NYSE Dow Jones finished today at:

[pixel]

The Dow also broke above the split of a rising channel starting at the 2009 Low.
Question remains: Will the Global Markets "believe" in the recovery? Will they follow or take profit?

 

[notting]

Dow makes all time high.

Maybe it's all about oil.

 

[bigdog]

Source: http://finance.yahoo.com

After barreling through a record the day before, the Dow Jones industrial average meandered higher on Wednesday.

The Dow edged up 42.47 points, or 0.3 percent, to close at 14,296.24. An encouraging job-market report helped nudge the stock market up and pushed bond prices lower.

On Tuesday, the Dow blew past the previous all-time high it hit more than five years ago. The index of 30 big corporations has more than doubled since hitting a low during the financial crisis in March 2009.

The question now is, how much longer can it keep climbing?

In the past, stock indexes have often drifted lower in the months after breaking through previous record highs. David Brown, director of Sabrient Systems, an investment research firm, sees plenty of reasons for the market to keep climbing, however. People are putting their cash into the stock market again. And the alternatives, like bonds, are hardly appealing.

"There is literally nowhere else to go," Brown said. "Do you really want to make 1.9 percent on a 10-year Treasury? You won't make any money doing that."

In other trading, the Standard & Poor's 500 index rose 1.67 points, or 0.1 percent, to 1,541.46. The Nasdaq slipped 1.77, less than 0.1 percent, to 3,222.36.

Microsoft led a decline in tech stocks, losing 26 cents to $28.09. European regulators fined the company for breaking an antitrust agreement requiring the software giant to offer computer users a choice of Internet browsers, instead of just Internet Explorer.

Companies added 198,000 U.S. workers to their payrolls in February, according to payment processor ADP. The firm also said employers added 23,000 more jobs in January than first reported.

The ADP survey suggests that government spending cuts have yet to deter employers from hiring. Investors look to the ADP survey as a preview to the closely watched Labor Department report, which comes out Friday. Economists expect the government to say employers added 152,000 jobs in February, lowering the unemployment rate to 7.8 percent from 7.9 percent.

As traders anticipated better news about the job market, bond prices fell and the yield on the 10-year Treasury rose to 1.93 percent from 1.90 percent late Tuesday.

Expectations of a stronger economy tend to lure traders out of Treasurys and into investments that tend to rise with economic growth, like stocks.

Over the long haul, stock markets head higher, but the path is rarely smooth. In October 2007, the Dow hit its previous high of 14,164. A year later, the country was in the middle of a financial crisis and the Dow was in free fall. In January 1987, the Dow closed above 2,000 for the first time, then hit a record of 2,722 in August. Two months later, the Dow had plunged 36 percent from its peak, including a huge drop on Black Monday.

The NYSE DOW closed HIGHER ▲ 42.47 points or ▲ 0.30% Wednesday, 6 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,296.24 ▲ 42.47 ▲ 0.30%
Nasdaq____ 3,222.37 ▼ -1.76 ▼ -0.05%
S&P_500____ 1,541.46 ▲ 1.67 ▲ 0.11%
30_Yr_Bond____ 3.150 ▲ 0.04 ▲ 1.45%

NYSE Volume 3,951,458,500
Nasdaq Volume 1,755,643,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,427.64 ▼ -4.31 ▼ -0.07%
DAX_____ 7,919.33 ▲ 49.02 ▲ 0.62%
CAC_40__ 3,773.76 ▼ -13.43 ▼ -0.35%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,130.90 ▲ 42.80 ▲ 0.84%
Shanghai_Comp 2,347.18 ▲ 20.87 ▲ 0.90%
Taiwan_Weight 7,950.30 ▲ 17.59 ▲ 0.22%
Nikkei_225____ 11,932.27 ▲ 248.82 ▲ 2.13%
Hang_Seng____ 22,777.84 ▲ 53.93 ▲ 0.96%
Strait_Times___ 3,286.89 ▲ 38.63 ▲ 1.19%
NZX_50_Index__ 4,297.97 ▲ 28.81 ▲ 0.67%

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

US stocks edge up following Dow's record day

After a record day, the Dow Jones industrial average keeps climbing on Wall Street

Matthew Craft, AP Business Writer

After barreling through a record the day before, the Dow Jones industrial average meandered higher on Wednesday.

The Dow edged up 42.47 points, or 0.3 percent, to close at 14,296.24. An encouraging job-market report helped nudge the stock market up and pushed bond prices lower.

On Tuesday, the Dow blew past the previous all-time high it hit more than five years ago. The index of 30 big corporations has more than doubled since hitting a low during the financial crisis in March 2009.

The question now is, how much longer can it keep climbing?

In the past, stock indexes have often drifted lower in the months after breaking through previous record highs. David Brown, director of Sabrient Systems, an investment research firm, sees plenty of reasons for the market to keep climbing, however. People are putting their cash into the stock market again. And the alternatives, like bonds, are hardly appealing.

"There is literally nowhere else to go," Brown said. "Do you really want to make 1.9 percent on a 10-year Treasury? You won't make any money doing that."

In other trading, the Standard & Poor's 500 index rose 1.67 points, or 0.1 percent, to 1,541.46. The Nasdaq slipped 1.77, less than 0.1 percent, to 3,222.36.

Microsoft led a decline in tech stocks, losing 26 cents to $28.09. European regulators fined the company for breaking an antitrust agreement requiring the software giant to offer computer users a choice of Internet browsers, instead of just Internet Explorer.

Companies added 198,000 U.S. workers to their payrolls in February, according to payment processor ADP. The firm also said employers added 23,000 more jobs in January than first reported.

The ADP survey suggests that government spending cuts have yet to deter employers from hiring. Investors look to the ADP survey as a preview to the closely watched Labor Department report, which comes out Friday. Economists expect the government to say employers added 152,000 jobs in February, lowering the unemployment rate to 7.8 percent from 7.9 percent.

As traders anticipated better news about the job market, bond prices fell and the yield on the 10-year Treasury rose to 1.93 percent from 1.90 percent late Tuesday.

Expectations of a stronger economy tend to lure traders out of Treasurys and into investments that tend to rise with economic growth, like stocks.

Over the long haul, stock markets head higher, but the path is rarely smooth. In October 2007, the Dow hit its previous high of 14,164. A year later, the country was in the middle of a financial crisis and the Dow was in free fall. In January 1987, the Dow closed above 2,000 for the first time, then hit a record of 2,722 in August. Two months later, the Dow had plunged 36 percent from its peak, including a huge drop on Black Monday.

That hardly means the market is about to take another plunge. Analysts point to other reasons, besides the poor returns offered by bonds, that the stock market could continue climbing: the economy is slowly recovering, interest rates and inflation are low, and stocks are not especially expensive. The 30 companies in the Dow trade for 15 times their per-share earnings in 2012, in line with their historical average.

Among other companies making big moves:

”” Staples sank 7 percent after the office-supply chain posted a 72 percent drop in quarterly earnings. The company was hit by charges from closing stores. Staples also warned of weaker sales growth this year. Staples dropped 95 cents to $12.34.

”” Strong quarterly profits propelled Big Lots up 6 percent. The discount store posted better earnings than analysts had projected, helped by soaring sales in Canada. Big Lots rose $2.08 to $35.97.

”” American Eagle Outfitters fell 10 percent after the clothing retailer reported earnings that fell short of analysts' estimates. Its quarterly earnings forecast also fell short, and the company's stock dropped $2.28 to $20.27.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow pushed further into record territory Thursday, having surpassed its previous all-time high two days ago. The catalyst was the latest evidence that hiring is picking up.

Stocks started higher after the Labor Department reported that the number of Americans seeking unemployment aid fell by 7,000 last week, driving the four-week average to its lowest in five years. The drop is a positive sign ahead of Friday's employment report.

The Dow Jones industrial average rose 33.25 points, or 0.2 percent, to 14,329.49. The Standard & Poor's 500 gained 2.80 points, or 0.2 percent, to 1,544.26. Both indexes rose for the fifth day straight.

The Dow barreled through a record high Tuesday and has added to its gains since then. The S&P 500 is also closing in on its own record high of 1,565, which was also reached on Oct. 9, 2007, the same day of the Dow's previous peak. The S&P would need to rise 21 points, or 1.3 percent, to set a record.

Investors have been buying stocks on optimism that employers are slowly starting to hire again and that the housing market is recovering. Growing company earnings are also encouraging investors to get into the market. The Dow is 9.4 percent higher this year and the broader S&P 500 is up 8.3 percent.

"If you have a multi-year time horizon, equities are an attractive asset, but don't be surprised to see some volatility, especially after the big run we've had," said Michael Sheldon, chief market strategist at RDM Financial Group.

Boeing gained Thursday, advancing $1.97, or 2.5 percent, to $81.05 following reports that U.S. regulators were poised to approve a plan within days to allow the plane maker to begin test flights of its 787 Dreamliner. The 787 fleet has been grounded since Jan. 16 because of safety concerns about the plane's batteries. Twenty stocks in the 30-member index advanced.

The Federal Reserve will release the results of its annual stress test for banks after the market closes Thursday. Financial stocks advanced amid speculation that banks will have amassed enough capital to be able to return more cash to shareholders. Bank of America had the largest percentage gain in the Dow, rising 34 cents, or 2.9 percent, to $12.26, with JPMorgan Chase in third spot, gaining 60 cents, or 1.2 percent, to $50.63.

The NYSE DOW closed HIGHER ▲ 33.25 points or ▲ 0.23% Thursday, 7 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,329.49 ▲ 33.25 ▲ 0.23%
Nasdaq____ 3,232.09 ▲ 9.72 ▲ 0.30%
S&P_500____ 1,544.26 ▲ 2.80 ▲ 0.18%
30_Yr_Bond____ 3.200 ▲ 0.05 ▲ 1.62%

NYSE Volume 3,871,191,750
Nasdaq Volume 1,673,369,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,439.16 ▲ 11.52 ▲ 0.18%
DAX_____ 7*939,77 ▲ 20,44 ▲ +0,26%
CAC_40__ 3*793,78 ▲ 20,02 ▲ +0,53%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,123.10 ▼ -7.80 ▼ -0.15%
Shanghai_Comp 2,324.29 ▼ -22.89 ▼ -0.98%
Taiwan_Weight 7,960.51 ▲ 10.21 ▲ 0.13%
Nikkei_225____ 11,968.08 ▲ 35.81 ▲ 0.30%
Hang_Seng____ 22,771.44 ▲ 53.93 ▼ -0.03%
Strait_Times___ 3,298.54 ▲ 6.73 ▲ 0.20%
NZX_50_Index__ 4,333.48 ▲ 35.51 ▲ 0.83%

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

Stocks gain for fifth day on unemployment report

Dow maintains ascent into record territory after unemployment claims drop

By Steve Rothwell, AP Markets Writer

The Dow pushed further into record territory Thursday, having surpassed its previous all-time high two days ago. The catalyst was the latest evidence that hiring is picking up.

Stocks started higher after the Labor Department reported that the number of Americans seeking unemployment aid fell by 7,000 last week, driving the four-week average to its lowest in five years. The drop is a positive sign ahead of Friday's employment report.

The Dow Jones industrial average rose 33.25 points, or 0.2 percent, to 14,329.49. The Standard & Poor's 500 gained 2.80 points, or 0.2 percent, to 1,544.26. Both indexes rose for the fifth day straight.

The Dow barreled through a record high Tuesday and has added to its gains since then. The S&P 500 is also closing in on its own record high of 1,565, which was also reached on Oct. 9, 2007, the same day of the Dow's previous peak. The S&P would need to rise 21 points, or 1.3 percent, to set a record.

Investors have been buying stocks on optimism that employers are slowly starting to hire again and that the housing market is recovering. Growing company earnings are also encouraging investors to get into the market. The Dow is 9.4 percent higher this year and the broader S&P 500 is up 8.3 percent.

"If you have a multi-year time horizon, equities are an attractive asset, but don't be surprised to see some volatility, especially after the big run we've had," said Michael Sheldon, chief market strategist at RDM Financial Group.

Boeing gained Thursday, advancing $1.97, or 2.5 percent, to $81.05 following reports that U.S. regulators were poised to approve a plan within days to allow the plane maker to begin test flights of its 787 Dreamliner. The 787 fleet has been grounded since Jan. 16 because of safety concerns about the plane's batteries. Twenty stocks in the 30-member index advanced.

The Federal Reserve will release the results of its annual stress test for banks after the market closes Thursday. Financial stocks advanced amid speculation that banks will have amassed enough capital to be able to return more cash to shareholders. Bank of America had the largest percentage gain in the Dow, rising 34 cents, or 2.9 percent, to $12.26, with JPMorgan Chase in third spot, gaining 60 cents, or 1.2 percent, to $50.63.

Jeffery Saut, chief investment strategist at Raymond James, predicted that any sell-off in stocks may be short-lived as investors who have missed out on the rally since the start of the year jump into the market.

"The rally is going to go higher than most people think," Saut said. "This thing has caught most money managers flat-footed."

The stock market's rally this year has been helped in no small part by continuing economic stimulus from the Federal Reserve. 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. That has kept interest rates near historic lows, reducing borrowing costs and encouraging investors to move money out of conservative investments like bonds and into stocks.

The Nasdaq composite advanced 9.72 points, or 0.3 percent, to 3,232.09.

The yield on the 10-year Treasury note, which moves inversely to its price, rose to 2 percent from 1.94 percent.

Among stocks making big moves:

”” PetSmart fell $4.37, or 6.6 percent, to $62.18 after the company reported its fiscal fourth-quarter earnings. Profits for the pet store chain rose but its forecast for this year disappointed investors.

”” Pier 1 Imports fell 96 cents to $22.28 after the home decor company issued an earnings forecast that was below Wall Street analysts' estimates.

”” Supermarket chain Kroger rose 89 cents, or 3 percent, to $30.25 after the company's fourth quarter profit handily beat Wall Street expectations.

”” Gap rose $1.41, or 4.1 percent, to $35.68 after the clothing retailer said a key revenue measure rose more than expected in February, helped by sales at its Gap and Old Navy stores. The company had been scheduled to release the sales figures after the market closed, but put them out after a transcript of its recorded sales call appeared on the website seekingalpha.com, halting the shares.

 

[bigdog]

Source: http://finance.yahoo.com

A burst of hiring in February pushed stocks higher on Wall Street.

The Dow Jones industrial average gained 67.58 points, or 0.5 percent, to 14,397.07. The index surpassed its previous record close Tuesday and logged a sixth straight increase Friday.

The Standard & Poor's 500 index rose 6.92 points, or 0.5 percent, to 1,551.18. The Nasdaq composite advanced 12.28 points, or 0.4 percent, to 3,244.37.

U.S. employers added 236,000 jobs last month and the unemployment rate fell to 7.7 percent from 7.9 percent in January, the Labor Department reported. That's far better than the 156,000 job gains and unemployment rate of 7.8 percent that economists surveyed by FactSet expected.

The strong job growth shows that employers are confident about the economy despite higher taxes and government spending cuts.

Optimism that hiring is picking up has been one of the factors bolstering the stock market this year. Stocks have also gained on evidence that the housing market is recovering and company earnings continue to growing.

Stocks have also been boosted by continuing economic stimulus from the Federal Reserve.

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. That has kept interest rates near historic lows, reducing borrowing costs and encouraging investors to move money out of conservative investments like bonds and into stocks.

