NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

Stocks slumped on Wall Street Thursday, and the rally which has pushed indexes close to record levels stalled.

The Dow Jones industrial average fell 42 points to 13,944, after sliding as much as 134 points earlier. The index has edged lower this week, after logging its best January in almost two decades.

The Standard and Poor's 500 fell three points to 1,509 and the Nasdaq composite dropped three points to 3,165.

"We had such a big January, some type of weakness, or consolidation, make sense here to us," said Ryan Detrick of Schaeffer's Investment Research in Cincinnati.

The S&P 500 has lost an average of 0.58 percent in February over the last 20 years, making it the weakest month for stocks, according to research by Schaeffer's.

Stocks fell as weaker earnings and worries about Europe overshadowed healthier signs for the U.S. economy.

Fewer Americans sought unemployment benefits last week, a sign that layoffs are easing. Applications for unemployment benefits fell 5,000 to 366,000.

But the stock price of News Corp. fell 66 cents, or 2.3 percent, to $27.52 after the media conglomerate cut its forecast for annual earnings. Weakness at several businesses, including its Fox broadcast network, should offset a gain in earnings in the most recent quarter.

Investors also worried about comments from European Central Bank president Mario Draghi. He pledged to keep a close eye on the rising euro, fearing that the currency's rally in recent month could hurt exports and further harm the region's fragile economy

The NYSE DOW closed LOWER ▼ -42.47 points or ▼ -0.30% Thursday, 7 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,944.05 ▼ -42.47 ▼ -0.30%
Nasdaq____ 3,165.13 ▼ -3.35 ▼ -0.11%
S&P_500____ 1,509.39 ▼ -2.73 ▼ -0.18%
30_Yr_Bond____ 3.160 ▼ -0.02 ▼ -0.57%

NYSE Volume 3,865,390,000
Nasdaq Volume 1,955,188,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,228.42 ▼ -66.92 ▼ -1.06%
DAX_____ 7,590.85 ▲ 9.67 ▲ 0.13%
CAC_40__ 3,601.05 ▼ -41.85 ▼ -1.15%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,955.80 ▲ 15.30 ▲ 0.31%
Shanghai_Comp 2,418.53 ▼ -15.95 ▼ -0.66%
Taiwan_Weight 7,906.65 ▲ 19.71 ▲ 0.25%
Nikkei_225____ 11,357.07 ▼ -106.68 ▼ -0.93%
Hang_Seng____ 23,177.00 ▲ 53.93 ▼ -0.34%
Strait_Times___ 3,261.77 ▼ -14.76 ▼ -0.45%
NZX_50_Index__ 4,195.24 ▼ -16.71 ▼ -0.40%

http://finance.yahoo.com/news/stocks-retreat-europe-earnings-weigh-214444389.html

Stocks retreat as Europe, earnings weigh

Stocks sink as uninspiring earnings reports and concerns about Europe weigh on major indexes

By Steve Rothwell, AP Business Writer

Stocks slumped on Wall Street Thursday, and the rally which has pushed indexes close to record levels stalled.

The Dow Jones industrial average fell 42 points to 13,944, after sliding as much as 134 points earlier. The index has edged lower this week, after logging its best January in almost two decades.

The Standard and Poor's 500 fell three points to 1,509 and the Nasdaq composite dropped three points to 3,165.

"We had such a big January, some type of weakness, or consolidation, make sense here to us," said Ryan Detrick of Schaeffer's Investment Research in Cincinnati.

The S&P 500 has lost an average of 0.58 percent in February over the last 20 years, making it the weakest month for stocks, according to research by Schaeffer's.

Stocks fell as weaker earnings and worries about Europe overshadowed healthier signs for the U.S. economy.

Fewer Americans sought unemployment benefits last week, a sign that layoffs are easing. Applications for unemployment benefits fell 5,000 to 366,000.

But the stock price of News Corp. fell 66 cents, or 2.3 percent, to $27.52 after the media conglomerate cut its forecast for annual earnings. Weakness at several businesses, including its Fox broadcast network, should offset a gain in earnings in the most recent quarter.

Investors also worried about comments from European Central Bank president Mario Draghi. He pledged to keep a close eye on the rising euro, fearing that the currency's rally in recent month could hurt exports and further harm the region's fragile economy.

"You could have very weak growth in Europe for the next five or ten years," said Michael Sheldon, chief strategist at RDM Financial Group. "There's a lot of austerity going through the European markets, so it's going to be a long time before they re-establish themselves."

Most of Europe's major stock indexes ended the day lower. Only Germany and Greece bucked the trend.

Europe has returned to investor's radars after several months of relative quiet. Stocks fell on Monday, partly because of a spike in borrowing costs for Italy and Spain. That reignited concerns that those countries won't be able to service their debts.

Still, some say that the decline is more of a pullback than a sell-off. That will give investors a chance to buy stocks at lower prices in anticipation of the market resuming its rally.

Stocks have jumped this year on optimism that the housing market will sustain its recovery and the job market will slowly heal. Corporate earnings growth has also accelerated.

"There's really nothing new to worry about it," said Sam Stovall, chief equity strategist at S&P Capital IQ.

As stocks fell Thursday, bonds rallied. The yield on the 10-year Treasury note, which moves inversely to its price, fell 1 basis point to 1.95 percent.

Among other stocks making big moves:

”” Akamai Technologies Inc., which helps websites deliver online content, plunged $6.32, or 15.2 percent, to $35.26, after revenue missed forecasts.

”” Sprint Nextel Corp fell 3 cents, or 0.5 percent, to $5.74. The country's third-largest wireless carrier lost $1.3 billion in its latest quarter as it revamped its network to take on larger competitors. The company also lost 243,000 customers in contract-based plans.

”” DeVry surged $4.29, or 16.4 percent, to $30.41 after the struggling for-profit education company reported better-than-expected earnings and analysts praised the its cost-cutting and restructuring efforts.

”” Auto parts retailer O'Reilly Automotive jumped $7.45, or 8 percent, to $100 after earnings beat Wall Street forecasts.

 

[bigdog]

Source: http://finance.yahoo.com

The Standard and Poor's 500 edged up to a five-year high Friday, extending a rally that started in January.

The S&P 500 rose 8.54 points to 1,517.93, closing 0.3 percent up for the week. The index is at its highest since November 2007 and has advanced for six weeks, the longest streak of gains since August.

The Dow Jones industrial average rose 48.92 points, or 0.4 percent, to 13,992.97. The Nasdaq composite climbed 28.74 points, or 0.9 percent, to finish the week at 3,193.87.

The Dow had its best January in almost two decades, and closed above 14,000 on Feb. 1 for the first time since 2007. The index is up 6.8 percent so far this year; the S&P 500 is up 6.4 percent.

A last-minute budget deal in Washington to avoid the "fiscal cliff" of tax hikes and spending cuts helped powered the rally, as did as optimism about the housing sector and gradual improvements in the jobs market.

The S&P 500 finished the week higher despite logging its biggest daily decline in almost three months Monday following worrying news from Europe.

The index fell 1.2 percent that day as bond yields in Spain and Italy rose on concern that the region's politicians will drag Europe back into crisis. European Central Bank President Mario Draghi's cautious comments about the region's economy also weighed on markets Thursday.

"Everybody seems to be saying this market needs to correct," said Robert Pavlik, chief market strategist at Banyan Partners. "Nobody wants to be in it, but nobody wants to be out of it."

Largely positive corporate earnings reports and a report that showed that the U.S. trade deficit narrowed sharply in December provided more fuel for the market's advance Friday.

The trade deficit fell nearly 21 percent in December from November to $38.6 billion, the smallest in nearly three years, as exports rose while oil imports plummeted. The smaller trade gap means the economy likely performed better in the final three months of last year than first reported last week.

The NYSE DOW closed HIGHER ▲ 48.92 points or ▲ 0.35% Friday, 8 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,992.97 ▲ 48.92 ▲ 0.35%
Nasdaq____ 3,193.87 ▲ 28.74 ▲ 0.91%
S&P_500____ 1,517.93 ▲ 8.54 ▲ 0.57%
30_Yr_Bond____ 3.170 ▲ 0.00 ▲ 0.13%

NYSE Volume 3,244,874,750
Nasdaq Volume 1,823,433,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,263.93 ▲ 35.51 ▲ 0.57%
DAX_____ 7,652.14 ▲ 61.29 ▲ 0.81%
CAC_40__ 3,649.50 ▲ 48.45 ▲ 1.35%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,989.40 ▲ 33.60 ▲ 0.68%
Shanghai_Comp 2,432.40 ▲ 13.87 ▲ 0.57%
Taiwan_Weight 7,906.65 ▲ 19.71 ▲ 0.25%
Nikkei_225____ 11,153.16 ▼ -203.91 ▼ -1.80%
Hang_Seng____ 23,215.16 ▲ 53.93 ▲ 0.16%
Strait_Times___ 3,270.30 ▲ 8.53 ▲ 0.26%
NZX_50_Index__ 4,225.72 ▲ 30.48 ▲ 0.73%

http://finance.yahoo.com/news/p-500-hits-five-high-215138808.html

S&P 500 hits five-year high, extends rally

Start-of-year stock rally still intact; S&P 500 closes at highest point since November 2007

By Steve Rothwell, AP Business Writer

The Standard and Poor's 500 edged up to a five-year high Friday, extending a rally that started in January.

The S&P 500 rose 8.54 points to 1,517.93, closing 0.3 percent up for the week. The index is at its highest since November 2007 and has advanced for six weeks, the longest streak of gains since August.

The Dow Jones industrial average rose 48.92 points, or 0.4 percent, to 13,992.97. The Nasdaq composite climbed 28.74 points, or 0.9 percent, to finish the week at 3,193.87.

The Dow had its best January in almost two decades, and closed above 14,000 on Feb. 1 for the first time since 2007. The index is up 6.8 percent so far this year; the S&P 500 is up 6.4 percent.

A last-minute budget deal in Washington to avoid the "fiscal cliff" of tax hikes and spending cuts helped powered the rally, as did as optimism about the housing sector and gradual improvements in the jobs market.

The S&P 500 finished the week higher despite logging its biggest daily decline in almost three months Monday following worrying news from Europe.

The index fell 1.2 percent that day as bond yields in Spain and Italy rose on concern that the region's politicians will drag Europe back into crisis. European Central Bank President Mario Draghi's cautious comments about the region's economy also weighed on markets Thursday.

"Everybody seems to be saying this market needs to correct," said Robert Pavlik, chief market strategist at Banyan Partners. "Nobody wants to be in it, but nobody wants to be out of it."

Largely positive corporate earnings reports and a report that showed that the U.S. trade deficit narrowed sharply in December provided more fuel for the market's advance Friday.

The trade deficit fell nearly 21 percent in December from November to $38.6 billion, the smallest in nearly three years, as exports rose while oil imports plummeted. The smaller trade gap means the economy likely performed better in the final three months of last year than first reported last week.

"The trade balance was surprisingly very good," said Phil Orlando, chief market strategist at Federated Investors.

The government estimated that the U.S. economy contracted at an annual rate of 0.1 percent in the last three months of 2012. Orlando estimates that may now be revised to growth of 0.5 percent.

Shares of LinkedIn, the online professional networking service, jumped $26.39, or 21.3 percent, to $150.40 after the company reported fourth-quarter results late Thursday that beat analysts' forecasts. AOL soared $2.31 to $33.72 after the Internet company said its quarterly revenue grew for the first time in eight years, helped by strength in worldwide advertising.

Currently, analysts are expecting earnings for the fourth quarter of 2012 to rise 6.5 percent for S&P 500 companies, according to data from S&P Capital I&Q. That's an increase from the 2.4 percent growth rate recorded for the preceding quarter.

Stocks have benefited as investors poured a net $4.1 billion into stock mutual funds since the start of the year, according to data provided by Lipper.

"I'm very encouraged by the fact, that finally, for the first time in many years, individual investors seem to be participating in this," said David Kelly, chief global strategist at J.P. Morgan Funds.

The yield on the 10-year note, which moves inversely to its price, fell one basis point to 1.95 percent.

Trading volume was light as Wall Street braced for what is forecast to be the largest winter storm in more than a year. Up to 2 feet of snow forecast along the densely populated Interstate 95 corridor from the New York City area to Boston and beyond.

Among other stocks making big moves;

”” Microchip Technology, a semiconductor maker, jumped $2.45, or 7.2 percent, to $36.39 after its earnings beat estimates. The company said it was seeing "exceptionally strong" bookings.

”” Moody's slumped $3.62, or 7.7 percent, to $43.37 even after reporting that fourth-quarter net income jumped 66 percent and revenue blew away expectations. Many are expecting the ratings agency will be the next target of the Justice Department, which filed a suit against rival Standard & Poor's for its actions before the housing market collapse.

”” Activision Blizzard, which makes "Call of Duty" and other video games, rose $1.35, or 11.2 percent, to $13.41. The company posted sharply higher earnings and revenue in the fourth quarter, surpassing Wall Street's expectations.

4664

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stocks drifted lower in thin trading Monday, pulling the Standard & Poor's 500 index back from a five-year high.

The broad-market index edged up slightly last week, enough to put it at its highest level since November 2007. With little in the way of market-moving news Monday, the S&P 500 slipped 0.92 of a point to close at 1,517.01.

Seven of the 10 industry groups within the S&P 500 dropped.

Now, with major indexes near record highs, many think the stock market's six-week rally is ready for a pause.

"The consensus seems to be that we're due for a correction," says Brian Gendreau, market strategist at Cetera Financial Group. "If you compound the increase we've had so far, this year would be the best year ever for stocks. And nobody thinks that that's going to happen."

The best year ever for stocks? For the S&P 500 index it was 1933, when the index rebounded 46 percent in the middle of the Great Depression.

In other trading Monday, the Dow Jones industrial average dropped 21.73 points to 13,971.24. UnitedHealth Group led the Dow lower, losing 62 cents to $57.12.

The Nasdaq composite fell 1.87 points to 3,192.00.

Trading volume was light, with 2.6 billion shares trading on the New York Stock Exchange. That compares with a two-month moving average of 3.4 billion.

Solid earnings reports have helped feed the rally in recent weeks. Of the 342 companies in the S&P index that reported results through last week, two out of every three have beat Wall Street's earnings estimates, according to research from Goldman Sachs.

The NYSE DOW closed LOWER ▼ -21.73 points or ▼ -0.16% Monday, 11 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,971.24 ▼ -21.73 ▼ -0.16%
Nasdaq____ 3,192.00 ▼ -1.87 ▼ -0.06%
S&P_500____ 1,517.01 ▼ -0.92 ▼ -0.06%
30_Yr_Bond____ 3.150 ▼ -0.02 ▼ -0.51%

NYSE Volume 2,830,079,250
Nasdaq Volume 1,551,395,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,277.06 ▲ 13.13 ▲ 0.21%
DAX_____ 7,633.74 ▼ -18.40 ▼ -0.24%
CAC_40__ 3,650.58 ▲ 1.08 ▲ 0.03%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,980.30 ▼ -9.10 ▼ -0.18%
Shanghai_Comp 2,432.40 ▲ 13.87 ▲ 0.57% closed for holiday
Taiwan_Weight 7,906.65 ▲ 19.71 ▲ 0.25% closed for holiday
Nikkei_225____ 11,153.16 ▼ -203.91 ▼ -1.80%
Hang_Seng____ 23,215.16 ▲ 53.93 ▲ 0.16% closed for holiday
Strait_Times___ 3,270.30 ▲ 8.53 ▲ 0.26% closed for holiday
NZX_50_Index__ 4,220.50 ▼ -5.22 ▼ -0.12%

http://finance.yahoo.com/news/stock...MEcHQDc2VjdGlvbnMEdGVzdANUZXN0X0FGQw--;_ylv=3

Stock market drifts lower to start the week

US stocks head lower after 6 weeks of gains

By The Associated Press

U.S. stocks drifted lower in thin trading Monday, pulling the Standard & Poor's 500 index back from a five-year high.

The broad-market index edged up slightly last week, enough to put it at its highest level since November 2007. With little in the way of market-moving news Monday, the S&P 500 slipped 0.92 of a point to close at 1,517.01.

Seven of the 10 industry groups within the S&P 500 dropped.

Now, with major indexes near record highs, many think the stock market's six-week rally is ready for a pause.

