NYSE Dow Jones finished today at:

[bigdog]

The NYSE DOW closed LOWER by 146 points on Tuesday July 31:

Sym Last....... ........Change..........
Dow 13,211.99 Down 146.32 (1.10%)
Nasdaq 2,546.27 Down 37.01 (1.43%)
S&P 500 1,455.27 Down 18.64 (1.26%)
10-Yr Bond 4.7710% Down 0.0330
NYSE Volume 229,558,000
Nasdaq Volume 2,820,603,000

http://ichart.finance.yahoo.com/b?s=^IXIC

In Asian trading
Japan's Nikkei stock average fell 0.23 percent, Hong Kong's Hang Seng index jumped 1.96 percent, and China's Shanghai Composite Index rose 0.7 percent to a new record.

In European trading
Britain's FTSE 100 rose 2.48 percent, Germany's DAX index advanced 1.71 percent, and France's CAC-40 rose 1.85 percent.


http://biz.yahoo.com/ap/070731/wall_street.html?.v=61
Wall Street Skids on Subprime Anxiety
Tuesday July 31, 6:11 pm ET
By Madlen Read, AP Business Writer
Wall Street Rally Fizzles As American Home Mortgage Problems Revive Subprime Anxiety

NEW YORK (AP) -- Wall Street resumed its downward skid Tuesday, falling sharply as renewed concerns about soured home loans blew away what had looked like a solid recovery rally. The Dow Jones industrials lost nearly 150 points, while investors seeking safety moved into bonds.

Early in the session, stocks soared following strong earnings from General Motors Corp. and Sun Microsystems Inc. and amid somewhat mixed economic data. But the market pulled back after American Home Mortgage Investment Corp. said Tuesday it hasn't been able to tap into its credit lines and has hired advisers to consider its options, including the sale of its assets.

Wall Street has been concerned about lenders after some loans made to borrowers with poor credit have gone bad, and that anxiety contributed to the market's big plunge last week. Tuesday's trading showed how vulnerable the market remains, and how any advance can quickly evaporate.

"Anything that argues for higher (interest) rates and worsening credit conditions will be something that takes the air out of the market," said Denis Amato, chief investment officer at Ancora Advisors. He said the market's short-lived advance was in part made possible by a temporary easing of credit fears.

The Dow fell 146.32, or 1.10 percent, to 13,211.99 after being up as much as 140 points during the session. The move lower undid a nearly 93 point gain the blue chips saw Monday in a partial rebound from the 585 points they lost over the course of Thursday and Friday.

Broader stock indicators fell. The Standard & Poor's 500 index declined 18.64, or 1.26 percent, to 1,455.27, and the Nasdaq composite index fell 37.01, or 1.43 percent, to 2,546.27.

Bond prices, which move opposite yields, rose as investors quickly fled stocks. The 10-year Treasury note's yield fell to 4.75 percent from 4.81 percent late Monday.

Oil prices closed above $78 a barrel for the first time Tuesday on the New York Mercantile Exchange, advancing $1.38 to $78.21.

The dollar was mixed against other major currencies. Gold prices closed higher on the New York Mercantile Exchange.

"Everyone is walking on pins and needles and with the gains that were behind everybody I think they're a little more susceptible to the bad news," Amato said, referring to the tenuous nature of the session's early rally.

The initial gains came after a mixed batch of economic reports. The Commerce Department's year-over-year core personal consumption expenditures -- a closely watched inflation measure -- rose 1.9 percent in June, within the Federal Reserve's comfort zone. The report also showed that personal spending last month inched up 0.1 percent, its slowest pace in nine months.

And while a report from the Conference Board indicated that consumer confidence jumped to a six-year high, June construction spending dipped and the July Chicago purchasing manager's index indicated weaker-than-expected growth. The report is considered a precursor to the Institute for Supply Management's national manufacturing index, which is due Wednesday.

The market had received a boost from better-than-expected earnings from automaker GM and Sun Microsystems, which makes networking equipment. The stock market's gains Monday and decline Tuesday follow last week's sharp pullback, which was fueled by persistent worries that a deteriorating lending environment will make it harder for companies to borrow money.

As the market's about-face Tuesday shows, investors should expect continued volatility, one observer noted.

"The bottom line is volatility has picked up, and it's going to continue to pick up," said Jeff Schappe, chief investment officer at BB&T Asset Management, adding that there is potential for the market to drop another 5 percent. Last week, the Dow Jones industrial average tumbled about 5 percent from its record close of 14,000.41, reached earlier in July.

"I think investors need to not focus on the day-to-day volatility in the market, and look at the longer term," Schappe said. He noted that while credit jitters will likely keep riling the market for a while, the long-term view looks positive.

In corporate news, American Home fell $9.43, or 90 percent, to $1.04 following disclosure of its difficulties.

Adding to unease over American Home, Moody's Investors Service said it is raising its assumptions for losses on pools of Alt-A loans, which are above supbrime but below prime loans in terms of credit quality. The move could stir concerns that credit problems are spreading beyond subprime loans to a higher quality of borrower.

GM fell 21 cents to $32.40. The stock had been up much of the session after releasing its better-than-expected quarterly earnings, but followed the rest of the market lower. The company said it benefited from higher sales in markets worldwide.

Sun Microsystems jumped 21 cents, or 4.3 percent, to $5.10.

Though core inflation -- which strips out volatile food and energy prices -- has been registering at fairly mild levels, many investors are still concerned that energy prices will keep crimping consumer spending.

Investors also remain worried about credit getting tighter due to the faltering housing market. On Tuesday, a housing index released by Standard & Poor's showed that U.S. home prices fell for a fifth consecutive month in May by the steepest drop in about 16 years.

However, merger and acquisition activity hasn't appeared to be damped yet by tougher lending standards.

Billionaire investor Nelson Peltz's Triarc Cos. said he is willing to offer $37 to $41 a share to buy Wendy's International Inc., while The Wall Street Journal reported that its parent company, Dow Jones & Co., and Rupert Murdoch's News Corp. are close to a deal. The Bancroft family, controlling shareholders of Dow Jones, agreed to vote in favor of News Corp's bid, the newspaper reported.

Wendy's rose $1.34, or 4 percent, to $35.03.

Dow Jones shares rose $5.82, or 11.3 percent, to $57.38, while News Corp. fell 18 cents to $22.66.

Declining issues outnumbered advancers by about 9 to 7 on the New York Stock Exchange, where consolidated volume came to 4.18 billion shares compared with 4.04 billion traded Monday.

The Russell 2000 index of smaller companies fell 8.11, or 1.03 percent, to 776.12.

In Asian trading, Japan's Nikkei stock average fell 0.23 percent, Hong Kong's Hang Seng index jumped 1.96 percent, and China's Shanghai Composite Index rose 0.7 percent to a new record.

In European trading, Britain's FTSE 100 rose 2.48 percent, Germany's DAX index advanced 1.71 percent, and France's CAC-40 rose 1.85 percent.

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

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

 

[bigdog]

The NYSE DOW closed HIGHER by 150 points on Wednesday August 1:

Sym Last....... ........Change..........
Dow 13,362.37 Up 150.38 (1.14%)
Nasdaq 2,553.87 Up 7.60 (0.30%)
S&P 500 1,465.81 Up 10.54 (0.72%)
10-Yr Bond 4.7570% Down 0.0140
NYSE Volume 961,805,000
Nasdaq Volume 3,008,886,000

Worries about U.S. home loan defaults haven't affected only the U.S. markets; they have been rippling through the world markets, too.

In Asian trading, Japan's Nikkei stock average fell 2.2 percent, Hong Kong's Hang Seng index dropped 3.2 percent, and China's Shanghai Composite Index dipped 3.8 percent.

Britain's FTSE 100 fell 1.72 percent, Germany's DAX index fell 1.45 percent, and France's CAC-40 fell 1.68 percent.

http://biz.yahoo.com/ap/070801/wall_street.html?.v=43
Stocks End Higher After Zigzagging
Wednesday August 1, 6:28 pm ET
By Tim Paradis, AP Business Writer
Stocks End Higher As Wall Street, Still Worried About Credit, Indulges in Bargain Hunting

NEW YORK (AP) -- Wall Street shot higher in a last-minute advance Wednesday after careening through a session made turbulent by ongoing concerns about U.S. home loans and the credit market.

Stocks zigzagged for much of the day, with the Dow Jones industrials moving from positive to negative territory and back again before rallying to a gain of 150 points on bargain hunting during the last 20 minutes of trading. It was clear that any advance could be punctured by further bad news about soured subprime home loans, those made to borrowers with poor credit.

Wednesday's trading further revealed the fractious nature of the stock market after a series of triple-digit swings in the Dow over the past week. On Tuesday, Wall Street gave back a big early gain and resumed the sharp slide it began last week, as concerns about home loan defaults and their fallout re-emerged when American Home Mortgage Investment Corp. reported troubles with its credit lines.

Economic news -- including a better-than-expected report on pending home sales -- as well as record oil prices failed to peel investors' concentration much beyond credit.

"We've got a tug-of-war going on," said Arthur Hogan, chief market analyst at Jefferies & Co. He contends Wednesday's trading represents a microcosm of the market's performance in recent weeks, when investors alternately focus on concerns like subprime loans and rising energy prices and positives like low unemployment, low interest rates and still-growing corporate profits.

The Dow rose 150.38, or 1.14 percent, to 13,362.37.

Broader stock indicators also advanced. The Standard & Poor's 500 index rose 10.54, or 0.72 percent, to 1,465.81, and the Nasdaq composite index rose 7.60, or 0.30 percent, to 2,553.87.

Investors in recent sessions have succumbed to concerns about the credit markets that have dogged them for months. Stocks plunged at the end of last week amid such worries, taking the Dow down 585 points over Thursday and Friday.

Hogan said the market's sell-off since its July 19 high -- when the Dow closed above 14,000 for the first time -- has at times drawn out some bargain hunters, as occurred late Wednesday. In an about-face from recent sessions, a crush of sell orders didn't arrive late in the day to drive stocks down in the final minutes.

"We've got that dichotomy between fear and greed. This is greed kicking in," he said of the rush of last-minute buy orders.

"You get to a point where are you more afraid of the fallout from credit spreads or are you more afraid of missing the market bottom?," he said of investor sentiment. "I think it's going to be a recurring pattern over the next several weeks," Hogan said of Wednesday's volatility.

Peter Dunay, an investment strategist with New York-based Leeb Capital Management, contends hedge funds are likely to pounce once they determine the market has bottomed out.

"This was hedge fund buying, they are the only investors that would do this at the end of the day," he said.

The surge also likely reflects the work of computers, which handle much of the trading in the stock markets, and execute transactions when stocks hit specific levels.

Bond prices, which move opposite yields, fell as stocks rallied. The yield on the benchmark 10-year Treasury note rose to 4.79 percent from 4.75 percent late Tuesday.

Besides the weak home loan market and credit worries, investors are facing concerns over the threat of inflation due to record-high crude oil prices.

Light, sweet crude fell $1.68 to $76.53 per barrel on the New York Mercantile Exchange after rising to a new all-time high of $78.77 during the session after the government reported a drop in inventories. The previous trading high of $78.40 came in July 2006; on Tuesday crude had its first record close in more than a year.

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

Among the forces weighing on stocks was another slump in financial services stocks, especially after Bear Stearns Cos. said it moved late Tuesday to prevent investors from pulling money out of a third hedge fund, which had $850 million invested in highly rated mortgage-backed securities.

A week ago, the company riled the markets when it said two hedge funds that bet on risky home loans were essentially worthless -- and declared bankruptcy for both on Tuesday. Bear fell $2.92, or 2.4 percent, to $118.30.

In economic news, a report from the National Association of Realtors found that pending sales of existing homes rose 5 percent in June from a month earlier. It was the largest monthly gain in more than three years. In addition, the Institute for Supply Management said its manufacturing index rose to 53.8 in July from 56.0 in June. The reading, while showing an improvement in the manufacturing sector, was weaker than the 55.0 analysts expected.

"The economic data were a modest negative but I don't think that economic data has been driving the markets as much as changes in perceptions in risk in private equity and mortgage-related investments," said Alan Levenson, chief economist at T. Rowe Price.

In corporate news, Dow Jones & Co., publisher of The Wall Street Journal, confirmed it struck a deal to be acquired by Rupert Murdoch's media conglomerate News Corp. for $5 billion. Dow Jones rose 72 cents to $58.10, while News Corp. rose 16 cents to $22.82.