Investors have also been pondering what the Fed's next move will be. That question was in especially sharp focus Friday after the government reported the surge in hiring last month.

Andres Garcia-Amaya at JPMorgan Asset Management said that the strong jobs report may heighten speculation that the Fed will end its stimulus sooner than investors had anticipated, which would be a negative for the stock market.

"If the economy maintains or increases the pace of job creation....that could change the Fed's stance," said Garcia-Amaya. "That could mean that the Fed could take the 'punch bowl' away."

The Dow has gained 9.9 percent this year and is trading at record levels, having broken its previous record of 14,164 on Tuesday. The Standard & Poor's 500 index is up 8.8 percent since the start of the year, and is less than 1 percent short of its all-time high close of 1,565 set Oct. 9, 2007.

The stock market is drawing in more investors as it continues to surge.

The NYSE DOW closed HIGHER ▲ 67.58 points or ▲ 0.47% Friday, 8 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,397.07 ▲ 67.58 ▲ 0.47%
Nasdaq____ 3,244.37 ▲ 12.28 ▲ 0.38%
S&P_500____ 1,551.18 ▲ 6.92 ▲ 0.45%
30_Yr_Bond____ 3.255 ▲ 0.06 ▲ 1.72%

NYSE Volume 3,962,304,500
Nasdaq Volume 1,612,353,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,483.58 ▲ 44.42 ▲ 0.69%
DAX_____ 7,986.47 ▲ 46.70 ▲ 0.59%
CAC_40__ 3,840.15 ▲ 46.37 ▲ 1.22%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,137.50 ▲ 14.40 ▲ 0.28%
Shanghai_Comp 2,318.61 ▼ -5.68 ▼ -0.24%
Taiwan_Weight 8,015.14 ▲ 54.63 ▲ 0.69%
Nikkei_225____ 12,283.62 ▲ 315.54 ▲ 2.64%
Hang_Seng____ 23,091.95 ▲ 53.93 ▲ 1.41%
Strait_Times___ 3,289.53 ▼ -9.01 ▼ -0.27%
NZX_50_Index__ 4,354.03 ▲ 20.55 ▲ 0.47%

http://finance.yahoo.com/news/stocks-gain-sixth-day-strong-212405127.html

Stocks gain for sixth day on strong jobs growth

Stocks advance for sixth straight day after unemployment rate dips to a four-year low

Steve Rothwell, AP Markets Writer

A burst of hiring in February pushed stocks higher on Wall Street.

The Dow Jones industrial average gained 67.58 points, or 0.5 percent, to 14,397.07. The index surpassed its previous record close Tuesday and logged a sixth straight increase Friday.

The Standard & Poor's 500 index rose 6.92 points, or 0.5 percent, to 1,551.18. The Nasdaq composite advanced 12.28 points, or 0.4 percent, to 3,244.37.

U.S. employers added 236,000 jobs last month and the unemployment rate fell to 7.7 percent from 7.9 percent in January, the Labor Department reported. That's far better than the 156,000 job gains and unemployment rate of 7.8 percent that economists surveyed by FactSet expected.

The strong job growth shows that employers are confident about the economy despite higher taxes and government spending cuts.

Optimism that hiring is picking up has been one of the factors bolstering the stock market this year. Stocks have also gained on evidence that the housing market is recovering and company earnings continue to growing.

Stocks have also been boosted by continuing economic stimulus from the Federal Reserve.

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. That has kept interest rates near historic lows, reducing borrowing costs and encouraging investors to move money out of conservative investments like bonds and into stocks.

Investors have also been pondering what the Fed's next move will be. That question was in especially sharp focus Friday after the government reported the surge in hiring last month.

Andres Garcia-Amaya at JPMorgan Asset Management said that the strong jobs report may heighten speculation that the Fed will end its stimulus sooner than investors had anticipated, which would be a negative for the stock market.

"If the economy maintains or increases the pace of job creation....that could change the Fed's stance," said Garcia-Amaya. "That could mean that the Fed could take the 'punch bowl' away."

The Dow has gained 9.9 percent this year and is trading at record levels, having broken its previous record of 14,164 on Tuesday. The Standard & Poor's 500 index is up 8.8 percent since the start of the year, and is less than 1 percent short of its all-time high close of 1,565 set Oct. 9, 2007.

The stock market is drawing in more investors as it continues to surge.

Investors put $3.2 billion into stock mutual funds in the week ending Wednesday, data provider Lipper reported Friday. That's the ninth straight week of net inflows to stock funds, bringing this year's total to $59 billion.

Friday's jobs report strengthens the case of stock market bulls, who say the economy is gaining momentum following a long and tepid recovery after the financial crisis and Great Recession, said JJ Kinahan, chief derivatives strategist at TD Ameritrade.

"It gives hope to those that say this rally isn't just about the Fed, it's about the economy recovering," said Kinahan. "It's giving people confidence that maybe the economy is turning the corner."

The Dow is up 120 percent since reaching a 12-year low during The Great Recession. The index bottomed out almost exactly four years ago, on March 9, 2009, at 6,547. The S&P 500 has gained 129 percent since hitting its own bottom of 676 on the same date.

McDonald's contributed the most to the Dow's gains, rising $1.62, or 1.7 percent, to $98.71. The fast-food restaurant chain reported that a key sales figure fell 3.3 percent in February, but the decline wasn't as bad as analysts were expecting.

H&R Block had the biggest percentage gain on the S&P 500, advancing $2.30, or 9.2 percent, to $27.28.

The company said late Thursday that its net loss widened because of a delay to the start of this year's tax season. The stock got a boost, though, after CEO William Cobb said on a conference call that the company was winning market share, Barrington Research analyst Joe Janssen said.

The yield on the 10-year Treasury note, which moves inversely to its price, rose to 2.06 percent from 2 percent Thursday. The yield is at its highest in 11 months.

Among stocks making big moves;

”” Pandora gained $2.06, or 17.6 percent, to $13.79 after the Internet radio company issued a strong profit forecast and said its mobile business was improving. Pandora also said its CEO, Joseph Kennedy, would leave.

”” Skullcandy fell $1.51, or 22.5 percent, to $5.21 after the headphone maker projected a big loss and a drop in sales for the current quarter. The company said this year's results will likely be worse than in 2012.

”” Foot Locker fell $2.52, or 7.1 percent, to $32.79 even after reporting that its fiscal fourth-quarter profit jumped 28 percent. An extra sales week helped boost earnings, but analysts were expecting more.

7276

 

[bigdog]

Source: http://finance.yahoo.com

The stock market crept higher Monday, pushing the Dow Jones industrial average to its seventh straight day of gains.

Boeing was the Dow's top stock, surging 2 percent. A Boeing executive reportedly said he's confident the aircraft maker has figured out a fix for the battery problems that have grounded the 787 Dreamliner.

The last time the Dow rose for seven consecutive days was March 2012. The latest streak began last Tuesday, when the blue-chip index blew past its all-time high, then kept climbing to end the week up 2 percent.

On Monday, the Dow rose 50.22 points to end the day at 14,447.29, an increase of 0.3 percent.

The Standard & Poor's 500 index edged up 5.04 points, also 0.3 percent, to close at 1,556.22. The index, the most popular market measure for investment funds, is nine points shy of its all-time closing high reached in October 2007.

The Nasdaq composite added 8.51 points to 3,252.87.

The S&P 500 gains were broad, though slight. Nine of the 10 industry groups in the S&P 500 rose, led by financial companies. That's a sign many investors believe the market and economy are on solid footing, said Quincy Krosby, market strategist at Prudential Financial. When the economy picks up, financial firms and companies in other cyclical industries tend to benefit more than others.

For the year, the Dow is up 10 percent and the S&P 500 up 9 percent.

The stock market's fast start has prompted some analysts to worry that the rally could quickly fizzle out. Although recent economic reports have painted a better picture, the U.S. economy is still growing slowly. It expanded at an annual rate of 0.1 percent in the final three months of 2012. And Europe remains in a recession.

There were no major economic reports to drive trading on Monday. Later in the week, the government will release figures for the federal budget in February, as well as reports on consumer prices and industrial production

The NYSE DOW closed HIGHER ▲ 50.22 points or ▲ 0.35% Monday, 11 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,447.29 ▲ 50.22 ▲ 0.35%
Nasdaq____ 3,252.87 ▲ 8.50 ▲ 0.26%
S&P_500____ 1,556.22 ▲ 5.04 ▲ 0.32%
30_Yr_Bond____ 3.255 ▲ 0.00 ▲ 0.00%

NYSE Volume 3,353,394,750
Nasdaq Volume 1,637,674,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,503.63 ▲ 20.05 ▲ 0.31%
DAX_____ 7,984.29 ▼ -2.18 ▼ -0.03%
CAC_40__ 3,836.27 ▼ -3.88 ▼ -0.10%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,160.00 ▲ 36.90 ▲ 0.72%
Shanghai_Comp 2,310.59 ▼ -8.02 ▼ -0.35%
Taiwan_Weight 8,038.72 ▲ 23.58 ▲ 0.29%
Nikkei_225____ 12,349.05 ▲ 65.43 ▲ 0.53%
Hang_Seng____ 23,090.82 ▲ 53.93 ▲ 0.00%
Strait_Times___ 3,292.97 ▲ 3.44 ▲ 0.10%
NZX_50_Index__ 4,366.58 ▲ 12.55 ▲ 0.29%

http://finance.yahoo.com/news/stocks-creep-dow-rises-seventh-203258600.html

Stocks creep up; Dow rises for seventh day running

After record-busting week, Dow notches seventh straight day of gains; S&P nears all-time high

The Associated Press

The stock market crept higher Monday, pushing the Dow Jones industrial average to its seventh straight day of gains.

Boeing was the Dow's top stock, surging 2 percent. A Boeing executive reportedly said he's confident the aircraft maker has figured out a fix for the battery problems that have grounded the 787 Dreamliner.

The last time the Dow rose for seven consecutive days was March 2012. The latest streak began last Tuesday, when the blue-chip index blew past its all-time high, then kept climbing to end the week up 2 percent.

On Monday, the Dow rose 50.22 points to end the day at 14,447.29, an increase of 0.3 percent.

The Standard & Poor's 500 index edged up 5.04 points, also 0.3 percent, to close at 1,556.22. The index, the most popular market measure for investment funds, is nine points shy of its all-time closing high reached in October 2007.

The Nasdaq composite added 8.51 points to 3,252.87.

The S&P 500 gains were broad, though slight. Nine of the 10 industry groups in the S&P 500 rose, led by financial companies. That's a sign many investors believe the market and economy are on solid footing, said Quincy Krosby, market strategist at Prudential Financial. When the economy picks up, financial firms and companies in other cyclical industries tend to benefit more than others.

For the year, the Dow is up 10 percent and the S&P 500 up 9 percent.

The stock market's fast start has prompted some analysts to worry that the rally could quickly fizzle out. Although recent economic reports have painted a better picture, the U.S. economy is still growing slowly. It expanded at an annual rate of 0.1 percent in the final three months of 2012. And Europe remains in a recession.

There were no major economic reports to drive trading on Monday. Later in the week, the government will release figures for the federal budget in February, as well as reports on consumer prices and industrial production

On Friday, the Labor Department said that U.S. employers added 236,000 workers to their payrolls in February, pushing the unemployment rate down to 7.7 percent, the lowest since December 2008.

In the Treasury market, the yield on the benchmark 10-year Treasury note edged up to 2.05 percent from 2.04 percent late Friday.

The 10-year Treasury yield began the year around 1.70 percent and has climbed steadily higher since then as worries about a recession have eased. Traders have shifted money out of the Treasury market, lifting yields up.

Among other companies making moves Monday:

”” Dick's Sporting Goods sank 11 percent to $45.11, after the retailer posted slightly weaker earnings and revenue than analysts had expected. The Pittsburgh-based company said it responded to a warm December by cutting its inventory of cold-weather clothes. But that move likely hampered sales when temperatures dropped in January.

”” News that billionaire investor Carl Icahn will get access to Dell's private financial records lifted shares in the computer maker. Icahn is fighting Michael Dell's plan to take the struggling company private for $24 billion, claiming the purchase price is too low. Dell's stock rose 21 cents to $14.37.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average logged its longest winning streak in two years ”” barely.

A tiny gain gave the Dow its eighth straight increase Tuesday, long enough to match its longest series of gains since February 2011.

The Dow rose 2.77 points, or 0.02 percent, to 14,450.06, having wavered between small gains and losses for most of the day.

The broader Standard & Poor's 500 ended down 3.74 points, or 0.2 percent, at 1,552.48. The Nasdaq composite dropped 10.55 points, or 0.32 percent, to 3,242.32

Stocks have surged this year as investors became encouraged by a recovery in the housing market and a pickup in hiring. Strong corporate earnings and continuing economic stimulus from the Federal Reserve are also supporting demand for stocks.

The Dow has gained 10.3 percent so far in 2013, and last week it surpassed its previous all-time high of 14,164.53. The S&P 500 has risen 8.9 percent this year and is less than 1 percentage point away from its record close of 1,565.15 set in October 2007.

David Bianco, chief U.S. equity strategist at Deutsche Bank, said the S&P 500 index will likely maintain its momentum in the coming weeks and surpass its all-time high. Strong first-quarter corporate earnings reports could also push the market higher.

"I wouldn't be surprised if the market has a typical five percent pullback in the summer," said Bianco. "But I think we go higher before that happens."

The last significant downturn for stocks started before the Presidential elections in November, when the Dow fell 8 percent between Oct. 5 and Nov. 15 on concern that a divided government wouldn't be able to reach a budget deal to stop the U.S. going over the "fiscal cliff" of sweeping tax hikes and deep spending cuts.

Stocks haven't had a correction, typically defined as a decline of between 10 and 20 percent, since November 2011. That sell-off came after talks on cutting the U.S. deficit broke down in Washington.

The NYSE DOW closed HIGHER ▲ 2.77 points or ▲ 0.02% Tuesday, 12 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,450.06 ▲ 2.77 ▲ 0.02%
Nasdaq____ 3,242.32 ▼ -10.55 ▼ -0.32%
S&P_500____ 1,552.48 ▼ -3.74 ▼ -0.24%
30_Yr_Bond____ 3.220 ▼ -0.04 ▼ -1.11%

NYSE Volume 3,482,609,250
Nasdaq Volume 1,672,772,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,510.62 ▲ 6.99 ▲ 0.11%
DAX_____ 7,966.12 ▼ -18.17 ▼ -0.23%
CAC_40__ 3,839.97 ▲ 3.70 ▲ 0.10%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,128.60 ▼ -31.40 ▼ -0.61%
Shanghai_Comp 2,286.60 ▼ -23.99 ▼ -1.04%
Taiwan_Weight 7,994.71 ▼ -44.01 ▼ -0.55%
Nikkei_225____ 12,314.81 ▼ -34.24 ▼ -0.28%
Hang_Seng____ 22,890.60 ▲ 53.93 ▼ -0.87%
Strait_Times___ 3,303.02 ▲ 10.05 ▲ 0.31%
NZX_50_Index__ 4,378.76 ▲ 12.19 ▲ 0.28%

http://finance.yahoo.com/news/dow-ekes-eight-straight-advance-203933813.html

Dow ekes out eight straight advance

Dow ekes out eighth straight day of gains; longest streak in two years

By Steve Rothwell, AP Markets Writer

The Dow Jones industrial average logged its longest winning streak in two years ”” barely.