"The consensus seems to be that we're due for a correction," says Brian Gendreau, market strategist at Cetera Financial Group. "If you compound the increase we've had so far, this year would be the best year ever for stocks. And nobody thinks that that's going to happen."

The best year ever for stocks? For the S&P 500 index it was 1933, when the index rebounded 46 percent in the middle of the Great Depression.

In other trading Monday, the Dow Jones industrial average dropped 21.73 points to 13,971.24. UnitedHealth Group led the Dow lower, losing 62 cents to $57.12.

The Nasdaq composite fell 1.87 points to 3,192.00.

Trading volume was light, with 2.6 billion shares trading on the New York Stock Exchange. That compares with a two-month moving average of 3.4 billion.

Solid earnings reports have helped feed the rally in recent weeks. Of the 342 companies in the S&P index that reported results through last week, two out of every three have beat Wall Street's earnings estimates, according to research from Goldman Sachs.

Gendreau pointed to three reasons he believes that stocks still have room to run. Even after the market's recent surge, the typical stock looks fairly priced when compared to underlying earnings. Corporations keep finding ways to boost profits, which helps lure stock prices higher. And Americans looking for places to put their savings have few attractive alternatives.

"I'll go out on a limb and say that I think earnings growth, attractive valuations and pent-up demand will add up to a fairly strong year for equities," Gendreau said.

Apple's stock gained following reports over the weekend that the tech giant is developing a wristwatch-like gadget, a smart watch. The device would reportedly run the same operating system used for iPhones and iPads. Apple rose $4.95 to $479.93.

The stock market raced to a stunning start this year. A last-minute deal in Washington to avoid tax hikes and spending cuts known as the "fiscal cliff" eased fears that the budget cuts could lead the U.S. into a recession. Markets soared in relief.

The Dow and the S&P 500 have already gained more than 6 percent for the year. The Nasdaq is up 5.7 percent.

In the market for U.S. government bonds, the yield on the 10-year Treasury hovered at 1.95 percent on Monday, unchanged from late Friday. The yield began the year trading at 1.70 and has moved steadily higher as worries about a recession have dissipated, drawing traders out of the Treasury market, the world's biggest hiding spot.

Among other companies in the news Monday:

”” Loews Corp. said Monday morning that it lost $32 million in its fourth quarter, hurt by insurance losses from Superstorm Sandy and sliding prices for natural gas. The holding company, which has dealings in insurance, oil and gas and hotels, is largely controlled by the Tisch family of New York. Its stock sank 34 cents to $43.51.

”” Danish drug maker Novo Nordisk dropped 14 percent. The U.S. Food and Drug Administration refused to approve the company's proposed diabetes treatments until it received more data, which the drug maker said it couldn't supply this year. Novo Nordisk's depositary receipts lost $26.89 to $165.40.

”” Carnival Corp., the cruise-ship operator, sank 29 cents to $38.72. An engine room fire over the weekend left its cruise ship Triumph stranded in the Gulf of Mexico. The company said Monday that the ship's automatic extinguishing systems put out the fire and that nobody was injured.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow rose to its highest close of the year Tuesday, ending 146 points from a record. Stocks gained after impressive results from two big consumer brands.

The Dow Jones industrial average closed up 47.46 to 14,018.70, putting it within 1 percent of the record close of 14,164.53 set in October 2007. The Standard & Poor's 500 gained 2.42 points to 1,519.43, also close to its record.

In a quiet day of trade, stocks were driven higher by beauty products maker Avon and luxury clothing and accessories company Michael Kors, whose results impressed investors. Consumer spending accounts for 70 percent of economic activity in the U.S.

Financial and home building stocks also lifted stocks, led by Bank of America and Masco Corp, which notched some of the day's biggest gains.

The Dow has surged at the start of the year, logging its best January in almost two decades, after lawmakers reached a last-minute deal to avoid the "fiscal cliff" of sweeping tax increases and spending cuts. Investors are also becoming more optimistic that the housing market is recovering and that hiring is picking up.

The 30-member Dow has now closed above 14,000 twice this month. Before February, the index had closed above that level just nine times in its history. The first time was in July 2007; the rest were in October of that year.

Avon's stock price jumped $3.51, or 20 percent, to $20.79 after the company posted a fourth-quarter loss that wasn't as bad as analysts expected. The company also hopes to save $400 million by slashing costs. Michael Kors rose $5, or 9 percent, to $62 after reporting earnings that beat analysts' predictions.

About 70 percent of companies in the S&P 500 have reported earnings for the fourth quarter. Analysts are projecting that earnings will rise 6.4 percent for the period, an improvement from the 2.4 percent growth reported in the third quarter, according to S&P Capital IQ.

The Dow has now advanced 7 percent this year, and the S&P 500 is up 6.6 percent.

In other trading Tuesday, the Nasdaq composite was down 5.51 points at 3,186.49.

Investors may have become too optimistic about the outlook for stocks, said Uri Landesman, president of hedge fund Platinum Partners.

"The market is priced for perfection," said Landesman. "The odds of a disappointment are very, very high."

The NYSE DOW closed HIGHER ▲ 47.46 points or ▲ 0.34% Tuesday, 12 February 2013
Symbol …........Last ......Change.....
Dow_Jones 14,018.70 ▲ 47.46 ▲ 0.34%
Nasdaq____ 3,186.49 ▼ -5.51 ▼ -0.17%
S&P_500____ 1,519.43 ▲ 2.42 ▲ 0.16%
30_Yr_Bond____ 3.190 ▲ 0.04 ▲ 1.27%

NYSE Volume 3,608,058,500
Nasdaq Volume 1,787,252,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,338.38 ▲ 61.32 ▲ 0.98%
DAX_____ 7,660.19 ▲ 26.45 ▲ 0.35%
CAC_40__ 3,686.58 ▲ 36.00 ▲ 0.99%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,981.50 ▲ 1.20 ▲ 0.02%
Shanghai_Comp 2,432.40 ▲ 13.87 ▲ 0.57% closed for holiday
Taiwan_Weight 7,906.65 ▲ 19.71 ▲ 0.25% closed for holiday
Nikkei_225____ 11,369.12 ▲ 215.96 ▲ 1.94%
Hang_Seng____ 23,215.16 ▲ 53.93 ▲ 0.16% closed for holiday
Strait_Times___ 3,270.30 ▲ 0.00 ▲ 0.00% closed for holiday
NZX_50_Index__ 4,218.12 ▼ -2.38 ▼ -0.06%

http://finance.yahoo.com/news/dow-c...MEcHQDc2VjdGlvbnMEdGVzdANUZXN0X0FGQw--;_ylv=3

Dow closes at highest level of year, nears record

Dow closes at highest level of the year, nearing record; Avon, Michael Kors surge on results

By Steve Rothwell, AP Business Writer

The Dow rose to its highest close of the year Tuesday, ending 146 points from a record. Stocks gained after impressive results from two big consumer brands.

The Dow Jones industrial average closed up 47.46 to 14,018.70, putting it within 1 percent of the record close of 14,164.53 set in October 2007. The Standard & Poor's 500 gained 2.42 points to 1,519.43, also close to its record.

In a quiet day of trade, stocks were driven higher by beauty products maker Avon and luxury clothing and accessories company Michael Kors, whose results impressed investors. Consumer spending accounts for 70 percent of economic activity in the U.S.

Financial and home building stocks also lifted stocks, led by Bank of America and Masco Corp, which notched some of the day's biggest gains.

The Dow has surged at the start of the year, logging its best January in almost two decades, after lawmakers reached a last-minute deal to avoid the "fiscal cliff" of sweeping tax increases and spending cuts. Investors are also becoming more optimistic that the housing market is recovering and that hiring is picking up.

The 30-member Dow has now closed above 14,000 twice this month. Before February, the index had closed above that level just nine times in its history. The first time was in July 2007; the rest were in October of that year.

Avon's stock price jumped $3.51, or 20 percent, to $20.79 after the company posted a fourth-quarter loss that wasn't as bad as analysts expected. The company also hopes to save $400 million by slashing costs. Michael Kors rose $5, or 9 percent, to $62 after reporting earnings that beat analysts' predictions.

About 70 percent of companies in the S&P 500 have reported earnings for the fourth quarter. Analysts are projecting that earnings will rise 6.4 percent for the period, an improvement from the 2.4 percent growth reported in the third quarter, according to S&P Capital IQ.

The Dow has now advanced 7 percent this year, and the S&P 500 is up 6.6 percent.

In other trading Tuesday, the Nasdaq composite was down 5.51 points at 3,186.49.

Investors may have become too optimistic about the outlook for stocks, said Uri Landesman, president of hedge fund Platinum Partners.

"The market is priced for perfection," said Landesman. "The odds of a disappointment are very, very high."

Landesman predicts that the S&P 500 will climb past its record and rise as high as 1,600 by April before then slumping as low as 1,300 as company earnings start to disappoint investors. The record close for the S&P 500 is 1,565, reached in October 2007.

Investors appear to be supporting the market by stepping in to buy stocks when prices dip, said JJ Kinahan, chief derivatives strategist at TDAmeritrade. The S&P 500 has gained for six straight weeks since the start of the year.

Confidence in the outlook for global growth has strengthened among asset managers in recent months, according to a Bank of America Merrill Lynch survey. The poll found that 59 percent of investors believe that the global economy will strengthen in the year ahead, in line with the reading in January. The outlook for growth had improved in the four previous months.

Investors will be watching closely Tuesday night when President Barack Obama delivers his annual State of the Union speech. Obama is expected to focus on the economy, including job creation.

A decline in bond prices since the beginning of the year has also slowed. The yield on the 10-year Treasury note, which moves inversely to its price, rose 2 basis points to 1.98 percent. The yield was 1.71 percent at the beginning of the year.

Among other stocks making big moves:

”” Coca-Cola, the world's largest beverage company, fell $1.05, or 2.7 percent, to $37.56 after reporting fourth-quarter revenue that fell short of analysts' forecasts.

”” Masco jumped $2.22, or 13 percent, to $20.01 after the home improvement and building products company reported earnings that beat analysts' expectations thanks to strong demand in North America.

”” Dun & Bradstreet, a provider of credit and business data, fell $6.60, or 7.7 percent, to $78.68 after the company reported that a fourth-quarter profit that came in below market expectations.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow was held back by a slump in McDonald's stock Wednesday, leaving it short of a record.

The Dow Jones industrial average shed 35.79 points to close at 13,982.91. The Dow has gained 6.7 percent this year and is just 182 points below the record close of 14,164 it set in October 2007.

McDonald's was the biggest decliner in the Dow, losing $1.10 to $94, as investors worried that Americans will spend less on eating out following a rise in Social Security taxes at the beginning of the year. The government reported early Wednesday that spending by Americans barely grew last month.

Other fast-food companies also fell. Buffalo Wild Wings stock plunged $4.52 to $76.55 after its earnings fell short of analysts' expectations. Burger King and Wendy's also fell.

"Consumer spending is coming under pressure," said Bryan Elliott, an analyst at Raymond James. "It's the easiest way to save money, stay at home and cook."

The Standard & Poor's 500 index edged up 0.90 point to 1,520.33. The index climbed as high as 1,524 during the day, the highest since November 2007. It is up 6.6 percent so far this year.

Investors sent General Electric and Comcast higher after GE agreed Tuesday to sell its stake in NBCUniversal to Comcast for $16.7 billion. GE said it would use up to $10 billion of the money to buy back its own stock. GE rose 81 cents to $23.39. Comcast advanced $1.16 to $40.13.

Trading has been relatively quiet in recent days following a strong opening to the year. The Dow logged its best January in almost two decades after lawmakers reached a last-minute deal to avoid the "fiscal cliff" of sweeping tax increases and spending cuts. Investors are also becoming more optimistic that the housing market is recovering and that hiring is picking up.

"We're cautiously optimistic on stocks," said Colleen Supran, principal at Bingham, Osborn & Scarborough. "There is some indication that we could be continuing on this slow growth trajectory."

Supran said investors should still be prepared for volatility in the stock market and not assume that the gains from January and so far in February will set the pattern for the rest of the year.

The NYSE DOW closed LOWER ▼ -35.79 points or ▼ -0.26% Wednesday, 13 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,982.91 ▼ -35.79 ▼ -0.26%
Nasdaq____ 3,196.88 ▲ 10.39 ▲ 0.33%
S&P_500____ 1,520.33 ▲ 0.90 ▲ 0.06%
30_Yr_Bond____ 3.220 ▲ 0.03 ▲ 1.03%

NYSE Volume 3,606,080,000
Nasdaq Volume 1,818,865,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,359.11 ▲ 20.73 ▲ 0.33%
DAX_____ 7,711.89 ▲ 51.70 ▲ 0.67%
CAC_40__ 3,698.53 ▲ 11.95 ▲ 0.32%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,024.50 ▲ 43.00 ▲ 0.86%
Shanghai_Comp 2,432.40 ▲ 13.87 ▲ 0.57% closed for holiday
Taiwan_Weight 7,906.65 ▲ 19.71 ▲ 0.25% closed for holiday
Nikkei_225____ 11,251.41 ▼ -117.71 ▼ -1.04%
Hang_Seng____ 23,215.16 ▲ 53.93 ▲ 0.16% closed for holiday
Strait_Times___ 3,301.04 ▲ 30.74 ▲ 0.94%
NZX_50_Index__ 4,221.40 ▲ 3.27 ▲ 0.08%

http://finance.yahoo.com/news/slump-mcdonalds-stock-drags-dow-213451467.html

A slump in McDonald's stock drags Dow lower

Stocks edge lower from record levels; McDonald's slumps on concern restaurant spending to drop

By Steve Rothwell, AP Business Writer

The Dow was held back by a slump in McDonald's stock Wednesday, leaving it short of a record.

The Dow Jones industrial average shed 35.79 points to close at 13,982.91. The Dow has gained 6.7 percent this year and is just 182 points below the record close of 14,164 it set in October 2007.

McDonald's was the biggest decliner in the Dow, losing $1.10 to $94, as investors worried that Americans will spend less on eating out following a rise in Social Security taxes at the beginning of the year. The government reported early Wednesday that spending by Americans barely grew last month.

Other fast-food companies also fell. Buffalo Wild Wings stock plunged $4.52 to $76.55 after its earnings fell short of analysts' expectations. Burger King and Wendy's also fell.

"Consumer spending is coming under pressure," said Bryan Elliott, an analyst at Raymond James. "It's the easiest way to save money, stay at home and cook."

The Standard & Poor's 500 index edged up 0.90 point to 1,520.33. The index climbed as high as 1,524 during the day, the highest since November 2007. It is up 6.6 percent so far this year.

Investors sent General Electric and Comcast higher after GE agreed Tuesday to sell its stake in NBCUniversal to Comcast for $16.7 billion. GE said it would use up to $10 billion of the money to buy back its own stock. GE rose 81 cents to $23.39. Comcast advanced $1.16 to $40.13.

Trading has been relatively quiet in recent days following a strong opening to the year. The Dow logged its best January in almost two decades after lawmakers reached a last-minute deal to avoid the "fiscal cliff" of sweeping tax increases and spending cuts. Investors are also becoming more optimistic that the housing market is recovering and that hiring is picking up.

"We're cautiously optimistic on stocks," said Colleen Supran, principal at Bingham, Osborn & Scarborough. "There is some indication that we could be continuing on this slow growth trajectory."

Supran said investors should still be prepared for volatility in the stock market and not assume that the gains from January and so far in February will set the pattern for the rest of the year.

Strengthening the economy and creating jobs were key topics in President Barack Obama's State of the Union address late Tuesday, the first since his re-election. Although the economy is healthier than it was four years ago, growth remains slow and unemployment high.

Obama announced that the U.S. will begin talks with the European Union on a trans-Atlantic trade agreement. He also called for increased spending to fix roads and bridges and the first increase in the minimum wage in six years. The president also challenged deeply divided lawmakers to find compromises to avoid massive, automatic spending cuts that are scheduled to take place March 1.

The government reported that Americans' spending at retail businesses and restaurants slowed last month after higher taxes cut their paychecks. Retail sales growth slowed to 0.1 percent in January, from a 0.5 percent increase in December.

The Nasdaq composite rose 10.38 points to 3,196.88.

As stocks have advanced this year, bond prices have slumped.