Corporate earnings reports offered investors a mixed picture on Wednesday. Time Warner Inc. saw strength in its cable TV business help boost second-quarter earnings by 5 percent. However, investors grew concerned after its AOL Internet unit saw a 38 percent decline in revenue. Time Warner fell 62 cents, or 3.2 percent, to $18.64.

Arcelor Mittal, the world's largest steelmaker, posted a $2.72 billion profit in the second quarter. That compares with earnings of $1.82 billion a year ago, based on the combined results of the company's predecessors, Mittal Steel Co. NV and Arcelor SA. Although Mittal expects to complete its takeover later this year, the companies largely operate as a combined entity. The stock rose $4.29, or 7 percent, to $65.31.

Despite gains by the major market indexes, declining issues outnumbered advancers by more than 9-to-7 on the New York Stock Exchange, where consolidated volume came to a heavy 4.93 billion shares compared with 4.18 billion traded Tuesday.

The Russell 2000 index of smaller companies rose 1.80, or 0.23 percent, to 777.92.

Worries about U.S. home loan defaults haven't affected only the U.S. markets; they have been rippling through the world markets, too.

In Asian trading, Japan's Nikkei stock average fell 2.2 percent, Hong Kong's Hang Seng index dropped 3.2 percent, and China's Shanghai Composite Index dipped 3.8 percent.

Britain's FTSE 100 fell 1.72 percent, Germany's DAX index fell 1.45 percent, and France's CAC-40 fell 1.68 percent.

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

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

 

[bigdog]

The NYSE DOW closed HIGHER by 100 points on Thursday August 2:

Sym Last....... ........Change..........
Dow 13,463.33 Up 100.96 (0.76%)
Nasdaq 2,575.98 Up 22.11 (0.87%)
S&P 500 1,472.20 Up 6.39 (0.44%)
10-Yr Bond 4.7530% Down 0.0060
NYSE Volume 73,875,000
Nasdaq Volume 2,541,833,000

In Asian trading, Japan's Nikkei stock average closed up 0.67 percent, Hong Kong's Hang Seng index dipped 0.05 percent, and China's Shanghai Composite Index rose 2.5 percent.

In European trading, Britain's FTSE 100 rose 0.80 percent, Germany's DAX index rose 0.81 percent, and France's CAC-40 rose 0.49 percent.

http://biz.yahoo.com/ap/070802/wall_street.html?.v=54
Earnings, Jobs Data Boost Dow 100
Thursday August 2, 5:43 pm ET
By Madlen Read, AP Business Writer
Stocks Advance on Earnings, Job Data, Giving Dow Industrials Second-Straight Triple-Digit Gain

NEW YORK (AP) -- Wall Street had its second-straight late-day rally Thursday, again propelling the Dow Jones industrials up more than 100 points after solid readings on corporate earnings and the job market calmed some of investors' anxiety about a tight credit market.

Trading was volatile again, but not to the extreme seen over the past week. The Dow and the Nasdaq composite mostly stayed in positive territory for much of the session.

Profits from companies like Nokia Corp. came in better than expected, and the Labor Department said jobless claims rose last week by a slightly smaller number than economists predicted. The numbers all helped steady a market that has seen stability in short supply.

Analysts said the jobless report in particular helped stocks, as it indicated that the labor market is holding up. The figures were released a day before the government's highly anticipated July employment report, to be issued before the start of trading on Friday.

"Something that has kept consumers spending is that unemployment is very low," said Janna Sampson, director of portfolio management at Oakbrook Investments. "Even if they're being pinched a little bit by oil prices or the inability to borrow, people will spend if they have a job. If we see employment weakening, that's really, really negative."

But with the market jumpy about rising mortgage defaults leading to losses and tougher lending standards, it was impossible to tell whether the market's two-day advance, which has lifted the Dow 250 points, will stick. In the latest indication that the lending climate is still deteriorating, Accredited Home Lenders Holding Co., a nonbank mortgage lender, said in a filing Thursday its business is in jeopardy, and its stock plummeted 41 percent.

The Dow rose 100.96, or 0.76, to 13,463.33. The Standard & Poor's 500 index picked up 6.39, or 0.44 percent, closing at 1,472.20, while the Nasdaq composite index rose 22.11, or 0.87 percent, to 2,575.98.

Bonds were little changed, with the yield on the benchmark 10-year Treasury note at 4.79 percent, the same as late Wednesday.

The blue chip index, now about 4 percent below the record close it reached in early July, has seen triple-digit swings become the norm in recent weeks as investors received a series of unpleasant reports about the mortgage and corporate lending markets. Stocks have been up-ended by concerns not only about the fallout from mortgage defaults, but also that credit will be less available to fund the merger deals that helped power Wall Street higher this year.

Another reason for the market's volatility is that the Dow rose to the 14,000 mark so quickly, said Jack A. Ablin, chief investment officer at Harris Private Bank. He has predicted the Dow will end the year at 14,000. "From that perspective, the market got a little ahead of itself," he said.

He added, though, that late-day surges are heartening. "Movements in the last half-hour are generally smarter money. It's usually program trading, institutional buying or selling," Ablin said.

The dollar was mixed against other major currencies, after the European Central Bank and the Bank of England kept their key interest rates steady Thursday. More rate boosts overseas could further injure the dollar, which is trading near multi-year lows against the euro and the British pound.

In other economic data, U.S. factories saw demand for their goods rise in June by 0.6 percent, up from a 0.5 percent drop in May but lower than expected.

Several major earnings reports came in strong Thursday.

Nokia, the biggest cell phone maker in the world, said its second-quarter profit more than doubled on strong sales. U.S. shares of the Finnish company soared $2.49, or 8.8 percent, to $30.90.

Profits at Lear Corp. surpassed Wall Street projections, despite a failed buyout bid led by billionaire investor Carl Icahn. Shares picked up 78 cents, or 2.3 percent, to $34.15.

CVS Caremark Corp. rose $1.25, or 3.5 percent, to $36.79 after it posted better-than-expected quarterly results.

Meanwhile, another takeover deal lifted the market's spirits -- at least for the time being. Fiserv Inc. said it agreed to buy CheckFree Corp. in an all-cash deal worth about $4.4 billion, driving up CheckFree's shares $8.57, or 23.3 percent, to $45.40. Fiserve rose 31 cents to $49.50.

But not all company news was positive Thursday: Nortel Networks Corp. tumbled $1.25, or 5.8 percent, to $20.49 after reporting quarterly results that disappointed investors. Also, Clorox Co. plunged $4.49, or 7.3 percent, to $57.14 after releasing worse-than-expected projections for later in the year.

Crude oil futures rose 33 cents to $76.86 a barrel on the New York Mercantile Exchange. Crude is still trading below Tuesday's record close of $78.21.

Gold prices rose.

Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where consolidated volume came to 4.18 billion shares, compared to 4.93 billion on Wednesday.

The Russell 2000 index of smaller companies rose 6.07, or 0.78 percent, to 783.99.

In Asian trading, Japan's Nikkei stock average closed up 0.67 percent, Hong Kong's Hang Seng index dipped 0.05 percent, and China's Shanghai Composite Index rose 2.5 percent.

In European trading, Britain's FTSE 100 rose 0.80 percent, Germany's DAX index rose 0.81 percent, and France's CAC-40 rose 0.49 percent.

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

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

 

[bigdog]

The NYSE DOW closed LOWER by 281 points on Friday August 3:

Sym Last....... ........Change..........
Dow 13,181.91 Down 281.42 (2.09%)
Nasdaq 2,511.25 Down 64.73 (2.51%)
S&P 500 1,433.06 Down 39.14 (2.66%)
10-Yr Bond 4.7000% Down 0.0530
NYSE Volume 282,126,000
Nasdaq Volume 2,608,363,000

In Asian trading, Japan's Nikkei stock average fell 0.03 percent, Hong Kong's Hang Seng index rose 0.4 percent, and China's Shanghai Composite Index rose 3.5 percent.

In Europe, Britain's FTSE 100 fell 1.21 percent, Germany's DAX index fell 1.31 percent, and France's CAC-40 fell 1.48 percent.

http://biz.yahoo.com/ap/070803/wall_street.html?.v=53
Bears Rule the Street; Dow Plunges 280

Stocks Fall Sharply Amid Credit Fears
Friday August 3, 5:57 pm ET
By Tim Paradis, AP Business Writer
Stocks Fall Following Concerns About Credit, Weaker-Than-Expected Economic Readings

NEW YORK (AP) -- Wall Street plunged anew Friday, hurtling the Dow Jones industrial average down more than 280 points after comments from a major investment bank exacerbated the market's fears of a widening credit crunch.

The drop of more than 2 percent in major stock market indexes was a fitting end to two volatile weeks on Wall Street and followed back-to-back, late-day triple digit gains in the Dow. This time, the catalyst for a sharp skid was Bear Stearns Cos. Chief Financial Officer Sam Molinaro, who described turmoil in the credit market as the worst he'd seen in 22 years.

Stocks started the day with a decline after the government said jobs growth was not as strong as expected last month and a trade group reported that the nation's service sector grew at a slower pace than expected in July. Then, credit concerns, which have dogged investors for months and have roiled markets since last week, further weighed on investor sentiment; Standard & Poor's Ratings Services lowered its credit outlook on Bear Stearns to negative from stable because of the investment bank's exposure to the distressed mortgage and corporate buyout markets.

"I think there is a tremendous amount of uncertainty with regard to the credit markets and how the situation will ultimately settle," said Mike Malone, trading analyst at Cowen & Co.

Investors remain worried that problems in subprime mortgages -- those made to borrowers with poor credit histories -- will force lenders to make credit less available. When people and companies can't borrow money as easily, the economy tends to slow down.

"There is not going to be one sort of clear signal that suggests everything is OK," Malone said, referring to the subprime and credit worries. "I think it's going to take time and the equity markets are going to experience heightened volatility."

Investors could be in for more tumultuousness in the coming week, which not only includes economic figures on productivity and consumer credit, but also brings a meeting of the Federal Reserve's Open Market Committee, which has left short-term interest rates unchanged for the past year. Investors will likely be looking to its statement following its meeting for any word on the mortgage and credit markets.

The Dow fell 281.42, or 2.09 percent, to 13,181.91. As has been typical in recent selloffs, much of the decline came late in the session; the Dow lost more than 100 points in the final 15 minutes Friday. Despite the day's loss, the index was off only 0.63 percent for the week.

Broader stock indicators also fell sharply Friday. The Standard & Poor's 500 index dropped 39.14, or 2.66 percent, to 1,433.06, and the Nasdaq composite index fell 64.73, or 2.51 percent, to 2,511.25. For the week, the S&P fell 1.77 percent, while the Nasdaq fell 1.99 percent.

The concerns have pulled stocks from highs seen only weeks ago. The Dow, which on July 19 closed above 14,000 for the first time, now sits about 819 points below that level. That 5.9 percent decline puts the Dow more than halfway toward the technical threshold of a correction, which is 10 percent.

Small-capitalization stocks were hit hard again Friday, partly because the global economy appears to be growing faster than that of the United States. Investors often contend profits at larger companies are more likely to hold up amid a U.S. slowdown because much of their business is drawn from overseas. The Russell 2000 index of small-capitalization stocks fell 28.57, or 3.64 percent, to 755.42.

The session also saw a notable rise in the bond market, as investors fled to the relative safety of fixed-income investments. The yield on benchmark 10-year Treasury note fell to 4.68 percent from 4.77 percent late Thursday. Bond prices move opposite yields.

The unease over the mortgage market and tightening credit Friday again dragged down financial stocks, which have been hard hit in recent weeks.

Bear Stearns fell $7.28, or 6.3 percent, to $108.35. Lehman Brothers Holdings Inc. fell $4.67, or 7.7 percent, to $55.78; the stock traded as low as $55.46, below its 52-week low of $58.85. Merrill Lynch & Co. fell $2.50, or 3.5 percent, to $70.05. The stock traded as low as $69.14, below its earlier 52-week low of $70.86.

Investors also fled lenders. American Home Mortgage Investment Corp. confirmed late Thursday it has stopped taking mortgage applications and is laying off most of its 7,000 staffers. American Home dropped 76 cents, or 52 percent, to 69 cents.

