NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

The Standard & Poor's 500 index touched its highest point in more than four years Tuesday, helped by more talk that the European Central Bank may buy struggling countries' bonds. But a morning rally faded, and stocks ended lower.

The S&P 500 lost 4.96 points to close at 1,413.17, with bank stocks the only group to record a gain. Earlier in the day, the S&P climbed to 1,426, its highest since May 19, 2008.

Clark Yingst, chief market analyst at the securities firm Joseph Gunnar, said he thought traders were swayed by reports that the ECB may buy bonds to bring down the borrowing costs of Spain, Italy and other countries.

Yingst pointed to currency moves and bank stocks as evidence. JPMorgan Chase, Morgan Stanley and other companies with ties to Europe rose more than the overall market. The euro surged 1 percent to $1.246.

"It's very much a news- and rumor-driven market," Yingst said.

In other trading, the Dow Jones industrial average fell 68.06 points to 13,203.58, and the Nasdaq composite index lost 8.95 points to 3,067.26. Crude oil hit its highest price in three months, rising $1.32 to $97.58.

Sean Clark, chief investment officer at Clark Capital Management Group, an investment advisory firm, saw no major news driving the market. Trading volume has been light in recent days.

Clark said that part of the explanation for the stock market's steady climb this month is that money managers are afraid of missing out on the rally.

"A lot of fund managers have underperformed this year, and I think they're feeling pressure," he said. "There may have been some panic buying over the last couple of weeks."

The NYSE DOW closed LOWER ▼ -68.06 points or ▼ -0.51% Tuesday, 21 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,203.58 ▼ -68.06 ▼ -0.51%
Nasdaq____ 3,067.26 ▼ -8.95 ▼ -0.29%
S&P_500__ 1,413.17 ▼ -4.96 ▼ -0.35%
30_Yr_Bond 2.909 ▼ -0.02 ▼ -0.61%

NYSE Volume 3,283,156,000
Nasdaq Volume 1,585,651,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,857.52 ▲ 33.15 ▲ 0.57%
DAX_____ 7,089.32 ▲ 55.64 ▲ 0.79%
CAC_40__ 3,513.28 ▲ 32.70 ▲ 0.94%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,410.80 ▲ 18.90 ▲ 0.43%
Shanghai_Comp 2,118.27 ▲ 11.31 ▲ 0.54%
Taiwan_Weight 7,506.81 ▲ 74.90 ▲ 1.01%
Nikkei_225____ 9,156.92 ▼ -14.24 ▼ -0.16%
Hang_Seng____ 20,100.09 ▲ 53.93 ▼ -0.02%
Strait_Times___ 3,065.77 ▲ 3.66 ▲ 0.12%
NZX 50 Index__ 3,687.74 ▲ 26.65 ▲ 0.73%

http://finance.yahoo.com/news/p-touches-highest-level-since-201236037.html

S&P touches highest level since 2008, then falls

S&P hits highest point since May 2008, then falls; Facebook sinks again

By Matthew Craft

The Standard & Poor's 500 index touched its highest point in more than four years Tuesday, helped by more talk that the European Central Bank may buy struggling countries' bonds. But a morning rally faded, and stocks ended lower.

The S&P 500 lost 4.96 points to close at 1,413.17, with bank stocks the only group to record a gain. Earlier in the day, the S&P climbed to 1,426, its highest since May 19, 2008.

Clark Yingst, chief market analyst at the securities firm Joseph Gunnar, said he thought traders were swayed by reports that the ECB may buy bonds to bring down the borrowing costs of Spain, Italy and other countries.

Yingst pointed to currency moves and bank stocks as evidence. JPMorgan Chase, Morgan Stanley and other companies with ties to Europe rose more than the overall market. The euro surged 1 percent to $1.246.

"It's very much a news- and rumor-driven market," Yingst said.

In other trading, the Dow Jones industrial average fell 68.06 points to 13,203.58, and the Nasdaq composite index lost 8.95 points to 3,067.26. Crude oil hit its highest price in three months, rising $1.32 to $97.58.

Sean Clark, chief investment officer at Clark Capital Management Group, an investment advisory firm, saw no major news driving the market. Trading volume has been light in recent days.

Clark said that part of the explanation for the stock market's steady climb this month is that money managers are afraid of missing out on the rally.

"A lot of fund managers have underperformed this year, and I think they're feeling pressure," he said. "There may have been some panic buying over the last couple of weeks."

Facebook's stock lost 85 cents to $19.16 after one of its earliest backers, venture capitalist Peter Thiel, sold the bulk of his stake in the social network. Last week was the first time some insiders could sell their shares. Facebook went public in May at twice the current price, $38.

Major European markets edged up amid hints of progress in calming the debt crisis there. Spain managed to raise $5.4 billion from bond investors at sharply lower interest rates than at the last auction.

Germany's DAX gained 0.8 percent, and France's CAC-40 rose 0.9 percent.

Markets have been calm this month. Monday was one of the quietest days of the year, with 2.7 billion shares traded on the New York Stock Exchange. Tuesday was heavier, 3.2 billion shares, but still below this year's average of 3.8 billion.

Among other stocks making moves:

”” Urban Outfitters jumped 18 percent. The clothing retailer reported earnings late Monday that beat analysts' forecasts, thanks to stronger sales. The stock surged $5.70 to $36.98.

”” Best Buy fell 1 percent. The country's largest consumer electronics retailer reported a 90 percent drop in net income during the second quarter, dragged down by restructuring charges and weak sales. The chain is waging a public fight with its co-founder Richard Schulze, who wants to take the company private. Best Buy's stock dropped 25 cents to $17.91 and has lost 12 percent this week.

”” Barnes & Noble posted a smaller quarterly loss, helped by sales and e-books and surging sales of the "Fifty Shades of Grey" book. The largest traditional bookstore chain still fell 46 cents to $11.88.

 

[bigdog]

Source: http://finance.yahoo.com

Investors drew some comfort Wednesday from signals that the Federal Reserve is worried about the slow pace of the U.S. economic recovery feels more urgency about providing help.

Stocks climbed back from lows after minutes from the last major Fed meeting were released. The Standard & Poor's 500 index, down most of the day, eked out a gain of 0.32 point to 1,413.49.

The Dow Jones industrial average closed down 30.82 at 13,172.76. It was down as much as 83 points earlier. The Nasdaq composite index added 6.41 points to 3,073.67.

The price of gold rose, as it sometimes does when investors think the Fed is about to pump money into the economy. Gold climbed $14 an ounce to $1,657, its highest level since early May, in trading after the day's official close.

When investors expect stimulus from the Fed, they sometimes buy gold in anticipation of a weaker dollar or because of inflation fears.

The minutes, from a meeting July 31 and Aug. 1, showed that "many members" of the Fed's Open Market Committee felt that additional action would be warranted unless the economic recovery shows "substantial and sustainable strengthening."

The minutes also showed that many officials favored pushing any increase in short-term interest rates beyond the Fed's current target of late 2014. Many economists think the target will be pushed to mid-2015.

Doug Cote, chief market strategist at ING Investment Management, wondered why the Fed needed to act. He said major economic data recently, including on jobs and consumer spending, have showed the recovery picking up.

"Why do an extraordinary form of stimulus in a moderately recovering economy?" he said.

The NYSE DOW closed LOWER ▼ -30.82 points or ▼ -0.23% Wednesday, 22 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,172.76 ▼ -30.82 ▼ -0.23%
Nasdaq____ 3,073.67 ▲ 6.41 ▲ 0.21%
S&P_500__ 1,413.49 ▲ 0.32 ▲ 0.02%
30_Yr_Bond 2.825 ▼ -0.08 ▼ -2.89%

NYSE Volume 3,057,732,500
Nasdaq Volume 1,460,783,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,774.20 ▼ -83.32 ▼ -1.42%
DAX_____ 7,017.75 ▼ -71.57 ▼ -1.01%
CAC_40__ 3,461.65 ▼ -51.63 ▼ -1.47%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,403.30 ▼ -7.50 ▼ -0.17%
Shanghai_Comp 2,107.71 ▼ -10.56 ▼ -0.50%
Taiwan_Weight 7,496.58 ▼ -10.23 ▼ -0.14%
Nikkei_225____ 9,131.74 ▼ -25.18 ▼ -0.27%
Hang_Seng____ 19,887.78 ▲ 53.93 ▼ -1.06%
Strait_Times___ 3,050.54 ▼ -15.23 ▼ -0.50%
NZX 50 Index__ 3,658.38 ▼ -29.36 ▼ -0.80%

http://finance.yahoo.com/news/stocks-climb-lows-fed-signals-203908566.html

Stocks climb from lows after Fed signals help

US stocks climb back from lows as Fed officials hint at action to help economy

By Pallavi Gogoi

Investors drew some comfort Wednesday from signals that the Federal Reserve is worried about the slow pace of the U.S. economic recovery feels more urgency about providing help.

Stocks climbed back from lows after minutes from the last major Fed meeting were released. The Standard & Poor's 500 index, down most of the day, eked out a gain of 0.32 point to 1,413.49.

The Dow Jones industrial average closed down 30.82 at 13,172.76. It was down as much as 83 points earlier. The Nasdaq composite index added 6.41 points to 3,073.67.

The price of gold rose, as it sometimes does when investors think the Fed is about to pump money into the economy. Gold climbed $14 an ounce to $1,657, its highest level since early May, in trading after the day's official close.

When investors expect stimulus from the Fed, they sometimes buy gold in anticipation of a weaker dollar or because of inflation fears.

The minutes, from a meeting July 31 and Aug. 1, showed that "many members" of the Fed's Open Market Committee felt that additional action would be warranted unless the economic recovery shows "substantial and sustainable strengthening."

The minutes also showed that many officials favored pushing any increase in short-term interest rates beyond the Fed's current target of late 2014. Many economists think the target will be pushed to mid-2015.

Doug Cote, chief market strategist at ING Investment Management, wondered why the Fed needed to act. He said major economic data recently, including on jobs and consumer spending, have showed the recovery picking up.

"Why do an extraordinary form of stimulus in a moderately recovering economy?" he said.

On Wednesday, the National Association of Realtors reported that Americans bought more homes in July than in June and prices rose, evidence of a recovering housing market. The 2.3 percent increase in sales from June was the first gain in three months.

But the rate of home sales, at 4.47 million annually, was below the pace of April and May and well below the rate of roughly 5.5 million that economists consider healthy.

"The economic numbers haven't been robust, but they've been better lately," said Stephen Carl, principal and head equity trader at investment bank The Williams Capital Group.

The dollar fell sharply against most major currencies after the Fed minutes came out. Additional bond purchases by the Fed could push interest rates lower and weaken the dollar.

The euro rose to $1.2530 in late trading from $1.2467 late Tuesday. The euro jumped as high as $1.2538 after the minutes were released, its highest against the dollar since July 5.

European markets fell. Eurozone leaders met with their counterparts from Greece, which has asked for more time to meet its debt reduction targets.

The delay could set up a confrontation with Germany, which has been growing impatient. Germany's key stock index, the DAX, fell 1 percent, and France's CAC 40 slipped 1.5 percent.

Earlier in the day, Asian markets closed down after Japan posted a trade deficit for July, reversing a year-ago surplus and adding to signs of a global economic slowdown.

Japan's Nikkei 225 index shed 0.3 percent, while South Korea's Kospi dropped 0.4 percent and mainland China's Shanghai Composite Index slid 0.5 percent.

Bond traders have become skittish about the Asian slowdown and the debt crisis in Europe. Investors returned to the haven of U.S. Treasurys, sending the yield on the benchmark 10-year down to 1.72 percent from 1.81 percent late Tuesday.

Riding an improving housing market, high-end homebuilder Toll Brothers reported 46 percent growth in its quarterly net income after delivering more homes at higher prices to its customers. Its stock rose $1.20, close to 4 percent, to $33.01.

Toll Brothers caters to the luxury sector, which has withstood the economic downturn better than others. Its target market includes households that making more than $100,000 a year, with better credit and more job security.

The Commerce Department reported last week that applications for building permits rose to their highest level since August 2008, which signals that construction companies are growing more confident about the housing landscape.

Other homebuilder stocks also made big gains: PulteGroup gained 50 cents, or close to 4 percent, at $13.29 and Lennar rose $1.17, or close to 4 percent, at $32.35.

Among other stocks making big moves Wednesday:

”” Dell slumped more than 5 percent and traded near a 52-week low. It was the worst-performing stock in the S&P 500. The computer maker said PC sales remained weak in its fiscal second quarter, and it forecast a disappointing third quarter and lowered its full-year profit forecast. Its stock slid 66 cents to $11.68.

”” Williams-Sonoma jumped close 12 percent after the kitchen and home store chain reported a 10 percent jump in profit. Its stock rose $4.45 to $42.68.

”” Fifth Third Bancorp's stock shot to a 52-week high after the Fed allowed the bank to raise its dividend and buy back more of its own stock. The Cincinnati regional bank's stock was up 3 percent to $14.81, a jump of 42 cents. The stock had reached $15.02 in morning trading, a high for the past year.

”” Discover Financial Services stock gained 4 percent, or $1.43, to $38.43 after announcing a partnership with PayPal. More than 7 million stores that take Discover cards will be able to process PayPal payments beginning next year.

 

[bigdog]

Source: http://finance.yahoo.com

Nobody ever said reading the Federal Reserve was easy.

On Wednesday, the Fed appeared to suggest it was closer to taking additional steps to help the U.S. economy. Stocks rallied as a result and finished the day well off their lows.

But the prospect of Fed help seemed much less certain Thursday, and stocks fell. The Dow Jones industrial average lost 115.30 points to close at 13,057.46 ”” the biggest loss in more than a month and the Dow's fourth straight down day.

James Bullard, president of the Fed's St. Louis bank, told CNBC that the minutes from the July 31-Aug. 1 meeting were "stale" because the economy had picked up since then. If it becomes "a bit stronger," he said, the Fed will hold off.

"He poured some water on the fire of the QE3 talk," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, using market slang for a Fed program of bond-buying to help the economy.

But another Fed regional official, Chicago president Charles Evans, told reporters in Beijing that he supports further action by the Fed, an apparent affirmation of the Fed minutes.

The government reported that claims for unemployment insurance rose last week, the second straight increase, which also hurt stocks. The Standard & Poor's 500 index fell 11.41 points to 1,402.08. The Nasdaq composite index fell 20.27 to 3,053.40.

The NYSE DOW closed LOWER ▼ -115.30 points or ▼ -0.88% Thursday, 23 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,057.46 ▼ -115.30 ▼ -0.88%
Nasdaq____ 3,053.40 ▼ -20.27 ▼ -0.66%
S&P_500__ 1,402.08 ▼ -11.41 ▼ -0.81%
30_Yr_Bond 2.780 ▼ -0.05 ▼ -1.59%

NYSE Volume 2,986,876,000
Nasdaq Volume 1,391,382,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,776.60 ▲ 2.40 ▲ 0.04%
DAX_____ 6,949.57 ▼ -68.18 ▼ -0.97%
CAC_40__ 3,432.56 ▼ -29.09 ▼ -0.84%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,411.80 ▲ 8.50 ▲ 0.19%
Shanghai_Comp 2,113.07 ▲ 5.36 ▲ 0.25%
Taiwan_Weight 7,505.17 ▲ 8.59 ▲ 0.11%
Nikkei_225____ 9,178.12 ▲ 46.38 ▲ 0.51%
Hang_Seng____ 20,132.24 ▲ 53.93 ▲ 1.23%
Strait_Times___ 3,059.52 ▲ 10.05 ▲ 0.33%
NZX 50 Index__ 3,663.34 ▲ 4.97 ▲ 0.14%

http://finance.yahoo.com/news/stocks-down-fed-moves-seem-160340932.html

Stocks down; Fed moves seem less like a sure thing

Stocks fall after official cautions that Fed action isn't a sure thing; HP, Big Lots down

By Christina Rexrode, AP Business Writer

Nobody ever said reading the Federal Reserve was easy.

On Wednesday, the Fed appeared to suggest it was closer to taking additional steps to help the U.S. economy. Stocks rallied as a result and finished the day well off their lows.