A tiny gain gave the Dow its eighth straight increase Tuesday, long enough to match its longest series of gains since February 2011.

The Dow rose 2.77 points, or 0.02 percent, to 14,450.06, having wavered between small gains and losses for most of the day.

The broader Standard & Poor's 500 ended down 3.74 points, or 0.2 percent, at 1,552.48. The Nasdaq composite dropped 10.55 points, or 0.32 percent, to 3,242.32

Stocks have surged this year as investors became encouraged by a recovery in the housing market and a pickup in hiring. Strong corporate earnings and continuing economic stimulus from the Federal Reserve are also supporting demand for stocks.

The Dow has gained 10.3 percent so far in 2013, and last week it surpassed its previous all-time high of 14,164.53. The S&P 500 has risen 8.9 percent this year and is less than 1 percentage point away from its record close of 1,565.15 set in October 2007.

David Bianco, chief U.S. equity strategist at Deutsche Bank, said the S&P 500 index will likely maintain its momentum in the coming weeks and surpass its all-time high. Strong first-quarter corporate earnings reports could also push the market higher.

"I wouldn't be surprised if the market has a typical five percent pullback in the summer," said Bianco. "But I think we go higher before that happens."

The last significant downturn for stocks started before the Presidential elections in November, when the Dow fell 8 percent between Oct. 5 and Nov. 15 on concern that a divided government wouldn't be able to reach a budget deal to stop the U.S. going over the "fiscal cliff" of sweeping tax hikes and deep spending cuts.

Stocks haven't had a correction, typically defined as a decline of between 10 and 20 percent, since November 2011. That sell-off came after talks on cutting the U.S. deficit broke down in Washington.

Merck was the biggest gainer in the Dow, advancing $1.38, or 3.2 percent, to $45.04 after the drugmaker said a data safety monitoring board recommended that a study of its cholesterol drug Vytorin should continue.

Peter Cardillo, chief market economist at Rockwell Global Capital, was also among those saying investors should expect a pause in the market's advance.

"Nothing goes up forever," Cardillo said. "We will be headed for a correction somewhere along the line."

Markets were mixed in Europe. Italy easily sold €7.75 billion ($10 billion) in 12-month bonds, though at slightly higher interest rates. It was the first test of market sentiment since Fitch downgraded the country's credit rating on Friday due to political uncertainty there.

The Dow's biggest wobble this year came on Feb. 25, when it lost 1.6 percent after inconclusive results from Italian elections pushed the country toward political gridlock, threatening its ability to follow through on unpopular budget cuts demanded by its European neighbors. That gave investors a flashback to last spring, when a flare-up in Europe's debt crisis sent markets spiraling lower in the U.S. and Europe.

The yield on the 10-year Treasury note, which moves inversely to its price, fell to 2.02 percent from 2.06 percent.

Among stocks making big moves:

”” Yum Brands Inc. rose 89 cents, or 1.3 percent, to $68.73 after the owner of KFC, Pizza Hut and Taco Bell announced a smaller-than-expected drop in its sales in China for the months of January and February following a food scare over its chicken suppliers.

”” Diamond Foods slumped $1.71, or 9.7 percent, to $15.89 after the snack maker reported disappointing second-quarter sales and offered an estimate for the rest of the fiscal year that also fell short of Wall Street estimates.

”” VeriFone Systems gained $1.22, or 6 percent, to $21.68 after the company, a leading maker of terminals for electronic payments, said late Monday that its CEO is stepping down after recent stumbles cut the company's stock price nearly in half.

”” Costco rose $1.31 to $103.75 after reporting that its fiscal second-quarter net income climbed 39 percent. The discount retailer pulled in more money from membership fees, its sales improved and it also recorded a large tax benefit. Even without the tax benefit the results were better than analysts had expected.

”” Cabela's soared $6.75, or 12.5 percent, to $60.65 after the fishing, hunting and outdoors retailer said that it expects first-quarter profit will come in above market expectations.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average notched its ninth gain in a row, giving the index its longest winning streak in more than sixteen years.

The index edged up 5.22 points, or 0.04 percent, to 14,455.28. The Dow has risen every day this month and is up 10.3 percent this year, having surpassed its previous all-time high of 14,164.53 March 5th.

Demand for stocks has been propelled this year by optimism that the housing market is recovering and that companies have started to hire. Strong company earnings and ongoing stimulus from the Federal Reserve are also helping make stocks more attractive.

The Dow's last nine-day winning streak was logged in May 1996. In November of the same year, in the early days of the technology boom, it gained for 10 straight days.

Stocks overcame an early loss Wednesday, having edged lower at the start of the trading day despite an unexpectedly strong increase in U.S. consumer spending last month.

Americans spent at the fastest pace in five months in February, boosting retail spending 1.1 percent compared with January, the Commerce Department reported Wednesday. Economists had forecast a rise of just 0.2 percent, according to data provider FactSet.

The failure of the market to rally directly after the report suggests that the bar has now risen for investors as stocks have rallied.

"As the market rises, so do expectations," said Bill Stone, chief investment strategist at PNC Wealth Management. "So, even if you get good numbers you don't necessarily get the market to go up."

The solid increase in retail sales is encouraging for the economy because it shows that Americans kept spending despite a payroll tax increase that has lowered take-home pay this year for most workers. Consumer spending drives about 70 percent of the U.S. economy.

The Standard & Poor's 500 index rose 2.04 points, or 0.1 percent, to 1,554.52. The Nasdaq composite rose 2.80 points, or 0.1 percent, to 3,245.12

The NYSE DOW closed HIGHER ▲ 5.22 points or ▲ 0.04% Wednesday, 13 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,455.28 ▲ 5.22 ▲ 0.04%
Nasdaq____ 3,245.12 ▲ 2.80 ▲ 0.09%
S&P_500____ 1,554.52 ▲ 2.04 ▲ 0.13%
30_Yr_Bond____ 3.216 ▼ 0.00 ▼ -0.09%

NYSE Volume 3,327,735,250
Nasdaq Volume 1,575,786,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,481.50 ▼ -29.12 ▼ -0.45%
DAX_____ 7,970.91 ▲ 4.79 ▲ 0.06%
CAC_40__ 3,836.04 ▼ -3.93 ▼ -0.10%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,104.40 ▼ -24.20 ▼ -0.47%
Shanghai_Comp 2,263.97 ▼ -22.64 ▼ -0.99%
Taiwan_Weight 7,995.51 ▲ 0.80 ▲ 0.01%
Nikkei_225____ 12,239.66 ▼ -75.15 ▼ -0.61%
Hang_Seng____ 22,556.65 ▲ 53.93 ▼ -1.46%
Strait_Times___ 3,288.52 ▼ -14.50 ▼ -0.44%
NZX_50_Index__ 4,341.15 ▼ -37.62 ▼ -0.86%

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

Dow notches ninth gain in a row, longest since '96

Dow Jones industrial average extends winning streak to nine days; longest since 1996

Steve Rothwell, AP Markets Writer

The Dow Jones industrial average notched its ninth gain in a row, giving the index its longest winning streak in more than sixteen years.

The index edged up 5.22 points, or 0.04 percent, to 14,455.28. The Dow has risen every day this month and is up 10.3 percent this year, having surpassed its previous all-time high of 14,164.53 March 5th.

Demand for stocks has been propelled this year by optimism that the housing market is recovering and that companies have started to hire. Strong company earnings and ongoing stimulus from the Federal Reserve are also helping make stocks more attractive.

The Dow's last nine-day winning streak was logged in May 1996. In November of the same year, in the early days of the technology boom, it gained for 10 straight days.

Stocks overcame an early loss Wednesday, having edged lower at the start of the trading day despite an unexpectedly strong increase in U.S. consumer spending last month.

Americans spent at the fastest pace in five months in February, boosting retail spending 1.1 percent compared with January, the Commerce Department reported Wednesday. Economists had forecast a rise of just 0.2 percent, according to data provider FactSet.

The failure of the market to rally directly after the report suggests that the bar has now risen for investors as stocks have rallied.

"As the market rises, so do expectations," said Bill Stone, chief investment strategist at PNC Wealth Management. "So, even if you get good numbers you don't necessarily get the market to go up."

The solid increase in retail sales is encouraging for the economy because it shows that Americans kept spending despite a payroll tax increase that has lowered take-home pay this year for most workers. Consumer spending drives about 70 percent of the U.S. economy.

The Standard & Poor's 500 index rose 2.04 points, or 0.1 percent, to 1,554.52. The Nasdaq composite rose 2.80 points, or 0.1 percent, to 3,245.12

Stocks of retail companies rose after the sales report. Kohl's rose $1.49, or 3.15 percent, to $48.82 and Best Buy gained 67 cents, or 3.3 percent, to $20.96.

Brian Gendreau, a strategist at Cetera Financial Group, says that even if markets dip in coming weeks, the trend of rising company earnings is likely to push stocks higher in the longer term. So far companies have reported 7.7 percent earnings growth for the fourth quarter, the third straight quarter of gains, according to S&P Capital IQ.

"Earnings growth has been quite strong. Corporations have found a way to make money," said Gendreau. "New products, new markets, cost savings. I don't believe that is going to stop any time soon."

The S&P 500 index has gained 9 percent in 2013 and is within less than a percentage point of its record close of 1,565.15 set in October 2007.

Stocks in Europe were mixed. Most markets edged lower after industrial production in the countries using the euro unexpectedly fell by 0.4 percent in January. Economists had expected it to rise by 0.1 percent, according to FactSet.

The yield on the 10-year Treasury note was unchanged from late Tuesday at 2.02 percent.

Among stocks making big moves;

”” Spectrum Pharmaceuticals plunged $4.64, or 37 percent, to $7.79 after the pharmaceutical company said sales of its drug Fusilev could fall by more than half this year.

”” Dole dropped $1.06, or 9 percent, to $10.67 after the company's fourth-quarter results fell short of analysts' expectations. The fruit company cited lower banana prices in North America.

”” Express fell 60 cents, or 3.2 percent, to $18.25 after the clothing retailer's earnings report disappointed investors. Michael Weiss, the company's CEO and chairman, told analysts on a conference call that customer traffic was "down noticeably" compared to last year.

”” Netflix rose $10.25, or 5.6 percent, to $192.36 after the internet video service said that it's adding a feature that will allow its subscribers in the U.S. to automatically swap movie and TV show recommendations with their friends on Facebook.

 

[bigdog]

Source: http://finance.yahoo.com

The Dow Jones industrial average has reached another milestone, recording its longest winning streak since 1996.

The index rose for the tenth straight day Thursday, gaining 83.86 points to close at 14,539.14. That's an increase of 0.6 percent.

The last time the Dow knocked out 10 straight days of gains was November 1996. Back then, Internet companies were still lining up to go public and President Bill Clinton had just won another term in the White House.

"It's just a good run," said Dan Greenhaus, chief global strategist at the brokerage BTIG. "And it speaks to optimism about the future."

Encouraging news on jobs gave the market an early lift. The Standard & Poor's 500 index closed within two points of its all-time high reached in October 2007.

The S&P 500 index gained 8.71 points to 1,563.23, a gain of 0.6 percent.

Signs that the economic recovery is gaining strength have propelled the market higher since the beginning of March.

Last month, the unemployment rate dipped to 7.7 percent, the lowest level since December 2008. Adding to evidence that the job market is improving, fewer Americans sought unemployment benefits last week.

Record corporate profits and reassurances from Federal Reserve officials that they plan to keep interests rates at historically low levels have also helped push stocks higher. U.S. retail spending increased in February at the fastest pace in five months. That came despite higher payroll taxes kicking in at the beginning of the year.

"We've been getting some really good economic statistics: jobless claims today and retail sales yesterday," said Doug Cote, chief market strategist for ING U.S. Investment Management. "And that's positive."

The gains were broad on Thursday, though slight. All 10 industrial groups in the S&P 500 rose, led by energy companies. The Nasdaq composite rose 13.81, or 0.4 percent, to 3,258.93.

The NYSE DOW closed HIGHER ▲ 83.86 points or ▲ 0.58% Thursday, 14 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,539.14 ▲ 83.86 ▲ 0.58%
Nasdaq____ 3,258.93 ▲ 13.81 ▲ 0.43%
S&P_500____ 1,563.23 ▲ 8.71 ▲ 0.56%
30_Yr_Bond____ 3.240 ▲ 0.03 ▲ 0.81%

NYSE Volume 3,702,481,250
Nasdaq Volume 1,653,121,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,529.41 ▲ 47.91 ▲ 0.74%
DAX_____ 8,058.37 ▲ 87.46 ▲ 1.10%
CAC_40__ 3,871.58 ▲ 35.54 ▲ 0.93%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,043.80 ▼ -60.60 ▼ -1.19%
Shanghai_Comp 2,270.28 ▲ 6.31 ▲ 0.28%
Taiwan_Weight 7,951.76 ▼ -43.75 ▼ -0.55%
Nikkei_225____ 12,381.19 ▲ 141.53 ▲ 1.16%
Hang_Seng____ 22,619.18 ▲ 53.93 ▲ 0.28%
Strait_Times___ 3,279.50 ▼ -9.02 ▼ -0.27%
NZX_50_Index__ 4,381.10 ▲ 39.95 ▲ 0.92%

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

Dow rises 10 days running, S&P 500 nears record;

Dow climbs for 10 days straight, Standard & Poor's 500 closes within two points of record high

Matthew Craft, AP Business Writer

The Dow Jones industrial average has reached another milestone, recording its longest winning streak since 1996.

The index rose for the tenth straight day Thursday, gaining 83.86 points to close at 14,539.14. That's an increase of 0.6 percent.

The last time the Dow knocked out 10 straight days of gains was November 1996. Back then, Internet companies were still lining up to go public and President Bill Clinton had just won another term in the White House.

"It's just a good run," said Dan Greenhaus, chief global strategist at the brokerage BTIG. "And it speaks to optimism about the future."

Encouraging news on jobs gave the market an early lift. The Standard & Poor's 500 index closed within two points of its all-time high reached in October 2007.

The S&P 500 index gained 8.71 points to 1,563.23, a gain of 0.6 percent.

Signs that the economic recovery is gaining strength have propelled the market higher since the beginning of March.

Last month, the unemployment rate dipped to 7.7 percent, the lowest level since December 2008. Adding to evidence that the job market is improving, fewer Americans sought unemployment benefits last week.

Record corporate profits and reassurances from Federal Reserve officials that they plan to keep interests rates at historically low levels have also helped push stocks higher. U.S. retail spending increased in February at the fastest pace in five months. That came despite higher payroll taxes kicking in at the beginning of the year.

"We've been getting some really good economic statistics: jobless claims today and retail sales yesterday," said Doug Cote, chief market strategist for ING U.S. Investment Management. "And that's positive."

The gains were broad on Thursday, though slight. All 10 industrial groups in the S&P 500 rose, led by energy companies. The Nasdaq composite rose 13.81, or 0.4 percent, to 3,258.93.

MGM Resorts International's stock gained 7 percent after its biggest shareholder, the financier Kirk Kerkorian, requested permission to raise his stake in MGM to a quarter of its shares. MGM owns the Bellagio, Mandalay Bay and other casinos on the Las Vegas Strip.

Analysts say the stock market's surge this year will likely convince more people to move cash into stocks. The Dow is up 11 percent this year, the S&P 500 is up 9.6 percent.

