NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

Some soothing words from Federal Reserve Chairman Ben Bernanke pushed the stock market to slender gains on Wednesday. Higher earnings for several major companies also helped.

Bernanke said that the U.S. central bank had no firm timetable for cutting back on its bond purchases. The Fed would consider reducing its stimulus program if the economy improves, but Bernanke emphasized in his testimony to Congress that the reductions were "by no means on a preset course."

The central bank is currently buying $85 billion of bonds a month to keep interest rates low and encourage borrowing. Concerns that the Fed was poised to start easing back on that stimulus before the economy had recovered sufficiently caused the stock market to pull back in June.

The concern has been that "the Fed was going to dial the (stimulus) down to zero regardless how the economy was doing," said Phil Orlando, chief market strategist at Federated Investors. "I don't think that's the case at all...the Fed is going to evaluate the economic landscape," before it cuts its stimulus, Orlando said.

The Standard & Poor's 500 index climbed 4.65 points, or 0.3 percent, to 1,680.91. The Nasdaq composite rose 11.50 points, or 0.3 percent, to 3,610.

The Dow Jones industrial average rose 18.67 points, or 0.1 percent, to 15,470.52.

The Dow was held back by American Express and Caterpillar. The credit card company's stock slumped $1.47, or 1.9 percent, to $76.80 after European regulators proposed to cap the lucrative processing fees the card company imposes.

Caterpillar fell $1.50, or 1.7 percent, to $86.67 after prominent short-seller Jim Chanos said he was shorting the stock because it was exposed to a slump in the mining industry. In a presentation at the 'Delivering Alpha' conference, broadcast by CNBC, Chanos said Caterpillar was "tied to the wrong products, at the wrong time."

Bernanke's comments had a stronger impact on the Treasury market than on the stock market.

The yield on the 10-year Treasury note fell to 2.49 percent from 2.53 percent late Tuesday as investors bought U.S. government bonds. The yield has been declining since July 5, when it surged to 2.74 percent after the government reported that hiring was strong in June.

If Treasury yields climb too fast, it worries stock investors because of the impact that rising interest rates have on the wider economy. For example, higher mortgage rates, which are linked to Treasury yields, would slow demand for homes.

The stock market has climbed back to record levels in July following its brief slump in June, when the S&P 500 logged its first monthly decline since October on concern that the Federal Reserve would ease back on its economic stimulus too quickly. The S&P 500 has gained 4.7 percent in July after falling 1.5 percent in June. It climbed to a record 1,682 on Monday.

The index is up 17.9 percent this year, and stocks could head higher still as the economy improves in the second half of the year, says Rob Lutts, chief investment officer at Cabot Money Management.

"Expect better things," said Lutts. "The market's going to churn its way higher from here."

Investors are also keeping an eye on company earnings during one of the busiest weeks for second-quarter profit reports.

The NYSE DOW closed HIGHER ▲ 18.67 points or ▲ 0.0012 41472.34117
Symbol …........Last ......Change..... 0 0 0 0
Dow_Jones 15470.52 ▲ 18.67 ▲ 0.0012
Nasdaq___ 3610 ▲ 11.5 ▲ 0.0032
S&P_500__ 1680.91 ▲ 4.65 ▲ 0.0028
30_Yr_Bond 3.57 ▼ -0.01 ▼ -0.0033

NYSE Volume NYSE Volume 3,463,524,000
Nasdaq Volume Nasdaq Volume 1,585,187,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6571.93 ▲ 15.58 ▲ 0.0024
DAX_____ 8254.72 ▲ 53.67 ▲ 0.0065
CAC_40__ 3872.02 ▲ 20.99 ▲ 0.0055

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4966.5 ▼ -2.1 ▼ -0.0004
Shanghai_Comp 2044.92 ▼ -20.8 ▼ -0.0101
Taiwan_Weight 8258.95 ▼ -1.16 ▼ -0.0001
Nikkei_225____ 14615.04 ▲ 15.92 ▲ 0.0011
Hang_Seng____ 21371.87 ▲ 59.49 ▲ 0.0028
Strait_Times___ 3208.33 ▼ -16.63 ▼ -0.0052
NZX_50_Index__ 4578.97 ▲ 2.43 ▲ 0.0005

http://finance.yahoo.com/news/stock...;_ylg=X3oDMTBhYWM1a2sxBGxhbmcDZW4tVVM-;_ylv=3

Stocks edge up as Bernanke reassures on stimulus

Stocks edge higher on Wall Street; Bernanke says no "preset course" for stimulus reduction

By Steve Rothwell, AP Markets Writer

Some soothing words from Federal Reserve Chairman Ben Bernanke pushed the stock market to slender gains on Wednesday. Higher earnings for several major companies also helped.

Bernanke said that the U.S. central bank had no firm timetable for cutting back on its bond purchases. The Fed would consider reducing its stimulus program if the economy improves, but Bernanke emphasized in his testimony to Congress that the reductions were "by no means on a preset course."

The central bank is currently buying $85 billion of bonds a month to keep interest rates low and encourage borrowing. Concerns that the Fed was poised to start easing back on that stimulus before the economy had recovered sufficiently caused the stock market to pull back in June.

The concern has been that "the Fed was going to dial the (stimulus) down to zero regardless how the economy was doing," said Phil Orlando, chief market strategist at Federated Investors. "I don't think that's the case at all...the Fed is going to evaluate the economic landscape," before it cuts its stimulus, Orlando said.

The Standard & Poor's 500 index climbed 4.65 points, or 0.3 percent, to 1,680.91. The Nasdaq composite rose 11.50 points, or 0.3 percent, to 3,610.

The Dow Jones industrial average rose 18.67 points, or 0.1 percent, to 15,470.52.

The Dow was held back by American Express and Caterpillar. The credit card company's stock slumped $1.47, or 1.9 percent, to $76.80 after European regulators proposed to cap the lucrative processing fees the card company imposes.

Caterpillar fell $1.50, or 1.7 percent, to $86.67 after prominent short-seller Jim Chanos said he was shorting the stock because it was exposed to a slump in the mining industry. In a presentation at the 'Delivering Alpha' conference, broadcast by CNBC, Chanos said Caterpillar was "tied to the wrong products, at the wrong time."

Bernanke's comments had a stronger impact on the Treasury market than on the stock market.

The yield on the 10-year Treasury note fell to 2.49 percent from 2.53 percent late Tuesday as investors bought U.S. government bonds. The yield has been declining since July 5, when it surged to 2.74 percent after the government reported that hiring was strong in June.

If Treasury yields climb too fast, it worries stock investors because of the impact that rising interest rates have on the wider economy. For example, higher mortgage rates, which are linked to Treasury yields, would slow demand for homes.

The stock market has climbed back to record levels in July following its brief slump in June, when the S&P 500 logged its first monthly decline since October on concern that the Federal Reserve would ease back on its economic stimulus too quickly. The S&P 500 has gained 4.7 percent in July after falling 1.5 percent in June. It climbed to a record 1,682 on Monday.

The index is up 17.9 percent this year, and stocks could head higher still as the economy improves in the second half of the year, says Rob Lutts, chief investment officer at Cabot Money Management.

"Expect better things," said Lutts. "The market's going to churn its way higher from here."