But the prospect of Fed help seemed much less certain Thursday, and stocks fell. The Dow Jones industrial average lost 115.30 points to close at 13,057.46 ”” the biggest loss in more than a month and the Dow's fourth straight down day.

James Bullard, president of the Fed's St. Louis bank, told CNBC that the minutes from the July 31-Aug. 1 meeting were "stale" because the economy had picked up since then. If it becomes "a bit stronger," he said, the Fed will hold off.

"He poured some water on the fire of the QE3 talk," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, using market slang for a Fed program of bond-buying to help the economy.

But another Fed regional official, Chicago president Charles Evans, told reporters in Beijing that he supports further action by the Fed, an apparent affirmation of the Fed minutes.

The government reported that claims for unemployment insurance rose last week, the second straight increase, which also hurt stocks. The Standard & Poor's 500 index fell 11.41 points to 1,402.08. The Nasdaq composite index fell 20.27 to 3,053.40.

Benchmark oil fell 99 cents to $96.27 per barrel in New York. Slower growth cuts demand for oil, so traders push the price down when they are nervous about the economy.

Manufacturing activity fell to a nine-month low in China, the world's second-largest economy after the United States. Some investors expect that the government there may have to step in more decisively to try to boost the economy.

"It's just a harsh reminder that the worldwide economy continues to disappoint," Detrick said.

Investors who yanked money out of stocks and oil put it in metals instead. The price of gold rose 2 percent, jumping $32.30 to $1,672.80 per ounce. Prices also rose for other metals. The euro hit a seven-week high against the dollar.

But overall, news was slow, typical for the market's traditional August lull.

The big events that could move the market lie ahead ”” Fed Chairman Ben Bernanke's speech in Wyoming later this month and a German court's ruling next month on whether the country can participate in a bailout for European countries.

German leaders, on the eve of a critical meeting with their Greek counterparts to discuss Greece's ongoing bailout, showed signs of the strain between the two countries.

Greece has asked for more time to put in place the spending reforms that Germany is requiring, but the German finance minister said Thursday that more time wouldn't solve Greece's problems.

"It's really more of the same," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tenn. "What Europe has done is told us they're going to do something. They haven't really told us what."

In U.S. stocks, Big Lots fared worst among S&P 500 companies. It fell nearly 21 percent, losing $8.08 to $30.76, after reporting a sharp drop in its quarterly profit and slashing its forecast for the rest of the year.

Hewlett-Packard lost $1.56, or more than 8 percent, to $17.64. The world's largest maker of printers and PCs reported weak quarterly results, took a huge charge to write down the value of a recent acquisition and offered a disappointing forecast.

Trading volume was light, just under 3 billion shares. The average this year is 3.8 billion.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market keeps getting tossed around by the Fed.

Stocks opened lower Friday but reversed course after a letter surfaced from Federal Reserve Chairman Ben Bernanke suggesting there was room for the central bank to do more to help the economy.

"There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery," Bernanke wrote to California Rep. Darrell Issa, a Republican, in a letter obtained by The Wall Street Journal.

The Dow Jones industrial average was down 30 points at its low but finished 100.51 points higher, at 13,157.97, its first gain all week. It was still the first losing week for the Dow since early July.

The Standard & Poor's 500 index rose 9.05 to 1,411.13 but also snapped a six-week winning streak. The Nasdaq composite index rose 16.39 to 3,069.79, ending five straight weeks of gains.

In a typically slow August, without much else to influence trading, investors have grasped for hints about what the Fed might do.

On Wednesday afternoon, investors pushed stocks higher after the Fed released meeting minutes that appeared to signal it was ready to take more action to prop up the economy.

On Thursday, stocks declined when a Fed regional bank president cast doubt on the idea, saying in an interview with CNBC that the economic recovery appeared to be gaining strength.

Then on Friday, Bernanke shook up the market again. His letter was in response to questions from Issa, the head of the House oversight committee, who had asked whether it was premature to consider additional steps.

The NYSE DOW closed HIGHER ▲ 100.51 points or ▲ 0.77% Friday, 24 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,157.97 ▲ 100.51 ▲ 0.77%
Nasdaq____ 3,069.79 ▲ 16.38 ▲ 0.54%
S&P_500__ 1,411.13 ▲ 9.05 ▲ 0.65%
30_Yr_Bond 2.792 ▲ 0.01 ▲ 0.43%

NYSE Volume 2,581,775,750
Nasdaq Volume 1,353,250,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,776.60 ▲ 0.00 ▲ 0.00%
DAX_____ 6,971.07 ▲ 21.50 ▲ 0.31%
CAC_40__ 3,433.21 ▲ 0.65 ▲ 0.02%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,376.50 ▼ -35.30 ▼ -0.80%
Shanghai_Comp 2,092.10 ▼ -20.97 ▼ -0.99%
Taiwan_Weight 7,477.53 ▼ -27.64 ▼ -0.37%
Nikkei_225____ 9,070.76 ▼ -107.36 ▼ -1.17%
Hang_Seng____ 19,880.03 ▲ 53.93 ▼ -1.25%
Strait_Times___ 3,050.49 ▼ -5.88 ▼ -0.19%
NZX 50 Index__ 3,622.59 ▼ -40.75 ▼ -1.11%

http://finance.yahoo.com/news/word-...1lZTJhLTExZTEtYWQ3ZS0xMjQ5N2E1ODhkNGY-;_ylv=3

A word from Bernanke turns stocks around

Stocks fall on weak economic report, then rise after Bernanke hints of more action from Fed

By Christina Rexrode

The stock market keeps getting tossed around by the Fed.

Stocks opened lower Friday but reversed course after a letter surfaced from Federal Reserve Chairman Ben Bernanke suggesting there was room for the central bank to do more to help the economy.

"There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery," Bernanke wrote to California Rep. Darrell Issa, a Republican, in a letter obtained by The Wall Street Journal.

The Dow Jones industrial average was down 30 points at its low but finished 100.51 points higher, at 13,157.97, its first gain all week. It was still the first losing week for the Dow since early July.

The Standard & Poor's 500 index rose 9.05 to 1,411.13 but also snapped a six-week winning streak. The Nasdaq composite index rose 16.39 to 3,069.79, ending five straight weeks of gains.

In a typically slow August, without much else to influence trading, investors have grasped for hints about what the Fed might do.

On Wednesday afternoon, investors pushed stocks higher after the Fed released meeting minutes that appeared to signal it was ready to take more action to prop up the economy.

On Thursday, stocks declined when a Fed regional bank president cast doubt on the idea, saying in an interview with CNBC that the economic recovery appeared to be gaining strength.

Then on Friday, Bernanke shook up the market again. His letter was in response to questions from Issa, the head of the House oversight committee, who had asked whether it was premature to consider additional steps.

The Fed has several options, including buying bonds, as it has done twice since the 2008 financial crisis, to try to lower interest rates and drive investors into the stock market.

Still, it's debatable how much future Fed action would help the market or the economy. On Friday, some analysts thought it strange that the market moved so decisively on just an inkling about what the Fed chairman might be thinking.

"What's new about what came out?" said Ann Miletti, senior portfolio manager at Wells Fargo Advantage Funds in Menomonee Falls, Wis. "I guess the markets are dependent on having some commentary about the macro economy every single day."

For the most part, the market has been hard to read this month. Without much news, trading volume has been low, and investors haven't had much conviction either way about the economy.

Of 18 trading days in August, only once has the Dow moved more than 1 percent. On five days, it has been virtually flat, moving less than one-tenth of a percentage point.

The turbulence likely lies ahead. The Fed's annual meeting in Jackson Hole, Wyo., is at the end of the month. German courts are set to decide next month whether the country can keep participating in bailouts for weaker European countries.

And the presidential election in November, which will help determine whether taxes go up and government spending is cut next year, could throw the markets into turmoil for weeks beforehand.

"People look forward to a lot of questions being answered in the months ahead," said Tony Fratto, a former aide to President George W. Bush and managing partner at Hamilton Place Strategies in Washington. "But they don't have answers today."

Economic reports that have trickled out this week have been mixed at best.

Europe, though quiet, still showed signs of tension Friday. Britain reported that its economy shrank in the second quarter, the latest confirmation that the country is still in recession.

The Greek prime minister met with his German and French counterparts to discuss Greece's bailout. Greek Prime Minister Antonis Samaras said Greece needs "time to breathe" while it implements spending cuts that Germany is demanding. German Chancellor Angela Merkel replied that Germany expects Greece to follow through with its commitments, "that deeds follow words."

Durable goods orders, reported by the Commerce Department, rose in July but fell after excluding gains from the volatile transportation category. Durable goods are an important measure of economic health because those orders show whether businesses are willing to spend to expand or improve.

Among U.S. stocks:

”” Software maker Autodesk skidded more than 15 percent, falling $5.58 to $30.13, after weaker-than-expected second-quarter results. The company is restructuring to shift to cloud and mobile computing, but it also blamed an "uneven" global economy.

”” Drugmaker Eli Lilly jumped more than 3 percent, rising $1.46 to $43.86, after reporting promising signs about a possible treatment for Alzheimer's disease.

”” The Madison Square Garden Co., which hosts shows and games at Madison Square Garden, Radio City Musical Hall and other venues, jumped nearly 3 percent, rising $1.16 to $41.41, after reporting that profits more than tripled in the fiscal fourth quarter. It was helped partly by more home playoff games over the quarter for the New York Rangers and the New York Knicks.

6805

 

[bigdog]

Source: http://finance.yahoo.com

The biggest story in the stock market Monday was Apple, but that wasn't saying much.

Stocks barely moved. Trading was light, even by the slumberous standards of August. Investors ”” those who weren't on vacation ”” killed time waiting for a speech by Federal Reserve Chairman Ben Bernanke later this week.

In the meantime, there wasn't much else to guide them. Apple was one of the only shreds of action in an otherwise dull market.

The stock shot to an all-time high of $680.87 and finished at $675.68, up $12.46, or 1.9 percent. Late Friday, a jury found that Samsung copied some of the features of the iPhone and iPad, and Samsung could be forced to take products off the shelves.

Apple's move wasn't the biggest on the stock market Monday. Best Buy, Hertz, Dollar Thrifty and other companies all moved by bigger percentages.

But the Nasdaq composite index and Standard & Poor's 500 index are weighted by stock market value, so the biggest companies are the most important. A small change in Apple can influence the market more than big swings by smaller companies.

Apple makes up more than 13 percent of the Nasdaq composite, and helped the index grasp a slight gain, rising 3.4 points to 3,073.19. It makes up 5 percent of the Standard & Poor's 500 index, which finished down 0.69 point to 1,410.44.

The Dow Jones industrial average, which does not include Apple, fell 33.30 points to 13,124.67.

Apple is the biggest company by stock market value in American history, worth $633 billion as of Monday. That's more than 100 times the value of Best Buy or Hertz, and about 260 times as much as Dollar Thrifty.

The NYSE DOW closed LOWER ▼ -33.30 points or ▼ -0.25% Monday, 27 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,124.67 ▼ -33.30 ▼ -0.25%
Nasdaq____ 3,073.19 ▲ 3.41 ▲ 0.11%
S&P_500__ 1,410.44 ▼ -0.69 ▼ -0.05%
30_Yr_Bond 2.757 ▼ -0.04 ▼ -1.25%

NYSE Volume 2,455,363,500
Nasdaq Volume 1,387,166,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,776.60 closed for holiday
DAX_____ 7,047.45 ▲ 76.38 ▲ 1.10%
CAC_40__ 3,462.83 ▲ 29.62 ▲ 0.86%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,372.90 ▼ -3.60 ▼ -0.08%
Shanghai_Comp 2,055.71 ▼ -36.40 ▼ -1.74%
Taiwan_Weight 7,468.22 ▼ -9.31 ▼ -0.12%
Nikkei_225____ 9,085.39 ▲ 14.63 ▲ 0.16%
Hang_Seng____ 19,798.67 ▲ 53.93 ▼ -0.41%
Strait_Times___ 3,044.49 ▼ -6.00 ▼ -0.20%
NZX 50 Index__ 3,623.23 ▲ 0.64 ▲ 0.02%

http://finance.yahoo.com/news/quiet-day-apple-rules-stock-192047915.html

On a quiet day, Apple rules the stock market

Investors wait for news from Fed; until then, Apple is the biggest story they can find

By Christina Rexrode, AP Business Writer

The biggest story in the stock market Monday was Apple, but that wasn't saying much.

Stocks barely moved. Trading was light, even by the slumberous standards of August. Investors ”” those who weren't on vacation ”” killed time waiting for a speech by Federal Reserve Chairman Ben Bernanke later this week.

In the meantime, there wasn't much else to guide them. Apple was one of the only shreds of action in an otherwise dull market.

The stock shot to an all-time high of $680.87 and finished at $675.68, up $12.46, or 1.9 percent. Late Friday, a jury found that Samsung copied some of the features of the iPhone and iPad, and Samsung could be forced to take products off the shelves.

Apple's move wasn't the biggest on the stock market Monday. Best Buy, Hertz, Dollar Thrifty and other companies all moved by bigger percentages.

But the Nasdaq composite index and Standard & Poor's 500 index are weighted by stock market value, so the biggest companies are the most important. A small change in Apple can influence the market more than big swings by smaller companies.

Apple makes up more than 13 percent of the Nasdaq composite, and helped the index grasp a slight gain, rising 3.4 points to 3,073.19. It makes up 5 percent of the Standard & Poor's 500 index, which finished down 0.69 point to 1,410.44.

The Dow Jones industrial average, which does not include Apple, fell 33.30 points to 13,124.67.

Apple is the biggest company by stock market value in American history, worth $633 billion as of Monday. That's more than 100 times the value of Best Buy or Hertz, and about 260 times as much as Dollar Thrifty.

Overall trading was subdued ”” just 2.4 billion shares. The only quieter day this year was July 3, a Tuesday that fell before a midweek Fourth of July.

"The market is kind of on hold until Jackson Hole," said Randall Warren, chief investment officer of Warren Financial Service in Exton, Pa., referring to the Wyoming resort town where Bernanke will speak. "Probably Apple is the only thing that's moving the market today. It's stunning how big they are."

Investors will scour Bernanke's remarks for clues about whether the Federal Reserve will buy more government bonds or take other action to try to speed up the economic recovery.

But some investors doubt there's much the Fed can do. The Fed's two previous rounds of bond-buying, launched in March 2009 and November 2010, were designed to lower interest rates, but short-term rates are already near zero.

"Who cares what the Fed's going to do?" said Steve Quirk, senior vice president of the trader group at TD Ameritrade in Chicago. "It's not effective anymore anyway."

Shares of Hertz and Dollar Thrifty jumped because Hertz announced it would buy its rival. Hertz shares rose 8.1 percent, or $1.06, to $14.21. Dollar Thrifty rose 7.5 percent, or $6.08, to $87.08.

Best Buy climbed 56 cents, or 3.2 percent, to $17.87 after announcing that its founder would be able to pursue his plans to buy the company and take it off the public stock market.

But mostly, trading was quiet. Out of 19 trading days this month, the Dow has moved more than 1 percent only once. On five days it has been virtually flat, moving less than one-tenth of a percentage point.

In Europe, the debt crisis trudged along, but with no real steps forward or back.

The head of Germany's central bank repeated his opposition to a bond-buying plan that could lower borrowing costs for countries like Spain and Italy but that would require Germany to foot most of the bill.

Germany's finance minister and economy minister weighed in over the weekend, saying they wouldn't give Greece more time to make the spending cuts that Germany has demanded.

But none of the comments came as a surprise, and bigger events lie ahead. German courts will decide next month whether Germany is constitutionally allowed to keep participating in bailouts.

 

[bigdog]

Source: http://finance.yahoo.com

Mixed economic data kept the stock market hovering near break-even Tuesday. One report on home prices looked encouraging, and another on consumer confidence was worrisome.

House prices increased in all major U.S. cities in June, according to the closely watched Standard & Poor's/Case-Shiller home-price index. The report was the latest sign that the housing market has been gaining strength.

"I thought it was terrific," said Phil Orlando, chief equity strategist at Federated Investors. "If you look at all of the key housing metrics over the past year ”” affordability, building permits, starts ”” all those numbers are pointing in the right direction."