"When the markets are running you just want to be part of it," Cote said. "Sitting on the sidelines is the wrong move."

So far, retail investors appear unsure. They put money in U.S. stock funds to start the year, but have withdrawn it for the last two weeks, according to a report out Wednesday from the Investment Company Institute.

The rally may have pushed the Dow to record highs, but skeptics caution that markets regularly take sudden turns. Exactly one year ago, for instance, the Dow had already raced up 8 percent. But by June, all those gains were gone.

Another note of caution: Former Federal Reserve Chairman Alan Greenspan made his famous "irrational exuberance" comment less than a month after the Dow's 10-day streak in November 1996.

In the Treasury market, the yield on the 10-year note edged up to 2.03 percent from 2.02 percent late Wednesday.

Among other stocks making big moves:

”” Coldwater Creek jumped 9 percent after the retailer of women's clothing posted a loss late Wednesday that was smaller than analysts had expected. Its stock rose 28 cents to $3.49.

”” Men's Wearhouse soared 19 percent after the clothing company said it would consider selling its K&G unit. The stock jumped $5.55 to $34.62.

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stock markets fell Friday, ending the longest winning streak for the Dow Jones industrial average in nearly 17 years.

The Dow dropped 25.03 points, or 0.2 percent, to 14,514.11 The Standard & Poor's 500 index fell 2.5 points, or 0.2 percent, to 1,560.70, just shy of an all-time high from October 2007. The Nasdaq composite index dropped nine points, or 0.3 percent, to 3,249.

The Dow had notched a 10-day winning streak through Thursday, its longest since November 1996. The string of wins pushed the blue-chip index up 484 points, or 3.4 percent, to a Thursday close of 14,539.14. The index's closing price on Feb. 28, just before the rally began, was 14,054.49.

Trading Friday was tentative because investors feared that rising inflation could cause the Federal Reserve to retreat from policies aimed at boosting markets. The government said that consumer prices increased in February at the fastest pace in more than three years.

The increase was driven by a spike in gas prices; the core index, which excludes the volatile energy and food categories, increased more modestly. But both figures rose 2 percent compared with a year earlier, enough to get investors' attention, said Peter Tchir, who runs the hedge fund TF Market Advisors.

"It's real and it's a drag, and I think people are growing concerned that it can get out of control quickly," Tchir said. He said signs of economic improvement and inflation "make them wonder if there will be continued market pressure on the Fed" to end its bond-buying programs.

The market's recent rally to multiyear highs was fueled in part by the Fed's efforts to keep interest rates low and encourage investment.

The Dow's win streak matched a 10-day run that ended on Nov. 15, 1996. To find a longer uninterrupted series of gains, you would have to go back to Jan. 3, 1992, when the Dow rose for 11 consecutive days.

The index's longest winning streak was 14 days, ending June 14, 1897.

The NYSE DOW closed LOWER ▼ -25.03 points or ▼ -0.17% Friday, 15 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,514.11 ▼ -25.03 ▼ -0.17%
Nasdaq____ 3,249.07 ▼ -9.86 ▼ -0.30%
S&P_500____ 1,560.70 ▼ -2.53 ▼ -0.16%
30_Yr_Bond____ 3.220 ▼ -0.02 ▼ -0.52%

NYSE Volume 5,243,461,500
Nasdaq Volume 2,156,818,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,489.65 ▼ -39.76 ▼ -0.61%
DAX_____ 8,042.85 ▼ -15.52 ▼ -0.19%
CAC_40__ 3,844.03 ▼ -27.55 ▼ -0.71%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,129.30 ▲ 85.50 ▲ 1.70%
Shanghai_Comp 2,278.40 ▲ 8.12 ▲ 0.36%
Taiwan_Weight 7,927.49 ▼ -24.27 ▼ -0.31%
Nikkei_225____ 12,560.95 ▲ 179.76 ▲ 1.45%
Hang_Seng____ 22,533.11 ▲ 53.93 ▼ -0.38%
Strait_Times___ 3,286.05 ▲ 6.55 ▲ 0.20%
NZX_50_Index__ 4,387.06 ▲ 5.96 ▲ 0.14%

http://finance.yahoo.com/news/us-stocks-close-lower-ending-205230834.html

US stocks close lower, ending Dow's 10-day rally

US stocks fall on concern about inflation concern, ending Dow's 10-day winning streak

By Daniel Wagner, AP Business Writer

U.S. stock markets fell Friday, ending the longest winning streak for the Dow Jones industrial average in nearly 17 years.

The Dow dropped 25.03 points, or 0.2 percent, to 14,514.11 The Standard & Poor's 500 index fell 2.5 points, or 0.2 percent, to 1,560.70, just shy of an all-time high from October 2007. The Nasdaq composite index dropped nine points, or 0.3 percent, to 3,249.

The Dow had notched a 10-day winning streak through Thursday, its longest since November 1996. The string of wins pushed the blue-chip index up 484 points, or 3.4 percent, to a Thursday close of 14,539.14. The index's closing price on Feb. 28, just before the rally began, was 14,054.49.

Trading Friday was tentative because investors feared that rising inflation could cause the Federal Reserve to retreat from policies aimed at boosting markets. The government said that consumer prices increased in February at the fastest pace in more than three years.

The increase was driven by a spike in gas prices; the core index, which excludes the volatile energy and food categories, increased more modestly. But both figures rose 2 percent compared with a year earlier, enough to get investors' attention, said Peter Tchir, who runs the hedge fund TF Market Advisors.

"It's real and it's a drag, and I think people are growing concerned that it can get out of control quickly," Tchir said. He said signs of economic improvement and inflation "make them wonder if there will be continued market pressure on the Fed" to end its bond-buying programs.

The market's recent rally to multiyear highs was fueled in part by the Fed's efforts to keep interest rates low and encourage investment.

The Dow's win streak matched a 10-day run that ended on Nov. 15, 1996. To find a longer uninterrupted series of gains, you would have to go back to Jan. 3, 1992, when the Dow rose for 11 consecutive days.

The index's longest winning streak was 14 days, ending June 14, 1897.

Stocks opened lower and extended their losses at 10 a.m. after a closely-watched index of consumer sentiment fell to its lowest level since the end of 2011. The University of Michigan's preliminary consumer sentiment index dropped 5.8 points to 71.8, according JPMorgan analyst Daniel Silver said in a note to clients.

Stocks reversed the losses briefly at midday, then drifted back down in the afternoon.

Traders are processing big banks' scores on "stress tests" administered by the Fed. The Fed said late Thursday that JPMorgan Chase and Goldman Sachs both need better plans to cope with a severe recession. It gave them until September to revise their plans.

Still, the Fed allowed both banks to increase their dividends and buy back their stock, signaling that regulators believe the banks are fundamentally sound.

The stock of JPMorgan fell 98 cents, or 1.9 percent, to $50.02. Goldman's stock rose 82 cents, or 0.5 percent, to $154.84.

The S&P 500 closed just five points from its all-time closing high of 1,565, reached in October 2007.

The yield on the 10-year Treasury note fell to 1.99 percent from 2.06 percent early Thursday, as demand increased for ultra-safe investments.

Among the other companies making big moves:

”” Cruise ship operator Carnival Corp. fell 78 cents, or 2.2 percent, to $34.95. The company said passengers have been booking vacations at a slower pace after a series of high-profile mishaps.

”” Krispy Kreme Doughnuts Inc. plunged after saying its fiscal fourth-quarter net income dropped sharply and fell short of expectations. The stock fell 41 cents, or 2.7 percent, to $14.54.

”” Teen apparel chain Aeropostale Inc. fell 76 cents, or 5.2 percent, to $13.75, after posting a loss in its fiscal fourth quarter and saying it expects another one in the current quarter.

7951

 

[bigdog]

Source: http://finance.yahoo.com

Stocks are closed lower on Wall Street as investors worried that a controversial proposal to seize money from depositors in Cyprus could set off another bout of anxiety over Europe's shared currency.

The Dow Jones industrial average fell 62.05 points, or 0.4 percent, to 14,452.06 Monday. It had plunged as much as 110 points in the early going, briefly turned positive in the afternoon then fell back again in the last hour of trading.

The Standard & Poor's 500 fell 8.60 points, or 0.6 percent, to 1,552.10 The Nasdaq composite dropped 11.48 points, or 0.4 percent, to 3,237.59.

European markets recovered most of an early slide and closed with modest losses. Yields on government bonds issued by Spain and Italy edged higher and the euro fell to a three-month low against the dollar.

The market rally that has pushed the Dow to record levels this year has been punctuated by concerns about the euro-region's lingering debt crisis. The Dow fell 1.6 percent Feb. 25, its biggest wobble this year, after elections in Italy threw the country into political paralysis, endangering crucial economic reforms.

"Europe has got problems," said Uri Landesman, president of Platinum Partners, a hedge fund. "You could get more stuff like this and the market isn't priced to handle that."

A weekend agreement between Cyprus and its European partners called for the government to raid bank accounts as part of a €15.8 billion ($20.4 billion) financial bailout, the first time in the euro zone crisis that the prospect of seizing individuals' savings has been raised. The measures are stoking fears of bank runs in the other 16 nations that use the euro.

Cypriot authorities, facing an uproar, delayed a parliamentary vote on the seizure and ordered the country's banks to remain closed until Thursday while they try to modify the deal to lessen the impact on small depositors.

Markets in Europe and Asia also fell during early trading, before retracing some of their losses later in the day. Germany's DAX index dropped 0.4 percent and Spain's main stock index shed 1.3 percent. Indexes in Britain and France each lost 0.5 percent.

The euro fell almost a penny against the dollar to $1.2954, touching its lowest level in three months. Gold climbed $12 to $1,604.60 an ounce.

The U.S. stock market's reaction to euro zone developments has become more muted over time.

The Dow slumped more than 8 percent last year between May 1 and June 1 on concerns that Spain and Italy would be dragged into Europe's debt crisis. While the Dow initially dropped last month in reaction to the Italian election results, it has since gained 4.6 percent. Likewise the market recovered much of the early loss Monday prompted by Cyprus's bailout deal.

The NYSE DOW closed LOWER ▼ -62.05 points or ▼ -0.43% Monday, 18 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,452.06 ▼ -62.05 ▼ -0.43%
Nasdaq____ 3,237.59 ▼ -11.48 ▼ -0.35%
S&P_500____ 1,552.10 ▼ -8.60 ▼ -0.55%
30_Yr_Bond____ 3.180 ▼ -0.04 ▼ -1.24%

NYSE Volume 3,522,989,250
Nasdaq Volume 1,552,838,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,457.92 ▼ -31.73 ▼ -0.49%
DAX_____ 8,010.70 ▼ -32.15 ▼ -0.40%
CAC_40__ 3,825.47 ▼ -18.56 ▼ -0.48%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,027.40 ▼ -101.90 ▼ -1.99%
Shanghai_Comp 2,240.02 ▼ -38.39 ▼ -1.68%
Taiwan_Weight 7,811.34 ▼ -116.15 ▼ -1.47%
Nikkei_225____ 12,220.63 ▼ -340.32 ▼ -2.71%
Hang_Seng____ 22,083.36 ▲ 53.93 ▼ -2.00%
Strait_Times___ 3,256.47 ▼ -29.58 ▼ -0.90%
NZX_50_Index__ 4,341.02 ▼ -46.03 ▼ -1.05%

http://finance.yahoo.com/news/stocks-falter-following-cypruss-bailout-201243246.html

Stocks falter following Cyprus's bailout plan

Cyprus's plan to seize funds from depositors unsettles markets, reawakes euro zone worries

By Steve Rothwell, AP Business Writer

Stocks are closed lower on Wall Street as investors worried that a controversial proposal to seize money from depositors in Cyprus could set off another bout of anxiety over Europe's shared currency.

The Dow Jones industrial average fell 62.05 points, or 0.4 percent, to 14,452.06 Monday. It had plunged as much as 110 points in the early going, briefly turned positive in the afternoon then fell back again in the last hour of trading.

The Standard & Poor's 500 fell 8.60 points, or 0.6 percent, to 1,552.10 The Nasdaq composite dropped 11.48 points, or 0.4 percent, to 3,237.59.

European markets recovered most of an early slide and closed with modest losses. Yields on government bonds issued by Spain and Italy edged higher and the euro fell to a three-month low against the dollar.

The market rally that has pushed the Dow to record levels this year has been punctuated by concerns about the euro-region's lingering debt crisis. The Dow fell 1.6 percent Feb. 25, its biggest wobble this year, after elections in Italy threw the country into political paralysis, endangering crucial economic reforms.

"Europe has got problems," said Uri Landesman, president of Platinum Partners, a hedge fund. "You could get more stuff like this and the market isn't priced to handle that."

A weekend agreement between Cyprus and its European partners called for the government to raid bank accounts as part of a €15.8 billion ($20.4 billion) financial bailout, the first time in the euro zone crisis that the prospect of seizing individuals' savings has been raised. The measures are stoking fears of bank runs in the other 16 nations that use the euro.

Cypriot authorities, facing an uproar, delayed a parliamentary vote on the seizure and ordered the country's banks to remain closed until Thursday while they try to modify the deal to lessen the impact on small depositors.

Markets in Europe and Asia also fell during early trading, before retracing some of their losses later in the day. Germany's DAX index dropped 0.4 percent and Spain's main stock index shed 1.3 percent. Indexes in Britain and France each lost 0.5 percent.

The euro fell almost a penny against the dollar to $1.2954, touching its lowest level in three months. Gold climbed $12 to $1,604.60 an ounce.

The U.S. stock market's reaction to euro zone developments has become more muted over time.

The Dow slumped more than 8 percent last year between May 1 and June 1 on concerns that Spain and Italy would be dragged into Europe's debt crisis. While the Dow initially dropped last month in reaction to the Italian election results, it has since gained 4.6 percent. Likewise the market recovered much of the early loss Monday prompted by Cyprus's bailout deal.

The yield on the 10-year U.S. Treasury bond, which moves inversely to its price, fell to 1.96 percent from 1.99 percent as investors moved money into low-risk investments. Yields on bonds issued by Spain and Italy, the two most vulnerable large European economies, rose but only slightly. Spain's benchmark 10-year yield rose to 4.97 percent from 4.91 percent, and Italy's rose to 4.57 percent from 4.55 percent.

The stock market's resilience suggests that traders consider the Cyprus situation to be contained for now, said Quincy Krosby, a market strategist for Prudential. The threat of rising volatility may also deter the Fed from thinking about ending its economic stimulus program. The central bank starts its second two-day policy meeting of the year Tuesday.

"Absent the Cyprus flare-up, the markets were slowing a bit and it looked as if investors were digesting the gains and waiting for the next catalyst," said Krosby.

Financial stocks were the biggest decliners in the S&P 500. Investment bank Morgan Stanley fell 60 cents, or 2.5 percent, to $22.99. Citigroup dropped $1.02, or 2.2 percent, to $46.24.

Goldman Sachs said Monday that it had lifted its end-of-year target for the S&P 500 to 1,625 from its previous target of 1,575. The investment bank is forecasting that the U.S. economy will grow 2 percent this year and 2.9 percent next year. It also predicts that corporate deals and dividend payments will increase.

Deutsche Bank also said Monday it was lifting its year-end prediction for the S&P 500 to 1,625 from 1,600, forecasting an upturn in business spending.

