NYSE Dow Jones finished today at:

[bigdog]

The NYSE DOW closed LOWER by 45 points on Friday July 6:

Sym -----Last ----Change-----
Dow 13,611.68 +45.84 (0.34%)
Nasdaq 2,666.51 +9.86 (0.37%)
S&P 500 1,530.44 +5.04 (0.33%)
10-Yr Bond 5.1950% +0.0510
NYSE Volume 2,441,517,000
Nasdaq Volume 1,701,358,000

The Dow Jones industrial average ended the week up 203.86, or 1.51 percent, at 13,611.68.

In Asian trading,
Hong Kong's Hang Seng Index rose 1.25 percent to its fourth straight record close. After plummeting 5.3 percent Thursday, the China's Shanghai Composite Index surged 4.6 percent. Japan's Nikkei stock average fell 0.44 percent.

In European trading,
Britain's FTSE 100 rose 0.83 percent, Germany's DAX index rose 0.77 percent, and France's CAC-40 rose 0.71 percent.

http://biz.yahoo.com/ap/070706/wall_street.html?.v=46
Stocks End Week Higher After Jobs Data
Friday July 6, 5:48 pm ET
By Madlen Read, AP Business Writer
Wall Street Higher After Stronger-Than-Expected Snapshot of U.S. Jobs Market

NEW YORK (AP) -- Wall Street ended the first week of the third quarter with a respectable gain Friday, shaking off early losses as investors found signs of strength in the government's June employment report.

For the most part, investors were relieved to hear that the unemployment rate held steady at 4.5 percent in June for the third straight month, as expected, and that 132,000 jobs were added -- fewer than in May, but slightly higher than the average forecast. The Labor Department data also showed that a larger number of jobs were created in April and May than previously thought, and that June's average work week ticked up 0.1 percent.

Friday's jobs report was the most significant economic release of the shortened Fourth of July week, and indicated a fairly robust job market, given the slow-growing economy. If the majority of Americans are employed, they will likely keep spending and boosting corporate profits.

But the market had some early mixed feelings about the report, and the major indexes began the day with declines. While the positive snapshot boded well for the long-term performance of the stock market, it also raised worries that a too-strong economy will make the Federal Reserve more willing to raise rates to curb inflation. Though the central bank said last week that inflation appears to be moderating, it wants to see further evidence before it considers loosening monetary policy.

Treasury bond prices weakened after the employment numbers, pushing up the 10-year Treasury note's yield to 5.18 percent from 5.15 percent late Thursday. High yields can make mortgages more expensive for home buyers, slow business deals, and make bonds appear a more attractive investment than stocks.

But to many market watchers, higher rates are a positive sign; John O'Donoghue, co-head of equities at Cowen & Co., said it is unlikely investors will start selling stocks to invest in Treasurys unless the 10-year yield rises and stays above the 5.25 percent to 5.30 percent level.

"If yields are going higher because there's growth in the economy, that's actually good for stocks," O'Donoghue said.

The Dow Jones industrial average rose 45.84, or 0.34 percent, to 13,611.68.

Broader stock indicators also pared early losses and advanced. The Standard & Poor's 500 index rose 5.04, or 0.33 percent, to 1,530.44, and the Nasdaq composite index rose 9.86, or 0.37 percent, to 2,666.51.

Trading volumes were relatively low Friday, with many traders still off after the Wednesday holiday. Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where consolidated volume came to 2.39 billion shares, compared to 2.62 billion on Thursday.

For the week, the Dow rose 203.06 points, or 1.51 percent; the S&P 500 rose 27.09 points, or 1.80 percent; and the Nasdaq advanced 63.28, or 2.43 percent.

The first week of the second half of 2007 saw strong gains Monday, when the 10-year Treasury note's yield dipped below 5 percent for the first time since early June. Stocks floundered later in the week, though, as yields rebounded. Though some analysts say the week's unevenness was due to low trading volumes, others point out that it continues the recent pattern of volatility.

"I think the market, generally, entered the second half with more uncertainty, a little bit of caution, and sensitivity to bond rates -- that's what's changed," said Alexander Paris, economist and market analyst for Chicago-based Barrington Research.

Takeover activity has been helping the stock market stay afloat lately, and the market got another piece of buyout news late Thursday: Advanced Medical Optics Inc. made a $4.23 billion cash-and-stock bid for eye-care products competitor Bausch & Lomb Inc., beating a $3.67 billion cash bid by a private equity firm.

Advanced Medical Optics fell 4 cents to $35.85 after analysts said Friday it would probably have to sell some businesses to appease regulators. Bausch & Lomb closed unchanged at $72.

Chicago Mercantile Exchange Holdings Inc. upped its bid to buy its rival CBOT Holdings Inc. for the third time ahead of Monday's shareholders vote. The Chicago Mercantile Exchange rose $19.11, or 3.4 percent, to $574.80, while CBOT jumped $17.85, or 8.7 percent, to $224.

Crude oil futures, trading at 10-month highs, rose $1.00 to $72.81 a barrel on the New York Mercantile Exchange, buoyed by renewed violence and kidnappings in Nigeria, Africa's biggest oil producer.

The dollar was mixed against most other major currencies. Gold prices rose.

The Russell 2000 index of smaller companies rose 2.18, or 0.26 percent, to 852.31.

In Asian trading, Hong Kong's Hang Seng Index rose 1.25 percent to its fourth straight record close. After plummeting 5.3 percent Thursday, the China's Shanghai Composite Index surged 4.6 percent. Japan's Nikkei stock average fell 0.44 percent.

In European trading, Britain's FTSE 100 rose 0.83 percent, Germany's DAX index rose 0.77 percent, and France's CAC-40 rose 0.71 percent.

The Dow Jones industrial average ended the week up 203.86, or 1.51 percent, at 13,611.68. The Standard & Poor's 500 index finished up 27.09, or 1.80 percent, at 1,530.44. The Nasdaq composite index ended up 63.28, or 2.43 percent, at 2,666.51.

The Russell 2000 index finished the week up 4.11, or 0.48 percent, at 852.31.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 15,507.34, up 296.69 points for the week. A year ago, the index was at 12,861.98.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 38 points on Monday July 10:

Sym -----Last ----Change-----
Dow 13,649.97 +38.29 (0.28%)
Nasdaq 2,670.02 +3.51 (0.13%)
S&P 500 1,531.85 +1.41 (0.09%)
10-Yr Bond 5.1590% -0.0360
NYSE Volume 2,722,710,000
Nasdaq Volume 1,917,802,000

In Asia, Japan's Nikkei stock average closed up 0.67 percent.

At the close in Europe, Britain's FTSE 100 was up 0.34 percent, Germany's DAX index was up 0.36 percent, and France's CAC-40 was up 0.03 percent.

http://biz.yahoo.com/ap/070709/wall_street.html?.v=56
Dow Closes Up 38 Ahead of Key Earnings
Monday July 9, 6:54 pm ET
By Joe Bel Bruno, AP Business Writer
Dow Closes Up 38 As Wall Street Sees Gains on More Acquisitions Ahead of Key Earnings Reports

NEW YORK (AP) -- Wall Street edged higher in an erratic session Monday as investors were reassured by a drop in Treasury bond yields yet still remained cautious as second-quarter earnings season kicks off this week.

Investors were looking to corporate earnings to help give the market some direction in the coming weeks. Reports had their unofficial start after the closing bell when aluminum producer Alcoa Inc. released results that matched analysts' projections.

In the meantime, Wall Street found some solace as the yield on the benchmark 10-year Treasury note dipped to 5.16 percent from 5.18 percent on Friday. There had been some concern that the steady rise in bond yields since June would crimp dealmaking.

Buyout activity continued Monday after Apollo Management LP's Hexion Specialty Chemicals Inc. raised its takeover bid for chemical company Huntsman Corp.; Barron's said FedEx Corp. might be the target of a buyout; and Coventry Health Care Inc. agreed to acquire Florida Health Plan Administrators, LLC, owner of Vista Healthplans, for $685 million.

A continuum of takeovers has given the stock market support in recent months. Shareholders of CBOT Holdings Inc. on Monday approved a merger with Chicago Mercantile Exchange Holdings Inc., a deal that will create the world's largest derivatives exchange.

"There's just not much earnings or economic news out there, and that has the market bobbing and weaving a little bit," said Jay Suskind, head trader at Ryan Beck & Co. "Overall, there's not a real catalyst to move the market one way or another, and I think the market will hover close to home."

The Dow Jones industrials rose 38.29, or 0.28 percent, to 13,649.97. The blue chip index came within about 7 points of its record close of 13,676.32 before falling back.

Broader market indexes were also higher. The Standard & Poor's 500 index rose 1.41, or 0.09 percent, to 1,531.85, and the Nasdaq composite index added 3.51, or 0.13 percent, to 2,670.02.

Last week, Wall Street began the third quarter with positive data on the job market and the manufacturing and service sectors, and managed to finish Friday with a respectable gain. For the week, the Dow rose 1.51 percent; the S&P 500 rose 1.80 percent and the Nasdaq advanced 0.08 percent.

Monday was a light day for economic data. The Federal Reserve reported that consumer credit rose at an annual rate of 6.4 percent in May, far above the small 1.1 percent gain of April and about double what analysts had been expecting. For May, consumers increased their borrowing by $12.9 billion to a record level of $2.44 trillion. Economists had been forecasting that consumer borrowing would rise by a much smaller $6.5 billion.

"This is a really slow data week, with nothing significant out until you see retail sales on Friday," said Brian Gendreau, an investment strategist for ING Investment Management. "We may be entering a period where investors might begin to pay more attention to earnings

Investors will be watching crude oil prices, which have been trading at their highest levels since last August. So far, high energy prices haven't yet hurt overall U.S. consumer spending, but any sign that inflationary pressures are worsening could raise worries on Wall Street about an interest rate hike.

A barrel of light sweet crude fell 62 cents to $72.19 on the New York Mercantile Exchange. The dollar was lower against other major currencies, while gold prices spiked.

In corporate news, Huntsman shares were up 7 cents at $28.07 after private equity firm Apollo Management raised its offer by 2.8 percent to $28 per share.

Alcoa, the world's second-largest aluminum producer, reported after the bell that second-quarter results fell about 4 percent but still matched analysts' projections. Shares closed up 70 cents at $42.36, but lost ground in after-hours electronic trading.

FedEx surged $5.33, or 4.8 percent, to $116.17 on a report the package delivery company could become a target for private equity buyers because of its modest valuation and turnaround potential, according to a report in Barron's.

CBOT shares fell $1.18 to $222.82 as shareholders voted on a combination with the Chicago Mercantile Exchange. CME shares fell $4.22 to $570.58. InterContinental Exchange Inc., which had also bid on the Chicago Board of Trade, rose 69 cents to $156.78.

Boeing Co., the world's second-largest commercial airplane maker, rose $1.02 to $99.90 on reports it received orders for its 787 Dreamliner. The aerospace company on Sunday unveiled the jet, which already has more than $100 billion in order.

Lexmark International Inc., which makes printers, warned that a shortfall in consumer inkjet supply sales will hurt results in the second quarter. Lexmark dropped $3.15, or 6.3 percent, to $46.25.

Pharmaceutical and consumer products giant Johnson & Johnson said Monday its board approved the repurchase of up to $10 billion of the company's common shares. The company currently has about 2.9 billion outstanding shares; it rose 59 cents to $62.72.

The Russell 2000 index of smaller companies rose 0.93, or 0.11 percent, to 853.24.

Advancing issues outpaced decliners by 4 to 3 on the New York Stock Exchange, where consolidated volume came to 2.68 billion shares, up from 2.39 billion on Friday.

In Asia, Japan's Nikkei stock average closed up 0.67 percent. At the close in Europe, Britain's FTSE 100 was up 0.34 percent, Germany's DAX index was up 0.36 percent, and France's CAC-40 was up 0.03 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed LOWER by 148 points on Tuesday July 11:

Sym -----Last ----Change-----
Dow 13,501.70 -148.27 (1.09%)
Nasdaq 2,639.16 -30.86 (1.16%)
S&P 500 1,510.12 -21.73 (1.42%)
10-Yr Bond 5.0380% -0.1210
NYSE Volume 3,244,402,000
Nasdaq Volume 2,247,252,000

In Asian trading
Japan's Nikkei stock average fell 0.05 percent; Hong Kong's Hang Seng Index rose 0.3 percent to a sixth straight record close; and China's Shanghai Composite Index fell 0.8 percent.

In European trading
Britain's FTSE 100 fell 1.22 percent, Germany's DAX index fell 1.39 percent, and France's CAC-40 fell 1.40 percent.

http://biz.yahoo.com/ap/070710/wall_street.html?.v=59
Dow Drops 148 on Disappointing Outlooks
Tuesday July 10, 6:11 pm ET
By Madlen Read, AP Business Writer
Dow Plunges 148 on Disappointing Forecasts From Home Depot and Sears, Soaring Oil Prices

NEW YORK (AP) -- Stocks plunged Tuesday as investors, nervous about upcoming earnings reports, cringed at troubling forecasts from retailers Home Depot and Sears and at soaring oil prices. The Dow Jones industrial average fell 148 points.

The market seemed to be following the pattern of previous earnings seasons, turning lower as second-quarter reports had a rocky start. Home Depot Inc., Sears Holdings Corp. and homebuilder D.R. Horton Inc. offered dreary outlooks that suggested the sluggish housing market may dampen consumer spending.

The outlooks followed Monday's news that aluminum producer Alcoa Inc.'s second-quarter sales missed estimates and that printer manufacturer Lexmark International Inc. slashed its second-quarter earnings forecast. Together, the reports dispirited investors who had been counting on corporate America's performance giving a boost to the stock market, which has been stuttering in recent weeks.

"People are a little bit skittish about the health of the consumer," said Jack Caffrey, equities strategist at J.P. Morgan Private Bank.