The Dow Jones industrial average dropped 21.68 points to close at 13,102.99. Hewlett-Packard led the Dow down. HP's stock lost 31 cents to $16.90 and hit a new one-year low.

Crude oil crept above $96 a barrel as Hurricane Isaac picked up speed in the Gulf of Mexico, where roughly one-quarter of the country's oil is produced. Much of the region's production and refining activity has shut down. The National Hurricane Center forecast that Isaac would reach the coast of southeastern Louisiana late Tuesday.

In other trading, the Standard & Poor's 500 index slipped 1.14 points to 1,409.30, and the Nasdaq composite index gained 3.95 points to 3,077.14.

Trading was light again, typical for August vacation season. Over the past three days, fewer than 7.7 billion shares have been traded, the lowest three-day stretch since December 2011.

The indexes dipped in morning trading after the Conference Board said its consumer confidence index fell to its lowest point since November 2011. Economists had expected a much higher reading. The index was 60.6, down from 65.4 in July.

That unexpected drop bolsters the case for the Federal Reserve to take more steps to spur economic growth, said Chris Rupkey, chief financial economist at the Bank of Tokyo-Mitsubishi in New York, in a note to clients.

For economists and investors, the big event this week is Chairman Ben Bernanke's speech at an annual conference in Jackson Hole, Wyo. Traders will sift through his speech Friday for evidence the Fed is readying more support.

The NYSE DOW closed LOWER ▼ -21.68 points or ▼ -0.17% Tuesday, 28 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,102.99 ▼ -21.68 ▼ -0.17%
Nasdaq____ 3,077.14 ▲ 3.95 ▲ 0.13%
S&P_500__ 1,409.30 ▼ -1.14 ▼ -0.08%
30_Yr_Bond 2.743 ▼ -0.01 ▼ -0.51%

NYSE Volume 2,632,560,500
Nasdaq Volume 1,379,823,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,775.71 ▼ -0.89 ▼ -0.02%
DAX_____ 7,002.68 ▼ -44.77 ▼ -0.64%
CAC_40__ 3,431.55 ▼ -31.28 ▼ -0.90%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,387.00 ▲ 14.10 ▲ 0.32%
Shanghai_Comp 2,073.15 ▲ 17.45 ▲ 0.85%
Taiwan_Weight 7,361.94 ▼ -106.28 ▼ -1.42%
Nikkei_225____ 9,033.29 ▼ -52.10 ▼ -0.57%
Hang_Seng____ 19,811.80 ▲ 53.93 ▲ 0.07%
Strait_Times___ 3,040.07 ▼ -4.42 ▼ -0.15%
NZX 50 Index__ 3,629.05 ▲ 5.82 ▲ 0.16%

http://finance.yahoo.com/news/stocks-mixed-thin-trading-oil-200951777.html

Stocks mixed in thin trading; oil creeps over $96

US stocks end mixed; house prices rise while consumer confidence drops

By Matthew Craft, AP Business Writer

Mixed economic data kept the stock market hovering near break-even Tuesday. One report on home prices looked encouraging, and another on consumer confidence was worrisome.

House prices increased in all major U.S. cities in June, according to the closely watched Standard & Poor's/Case-Shiller home-price index. The report was the latest sign that the housing market has been gaining strength.

"I thought it was terrific," said Phil Orlando, chief equity strategist at Federated Investors. "If you look at all of the key housing metrics over the past year ”” affordability, building permits, starts ”” all those numbers are pointing in the right direction."

The Dow Jones industrial average dropped 21.68 points to close at 13,102.99. Hewlett-Packard led the Dow down. HP's stock lost 31 cents to $16.90 and hit a new one-year low.

Crude oil crept above $96 a barrel as Hurricane Isaac picked up speed in the Gulf of Mexico, where roughly one-quarter of the country's oil is produced. Much of the region's production and refining activity has shut down. The National Hurricane Center forecast that Isaac would reach the coast of southeastern Louisiana late Tuesday.

In other trading, the Standard & Poor's 500 index slipped 1.14 points to 1,409.30, and the Nasdaq composite index gained 3.95 points to 3,077.14.

Trading was light again, typical for August vacation season. Over the past three days, fewer than 7.7 billion shares have been traded, the lowest three-day stretch since December 2011.

The indexes dipped in morning trading after the Conference Board said its consumer confidence index fell to its lowest point since November 2011. Economists had expected a much higher reading. The index was 60.6, down from 65.4 in July.

That unexpected drop bolsters the case for the Federal Reserve to take more steps to spur economic growth, said Chris Rupkey, chief financial economist at the Bank of Tokyo-Mitsubishi in New York, in a note to clients.

For economists and investors, the big event this week is Chairman Ben Bernanke's speech at an annual conference in Jackson Hole, Wyo. Traders will sift through his speech Friday for evidence the Fed is readying more support.

Anyone hoping to hear Bernanke make a strong case for a third round of bond-buying, known as quantitative easing or QE3, is likely to wind up disappointed, said Russ Koesterich, global chief investment strategist for BlackRock's iShares group. "I don't think those investors are going to find what they're looking for."

Recent reports draw a picture of an economy that's just plodding along, he said. It's hardly in perfect health, but it's not so weak that the Fed will be forced into action at the end of its next meeting on Sept. 13.

"It's not clear there's enough evidence to support QE3 yet," Koesterich said.

Worries over Europe resurfaced following news that one of Spain's largest regions, Catalonia, said it will ask the central government for $6.3 billion in rescue aid. Catalonia would be the third Spanish region to ask for help.

Borrowing costs for Spain and Italy jumped, and major stock indexes in Europe closed lower. Germany's DAX dropped 0.6 percent, while France's CAC 40 fell 0.9 percent.

Among other U.S. stocks making big moves:

”” Lexmark International jumped 14 percent, the biggest gain in the S&P. Lexmark said that it will stop making ink-jet printers and plans to lay off 1,700 employees, nearly 13 percent of its work force. The company expects to shutter its ink-jet supply plant in the Philippines by the end of 2015. Lexmark's stock gained $2.61 to $21.62.

”” The world's top ketchup maker, H.J. Heinz, gained 2 percent. The company's CEO said strong sales in Brazil, Indonesia and other developing countries should help quarterly earnings beat Wall Street's expectations. The Pittsburgh company reports results Wednesday. Its stock rose 95 cents to $57.41.

”” Sanderson Farms soared 9 percent after the poultry company swung to a quarterly profit. Higher prices for chicken parts, from boneless breasts to jumbo wings, pushed both profits and revenue above analysts' estimates. Sanderson Farms' stock surged $3.46 to $44.05.

 

[bigdog]

Source: http://finance.yahoo.com

Slightly better economic growth and stronger housing sales nudged the stock market higher Wednesday. The Dow Jones industrial average managed a four-point gain.

The U.S. economy expanded at a 1.7 percent annual rate from April through June thanks to rising consumer spending and exports. That's an improvement from the initial estimate of 1.5 percent, but not enough to put a dent in the unemployment rate.

The National Association of Realtors said its index of sales for previously owned homes increased 2.4 percent in July, reaching its highest level since April 2010, the last month buyers could qualify for a federal tax credit.

"It's a mixed message overall," said JJ Kinahan, chief derivatives strategist at TD Ameritrade. "We all know we need 2 percent (economic) growth. And you can't continue to improve on housing if the unemployment picture doesn't improve. At some point, the numbers have to match."

The Dow added 4.49 points to close at 13,107.48.

The Standard & Poor's 500 index added 1.19 points to 1,410.49, while the Nasdaq composite index gained 4.05 points to 3,081.19.

Crude oil lost 84 cents to finish at $95.49. Hurricane Isaac made landfall Tuesday night, but its heavy winds and rain aren't expected to cause extensive damage to oil production and refinery operations in the Gulf of Mexico.

Markets have slipped into a late-summer lull. Indexes have barely budged amid some of thinnest trading days this year. After three days of minuscule moves, the S&P 500 index is down less than one point for the week.

Just over 10 billion shares have been traded on the New York Stock Exchange over the past four sessions, the slowest stretch since the last four days of 2011. One measure of stock-market volatility, the Vix, recently sank to a five-year low.

The NYSE DOW closed HIGHER ▲ 4.49 points or ▲ 0.03% Wednesday, 29 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,107.48 ▲ 4.49 ▲ 0.03%
Nasdaq____ 3,081.19 ▲ 4.04 ▲ 0.13%
S&P_500__ 1,410.49 ▲ 1.19 ▲ 0.08%
30_Yr_Bond 2.768 ▲ 0.03 ▲ 0.91%

NYSE Volume 2,578,020,250
Nasdaq Volume 1,286,976,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,743.53 ▼ -32.18 ▼ -0.56%
DAX_____ 7,010.57 ▲ 7.89 ▲ 0.11%
CAC_40__ 3,413.89 ▼ -17.66 ▼ -0.51%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,381.50 ▼ -5.50 ▼ -0.13%
Shanghai_Comp 2,053.23 ▼ -19.92 ▼ -0.96%
Taiwan_Weight 7,391.15 ▲ 29.21 ▲ 0.40%
Nikkei_225____ 9,069.81 ▲ 36.52 ▲ 0.40%
Hang_Seng____ 19,788.51 ▲ 53.93 ▼ -0.12%
Strait_Times___ 3,045.51 ▲ 5.44 ▲ 0.18%
NZX 50 Index__ 3,628.39 ▼ -0.66 ▼ -0.02%

http://finance.yahoo.com/news/stocks-edge-us-growth-revised-154911301.html

Stocks edge up after US growth revised higher

Stocks edge up after government revises second-quarter growth higher

By Matthew Craft, AP Business Writer

Slightly better economic growth and stronger housing sales nudged the stock market higher Wednesday. The Dow Jones industrial average managed a four-point gain.

The U.S. economy expanded at a 1.7 percent annual rate from April through June thanks to rising consumer spending and exports. That's an improvement from the initial estimate of 1.5 percent, but not enough to put a dent in the unemployment rate.

The National Association of Realtors said its index of sales for previously owned homes increased 2.4 percent in July, reaching its highest level since April 2010, the last month buyers could qualify for a federal tax credit.

"It's a mixed message overall," said JJ Kinahan, chief derivatives strategist at TD Ameritrade. "We all know we need 2 percent (economic) growth. And you can't continue to improve on housing if the unemployment picture doesn't improve. At some point, the numbers have to match."

The Dow added 4.49 points to close at 13,107.48.

The Standard & Poor's 500 index added 1.19 points to 1,410.49, while the Nasdaq composite index gained 4.05 points to 3,081.19.

Crude oil lost 84 cents to finish at $95.49. Hurricane Isaac made landfall Tuesday night, but its heavy winds and rain aren't expected to cause extensive damage to oil production and refinery operations in the Gulf of Mexico.

Markets have slipped into a late-summer lull. Indexes have barely budged amid some of thinnest trading days this year. After three days of minuscule moves, the S&P 500 index is down less than one point for the week.

Just over 10 billion shares have been traded on the New York Stock Exchange over the past four sessions, the slowest stretch since the last four days of 2011. One measure of stock-market volatility, the Vix, recently sank to a five-year low.

Kinahan said the market's apparent lack of direction makes sense, especially ahead of the Labor Day weekend and a highly anticipated speech by Federal Reserve Chairman Ben Bernanke on Friday.

"There's no incentive to take a big trading position," he said. "Many people I know plan on taking a three-day weekend or are just coming in for the speech to see if (Bernanke) says anything interesting or market-moving. If not, they're outta there."

Among companies making news:

”” WellPoint, the second-largest health insurance company in the United States, jumped $4.41, or 8 percent, to $61.80 after its CEO resigned. Investors had been frustrated with Angela Braly because of disappointing results.

”” H.J. Heinz posted a 14 percent jump in quarterly net income, driven by higher prices and emerging-market sales, but revenue fell and missed Wall Street expectations. Heinz stock dropped $1.29, or 2 percent, to $56.12.

”” The clothing store chain Jos. A. Bank posted stronger sales and revenue than Wall Street expected, and its stock soared $5.81, or 14 percent, to $47.44.

”” Sealed Air Corp., a food packaging company, jumped 12 percent, the S&P 500's biggest gain. A former Dow Chemical executive will take over when its current CEO retires. The company's stock gained $1.58 to $14.58

 

[bigdog]

Source: http://finance.yahoo.com

The late-summer lull is about to end.

Stocks fell Thursday, with investors too worried about high gas prices and stagnant employment to be impressed by higher consumer spending.

But trading volume was light, the market's direction was steady, and there wasn't much in the way of major economic news.

That could all change Friday. Federal Reserve Chairman Ben Bernanke is scheduled to speak at 10 a.m. EDT, and investors will be listening closely for his opinion on the economy and whether the Fed will take more action to try to prop it up.

Scott Freeze, president of Street One Financial in Huntingdon Valley, Pa., had the feeling that he was experiencing the calm before the storm. He went golfing Thursday morning with clients, figuring there wouldn't be many more chances to leave the office.

Many of his employees and clients planned to come to work Friday morning, stick around to see what Bernanke says, and then leave early for the long weekend if it's nothing of consequence.

"There's so little going on, it's all wait and see before Bernanke's speech," Freeze said. "I'm sure next week will be a much different scenario."

Some thought Bernanke's speech, for all the hype, would end up being a non-event. The statements from Fed officials are sometimes too ambiguous to really guide the market. And there's a lot of doubt that the Fed can do anything for the economy anyway.

"Some people hang on every word, they try to figure out what kind of briefcase he's carrying," said John Lekas, senior portfolio manager at Leader Capital in Portland, Ore. "I think that's a waste of time. It doesn't matter that much."

For much of August, with many traders on vacation and a dearth of major economic news, the market has lumbered more than galloped. On Thursday, about 2.4 billion shares were traded on the New York Stock Exchange. The average for the year so far is about 3.7 billion.

The Dow Jones industrial average closed down 106.77 points to 13,000.71. The Standard & Poor's 500 fell 11.01 to 1,399.48. The Nasdaq composite slid 32.48 to 3,048.71.

The economic news that did surface Thursday was uninspiring to investors.

The NYSE DOW closed LOWER ▼ -106.77 points or ▼ -0.81% Thursday, 30 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,000.71 ▼ -106.77 ▼ -0.81%
Nasdaq____ 3,048.71 ▼ -32.47 ▼ -1.05%
S&P_500__ 1,399.48 ▼ -11.01 ▼ -0.78%
30_Yr_Bond 2.738 ▼ -0.03 ▼ -1.08%

NYSE Volume 2,448,763,500
Nasdaq Volume 1,218,731,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,719.45 ▼ -24.08 ▼ -0.42%
DAX_____ 6,895.49 ▼ -115.08 ▼ -1.64%
CAC_40__ 3,379.11 ▼ -34.78 ▼ -1.02%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,340.20 ▼ -41.30 ▼ -0.94%
Shanghai_Comp 2,052.58 ▼ -0.65 ▼ -0.03%
Taiwan_Weight 7,371.44 ▼ -19.71 ▼ -0.27%
Nikkei_225____ 8,983.78 ▼ -86.03 ▼ -0.95%
Hang_Seng____ 19,552.91 ▲ 53.93 ▼ -1.19%
Strait_Times___ 3,011.82 ▼ -29.75 ▼ -0.98%
NZX 50 Index__ 3,629.56 ▲ 1.18 ▲ 0.03%

http://finance.yahoo.com/news/markets-august-lull-nears-end-185230469.html

The market's August lull nears an end; stocks fall

Consumers spend more, but the stock market is unimpressed; investors await Bernanke

By Christina Rexrode, AP Business Writer

The late-summer lull is about to end.

Stocks fell Thursday, with investors too worried about high gas prices and stagnant employment to be impressed by higher consumer spending.

But trading volume was light, the market's direction was steady, and there wasn't much in the way of major economic news.

That could all change Friday. Federal Reserve Chairman Ben Bernanke is scheduled to speak at 10 a.m. EDT, and investors will be listening closely for his opinion on the economy and whether the Fed will take more action to try to prop it up.

Scott Freeze, president of Street One Financial in Huntingdon Valley, Pa., had the feeling that he was experiencing the calm before the storm. He went golfing Thursday morning with clients, figuring there wouldn't be many more chances to leave the office.