Countrywide Financial Corp. fell $1.77, or 6.6 percent, to $25. The nation's biggest mortgage lender said late Thursday it has adequate access to cash and isn't facing the liquidity crunch that is hitting dozens of other smaller players.

In economic news, which didn't provide much reason for investors to look past the mortgage and credit concerns, the Labor Department said nonfarm payrolls rose 92,000 last month, less than the 132,000 jobs created in June and below the average forecast of about 135,000. Also, unemployment ticked up to 4.6 percent -- a six-month high -- from 4.5 percent in June. Still, overall unemployment remains low, analysts noted.

Also, the Institute for Supply Management said its non-manufacturing index, which measures service sector activity, fell in July to 55.8 from 60.7 in June. Wall Street had expected a reading of 59, according to Thomson Financial/IFR.

Investors still uncertain about the effect of rising subprime mortgage defaults on the broader economy have regarded the stable job market and consumer spending as signs the economy might hold up despite a tighter lending climate. That's because people with steady paychecks are more likely to keep spending and pay back their debt. At the same time, some pullback in employment might ease some concerns about wage inflation.

"I think the ISM and the jobs numbers are going to accelerate the general consensus view that maybe the economy is slower than anticipated," said Subodh Kumar, global investment strategist at Subodh Kumar & Assoc.

"The market has become very much driven from data point to data point because of uncertainty of a number of issues," he said, citing unease over credit, oil prices, and a weak dollar.

Crude oil futures settled down $1.38 at $75.42 per barrel on the New York Mercantile Exchange after the employment report suggested the economy could slow and demand for oil could fall. Crude closed at a record $78.21 a barrel on Tuesday, though ended the week 2 percent lower.

Declining issues outnumbered advancers by about 5 to 1 on the New York Stock Exchange, where consolidated volume came to 4.54 billion shares compared with 4.18 billion traded Thursday.

In Asian trading, Japan's Nikkei stock average fell 0.03 percent, Hong Kong's Hang Seng index rose 0.4 percent, and China's Shanghai Composite Index rose 3.5 percent. In Europe, Britain's FTSE 100 fell 1.21 percent, Germany's DAX index fell 1.31 percent, and France's CAC-40 fell 1.48 percent.

The Dow Jones industrial average ended the week down 83.56, or 0.63 percent, at 13,181.91. The Standard & Poor's 500 index finished down 25.89, or 1.77 percent, at 1,433.06. The Nasdaq composite index ended down 50.99, or 1.99 percent, at 2,511.25.

The Russell 2000 index finished the week down 22.41, or 2.88 percent, at 755.42.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 14,432.34, down 278.44 for the week. A year ago, the index was at 12,826.14.

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

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

 

[bigdog]

The NYSE DOW closed HIGHER by 286 points on Monday August 6:

Sym Last....... ........Change..........
Dow 13,468.78 Up 286.87 (2.18%)
Nasdaq 2,547.33 Up 36.08 (1.44%)
S&P 500 1,467.67 Up 34.61 (2.42%)
10-Yr Bond 4.731% Up 0.031
NYSE Volume 720,677,000
Nasdaq Volume 2,815,944,000

In trading abroad,
London's FTSE 100 fell 0.57 percent, Germany's DAX index rose 0.12 percent and France's CAC-40 fell 1.16 percent.

The often volatile Shanghai Composite Index rose 1.5 percent to a record 4628.11. Japan's Nikkei stock average dropped 0.39 percent.

Stocks Surge: Dow Jumps Over 280 Pts
http://biz.yahoo.com/ap/070806/wall_street.html?.v=50
Stocks Rebound in Volatile Trading
Monday August 6, 4:57 pm ET
By Tim Paradis, AP Business Writer
Stocks Surge, Erasing Dow's 2 Percent Drop Friday; Volatility High Ahead of Fed Meeting

NEW YORK (AP) -- Wall Street surged higher in a volatile session Monday, offsetting the losses it incurred Friday but showing more fractiousness than conviction in an advance that lifted the Dow Jones industrials 286 points.

Investors tried to balance their concerns about the availability of credit with hopes that Tuesday's Federal Reserve meeting will be a calming influence after two weeks of frenetic trading on Wall Street. In a day devoid of economic news and with few earnings reports, investors early in the session seemed to avoid making big bets, though stocks then gained steam after midday.

Fed policy makers are widely expected to hold the nation's benchmark rate steady at 5.25 percent; as usual, the greater concern is with the Fed's economic assessment statement. This time, investors will be looking to see what the Fed says about credit.

The Dow's biggest point gain of the year follows a number of choppy sessions in which investor sentiment has vacillated between fear about lending to occasional bursts of optimism. Seven of the past 10 sessions have seen swings greater than 100 points in the Dow. The erratic activity has followed the stock market's high seen July 19, when the Dow closed above 14,000 for the first time.

"I really wouldn't read too much into it," said Charles Norton, principal and portfolio manager at GNICapital, referring to Monday's rally. "You'd like to see it be led by the market leaders, not the sort of stuff bouncing off the bottom that's been beaten up," he said referring to financial stocks and regional banks.

According to preliminary calculations, the Dow soared 286.87, or 2.18 percent, to 13,468.78. The blue chips closed near their highs after zigzagging throughout much of the session. On Friday, the Dow fell 281 points.

Broader stock indicators also rebounded. The Standard & Poor's 500 index rose 34.61, or 2.42 percent, to 1,467.67. The Nasdaq composite index rose 36.08, or 1.44 percent, to 2,547.33.

The rally was not as widespread as the rise in the major indexes suggested, though. Advancing issues outnumbered decliners by about 6 to 5 on the New York Stock Exchange, where volume came to 2.28 billion shares, compared with 2.11 billion shares traded Friday.

"I think a lot of it has to do with people sort of squaring up before the Fed on the short side, covering some shorts," Norton said, referring to the market's move higher and investors who sell stocks "short," betting that they will fall. Such investors can be forced to buy stock to cover their positions if they believe the market is poised to move higher.

Falling oil also gave a boost to stocks. Light, sweet crude futures tumbled $3.42 to $72.06 a barrel on the New York Mercantile Exchange. Gold prices fell, while the dollar moved in a mixed range against other major currencies.

Stocks have endured a volatile couple of weeks as troubles in the global credit markets -- rooted in the rise of subprime loan defaults in the U.S. -- have unfolded. Some investors are concerned that bad subprime loans, those made to borrowers with poor credit, remain on the books of some financial companies and have yet to be disclosed.

Aaron Gurwitz, co-head of portfolio strategy at Lehman Brothers Investment Management, said that while he would be surprised if the Fed were to adjust short-term interest rates, the central bank could indicate it stands ready to provide liquidity should credit markets seize up. He noted, however, that the repricing of credit that's occurring in the markets isn't something the Fed would likely want to stand in the way of.

"I think it's a short-term problem," he said. "I think that the uncertainty in the credit markets, the worries about a liquidity crisis that has to be dealt with, is a risk to the financial markets -- but I think it's a long way from being a risk to the macro economy or the ability of most companies to make money."

Bond prices fell after rising during Friday's stock market pullback, signaling investors might be transferring money into stocks. The yield on the benchmark 10-year Treasury note rose to 4.74 percent from 4.68 percent late Friday. Bond prices move opposite yields.

Some of the session's major corporate news related to subprime loans and credit concerns. Bear Stearns Cos. co-President and co-Chief Operating Officer Warren Spector resigned after the collapse of two hedge funds that invested in risky mortgage-backed securities. Spector was directly in charge of the investment bank's asset management business. Bear Stearns fell sharply on the news, but then recovered some ground after a Standard & Poor's managing director said the market overreacted when the agency lowered its long-term outlook on the financial firm.

Bear Stearns rose $5.46, or 5 percent, to $113.81, after falling below $100 briefly.

Merrill Lynch & Co. rose $4.50, or 6.4 percent, to $74.55 after a UBS analyst upgraded the nation's largest brokerage. Analyst Glenn Schorr contends the problems in the subprime mortgage and credit businesses and the potential ripple effects are now baked into the share price, which has fallen nearly 25 percent for the year.

In other corporate news, Cooper Tire & Rubber Co. on Monday said it swung to a second-quarter profit after sales jumped 17 percent, driven by higher prices in North America and strong growth in Europe and Asia. The tire maker's results beat Wall Street's expectations. Cooper advanced $1.07, or 5.1 percent, to $22.25.

The Russell 2000 index of smaller companies rose 10.97, or 1.45 percent, to 766.39.

In trading abroad, London's FTSE 100 fell 0.57 percent, Germany's DAX index rose 0.12 percent and France's CAC-40 fell 1.16 percent.

The often volatile Shanghai Composite Index rose 1.5 percent to a record 4628.11. Japan's Nikkei stock average dropped 0.39 percent.

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

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

 

[bigdog]

he NYSE DOW closed HIGHER by 35 points on Tuesday August 7:

Sym Last....... ........Change..........
Dow 13,504.30 Up 35.52 (0.26%)
Nasdaq 2,561.60 Up 14.27 (0.56%)
S&P 500 1,476.71 Up 9.04 (0.62%)
10-Yr Bond 4.7430% Up 0.0120
NYSE Volume 564,368,000
Nasdaq Volume 2,812,742,000

Overseas
European markets rose higher following Monday's U.S. advance. London's FTSE 100 closed up 1.93 percent, Germany's DAX index rose 0.93 percent, while France's CAC-40 rose 1.58 percent. Japan's Nikkei stock average closed up 0.04 percent.

http://biz.yahoo.com/ap/070807/wall_street.html?.v=35
Wall Street Extends Rally After Fed
Tuesday August 7, 4:56 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Rebounds After Fed Said Maintaining Inflation Fighting As Top Priority

NEW YORK (AP) -- Wall Street overcame disappointment in the Federal Reserve's failure to move toward an easing of interest rates Tuesday, and stocks made a late-day surge as the decision was seen as a sign the economy wasn't threatened by turmoil in the credit markets.

Investors were at first deeply disappointed that policymakers, who kept benchmark rates on hold at 5.25 percent, did not provide any hints about a possible cut. But, after digesting the policy statement, they quickly gained solace that the economy is likely to withstand losses from subprime mortgages. The Dow Jones industrials rose into positive territory from a 121 point deficit right after the decision was announced.

The Fed's Open Market Committee's economic assessment said the central bank's predominant concern "remains the risk that inflation will fail to moderate as expected." Wall Street, which has been shaken by two weeks of volatility over the more difficult conditions in the credit markets, appeared relieved the Fed didn't consider risk to the credit and loan markets as a bigger concern.

The statement, while noting credit problems, continuing weakness in the housing market and the market's turbulence, stood fast by the Fed's inflation policy. It gave little new insight into which way policymakers were leaning about a possible interest rate cut, however.

"I think what the Fed is trying to tell us is the economy is still in reasonably good shape, they're still concerned about inflation and they welcome the repricing of risk as long as it does not result in the markets seizing up from a liquidly standpoint," said Robert Auwaerter, head of fixed income portfolio management at Vanguard Group.

According to preliminary calculations, the Dow Jones industrial average gained 35.52, or 0.26 percent, to 13,504.30. The blue chip index had risen as much as 102 points after the decision; it is the first time since July 30 that it hasn't closed with a triple-digit gain or loss.

The Standard & Poor's 500 index rose 9.04, or 0.62 percent, to 1,476.71, while the Nasdaq composite index rose 14.27, or 0.56 percent, to 2,561.60. The Russell 2000 index of smaller companies fell 7.22, or 0.94 percent, to 773.61.

In recent weeks, the major stock market indexes have traded erratically, with the Dow routinely showing triple-digit swings. The frenetic trading follows the stock market's high seen July 19, when the Dow closed above 14,000 for the first time and the Standard & Poor's 500 index also saw a record finish.

Treasury bonds fell as investors moved back into stocks, with the yield on the 10-year note falling to 4.77 percent from late Monday's 4.74 percent. Investors had been moving into safer investments, like Treasuries, to avoid volatility in major market indexes.

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

Light, sweet crude oil for September delivery rose 36 cents to settle at $72.42 a barrel on the New York Mercantile Exchange. A week ago, crude closed at a record $78.21 a barrel.

Wall Street also digested a Labor Department report that found the productivity of U.S. workers rose to a 1.8 percent annual rate in the spring -- more than double the 0.7 percent pace of the first quarter -- while wage pressures lessened.