The yield on the 10-year Treasury note, which moves inversely to its price, rose 4 basis points to 2.02 percent. The yield on the note has risen more than 30 basis points since the start of the year.

Among other stocks making big moves:

”” Groupon rose 29 cents to $5.58 after brokerage firm Sterne, Agee & Leach, raised its rating on the company to "Buy" from "Neutral," citing the long-term potential for Groupon's changing business model. The online deals company has lost almost three quarters of its value since going public in November 2011 at $20 as revenue growth slowed.

”” Dean Foods, a milk producer, fell $1.69 to $16.70, after their profit forecast fell short of Wall Street expectations.

 

[bigdog]

Source: http://finance.yahoo.com

Renewed worries about Europe overshadowed an encouraging U.S. jobs report on Thursday, leaving major stock indexes roughly where they started.

Germany's economy shrank more than expected late last year, and the slowdown in Europe's largest economy deepened the region's ongoing recession. That's a troubling sign for the U.S., because sales to Europe have been a boon for American companies.

The Dow Jones industrial average fell 9.52 points to close at 13,973.39.

After a strong start, the stock market has drifted sideways over the previous week with few major events to sway investors. That calm could disappear soon, said Doug Cote, chief market strategist at ING U.S. Investment Management.

With recessions in Europe and Japan, and weak growth in the U.S., he's bracing for some turbulence. "Everybody is too complacent," Cote said.

Cisco Systems fell 1 percent. The world's largest maker of computer networking equipment reported earnings late Wednesday that surpassed Wall Street's expectations, but the company predicted sales growth that was weaker than previous estimates. Cisco's stock lost 15 cents to $20.99.

The Standard & Poor's 500 index edged up 1.05 to 1,521.38. The Nasdaq composite index rose 1.78 to 3,198.66.

The S&P 500 index has climbed 1.6 percent this month and has already gained 6.7 percent for the year.

The number of people applying for unemployment benefits fell to 341,000 last week, the lowest level in three weeks, according to the Labor Department. Besides a few weeks last month affected by seasonal trends, that's the lowest level in nearly five years

The NYSE DOW closed LOWER ▼ -9.52 points or ▼ -0.07% Thursday, 14 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,973.39 ▼ -9.52 ▼ -0.07%
Nasdaq____ 3,198.66 ▲ 1.78 ▲ 0.06%
S&P_500____ 1,521.38 ▲ 1.05 ▲ 0.07%
30_Yr_Bond____ 3.180 ▼ -0.04 ▼ -1.33%

NYSE Volume 3,968,305,750
Nasdaq Volume 1,924,387,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,327.36 ▼ -31.75 ▼ -0.50%
DAX_____ 7,631.19 ▼ -80.70 ▼ -1.05%
CAC_40__ 3,669.60 ▼ -28.93 ▼ -0.78%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,057.20 ▲ 32.70 ▲ 0.65%
Shanghai_Comp 2,432.40 ▲ 13.87 ▲ 0.57% closed for holiday
Taiwan_Weight 7,906.65 ▲ 19.71 ▲ 0.25% closed for holiday
Nikkei_225____ 11,307.28 ▲ 55.87 ▲ 0.50%
Hang_Seng____ 23,413.25 ▲ 53.93 ▲ 0.85%
Strait_Times___ 3,290.47 ▼ -10.57 ▼ -0.32%
NZX_50_Index__ 4,239.20 ▲ 17.80 ▲ 0.42%

http://finance.yahoo.com/news/stock-market-wavers-europes-economy-214021637.html

Stock market wavers as Europe's economy slows

US stocks end mixed as investors sort through European slowdown, better jobs report, mergers

By Matthew Craft, AP Business Writer

Renewed worries about Europe overshadowed an encouraging U.S. jobs report on Thursday, leaving major stock indexes roughly where they started.

Germany's economy shrank more than expected late last year, and the slowdown in Europe's largest economy deepened the region's ongoing recession. That's a troubling sign for the U.S., because sales to Europe have been a boon for American companies.

The Dow Jones industrial average fell 9.52 points to close at 13,973.39.

After a strong start, the stock market has drifted sideways over the previous week with few major events to sway investors. That calm could disappear soon, said Doug Cote, chief market strategist at ING U.S. Investment Management.

With recessions in Europe and Japan, and weak growth in the U.S., he's bracing for some turbulence. "Everybody is too complacent," Cote said.

Cisco Systems fell 1 percent. The world's largest maker of computer networking equipment reported earnings late Wednesday that surpassed Wall Street's expectations, but the company predicted sales growth that was weaker than previous estimates. Cisco's stock lost 15 cents to $20.99.

The Standard & Poor's 500 index edged up 1.05 to 1,521.38. The Nasdaq composite index rose 1.78 to 3,198.66.

The S&P 500 index has climbed 1.6 percent this month and has already gained 6.7 percent for the year.

The number of people applying for unemployment benefits fell to 341,000 last week, the lowest level in three weeks, according to the Labor Department. Besides a few weeks last month affected by seasonal trends, that's the lowest level in nearly five years.

Among the many deals announced Thursday, American Airlines and U.S. Airways agreed to merge, creating the country's largest airline. Warren Buffett and 3G Capital, a private-equity firm, also plan to buy the ketchup maker H.J. Heinz for $23 billion. US Airways sank 67 cents to $13.99, while H.J. Heinz soared $12.02 to $72.41.

Constellation Brands soared 37 percent, the biggest gain in the S&P 500, after reaching a deal with Anheuser-Busch InBev. InBev agreed to sell a brewery in Mexico and rights for Corona and Modelo beer in the U.S. to Constellation for $2.9 billion. Constellation Brands gained $11.87 to $43.75.

In the market for U.S. government bonds, the yield on the 10-year Treasury slipped to 1.99 percent, down from 2.02 percent the day before.

The 10-year Treasury yield, used to set a variety of borrowing rates, began the year around 1.70 percent and has climbed steadily higher since then. As worries about a recession ease, traders have shifted money out of the Treasury market, driving yields up.

Among other companies making news:

”” Whole Foods Market slumped 10 percent. The grocery store chain trimmed its forecasts for sales and earnings this year, a result of its plans to open more stores and put more lower-priced goods on its shelves. Whole Foods lost $9.40 to $87.50.

”” General Motors fell 3 percent after the biggest U.S. carmaker said it made money in North America and Asia and nearly doubled last year's fourth-quarter profit. But its earnings fell short of analysts' estimates. GM's stock dropped 92 cents to $27.75.

 

[bigdog]

Source: http://finance.yahoo.com

The S&P 500 kept its winning streak alive, just.

The Standard & Poor's 500 ended the week nearly two points higher, enough to give it a seventh straight week of gains. That's the longest stretch of advances in more than two years.

The index lost 1.59 points to end at 1,519.79 Friday. For the week it held on to a gain of 1.86 points.

Investors piled into stocks at the beginning of the year after lawmakers reached a last-minute deal to avoid the "fiscal cliff" of sweeping tax hikes and spending cuts. The gains continued as investors were encouraged by signs that the housing and jobs markets are recovering. Company earnings have also held up well.

There are signs, however, that the rally is running out of steam.

The Dow Jones industrial average rose 8.37 points to close at 13,981.76 Friday, but ended the week down 11 points. The index has now edged lower for two straight weeks.

"We've just had such a fast start to the year," said John Fox, manager of the FAM value fund. "It just makes sense that you are going to have a leveling or a slowdown."

Walmart was the biggest decliner in the Dow Friday. The stock fell $1.52, or 2.2 percent, to $69.30 after Bloomberg News published excerpts from an internal e-mail that said sales in February were a "total disaster." The retailer, which reports earnings next week, said that sometimes internal communications lacked "proper context" and "are not entirely accurate."

Energy companies also contributed to the slump, following the price of crude oil lower. Chevron dropped 75 cents, or 0.6 percent, to $114.96.

The Nasdaq composite fell 6.63 points to 3,192.03 and was also down for the week, dropping 1.84 points.

The NYSE DOW closed HIGHER ▲ 8.37 points or ▲ 0.06% Friday, 15 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,981.76 ▲ 8.37 ▲ 0.06%
Nasdaq____ 3,192.03 ▼ -6.63 ▼ -0.21%
S&P_500____ 1,519.79 ▼ -1.59 ▼ -0.10%
30_Yr_Bond____ 3.179 ▼ 0.00 ▼ -0.06%

NYSE Volume 4,097,427,000
Nasdaq Volume 1,831,741,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,328.26 ▲ 0.90 ▲ 0.01%
DAX_____ 7,593.51 ▼ -37.68 ▼ -0.49%
CAC_40__ 3,660.37 ▼ -9.23 ▼ -0.25%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,054.60 ▼ -2.60 ▼ -0.05%
Shanghai_Comp 2,432.40 ▲ 13.87 ▲ 0.57% closed for holiday
Taiwan_Weight 7,906.65 ▲ 19.71 ▲ 0.25% closed for holiday
Nikkei_225____ 11,173.83 ▼ -133.45 ▼ -1.18%
Hang_Seng____ 23,444.56 ▲ 53.93 ▲ 0.13%
Strait_Times___ 3,283.07 ▼ -7.40 ▼ -0.22%
NZX_50_Index__ 4,196.73 ▼ -42.46 ▼ -1.00%

http://finance.yahoo.com/news/p-500-ends-higher-extending-214822182.html

S&P 500 ends higher, extending streak

S&P 500 ends higher for seventh week, longest streak of gains in more than 2 years

By Steve Rothwell, AP Business Writer

The S&P 500 kept its winning streak alive, just.

The Standard & Poor's 500 ended the week nearly two points higher, enough to give it a seventh straight week of gains. That's the longest stretch of advances in more than two years.

The index lost 1.59 points to end at 1,519.79 Friday. For the week it held on to a gain of 1.86 points.

Investors piled into stocks at the beginning of the year after lawmakers reached a last-minute deal to avoid the "fiscal cliff" of sweeping tax hikes and spending cuts. The gains continued as investors were encouraged by signs that the housing and jobs markets are recovering. Company earnings have also held up well.

There are signs, however, that the rally is running out of steam.

The Dow Jones industrial average rose 8.37 points to close at 13,981.76 Friday, but ended the week down 11 points. The index has now edged lower for two straight weeks.

"We've just had such a fast start to the year," said John Fox, manager of the FAM value fund. "It just makes sense that you are going to have a leveling or a slowdown."

Walmart was the biggest decliner in the Dow Friday. The stock fell $1.52, or 2.2 percent, to $69.30 after Bloomberg News published excerpts from an internal e-mail that said sales in February were a "total disaster." The retailer, which reports earnings next week, said that sometimes internal communications lacked "proper context" and "are not entirely accurate."

Energy companies also contributed to the slump, following the price of crude oil lower. Chevron dropped 75 cents, or 0.6 percent, to $114.96.

The Nasdaq composite fell 6.63 points to 3,192.03 and was also down for the week, dropping 1.84 points.

Herbalife gained 47 cents, or 1.2 percent, to $38.74, and climbed as high as $44.93 after the billionaire investor Carl Icahn disclosed that he had accumulated a 13 percent stake in the company. The stock of the dietary supplement maker slumped last year after Pershing Square Capital Management's William Ackman described it as a massive pyramid scheme and placed bets that it would fall.

Investors are continuing to put money into stocks. Lipper, a unit of financial data provider Thomson Reuters, reported that $2.4 billion flowed into stock funds this week, marking the sixth straight week of increases. In January $37.4 billion went into stock funds, the most in that month since 2000.

The yield on the 10-year Treasury note, which moves inversely to its price, has risen as investors have put more cash into stocks. The yield rose 1 basis point to 2.01 percent, having started the year at 1.70 percent.

Among other stocks making big moves:

”” MeadWestvaco, a packaging company, surged $3.97, or 12.5 percent, to $35.65 after Nelson Peltz's Trian Fund Management disclosed that it had taken a $51 million stake in the company.

”” Xoom, an online money transfer company, surged $9.49, or 59 percent, to $25.49 on its first day as a publicly traded company. Xoom raised $101.2 million from selling 6.3 million shares at $16 each.

”” Burger King gained 78 cents, or 4.7 percent, to $17.36. The company's fourth-quarter earnings nearly doubled after it revamped its menu.

”” St. Jude Medical fell $1.48, or 3.4 percent, to $41.53 after a Cowen & Co. analyst downgraded the medical device maker's stock, saying he believes the company's Durata heart wire is not very different from older wires that have been taken off the market.

5460

 

[bigdog]

Source: http://finance.yahoo.com

Europe's main stock market indexes nosed higher on Monday as investors cautiously contemplated a further fall in value for the Japanese yen, which sent the benchmark Nikkei index surging more than 2 percent.

Analysts predicted a subdued start to the European trading week with voters in Italy and Cyprus to cast ballots next weekend and Wall Street's closure for Presidents Day.

Traders also digested the relative lack of criticism of Japan at a weekend meeting of Group of 20 finance ministers. Japanese Prime Minister Shinzo Abe has introduced measures that would have the knock-on effect of driving down the yen in a bid to help manufacturers.

After starting the day in negative territory, Europe's main indexes were mixed around midday. Britain's FTSE 100 rose 0.9 percent to 6,318.65. Germany's DAX climbed 0.4 percent at 7,624.8. France's CAC-40 gained 0.2 percent to 3,667.

Earlier, many eyes in Asia were on Japan, where the Nikkei 225 index in Tokyo surged 2.1 percent to close at 11,407.87. Australia's S&P/ASX 200 rose 0.6 percent to 5,063.40. South Korea's Kospi was marginally higher at 1,981.91.

The NYSE was closed for Presidents' Day (Washington's Birthday) on Monday February 18, 2013.
The NYSE DOW closed HIGHER ▲ 8.37 points or ▲ 0.06% Friday, 15 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,981.76 ▲ 8.37 ▲ 0.06% closed for holiday
Nasdaq____ 3,192.03 ▼ -6.63 ▼ -0.21% closed for holiday
S&P_500____ 1,519.79 ▼ -1.59 ▼ -0.10% closed for holiday
30_Yr_Bond____ 3.179 ▼ 0.00 ▼ -0.06% closed for holiday

NYSE Volume 4,097,427,000
Nasdaq Volume 1,831,741,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,318.19 ▼ -9.17 ▼ -0.14%
DAX_____ 7,628.73 ▲ 35.22 ▲ 0.46%
CAC_40__ 3,667.04 ▲ 6.67 ▲ 0.18%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,082.90 ▲ 28.30 ▲ 0.56%
Shanghai_Comp 2,421.56 ▲ 3.03 ▲ 0.13%
Taiwan_Weight 7,943.53 ▲ 36.88 ▲ 0.47%
Nikkei_225____ 11,407.87 ▲ 234.04 ▲ 2.09%
Hang_Seng____ 23,381.94 ▲ 53.93 ▼ -0.27%
Strait_Times___ 3,285.61 ▲ 2.54 ▲ 0.08%
NZX_50_Index__ 4,214.48 ▲ 17.74 ▲ 0.42%

http://finance.yahoo.com/news/key-europe-indexes-rise-heels-170000801.html

Key Europe indexes rise on heels of Japan's Nikkei

Major European indexes gain as Japan's Nikkei rises after G20 officials eschew yen criticism

By Jamey Keaten, Associated Press

Europe's main stock market indexes nosed higher on Monday as investors cautiously contemplated a further fall in value for the Japanese yen, which sent the benchmark Nikkei index surging more than 2 percent.

Analysts predicted a subdued start to the European trading week with voters in Italy and Cyprus to cast ballots next weekend and Wall Street's closure for Presidents Day.

Traders also digested the relative lack of criticism of Japan at a weekend meeting of Group of 20 finance ministers. Japanese Prime Minister Shinzo Abe has introduced measures that would have the knock-on effect of driving down the yen in a bid to help manufacturers.

After starting the day in negative territory, Europe's main indexes were mixed around midday. Britain's FTSE 100 rose 0.9 percent to 6,318.65. Germany's DAX climbed 0.4 percent at 7,624.8. France's CAC-40 gained 0.2 percent to 3,667.

In a brief research note Monday, Credit Agricole's global market research department said it expects the markets' focus to remain this week on the prospects for recovery among the 17 European Union countries that use the euro. An EU economic forecast is expected out on Friday.