Among other stocks making big moves:

”” Schlumberger dropped $3.06, or 3.9 percent, to $76.34 after the oilfield services company said that its first quarter activity was below its expectations as customers reactivated fewer rigs than forecast.

”” Boeing fell $1.25, or 1.4 percent, to $85.18 after archrival Airbus signed its biggest deal of all time on Monday. The European plane maker won an order from Indonesia's Lion Air worth 18.4 billion euros ($24 billion) for its short haul A320 and A321 jets.

 

[bigdog]

Source: http://finance.yahoo.com

The latest twists in Europe's debt drama weighed down the stock market Tuesday, offsetting more good news on the U.S. housing market.

The Dow Jones industrial average managed a gain of just four points, while other indexes closed slightly lower. Investors were focused on Cyprus, where the Mediterranean country's lawmakers voted against a proposed bailout plan for banks that would have called for raiding the savings accounts of ordinary citizens, setting a new precedent in Europe's ongoing debt crisis.

The plan was rejected ”” with zero votes in favor ”” even after being changed to lessen the burden on savers with lower balances. The vote leaves the Cyprus's bailout from international lenders in question, and without external funds the country's banks could face collapse and the government could wind up having to leave Europe's joint currency.

Many investors are betting the worst-case scenarios won't come to pass, however, especially since Europe's powerful central banker, European Central Bank President Mario Draghi, has vowed to take any steps necessary to preserve the 17-nation currency union.

"The concern in the market is that they could default or they could be forced out of the euro zone and that would create a precedent," said Alec Young, a global equity strategist with S&P Capital IQ. "The selling, though, is fairly contained, and that tells you most people think there will be some kind of compromise reached."

The Dow and other U.S. indexes started higher following a report of a surprisingly large increase in new home construction in February. The index gained as much as 62 points in morning trading.

It turned lower at midday as Cyprus' parliament began debating the contentious plan demanded by the country's lenders to seize as much as 10 percent of the funds in savings accounts. The market steadied in the afternoon after the vote occurred and a move to delay it was turned down.

The euro zone's debt crisis still has the power to captivate stock global markets, but investors worry about it less these days after Draghi pledged last year to do "whatever it takes" to preserve the euro.

The Dow's biggest wobble this year came Feb. 26, when it lost 1.6 percent after the results of Italian elections left the country in political turmoil, endangering crucial economic reforms. Even that was a less dramatic response than sell-offs a year ago when borrowing rates spiked for Spain and Italy as investors lost confidence in the ability of those countries to service their debt.

On Tuesday the Dow rose 3.76 points, or 0.03 percent, to close at 14,455.82.

Other major market indexes fell slightly. The Standard & Poor's 500 fell 3.76 points, or 0.2 percent, to 1,548.34. The Nasdaq composite fell 8.50 points, or 0.3 percent, to 3,229.10.

Markets declined Monday, with the Dow giving up 62 points, following a weekend of drama as Cyprus' leaders acceded to the demands from European lenders to seize depositors' funds, which were met with outrage. While the reaction Tuesday was more muted, investors were still watching closely to see if the situation takes a turn for the worse.

The NYSE DOW closed HIGHER ▲ 3.76 points or ▲ 0.03% Tuesday, 19 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,455.82 ▲ 3.76 ▲ 0.03%
Nasdaq____ 3,229.10 ▼ -8.49 ▼ -0.26%
S&P_500____ 1,548.34 ▼ -3.76 ▼ -0.24%
30_Yr_Bond____ 3.130 ▼ -0.05 ▼ -1.57%

NYSE Volume 4,241,452,500
Nasdaq Volume 1,697,940,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,441.32 ▼ -16.60 ▼ -0.26%
DAX_____ 7,947.79 ▼ -62.91 ▼ -0.79%
CAC_40__ 3,775.75 ▼ -49.72 ▼ -1.30%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,004.40 ▼ -23.00 ▼ -0.46%
Shanghai_Comp 2,257.43 ▲ 17.42 ▲ 0.78%
Taiwan_Weight 7,838.47 ▲ 27.13 ▲ 0.35%
Nikkei_225____ 12,468.23 ▲ 247.60 ▲ 2.03%
Hang_Seng____ 22,041.86 ▲ 53.93 ▼ -0.19%
Strait_Times___ 3,270.68 ▲ 14.21 ▲ 0.44%
NZX_50_Index__ 4,345.04 ▲ 4.02 ▲ 0.09%

http://finance.yahoo.com/news/wall-street-holds-own-cyprus-210907368.html

Wall Street holds its own after Cyprus 'no' vote

Investors unfazed after Cyprus rejects onerous bailout terms; US markets end little changed

By Steve Rothwell, AP Business Writer

The latest twists in Europe's debt drama weighed down the stock market Tuesday, offsetting more good news on the U.S. housing market.

The Dow Jones industrial average managed a gain of just four points, while other indexes closed slightly lower. Investors were focused on Cyprus, where the Mediterranean country's lawmakers voted against a proposed bailout plan for banks that would have called for raiding the savings accounts of ordinary citizens, setting a new precedent in Europe's ongoing debt crisis.

The plan was rejected ”” with zero votes in favor ”” even after being changed to lessen the burden on savers with lower balances. The vote leaves the Cyprus's bailout from international lenders in question, and without external funds the country's banks could face collapse and the government could wind up having to leave Europe's joint currency.

Many investors are betting the worst-case scenarios won't come to pass, however, especially since Europe's powerful central banker, European Central Bank President Mario Draghi, has vowed to take any steps necessary to preserve the 17-nation currency union.

"The concern in the market is that they could default or they could be forced out of the euro zone and that would create a precedent," said Alec Young, a global equity strategist with S&P Capital IQ. "The selling, though, is fairly contained, and that tells you most people think there will be some kind of compromise reached."

The Dow and other U.S. indexes started higher following a report of a surprisingly large increase in new home construction in February. The index gained as much as 62 points in morning trading.

It turned lower at midday as Cyprus' parliament began debating the contentious plan demanded by the country's lenders to seize as much as 10 percent of the funds in savings accounts. The market steadied in the afternoon after the vote occurred and a move to delay it was turned down.

The euro zone's debt crisis still has the power to captivate stock global markets, but investors worry about it less these days after Draghi pledged last year to do "whatever it takes" to preserve the euro.

The Dow's biggest wobble this year came Feb. 26, when it lost 1.6 percent after the results of Italian elections left the country in political turmoil, endangering crucial economic reforms. Even that was a less dramatic response than sell-offs a year ago when borrowing rates spiked for Spain and Italy as investors lost confidence in the ability of those countries to service their debt.

On Tuesday the Dow rose 3.76 points, or 0.03 percent, to close at 14,455.82.

Other major market indexes fell slightly. The Standard & Poor's 500 fell 3.76 points, or 0.2 percent, to 1,548.34. The Nasdaq composite fell 8.50 points, or 0.3 percent, to 3,229.10.

Markets declined Monday, with the Dow giving up 62 points, following a weekend of drama as Cyprus' leaders acceded to the demands from European lenders to seize depositors' funds, which were met with outrage. While the reaction Tuesday was more muted, investors were still watching closely to see if the situation takes a turn for the worse.

"The situation in Cyprus is keeping everyone glued to their TVs," Joseph Tanious, global market strategist at J.P. Morgan Funds, said before the vote.

Tanious says investors shouldn't immediately overreact to the news coming out of Europe, but instead take a step back and remember Draghi's pledge. "Do not underestimate the power of the ECB," said Tanious.

U.S. markets have been on a roll this year. The Dow is up 10.3 percent and broke through its previous all-time high on March 5, driven by strength in housing and a pickup in hiring. Strong company earnings and continuing stimulus from the Federal Reserve is also helping boost demand for stocks.

The S&P 500 is up 8.6 percent in 2013 and is 1.1 percent away from its record close of 1,565.15 reached October 2007.

The Federal Reserve opened its second policy meeting of the year Tuesday. On Wednesday, it will issue a policy statement and update its economic forecasts. Economists and investors don't expect the Fed to let up in its drive to keep stimulating the economy by keeping interest rates at historic lows.

"The Fed has clearly been a big push in this market, no question," said Maury Fertig, chief investment officer at Relative Value Partners. "What the Fed has done has really helped the market recover....they're not going to pull away prematurely."

Investors are increasingly putting more money to stocks, according to a Bank of America Merrill Lynch survey, published Tuesday. The survey of fund managers showed that 57 percent of investors favored allocating money to stocks, the highest percentage in more than two years.

The yield on the 10-year Treasury note, which moves inversely to its price, fell to 1.91 percent from 1.96 percent. That's a signal investors were moving money into low-risk assets.

Among other stocks making big moves:

”” Lululemon fell $1.82, or 2.8 percent, to $64.08 after the company yanked its popular black yoga pants from store shelves after it found that the sheer material used was too revealing.

”” Electronic Arts fell $1.56, or 8.3 percent, to $17.15 after the video game maker said its adjusted revenue fell 28 percent to $1.18 billion for the last three months of 2012. The figure was below Wall Street's expectations. The company also said its CEO, John Riccitiello, will step down on March 30.

 

[bigdog]

Source: http://finance.yahoo.com

Fear of a revived debt crisis in Europe faded from the stock market Wednesday, freeing the Dow Jones industrial average to touch an all-time high.

After dipping Monday on concerns that Cyprus would become the latest European nation to stir fiscal chaos, the Dow posted its second straight day of gains.

Stocks traded steadily higher for most of the day and spiked after the Federal Reserve said it will continue with aggressive measures to boost the economy. Fed Chairman Ben Bernanke said that Cyprus crisis posed no major risk to the U.S. economy.

The Dow was up 44 points shortly before the Fed announcement. It rose as much as 91 points shortly after the Fed released its policy statement at 2 p.m., touching an all-time high of 14,546 at 2:25 p.m.

The Fed said the U.S. economy has strengthened after pausing late last year, but still needs support from the central bank. The Fed plans to continue buying $85 billion in bonds per month indefinitely to keep long-term borrowing costs down and spur investment. It also said it would keep short-term interest rates at record lows, at least until unemployment falls to 6.5 percent.

Unemployment fell last month to 7.7 percent, the lowest in four years. The Fed doesn't expect the rate to reach its target until 2015.

The Dow closed up 55.91 points Wednesday, or 0.4 percent, to 14,511.73.

Stock markets were little changed Tuesday despite rising uncertainty in Cyprus. Anyone watching "would conclude that the market decided Cyprus is overblown as an issue," said Brian Gendreau, a strategist at Cetera Financial Group.

Gendreau said traders had been concerned about what precedent might be set by Cyprus' efforts to avoid a crisis. A plan to seize money from bank savings accounts was met with outrage and was rejected Tuesday by the island nation's parliament.

The nation's unusual status as an international financial haven makes it an unlikely roadmap for future rescue efforts.

"I think the market's going to start looking at other things," he said.

Cyprus was negotiating with international lenders, seeking support for its ailing financial system. Without a bailout deal, Cyprus' banks could collapse, devastating the country's economy and potentially forcing it to exit the euro currency group. That could roil global financial markets.

The NYSE DOW closed HIGHER ▲ 55.91 points or ▲ 0.39% Wednesday, 20 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,511.73 ▲ 55.91 ▲ 0.39%
Nasdaq____ 3,254.19 ▲ 25.09 ▲ 0.78%
S&P_500____ 1,558.71 ▲ 10.37 ▲ 0.67%
30_Yr_Bond____ 3.170 ▲ 0.04 ▲ 1.18%

NYSE Volume 3,667,807,750
Nasdaq Volume 1,597,681,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,432.70 ▼ -8.62 ▼ -0.13%
DAX_____ 8,001.97 ▲ 54.18 ▲ 0.68%
CAC_40__ 3,829.56 ▲ 53.81 ▲ 1.43%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,982.60 ▼ -21.80 ▼ -0.44%
Shanghai_Comp 2,317.37 ▲ 59.94 ▲ 2.66%
Taiwan_Weight 7,798.03 ▼ -40.44 ▼ -0.52%
Nikkei_225____ 12,468.23 ▲ 247.60 ▲ 2.03%
Hang_Seng____ 22,256.44 ▲ 53.93 ▲ 0.97%
Strait_Times___ 3,248.40 ▼ -20.73 ▼ -0.63%
NZX_50_Index__ 4,349.43 ▲ 8.41 ▲ 0.19%

http://finance.yahoo.com/news/stocks-rise-federal-stands-stimulus-183434115.html

Stocks rise as Federal Reserve stands by stimulus

Stocks rise as Federal Reserve stands by aggressive economic stimulus; Cyprus concerns fade

By Daniel Wagner, AP Business Writer

Fear of a revived debt crisis in Europe faded from the stock market Wednesday, freeing the Dow Jones industrial average to touch an all-time high.

After dipping Monday on concerns that Cyprus would become the latest European nation to stir fiscal chaos, the Dow posted its second straight day of gains.

Stocks traded steadily higher for most of the day and spiked after the Federal Reserve said it will continue with aggressive measures to boost the economy. Fed Chairman Ben Bernanke said that Cyprus crisis posed no major risk to the U.S. economy.

The Dow was up 44 points shortly before the Fed announcement. It rose as much as 91 points shortly after the Fed released its policy statement at 2 p.m., touching an all-time high of 14,546 at 2:25 p.m.

The Fed said the U.S. economy has strengthened after pausing late last year, but still needs support from the central bank. The Fed plans to continue buying $85 billion in bonds per month indefinitely to keep long-term borrowing costs down and spur investment. It also said it would keep short-term interest rates at record lows, at least until unemployment falls to 6.5 percent.

Unemployment fell last month to 7.7 percent, the lowest in four years. The Fed doesn't expect the rate to reach its target until 2015.

The Dow closed up 55.91 points Wednesday, or 0.4 percent, to 14,511.73.

Stock markets were little changed Tuesday despite rising uncertainty in Cyprus. Anyone watching "would conclude that the market decided Cyprus is overblown as an issue," said Brian Gendreau, a strategist at Cetera Financial Group.

Gendreau said traders had been concerned about what precedent might be set by Cyprus' efforts to avoid a crisis. A plan to seize money from bank savings accounts was met with outrage and was rejected Tuesday by the island nation's parliament.

The nation's unusual status as an international financial haven makes it an unlikely roadmap for future rescue efforts.

"I think the market's going to start looking at other things," he said.

Cyprus was negotiating with international lenders, seeking support for its ailing financial system. Without a bailout deal, Cyprus' banks could collapse, devastating the country's economy and potentially forcing it to exit the euro currency group. That could roil global financial markets.

Attention had returned to Europe this week after several months' respite, during which traders focused on the strengthening U.S. economy and drove stocks to multi-year highs.

Over the previous two years, concerns about a breakup of the euro currency often dominated trading of U.S. stocks. The jitters receded after central banks provided enough extra cash to help prop up Europe's commercial banks.

Among stocks making big news was FedEx. The shipping company reported sharply lower quarterly earnings and said it will cut capacity to Asia. FedEx is seen as a bellwether for the broader economy because air shipments are tied closely to the pace of business activity.

FedEx sank $7.33, or 6.9 percent, to $99.13.

Adobe soared after reporting strong first-quarter earnings. The company, which makes Adobe Reader and Photoshop, said it has picked up more subscriptions to online versions of its software products. The stock rose $1.71, or 4.2 percent, to $42.46.