Unit labor costs rose at a 2.1 percent pace, which was the second straight quarter in which wage pressures have cooled. A drop in wage pressures could help assuage some of the Fed's concerns about inflation.

But, for the moment, it appears policymakers remain on track in their thinking about the economy. The Fed expects moderate economic growth even though credit conditions have tightened for some customers and business.

Analysts believe there wasn't too much new in this statement compared to comments issued after their previous meeting -- and that in itself might have led to the market's volatility. Some investors were looking for a stronger statement about credit markets, where others might have been listening for indications of a rate cut or signs inflation is waning.

"Nobody was surprised, at the Fed's language. There wasn't any positive or really negative news," said Brett Hammond, chief investment strategist for TIAA-CREF. "Beyond seeing a concern about inflation, now they've acknowledged the credit crunch and volatile markets -- it has stuck in people's minds that they are pointing these things out."

In corporate news, Marsh & McLennan Cos. fell $1.54, or 5.6 percent, to $26.11. The largest U.S. insurance brokerage turned in a 3 percent increase in its second-quarter profits amid growth in its risk and insurance business and consulting operations. The company also approved a $1.5 billion share-repurchase plan.

Duke Energy Corp. rose 96 cents, or 5.4 percent, to $18.86. It reported second-quarter profit fell $1.27 percent after it spun off its natural gas business at the beginning of the year.

Tyco International Ltd. shed 56 cents to $47.44 after it fell to a fiscal third-quarter loss due to hefty charges primarily related to a legal settlement. Adjusted results managed to top Wall Street's expectations, however.

Advancing issues outpaced decliners by a 3 to 2 basis on the New York Stock Exchange, where volume came to 2.14 billion shares.

Overseas, European markets rose higher following Monday's U.S. advance. London's FTSE 100 closed up 1.93 percent, Germany's DAX index rose 0.93 percent, while France's CAC-40 rose 1.58 percent. Japan's Nikkei stock average closed up 0.04 percent.

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

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

 

[tech/a]

Green and Red nice touch!

 

[bigdog]

The NYSE DOW closed HIGHER by 153 points on Wednesday August 8:

Sym Last....... ........Change..........
Dow 13,657.86 Up 153.56 (1.14%)
Nasdaq 2,612.98 Up 51.38 (2.01%)
S&P 500 1,497.49 Up 20.78 (1.41%)
10-Yr Bond 4.8600% Up 0.1170
NYSE Volume 1,156,125,000
Nasdaq Volume 3,673,005,000

Overseas
Japan's Nikkei stock average rose 0.64 percent. London's FTSE 100 gained 1.35 percent, Germany's DAX index rose 1.23 percent, and France's CAC-40 climbed 2.29 percent.

Stocks Overcome Turmoil to End Higher
http://biz.yahoo.com/ap/070808/wall_street.html?.v=54
Stocks Up on Cisco Earns, Fed Statement
Wednesday August 8, 5:19 pm ET
By Madlen Read, AP Business Writer
Wall Street Rises on Cisco Results and Fed Statement, but Investors Reveal Their Nerves

NEW YORK (AP) -- Stocks surged Wednesday as solid results in the technology arena and renewed demand for risky debt soothed investors a day after the Federal Reserve said the economy should keep expanding.

However, a late-day plunge and recovery revealed investors' underlying unease over how problems in lending might hurt corporate America, despite the Fed's assurances.

The Dow Jones industrial average initially soared more than 190 points, then dropped into negative territory in the last hour of trading, reportedly on speculation that investment bank Goldman Sachs Group Inc. would release some negative news. When Goldman Sachs dispelled the rumor, the Dow rebounded to finish up more than 150 points.

The sell-off illustrated how quickly sentiment can turn. The stock market has been ricocheting up and down in recent weeks on worries that borrowing will get tougher because of losses in the subprime mortgage market.

John O'Donoghue, co-head of equities at Cowen & Co., said he doubts that all the possible problems involving risky lending are resolved in investors' minds. "We'll have to see how the dust settles here in the next few days ... I don't think the market has made up its mind what it wants to do," he said.

On the whole, though, Wall Street was pleased to hear that computer network equipment maker Cisco Systems Inc. posted a 25 percent jump in quarterly profit and raised its revenue forecast for the year. The upbeat technology news, along with strong recoveries in the beleaguered financial and homebuilding sectors, came a day after the Federal Reserve suggested that the lending environment isn't difficult enough to trip up the economy.

The Fed's suggestion that it wasn't too worried about the credit markets appeared to reinvigorate them: Risky, high-yielding corporate bonds rose, while safe, low-yielding government bonds fell.

The Dow rose 153.56, or 1.14 percent, to 13,657.86.

The Standard & Poor's 500 index rose 20.78, or 1.41 percent, to 1,497.49. The S&P has had its biggest three-day point gain since October 2002.

Both the technology-dominated Nasdaq composite index and the Russell 2000 index of smaller companies posted their largest one-day point gains since June 29, 2006.

The Nasdaq added 51.38, or 2.01 percent, to 2,612.98.

The Russell 2000 index gained 21.53, or 2.78 percent, to 795.66. The index had dipped in late July into negative territory for the year, battered as credit crunch worries led investors to turn to larger, more established companies. Now, the Russell is back in positive terrain for the year.

"People are getting some appetite for risk again," said John C. Forelli, portfolio manager for Independence Investment LLC in Boston.

President Bush on Wednesday tried to reassure Wall Street, expressing confidence that the stock market would eventually calm down, saying to a small group of reporters that "the underpinnings of our economy are strong."

Bonds plummeted as stocks rose, with the yield on the 10-year Treasury note spiking to 4.89 percent from 4.77 percent on Tuesday. Investors exited government securities after the Fed's statement dashed hopes of a rate cut, and on rumors that Asian governments would get rid of some of their U.S. assets.

The financial and homebuilding sectors -- big losers in recent weeks -- saw large gains Wednesday, with many investors seeing value in these pummeled stocks.

Bears Stearns Cos., whose collapsing hedge funds have been a prime cause of jitters in the market, rose 3.6 percent. Lehman Brothers rose 6.7 percent, JPMorgan Chase & Co. rose 2.6 percent, and American Express Co. rose 4.2 percent.

California homebuilder KB Home rose 8.8 percent after saying late Tuesday it used cash on hand to repay $650 million in debt to rid its balance sheet of obligations. D.R. Horton Inc. rose 6.9 percent; Centex Corp. rose 8.2 percent; and Pulte Homes Inc. rose 7.2 percent.

The housing market is still weak, though, which could keep Wall Street nervous going forward. Toll Brothers Inc.'s preliminary measure of fiscal third-quarter revenue showed home building revenue fell 21 percent. Still, the company's chief executive said he sees housing demand increasing, and the quarterly revenue estimate of $1.21 billion was better than analysts expected.

Toll Brothers rose $1.38, or 6 percent, to $24.33.

After releasing its quarterly results, Cisco rose $1.99, or 6.7 percent, to $31.68.

The Nasdaq was also helped by a stronger-than-expected second-quarter profit at Priceline.com Inc. The online travel agent's stock surged $14.47, or 22 percent, to $79.56.

The dollar fell against the euro and British pound, but rose against the yen. Gold prices rose.

Crude oil prices fell 27 cents to $72.15 a barrel, even after the U.S. Department of Energy reported that crude and gasoline inventories fell last week.

Advancing issues outnumbered decliners by about 8 to 3 on the New York Stock Exchange, where volume came to 2.60 billion shares, up from 2.14 billion shares traded Tuesday.

Overseas, Japan's Nikkei stock average rose 0.64 percent. London's FTSE 100 gained 1.35 percent, Germany's DAX index rose 1.23 percent, and France's CAC-40 climbed 2.29 percent.

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

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

 

[bigdog]

The NYSE DOW closed LOWER by 387 points on Thursday August 9:

Sym Last....... ........Change..........
Dow 13,270.68 Down 387.18 (2.83%)
Nasdaq 2,556.49 Down 56.49 (2.16%)
S&P 500 1,453.09 Down 44.40 (2.96%)
10-Yr Bond 4.79% Down 0.07
NYSE Volume 1,574,519,000
Nasdaq Volume 3,612,358,000

European stocks plunged. Britain's FTSE 100 lost 1.92 percent, Germany's DAX index fell 2.00 percent, and France's CAC-40 fell 2.17 percent after being down more than 3 percent.

Japan's Nikkei stock average rose 0.83 percent.
Hong Kong's Hang Seng index fell 0.43 percent.


Dow Down 387; Second Worst Loss of Year
http://biz.yahoo.com/ap/070809/wall_street.html?.v=80
Dow Plunges 387 on Subprime Concerns
Thursday August 9, 4:46 pm ET
By Tim Paradis, AP Business Writer
Dow Plunges 387 on Following Renewed Subprime Mortgage Concerns

NEW YORK (AP) -- Wall Street plunged again Thursday after a French bank said it was freezing three funds that invested in U.S. subprime mortgages because it was unable to properly value their assets. The Dow Jones industrials extended its series of triple-digit swings, this time falling more than 380 points.

The announcement by BNP Paribas raised the specter of a widening impact of U.S. credit market problems. The idea that anyone -- institutions, investors, companies, individuals -- can't get money when they need it unnerved a stock market that has suffered through weeks of volatility triggered by concerns about tight credit and bad subprime mortgages.

A move by the European Central Bank to provide more cash to money markets intensified Wall Street's angst. Although the bank's loan of more than $130 billion in overnight funds to banks at a low rate of 4 percent was intended to calm investors, Wall Street saw it as confirmation of the credit markets' problems. It was the ECB's biggest injection ever.

The Federal Reserve added a larger-than-normal $24 billion in temporary reserves to the U.S. banking system.

The concerns that arose in Europe and spilled onto Wall Street underscored the potential worldwide ramifications of an implosion of some subprime loans and perhaps also weakened arguments that strength in the global economy could help keep profit growth going in the U.S. among large companies that do business overseas.

The ECB's injection of money into the system is an unprecedented move, said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co., adding that it shows that problems in subprime lending are, in fact, spilling into the general economy.

"This is a mini-panic," he said. "All the things that had been denied up until this point are unraveling. On top of this, retail sales were mediocre, which shows that indeed, the housing collapse is affecting the consumer."

Retailers released July sales figures Thursday that were overall disappointing.

The Fed didn't soften its stance on inflation after leaving short-term interest rates unchanged Tuesday. However, the renewed credit market concerns spurred bond traders who bet on its next move to predict early in the session that the Fed will cut rates at its meeting next month. Before Thursday, traders had bet on a 1 in 4 chance of such a cut.

According to preliminary calculations, the Dow fell 387.18, or 2.83 percent, to 13,270.68.

Thursday's pullback continued an erratic pattern of triple-digit moves in the Dow since the index closed at a record 14,001.41 on July 19. Eleven of the 15 ensuing sessions have ended in a triple-digit gain or loss. Gains have been evaporating at the first mention of trouble in housing, subprime lending or the credit markets.

With Thursday's decline, the Dow is about 730 points, or 5.2 percent, below its record close. Some experts have been calling for a textbook correction -- a pullback of at least 10 percent. At its lowest close since the market's high, Friday's finish of 13,181.91, the Dow was 5.85 percent below the record.

Bonds rose sharply as investors again sought the relative safety of Treasurys, pushing down the yield on the benchmark 10-year note to 4.79 percent from 4.89 percent late Wednesday.

The broader Standard & Poor's 500 index fell 44.40, or 2.96 percent, to 1,453.09.

Before Thursday, the S&P had its best three-day winning streak in nearly five years. But the latest pullback was the biggest point drop and percentage loss for both the Dow and the S&P since a market pullback on Feb. 27., that owed in part to concerns about subprime loans.

The Nasdaq composite index fell 56.49, or 2.16 percent, to 2,556.49. On Wednesday, it posted its biggest point gain in more than year. And while Thursday's loss was sharp, last Friday's was more severe.

The pullback came after BNP Paribas Investment Partners said it was suspending three funds together worth about $3.79 billion and wouldn't make investor redemptions until it could determine net asset values.

The funds invest in part in subprime mortgages through a process known as securitization. Investment banks bundle together mortgages -- including those from subprime borrowers -- and sell them off to investors such as hedge funds, mutual funds and other institutional investors. Buyers of such securities are seeking the steady flow of income from homeowners making their mortgage payments.