Investors are also keeping an eye on company earnings during one of the busiest weeks for second-quarter profit reports.

Bank of America rose 39 cents, or 2.8 percent, to $14.31 after it reported surging earnings for the period, helped by cost-cutting and investment banking gains. Bank of New York Mellon gained 57 cents, or 1.9 percent, to $30.92, after the bank posted earnings that beat analysts' expectations. Net income surged in the second quarter as market conditions improved and it collected more fees for managing investments.

Banks and financial companies are expected to report the strongest earnings growth of all S&P 500 companies, according to data from S&P Capital IQ. The growth for the sector is expected to reach almost 20 percent, according to the data provider. That compares to the average growth of 3.4 percent forecast for all companies.

In commodities trading, the price of crude oil rose 48 cents to $106.48 a barrel. Gold fell $12.90, or 1 percent, to $1,277.50 an ounce.

The dollar rose against the euro and the Japanese yen.

Among other stocks making big moves Wednesday:

”” Yahoo rose $2.78, or 10.3 percent, to $29.66 after the company reassured investors that it would keep buying back its own stock. The internet company had already spent $3.6 billion buying back about 190 million of its shares since last year. The stock is trading at its highest in more than five years.

”” DuPont rose $2.87, or 5.3 percent, to $57.25, after the activist investor Nelson Peltz told CNBC that his fund had bought a big stake in the company. Peltz was also speaking at the Delivering Alpha conference.

”” Mattel fell $3.17, or 6.8 percent, to $43.16 after its second-quarter net income fell 24 percent, hurt by weak sales in North America and continued softness in Barbie sales, as well as an asset impairment charge.

”” St. Jude Medical surged $2.54, or 5.2 percent, to $51 after the medical device maker reported better-than-expected second-quarter earnings on higher sales of its heart-shocking implants.

 

[bigdog]

Source: http://finance.yahoo.com

Earnings gains at major U.S. companies and encouraging economic news pushed U.S. stocks to record levels Thursday.

A drop in claims for unemployment benefits signaled a healthier economy and encouraged investors to buy stocks. The Federal Reserve Bank of Philadelphia said manufacturing in its region grew at the fastest pace in more than two years this month.

Among companies reporting second-quarter earnings, Morgan Stanley was one of the standouts, rising $1.16, or 4.4 percent, to $27.70. The New York bank reported sharply higher earnings driven by investment banking gains and said it planned to spend $500 million buying back its own stock. IBM rose $3.44, or 1.8 percent, to $197.99 after its profit beat analysts' forecasts as software sales grew.

Energy companies rose after the price of oil shot up to a 16-month high on signs that the economy is improving. Technology stocks lagged the market after lackluster results from eBay and Intel. Industry bellwethers Google and Microsoft both plunged 5 percent in post-market trading after reporting disappointing earnings after the close.

The stock market is back at record levels after pulling back in June amid concerns that the Fed was poised to reduce its stimulus program. The S&P 500 has gained 5.2 percent this month and is up 18.5 percent for the year, putting it on track to log its best annual performance since 2009, when it rose 23.5 percent.

The Federal Reserve's $85 billion of monthly bond purchases, intended to hold down long-term interest rates, has been a major factor supporting the rally in stocks. Fed Chairman Ben Bernanke told the House Financial Services Committee Wednesday that there was no "preset course" for ending the stimulus and that any change would depend on how well the economy is doing. Investors have worried that the central bank might reduce its stimulus before the economy was strong enough. Bernanke repeated the comments to the Senate Banking Committee Thursday.

"The economic data continues to be solid and there's less concern that the Fed is going to take away the punch bowl before the economy is healthy enough to handle it," said Alec Young, a global equity strategist at S&P Capital IQ. "On balance, earnings aren't great but they're coming in ahead of expectations."

The Standard & Poor's 500 index climbed 8.46 points, or 0.5 percent, to 1,689.37. The index has gained for 10 of the last 11 days.

The Dow Jones industrial average rose 78.02 points, or 0.5 percent, to 15,548.54. The Dow's gains were led by IBM and UnitedHealth Group, which reported better earnings than Wall Street analysts were expecting.

The Nasdaq composite edged up 1.28 points, just 0.04 percent, to 3,611.28. The Nasdaq was held back by weak earnings reports from several major technology companies.

The NYSE DOW closed HIGHER ▲ 78.02 points or ▲ 0.005 41473.33166
Symbol …........Last ......Change..... 0 0 0 0
Dow_Jones 15548.54 ▲ 78.02 ▲ 0.005
Nasdaq___ 3611.28 ▲ 1.28 ▲ 0.0004
S&P_500__ 1689.37 ▲ 8.46 ▲ 0.005
30_Yr_Bond 3.63 ▲ 0.06 ▲ 0.0162

NYSE Volume 3,729,243,500
Nasdaq Volume 1,739,246,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6634.36 ▲ 62.43 ▲ 0.0095
DAX_____ 8337.09 ▲ 82.37 ▲ 0.01
CAC_40__ 3927.79 ▲ 55.77 ▲ 0.0144

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4976.9 ▲ 10.4 ▲ 0.0021
Shanghai_Comp 2023.4 ▼ -21.53 ▼ -0.0105
Taiwan_Weight 8194.88 ▼ -64.07 ▼ -0.0078
Nikkei_225____ 14808.5 ▲ 193.46 ▲ 0.0132
Hang_Seng____ 21345.22 ▼ -26.65 ▼ -0.0012
Strait_Times___ 3218.2 ▲ 9.87 ▲ 0.0031
NZX_50_Index__ 4563.38 ▼ -15.59 ▼ -0.0034

http://finance.yahoo.com/news/earnings-gains-drive-stocks-higher-150011181.html

Earnings gains drive stocks higher on Wall Street

Earnings gains, encouraging economic reports drive stocks higher; Oil boosts energy stocks

By Steve Rothwell, AP Markets Writer

Earnings gains at major U.S. companies and encouraging economic news pushed U.S. stocks to record levels Thursday.

A drop in claims for unemployment benefits signaled a healthier economy and encouraged investors to buy stocks. The Federal Reserve Bank of Philadelphia said manufacturing in its region grew at the fastest pace in more than two years this month.

Among companies reporting second-quarter earnings, Morgan Stanley was one of the standouts, rising $1.16, or 4.4 percent, to $27.70. The New York bank reported sharply higher earnings driven by investment banking gains and said it planned to spend $500 million buying back its own stock. IBM rose $3.44, or 1.8 percent, to $197.99 after its profit beat analysts' forecasts as software sales grew.

Energy companies rose after the price of oil shot up to a 16-month high on signs that the economy is improving. Technology stocks lagged the market after lackluster results from eBay and Intel. Industry bellwethers Google and Microsoft both plunged 5 percent in post-market trading after reporting disappointing earnings after the close.

The stock market is back at record levels after pulling back in June amid concerns that the Fed was poised to reduce its stimulus program. The S&P 500 has gained 5.2 percent this month and is up 18.5 percent for the year, putting it on track to log its best annual performance since 2009, when it rose 23.5 percent.