Many of his employees and clients planned to come to work Friday morning, stick around to see what Bernanke says, and then leave early for the long weekend if it's nothing of consequence.

"There's so little going on, it's all wait and see before Bernanke's speech," Freeze said. "I'm sure next week will be a much different scenario."

Some thought Bernanke's speech, for all the hype, would end up being a non-event. The statements from Fed officials are sometimes too ambiguous to really guide the market. And there's a lot of doubt that the Fed can do anything for the economy anyway.

"Some people hang on every word, they try to figure out what kind of briefcase he's carrying," said John Lekas, senior portfolio manager at Leader Capital in Portland, Ore. "I think that's a waste of time. It doesn't matter that much."

For much of August, with many traders on vacation and a dearth of major economic news, the market has lumbered more than galloped. On Thursday, about 2.4 billion shares were traded on the New York Stock Exchange. The average for the year so far is about 3.7 billion.

The Dow Jones industrial average closed down 106.77 points to 13,000.71. The Standard & Poor's 500 fell 11.01 to 1,399.48. The Nasdaq composite slid 32.48 to 3,048.71.

The economic news that did surface Thursday was uninspiring to investors.

The government reported that consumer spending rose in July from June, after a flat June and a decline in May. Separately, retailers like Target Corp., Gap Inc. and Macy's Inc. reported higher-than-expected August sales.

But rather than send stocks up, investors instead worried that the gains were only temporary, driven by back-to-school shopping that will soon peter out.

Gas prices and job prospects, which are key when people decide how much to spend, were not encouraging. Hurricane Isaac helped push the national average price for a gallon of gas to $3.83 from $3.80 Wednesday, according to the AAA. The government reported that the four-week moving average for unemployment claims also ticked higher.

Freeze, from Street One, doubts the jobs picture will improve soon, with so many companies not hiring. He thinks it's disingenuous when they blame their hiring drought on the uncertainty of not knowing who will be president next year.

"They're saying, 'I don't know what my tax situation will be,' or 'I don't know if Obama will be president and I don't want to deal with Obama's health care plan,'" he said. "I think these are just easy excuses for the corporations to use, because quite frankly the production levels and the revenue they're generating don't warrant hiring new employees."

Among the stocks that did make notable moves:

””Pandora Media Inc. jumped more than 14 percent, rising $1.44 to $11.52. The Internet radio company reported big increases in revenue from advertising, subscriptions, and from listeners accessing the website from mobile devices.

””TiVo Inc., known for its digital video recorders, fell more than 3 percent, losing 32 cents to $9.04, after reporting a larger quarterly loss and missing analysts' revenue predictions.

””Vera Bradley, the maker of high-end handbags, lost almost 9 percent, slipping $2.09 to $21.53. Weak sales in May and June forced the company to cut its earnings and revenue predictions for the year.

 

[bigdog]

Source: http://finance.yahoo.com

It took a while, but investors eventually decided they liked what they heard from Ben Bernanke, and stock indexes rose enough on Friday to put them into positive territory for August.

Stocks gyrated after the Federal Reserve chairman spoke on Friday morning. They first gave up their morning gains, then bolted to their highs for the day, before settled in-between.

The Dow Jones industrial average ended the day up 90.13 points at 13,090.84.

A half-hour after trading began, Bernanke declared that the Fed is ready to take more action to help an economy that's "far from satisfactory."

Investors have been watching to see whether the Fed will buy more bonds to further lower long-term interest rates. Stocks fell initially, however, after it became clear that no such announcement was coming Friday and that Bernanke had stopped short of committing the Fed to any specific move.

Still, he said the Fed "should not rule out" new policies to improve the job market.

Stocks rebounded once investors parsed his comments. At one point the Dow was up as many as 151 points.

In terms of volatility, "it's been the most action we've seen in couple of weeks," said Ryan Larson, a senior equity trader at RBC Global Asset Management. He noted that pre-Labor Day volume was light, with many investors and traders on vacation, which can contribute to bigger price swings.

The Standard & Poor's 500 index closed up by 7.10 points at 1,406.58. The Nasdaq rose 18.25 points to close at 3,066.96.

The Dow finished the month of August up by 0.8 percent. The S&P 500 rose more than 2 percent for the month, and the Nasdaq rose more than 4 percent.

Investors looking for help from the Federal Reserve may only have one more chance before the election, said Frank Fantozzi, CEO of Planned Financial Services in Cleveland. The Fed's policy-making arm meets on Sept. 13. If it doesn't announce some form of stimulus then, it probably won't until after the election, he said.

The NYSE DOW closed HIGHER ▲ 90.05 points or ▲ 0.69% Friday, 31 August 2012
Symbol …........Last ......Change.....
Dow_Jones 13,090.76 ▲ 90.05 ▲ 0.69%
Nasdaq____ 3,066.96 ▲ 18.25 ▲ 0.60%
S&P_500__ 1,406.57 ▲ 7.09 ▲ 0.51%
30_Yr_Bond 2.684 ▼ -0.05 ▼ -1.97%

NYSE Volume 2,856,279,500
Nasdaq Volume 1,402,203,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,711.48 ▼ -7.97 ▼ -0.14%
DAX_____ 6,970.79 ▲ 75.30 ▲ 1.09%
CAC_40__ 3,413.07 ▲ 33.96 ▲ 1.00%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,339.00 ▼ -1.20 ▼ -0.03%
Shanghai_Comp 2,047.52 ▼ -5.06 ▼ -0.25%
Taiwan_Weight 7,397.06 ▲ 25.62 ▲ 0.35%
Nikkei_225____ 8,839.91 ▼ -143.87 ▼ -1.60%
Hang_Seng____ 19,482.57 ▲ 53.93 ▼ -0.36%
Strait_Times___ 3,025.46 ▲ 13.64 ▲ 0.45%
NZX 50 Index__ 3,666.68 ▲ 37.12 ▲ 1.02%

http://finance.yahoo.com/news/stocks-higher-volatile-bernanke-speaks-170404437.html

Stocks higher, but volatile, after Bernanke speaks

Stocks rise, but unevenly, after Bernanke says more Fed action is possible

By Joshua Freed, AP Business Writer

It took a while, but investors eventually decided they liked what they heard from Ben Bernanke, and stock indexes rose enough on Friday to put them into positive territory for August.

Stocks gyrated after the Federal Reserve chairman spoke on Friday morning. They first gave up their morning gains, then bolted to their highs for the day, before settled in-between.

The Dow Jones industrial average ended the day up 90.13 points at 13,090.84.

A half-hour after trading began, Bernanke declared that the Fed is ready to take more action to help an economy that's "far from satisfactory."

Investors have been watching to see whether the Fed will buy more bonds to further lower long-term interest rates. Stocks fell initially, however, after it became clear that no such announcement was coming Friday and that Bernanke had stopped short of committing the Fed to any specific move.

Still, he said the Fed "should not rule out" new policies to improve the job market.

Stocks rebounded once investors parsed his comments. At one point the Dow was up as many as 151 points.

In terms of volatility, "it's been the most action we've seen in couple of weeks," said Ryan Larson, a senior equity trader at RBC Global Asset Management. He noted that pre-Labor Day volume was light, with many investors and traders on vacation, which can contribute to bigger price swings.

The Standard & Poor's 500 index closed up by 7.10 points at 1,406.58. The Nasdaq rose 18.25 points to close at 3,066.96.

The Dow finished the month of August up by 0.8 percent. The S&P 500 rose more than 2 percent for the month, and the Nasdaq rose more than 4 percent.

Investors looking for help from the Federal Reserve may only have one more chance before the election, said Frank Fantozzi, CEO of Planned Financial Services in Cleveland. The Fed's policy-making arm meets on Sept. 13. If it doesn't announce some form of stimulus then, it probably won't until after the election, he said.

"He's waiting until the last possible minute," Fantozzi said of Bernanke. "I think in the next two weeks they're going to really digest the economic data and say, 'Ok, do we get involved or not?'"

Bernanke's said at a Fed meeting in Jackson Hole, Wyo., that it's "probably not a coincidence" that stock prices have risen since March 2009, when the Fed first announced its plan to buy Treasuries and other securities. The Dow is up 77 percent since the 2009 announcement.

Bernanke's comments on Friday got more uniform reception in energy markets, which tend to rise on bullish signs for the economy. Oil prices jumped $1.81 to $96.43 per barrel on the New York Mercantile Exchange. Natural gas and heating oil both rose more than 1 percent.

Stocks rose in nine out of 10 industry groups in the S&P 500. Energy stocks and materials stocks had the biggest gains, each up 1 percent. Utility stocks declined slightly.

Also Friday, the Commerce Department said factory orders rose 2.8 percent in July on surging demand for autos and commercial planes. However, orders for core capital goods ”” a key measure of investment spending ”” dropped 4 percent. That was that figure's fourth decline in five months.

Investors seemed more focused on Bernanke's comments and the overall higher factory orders, though.

Other shares with big moves on Friday included:

””Facebook set a new low. Downgrades by analysts pushed it down $1.03, or 5.4 percent, to $18.06. Its previous intraday low was $18.75. Facebook is down 52 percent from its $38 initial public offering price.

”” US Airways Group Inc., up 2.5 percent after disclosing that it signed a confidentiality agreement that signals the beginning of talks with American Airlines for a possible merger.

”” Zumiez fell 9.4 percent after the specialty sports and clothing retailer said its third-quarter earnings would be lower than analysts had expected.

”” Science Applications International Corp. rose 3.4 percent after saying it will split at the end of next year into two businesses, with one focusing on national security, engineering and health customers, and another focused on government customers.

Stocks in Europe were mixed. The German DAX and the CAC 40 in France both rose about 1 percent. The FTSE 100 in Britain fell 0.1 percent.

The dollar fell, with the euro rising to $1.258, and the Japanese Yen rising against the dollar to 78.33.

7553

 

[bigdog]

Source: http://finance.yahoo.com

Markets started yet another potentially crucial week on a solid note as investors betted on more central bank action and that China would enact more stimulus measures following a dispiriting manufacturing survey.

However, with Wall Street out of action because of the Labor Day holiday, the August trading lull continued into the first trading day of the new month.

Monday's trading was dominated by a survey suggesting that China's manufacturing sector was contracting. Though that is a bad sign for the global economy, investors think it makes it more likely that the country's monetary authorities will ease monetary policy soon.

"August saw Chinese manufacturing activity hit a three-year low, prompting a return of the 'bad news is good news' trade as markets rose on expectation of some action from the Politburo in Beijing," said Chris Beauchamp, market analyst at IG Index.

Options available to Beijing include reducing interest rates, lowering the amount banks have to hold in reserve or increasing spending. China's economic growth has already fallen to a three-year low of 7.6 percent in the second quarter.

Hopes that more stimulus in China was on the cards helped European markets post solid gains. Britain's FTSE 100 advanced 0.8 percent to 5,758 while Germany's DAX added 0.6 percent to 7,014. The CAC-40 in France was 1.19 percent higher at 3,453.

Investors around the world will have a number of issues to contend with over the rest of the week, which culminates with Friday's U.S. nonfarm payrolls report for August.

But before then, all eyes will be on Thursday's European Central Bank monthly policy meeting. Its president, Mario Draghi, is expected to announce details of a new bond-buying program that's intended to keep a lid on the borrowing costs of countries like Spain and Italy.

The NYSE DOW closed for labour day holiday on Monday, 3 September 2012
Symbol …........Last ......Change..... [/B]
Dow_Jones 13,090.76 ▲ 90.05 ▲ 0.69%
\Nasdaq____ 3,066.96 ▲ 18.25 ▲ 0.60%
S&P_500__ 1,406.57 ▲ 7.09 ▲ 0.51%
30_Yr_Bond 2.684 ▼ -0.05 ▼ -1.97%

NYSE Volume 2,856,279,500
Nasdaq Volume 1,402,203,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,758.41 ▲ 46.93 ▲ 0.82%
DAX_____ 7,014.83 ▲ 44.04 ▲ 0.63%
CAC_40__ 3,453.71 ▲ 40.64 ▲ 1.19%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,351.60 ▲ 12.60 ▲ 0.29%
Shanghai_Comp 2,059.15 ▲ 11.63 ▲ 0.57%
Taiwan_Weight 7,450.53 ▲ 53.47 ▲ 0.72%
Nikkei_225____ 8,783.89 ▼ -56.02 ▼ -0.63%
Hang_Seng____ 19,559.21 ▲ 53.93 ▲ 0.39%
Strait_Times___ 3,017.22 ▼ -8.24 ▼ -0.27%
NZX 50 Index__ 3,669.03 ▲ 2.35 ▲ 0.06%

http://finance.yahoo.com/news/markets-buoyed-china-stimulus-hopes-100053044.html

Markets buoyed by China stimulus hopes

World stocks rise after poor China production data convinces traders that easing is on the way

By Pan Pylas, AP Business Writer

Markets started yet another potentially crucial week on a solid note as investors betted on more central bank action and that China would enact more stimulus measures following a dispiriting manufacturing survey.

However, with Wall Street out of action because of the Labor Day holiday, the August trading lull continued into the first trading day of the new month.

Monday's trading was dominated by a survey suggesting that China's manufacturing sector was contracting. Though that is a bad sign for the global economy, investors think it makes it more likely that the country's monetary authorities will ease monetary policy soon.

"August saw Chinese manufacturing activity hit a three-year low, prompting a return of the 'bad news is good news' trade as markets rose on expectation of some action from the Politburo in Beijing," said Chris Beauchamp, market analyst at IG Index.

Options available to Beijing include reducing interest rates, lowering the amount banks have to hold in reserve or increasing spending. China's economic growth has already fallen to a three-year low of 7.6 percent in the second quarter.

Hopes that more stimulus in China was on the cards helped European markets post solid gains. Britain's FTSE 100 advanced 0.8 percent to 5,758 while Germany's DAX added 0.6 percent to 7,014. The CAC-40 in France was 1.19 percent higher at 3,453.

Investors around the world will have a number of issues to contend with over the rest of the week, which culminates with Friday's U.S. nonfarm payrolls report for August.

But before then, all eyes will be on Thursday's European Central Bank monthly policy meeting. Its president, Mario Draghi, is expected to announce details of a new bond-buying program that's intended to keep a lid on the borrowing costs of countries like Spain and Italy.

Michael Hewson, markets analyst at CMC Markets, warned that markets "may once again be getting ahead of themselves" again as Draghi may wish to wait to hear the verdict of German constitutional court on the legality of the European Stability Mechanism, Europe's planned bailout fund. The ruling is expected on September 12.

Hopes that the ECB will play a more crucial role in the debt crisis have helped support the euro in recent weeks. After nearly dropping to near two-year lows below $1.20, the euro has pushed back above $1.25. It's trading 0.14 percent higher Monday at $1.2595.

The U.S. payroll figures, which often set the market tone for a week or two after their release, could be particularly important this month too. Last Friday, Federal Reserve Chairman Ben Bernanke suggested that more central bank action was possible to support the U.S. economy so a bad set of data could mean persuade investors to think the Fed will act sooner rather than later. Previous Fed stimulus packages have shored up markets as the fresh liquidity on offer made its way round financial markets.

Earlier in Asia Monday, stocks closed mostly higher. Japan's Nikkei 225 shed earlier gains to close 0.6 percent lower at 8,783.89. Hong Kong's Hang Seng added 0.4 percent to 19,559.21 and South Korea's Kospi climbed 0.4 percent to 1,912.71.

In mainland China, the Shanghai Composite Index rose 0.6 percent to 2,059.15 and the smaller Shenzhen Composite Index jumped 1.9 percent to 854.76.

Trading was also lackluster in the oil markets, where benchmark crude for October delivery was up 21 cents at $96.68 a barrel in electronic trading on the New York Mercantile Exchange.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks zigged and zagged after reports that the U.S. economy is weakening at a time when China and Europe are also slowing.

The Dow Jones industrial average closed down 54.90 points at 13,035.94 on Tuesday. Heavy equipment maker Caterpillar was the weakest stock in the Dow average, slipping 3 percent, or $2.67, to $82.66. The Standard & Poor's 500 index fell 1.64 points to 1,404.94.