Shares of financial companies, which investors have fled recently amid lending concerns, took another beating Thursday. Citigroup Inc. fell 5 percent, as did fellow Dow component JPMorgan Chase & Co.

In another sign of credit market trouble, Home Depot Inc. warned that the sale of its wholesale business might bring in less than expected. The world's largest home improvement retailer, which also cut how much it intends to pay to repurchase stock, said volatility in the stock, debt and housing markets has led to the possible repricing. Home Depot fell $2.01, or 5.3 percent, to $35.79, and was the worst performer of the 30 Dow components.

But American International Group Inc., one of the world's largest insurers, on Thursday reassured investors that it remains comfortable with its exposure to the subprime lending market as an investor, lender and mortgage insurer. AIG, which reported a 34 percent jump in second-quarter profit late Wednesday, said it has enough cash and liquidity and "does not need to liquidate any investment securities in a chaotic market."

AIG fell $2.18, or 3.3 percent, to $64.30.

The dollar was mixed against other major currencies, while gold prices fell. Light, sweet crude fell 56 cents to $71.59 per barrel on the New York Mercantile Exchange.

Declining issues outnumbered advancers by about 4 to 1 on the New York Stock Exchange, where volume came to 2.8 billion shares compared with 2.6 billion shares traded Wednesday.

The Russell 2000 index of smaller companies fell 10.79, or 1.36 percent, to 784.87.

The Chicago Board Options Exchange's volatility index, often called the "fear index," rose early Thursday to its highest level since April 2003.

European stocks plunged. Britain's FTSE 100 lost 1.92 percent, Germany's DAX index fell 2.00 percent, and France's CAC-40 fell 2.17 percent after being down more than 3 percent. Japan's Nikkei stock average rose 0.83 percent. Hong Kong's Hang Seng index fell 0.43 percent.

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

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

 

[bigdog]

The NYSE DOW closed LOWER by 31 points on Friday August 10:

Sym Last....... ........Change..........
Dow 13,239.54 Down 31.14 (0.23%)
Nasdaq 2,544.89 Down 11.60 (0.45%)
S&P 500 1,453.64 Up 0.55 (0.04%)
10-Yr Bond 4.78% Down 0.01
NYSE Volume 1,051,037,000
Nasdaq Volume 3,245,780,000

Overseas
Japan's Nikkei stock average fell 2.4 percent. Hong Kong's Hang Seng Index fell 2.9 percent. Britain's FTSE 100 fell 3.71 percent, Germany's DAX index finished down 1.48 percent, and France's CAC-40 fell 3.13 percent.


http://biz.yahoo.com/ap/070810/wall_street.html?.v=95
Stocks End Mixed After Raucous Week
Friday August 10, 5:15 pm ET
By Tim Paradis, AP Business Writer
Stocks End Amazing Session and Week Little Changed After Fed Adds Third Dose of Liquidity

NEW YORK (AP) -- Wall Street closed out a difficult week with a mixed finish Friday after the Federal Reserve injected billions of dollars into the banking system to calm markets torn by worries about evaporating credit. The Dow Jones industrials, down more than 200 points during the session, ended with just a 31-point deficit and managed to post a gain for the week.

The stock market, which has been gyrating for weeks over fears that credit is drying up, pared its losses after the Fed's injections of cash and following morning comments from the central bank that it would do all it can to "facilitate the orderly functioning of financial markets." The steep declines seen at times during the session and persistant volatility, however, showed the depths of fear that had some investors yanking money out of stocks.

The Fed added $19 billion in liquidity to the market Friday morning, then another $16 billion and, finally, $3 billion.

Federal Reserve policy makers "are trying to do everything they can short of cutting the federal funds rate" to try to calm the markets, said Ed Yardeni, president of Yardeni Research in Great Neck, N.Y.

But, he said, "I think they probably have to cut rates, and probably before their scheduled September meeting."

He noted that it was Fed rate cuts that calmed the market after the 1998 Russian debt crisis and the implosion of the hedge fund Long-Term Capital Management.

According to preliminary calculations, the Dow closed down 31.14, or 0.23 percent, at 13,239.54. On Thursday, the Dow fell 387 points and extended a series of triple-digit moves that began in late July.

Friday's moves were typical of the zigzag trading and triple-digit moves in the Dow since the index closed at a record 14,000.41 on July 19. The Dow is down about 761 points, or 5.4 percent, from its record close.

Broader stock indicators finished mixed. The Standard & Poor's 500 index edged up 0.55, or 0.04 percent, to 1,453.64, and the Nasdaq composite index fell 11.60, or 0.45 percent, to 2,544.89.

All three indexes still finished higher for the week: The Dow rose 0.44 percent, the S&P advanced 1.44 percent and the Nasdaq added 1.34 percent. Sharp gains Monday, such as the Dow's 287-point climb, left stocks better able to weather Thursday's plunge.

The New York Fed, which carries out the central bank's market operation, announced a three-day repurchase agreement of mortgage backed securities and then two more of the so-called "repo" moves to inject liquidity into the market. The Fed's maneuvers came after the fed funds rate, the amount banks charge each other for overnight loans, ticked above 6 percent again Friday -- well above the Fed's target of 5.25 percent and a sign that credit was becoming harder to obtain.

The Fed stepped in after the same occurrence Thursday, injecting $24 billion in temporary reserves to the U.S. banking system. In a repo, the Fed arranges to buy securities from dealers, who then deposit the money the Fed has paid them into commercial banks.

"It's encouraging because it's a proactive step and they're not just focused on the inflation numbers and not ignoring turmoil in the credit market," said John Miller, head of the fixed income funds at Nuveen Asset Management.

The Fed's moves Thursday and Friday follow its August meeting Tuesday at which it left short-term interest rates unchanged, as it has done for more than a year. In its statement following the meeting, the bank said its primary concern remains inflation.

But the tumultuousness of the final two sessions of the week, which followed a sharp run-up in the week's first three sessions, has some market observers wondering whether the Fed will need to take added steps to douse some of the credit fears that have gripped the markets. So while some are now calling for a rate cut at the Fed's September meeting or even sooner, others contend investors will in any case first need to gather some confidence that the subprime woes and the credit market tightening aren't lethal for the economy and the markets.

"The confidence will be restored over time if the economy and the financial markets are resilient enough to overcome these kinds of announcements and view them in isolation," Miller said, in reference to disclosures such as the one Thursday from French bank BNP Paribas that it was freezing three funds that invested in U.S. subprime mortgages because it was unable to properly value their assets.

"I think it's premature to forecast a recession, particularly if the Fed is responsive. There is no reason why we couldn't work our way out of this fairly quickly," said Miller.

However, he contends subprime unease is likely to continue, particularly this fall as a big batch of subprime mortgages written in 2005 and 2006 begin to reset their rates.

Part of the unease over subprime loans -- those made to borrowers with weak credit -- relates to a process known as securitization. Investors bundle together mortgages, including some subprime loans, and sell them off to institutional investors such as hedge funds and mutual funds. These buyers are hoping for the steady flow of income from homeowners making their mortgage payments. The result is that many big investors are finding it difficult to sift through their holdings and take stock of all potential subprime loans that could go bad.

Such loans sour when borrowers with poor credit find themselves unable to make their mortgage payments now that home values aren't rising as fast or even falling in much of the country.

Investor confidence worldwide has been shaken by the credit market problems. In Asia, stocks fell Friday after regulators including the Bank of Japan added liquidity. The European Central Bank for the second day added cash to its money markets.

These banks and others around the world haven't worked together to inject liquidity into the markets since the aftermath of the Sept. 11, 2001, attacks. But the measures, intended to keep financial markets well-oiled, also seemed to confirm investor fears of a larger problem in the credit markets that will stall corporate growth -- including the burst of takeover activity that powered stocks higher this year.

Overseas, Japan's Nikkei stock average fell 2.4 percent. Hong Kong's Hang Seng Index fell 2.9 percent. Britain's FTSE 100 fell 3.71 percent, Germany's DAX index finished down 1.48 percent, and France's CAC-40 fell 3.13 percent.

Bonds slipped as investors traded the relative safety of Treasurys for stocks late in Friday's session. The yield on the benchmark 10-year Treasury note rose to 4.80 percent from 4.79 percent late Thursday. The dollar was mixed against other major currencies, while gold prices rose.

Light, sweet crude fell 12 cents to $71.47 per barrel on the New York Mercantile Exchange.

Declining issues outnumbered advancers by more than 5 to 3 on the New York Stock Exchange, where volume came to 2.53 billion shares compared with a heavy 2.8 billion shares traded Thursday.

The Russell 2000 index of smaller companies rose 3.91, or 0.50 percent, to 788.78.

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

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

 

[wavepicker]

Once again contemplating a possible EW for the SP500. Looks like it may have found some sort of support here. As with the XJO is this support that will lead to a more substantial rally or will it be a minor rally that falls short and the market tanks?? Certainly the last leg down in the last 2 days looks impulsive. Hopefully we can see more by the pattern of trend in the next 2-3 days, and if it falls short of the last rally high and turns down it could get ugly.

Once again would like to see a more subsantial rally before heading south again. Lets see what happens

 

[RichKid]

Once again contemplating a possible EW for the SP500. Looks like it may have found some sort of support here. As with the XJO is this support that will lead to a more substantial rally or will it be a minor rally that falls short and the market tanks?? Certainly the last leg down in the last 2 days looks impulsive. Hopefully we can see more by the pattern of trend in the next 2-3 days, and if it falls short of the last rally high and turns down it could get ugly.

Once again would like to see a more subsantial rally before heading south again. Lets see what happens

Nice work there! I like the uncomplicated counts and the fact that this stage of the EW count also corresponds well to the rounding formation and the pause in momentum.

 

[bean]

And may also fit in with the Head and Shoulder formation on the DOW ?
Neckline tested and held last night may be tested again before a bounce

 

[bigdog]

The NYSE DOW closed LOWER by 3 points on Monday August 13:

Sym Last....... ........Change..........
Dow 13,236.53 Down 3.01 (0.02%)
Nasdaq 2,542.24 Down 2.65 (0.10%)
S&P 500 1,452.92 Down 0.72 (0.05%)
10-Yr Bond 4.7780% Up 0.0020
NYSE Volume 3,696,530,000
Nasdaq Volume 2,229,062,000

Overseas Monday
Japan's Nikkei stock average gained 0.21 percent. European stocks showed sharp gains after a sell-off Friday. Britain's FTSE 100 jumped 2.99 percent, Germany's DAX index added 1.78 percent, and France's CAC-40 rose 2.21 percent.

Stocks Surrender Gains in Final Minutes
http://biz.yahoo.com/ap/070813/wall_street.html?.v=51
Stocks Reverse Course, Edge Lower
Monday August 13, 6:02 pm ET
By Lauren Villagran, AP Business Writer
Wall Street Edges Lower After Banks Add Liquidity, Retail Sales Rise More Than Expected

NEW YORK (AP) -- Wall Street gave up a moderate gain in late trading and closed marginally lower Monday after the Federal Reserve and other central banks added more cash to their banking systems, helping investors set aside some concerns about credit tightness.

The New York Fed, which carries out the central bank's market operation, minutes after the opening bell announced $2 billion in overnight repurchase agreements.

The Fed's "repo" follows a move by the Bank of Japan to put $5 billion into the markets and an addition by the European Central Bank of $65.3 billion; the ECB added more than $200 billion last week. The moves, following similar injections by the Fed last week, appeared to placate Wall Street for now and allowed it to focus on a week of fresh economic data. Since Thursday, the Fed has added $62 billion in liquidity.

Monday's injection, however, was smaller than normal, perhaps reassuring some investors that the central bank doesn't yet feel the need to pump more liquidity into the market. The last time the Fed repurchased as little as $2 billion in one day was on Wednesday, April 18. It made a one-day repo of $1.5 billion on May 10, but that was preceded by a separate one-day repo of $5.0 billion earlier that same day.

The central bank moves seem to be calming a market that has been torn by volatility for weeks. But Ryan Detrick, senior technical strategist for Schaeffer's Investment Research, said trading on Monday was very tepid. In fact, Monday's decline was a sign that investors remain nervous -- that the markets gave up their gains wasn't surprising given how volatile trading has been.

"We got off to a good start in the morning, but people are still kind of on edge here and are unwilling to jump in and do a lot of buying," he said. "There's so much worry out there about the next shoe to drop."