In other trading, the Standard & Poor's 500 index rose 10.37 points, or 0.7 percent, to 1,558.71. The Nasdaq composite index rose 25.09, or 0.8 percent, to 3,254.19.

The S&P 500 is just six points below its all-time high of 1,565, reached in October 2007. It is up 9.3 percent so far this year.

The Dow is up 10.7 percent for the year. From March 1 through March 14, the index had a 10-day winning streak ”” its longest since 1996. The streak boosted the Dow by 484 points, to 14,539. Following a two-day dip Friday and Monday, the Dow has added 60 points to 14,511.

Among the other stocks making big moves:

”” General Mills rose $1.19, or 2.6 percent, to $47.61 after saying its fiscal third-quarter profit rose 2 percent. The food company is benefiting from recent acquisitions.

”” Williams-Sonoma soared after the home goods retailer said its fourth-quarter net income jumped 9 percent and beat expectations. The stock rose $4.64, or 10.3 percent, to $49.85

 

[bigdog]

Source: http://finance.yahoo.com

Stocks closed lower on Wall Street Thursday after Oracle's weak sales results weighed down big U.S. technology companies. Traders also worried about Cyprus running out of time to avoid bankruptcy.

Major indexes followed European markets lower at the open and remained solidly negative all day. The Dow Jones industrial average fell as much as 129 points by mid-afternoon before paring the loss to close down 90 points.

All three major indexes felt the drag from technology stocks after Oracle reported an unexpected decline in sales in its fiscal third quarter. Oracle's results have an outsized impact on other technology stocks because it reports earlier than most of its peers.

European markets had closed sharply lower. The main indexes in Paris and Frankfurt fell 1.4 percent and 0.9 percent, respectively, on fear that the crisis in Cyprus will intensify. The European Central Bank has threatened to end emergency support of the nation's banks next week unless leaders can secure more funding.

Cyprus must raise about $7.5 billion in the next four days to avoid bankruptcy. Several plans have failed, including a proposal to tax deposits held by the nation's banks. If the Mediterranean banking haven is unable to secure a bailout, its banks will fail and it could be forced to leave the euro currency. Worries about that scenario first hit stock markets Monday.

"It's amazing how quickly things can turn back to Cyprus and Europe," said Oliver Cross, director of research with Carolinas Investment Consulting LLC in Charlotte, N.C. Cross spent his day focused on headlines from Europe, rather than digesting happier news about hiring and home sales in the U.S.

Oracle was the biggest decliner in the S&P 500 index; Juniper Networks also fell steeply. The S&P 500 closed down 12.91 points, or 0.8 percent, at 1,545.80.

The Dow dropped 90.24 points, or 0.6 percent, to 14,421.49. Cisco was the Dow's biggest loser, followed by H-P. IBM also lost ground.

The Nasdaq, which is weighted heavily toward tech stocks, fell a full percentage point. It closed down 31.59 points at 3,222.60.

Despite being down for the week, the Dow remains near a record high. Its run-up has been powered by optimism about the U.S. economy and the Federal Reserve's easy-money policies. The Dow is up 2.6 percent this month. The S&P 500 has gained 2.1 percent in March, and is 20 points from its own all-time high set in October 2007.

Given the market's recent strength, many analysts have been anticipating a sharp decline at the first sign of bad news ”” whether from Europe, corporate America or the U.S. economy.

The NYSE DOW closed LOWER ▼ -90.24 points or ▼ -0.62% Thursday, 21 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,421.49 ▼ -90.24 ▼ -0.62%
Nasdaq____ 3,222.60 ▼ -31.59 ▼ -0.97%
S&P_500____ 1,545.80 ▼ -12.91 ▼ -0.83%
30_Yr_Bond____ 3.155 ▼ -0.02 ▼ -0.54%

NYSE Volume 3,571,193,250
Nasdaq Volume 1,691,752,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,388.55 ▼ -44.15 ▼ -0.69%
DAX_____ 7,932.51 ▼ -69.46 ▼ -0.87%
CAC_40__ 3,774.85 ▼ -54.71 ▼ -1.43%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,976.80 ▼ -5.80 ▼ -0.12%
Shanghai_Comp 2,324.24 ▲ 6.87 ▲ 0.30%
Taiwan_Weight 7,811.84 ▲ 13.81 ▲ 0.18%
Nikkei_225____ 12,635.69 ▲ 167.46 ▲ 1.34%
Hang_Seng____ 22,225.88 ▲ 53.93 ▼ -0.14%
Strait_Times___ 3,267.65 ▲ 19.25 ▲ 0.59%
NZX_50_Index__ 4,342.50 ▼ -6.93 ▼ -0.16%

http://finance.yahoo.com/news/weak-oracle-sales-cyprus-fears-211827345.html

Weak Oracle sales, Cyprus fears weigh on US stocks

US stocks fall as Oracle's weak sales drag on tech shares, worries about Cyprus crisis persist

By Daniel Wagner, AP Business Writer

Stocks closed lower on Wall Street Thursday after Oracle's weak sales results weighed down big U.S. technology companies. Traders also worried about Cyprus running out of time to avoid bankruptcy.

Major indexes followed European markets lower at the open and remained solidly negative all day. The Dow Jones industrial average fell as much as 129 points by mid-afternoon before paring the loss to close down 90 points.

All three major indexes felt the drag from technology stocks after Oracle reported an unexpected decline in sales in its fiscal third quarter. Oracle's results have an outsized impact on other technology stocks because it reports earlier than most of its peers.

European markets had closed sharply lower. The main indexes in Paris and Frankfurt fell 1.4 percent and 0.9 percent, respectively, on fear that the crisis in Cyprus will intensify. The European Central Bank has threatened to end emergency support of the nation's banks next week unless leaders can secure more funding.

Cyprus must raise about $7.5 billion in the next four days to avoid bankruptcy. Several plans have failed, including a proposal to tax deposits held by the nation's banks. If the Mediterranean banking haven is unable to secure a bailout, its banks will fail and it could be forced to leave the euro currency. Worries about that scenario first hit stock markets Monday.

"It's amazing how quickly things can turn back to Cyprus and Europe," said Oliver Cross, director of research with Carolinas Investment Consulting LLC in Charlotte, N.C. Cross spent his day focused on headlines from Europe, rather than digesting happier news about hiring and home sales in the U.S.

Oracle was the biggest decliner in the S&P 500 index; Juniper Networks also fell steeply. The S&P 500 closed down 12.91 points, or 0.8 percent, at 1,545.80.

The Dow dropped 90.24 points, or 0.6 percent, to 14,421.49. Cisco was the Dow's biggest loser, followed by H-P. IBM also lost ground.

The Nasdaq, which is weighted heavily toward tech stocks, fell a full percentage point. It closed down 31.59 points at 3,222.60.

Despite being down for the week, the Dow remains near a record high. Its run-up has been powered by optimism about the U.S. economy and the Federal Reserve's easy-money policies. The Dow is up 2.6 percent this month. The S&P 500 has gained 2.1 percent in March, and is 20 points from its own all-time high set in October 2007.

Given the market's recent strength, many analysts have been anticipating a sharp decline at the first sign of bad news ”” whether from Europe, corporate America or the U.S. economy.

The pullback has not materialized, said Troy Logan, managing director and senior economist at Warren Financial Service in Exton, Penn. He said today's losses could have been much worse.

"We thought Cyprus would be the perfect opportunity for the market to step back, but it looks like the market has shrugged it off," Logan said.

Many of his firm's customers are seeking higher-risk investments with higher potential returns, Logan said ”” an indication that stocks may keep rising.

The U.S. job and housing markets continue to improve gradually, according to economic reports released Thursday morning. The Labor Department said the number of people claiming new unemployment benefits last week was roughly flat near a five-year low. Sales of existing homes rose in February to a three-year high, according to the National Association of Realtors.

The yield on the 10-year U.S. Treasury note fell to 1.92 percent from 1.96 percent earlier Thursday as demand increased for ultra-safe investments.

In the tumbling tech sector, Oracle fell $3.47, or 9.7 percent, to $32.30. Juniper dropped 42 cents, or 2.2 percent, to $18.89. Cisco list 83 cents, or 3.8 percent, to $20.84. H-P declined 60 cents, or 2.6 percent, to $22.32. And IBM declined $2.80, or 1.3 percent, to $212.26.

Outside of technology, here are some stocks that made big moves:

”” Struggling drug company AstraZeneca jumped after saying it would cut 2,300 more jobs worldwide and overhaul its research operations. That brings to 11,000 the number of job cuts announced in the past 13 months. Shares rose $1.77, or 3.8 percent, to $47.95.

”” Publisher Scholastic Corp. plunged after shrinking demand for its best-selling "The Hunger Games" books forced it to cut its guidance for the year. The company's fiscal third-quarter loss nearly doubled. Shares fell $4.32, or 13.9 percent, to $26.75.

”” Movado Group Inc. dropped after the luxury watchmaker said its fiscal fourth-quarter net income fell 26 percent. The stock dropped $3.89, or 10.5 percent, to $33.23.

 

[bigdog]

Source: http://finance.yahoo.com

Strong company earnings boosted stocks on Wall Street Friday. Investors also saw a chance to add to their holdings after declines earlier in the week.

Nike reported a surge in profit, sending its stock price to a record. Tiffany topped earnings predictions, boosted by demand from customers in Asia.

A strong run-up in stocks this year is encouraging investors to buy whenever the market dips, says Ron Florance, managing director of investment strategy at Wells Fargo Private Bank.

"We still have an astonishing amount of money sitting on the sidelines," says Florance.

The Dow Jones industrial average rose 90.54 points, or 0.6 percent, to 14,512.03 Friday. The Standard & Poor's 500 index rose 11.09 points, or 0.7 percent, to 1,556.89. The Nasdaq composite gained 22.40 points, or 0.7 percent, to 3,245.

Nike's stock hit an all-time high, rising 11 percent to $59.53 after the company reported a spike in quarterly profit. Tiffany's stock rose nearly 2 percent to $69.23 after it reported strong earnings.

Despite Friday's gains, the S&P 500 was down for the week, falling seven points, or 0.3 percent. The index was weighed down by another debt crisis in Europe and disappointing corporate news.

The Dow had its worst week in more than a month, shedding a fraction of a percentage point.

The markets got hit on several fronts.

The Mediterranean island nation of Cyprus, a banking haven, struggled to devise a plan to avoid financial collapse.

Oracle reported weak sales. FedEx, a bellwether for the economy, posted a drop in quarterly profit and cut its annual earnings forecast.

As a result, the S&P 500 logged only its second weekly decline of the year. The first came the week of Feb. 22, when investors were spooked by the minutes from a Federal Reserve policy meeting. The minutes revealed disagreement over how long to keep buying bonds in an effort to boost the economy.

A pause in the stock market run-up is due, says Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Gains this year overstate the improvement in the economy, he says.

The biggest risk to the market run-up will come when the Fed faces increasing pressure to end its stimulus program. That could happened if the economy continues to improve and stock markets rise, says Sandven.

The NYSE DOW closed HIGHER ▲ 90.54 points or ▲ 0.63% Friday, 22 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,512.03 ▲ 90.54 ▲ 0.63%
Nasdaq____ 3,245.00 ▲ 22.40 ▲ 0.70%
S&P_500____ 1,556.89 ▲ 11.09 ▲ 0.72%
30_Yr_Bond____ 3.135 ▼ -0.02 ▼ -0.63%

NYSE Volume 3,231,826,250
Nasdaq Volume 1,708,620,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,392.76 ▲ 4.21 ▲ 0.07%
DAX_____ 7,911.35 ▼ -21.16 ▼ -0.27%
CAC_40__ 3,770.29 ▼ -4.56 ▼ -0.12%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,980.80 ▲ 4.00 ▲ 0.08%
Shanghai_Comp 2,328.28 ▲ 4.04 ▲ 0.17%
Taiwan_Weight 7,796.22 ▼ -15.62 ▼ -0.20%
Nikkei_225____ 12,338.53 ▼ -297.16 ▼ -2.35%
Hang_Seng____ 22,115.30 ▲ 53.93 ▼ -0.50%
Strait_Times___ 3,258.57 ▼ -9.08 ▼ -0.28%
NZX_50_Index__ 4,342.89 ▲ 0.38 ▲ 0.01%

http://finance.yahoo.com/news/stocks-rise-wall-street-aided-140542888.html

Stocks rise on Wall Street aided by earnings

Stocks rise on higher earnings; investors jump into market after earlier declines

By Steve Rothwell, Markets Writer

Strong company earnings boosted stocks on Wall Street Friday. Investors also saw a chance to add to their holdings after declines earlier in the week.

Nike reported a surge in profit, sending its stock price to a record. Tiffany topped earnings predictions, boosted by demand from customers in Asia.

A strong run-up in stocks this year is encouraging investors to buy whenever the market dips, says Ron Florance, managing director of investment strategy at Wells Fargo Private Bank.

"We still have an astonishing amount of money sitting on the sidelines," says Florance.

The Dow Jones industrial average rose 90.54 points, or 0.6 percent, to 14,512.03 Friday. The Standard & Poor's 500 index rose 11.09 points, or 0.7 percent, to 1,556.89. The Nasdaq composite gained 22.40 points, or 0.7 percent, to 3,245.

Nike's stock hit an all-time high, rising 11 percent to $59.53 after the company reported a spike in quarterly profit. Tiffany's stock rose nearly 2 percent to $69.23 after it reported strong earnings.

Despite Friday's gains, the S&P 500 was down for the week, falling seven points, or 0.3 percent. The index was weighed down by another debt crisis in Europe and disappointing corporate news.

The Dow had its worst week in more than a month, shedding a fraction of a percentage point.

The markets got hit on several fronts.

The Mediterranean island nation of Cyprus, a banking haven, struggled to devise a plan to avoid financial collapse.

Oracle reported weak sales. FedEx, a bellwether for the economy, posted a drop in quarterly profit and cut its annual earnings forecast.

As a result, the S&P 500 logged only its second weekly decline of the year. The first came the week of Feb. 22, when investors were spooked by the minutes from a Federal Reserve policy meeting. The minutes revealed disagreement over how long to keep buying bonds in an effort to boost the economy.

A pause in the stock market run-up is due, says Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Gains this year overstate the improvement in the economy, he says.

The biggest risk to the market run-up will come when the Fed faces increasing pressure to end its stimulus program. That could happened if the economy continues to improve and stock markets rise, says Sandven.

The yield on the 10-year Treasury note rose to 1.93 percent from 1.92 percent.

Among other stocks making big moves Friday;

”” Micron Technology rose 97 cents, or 10.7 percent, to $10.05 despite reporting a loss in its fiscal second-quarter later Thursday. The chipmaker said that revenue grew 3 percent, to $2.08 billion, better than analysts had expected.

”” Anacor Pharmaceuticals Inc. climbed $1.24, or 25.6 percent, to $6.08 Friday, after the drug developer reported strong data from a mid-stage study of a potential chronic rash treatment.

”” Marin Software, a marketing software company, rose $2.26, or 16.1 percent, to $16.26 on its market debut. The San Francisco-based company raised $105 million in its initial public offering.

”” AK Steel Holding fell 16 cents, or 4.6 percent, to $3.31, after projecting a larger-than-expected first-quarter loss because a previously expected seasonal increase in demand for steel hasn't materialized.

8625

 

[bigdog]

Source: http://finance.yahoo.com

Stocks reversed an early rise on Wall Street Monday as traders returned to worrying about the European economy.

