NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

Glum economic news from FedEx left stocks mixed on Tuesday.

The Dow Jones industrial average posted a slight gain, but other indexes fell. Declining stocks outnumbered those that advanced. And seven of the 10 industries tracked by the Standard & Poor's 500 index declined.

European stocks fell. So did oil prices.

FedEx said it sees a worldwide economy that has stalled. Investors pay close attention to the company's forecasts because its package delivery business spans the globe and offers a window into how the economy is doing.

FedEx reduced its fiscal-year profit forecast sharply because its customers used its express air delivery service less in favor of slower and cheaper ground service. FedEx's stock fell $2.73, or 3.1 percent, to close at $86.55.

Apple climbed above $700 for the first time, rising $2.13 to close at $701.91. Apple shares have risen more than 19 percent in the past three months. The recent gain has been driven by strong sales of the company's iPhone and related gadgets.

Stocks broadly have been on a strong run. The S&P 500 is up 14 percent since June 1.

"The market is at high levels, certainly due for a pullback, and I suspect we'll probably see one," said Peter Cardillo, chief market economist at Rockwell Global Capital.

The S&P 500 index fell 1.87 points to close at 1,459.32. The Nasdaq closed down 0.87 point at 3,177.80. The Dow rose 11.54 points to 13,564.64.

Markets had rallied sharply last week after the Federal Reserve announced aggressive measures intended to kick-start the economy. This week, investors appear more focused on the weak growth that caused the Fed to act in the first place.

The Fed's announcement was for open-ended asset purchases, noted Charlie Smith, chief investment officer for Fort Pitt Capital Group in Pittsburgh.

The NYSE DOW closed HIGHER ▲ 11.54 points or ▲ 0.09% Tuesday, 18 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,564.64 ▲ 11.54 ▲ 0.09%
Nasdaq____ 3,177.80 ▼ -0.87 ▼ -0.03%
S&P_500__ 1,459.32 ▼ -1.87 ▼ -0.13%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,350,341,500
Nasdaq Volume 1,707,952,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,868.16 ▼ -25.36 ▼ -0.43%
DAX_____ 7,347.69 ▼ -56.00 ▼ -0.76%
CAC_40__ 3,512.69 ▼ -41.00 ▼ -1.15%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,417.80 ▼ -4.00 ▼ -0.09%
Shanghai_Comp 2,059.54 ▼ -18.96 ▼ -0.91%
Taiwan_Weight 7,734.26 ▼ -27.96 ▼ -0.36%
Nikkei_225____ 9,123.77 ▼ -35.62 ▼ -0.39%
Hang_Seng____ 20,601.93 ▲ 53.93 ▼ -0.27%
Strait_Times___ 3,067.98 ▼ -10.74 ▼ -0.35%
NZX_50_Index__ 3,804.48 ▼ -12.76 ▼ -0.33%

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

Stocks mixed after FedEx gives a glum outlook

Stocks mixed as investors focus on economic woes; FedEx sees global economy worsening

By Joshua Freed, AP Business Writer

Glum economic news from FedEx left stocks mixed on Tuesday.

The Dow Jones industrial average posted a slight gain, but other indexes fell. Declining stocks outnumbered those that advanced. And seven of the 10 industries tracked by the Standard & Poor's 500 index declined.

European stocks fell. So did oil prices.

FedEx said it sees a worldwide economy that has stalled. Investors pay close attention to the company's forecasts because its package delivery business spans the globe and offers a window into how the economy is doing.

FedEx reduced its fiscal-year profit forecast sharply because its customers used its express air delivery service less in favor of slower and cheaper ground service. FedEx's stock fell $2.73, or 3.1 percent, to close at $86.55.

Apple climbed above $700 for the first time, rising $2.13 to close at $701.91. Apple shares have risen more than 19 percent in the past three months. The recent gain has been driven by strong sales of the company's iPhone and related gadgets.

Stocks broadly have been on a strong run. The S&P 500 is up 14 percent since June 1.

"The market is at high levels, certainly due for a pullback, and I suspect we'll probably see one," said Peter Cardillo, chief market economist at Rockwell Global Capital.

The S&P 500 index fell 1.87 points to close at 1,459.32. The Nasdaq closed down 0.87 point at 3,177.80. The Dow rose 11.54 points to 13,564.64.

Markets had rallied sharply last week after the Federal Reserve announced aggressive measures intended to kick-start the economy. This week, investors appear more focused on the weak growth that caused the Fed to act in the first place.

The Fed's announcement was for open-ended asset purchases, noted Charlie Smith, chief investment officer for Fort Pitt Capital Group in Pittsburgh.

"The feeling on the Street is, 'OK, what can they do next?' and by definition there's nothing more they can do than what they announced," he said. That means investors may feel that they've gotten all of the gains they're going to get after the Fed's announcement, he said.

Ed Hyland, managing director at JP Morgan Private Bank, said it's noteworthy that the market hasn't pulled back more after its recent run-up.

"It will be interesting to see, as we move into earnings season, how the market will react to what we think will be a little bit weaker earnings and macro data," he said.

Also on Tuesday, the Commerce Department reported that the current account deficit, the broadest measure of American trade, dropped 12.1 percent in the second quarter. That's down from a record high in the January-through-March quarter.

The deficit shrank because of an increase in American exports and cheaper oil. But economists are predicting it will grow again because of the global slowdown.

In other corporate news:

”” Energizer Holdings Inc. jumped $7.30, or 10.7 percent, to $75.22 after the battery and flashlight maker said it will cut jobs and reduce its overhead.

”” Advanced Micro Devices plunged 39 cents, or 9.7 percent, to $3.62 after the world's second-largest maker of microprocessors for personal computers announced unexpectedly that its chief financial officer was leaving.

”” Clearwire Corp. fell 16 cents, or 10.4 percent, to $1.38 after Time Warner Cable Inc. said it would sell its 7.8 percent stake in the wireless infrastructure company.

The price of oil fell $1.33 to $95.29 per barrel on the New York Mercantile Exchange. Oil had hit $100 per barrel in recent days but dropped sharply late Monday as concerns about the lethargic economy persisted.

Stocks fell in Europe, too, after signs that it will take longer than expected to set up a new authority to supervise European banks.

The CAC-40 in France was down 1 percent, the FTSE-100 in Britain fell 0.4 percent, and the DAX in Germany was down 0.8 percent.

The yield on the 10-year U.S. Treasury note fell to 1.82 percent from 1.84 percent late Monday.

 

[bigdog]

Source: http://finance.yahoo.com

A pair of encouraging reports about the housing market gave U.S. stocks a little boost Wednesday.

Home sales jumped to the highest level in more than two years in August, the National Association of Realtors said. Sales rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million, the most since May 2010.

Earlier, the government reported that construction of single-family homes in August also was the fastest in more than two years.

Stocks of homebuilders, already up after the construction report, rose sharply after 10 a.m., when the jump in home sales was reported. D.R. Horton Inc. rose 87 cents, or 4.1 percent, to $22.22; Beazer Homes USA Inc. rose 22 cents, or 6.2 percent, to $3.75; and KB Home rose 46 cents, or 3.6 percent, to $13.16.

The gains for broader stock indexes were muted. At its high for the day, the Dow Jones industrial average was up just 62 points.

The housing numbers "are fantastic news," but traders continue to worry about recent discouraging signals this week like downgrades of railroads and a warning from Federal Express that the global economy is slowing, said JJ Kinahan, chief derivatives strategist for TD Ameritrade, a retail brokerage.

"The market is at a bit of a conundrum," Kinahan said. "There are just constantly these mixed signals about what's going on."

The Dow closed up 13.32 points, or 0.1 percent, at 13,577.96. The Dow is just a 4 percent rally shy of its all-time high of 14,164, reached Oct. 9, 2007.

The Standard & Poor's 500 index rose 1.73 points, or 0.1 percent, to 1,461.05. Telecom and consumer discretionary stocks added the most among the industry groups in the S&P 500 index.

Energy stocks suffered as the price of oil fell $3.31, or 3.5 percent, to $91.98 per barrel. Traders are questioning whether economic growth is strong enough to justify a recent run-up to $100 per barrel. Crude is down 7 percent this week.

The Nasdaq composite index rose 4.82 points, or 0.2 percent, to 3,182.62.

The NYSE DOW closed HIGHER ▲ 13.32 points or ▲ 0.10% Wednesday, 19 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,577.96 ▲ 13.32 ▲ 0.10%
Nasdaq____ 3,182.62 ▲ 4.82 ▲ 0.15%
S&P_500__ 1,461.05 ▲ 1.73 ▲ 0.12%
30_Yr_Bond 3.030 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,409,506,250
Nasdaq Volume 1,827,667,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,888.48 ▲ 20.32 ▲ 0.35%
DAX_____ 7,390.76 ▲ 43.07 ▲ 0.59%
CAC_40__ 3,531.82 ▲ 19.13 ▲ 0.54%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,440.40 ▲ 22.60 ▲ 0.51%
Shanghai_Comp 2,067.83 ▲ 8.29 ▲ 0.40%
Taiwan_Weight 7,781.91 ▲ 47.65 ▲ 0.62%
Nikkei_225____ 9,232.21 ▲ 108.44 ▲ 1.19%
Hang_Seng____ 20,841.91 ▲ 53.93 ▲ 1.16%
Strait_Times___ 3,075.63 ▲ 7.65 ▲ 0.25%
NZX_50_Index__ 3,797.90 ▼ -6.58 ▼ -0.17%

http://finance.yahoo.com/news/encouraging-reports-housing-lift-us-200842363.html

Encouraging reports about housing lift US stocks

US stocks rise after home sales and housing starts reach fastest pace in more than 2 years

By Daniel Wagner, AP Business Writer

A pair of encouraging reports about the housing market gave U.S. stocks a little boost Wednesday.

Home sales jumped to the highest level in more than two years in August, the National Association of Realtors said. Sales rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million, the most since May 2010.

Earlier, the government reported that construction of single-family homes in August also was the fastest in more than two years.

Stocks of homebuilders, already up after the construction report, rose sharply after 10 a.m., when the jump in home sales was reported. D.R. Horton Inc. rose 87 cents, or 4.1 percent, to $22.22; Beazer Homes USA Inc. rose 22 cents, or 6.2 percent, to $3.75; and KB Home rose 46 cents, or 3.6 percent, to $13.16.

The gains for broader stock indexes were muted. At its high for the day, the Dow Jones industrial average was up just 62 points.

The housing numbers "are fantastic news," but traders continue to worry about recent discouraging signals this week like downgrades of railroads and a warning from Federal Express that the global economy is slowing, said JJ Kinahan, chief derivatives strategist for TD Ameritrade, a retail brokerage.

"The market is at a bit of a conundrum," Kinahan said. "There are just constantly these mixed signals about what's going on."

The Dow closed up 13.32 points, or 0.1 percent, at 13,577.96. The Dow is just a 4 percent rally shy of its all-time high of 14,164, reached Oct. 9, 2007.

The Standard & Poor's 500 index rose 1.73 points, or 0.1 percent, to 1,461.05. Telecom and consumer discretionary stocks added the most among the industry groups in the S&P 500 index.

Energy stocks suffered as the price of oil fell $3.31, or 3.5 percent, to $91.98 per barrel. Traders are questioning whether economic growth is strong enough to justify a recent run-up to $100 per barrel. Crude is down 7 percent this week.

The Nasdaq composite index rose 4.82 points, or 0.2 percent, to 3,182.62.

Earlier, Asian and European markets closed higher after the Bank of Japan announced a massive asset purchasing plan similar to what the Federal Reserve approved last week. Japan's main stock index hit a four-month high.

The yield on the 10-year Treasury note fell to 1.78 percent from 1.81 percent late Tuesday as demand for safe investments increased. A bond's yield falls as its price rises.

In corporate news, Cracker Barrel leapt $3.69, or 5.8 percent, to $67.31, after the purveyor of country cooking and homespun curios said it doubled its net income in the fiscal fourth quarter.

General Mills rose 71 cents, or 1.8 percent, to $40.02 after saying its fiscal first-quarter net income increased 35 percent on strong foreign yogurt sales.

AutoZone Inc. jumped $12, or 3.4 percent, to $369.84 after saying its fiscal fourth-quarter net income rose 7.4 percent on strong sales at new stores.

 

[bigdog]

Source: http://finance.yahoo.com

A batch of worrying economic figures tugged stock markets slightly lower Thursday. Measures of manufacturing and business activity in both China and Europe slumped.

In the U.S., the railroad Norfolk Southern warned that it's shipping fewer goods, and the government gave investors another reminder that the job market remains weak.

The Standard & Poor's 500 index fell 0.79 of a point to close at 1,460.26. The Nasdaq composite index dropped 6.66 points to 3,175.96. Three stocks fell for every two that rose on the New York Stock Exchange.

Stock-market indexes reached four-year highs last week after the Federal Reserve unveiled a new plan to support the economy. Clark Yingst, chief market analyst at the securities firm Joseph Gunnar, said economic reports continue to draw a picture of an economic recovery stuck in low gear. To Yingst, it's hard to find any reason for stocks to climb much higher.

"You do have to wonder what the next catalyst is going to be," he said.

The Labor Department reported that 382,000 people applied for unemployment benefits last week, more than economists had expected. When applications consistently top 375,000, it suggests hiring is too weak to lower the unemployment rate.

More evidence of sluggishness came from Norfolk Southern. The railroad said late Thursday that falling coal prices and a drop in shipments will likely drag down quarterly earnings. That followed a warning from FedEx earlier this week that global trade has slumped to recession levels. Norfolk Southern's stock sank $6.58 to $66.11.

In other trading, the Dow Jones industrial average gained 18.97 points to 13,596.93. Kraft Foods led the Dow up with a 1.9 percent surge, ending up 76 cents at $41.60.

The NYSE DOW closed HIGHER ▲ 18.97 points or ▲ 0.14% Thursday, 20 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,596.93 ▲ 18.97 ▲ 0.14%
Nasdaq____ 3,175.96 ▼ -6.66 ▼ -0.21%
S&P_500__ 1,460.26 ▼ -0.79 ▼ -0.05%
30_Yr_Bond 3.030 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,372,469,250
Nasdaq Volume 1,811,161,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,854.64 ▼ -33.84 ▼ -0.57%
DAX_____ 7,389.49 ▼ -1.27 ▼ -0.02%
CAC_40__ 3,509.92 ▼ -21.90 ▼ -0.62%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,419.80 ▼ -20.60 ▼ -0.46%
Shanghai_Comp 2,024.84 ▼ -42.99 ▼ -2.08%
Taiwan_Weight 7,727.55 ▼ -54.36 ▼ -0.70%
Nikkei_225____ 9,086.98 ▼ -145.23 ▼ -1.57%
Hang_Seng____ 20,590.92 ▲ 53.93 ▼ -1.20%
Strait_Times___ 3,062.61 ▼ -13.02 ▼ -0.42%
NZX_50_Index__ 3,819.28 ▲ 21.38 ▲ 0.56%

http://finance.yahoo.com/news/us-stocks-global-markets-lower-135008901.html

US stocks follow global markets lower

US stocks edge lower down as economic data from around the world point to turbulence

By Matthew Craft, AP Business Writer

A batch of worrying economic figures tugged stock markets slightly lower Thursday. Measures of manufacturing and business activity in both China and Europe slumped.

In the U.S., the railroad Norfolk Southern warned that it's shipping fewer goods, and the government gave investors another reminder that the job market remains weak.

The Standard & Poor's 500 index fell 0.79 of a point to close at 1,460.26. The Nasdaq composite index dropped 6.66 points to 3,175.96. Three stocks fell for every two that rose on the New York Stock Exchange.