As the U.S. dollar tumbled and investors fled to the relative safety of Treasury bonds, the stock market dropped further after oil prices briefly spiked above $73 a barrel, raising concerns about Americans' energy bills.

Wall Street -- which often trades erratically amid profit warnings before the quarterly earnings flood -- also weakened due to ratings agency Standard & Poor's, which said it may lower the credit rating of more than $12 billion in bonds backed by risky home loans. Such loans are sold by some of the nation's largest banks.

The Dow fell 148.27, or 1.09 percent, to 13,501.70, near its low of the session.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 21.73, or 1.42 percent, to 1,510.12, while the Nasdaq composite index was off 30.86, or 1.16 percent, at 2,639.16.

Bond prices soared, pushing down the 10-year Treasury note's yield to 5.03 percent from 5.16 percent late Monday. The plunge in yields failed to boost stocks, largely because the decrease was caused by worries about the housing market rather than confidence that inflation is easing.

A speech by Federal Reserve Chairman Ben Bernanke in Cambridge, Mass., did not offer much insight into the central bank's next move, and instead focused on how the Fed makes its inflation-fighting decisions. Investors are curious whether the bank will raise interest rates later this year to rein in inflation, given soaring food and energy prices.

Crude oil futures climbed 62 cents to $72.81 a barrel on the New York Mercantile Exchange, after momentarily surpassing $73 a barrel, their highest point since late August.

"Incrementally, high energy prices do shift consumer spending habits, and do force people to spend money where they don't necessarily want to, but where they need to. That has implications for earnings," Caffrey said.

The dollar dropped to a new low versus the euro Tuesday and a 26-year low against the British pound. Gold prices rose.

The financial and retail sectors saw significant losses on jitters about subprime lending and consumer spending. JPMorgan Chase & Co., American Express Co. and Wal-Mart Stores Inc. were the big losers among the 30 Dow companies.

Sears plunged $17.10, or 10 percent, to $154.31 after issuing its guidance, and D.R. Horton fell 38 cents, or 2 percent, to $19.41.

Home Depot rose 8 cents to $40.31, though, after saying it is launching a tender offer for 250 million shares of its common stock.

Not all of Tuesday's guidance was disappointing: Pepsi Bottling Group Inc., one of the world's largest distributors of Pepsi drinks, raised its outlook for full-year earnings, and its stock rose $1.45, or 4.2 percent, to $35.88.

But overall, "I don't think it's been a great day-and-a-half of earnings reporting," said Stephen Carl, principal and head of equity trading at The Williams Capital Group.

Dow component General Motors Co. and its rival Ford Motor Co. also gained after a JPMorgan analyst upgraded the shares of both automakers. GM rose 69 cents to $37.46, and Ford rose 2 cents to $9.10.

Declining issues outnumbered advancers by nearly 3 to 1 on the New York Stock Exchange, where consolidated volume came to 3.20 billion shares, compared to 2.68 billion shares Monday.

The Russell 2000 index of smaller companies fell 15.76, or 1.85 percent, to 837.48.

Investors found little relief in the Commerce Department's report that May wholesale inventories rose 0.5 percent, more than in April and slightly higher than expected.

In Asian trading, Japan's Nikkei stock average fell 0.05 percent; Hong Kong's Hang Seng Index rose 0.3 percent to a sixth straight record close; and China's Shanghai Composite Index fell 0.8 percent.

In European trading, Britain's FTSE 100 fell 1.22 percent, Germany's DAX index fell 1.39 percent, and France's CAC-40 fell 1.40 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 76 points on Wednesday July 12:

Sym -----Last ----Change-----
Dow 13,577.87 +76.17 (0.56%)
Nasdaq 2,651.79 +12.63 (0.48%)
S&P 500 1,518.76 +8.64 (0.57%)
10-Yr Bond 5.0800% +0.0420
NYSE Volume 3,104,892,000
Nasdaq Volume 2,056,483,000

In Asian trading, Japan's Nikkei stock average fell 1.11 percent; Hong Kong's Hang Seng Index fell 1.22 percent; and China's Shanghai Composite Index rose 0.3 percent.

In European trading, Britain's FTSE 100 fell 0.24 percent, Germany's DAX index fell 0.83 percent, and France's CAC-40 fell 0.30 percent.

http://biz.yahoo.com/ap/070711/wall_street.html?.v=66
Stocks Rise on Takeover Activity
Wednesday July 11, 6:17 pm ET
By Madlen Read, AP Business Writer
Wall Street Rises on Acquisition Activity, Earnings Optimism

NEW YORK (AP) -- Wall Street bounced back Wednesday from its sharp decline a day earlier, boosted by takeover activity ahead of second-quarter earnings reports. Investors shaken by profit warnings earlier in the week appeared to be cautiously optimistic as they awaited quarterly earnings reports.

Meanwhile, new buyout activity encouraged investors. Steelmaker Gerdau Ameristeel Corp. said late Tuesday it was buying Chaparral Steel Co. for $4.22 billion, while speculation mounted Wednesday that Colgate-Palmolive Co. was interested in buying all or part of Unilever.

Giving the stock market an extra lift, Fed officials alleviated some jitters about problems involving subprime lending. Philadelphia Federal Reserve President Charles Plosser said the financial system is well-equipped to handle home loan risks, and Fed Gov. Kevin Warsh said that while subprime exposure troubles may not be over, they are not spilling into the broader economy.

Market watchers found it auspicious that Wall Street managed to recover some ground from its tumble Tuesday, when the Dow Jones industrial average lost 148 points, but said investors may not be out of the woods yet.

"There's still, I sense, some caution, and I think the principal reason for the caution is that we have the heart of the earnings season ahead of us," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. "No one wants to make a major commitment to the market until we see the earnings reports. Earnings reports are a big hurdle that's on the horizon."

The Dow rose 76.17, or 0.56 percent, to 13,577.87.

Broader indexes also rebounded. The Standard & Poor's 500 index gained 8.64, or 0.57 percent, to 1,518.76, and the Nasdaq composite index advanced 12.63, or 0.48 percent, to 2,651.79.

Bonds slipped as investors re-entered the stock market. The yield on the benchmark 10-year Treasury note rose to 5.08 percent from 5.03 percent late Tuesday.

The dollar fell to a new record low against the euro and a 26-year low versus the British pound, but rose versus the yen.

Stocks plummeted Tuesday on disappointing forecasts from Home Depot Inc., Sears Holdings Corp., and homebuilder D.R. Horton Inc., and after Standard & Poor's and Moody's said they would slash the ratings of billions of dollars worth of bonds backed by subprime mortgages.

The market's concerns about risky home loans are likely to keep dogging the market. "The actual financial impact is anybody's guess. The market doesn't like uncertainty," said Jim Herrick, manager and director of equity trading at Baird & Co.

After the closing bell Tuesday, the stock market, which has been positioning itself for next week's onslaught of earnings reports, got some promising news. Oil company Chevron Corp. said it expected its quarterly financial results would be boosted by higher commodity prices and stronger refining margins. Chevron rose $1.67 to $90.67.

Also late Tuesday, Gerdau said it was buying steel rival Chaparral. Chaparrel rose $7.98, or 10.5 percent, to $83.67, and Gerdau fell $1.21, or 7.7 percent, to $14.48.

Unilever rose $1.03, or 3.2 percent, to $32.94 on the Colgate takeover rumors, while Colgate rose $1.08 to $66.85.

Crude oil futures fell 25 cents to $72.56 a barrel on the New York Mercantile Exchange, after the Energy Department reported that U.S. gasoline inventories rose more than anticipated.

Gold prices dipped.

Advancing issues narrowly outnumbered decliners on the New York Stock Exchange, where consolidated volume came to 3.01 billion shares, down from 3.20 billion on Tuesday.

The Russell 2000 index of smaller companies rose 2.49, or 0.30 percent, to 839.97.

Thursday will bring the Commerce Department's reading on the international trade balance, and sales reports from various retailers.

In Asian trading, Japan's Nikkei stock average fell 1.11 percent; Hong Kong's Hang Seng Index fell 1.22 percent; and China's Shanghai Composite Index rose 0.3 percent.

In European trading, Britain's FTSE 100 fell 0.24 percent, Germany's DAX index fell 0.83 percent, and France's CAC-40 fell 0.30 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[vishalt]

283 points, its going to be a mammoth rally today.

 

[bigdog]

WOW DOW UP 283 POINTS OR 2%
Dow Posts Biggest Gain in Four Years

The NYSE DOW closed HIGHER by 283 points on Thursday July 12:

Sym -----Last ----Change-----
Dow 13,861.73 +283.86 (2.09%)
Nasdaq 2,701.73 +49.94 (1.88%)
S&P 500 1,547.70 +28.94 (1.91%)
10-Yr Bond 5.12% +0.04
NYSE Volume 3,489,610,000
Nasdaq Volume 2,274,737,000

Overseas
Japan's Nikkei stock average fell 0.36 percent. Britain's FTSE 100 rose 1.25 percent, Germany's DAX index advanced 1.96 percent, and France's CAC-40 jumped 1.70 percent.


http://biz.yahoo.com/ap/070712/wall_street.html?.v=48
Stocks Surge on Retail Sales Reports
Thursday July 12, 5:51 pm ET
By Tim Paradis, AP Business Writer
Stocks Barrel to Records on Retail Sales Reports; Dow Posts Biggest Gain in Nearly 4 Years


NEW YORK (AP) -- Wall Street soared Thursday, propelling the Standard & Poor's 500 index and Dow Jones industrials to record highs as bright spots among generally sluggish retail sales allowed investors to toss aside concerns about the health of the economy.

The rally, which gave the Dow its biggest one-day percentage gain in nearly four years, was perhaps surprising given that there was no extraordinary announcement or other catalyst often seen with such a huge gain, and that it came before most companies have announced their second-quarter earnings. The rise also marked a sharp contrast to the start of the week, when stocks fell sharply amid concerns that some hedge funds could succumb to ill-placed bets on the housing sector.

But investors, heartened by signs of a happy and spending consumer, clearly decided to put some money on the table. Though retail sales generally appeared to be crimped last month by higher gasoline prices and a tepid housing market, and the outlook for the coming months was difficult to ascertain, the overall reading wasn't as dour as some investors expected.

Several reports beat Street expectations -- notably that of Wal-Mart Stores Inc., the world's largest retailer, which posted a better-than-expected 2.4 percent jump in sales at stores open at least a year.

"It's relief that things weren't as bad as people expected," said Bill Schultz, chief investment officer at McQueen, Ball & Associates, referring to the retailers' reports and the economy at large. "We're maybe getting slower growth but not the fall-of-the-cliff economic scenarios," he said of investors' reading of the economy.

But, Schultz said, "I think it is, over the near-term, a little bit over done, certainly on a two-day basis," he added, referring to the rally. Given the nearly 400-point swing the Dow has shown this week and the big gains Thursday, a profit-taking session Friday wouldn't come as a surprise.

The S&P 500 rose 28.94, or 1.91 percent, to 1,547.70, above its record close of 1,539.18, set June 4.

The Dow shot up 283.86, or 2.09 percent, to 13,861.73; its previous record close, which also came June 4, was 13,676.32. Thursday's jump was the biggest one-day percentage gain for the blue chip index since October 2003 and the biggest one-day point gain since October 2002. The Dow also reached a new trading high of 13,869.94 and had its 50th record close since October.

The Nasdaq composite index rose 49.94, or 1.88 percent, to 2,701.73; the rise Thursday marked the biggest one-day percentage increase since March. The last time the Nasdaq closed at such levels was in February 2001. Still, the index, bloated by the late 1990s tech boom, is nowhere near its closing record of 5,048.62, set in March 2000.

The report from Wal-Mart, one of the 30 companies that make up the Dow, helped ease some investors' worries about the health of the consumer ahead of the Commerce Department's Friday report on U.S. retail sales.

"This is the first positive month Wal-Mart has had in a while," said Doug Roberts, chief investment strategist for investment research company Channel Capital Research, citing one reason for the market's move higher. "The market has a split personality. This is the other side of the personality," he said, referring to the turnaround from sentiment from Monday.

"The kind of disaster situation that everybody was preparing for doesn't seem to be playing out."

Besides, Wal-Mart, Intel Corp. helped push the Dow higher after a Banc of America Securities analyst said the company might turn in better-than-expected second-quarter sales. Intel jumped $1.43, or 5.8 percent, to $26.

Stocks' ascent Thursday after at times indecisive trading in recent weeks could also reflect so-called short covering. Investors who sell stocks short are betting the stock will fall and in cases where the stocks rise, such investors are often forced to move in and buy stocks to limit their losses.

Bonds fell Thursday, with the yield on the benchmark 10-year Treasury note rising to 5.13 percent from 5.09 percent late Wednesday. The dollar was generally lower against other major currencies, dropping to a fresh low versus the euro and a 26-year low against the British pound. Gold prices rose.

Light, sweet crude fell 6 cents to $72.50 per barrel on the New York Mercantile Exchange.

The gains Thursday come after about a year of impressive gains for stocks. Since the middle of last summer when oil prices receded and the Federal Reserve stopped raising short-term interest rates, investors have looked to continued growth in corporate profits and merger activity in deciding to push stocks higher.

Wall Street received an additional boost after mining company Rio Tinto offered to buy Canadian aluminum producer Alcan for $38.1 billion. The offer topped a bid from Alcoa Inc. that Alcan's board rejected in May. Alcoa said after the closing bell Thursday that it was dropping its bid.

Alcan shares surged Thursday following Rio Tinto's move, as did those of Alcoa, perhaps on the hope Rio Tinto's bid would scuttle an Alcan-Alcoa deal.

Alcan jumped $8.85, or 9.9 percent, to $98.45, after hitting a 52-week high of $99.97; its previous high was $90.44. Alcoa, the biggest gainer among the Dow, rose $2.86, or 6.7 percent, to $45.29, setting a fresh 52-week high of $46.15. The earlier 52-week high was $42.90.