Optimism about a deal to prevent financial collapse in Cyprus had briefly pushed the Standard & Poor's 500 index to within a quarter-point of its record closing high, but stocks soon turned negative.

The S&P 500 and Nasdaq composite index both closed down 0.3 percent. The Dow Jones industrial average slipped 0.4 percent.

Stocks turned negative about an hour into the trading day Monday as the initial euphoria about Cyprus' deal to secure 10 billion euros in emergency funding was overshadowed by renewed concerns about the European economy.

The fear intensified after a top European official indicated that investors in struggling banks may be forced to take losses ”” an element of the Cyprus agreement that had previously been seen as unique to that country.

All ten industry groups in the S&P 500 closed lower, with industrial and materials companies posting the biggest losses. Network technology company VMware Inc. dove after the website Business Insider reported that PayPal and eBay will remove its software from 80,000 servers. The stock fell $3.65, or 4.6 percent, to $76.50.

Among the biggest drags on the S&P 500 index were software maker Red Hat Inc., online marketplace eBay Inc. and Textron Inc., an aerospace and defense contractor.

Europe still needs a long-term economic fix, said David Kelly, chief global strategist at J.P. Morgan Funds. Business activity in the 17 nations using the euro has declined continually since September 2011, according to research by Markit, a data provider. The region's economy shrank 0.6 percent in 2012, according official government statistics.

Business activity in nations that use the euro contracted more quickly in March, according to Markit's closely-watched survey of purchasing executives, which was published Thursday. The index had its worst decline in four months.

European policy makers have avoided a financial crisis by flooding the market with cash, but they haven't addressed economic hardship on the ground, Kelly said. In granting Cyprus' emergency rescue, for example, lenders demanded economic reforms, debt payments and a banking overhaul that will result in heavy losses for bank bondholders and shareholders. In addition, people with more than 100,000 euros in their accounts will lose up to 40 percent of their deposits.

Kelly said that's tough to swallow for people facing high unemployment and government cutbacks in Greece, Italy, Spain and other countries that received bailouts.

The NYSE DOW closed LOWER ▼ -64.28 points or ▼ -0.44% Monday, 25 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,447.75 ▼ -64.28 ▼ -0.44%
Nasdaq____ 3,235.30 ▼ -9.70 ▼ -0.30%
S&P_500____ 1,551.69 ▼ -5.20 ▼ -0.33%
30_Yr_Bond____ 3.139 ▲ 0.00 ▲ 0.13%

NYSE Volume 3,563,958,500
Nasdaq Volume 1,668,031,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,378.38 ▼ -14.38 ▼ -0.22%
DAX_____ 7,870.90 ▼ -40.45 ▼ -0.51%
CAC_40__ 3,727.98 ▼ -42.31 ▼ -1.12%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,001.50 ▲ 20.70 ▲ 0.42%
Shanghai_Comp 2,326.71 ▼ -1.56 ▼ -0.07%
Taiwan_Weight 7,856.12 ▲ 59.90 ▲ 0.77%
Nikkei_225____ 12,546.46 ▲ 207.93 ▲ 1.69%
Hang_Seng____ 22,251.15 ▲ 53.93 ▲ 0.61%
Strait_Times___ 3,267.48 ▲ 8.91 ▲ 0.27%
NZX_50_Index__ 4,340.73 ▼ -2.16 ▼ -0.05%

http://finance.yahoo.com/news/us-stocks-fall-broad-concern-173923634.html

US stocks fall on broad concern about Europe

US stocks scuttle global rally as attention shifts from Cyprus to broader concern about Europe

By Daniel Wagner, AP Business Writer

Stocks reversed an early rise on Wall Street Monday as traders returned to worrying about the European economy.

Optimism about a deal to prevent financial collapse in Cyprus had briefly pushed the Standard & Poor's 500 index to within a quarter-point of its record closing high, but stocks soon turned negative.

The S&P 500 and Nasdaq composite index both closed down 0.3 percent. The Dow Jones industrial average slipped 0.4 percent.

Stocks turned negative about an hour into the trading day Monday as the initial euphoria about Cyprus' deal to secure 10 billion euros in emergency funding was overshadowed by renewed concerns about the European economy.

The fear intensified after a top European official indicated that investors in struggling banks may be forced to take losses ”” an element of the Cyprus agreement that had previously been seen as unique to that country.

All ten industry groups in the S&P 500 closed lower, with industrial and materials companies posting the biggest losses. Network technology company VMware Inc. dove after the website Business Insider reported that PayPal and eBay will remove its software from 80,000 servers. The stock fell $3.65, or 4.6 percent, to $76.50.

Among the biggest drags on the S&P 500 index were software maker Red Hat Inc., online marketplace eBay Inc. and Textron Inc., an aerospace and defense contractor.

Europe still needs a long-term economic fix, said David Kelly, chief global strategist at J.P. Morgan Funds. Business activity in the 17 nations using the euro has declined continually since September 2011, according to research by Markit, a data provider. The region's economy shrank 0.6 percent in 2012, according official government statistics.

Business activity in nations that use the euro contracted more quickly in March, according to Markit's closely-watched survey of purchasing executives, which was published Thursday. The index had its worst decline in four months.

European policy makers have avoided a financial crisis by flooding the market with cash, but they haven't addressed economic hardship on the ground, Kelly said. In granting Cyprus' emergency rescue, for example, lenders demanded economic reforms, debt payments and a banking overhaul that will result in heavy losses for bank bondholders and shareholders. In addition, people with more than 100,000 euros in their accounts will lose up to 40 percent of their deposits.

Kelly said that's tough to swallow for people facing high unemployment and government cutbacks in Greece, Italy, Spain and other countries that received bailouts.

"If they're going to end up broke anyway," Kelly said, it will be "harder and harder for people to make the sacrifices that Europe is demanding of them." That could lead voters in bailed-out countries to resist lenders' terms, increasing political and economic instability in Europe and weighing on global markets, he said.

That concern intensified Monday after a key official indicated that the Cyprus rescue may serve as a model in other nations with struggling banks.

"If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalizing the bank, and if necessary the uninsured deposit holders," said Jeroen Dijsselbloem, who chairs meetings of finance ministers from nations that use the euro, in an interview with the Financial Times and Reuters. Dijsselbloem's office confirmed the remarks.

Wall Street had opened higher, following gains in Europe and Asia. Traders were relieved that international lenders agreed early Monday to release emergency rescue funds for Cyprus. The European Central Bank will continue to support the nation's foundering banks. In exchange, Cyprus will take major steps to shrink its troubled banking industry and cut its budget.

At first, the deal to save Cyprus' banks erased the latest source of anxiety for investors, who have traded for more than three years under the cloud of a debt crisis in Europe. The fear is that a heavily indebted country will default on its financial obligations and be forced to exit the shared currency. That could cause the region to unravel, deepening the recession there and roiling international financial markets.

Concern about Cyprus last week pushed U.S. stock indexes to only their second weekly loss this year. Investors watched closely as the small, Mediterranean island scrambled to satisfy its lenders and prevent its banks from collapsing.

Traders expect more turbulence from Europe before the crisis has been resolved, said Anthony Conroy, head trader at ConvergEx Group, which provides technology to support big traders like investment advisers and hedge funds. Given the uncertainty, it's not surprising that stocks would veer between positive and negative, he said.

"When you have concern, you have volatility, and you're seeing volatility in here," Conroy said.

European stocks were up when Wall Street opened Monday, but turned lower shortly after Wall Street's gains evaporated. France's CAC-40 closed down 1.1 percent, London's FTSE 100 fell 0.2 percent and Germany's DAX lost 0.5 percent.

Earlier, Asian stocks closed mostly higher on optimism about the Cyprus deal.

The S&P 500 closed down five points at 1,551.69. The loss was offset in part by big jumps for Apollo Group Inc. and McGraw-Hill Cos. Computer maker Dell Inc. also supported the index as a bidding war broke out among investors who want to take the company private.

The Dow fell 64 points to 14,447.75. The Nasdaq dropped nine to 3,235.30.

As the final week of trading this quarter kicks off, the indexes are holding onto most of the gains built during the long rally earlier this month. The Dow is up 10 percent, the S&P 500 nearly nine percent.

Conroy expects stocks to maintain their recent gains as short-term dips draw more traders into the market. Kelly agreed, noting that stocks typically decline in the last week of a strong quarter, as investors seek to lock in their gains.

Among the companies making big moves:

”” Apollo Group soared after the for-profit education company said its quarterly net income exceeded Wall Street's expectations. The stock rose $1.21, or 7.1 percent, to $18.25.

”” Dollar General's quarterly net income rose as the operator of discount stores attracted more customers and sold more goods. The stock rose $1.01, or 2 percent, to $51.08.

”” Dell rose 37 cents, or 2.6 percent, to $14.51. The company received competing bids from activist investor Carl Icahn, who offered $15 per share for a majority stake; and buyout firm Blackstone Group, which proposed a deal worth $14.25 per share. Founder Michael Dell had been in talks to take the company private for about $13.65 per share.

”” McGraw-Hill Cos. rose strongly after it said it will resume an accelerated share buyback program capped at $500 million. The media company will use cash generated by the recent sale of its education business. Its stock rose $1.66, or 3.4 percent, to $50.03.

 

[bigdog]

Source: http://finance.yahoo.com

The Standard & Poor's 500 index closed within a short reach of its all-time high on Tuesday. Rising home prices and orders for manufactured goods drove stocks up from the opening bell.

The S&P 500 index rose 12.08 points, or 0.8 percent, to close at 1,563.77. That's less than two points from the peak it reached on Oct. 9, 2007, before a recession and ensuing financial crisis battered markets.

The Dow Jones industrial average rose 111.90 points, also 0.8 percent, to 14,559.65.

"Unless something major comes along to derail this rally, it just seems like the market is going to keep climbing higher," said Marty LeClerc, the managing partner of Barrack Yard Advisors, an investment firm in Bryn Mawr, Pa.

Factory orders surged in February, helped by stronger demand for commercial aircraft. Overall orders for durable goods, a catchall term for products ranging from refrigerators to jumbo jets, jumped 5.7 percent from the previous month, the Commerce Department said Tuesday. It was the biggest increase in five months.

The stock market's gains were widely shared. All 10 industry groups in the S&P 500 rose, with health care and energy companies leading the way.

Smaller companies, which have been beating the market all year, didn't do as well Tuesday. The Nasdaq composite rose 17.18 points, or 0.5 percent, to 3,252.48, and the Russell 2000 rose 3.97 points, or 0.4 percent, to 949.82. That's roughly half of the S&P 500's gain.

Big company stocks and small-company stocks often part ways, said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. Big corporations generally have stronger ties to Europe, and their stocks wavered over the past week as traders kept an eye on negotiations to rescue Cyprus.

By contrast, smaller companies are less exposed to the rest of the world. "That's part of the reason small-caps have outpaced the market this year," Ablin said.

The S&P 500, used by investors as a proxy for the overall market, is up 9.7 percent so far this year. The Russell 2000 has fared better, rising 11.8 percent.

European markets rose modestly as investors gained confidence in the new bailout plan arranged for Cyprus and its banking system. The island country decided to keep its banks closed for another two days in an attempt to ward off panicked withdrawals.

The NYSE DOW closed HIGHER ▲ 111.90 points or ▲ 0.77% Tuesday, 26 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,559.65 ▲ 111.90 ▲ 0.77%
Nasdaq____ 3,252.48 ▲ 0.00 ▲ 0.00%
S&P_500____ 1,563.77 ▲ 12.08 ▲ 0.78%
30_Yr_Bond____ 3.131 ▼ -0.01 ▼ -0.25%

NYSE Volume 3,148,923,750
Nasdaq Volume 1,446,123,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,399.37 ▲ 20.99 ▲ 0.33%
DAX_____ 7,879.67 ▲ 8.77 ▲ 0.11%
CAC_40__ 3,748.64 ▲ 20.66 ▲ 0.55%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,964.70 ▼ -36.80 ▼ -0.74%
Shanghai_Comp 2,297.67 ▼ -29.05 ▼ -1.25%
Taiwan_Weight 7,856.36 ▲ 0.24 ▲ 0.00%
Nikkei_225____ 12,471.62 ▼ -74.84 ▼ -0.60%
Hang_Seng____ 22,311.08 ▲ 53.93 ▲ 0.27%
Strait_Times___ 3,288.53 ▲ 21.05 ▲ 0.64%
NZX_50_Index__ 4,346.03 ▲ 5.29 ▲ 0.12%

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

S&P nears record as home price surge lifts stocks

S&P 500 closes just shy of an all-time high as orders for manufactured goods, home prices rise

By Matthew Craft, AP Business Writer

The Standard & Poor's 500 index closed within a short reach of its all-time high on Tuesday. Rising home prices and orders for manufactured goods drove stocks up from the opening bell.

The S&P 500 index rose 12.08 points, or 0.8 percent, to close at 1,563.77. That's less than two points from the peak it reached on Oct. 9, 2007, before a recession and ensuing financial crisis battered markets.

The Dow Jones industrial average rose 111.90 points, also 0.8 percent, to 14,559.65.

"Unless something major comes along to derail this rally, it just seems like the market is going to keep climbing higher," said Marty LeClerc, the managing partner of Barrack Yard Advisors, an investment firm in Bryn Mawr, Pa.

Factory orders surged in February, helped by stronger demand for commercial aircraft. Overall orders for durable goods, a catchall term for products ranging from refrigerators to jumbo jets, jumped 5.7 percent from the previous month, the Commerce Department said Tuesday. It was the biggest increase in five months.

The stock market's gains were widely shared. All 10 industry groups in the S&P 500 rose, with health care and energy companies leading the way.

Smaller companies, which have been beating the market all year, didn't do as well Tuesday. The Nasdaq composite rose 17.18 points, or 0.5 percent, to 3,252.48, and the Russell 2000 rose 3.97 points, or 0.4 percent, to 949.82. That's roughly half of the S&P 500's gain.

Big company stocks and small-company stocks often part ways, said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. Big corporations generally have stronger ties to Europe, and their stocks wavered over the past week as traders kept an eye on negotiations to rescue Cyprus.

By contrast, smaller companies are less exposed to the rest of the world. "That's part of the reason small-caps have outpaced the market this year," Ablin said.

The S&P 500, used by investors as a proxy for the overall market, is up 9.7 percent so far this year. The Russell 2000 has fared better, rising 11.8 percent.

European markets rose modestly as investors gained confidence in the new bailout plan arranged for Cyprus and its banking system. The island country decided to keep its banks closed for another two days in an attempt to ward off panicked withdrawals.

Netflix surged 5 percent, leading the S&P 500, after an analyst at Pacific Crest Securities said the stock will likely climb as the company adds subscribers. Netflix's database of its members' viewing habits should give it an edge in creating new shows and draw more people to sign up for the video-streaming service, the analyst said. Netflix rose $9.82 to $190.61.

Housing prices rose in January at the fastest pace since the summer of 2006, before the housing bubble popped. The Standard & Poor's/Case-Shiller 20-city price index climbed 8.1 percent in the 12 months to January. That compares with a 6.8 percent increase the previous month. Prices rose in all 20 cities, led by Phoenix.

The economic reports out Tuesday added to evidence that the economy is slowly improving, and that's exactly what many investors want right now, LeClerc said. Slow growth means it will take a while before the Federal Reserve starts unraveling its bond-buying program and raising interest rates.