Stock-market indexes reached four-year highs last week after the Federal Reserve unveiled a new plan to support the economy. Clark Yingst, chief market analyst at the securities firm Joseph Gunnar, said economic reports continue to draw a picture of an economic recovery stuck in low gear. To Yingst, it's hard to find any reason for stocks to climb much higher.

"You do have to wonder what the next catalyst is going to be," he said.

The Labor Department reported that 382,000 people applied for unemployment benefits last week, more than economists had expected. When applications consistently top 375,000, it suggests hiring is too weak to lower the unemployment rate.

More evidence of sluggishness came from Norfolk Southern. The railroad said late Thursday that falling coal prices and a drop in shipments will likely drag down quarterly earnings. That followed a warning from FedEx earlier this week that global trade has slumped to recession levels. Norfolk Southern's stock sank $6.58 to $66.11.

In other trading, the Dow Jones industrial average gained 18.97 points to 13,596.93. Kraft Foods led the Dow up with a 1.9 percent surge, ending up 76 cents at $41.60.

Stronger earnings pushed ConAgra Foods up 6.2 percent. The maker of Healthy Choice packaged meals and Slim Jim beef jerky said its profit more than doubled, helped by lower food costs and a strong gain from a hedge on commodity prices. ConAgra's stock rose $1.59 to $27.24.

The real-estate website Trulia soared 41 percent in its first day of trading. Trulia priced its initial public offering at $17 on Wednesday, raising $102 million. Trulia's stock closed at an even $24.

The three major indexes have gained nearly 4 percent in September, historically the worst month for stocks. Since 1950, the S&P 500 has averaged a drop of 0.5 percent for the month. The Dow has lost an average of 0.8 percent.

Among other stocks making moves:

- Starbucks gained $1.08 to $51.19. The coffee giant said it will start selling a single-serve coffee machine starting at $199. The Verismo will compete with Green Mountain Coffee Roasters' Keurig machine and Nestle's Nespresso.

- Bed Bath & Beyond dropped $6.71 to $62.08. The housewares company reported quarterly earnings late Wednesday that fell short of analysts' expectations and said profits will likely stay under pressure.

- CarMax sank 6 percent after the chain of used-car dealers reported essentially flat quarterly net income, below analysts' expectations. Costs surged as CarMax opened more dealerships. Its stock lost $2.01 to $29.96.

 

[bigdog]

Source: http://finance.yahoo.com

The market took a recess Friday from the Fed rally.

Stocks have been pushing higher for weeks, not because investors think the economy is healed but because of expectations, then confirmation, that the Federal Reserve would step in and try to fix it.

Most of Friday seemed like another day in the Fed rally, which began in earnest early this month, until stocks slipped in the late afternoon. The Dow Jones industrial average rose as much as 50 points before falling into the red in the last half-hour of trading. It's just the fourth day in September that the Dow hasn't managed a gain.

Still, the declines were small. The Dow lost 17.46 points, or 0.1 percent, to 13,579.47. The Standard & Poor's 500 fell in the final minutes of trading, closing down a minuscule 0.11 point, or 0.01 percent, to 1,460.15.

The other main index, the Nasdaq composite, rose four points, or 0.1 percent, to 3,179.96.

Despite the Friday blip, stocks are still much higher than might be expected for such a morose economy. This month, the Dow and the S&P started trading at levels not seen since December 2007, nine months before the fall of Lehman Brothers investment bank. Since the start of June, the Dow has popped nearly 1,200 points.

But the stock market's party mode doesn't mean the underlying economy is healed ”” far from it. The summer rally is mostly the result of vows by the Federal Reserve and other central banks, like the Bank of Japan and the European Central Bank, to do more to try to help.

But the promises are also an unsettling reminder: The central banks think the economy is so bad that it can't bounce back on its own.

The NYSE DOW closed LOWER ▼ -17.46 points or ▼ -0.13% Friday, 21 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,579.47 ▼ -17.46 ▼ -0.13%
Nasdaq____ 3,179.96 ▲ 4.00 ▲ 0.13%
S&P_500__ 1,460.15 ▼ -0.11 ▼ -0.01%
30_Yr_Bond 3.030 ▲ 0.00 ▲ 0.00%

NYSE Volume 4,700,958,000
Nasdaq Volume 2,536,100,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,852.62 ▼ -2.02 ▼ -0.03%
DAX_____ 7,451.62 ▲ 62.13 ▲ 0.84%
CAC_40__ 3,530.72 ▲ 20.80 ▲ 0.59%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,430.80 ▲ 11.00 ▲ 0.25%
Shanghai_Comp 2,026.69 ▲ 1.85 ▲ 0.09%
Taiwan_Weight 7,754.59 ▲ 27.04 ▲ 0.35%
Nikkei_225____ 9,110.00 ▲ 23.02 ▲ 0.25%
Hang_Seng____ 20,734.94 ▲ 53.93 ▲ 0.70%
Strait_Times___ 3,078.23 ▲ 15.62 ▲ 0.51%
NZX_50_Index__ 3,809.57 ▼ -9.71 ▼ -0.25%

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

Stocks slip in late trading, after long Fed rally

Stocks slip in late trading, though Fed promises have propelled it higher for days

By Christina Rexrode, AP Business Writer

The market took a recess Friday from the Fed rally.

Stocks have been pushing higher for weeks, not because investors think the economy is healed but because of expectations, then confirmation, that the Federal Reserve would step in and try to fix it.

Most of Friday seemed like another day in the Fed rally, which began in earnest early this month, until stocks slipped in the late afternoon. The Dow Jones industrial average rose as much as 50 points before falling into the red in the last half-hour of trading. It's just the fourth day in September that the Dow hasn't managed a gain.

Still, the declines were small. The Dow lost 17.46 points, or 0.1 percent, to 13,579.47. The Standard & Poor's 500 fell in the final minutes of trading, closing down a minuscule 0.11 point, or 0.01 percent, to 1,460.15.

The other main index, the Nasdaq composite, rose four points, or 0.1 percent, to 3,179.96.

Despite the Friday blip, stocks are still much higher than might be expected for such a morose economy. This month, the Dow and the S&P started trading at levels not seen since December 2007, nine months before the fall of Lehman Brothers investment bank. Since the start of June, the Dow has popped nearly 1,200 points.

But the stock market's party mode doesn't mean the underlying economy is healed ”” far from it. The summer rally is mostly the result of vows by the Federal Reserve and other central banks, like the Bank of Japan and the European Central Bank, to do more to try to help.

But the promises are also an unsettling reminder: The central banks think the economy is so bad that it can't bounce back on its own.

"It's just a big illusion," said Bob Phillips, managing partner at Spectrum Management Group in Indianapolis. The economy, he said, is still a "no man's land" plagued by high unemployment and slow growth.

The signs were obvious Friday: The Labor Department reported that the unemployment rate rose in 26 states last month. The World Trade Organization cut its estimates for growth in global trade for this year and next.

In Europe, Spain was reportedly close to asking for a bailout from Europe. The finance minister of Germany, which has paid for much of the previous bailouts, shot back that Spain doesn't need it.

It's all a reminder that there's only so much the Fed can do. It can't fix the fiscal cliff facing the U.S. government, the higher taxes and government spending cuts that take effect next year unless Congress acts. Others worry that the Fed has used up all the tricks that have previously fueled the stock market.

Phillips said he's worried about "a nasty correction at the first hint of any less-than-stellar news."

Timothy Leach, chief investment officer for U.S. Bank wealth management in San Francisco, said central banks are buying time more than fixing underlying problems.

"But at least they're taking some of the pressure off," Leach added, "allowing policymakers some additional time to try to achieve those real solutions."

Other big moves on the market:

””The price of gold briefly hit a high for 2012 on the news that Spain might get extra bailout funds. Such rescue packages can often cause inflation, and many investors buy gold as a hedge against inflation

””Homebuilder KB Home swung to a quarterly profit by selling pricier homes. KB Home's stock jumped $2.15, or more than 16 percent, to $15.26.

”” Darden Restaurants, parent of Olive Garden and Red Lobster, reported a higher quarterly profit. The stock rose $2.49, or more than 4 percent, to $57.21.

9643

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stocks meandered sideways Monday as fears about Europe overshadowed recent excitement about central banks' efforts to boost the market.

Stocks opened lower, recovered by mid-afternoon to nearly flat and closed down modestly.

An index of business confidence in Germany, the biggest economy in Europe, fell for a fifth straight month. Many economists had expected it to at least remain flat. Some think Germany is headed for a recession.

The threat of the years-old European debt crisis has seemed less immediate in recent weeks as central banks unveiled measures aimed at encouraging investment and boosting the global economy. The German report reignited those fears.

Stocks had risen strongly in recent weeks as traders anticipated, then received, help from the Federal Reserve in the form of an open-ended bond-buying program. The Fed will buy $40 billion of mortgage bonds per month until the economy has improved.

"It's not unusual after big moves for the market to, in essence, go quiet and wait for the next catalyst," said Quincy Krosby, market strategist with Prudential Financial. The next catalyst, Krosby said, is third-quarter earnings, which companies will begin to announce next month.

The Dow Jones industrial average closed down 20.55 points, or 0.2 percent, at 13,558.92. The Standard & Poor's 500 index declined 3.26, or 0.2 percent, to 1,459.89. Its two strongest groups were utilities and telecommunications, safer stocks that tend to do well in a weaker economy.

The Nasdaq composite index dropped 19.18 points, or 0.6 percent, to 3,160.78. The Nasdaq is heavy in technology shares, which were dragged lower by Apple.

The NYSE DOW closed LOWER ▼ -20.55 points or ▼ -0.15% Monday, 24 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,558.92 ▼ -20.55 ▼ -0.15%
Nasdaq____ 3,160.78 ▼ -19.18 ▼ -0.60%
S&P_500__ 1,456.89 ▼ -3.26 ▼ -0.22%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,007,548,250
Nasdaq Volume 1,711,043,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,838.84 ▼ -13.78 ▼ -0.24%
DAX_____ 7,413.16 ▼ -38.46 ▼ -0.52%
CAC_40__ 3,497.22 ▼ -33.50 ▼ -0.95%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,409.20 ▼ -21.60 ▼ -0.49%
Shanghai_Comp 2,033.19 ▲ 6.50 ▲ 0.32%
Taiwan_Weight 7,768.30 ▲ 13.71 ▲ 0.18%
Nikkei_225____ 9,069.29 ▼ -40.71 ▼ -0.45%
Hang_Seng____ 20,694.70 ▲ 53.93 ▼ -0.19%
Strait_Times___ 3,067.93 ▼ -10.30 ▼ -0.33%
NZX_50_Index__ 3,809.15 ▼ -0.42 ▼ -0.01%

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

US stocks drift as European gloom returns

US stocks drift sideways after German confidence weakens; Apple falls as iPhone misses target

By Daniel Wagner, AP Business Writer

U.S. stocks meandered sideways Monday as fears about Europe overshadowed recent excitement about central banks' efforts to boost the market.

Stocks opened lower, recovered by mid-afternoon to nearly flat and closed down modestly.

An index of business confidence in Germany, the biggest economy in Europe, fell for a fifth straight month. Many economists had expected it to at least remain flat. Some think Germany is headed for a recession.

The threat of the years-old European debt crisis has seemed less immediate in recent weeks as central banks unveiled measures aimed at encouraging investment and boosting the global economy. The German report reignited those fears.

Stocks had risen strongly in recent weeks as traders anticipated, then received, help from the Federal Reserve in the form of an open-ended bond-buying program. The Fed will buy $40 billion of mortgage bonds per month until the economy has improved.

"It's not unusual after big moves for the market to, in essence, go quiet and wait for the next catalyst," said Quincy Krosby, market strategist with Prudential Financial. The next catalyst, Krosby said, is third-quarter earnings, which companies will begin to announce next month.

The Dow Jones industrial average closed down 20.55 points, or 0.2 percent, at 13,558.92. The Standard & Poor's 500 index declined 3.26, or 0.2 percent, to 1,459.89. Its two strongest groups were utilities and telecommunications, safer stocks that tend to do well in a weaker economy.

The Nasdaq composite index dropped 19.18 points, or 0.6 percent, to 3,160.78. The Nasdaq is heavy in technology shares, which were dragged lower by Apple.

As in the U.S., the concern in Germany is that an economy on the rebound will be weighed down by the rest of the European countries, half of which are already in recession.

Germany's economy grew 0.3 percent in the second quarter from the previous quarter, but a number of economists now believe the country will fall into a recession in the second half of the year.

In the U.S., stocks have gone from underpriced to fairly priced, said Doug Cote, chief market strategist at ING Investment Management. If recent weakness in U.S. manufacturing is any guide, he said, traders will be disappointed next month by companies' quarterly results.

"It will be a sea change ”” the first time in three years that we've had negative earnings growth," Cote said. He said China's abrupt economic slowdown is adding to corporate America's woes.

If that happens, Krosby said, it could drive the market lower. Without enough positive surprises from companies this quarter, the Fed program probably won't be enough to extend the rally, she said.

"There's an uneasy feeling surrounding the market," she said.

In the U.S., traders are looking for more good news from the housing market, which appears to be bouncing back after being a stuck in a rut for years. The latest data on new and pending home sales will be released later in the week.

Lennar on Monday became the latest builder to post surprisingly strong earnings. A rise in orders and the number of homes delivered, adding to a big tax benefit, had the Miami homebuilder quadrupling profits. KB Home on Friday did almost as well, and housing shares jumped on optimistic comments from its CEO, Stuart Miller.

On Monday, Lennar closed down 55 cents, or 1.5 percent, at $36.96. KB Home fell 63 cents, or 4.1 percent, to $14.63.

Apple fell after sales of the new iPhone 5 missed analysts' targets. The company sold 5 million units in three days. Its stock fell $9.31, or 1.3 percent, to $690.79.

UnitedHealth Group was down slightly on its first day in the Dow, which shuffled its lineup of stocks to reflect health care's growing importance in the economy. UnitedHealth, the nation's largest health insurer, replaces Kraft Foods in the Dow. Its stock fell 20 cents, or 0.4 percent, to $55.98.

Peregrine Pharmaceuticals Inc. stock collapsed after the cancer drug developer told analysts they should not rely on recently disclosed data about its lead product, a proposed lung cancer treatment. The stock fell $4.23, or 78.5 percent, to $1.16.

The price of oil fell to around $92 a barrel, dragged down by concerns about weakening global growth and demand for crude. Benchmark crude fell 96 cents, or 1 percent, to settle at $91.93 per barrel on the New York Mercantile Exchange.

Stronger demand for safe investments pushed the yield on the 10-year Treasury note down to 1.72 percent from 1.75 percent late Friday.

 

[bigdog]

Source: http://finance.yahoo.com

A quiet day on Wall Street turned into the worst sell-off in three months after a Federal Reserve official said he doubted the bank's effort to boost economic growth would work.

Charles Plosser, president of the Fed's Philadelphia branch, told an audience Tuesday that the Fed's effort to support the economy would likely fall short of its goals. And if the Fed looks ineffective, it could undermine future Fed action.

The speech probably startled some investors who had faith in the Fed's latest plan, said Jack Ablin, chief investment officer Harris Private Bank. The plan includes buying $40 billion in mortgage bonds each month until the economy improves.

"So many investors have bought into the illusion," he said. "And it was like Plosser pulled up the curtain on the Wizard of Oz."

The Standard & Poor's 500 index lost 15.30 points, its fourth straight decline, to close at 1,441.59. The 1.05 percent drop was the worst for the S&P since June 25.