Among retailers surprising Wall Street, J.C. Penney Co. posted a narrower-than-expected decline in its June same-store sales and reiterated its second-quarter profit forecast. The department store chain rose $4.30, or 6 percent, to $75.46.

American Eagle Outfitters, a youth clothing retailer, saw its June same-store sales jump 8 percent, nearly double the increase the Street expected. American Eagle rose $1.68, or 6.5 percent, to $27.71.

But Macy's Inc. fell $1.16, or 2.9 percent, to $39.25 after the parent of the Macy's and Bloomingdale's chains posted same-store sales that came in well below forecasts and after reducing its second-quarter outlook.

Trading is likely to remain volatile while the market awaits the bulk of second-quarter earnings reports. Analysts are keeping expectations low -- especially after profit warnings this week from cell phone maker Motorola Inc., and retailers Home Depot Inc. and Sears Holdings Corp.

Roberts noted that the low volume typical of the summer months had resulted in some higher volatility.

"It tends to bounce back and forth, but over all the market is grinding higher. How much higher remains to be seen."

Economic data released Thursday seemed overshadowed by the retail sales reports and news from the aluminum sector. The Commerce Department said Thursday the international trade balance widened to $60.04 billion in May, as expected, from $58.5 billion in April. The Labor Department reported that the number of people seeking unemployment claims fell to 308,000 last week -- the lowest level in almost two months and a decline of 12,000 from a week earlier.

Advancing issues outnumbered decliners by 3 to 1 on the New York Stock Exchange, where volume came to 1.66 billion shares compared with 1.44 billion traded Wednesday.

The Russell 2000 index of smaller companies rose 15.21, or 1.81 percent, to 855.18, a record close.

Overseas, Japan's Nikkei stock average fell 0.36 percent. Britain's FTSE 100 rose 1.25 percent, Germany's DAX index advanced 1.96 percent, and France's CAC-40 jumped 1.70 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 45 points on Friday July 13:

Sym -----Last ----Change-----
Dow 13,907.25 +45.52 (0.33%)
Nasdaq 2,707.00 +5.27 (0.20%)
S&P 500 1,552.50 +4.80 (0.31%)
10-Yr Bond 5.1070% -0.0090
NYSE Volume 2,801,605,000
Nasdaq Volume 1,806,919,000

In European trading, Germany's DAX index of blue chip stocks hit a new all-time high, breaking through a seven-year-old record. The DAX finished up 0.49 percent. Elsewhere, Britain's FTSE 100 rose 0.28 percent and France's CAC-40 rose 0.24 percent.

In Asian trading, Japan's Nikkei stock average rose 1.42 percent; Hong Kong's Hang Seng Index rose 1.27 percent to a new record; and China's often volatile Shanghai Composite Index slipped 0.04 percent.

http://biz.yahoo.com/ap/070713/wall_street.html?.v=58
Stocks Rise; S&P Sets New Trading High
Friday July 13, 7:53 pm ET
By Tim Paradis, AP Business Writer
Stocks Rise a Day After Big Rally; S&P 500 Breaks 7-Year Trading Record As Dow Passes 13,900


NEW YORK (AP) -- Wall Street ended an extraordinary and record-setting week Friday by surging higher again, sending the Standard & Poor's 500 index past a trading high set in March 2000 and thrusting the Dow Jones industrial past 13,900 for the first time.

Both the S&P and the Dow logged record closes for the second straight day and the Dow's new trading high put the blue chip index within about 70 points of 14,000. But the technology-laden Nasdaq composite index showed more modest advances in Friday's session and remained far from its record levels seen early in the decade.

In a week that saw the Dow swing more than 450 points, including a gain of 283 points in Thursday's session alone, investors grappled with unease over soured subprime loans and the broader economy before casting off such concerns and bidding stocks higher amid signs consumers might yet again pull through and give Wall Street reason to climb higher.

On Friday, investors seemed upbeat about earnings and takeover activity and appeared only slightly disappointed by the Commerce Department's report that retail sales dropped 0.9 percent last month, following a 1.5 percent jump in May. The June figure was weaker than anticipated and marked the steepest decline in nearly two years.

"I think investors are overstating their moves on a day-to-day basis but over the long term we continue to trend upward," said Brian Levitt, corporate economist at OppenheimerFunds Inc. "I think that is reasonable given the strong global quality picture and the strong global growth picture."

The Dow rose 45.52, or 0.33 percent, to 13,907.25 after reaching a new trading high of 13,932.29.

Relief that Alcoa won't pursue a deal with Alcan Inc. helped the Dow Friday, as did solid quarterly results from General Electric Co., which sent the conglomerate's stock above $40 during trading and to a five-year high.

For the week, the Dow rose 295.57 points, or about 2.2 percent. Its three-day gain following sharp losses Tuesday was the Dow's biggest percentage increase since a rise of 3.17 percent over three sessions in May 2005 and its biggest point gain since early 2003, when the Dow added 405.74 points.

Broader stock indicators also advanced Friday. The Standard & Poor's 500 index rose 4.80, or 0.31 percent, to 1,552.50. The index late in Friday's session set a fresh trading high of 1,555.10, topping a previous record of 1,553.11 set in March 2000. The S&P added 1.4 percent for the week.

The Nasdaq composite index gained 5.27, or 0.20 percent, to 2,707.00 after spending much of the session moderately lower; the week's gain totaled 1.5 percent. Though the Nasdaq was trading at levels not seen since early in the decade, the index remains well short of its closing record of 5,048.62, set in March 2000 when it was bloated by the late 1990s tech boom.

On Friday, an upbeat report on the mood of consumers released after trading began seemed to inject the market with additional confidence. The Reuters/University of Michigan index of consumer sentiment increased to a six-month high of 92.4 for mid-July from 85.3 in June.

The reading followed Thursday's session in which the stock market surged after strong sales reports from a few U.S. retailers gave investors a reason to be optimistic about consumer spending and the upcoming deluge of second-quarter earnings results.

Investors abroad were also in a buying mood Friday. In European trading, Germany's DAX index of blue chip stocks hit a new all-time high, breaking through a seven-year-old record. The DAX finished up 0.49 percent. Elsewhere, Britain's FTSE 100 rose 0.28 percent and France's CAC-40 rose 0.24 percent.

In Asian trading, Japan's Nikkei stock average rose 1.42 percent; Hong Kong's Hang Seng Index rose 1.27 percent to a new record; and China's often volatile Shanghai Composite Index slipped 0.04 percent.

Treasury bond prices rose, with the yield on the benchmark 10-year note falling to 5.10 percent from 5.13 percent late Thursday. The dollar was mixed against other major currencies and still trading at a record low versus the euro and 26-year low against the British pound. Gold prices fell.

Light, sweet crude rose $1.43 to $73.93 per barrel on the New York Mercantile Exchange.

Buyout activity -- or the possibility of further deals -- appeared to help buoy stocks Friday and perhaps helped stave off a pullback. Often after big jumps in stocks, investors are tempted to cash in gains and stand back as the market consolidates. But a Standard & Poor's analyst said that after Rio Tinto's bid for aluminum producer Alcan beat out Alcoa's offer, Alcoa is now a more attractive takeover target. Alcan slipped 95 cents to $97.50, while Alcoa jumped $2.06, or 4.6 percent, to $47.35, making it the best performer among the 30 stocks that make up the Dow industrials.

Meanwhile, Energizer Holdings Inc. said it agreed to acquire Playtex Products Inc. for about $1.16 billion. Playtex surged $2.45, or 16 percent, to $17.97, while Energizer rose to an all-time high of $114.17 amid enthusiasm over the deal. The stock finished up 94 cents at $107.67.

But the type of news that aided some of the major indexes Friday also worked against stocks earlier in the week. On Tuesday, stocks fell sharply following lackluster forecasts from retailers such as Home Depot Inc. and Sears Holdings Corp. Concerns about soured loans and other woes in the subprime housing market also dogged Wall Street at times.

"We seem to be having knee-jerk reactions depending on the latest news and that makes sense following a long period of complacency," Levitt said. "Investors can expect to see some level of volatility despite the fact that broad economic conditions look pretty good."

He contends further unease about the effect of faltering subprime loans, which are made to those with poor credit, could still upset the markets and that investors should brace for potential bumps on Wall Street.

"We do expect volatility for the remainder of year and we think investors need to be positioning their portfolios so they can absorb some of that volatility."

But the news Friday appeared to trump longer-term concerns some investors might hold. GE posted a rise in its second-quarter profits that met Street forecasts and said it is ridding itself of its subprime mortgage business. The company also said it was boosting its stock-buyback program. GE rose 50 cents to $39.50.

In other corporate news, Amgen Inc. rose 98 cents to $56.93 after the biotechnology company increased its stock-repurchase program by $5 billion, adding to the $1.5 billion already earmarked for buybacks under a previous plan.

RadioShack Corp. fell $2.12, or 6.5 percent, to $30.75 after an analyst predicted sales growth would prove elusive.

Idenix Pharmaceuticals Inc. plunged $2.22, or 38 percent, to $3.57 after drug regulators suspended clinical study of the biopharmaceutical company's hepatitis C drug because results so far haven't merited potential risks of the treatment.

In other economic data, the Commerce Department reported June import prices rose 1 percent in June, and that export prices rose 0.3 percent. The government also reported that inventories held by businesses increased by 0.5 percent in May. The stronger-than-expected increase supported a notion that inventory rebuilding might give a boost to economic growth in the coming months.

The Russell 2000 index of smaller companies rose 0.59, or 0.07 percent, to 855.77.

Consolidated volume on the New York Stock Exchange totaled 2.75 billion shares compared with 3.42 billion traded Thursday.

The Dow Jones industrial average ended the week up 295.57, or 2.17 percent, at 13,907.25. The Standard & Poor's 500 index finished up 22.06, or 1.44 percent, at 1,552.50. The Nasdaq composite index ended up 40.49, or 1.52 percent, at 2,707.00.

The Russell 2000 index finished the week up 3.46, or 0.41 percent, at 855.77.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 15,700.95, up 193.61 points for the week. A year ago, the index was at 12,497.96.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 43 points on Monday July 16:

Sym -----Last ----Change-----
Dow 13,950.98 +43.73 (0.31%)
Nasdaq 2,697.33 -9.67 (0.36%)
S&P 500 1,549.52 -2.98 (0.19%)
10-Yr Bond 5.0410% -0.0660
NYSE Volume 2,704,990,000
Nasdaq Volume 1,820,713,000

In overseas trading
Britain's FTSE 100 fell 0.28 percent, Germany's DAX index rose 0.16 percent, and France's CAC-40 gained 0.12 percent. Japan's Nikkei stock average finished flat. Hong Kong's Hang Seng Index fell 0.63 percent, while the often-volatile Shanghai Composite Index fell 2.36 percent.

http://biz.yahoo.com/ap/070716/wall_street.html?.v=43
Dow Hits Record on Possible Verizon Deal
Monday July 16, 6:44 pm ET
By Tim Paradis, AP Business Writer
Stocks Trade Mostly Mixed but Dow Jumps on Report of Potential Verizon Deal


NEW YORK (AP) -- Blue chip stocks rose Monday as news of a potential big telecom deal involving Verizon pushed the Dow Jones industrials to a new record close, and put the index closer to 14,000. Overall, stocks traded were mixed as investors digested the market's huge gains of last week.

While broader market indexes showed slight declines, the notion of a Verizon deal appeared to inject Wall Street with fresh optimism and helped stocks mostly hold last week's sizable gains because buyout activity has been a big driver for the stock market in the past year.

Although Vodafone Group PLC denied a report by the Financial Times that it is weighing whether to make a huge $160 billion bid for Verizon Communications Inc., investors appeared undeterred. The report cautioned that Vodafone has yet to approach Verizon; a deal could give Vodafone full ownership of Verizon Wireless, which Vodafone and Verizon now own jointly.

"I think just the idea of the number floated -- $160 billion -- gets the juices running in the market again even after this big move," said Greg Church, chief investment officer of Church Capital Management in Yardley, Pa., referring to last week's gains. "It would be the biggest deal ever. People want to be at the party and they don't want miss it."

The Dow rose 43.73, or 0.31 percent, to 13,950.98 -- its 30th record close since the start of the year. The benchmark index, which came off of highs from earlier in the session, again set a trading high, hitting 13,989.11, less than 11 points from 14,000. The previous high of 13,932.29 came in Friday's session, which also saw a record close.

Also helping the Dow, construction equipment maker Caterpillar Inc. hit a new high of $86.49, and closed at $85.90. United Technologies Corp., also a Dow component, hit a 52-week high of $76.98 before it closed at $76.67.

Broader stock indicators slipped lower Monday. The Standard & Poor's 500 index slipped 2.98, or 0.19 percent, to 1,549.52. The S&P set a fresh trading high of 1,555.90, topping a high of 1,555.10 set Friday when the index surged past a trading high set in March 2000.

The Nasdaq composite index fell 9.67, or 0.36 percent, to 2,697.33.

Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where consolidated volume came to 2.70 billion shares, down from 2.75 billion on Friday.

Bonds rose Monday, with the yield on the benchmark 10-year Treasury note falling to 5.04 percent from 5.10 percent late Friday.

On Monday, light, sweet crude futures rose 22 cents to $74.15 on the New York Mercantile Exchange. Oil hadn't closed above that level since mid-August.

The dollar was mixed against other major currencies and continued to hover near its record lows against the euro. Gold prices fell.

Buyout news was responsible for moving a number of stocks Monday. Verizon rose $1.00, or 2.4 percent, to $42.76. Vodafone fell 37 cents to $33.15.

In a much more modest but confirmed deal, restaurant chain operator IHOP Corp. said it would acquire Applebee's International Inc. for about $1.9 billion. Applebee's rose 53 cents, or 2.2 percent, to $24.91, while IHOP jumped $4.99, or 8.9 percent, to $61.24.