The Nasdaq index bucked the losing trend, gaining 8.10 points at 3,075.06. A big reason was that the index's biggest stock, Apple, rose $9.73 to $674.97 after the company invited reporters to a news event next week at which it is expected to announce the long-awaited iPhone 5.

The market got off to a weak start after the Commerce Department reported that U.S. construction spending fell 0.9 percent in July from June, driven lower by a sharp drop in spending on home improvement projects.

The decline, the worst in a year, followed three months of gains powered by increases in home and apartment construction. New home construction rose again in July, but spending on home renovation projects fell 5.5 percent.

A separate report delivered more gloomy news on the economy: the third straight month of contraction in U.S. manufacturing. New orders, production and employment all fell in August. Factories have been a key source of jobs and growth since the recession ended in June 2009, but the sector has been weak in recent months.

The NYSE DOW closed HIGHER ▲ 0.01 points or ▲ #REF! Tuesday, 4 September 2012
Symbol …........Last ......Change.....
Dow_Jones 12,780.95 ▲ 97.33 ▲ 0.01
Nasdaq___ 2,915.83 ▲ 0.00 ▲ 0.00%
S&P_500__ 1,343.23 ▲ 7.27 ▲ 0.54%
30_Yr_Bond 3.093 ▲ 0.00 ▲ 0.00%

NYSE Volume 4,088,140
Nasdaq Volume 2,056,358

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,853.80 ▲ 38.36 ▲ 0.65%
DAX_____ 6,680.83 ▲ 77.11 ▲ 1.14%
CAC_40__ 3,362.56 ▲ 27.79 ▲ 0.82%


http://finance.yahoo.com/news/stocks-end-mixed-weak-us-201201832.html

Stocks end mixed on weak US economic reports
Stock market ends mixed following reports of weakness in US manufacturing and construction
By Pallavi Gogoi, AP Business Writer

Stocks zigged and zagged after reports that the U.S. economy is weakening at a time when China and Europe are also slowing.

The Dow Jones industrial average closed down 54.90 points at 13,035.94 on Tuesday. Heavy equipment maker Caterpillar was the weakest stock in the Dow average, slipping 3 percent, or $2.67, to $82.66. The Standard & Poor's 500 index fell 1.64 points to 1,404.94.

The Nasdaq index bucked the losing trend, gaining 8.10 points at 3,075.06. A big reason was that the index's biggest stock, Apple, rose $9.73 to $674.97 after the company invited reporters to a news event next week at which it is expected to announce the long-awaited iPhone 5.

The market got off to a weak start after the Commerce Department reported that U.S. construction spending fell 0.9 percent in July from June, driven lower by a sharp drop in spending on home improvement projects.

The decline, the worst in a year, followed three months of gains powered by increases in home and apartment construction. New home construction rose again in July, but spending on home renovation projects fell 5.5 percent.

A separate report delivered more gloomy news on the economy: the third straight month of contraction in U.S. manufacturing. New orders, production and employment all fell in August. Factories have been a key source of jobs and growth since the recession ended in June 2009, but the sector has been weak in recent months.

The Institute for Supply Management, a trade group of purchasing managers for manufacturers, said its index of manufacturing edged down to 49.6 from 49.7 in July. It was the lowest reading in three years. A reading below 50 indicates that manufacturing is contracting.

"It's time to go back to school and sharpen up on stocks and pay attention to the numbers," said Kim Forrest, equity analyst at financial advisory firm Fort Pitt Capital Group. "The numbers show that there's a lot of weakness out there and investors have gotten lulled into complacency in the last month or so."

The week will culminate with U.S. nonfarm payroll figures Friday, one of the most important barometers for the world's largest economy. Federal Reserve chairman Ben Bernanke has indicated that the central bank is inclined to provide new stimulus if it's needed.

Despite the gloom, Americans continued to buy cars thanks to model-year closeouts, low-interest financing and appealing new models. GM's August U.S. sales rose 10 percent compared with a year earlier, while Ford's rose 13 percent and Chrysler's 14 percent. Ford's stock rose 7 cents to $9.41.

In Europe, Moody's warned that it could downgrade the credit rating of the European Union as a whole, citing the continent's lingering debt crisis. That sent markets broadly lower in Europe. Benchmark indexes fell 1.2 percent in Germany, 1.6 percent in France and 1.5 percent in Britain.

The focus this week will be on the European Central Bank President Mario Draghi, who is expected to announce details on Thursday of a new bond-buying program intended to bring down the borrowing costs of countries such as Spain and Italy.

The price of oil also slipped on worries that demand would fall. U.S. benchmark crude fell $1.17 to $95.30 in New York.

Among other stocks making big moves:

”” Netflix plunged $3.79 to $55.93, a loss of 6 percent. Rival Amazon signed a deal with a company that licenses movies from Paramount, MGM and Lionsgate for its online streaming service.

”” Consol Energy fell 4.5 percent after the company said it will temporarily idle a mine because of weak steel demand. The stock lost $1.37 to end at $28.83.

”” Medicis Pharmaceutical soared 38 percent. The company said it would be acquired by dermatology products maker Valeant Pharmaceuticals International. Medicis jumped $12.09 to $43.65.

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stock prices are closing mixed, held in check by a warning from the huge package delivery company FedEx that its profits would be hurt because of a slowdown in the global economy.

FedEx cited weakness in its express package delivery business. That's a sign that FedEx's customers around the world are choosing slower, cheaper delivery options to save money. FedEx's stock fell $1.74 to $85.80.

"It's one more piece of news that suggests that the global economy is slowing and therefore makes central bank action more likely," said Brian Gendreau, market strategist at the investment advisory firm Cetera Financial.

Federal Reserve chairman Ben Bernanke has said the central bank is inclined to provide new stimulus to the U.S. economy if it's needed. Investors will get more guidance Friday when the government releases its monthly report on employment, which is considered one of the most important barometers for the world's largest economy.

The Dow Jones industrial average closed up 11.54 points at 13,047.48 on Wednesday. The Standard & Poor's 500 index fell 1.50 points to 1,403.44. The Nasdaq composite index lost 5.79 points to 3,069.27.

Earlier, the Labor Department reported that U.S. companies got more productivity from their workers this spring than originally estimated. Productivity increased at an annual rate of 2.2 percent in the April-June quarter, up from an initial estimate of a 1.6 percent gain. Labor costs rose at an annual rate of 1.5 percent, slightly lower than the 1.7 percent initially estimated.

Stock indexes were mostly higher in Europe and the yields on government bonds issued by Spain and Italy moved lower, a positive sign that investors are becoming more optimistic about the ability of those countries to repay their debts.

Benchmark indexes rose 0.5 percent in Germany and 0.2 percent in France.

The NYSE DOW closed HIGHER ▲ 11.54 points or ▲ 0.09% Wednesday, 5 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,047.48 ▲ 11.54 ▲ 0.09%
Nasdaq____ 3,069.27 ▼ -5.79 ▼ -0.19%
S&P_500__ 1,403.44 ▼ -1.50 ▼ -0.11%
30_Yr_Bond 2.705 ▲ 0.02 ▲ 0.60%

NYSE Volume 2,782,315,750
Nasdaq Volume 1,491,424,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,657.86 ▼ -14.15 ▼ -0.25%
DAX_____ 6,964.69 ▲ 32.11 ▲ 0.46%
CAC_40__ 3,405.79 ▲ 6.75 ▲ 0.20%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,297.70 ▼ -27.90 ▼ -0.64%
Shanghai_Comp 2,037.68 ▼ -5.97 ▼ -0.29%
Taiwan_Weight 7,367.44 ▼ -83.91 ▼ -1.13%
Nikkei_225____ 8,679.82 ▼ -95.69 ▼ -1.09%
Hang_Seng____ 19,145.07 ▲ 53.93 ▼ -1.47%
Strait_Times___ 2,995.90 ▼ -15.65 ▼ -0.52%
NZX_50_Index__ 3,669.65 ▼ -6.38 ▼ -0.17%

http://finance.yahoo.com/news/stocks-barely-move-fedex-sinks-201210663.html

Stocks barely move; FedEx sinks on profit warning

Stocks barely changed on Wall Street; market is checked by FedEx's weak profit outlook

By Pallavi Gogoi, AP Business Writer

U.S. stock prices are closing mixed, held in check by a warning from the huge package delivery company FedEx that its profits would be hurt because of a slowdown in the global economy.

FedEx cited weakness in its express package delivery business. That's a sign that FedEx's customers around the world are choosing slower, cheaper delivery options to save money. FedEx's stock fell $1.74 to $85.80.

"It's one more piece of news that suggests that the global economy is slowing and therefore makes central bank action more likely," said Brian Gendreau, market strategist at the investment advisory firm Cetera Financial.

Federal Reserve chairman Ben Bernanke has said the central bank is inclined to provide new stimulus to the U.S. economy if it's needed. Investors will get more guidance Friday when the government releases its monthly report on employment, which is considered one of the most important barometers for the world's largest economy.

The Dow Jones industrial average closed up 11.54 points at 13,047.48 on Wednesday. The Standard & Poor's 500 index fell 1.50 points to 1,403.44. The Nasdaq composite index lost 5.79 points to 3,069.27.

Earlier, the Labor Department reported that U.S. companies got more productivity from their workers this spring than originally estimated. Productivity increased at an annual rate of 2.2 percent in the April-June quarter, up from an initial estimate of a 1.6 percent gain. Labor costs rose at an annual rate of 1.5 percent, slightly lower than the 1.7 percent initially estimated.

Stock indexes were mostly higher in Europe and the yields on government bonds issued by Spain and Italy moved lower, a positive sign that investors are becoming more optimistic about the ability of those countries to repay their debts.

Benchmark indexes rose 0.5 percent in Germany and 0.2 percent in France.

European Central bank President Mario Draghi is expected to reveal details Thursday of a new bond-buying program aimed at cutting borrowing costs for Spain and Italy, the latest flash points in Europe's government debt crisis. Without some way to reduce the interest rates on the bonds they sell, the two nations could be pushed into asking for a bailout, following a path taken by Greece, Ireland and Portugal.

Among other stocks making big moves:

”” Facebook gained 85 cents, or 5 percent, to $18.58 after its CEO Mark Zuckerberg said he would not sell any shares for a year. The company also announced a major stock buyback.

”” Hartford Financial Services Group closed at $18.05, up 35 cents, or 2 percent. The insurer and wealth manager said it had agreed to sell its retirement plans business to Massachusetts Mutual Life Insurance for $400 million.

”” Nokia fell 45 cents, or 16 percent, to $2.38. The Finnish company announced a new Windows-based smartphone in New York. Nokia faces tough competition from Apple, which is expected to announce its latest version of the iPhone next week.

”” Safeway gained 68 cents, or 4 percent, to $16.50. The supermarket chain said it plans to take its gift card business Blackhawk Network Holdings public by the first half of 2013.

 

[bigdog]

Source: http://finance.yahoo.com

The last time the stock market was this high, the Great Recession was just getting started and stocks were pointed toward a head-first descent.

But on Thursday, the market moved swiftly in the other direction. The Standard & Poor's 500 index soared to its highest level since January 2008, and the Dow Jones industrial average hit its highest mark since December 2007.

A concrete plan to support struggling countries in Europe provided the necessary jolt, and the gains were extraordinarily broad. European markets surged and U.S. Treasury bond prices dropped as traders sold low-risk investments. All but 13 stocks in the S&P 500 index rose.

"There's just a sea of green," said JJ Kinahan, TD Ameritrade's chief derivatives strategist. "It's pretty fun."

At a long-awaited meeting Thursday, Mario Draghi, the president of the European Central Bank, unveiled a new program to buy government bonds from the region's struggling countries with the aim of lowering their borrowing costs. Draghi said the program will have no set limit on how much it can buy.

Kinahan praised Draghi for two details in the plan. He didn't declare a limit for the bond-buying program and said it wouldn't put itself first in line in the event of a default, something investors had been clamoring for. Both details should make other investors more willing to buy government bonds along with the ECB.

"In a situation where it was easy to have a slip-up, it seems like he did everything right," Kinahan said.

The Standard & Poor's 500 index soared 28.68 points to close at 1,432.12. The Dow jumped 244.52 points to 13,292.

The Nasdaq composite index also reached a milestone, gaining 66.54 points to 3,135.81. That's its highest level in 12 years.

European stock markets soared in response to Draghi's announcement. Germany's DAX and France's CAC-40 each rallied 3 percent.

The gains were even larger in Spain and Italy, the two largest countries to get caught up in the region's long-running government debt crisis. Spain's benchmark index soared 5 percent, Italy's 4 percent.

The NYSE DOW closed HIGHER ▲ 244.52 points or ▲ 1.87% Thursday, 6 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,292.00 ▲ 244.52 ▲ 1.87%
Nasdaq____ 3,135.81 ▲ 66.55 ▲ 2.17%
S&P_500__ 1,432.12 ▲ 28.68 ▲ 2.04%
30_Yr_Bond 2.799 ▲ 0.09 ▲ 3.48%

NYSE Volume 3,919,527,250
Nasdaq Volume 1,928,157,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,777.34 ▲ 119.48 ▲ 2.11%
DAX_____ 7,167.33 ▲ 202.64 ▲ 2.91%
CAC_40__ 3,509.88 ▲ 104.09 ▲ 3.06%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,331.60 ▲ 33.90 ▲ 0.79%
Shanghai_Comp 2,051.92 ▲ 14.24 ▲ 0.70%
Taiwan_Weight 7,326.72 ▼ -40.72 ▼ -55.00%
Nikkei_225____ 8,680.57 ▲ 0.75 ▲ 0.01%
Hang_Seng____ 19,209.30 ▲ 53.93 ▲ 0.34%
Strait_Times___ 2,990.17 ▼ -5.73 ▼ -0.19%
NZX_50_Index__ 3,693.54 ▲ 23.89 ▲ 0.65%

http://finance.yahoo.com/news/stocks-soar-ecb-unveils-bond-143356692.html

Stocks soar after ECB unveils bond buying effort

Stocks jump to four-year highs after European Central Bank steps in to support weak countries

By Bernard Condon, AP Business Writers

The last time the stock market was this high, the Great Recession was just getting started and stocks were pointed toward a head-first descent.

But on Thursday, the market moved swiftly in the other direction. The Standard & Poor's 500 index soared to its highest level since January 2008, and the Dow Jones industrial average hit its highest mark since December 2007.

A concrete plan to support struggling countries in Europe provided the necessary jolt, and the gains were extraordinarily broad. European markets surged and U.S. Treasury bond prices dropped as traders sold low-risk investments. All but 13 stocks in the S&P 500 index rose.

"There's just a sea of green," said JJ Kinahan, TD Ameritrade's chief derivatives strategist. "It's pretty fun."

At a long-awaited meeting Thursday, Mario Draghi, the president of the European Central Bank, unveiled a new program to buy government bonds from the region's struggling countries with the aim of lowering their borrowing costs. Draghi said the program will have no set limit on how much it can buy.

Kinahan praised Draghi for two details in the plan. He didn't declare a limit for the bond-buying program and said it wouldn't put itself first in line in the event of a default, something investors had been clamoring for. Both details should make other investors more willing to buy government bonds along with the ECB.

"In a situation where it was easy to have a slip-up, it seems like he did everything right," Kinahan said.

The Standard & Poor's 500 index soared 28.68 points to close at 1,432.12. The Dow jumped 244.52 points to 13,292.

The Nasdaq composite index also reached a milestone, gaining 66.54 points to 3,135.81. That's its highest level in 12 years.

European stock markets soared in response to Draghi's announcement. Germany's DAX and France's CAC-40 each rallied 3 percent.

The gains were even larger in Spain and Italy, the two largest countries to get caught up in the region's long-running government debt crisis. Spain's benchmark index soared 5 percent, Italy's 4 percent.

The interest rates on Spain and Italy's government bonds sank, a sign investors anticipate a surge in demand for them when the European Central Bank starts its bond purchase program. Spain's benchmark 10-year bond yield fell to 6 percent from 6.39 percent. Italy's comparable bond yield fell to 5.21 percent from 5.43 percent.