Earlier, Germany's central bank said Europe's biggest economy was on track to avoid a recession amid signs of growth in the first three months of the year. The German economy shrank 0.6 percent in the fourth quarter of 2012. The European Central Bank predicts the eurozone economy will shrink 0.3 percent in 2013 and only start to recover later this year.

Also Monday, French Finance Minister Pierre Moscovici said he is sticking to the Socialist government's increasingly tenuous goal to cut France's state budget deficit to 3 percent of economic output by year-end. France, which officially still expects growth of 0.8 percent this year, has taken deficit-reduction measures ”” but the state auditor cautioned last week that the level could in fact rise to 4.5 percent.

Moscovici, speaking to reporters in Paris, said he didn't believe France's credibility would be hurt if "something exceptional intervened" that could possibly scale back the deficit reduction target.

Shares of mining giant Anglo-American skidded 2.9 percent to 19.80 pence in London after police in South Africa said several people were shot and injured as miners from rival unions clashed at one of its platinum mines.

Earlier, many eyes in Asia were on Japan, where the Nikkei 225 index in Tokyo surged 2.1 percent to close at 11,407.87. Australia's S&P/ASX 200 rose 0.6 percent to 5,063.40. South Korea's Kospi was marginally higher at 1,981.91.

A lack of G20 criticism for Abe's economic policy appeared to give him a freer hand to pursue Japan's efforts to jolt its manufacturing sector.

"The lack of specificity will mean that the G20 statement will allow further unobstructed" yen weakness in the months ahead, Mitul Kotecha of Credit Agricole CIB said in a market commentary.

The dollar and euro resumed their rise against the Japanese currency. The U.S. greenback fetched 93.96 yen, up 0.46 yen, and the euro also gained 0.46 yen, to 125.43 yen.

Mainland Chinese shares were mixed after a weeklong break for Lunar New Year. The Shanghai Composite Index fell 0.5 percent to 2,421.56. Hong Kong's Hang Seng fell 0.3 percent to 23,381.94.

Last week, the yen fell to a near three-year low against the dollar and the euro. The yen has been steadily declining since December because of expectations that Japan's central bank would take action resulting in a weakening of the yen.

Benchmark oil for March delivery was down 20 cents to $95.65 per barrel in electronic trading on the New York Mercantile Exchange. The contract closed at $95.86 a barrel on the Nymex on Friday.

 

[bigdog]

Source: http://finance.yahoo.com

Talk of more deal-making sent the stock market higher Tuesday, putting the Dow Jones industrial average within close reach of its all-time high.

Reports that retailers Office Depot and OfficeMax are discussing a merger came after big corporate deals for Heinz and Dell were announced in recent weeks. Some investors are betting that more deals could be on the way as buyers pay premium prices for publicly traded companies.

The Dow rose 53.91 points to close at 14,035.67. All it would take now is one good day to push the average above 14,164, the record high reached in October 2007.

"It seems that investors are more comfortable with taking risk right now," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. That's despite the $1.2 trillion in automatic federal spending cuts that are scheduled to start March 1 unless Congress and the White House find a way to avoid them. Congress returns from vacation next week.

Previous budget battles in Washington have rattled financial markets. But this time out, many investors seem unfazed by the prospect that Congress won't stop the "sequester" from kicking in. One reason is that the cuts are spread across the board for a decade, instead of all at once.

"I think investors are actually comforted by it," Ablin said. "It's not ideal. But if Congress can't do it when left to their own devices, this is the next best thing."

In other trading Tuesday, the Standard & Poor's 500 index rose 11.15 points to 1,530.94. The technology-heavy Nasdaq composite index gained 21.56 points to 3,213.59. Google crossed $800 for the first time.

The gains were widely shared, if slight. Nine of the 10 industry groups tracked by the Standard & Poor's 500 index inched higher, led by energy companies. More than two stocks rose for every one that fell on the New York Stock Exchange.

Markets were also higher in Europe following news that the German economy is picking up steam. Indexes rose more than 1 percent in Germany and France.

The NYSE DOW closed HIGHER ▲ 53.91 points or ▲ 0.39% Tuesday, 19 February 2013
Symbol …........Last ......Change.....
Dow_Jones 14,035.67 ▲ 53.91 ▲ 0.39%
Nasdaq____ 3,213.59 ▲ 21.56 ▲ 0.68%
S&P_500____ 1,530.94 ▲ 11.15 ▲ 0.73%
30_Yr_Bond____ 3.205 ▲ 0.03 ▲ 0.82%

NYSE Volume 4,001,940,250
Nasdaq Volume 1,846,791,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,379.07 ▲ 60.88 ▲ 0.96%
DAX_____ 7,752.45 ▲ 123.72 ▲ 1.62%
CAC_40__ 3,735.82 ▲ 68.78 ▲ 1.88%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,101.00 ▲ 18.10 ▲ 0.36%
Shanghai_Comp 2,382.91 ▼ -38.64 ▼ -1.60%
Taiwan_Weight 7,960.88 ▲ 17.35 ▲ 0.22%
Nikkei_225____ 11,372.34 ▼ -35.53 ▼ -0.31%
Hang_Seng____ 23,143.91 ▲ 53.93 ▼ -1.02%
Strait_Times___ 3,295.77 ▲ 7.63 ▲ 0.23%
NZX_50_Index__ 4,244.21 ▲ 29.73 ▲ 0.71%

http://finance.yahoo.com/news/talk-more-corporate-deals-sends-144623024.html

Talk of more corporate deals sends stocks higher

Stocks rise as investors hope that mergers will continue; Office Depot, OfficeMax soar

By Matthew Craft, AP Business Writer

Talk of more deal-making sent the stock market higher Tuesday, putting the Dow Jones industrial average within close reach of its all-time high.

Reports that retailers Office Depot and OfficeMax are discussing a merger came after big corporate deals for Heinz and Dell were announced in recent weeks. Some investors are betting that more deals could be on the way as buyers pay premium prices for publicly traded companies.

The Dow rose 53.91 points to close at 14,035.67. All it would take now is one good day to push the average above 14,164, the record high reached in October 2007.

"It seems that investors are more comfortable with taking risk right now," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. That's despite the $1.2 trillion in automatic federal spending cuts that are scheduled to start March 1 unless Congress and the White House find a way to avoid them. Congress returns from vacation next week.

Previous budget battles in Washington have rattled financial markets. But this time out, many investors seem unfazed by the prospect that Congress won't stop the "sequester" from kicking in. One reason is that the cuts are spread across the board for a decade, instead of all at once.

"I think investors are actually comforted by it," Ablin said. "It's not ideal. But if Congress can't do it when left to their own devices, this is the next best thing."

In other trading Tuesday, the Standard & Poor's 500 index rose 11.15 points to 1,530.94. The technology-heavy Nasdaq composite index gained 21.56 points to 3,213.59. Google crossed $800 for the first time.

The gains were widely shared, if slight. Nine of the 10 industry groups tracked by the Standard & Poor's 500 index inched higher, led by energy companies. More than two stocks rose for every one that fell on the New York Stock Exchange.

Markets were also higher in Europe following news that the German economy is picking up steam. Indexes rose more than 1 percent in Germany and France.

Stocks of office supplies stores jumped following a report in The Wall Street Journal that OfficeMax and Office Depot were considering a deal to merge. The paper said an announcement could come as early as this week.

OfficeMax soared $2.25 to an even $13, a gain of 21 percent, and Office Depot shot up 43 cents to $5.02, a gain of 9 percent. Staples also rose as investors anticipated that more mergers could be on the way.

Analysts cautioned that antitrust regulators could block mergers in the office-supply business. Staples, for instance, tried to buy Office Depot in 1997, but was stopped by the Federal Trade Commission.

Health insurers fell after the release of preliminary government data that suggests rate cuts to Medicare Advantage plans for next year will be steeper than anticipated.

The two largest Medicare Advantage providers, Humana and UnitedHealth, sank. Humana had the biggest loss in the S&P 500, dropping 6 percent, or $4.98, to $73.01. UnitedHealth fell 66 cents to $56.66.

The government says it expects costs per person for Medicare Advantage plans to fall more than 2 percent in 2014. The government uses this figure as a benchmark to determine payments for these privately run versions of the government's health care program for the elderly and disabled.

In the market for U.S. government bonds, the yield on the 10-year Treasury note rose to 2.03 percent from 2 percent late Friday.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market posted its biggest loss this year on news that Federal Reserve officials suggested the central bank scale back its effort to keep borrowing costs low.

Minutes from the Fed's January meeting seemed to catch investors by surprise when they were released at 2 p.m. EST. Several Fed policymakers worried that the bank's program of buying $85 billion of bonds each month could eventually unsettle financial markets or cause the bank to take losses. Even so, most of the Fed officials thought the economy faced fewer risks than in December.

Judging by the market's reaction, the Fed appears to be closer to ending its support for the economy than traders had expected, said Dan Greenhaus, chief global strategist at the brokerage BTIG. "We're at a point now where we're discussing how we're going to end this, not whether it's going to end," he said.

The S&P 500 index sank 18.99 points to 1,511.95, a loss off 1.2 percent. That's the biggest one-day drop since Nov. 14, 2012.

By buying bonds, the Fed drives up their prices and lowers interest rates, which have stayed at record lows. That keeps costs low for mortgages and other types of loans.

The major indexes drifted sideways in morning trading then turned lower in the early afternoon after Caterpillar reported weaker sales of its heavy trucks and mining equipment. Stocks fell further after traders had time to digest the Fed minutes. The S&P 500 lost 11 points in the last hour and a half of trading.

The Dow Jones industrial average fell 108 points, or less than 1 percent, to close at 13,927. Merck helped curb the Dow's fall, rising 1 percent, on news that it teamed up with a Korean drugmaker to create drugs.

The Nasdaq composite fell 49 points, or 1.5 percent, to 3,164.

The NYSE DOW closed LOWER ▼ -108.13 points or ▼ -0.77% Wednesday, 20 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,927.54 ▼ -108.13 ▼ -0.77%
Nasdaq____ 3,164.41 ▼ -49.18 ▼ -1.53%
S&P_500____ 1,511.95 ▼ -18.99 ▼ -1.24%
30_Yr_Bond____ 3.209 ▲ 0.00 ▲ 0.12%

NYSE Volume 4,576,503,500
Nasdaq Volume 1,998,613,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,395.37 ▲ 16.30 ▲ 0.26%
DAX_____ 7,728.90 ▼ -23.55 ▼ -0.30%
CAC_40__ 3,709.88 ▼ -25.94 ▼ -0.69%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,114.40 ▲ 13.40 ▲ 0.26%
Shanghai_Comp 2,397.18 ▲ 14.26 ▲ 0.60%
Taiwan_Weight 8,029.10 ▲ 68.22 ▲ 0.86%
Nikkei_225____ 11,468.28 ▲ 95.94 ▲ 0.84%
Hang_Seng____ 23,307.41 ▲ 53.93 ▲ 0.71%
Strait_Times___ 3,304.37 ▲ 8.60 ▲ 0.26%
NZX_50_Index__ 4,214.24 ▼ -29.97 ▼ -0.71%

http://finance.yahoo.com/news/stocks-drop-following-fed-doubts-221313054.html

Stocks drop following Fed doubts about stimulus

S&P 500 index takes biggest drop this year following Federal Reserve doubts about stimulus

By Matthew Craft, AP Business Writer

The stock market posted its biggest loss this year on news that Federal Reserve officials suggested the central bank scale back its effort to keep borrowing costs low.

Minutes from the Fed's January meeting seemed to catch investors by surprise when they were released at 2 p.m. EST. Several Fed policymakers worried that the bank's program of buying $85 billion of bonds each month could eventually unsettle financial markets or cause the bank to take losses. Even so, most of the Fed officials thought the economy faced fewer risks than in December.

Judging by the market's reaction, the Fed appears to be closer to ending its support for the economy than traders had expected, said Dan Greenhaus, chief global strategist at the brokerage BTIG. "We're at a point now where we're discussing how we're going to end this, not whether it's going to end," he said.

The S&P 500 index sank 18.99 points to 1,511.95, a loss off 1.2 percent. That's the biggest one-day drop since Nov. 14, 2012.

By buying bonds, the Fed drives up their prices and lowers interest rates, which have stayed at record lows. That keeps costs low for mortgages and other types of loans.

The major indexes drifted sideways in morning trading then turned lower in the early afternoon after Caterpillar reported weaker sales of its heavy trucks and mining equipment. Stocks fell further after traders had time to digest the Fed minutes. The S&P 500 lost 11 points in the last hour and a half of trading.

The Dow Jones industrial average fell 108 points, or less than 1 percent, to close at 13,927. Merck helped curb the Dow's fall, rising 1 percent, on news that it teamed up with a Korean drugmaker to create drugs.

The Nasdaq composite fell 49 points, or 1.5 percent, to 3,164.

News that Apple's major supplier, Foxconn, stopped hiring at its largest plant in China helped push down Apple's stock. Foxconn reportedly said the hiring freeze was not caused by slumping orders for iPhones. Apple fell $11.14 to $448.85.

The stock market surged at the start of the year then drifted slightly higher in recent weeks with few major events to drive trading one way or another. That could change as soon as Congress returns from vacation next Monday. Deep federal spending cuts are scheduled to start March 1 unless Congress and the White House find a way to avoid them.

Both the Dow and the S&P 500 have gained 6 percent for the year. The Nasdaq is up 5 percent.

Before the Fed minutes came out, Phil Orlando, the chief market strategist at Federated Investors, said he believed the stock market had climbed too quickly and was prone to a big drop. He expected the S&P 500 to get knocked down by 3 percent or more in the coming weeks. Another budget battle in Washington could be the trigger.

"There are a lot of us who say, 'We're a little bit ahead of ourselves here,'" Orlando said. "I still expect an all-time high for the S&P 500 this year, but it's going to get there in fits and starts."

Even though housing construction slowed down in January, the Department of Commerce reported Wednesday that new housing starts remained strong. Builders started construction at an annual rate of 890,000 last month, down 8.5 percent from December. Applications for building permits increased.

The Dow closed at its highest level of the year Tuesday, bringing it within one percent of 14,164, the record high reached more than five years ago.

In the U.S. government bond market, the yield on the 10-year Treasury note slipped to 2.01 percent from 2.03 percent late Tuesday. The yield has climbed steadily higher since the start of the year, when it traded around 1.70 percent.

Among companies making moves:

”” GPS device maker Garmin slumped 9 percent, the biggest drop in the S&P 500 index, after the company's results missed analysts' forecasts. Demand has waned for handheld navigation devices as more customers use maps on their smartphones. Garmin lost $3.70 to $35.54.

”” Food giant ConAgra gained 20 cents to $33.65 after it raised its profit forecast for the year. The company, whose brands include Chef Boyardee, said its acquisition of Ralcorp will add a nickel per share to adjusted earnings this year.

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stocks continued a two-day slide Thursday on weak economic data and concern about the Federal Reserve's resolve to keep juicing the economy.

Signaling that the U.S. labor market remains in slow recovery mode, the government said more people applied for unemployment benefits last week. The four-week average, a less volatile measure, rose to the highest in six weeks.

The Dow Jones industrial average closed down 46.92 points, or 0.3 percent, at 13,880.62.

The S&P 500 index dropped 9.53, or 0.6 percent, to 1,502.42. The S&P is headed for its first weekly loss of the year. The Nasdaq composite index lost 32.92, or 1 percent, to 3,131.49.

In Europe, markets closed sharply lower after a monthly survey of European executives showed that business activity in the European Union slowed in February, a strong signal that a downturn that began last year will continue into 2013. Benchmark indexes lost 2.3 percent in France, 1.9 percent in Germany, and 1.6 percent in Britain.

U.S. indexes have soared this year to the highest levels since the financial crisis but may be ready to fall back to earth, said Kim Caughey Forrest, senior analyst with Fort Pitt Capital Group, a portfolio management firm in Pittsburgh.

"I think the market has gotten ahead of itself," she said. She said fourth-quarter earnings have generally met expectations, but only after those expectations were reduced because companies made dire projections in November and December.