Con-way Inc. jumped $3.00, or 5.7 percent, to $56.06 after the trucking company agreed to acquire privately held carrier Contract Freighters Inc. for $750 million.

Church contends the stock market's gains are on solid footing, he contends that if the number of deals slow markedly or if one unravels because of an inability to obtain financing, the overall stock market would likely pull back.

"As you keep ratcheting this up on more and more speculation at some point it does get a little frothy but we're not there yet," he said, referring to the stock market's gains.

"I think when this might pop is where one of these big deals can't get financing. Then the game is done."

But stocks generally held their ground Monday and showed little reaction to the New York Federal Reserve's Empire State Manufacturing Survey that found regional manufacturing activity continued to improve in July.

Last week's run-up came ahead of a flurry of quarterly results -- 11 of the 30 companies that make up the Dow Jones industrials are due to report this week -- and in advance of key readings on inflation.

Forecasts from companies should help indicate whether they can continue to put up solid profit growth as pricing pressures fluctuate, in part because of forces such as rising oil prices.

In other corporate news Monday, McDonald's Corp. rose 19 cents to $52.10 after predicting its second-quarter earnings before charges will top Wall Street's forecasts.

Mattel Inc. rose 67 cents, or 2.5 percent, to $27.20 after reporting its second-quarter earnings rose 15 percent as increased sales global of its Barbie dolls and Hot Wheels toy cars made up for soft U.S. sales.

Ford Motor Co. fell 11 cents to $8.87 after denying various reports that it is in talks to sell its Volvo division.

In overseas trading, Britain's FTSE 100 fell 0.28 percent, Germany's DAX index rose 0.16 percent, and France's CAC-40 gained 0.12 percent. Japan's Nikkei stock average finished flat. Hong Kong's Hang Seng Index fell 0.63 percent, while the often-volatile Shanghai Composite Index fell 2.36 percent.

The Russell 2000 index of smaller companies fell 7.30, or 0.85 percent, to 848.47.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 43 points on Tuesday July 17:

Sym Last_____-___Change_____
Dow 13,971.55 Up 20.57 (0.15%)
Nasdaq 2,712.29 Up 14.96 (0.55%)
S&P 500 1,549.37 Down 0.15 (0.01%)
10-Yr Bond 5.0780% Up 0.0370
NYSE Volume 3,007,259,000
Nasdaq Volume 2,272,668,000

In market action abroad,
Britain's FTSE 100 fell 0.58 percent, Germany's DAX index fell 0.83 percent, and France's CAC-40 fell 0.43 percent. In Asia, Japan's Nikkei stock average fell 0.12 percent.

http://biz.yahoo.com/ap/070717/wall_street.html?.v=50
Stocks End Mixed; Dow Crosses 14,000
Tuesday July 17, 5:51 pm ET
By Tim Paradis, AP Business Writer
Stocks End Mixed As Dow Crosses 14,000; Buyout News Adds to Wall Street's Momentum

NEW YORK (AP) -- The Dow Jones industrial average swept past 14,000 for the first time Tuesday after a mostly tame inflation reading gave investors reason to extend an extraordinary -- but perhaps questionable -- Wall Street rally.

The stock market's best-known indicator crossed 14,000 in the first half-hour of trading though it didn't close above that level; it did, however, manage its fourth record close in as many sessions. The Dow rose as high as 14,021.95, having taken just 57 trading days to make the trip from 13,000. Broader market indicators closed mixed.

Stocks have risen fairly steadily since the spring amid a continuum of buyout news and evidence that despite higher fuel prices and the ongoing problems in the housing market and mortgage lending industry, consumers are spending and companies are still finding room for growth. With the Federal Reserve ever vigilant about inflation, any news that prices are rising at a moderate pace has added to the market's momentum, as it did Tuesday.

The release of generally upbeat earnings reports also helped reassure a market that had worried that a slowing economy and rising energy prices could cut into corporate profits.

But the Dow's latest accomplishment does raise questions about whether investors are buying more on speculation than fundamentals -- and whether these gains can hold. The market still faces issues including rising oil prices that could crimp consumer spending. And a drop in takeover deals could puncture investor sentiment, as could a further souring of subprime loans amid a cooling housing market.

The past week shows how easily swayed Wall Street can be. A week ago, the average tumbled nearly 150 points after investors received a handful of disappointing profit forecasts. Only two days later, on Thursday, the Dow barreled 283 points higher as investors put a positive spin on a generally lackluster batch of retail sales reports.

"One of the things we know about the Dow being only 30 stocks is that it is a bit less representative of the entire market, but it is still a sign that large-cap multinationals continue to drive this market," said Peter Dunay, an investment strategist with New York-based Leeb Capital Management. "For the moment, the momentum and strength is so good. You can't fight it."

Other observers were more upbeat about the market's recent advance.

"You have the Dow moving up above 14,000 and it did not take that long, but you also have Nasdaq participating," said Quincy Krosby, chief investment strategist for The Hartford, noting that the market's rise appears broad-based.

"It's forcing some money on the sidelines to come in," she said, referring to reluctant money managers who have been awaiting a pullback to enter the market. "Needless to say, the higher it goes and the quicker it goes, the more susceptible you are to a pullback. A pullback would be healthy and normal."

The Dow rose 20.57, or 0.15 percent, to close at 13,971.55.

Broader stock indicators ended mixed. The Standard & Poor's 500 index slipped 0.15, or 0.01 percent, to 1,549.37 having set its own record highs in recent sessions. The Nasdaq composite index rose 14.96, or 0.55 percent, to 2,712.29.

Declining issues outnumbered advancers by about 3 to 2 on the New York Stock Exchange, where consolidated volume came to 2.96 billion shares compared with 2.70 billion shares traded Monday.

Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 5.06 percent from 5.04 percent late Monday. The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude fell 13 cents to $74.02 per barrel on the New York Mercantile Exchange, after trading as high as $75.35 per barrel. Oil hasn't closed above $75 since last August.

The short time that it took the Dow to pass this its milestone recalls its ascent during the dot-com boom, especially because it took only 129 days to make the passage from 12,000 to 13,000. In the late 1990s, the Dow took just 24 days to go from 10,000 to 11,000, and 89 days to go from 6,000 to 7,000.

The end of the high-tech boom plus the recession and the aftermath of the Sept. 11, 2001, terror attacks helped send all the major market indexes into reverse. It took the Dow 7 1/2 years to trek from 11,000 to 12,000, and only last October began setting its first record highs since January 2000. The Dow has since logged 53 record closes including Tuesday's gains.

The Dow's run from 13,000 to 14,000 has been led by big-name manufacturers and producers rather than the financial or drug companies that also populate the Dow. Diversified manufacturer 3M Co., construction-equipment maker Caterpillar Inc., aluminum producer Alcoa Inc. and energy company Exxon Mobil Corp. were among the biggest contributors to the Dow's move, while financial services company JP Morgan Chase & Co. and Johnson & Johnson were laggards.

The S&P 500 has also surpassed its early 2000 highs, reaching a new closing high last month and last week surpassing its trading high. The Nasdaq, which was inflated by the high-tech boom, is not expected to approach its closing high of 5,048.62 made in 2000 in the foreseeable future.

The move higher Tuesday came as Wall Street sorted through a somewhat mixed inflation reading and profit reports from blue chip names including Coca-Cola Co.

The gains also follow the Labor Department's report that inflation at the wholesale level fell in June but the so-called core figure, which excludes often-volatile food and energy costs, heated up more than expected. Wall Street appeared unfazed by the increase in the core reading as it largely stemmed from higher vehicle prices.

Rising prices in recent months have unnerved some investors, who are concerned that inflation will hamper consumers' ability to keep up their spending.

The flurry of news this week could affirm or undermine Wall Street's recent confidence. Eleven of the Dow components report quarterly financial results.

Among the companies weighing in Tuesday, Coca-Cola saw its second-quarter profit rise 1 percent as sales at the world's largest beverage maker rose 19 percent. Case volume slipped 2 percent in the company's key North America market, however. The stock fell 68 cents to $53.17.

Word of buyouts continued, as Dutch chemicals company Basell agreed to acquire U.S. rival Lyondell Chemical Co. for $12.1 billion in cash. Including debt, the deal's size totals about $19 billion. Lyondell jumped $6.93, or 17.3 percent, to $47.05.

In market action abroad, Britain's FTSE 100 fell 0.58 percent, Germany's DAX index fell 0.83 percent, and France's CAC-40 fell 0.43 percent. In Asia, Japan's Nikkei stock average fell 0.12 percent.

The Russell 2000 index of smaller companies rose 1.42, or 0.17 percent, to 849.89.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed DOWN by 53 points on Wednesday July 18:

Sym Last.......-........Change..........
Dow 13,918.22 Down 53.33 (0.38%)
Nasdaq 2,699.49 Down 12.80 (0.47%)
S&P 500 1,546.17 Down 3.20 (0.21%)
10-Yr Bond 5.0100% Down 0.0680
NYSE Volume 3,648,601,000
Nasdaq Volume 2,268,714,000

Overseas
Japan's Nikkei stock average closed down 1.11 percent. At the close, Britain's FTSE 100 fell 1.34 percent, Germany's DAX index fell 1.80 percent, and France's CAC-40 fell 1.69 percent.

http://biz.yahoo.com/ap/070718/wall_street.html?.v=64
Stocks Retreat on Bernanke Comments
Wednesday July 18, 7:08 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Snaps Rally Amid Bernanke Comments, Hedge Fund Concerns, Lower Profit Forecasts

NEW YORK (AP) -- Wall Street retreated Wednesday but managed a late-day partial recovery as investors reacted uneasily to Federal Reserve Chairman Ben Bernanke's comments on the economy and news that two Bear Stearns Cos. hedge funds were essentially worthless.

Even without any bad news, a downturn in stocks was expected after the rally that began last week. On Tuesday, the Dow nudged past the 14,000 mark for the first time. With no major catalyst behind the advance, the record run has perhaps been puzzling to market watchers trying to determine if it has room to build or has run its course.

Investors sold off shares as Bernanke, speaking before the House Financial Services panel as part of the central bank's midyear forecast, said the economy should strengthen into 2008 and inflation risks remain the Fed's "predominant" concern. He also said the housing sector might get worse before it gets better -- and remains a risk to consumer spending and overall economic growth.

Analysts said the Fed chief's testimony didn't contain anything new, but that it still had a cautious overtone. Bernanke's comments exacerbated investors' concern over news that the Bear Stearns funds were left essentially worthless by bad bets on subprime loans, and lackluster quarterly earnings reports.

"Bernanke didn't really say a whole lot of things that were new, but he added to a combination of seemingly negative events," said Todd Salamone, director of trading at Schaffer's Investment Research. "But, investors are already reeling from Bear Stearns' hedge funds sparking more subprime fears, and new worries about earnings."

Corporate earnings reports continued in earnest. JPMorgan Chase & Co. posted better-than-expected earnings, but the bank said it increased reserves set aside to cover mortgage losses. Also adding to investor concern, Intel Corp. reported lackluster profit margins for the second quarter, and Yahoo Inc. lowered its forecast.

The Dow fell 53.33, or 0.38 percent, to 13,918.22. The blue chip index was down by as much as 134 points during the session; a late-afternoon rebound wasn't unexpected given the market's recent volatility.

Broader indexes also fell. The Standard & Poor's 500 index fell 3.20, or 0.21 percent, to 1,546.17, while the Nasdaq composite index dropped 12.80, or 0.47 percent, to 2,699.49.

Bonds rose as fixed-income investors interpreted Bernanke's comments on housing as favorable; they're looking for interest rates to at least remain stable. The yield on the benchmark 10-year Treasury note fell to 5.03 percent from 5.07 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices rose.

A barrel of light sweet crude rose $1.03 to $75.05 on the New York Mercantile Exchange. Oil rose after the U.S. Department of Energy said gasoline stockpiles unexpectedly fell, despite a bigger-than-expected rise in refinery operations.

The market had more bad news from the housing industry when builder Pulte Homes Inc. reported late Tuesday it expects to post a hefty loss from continuing operations for the second quarter, due to large charges and a worsening consumer environment. Shares of the company fell 52 cents, or 2.3 percent, to $22.19.

Bear Stearns late Tuesday said its hedge funds were squeezed by wrong-way bets on the direction of the mortgage market, which has been struggling with a spike in defaults among risky borrowers. Shares dropped 57 cents to $139.34.

JPMorgan Chase, the nation's third-largest bank, said Wednesday its earnings rose 20 percent in the second quarter amid benefits from a surge in investment banking fees. However, Chief Executive Jamie Dimon said the firm remains on guard for a possible fallout from the mortgage industry, and shares fell $1.04, or 2.1 percent, to $48.88.

Investors also sifted through the latest inflation reading. The Labor Department said its Consumer Price Index rose 0.2 percent in June following a big 0.7 percent jump in May. The reading was in line with market expectations and had little effect on index futures trading.

Core inflation, which excludes often volatile energy and food costs, also rose a moderate 0.2 percent last month.

The Commerce Department also said Wednesday home construction rose 2.3 percent in June following two consecutive months of declines. Wall Street had expected a more modest increase.

The tame readings on consumer prices could help ease some concerns about inflation, which remains among Wall Street's chief concerns. Investors are hoping rising prices won't prompt the Federal Reserve to put off an eventual interest rate reduction or even to raise rates. Even if the Fed doesn't act, higher costs could prompt some consumers to curtail their spending. Such a retrenchment could dent corporate profits.

"Everyone was looking for an uptick in the data, or some kind of information that would provide an optimistic forecast," said Doug Roberts, chief investment strategist for Channel Capital Research. "Although there was really very little new information coming from Bernanke, it was still like the third out in a triple play when you combine it with poor earnings reports and the credit report from Bear Stearns."