The Dow Jones industrial average lost 101.37 points to close at 13,457.55. Caterpillar tugged the Dow down, losing 4 percent. The world's largest maker of bulldozers and other heavy equipment said late Monday that slower economic growth around the world dampened its earnings forecast. Its stock sank $3.86 to $87.01.

A batch of encouraging economic reports gave the stock market a nudge in morning trading. House prices rose in major cities for a third straight month, and a gauge of consumer confidence came in surprisingly high.

More surprising than those two economic reports was the Richmond Federal Reserve's strong reading on regional manufacturing, a recent trouble spot, said Phil Orlando, chief equity strategist at Federated Investors.

The NYSE DOW closed LOWER ▼ -101.37 points or ▼ -0.75% Tuesday, 25 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,457.55 ▼ -101.37 ▼ -0.75%
Nasdaq____ 3,117.73 ▼ -43.05 ▼ -1.36%
S&P_500__ 1,441.59 ▼ -15.30 ▼ -1.05%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,677,164,500
Nasdaq Volume 1,979,791,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,859.71 ▲ 20.87 ▲ 0.36%
DAX_____ 7,425.11 ▲ 11.95 ▲ 0.16%
CAC_40__ 3,513.81 ▲ 16.59 ▲ 0.47%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,395.50 ▼ -13.70 ▼ -0.31%
Shanghai_Comp 2,029.29 ▼ -3.90 ▼ -0.19%
Taiwan_Weight 7,734.13 ▼ -34.17 ▼ -0.44%
Nikkei_225____ 9,091.54 ▲ 22.25 ▲ 0.25%
Hang_Seng____ 20,698.68 ▲ 53.93 ▲ 0.02%
Strait_Times___ 3,067.13 ▼ -0.80 ▼ -0.03%
NZX_50_Index__ 3,825.31 ▲ 0.00 ▲ 0.00%

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

Dow drops 100 after Fed official's warning

Warning from Fed official sends stocks lower; fourth straight decline for S&P

By Matthew Craft, AP Business Writer

A quiet day on Wall Street turned into the worst sell-off in three months after a Federal Reserve official said he doubted the bank's effort to boost economic growth would work.

Charles Plosser, president of the Fed's Philadelphia branch, told an audience Tuesday that the Fed's effort to support the economy would likely fall short of its goals. And if the Fed looks ineffective, it could undermine future Fed action.

The speech probably startled some investors who had faith in the Fed's latest plan, said Jack Ablin, chief investment officer Harris Private Bank. The plan includes buying $40 billion in mortgage bonds each month until the economy improves.

"So many investors have bought into the illusion," he said. "And it was like Plosser pulled up the curtain on the Wizard of Oz."

The Standard & Poor's 500 index lost 15.30 points, its fourth straight decline, to close at 1,441.59. The 1.05 percent drop was the worst for the S&P since June 25.

The Dow Jones industrial average lost 101.37 points to close at 13,457.55. Caterpillar tugged the Dow down, losing 4 percent. The world's largest maker of bulldozers and other heavy equipment said late Monday that slower economic growth around the world dampened its earnings forecast. Its stock sank $3.86 to $87.01.

A batch of encouraging economic reports gave the stock market a nudge in morning trading. House prices rose in major cities for a third straight month, and a gauge of consumer confidence came in surprisingly high.

More surprising than those two economic reports was the Richmond Federal Reserve's strong reading on regional manufacturing, a recent trouble spot, said Phil Orlando, chief equity strategist at Federated Investors.

"Look at that. There were three data points on the economy and we crushed them," said Phil Orlando, chief equity strategist at Federated Investors.

But sagging profits could drag on the stock market in the coming weeks, Orlando said. Caterpillar joined a growing collection of companies have lowered their earnings forecasts. FedEx, a bellwether of world trade, said that shipping has sunk to recession-like levels. Railroad giant Norfolk Southern has also warned that falling shipments and sinking coal prices will likely drag down its earnings.

Wall Street analysts now estimate that corporate profits will sink this quarter from a year earlier. That would be the first such drop in three years.

The Nasdaq composite index dropped 43.05 points to 3,117.73. Google's stock touched an all-time high in early trading, clearing $764, but closed the trading day at $749.16.

Apple, the largest public company in the world, lost $17.25, or 2.5 percent, to close at $673.54. It has lost more than $26 in two days. Apple is the biggest component in the S&P but is not included in the Dow, helping explain why the S&P suffered a greater percentage decline than the Dow's 0.8 percent.

The closely watched Standard & Poor's/Case Shiller index of national house prices increased 1.2 percent in July compared with the same month in 2011. Prices rose from the previous month in all 20 major cities tracked by the report for the third month in a row.

The Conference Board said its gauge of consumer confidence shot to a seven-month high in September, trumping forecasts by a large margin. People surveyed said they were more optimistic about the job market.

The Federal Reserve's manufacturing index, which surveys companies in the central Atlantic region, increased after shrinking for three months as businesses turned more optimistic. Companies said they anticipate more orders and shipments even as employment dips. The index turned positive in September after a negative reading in August.

All three major stock indexes have surged or more this month, buoyed by a new plan from the Federal Reserve to support the U.S. economy. Both the Dow and the S&P 500, the benchmark for most stock funds, have gained more than 3 percent.

Treasury prices rose as traders shifted money into safe assets. The 10-year Treasury yield, the benchmark for mortgages and other loans, dipped to 1.67 percent, down from 1.71 percent late Monday.

 

[bigdog]

Source: http://finance.yahoo.com

A mixed report about the housing market and unrest in Europe on Wednesday extended the longest losing streak for the Standard & Poor's 500 index since mid-July. Other risky assets, like European stocks and oil, fell more sharply.

The median price of new homes sold in August rose by a record amount, while sales of new homes dipped slightly. Sales in August were up 27.7 percent from a year earlier, but remain at about half the pace economists consider healthy.

Stronger data on the U.S. housing market have insulated stocks in recent weeks from a slackening global economy. Stocks' other main source of support has been the Federal Reserve's program to boost the economy by pumping money in. That idea lost some luster Tuesday after a key Fed official said he doubted it will do much good.

"There was some optimism coming into the market, and that's usually when you're most vulnerable to sell-offs when there are negative headlines" like the Fed official's comments, unrest in Europe and weaker data about the U.S. economy, said Todd Salamone, director of research at Schaeffer's Investment Research.

Indexes had risen to levels they hadn't beat for months or years, Salamone said, creating "an almost perfect storm in terms of the vulnerability to short-term impacts."

The dip in home sales hurt homebuilder stocks. PulteGroup Inc. fell 76 cents, or 4.7 percent, to $15.30; KB Home 51 cents, or 3.5 percent, to $13.90 and Beazer Homes USA Inc. 14 cents, or 3.9 percent, to $3.50.

European stocks had their worst day in months as unrest threatened to boil over in Greece, where deep budget cuts have eroded people's living standards, and Spain, where citizens are resisting a likely bailout from international lenders. Earlier, Asian stocks closed lower.

The euro fell sharply against the dollar, and the price of oil closed below $90 per barrel for the first time since early August.

Rising demand for lower-risk investments fed strong bids for U.S. Treasury debt. The yield on the 10-year Treasury note fell to 1.62 percent from 1.67 percent late Tuesday. A bond's yield falls as its price increases.

The Dow Jones industrial average fell 44.04 points, or 0.3 percent, to 13,413.51. The S&P 500 index fell 8.27, or 0.6 percent, to 1,433.32. The only category that rose was utilities, relatively safe stocks that tend to hold their value when the economy is weak.

The Nasdaq composite average fell 24.03 points, or 0.8 percent, to 3,093.70.

The NYSE DOW closed LOWER ▼ -44.04 points or ▼ -0.33% Wednesday, 26 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,413.51 ▼ -44.04 ▼ -0.33%
Nasdaq____ 3,093.70 ▼ -24.03 ▼ -0.77%
S&P_500__ 1,433.32 ▼ -8.27 ▼ -0.57%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,535,967,250
Nasdaq Volume 1,738,081,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,768.09 ▼ -91.62 ▼ -1.56%
DAX_____ 7,276.51 ▼ -148.60 ▼ -2.00%
CAC_40__ 3,414.84 ▼ -98.97 ▼ -2.82%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,382.50 ▼ -13.00 ▼ -0.30%
Shanghai_Comp 2,004.17 ▼ -25.12 ▼ -1.24%
Taiwan_Weight 7,669.63 ▼ -64.50 ▼ -0.83%
Nikkei_225____ 8,906.70 ▼ -184.84 ▼ -2.03%
Hang_Seng____ 20,527.73 ▲ 53.93 ▼ -0.83%
Strait_Times___ 3,047.01 ▼ -20.12 ▼ -0.66%
NZX_50_Index__ 3,809.32 ▼ -15.99 ▼ -0.42%

http://finance.yahoo.com/news/us-stocks-fall-europe-unrest-201730969.html

US stocks fall on Europe unrest, weaker home sales

US stocks fall modestly; simmering unrest in Europe causes sharper drops for some risky assets

By Daniel Wagner, AP Business Writer

A mixed report about the housing market and unrest in Europe on Wednesday extended the longest losing streak for the Standard & Poor's 500 index since mid-July. Other risky assets, like European stocks and oil, fell more sharply.

The median price of new homes sold in August rose by a record amount, while sales of new homes dipped slightly. Sales in August were up 27.7 percent from a year earlier, but remain at about half the pace economists consider healthy.

Stronger data on the U.S. housing market have insulated stocks in recent weeks from a slackening global economy. Stocks' other main source of support has been the Federal Reserve's program to boost the economy by pumping money in. That idea lost some luster Tuesday after a key Fed official said he doubted it will do much good.

"There was some optimism coming into the market, and that's usually when you're most vulnerable to sell-offs when there are negative headlines" like the Fed official's comments, unrest in Europe and weaker data about the U.S. economy, said Todd Salamone, director of research at Schaeffer's Investment Research.

Indexes had risen to levels they hadn't beat for months or years, Salamone said, creating "an almost perfect storm in terms of the vulnerability to short-term impacts."

The dip in home sales hurt homebuilder stocks. PulteGroup Inc. fell 76 cents, or 4.7 percent, to $15.30; KB Home 51 cents, or 3.5 percent, to $13.90 and Beazer Homes USA Inc. 14 cents, or 3.9 percent, to $3.50.

European stocks had their worst day in months as unrest threatened to boil over in Greece, where deep budget cuts have eroded people's living standards, and Spain, where citizens are resisting a likely bailout from international lenders. Earlier, Asian stocks closed lower.

The euro fell sharply against the dollar, and the price of oil closed below $90 per barrel for the first time since early August.

Rising demand for lower-risk investments fed strong bids for U.S. Treasury debt. The yield on the 10-year Treasury note fell to 1.62 percent from 1.67 percent late Tuesday. A bond's yield falls as its price increases.

The Dow Jones industrial average fell 44.04 points, or 0.3 percent, to 13,413.51. The S&P 500 index fell 8.27, or 0.6 percent, to 1,433.32. The only category that rose was utilities, relatively safe stocks that tend to hold their value when the economy is weak.

The Nasdaq composite average fell 24.03 points, or 0.8 percent, to 3,093.70.

The declines came a day after the worst sell-off for the S&P 500 in three months. Charles Plosser, president of the Fed's Philadelphia branch, told an audience Tuesday that the Fed's effort to support the economy would likely fall short of its goals.

Stocks rallied this month on bold moves by central bankers. They had one of their biggest gains of the year Sept. 6 after Mario Draghi, the president of the European Central Bank, said the ECB would buy unlimited amounts of government bonds to lower borrowing costs for Europe's debt-burdened countries.

A week later, Fed Chairman Ben Bernanke said the Fed will buy $40 billion of mortgage bonds each month until the economy strengthens. It also plans to hold interest rates at super-low levels into 2015.

The S&P soared to a nearly five-year closing high of 1,465 the next day, Sept. 14. Since then, as doubts emerge about the effectiveness of the central banks' actions, it has drifted back to where it was before Bernanke's announcement.

In Europe, tens of thousands of protesters took to the streets in Athens and Madrid, where they clashed with riot police ahead of new rounds of spending cuts and tax hikes. The Bank of Spain warned that the country is in a deep recession, a day after protests in Madrid led to at dozens of arrests and injuries.

Spain's IBEX index fell the most, closing down 3.9 percent. Italy's FTSE MIB fell 3.3 percent, Germany's DAX 2 percent and France's CAC-40 2.8 percent.

The developments in Europe blunted any optimism about the U.S. housing market. Wednesday's report, while mixed, appeared to confirm that the market has hit bottom. Other recent data showed that sales of previously occupied homes jumped in August to the highest level since May 2010. Builder confidence is at a six-year high, and construction of single-family homes rose last month to the fastest annual rate in more than two years.

The fear is that a broader recession in Europe could stall whatever economic recovery is occurring in the U.S., where the housing market has been a major drag for five years.

In corporate news, American Greetings Corp. shares jumped $2.48, or 17.3 percent, to $16.82 after the greeting card company said that a group led by its CEO and chief operating officer wants to take it private in a deal that values it at about $581 million.

Automobile auctioneer Copart hit an all-time high and closed up 43 cents, or 1.6 percent, at $27.82 after a strong fourth quarter that topped Wall Street expectations.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks notched their first gain of the week Thursday after Spain announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.

It was the best day for the U.S. market since Sept. 13, when Federal Reserve Chairman Ben Bernanke announced further steps by the central bank to speed the economic recovery.

Stocks were also helped by speculation that the central bank of China will act soon to help the world's No. 2 economy.

The Dow Jones industrial average climbed 72.46 points, or 0.5 percent, to close at 13,485.97. It was the Dow's first gain in five trading sessions. The average was up as much as 109 points after the Spain announcement.

The Standard & Poor's 500 index, after five days of declines, closed up 13.83 points, or just shy of 1 percent, at 1,447.15. The Nasdaq composite index rose 42.90 points to 3,136.60.

The Nasdaq and S&P were helped by a jump in Apple stock, reversing three days of declines. Apple gained $16.14, or 2.4 percent, to $681.32 despite an analyst's report reducing estimates for shipments of iPhones later this year.

As fear grew that Spain will need an international bailout, the finance minister said a draft budget for 2013 cuts overall spending by €40 billion, or about $51 billion. He said cuts for ministries would average almost 9 percent.

The cuts are meant to show world investors and other countries that Spain can meet fiscal targets. The budget unveiling, shortly before noon EDT, lifted the U.S. stock market from what had been only modest gains.

"That's the only major thing that's happened," said Dan Greenhaus, chief global strategist for the brokerage BTIG. "It's an excuse to rally the stock market."

The NYSE DOW closed HIGHER ▲ 72.46 points or ▲ 0.54% Thursday, 27 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,485.97 ▲ 72.46 ▲ 0.54%
Nasdaq____ 3,136.60 ▲ 42.90 ▲ 1.39%
S&P_500__ 1,447.15 ▲ 13.83 ▲ 0.96%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,121,314,000
Nasdaq Volume 1,691,901,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,779.42 ▲ 11.33 ▲ 0.20%
DAX_____ 7,290.02 ▲ 13.51 ▲ 0.19%
CAC_40__ 3,439.32 ▲ 24.48 ▲ 0.72%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,402.80 ▲ 20.30 ▲ 0.46%
Shanghai_Comp 2,056.32 ▲ 52.15 ▲ 2.60%
Taiwan_Weight 7,683.80 ▲ 14.17 ▲ 0.18%
Nikkei_225____ 8,949.87 ▲ 43.17 ▲ 0.48%
Hang_Seng____ 20,762.29 ▲ 53.93 ▲ 1.14%
Strait_Times___ 3,059.43 ▲ 12.75 ▲ 0.42%
NZX_50_Index__ 3,809.03 ▼ -0.29 ▼ -0.01%

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

Stocks snap a losing streak

Stocks snap losing streak after Spain unveils a tough budget

Associated Press

Stocks notched their first gain of the week Thursday after Spain announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.