The Federal Reserve's $85 billion of monthly bond purchases, intended to hold down long-term interest rates, has been a major factor supporting the rally in stocks. Fed Chairman Ben Bernanke told the House Financial Services Committee Wednesday that there was no "preset course" for ending the stimulus and that any change would depend on how well the economy is doing. Investors have worried that the central bank might reduce its stimulus before the economy was strong enough. Bernanke repeated the comments to the Senate Banking Committee Thursday.

"The economic data continues to be solid and there's less concern that the Fed is going to take away the punch bowl before the economy is healthy enough to handle it," said Alec Young, a global equity strategist at S&P Capital IQ. "On balance, earnings aren't great but they're coming in ahead of expectations."

The Standard & Poor's 500 index climbed 8.46 points, or 0.5 percent, to 1,689.37. The index has gained for 10 of the last 11 days.

The Dow Jones industrial average rose 78.02 points, or 0.5 percent, to 15,548.54. The Dow's gains were led by IBM and UnitedHealth Group, which reported better earnings than Wall Street analysts were expecting.

The Nasdaq composite edged up 1.28 points, just 0.04 percent, to 3,611.28. The Nasdaq was held back by weak earnings reports from several major technology companies.

eBay fell $3.86, or 6.7 percent, to $53.52 after its CEO John Donahoe said late Wednesday that economic weakness in Europe and Korea will "continue to be a challenge" in the second half of the year.

Intel fell 91 cents, or 3.8 percent, to $23.24 after the world's largest maker of computer chips predicted flat sales amid a decline in PC sales. The company's earnings and revenue fell in the second quarter.

The weak results are in line with what's expected to be a weak second-quarter earnings season for the U.S. technology industry. Profit growth is expected to contract from a year ago.

Companies in the S&P 500 are expected to report profit growth of 3.7 percent for the quarter.

The S&P 500 has advanced for nine of the last 10 months. During that period the only significant setback came between May 21 and June 24, when the index fell 5 percent on concern the Fed was set to pull back on its stimulus. The market's unrelenting march higher is starting to concern some investors.

"It doesn't quite feel right going up in a straight line, pretty much since last November," said Michael Weiner, Chief Investment Officer at Unified Trust, a wealth management firm. "It's really unusual to not have a decent correction."

A correction is typically defined as decline of between 10 and 20 percent.

In government bond trading, the yield on the 10-year note edged up to 2.54 percent from 2.49 percent late Wednesday.

In commodities trading, the price of oil rose $1.56, or 1.5 percent, to $108.04 a barrel. The price of gold gained $6.70, or 0.5 percent, to $1,284.20 an ounce.

The dollar rose against the euro and the Japanese yen.

Among other stocks making big moves.

”” UnitedHealth Group Inc., the nation's largest health insurer, surged $4.32, or 6.5 percent, to $70.55 after reporting earnings that beat analysts' estimates.

”” Johnson Controls Inc., which makes heating and ventilation systems for buildings, surged $3.09, or 8.3 percent, to $40.43 after the company said its fiscal third-quarter net income climbed 33 percent as revenue improved.

”” Dell Inc. rose 24 cents, or 1.9 percent, to $13.12, after the company delayed a vote on founder Michael Dell's plan to take the computer maker private. Activist investor Carl Icahn and the Southeastern Asset Management fund, which own 13 percent of the company combined, have made a competing proposal.

”” Sherwin-Williams fell $15.25, or 8.3 percent, to $167.94, after the paint and coatings maker announced disappointing second-quarter results and issued a weak outlook for the current quarter. The company also said Mexican regulators had rejected its bid to buy a paint company there.

 

[bigdog]

Source: http://finance.yahoo.com

A bad day for technology stocks Friday slowed a recent surge in the stock market.

Microsoft led the slump in tech, falling the most in more than four years after the company wrote off nearly $1 billion on its new tablet computer and reported declining revenue for its Windows operating system. Google dropped after its revenue fell below analysts' forecasts, partly because the Internet search leader's ad prices took an unexpected turn lower.

With tech stocks falling, the Standard & Poor's 500 index eked out a gain of 2.72 points, or 0.2 percent, to an all-time high of 1,692.09. The S&P 500 has rebounded after a decline last month and is up 5.3 percent in July.

Despite the market's broad advance, a growing list of poor tech results is raising concerns about the strength of the economy and the stock market. Intel and eBay also reported weak results this week, and chipmaker Advanced Micro reported a second-quarter loss because of a worldwide slump in PC demand.

Technology "has definitely been a sector that people have been expecting big things from and it has not delivered," said Randy Frederick, Managing Director of Active Trading & Derivatives at the Schwab Center for Financial Research.

The Dow Jones industrial average closed down 4.80 points, or 0.03 percent, to 15,543.71. If not for the declines in Microsoft, Hewlett-Packard and IBM, the index would have gained about 70 points.

Even General Electric's brighter outlook for the U.S. economy on Friday was overshadowed by the tech slump.

The technology-heavy Nasdaq composite fell 23.66 points, or 0.7 percent, to 3,587.61. The index was the only major market benchmark to end the week lower, falling 0.4 percent.

Technology stocks in the S&P 500 have lagged the S&P 500 this year, gaining only 8.5 percent, versus 18.6 percent for the broader index. The industry is one of four of the 10 sectors in the S&P 500 that are expected to see earnings growth contract in the second quarter.

Microsoft dropped $4.04, or 11.4 percent, to $31.40 after reporting its earnings late Thursday. That's the biggest one-day decline since the stock slumped 11.7 percent in January 2009. Google fell $14.08, or 1.5 percent, $896.60. It also posted earnings late Thursday.

The stock market has risen sharply in July after the Federal Reserve reassured investors it wouldn't pull back on its stimulus before the economy is strong enough. The U.S. central bank is currently buying $85 billion in bonds every month to keep long-term interest rates low and to encourage borrowing and hiring.

The NYSE DOW closed LOWER ▼ -4.8 points or ▼ -0.0003 41474.34098
Symbol …........Last ......Change..... 0 0 0 0
Dow_Jones 15543.74 ▼ -4.8 ▼ -0.0003
Nasdaq___ 3587.61 ▼ -23.66 ▼ -0.0066
S&P_500__ 1692.09 ▲ 2.72 ▲ 0.0016
30_Yr_Bond 3.57 ▼ -0.06 ▼ -0.016

NYSE Volume 3,538,077,500
Nasdaq Volume 1,810,311,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6630.67 ▼ -3.69 ▼ -0.0006
DAX_____ 8331.57 ▼ -5.52 ▼ -0.0007
CAC_40__ 3925.32 ▼ -2.47 ▼ -0.0006

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4959.4 ▼ -17.5 ▼ -0.0035
Shanghai_Comp 1992.65 ▼ -30.75 ▼ -0.0152
Taiwan_Weight 8062.03 ▼ -132.85 ▼ -0.0162
Nikkei_225____ 14589.91 ▼ -218.59 ▼ -0.0148
Hang_Seng____ 21362.42 ▲ 17.2 ▲ 0.0008
Strait_Times___ 3213.26 ▼ -4.94 ▼ -0.0015
NZX_50_Index__ 4538.31 ▼ -25.08 ▼ -0.0055

http://finance.yahoo.com/news/tech-...;_ylg=X3oDMTBhYWM1a2sxBGxhbmcDZW4tVVM-;_ylv=3

Tech slump holds back US stocks; S&P 500 edges up

US stocks held back by weak Google, Microsoft earnings; S&P 500 ekes out another record high

By Steve Rothwell, AP Markets Writer

A bad day for technology stocks Friday slowed a recent surge in the stock market.