Traders shifted money out of U.S. Treasury bonds, considered one of the world's safest places to stash money, and the drop in demand lifted yields. The yield on the 10-year Treasury note rose to 1.67 percent, up from 1.60 percent late Wednesday.

In an encouraging sign for the U.S. job market, a report from the payroll processor ADP said businesses added 201,000 jobs last month, the most reported by the survey since March.

Separately, the Labor Department said the number of people applying for unemployment benefits fell by 12,000 last week to 365,000. That figure won't affect the August jobs report, due out Friday, but could be a sign of a better hiring this month.

Even before Thursday's surge, the stock rally has been one for the record books.

Last month, Jim Paulsen, chief investment strategist at Wells Fargo Capital Management, published a report showing the more than doubling of stock prices from a recessionary low in March 2009 has surpassed every post-World War II stock rally.

"We've been told from the start that this stock market was going to be low return and high risk, but it's turned out to be the best ever," said Paulsen, as the S&P was shooting higher Thursday. "Fear was way overdone."

 

[bigdog]

Source: http://finance.yahoo.com

Stocks on Wall Street close slightly higher following a weak US employment report for August

The stock market followed one of its most exciting days of the year with a rather dull one Friday. Indexes barely rose following a weak jobs report, which increased hopes that the Federal Reserve would act next week to support the economy.

The gains, while meager, kept major market indexes at their highest levels in more than four years following a massive surge the day before.

The Dow Jones industrial average rose 14.64 points to close at 13,306.64. The Standard & Poor's 500 was up 5.80 points to 1,437.92. The Nasdaq composite barely moved, up 0.61 points at 3,136.42.

The government reported that 96,000 jobs were created in the U.S. last month, fewer than economists had forecast. The unemployment rate fell to 8.1 percent from 8.3 percent, but only because more people gave up looking for work.

Tech bellwether Intel dealt a blow to the market early in the day by cutting its revenue outlook because of weak demand for its semiconductors. Intel fell 90 cents, or nearly 4 percent, to $24.19.

The flat trading for the major indexes Friday followed big gains Thursday. U.S. stocks hit four-year highs after the European Central Bank announced plans to buy an unlimited amount of short-term government bonds from struggling countries in the region such as Italy and Spain. The hope is that the borrowing costs of those countries will fall, making a breakup of the 17-nation euro zone less likely.

Steven Ricchiuto, chief economist at Mizuho Securities, said the weak U.S. jobs report means the Federal Reserve is more likely to announce steps at its meeting next week to keep interest rates low and encourage lending. He thinks the Fed will announce that it will hold benchmark rates near zero through 2015 and, possibly, launch a third round of bond purchases.

"The economy is still struggling, and so it's subject to shocks from overseas," Ricchiuto said. "We're going to get more stimulus from the Fed."

Shortly after jobs numbers were released, analysts from RBS told investors in a note that they see the likelihood of the Fed announcing new bond purchases next week at 90 percent. "We expect the Fed to act in September," they wrote.

Most major markets in Europe rose, too. Benchmark indexes rose 0.7 percent in Germany and 0.3 percent in France. Italy's main index rose 2 percent.

The NYSE DOW closed HIGHER ▲ 14.64 points or ▲ 0.11% Friday, 7 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,306.64 ▲ 14.64 ▲ 0.11%
Nasdaq____ 3,136.42 ▲ 0.61 ▲ 0.02%
S&P_500__ 1,437.92 ▲ 5.80 ▲ 0.40%
30_Yr_Bond 2.830 ▲ 0.03 ▲ 0.96%

NYSE Volume 3,693,814,250
Nasdaq Volume 1,739,657,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,794.80 ▲ 17.46 ▲ 0.30%
DAX_____ 7,214.50 ▲ 47.17 ▲ 0.66%
CAC_40__ 3,519.05 ▲ 9.17 ▲ 0.26%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,348.80 ▲ 17.20 ▲ 0.40%
Shanghai_Comp 2,127.76 ▲ 75.84 ▲ 3.70%
Taiwan_Weight 7,424.91 ▲ 98.19 ▲ 1.34%
Nikkei_225____ 8,871.65 ▲ 191.08 ▲ 2.20%
Hang_Seng____ 19,802.16 ▲ 53.93 ▲ 3.09%
Strait_Times___ 3,011.70 ▲ 22.44 ▲ 0.75%
NZX_50_Index__ 3,722.18 ▲ 28.64 ▲ 0.78%

http://finance.yahoo.com/news/us-stocks-rise-slightly-weak-201428695.html

US stocks rise slightly after weak jobs report

Stocks on Wall Street close slightly higher following a weak US employment report for August

By Bernard Condon, AP Business Writer

The stock market followed one of its most exciting days of the year with a rather dull one Friday. Indexes barely rose following a weak jobs report, which increased hopes that the Federal Reserve would act next week to support the economy.

The gains, while meager, kept major market indexes at their highest levels in more than four years following a massive surge the day before.

The Dow Jones industrial average rose 14.64 points to close at 13,306.64. The Standard & Poor's 500 was up 5.80 points to 1,437.92. The Nasdaq composite barely moved, up 0.61 points at 3,136.42.

The government reported that 96,000 jobs were created in the U.S. last month, fewer than economists had forecast. The unemployment rate fell to 8.1 percent from 8.3 percent, but only because more people gave up looking for work.

Tech bellwether Intel dealt a blow to the market early in the day by cutting its revenue outlook because of weak demand for its semiconductors. Intel fell 90 cents, or nearly 4 percent, to $24.19.

The flat trading for the major indexes Friday followed big gains Thursday. U.S. stocks hit four-year highs after the European Central Bank announced plans to buy an unlimited amount of short-term government bonds from struggling countries in the region such as Italy and Spain. The hope is that the borrowing costs of those countries will fall, making a breakup of the 17-nation euro zone less likely.

Steven Ricchiuto, chief economist at Mizuho Securities, said the weak U.S. jobs report means the Federal Reserve is more likely to announce steps at its meeting next week to keep interest rates low and encourage lending. He thinks the Fed will announce that it will hold benchmark rates near zero through 2015 and, possibly, launch a third round of bond purchases.

"The economy is still struggling, and so it's subject to shocks from overseas," Ricchiuto said. "We're going to get more stimulus from the Fed."

Shortly after jobs numbers were released, analysts from RBS told investors in a note that they see the likelihood of the Fed announcing new bond purchases next week at 90 percent. "We expect the Fed to act in September," they wrote.

Most major markets in Europe rose, too. Benchmark indexes rose 0.7 percent in Germany and 0.3 percent in France. Italy's main index rose 2 percent.

In U.S. trading, materials companies rose 2 percent, the biggest gain among the S&P 500's ten industry sectors. The biggest losers were consumer staples, down 0.8 percent.

Intel followed several other major companies in reducing its profit forecast, including FedEx. The world's second-largest package delivery company lowered its forecast for earnings earlier this week, citing the slowing global economy.

Overall, for every three companies in the S&P 500 telling investors to lower their expectations for future earnings, only one is saying to raise them, according to S&P Capital IQ, a research firm.

Wall Street analysts estimate earnings for companies in the S&P 500 will fall 1.8 percent in the current quarter, the first drop since the Great Recession, according to S&P Capital IQ. They expect earnings grew 0.9 percent in the April-June quarter, the slowest quarterly pace in three years.

Among stocks making big moves, Pandora Media plunged $2.10, or 17 percent, to $10.47 after the Wall Street Journal reported that Apple is working on a rival service that could hurt the online radio company.

Amazon rose $7.76, or 3 percent, to $259.14. The company unveiled four new Kindle tablet computers Thursday, including ones with larger color screens.

Smith & Wesson rose $1.07, or 12 percent, to $10.07 on surging gun sales and a raised profit forecast. The gun company said it expects earnings for the quarter ending October to climb to as much as twice what analysts had expected.

Dell rose 12 cents, or 1 percent, to $10.64 after announcing it would pay a dividend of eight cents per share in October. It is the computer maker's first cash dividend.

Glencore International fell 14 cents, or nearly 4 percent, to $3.78. The commodities trader said it is prepared to raise its offer to buy mining company Xstrata PLC. Xstrata rose 35 cents, or nearly 4 percent, to $10.14

More than two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was light at 3.7 billion.

8183

 

[bigdog]

Source: http://finance.yahoo.com

Stocks slipped on Wall Street as troubling economic news from China and the U.S. outweighed optimism about more stimulus from the Federal Reserve.

The Dow Jones industrial average fell 52.35 points to close at 13,254.29 on Monday. The Standard & Poor's 500 slipped 8.84 points to 1,429.08 and the Nasdaq composite fell 32.40 points to 3,104.02.

The S&P 500 and Nasdaq were dragged down more than the Dow by a drop in Apple's stock, the largest component of both indexes. Apple, which is expected to announce its new iPhone on Wednesday, fell $17.70, or 2.6 percent, to $662.74.

The stumble marks a pause in a rally last week that took the Dow and the S&P 500 to their highest levels in more than four years.

Stock markets rose around the world last week after the European Central Bank announced a long-anticipated plan to support struggling countries in the European Union.

Investors are hopeful that the Fed will act this week to support the U.S. economy. The monetary policymaking body of the Federal Reserve meets on Wednesday and Thursday. Many anticipate a third round of bond purchases or other support for the financial system.

Federal Reserve chairman Ben Bernanke indicated in a speech last month that the central bank is inclined to provide new stimulus to the U.S. economy if it's needed.

Since the speech, the government reported weak growth in jobs last month, heightening the case for more stimulus. There have also been new signs that manufacturing and construction are slowing down.

The NYSE DOW closed LOWER ▼ -52.35 points or ▼ -0.39% Monday, 10 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,254.29 ▼ -52.35 ▼ -0.39%
Nasdaq____ 3,104.02 ▼ -32.40 ▼ -1.03%
S&P_500__ 1,429.08 ▼ -8.84 ▼ -0.61%
30_Yr_Bond 2.842 ▲ 0.02 ▲ 0.57%

NYSE Volume 3,226,086,500
Nasdaq Volume 1,578,805,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,793.20 ▼ -1.60 ▼ -0.03%
DAX_____ 7,213.70 ▼ -0.80 ▼ -0.01%
CAC_40__ 3,506.05 ▼ -13.00 ▼ -0.37%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,358.00 ▲ 9.20 ▲ 0.21%
Shanghai_Comp 2,134.89 ▲ 7.13 ▲ 0.34%
Taiwan_Weight 7,482.74 ▲ 57.83 ▲ 0.78%
Nikkei_225____ 8,869.37 ▼ -2.28 ▼ -0.03%
Hang_Seng____ 19,827.17 ▲ 53.93 ▲ 0.13%
Strait_Times___ 3,008.72 ▼ -2.98 ▼ -0.10%
NZX_50_Index__ 3,726.90 ▲ 4.72 ▲ 0.13%

http://finance.yahoo.com/news/stocks-end-lower-ahead-fed-201753830.html

Stocks end lower ahead of Fed meeting

Weak economic news from China, US weighs on stocks; Indexes slip head of Fed meeting

By Pallavi Gogoi, AP Business Writer

Stocks slipped on Wall Street as troubling economic news from China and the U.S. outweighed optimism about more stimulus from the Federal Reserve.

The Dow Jones industrial average fell 52.35 points to close at 13,254.29 on Monday. The Standard & Poor's 500 slipped 8.84 points to 1,429.08 and the Nasdaq composite fell 32.40 points to 3,104.02.

The S&P 500 and Nasdaq were dragged down more than the Dow by a drop in Apple's stock, the largest component of both indexes. Apple, which is expected to announce its new iPhone on Wednesday, fell $17.70, or 2.6 percent, to $662.74.

The stumble marks a pause in a rally last week that took the Dow and the S&P 500 to their highest levels in more than four years.

Stock markets rose around the world last week after the European Central Bank announced a long-anticipated plan to support struggling countries in the European Union.

Investors are hopeful that the Fed will act this week to support the U.S. economy. The monetary policymaking body of the Federal Reserve meets on Wednesday and Thursday. Many anticipate a third round of bond purchases or other support for the financial system.

Federal Reserve chairman Ben Bernanke indicated in a speech last month that the central bank is inclined to provide new stimulus to the U.S. economy if it's needed.

Since the speech, the government reported weak growth in jobs last month, heightening the case for more stimulus. There have also been new signs that manufacturing and construction are slowing down.

On Monday, the Fed also reported that Americans cut back on their credit card use in July for the second straight month, suggesting many remain cautious in the face of high unemployment and slow economic growth. Total borrowing dipped $3.3 billion in July from June to a seasonally adjusted $2.705 trillion.

"The economy is not going through a nosedive, so I'm not sure we need another stimulus," said John Manley, chief equity strategist at Wells Fargo Advantage Funds. "But Bernanke would rather make a mistake going in early with stimulus than not, especially since the markets will not tolerate inaction."

There were also discouraging news out of China, giving investors more reason to worry that one of the most important engines of the global economy is sputtering. Auto sales growth slowed in August and imports shrank unexpectedly. Factory output also slid to three-year low last month. The Chinese president warned growth could slow further.

Among stocks that made big moves:

”” Sprint Nextel climbed 2.4 percent after the country's third-largest cellphone company was upgraded by an analyst, who said the company's ongoing network revamp would save it money. The stock rose 12 cents to $5.15.

”” LeapFrog Enterprises dropped 80 cents, or almost 9 percent, to $8.35. The educational toy maker's LeapPad product will face new competition from Toys R Us, which announced plans to launch its own tablet computer aimed at children next month.

”” American International Group fell after the U.S. government said Sunday it was selling shares in the insurer that would decrease its holdings below a majority stake for the first time since the bailout of AIG in 2008. AIG's stock lost 69 cents, or 2 percent, to $33.30.

”” Shares of Geron Corp. plunged 56 percent after the company announced two setbacks for its experimental cancer drug. Geron has ended one study and does not expect the drug to succeed in a second. Its stock fell $1.62 to $1.28.

 

[bigdog]

Source: http://finance.yahoo.com

Investors spent Tuesday preparing for two events sure to move markets this week: a Federal Reserve meeting and a court decision on whether Germany can help support its struggling neighbors. And if the stock market's gains Tuesday are any sign, they expect both events to turn out well.

The Dow Jones industrial average rose 69.07 points to close at 13,323.36. The average of 30 large company stocks has already gained 1.8 percent to start September, a month which is usually dismal for stocks.

Bank of America led the 30 stocks in the Dow, rising 5 percent, or 45 cents, to $9.03.

Federal Reserve officials will gather for a two-day meeting on Wednesday. Many expect the Fed will announce a new effort to revive the sluggish economy Thursday afternoon.

On the same day the Fed starts its meeting, Germany's high court is expected to rule on whether the country can participate in a European bailout fund. The court rejected a last-minute appeal to delay the decision on Tuesday.

"It's going to get interesting this week," said Randy Frederick, managing director of active trading and derivatives at the brokerage Charles Schwab.

Frederick expects the Fed will make some sort of move, especially after the government reported last Friday that employers added fewer than 100,000 jobs in August.

"Prior to the employment report people weren't as sure," Frederick said. "I am definitely on the majority side here. There's some sort of easing coming."

In other trading, the Standard & Poor's 500 index rose 4.48 points to 1,433.56. The Nasdaq composite increased 0.51 of a point to 3,104.53.

The assumption that the Fed will announce new stimulus measures is so widespread that some worry the market could take a plunge if the Fed fails to deliver.