In other corporate news, Intel reported second-quarter profits that met Wall Street's expectations after the bell Tuesday but turned in weak profit margins because of lower chip prices. Shares fell $1.27, or 4.8 percent, to $25.06.

Yahoo reported a 2 percent decline in its second-quarter earnings and brought down its forecast for the year. Shares fell $1.33, or 4.8 percent, to $26.20.

Altria Group Inc., parent of the Philip Morris cigarette companies, saw its second-quarter profit fall 18.3 percent but reported higher earnings from continuing operations as well as increased revenue. The company, one of the 30 that comprise the Dow industrials, lowered its full-year earnings forecast. The stock declined 98 cents to $70.30.

United Technologies Corp., also a Dow component, fell $1.28 to $75.56 after it reported a 4 percent increase in its second-quarter earnings amid growth in the conglomerate's commercial aerospace and construction businesses.

Declining issues outpaced advancers 2-to-1 on the New York Stock Exchange, where consolidated volume came to 3.55 billion, compared with 2.98 billion on Tuesday.

The Russell 2000 index of smaller companies was fell 3.98, or 0.47 percent, to 845.91.

Overseas, Japan's Nikkei stock average closed down 1.11 percent. At the close, Britain's FTSE 100 fell 1.34 percent, Germany's DAX index fell 1.80 percent, and France's CAC-40 fell 1.69 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 82 points on Thursday July 19:

Sym Last.......-........Change..........
Dow 14,000.41 Up 82.19 (0.59%)
Nasdaq 2,720.04 Up 20.55 (0.76%)
S&P 500 1,553.08 Up 6.91 (0.45%)
10-Yr Bond 5.03% Up 0.02
NYSE Volume 3,263,356,000
Nasdaq Volume 2,272,388,000

In market action abroad
Japan's Nikkei stock average rose 0.56 percent. Britain's FTSE 100 rose 1.11 percent, Germany's DAX index rose 1.24 percent, and France's CAC-40 rose 1.16 percent.

http://biz.yahoo.com/ap/070719/wall_street.html?.v=48
Dow Ends at 14,000 on Upbeat Earnings
Thursday July 19, 6:38 pm ET
By Tim Paradis, AP Business Writer
Stocks Climb Following Mostly Upbeat Earnings Reports; Dow Closes at 14,000.41

NEW YORK (AP) -- Wall Street moved soundly higher Thursday, sending the Dow Jones industrials to their first close above 14,000 as investors kept jitters about the economy at bay and focused on a string of upbeat earnings reports. The Standard & Poor's 500 index also had a record close.

Profit news from companies like International Business Machines Corp., network equipment maker Juniper Networks Inc., and business software company SAP AG help lift stocks and boosted investors' appetite for technology issues. However, the momentum could be short-lived as Google Inc. after the closing bell Thursday turned in a second-quarter profit that fell short of Wall Street's high expectations.

Resurgent concerns about the health of subprime loans, which are made to borrowers with poor credit history, generally hurt financial stocks, while a report that a would-be suitor for Alcoa Inc. had lost interest kept the Dow Jones industrial average from extending its gains.

The flurry of corporate news Thursday coincided with Fed Chairman Ben Bernanke's return to Capitol Hill for the second day of his midyear report to Congress in which he said problems such as foreclosures among holders of subprime mortgages are "likely to get worse before they get better." Also, a research group predicted Thursday that the housing slump will cause the economy to contract slightly in coming months.

"I think we are seeing people trying to decide whether earnings are sustainable," said Jeffrey Dunham, principal at Dunham & Associates in San Diego. He said the stock market's recent run-up in part reflects investors' desire not to miss out on gains.

"I don't see any big conviction by anybody to leap into the market but we're all terrified to not be players. It's gone awfully far in an awfully short time and the market is trying to figure out 'Is this a head-fake or is this the real deal?'"

The Dow rose 82.19, or 0.59 percent, to 14,000.41. The blue chip index danced around the 14,000 mark during the session, having first reached it on Tuesday but not closing above that level until Thursday. The Dow's close topped the previous record of 13,971.55 set Tuesday and marked the index's 32nd record close of the year.

Broader stock indicators also gained Thursday. The S&P 500 rose 6.91, or 0.45 percent, to 1,553.08; its previous record of 1,552.50 occurred Friday. The technology-focused Nasdaq composite index rose 20.55, or 0.76 percent, to 2,720.04, following the upbeat tech earnings.

Though stocks briefly shed some gains after newly released minutes from the Federal Reserve's last meeting appeared to confirm that the central bank has no plans to cut rates anytime soon, investors resumed buying in short order.

Bonds showed little overall movement. The yield on the benchmark 10-year Treasury note was flat at 5.03 percent from late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.

The stock market's rise came even as oil moved higher. Light, sweet crude settled up 87 cents at $75.92 per barrel on the New York Mercantile Exchange after briefly touching $76 for the first time in 11 months.

Thursday's gains extended a partial recovery that started late in Wednesday's session, when the Dow pulled itself up from a loss of 134 points to end with only a 53-point deficit. Stocks had ceded ground Wednesday amid uneasiness about Bernanke's assessment of the economy, though analysts subsequently noted there was little new in his comments.

In economic news Thursday, the Conference Board said its Index of Leading Economic Indicators fell 0.3 percent, showing a steeper decline than the 0.1 percent decrease Wall Street had expected. The group predicts housing will cause the economy to slow.

The Fed's minutes came as no surprise to investors who largely had given up hopes for lower rates this year. But reminders of the Fed's stance can set off selling.

Concerns about the effects of the housing slowdown, which have damped investor sentiment to varying degrees in recent months, seemed to re-emerge Thursday as Bernanke responded to Congressional questioning on the matter.

Nervousness had returned Wednesday following word that two Bear Stearns Cos. hedge funds were rendered essentially worthless by bad bets on the subprime lending market, which targets borrowers with poor credit. As home values in some parts of the country have drifted lower, those behind on payments have found it harder to tap into their home equity to square away their debts.

"There is a lot of bad news in the marketplace," Dunham said, citing oil prices, concerns about an unraveling of subprime loans and uncertainty about interest rates. He said, however, that if earnings remain robust and if interest rates eventually come down investors could look past some of their concerns and send the Dow and the rest of the stock market higher.

"We don't have another '99 occurring here," he said, referring to the stock market run-up in 1999 that preceded the dot-com collapse. "Things haven't reached stupid levels."

On Thursday, earnings held Wall Street's interest. IBM, one of the 30 stocks that make up the Dow industrials, jumped $4.78, or 4.3 percent, to $115.86 after the technology company said strength in its software division and an improvement in its services business helped second-quarter profits. The company raised its profit forecast for the year. Its stock surged past an earlier 52-week high of $111.88, rising as high as $116.48.

Google's second-quarter earnings rose 28 percent but the Internet search company's per-share profit totaled $3.56 per share excluding items. Analysts, on average, had expected $3.59 per share, according to Thomson Financial. Google fell to $504.11 in after-hours electronic trading, down 8.1 percent from its regular-session close of $548.59.

Also in tech news, Microsoft Corp. fell 51 cents to $31 in after-hours trading, after disappointing investors following several robust quarters that beat analyst estimates. Thursday's results were in line with estimates.

Juniper Networks Inc. reported it swung to a profit in the second quarter from a loss a year earlier. The stock rose $3.33, or 12.5 percent, to $30.06; the stock topped a previous 52-week high of $27.99 and traded as high as $30.97.

Germany's SAP rose $3.59, or 6.9 percent, to $55.54 after reporting market-share gains boosted profits. The stock also hit a 52-week high, trading up to $56.20. The previous high was $55.96.

Alcoa, also a Dow stock, fell $1.83, or 3.9 percent, to $44.62 after The Australian newspaper reported that BHP Billiton dropped plans to make a bid for the aluminum producer.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where consolidated volume came to 3.19 billion shares, compared with 3.55 billion Wednesday.

The Russell 2000 index of smaller companies rose 5.94, or 0.70 percent, to 851.85.

In market action abroad, Japan's Nikkei stock average rose 0.56 percent. Britain's FTSE 100 rose 1.11 percent, Germany's DAX index rose 1.24 percent, and France's CAC-40 rose 1.16 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed LOWER by 149 points on Friday July 20:

Sym Last.......-........Change..........
Dow 13,851.08 Down 149.33 (1.07%)
Nasdaq 2,687.60 Down 32.44 (1.19%)
S&P 500 1,534.10 Down 18.98 (1.22%)
10-Yr Bond 4.9560% Down 0.0720
NYSE Volume 3,751,204,000
Nasdaq Volume 2,395,986,000

In market action abroad
Japan's Nikkei stock average rose 0.23 percent. Britain's FTSE 100 fell 0.83 percent, Germany's DAX index fell 1.46 percent, and France's CAC-40 fell 1.79 percent.

http://biz.yahoo.com/ap/070720/wall_street.html?.v=48
Stocks Fall After Dow, S&P 500 Records
Friday July 20, 8:47 pm ET
By Tim Paradis, AP Business Writer
Stocks Drop Following Results From Caterpillar, Google

NEW YORK (AP) -- Wall Street pulled back Friday, retreating from record levels following disappointing results from longtime favorites Caterpillar Inc. and Google Inc. The Dow Jones industrials fell nearly 150 points.

The drop in stocks capped a losing week for the Dow after three weeks of gains, and came a day after the blue chips finished above 14,000 for the first time. The Standard & Poor's 500 index likewise logged a record close Thursday.

While Friday's retrenchment might not be surprising following weeks of somewhat volatile trading and the big gains Thursday, Caterpillar has been one of the best-performers among the 30 stocks that make up the Dow and a big contributor in the blue chips' march to 14,000. The heavy equipment maker unnerved investors when its results came in well below expectations.

Jitters over subprime lending also weighed on the stock market, and led investors to buy up safer Treasury bonds instead. As Treasury prices rose, the benchmark 10-year note's yield dropped sharply to 4.95 percent from 5.03 percent late Thursday.

Meanwhile, technology shares took a hit after a strong run Thursday. Google turned in a second-quarter profit that fell short of Wall Street's high expectations, while Microsoft Corp.'s earnings report wasn't impressive enough to alleviate investors' concerns about the sector.

"As people start to absorb the numbers and start to see the second-quarter numbers aren't good as the first quarter, that starts to create some pullback a bit," said Nick Raich, director of research at National City Private Client Group.

The Dow fell 149.33, or 1.07 percent, to 13,851.08. The index earlier declined by as many as 200 points, and finished the week down 0.40 percent.

Broader stock indicators also lost ground. The S&P 500 index fell 18.98, or 1.22 percent, to 1,534.10, and ended the week 1.19 percent lower.

The Nasdaq composite index fell 32.44, or 1.19 percent, to 2,687.60, and finished down 0.72 percent for the week.

Not only was Wall Street busy digesting the first sizable disappointments of the second-quarter earnings season, but investors also dealt with added volatility because of the expiration of four types of options contracts -- an occurrence known as quadruple witching.

The dollar was lower against most other major currencies. Gold prices rose. Light, sweet crude fell 35 cents to $75.57 a barrel on the New York Mercantile Exchange Friday, after trading above $76 a day earlier for the first time in 11 months.

Looking past high oil prices, which can stoke inflation, stocks forged gains earlier this week in part on earnings news. Of the 130 companies in the S&P 500 that have reported quarterly results, earnings growth has been 1 percent, Raich said. He noted companies were expected to show flat profits so the results are better than expected. Still, he said, "the margin by which companies are beating estimates in the second quarter is so far the lowest we've seen in five years.

"With some high expectations and some complacency in the market, the chances of a near-term pullback have gone up over the past month," he said, arguing that Wall Street's expectations for corporate profit growth are too high.

Caterpillar cited lackluster sales in North American construction markets as well as a bigger-than-expected increase in operating costs. However, the company left its full-year profit forecast unchanged. Caterpillar was the weakest performer among the Dow stocks, falling $3.78, or 4.4 percent, to $83.20.

Google fell $28.47, or 5.2 percent, to $520.12 after its earnings before certain costs missed Wall Street's forecast. Still, the company saw revenue jump 58 percent to $3.87 billion. Investors also fretted as profit margins narrowed as the company spent to hire more workers and acquire content for its Web sites.

Microsoft, which like Caterpillar is part of the Dow, fell 35 cents to $31.16 after its earnings met expectations but failed to dazzle investors after several robust quarters that topped forecasts.

While no major economic news was released Friday, St. Louis Federal Reserve President William Poole weighed in on the subprime mortgage market in a speech in St. Louis. He argued Wall Street was right to punish shares of companies that made bad bets by offering loans to borrowers with spotty credit history.

Concerns about an unraveling of subprime loans have dotted Wall Street's advance in recent months. Investors grew skittish earlier in the week -- helping send stocks lower in Wednesday's session -- following word that two Bear Stearns Cos. hedge funds were left essentially worthless following bad bets on the subprime lending market. As home values in parts of the country have fallen, some borrowers behind on payments have found it harder to tap into their home equity to square away their debts.

Fed Chairman Ben Bernanke warned Thursday that the situation with subprime loans would grow worse before improving.

Declining issues outnumbered advancers by more than 3 to 1 Friday on the New York Stock Exchange, where consolidated volume came to 3.65 billion shares, up from 3.19 billion shares on Thursday.

The Russell 2000 index of smaller companies fell 15.41, or 1.81 percent, to 836.44.

In market action abroad, Japan's Nikkei stock average rose 0.23 percent. Britain's FTSE 100 fell 0.83 percent, Germany's DAX index fell 1.46 percent, and France's CAC-40 fell 1.79 percent.

The Dow Jones industrial average ended the week down 56.17, or 0.40, at 13,851.08. The Standard & Poor's 500 index finished down 18.40, or 1.19 percent, at 1,534.10. The Nasdaq composite index ended down 19.40, or 0.72 percent, at 2,687.60.