Microsoft led the slump in tech, falling the most in more than four years after the company wrote off nearly $1 billion on its new tablet computer and reported declining revenue for its Windows operating system. Google dropped after its revenue fell below analysts' forecasts, partly because the Internet search leader's ad prices took an unexpected turn lower.

With tech stocks falling, the Standard & Poor's 500 index eked out a gain of 2.72 points, or 0.2 percent, to an all-time high of 1,692.09. The S&P 500 has rebounded after a decline last month and is up 5.3 percent in July.

Despite the market's broad advance, a growing list of poor tech results is raising concerns about the strength of the economy and the stock market. Intel and eBay also reported weak results this week, and chipmaker Advanced Micro reported a second-quarter loss because of a worldwide slump in PC demand.

Technology "has definitely been a sector that people have been expecting big things from and it has not delivered," said Randy Frederick, Managing Director of Active Trading & Derivatives at the Schwab Center for Financial Research.

The Dow Jones industrial average closed down 4.80 points, or 0.03 percent, to 15,543.71. If not for the declines in Microsoft, Hewlett-Packard and IBM, the index would have gained about 70 points.

Even General Electric's brighter outlook for the U.S. economy on Friday was overshadowed by the tech slump.

The technology-heavy Nasdaq composite fell 23.66 points, or 0.7 percent, to 3,587.61. The index was the only major market benchmark to end the week lower, falling 0.4 percent.

Technology stocks in the S&P 500 have lagged the S&P 500 this year, gaining only 8.5 percent, versus 18.6 percent for the broader index. The industry is one of four of the 10 sectors in the S&P 500 that are expected to see earnings growth contract in the second quarter.

Microsoft dropped $4.04, or 11.4 percent, to $31.40 after reporting its earnings late Thursday. That's the biggest one-day decline since the stock slumped 11.7 percent in January 2009. Google fell $14.08, or 1.5 percent, $896.60. It also posted earnings late Thursday.

The stock market has risen sharply in July after the Federal Reserve reassured investors it wouldn't pull back on its stimulus before the economy is strong enough. The U.S. central bank is currently buying $85 billion in bonds every month to keep long-term interest rates low and to encourage borrowing and hiring.

In government bond trading, the yield on the 10-year Treasury note fell to 2.48 percent from 2.53 percent late Thursday. The yield has fallen from 2.74 percent on July 5, when the government reported strong hiring.

The pullback in bond yields should help stocks sustain their rally because it makes them look more attractive compared to bonds, said Paul Zemsky, head of multi-asset strategies for ING U.S. Investment Management. Lower interest rates should also support the housing market by holding down mortgage rates.

"A lot of the fears that had come from these higher rates are abating," Zemsky said. "Rates have come back down and that's good."

The price of crude oil edged up a penny to $108.05 a barrel. The price of gold climbed $8.70 to $1,292.90 an ounce.

Among other stocks making big moves:

”” General Electric rose $1.09, or 4.6 percent, to $24.72 after posting a slight gain in net income in the second quarter. GE also said its U.S. operations are picking up steam. The results were better than analysts had forecast.

”” Chipotle Mexican Grill climbed $32.22, or 8.6 percent, to $408.90 after the Mexican fast-food chain reported results that beat analysts' expectations.

”” Whirlpool surged $9.54, or 8 percent, $128.91 after its second-quarter net income soared 75 percent as demand improved for its appliances. Whirlpool also benefited from some tax credits.

6713

 

[bigdog]

Source: http://finance.yahoo.com

Mining companies and banks helped the stock market overcome some disappointing quarterly performances on Monday.

Poor second-quarter results from a handful of large U.S. companies weighed on stocks. McDonald's fell after it reported lower global sales and warned of a tough year ahead. Media company Gannett dropped after its revenues fell short of financial analysts' expectations.

But gold and copper prices boosted mining companies, and that helped nudge the market to another all-time high.

Investors are looking ahead a busy week of corporate earnings. More than 150 companies in the Standard & Poor's 500 stock index are reporting quarterly earnings over the next four days.

For the most part, corporations have reported results that have beaten analysts' expectations, though there have been some big letdowns. On Friday, Microsoft plunged after it reported declining revenue and a big write-off on its new tablet computer. Coca-Cola slumped last Tuesday after the company said it sold less soda in North America.

"Earnings are not stellar," said Brad Reynolds, chief investment officer at investment adviser LJPR. "It just seems that the market is ok with that."

Investors were more than OK with gold Monday. Its price climbed above $1,300 for first time in a month, giving mining stocks a big lift.

Gold gained $43.10, or 3.3 percent, to $1,336 an ounce, its biggest gain in more than a year. Copper rose 4 cents, or 1.3 percent, to $3.19 per pound.

Among mining companies, Newmont Mining rose $1.66, or 5.8 percent, to $30.35. Freeport-McMoran Copper & Gold gained 59 cents, or 2.1 percent, to $29.15.

Gold had plunged earlier in the year because investors thought the Federal Reserve was close to ending its economic stimulus. Gold is now advancing on speculation that the Fed could continue the stimulus for longer than previously thought. That increases the chance of higher inflation and weakens the dollar. When the dollar falls, gold becomes more attractive as an alternative investment.

The S&P 500 index rose three points, or 0.2 percent, to 1,695.53 on Monday. The index is at an all-time high, though trading volumes were lower than average.

Five of the 10 industry group in the S&P 500 rose. Gains were led by financial companies, which have posted some of the strongest earning reports for the quarter so far, and are expected to report average earnings growth of 23 percent for the period. Bank of America added 17 cents, or 1.2 percent, to $14.92.

The Dow Jones industrial rose nearly 1.8 points, or 0.01 percent, to 15,545.55. McDonald's slump weighed on the index. The restaurant chain's stock fell $2.69, or 2.7 percent, to $97.58.

The Nasdaq composite climbed 12.77 points, or 0.4 percent, to 3,600.39.

The NYSE DOW closed HIGHER ▲ 1.81 points or ▲ 0.01% on Monday, 22 July 2013
Symbol …........Last ......Change.....
Dow_Jones 15545.55 ▲ 1.81 ▲ 0.0001
Nasdaq___ 3600.39 ▲ 12.77 ▲ 0.0036
S&P_500__ 1695.53 ▲ 3.44 ▲ 0.002
30_Yr_Bond 3.55 ▼ -0.02 ▼ -0.0048

NYSE Volume 3,065,339,250
Nasdaq Volume 1,482,267,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6623.17 ▼ -11.19 ▼ -0.0017
DAX_____ 8331.06 ▼ -0.51 ▼ -0.0001
CAC_40__ 3939.92 ▲ 14.6 ▲ 0.0037

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4988.9 ▲ 29.5 ▲ 0.0059
Shanghai_Comp 2004.76 ▲ 12.11 ▲ 0.0061
Taiwan_Weight 8105.45 ▲ 43.42 ▲ 0.0054
Nikkei_225____ 14658.04 ▲ 68.13 ▲ 0.0047
Hang_Seng____ 21416.5 ▲ 54.08 ▲ 0.0025
Strait_Times___ 3234.35 ▲ 21.09 ▲ 0.0066
NZX_50_Index__ 4554.04 ▲ 15.73 ▲ 0.0035

http://finance.yahoo.com/news/p-500-edges-higher-helped-185636124.html

S&P 500 edges higher, helped by gold miners

S&P 500 edges higher as rise in gold mining stocks makes up for earnings disappointments

By Steve Rothwell, Markets Writer

Mining companies and banks helped the stock market overcome some disappointing quarterly performances on Monday.