It was the best day for the U.S. market since Sept. 13, when Federal Reserve Chairman Ben Bernanke announced further steps by the central bank to speed the economic recovery.

Stocks were also helped by speculation that the central bank of China will act soon to help the world's No. 2 economy.

The Dow Jones industrial average climbed 72.46 points, or 0.5 percent, to close at 13,485.97. It was the Dow's first gain in five trading sessions. The average was up as much as 109 points after the Spain announcement.

The Standard & Poor's 500 index, after five days of declines, closed up 13.83 points, or just shy of 1 percent, at 1,447.15. The Nasdaq composite index rose 42.90 points to 3,136.60.

The Nasdaq and S&P were helped by a jump in Apple stock, reversing three days of declines. Apple gained $16.14, or 2.4 percent, to $681.32 despite an analyst's report reducing estimates for shipments of iPhones later this year.

As fear grew that Spain will need an international bailout, the finance minister said a draft budget for 2013 cuts overall spending by €40 billion, or about $51 billion. He said cuts for ministries would average almost 9 percent.

The cuts are meant to show world investors and other countries that Spain can meet fiscal targets. The budget unveiling, shortly before noon EDT, lifted the U.S. stock market from what had been only modest gains.

"That's the only major thing that's happened," said Dan Greenhaus, chief global strategist for the brokerage BTIG. "It's an excuse to rally the stock market."

Technology stocks and energy companies made the biggest gains. Utility stocks, which tend to do well when investors are fearful, were the only industry group in the S&P to fall.

The market gains started earlier, in Asia, helped by expectations that the People's Bank of China will act soon. China's biggest steelmaker said Thursday it has shut down a mill in Shanghai, a sign of weakening growth.

Stocks rose 0.5 percent in Japan and 1.1 percent in Hong Kong.

In the United States, investors grappled Thursday with mixed economic data:

”” The economy grew at an annual rate of 1.3 percent from April through June, the government said, slower than the previous estimate of 1.7 percent and not nearly fast enough to reduce unemployment.

”” Demand for long-lasting manufactured goods plunged in August by the most since January 2009. That was mostly because of a huge drop in commercial aircraft orders, which are volatile. Orders that reflect business investment rose solidly.

”” The number of Americans seeking unemployment benefits fell 26,000 last week to 359,000, the lowest figure in nine weeks. A figure consistently below 375,000 is generally enough to lower the unemployment rate.

”” The number of Americans who signed contracts to buy previously occupied homes fell in August from a two-year high in July. The National Association of Realtors' sales index is still 10 percent higher than it was a year ago.

In Europe, stocks came back from one of their worst days in months. The benchmark stock index finished 0.7 percent higher in France and 0.2 percent higher in Germany and Britain.

Borrowing costs for financially troubled Spain and Italy also edged down, a positive sign.

In the U.S., demand for government bonds fell, generally an indication that investors are more willing to embrace risk. The yield on the 10-year note, which moves opposite the price, rose 0.03 percentage point to 1.65 percent.

The price of crude oil rose $1.87 per barrel to $91.85 as concerns mounted about a potential military confrontation over Iran's nuclear program. Oil had dropped $9 a barrel in two weeks.

Israeli Prime Minister Benjamin Netanyahu warned at the United Nations that Iran will have enough enriched uranium to make a nuclear bomb by next summer and urged the world to draw a "red line" to stop it.

The dollar fell against the euro and pound but rose against the yen.

Among other U.S. companies making moves:

”” Tempur-Pedic International, the mattress company, climbed $3.86, or 14.4 percent, to $30.64 after announcing it would buy a rival, Sealy, for about $229 million in cash.

”” Discover Financial Services rose $2.69, or 7.3 percent, to $39.71. It reported a slight earnings decline in its latest quarter but beat Wall Street expectations. It also said credit card use increased and more customers paid off cards on time.

”” GE hit a four-year high after the company told analysts it expects industrial revenue to rise about 10 percent this year. GE gained 63 cents, or 2.9 percent, to $22.73 in afternoon trading. They rose as high as $22.86.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks posted solid gains for the third quarter, although the ride got bumpy at the end.

Stocks fell five days of the last six, including on Friday, the last trading day of the quarter. But the big indices are still up 4 percent or more for three months. They're ahead 10 percent or more for the year.

That's despite all the anxiety about the euro, Iran, and U.S. politics.

Actually, those worries are exactly why stocks are up, said Uri Landesman, who runs the Platinum Partners hedge fund. He notes that investors around the world feel that U.S. stocks look pretty good, compared to some of the alternatives.

"People are scared, and 2008 wasn't that long ago, and Europe remains a problem," he said. Those factors "are keeping the market up in the face of some really questionable economic data and questionable behavior by the Fed."

Investors got some more of that iffy economic data on Friday. The Commerce Department said consumer spending rose a half-percent last month, compared to July. That was a big jump ”” but it was driven by higher has prices, rather than by spending on clothing, electronics and general merchandise. Consumer spending drives nearly 70 percent of economic activity.

The news pushed stocks lower. The Dow Jones industrial average fell 48.84 points to close at 13,437.13. The Standard & Poor's 500 index fell 6.48 points to 1,440.67. The Nasdaq composite index fell 20.37 points to 3,116.23. The losses had been steeper in the morning before stocks recovered somewhat around midday.

Stocks fell in all industry groups in the S&P 500 except utilities. Telecommunications and information technology stocks had the biggest losses.

Many investors worry that the recent gains by stocks aren't justified, considering the risks of a confrontation with Iran, weak corporate profits, and Europe's troubles.

"People are wrestling with that disconnect, and trying to choose which chess pieces to move in anticipation" of whatever they think will happen next, said Lawrence Creatura, portfolio manager at Federated Investors.

"It's been a good quarter," he said, "but at least for the day we seem to be limping across the finish line."

The NYSE DOW closed LOWER ▼ -48.84 points or ▼ -0.36% Friday, 28 September 2012
Symbol …........Last ......Change.....
Dow_Jones 13,437.13 ▼ -48.84 ▼ -0.36%
Nasdaq____ 3,116.23 ▼ -20.37 ▼ -0.65%
S&P_500__ 1,440.67 ▼ -6.48 ▼ -0.45%
30_Yr_Bond 3.030 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,368,006,500
Nasdaq Volume 1,874,889,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,742.07 ▼ -37.35 ▼ -0.65%
DAX_____ 7,216.15 ▼ -73.87 ▼ -1.01%
CAC_40__ 3,354.82 ▼ -84.50 ▼ -2.46%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,406.30 ▲ 3.50 ▲ 0.08%
Shanghai_Comp 2,086.17 ▲ 29.85 ▲ 1.45%
Taiwan_Weight 7,715.16 ▲ 31.36 ▲ 0.41%
Nikkei_225____ 8,870.16 ▼ -79.71 ▼ -0.89%
Hang_Seng____ 20,840.38 ▲ 53.93 ▲ 0.38%
Strait_Times___ 3,060.34 ▲ 0.91 ▲ 0.03%
NZX_50_Index__ 3,834.15 ▲ 25.12 ▲ 0.66%

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

Stocks seal 3Q gains despite bumpy final days

Stocks lock in 3Q gains after a choppy end to the quarter; Dow up 10 pct on year

By Joshua Freed, AP Business Writer

Stocks posted solid gains for the third quarter, although the ride got bumpy at the end.

Stocks fell five days of the last six, including on Friday, the last trading day of the quarter. But the big indices are still up 4 percent or more for three months. They're ahead 10 percent or more for the year.

That's despite all the anxiety about the euro, Iran, and U.S. politics.

Actually, those worries are exactly why stocks are up, said Uri Landesman, who runs the Platinum Partners hedge fund. He notes that investors around the world feel that U.S. stocks look pretty good, compared to some of the alternatives.

"People are scared, and 2008 wasn't that long ago, and Europe remains a problem," he said. Those factors "are keeping the market up in the face of some really questionable economic data and questionable behavior by the Fed."

Investors got some more of that iffy economic data on Friday. The Commerce Department said consumer spending rose a half-percent last month, compared to July. That was a big jump ”” but it was driven by higher has prices, rather than by spending on clothing, electronics and general merchandise. Consumer spending drives nearly 70 percent of economic activity.

The news pushed stocks lower. The Dow Jones industrial average fell 48.84 points to close at 13,437.13. The Standard & Poor's 500 index fell 6.48 points to 1,440.67. The Nasdaq composite index fell 20.37 points to 3,116.23. The losses had been steeper in the morning before stocks recovered somewhat around midday.

Stocks fell in all industry groups in the S&P 500 except utilities. Telecommunications and information technology stocks had the biggest losses.

Many investors worry that the recent gains by stocks aren't justified, considering the risks of a confrontation with Iran, weak corporate profits, and Europe's troubles.

"People are wrestling with that disconnect, and trying to choose which chess pieces to move in anticipation" of whatever they think will happen next, said Lawrence Creatura, portfolio manager at Federated Investors.

"It's been a good quarter," he said, "but at least for the day we seem to be limping across the finish line."

Investors are still concerned about Spain's financial health. The Bank of Spain released an audit Friday showing that seven of the country's banks failed stress tests. Moody's, the credit rating agency, is also expected to weigh in on Spain's creditworthiness, and there are concerns the government's rating will be cut to "junk" status.

Stocks in Europe fell. The CAC 40 in France fell 2.5 percent, the FTSE 100 in Britain was down 0.6 percent, and Germany's DAX fell 1 percent.

Stocks finished higher in Asia on continued speculation that China's central bank will act soon to help the world's No. 2 economy.

For the year so far, the Dow is up 10 percent, the S&P 500 up almost 15 percent, and the Nasdaq is up 20 percent.

Among U.S. stocks with noteworthy moves:

”” Bank of America Corp. fell 14 cents, or 1.6 percent, to close at $8.83 after agreeing to pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch. The company was the best performer of the 30 stocks in the Dow during September, rising 10.5 percent. Home Depot was the best Dow stock for the third quarter.

”” Blackberry maker Research in Motion Ltd. jumped 36 cents, or 5 percent, to $7.50 after reporting a smaller-than-expected quarterly loss on Thursday night.

”” Shoemaker Nike fell $1.09, or 1.1 percent, to $94.91 after saying its first-quarter net income fell 12 percent because higher sales were offset by increased ad spending. The results were better than Wall Street had expected, but investors seemed more worried about the trail ahead for Nike rather than its performance in the last quarter.

”” McDonald's Corp. fell $1.52, or 1.6 percent, to $91.75 after Janney Capital Markets cut its rating and price target, saying difficult year-ago comparisons may pressure sales at stores open at least 13 months, which is a key revenue metric for retailers.

The yield on U.S. 10-year Treasury notes fell to 1.629 percent.

0604

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stocks mostly rose on Monday as growth in manufacturing provided more evidence that the economy may be picking up, or at least not getting any worse.

The gains came after news that U.S. manufacturing grew in September for the first time in four months.

The Institute for Supply Management, a trade group of purchasing managers, also said its gauge of manufacturing employment rose following a decline in August. That's a hopeful sign that the government may report job growth in its monthly survey of the labor market on Friday.

Also Monday, the government said U.S. builders spent more on home construction in August, the latest positive sign for the housing market.

Investors are looking for signs that workers will have more money to spend, said Jerry Webman, chief economist for OppenheimerFunds Inc. That's a "virtuous cycle" that can generate some of its own fuel for a recovery.

"If you're going to manufacture more you're going to employ more people, and if you employ more people you're going to pay them money, and they're going to buy some stuff," helping the economy, Webman said.

It was still a choppy day on Wall Street. The manufacturing report came out half an hour after trading began, and sent stocks higher. The Standard & Poor's 500 index rose as much as 1.1 percent.

But market indexes gave up most of their gains in the afternoon. The decline started after Federal Reserve Chairman Ben Bernanke said the Fed needs to keep interest rates low because the economy isn't growing fast enough to reduce high unemployment. It wasn't clear whether investors were reacting directly to Bernanke's remarks or just taking profits from a morning where stocks showed their strongest gains in days. Monday was only the third day since Sept. 17 that the S&P 500 has risen.

The S&P closed 0.3 percent higher, rising 3.82 points to close at 1,444.49. The Dow Jones industrial average rose 77.98 points to close at 13,515.11. The Nasdaq composite fell 2.70 points to close at 3,113.53.

Goldman Sachs jumped $3.18, or 2.8 percent, to $116.86 after Barron's wrote that investors are too pessimistic on the investment bank's prospects.

Other financial stocks rose, too. Bank of America rose 13 cents, or 1.5 percent, to $8.96, and JPMorgan Chase rose 49 cents, or 1.2 percent, to $40.97.

Monday was the first day of trading of the fourth quarter, and the early gains were a welcome change of pace from the way the last quarter ended. U.S. indices fell on Friday for the fifth day out of the previous six.

The NYSE DOW closed HIGHER ▲ 77.98 points or ▲ 0.58% Monday, 1 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,515.11 ▲ 77.98 ▲ 0.58%
Nasdaq____ 3,113.53 ▼ -2.70 ▼ -0.09%
S&P_500__ 1,444.49 ▲ 3.82 ▲ 0.27%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,502,196,750
Nasdaq Volume 1,768,199,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,820.45 ▲ 78.38 ▲ 1.37%
DAX_____ 7,326.73 ▲ 110.58 ▲ 1.53%
CAC_40__ 3,434.98 ▲ 80.16 ▲ 2.39%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,408.30 ▲ 2.00 ▲ 0.05%
Shanghai_Comp 2,086.17 ▲ 29.85 ▲ 1.45%
Taiwan_Weight 7,675.72 ▼ -39.44 ▼ -0.51%
Nikkei_225____ 8,796.51 ▼ -73.65 ▼ -0.83%
Hang_Seng____ 20,840.38 ▲ 53.93 ▲ 0.38%
Strait_Times___ 3,057.86 ▼ -2.48 ▼ -0.08%
NZX_50_Index__ 3,830.03 ▲ 0.00 ▲ 0.00%

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

Stocks rise following expansion in manufacturing

Stocks mostly rise on Wall Street following surprisingly strong US manufacturing report

By Joshua Freed, AP Business Writer

U.S. stocks mostly rose on Monday as growth in manufacturing provided more evidence that the economy may be picking up, or at least not getting any worse.

The gains came after news that U.S. manufacturing grew in September for the first time in four months.

The Institute for Supply Management, a trade group of purchasing managers, also said its gauge of manufacturing employment rose following a decline in August. That's a hopeful sign that the government may report job growth in its monthly survey of the labor market on Friday.

Also Monday, the government said U.S. builders spent more on home construction in August, the latest positive sign for the housing market.

Investors are looking for signs that workers will have more money to spend, said Jerry Webman, chief economist for OppenheimerFunds Inc. That's a "virtuous cycle" that can generate some of its own fuel for a recovery.

"If you're going to manufacture more you're going to employ more people, and if you employ more people you're going to pay them money, and they're going to buy some stuff," helping the economy, Webman said.

It was still a choppy day on Wall Street. The manufacturing report came out half an hour after trading began, and sent stocks higher. The Standard & Poor's 500 index rose as much as 1.1 percent.