The Russell 2000 index finished the week down 19.33, or 2.26 percent, at 836.44.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 15,506.48, down 194.47 for the week. A year ago, the index was at 12,520.43.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

http://www.smh.com.au/news/Business...on-Wall-St-fall/2007/07/22/1185042934834.html

Stocks set to open lower on Wall St fall
July 22, 2007 - 5:19PM

The Australian share market is expected to open lower on Monday following sharp losses on Wall Street spurred by disappointing company profit results and growing concerns about subprime mortgages.

Local investors will be bracing for the latest quarterly inflation data, released on Wednesday, which will be a crucial influence on the direction of interest rates.

They will also be watching the local hedge fund industry amid concerns more players could meet the fate of Basis Capital.

One of the Australian group's $1 billion hedge funds has been brought to the brink of collapse by its exposure to the US subprime mortgage crisis.

"Australian investors will have to assess the likelihood of a domino effect emerging with confirmation that further local hedge funds may have an imprudent exposure to low quality US credit," MFS chief investment officer Guy Hutchings said.

Mr Hutchings thinks the benchmark ASX200 index will fall about 40 points on Monday, mirroring the fall on US markets.

The Dow Jones industrial average tumbled 149.33 points, or 1.07 per cent, on Friday to 13,851.08.

US bellwether stock Caterpillar's quarterly earnings fell on declining sales of construction equipment, indicating further weakness in the US housing market, and internet giant Google was hurt by increased operating costs.

US federal reserve chairman Ben Bernanke poured more fuel on the subprime fire last week, estimating losses from the troubled sector, which has already knocked over two Bear Stearns hedge funds, could be as much as $A140 billion.

Housing affordability and rising arrears are also emerging as problems in some parts of Australia, particularly on the outskirts of Sydney.

Any rise in interest rates would exacerbate the problem, but inflation results released this week are expected to be relatively benign.

The June quarter consumer price index (CPI) will be released on Wednesday, while the quarterly producer price index will come out on Monday.

AMP Capital Investors chief economist Shane Oliver expects year-on-year inflation to fall back to 1.8 per cent after the banana and petrol price surge from last year is no longer included in calculations, and a strong Australian dollar pulls down the price of imported goods.

"However, the key will be what happens to the underlying measures of inflation," Dr Oliver said.

He expects underlying year-on-year inflation to be about 2.7 per cent.

"This is probably not strong enough to warrant a move on interest rates, but anything stronger could prompt RBA concern.

"After two quarters of inflation surprising on the downside, the risk is probably on the upside."

Commsec is predicting a year-on-year inflation rate of about 1.9 per cent, which it said is a seven and a half year low.

Notable companies reporting earnings this week include industrial conglomerate Alesco, which reports its full-year earnings, and Energy Resources Australia, which issues its half-year result.

Quarterly production reports are due from BHP Billiton, Oil Search, Santos, Newcrest Mining, Lihir Gold and Santos.

 

[bigdog]

The NYSE DOW closed HIGHER by 92 points on Monday July 23:

Sym Last....... ........Change..........
Dow 13,943.42 Up 92.34 (0.67%)
Nasdaq 2,690.58 Up 2.98 (0.11%)
S&P 500 1,541.57 Up 7.47 (0.49%)
10-Yr Bond 4.9640% Up 0.0080
NYSE Volume 3,102,701,000
Nasdaq Volume 2,123,171,000

Overseas
Japan's Nikkei stock average rose 0.01 percent, while Hong Kong's Heng Seng Index rose 0.32 percent and the often-volatile Shanghai Composite Index rose 3.81 percent.

Britain's FTSE 100 rose 0.60 percent, Germany's DAX index rose 0.88 percent, and France's CAC-40 advanced 0.87 percent.

http://biz.yahoo.com/ap/070723/wall_street.html?.v=43
Stocks Up on Buyout News, Merck Earnings
Monday July 23, 5:16 pm ET
By Tim Paradis, AP Business Writer
Stocks Rebound Following Buyout News, Strong Earnings From Merck

NEW YORK (AP) -- Stocks rebounded Monday after a fresh round of buyout news offered evidence that Wall Street's penchant for dealmaking hasn't disappeared.

Better-than-expected profit news from Merck & Co. also boosted the mood on Wall Street, helping it partially recover from a steep sell-off Friday that was triggered by some weak earnings reports and worries about souring subprime loans.

The stock market pushed those concerns aside Monday after Transocean Inc., the world's largest offshore drilling contractor, and rival GlobalSantaFe Corp. said they agreed to merge. The combined company will have a market value of about $53 billion.

In addition, equipment rental company United Rentals Inc. agreed to be taken private by affiliates of Cerberus Capital Management LP for about $4 billion in cash, while British bank Barclays PLC said it would raise its offer for ABN Amro Holding NV to $93.2 billion to fight a rival bid.

The turnaround from Friday's retrenchment demonstrates the market's resiliency, but also raises questions of whether the short-lived nature of most of this year's pullbacks means stocks are rising on a rickety foundation, said Ted Aronson, a partner at Aronson Johnson Ortiz in Philadelphia. Like many investors, he sees retreats as a healthful break for ascendent markets.

"We had a correction for a day. It's amazing. I think the market has gone too far, too fast. With that said, there is no doubt that the market is just amazingly strong," Aronson said.

The Dow Jones industrial average rose 92.34, or 0.67 percent, to 13,943.42, thanks in large part to a 6.75 percent rise in Merck's shares. At times during the session, the Dow was up more than 100 points.

Broader stock indicators also advanced. The Standard & Poor's 500 index rose 7.46, or 0.49 percent, to 1,541.56. The technology-heavy Nasdaq composite index showed more modest gains, rising 2.98, or 0.11 percent, to 2,690.58.

Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.96 percent from 4.95 percent late Friday. Bond prices move opposite yields. The dollar was mixed against other major currencies after hitting a new record low against the euro and a new 26-year low against the British pound. Gold prices fell.

Light, sweet crude fell 90 cents to $74.89 per barrel on the New York Mercantile Exchange on suggestions that OPEC may increase its output.

The resumption of the market's climb comes on a day absent any major economic news and appeared to at least temporarily quiet some concerns that a souring of subprime loans, those made to borrowers with poor credit, will upend the market's advance. Uneasiness over bad loans and a resulting tightening of credit standards could stanch the huge flow of capital that has enabled much of the market-advancing buyout activity in recent years.

"All markets have risk. It's almost as if the market says there's no risk," Aronson said, citing his concerns about subprime loans. "Long-term I'm optimistic but it's one thing to be optimistic and it's another thing to believe in the tooth fairy."

But Wall Street applauded Monday's buyout news, because corporate tie-ups tend to signal that companies are bullish about the economy.

The Transocean/GlobalSantaFe combination also reflects strong demand as energy companies can afford to spend more on difficult-to-extract supplies. Oil prices touched nearly one-year highs last week. Under the terms of the deal, Transocean shareholders will receive $33.03 and 0.6996 shares of the combined company for each share of Transocean they own, and shareholders of GlobalSantaFe will receive $22.46 and 0.4757 shares of the company for each share of GlobalSantaFe they own.

Transocean rose $5.99, or 5.5 percent, to $115.96, while GlobalSantaFe rose $3.59, or 4.8 percent, to $78.33.

The United Rentals deal, for $34.50 per share, represents a 7 percent premium over United's closing price Friday. It is also a 25 percent premium to the stock's closing price of $27.55 on April 10, the day the company said it was exploring strategic options. In Monday's trading, United Rentals rose 61 cents to $32.98.

While the merger news helped convince Wall Street that stocks have further room to run even after hitting fresh highs last week, earnings news again commanded some attention.

Merck reported a 12 percent increase in its second-quarter earnings. Merck, the best performer Monday among the 30 stocks that comprise the Dow, rose $3.31 to $52.33.

American Express Co., which like Merck is a Dow component, reported a stronger-than-expected second-quarter profit. The credit card issuer ended the regular session up 15 cents at $64.66 but slipped in after-hours trading as revenue fell short of Wall Street's forecast.

On Friday, lackluster profit reports from Caterpillar Inc. and Google Inc. raised concerns about the overall strength of corporate earnings, and were in part responsible for a nearly 150-point drop in the Dow.

The drop capped a losing week for the Dow after three weeks of gains. Last Thursday, the Dow managed to finish above 14,000 for the first time and the Standard & Poor's 500 index also logged a record close.

Declining issues outnumbered advancers by about 8 to 7 on the New York Stock Exchange, where volume came to 1.52 billion shares.

The Russell 2000 index of smaller companies fell 0.82, or 0.10 percent, to 835.62.

Overseas, Japan's Nikkei stock average rose 0.01 percent, while Hong Kong's Heng Seng Index rose 0.32 percent and the often-volatile Shanghai Composite Index rose 3.81 percent. Britain's FTSE 100 rose 0.60 percent, Germany's DAX index rose 0.88 percent, and France's CAC-40 advanced 0.87 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed LOWER by 226 points on Tuesday July 24:

Sym Last....... ........Change..........
Dow 13,716.95 Down 226.47 (1.62%)
Nasdaq 2,639.86 Down 50.72 (1.89%)
S&P 500 1,511.04 Down 30.53 (1.98%)
10-Yr Bond 4.9440% Down 0.0200
NYSE Volume 4,115,828,000
Nasdaq Volume 2,593,370,000

Overseas
Japan's Nikkei stock average fell 0.21 percent. Britain's FTSE 100 dropped 1.90 percent, Germany's DAX index fell 1.73 percent, and France's CAC-40 fell 1.69 percent.

http://biz.yahoo.com/ap/070724/wall_street.html?.v=49
Stocks Retreat on Earnings; Dow Sinks
Tuesday July 24, 5:36 pm ET
By Lauren Villagran, AP Business Writer
Wall Street Retreats Amid Disappointing Earnings Reports, Subprime Concerns

NEW YORK (AP) -- Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and rising concerns about the mortgage market. The Dow Jones industrials fell more than 200 points.

DuPont Co. was the Dow's biggest loser after the chemical maker reported flat second-quarter profit, as improving sales abroad balanced the ongoing weakness in the U.S. housing and automotive markets. Fellow Dow component American Express Co. said late Monday its quarterly profit climbed 12 percent on record card member spending. However, the nation's third-largest credit card brand said cardholders are also shirking more payments.

Tuesday's retreat was not surprising, given that the market's recent move into record territory above 14,000 came before companies began reporting quarterly results in earnest. Many investors bet that results would be better than has been the case. A profit warning from mortgage lender Countrywide Financial Corp. Tuesday also reminded investors that troubles in the subprime market persist.

The Dow gave up 226.47, or 1.62 percent, closing at 13,716.95. The drop was the average's biggest since March 13, when the Dow tumbled 242 points, also amid concerns that the subprime woes could infect the broader lending industry.

Twenty-nine of the 30 Dow components fell; only Verizon Communications Inc. notched a modest gain.

Other major stock indicators also suffered steep declines. The Standard & Poor's 500 index shed 30.53, or 1.98 percent, to 1,511.04. The Nasdaq composite index lost 50.72, or 1.89 percent,closing at 2,639.86.

Declining issues outnumbered advancers by nearly 10 to 1 on the New York Stock Exchange, where consolidated volume came to a heavy 4.06 billion shares, compared with 3.09 billion shares on Monday.

Following the Dow's move last week over 14,000 for the first time, it "seems logically like the market needs to have some profit-taking," said Joe Ranieri, managing director of U.S. equity trading at Canaccord Adams.

The stock market will likely be driven again by company earnings reports over the next two weeks, he said, as investors try to get a sense of how well corporate profits will hold up in the second half of the year.

Tuesday's decline kept up a pattern of back-and-forth finishes. For the sixth straight session, the market has risen one day and fallen the next.

The shifts may have seemed sharp at times. But Todd Leone, managing director of equity trading at Cowen & Co. noted that, as a percentage of the whole, 100-point swings in the Dow don't register the way they used to, when the index traded at less than 10,000.

"I think we're in a range here," he said. "The market doesn't know what it's looking for."

A steady flow of lackluster earnings reports dictated the glum mood on Wall Street Tuesday.

DuPont and American Express both sank after their earnings reports. DuPont tumbled $3.36, or 6.3 percent, to $49.90, while American Express dropped $3.49, or 5.4 percent, to $61.17.

McDonald's Corp., the world's largest restaurant chain, posted a loss after taking a charge for the sale of its Latin American outlets. Excluding that charge, it reported earnings per share that matched Wall Street expectations. The Dow stock fell 95 cents to $51.55.

Dow component AT&T reported a 61 percent increase in second-quarter earnings, lifted primarily by its buyout of BellSouth Corp. At the same time, the telecommunications company reported fewer activations of Apple Inc.'s iPhone than analysts expected when the much-touted device debuted just before the quarter's end.

AT&T shares fell 35 cents to $39.68, while Apple's stock dropped $8.81, or 6.1 percent, to $134.89. Apple is scheduled to report quarterly results on Wednesday.

In what is perhaps a signal to Wall Street of more woes to come in the mortgage lending market, Countrywide Financial posted sharply lower second-quarter profit and slashed its earnings forecast as mortgage banking earnings were cut in half. Its shares declined $3.56, or 10.5 percent, to $30.50.

The largest U.S. mortgage lender is used as one of the barometers of the housing industry, which has continued to slump amid delinquencies and defaults in subprime loans, or those made to borrowers with weak credit.

The troubles among subprime mortgage lenders have periodically rattled Wall Street this year, leading to sudden plunges as investors feared that the sector's problems would spread to other parts of the economy. The market has generally recovered in a short period of time, but as Tuesday's trading showed, it remains vulnerable to any bad news about mortgages or housing.

Investors received some positive earnings news after the market close: Amazon.com Inc. said second-quarter profit more than tripled on robust online sales of books, music and electronics. The stock ended the regular session down $2.49, or 3.5 percent, at $69.25, then jumped in after-hours electronic trading.