Poor second-quarter results from a handful of large U.S. companies weighed on stocks. McDonald's fell after it reported lower global sales and warned of a tough year ahead. Media company Gannett dropped after its revenues fell short of financial analysts' expectations.

But gold and copper prices boosted mining companies, and that helped nudge the market to another all-time high.

Investors are looking ahead a busy week of corporate earnings. More than 150 companies in the Standard & Poor's 500 stock index are reporting quarterly earnings over the next four days.

For the most part, corporations have reported results that have beaten analysts' expectations, though there have been some big letdowns. On Friday, Microsoft plunged after it reported declining revenue and a big write-off on its new tablet computer. Coca-Cola slumped last Tuesday after the company said it sold less soda in North America.

"Earnings are not stellar," said Brad Reynolds, chief investment officer at investment adviser LJPR. "It just seems that the market is ok with that."

Investors were more than OK with gold Monday. Its price climbed above $1,300 for first time in a month, giving mining stocks a big lift.

Gold gained $43.10, or 3.3 percent, to $1,336 an ounce, its biggest gain in more than a year. Copper rose 4 cents, or 1.3 percent, to $3.19 per pound.

Among mining companies, Newmont Mining rose $1.66, or 5.8 percent, to $30.35. Freeport-McMoran Copper & Gold gained 59 cents, or 2.1 percent, to $29.15.

Gold had plunged earlier in the year because investors thought the Federal Reserve was close to ending its economic stimulus. Gold is now advancing on speculation that the Fed could continue the stimulus for longer than previously thought. That increases the chance of higher inflation and weakens the dollar. When the dollar falls, gold becomes more attractive as an alternative investment.

The S&P 500 index rose three points, or 0.2 percent, to 1,695.53 on Monday. The index is at an all-time high, though trading volumes were lower than average.

Five of the 10 industry group in the S&P 500 rose. Gains were led by financial companies, which have posted some of the strongest earning reports for the quarter so far, and are expected to report average earnings growth of 23 percent for the period. Bank of America added 17 cents, or 1.2 percent, to $14.92.

The Dow Jones industrial rose nearly 1.8 points, or 0.01 percent, to 15,545.55. McDonald's slump weighed on the index. The restaurant chain's stock fell $2.69, or 2.7 percent, to $97.58.

The Nasdaq composite climbed 12.77 points, or 0.4 percent, to 3,600.39.

One sector that struggled was homebuilders. Sales of previously occupied homes slipped in June to an annual rate of 5.08 million, the National Association of Realtors said Monday.

As a result, Pulte Group fell 22 cents, or 1.1 percent, to $19.14. Lennar fell 73 cents, or 2.1 percent to $34.80.

The stock market has surged in July after Fed Chairman Ben Bernanke assured investors that the U.S. central bank would not pull back on its stimulus before the economy was strong enough. The Fed is buying $85 billion of bonds each month to keep long-term interest rates low and to encourage spending.

The S&P 500 has gained 5.6 percent in July. That puts the index on track for it best month since October 2011.

Small company stocks have fared even better. The Russell 2000 closed above 1,000 for the first time on July 5 and is up 7.8 percent for the month. That signals that investors have become more comfortable buying riskier assets.

In commodities trading, the price of oil fell 93 cents, or 0.9 percent, to $106.94 a barrel.

In government bond trading, the yield on the 10-year Treasury note was unchanged from Friday at 2.48 percent. As recently as July 5, the yield was as high as 2.74 percent.

As of Monday, 63 percent of the companies that have reported earnings have exceeded expectations. That's above the historical average.

S&P 500 companies are forecast to report earnings growth of 3.6 percent for the second quarter compared with a year earlier, according to data from S&P Capital IQ.

Analysts expect earnings growth to climb to 5.63 percent in the third quarter and 11.12 percent in the fourth quarter.

Those forecasts may prove optimistic if economic growth doesn't accelerate in the second half of the year, said Michael Sheldon, chief market strategist at RDM Financial.

"I'm a little suspect that we're going to see double digit (earnings) growth," said Sheldon. "We're more likely in a period of moderate to sluggish growth."

Among other stocks making big moves.

”” Hasbro Inc.'s stock rose $1.49, or 3.3 percent, to $46.87. The nation's second biggest toy maker said Monday that it is expanding a merchandising deal with The Walt Disney Co. for properties including Marvel and Star Wars.

”” Yahoo fell $1.25, or 4.3 percent, to $27.86. The company said Monday that activist investor Dan Loeb and two other directors nominated by his hedge fund, Third Point LLC, are leaving Yahoo's board after big gains in the company's stock price the past year.

”” Kimberly-Clark, which makes Kleenex tissue and Huggies diapers, fell $1.81, or 1.8 percent, to $97.68. The company on Monday reported revenue that fell short of financial analyst's expectations.

 

[bigdog]

Source: http://finance.yahoo.com

Uneven corporate earnings news left the stock market mixed on Tuesday.

Most major indexes closed slightly lower, except for the Dow Jones industrial average. Yet even there the gain was due to the increase in one stock, United Technologies.

Better earnings from big banks, health insurers and other companies have helped drive the stock market higher this month. On Tuesday, however, the encouraging and the discouraging seemed evenly matched. Wendy's and United Technologies surged after posting stronger results than financial analysts expected. Netflix and the Altria Group, maker of Marlboro cigarettes, sank after their results fell short.

"In the absence of major economic news, the focus is on earnings this week," said David Joy, chief market strategist at Ameriprise Financial. "And there's nothing today to drive the market dramatically one way or another."

The Dow rose 22.19 points, or 0.1 percent, to 15,567.74. If not for a 3 percent gain in United Technologies, the Dow would have closed down a point.

United Technologies rose $3.01 to $105.12 after the conglomerate said strong orders for commercial airline parts and elevators helped lift its profit.

The Standard & Poor's 500 index fell 3.14 points, or 0.2 percent, to 1,692.39. The Nasdaq composite fell 21.11 points, or 0.6 percent, to 3,579.27.

It was a busy day for earnings as 35 companies in the S&P 500 were scheduled to turn in results. The second-quarter scorecard looks good so far. More than six out of every 10 companies have posted earnings that surpassed Wall Street's expectations, according to S&P Capital IQ.

Analysts forecast that second-quarter earnings for companies in the S&P 500 increased 3.8 percent over the same period last year.