The NYSE DOW closed LOWER ▼ -46.92 points or ▼ -0.34% Thursday, 21 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,880.62 ▼ -46.92 ▼ -0.34%
Nasdaq____ 3,131.49 ▼ -32.92 ▼ -1.04%
S&P_500____ 1,502.42 ▼ -9.53 ▼ -0.63%
30_Yr_Bond____ 3.166 ▼ -0.04 ▼ -1.34%

NYSE Volume 4,700,525,000
Nasdaq Volume 2,050,414,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,291.54 ▼ -103.83 ▼ -1.62%
DAX_____ 7,583.57 ▼ -145.33 ▼ -1.88%
CAC_40__ 3,624.80 ▼ -85.08 ▼ -2.29%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,998.60 ▼ -115.80 ▼ -2.26%
Shanghai_Comp 2,325.95 ▼ -71.23 ▼ -2.97%
Taiwan_Weight 7,957.46 ▼ -71.64 ▼ -0.89%
Nikkei_225____ 11,309.13 ▼ -159.15 ▼ -1.39%
Hang_Seng____ 22,906.67 ▲ 53.93 ▼ -1.72%
Strait_Times___ 3,287.60 ▼ -21.29 ▼ -0.64%
NZX_50_Index__ 4,170.43 ▼ -43.81 ▼ -1.04%

http://finance.yahoo.com/news/us-stocks-keep-sliding-weak-150552816.html

US stocks keep sliding on weak data, Fed qualms

US stocks fall for second day on weak global economic data, fear that Fed will slow bond buys

By Daniel Wagner, AP Business Writer

U.S. stocks continued a two-day slide Thursday on weak economic data and concern about the Federal Reserve's resolve to keep juicing the economy.

Signaling that the U.S. labor market remains in slow recovery mode, the government said more people applied for unemployment benefits last week. The four-week average, a less volatile measure, rose to the highest in six weeks.

The Dow Jones industrial average closed down 46.92 points, or 0.3 percent, at 13,880.62.

The S&P 500 index dropped 9.53, or 0.6 percent, to 1,502.42. The S&P is headed for its first weekly loss of the year. The Nasdaq composite index lost 32.92, or 1 percent, to 3,131.49.

In Europe, markets closed sharply lower after a monthly survey of European executives showed that business activity in the European Union slowed in February, a strong signal that a downturn that began last year will continue into 2013. Benchmark indexes lost 2.3 percent in France, 1.9 percent in Germany, and 1.6 percent in Britain.

U.S. indexes have soared this year to the highest levels since the financial crisis but may be ready to fall back to earth, said Kim Caughey Forrest, senior analyst with Fort Pitt Capital Group, a portfolio management firm in Pittsburgh.

"I think the market has gotten ahead of itself," she said. She said fourth-quarter earnings have generally met expectations, but only after those expectations were reduced because companies made dire projections in November and December.

Wal-Mart Stores rose after beating analysts' profit forecasts in the fourth quarter. However, the biggest retailer warned of a slow start to the year. It gained $1.05, or 1.5 percent, to $70.26.

After a strong start to the holiday season, Wal-Mart said, the first three weeks of December were weak, and business has been volatile since then. The company attributed some of the weakness to a delay in tax refund checks that have left people strapped for cash. Wal-Mart's customers also have less money to spend because a temporary payroll tax cut expired in December.

"Everybody's gotten a 2 percent pay cut, and people who file their taxes early are not getting a refund back in a timely manner," Forrest said.

Supermarket chain Safeway was the biggest gainer in the S&P 500, rising $2.84, or 14.1 percent, to $22.97 after saying its net income jumped 13 percent in the fourth quarter, helped by higher gift and prepaid card revenue.

Electric car company Tesla Motors plunged a day after reporting that its fourth-quarter net loss grew 10 percent on costs related to production of its new Model S. The stock fell $3.38, or 8.8 percent, to $35.16.

Earlier, Asian stocks had closed sharply lower. The sell-off began Wednesday afternoon in New York after the release of minutes from the Fed's latest meeting. The meeting notes showed that some policymakers want to wind down bond purchases and other measures aimed at boosting the economy.

The minutes revealed new divisions over the Fed's low-interest rate policies. There is no sign of inflation, yet there was more evidence that some Fed officials are ready to ease off the stimulus programs before the economy has fully recovered.

The Fed's bond-buying has been boosting markets by reducing the cost of borrowing for companies and investors, Forrest explained. When interest rates are lower, it's possible to do business cheaper even if a company isn't growing, she said.

"Thinking maybe interest rates will creep higher, this is a very chilling scenario" for the market, she said.

The yield on the 10-year Treasury note fell to 1.98 percent from 2.05 percent early Wednesday as demand increased for ultra-safe assets.

 

[bigdog]

Source: http://finance.yahoo.com

With barely a week to go before $85 billion in automatic government spending cuts kick in, Wall Street is holding its nerve.

The Dow Jones industrial average has gained 6.8 percent since the start of the year as investors largely ignored the latest installment of Washington's budget drama. The Dow Jones climbed close to its record level at the start of the month and the Standard & Poor's 500 notched up a streak of seven straight weeks of gains, before easing back this week. Even after its weekly loss of 0.3 percent, it's still up 6.3 percent this year.

Wall Street is betting that the cuts, which the Congressional Budget Office estimates will take 0.6 of a percentage point of economic growth this year and cost 750,000 jobs, won't be enough to derail the recovery. Investors may also have become used to Washington brinkmanship, having seen last-minute deals brokered after a series of political standoffs.

David Bianco, chief U.S. equities strategist at Deutsche Bank, says the automatic spending cuts could actually be a "net positive" for stocks, despite the drag that they would put on the economy. That's because a set of known, measurable spending cuts are better than no budget reduction at all.

"Significant spending cuts are needed," Bianco says. "Until that happens, people are going to worry that this is still a problem that needs to be solved."

Bianco estimates that the impact of the spending cuts on corporate profits will be limited, reducing the income of companies in the S&P 500 index by just 2 percent.

Sitting on the sidelines during the political wrangling in Washington hasn't been a winning strategy in recent years either, as stocks have rebounded and come back stronger each time, says David Kelly, chief strategist at J.P. Morgan funds.

The Dow has returned 24 percent since the end of August 2011, after plunging following the showdown that month over raising the country's borrowing limit. The index is also 12 percent higher since bottoming out in November after the election, when investors sold stocks on concern that a divided government wouldn't be able to come up with a budget compromise.

"Twice already investors have learnt the lesson that if you wait for everything to calm down in Washington you'll miss out on the rally," Kelly says.

Analysts and investors generally agree that the huge amount of attention being paid to the $85 billion of cuts far exceeds the actual impact they will have on the $16 trillion U.S. economy, particularly given that the cuts will be phased in over time, and some will ultimately be reversed.

The cuts are very much a problem of Washington's own making. The Budget Control Act, signed in to law in August 2011, was meant to end the nation's debt crisis and force lawmakers to come up with a measured approach to reduce the deficit. The automatic spending cuts were included in the bill with the idea that they would be so unpalatable to lawmakers that they would have a strong incentive to avoid them by making a deal to reduce the budget deficit.

With time running out to broker a deal, the cuts looks likely to go into effect on March 1. Then the focus will likely turn to a March 27 deadline that could result in a government shutdown.

The NYSE DOW closed HIGHER ▲ 119.95 points or ▲ 0.86% Friday, 22 February 2013
Symbol …........Last ......Change.....
Dow_Jones 14,000.57 ▲ 119.95 ▲ 0.86%
Nasdaq____ 3,161.82 ▲ 30.33 ▲ 0.97%
S&P_500____ 1,515.60 ▲ 13.18 ▲ 0.88%
30_Yr_Bond____ 3.155 ▼ -0.01 ▼ -0.35%

NYSE Volume 3,651,706,250
Nasdaq Volume 1,580,688,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,335.70 ▲ 44.16 ▲ 0.70%
DAX_____ 7,661.91 ▲ 78.34 ▲ 1.03%
CAC_40__ 3,706.28 ▲ 81.48 ▲ 2.25%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,036.70 ▲ 38.10 ▲ 0.76%
Shanghai_Comp 2,314.16 ▼ -11.79 ▼ -0.51%
Taiwan_Weight 7,947.72 ▼ -9.74 ▼ -0.12%
Nikkei_225____ 11,385.94 ▲ 76.81 ▲ 0.68%
Hang_Seng____ 22,782.44 ▲ 53.93 ▼ -0.54%
Strait_Times___ 3,288.13 ▲ 0.53 ▲ 0.02%
NZX_50_Index__ 4,214.60 ▲ 44.17 ▲ 1.06%

http://finance.yahoo.com/news/wall-...MEcHQDc2VjdGlvbnMEdGVzdANUZXN0X0FGQw--;_ylv=3

Wall Street holds its nerve as spending cuts near

Wall Street holds its nerve as $85 billion of across-the-board spending cuts near

By Steve Rothwell, AP Business Writer

With barely a week to go before $85 billion in automatic government spending cuts kick in, Wall Street is holding its nerve.

The Dow Jones industrial average has gained 6.8 percent since the start of the year as investors largely ignored the latest installment of Washington's budget drama. The Dow Jones climbed close to its record level at the start of the month and the Standard & Poor's 500 notched up a streak of seven straight weeks of gains, before easing back this week. Even after its weekly loss of 0.3 percent, it's still up 6.3 percent this year.

Wall Street is betting that the cuts, which the Congressional Budget Office estimates will take 0.6 of a percentage point of economic growth this year and cost 750,000 jobs, won't be enough to derail the recovery. Investors may also have become used to Washington brinkmanship, having seen last-minute deals brokered after a series of political standoffs.

David Bianco, chief U.S. equities strategist at Deutsche Bank, says the automatic spending cuts could actually be a "net positive" for stocks, despite the drag that they would put on the economy. That's because a set of known, measurable spending cuts are better than no budget reduction at all.

"Significant spending cuts are needed," Bianco says. "Until that happens, people are going to worry that this is still a problem that needs to be solved."

Bianco estimates that the impact of the spending cuts on corporate profits will be limited, reducing the income of companies in the S&P 500 index by just 2 percent.

Sitting on the sidelines during the political wrangling in Washington hasn't been a winning strategy in recent years either, as stocks have rebounded and come back stronger each time, says David Kelly, chief strategist at J.P. Morgan funds.

The Dow has returned 24 percent since the end of August 2011, after plunging following the showdown that month over raising the country's borrowing limit. The index is also 12 percent higher since bottoming out in November after the election, when investors sold stocks on concern that a divided government wouldn't be able to come up with a budget compromise.

"Twice already investors have learnt the lesson that if you wait for everything to calm down in Washington you'll miss out on the rally," Kelly says.

Analysts and investors generally agree that the huge amount of attention being paid to the $85 billion of cuts far exceeds the actual impact they will have on the $16 trillion U.S. economy, particularly given that the cuts will be phased in over time, and some will ultimately be reversed.

The cuts are very much a problem of Washington's own making. The Budget Control Act, signed in to law in August 2011, was meant to end the nation's debt crisis and force lawmakers to come up with a measured approach to reduce the deficit. The automatic spending cuts were included in the bill with the idea that they would be so unpalatable to lawmakers that they would have a strong incentive to avoid them by making a deal to reduce the budget deficit.

With time running out to broker a deal, the cuts looks likely to go into effect on March 1. Then the focus will likely turn to a March 27 deadline that could result in a government shutdown.

That may sound scary, but even that outcome doesn't necessarily translate into a slumping stock market, says Tobias Levkovich, an equity strategist at Citigroup. When President Bill Clinton and House Speaker Newt Gingrich clashed over the budget in late 1995 and early 1996, the market actually rallied, with the S&P 500 gaining about 4 percent over the course of the shutdown. That suggests that investors were focusing on other factors such as economic growth and earnings.

As the intensity of the debate around cuts and shutdowns picks up, investors shouldn't overreact. "We don't think it's a great idea to trade around the vicissitudes of Washington behavior," says Levkovich.

Defense is one area where the cuts will be felt acutely, and investors have responded accordingly. The Pentagon is preparing to slash $46 billion from its budget year, which runs to Sep. 30, Defense Secretary Leon Panetta told Congress on Wednesday.

Defense giants Lockheed Martin, Raytheon and General Dynamics have all slumped this year, while the broader market has rallied. Lockheed Martin, which makes fighter jets including the F-22 Raptor and F-35 Lightning, has fallen 4.5 percent this year to $88.12. General Dynamics, which builds ships for the navy has dropped 2.8 percent to $67.32.

Chris Bertelsen, chief investment officer at Global Financial Private Capital, says the slump is an opportunity for investors to pick up stocks at a good price and lock in high dividend income. Lockheed Martin, for example, pays a dividend of 5.3 percent on its stock, more than double the average rate of 2.1 percent in the S&P 500.

In any event, investors know full well that the most important, and politically sensitive, U.S. budget problem is far from resolved: controlling the runaway growth in spending by government entitlement programs like Medicare.

"What we need are entitlement cuts in the long run, rather than discretionary cuts in the short run." says JPMorgan's Kelly. "It's obvious."

5983

 

[pavilion103]

Another big fall! 1.5%

 

[bigdog]

Source: http://finance.yahoo.com

Stocks had their worst drop in more than three months as the prospect of political paralysis in Italy raised the specter of Europe's debt crisis flaring up again.

The Dow Jones industrial average fell 216.40 points, or 1.6 percent, to 13,784.17, its biggest drop since Nov. 7.

The Standard & Poor's 500 index fell 27.75 points, or 1.8 percent, to 1,487.85, dropping below 1,500 for the first time in three weeks. The Nasdaq composite dropped 45.57 points, or 1.4 percent, to 3,116.25.

Stocks had rallied in the early going as exit polls showed that a center-left coalition in Italy that favored economic reforms in the euro region's third-largest economy was leading. That gain evaporated after a later poll predicted that the elections could result in a stalemate in the country's legislature. The losses accelerate in the late afternoon as partial official results showed an upstart protest campaign led by a comedian making stunning inroads.

"There was confidence in this election and obviously confidence imploded," said Ben Schwartz, a market strategist at Lightspeed Financial.

Investors dumped Italian government bonds, sending their yields higher, and erased most of an early rally in Italy's stock market. The yield on Italy's 10-year government bond shot up to 4.43 percent from 4.12 percent early in the day, a sign that investors' confidence in Italy's government was dimming quickly. The country's benchmark stock index, the FSTE MIB, rose 0.7 percent, giving up an early gain of 4 percent.

Investors worry about the outcome of Italy's election because it could set off another crisis of confidence in the region's shared currency, the euro. Financial markets in both Europe and the U.S. have swooned at the prospect of Italy or Spain being dragged into the region's government debt troubles, which have led to bailouts of Greece, Ireland and Portugal and severe disruptions in financial markets.

As stocks plunged, gauges of market sentiment indicated that investors were becoming more risk-averse and parking their money in defensive assets. The yield on the 10-year Treasury note, which is widely considered an ultra-safe investment, fell sharply as investors plowed money into U.S. government bonds. The yield fell to 1.88 percent from 1.96 percent late Friday.

The VIX index, a measure of how volatile investors expect the stock market to be, surged 34 percent to 19, the biggest one-day move since August 2011.

The NYSE DOW closed LOWER ▼ -216.40 points or ▼ -1.55% Monday, 25 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,784.17 ▼ -216.40 ▼ -1.55%
Nasdaq____ 3,116.25 ▼ -45.57 ▼ -1.44%
S&P_500____ 1,487.85 ▼ -27.75 ▼ -1.83%
30_Yr_Bond____ 3.090 ▼ -0.07 ▼ -2.06%

NYSE Volume 3,856,140,000
Nasdaq Volume 1,930,340,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,355.37 ▲ 63.83 ▲ 1.01%
DAX_____ 7,773.19 ▲ 111.28 ▲ 1.45%
CAC_40__ 3,721.33 ▲ 15.05 ▲ 0.41%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,072.70 ▲ 36.00 ▲ 0.71%
Shanghai_Comp 2,325.82 ▲ 11.66 ▲ 0.50%
Taiwan_Weight 7,947.68 ▼ -39.21 ▼ -0.49%
Nikkei_225____ 11,662.52 ▲ 276.58 ▲ 2.43%
Hang_Seng____ 22,820.08 ▲ 53.93 ▲ 0.17%
Strait_Times___ 3,288.76 ▲ 0.63 ▲ 0.02%
NZX_50_Index__ 4,226.44 ▲ 11.84 ▲ 0.28%

http://finance.yahoo.com/news/stocks-drop-italy-heads-political-214119302.html

Stocks drop as Italy heads for political disarray

Stocks plunge as messy Italian elections rekindle concern over Europe's debt crisis

By Steve Rothwell, AP Business Writer

Stocks had their worst drop in more than three months as the prospect of political paralysis in Italy raised the specter of Europe's debt crisis flaring up again.