The NYSE DOW closed HIGHER ▲ 69.07 points or ▲ 0.52% Tuesday, 11 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,323.36 ▲ 69.07 ▲ 0.52%
Nasdaq____ 3,104.53 ▲ 0.51 ▲ 0.02%
S&P_500__ 1,433.56 ▲ 4.48 ▲ 0.31%
30_Yr_Bond 2.846 ▲ 0.00 ▲ 0.14%

NYSE Volume 3,497,889,000
Nasdaq Volume 1,585,562,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,792.19 ▼ -1.01 ▼ -0.02%
DAX_____ 7,310.11 ▲ 96.41 ▲ 1.34%
CAC_40__ 3,537.30 ▲ 31.25 ▲ 0.89%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,348.30 ▼ -9.70 ▼ -0.22%
Shanghai_Comp 2,120.55 ▼ -14.34 ▼ -0.67%
Taiwan_Weight 7,485.13 ▲ 2.39 ▲ 0.03%
Nikkei_225____ 8,807.38 ▼ -61.99 ▼ -0.70%
Hang_Seng____ 19,857.88 ▲ 53.93 ▲ 0.15%
Strait_Times___ 3,016.02 ▲ 7.30 ▲ 0.24%
NZX_50_Index__ 3,744.96 ▲ 18.05 ▲ 0.48%

http://finance.yahoo.com/news/us-stocks-rise-ahead-fed-134428053.html

US stocks rise ahead of Fed meeting

Stocks head higher ahead of a busy week; Fed begins two-day meeting Wednesday

By Matthew Craft, AP Business Writer

Investors spent Tuesday preparing for two events sure to move markets this week: a Federal Reserve meeting and a court decision on whether Germany can help support its struggling neighbors. And if the stock market's gains Tuesday are any sign, they expect both events to turn out well.

The Dow Jones industrial average rose 69.07 points to close at 13,323.36. The average of 30 large company stocks has already gained 1.8 percent to start September, a month which is usually dismal for stocks.

Bank of America led the 30 stocks in the Dow, rising 5 percent, or 45 cents, to $9.03.

Federal Reserve officials will gather for a two-day meeting on Wednesday. Many expect the Fed will announce a new effort to revive the sluggish economy Thursday afternoon.

On the same day the Fed starts its meeting, Germany's high court is expected to rule on whether the country can participate in a European bailout fund. The court rejected a last-minute appeal to delay the decision on Tuesday.

"It's going to get interesting this week," said Randy Frederick, managing director of active trading and derivatives at the brokerage Charles Schwab.

Frederick expects the Fed will make some sort of move, especially after the government reported last Friday that employers added fewer than 100,000 jobs in August.

"Prior to the employment report people weren't as sure," Frederick said. "I am definitely on the majority side here. There's some sort of easing coming."

In other trading, the Standard & Poor's 500 index rose 4.48 points to 1,433.56. The Nasdaq composite increased 0.51 of a point to 3,104.53.

The assumption that the Fed will announce new stimulus measures is so widespread that some worry the market could take a plunge if the Fed fails to deliver.

Ron Florance, managing director of investment strategy at Wells Fargo Private Bank in Scottsdale, Ariz., said he's always wary when stocks rise on nothing more than expectations.

"These are the things that make you nervous, when markets are going strong in anticipation of news," Florance said.

On Tuesday, the Commerce Department reported that exports to Europe dropped 11.7 percent in July, stoking concerns that Europe's troubles could smother the U.S. recovery. Overall U.S. exports fell 1 percent to $183.3 billion, lowered by weaker sales of autos, telecom equipment and heavy machinery.

Morgan Stanley and Citigroup rose after the two banks settled a dispute over how much to value their jointly owned brokerage firm, Morgan Stanley Smith Barney. The deal cleared the way for Morgan Stanley to buy Citigroup's stake. Citi gained 83 cents to $32.66. Morgan Stanley rose 64 cents to $17.25.

A profit warning from luxury clothing chain Burberry helped tug down other high-end retailers in early trading. Burberry said slowing sales to China will likely weaken earnings. Ralph Lauren lost $4.09 to $156.22. Tiffany & Co. sank 78 cents to $62.26.

Among other stocks making moves:

”” Legg Mason jumped 5 percent following reports that its CEO will step down Oct. 1. Clients have been pulling money out of the money manager's funds, weakening revenue. Legg Mason's stock surged $1.38 to $26.85.

”” Hewlett-Packard gained 52 cents to $17.95, a 3 percent gain. The computer and printer maker said late Monday that it will cut 29,000 jobs by October 2014, or 2,000 more than it had previously planned. Sales of personal computers have slumped as people favor smartphones and lightweight tablet computers.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow remains at its highest level since December 2007, the beginning of the Great Recession. It's 6 percent shy of the all-time high it hit two months earlier, in October 2007.

The stock market edged higher Wednesday after a court cleared the way for Germany to participate in a European rescue fund. Attention shifted to the Federal Reserve, which began a big two-day meeting.

The highest court in Germany ruled that the country could contribute to Europe's $640 billion rescue fund to help indebted governments. The ruling offered investors relief, but not much more.

The issue was "more speed bump than hurdle," Dan Greenhaus, chief global strategist at the brokerage BTIG, told clients. "More legislative and political challenges lay ahead. Today's ruling simply does nothing to change that larger story."

The Dow Jones industrial average climbed 9.99 points to close at 13,333.35, a four-year closing high. The Standard & Poor's 500 index added an even 3 points to 1,436.56, also close to a four-year high.

The ruling helped push Germany's main stock index, the DAX, to its highest level since July of last year. The euro rose to a four-month high against the dollar.

When the Fed wraps up its meeting Thursday, investors and economists expect it to announce new steps to stimulate economic growth, especially after a Labor Department report showed employers added fewer than 100,000 jobs last month.

Many investors are banking that the Fed will commit to buying more bonds and extend its pledge to keep short-term interest rates near zero until 2015. The Fed previously offered to keep them there until late 2014.

"Everyone is expecting the Fed to put the pedal to the metal," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. "Anything short of that and we could have some serious disappointment if the Fed doesn't come through. No news will be bad news."

The NYSE DOW closed HIGHER ▲ 9.99 points or ▲ 0.07% Wednesday, 12 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,333.35 ▲ 9.99 ▲ 0.07%
Nasdaq____ 3,114.31 ▲ 9.78 ▲ 0.32%
S&P_500__ 1,436.56 ▲ 3.00 ▲ 0.21%
30_Yr_Bond 2.926 ▲ 0.08 ▲ 2.81%

NYSE Volume 3,556,215,750
Nasdaq Volume 1,680,025,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,782.08 ▼ -10.11 ▼ -0.17%
DAX_____ 7,343.53 ▲ 33.42 ▲ 0.46%
CAC_40__ 3,543.79 ▲ 6.49 ▲ 0.18%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,383.10 ▲ 34.80 ▲ 0.80%
Shanghai_Comp 2,126.55 ▲ 6.00 ▲ 0.28%
Taiwan_Weight 7,570.45 ▲ 85.32 ▲ 1.14%
Nikkei_225____ 8,959.96 ▲ 152.58 ▲ 1.73%
Hang_Seng____ 20,075.39 ▲ 53.93 ▲ 1.10%
Strait_Times___ 3,029.66 ▲ 13.26 ▲ 0.44%
NZX_50_Index__ 3,789.72 ▲ 44.76 ▲ 1.20%

http://finance.yahoo.com/news/us-stocks-rise-investors-wait-172330962.html

US stocks rise, and investors wait for the Fed

US stocks higher after German court clears way for European bailout fund; Fed on deck

By Matthew Craft, AP Business Writer

The stock market edged higher Wednesday after a court cleared the way for Germany to participate in a European rescue fund. Attention shifted to the Federal Reserve, which began a big two-day meeting.

The highest court in Germany ruled that the country could contribute to Europe's $640 billion rescue fund to help indebted governments. The ruling offered investors relief, but not much more.

The issue was "more speed bump than hurdle," Dan Greenhaus, chief global strategist at the brokerage BTIG, told clients. "More legislative and political challenges lay ahead. Today's ruling simply does nothing to change that larger story."

The Dow Jones industrial average climbed 9.99 points to close at 13,333.35, a four-year closing high. The Standard & Poor's 500 index added an even 3 points to 1,436.56, also close to a four-year high.

The ruling helped push Germany's main stock index, the DAX, to its highest level since July of last year. The euro rose to a four-month high against the dollar.

When the Fed wraps up its meeting Thursday, investors and economists expect it to announce new steps to stimulate economic growth, especially after a Labor Department report showed employers added fewer than 100,000 jobs last month.

Many investors are banking that the Fed will commit to buying more bonds and extend its pledge to keep short-term interest rates near zero until 2015. The Fed previously offered to keep them there until late 2014.

"Everyone is expecting the Fed to put the pedal to the metal," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. "Anything short of that and we could have some serious disappointment if the Fed doesn't come through. No news will be bad news."

Ablin was skeptical that the Fed would begin another bond-buying program. The Fed hatched two previous efforts when economic figures looked bleaker than today. The first came in March 2009, right after the financial crisis. Both programs ignited stock rallies.

The economy has plenty of problems now, "but there are some great things happening, too," Ablin said.

In fact, he was about to give a talk detailing reasons for optimism. Falling prices for natural gas, for instance, could usher in a shift to a cheaper, cleaner fuel source for vehicles than crude oil. And the housing market has begun to come back.

In other trading Wednesday, the tech-heavy Nasdaq composite index climbed 9.78 points to 3,114.31. Apple's stock added $9.20 to $669.79 following the unveiling of its latest, slimmer iPhone.

Facebook's stock jumped 8 percent. Mark Zuckerberg, the social networking company's founder, reportedly said that Facebook would work on generating profit from users who use the social network on their phones. The stock gained $1.50 to $20.93.

The Dow and the S&P 500, the benchmark for most stock funds, have already surged about 2 percent in September, usually a grim month for the stock market.

The indexes reached four-year highs last Thursday when news out of Europe set off a worldwide rally. The European Central Bank laid out a concrete plan to support the region's struggling countries through buying their government bonds.

The Dow remains at its highest level since December 2007, the beginning of the Great Recession. It's 6 percent shy of the all-time high it hit two months earlier, in October 2007.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market staged a huge rally Thursday after investors got the aggressive economic help they wanted from the Federal Reserve.

The Dow Jones industrial average spiked more than 200 points and cleared 13,500 for the first time since the beginning of the Great Recession. The average is within 625 points of its all-time high.

The Fed said it would spend $40 billion a month, for as long as it takes, to stimulate the economy by buying mortgage securities ”” and perhaps buy more if the job market doesn't improve.

The central bank also extended its pledge of super-low short-term interest rates into 2015, extended a program to drive down long-term rates and promised to maintain "highly accommodative" policy even after the economy strengthens.

It was the package known as QE3 ”” a third round of quantitative easing, in market-speak. And it was just what investors were hoping for.

"They're saying that the punch bowl, the fuel for the economy, isn't going away ”” it's going to be here as long as you need it," said Tony Fratto, a former aide to President George W. Bush and managing partner at Hamilton Place Strategies, a policy consulting firm in Washington.

The Dow closed up 206.51 points, the seventh-biggest gain this year, at 13,539.86, its highest close since the last days of December 2007, the first month of the recession.

The broader Standard & Poor's 500 index was up 23.43 points at 1,459.99, also its highest since December 2007. The Nasdaq composite index, which has been trading at its highest levels since 2000, was up 41.52 at 3,155.83.

David Abuaf, chief investment officer at Hefty Wealth Partners, said he expects investors to keep shifting from safer assets like government bonds to stocks. That could push stock prices higher and start a cycle of increased wealth and spending.

"People will feel more confident, consumers will buy more goods, and GDP growth will increase," he said, referring to the gross domestic product, or economic output.

The stock market had already enjoyed a summer rally, in part because investors were betting on more Fed action. The Dow has climbed more than 1,100 points since the start of June.

The NYSE DOW closed HIGHER ▲ 206.51 points or ▲ 1.55% Thursday, 13 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,539.86 ▲ 206.51 ▲ 1.55%
Nasdaq____ 3,155.83 ▲ 41.51 ▲ 1.33%
S&P_500__ 1,459.99 ▲ 23.43 ▲ 1.63%
30_Yr_Bond 2.967 ▲ 0.04 ▲ 1.40%

NYSE Volume 4,553,678,500
Nasdaq Volume 1,883,901,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,819.92 ▲ 37.84 ▲ 0.65%
DAX_____ 7,310.32 ▼ -33.21 ▼ -0.45%
CAC_40__ 3,502.09 ▼ -41.70 ▼ -1.18%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,359.80 ▼ -23.30 ▼ -0.53%
Shanghai_Comp 2,110.38 ▼ -16.18 ▼ -0.76%
Taiwan_Weight 7,578.80 ▲ 8.35 ▲ 0.11%
Nikkei_225____ 8,995.15 ▲ 35.19 ▲ 0.39%
Hang_Seng____ 20,047.63 ▲ 53.93 ▼ -0.14%
Strait_Times___ 3,028.11 ▼ -1.55 ▼ -0.05%
NZX_50_Index__ 3,786.04 ▼ -3.68 ▼ -0.10%

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

The Fed steps in, and stocks soar: Dow climbs 206

US stocks soar after Fed announces more help; Dow hits four-year high

By Bernard Condon, AP Business Writer

The stock market staged a huge rally Thursday after investors got the aggressive economic help they wanted from the Federal Reserve.

The Dow Jones industrial average spiked more than 200 points and cleared 13,500 for the first time since the beginning of the Great Recession. The average is within 625 points of its all-time high.

The Fed said it would spend $40 billion a month, for as long as it takes, to stimulate the economy by buying mortgage securities ”” and perhaps buy more if the job market doesn't improve.

The central bank also extended its pledge of super-low short-term interest rates into 2015, extended a program to drive down long-term rates and promised to maintain "highly accommodative" policy even after the economy strengthens.

It was the package known as QE3 ”” a third round of quantitative easing, in market-speak. And it was just what investors were hoping for.

"They're saying that the punch bowl, the fuel for the economy, isn't going away ”” it's going to be here as long as you need it," said Tony Fratto, a former aide to President George W. Bush and managing partner at Hamilton Place Strategies, a policy consulting firm in Washington.

The Dow closed up 206.51 points, the seventh-biggest gain this year, at 13,539.86, its highest close since the last days of December 2007, the first month of the recession.

The broader Standard & Poor's 500 index was up 23.43 points at 1,459.99, also its highest since December 2007. The Nasdaq composite index, which has been trading at its highest levels since 2000, was up 41.52 at 3,155.83.

David Abuaf, chief investment officer at Hefty Wealth Partners, said he expects investors to keep shifting from safer assets like government bonds to stocks. That could push stock prices higher and start a cycle of increased wealth and spending.

"People will feel more confident, consumers will buy more goods, and GDP growth will increase," he said, referring to the gross domestic product, or economic output.

The stock market had already enjoyed a summer rally, in part because investors were betting on more Fed action. The Dow has climbed more than 1,100 points since the start of June.

Still, stocks spiked Thursday in industries across the economy. Materials companies, which tend to do well when the economy picks up, enjoyed the biggest gain ”” 2.6 percent as a group. Bank stocks also surged.

This is the third round of bond-buying by the Fed since the financial crisis struck in the fall of 2008. The goal is to lower long-term interest rates, get people to borrow and spend more and push investors into stocks.

If history is any guide, stocks could rally a bit more. In the three months following March 2009, when the Fed said it would expand its first round of buying, the S&P 500 rose 18 percent. In the three months after the central bank hinted at a second round of buying in August 2010, the S&P rose 14 percent.

Some economists and investors have warned that the bond-buying will have a limited impact because interest rates are already near record lows.

Critics of the stock rally note that the Fed is taking action because the U.S. economy is weak, and that economic growth in China is slowing and much of Europe is in recession and struggling with high debt.

Earlier this month, Mario Draghi, the head of the European Central Bank, said the central bank would buy the debt of countries that use the euro and are desperate to keep their borrowing costs down.

"I'm not buying anything," Gary Flam of Bel Air Investment Advisors said as Fed Chairman Ben Bernanke spoke at a press conference.

Flam added, referring to Draghi and Bernanke: "These two guys are propping up market in the hope it will trickle down to the economy, but after several years of this we haven't seen a sustainable impact. The underlying problems of debt and deficits remain."

The Fed also lowered its outlook for economic growth this year to no stronger than 2 percent. That's down from its forecast of 2.4 percent in June.

In Treasury trading, the yield on the benchmark 10-year note fell slightly to 1.73 percent from 1.79 percent late Wednesday. It had spiked to 1.84 percent as investors sold bonds after the Fed announcement.

The dollar fell slightly against major currencies. It tumbled almost a penny against the euro, which rose to a hair under $1.30.