The NYSE DOW closed HIGHER ▲ 22.19 points or ▲ 0.14% on Tuesday, 23 July 2013
Symbol …........Last ......Change.....
Dow_Jones 15567.74 ▲ 22.19 ▲ 0.0014
Nasdaq___ 3579.27 ▼ -21.11 ▼ -0.0059
S&P_500__ 1692.39 ▼ -3.14 ▼ -0.0019
30_Yr_Bond 3.59 ▲ 0.04 ▲ 0.0104

NYSE Volume 3,399,430,750
Nasdaq Volume 1,591,901,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6597.44 ▼ -25.73 ▼ -0.0039
DAX_____ 8314.23 ▼ -16.83 ▼ -0.002
CAC_40__ 3923.09 ▼ -16.83 ▼ -0.0043

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5004.6 ▲ 15.7 ▲ 0.0031
Shanghai_Comp 2043.88 ▲ 39.11 ▲ 0.0195
Taiwan_Weight 8214.65 ▲ 109.2 ▲ 0.0135
Nikkei_225____ 14778.51 ▲ 120.47 ▲ 0.0082
Hang_Seng____ 21915.42 ▲ 498.92 ▲ 0.0233
Strait_Times___ 3253.76 ▲ 19.41 ▲ 0.006
NZX_50_Index__ 4580.59 ▲ 26.55 ▲ 0.0058

http://finance.yahoo.com/news/stock-market-ends-mixed-uneven-210726501.html

Stock market ends mixed after uneven earnings news

Stocks end mixed after uneven news on US corporate earnings; United Technologies lifts Dow

Uneven corporate earnings news left the stock market mixed on Tuesday.

Most major indexes closed slightly lower, except for the Dow Jones industrial average. Yet even there the gain was due to the increase in one stock, United Technologies.

Better earnings from big banks, health insurers and other companies have helped drive the stock market higher this month. On Tuesday, however, the encouraging and the discouraging seemed evenly matched. Wendy's and United Technologies surged after posting stronger results than financial analysts expected. Netflix and the Altria Group, maker of Marlboro cigarettes, sank after their results fell short.

"In the absence of major economic news, the focus is on earnings this week," said David Joy, chief market strategist at Ameriprise Financial. "And there's nothing today to drive the market dramatically one way or another."

The Dow rose 22.19 points, or 0.1 percent, to 15,567.74. If not for a 3 percent gain in United Technologies, the Dow would have closed down a point.

United Technologies rose $3.01 to $105.12 after the conglomerate said strong orders for commercial airline parts and elevators helped lift its profit.

The Standard & Poor's 500 index fell 3.14 points, or 0.2 percent, to 1,692.39. The Nasdaq composite fell 21.11 points, or 0.6 percent, to 3,579.27.

It was a busy day for earnings as 35 companies in the S&P 500 were scheduled to turn in results. The second-quarter scorecard looks good so far. More than six out of every 10 companies have posted earnings that surpassed Wall Street's expectations, according to S&P Capital IQ.

Analysts forecast that second-quarter earnings for companies in the S&P 500 increased 3.8 percent over the same period last year.

"The bar has been set pretty low," said Joel Huffman, senior portfolio manager at U.S. Bank Wealth Management. So, it's hardly a surprise that many companies are able to jump over it, he said.

Sales are another story. Analysts expect revenue to shrink 0.7 percent in the second quarter. Huffman said he's encouraged that many banks and makers of consumer-discretionary goods have reported stronger U.S. sales. "It's an indication of the underlying growth in the U.S. economy versus other parts of the world," he said.

Apple rose $21, or 5 percent, to $439.99 in after-hours trading, when the company reported earnings and revenue that beat Wall Street's forecasts.

Among other stocks making big moves:

”” Wendy's jumped 55 cents, or 8.2 percent, to $7.23. The fast-food company's net income came in above Wall Street's expectations. Wendy's also announced plans to sell 425 restaurants as franchises and raised its quarterly dividend by a penny to 5 cents.

”” Marlboro maker Altria Group said its quarterly results fell short of analysts' expectations. Altria's stock sank 89 cents, or 2.4 percent, to $35.99.

”” Netflix dropped $11.70, or 4.5 percent, to $250.26. The company said late Monday that it signed up fewer subscribers than financial analysts had projected. Big expectations have propelled Netflix's stock up 170 percent since the start of the year, adding more pressure on the company to deliver amazing numbers.

In the market for U.S. government bonds, the yield on the 10-year Treasury note rose to 2.50 percent from 2.48 percent late Monday. Long-term interest rates have swung in a wide range since May, a result of traders speculating over when the Federal Reserve will begin pulling back on its bond-buying program.

The rate on the 10-year note, a benchmark for most loans, was trading at 1.61 percent on May 1. It rose as high as 2.75 percent by the second week of July.
By Matthew Craft, AP Business Writer

 

[bigdog]

Source: http://finance.yahoo.com

A gloomy outlook from Caterpillar, the world's largest construction equipment company, tugged the stock market lower Wednesday.

The meager drop gave the stock market two consecutive days of losses, the first time that's happened in an otherwise strong month.

Caterpillar's earnings fell 43 percent in the second quarter as China's economy slowed and commodity prices sank. The company also warned of slowing revenue and profit, and its stock dropped $2.08, or 2 percent, to $83.44.

Slight losses spread across a wide variety of companies, with nine of 10 industry groups in the Standard & Poor's 500 index ending lower.

The holdouts were technology companies, which got a lift from Apple's surging stock. Despite reporting lower quarterly earnings Tuesday, the maker of tablets, smartphones and computers still managed to beat analysts' estimates, thanks to rising shipments of iPhones. Apple jumped $21.52, or 5 percent, to $440.51.

The Dow Jones industrial average fell 25.50 points, or 0.2 percent, at 15,542.24.

The Standard & Poor's 500 index fell 6.45 points, or 0.4 percent, to 1,685.94. The technology-heavy Nasdaq composite index edged up 0.33 of a point, or less than 0.1 percent, to 3,579.60.

Although far from a blockbuster earnings season, the larger trend for corporate profits looks good. Analysts forecast that second-quarter earnings for companies in the S&P 500 increased 4.2 percent over the same period last year, according to S&P Capital IQ. At the start of the month, they were looking for earnings to rise 2.8 percent. More than six out of every 10 companies have surpassed Wall Street's profit targets.

The S&P 500 has gained 4.9 percent in July following a rough June. Speculation over when the Federal Reserve will begin pulling back on its bond-buying program rattled financial markets last month.

The NYSE DOW closed LOWER ▼ -25.5 points or ▼ -0.16% on Wednesday, 24 July 2013
Symbol …........Last ......Change.....
Dow_Jones 15542.24 ▼ -25.5 ▼ -0.0016
Nasdaq___ 3579.6 ▲ 0.33 ▲ 0.0001
S&P_500__ 1685.94 ▼ -6.45 ▼ -0.0038
30_Yr_Bond 3.65 ▲ 0.06 ▲ 0.017

NYSE Volume 3,660,284,250
Nasdaq Volume 1,804,119,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6620.43 ▲ 22.99 ▲ 0.0035
DAX_____ 8379.11 ▲ 64.88 ▲ 0.0078
CAC_40__ 3962.75 ▲ 39.66 ▲ 0.0101

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5021.8 ▲ 17.2 ▲ 0.0034
Shanghai_Comp 2033.33 ▼ -10.55 ▼ -0.0052
Taiwan_Weight 8196.19 ▼ -18.46 ▼ -0.0022
Nikkei_225____ 14731.28 ▼ -47.23 ▼ -0.0032
Hang_Seng____ 21968.93 ▲ 53.51 ▲ 0.0024
Strait_Times___ 3274.76 ▲ 21 ▲ 0.0065
NZX_50_Index__ 4599.2 ▲ 18.61 ▲ 0.0041

http://finance.yahoo.com/news/grim-caterpillar-outlook-tugs-stocks-201107175.html

Grim Caterpillar outlook tugs stocks mostly lower

A bleak forecast from heavy equipment maker Caterpillar sours the mood on Wall Street

By Matthew Craft, AP Business Writer

A gloomy outlook from Caterpillar, the world's largest construction equipment company, tugged the stock market lower Wednesday.