The Dow Jones industrial average fell 3.01, or 0.02 percent, to 13,236.53.

Broader stock indicators also rose. The Standard & Poor's 500 index fell 0.72, or 0.05 percent, to 1,452.92, and the Nasdaq composite index retreated 2.65, or 0.10 percent, to 2,542.24.

After enduring sharp swings to the downside last week, the Dow and other major indexes ultimately finished the week with a modest gain. Last week's trading showed that the most predictable thing about the markets lately is high volatility.

"The environment we're in is really truly extraordinary. The best way for investors to view this is from a 30,000-foot view -- to be positioned defensively and to continue to pay close attention to the U.S. economy and the consumer," said J. Michael Barron, chief executive of Knott Capital in Exton, Pa.

Investors were in a somewhat better mood on Monday. However, Wall Street wasn't comfortable enough to hold positions overnight, and ultimately sold off positions just before the closing bell.

There continues to be a great deal of uncertainty in the market over the extent of problems in the subprime mortgage sector. Defaults among subprime mortgage holders -- borrowers with weak credit -- began the chain of events that led to the turmoil on Wall Street and other stock markets in recent weeks.

Those defaults recently led to the collapse of two Bear Stearns funds with risky mortgage-backed investments and last week prompted French bank BNP Paribas to freeze three funds with exposure to the U.S. subprime mortgage market.

Meanwhile, Barron contends that investors should look past the Fed's liquidity injections and to the housing market problems that underlie many investors' concerns about the availability of credit. He sees the fallout from an overheated housing market and an overextended consumer as just beginning to emerge.

"Even if the Fed does cut rates what stimulative effect does that have on the economy? The Fed can make money available but banks still have to lend it," Barron said.

He said banks likely will still be hesitant to make loans easily available only a few months ago.

But despite any lingering concerns about the health of the consumer, investors appeared pleased with the Commerce Department's report that retail sales edged up 0.3 percent in July, slightly ahead of market expectations. Wall Street has been closely monitoring consumer spending, as it accounts for two-thirds of the nation's total economic activity.

Goldman Sachs Group Inc. said Monday its funds using quantitative strategies, or computer modeling, "are currently under pressure" after global markets sold off on worries about debt and credit. The investment bank said it and certain large investors including Maurice "Hank" Greenberg and Eli Broad have committed to a $3 billion equity investment in its Global Equity Opportunities fund, which has "suffered significantly." The fund had a net asset value of about $3.6 billion before the equity investment. Goldman fell $3 to $177.50.

Struggling subprime lender Accredited Home Lenders Holding Co. said it has sued Lone Star Fund V LP and two affiliates to get the private equity firm to follow through with an agreed takeover. Lone Star said Friday in a regulatory filing that Accredited no longer met the conditions of its $400 million acquisition offer. Without a deal, Accredited has cautioned that it may face bankruptcy. The company fell $3.08 or 34.6 percent, to $5.82.

Bond were little changed, with the yield on the 10-year Treasury note falling to 4.78 percent from 4.80 percent late Friday.

Overseas Monday, Japan's Nikkei stock average gained 0.21 percent. European stocks showed sharp gains after a sell-off Friday. Britain's FTSE 100 jumped 2.99 percent, Germany's DAX index added 1.78 percent, and France's CAC-40 rose 2.21 percent.

The dollar was mixed against other major world currencies. Gold futures fluctuated, while oil futures rose. Light, sweet crude rose 13 cents to $71.60 per barrel on the New York Mercantile Exchange.

Advancing issues was about even with decliners on the New York Stock Exchange, where consolidated volume came to 3.54 billion shares, compared to 5.11 billion on Friday.

The Russell 2000 index of smaller companies slipped 8.97, or 1.59 percent, to 779.81.

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

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

http://ichart.finance.yahoo.com/b?s=^IXIC

 

[bigdog]

The NYSE DOW closed LOWER by 207 points on Tuesday August 14:

Sym Last....... ........Change..........
Dow 13,028.92 Down 207.61 (1.57%)
Nasdaq 2,499.12 Down 43.12 (1.70%)
S&P 500 1,426.54 Down 26.38 (1.82%)
10-Yr Bond 4.7320% Down 0.0460
NYSE Volume 3,814,492,000
Nasdaq Volume 2,030,764,000

Overseas
Japan's Nikkei stock average rose 0.27 percent. Britain's FTSE 100 fell 0.10 percent, Germany's DAX index slipped 0.52 percent, and France's CAC-40 fell 0.82 percent.

Dow Closes Down More Than 200 Points
http://biz.yahoo.com/ap/070814/wall_street.html?.v=45
Stocks Tumble on Credit, Consumer Woes
Tuesday August 14, 5:28 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Lower After Disappointing Wal-Mart Results Raises Concerns About Consumer Spending

NEW YORK (AP) -- Wall Street pulled back sharply Tuesday as investors worried about fundamental economic problems as well as the ongoing fallout from credit market problems and stocks' own volatility. The Dow Jones industrials skidded more than 200 points.

The downturn in stocks was first triggered by a report from Wal-Mart Stores Inc. that profit will fall below expectations this year as consumers rein in spending. Home Depot Inc., the world's biggest home improvement chain, added to the slide when it said weakness in the housing market caused quarterly profit to slide.

Confirmation that Sentinel Management Group Inc., which oversees $1.6 billion in assets, is seeking to halt investor redemptions exacerbated the selling. Other funds are said to have similar problems as they face withdrawal demands at a time it has become difficult to value low-quality debt.

Hedge funds and other big institutional investors have taken a beating in recent weeks due to the market turbulence. On Monday, Goldman Sachs Group Inc. said three funds it manages have had significant losses -- and infused $3 billion in capital into one of them.

Wall Street has been pummeled as a deepening credit crunch spooked the market, and led to unease about potential losses at financial firms and funds. The Federal Reserve, which has injected some $64 billion of liquidity into the U.S. banking system since Thursday, said it stood ready to act again should market conditions warrant.

While the market seemed to be looking past most economic news in recent weeks, on Tuesday the earnings reports and their implications for consumer spending compounded an already high state of anxiety on Wall Street.

"The market is very, very sensitive at this point, and any news about a potential financial problems is going to affect the way that the market trades," said Scott Fullman, director of investment strategy for I.A. Englander & Co. "We've been seeing extreme sensitivity in the financials, but also in the consumer stocks and industrials during the session."

The Dow fell 207.61, or 1.57 percent, to 13,028.92. The benchmark index is now on the verge of falling back below the psychologically-important 13,000 mark, which it first crossed in late April.

Broader stock indicators were lower. The Standard & Poor's 500 index shed 26.38, or 1.82 percent, to 1,426.54, and the Nasdaq composite index fell 43.12, or 1.70 percent, to 2,499.12.

The retreat ended a one-day reprieve from triple-digit moves in the Dow, but no one really had expected that the market had moved past its protracted period of volatility. The Dow, which went from 13,000 to 14,000 in just 57 trading days ended in mid-July, is now up only 4.54 percent for the year. Meanwhile, the S&P 500 is close to wiping out all its gains and is ahead just 0.58 percent. The Nasdaq is up 3.47 percent.

Bonds rose, with the yield on the benchmark 10-year Treasury note falling to 4.73 percent from 4.78 percent late Monday. The fixed-income market has rallied as stock investors move into securities deemed less volatile.

Stocks originally were lifted in early trading on government data that indicated inflation remains in check. But, that gave way to further concerns about consumer spending and widening credit worries.

The Labor Department said wholesale prices rose in July for the fifth time in six months. Its Producer Price Index advanced 0.6 percent amid higher energy costs. Excluding often volatile food and energy costs, however, what's known as core PPI rose a modest 0.1 percent.

Mike Malone, a trading analyst at Cowen & Co., said efforts by central banks to stabilize the markets had been somewhat successful. On Tuesday, the European Central Bank injected another $10.5 billion into money markets and said conditions were normalizing after several days of volatility. There was no action Tuesday by the Fed.

He said "there is still a tremendous amount of risk out there."

Among the hardest hit sectors on Tuesday were financial services stocks, which have been sliding as worries mounted that subprime loan trouble could spread to other parts of the economy. Major investment banks have reported losses linked to mortgage-backed securities.

Goldman Sachs fell $7.75, or 4.4 percent, to $169.75 -- extending losses from Monday. Bear Stearns Cos., which earlier this summer disclosed that two of its funds were all but wiped out, fell $3.60, or 3.3 percent, to $106.

Sentinel Management said in a letter to clients it cannot meet investors' requests to withdraw their money without selling investments at a steep discount. Sentinel did not respond to calls for comment. The firm sent a request to the Commodity Futures Trading Commission for permission to stop investors from cashing out, but it was rejected.

Retail stocks were also hit after Wal-Mart, one of the 30 stocks included in the Dow, lowered its profit forecast amid weak economic conditions that it blames for hurting consumer spending globally. The retailer said some of its customers were straining under economic pressures such as higher oil prices.

Wal-Mart shares tumbled $2.35, or 5.1 percent, to $43.82.

Home Depot warned that it expects profit to decline for fiscal 2007 because of a sluggish housing sector. Shares fell $1.72, or 4.9 percent, to $33.52.

Mattel Inc. shares fell 57 cents, or 2.4 percent, to $23 after it announced the recall of 8.8 million toys. It was Mattel's second big recall of Chinese-made toys in two weeks.

Declining issues outpaced advancers by a 3 to 1 on the New York Stock Exchange, where consolidated volume came to 3.72 billion shares, up from 3.54 billion on Monday.

Light, sweet crude rose 76 cents to $72.38 on the New York Mercantile Exchange. The dollar was lower against other major currencies, while gold prices fell.

The Russell 2000 index of smaller companies fell 16.94, or 2.17 percent, to 762.87.

Overseas, Japan's Nikkei stock average rose 0.27 percent. Britain's FTSE 100 fell 0.10 percent, Germany's DAX index slipped 0.52 percent, and France's CAC-40 fell 0.82 percent.

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

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

 

[bigdog]

The NYSE DOW closed LOWER by 167 points on Wednesday August 15:

Sym Last....... ........Change..........
Dow 12,861.47 Down 167.45 (1.29%)
Nasdaq 2,458.83 Down 40.29 (1.61%)
S&P 500 1,406.70 Down 19.84 (1.39%)
10-Yr Bond 4.7060% Down 0.0260
NYSE Volume 4,290,931,000
Nasdaq Volume 2,325,660,000

Overseas, Japan's Nikkei stock average slid 2.19 percent. Britain's FTSE 100 lost 0.56 percent, Germany's DAX index rose 0.28 percent, and France's CAC-40 dropped 0.66 percent.

Dow, Nasdaq Hit Four-Month Lows
http://biz.yahoo.com/ap/070815/wall_street.html?.v=62
Stocks Tumble After Fed Adds Liquidity
Wednesday August 15, 6:07 pm ET
By Madlen Read, AP Business Writer
Dow Fails to Hold Above 13,000; Fed's Cash Injections Can't Pacify Credit Concerns

NEW YORK (AP) -- Wall Street tumbled again Wednesday after the Federal Reserve added more cash to the banking system but failed to quash investors' jitters about problems in lending.

The market traded nervously, jerking the Dow Jones industrial average above and below the 13,000 mark throughout the day as investors wrestled with reports about potential trouble at Countrywide Financial Corp. and KKR Financial Holdings LLC.

By late in the day, investors saw little reason to buy beyond the fact that stocks are at bargain prices right now, and the Dow closed down nearly 170 points. The Standard & Poor's 500 index also dropped sharply, and is now down for the year.

Central banks worldwide have supplied billions of funds to banks over the past week to make cash available for lending and keep interest rates stable amid signs that credit was drying up. On Wednesday, the Fed said it would accept a "repo" of $7 billion, in which it buys that amount in securities from dealers, who then deposit the money into commercial banks.

Still, the Fed has not indicated that it will free up more cash by making an interest rate cut at its Sept. 18 meeting, a move that many on Wall Street believe could stoke a stock recovery. Inflation has been keeping the central bank from lowering rates; the Labor Department said Wednesday its Consumer Price Index rose a mild 0.1 percent in July, as expected, but energy prices remain high.