But market indexes gave up most of their gains in the afternoon. The decline started after Federal Reserve Chairman Ben Bernanke said the Fed needs to keep interest rates low because the economy isn't growing fast enough to reduce high unemployment. It wasn't clear whether investors were reacting directly to Bernanke's remarks or just taking profits from a morning where stocks showed their strongest gains in days. Monday was only the third day since Sept. 17 that the S&P 500 has risen.

The S&P closed 0.3 percent higher, rising 3.82 points to close at 1,444.49. The Dow Jones industrial average rose 77.98 points to close at 13,515.11. The Nasdaq composite fell 2.70 points to close at 3,113.53.

Goldman Sachs jumped $3.18, or 2.8 percent, to $116.86 after Barron's wrote that investors are too pessimistic on the investment bank's prospects.

Other financial stocks rose, too. Bank of America rose 13 cents, or 1.5 percent, to $8.96, and JPMorgan Chase rose 49 cents, or 1.2 percent, to $40.97.

Monday was the first day of trading of the fourth quarter, and the early gains were a welcome change of pace from the way the last quarter ended. U.S. indices fell on Friday for the fifth day out of the previous six.

Quincy Krosby, market strategist at Prudential Financial, said investors believe that the news about the economy has stopped getting worse. Besides the U.S. manufacturing news on Monday, she noted that recent data from China suggests that manufacturing has improved there as well.

"The numbers were still weak, but they were not as bad as before," Krosby said. "So that was a positive backdrop for the market."

Wendy's Co. fell 28 cents, or 6.1 percent, to $4.25 after a Janney Capital Markets analyst lowered his rating on the stock, saying there are seeing signs that the hamburger chain's revenue won't be as strong as expected.

Markets around Europe rose. An audit of 14 Spanish banks showed the lenders need an extra $77.6 billion in capital. That's roughly what was expected, and well within the amount Madrid can get from fellow European countries.

A slight improvement in a survey of the euro zone's manufacturing sector also helped.

However, credit rating agency Moody's might downgrade Spain's debt to junk status this week. That's likely to limit enthusiasm in Europe until the Moody's decision is known.

Germany's DAX stock index rose 1.5 percent, France's CAC-40 was up 2.4 percent, and Britain's FTSE 100 rose 1.4 percent. Spain's Ibex was up 1 percent.

The euro rose to $1.288.

The yield on the 10-year Treasury note fell slightly to 1.62 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Mixed signals on the world economy tugged on major stock indexes Tuesday.

The country's largest fertilizer company, Mosaic, said weak demand from China and India have hurt its profits. Mosaic, Dupont and stocks of other companies in the materials industry fell.

But utilities and health care stocks, where investors often retreat in a slow-growing economy, helped pull the Standard & Poor's 500 index above the break-even mark.

The S&P 500 index gained 1.26 to close at 1,445.75. The Dow Jones industrial average dropped 32.75 points to 13,482.36. Dupont led the Dow lower, sinking 86 cents to $49.50.

The market could remain quiet until the government gives its monthly jobs report on Friday, said Paul Zemsky, chief investment officer of multi-asset strategies at ING Investment Management. Economists expect the unemployment rate increased to 8.2 percent in September from 8.1 percent in August.

Zemsky said a surprise swing up or down "could change the direction of the stock market and the Presidential election."

Indexes took a turn lower at midday after Spain's prime minister said that he's not preparing a request for a bailout loan. Traders have been anticipating that the Spanish government would ask for help for nearly a month. Spain needs to ask for money from Europe's bailout fund before the European Central Bank can start buying Spanish government bonds.

Mosaic reported net income and sales early Tuesday that fell short of analysts' estimates. The company blamed slumping demand for its fertilizer overseas as well as hurricanes for slower production. The results pushed the company's stock down $2.25 to $55.76.

In other trading, the Nasdaq composite rose 6.51 points to 3,120.04.

The NYSE DOW closed LOWER ▼ -32.75 points or ▼ -0.24% Tuesday, 2 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,482.36 ▼ -32.75 ▼ -0.24%
Nasdaq____ 3,120.04 ▲ 6.51 ▲ 0.21%
S&P_500__ 1,445.75 ▲ 1.26 ▲ 0.09%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,275,689,500
Nasdaq Volume 1,617,743,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,809.45 ▼ -11.00 ▼ -0.19%
DAX_____ 7,305.86 ▼ -20.87 ▼ -0.28%
CAC_40__ 3,414.23 ▼ -20.75 ▼ -0.60%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,451.90 ▲ 43.60 ▲ 0.99%
Shanghai_Comp 2,086.17 ▲ 29.85 ▲ 1.45%
Taiwan_Weight 7,718.68 ▲ 42.96 ▲ 0.56%
Nikkei_225____ 8,786.05 ▼ -10.46 ▼ -0.12%
Hang_Seng____ 20,840.38 ▲ 53.93 ▲ 0.38%
Strait_Times___ 3,079.14 ▲ 21.28 ▲ 0.70%
NZX_50_Index__ 3,871.25 ▲ 41.22 ▲ 1.08%

http://finance.yahoo.com/news/stocks-waver-spain-report-mosaic-202633379.html

Stocks waver on Spain report, Mosaic miss

Dupont, other material company stocks tug stocks down; health-care stocks rise

By Matthew Craft

Mixed signals on the world economy tugged on major stock indexes Tuesday.

The country's largest fertilizer company, Mosaic, said weak demand from China and India have hurt its profits. Mosaic, Dupont and stocks of other companies in the materials industry fell.

But utilities and health care stocks, where investors often retreat in a slow-growing economy, helped pull the Standard & Poor's 500 index above the break-even mark.

The S&P 500 index gained 1.26 to close at 1,445.75. The Dow Jones industrial average dropped 32.75 points to 13,482.36. Dupont led the Dow lower, sinking 86 cents to $49.50.

The market could remain quiet until the government gives its monthly jobs report on Friday, said Paul Zemsky, chief investment officer of multi-asset strategies at ING Investment Management. Economists expect the unemployment rate increased to 8.2 percent in September from 8.1 percent in August.

Zemsky said a surprise swing up or down "could change the direction of the stock market and the Presidential election."

Indexes took a turn lower at midday after Spain's prime minister said that he's not preparing a request for a bailout loan. Traders have been anticipating that the Spanish government would ask for help for nearly a month. Spain needs to ask for money from Europe's bailout fund before the European Central Bank can start buying Spanish government bonds.

Mosaic reported net income and sales early Tuesday that fell short of analysts' estimates. The company blamed slumping demand for its fertilizer overseas as well as hurricanes for slower production. The results pushed the company's stock down $2.25 to $55.76.

In other trading, the Nasdaq composite rose 6.51 points to 3,120.04.

The yield on the benchmark 10-year U.S. Treasury note slipped to 1.61 percent from 1.63 percent late Monday after Spain's prime minister, Mariano Rajoy, said a bailout request wasn't coming.

European markets closed slightly lower before Rajoy spoke. Benchmark stock indexes fell 0.3 percent in Germany, 0.2 percent in Britain and 0.6 percent in France. Borrowing costs fell for Spain and Italy.

Most car makers reported better sales for September. But sales for U.S. automakers were mostly flat. General Motors reported a slight increase in sales from a year earlier, but its stock gained 3 percent after the hedge-fund manager David Einhorn recommended it. GM rose 59 cents to $23.68.

Core Logic, a private provider of real estate data, said U.S. home prices in August rose 4.6 percent compared with the same month last year. Prices also rose 0.3 percent from July, the sixth consecutive month of gains.

Other gauges of the housing market have improved in recent months, including home sales.

On Monday, the manufacturing survey from the Institute for Supply Management also showed improvement. ISM's main index nosed above 50, a reading that signals growth. The index had been below 50 from June through August.

Investors are also looking ahead to quarterly earnings, which begin in earnest when the aluminum company Alcoa reports results Oct. 9.

Among other stocks that made big moves Tuesday:

”” News that Deutsche Telekom said it may buy the cellphone carrier MetroPCS Communications sent MetroPCS's stock up 18 percent. Reports said the board of Deutsche Telekom, which owns T-Mobile USA, would vote to approve the deal Wednesday. MetroPCS gained $2.05 to $13.57.

”” PetSmart rose 99 cents to $68.55. Standard & Poor's said the pet-store chain will replace Sunoco in the S&P 500 index at the end of trading Thursday. The S&P 500 is the most commonly used benchmark for stock mutual funds. When a company joins the index, mutual fund managers are more likely to buy it. Sunoco was bought by Energy Transfer Partners.

 

[bigdog]

Source: http://finance.yahoo.com

A pair of encouraging economic reports helped nudge the stock market higher Wednesday. Measures of business activity in the service sector and job growth last month came in better than economists had expected.

The market's gains were held in check by a slump in energy stocks and Hewlett-Packard 's 13 percent plunge. In a meeting with analysts and investors, Meg Whitman, H-P's CEO, predicted weak earnings and sales for the foreseeable future.

The Dow Jones rose 12.25 points to close at 13,494.61. The Standard & Poor's 500 index gained 5.24 points to 1,450.99.

"The price action today seems boring, but the economic data is pretty strong," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

The Institute for Supply Management said its index of service companies, which includes everything from financial firms to clothing stores, rose in September to the highest level since March. The index reached 55.1. Economists had estimated it would drop to 53.4.

But concerns over an economic slowdown in Europe, China and the U.S. helped push the price of crude oil down $3.75 to $88.14 a barrel. Energy stocks fell sharply as a result. After H-P, Chevron had the worst loss in the Dow, giving up $1.82 to $116.14.

"The U.S is looking better than a lot of places in the world," Detrick said. "The big question is: Are they going to pull us down with them?"

In other trading, the Nasdaq composite index rose 15.19 points to 3,135.23. The yield on the benchmark 10-year U.S. Treasury note ended the trading day at 1.61 percent, the same as late Tuesday.

The NYSE DOW closed HIGHER ▲ 12.25 points or ▲ 0.09% Wednesday, 3 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,494.61 ▲ 12.25 ▲ 0.09%
Nasdaq____ 3,135.23 ▲ 15.19 ▲ 0.49%
S&P_500__ 1,450.99 ▲ 5.24 ▲ 0.36%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,486,347,250
Nasdaq Volume 1,704,791,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,825.81 ▲ 16.36 ▲ 0.28%
DAX_____ 7,322.08 ▲ 16.22 ▲ 0.22%
CAC_40__ 3,406.02 ▼ -8.21 ▼ -0.24%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,458.80 ▲ 6.90 ▲ 0.15%
Shanghai_Comp 2,086.17 ▲ 29.85 ▲ 1.45%
Taiwan_Weight 7,684.63 ▼ -34.05 ▼ -0.44%
Nikkei_225____ 8,746.87 ▼ -39.18 ▼ -0.45%
Hang_Seng____ 20,888.28 ▲ 53.93 ▲ 0.23%
Strait_Times___ 3,077.14 ▼ -2.00 ▼ -0.06%
NZX_50_Index__ 3,889.60 ▲ 18.35 ▲ 0.47%

http://finance.yahoo.com/news/stocks-edge-h-p-sinks-202009627.html

Stocks edge up; H-P sinks on Whitman's outlook

The stock market edges up after hiring and service industry reports come in above forecasts

By Matthew Craft,

A pair of encouraging economic reports helped nudge the stock market higher Wednesday. Measures of business activity in the service sector and job growth last month came in better than economists had expected.

The market's gains were held in check by a slump in energy stocks and Hewlett-Packard 's 13 percent plunge. In a meeting with analysts and investors, Meg Whitman, H-P's CEO, predicted weak earnings and sales for the foreseeable future.

The Dow Jones rose 12.25 points to close at 13,494.61. The Standard & Poor's 500 index gained 5.24 points to 1,450.99.

"The price action today seems boring, but the economic data is pretty strong," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

The Institute for Supply Management said its index of service companies, which includes everything from financial firms to clothing stores, rose in September to the highest level since March. The index reached 55.1. Economists had estimated it would drop to 53.4.

But concerns over an economic slowdown in Europe, China and the U.S. helped push the price of crude oil down $3.75 to $88.14 a barrel. Energy stocks fell sharply as a result. After H-P, Chevron had the worst loss in the Dow, giving up $1.82 to $116.14.

"The U.S is looking better than a lot of places in the world," Detrick said. "The big question is: Are they going to pull us down with them?"

In other trading, the Nasdaq composite index rose 15.19 points to 3,135.23. The yield on the benchmark 10-year U.S. Treasury note ended the trading day at 1.61 percent, the same as late Tuesday.

Hewlett-Packard plunged after CEO Meg Whitman said a successful turnaround of the computer maker is a long way off. Profits will likely fall by more than 10 percent next year, she said. H-P's stock lost $2.22 to $14.91.

Payment processor ADP said Wednesday that U.S. companies put 162,000 more workers on their payrolls last month. That's still below August's total of 189,000, and not enough to put a dent in the 8.1 percent employment rate.

Trading could remain calm this week while investors look ahead to the government's monthly jobs report Friday and a new round of quarterly corporate earnings reports next week.

Economists expect the unemployment rate edged up to 8.2 percent in September from 8.1 percent in August. And the unofficial start to the earnings season starts next Tuesday when the aluminum company Alcoa posts its results.

The Dow and the S&P 500 have crept higher in the first week of October. The Dow is up 0.4 percent and the S&P 500 is up 0.7 percent.

Among other stocks making big moves Wednesday:

”” Discount chain Family Dollar Stores surged $2.56 to $68.56 after posting stronger net income and sales. The store's customers also spent more money on each sale.

”” Monsanto fell $1.97 to $88.59. The purveyor of corn seeds, herbicides and other agricultural products posted a wider loss and reported sales that fell short of Wall Street's expectation.

”” Best Buy jumped 79 cents to $17.76 on reports that the company's founder has teamed up with a group of private equity firms to take over the electronics chain.

 

[bigdog]

Source: http://finance.yahoo.com

An encouraging report on the labor market and better sales from Costco and other retail stores helped push the stock market higher Thursday.

The government said that 367,000 Americans sought unemployment benefits for the first time last week. That's an increase from the previous week but fewer than economists had forecast.

The Dow Jones industrial average gained 80.75 points to close at 13,575.36. Aluminum giant Alcoa led the 30 stocks in the Dow with a 3.3 percent surge, rising 29 cents to $9.07.

"It's not just the jobless claims numbers on their own," said Brian Gendreau, market strategist at Cetera Financial Group. "They're coming on the back of ... manufacturing and service-sector reports that were better than people expected this week."

The Standard & Poor's 500 index climbed 10.41 points to 1,461.40. The Nasdaq composite rose 14.23 points to 3,149.46.

The job-market report helped drive the yield on the benchmark 10-year Treasury note up to 1.67 percent from 1.62 percent late Wednesday. Traders tend to sell Treasurys following better economic news.

The Commerce Department said that orders to U.S. factories came in better than forecasts, even though the 5.2 percent drop in orders was the biggest in more than three years.

Costco and other retail chain stores reported September sales that came in ahead of Wall Street's estimates. Costco gained $1.86 to $101.48. Target rose 56 cents to $63.65.

The stock market barely moved following the release of the Federal Reserve's minutes from its meeting last month, when the Fed hatched a new open-ended program to spend $40 billion a month on mortgage bonds. The minutes revealed that all but one member of the Fed's interest-rate committee voted in favor of the bond-buying effort.