The meager drop gave the stock market two consecutive days of losses, the first time that's happened in an otherwise strong month.

Caterpillar's earnings fell 43 percent in the second quarter as China's economy slowed and commodity prices sank. The company also warned of slowing revenue and profit, and its stock dropped $2.08, or 2 percent, to $83.44.

Slight losses spread across a wide variety of companies, with nine of 10 industry groups in the Standard & Poor's 500 index ending lower.

The holdouts were technology companies, which got a lift from Apple's surging stock. Despite reporting lower quarterly earnings Tuesday, the maker of tablets, smartphones and computers still managed to beat analysts' estimates, thanks to rising shipments of iPhones. Apple jumped $21.52, or 5 percent, to $440.51.

The Dow Jones industrial average fell 25.50 points, or 0.2 percent, at 15,542.24.

The Standard & Poor's 500 index fell 6.45 points, or 0.4 percent, to 1,685.94. The technology-heavy Nasdaq composite index edged up 0.33 of a point, or less than 0.1 percent, to 3,579.60.

Although far from a blockbuster earnings season, the larger trend for corporate profits looks good. Analysts forecast that second-quarter earnings for companies in the S&P 500 increased 4.2 percent over the same period last year, according to S&P Capital IQ. At the start of the month, they were looking for earnings to rise 2.8 percent. More than six out of every 10 companies have surpassed Wall Street's profit targets.

"Yes, they're beating expectations, but expectations are so low," said Brad McMillan, chief investment officer at Commonwealth Financial. The overall number masks some worrisome trends, he said.

Financial firms, such as Goldman Sachs and Capital One, have posted the highest rate of earnings growth of any industry. Pull their results out of the total, however, and earnings are on track to slump 3.5 percent, according to FactSet.

"You can't call this a blowout quarter so far," McMillan said.

Another 25 big companies, including Visa and Qualcomm, released reports after the closing bell. Among them, Facebook surged 14 percent to $30.31 in after-hours trading after reporting income and revenue that easily beat estimates.

Surging demand for pickup trucks in the U.S. helped Ford Motor post higher quarterly profits. Sales in China also jumped 47 percent in the first six months of the year. The second-largest car company in the U.S. raised its profit forecast and its stock climbed 43 cents, or 3 percent, to $17.37.

AT&T dropped 41 cents, or 1 percent, to $35.40. Higher costs hit AT&T's profits in the latest quarter. The company's coffers were drained by smartphone sales, which it subsidizes in the hope of making money back over the life of two-year contracts.

In Europe, a broad gauge of economic activity reached the highest level since January 2012, sending stock markets in Germany and France higher. Financial information company Markit said Wednesday that its monthly purchasing managers' index for the countries that use the euro currency increased for the fourth month running.

France's CAC 40 rose 1 percent and Germany's DAX gained 0.8 percent.

The report out of Europe pushed prices for U.S. government bonds down and their yields up. The yield on the 10-year Treasury note rose to 2.58 percent from 2.51 percent late Tuesday.

Signs of economic strength usually lead traders to sell Treasurys, considered one of the safest places in the world to park cash.

The S&P 500 has gained 4.9 percent in July following a rough June. Speculation over when the Federal Reserve will begin pulling back on its bond-buying program rattled financial markets last month.

 

[bigdog]

Source: http://finance.yahoo.com

Gains in energy and chemical companies helped nudge the stock market higher Thursday.

The modest move extends a pattern seen this week: Even with plenty of earnings news from big companies, the broader market has shuffled between minor gains and minor losses.

Cabot Oil & Gas and Range Resources reported revenue and earnings that trumped estimates, sending their stocks up 7 percent. Cabot climbed $4.85 to $76.56. Range Resources rose $5.34 to $81.39.

Facebook soared 30 percent after reporting earnings late Wednesday that easily beat analysts' forecasts thanks to higher revenue from ads on mobile devices. Facebook's stock gained $7.85 to $34.36.

Nearly halfway through the second-quarter earnings season, the overall trend looks good, but not great, said Tyler Vernon, chief investment officer of Biltmore Capital in Princeton, N.J. "There have been some big disappointments, like Caterpillar yesterday, but we're seeing better and better numbers coming out."

The Standard & Poor's 500 index gained 4.31 points, or 0.3 percent, to close at 1,690.25.

The Dow Jones industrial average rose 13.37 points, or 0.1 percent, to 15,555.61. The Dow was held back by Home Depot and Caterpillar, which warned Wednesday that its sales could sag.

The Nasdaq composite index gained 25.59 points, or 0.7 percent, to 3,605.19.

Analysts forecast that companies in the S&P 500 index will report earnings growth of 4.3 percent over the same period last year, according to S&P Capital IQ. At the start of July, the forecast was for growth of 2.8 percent. More than six out of every 10 companies have cleared analysts' earnings targets so far.

Improving profits should help push the S&P 500 index above 1,700 in the coming weeks, Vernon said.

The NYSE DOW closed HIGHER ▲ 13.37 points or ▲ 0.09% on Thursday, 25 July 2013
Symbol …........Last ......Change.....
Dow_Jones 15555.61 ▲ 13.37 ▲ 0.0009
Nasdaq___ 3605.19 ▲ 25.59 ▲ 0.0071
S&P_500__ 1690.25 ▲ 4.31 ▲ 0.0026
30_Yr_Bond 3.67 ▲ 0.01 ▲ 0.0033

NYSE Volume 3,617,451,250
Nasdaq Volume 2,178,321,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6587.95 ▼ -32.48 ▼ -0.0049
DAX_____ 8298.98 ▼ -80.13 ▼ -0.0096
CAC_40__ 3956.02 ▼ -6.73 ▼ -0.0017

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5018.3 ▼ -3.5 ▼ -0.0007
Shanghai_Comp 2021.17 ▼ -12.16 ▼ -0.006
Taiwan_Weight 8163.58 ▼ -32.61 ▼ -0.004
Nikkei_225____ 14562.93 ▼ -168.35 ▼ -0.0114
Hang_Seng____ 21900.96 ▼ -67.97 ▼ -0.0031
Strait_Times___ 3235.68 ▼ -39.08 ▼ -0.0119
NZX_50_Index__ 4576.8 ▼ -22.41 ▼ -0.0049

http://finance.yahoo.com/news/mater...;_ylg=X3oDMTBhYWM1a2sxBGxhbmcDZW4tVVM-;_ylv=3

Materials companies help stocks to a slight gain

Dow, S&P 500 inch higher, helped by materials stocks; Facebook soars as mobile ads increase

By Matthew Craft, AP Business Writer

Gains in energy and chemical companies helped nudge the stock market higher Thursday.