The price of gold climbed to its highest level since February ”” $1,772 an ounce, a gain of $38, or 2 percent. When the Fed buys bonds, gold often rises, both because investors fear inflation and because a weaker dollar makes gold more expensive.

The trading day didn't begin well. European markets were falling and U.S. futures slid, suggesting stocks might fall when U.S. markets opened.

In addition to worries about what the Fed might do, investors were rattled by turmoil in the Middle East. Protesters stormed the U.S. Embassy compound in Yemen's capital earlier in the day, and there was violence around the U.S. mission in Cairo. The U.S. ambassador to Libya was killed Tuesday.

Stocks rose after the open but barely. Then the Fed released a statement about its moves shortly after 12:30 p.m., and prices began to climb steadily. Some Fed watchers homed in on a pledge to keep stimulating the economy for a "considerable" time "after" it appears to have strengthened. That is stronger language than the central bank had used before.

Then Bernanke started speaking at the press conference at around 2:15, and stocks shot up. A few minutes into the conference, the Dow was up nearly 240 points.

In other news Thursday, the Labor Department reported that the number of people seeking unemployment benefits jumped last week to the highest level in two months, though the figures were skewed in part by Hurricane Isaac.

The figures come after a disappointing jobs report last week. Employers added only 96,000 jobs in August, far below the average 226,000 a month added in the January-March quarter.

The government also said that wholesale prices rose 1.7 percent in August, the most in three years. They were driven up by higher costs for gas and food. Removing the impact of energy and food, however, the increase in prices has been mild.

Among stocks making moves, Pall Corp. rose $4.63, or 8 percent, to $62.80. The company, which makes filtration equipment, posted net income that beat Wall Street predictions.

Apple climbed $13.19, or 2 percent, to $682.98. On Wednesday, the company unveiled an iPhone with a bigger screen and faster download speeds.

On Wednesday, the Dow rose to a four-year high after Germany's highest court rejected calls to block the creation of Europe's rescue fund for indebted governments.

The Fed action combined with the Middle East turmoil pushed crude prices up to above $98 a barrel of the first time in more than four months. Thursday. Oil rose $1.30 to close at $98.31 on the New York Mercantile Exchange.

There were nearly four stocks rising for every one falling. Volume was high, 4.5 billion shares.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market rose again Friday because of economic help from the Federal Reserve. But even some of the buyers weren't believers.

The Dow Jones industrial average hit its highest close since the pre-crisis days of November 2007. The Russell 2000 index of smaller companies briefly traded above its all-time closing high.

Markets rallied around the world in places where traders were getting their first chance to react to the Fed announcement: Stocks climbed more than 2 percent in India and France and almost 2 percent in Japan and Germany.

Apple, the most valuable company in American history, blew through its own all-time high and neared $700 per share as it started taking orders for the iPhone 5.

The gains came on top of a 206-point climb for the Dow on Thursday, when the Fed laid out additional plans to try to energize the economy, including buying $40 billion a month in mortgage bonds for as long as necessary.

But a day later, even with the market rising, plenty of investors were unconvinced. They bought stock, but they also worried that the Fed can't do much to fix the economy and predicted that the stock market gains would be short-lived.

Tyler Vernon, chief investment officer of Biltmore Capital in Princeton, N.J., wanted to capitalize on the market euphoria while he could. That the Fed is still taking such aggressive steps to boost the economy, four years after the financial crisis, doesn't give him much comfort.

The Fed, Vernon said, is "like the morphine being pumped into the patient. It keeps the patient walking and talking."

The Dow rose as much as 113 points Friday before pulling back. It ended up 53.51 points to 13,593.37. It is a 4 percent rally away from its all-time high of 14,164, reached Oct. 9, 2007.

The Standard & Poor's 500 rose 5.78 to 1,465.77, almost exactly 1,000 points below its all-time high. The Nasdaq composite index, which has been trading at the highest levels since 2000, climbed 28.12 to 3,183.95.

The Russell, which tracks 2,000 stocks with market values below $5 billion, closed at 854.70, a hair under its all-time high of 865.29 on April 29, 2011. Because the index contains small companies, it is seen as a gauge of investors' risk tolerance.

In the steps it laid out Thursday, the Fed extended its pledge of super-low short-term interest rates into 2015, from its previous target of 2014. Its plan to buy mortgage bonds is part of a strategy known as quantitative easing, designed to get people and businesses to borrow and spend, and to raise stock prices.

The NYSE DOW closed HIGHER ▲ 53.51 points or ▲ 0.40% Friday, 14 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,593.37 ▲ 53.51 ▲ 0.40%
Nasdaq____ 3,183.95 ▲ 28.12 ▲ 0.89%
S&P_500__ 1,465.77 ▲ 5.78 ▲ 0.40%
30_Yr_Bond 3.088 ▲ 0.12 ▲ 4.08%

NYSE Volume 4,983,496,000
Nasdaq Volume 1,979,255,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,915.55 ▲ 95.63 ▲ 1.64%
DAX_____ 7,412.13 ▲ 101.81 ▲ 1.39%
CAC_40__ 3,581.58 ▲ 79.49 ▲ 2.27%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,410.20 ▲ 50.40 ▲ 1.16%
Shanghai_Comp 2,123.85 ▲ 13.47 ▲ 0.64%
Taiwan_Weight 7,738.05 ▲ 159.25 ▲ 2.10%
Nikkei_225____ 9,159.39 ▲ 164.24 ▲ 1.83%
Hang_Seng____ 20,629.78 ▲ 53.93 ▲ 2.90%
Strait_Times___ 3,070.42 ▲ 40.28 ▲ 1.33%
NZX_50_Index__ 3,792.34 ▲ 6.30 ▲ 0.17%

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

Stocks higher for 2nd day after Fed action

Stocks move higher for 2nd day after Fed action; Apple hits an all-time high

By Christina Rexrode, Associated Press

The stock market rose again Friday because of economic help from the Federal Reserve. But even some of the buyers weren't believers.

The Dow Jones industrial average hit its highest close since the pre-crisis days of November 2007. The Russell 2000 index of smaller companies briefly traded above its all-time closing high.

Markets rallied around the world in places where traders were getting their first chance to react to the Fed announcement: Stocks climbed more than 2 percent in India and France and almost 2 percent in Japan and Germany.

Apple, the most valuable company in American history, blew through its own all-time high and neared $700 per share as it started taking orders for the iPhone 5.

The gains came on top of a 206-point climb for the Dow on Thursday, when the Fed laid out additional plans to try to energize the economy, including buying $40 billion a month in mortgage bonds for as long as necessary.

But a day later, even with the market rising, plenty of investors were unconvinced. They bought stock, but they also worried that the Fed can't do much to fix the economy and predicted that the stock market gains would be short-lived.

Tyler Vernon, chief investment officer of Biltmore Capital in Princeton, N.J., wanted to capitalize on the market euphoria while he could. That the Fed is still taking such aggressive steps to boost the economy, four years after the financial crisis, doesn't give him much comfort.

The Fed, Vernon said, is "like the morphine being pumped into the patient. It keeps the patient walking and talking."

The Dow rose as much as 113 points Friday before pulling back. It ended up 53.51 points to 13,593.37. It is a 4 percent rally away from its all-time high of 14,164, reached Oct. 9, 2007.

The Standard & Poor's 500 rose 5.78 to 1,465.77, almost exactly 1,000 points below its all-time high. The Nasdaq composite index, which has been trading at the highest levels since 2000, climbed 28.12 to 3,183.95.

The Russell, which tracks 2,000 stocks with market values below $5 billion, closed at 854.70, a hair under its all-time high of 865.29 on April 29, 2011. Because the index contains small companies, it is seen as a gauge of investors' risk tolerance.

In the steps it laid out Thursday, the Fed extended its pledge of super-low short-term interest rates into 2015, from its previous target of 2014. Its plan to buy mortgage bonds is part of a strategy known as quantitative easing, designed to get people and businesses to borrow and spend, and to raise stock prices.

To be sure, investors can find other reasons to buy besides the Fed action. Corporate profits are high, and stocks are not expensive by historical standards when compared to earnings.

The psychological effect of the Fed's action is important for the economy as well: If the Fed weren't buttressing the stock market and the Dow were thousands of points lower, consumers would feel less wealthy and cut spending.

But that didn't have everyone convinced that the Fed's moves will make much difference in the end.

Jeff Sica, president and chief investment officer of SICA Wealth Management in Morristown, N.J., was underwhelmed by the Fed's commitment to keep interest rates low. Short-term interest rates have been near zero for years, he noted.

"How many times can you refinance your house?" Sica said.

Dwight Johnston, chief economist of the California and Nevada Credit Union Leagues, expected the stock market gains to be short-lived ”” just like they were after other central bank moves, he said.

"The definition of insanity is doing the same thing over and over again and expecting different results," Johnston said. "I think this may qualify."

Data out Friday also underscored the tenuous state of the economy. U.S. industrial production fell in August by the largest amount in more than three years, the Fed reported.

Also, high gas prices drove up consumer prices in August by the most in three years, the Labor Department said. The national average for a gallon of gas is around $3.87, a hardship for many families.

Among other stocks making notable moves:

”” The Children's Place clothing store rose $1.85, or 3 percent, to $60.67 after a Citi analyst opened coverage of the company with a "buy" rating.

”” The Cracker Barrel restaurant chain slipped $2.04, or 3 percent, to $64.13 after a KeyBanc analyst cut his rating to "hold" from "buy," citing high food costs.

”” Staples was up 25 cents, or 2 percent, to $12.21 after Fortune magazine reported that private-equity firms are considering buying the office-supply company.

8778

 

[bigdog]

Source: http://finance.yahoo.com

After surging over four days to near pre-recession highs, stocks slipped further from that goal Monday following a new sign of a slowdown in the U.S. economy and worries over Europe's struggle to keep its currency union intact.

All three major indexes were down, though barely. The Dow Jones industrial average fell 40.27 points, or 0.3 percent, to 13,553.10.

U.S. stocks are coming off a surge last week that sent the S&P 500 to its highest level in nearly five years. Investors bought stocks on news that the Federal Reserve planned to buy mortgage bonds in an effort to get people to borrow and spend more.

Dampening investor spirits was an Empire State Manufacturing Survey suggesting that conditions for New York manufacturers continued to weaken in September. That followed news from the Fed on Friday that U.S. industrial production fell in August by the largest amount in more than three years.

"We're not completely out of the woods economically, and that's weighing on markets," said Wasif Latif, vice president of equity investments at USAA Investments. He added that, as indexes hover at multi-year highs, "psychological barriers and technical barriers may be tough to breach."

Apple rose $8.50 to $699.78, a new high for the stock market's most valuable company. The company said advance sales for its iPhone 5 available later this week are running at double the rate for its previous version of the phone.

The Standard & Poor's 500 fell 4.58 to 1,461.19. The Nasdaq composite lost 5.28 to 3,178.67.

Six of the ten major industry sectors in the S&P 500 fell, led by materials stocks, down 1.5 percent. Banks and other financial companies were also hit hard, down 1.1 percent.

Energy stocks lost 0.8 percent, climbing back from steeper losses in the afternoon following a plunge in oil that left traders guessing as to the cause. Benchmark crude fell to $96.62, a loss of $2.38, or 2.4 percent, the biggest fall since late July.

Stocks dropped since the opening bell, following overseas markets lower. In Europe, benchmark indexes fell 0.8 percent in France and 0.9 percent in Italy.

The NYSE DOW closed LOWER ▼ -40.27 points or ▼ -0.30% Monday, 17 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,553.10 ▼ -40.27 ▼ -0.30%
Nasdaq____ 3,178.67 ▼ -5.28 ▼ -0.17%
S&P_500__ 1,461.19 ▼ -4.58 ▼ -0.31%
30_Yr_Bond 3.032 ▼ -0.06 ▼ -1.81%

NYSE Volume 3,275,275,000
Nasdaq Volume 1,518,874,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,893.52 ▼ -22.03 ▼ -0.37%
DAX_____ 7,403.69 ▼ -8.44 ▼ -0.11%
CAC_40__ 3,553.69 ▼ -27.89 ▼ -0.78%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,421.80 ▲ 11.60 ▲ 0.26%
Shanghai_Comp 2,078.50 ▼ -45.35 ▼ -2.14%
Taiwan_Weight 7,762.22 ▲ 24.17 ▲ 0.31%
Nikkei_225____ 9,159.39 ▲ 164.24 ▲ 1.83%
Hang_Seng____ 20,658.11 ▲ 53.93 ▲ 0.14%
Strait_Times___ 3,078.72 ▲ 8.30 ▲ 0.27%
NZX_50_Index__ 3,817.23 ▲ 24.89 ▲ 0.66%

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

US stocks slip; Apple hits new high

US stocks slip after weak factory data, worries over Europe; Apple hits new high

By Bernard Condon, AP Business Writer

After surging over four days to near pre-recession highs, stocks slipped further from that goal Monday following a new sign of a slowdown in the U.S. economy and worries over Europe's struggle to keep its currency union intact.

All three major indexes were down, though barely. The Dow Jones industrial average fell 40.27 points, or 0.3 percent, to 13,553.10.

U.S. stocks are coming off a surge last week that sent the S&P 500 to its highest level in nearly five years. Investors bought stocks on news that the Federal Reserve planned to buy mortgage bonds in an effort to get people to borrow and spend more.

Dampening investor spirits was an Empire State Manufacturing Survey suggesting that conditions for New York manufacturers continued to weaken in September. That followed news from the Fed on Friday that U.S. industrial production fell in August by the largest amount in more than three years.

"We're not completely out of the woods economically, and that's weighing on markets," said Wasif Latif, vice president of equity investments at USAA Investments. He added that, as indexes hover at multi-year highs, "psychological barriers and technical barriers may be tough to breach."

Apple rose $8.50 to $699.78, a new high for the stock market's most valuable company. The company said advance sales for its iPhone 5 available later this week are running at double the rate for its previous version of the phone.

The Standard & Poor's 500 fell 4.58 to 1,461.19. The Nasdaq composite lost 5.28 to 3,178.67.

Six of the ten major industry sectors in the S&P 500 fell, led by materials stocks, down 1.5 percent. Banks and other financial companies were also hit hard, down 1.1 percent.

Energy stocks lost 0.8 percent, climbing back from steeper losses in the afternoon following a plunge in oil that left traders guessing as to the cause. Benchmark crude fell to $96.62, a loss of $2.38, or 2.4 percent, the biggest fall since late July.

Stocks dropped since the opening bell, following overseas markets lower. In Europe, benchmark indexes fell 0.8 percent in France and 0.9 percent in Italy.

Investors in Europe sold partly on signs that setting up a new authority overseeing European banks could take longer than expected following a disappointing meeting of the region's financial ministers over the weekend. The new authority would be able to bail out banks directly. Investors are worried that collapsing banks in the region could spread panic, leading to a breakup of the monetary union.

After the surge in U.S. stocks last week, the Dow Jones industrial average came with 4 percent of its all-time high of 14,164 on Oct. 9, 2007. Two month later, the Great Recession began, as did a painful spiral down in stock prices to 12-year lows.

In the Empire State survey, the general business conditions index slipped five points to minus 10.4, its second consecutive negative reading. The new orders index fell nine points to minus 14.0, its third straight negative reading. Both reached their lowest levels in almost two years.

Also on Monday, China filed a World Trade Organization case challenging U.S. anti-dumping measures on billions of dollars of kitchen appliances, paper and other goods, further straining trade relations as global demand weakens.

Earlier, the Obama administration said it would file its own WTO case this week. It says China improperly subsidizes exports of cars and car parts.

Among stocks making big moves Monday, Office Depot Inc. rose 13 cents, or 5 percent, to $2.60 after an investment firm pushing for changes at the office-supply chain announced it had become the retailer's largest shareholder. Office Depot has struggled recently because businesses have cut spending at its stores as the economy slowed.

Iris International Inc., a maker of medical test products, jumped $6.12, or 46 percent, to $19.54 after its board agreed to sell the company to Danaher Corp., a health care and industrial manufacturer.

More than two stocks fell for every one that rose on the New York Stock Exchange. Volume was light at 3.2 billion shares.

On Tuesday, the National Association of Home Builders releases its survey for September sales. The government follows on Wednesday with data on both housing starts and existing home sales