The NYSE DOW closed HIGHER ▲ 80.75 points or ▲ 0.60% Thursday, 4 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,575.36 ▲ 80.75 ▲ 0.60%
Nasdaq____ 3,149.46 ▲ 14.23 ▲ 0.45%
S&P_500__ 1,461.40 ▲ 10.41 ▲ 0.72%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,600,153,000
Nasdaq Volume 1,595,464,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,827.78 ▲ 1.97 ▲ 0.03%
DAX_____ 7,305.21 ▼ -16.87 ▼ -0.23%
CAC_40__ 3,401.20 ▼ -4.82 ▼ -0.14%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,472.60 ▲ 13.80 ▲ 0.31%
Shanghai_Comp 2,086.17 ▲ 29.85 ▲ 1.45%
Taiwan_Weight 7,682.34 ▼ -2.29 ▼ -0.03%
Nikkei_225____ 8,824.59 ▲ 77.72 ▲ 0.89%
Hang_Seng____ 20,907.95 ▲ 53.93 ▲ 0.09%
Strait_Times___ 3,086.64 ▲ 9.50 ▲ 0.31%
NZX_50_Index__ 3,881.99 ▼ -7.61 ▼ -0.20%

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

Dow Jones average climbs after jobs report
Stocks climb following an encouraging jobs report and better retail sales
By Matthew Craft

An encouraging report on the labor market and better sales from Costco and other retail stores helped push the stock market higher Thursday.

The government said that 367,000 Americans sought unemployment benefits for the first time last week. That's an increase from the previous week but fewer than economists had forecast.

The Dow Jones industrial average gained 80.75 points to close at 13,575.36. Aluminum giant Alcoa led the 30 stocks in the Dow with a 3.3 percent surge, rising 29 cents to $9.07.

"It's not just the jobless claims numbers on their own," said Brian Gendreau, market strategist at Cetera Financial Group. "They're coming on the back of ... manufacturing and service-sector reports that were better than people expected this week."

The Standard & Poor's 500 index climbed 10.41 points to 1,461.40. The Nasdaq composite rose 14.23 points to 3,149.46.

The job-market report helped drive the yield on the benchmark 10-year Treasury note up to 1.67 percent from 1.62 percent late Wednesday. Traders tend to sell Treasurys following better economic news.

The Commerce Department said that orders to U.S. factories came in better than forecasts, even though the 5.2 percent drop in orders was the biggest in more than three years.

Costco and other retail chain stores reported September sales that came in ahead of Wall Street's estimates. Costco gained $1.86 to $101.48. Target rose 56 cents to $63.65.

The stock market barely moved following the release of the Federal Reserve's minutes from its meeting last month, when the Fed hatched a new open-ended program to spend $40 billion a month on mortgage bonds. The minutes revealed that all but one member of the Fed's interest-rate committee voted in favor of the bond-buying effort.

The key event this week comes Friday morning when the Labor Department releases its monthly jobs report. Economists forecast that the unemployment rate inched up to 8.2 percent in September from 8.1 percent in August.

The major stock market indexes have climbed steadily higher to start October. The Dow rose 78 points Monday after the Institute for Supply Management said its gauge of manufacturing rose in September for the first time in four months. For the month, the Dow is up an even 1 percent and the S&P 500 is up 1.4 percent.

Among other stocks making big moves:

”” Google rose $5.55 to $768.05. The Internet giant and U.S. publishers announced they had settled a seven-year dispute over Google's book-scanning project. A lawsuit filed by authors remains, though.

”” Sprint Nextel sank 2 percent, or 11 cents, to $5.09. Reports said the wireless carrier may launch a competing bid for MetroPCS Communications. That would pit Sprint against Deutsche Telekom, which plans to merge MetroPCS with its T-Mobile USA unit.

”” Avery Dennison's stock dropped following news that 3M Co. dissolved an agreement to buy Avery Dennison's office and consumer products division. The Department of Justice had threatened to block the deal, saying that the sale to 3M, the maker of Post-It notes, would curtail competition in the market for sticky labels. Avery Dennison lost $1.38 to $30.07.

 

[bigdog]

Source: http://finance.yahoo.com

A big drop in the unemployment rate wasn't enough for investors Friday. Stocks posted gains early in the day but faded to a mixed close.

The Labor Department said the unemployment rate had declined to 7.8 percent, its first dip below 8 percent in nearly four years. The decline from 8.1 percent the month before was bigger than economists had expected.

Stocks rose on that news, but the gains didn't last. The Dow Jones industrial average edged up 34.79 points to close at 13,610.15, after rising 86 points earlier in the day. The Standard & Poor's 500 index fell 0.47 points to 1,460.93, and the Nasdaq dropped 13.27 points to 3,136.19.

U.S. employers added 114,000 jobs last month. That was in line with what economists were expecting, but the government also revised its estimates higher for job growth in July and August.

The drop to 7.8 percent in the unemployment rate "really is not a big game-changer," said Peter Cardillo, chief market economist at Rockwell Global Capital. "Yes, more people were hired, but job creation did come in in line with expectations."

"The jobs report today was just a validation that things are improving and that people are feeling good," said Marty Leclerc, chief investment officer of Barrack Yard Advisors. "So as investors, of course, that's when we're most apprehensive."

Consumer discretionary stocks rose, led by Home Depot and Lowe's, both up more than 2 percent. Industrial stocks also rose. Technology and energy stocks had broad declines.

The NYSE DOW closed HIGHER ▲ 34.79 points or ▲ 0.26% Friday, 5 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,610.15 ▲ 34.79 ▲ 0.26%
Nasdaq____ 3,136.19 ▼ -13.27 ▼ -0.42%
S&P_500__ 1,460.93 ▼ -0.47 ▼ -0.03%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,153,710,250
Nasdaq Volume 1,611,710,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,871.02 ▲ 43.24 ▲ 0.74%
DAX_____ 7,397.87 ▲ 92.66 ▲ 1.27%
CAC_40__ 3,457.04 ▲ 55.84 ▲ 1.64%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,513.80 ▲ 41.20 ▲ 0.92%
Shanghai_Comp 2,086.17 ▲ 29.85 ▲ 1.45%
Taiwan_Weight 7,690.65 ▲ 8.31 ▲ 0.11%
Nikkei_225____ 8,863.30 ▲ 38.71 ▲ 0.44%
Hang_Seng____ 21,012.38 ▲ 53.93 ▲ 0.50%
Strait_Times___ 3,107.87 ▲ 21.23 ▲ 0.69%
NZX_50_Index__ 3,904.85 ▲ 22.86 ▲ 0.59%

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

Stocks mixed after US unemployment rate drops

Stocks give up on morning rally and turn mixed after drop in US unemployment rate

By Joshua Freed

A big drop in the unemployment rate wasn't enough for investors Friday. Stocks posted gains early in the day but faded to a mixed close.

The Labor Department said the unemployment rate had declined to 7.8 percent, its first dip below 8 percent in nearly four years. The decline from 8.1 percent the month before was bigger than economists had expected.

Stocks rose on that news, but the gains didn't last. The Dow Jones industrial average edged up 34.79 points to close at 13,610.15, after rising 86 points earlier in the day. The Standard & Poor's 500 index fell 0.47 points to 1,460.93, and the Nasdaq dropped 13.27 points to 3,136.19.

U.S. employers added 114,000 jobs last month. That was in line with what economists were expecting, but the government also revised its estimates higher for job growth in July and August.

The drop to 7.8 percent in the unemployment rate "really is not a big game-changer," said Peter Cardillo, chief market economist at Rockwell Global Capital. "Yes, more people were hired, but job creation did come in in line with expectations."

"The jobs report today was just a validation that things are improving and that people are feeling good," said Marty Leclerc, chief investment officer of Barrack Yard Advisors. "So as investors, of course, that's when we're most apprehensive."

Consumer discretionary stocks rose, led by Home Depot and Lowe's, both up more than 2 percent. Industrial stocks also rose. Technology and energy stocks had broad declines.

Despite the mixed day, the Dow managed to reach a milestone: its highest close since December 2007. The S&P is close, but not quite back to, its December 2007 high. The Dow and S&P had their first positive weeks after two weeks of losses. The Dow rose 1.3 percent for the week, the S&P 1.4 percent.

U.S. stocks making noteworthy moves included:

”” Apple fell $14.21, or 2.1 percent, to $652.59, causing the Nasdaq to perform worse than other indexes.

”” Zynga plunged 33 cents, or 11.9 percent, to $2.48 after the online game maker said that it expects a third-quarter loss due to weak demand and a charge related to an acquisition.

”” Dow component Hewlett-Packard fell 21 cents to $14.73. Moody's Investors Service said it was reviewing its investment-grade credit rating for a possible downgrade after the PC and printer maker cut its profit forecast.

”” Avon Products rose $1.17, or 7.2 percent, to $17.39 after announcing that its chairman and former CEO Andrea Jung will step down at the end of the year. Jung had come under fire for failing to reverse the company's declines and wrap up a bribery investigation.

”” Constellation Brands rose $1.48, or 4.3 percent, to $36.20. The wine and liquor company's quarterly results beat Wall Street's forecasts, and it raised its full-year forecast.

Stocks rose in Europe, too. The FTSE 100 index of leading British shares was up 0.7 percent, while Germany's DAX rose 1.3 percent and the CAC-40 in France was up 1.6 percent.

The dollar was trading steadily across a range of currencies, with the euro down slightly at $1.303.

The yield on the 10-year U.S. Treasury note rose to 1.73 percent from 1.68 percent as investors shifted money from bonds into stocks.

The price of oil fell despite the better U.S. jobs figures as investors booked gains from a big rise caused by concerns over the recent clashes between Turkey and Syria. The benchmark New York crude oil price fell $1.83 to $89.88 per barrel.

1359

 

[bigdog]

Source: http://finance.yahoo.com

Investors looked warily at forecasts for poor U.S. corporate earnings and weaker growth in Asia and decided there wasn't much reason to buy stocks.

The Dow Jones industrial average gave up 26.50 points to close at 13,583.65 points Monday. The Standard & Poor's 500 index fell 5.05 points to 1,455.88 and the Nasdaq composite lost 23.84 points to 3,112.35.

Companies in the S&P 500 index are expected to post an overall decline in profits for the first time in 11 quarters, according to FactSet. The third-quarter earnings season starts on Tuesday when aluminum maker Alcoa releases its results.

Tuesday also marks the five-year anniversary of the record high closes of the Dow and the S&P 500. The S&P, a benchmark tracked by many mutual funds, is currently about 7 percent below its record high. The Dow is about 4 percent below its peak.

Stocks have been on a strong run, with the Dow up 11 percent this year, the S&P 500 nearly 16 percent. But Asia's slowdown, Europe's problems, and now forecasts of weak U.S. corporate earnings have caused some investors to wonder whether the stock market has risen too far, too fast.

On top of those concerns, some market leaders like Apple have been falling in recent days, noted Bob Pavlik, chief market strategist at Banyan Partners LLC.

"It sort of leads folks into thinking, 'Why don't I take a little bit of profit off the table, put it away,'" and maybe re-invest it if third-quarter results turn out to be higher than expected, he said.

The NYSE DOW closed LOWER ▼ -26.50 points or ▼ -0.19% Monday, 8 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,583.65 ▼ -26.50 ▼ -0.19%
Nasdaq____ 3,112.35 ▼ -23.84 ▼ -0.76%
S&P_500__ 1,455.88 ▼ -5.05 ▼ -0.35%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 2,314,776,000
Nasdaq Volume 1,173,677,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,841.74 ▲ 13.96 ▲ 0.24%
DAX_____ 7,291.21 ▼ -106.66 ▼ -1.44%
CAC_40__ 3,406.53 ▼ -50.51 ▼ -1.46%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,502.00 ▼ -11.80 ▼ -0.26%
Shanghai_Comp 2,074.42 ▼ -11.75 ▼ -0.56%
Taiwan_Weight 7,615.89 ▼ -74.76 ▼ -0.97%
Nikkei_225____ 8,863.30 ▲ 38.71 ▲ 0.44%
Hang_Seng____ 20,824.56 ▲ 53.93 ▼ -0.89%
Strait_Times___ 3,076.65 ▼ -31.22 ▼ -1.00%
NZX_50_Index__ 3,923.91 ▲ 0.00 ▲ 0.00%

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

Stocks lower on weak outlook for 3Q, Asian economy

Stocks limp lower on dim hopes for corporate earnings and predictions of slower growth in Asia

By Joshua Freed, AP Business Writer

Investors looked warily at forecasts for poor U.S. corporate earnings and weaker growth in Asia and decided there wasn't much reason to buy stocks.

The Dow Jones industrial average gave up 26.50 points to close at 13,583.65 points Monday. The Standard & Poor's 500 index fell 5.05 points to 1,455.88 and the Nasdaq composite lost 23.84 points to 3,112.35.

Companies in the S&P 500 index are expected to post an overall decline in profits for the first time in 11 quarters, according to FactSet. The third-quarter earnings season starts on Tuesday when aluminum maker Alcoa releases its results.

Tuesday also marks the five-year anniversary of the record high closes of the Dow and the S&P 500. The S&P, a benchmark tracked by many mutual funds, is currently about 7 percent below its record high. The Dow is about 4 percent below its peak.

Stocks have been on a strong run, with the Dow up 11 percent this year, the S&P 500 nearly 16 percent. But Asia's slowdown, Europe's problems, and now forecasts of weak U.S. corporate earnings have caused some investors to wonder whether the stock market has risen too far, too fast.

On top of those concerns, some market leaders like Apple have been falling in recent days, noted Bob Pavlik, chief market strategist at Banyan Partners LLC.

"It sort of leads folks into thinking, 'Why don't I take a little bit of profit off the table, put it away,'" and maybe re-invest it if third-quarter results turn out to be higher than expected, he said.

Apple closed above $700 on Sept. 18, but has been declining since then. On Monday it fell $14.42 to $638.17.

Also on Monday, the World Bank warned that a "more pronounced slowdown" is possible in China, the world's second-largest economy. It also cut its overall growth forecast for developing countries in Asia.

Slower growth in Asia could drag down the U.S. economy. One of the few bright points for the U.S. during the recession was tremendous growth in export demand by developing nations in Asia and other regions.

While the U.S. economy isn't doing badly, investors have been counting on growth in Asia for help, said Rex Macey, chief investment officer at Wilmington Trust Investment Advisors. "There was a point where we said 'Thank goodness for Asia and China. Their growth can fuel the recovery." That's not so clear anymore, he said.

Stocks and industries that depend most heavily on U.S. economic growth were among the biggest losers Monday. Intel fell 17 cents to $22.51. Home Depot fell $1.32 to $61.88 and Walt Disney lost 64 cents to $52.33.

Wal-Mart Stores and American Express shares didn't move much after they announced a reloadable prepaid card with no recurring or overdraft fees. But the news hammered shares of prepaid card competitor Green Dot Corp., which has also offered a card with Wal-Mart. Green Dot fell $2.60, or 20 percent, to $10.25.

UnitedHealth Group rose 47 cents to $57.60 after the health insurer said it would pay $4.9 billion in cash to buy most of Brazilian health benefits and hospital services provider Amil Participacoes.

Truck and engine maker Navistar rose $1.60, or 8 percent, to $22.81 after saying it will add two board members associated with activist investors, heading off a proxy battle.

European markets also closed lower. France's CAC-40 fell 1.5 percent, Germany's DAX fell 1.4 percent and Britain's FTSE 100 lost 0.5 percent.

U.S. government bond trading was closed for the Columbus Day holiday.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks slumped Tuesday on Wall Street after the International Monetary Fund predicted weaker world economic growth and as investors waited for what they expected to be lower corporate earnings.

The Dow Jones industrial average declined 110.12 points, or 0.8 percent, to 13,473.53. The Standard & Poor's 500 index dropped 14.40 points, a hair under 1 percent, to 1,441.48.