Meanwhile, oil prices receded further from last week's 11-month highs. Light, sweet crude gave up $1.33 to end at $73.56 on the Nymex. Gasoline futures fell.

The Russell 2000 index of smaller companies dipped 23.76, or 2.84 percent, to 811.86.

Overseas, Japan's Nikkei stock average fell 0.21 percent. Britain's FTSE 100 dropped 1.90 percent, Germany's DAX index fell 1.73 percent, and France's CAC-40 fell 1.69 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 68 points on Wednesday July 25:

Sym Last....... ........Change..........
Dow 13,785.07 Up 68.12 (0.50%)
Nasdaq 2,648.17 Up 8.31 (0.31%)
S&P 500 1,518.09 Up 7.05 (0.47%)
10-Yr Bond 4.9040% Down 0.0400
NYSE Volume 4,283,198,000
Nasdaq Volume 2,586,997,000

Overseas
Japan's Nikkei stock average fell 0.80 percent. Britain's FTSE 100 slid 0.68 percent, Germany's DAX index lost 1.46 percent, and France's CAC-40 declined 1.19 percent.

http://biz.yahoo.com/ap/070725/wall_street.html?.v=41
Stocks Gain but Lending Woes Remain
Wednesday July 25, 5:36 pm ET
By Madlen Read, AP Business Writer
Wall Street Claws Back on Deals, Positive Profit Reports

NEW YORK (AP) -- Wall Street rose Wednesday on some strong earnings and new deals, but not without a struggle, as mounting signs of a tougher lending climate again dogged investors.

The stock market, coming off Tuesday's 226-point tumble in the Dow Jones industrial average, seesawed throughout Wednesday's session. Ultimately, it drew confidence from better-than-expected quarterly profits at Web retailer Amazon.com Inc. and plane manufacturer Boeing Co., and acquisitions involving German engineering company Siemens AG and drug maker Merck & Co.

Still, some investors worry that deteriorating lending conditions will cork this year's heavy stream of dealmaking. Buyouts usually involve taking on debt, and Wednesday, the banks raising funds for the turnaround of Chrysler Group had to postpone a $12 billion debt offer after investors balked at the deal's terms, according to people familiar with the situation who were not authorized to speak publicly.

Meanwhile, the National Association of Realtors on Wednesday confirmed that the housing market is far from recovery when it reported that sales of existing homes dropped 3.8 percent in June to the slowest rate in more than 4 years. The figure was worse than analysts expected, and followed data from the Mortgage Bankers Association showing mortgage applications fell for the first time in four weeks to a five-month low.

Wall Street, now at the peak of second-quarter earnings season, has been extremely volatile lately. For seven straight sessions, the market has risen one day, fallen the next, then risen again. Over that span, the Dow has lost 165.91 points, or 1.2 percent.

The market will likely remain rocky as investors try to assess whether problems related to home lending will hurt the broader economy.

"It's an open-ended unknown, and that's the problem," said Richard E. Cripps, chief market strategist for St. Louis-based broker Stifel Nicolaus.

The Dow rose 68.12, or 0.50 percent, to 13,785.07, after trading up more than 100 points and down more than 40.

Broader stock indicators also rose in shaky trading. The Standard & Poor's 500 index climbed 7.05, or 0.47 percent, to 1,518.09, and the Nasdaq composite index advanced 8.31, or 0.31 percent, to 2,648.17.

Despite the gains in the major indexes, declining issues outnumbered advancers by about 10 to 7 on the New York Stock Exchange. Consolidated volume came to a heavy 4.14 billion shares, up from 4.06 billion Wednesday.

Treasury bonds rose after the weak housing data prompted investors to buy safe government assets. As bond prices rose, the benchmark 10-year Treasury note's yield decreased to 4.90 percent from 4.95 percent late Tuesday.

Falling home prices have made it harder for some homeowners to refinance their homes, leading to more payment defaults and delinquencies. Home prices are likely to keep weakening, with values still unjustifiably high in many parts of the country, said Rob Lutts, chief investment officer at Cabot Money Management.

"Does that mean that the stock market becomes totally unhinged? I don't think so. This is one factor," Lutts said. Still, he said, the housing market downturn could easily cause a 5 percent to 10 percent correction on Wall Street.

The dollar rose against other major currencies, while gold prices fell.

Light, sweet crude for September delivery shot up $2.32 to $75.88 a barrel on the New York Mercantile Exchange, bouncing back from two straight days of steep declines after the U.S. government Wednesday said crude oil supplies fell last week.

Despite concerns about waning demand for debt, the acquisitions keep coming.

"Corporate balance sheets are very healthy. They're the healthiest they've been in 15, 20 years. I don't see that changing," Lutts said.

Siemens AG, which posted a 54 percent rise in quarterly earnings, said it will sell its VDO auto parts unit to Germany's Continental AG in a $15.67 billion deal and buy diagnostics company Dade Behring Inc. for $7 billion.

Dade Behring jumped $18.17, or 32.5 percent, to $74.08, and Siemens' U.S. shares fell $7.86, or 5.4 percent, to $136.70.

Meanwhile, Merck agreed to buy NovaCardia Inc., a clinical-stage pharmaceutical company with a promising heart disease drug, for $350 million, and said it will update its 2007 earnings forecast when the deal closes.

Merck, one of the 30 Dow companies, advanced $1.66, or 3.2 percent, to $53.38.

Though a few major companies' second-quarter earnings have disappointed investors over the past couple weeks, they got some good earnings news Wednesday.

Boeing, the biggest gainer in the Dow, rose $3.43, or 3.3 percent, to $107.23, after posting a $1.1 billion profit in the second quarter, up from a year-ago loss, and hiking its profit forecast.

Amazon.com surged $16.93, or 24.5 percent, to $86.18, after the Web retailer said its second-quarter profit more than tripled on strong sales of books, music and electronics worldwide.

The Russell 2000 index of smaller companies rose 0.64, or 0.08 percent, to 812.50.

Overseas, Japan's Nikkei stock average fell 0.80 percent. Britain's FTSE 100 slid 0.68 percent, Germany's DAX index lost 1.46 percent, and France's CAC-40 declined 1.19 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed LOWER by 311 points on Thursday July 26:

Sym Last....... ........Change..........
Dow 13,473.57 Down 311.50 (2.26%)
Nasdaq 2,599.34 Down 48.83 (1.84%)
S&P 500 1,482.66 Down 35.43 (2.33%)
10-Yr Bond 4.7770% Down 0.1270
NYSE Volume 1,532,066,000
Nasdaq Volume 3,501,757,000

In Europe, Britain's FTSE 100 closed down 3.15 percent, Germany's DAX index dropped 2.39 percent, and France's CAC-40 fell 2.78 percent.

Markets were closed in Asia before the rout got under way. Japan's Nikkei stock average closed up 0.88 percent and the Shanghai stock market composite added 0.52 percent to an all-time high.

http://biz.yahoo.com/ap/070726/wall_street.html?.v=91
Stocks Plunge; Dow Down More Than 300
Thursday July 26, 5:44 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks Plunge on Lending Worries, Dow Industrials Plunge More Than 300 Points

NEW YORK (AP) -- Wall Street suffered one of its worst losses of 2007 Thursday, leading a global stock market plunge as investors succumbed to months of worry about the mortgage and corporate lending markets. The Dow Jones industrials closed down more than 310 points after earlier skidding nearly 450.

Investors who had been able for months to largely shrug off discomfort about subprime mortgage problems and a more difficult environment for corporate borrowing finally decided it was time to sell after the Commerce Department issued another disappointing home sales report.

Feeding the plunge were concerns that higher corporate borrowing costs will curb the rapid pace of takeovers that had driven stocks higher this year. Investors also feared the sluggish environment for home sales and continued defaults in subprime loans would spur debt defaults and weigh on corporate earnings.

While stocks plummeted, investors poured money into the safe haven of the bond market. The soaring price of Treasurys pulled yields lower, and the rate on the 10-year note plunged to 4.79 percent from late Wednesday's 4.90 percent.

"Worries that have been out there for the past couple of years are coming to a head right now," said investment strategist Edward Yardeni, president of Yardeni Research Inc. "It's show time."

Thursday's trading was the latest and most extreme in a series of frenetic sessions over the past month -- many also accompanied by triple-digit swings in the Dow -- as investors sold on worries about the subprime fallout or bought on optimism that there wouldn't be any widespread problems caused by mortgage failures. Many analysts have described the back-and-forth trading as overwrought and based more on gut emotion than careful consideration of market and economic fundamentals.

That was the feeling again Thursday.

"The rally in bonds at this point looks a little bit overdone," said Tom Higgins, chief economist at Payden & Rygel Investment Management in Los Angeles. "If you're going to park money temporarily then cash I think is the way to be but I think that we're going to form a bottom. I think people are going to be legging it back into the market."

The Dow plunged 311.50 or 2.26 percent, to 13,473.57 after falling 449.77 in earlier trading. The close was its worst since the 416.02 it lost on Feb. 27, when a drop in the Shanghai stock market rattled world exchanges.

Broader market indicators also slid. The Nasdaq composite index tumbled 48.83, or 1.84 percent, to 2,599.34, while the Standard & Poor's 500 skidded 35.43, or 2.33 percent, to 1,482.66.

Before Thursday's big drop, the Dow had been up 10.61 percent for the year -- and that margin has now been cut to 8.11 percent. The S&P 500 was up 7.04 percent, and the market decline now puts it at a year-to-date gain of 4.54 percent; while the Nasdaq's 9.64 percent increase has been cut to 7.62 percent.

The declines triggered a global sell-off in stocks, causing minor losses in Europe to accelerate rapidly along with the Dow's drop. In Europe, Britain's FTSE 100 closed down 3.15 percent, Germany's DAX index dropped 2.39 percent, and France's CAC-40 fell 2.78 percent.

Markets were closed in Asia before the rout got under way. Japan's Nikkei stock average closed up 0.88 percent and the Shanghai stock market composite added 0.52 percent to an all-time high.

Wall Street also found more immediate reasons to sell during the session -- primarily the home sales figures from the Commerce Department, which further eroded confidence in the housing industry's ability to rebound.

The department reported that sales of new homes fell 6.6 percent last month to a seasonally adjusted annual rate of 834,000 units, more than triple what had been expected and the largest percentage drop since sales fell by 12.7 percent in January.

This boosted anxiety after quarterly results from home builders including Pulte Homes Inc. and D.R. Horton Inc. were squeezed by a sluggish environment from home sales and continued defaults in subprime loans.

"Wall Street continues to walk a wall of worry," said Ryan Larson, a senior equity trader at Voyageur Asset Management. "The housing market continues to be a story, and nobody knows when it will rebound. But, the real concerns are about credit and oil pushing higher."

Also stunting stocks was the Commerce Department's disappointing durable goods report. Though sales of big-ticket items increased by 1.4 percent last month to a seasonally adjusted $217.07 billion, durable goods excluding transportation equipment had an unexpected drop.

The Labor Department reported that jobless claims fell by 2,000 to 301,000 in the week ended July 21, slightly better than analysts' expectations.

Investors also reacted negatively as oil prices climbed to almost $77 per barrel during the session, stoking the market's worries about inflation. However, crude pared gains in the afternoon when a barrel of light sweet crude fell 93 cents to $74.95.

It all led to a frantic day for stock traders.

"It has been pretty volatile as of late, but now fears about a credit crunch are spreading more than they have in the past -- and that's causing this drop," said Matt Kelmon, portfolio manager of the Kelmoore Strategy Funds. "That's hurting the financials, and now energy companies are joining the party because oil is so high. They make up a large part of the S&P 500."

Wall Street, now at the peak of second-quarter earnings season, has been extremely volatile lately. On Thursday, declining issues beat advancers by a 14 to 1 basis on the New York Stock Exchange, where consolidated volume came to a record 5.84 billion shares, up from 4.14 billion on Wednesday.

Both NYSE Group Inc. and Nasdaq Stock Market Inc. reported that their electronic trading systems were functioning normally, and no problems had been reported.

Ford Motor Co. rose 12 cents to $8.09 after it reported cost-cutting and a turnaround in its core automotive operations pushed its second-quarter to a profit. The company had posted seven quarters of losses as it grappled with sluggish sales and a major overhaul of its operations.

The Nasdaq's losses weren't as steep as other major indexes during the session due to strength from Apple Inc., which surged $8.74, or 6.4 percent, to $146.00. The iPod and iPhone maker's earnings easily surpassed Wall Street projections late Wednesday due to strong sales from its computer offerings.

Home builders sank after several disappointing reports. D.R. Horton fell 32 cents to $17.16 after it posted a fiscal third-quarter loss on charges to write down the value of unsold inventory and deposits on land.