The Dow Jones industrial average fell 216.40 points, or 1.6 percent, to 13,784.17, its biggest drop since Nov. 7.

The Standard & Poor's 500 index fell 27.75 points, or 1.8 percent, to 1,487.85, dropping below 1,500 for the first time in three weeks. The Nasdaq composite dropped 45.57 points, or 1.4 percent, to 3,116.25.

Stocks had rallied in the early going as exit polls showed that a center-left coalition in Italy that favored economic reforms in the euro region's third-largest economy was leading. That gain evaporated after a later poll predicted that the elections could result in a stalemate in the country's legislature. The losses accelerate in the late afternoon as partial official results showed an upstart protest campaign led by a comedian making stunning inroads.

"There was confidence in this election and obviously confidence imploded," said Ben Schwartz, a market strategist at Lightspeed Financial.

Investors dumped Italian government bonds, sending their yields higher, and erased most of an early rally in Italy's stock market. The yield on Italy's 10-year government bond shot up to 4.43 percent from 4.12 percent early in the day, a sign that investors' confidence in Italy's government was dimming quickly. The country's benchmark stock index, the FSTE MIB, rose 0.7 percent, giving up an early gain of 4 percent.

Investors worry about the outcome of Italy's election because it could set off another crisis of confidence in the region's shared currency, the euro. Financial markets in both Europe and the U.S. have swooned at the prospect of Italy or Spain being dragged into the region's government debt troubles, which have led to bailouts of Greece, Ireland and Portugal and severe disruptions in financial markets.

As stocks plunged, gauges of market sentiment indicated that investors were becoming more risk-averse and parking their money in defensive assets. The yield on the 10-year Treasury note, which is widely considered an ultra-safe investment, fell sharply as investors plowed money into U.S. government bonds. The yield fell to 1.88 percent from 1.96 percent late Friday.

The VIX index, a measure of how volatile investors expect the stock market to be, surged 34 percent to 19, the biggest one-day move since August 2011.

On the New York Stock Exchange, Barnes & Noble rose $1.55, or 12 percent, to $15.06 after founder and chairman Leonard Riggio told the bookseller he is going to try to buy the company's retail business. Hertz advanced 31 cents, or 1.7 percent, to $19.04, despite posting a fourth-quarter loss, after the rental car company said that pricing improved, volume rose and it cut costs.

The Standard & Poor's 500 had its first weekly decline of the year last week. Investors sent stocks plunging after minutes from the Federal Reserve's latest policy meeting revealed disagreement over how long to keep buying bonds in an effort to boost the economy.

Fed chairman Ben Bernanke will testify before the U.S. Senate's banking committee Tuesday and again before Congress on Wednesday. Investors will watch to see if he gives any further indications about how long the central bank intends to keep providing stimulus to the economy.

Many analysts say the Fed's bond-buying program and the resulting low interest rates have been a big driver behind this year's stock rally. The Dow has gained 6.3 percent this year and the S&P 500 5.6 percent, pushing both near record levels. The Dow's record close is 14,164, reaching in October 2007 and the S&P closed as high as 1,565 in the same month.

European stocks also advanced, but gave back much of their early gains. Benchmark indexes rose 0.4 percent in France, 1.5 percent in Germany and 0.8 percent in Spain. Britain's index was up just 0.3 percent after Moody's stripped the country late Friday of its triple-A credit rating.

Among other stocks making big moves:

”” Drugmaker Affymax plunged $14.10, or 85 percent, to $2.42 after the company recalled its anemia drug following severe allergic reactions and the deaths of some kidney dialysis patients.

””Mead Johnson fell $3.64, or 4.6 percent, to $75.32 after the company said that a new regulation in Hong Kong could affect the company's sales there as well as in mainland China.

 

[bigdog]

Source: http://finance.yahoo.com

A jump in home sales and strong earnings from Home Depot helped the Dow claw back more than half of its losses from Monday. Improving consumer confidence also brought back buyers to the market.

The Dow Jones industrial average closed up 115.96 points, or 0.8 percent, to 13,900.13. The Dow fell 216 points the day before, its biggest drop in three months, on concern that the European debt crisis may flare up again. The index has moved 100 points or more on four out of the past five trading days.

The Standard & Poor's 500 index rose 9.09 points, or 0.6 percent, to 1,496.94. The Nasdaq composite was up 13.40 points, or 0.4 percent, at 3,129.65.

Home Depot, the biggest home improvement store chain in the country, jumped $3.64, or 5.7 percent, to $67.56 after reporting that its income rose 32 percent in the latest quarter thanks to strong U.S. sales and the cleanup that followed Superstorm Sandy. That made it the biggest gainer in the Dow, accounting for about 28 points, or about a quarter, of its advance.

"Companies on the whole, particularly U.S. companies, are doing well," Michael Mussio, a portfolio manager at FBB Capital, said.

Strong earnings from home improvement companies, such as Home Depot and Lowe's, which reported earnings Monday that beat Wall Street forecasts, compounded evidence that the U.S. housing market is maintaining its recovery, Mussio said. Also Tuesday, the government reported that sales of new homes jumped 16 percent last month to the highest level since July 2008.

The report boosted housing companies, which led the S&P 500 higher. PulteGroup rose $1.03, or 5.7 percent, to $19.05, edging out Home Depot as the biggest gainer in the index. D.R. Horton advanced 88 cents, or 4.12 percent, to $22.25 and Lennar Corp. rose $1.35, or 3.7 percent, to $38.01.

The rebounding housing sector has been an important factor behind a rally that pushed the Dow above 14,000 last week, close to its record high close of 14,164 reached in October 2007. The Dow is still up 6 percent this year, even after Monday's sell-off. The S&P 500 is up 5 percent.

Also Tuesday, a measure of consumer confidence rose sharply, reversing three months of declines, as shoppers began adjusting to a payroll tax hike last month.

Investors closely watched testimony by Federal Reserve Chairman Ben Bernanke. The Fed chairman said that the automatic government spending cuts due to take effect Friday would put a drag on the economy. He urged lawmakers and the White House to replace the cuts with longer-term policies to reduce the budget deficit.

Investors shouldn't be dissuaded from buying stocks by any flare-up in Europe's economic troubles, says Hans Olsen, a strategist at Barclays. The strategist says stocks should have a good year thanks to earnings growth and a pickup in corporate dealmaking.

The NYSE DOW closed HIGHER ▲ 115.96 points or ▲ 0.84% Tuesday, 26 February 2013
Symbol …........Last ......Change.....
Dow_Jones 13,900.13 ▲ 115.96 ▲ 0.84%
Nasdaq____ 3,129.65 ▲ 13.40 ▲ 0.43%
S&P_500____ 1,496.94 ▲ 9.09 ▲ 0.61%
30_Yr_Bond____ 3.075 ▼ -0.02 ▼ -0.49%

NYSE Volume 4,416,358,000
Nasdaq Volume 1,847,059,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,270.44 ▼ -84.93 ▼ -1.34%
DAX_____ 7,597.11 ▼ -176.08 ▼ -2.27%
CAC_40__ 3,621.92 ▼ -99.41 ▼ -2.67%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,021.80 ▼ -50.90 ▼ -1.00%
Shanghai_Comp 2,293.34 ▼ -32.48 ▼ -1.40%
Taiwan_Weight 7,880.90 ▼ -66.78 ▼ -0.84%
Nikkei_225____ 11,398.81 ▼ -263.71 ▼ -2.26%
Hang_Seng____ 22,519.69 ▲ 53.93 ▼ -1.32%
Strait_Times___ 3,254.26 ▼ -34.50 ▼ -1.05%
NZX_50_Index__ 4,238.92 ▲ 12.47 ▲ 0.30%

http://finance.yahoo.com/news/home-...MEcHQDc2VjdGlvbnMEdGVzdANUZXN0X0FGQw--;_ylv=3

Home Depot leads Dow average higher

Stocks bounce back on Wall Street; Home Depot leads Dow advance on stronger earnings

By Steve Rothwell, AP Business Writer

A jump in home sales and strong earnings from Home Depot helped the Dow claw back more than half of its losses from Monday. Improving consumer confidence also brought back buyers to the market.

The Dow Jones industrial average closed up 115.96 points, or 0.8 percent, to 13,900.13. The Dow fell 216 points the day before, its biggest drop in three months, on concern that the European debt crisis may flare up again. The index has moved 100 points or more on four out of the past five trading days.

The Standard & Poor's 500 index rose 9.09 points, or 0.6 percent, to 1,496.94. The Nasdaq composite was up 13.40 points, or 0.4 percent, at 3,129.65.

Home Depot, the biggest home improvement store chain in the country, jumped $3.64, or 5.7 percent, to $67.56 after reporting that its income rose 32 percent in the latest quarter thanks to strong U.S. sales and the cleanup that followed Superstorm Sandy. That made it the biggest gainer in the Dow, accounting for about 28 points, or about a quarter, of its advance.

"Companies on the whole, particularly U.S. companies, are doing well," Michael Mussio, a portfolio manager at FBB Capital, said.

Strong earnings from home improvement companies, such as Home Depot and Lowe's, which reported earnings Monday that beat Wall Street forecasts, compounded evidence that the U.S. housing market is maintaining its recovery, Mussio said. Also Tuesday, the government reported that sales of new homes jumped 16 percent last month to the highest level since July 2008.

The report boosted housing companies, which led the S&P 500 higher. PulteGroup rose $1.03, or 5.7 percent, to $19.05, edging out Home Depot as the biggest gainer in the index. D.R. Horton advanced 88 cents, or 4.12 percent, to $22.25 and Lennar Corp. rose $1.35, or 3.7 percent, to $38.01.

The rebounding housing sector has been an important factor behind a rally that pushed the Dow above 14,000 last week, close to its record high close of 14,164 reached in October 2007. The Dow is still up 6 percent this year, even after Monday's sell-off. The S&P 500 is up 5 percent.

Also Tuesday, a measure of consumer confidence rose sharply, reversing three months of declines, as shoppers began adjusting to a payroll tax hike last month.

Investors closely watched testimony by Federal Reserve Chairman Ben Bernanke. The Fed chairman said that the automatic government spending cuts due to take effect Friday would put a drag on the economy. He urged lawmakers and the White House to replace the cuts with longer-term policies to reduce the budget deficit.

Investors shouldn't be dissuaded from buying stocks by any flare-up in Europe's economic troubles, says Hans Olsen, a strategist at Barclays. The strategist says stocks should have a good year thanks to earnings growth and a pickup in corporate dealmaking.

Deals have accelerated sharply in the last three months and have involved household names including Heinz, Dell and American Airlines. Some of the acquired companies soared 20 percent or more when the deals are announced.

It's not yet clear how the recent see-saw in the market will affect investors. Individual investors have been creeping back into stocks since the start of this year, but the swings might yet unnerve them.

"The gyrations worry them, it scares them, even though the market is up," says Gabriel Fancher, an adviser at the Financial Group, a financial planner. "The market seems out of people's hands these days."

Tuesday's good news about the economy in the U.S. helped investors turn their focus away from Europe.

While U.S. market rose, European markets fell again as investors worried about Italy's political situation. The country is facing political gridlock after elections left Parliament with no clear-cut winner.

U.S. stocks slumped Monday after election results in Italy showed a race too close to call. That left investors fearful that the country, the euro region's third-largest, will struggle to form a government that can move forward with reforms to revive the economy, rekindling the region's debt crisis and worries over the viability of its shared currency, the euro.

Italy's main stock index dropped 4.9 percent Tuesday. The yield on Italy's benchmark government bond rose sharply, to 4.83 percent from 4.43 percent the day before, as investors sold them. That's still far below the 7 percent the yield traded at in January 2012, when confidence in Italy's finances was far lower. The euro was little changed against the dollar.

Other European indexes also fell, but not as much. Stocks fell 2.3 percent in Germany, 2.7 percent in France, and 1.3 percent in Britain.

In U.S. government bond trading, the yield on the 10-year Treasury note, which moves inversely to prices, rose two basis points to 1.88 percent.

Among other companies making big moves Tuesday;

”” Tyson Foods fell 86 cents, or 3.7 percent, to $22.40 after it said that its fiscal second quarter has been tougher than expected because of lower margins in its beef and pork divisions. The nation's biggest meat company said it's still optimistic about its full-year results.

”” Oneok fell $1.86, or 4 percent, to $44.34 after the natural gas company cut its distribution growth forecast for the next three years, citing expectations of lower sales volumes and prices of natural gas liquids.

”” Martha Stewart Living Omnimedia fell 16 cents, or 5.3 percent, to $2.85 after the company said its fourth-quarter net income slid 74 percent as it continues to struggle with weak results at its publishing and broadcasting divisions.

”” Macy's rose $1.33, or 3.5 percent, to $39.85 after its results beat analysts' forecasts.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow came within 100 points of its all-time high Wednesday after rising sharply for a second straight day.

The market surged following more evidence that the Fed will keep interest rates low, housing will keep recovering and shoppers aren't pulling back on spending, even with a payroll tax hike.

The gains were broad: Twenty-nine of 30 stocks in the Dow Jones industrial average rose. All 10 industries in the Standard and Poor's 500 index climbed.

The Dow Jones industrial average rose 175.24 points, or 1.2 percent, to 14,075.37. The index is now less than 100 points away from its record close of 14,164 reached in October 2007.

The Dow has surged 290 points in the past two days, erasing its drop of 216 points Monday when inconclusive results from an election in Italy renewed worries that Europe's fiscal crisis could flare up again.

"The market psychology has clearly shifted. It's no longer sell the rally, it's buy the dips," said Dan Veru, chief investment officer of Palisade Capital Management. "The economic data continues to be strong."

Stocks have surged since the start of the year. The Dow is up 7.4 percent.

Earnings for S&P 500 companies will climb 7.8 percent in the fourth quarter, the third straight quarter of growth, according to data from S&P Capital IQ.

The Standard and Poor's 500 index gained 19.05 points, or 1.3 percent, to 1,515.99. The Nasdaq composite rose 32.61 points, or 1.3 percent, to 3,162.26. The index is 6.5 percent higher for the year, and is about 3.1 percent short of its record close of 1,565.

Investors were also encouraged Wednesday that Federal Reserve Chairman Ben Bernanke stood behind the central bank's low-interest-rate policies as he faced lawmakers for a second day. His comments dissipated worries about the bank's resolve to keep up the program. Those worries sprung up last week when minutes from the bank's last policy meeting revealed disagreement among Fed officials.

The NYSE DOW closed HIGHER ▲ 175.24 points or ▲ 1.26% Wednesday, 27 February 2013
Symbol …........Last ......Change.....
Dow_Jones 14,075.37 ▲ 175.24 ▲ 1.26%
Nasdaq____ 3,162.26 ▲ 32.61 ▲ 1.04%
S&P_500____ 1,515.99 ▲ 19.05 ▲ 1.27%
30_Yr_Bond____ 3.100 ▲ 0.03 ▲ 0.91%

NYSE Volume 3,911,767,250
Nasdaq Volume 1,726,024,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,325.88 ▲ 55.44 ▲ 0.88%
DAX_____ 7,675.83 ▲ 78.72 ▲ 1.04%
CAC_40__ 3,691.49 ▲ 69.57 ▲ 1.92%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,053.10 ▲ 31.30 ▲ 0.62%
Shanghai_Comp 2,313.22 ▲ 19.88 ▲ 0.87%
Taiwan_Weight 7,897.98 ▲ 17.08 ▲ 0.22%
Nikkei_225____ 11,253.97 ▼ -144.84 ▼ -1.27%
Hang_Seng____ 22,577.01 ▲ 53.93 ▲ 0.25%
Strait_Times___ 3,261.12 ▲ 6.86 ▲ 0.21%
NZX_50_Index__ 4,276.32 ▲ 37.40 ▲ 0.88%

http://finance.yahoo.com/news/stock...MEcHQDc2VjdGlvbnMEdGVzdANUZXN0X0FGQw--;_ylv=3

Stocks surge on housing; Dow nears record

Dow nears record after strong housing report; back-to-back gains erase Monday's big drop

By Steve Rothwell, AP Business Writer

The Dow came within 100 points of its all-time high Wednesday after rising sharply for a second straight day.