The Nasdaq composite index lost 47.33 points, or 1.5 percent, to 3,065.02.

The slide came on the five-year anniversary of record high closes for the Dow and S&P 500. The Dow is about 700 points off its all-time high, 14,164.53. It would take a 5 percent rally from here to reach the record.

Investors were discouraged by an International Monetary Fund report released overnight that said the global economy was weakening and the downturn afflicting developing nations has begun to spread.

The weak forecast came one day after the World Bank cut its estimate for growth in China, the world's second-largest economy, and for developing countries across Asia.

The IMF forecasts that the world economy will expand 3.3 percent this year, down from the estimate of 3.5 percent growth it issued in July. Its forecast for growth in 2013 is 3.6 percent, down from 4.1 percent in April.

Investors were waiting for Alcoa, the aluminum company, to release its quarterly earnings report after the market closed ”” the traditional beginning of what investors call earnings season.

Analysts expect earnings at S&P 500 companies to be down compared with last year, the first decline in almost three years.

Wall Street expects Alcoa itself to break even, but analysts had been predicting profits of 12 cents per share from the aluminum maker as recently as July. Alcoa was up 10 cents at $9.22 in afternoon trading.

The NYSE DOW closed LOWER ▼ -110.12 points or ▼ -0.81% Tuesday, 9 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,473.53 ▼ -110.12 ▼ -0.81%
Nasdaq____ 3,065.02 ▼ -47.33 ▼ -1.52%
S&P_500__ 1,441.48 ▼ -14.40 ▼ -0.99%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,187,061,000
Nasdaq Volume 1,623,785,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,810.25 ▼ -31.49 ▼ -0.54%
DAX_____ 7,234.53 ▼ -56.68 ▼ -0.78%
CAC_40__ 3,382.78 ▼ -23.75 ▼ -0.70%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,526.60 ▲ 24.60 ▲ 0.55%
Shanghai_Comp 2,115.23 ▲ 40.81 ▲ 1.97%
Taiwan_Weight 7,592.01 ▼ -23.88 ▼ -0.31%
Nikkei_225____ 8,769.59 ▼ -93.71 ▼ -1.06%
Hang_Seng____ 20,937.28 ▲ 53.93 ▲ 0.54%
Strait_Times___ 3,066.51 ▼ -10.14 ▼ -0.33%
NZX_50_Index__ 3,907.99 ▼ -15.92 ▼ -0.41%

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

Stocks indexes slide following gloomy IMF forecast

Dire prediction on global economy, pessimism about earnings send stocks sliding on Wall Street

Stocks slumped Tuesday on Wall Street after the International Monetary Fund predicted weaker world economic growth and as investors waited for what they expected to be lower corporate earnings.

The Dow Jones industrial average declined 110.12 points, or 0.8 percent, to 13,473.53. The Standard & Poor's 500 index dropped 14.40 points, a hair under 1 percent, to 1,441.48.

The Nasdaq composite index lost 47.33 points, or 1.5 percent, to 3,065.02.

The slide came on the five-year anniversary of record high closes for the Dow and S&P 500. The Dow is about 700 points off its all-time high, 14,164.53. It would take a 5 percent rally from here to reach the record.

Investors were discouraged by an International Monetary Fund report released overnight that said the global economy was weakening and the downturn afflicting developing nations has begun to spread.

The weak forecast came one day after the World Bank cut its estimate for growth in China, the world's second-largest economy, and for developing countries across Asia.

The IMF forecasts that the world economy will expand 3.3 percent this year, down from the estimate of 3.5 percent growth it issued in July. Its forecast for growth in 2013 is 3.6 percent, down from 4.1 percent in April.

Investors were waiting for Alcoa, the aluminum company, to release its quarterly earnings report after the market closed ”” the traditional beginning of what investors call earnings season.

Analysts expect earnings at S&P 500 companies to be down compared with last year, the first decline in almost three years.

Wall Street expects Alcoa itself to break even, but analysts had been predicting profits of 12 cents per share from the aluminum maker as recently as July. Alcoa was up 10 cents at $9.22 in afternoon trading.

Talley Leger, investment strategist at Macro Vision Research, noted that the IMF report came while Greek protests erupted again in Athens over budget-cutting measures and after a downgrade of Cyprus' credit rating on Monday.

"It's all negative headlines today," Leger said. "There's a lot of European fears."

Leger added he wouldn't be selling stocks given that Federal Reserve and other central banks are trying to stimulate economies around the world. The Fed has committed to buying $40 billion in mortgage bonds per month until the economy heals.

"With markets so firmly supported by central bankers, I don't want to be defensive," Leger said. "It's a gift" to investors.

Earlier Tuesday, the National Federation of Independent Business reported that business owners became increasingly pessimistic during September because of the weak hiring environment and poor sales.

Nonetheless, the number of owners who expect business conditions to improve in six months gained four percentage points. Those believing it's a good time to expand rose three percentage points.

Only energy stocks kept the market from closing even lower. The price of crude oil jumped more than $3 per barrel to $92.39 because of supply concerns in the Middle East and the North Sea.

Energy stocks were the only major group in the S&P 500 to finish higher, and just barely. So-called consumer discretionary stocks, including companies like hotels and luxury stores that depend on a healthy economy, fell 1.5 percent as a group.

Among stocks making big moves, Edwards Lifesciences dropped $22.81 to $84.60 after the company reported revenue that fell well short of analyst forecasts. Sales of its Sapien heart valves were weaker than the company had expected.

Stanley Black & Decker, the tool maker, fell $1.99 to $72.24 after saying it would sell its hardware and home-improvement business to Spectrum Brands Holdings for $1.4 billion in cash.

Spectrum Brands' stock jumped $4.88, or 11.9 percent, to $46.04. The Wisconsin company owns the Rayovac, Remington and Toastmaster brands.

The yield on the 10-year Treasury note fell to 1.72 percent from 1.74 percent late Friday. U.S. government bond trading was closed Monday for the Columbus Day holiday.

European markets also fell. Benchmark indexes fell 0.8 percent in Germany and 0.5 percent Britain. France's stock market index fell 0.7 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Downbeat reports from Alcoa and Chevron at the start of corporate earnings season pulled stock indexes lower for a third straight day Wednesday. The Dow Jones industrial average slumped 128 points, its steepest loss since late June.

Alcoa, the aluminum producer, beat Wall Street's earnings estimates on Tuesday night but said it expects a slowdown in China to weaken demand for aluminum. Its stock fell 42 cents Wednesday to $8.71.

The company is often used as a weather vane for the global economy. "And judging by Alcoa's massive inventory of aluminum, it seems pretty anemic," said Jack Ablin, chief investment officer at Harris Private Bank.

Chevron, the country's second-largest oil company, warned late Tuesday that slumping oil prices and production would cause earnings to be "substantially lower." It blamed Hurricane Isaac for disrupting production at a Mississippi refinery.

On Tuesday, the Supreme Court also refused to block a $19 billion judgment levied against Chevron by an Ecuadorian court for polluting the Amazon. Chevron's stock sank $4.91 to $112.45.

The Dow fell 128.56 points to close at 13,344.97, just shy of 1 percent, its fourth straight drop and the largest point decline since June 25. Chevron alone pulled the Dow down 38 points.

The Standard & Poor's 500 index fell 8.92 points to 1,432.56.

Alcoa and Chevron's results were an unpromising start to the third-quarter earnings parade, said JJ Kinahan, chief derivatives strategist at Ameritrade. "It's beginning to look like we might have a lot of gloom-and-doom earnings calls this quarter," he said.

Of the 10 industry groups within the S&P 500, all but financials fell. Energy and materials stocks, whose fortunes hinge on economic growth, slumped the most. Bank stocks ended the day flat.

In other trading, the Nasdaq lost 13.24 points to 3,051.78. The yield on the benchmark 10-year Treasury slipped to 1.68 percent, down from 1.71 percent late Tuesday.

The NYSE DOW closed LOWER ▼ -128.56 points or ▼ -0.95% Wednesday, 10 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,344.97 ▼ -128.56 ▼ -0.95%
Nasdaq____ 3,051.78 ▼ -13.24 ▼ -0.43%
S&P_500__ 1,432.56 ▼ -8.92 ▼ -0.62%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,206,200,000
Nasdaq Volume 1,793,674,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,776.71 ▼ -33.54 ▼ -0.58%
DAX_____ 7,205.23 ▼ -29.30 ▼ -0.40%
CAC_40__ 3,365.87 ▼ -16.91 ▼ -0.50%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,511.90 ▼ -14.70 ▼ -0.32%
Shanghai_Comp 2,119.94 ▲ 4.71 ▲ 0.22%
Taiwan_Weight 7,592.01 ▼ -23.88 ▼ -0.31%
Nikkei_225____ 8,596.23 ▼ -173.36 ▼ -1.98%
Hang_Seng____ 20,919.60 ▲ 53.93 ▼ -0.08%
Strait_Times___ 3,033.81 ▼ -32.10 ▼ -1.05%
NZX_50_Index__ 3,888.14 ▼ -19.85 ▼ -0.51%

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

Dow falls 128, with Chevron and Alcoa leading way

Weaker earnings for Alcoa and Chevron pull stock market lower; Toyota sinks on recall woes

By Matthew Craft, AP Business Writer

Downbeat reports from Alcoa and Chevron at the start of corporate earnings season pulled stock indexes lower for a third straight day Wednesday. The Dow Jones industrial average slumped 128 points, its steepest loss since late June.

Alcoa, the aluminum producer, beat Wall Street's earnings estimates on Tuesday night but said it expects a slowdown in China to weaken demand for aluminum. Its stock fell 42 cents Wednesday to $8.71.

The company is often used as a weather vane for the global economy. "And judging by Alcoa's massive inventory of aluminum, it seems pretty anemic," said Jack Ablin, chief investment officer at Harris Private Bank.

Chevron, the country's second-largest oil company, warned late Tuesday that slumping oil prices and production would cause earnings to be "substantially lower." It blamed Hurricane Isaac for disrupting production at a Mississippi refinery.

On Tuesday, the Supreme Court also refused to block a $19 billion judgment levied against Chevron by an Ecuadorian court for polluting the Amazon. Chevron's stock sank $4.91 to $112.45.

The Dow fell 128.56 points to close at 13,344.97, just shy of 1 percent, its fourth straight drop and the largest point decline since June 25. Chevron alone pulled the Dow down 38 points.

The Standard & Poor's 500 index fell 8.92 points to 1,432.56.

Alcoa and Chevron's results were an unpromising start to the third-quarter earnings parade, said JJ Kinahan, chief derivatives strategist at Ameritrade. "It's beginning to look like we might have a lot of gloom-and-doom earnings calls this quarter," he said.

Of the 10 industry groups within the S&P 500, all but financials fell. Energy and materials stocks, whose fortunes hinge on economic growth, slumped the most. Bank stocks ended the day flat.

In other trading, the Nasdaq lost 13.24 points to 3,051.78. The yield on the benchmark 10-year Treasury slipped to 1.68 percent, down from 1.71 percent late Tuesday.

In one of the few economic reports out Wednesday, the Federal Reserve said the U.S. economy "expanded modestly" from mid-August through September. The survey, known as the Beige Book, pointed to improvements in housing car sales, manufacturing and the housing market. Employment and consumer spending, however, remained mostly flat.

Wal-Mart Stores surged $1.28 to $75.42, and earlier touched an all-time high of $76.81. The president of its U.S. division told Wall Street analysts that the retail giant plans to open more small-scale stores, including its Express chain, to compete with discount retailers and drugstore chains.

Alcoa's earnings report marks the unofficial start to the quarterly earnings season, expected to be the worst in three years. Analysts project that companies in the S&P 500 will say third-quarter earnings shrank 1 percent compared with the same quarter of last year.

Ablin said investors need solid reasons to buy stocks now, given the stock market's strong run this year. "My sense is that, with these downbeat earnings announcements, there's not much around right now," he said.

Concerns over the global economy helped knock the Dow down 110 points on Tuesday. The International Monetary Fund trimmed its forecast for worldwide growth, saying that trouble in Europe and other developed regions has spread to faster-growing developing countries. The day before, the World Bank cut its estimate for growth in China, the world's second-largest economy behind the U.S., and countries across Asia.

For the week, the Dow and S&P 500 have each lost 1.9 percent, and the Nasdaq has lost 2.7 percent.

Among other companies making big moves Wednesday:

”” Yum Brands jumped 8 percent, the top stock in the S&P 500 index. The parent of Taco Bell, Pizza Hut and other fast-food chains said results from China stores should remain strong, even as the Chinese economy slows. Yum gained $5.28 to $70.99.

”” FedEx gained 5 percent, or $4.41 to $89.99. The world's second-biggest package delivery company unveiled a restructuring plan Monday aimed at raising profits by $1.7 billion within three years. FedEx promised to shed jobs and underused aircraft.

”” Costco posted stronger sales and earnings than forecast as more people signed up to buy the company's diapers and groceries in bulk. Costco's stock gained $1.92 to $101.56.

”” Toyota Motor Corp. dropped $1.56 to $74.50 after the carmaker recalled a total of 7.4 million vehicles worldwide for a for a faulty power-window switch, the latest in a series of recalls for Toyota. The recall announced Wednesday affects more than a dozen models produced from 2005 through 2010.

 

[bigdog]

Source: http://finance.yahoo.com

The market closed roughly flat Thursday, underwhelmed by encouraging jobs news but unrattled by worrisome developments in the global economy.

In the morning, a government report of fewer jobless claims carried the market higher. The Dow Jones industrial average rose as much as 83 points, shrugging off a widening U.S. trade deficit, higher unemployment in Greece and a ratings cut for Spain.

By late afternoon, the rally sputtered, and the Dow wavered between small gains and losses. It closed slightly down, along with the Nasdaq composite index, while the Standard & Poor's 500 eked out the tiniest gain.

Traders, it seemed, were so used to bad news that Thursday's developments didn't really push them one way or the other.

"There's not a lot to move the market today," said Erik Davidson, deputy chief investment officer of Wells Fargo Private Bank in San Francisco. "Everyone's talking about baseball."

Joe Costigan, director of equity research at Bryn Mawr Trust Company in Pennsylvania, described Thursday as "a reasonable day."

"What we're seeing is more of a wave," he said, "not a tide."

The Dow finished down 18.58 points to 13,326.39. The S&P 500 inched up 0.28 point to 1,432.84. The Nasdaq fell 2.37 points to 3,049.41.

The Labor Department said that weekly applications for unemployment aid fell to their lowest level since February 2008, before the financial crisis, and when the unemployment rate was much lower ”” 4.9 percent, compared with today's 7.8 percent.

Citi analysts upgraded U.S. stocks to the equivalent of buy. The analysts, led by Hasan Tevfik and Robert Buckland, argued that stocks are relatively cheap and that central banks seem likely to take more steps to try to boost the economy.

The NYSE DOW closed LOWER ▼ -18.58 points or ▼ -0.14% Thursday, 11 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,326.39 ▼ -18.58 ▼ -0.14%
Nasdaq____ 3,049.41 ▼ -2.37 ▼ -0.08%
S&P_500__ 1,432.84 ▲ 0.28 ▲ 0.02%
30_Yr_Bond 3.032 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,621,749,000
Nasdaq Volume 1,596,786,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,829.75 ▲ 53.04 ▲ 0.92%
DAX_____ 7,281.70 ▲ 76.47 ▲ 1.06%
CAC_40__ 3,413.72 ▲ 47.85 ▲ 1.42%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,505.20 ▼ -6.70 ▼ -0.15%
Shanghai_Comp 2,102.87 ▼ -17.07 ▼ -0.81%
Taiwan_Weight 7,451.72 ▼ -140.29 ▼ -1.85%
Nikkei_225____ 8,546.78 ▼ -49.45 ▼ -0.58%
Hang_Seng____ 20,999.05 ▲ 53.93 ▲ 0.38%
Strait_Times___ 3,032.66 ▼ -1.15 ▼ -0.04%
NZX_50_Index__ 3,883.30 ▲ 0.00 ▲ 0.00%

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

Market flatlines, pulled by jobless claims, Europe

Market ends flat, pulled by good news on jobs and bad news on Europe, trade

By Christina Rexrode, AP Business Writer

The market closed roughly flat Thursday, underwhelmed by encouraging jobs news but unrattled by worrisome developments in the global economy.