"Yes, the market would probably move dramatically higher if they made a cut," said Linda Duessel, market strategist at Federated Investors in Pittsburgh. "But I think it's more prudent to allow this correction to continue to unfold. After all, we're in the month of August and coming into September -- historically, the weakest months of the year. The market has been in need of a correction."

A correction is defined as a 10 percent drop in stock prices. The Dow is now more than 8 percent below its record close of 14,000.41, reached July 19.

The Dow fell 167.45, or 1.29 percent, to 12,861.47, closing below 13,000 for the first time since April 24 and continuing a weeks-long pattern of triple-digit moves.

Broader stock indicators also fell. The S&P 500 index dropped 19.84, or 1.39 percent, to 1,406.70. The Nasdaq composite index lost 40.29, or 1.61 percent, to 2,458.83.

Bonds rose, moving in the opposite direction as stocks. The yield on the benchmark 10-year Treasury note fell to 4.72 percent from 4.73 percent late Tuesday.

The Dow also rose as many as 90 points Wednesday, as investors searched for bargains amid hard-hit stocks. The Chicago Board Options Exchange's volatility index reached another 4-year peak.

"The most savvy investors are seeing an opportunity with the increase in volatility. Individuals not as used to this are having trouble navigating through it," said James Smothermon, Charles Schwab's active trading and investing strategist. He said clients have been changing their strategies through tactics like buying insurance on their portfolios and buying put options, or contracts that let an investor sell part of an asset at a set price within a certain time period.

But ultimately, investors sold off, focusing on the possibility of problems at lenders like Countrywide Financial. Merrill Lynch issued a "sell" rating on the stock, kindling worries about the biggest U.S. home lender's ability to raise cash to secure short-term funds.

Countrywide sunk $3.17, or 13 percent, to $21.19.

In another sign that the market's lending woes are far from over, KKR Financial said it sold about $5.1 billion in residential mortgage loans in a move that will result in a $40 million loss for the specialty finance firm.

KKR fell $4.76, or 31 percent, to $10.52.

Meanwhile, the housing market outlook remains grim. National Association of Home Builders said its housing market index, which tracks builders' perceptions of current market conditions and expectations for home sales over the next six months, dropped this month to the lowest reading since January 1991. It was the sixth-straight monthly decline.

Not all mortgage-lending headlines were dire Wednesday. Thornburg Mortgage Inc.'s shares rebounded after its president said in a CNBC interview that while financing has been difficult, the company will pull through soon. Thornburg rose $3.05, or 33 percent, to $12.30.

And Lone Star Fund V LP, the private equity firm planning to buy Accredited Home Lenders Holding Corp., said it will extend its tender offer for the embattled mortgage lender's shares. Accredited Home Lenders rose 60 cents, or 11 percent, to $6.10.

The bad news appeared to outweigh the good for investors, though, especially with the energy markets facing down a potentially damaging hurricane.

Crude futures rose 95 cents to $73.33 a barrel on the New York Mercantile Exchange, after momentarily surpassing $74. The National Hurricane Center said Tropical Storm Dean, strengthening in the Caribbean and heading west, could be a major hurricane by Thursday, while Tropical Storm Erin entered the Gulf of Mexico. Natural gas retreated from an early spike, though, as traders bet the storms wouldn't threaten the region's facilities.

The Russell 2000 index of smaller companies fell 11.33, or 1.49 percent, to 751.54.

Declining issues outnumbered advancers by 5 to 1 on the New York Stock Exchange, where trading volume came to 4.31 billion shares, up from 3.72 billion shares Tuesday.

Gold prices rose. The dollar rose against the euro and British pound, but fell versus the yen.

Overseas, Japan's Nikkei stock average slid 2.19 percent. Britain's FTSE 100 lost 0.56 percent, Germany's DAX index rose 0.28 percent, and France's CAC-40 dropped 0.66 percent.

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

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

 

[bigdog]

The NYSE DOW closed LOWER by 15 points on Thursday August 16:

The Dow Jones industrials, down more than 340 points in afternoon trading, ended the day with a loss of just 15.


Sym Last....... ........Change..........
Dow 12,845.78 Down 15.69 (0.12%)
Nasdaq 2,451.07 Down 7.76 (0.32%)
S&P 500 1,411.27 Up 4.57 (0.32%)
10-Yr Bond 4.6000% Down 0.1060
NYSE Volume 2,214,329,000
Nasdaq Volume 3,365,161,000

Overseas, markets reacted to the declines in the U.S.
Britain's FTSE 100 fell 3.05 percent, Germany's DAX index fell 1.86 percent, and France's CAC-40 fell 2.52 percent. In Asia, Japan's Nikkei stock average fell 1.99 percent. Hong Kong's Hang Seng Index fell 3.3 percent, while the often-volatile Shanghai Composite Exchange fell 2.1 percent.

Stocks Stage Stunning Comeback
http://biz.yahoo.com/ap/070816/wall_street.html?.v=64
Wall Street Manages a Late Turnaround
Thursday August 16, 5:50 pm ET
By Joe Bel Bruno, AP Business Writer
Wall Street Pulls Off Late Turnaround to End Mixed, but Uncertainty and Jitters Remain

NEW YORK (AP) -- Wall Street pulled off a dramatic late-session turnaround to close mixed Thursday after bargain hunters lured by weeks of massive declines came back to the stock market. The Dow Jones industrials, down more than 340 points in afternoon trading, ended the day with a loss of just 15.

The market appeared to be on an almost relentless downward spiral after problems at Countrywide Financial Corp. confirmed investors' fears that credit problems are spreading. Moreover, for much of the day, investors shrugged off the Federal Reserve's injection of $17 billion into the banking system, and appeared to be angling for a rate cut instead.

The market clawed back with a bounce in blue chip stocks, with a leadership role going to the downtrodden financial sector.

In spite of the big comeback, Wall Street is still an uncertain place, having been pounded by weeks of losses including triple-digit slides in the Dow. All three of the market's big indexes reached levels Thursday where they were down 10 percent from their mid-July highs -- the definition of a stock market correction.

Some analysts were hopeful.

"The fundamental buyers are coming back into the market, and typically trading in the last half hour of the day is where the smart institutional money is going," said Jack Ablin, chief investment officer at Harris Private Bank. "There's a feeling that maybe we've pushed it too far, and this gives us a running start for positive markets worldwide on Friday."

Still, while the market has seen big gains over the past few weeks, those gains quickly evaporated the next day. Often, the buying has been done by traders or hedge funds trying to cover losses from what's known as short trading. In short trading, an investor sells borrowed stock on a bet that the market will fall; when the market rises, the investor must buy stock to pay back the debt. While bargain hunting helped lift stocks, it's likely that Thursday's gains were also due to short covering.

The Dow fell 15.69, or 0.12 percent, to 12,845.78.

The Standard & Poor's rose 4.56, or 0.32 percent, to 1,411.26, and the Nasdaq composite index dropped 7.76, or 0.32 percent, to 2,451.07. The Russell 2000 index of smaller companies rose 17.29, or 2.30 percent, to 768.83.

Bonds continued their rally as investors fled to safer securities. The yield on the benchmark 10-year Treasury note dropped to 4.66 percent from 4.72 percent late Wednesday. Yields had been as low as 4.60 percent earlier in the session, but began to reverse as stocks rebounded.

Investors have also been hoping that policymakers might lower interest rates to help bolster the economy, which is a positive step for Treasurys. The likelihood of a rate cut before, or at, the next Fed meeting seemed less likely as the central bank instead chose to add more liquidity to the market.

The New York Fed -- which carries out the central bank's market operation -- announced an overnight repurchase agreement worth $12 billion. This was on top of a 14-day "repo" worth $5 billion announced before the market opened.

Central banks around the world have been supplying billions of funds to banks in the past week to make cash available for lending and keep interest rates from rising amid signs that credit was drying up. The Fed uses a repo to buy securities from dealers, who then deposit the money into commercial banks.

St. Louis Fed President William Poole told Bloomberg Television after the closing bell Wednesday it wasn't necessary for the central bank to consider lowering short-term interest rates before the regularly scheduled meeting of its rate-setting committee next month.

The Fed left rates unchanged at its last meeting at 5.25 percent, where it has stood since last summer. However, policymakers said during their commentary that inflation continues to be a worry, and also recognized the debt and credit crunch for the first time.

"I think there is more confidence of a lasting rally in equities if the Fed cuts rates, and that makes it easier on days like this to do bargain hunting," said John Lonski, chief economist for credit-rating agency Moody's Investors Service. "And, the more investors sense that the U.S. economy can shoulder losses arising from subprime mortgages, the closer we are to stabilization in equities."

Countrywide fell $2.34, or 11 percent, to $18.95 after the mortgage lender borrowed $11.5 billion from a group of 40 banks to fund loans, in a move that shows just how deep the lending crisis has become. The company has been slammed as the credit crunch has driven a number of its smaller peers to bankruptcy.

But, there appeared to be renewed sense that bigger financial institutions would be able to withstand troubles in the mortgage industry. Delinquencies and defaults among loans extended to risky borrowers have seeped into the fixed-income market, where mortgage-back securities have suffered.

Bear Stearns Cos. shares have tanked because two hedge funds it managed failed because of wrong-way bets on mortgage-backed securities, surged $13.29, or 12.9 percent, to $116.55 on Thursday. The investment bank confirmed Thursday it cut 240 subprime mortgage-related jobs; Bear Stearns employs about 15,000 people.

Goldman Sachs Group Inc., which announced some of its hedge funds also have taken a massive hit, rose $4.95, or 3 percent, to $169.85.

Bill Strazzullo, partner and chief market strategist at Bell Curve Trading, pointed out that the S&P financial select exchange-traded SPDR, a key indicator that tracks financial stocks, has fallen to levels not seen since July 2006 -- just ahead of the stock market's big record-breaking run.

"That was the beginning of a major rally -- we retraced the whole thing," said Strazzullo. "The financials have been hammered. Most people who are bullish on the market think that bigger picture, everything will be OK, and look at it as an opportunity to buy in."

The SPDR is now down about 17 percent from its recent highs, reached nearly two months, in late June.

But, investors certainly had their share of worries to contend with during most of Thursday's session. The Federal Reserve Bank of Philadelphia said its general economic index dropped to zero in August from 9.2 in July. This meant that the regional economy is not expanding, or contracting; the news only further soured the mood on the Street.

Also adding to the unease, the yen rose to a one-year high against the dollar, stirring concern that some investors were getting out of a trading strategy referred to as the yen carry trade -- using the Japanese currency to acquire higher-yielding assets elsewhere. The dollar was down against most major currencies on Thursday.

The Commerce Department reported that construction of new homes fell to the lowest level in more than a decade in July as builders continued to struggle with the steepest housing slump since 1991.

Advancing issues outpaced decliners by a 2 to 1 basis on the New York Stock Exchange, where volume came to 2.92 billion shares, up from 1.99 billion Wednesday.

Light, sweet crude fell $2.33 to $71 per barrel on the New York Mercantile Exchange, giving back Wednesday's gains as storms brewing in the Caribbean didn't appear to pose a threat to energy operations. Analysts believe worries about the economy, and stocks, have also struck fear among oil investors.

Overseas, markets reacted to the declines in the U.S. Britain's FTSE 100 fell 3.05 percent, Germany's DAX index fell 1.86 percent, and France's CAC-40 fell 2.52 percent. In Asia, Japan's Nikkei stock average fell 1.99 percent. Hong Kong's Hang Seng Index fell 3.3 percent, while the often-volatile Shanghai Composite Exchange fell 2.1 percent.

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

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

 

[Porper]

Just playing around with some fib projections, as most will know, we are either in a wave C down or wave 3 of 5 of a more serious move down.

There is some strong evidence that we could move higher from here, maybe only a bounce but still a good move up.Of course this mornings close way off the lows helps as well.

The Oscilator is oversold, so a crossover could occur tonight or in the next day ot 2.

People don't want to carry trades over the weekend, hence the big sell off this afternoon.

I am scanning now and intend to buy in before close with guaranteed stops.It is pre-empting the oscilator crossover, but still, we'll see how it goes.

 

[bigdog]

The NYSE DOW closed HIGHER by 233 points on Friday August 18:

Dow Closes 233 Points Higher

The Fed -- which had resisted lowering rates despite weeks of market volatility, and instead added nearly $120 billion in liquidity into the banking system -- cut its discount rate to 5.75 percent from 6.25 percent.