The market surged following more evidence that the Fed will keep interest rates low, housing will keep recovering and shoppers aren't pulling back on spending, even with a payroll tax hike.

The gains were broad: Twenty-nine of 30 stocks in the Dow Jones industrial average rose. All 10 industries in the Standard and Poor's 500 index climbed.

The Dow Jones industrial average rose 175.24 points, or 1.2 percent, to 14,075.37. The index is now less than 100 points away from its record close of 14,164 reached in October 2007.

The Dow has surged 290 points in the past two days, erasing its drop of 216 points Monday when inconclusive results from an election in Italy renewed worries that Europe's fiscal crisis could flare up again.

"The market psychology has clearly shifted. It's no longer sell the rally, it's buy the dips," said Dan Veru, chief investment officer of Palisade Capital Management. "The economic data continues to be strong."

Stocks have surged since the start of the year. The Dow is up 7.4 percent.

Earnings for S&P 500 companies will climb 7.8 percent in the fourth quarter, the third straight quarter of growth, according to data from S&P Capital IQ.

The Standard and Poor's 500 index gained 19.05 points, or 1.3 percent, to 1,515.99. The Nasdaq composite rose 32.61 points, or 1.3 percent, to 3,162.26. The index is 6.5 percent higher for the year, and is about 3.1 percent short of its record close of 1,565.

Investors were also encouraged Wednesday that Federal Reserve Chairman Ben Bernanke stood behind the central bank's low-interest-rate policies as he faced lawmakers for a second day. His comments dissipated worries about the bank's resolve to keep up the program. Those worries sprung up last week when minutes from the bank's last policy meeting revealed disagreement among Fed officials.

Also, the number of Americans who signed contracts to buy homes rose in January from December to the highest level in almost three years. The report continued a string of positive housing news. Sales of new homes jumped 16 percent last month to the highest level since July 2008, the government reported Tuesday.

Home builder stocks rose for the second day in a row. PulteGroup climbed 25 cents, or 1.3 percent, to $19.30, after rising 5.7 percent the day before. The government reported Tuesday that sales of new homes jumped 16 percent last month.

"Some encouraging news for the bulls has been the housing data that has come out over the past couple of days," said Todd Salamone, director of research at Schaeffer's Investment Research.

The analyst said he remained "extremely bullish," on stocks in the medium and long-term, but cautioned that a pullback may lie ahead in coming days after the year's strong gains.

Discount retailers rose Wednesday. Dollar Tree jumped $4.31, or 11 percent, to $45.39 after reporting a 22 percent profit increase. Dollar General also rose $1.61, or 3.6 percent, to $46.56. Family Dollar Stores rose $1.39, or 2.5 percent, to $57.68.

The yield on the 10-year Treasury note rose two basis points to 1.90 percent.

Among other stocks making big moves;

”” Priceline.com rose $17.42 to $695.91 after reporting that its net income jumped in the fourth quarter as bookings grew.

”” First Solar plunged $4.32, or 13.8 percent, to $27.04 after the company posted disappointing sales for the fourth quarter and gave a weak early outlook for the year.

”” Target fell 93 cents, or 1.5 percent, to $63.12 after the No. 2 discount chain's quarterly income fell 2 percent as it dealt with intense competition during the holiday shopping season.

”” DreamWorks Animation fell 30 cents, or 1.8 percent, to $16.31 after posting a loss of $82.7 million. The company booked a write-off on its November release "Rise of the Guardians" and on an upcoming movie that needs to be reworked.

 

[bigdog]

Source: http://finance.yahoo.com

It came oh so close.

The Dow Jones industrial average came within 15 points of its all-time high Thursday afternoon. But the momentum petered out, and the Dow and other indexes broke a two-day winning streak and closed lower.

Economic data and company reports reflected an economy beating investors' low expectations, rather than one growing like gangbusters. Impending government budget cuts also cast a pall for some investors.

"There was no dramatic, great news," said Leon LaBrecque, CEO of LJPR in Troy, Mich. "There's no remarkable economic information. Earnings are pretty much mixed."

The day started with the stock market plodding along indecisively, before sending investors on a whipsaw day. After gaining a combined 291 points on Tuesday and Wednesday, the Dow Jones industrial average spent Thursday morning darting between small gains and losses.

It took a decisive turn upward in the early afternoon. Around 2:30 p.m. EST, it hit 14,149 ”” just 15 points from the Oct. 9, 2007 record of 14,164.53.

Then the rally sputtered and stocks turned lower in the final few minutes of trading.

The Dow ended down 20.88 points, or 0.2 percent, to 14,054.49. The Standard & Poor's 500 index slipped 1.31, or 0.09 percent, to 1,514.68. The Nasdaq composite index edged down 2.07, or 0.07 percent, to 3,160.19.

Some said the market's fleeting gain Thursday was more about its general tendency to rise over time, and not necessarily a reflection of a surge in strength for the U.S. economy.

"People have to separate the economy from the stock market," Ed Butowsky, managing partner of ChapwoodFinance.com in Dallas, said.

Thursday's data didn't provide a clear picture on the economy.

The NYSE DOW closed LOWER ▼ -20.88 points or ▼ -0.15% Thursday, 28 February 2013
Symbol …........Last ......Change.....
Dow_Jones 14,054.49 ▼ -20.88 ▼ -0.15%
Nasdaq____ 3,160.19 ▼ -2.07 ▼ -0.07%
S&P_500____ 1,514.68 ▼ -1.31 ▼ -0.09%
30_Yr_Bond____ 3.094 ▼ -0.01 ▼ -0.29%

NYSE Volume 4,185,971,750
Nasdaq Volume 2,012,783,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,360.81 ▲ 34.93 ▲ 0.55%
DAX_____ 7,741.70 ▲ 65.87 ▲ 0.86%
CAC_40__ 3,723.00 ▲ 31.51 ▲ 0.85%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,120.40 ▲ 67.30 ▲ 1.33%
Shanghai_Comp 2,365.59 ▲ 52.37 ▲ 2.26%
Taiwan_Weight 7,897.98 ▲ 17.08 ▲ 0.22%
Nikkei_225____ 11,559.36 ▲ 305.39 ▲ 2.71%
Hang_Seng____ 23,020.27 ▲ 53.93 ▲ 1.96%
Strait_Times___ 3,269.95 ▲ 8.83 ▲ 0.27%
NZX_50_Index__ 4,320.01 ▲ 43.69 ▲ 1.02%

http://finance.yahoo.com/news/dow-edges-near-record-then-220210871.html

It came oh so close.

The Dow Jones industrial average came within 15 points of its all-time high Thursday afternoon. But the momentum petered out, and the Dow and other indexes broke a two-day winning streak and closed lower.

Economic data and company reports reflected an economy beating investors' low expectations, rather than one growing like gangbusters. Impending government budget cuts also cast a pall for some investors.

"There was no dramatic, great news," said Leon LaBrecque, CEO of LJPR in Troy, Mich. "There's no remarkable economic information. Earnings are pretty much mixed."

The day started with the stock market plodding along indecisively, before sending investors on a whipsaw day. After gaining a combined 291 points on Tuesday and Wednesday, the Dow Jones industrial average spent Thursday morning darting between small gains and losses.

It took a decisive turn upward in the early afternoon. Around 2:30 p.m. EST, it hit 14,149 ”” just 15 points from the Oct. 9, 2007 record of 14,164.53.

Then the rally sputtered and stocks turned lower in the final few minutes of trading.

The Dow ended down 20.88 points, or 0.2 percent, to 14,054.49. The Standard & Poor's 500 index slipped 1.31, or 0.09 percent, to 1,514.68. The Nasdaq composite index edged down 2.07, or 0.07 percent, to 3,160.19.

Some said the market's fleeting gain Thursday was more about its general tendency to rise over time, and not necessarily a reflection of a surge in strength for the U.S. economy.

"People have to separate the economy from the stock market," Ed Butowsky, managing partner of ChapwoodFinance.com in Dallas, said.

Thursday's data didn't provide a clear picture on the economy.

Company earnings were mixed. J.C. Penney and Barnes & Noble posted losses. Wendy's and Domino's had higher profits. The U.S. economy grew at an annual rate of 0.1 percent in the last three months of 2012 ”” better than the original estimate of a 0.1 percent decline, but hardly robust. The number of Americans seeking unemployment aid fell, and the government prepared for federal spending cuts to kick in Friday, a result of Democrats and Republicans not compromising on the budget debate.

"We still have work to do, still a lot of headwinds to face," said Steve Sachs, head of capital markets at ProShares in Bethesda, Md. But, he added, "we're in a better position now than we were three years ago."

Thursday's close means the Dow rose 1.4 percent in February ”” respectable, but a slowdown from its 5.8 percent gain in January.

The Dow milestone doesn't mean much in practical terms. It's an index of 30 big-name stocks, such as Disney and General Electric, that investors follow as a gauge of how the overall stock market is doing. But professional investors don't change their strategy because of it.

Even so, a Dow record would be important for psychological reasons: It can make people feel like the economy is doing better. That can induce them to spend and invest more. And it reminds people of a time before the financial crisis, which peaked in 2008.

The yield on the 10-year Treasury note held steady at about 1.90 percent.

Among stocks making big moves:

””Groupon, the coupons website, plunged 24 percent after reporting late Wednesday that its quarterly loss had expanded. The stock fell $1.45 to $4.53.

””J.C. Penney fell 17 percent after the department store reported a higher-than-expected quarterly loss late Wednesday. The stock dropped $3.59 to $17.57.

”” Wendy's, Domino's, clothing chain Chico's and energy drink maker Monster Beverage all rose after reporting higher profit and revenue.

””Barnes & Noble climbed 3 percent, up 51 cents to $15.74. The bookstore chain posted a loss, though its CEO confirmed that the company was still in talks with its founder about a partial buyout.

 

[bigdog]

Source: http://finance.yahoo.com

An encouraging manufacturing report nudged the stock market higher Friday, giving it a slight gain for the week, even as a deadline for avoiding sweeping government spending cuts loomed.

The Dow Jones industrial average rose 35.17 points, or 0.3 percent, to close at 14,089.66.

It was down as much as 117 points in early trading but recovered following news that U.S. manufacturing expanded in February at the fastest pace since June 2011. The Institute for Supply Management said its manufacturing index reached 54.2, up from January's reading of 53.1. Any reading above 50 signals growth.

President Barack Obama summoned congressional leaders to the White House for a meeting aimed at avoiding the $85 billion in across-the-board spending cuts set to kick in Friday. The cuts are part of a 10-year, $1.5 trillion deficit reduction plan that was designed to be so distasteful to both Democrats and Republicans that they would be forced to drum up a longer-term budget deal.

Any agreement between the White House and Congress on the spending cuts could drive the market up next week, regardless of whether investors consider it a good deal or not, said Stephen Carl, head equity trader at The Williams Capital Group in New York.

"The lack of clarity is the problem," he said. "I think it will be a positive for the market just as long as there's concrete news."

In other Friday trading, the Standard & Poor's 500 index rose 3.52 points, or 0.2 percent, to 1,518.20. The Nasdaq composite gained 9.55 points, 0.3 percent, to 3,169.74.

All three indexes ended higher for the week: The Dow rose 0.6 percent, the S&P 500 and Nasdaq each rose about 0.2 percent.

The Dow came within 15 points of its record close of 14,164 on Thursday before sliding back and ending the day lower.

Oil and gas companies fell Friday as the price of crude sank to its lowest level of the year. Halliburton, Peabody Energy and other energy stocks were among the biggest losers in the S&P 500. Benchmark U.S. crude oil dropped below $91 a barrel.

Americans' incomes fell 3.6 percent in January, the worst one-month drop in 20 years, the Commerce Department said Friday. U.S. consumers increased spending modestly in January but cut back on major purchases. The report suggests that the expiration of tax cuts on Jan. 1 may have made Americans more cautious.

The NYSE DOW closed HIGHER ▲ 35.17 points or ▲ 0.25% Friday, 1 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,089.66 ▲ 35.17 ▲ 0.25%
Nasdaq____ 3,169.74 ▲ 9.55 ▲ 0.30%
S&P_500____ 1,518.20 ▲ 3.52 ▲ 0.23%
30_Yr_Bond____ 3.065 ▼ -0.03 ▼ -0.94%

NYSE Volume 4,125,383,750
Nasdaq Volume 1,869,785,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,378.60 ▲ 17.79 ▲ 0.28%
DAX_____ 7,708.16 ▼ -33.54 ▼ -0.43%
CAC_40__ 3,699.91 ▼ -23.09 ▼ -0.62%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,100.90 ▼ -19.50 ▼ -0.38%
Shanghai_Comp 2,359.51 ▼ -6.09 ▼ -0.26%
Taiwan_Weight 7,964.63 ▲ 66.65 ▲ 0.84%
Nikkei_225____ 11,606.38 ▲ 47.02 ▲ 0.41%
Hang_Seng____ 22,880.22 ▲ 53.93 ▼ -0.61%
Strait_Times___ 3,269.50 ▼ -0.45 ▼ -0.01%
NZX_50_Index__ 4,317.99 ▼ -2.02 ▼ -0.05%

http://finance.yahoo.com/news/stock...MEcHQDc2VjdGlvbnMEdGVzdANUZXN0X0FGQw--;_ylv=3

Stocks close higher despite looming budget cuts

Stocks manage slight gains as spending cuts loom; indexes move between small gains and losses

By Matthew Craft, AP Business Writer

An encouraging manufacturing report nudged the stock market higher Friday, giving it a slight gain for the week, even as a deadline for avoiding sweeping government spending cuts loomed.

The Dow Jones industrial average rose 35.17 points, or 0.3 percent, to close at 14,089.66.

It was down as much as 117 points in early trading but recovered following news that U.S. manufacturing expanded in February at the fastest pace since June 2011. The Institute for Supply Management said its manufacturing index reached 54.2, up from January's reading of 53.1. Any reading above 50 signals growth.

President Barack Obama summoned congressional leaders to the White House for a meeting aimed at avoiding the $85 billion in across-the-board spending cuts set to kick in Friday. The cuts are part of a 10-year, $1.5 trillion deficit reduction plan that was designed to be so distasteful to both Democrats and Republicans that they would be forced to drum up a longer-term budget deal.

Any agreement between the White House and Congress on the spending cuts could drive the market up next week, regardless of whether investors consider it a good deal or not, said Stephen Carl, head equity trader at The Williams Capital Group in New York.

"The lack of clarity is the problem," he said. "I think it will be a positive for the market just as long as there's concrete news."

In other Friday trading, the Standard & Poor's 500 index rose 3.52 points, or 0.2 percent, to 1,518.20. The Nasdaq composite gained 9.55 points, 0.3 percent, to 3,169.74.

All three indexes ended higher for the week: The Dow rose 0.6 percent, the S&P 500 and Nasdaq each rose about 0.2 percent.

The Dow came within 15 points of its record close of 14,164 on Thursday before sliding back and ending the day lower.

Oil and gas companies fell Friday as the price of crude sank to its lowest level of the year. Halliburton, Peabody Energy and other energy stocks were among the biggest losers in the S&P 500. Benchmark U.S. crude oil dropped below $91 a barrel.

Americans' incomes fell 3.6 percent in January, the worst one-month drop in 20 years, the Commerce Department said Friday. U.S. consumers increased spending modestly in January but cut back on major purchases. The report suggests that the expiration of tax cuts on Jan. 1 may have made Americans more cautious.

Unemployment across the 17 European Union countries that use the euro currency hit a record 11.9 percent during January. That drove money into U.S. Treasurys, pushing their prices up and their yields down.

The yield on the 10-year Treasury note fell to 1.85 percent from 1.88 percent late Thursday.

Among other stocks making big moves:

”” Gap added 95 cents to $33.87. The retailer said late Thursday that its quarterly profits jumped 61 percent, topping analysts' estimates, helped by better sales at its Old Navy stores. Gap also raised its quarterly dividend to 15 cents.

”” Best Buy Co. rose 75 cents to $17.16 after the retailer said that its fourth-quarter loss narrowed as better sales in the U.S. helped offset weakness abroad, particularly China and Canada.

