Investors are on edge this week because of a series of meetings among European leaders to discuss the debt crisis. The first came Monday when the Greek foreign minister met with his German counterpart in Berlin to discuss Greek spending cuts necessary for the country to continue receiving bailout money.