In the morning, a government report of fewer jobless claims carried the market higher. The Dow Jones industrial average rose as much as 83 points, shrugging off a widening U.S. trade deficit, higher unemployment in Greece and a ratings cut for Spain.

By late afternoon, the rally sputtered, and the Dow wavered between small gains and losses. It closed slightly down, along with the Nasdaq composite index, while the Standard & Poor's 500 eked out the tiniest gain.

Traders, it seemed, were so used to bad news that Thursday's developments didn't really push them one way or the other.

"There's not a lot to move the market today," said Erik Davidson, deputy chief investment officer of Wells Fargo Private Bank in San Francisco. "Everyone's talking about baseball."

Joe Costigan, director of equity research at Bryn Mawr Trust Company in Pennsylvania, described Thursday as "a reasonable day."

"What we're seeing is more of a wave," he said, "not a tide."

The Dow finished down 18.58 points to 13,326.39. The S&P 500 inched up 0.28 point to 1,432.84. The Nasdaq fell 2.37 points to 3,049.41.

The Labor Department said that weekly applications for unemployment aid fell to their lowest level since February 2008, before the financial crisis, and when the unemployment rate was much lower ”” 4.9 percent, compared with today's 7.8 percent.

Citi analysts upgraded U.S. stocks to the equivalent of buy. The analysts, led by Hasan Tevfik and Robert Buckland, argued that stocks are relatively cheap and that central banks seem likely to take more steps to try to boost the economy.

Still, their report wasn't all cheery, and neither were most of the other economic developments Thursday. "Profits are slowing around the world," the Citi analysts wrote, "and (earnings-per-share) expectations need to be cut further, in our view."

Already this week, the aluminum manufacturer Alcoa kicked off the third-quarter earnings season with a disappointing loss. Thursday, shares of grocery store Safeway slipped more than 3 percent, losing 58 cents to $15.71, after it reported a lower profit margin.

The Commerce Department reported that foreign demand declined for American-made cars and farm goods. In Germany, economic researchers predicted the country's growth would slow, and warned that patience for bailing out weaker European countries was evaporating. Unemployment in Greece, one of the countries surviving on bailouts, hit a record high of just more than 25 percent. And the Standard & Poor's ratings agency late Wednesday cut its rating on Spain's debt to one level above junk status.

In Tokyo, where the International Monetary Fund and the World Bank were meeting, IMF chief Christine Lagarde warned that the global economic recovery is weaker than many had expected. She called for urgent action to fix Europe's debt problems and an approaching fiscal crisis in the U.S.

A few stocks jumped after reports of potential new owners. Sprint Nextel soared more than 14 percent, rising 72 cents to $5.76, after a report that the company could be bought by Softbank, a Japanese cell phone provider. Truck company Oshkosh Corp. jumped more than 7 percent, up $2.05 to $28.90, after activist investor Carl Icahn offered to buy the company.

The yield on the benchmark 10-year U.S. Treasury note fell by 0.01 percentage point, to 1.67 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed out their worst week since June after investors looked over third-quarter corporate earnings reports and decided there wasn't much to get excited about.

The big indexes were mixed on Friday. But they were all down more than 2 percent for the week. That was their worst weekly showing since the Standard & Poor's 500 index fell 3 percent for the week ending June 1.

On Friday, the S&P closed down 4.25 points at 1,428.59. The Dow Jones industrial average edged up 2.46 points to close at 13,328.85, giving up an earlier gain of 75. The Nasdaq composite lost 5.30 points to close at 3,044.11.

Investors haven't had much to like this week, with mixed results from U.S. companies including Alcoa, Safeway and Yum Brands. Investors have seemed unsure how to evaluate the news. This week stocks have posted some of their biggest daily losses in the late morning or early afternoon.

"It's been a relative downer week in the market this week, and people are going into the weekend not wanting to hang out there too much," said Bill Stone, chief investment strategist for PNC Wealth Management.

Looking beyond this week, stocks have had a strong run. The S&P 500 is up 11.8 percent since June 1. The run-up suggested that investors were anticipating a strong economic recovery. Now it's put-up or shut-up time for corporate profits.

"What people have to decide is, is America going into recession with the rest of the world, or are we going to start accelerating and lead the way out of recession for the rest of the world," said Randy Warren, chief investment officer for Warren Financial Service.

The NYSE DOW closed HIGHER ▲ 2.46 points or ▲ 0.02% Friday, 12 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,328.85 ▲ 2.46 ▲ 0.02%
Nasdaq____ 3,044.11 ▼ -5.30 ▼ -0.17%
S&P_500__ 1,428.59 ▼ -4.25 ▼ -0.30%
30_Yr_Bond 2.835 ▼ -0.02 ▼ -0.70%

NYSE Volume 3,132,308,000
Nasdaq Volume 1,545,531,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,793.32 ▼ -36.43 ▼ -0.62%
DAX_____ 7,232.49 ▼ -49.21 ▼ -0.68%
CAC_40__ 3,389.08 ▼ -24.64 ▼ -0.72%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,510.10 ▲ 4.90 ▲ 0.11%
Shanghai_Comp 2,104.93 ▲ 2.06 ▲ 0.10%
Taiwan_Weight 7,437.04 ▼ -14.68 ▼ -0.20%
Nikkei_225____ 8,534.12 ▼ -12.66 ▼ -0.15%
Hang_Seng____ 21,136.43 ▲ 53.93 ▲ 0.65%
Strait_Times___ 3,041.75 ▲ 9.09 ▲ 0.30%
NZX_50_Index__ 3,896.66 ▲ 13.35 ▲ 0.34%

http://finance.yahoo.com/news/stock-market-worst-week-since-201130745.html

Stock market has its worst week since June

Dow, S&P 500 have their worst week since June as energy and banks stocks lead the market lower

By Joshua Freed, AP Business Writer

Stocks closed out their worst week since June after investors looked over third-quarter corporate earnings reports and decided there wasn't much to get excited about.

The big indexes were mixed on Friday. But they were all down more than 2 percent for the week. That was their worst weekly showing since the Standard & Poor's 500 index fell 3 percent for the week ending June 1.

On Friday, the S&P closed down 4.25 points at 1,428.59. The Dow Jones industrial average edged up 2.46 points to close at 13,328.85, giving up an earlier gain of 75. The Nasdaq composite lost 5.30 points to close at 3,044.11.

Investors haven't had much to like this week, with mixed results from U.S. companies including Alcoa, Safeway and Yum Brands. Investors have seemed unsure how to evaluate the news. This week stocks have posted some of their biggest daily losses in the late morning or early afternoon.

"It's been a relative downer week in the market this week, and people are going into the weekend not wanting to hang out there too much," said Bill Stone, chief investment strategist for PNC Wealth Management.

Looking beyond this week, stocks have had a strong run. The S&P 500 is up 11.8 percent since June 1. The run-up suggested that investors were anticipating a strong economic recovery. Now it's put-up or shut-up time for corporate profits.

"What people have to decide is, is America going into recession with the rest of the world, or are we going to start accelerating and lead the way out of recession for the rest of the world," said Randy Warren, chief investment officer for Warren Financial Service.

Financial stocks were the focus on Friday.

The nation's largest bank, JPMorgan Chase, blew away Wall Street's expectations for quarterly profits. Wells Fargo just edged out profit forecasts but its revenue fell short.

Wells Fargo fell 93 cents, or 2.6 percent, to $34.25, and JPMorgan fell 48 cents to $41.62. Bank of America fell 22 cents to $9.12. US Bancorp lost 67 cents to $33.72.

Financial and utility stocks had the biggest declines among the 10 industries in the S&P 500.

Trucking and logistics company J.B. Hunt Transport Services Inc. rose $3.58, or 6.5 percent, to $58.37 after its third-quarter profit rose almost 14 percent on strong growth in handling containers that move by ship, rail, or truck.

Advanced Micro Devices Inc. dropped 46 cents, or 14 percent, to $2.74, after the chipmaker said its third-quarter revenue will fall about 10 percent from the second quarter because of weak demand for its products.

Workday Inc.'s initial public offering popped. The company provides remote storage for human resources and finance. The stock rose $20.69, or 73.9 percent, to $48.69 on its first day of trading.

European markets were mostly lower. The Britain's FTSE 100 fell 0.6 percent, while Germany's DAX and France's CAC-40 each gave up 0.7 percent.

Trading was steady in other markets too. The euro edged up 0.3 percent to $1.296 and the benchmark oil price was 21 cents lower at $91.86 per barrel in New York trading.

The yield on the 10-year Treasury note edged down to 1.66 percent from 1.67 percent late Thursday.

2177

 

[bigdog]

Source: http://finance.yahoo.com

Stocks rose on Monday after a strong gain in retail spending suggested that consumers could be getting more confident about the economy. Bank stocks rose broadly after Citigroup delivered a strong earnings report.

The Dow rose 95.38 points to close at 13,424.23, its biggest gain since September 13.

The Standard & Poor's 500 index was up 11.54 points at 1,440.13 and the Nasdaq composite index rose 20.07 points to 3,064.18.

Companies that rely on consumer spending, like Lowe's, TJX Cos. and Yum Brands, rose after the government reported that retail sales rose 1.1 percent in the U.S. last month. The Commerce Department also revised August growth up to 1.2 percent, marking the two largest gains since October 2010.

Sales rose in most major categories. Electronics and appliances jumped 4.5 percent with help from the new iPhone. Sales at auto dealers increased 1.3 percent. Building materials and garden supplies, furniture and clothing sales all gained, too.

"The retail sales numbers tell us that the economy in general, and consumer spending in particular, probably did better than most expected in the third quarter," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors.

Citigroup rose $1.91, or 5.5 percent, to $36.66 after beating beat Wall Street earnings estimates.

Most other financial stocks followed Citi higher. Bank of America rose 3.5 percent, and JPMorgan Chase rose 1.8 percent. However, Wells Fargo continued to struggle after reporting a record profit on Friday. Analysts warned it might have trouble making money on interest payments for loans. Its stock fell 1 percent on Monday, after dropping on Friday, too.

Economic figures from China helped support markets in Europe at the start of a week that could offer greater clarity on the economic fates of Greece and Spain.

China's inflation rate fell to 1.9 percent in September from 2 percent the month before, reinforcing investor hopes for more stimulus in the world's second-largest economy.

The NYSE DOW closed HIGHER ▲ 95.38 points or ▲ 0.72% Monday, 15 October 2012
Symbol …........Last ......Change.....
Dow_Jones 13,424.23 ▲ 95.38 ▲ 0.72%
Nasdaq____ 3,064.18 ▲ 20.07 ▲ 0.66%
S&P_500__ 1,440.13 ▲ 11.54 ▲ 0.81%
30_Yr_Bond 2.843 ▲ 0.01 ▲ 0.28%

NYSE Volume 3,462,843,000
Nasdaq Volume 1,563,121,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 5,805.61 ▲ 12.29 ▲ 0.21%
DAX_____ 7,261.25 ▲ 28.76 ▲ 0.40%
CAC_40__ 3,420.28 ▲ 31.20 ▲ 0.92%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,505.50 ▼ -4.60 ▼ -0.10%
Shanghai_Comp 2,098.70 ▼ -6.23 ▼ -0.30%
Taiwan_Weight 7,418.90 ▼ -18.14 ▼ -0.24%
Nikkei_225____ 8,577.93 ▲ 43.81 ▲ 0.51%
Hang_Seng____ 21,148.25 ▲ 53.93 ▲ 0.06%
Strait_Times___ 3,043.05 ▲ 1.30 ▲ 0.04%
NZX_50_Index__ 3,916.36 ▲ 0.00 ▲ 0.00%

http://finance.yahoo.com/news/stocks-higher-retail-sales-improve-134031090.html

Stocks higher after retail sales improve

Stocks rise after strong retail sales report; Citi beats earnings estimates, drugmakers rise

By Joshua Freed, AP Business Writer

Stocks rose on Monday after a strong gain in retail spending suggested that consumers could be getting more confident about the economy. Bank stocks rose broadly after Citigroup delivered a strong earnings report.

The Dow rose 95.38 points to close at 13,424.23, its biggest gain since September 13.

The Standard & Poor's 500 index was up 11.54 points at 1,440.13 and the Nasdaq composite index rose 20.07 points to 3,064.18.

Companies that rely on consumer spending, like Lowe's, TJX Cos. and Yum Brands, rose after the government reported that retail sales rose 1.1 percent in the U.S. last month. The Commerce Department also revised August growth up to 1.2 percent, marking the two largest gains since October 2010.

Sales rose in most major categories. Electronics and appliances jumped 4.5 percent with help from the new iPhone. Sales at auto dealers increased 1.3 percent. Building materials and garden supplies, furniture and clothing sales all gained, too.

"The retail sales numbers tell us that the economy in general, and consumer spending in particular, probably did better than most expected in the third quarter," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors.

Citigroup rose $1.91, or 5.5 percent, to $36.66 after beating beat Wall Street earnings estimates.

Most other financial stocks followed Citi higher. Bank of America rose 3.5 percent, and JPMorgan Chase rose 1.8 percent. However, Wells Fargo continued to struggle after reporting a record profit on Friday. Analysts warned it might have trouble making money on interest payments for loans. Its stock fell 1 percent on Monday, after dropping on Friday, too.

Economic figures from China helped support markets in Europe at the start of a week that could offer greater clarity on the economic fates of Greece and Spain.

China's inflation rate fell to 1.9 percent in September from 2 percent the month before, reinforcing investor hopes for more stimulus in the world's second-largest economy.

Good news for two major drugmakers boosted pharmaceutical stocks and pushed the whole health sector to the biggest gains among 10 industry groups in the S&P 500.

Eli Lilly said a potential stomach cancer treatment met goals for improved patient survival. It hasn't yet submitted the drug, ramucirumab, for government approval.

And Abbott Laboratories said an experimental drug regimen cured 99 percent of patients with hepatitis C. Patients in the trial had genotype 1 hepatitis C, the most common type in the Western world, and the hardest to treat.

Eli Lilly rose $2.08, or 4 percent, to $52.53. Abbott rose $2.77, also 4 percent, to $72.05. Other drugmakers also rose. Pfizer and Merck rose more than 1 percent and Bristol-Myers Squibb rose 2.5 percent.

Telecommunications stocks were the only declining industry among the 10 in the S&P 500.

Travel deals website operator Travelzoo Inc. fell again after warning on Friday that its poorly-performing hotel search business will hurt third-quarter results. On Monday, its stock fell 85 cents, or 4.2 percent, to $19.17.

Home health care provider Amedisys Inc. fell $1.25, or 9.4 percent, to $12.08 after saying revenue from health insurer Humana Inc. will shrink.

Investors sold government bonds and drove yields slightly higher. The yield on the 10-year U.S. Treasury note rose to 1.67 percent from 1.66 percent Friday.

The price of crude oil fell a penny to finish at $91.85 on the New York Mercantile Exchange.