”” Groupon jumped 13 percent following news that CEO Andrew Mason was fired. The online deals company's stock plunged 24 percent Thursday after the company delivered a weak revenue forecast for the current quarter. Its stock gained 57 cents to $5.11

6600

 

[bigdog]

Source: http://finance.yahoo.com

Investors brushed off early jitters about a potential slowdown in China and pushed the Dow to its highest close of the year.

The Dow Jones industrial average rose 38.16 points, or 0.3 percent, to 14,127.82. The index is a fraction of a percentage point away from its record close of 14,164, reached on Oct. 9, 2007.

Stocks dropped at the opening bell and stayed lower most of the morning amid concern that new steps introduced by the Chinese government to cool the booming housing market in the world's second-largest economy.

Chinese markets were dragged down by housing stocks, which fell sharply after the country's cabinet ordered new measures to rein in home prices. China will raise minimum down payments in areas where prices are deemed to be rising too fast and crack down on efforts to evade limits on how many properties each buyer can acquire.

"The U.S. market continues to digest the negative news and hang tough," said Ryan Detrick, a senior strategist at Schaeffer's Investment Research.

The stock market has rallied this year on optimism that the U.S. housing market is recovering and signs that companies are hiring more. Strong corporate earnings and continuing economic stimulus from the Federal Reserve have also boosted stock prices.

Despite having already logged strong gains this year, stocks may still be able to maintain their momentum as investors move money out of bonds, Rob Lutts, chief investment officer at Cabot Money Management, said.

"It's all about where the money is going," Lutts said. "If the money that is sitting on the sideline, or in bonds, is moving into equities that alone is enough to create that shift."

Investors put $2.8 billion into U.S. stock mutual funds in the week ending Feb. 27, according to Lipper. That's the eighth straight week investors have put more money into stocks, the longest streak of inflows in almost two years.

The Dow has risen 7.8 percent so far this year and the S&P 500 index is 6.9 percent higher, while the yield on the 10-year Treasury note remains below 2 percent. The yield, which moves inversely to its price, rose 3 basis points to 1.87 percent Monday.

For now, stocks are likely to grind higher as investors who missed the rally at the start of the year buy stocks on any drops in the market, Scott Wren, a senior equity strategist at Wells Fargo Advisors, said.

"I'd love to see a pullback, because pullbacks are opportunities," Wren said.

The NYSE DOW closed HIGHER ▲ 38.16 points or ▲ 0.27% Monday, 4 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,127.82 ▲ 38.16 ▲ 0.27%
Nasdaq____ 3,182.03 ▲ 12.29 ▲ 0.39%
S&P_500____ 1,525.20 ▲ 7.00 ▲ 0.46%
30_Yr_Bond____ 3.086 ▲ 0.02 ▲ 0.69%

NYSE Volume 3,729,709,000
Nasdaq Volume 1,724,532,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,345.63 ▼ -32.97 ▼ -0.52%
DAX_____ 7,691.68 ▼ -16.48 ▼ -0.21%
CAC_40__ 3,709.76 ▲ 9.85 ▲ 0.27%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,028.50 ▼ -72.40 ▼ -1.42%
Shanghai_Comp 2,273.40 ▼ -86.10 ▼ -3.65%
Taiwan_Weight 7,867.34 ▼ -97.29 ▼ -1.22%
Nikkei_225____ 11,652.29 ▲ 45.91 ▲ 0.40%
Hang_Seng____ 22,537.81 ▲ 53.93 ▼ -1.50%
Strait_Times___ 3,239.95 ▼ -29.55 ▼ -0.90%
NZX_50_Index__ 4,253.60 ▼ -64.39 ▼ -1.49%

http://finance.yahoo.com/news/stocks-grind-higher-pushing-dow-213012170.html

Stocks grind higher, pushing Dow toward record

Dow rises to highest close of the year as investors shrug off China worries

By Steve Rothwell, AP Markets Writer

Investors brushed off early jitters about a potential slowdown in China and pushed the Dow to its highest close of the year.

The Dow Jones industrial average rose 38.16 points, or 0.3 percent, to 14,127.82. The index is a fraction of a percentage point away from its record close of 14,164, reached on Oct. 9, 2007.

Stocks dropped at the opening bell and stayed lower most of the morning amid concern that new steps introduced by the Chinese government to cool the booming housing market in the world's second-largest economy.

Chinese markets were dragged down by housing stocks, which fell sharply after the country's cabinet ordered new measures to rein in home prices. China will raise minimum down payments in areas where prices are deemed to be rising too fast and crack down on efforts to evade limits on how many properties each buyer can acquire.

"The U.S. market continues to digest the negative news and hang tough," said Ryan Detrick, a senior strategist at Schaeffer's Investment Research.

The stock market has rallied this year on optimism that the U.S. housing market is recovering and signs that companies are hiring more. Strong corporate earnings and continuing economic stimulus from the Federal Reserve have also boosted stock prices.

Despite having already logged strong gains this year, stocks may still be able to maintain their momentum as investors move money out of bonds, Rob Lutts, chief investment officer at Cabot Money Management, said.

"It's all about where the money is going," Lutts said. "If the money that is sitting on the sideline, or in bonds, is moving into equities that alone is enough to create that shift."

Investors put $2.8 billion into U.S. stock mutual funds in the week ending Feb. 27, according to Lipper. That's the eighth straight week investors have put more money into stocks, the longest streak of inflows in almost two years.

The Dow has risen 7.8 percent so far this year and the S&P 500 index is 6.9 percent higher, while the yield on the 10-year Treasury note remains below 2 percent. The yield, which moves inversely to its price, rose 3 basis points to 1.87 percent Monday.

For now, stocks are likely to grind higher as investors who missed the rally at the start of the year buy stocks on any drops in the market, Scott Wren, a senior equity strategist at Wells Fargo Advisors, said.

"I'd love to see a pullback, because pullbacks are opportunities," Wren said.

Janet Yellen, vice chair of the Federal Reserve, said Monday she does not see risks at the moment from the U.S. central bank's low-interest rate policies. The Fed is buying $85 billion each month in Treasury and mortgage-backed securities to keep long-term interest rates very low.

Investors' enthusiasm is being held in check by the automatic government budget cuts that took effect Friday after President Barack Obama and Congress failed to reach a budget deal. Economists expect the cuts to hurt U.S. economic growth. Both Republicans and Democrats pledged to retroactively undo the cuts, but they have given no indication of how that process would take shape.

In other trading, the Standard & Poor's 500 rose 7 points, or 0.5 percent, to 1,525.20. The Nasdaq composite gained 12.29 points, or 0.4 percent, to 3,182.03.

European markets were mixed. The dollar was little changed against the euro.

Among other stocks making big moves:

”” Select Comfort, a manufacturer of specialty mattresses, fell $3.23, or 15.7 percent, to $17.28 after the company warned that it will likely fall short of its first-quarter goals as a result of lower-than-expected sales.

”” Hess gained $2.30, or 3.5 percent, to $68.84 after the company said it would get out of the retail business as well as energy trading and marketing to focus on exploration and production.

”” Yahoo! rose 76 cents, or 3.5 percent, to $22.70 after Barclays analysts raised their rating on the stock to "overweight" and increased their price target to $26. The bank says the value of the company's minority stakes in Alibaba Group and Yahoo! Japan are not fully reflected in the current stock price.

”” Apple fell $10.40, or 2.4 percent, to $420. The stock has now fallen 12 out the last 14 trading days and is trading at its lowest in a year.

”” Stratasys Ltd., a maker of three-dimensional "printers," gained $4.56, or 7.1 percent, to $68.82 after its latest results beat analysts' expectations for the quarter. The company issued a full-year sales forecast that was higher than analysts were expecting.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow closed at an all-time high Tuesday, beating the previous record it set in October 2007, before the financial crisis and Great Recession.

The Dow Jones industrial average closed at 14,253.77, up 125.95 points, or 0.89 percent. The index jumped from the opening bell, climbed as much as 158 points early and peaked at 14,286.

Twenty seven stocks in the 30-member Dow advanced, with industrial companies leading the gains.

The gains represent a remarkable comeback for the stock market. The Dow has more than doubled since falling to a low of 6,547 in March 2009 following the financial crisis and the onset of the Great Recession. Stocks have rebounded sharply since then, helped by stimulus from the Federal Reserve, even as the economic recovery has been slow and steady.

"Whether they want to admit it or not, everyone is very impressed with the resilience of the market," said Alec Young, a global equity strategist at S&P Capital IQ.

The last time the Dow was this high, Apple had just sold its first iPhone and George W. Bush had another year as president. The U.S. housing market had yet to bottom, and the financial crisis that brought down Lehman Brothers was still a year away.

The recovery in stocks may even have been quicker had memories of the financial system's near-collapse not been on investors' minds, said Robert Pavlik, chief market strategist at Banyan Partners.

"It's still pretty close to the front of people's brains," he said. "That's one of the reasons that people are hesitant to invest in the stock market."

That could be changing. More money has been flowing into stock mutual funds since the beginning of the year.

Now, investors who have missed out on the run-up may be deciding to get off the sidelines, Pavlik said.

The Dow opened higher Tuesday following a surge in markets across the globe. China's markets rose after the government said it would support ambitious growth targets. European markets jumped following a surprisingly strong rise in retail sales across the 17-country group that uses the euro. In the U.S., more hopeful news about housing kept the momentum going.

Even with stocks trading at, or close to, record levels, they are still a good investment because earnings have risen so much, says Darell Krasnoff, Managing Director at Bel Air investment Advisors.

"People get overly focused on benchmarks," he said. "The fact that it's reached that level is an interesting landmark, but it doesn't say anything about whether the market is over-, or under-valued."

Stocks are also attractive compared with bonds after a five-year rally in the debt market that pushed yields to record lows.

The NYSE DOW closed HIGHER ▲ 125.95 points or ▲ 0.89% Tuesday, 5 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,253.77 ▲ 125.95 ▲ 0.89%
Nasdaq____ 3,224.13 ▲ 42.10 ▲ 1.32%
S&P_500____ 1,539.79 ▲ 14.59 ▲ 0.96%
30_Yr_Bond____ 3.104 ▲ 0.02 ▲ 0.58%

NYSE Volume 3,686,731,250
Nasdaq Volume 1,885,881,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,431.95 ▲ 86.32 ▲ 1.36%
DAX_____ 7,870.31 ▲ 178.63 ▲ 2.32%
CAC_40__ 3,787.19 ▲ 77.43 ▲ 2.09%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,088.10 ▲ 59.60 ▲ 1.19%
Shanghai_Comp 2,326.31 ▲ 52.90 ▲ 2.33%
Taiwan_Weight 7,932.71 ▲ 65.37 ▲ 0.83%
Nikkei_225____ 11,683.45 ▲ 31.16 ▲ 0.27%
Hang_Seng____ 22,560.50 ▲ 53.93 ▲ 0.10%
Strait_Times___ 3,248.26 ▲ 8.31 ▲ 0.26%
NZX_50_Index__ 4,269.16 ▲ 15.56 ▲ 0.37%

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

Dow surges to record ... and keeps going

A new record: Dow surpasses 2007 peak

Steve Rothwell, AP Business Writer

The Dow closed at an all-time high Tuesday, beating the previous record it set in October 2007, before the financial crisis and Great Recession.

The Dow Jones industrial average closed at 14,253.77, up 125.95 points, or 0.89 percent. The index jumped from the opening bell, climbed as much as 158 points early and peaked at 14,286.

Twenty seven stocks in the 30-member Dow advanced, with industrial companies leading the gains.

The gains represent a remarkable comeback for the stock market. The Dow has more than doubled since falling to a low of 6,547 in March 2009 following the financial crisis and the onset of the Great Recession. Stocks have rebounded sharply since then, helped by stimulus from the Federal Reserve, even as the economic recovery has been slow and steady.

"Whether they want to admit it or not, everyone is very impressed with the resilience of the market," said Alec Young, a global equity strategist at S&P Capital IQ.

The last time the Dow was this high, Apple had just sold its first iPhone and George W. Bush had another year as president. The U.S. housing market had yet to bottom, and the financial crisis that brought down Lehman Brothers was still a year away.

The recovery in stocks may even have been quicker had memories of the financial system's near-collapse not been on investors' minds, said Robert Pavlik, chief market strategist at Banyan Partners.

"It's still pretty close to the front of people's brains," he said. "That's one of the reasons that people are hesitant to invest in the stock market."

That could be changing. More money has been flowing into stock mutual funds since the beginning of the year.

Now, investors who have missed out on the run-up may be deciding to get off the sidelines, Pavlik said.

The Dow opened higher Tuesday following a surge in markets across the globe. China's markets rose after the government said it would support ambitious growth targets. European markets jumped following a surprisingly strong rise in retail sales across the 17-country group that uses the euro. In the U.S., more hopeful news about housing kept the momentum going.

Even with stocks trading at, or close to, record levels, they are still a good investment because earnings have risen so much, says Darell Krasnoff, Managing Director at Bel Air investment Advisors.

"People get overly focused on benchmarks," he said. "The fact that it's reached that level is an interesting landmark, but it doesn't say anything about whether the market is over-, or under-valued."

Stocks are also attractive compared with bonds after a five-year rally in the debt market that pushed yields to record lows.

The yield on the 10-year Treasury note, currently at 1.90 percent, is still lower than the yield of about 2.1 percent on the S&P 500, which measure the ratio of dividend payments to stock prices.

Despite the rise in the Dow, the U.S. economy has not fared as well. Unemployment was just 4.7 percent when the Dow last reached a record five and half years ago, versus 7.9 percent today.

But the economy is strengthening in many areas. Housing is recovering, companies are hiring more and Corporate America's earnings are growing. That helped drive a 9 percent rise in the Dow this year, impressing even the most ardent skeptics. For all of last year, the index rose 7 percent.

Stocks are also benefiting from the economic stimulus from the Federal Reserve and other global central banks.

Under a program called "quantitative easing," the Fed has bought trillions of dollars of bonds, pushing up their prices and sending their yields lower. That makes stocks more attractive to investors than bonds and keeps interest rates low throughout the economy, encouraging investment and spending.

The U.S. central bank began buying bonds in January 2009 and is still purchasing $85 billion each month in Treasury bonds and mortgage-backed securities.

The Dow has even managed to climb to a record despite the backdrop of political wrangling in Washington, with automatic government budget cuts taking effect Friday after President Barack Obama and Congress failed to reach a budget deal. Economists expect the cuts to hurt U.S. economic growth and though both Republicans and Democrats have pledged to retroactively undo the cuts, they have given no indication yet of how that process would take shape.

The Dow's close Tuesday surpassed its previous record close of 14,164.53 from Oct. 9, 2007.

The Dow's gains Tuesday were led by industrial and technology stocks. Cisco System rose 48 cents, or 2.3 percent, to $21.22 and United Technologies climbed $1.89, or 2.2 percent, to $91.02.

IBM rose $1.34, or 0.65 percent, to $206.50 and 3M rose $1.17, or 1.1 percent, to $104.40, pushing the Dow higher.

That's a signal that investors are optimistic since those companies stand to gain the most when the economy recovers. More stable, conservative stocks like utilities and consumer staples logged smaller gains.

From its March 2009 low to today, gains for the 30-member Dow have been led by American Express, up almost 500 percent from $10.64 to $64.12. Home Depot has jumped almost 300 percent from $18.23 to $70.47, according to data from S&P Dow Jones Indices. Hewlett-Packard is the only stock in the index that is lower than it was four years ago, falling 22 percent from $25.53 to $20.37.

On Tuesday, investors received another piece of positive news on the U.S. economy, a report that U.S. service companies grew in February at the fastest pace in a year, thanks to higher sales and more new orders. The gain suggests higher taxes have yet to slow consumer spending on services.

Home builder PulteGroup rose 50 cents, or 2.5 percent, to $20.22 following news that home prices rose at the fastest pace in almost six years in January, a sign that the housing market is gaining momentum as it nears the spring selling season. Home prices rose 9.7 percent in January from a year ago and had the biggest gain since April 2006, according to data released by CoreLogic

The Standard & Poor's 500 index rose 15 points, or 1 percent, to 1,539.79, within striking distance of its own record close of 1,565. The Nasdaq composite gained 42 points, or 1.3 percent, to 3,224.13.

The yield on the 10-year Treasury note rose two basis point to 1.90 percent. Gold rose $2, 0.1 percent, to $1,574 and oil advanced 59 cents, to $90.71.