Pulte fell 63 cents, or 3.1 percent, to $20.04 after it posted a second-quarter loss amid the struggling housing market.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

There has been much action in pre-open trades this morning

Ave SP is this mornings average SP (value/volume)

Code Last Ave SP Volume .....Value
AWC $7.53 $7.79 2,451,000 19,098,500
BHP $37.30 $31.90 22,443,000 715,835,519
BLD $7.85 $8.25 160,000 1,320,000
BSL $11.70 $11.05 1,498,000 16,546,000
BXB $11.11 $12.15 5,714,000 69,406,750
FGL $6.10 $6.49 4,260,000 27,637,850
JBM $15.99 $16.49 1,544,000 25,462,000
LGL $3.13 $3.20 10,260,380 32,793,041
NCM $25.60 $23.81 1,879,000 44,742,000
ORI $29.40 $30.13 153,000 4,610,000
OSH $4.00 $3.72 8,074,126 30,034,187
OXR $3.80 $3.58 9,034,000 32,319,850
RIO $93.88 $91.34 4,039,504 368,968,722
STO $13.84 $11.98 8,364,000 100,177,000
TAH $16.55 $13.58 1,463,000 19,861,970
WOR $35.34 $31.17 6,000 187,000
WPL $44.44 $44.63 2,644,000 117,995,000
ZFX $19.69 $18.77 2,745,000 51,512,500

 

[bigdog]

The NYSE DOW closed LOWER by 208 points on Friday July 27:

Sym Last....... ........Change..........
Dow 13,265.47 Down 208.10 (1.54%)
Nasdaq 2,562.24 Down 37.10 (1.43%)
S&P 500 1,458.95 Down 23.71 (1.60%)
10-Yr Bond 4.7880% Up 0.0110
NYSE Volume 491,433,000
Nasdaq Volume 2,778,386,000

Most Asian markets fell Friday in reaction to the market plunge, while European markets -- which were open during part of the big U.S. drop Thursday -- showed more modest moves Friday. Japan's Nikkei stock average closed down 2.36 percent, while the often-volatile Shanghai composite eased lower by 0.03 percent. Britain's FTSE 100 fell 0.58 percent, Germany's DAX index dropped 0.76 percent, and France's CAC-40 fell 0.55 percent.

http://biz.yahoo.com/ap/070727/wall_street.html?.v=70
Wall Street Extends Slide; Dow Drops 200[/U]
Friday July 27, 6:42 pm ET
By Tim Paradis, AP Business Writer
Wall Street Extend Declines As Stronger-Than-Expected GDP Fails to Prop Up Market

NEW YORK (AP) -- Wall Street extended its steep decline Friday, propelling the Dow Jones industrials down more than 500 points over two days after investors gave in to mounting concerns that borrowing costs would climb for both companies and homeowners. It was the worst week for the Dow and the Standard & Poor's 500 index in five years.

Investors cast aside a stronger-than-expected read on the economy and maintained negative sentiment that dominated Thursday when the market shuddered amid worries over the U.S. mortgage and corporate lending markets. Investors globally took flight from equities, shifting cash into safer investments in Treasurys.

The pullback Thursday and Friday wiped out $526.1 million in shareholder wealth from the stocks in the Standard & Poor's 500 index.

Although the market has often rebounded after a steep drop -- and has done so in recent weeks -- investors appeared unable Friday to set aside their concerns about a weakening housing market and tightening credit.

A Commerce Department report that the U.S. gross domestic product rose at a better-than-expected pace in the second quarter appeared to do little to quell investors' unease Friday. GDP increased at a 3.4 percent annual rate, indicated that the drag from the housing sector lessened. Economists had expected an increase of 3.3 percent.

Although the GDP reading might have reassured investors that the economy was more than holding up even with soaring fuel prices, it could also raise the possibility that the Federal Reserve, ever vigilant about inflation, might put off a rate cut or even raise rates. Higher rates would exacerbate the market's intensifying concerns about credit.

"I think people are really cautious right now. We're seeing the convergence of a whole host of sort of unrelated or only slightly related issues," said Randy Frederick, director of derivatives at Charles Schwab & Co. He contends market volatility will remain as investors sort through issues such as the availability of credit for corporate buyouts, soured subprime mortgages and rising energy prices.

The Dow fell 208.10, or 1.54 percent, to 13,265.47, with nearly 140 points of that loss coming in the final half-hour of trading. For the week, the index fell more than 585 points, or 4.23 percent. The week's point decline was the worst in five years, while the percentage decline was the largest since late March 2003.

The Dow, which had seen back-and-forth sessions before the declines Thursday and Friday, only last week traded above 14,000 for the first time. The Dow's retrenchment puts it 756 points below its high from last week. That 5.4 percent decline puts it more than halfway toward the technical threshold of a correction, which is 10 percent.

Broader stock indicators also fell Friday. The S&P 500 ended down 23.71, or 1.60 percent, at 1,458.95. For the week, the S&P gave up 4.90 percent. It was the S&P's worst performance, in percentage terms, since the week ended July 19, 2002.

The Nasdaq composite index fell 37.10, or 1.43 percent, to 2,562.24. It was down 4.66 percent for the week, marking the index's worst run since the stock market had a pullback that began Feb. 27.

Small stocks took an especially devastating blow during the week, in part because the global economy is growing faster than that of the United States. Investors often regard profits at larger companies as more likely to hold up amid a U.S. slowdown because much of their business is drawn from overseas.

The Russell 2000 index of small-capitalization stocks fell 13.65, or 1.72 percent, to 777.83. For the week, the index dropped 7.01 percent, the most since September 2001.

Declining issues outnumbered advancers by more than 2 to 1 on the New York Stock Exchange, where consolidated volume came to a heavy 4.82 billion shares compared with a record 5.84 billion shares seen Thursday.

Bonds added to a huge advance logged Thursday as investors clearly sought the relative safety of Treasurys. The yield on the benchmark 10-year Treasury note fell to 4.77 percent from 4.79 percent late Thursday. The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude settled up $2.06 at $77.01 per barrel on the New York Mercantile Exchange, just a penny shy of the record close seen last summer.

Investors seemed little-moved by a stronger-than-expected consumer sentiment reading. The Reuters/University of Michigan index rose to 90.4 in July from 85.3 in June.

"I think we're going to have continued sideways movement with 100 point up-and-down days," said Frederick, referring to the Dow's back-and-forth movements.

"The 14,000 level is going to be tough for this market to get back above," Frederick said.

Still, he said investors shouldn't overreact to the moves, in part because of the gains stocks have logged this year. Before Thursday's decline, the Dow was up 10.6 percent for the year, while the S&P had gained 7.04 percent and the Nasdaq 9.64 percent.

"You look at a 300-point Dow day and it seems like a big day but from a percentage viewpoint it's not a big move," Frederick said.

The volatility that has taken up residence on Wall Street in recent days has perhaps exacerbated concerns of investors grown accustomed to the largely calm markets of recent years. The Chicago Board Options Exchange's volatility index, known as the VIX, and often referred to as the "fear index," jumped Thursday and rose again Friday to its highest level since April 2003.

"My basic belief is that we're in an environment where we're going from extremely low volatility toward normal -- from extremely low credit spreads and perception of risk toward normal," said Bart Geer, portfolio leader of the $3.9 billion Putnam Equity Income Fund.

"You can't have all bull markets all the time. Markets go up and go down. The reason you're well paid in equities is because they do. This is all part of the process."

There was little corporate earnings news for traders to mull over, with about half the Standard & Poor's 500 index already having posted results over the past few weeks. The biggest earnings news came from Chevron Corp., which reported second-quarter profit climbed 24 percent to surpass analyst estimates as the second largest U.S. oil company cashed in on higher gasoline prices. Chevron fell $2.26, or 2.6 percent, to $85.20.

Evidence that not all private-equity deals have screeched to a halt came as Lee Equity Partners LLC struck a deal to acquire retailer Deb Shops Inc. for about $391.1 million. Deb fell 17 cents to $26.51.

Also, medical device maker Medtronic Inc., seeking to expand its spinal products business, said it would acquire device maker Kyphon Inc. for $3.9 billion. Kyphon jumped $12.92, or 24 percent, to $66.60. The stock rose as high as $68.40, moving above its previous 52-week high of $57.10. Medtronic slipped 11 cents to $50.81.

Most Asian markets fell Friday in reaction to the market plunge, while European markets -- which were open during part of the big U.S. drop Thursday -- showed more modest moves Friday. Japan's Nikkei stock average closed down 2.36 percent, while the often-volatile Shanghai composite eased lower by 0.03 percent. Britain's FTSE 100 fell 0.58 percent, Germany's DAX index dropped 0.76 percent, and France's CAC-40 fell 0.55 percent.

The Dow Jones industrial average ended the week down 585.61, or 4.23 percent, at 13,265.47. The Standard & Poor's 500 index finished down 75.15, or 4.90 percent, at 1,458.95. The Nasdaq composite index ended down 125.36, or 4.66 percent, at 2,562.24.

The Russell 2000 index finished the week down 58.61, or 7.01 percent, at 777.83.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 14,710.78, down 795.70 for the week. A year ago, the index was at 12,634.11.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

[bigdog]

The NYSE DOW closed HIGHER by 92 points on Monday July 30:

Sym Last....... ........Change..........
Dow 13,358.31 Up 92.84 (0.70%)
Nasdaq 2,583.28 Up 21.04 (0.82%)
S&P 500 1,473.91 Up 14.96 (1.03%)
10-Yr Bond 4.8040% Up 0.0160
NYSE Volume 4,128,782,000
Nasdaq Volume 2,406,505,000

In Asian trading
Japan's Nikkei stock average rose 0.03 percent, Hong Kong's Hang Seng index rose 0.8 percent, and China's Shanghai Composite Index jumped 2.2 percent to a new record.

In European trading
Britain's FTSE 100 fell 0.15 percent, Germany's DAX index rose 0.06 percent, and France's CAC-40 rose 0.04 percent.

http://biz.yahoo.com/ap/070730/wall_street.html?.v=48
Stocks Close Higher After Pullback
Monday July 30, 5:12 pm ET
By Madlen Read, AP Business Writer
Dow Ends Up 93 As Stocks Push Higher, but Nervousness Remains After Last Week's Pullback

NEW YORK (AP) -- Wall Street found a foothold Monday as investors, still anxious that a credit crunch could crimp U.S. growth, took advantage of low prices after last week's steep losses. The Dow Jones industrial average surged more than 90 points.

Some solid earnings and takeover activity boosted the stock market, which was coming off the Dow's and the Standard & Poor's 500 index's biggest weekly drops in nearly five years. The Dow is still down about 4.8 percent from its July 19 record close of 14,000.41, having caved under worries about a shakier lending climate.

In a sign that aversion to corporate debt hasn't stanched dealmaking, industrial equipment manufacturer Ingersoll-Rand said it's selling its Bobcat earth-moving division and two other units to Korea's Doosan Infracore for $4.9 billion.

And despite rising defaults and delinquencies in mortgage lending, HSBC Holdings PLC, Europe's largest bank by market value, posted a 25 percent rise in first-half earnings. Also, General Motors Corp.'s GMAC Financial Services said second-quarter profit declined but that it expects its residential lending business to improve in the second half of the year.

The market initially wavered between positive and negative territory Monday, but then pushed higher in afternoon trading as investors re-entered the market to scoop up bargains.

"At this point, I'd call it a relief rally," said Henry Herrmann, chief executive officer at investment management firm Waddell & Reed. He noted that stock investors will stay focused on the credit markets for a while, especially as they receive more word on hedge funds' recent performance.

The Dow rose 92.84, or 0.70 percent, to 13,358.31, after falling by as much as 46 points during the session. On Thursday and Friday, the Dow plunged a total of 585 points.

Broader stock indicators also rose. The Standard & Poor's 500 index added 14.96, or 1.03 percent, to 1,473.91, and the Nasdaq composite index advanced 21.04, or 0.82 percent, to 2,583.28.

Bonds fell modestly as stocks gained, driving the 10-year Treasury note's yield up to 4.81 percent from 4.77 percent late Friday. A week ago, the 10-year note's yield was at 4.95 percent, but has since sunk as investors sought safe assets during the stock market's plunge.

Market watchers say the market's credit-related jitters are far from assuaged, and that investors should expect high volatility to continue.

"The mythical investor vacillates between fear and greed," said Kim Caughey, equity research analyst at Fort Pitt Capital Group. She said she regards last week's plunge as an opportunity to buy, albeit selectively.

Morgan Stanley rose 24 cents to $64.61 after Standard & Poor's Ratings Services raised its rating on the investment bank, citing well-executed growth in the investment bank's core businesses. S&P also said structural improvements within Morgan Stanley leave it better positioned than its competitors to weather volatile market conditions that could continue amid concerns about subprime loans, those made to borrowers with poor credit.

Other financial stocks rebounded after being punished last week amid credit concerns. Merrill Lynch & Co. rose $1.45 to $76.71, while Bear Stearns Cos. advanced $4.07, or 3.3 percent, to $127.25. American Express Co. rose $1.59, or 2.7 percent, to $60.14.

In an indication that there is still demand for cheap, risky assets, Chicago-based hedge fund Citadel Investment Group LLC's said it is buying the credit portfolio of Sowood Capital. Sowood is a Boston-based hedge fund that has reportedly suffered sizable bond-related losses.

Ingersoll Rand rose $3.63, or 7.5 percent, to $51.77 on its decision to sell three of its units.

HSBC rose 1.4 percent in London trading after releasing its earnings.

General Motors Corp. rose $1.51, or 4.9 percent, to $32.61, after GMAC reported its financial results.

In other corporate news, RadioShack Corp. said second-quarter sales fell 15 percent compared with a year ago. The electronics retailer dropped $3.25, or 11.3 percent, to $25.55, although it swung to a second-quarter profit from a loss a year ago.

Verizon Communications Inc. posted a rise in second-quarter profit that met expectations, and said Verizon Wireless, its joint venture with Vodafone Group PLC, will buy Rural Cellular Corp. in a deal worth about $757 million.

Verizon, one of the 30 Dow components, fell 49 cents to $41.51. Rural Cellular jumped $10.95, or 34 percent, to $42.76.

High energy prices, which contribute to inflation, remain a concern for investors. Oil futures fell 19 cents to $76.83 a barrel on the New York Mercantile Exchange. On Friday, they finished a penny away from the record close of $77.03 reached July 14, 2006.

The dollar was mixed against other major currencies. Gold prices rose.

The Russell 2000 index of smaller companies rose 6.40, or 0.82 percent, to 784.23 -- back in positive territory for the year after turning negative Friday.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to 2.03 billion shares compared with a heavy 2.27 billion shares Friday.

In Asian trading, Japan's Nikkei stock average rose 0.03 percent, Hong Kong's Hang Seng index rose 0.8 percent, and China's Shanghai Composite Index jumped 2.2 percent to a new record.

In European trading, Britain's FTSE 100 fell 0.15 percent, Germany's DAX index rose 0.06 percent, and France's CAC-40 rose 0.04 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com