In the market for U.S. government bonds, the yield on the 10-year U.S. Treasury note slipped to 1.91 percent from 1.92 percent late Monday.

Among stocks making big moves:

”” Drive-in restaurant chain Sonic jumped 10 percent after reporting that its quarterly earnings more than doubled. Sales were flat but Sonic said its expects them to improve in the year ahead. Its stock rose $1.14 to $12.87.

”” Supervalu rose after announcing plans to lay off more than 1,000 people, roughly 3 percent of its workforce. The supermarket operator said its recent sale of five grocery chains means it needs fewer workers. Supervalu's stock gained 7 cents, or 1.4 percent, to $5.12.

”” Children's Place Retail Stores sank 3 percent after the company reported weaker quarterly earnings. The retailer also said bad weather would crimp its sales. The company's stock lost $1.48 to $44.51.

 

[bigdog]

Source: http://finance.yahoo.com

Investors just can't get past Europe.

Renewed worries about the region's long-running debt crisis weighed on the Dow Jones industrial average on Wednesday, and held the Standard & Poor's 500 index back from reaching an all-time high.

Investors are watching to see if Cyprus can shore up its banking system. They are also keeping an eye on Italy, where political parties are struggling to form a new government in the eurozone's third-largest economy.

The Dow fell 33.49 points to close at 14,526.16, a loss of 0.2 percent. It dropped as many as 120 points in morning trading then spent the rest of the day climbing back.

The Standard & Poor's 500 index slipped 0.92 to 1,562.85, less than three points short of its all-time high set in October 2007.

Bad news out of Europe and good news from the U.S. have tossed the stock market around over the past week.

"There are still plenty of worries about (Europe's) banking system," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade. "But the U.S. really is on a nice little roll."

As stocks slumped early Wednesday, Kinahan said he thought the S&P 500 would recover its losses and could make another run at its record high on Thursday.

Cyprus is working out how to reopen its banks on Thursday after a nearly two-week shutdown. An international bailout calls for money from large depositors to help pay for the rescue of its banking system.

In Italy, a center-left party failed in its attempt to form a new government. The political stalemate has raised fears that the country will be unable to manage its deep debts, undermining confidence in the euro.

Those worries hit Europe's bond markets especially hard. Borrowing rates for Italy and Spain shot higher, a sign of weaker confidence in their financial health. Rates for Germany and France, two of Europe's more stable countries, sank as traders shifted money into their bonds.

In other trading, the Nasdaq composite inched up 4.04 points, or 0.1 percent, to 3,256.52.

Four of the 10 industry groups in the S&P 500 index edged higher. Utilities and health care, which investors tend to buy when they want to play it safe, made the biggest gains.

The NYSE DOW closed LOWER ▼ -33.49 points or ▼ -0.23% Wednesday, 27 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,526.16 ▼ -33.49 ▼ -0.23%
Nasdaq____ 3,256.52 ▲ 4.04 ▲ 0.12%
S&P_500____ 1,562.85 ▼ -0.92 ▼ -0.06%
30_Yr_Bond____ 3.090 ▼ -0.04 ▼ -1.25%

NYSE Volume 3,180,161,000
Nasdaq Volume 1,421,538,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,387.56 ▼ -11.81 ▼ -0.18%
DAX_____ 7,789.09 ▼ -90.58 ▼ -1.15%
CAC_40__ 3,711.64 ▼ -37.00 ▼ -0.99%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5,007.00 ▲ 42.30 ▲ 0.85%
Shanghai_Comp 2,301.26 ▼ -25.46 ▼ -1.09%
Taiwan_Weight 7,894.12 ▲ 37.76 ▲ 0.48%
Nikkei_225____ 12,493.79 ▲ 22.17 ▲ 0.18%
Hang_Seng____ 22,464.82 ▲ 53.93 ▲ 0.69%
Strait_Times___ 3,313.03 ▲ 24.50 ▲ 0.75%
NZX_50_Index__ 4,412.06 ▲ 66.03 ▲ 1.52%

http://finance.yahoo.com/news/investors-struggle-past-europes-woes-205806943.html

Investors struggle to get past Europe's woes

Stocks slip on Wall Street as concerns over Cyprus and Italy resurface

By Matthew Craft, AP Business Writer

Investors just can't get past Europe.

Renewed worries about the region's long-running debt crisis weighed on the Dow Jones industrial average on Wednesday, and held the Standard & Poor's 500 index back from reaching an all-time high.

Investors are watching to see if Cyprus can shore up its banking system. They are also keeping an eye on Italy, where political parties are struggling to form a new government in the eurozone's third-largest economy.

The Dow fell 33.49 points to close at 14,526.16, a loss of 0.2 percent. It dropped as many as 120 points in morning trading then spent the rest of the day climbing back.

The Standard & Poor's 500 index slipped 0.92 to 1,562.85, less than three points short of its all-time high set in October 2007.

Bad news out of Europe and good news from the U.S. have tossed the stock market around over the past week.

"There are still plenty of worries about (Europe's) banking system," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade. "But the U.S. really is on a nice little roll."

As stocks slumped early Wednesday, Kinahan said he thought the S&P 500 would recover its losses and could make another run at its record high on Thursday.

Cyprus is working out how to reopen its banks on Thursday after a nearly two-week shutdown. An international bailout calls for money from large depositors to help pay for the rescue of its banking system.

In Italy, a center-left party failed in its attempt to form a new government. The political stalemate has raised fears that the country will be unable to manage its deep debts, undermining confidence in the euro.

Those worries hit Europe's bond markets especially hard. Borrowing rates for Italy and Spain shot higher, a sign of weaker confidence in their financial health. Rates for Germany and France, two of Europe's more stable countries, sank as traders shifted money into their bonds.

In other trading, the Nasdaq composite inched up 4.04 points, or 0.1 percent, to 3,256.52.

Four of the 10 industry groups in the S&P 500 index edged higher. Utilities and health care, which investors tend to buy when they want to play it safe, made the biggest gains.

Kim Forrest, a senior equity analyst at Fort Pitt Capital, said it appears that many investors are treating certain stocks as if they were bonds.

"There's a recognition that bonds are overpriced, so people are moving into healthcare and utilities that pay a nice dividend," she said. "Those are pretty boring investments, and by that I mean their prices don't move a lot."

News about Italy also helped drive traders into the safety of U.S. government bonds, pushing benchmark yields to their lowest level this month. The yield on the 10-year Treasury note dropped to 1.84 percent, a steep fall from 1.91 percent late Tuesday.

The S&P 500 closed within three points of its record high of 1,565.15, helped by rising U.S. home prices and orders for manufactured goods. The stock index hit that peak on Oct. 9, 2007, before the Great Recession and a financial crisis roiled financial markets.

Among other stocks making big moves:

”” Cliffs Natural Resources, an iron ore mining company, plunged 14 percent, the biggest loss in the S&P 500. Analysts warned that falling iron ore prices would likely sink the company's stock. Cliffs fell $2.97 to $18.46.

”” Science Applications International Corp. surged 5 percent after the security and communications technology provider reported a fourth-quarter profit that was better than analysts were expecting. SAIC also announced a special dividend of $1 per share, and its stock gained 50 cents to $13.32.

 

[antares]

Morning business round-up: Cyprus banks reopenS.&P. 500 Breaks Through 2007 Closing High
The Standard & Poor’s 500-stock index rose above its previous closing high, set in October 2007, in morning trading on Thursday.

The benchmark index was recently trading over 1,565.15 points, up 0.2 percent, despite a report of rising claims for unemployment benefits.

The blue-chip Dow Jones industrial average, which was up 0.3 percent Thursday in afternoon trading, already passed its 2007 milestone earlier this month, but the S.&P. 500 is widely considered to be a broader-based reflection of the American stock market. The Nasdaq composite index of largely technology stocks added 0.1 percent Thursday.

The benchmark index has repeatedly come close to reaching its own record level in recent days, but has pulled back each time as investors grappled with concerns about the banking crisis in Cyprus. European stock markets rose on Thursday after Cypriot banks opened for the first time in two weeks with less turmoil than expected.

The new high caps a four-year run for the S.&P. 500 that began in 2009 after the near collapse of the American financial system. The index rose to a high on Oct. 9, 2007, but then fell 57 percent to hit an ominous intraday low of 666.67 on March 6, 2009, and a closing low of 676.53 three days later.

The surge in the S.&P. 500 this year still puts the index only slightly above where it was back in the heady days of 2000, when technology stocks were leading the market higher. Factoring in inflation, the S.&P. 500 is still well below the highs reached in 2000 and 2007. The index is also still below the intraday record level of 1,576.09 hit on Oct. 11, 2007.

The current rally has been fed by bond-buying programs begun by the Federal Reserve, which helped nourish a recovery in corporate profits.

The gains have not generally been enjoyed by Americans without stock portfolios, leading to widespread skepticism about the sustainability of the market’s rise. But more recently there have been signs that the economic recovery may be broadening out into the rest of the economy.

The Commerce Department said Thursday that the economy grew at a 0.4 percent annual rate in the fourth quarter of 2012, which was faster than the 0.1 percent that the government previously estimated. The number of people filing for unemployment benefits rose 16,000 last week, more than predicted, but longer-term numbers have pointed to a recovery in the labor market. The overall unemployment rate dropped to its lowest level in four years in February.

The market gains on Thursday were relatively broad based, with 333 stocks in the S.&P. 500 rising.
You can see online data at Vault options

 

[bigdog]

Source: http://finance.yahoo.com

For the second time in less than a month, the stock market marched past another milepost on its long, turbulent journey back from the Great Recession, toppling another record left over from the days before government bailouts and failing investment banks.

The Standard & Poor's 500 closed at a new high Thursday, three weeks after another popular market gauge, the Dow Jones industrial average, obliterated its own closing record. The S&P capped its best quarter in a year, rising 10 percent. The Dow had its best first quarter in 15 years, climbing 11 percent.

The reaction on Wall Street was muted ”” more of a dull buzz than a victory cry. Investors warned clients not to get overly excited.

"Getting back to where we were is an important step," said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. But he cautioned in a note to investors: "Markets are volatile, and if you are a long-term investor you should expect declines."

The S&P 500 rose 6.34 points, or 0.41 percent, to 1,569.19, beating by four points its previous record of 1,565.15 set on Oct. 9, 2007. The index is still shy of its all-time trading high of 1,576.09.

The index has now recovered all of its losses from the recession and the financial crisis that followed. Investors who put their dividends back into the market have done even better. A $10,000 investment in the S&P back in October 2007 would be worth $11,270.

The S&P 500 is a barometer that gauges market performance. And while professional investors might scoff at using it to decide when to buy and sell, the breaking of an old record can be psychologically important.

The Dow climbed for the first 10 trading days of March ”” a record not matched in more than 16 years. In the past 10 days, though, it has wavered under the weight of Cyprus.

The Dow rose 11 percent in the first three months of the year, its best quarterly performance since the fourth quarter of 2011. Last year, it lost ground in two quarters and was up by smaller amounts ”” 4 percent and 8 percent ”” in the other two. On March 5, it beat its own all-time record of 14,164.53, which was also set on Oct. 9, 2007, and has been climbing ever since.

The NYSE DOW closed HIGHER ▲ 52.38 points or ▲ 0.36% Thursday, 28 March 2013
Symbol …........Last ......Change.....
Dow_Jones 14,578.54 ▲ 52.38 ▲ 0.36%
Nasdaq____ 3,267.52 ▲ 11.00 ▲ 0.34%
S&P_500____ 1,569.19 ▲ 6.34 ▲ 0.41%
30_Yr_Bond____ 3.100 ▲ 0.01 ▲ 0.39%

NYSE Volume 3,550,260,750
Nasdaq Volume 1,656,492,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6,411.74 ▲ 24.18 ▲ 0.38%
DAX_____ 7,795.31 ▲ 6.22 ▲ 0.08%
CAC_40__ 3,731.42 ▲ 19.78 ▲ 0.53%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4,979.90 ▼ -27.10 ▼ -0.54%
Shanghai_Comp 2,236.30 ▼ -64.96 ▼ -2.82%
Taiwan_Weight 7,866.88 ▼ -27.24 ▼ -0.35%
Nikkei_225____ 12,335.96 ▼ -157.83 ▼ -1.26%
Hang_Seng____ 22,299.63 ▲ 53.93 ▼ -0.74%
Strait_Times___ 3,308.10 ▼ -4.93 ▼ -0.15%
NZX_50_Index__ 4,422.75 ▲ 10.69 ▲ 0.24%

http://finance.yahoo.com/news/p-500-closes-record-high-200946613.html

S&P 500 closes at a record high, beating '07 mark

Standard & Poor's 500 index closes at a record high, beating October 2007 mark

By Christina Rexrode, AP Business Writer

For the second time in less than a month, the stock market marched past another milepost on its long, turbulent journey back from the Great Recession, toppling another record left over from the days before government bailouts and failing investment banks.

The Standard & Poor's 500 closed at a new high Thursday, three weeks after another popular market gauge, the Dow Jones industrial average, obliterated its own closing record. The S&P capped its best quarter in a year, rising 10 percent. The Dow had its best first quarter in 15 years, climbing 11 percent.

The reaction on Wall Street was muted ”” more of a dull buzz than a victory cry. Investors warned clients not to get overly excited.

"Getting back to where we were is an important step," said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. But he cautioned in a note to investors: "Markets are volatile, and if you are a long-term investor you should expect declines."

The S&P 500 rose 6.34 points, or 0.41 percent, to 1,569.19, beating by four points its previous record of 1,565.15 set on Oct. 9, 2007. The index is still shy of its all-time trading high of 1,576.09.

The index has now recovered all of its losses from the recession and the financial crisis that followed. Investors who put their dividends back into the market have done even better. A $10,000 investment in the S&P back in October 2007 would be worth $11,270.

On any other day, a gain of that size would go unheralded, but not after the turmoil that began in late 2008 and persisted through a slow, sometimes stalled recovery. The milestone generated chatter at water coolers and on business news channels.

The S&P 500 is a barometer that gauges market performance. And while professional investors might scoff at using it to decide when to buy and sell, the breaking of an old record can be psychologically important.

When the S&P 500 last closed this high, it was a headier time. In the fall of 2007, the financial crisis was simmering but hadn't yet boiled over. It was an era before big bailouts and the Great Recession, back when jobs were much easier to come by and salaries seemed to go only up. Bear Stearns still existed. So did Lehman Brothers and Washington Mutual.

Investors have reason to be cautious.

The U.S. economy is stable, but growth is anemic. The European debt crisis is far from resolved. Some investors are concerned that the market's gains this year are being fueled by the Federal Reserve's easy money policy, and will disappear once the Fed reverses course.

The crisis-of-the-moment is Cyprus, the Mediterranean island country that struggled this week to get an emergency bailout from other countries. For many investors, the bailout deal was a reminder of Europe's lingering economic problems.


The Dow climbed for the first 10 trading days of March ”” a record not matched in more than 16 years. In the past 10 days, though, it has wavered under the weight of Cyprus.

The Dow rose 11 percent in the first three months of the year, its best quarterly performance since the fourth quarter of 2011. Last year, it lost ground in two quarters and was up by smaller amounts ”” 4 percent and 8 percent ”” in the other two. On March 5, it beat its own all-time record of 14,164.53, which was also set on Oct. 9, 2007, and has been climbing ever since.

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