Sym Last....... ........Change..........
Dow 13,079.08 Up 233.30 (1.82%)
Nasdaq 2,505.03 Up 53.96 (2.20%)
S&P 500 1,445.94 Up 34.67 (2.46%)
10-Yr Bond 4.6730% Up 0.0730
NYSE Volume 758,015,000
Nasdaq Volume 2,648,211,000

Major European indexes recovered substantially after the Fed's announcement from steep declines in earlier trading. Britain's FTSE 100 rose 3.50 percent, Germany's DAX index rose 1.49 percent, and France's CAC-40 rose 1.86 percent.

In Asian trading, which closed before the Fed lowered the discount rate, Japan's Nikkei stock average had plunged 5.42 percent as the yen continued its climb against the dollar. The dollar briefly dipped below 112 yen for the first time in over a year, suggesting that some investors were taking their Japanese currency out of higher-yielding dollar assets.

http://biz.yahoo.com/ap/070817/wall_street.html?.v=80
Stocks Rebound on Discount Rate Cut
Friday August 17, 5:30 pm ET
By Madlen Read, AP Business Writer
Stocks Gain After Federal Reserve Lowers Rate It Charges Banks for Loans

NEW YORK (AP) -- Stocks barreled higher Friday after the Federal Reserve did what Wall Street was clamoring for and cut its key discount rate a half percentage point. The move quelled investors' credit worries at least for the time being and sent the Dow Jones industrials up about 230 points.

The Fed -- which had resisted lowering rates despite weeks of market volatility, and instead added nearly $120 billion in liquidity into the banking system -- cut its discount rate to 5.75 percent from 6.25 percent. The central bank acknowledged that the stock market turbulence that has pulled the Dow down by hundreds of points a day was posing a risk to economic growth.

"People were kind of baiting the Fed into doing something, and finally they did," said Philip Dow, managing director of equity trading at RBC Dain Rauscher. "The playground monitor finally showed up, and it showed someone cares and someone is bringing rationality into the market."

But the central bank made no mention of lowering its target for the federal funds rate, which has stood at 5.25 percent for more than a year. The fed funds rate determines the rates that banks charge each other, while the discount rate only covers loans the Fed makes to banks. Many strategists believe the market won't settle down until the Fed lowers the fed funds rate target, considered a more significant benchmark.

If the market doesn't get that rate cut, Friday's gains may not stick, especially since it's likely there will be plenty more news in the coming days and weeks of further troubles in the lending industry. Any mention of problems at subprime lenders or funds that invested in mortgages has sent stocks skidding over the past few weeks, and so have worries that tighter credit will stanch the flood of takeovers, which sent Wall Street to new highs earlier this year.

"Today's move, while helpful psychologically, didn't really alter the stresses on the system," said Hugh Whelan, managing director at Hartford Investment Management Co. "If you're a leveraged financial institution, a leveraged individual, a leveraged hedge fund, on Monday when you walk in, you're still facing the same stresses you faced today and yesterday."

Still, the Fed made it clear this wasn't the only step it would take if the volatility continued. In its statement, the Fed said it "is prepared to act as needed."

The Dow surged 233.30, or 1.82 percent, to 13,079.08.

The blue chip index stayed in positive territory the whole day, though trading was still volatile. The Dow rose more than 320 points in early trading, gave up more than half those gains, and then gained steam once more.

A series of triple-digit losses over the past couple of weeks have gnawed a 6 percent dent in the Dow since it closed at a record 14,000.41 on July 19. The index, despite Friday's robust gains, finished down than 1 percent for the week; the result of the heavy selling that preceded the Fed's move.

The Standard & Poor's 500 index rose 34.67, or 2.46 percent, to 1,445.94, and the Nasdaq composite index rose 53.96, or 2.20 percent, to 2,505.03.

Bonds slipped as stocks rose, with the yield on the benchmark 10-year Treasury note rising to 4.68 percent from 4.66 percent late Thursday.

Traders who bet on how the Fed might alter rates expect the central bank will lower the benchmark fed funds rate at its next meeting on Sept. 18. Some investors are hoping for a cut in that benchmark rate even sooner.

"If the cut in the discount rate succeeds in restoring confidence, then perhaps there is no need for the Fed to cut rates at the Sept. 18 meeting," said John Lonski, chief economist of Moody's Investor Service. He added, though, that the key line in the Fed's statement Friday was its willingness to take more steps to prevent market volatility from harming the economy.

"That means the Fed is prepared to make a rate cut if stability doesn't come," Lonski said.

Gains were seen in all sectors of the stock market, but financial stocks, which have been battered by the growing problems in mortgage lending, saw particularly heavy buying. Dow component JPMorgan Chase & Co. rose 3.4 percent, while Merrill Lynch and Lehman Brothers rose more than 6 percent.

The pummeled stocks of mortgage lenders also saw significant increases. The most actively traded stock on the New York Stock Exchange, and one of its biggest percentage gainers, was Countrywide Financial Corp. The home mortgage lender rose $2.48, or 13.1 percent, to $21.43.

Energy and industrial companies also strengthened notably. The biggest gainers among the 30 Dow companies were aluminum producer Alcoa Inc. and oil company Exxon Mobil Corp., which both jumped more than 4 percent.

Major European indexes recovered substantially after the Fed's announcement from steep declines in earlier trading. Britain's FTSE 100 rose 3.50 percent, Germany's DAX index rose 1.49 percent, and France's CAC-40 rose 1.86 percent.

In Asian trading, which closed before the Fed lowered the discount rate, Japan's Nikkei stock average had plunged 5.42 percent as the yen continued its climb against the dollar. The dollar briefly dipped below 112 yen for the first time in over a year, suggesting that some investors were taking their Japanese currency out of higher-yielding dollar assets.

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

Advancing issues outnumbered decliners by about 7 to 1 on the New York Stock Exchange, where volume came to 2.48 billion shares, down from 2.92 billion shares.

The Russell 2000 index of smaller companies added 17.20, or 2.24 percent, to 786.03.

Crude oil futures rose 98 cents to $71.98 a barrel. Traders have been tracking the path of Hurricane Dean, which is threatening to head west into the Gulf of Mexico, where many oil installations are located.

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

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

 

[bigdog]

The NYSE DOW closed HIGHER by 42 points on Monday August 20:

Sym Last....... ........Change..........
Dow 13,121.35 Up 42.27 (0.32%)
Nasdaq 2,508.59 Up 3.56 (0.14%)
S&P 500 1,445.55 Down 0.39 (0.03%)
10-Yr Bond 4.6340% Down 0.0390
NYSE Volume 3,321,370,000
Nasdaq Volume 1,727,359,000

Overseas, Britain's FTSE 100 rose 0.24 percent, Germany's DAX index gained 0.40 percent, and France's CAC-40 rose 0.67 percent.

In Asia, Japan's Nikkei stock average closed up 3 percent. Hong Kong's Hang Seng Index rose 5.93 percent, while the often-volatile Shanghai Composite Exchange surged 5.33 percent.

http://biz.yahoo.com/ap/070820/wall_street.html?.v=53
Stocks End Mostly Higher on Lack of News
Monday August 20, 6:07 pm ET
By Joe Bel Bruno, AP Business Writer
Stocks End Mostly Higher Amid Relief of Lack of News; Investors Seek Short-Term Treasurys

NEW YORK (AP) -- Stocks closed mostly higher Monday as investors appeared relieved that little bad news emerged about risky mortgages and shrinking credit markets. Still, many on Wall Street were still seeking safety, and pressed into shorter-term Treasurys.

The market endured back-and-forth trading following a rally Friday that came in response to the Federal Reserve's decision to lower its discount rate. The Fed said at the time it stood ready to make further moves to keep credit and stock market losses from hurting the economy, but because it stopped short of a cut in the more important federal funds rate, uncertainty lingered on Wall Street Monday about policymakers' intentions. The Fed is not scheduled to meet formally until Sept. 18, which means investors could remain jittery until then.

Brian Levitt, corporate economist at OppenheimerFunds Inc., said the Fed's move, while helpful, won't erase all the market's unease.

"Fed action certainly doesn't make unsound credit sound. It allows some confidence for the higher quality deals to get done. It's more psychological. It provides confidence that the Fed will be a stopgap and a lender of last resort."

Treasury bonds, which have rallied in recent weeks as investors fled to safe-haven securities, continued their move higher Monday. Because bond prices move opposite their yields, the yields on the benchmark 10-year Treasury note fell to 4.63 percent from 4.68 late Friday, while the shorter-duration notes saw yields fall sharply as some investors wagered that the Fed might be forced to lower interest rates and therefore avoided longer-duration notes.

The Dow Jones industrials finished up 42.27, or 0.32 percent, at 13,121.35, after seeing 100-point swings higher and lower.

Broader indexes were mixed. The Standard & Poor's 500 index slipped 0.39, or 0.03 percent, to 1,445.55; the Nasdaq composite index rose 3.56, or 0.14 percent, to 2,508.59.

While Wall Street largely shrugged off layoffs at Countrywide Financial Corp. and a big sale of more liquid investments at Thornburg Mortgage Inc., stocks could face pressure Tuesday following word that Capital One Financial Corp. plans to close its wholesale mortgage business and book charges of $860 million in charges in 2007. The company, which also slashed its profit forecast, made the announcement after the closing bell.

Monday's erratic trading wasn't unexpected; analysts had questioned how much conviction buyers had on Friday, as much of the rally was pinned on big institutional investors like hedge funds buying shares to cover their positions. Some investors had been shorting the market -- betting stocks would move lower -- and were caught off guard when the central bank cut the discount rate.

"There's a lot of uncertainties out there," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners. "The question is if the Fed did enough to satisfy the markets. Wall Street will be relentless until they cut the fed funds rate."

The Fed also said Monday it injected another $3.5 billion into the banking system. The central bank has infused the market with nearly $120 billion of liquidity in recent weeks.

Light, sweet crude fell 90 cents to $71.08 on the New York Mercantile Exchange. Investors have been wary as Hurricane Dean has moved toward Mexico, where major oil companies have already begun battening down oil rigs in the Gulf of Mexico.

The dollar was mixed against major currencies, while gold prices rose.

This week will be light on economic reports, which makes it a bit more difficult for investors to assess what the Fed might do at its rate-setting meeting. In one economic reading that arrived Monday, the Conference Board said its gauge of future economic activity moved slightly higher in July.

The research group's index of leading economic indicators rose 0.4 percent in July, as analysts expected. The index fell 0.3 percent in June, after rising 0.2 percent in May. The report is designed for forecast economic activity over the next three to six months.

With earnings season mostly wrapped up, there was little in the way of corporate news for investors to go by. August is typically one of the slowest periods for equities markets.

Thornburg fell $1.54, or 10.2 percent, to $13.50 after the company said it sold $20.5 billion of its safest investments to raise enough cash to allow the mortgage lender to operate amid a crisis in the mortgage industry. Countrywide, the nation's largest mortgage lender, has begun laying off staff amid the credit crunch. The stock fell $1.62, or 7.6 percent, to $19.81.

Energy and transportation stocks showed gains Monday, while financial stocks, which spiked on Friday after the Fed announcement, lost ground Monday. The downtrodden sector stands to benefit from the Fed's discount rate cut. Exxon Mobil Corp. rose 39 cents to $84.53, while Goldman Sachs Group Inc. fell $2.24 to $172.76, while Citigroup Inc. dropped 42 cents to $48.39.

Lowe's Cos., the No. 2 U.S. home improvement chain, reported a second-quarter profit that surpassed Wall Street projections. Despite the slumping housing market, the company said it will open 40 stores during the current quarter, and believes sales will rise 6 percent for the year. Lowe's shares rose $1.63, or 6.1 percent, to $28.50.

Advancing issues outweighed decliners by about 3 to 2 on the New York Stock Exchange, where consolidated volume fell to 3.3 billion shares -- typical of an August session -- from a heavy 5.01 billion shares traded Friday.

The Russell 2000 index of smaller companies rose 1.42, or 0.18 percent, to 787.45.

Overseas, Britain's FTSE 100 rose 0.24 percent, Germany's DAX index gained 0.40 percent, and France's CAC-40 rose 0.67 percent. In Asia, Japan's Nikkei stock average closed up 3 percent. Hong Kong's Hang Seng Index rose 5.93 percent, while the often-volatile Shanghai Composite Exchange surged 5.33 percent.

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

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