The modest move extends a pattern seen this week: Even with plenty of earnings news from big companies, the broader market has shuffled between minor gains and minor losses.

Cabot Oil & Gas and Range Resources reported revenue and earnings that trumped estimates, sending their stocks up 7 percent. Cabot climbed $4.85 to $76.56. Range Resources rose $5.34 to $81.39.

Facebook soared 30 percent after reporting earnings late Wednesday that easily beat analysts' forecasts thanks to higher revenue from ads on mobile devices. Facebook's stock gained $7.85 to $34.36.

Nearly halfway through the second-quarter earnings season, the overall trend looks good, but not great, said Tyler Vernon, chief investment officer of Biltmore Capital in Princeton, N.J. "There have been some big disappointments, like Caterpillar yesterday, but we're seeing better and better numbers coming out."

The Standard & Poor's 500 index gained 4.31 points, or 0.3 percent, to close at 1,690.25.

The Dow Jones industrial average rose 13.37 points, or 0.1 percent, to 15,555.61. The Dow was held back by Home Depot and Caterpillar, which warned Wednesday that its sales could sag.

The Nasdaq composite index gained 25.59 points, or 0.7 percent, to 3,605.19.

Analysts forecast that companies in the S&P 500 index will report earnings growth of 4.3 percent over the same period last year, according to S&P Capital IQ. At the start of July, the forecast was for growth of 2.8 percent. More than six out of every 10 companies have cleared analysts' earnings targets so far.

Improving profits should help push the S&P 500 index above 1,700 in the coming weeks, Vernon said.

D.R. Horton, the country's largest builder, and PulteGroup said orders for new houses jumped in the second quarter, but their results still fell short of what analysts had expected. PulteGroup also posted a 14 percent decline in profits

D.R. Horton dropped $1.82, or 9 percent, to $19.38. PulteGroup lost $1.90, or 10 percent, to $16.55, the biggest drop of any stock in the S&P 500.

"I think what you're seeing a bit of today is people questioning what higher mortgage rates mean for housing," said JJ Kinahan, chief strategist at TD Ameritrade in Chicago.

In the market for U.S. government bonds, the yield on the 10-year Treasury note was unchanged from late Wednesday at 2.59 percent. Late last week, it was trading at 2.48 percent.

The 10-year yield acts as a benchmark rate for most mortgage loans. A sharp increase in the rate drives up mortgage costs and could slow down sales in the housing market.

It's still very low by historical standards, thanks in large part to the Federal Reserve's massive bond-buying program. The 10-year Treasury yield hit a recent low of 1.63 percent on May 3. By contrast, it was trading around 4 percent in the summer of 2008, shortly before the worst days of the financial crisis.

The Russell 2000 index of small-company stocks set another record high, gaining 10.35 points, or 1 percent, to 1,054.18. The Russell has trounced other indexes this year, gaining 24 percent versus 19 percent for the S&P 500 and the Dow.

Among other stocks making big moves:

”” Las Vegas Sands, a major casino operator, fell 55 cents, or 1 percent, to $54.40 after it posted lower revenue and income than financial analysts had expected.

”” Visa rose $7.86, or 4 percent, to $194.61. Visa returned to profitability in its third fiscal quarter and reported strong revenue growth as the company processed more transactions worldwide.

 

[bigdog]

Source: http://finance.yahoo.com

A mixed batch of earnings results gave investors little direction on Friday as traders began looking ahead to a packed schedule next week.

The stock market slumped in early trading, climbed steadily the rest of the day, then ended little changed.

Volume was thin as traders prepared for a deluge of potentially market-moving events next week: a Federal Reserve meeting, the government's monthly employment report and much more.

"Traders seem to be erring on the side of caution today," said Jeffrey Kleintop, the chief market strategist for LPL Financial.

Expedia plunged 27 percent, the worst fall in the Standard & Poor's 500 index. The online travel agency reported earnings late Thursday that badly missed analysts' expectations. Higher costs were the main culprit. Expedia lost $17.80 to $47.20.

The Standard & Poor's 500 index inched up 1.40 points, or 0.08 percent, to 1,691.65. The index ended the week with a tiny loss, the first this month.

The Dow Jones industrial average rose 3.22 points, less than 0.1 percent, to 15,558.83. The Nasdaq composite index edged up 7.98 points, or 0.2 percent, to 3,613.16.

It's halftime in the second-quarter earnings season, and corporate profits are shaping up better than some had feared.

Analysts forecast that earnings for companies in the S&P 500 increased 4.5 percent over the same period in 2012, according to S&P Capital IQ. At the start of July, they predicted earnings would rise 2.8 percent. Nearly seven out of every 10 companies have surpassed Wall Street's profit targets.

The results aren't exactly impressive, said Sam Stovall, the chief equity strategist at S&P Capital IQ. Investors often argue that analysts set the bar for earnings so low that most companies are bound to jump over it. On average, more than six of every 10 companies beat Wall Street's targets every quarter.

The NYSE DOW closed HIGHER ▲ 3.22 points or ▲ 0.02% on Friday, 26 July 2013
Symbol …........Last ......Change.....
Dow_Jones 15558.83 ▲ 3.22 ▲ 0.0002
Nasdaq___ 3613.16 ▲ 7.98 ▲ 0.0022
S&P_500__ 1691.65 ▲ 1.4 ▲ 0.0008
30_Yr_Bond 3.62 ▼ -0.05 ▼ -0.0128

NYSE Volume 3,038,463,500
Nasdaq Volume 1,773,792,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6554.79 ▼ -33.16 ▼ -0.005
DAX_____ 8244.91 ▼ -54.07 ▼ -0.0065
CAC_40__ 3968.84 ▲ 12.82 ▲ 0.0032

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5023.8 ▲ 5.5 ▲ 0.0011
Shanghai_Comp 2010.85 ▼ -10.32 ▼ -0.0051
Taiwan_Weight 8149.4 ▼ -14.18 ▼ -0.0017
Nikkei_225____ 14129.98 ▼ -432.95 ▼ -0.0297
Hang_Seng____ 21968.95 ▲ 67.99 ▲ 0.0031
Strait_Times___ 3236.1 ▲ 0.42 ▲ 0.0001
NZX_50_Index__ 4581.99 ▲ 5.19 ▲ 0.0011

http://finance.yahoo.com/news/stocks-eke-tiny-gains-wall-204951114.html

Stocks eke out tiny gains on Wall Street

Mixed corporate results leave market indexes flat; Expedia plunges after missing estimates

By Matthew Craft, AP Business Writer

A mixed batch of earnings results gave investors little direction on Friday as traders began looking ahead to a packed schedule next week.

The stock market slumped in early trading, climbed steadily the rest of the day, then ended little changed.

Volume was thin as traders prepared for a deluge of potentially market-moving events next week: a Federal Reserve meeting, the government's monthly employment report and much more.

"Traders seem to be erring on the side of caution today," said Jeffrey Kleintop, the chief market strategist for LPL Financial.

Expedia plunged 27 percent, the worst fall in the Standard & Poor's 500 index. The online travel agency reported earnings late Thursday that badly missed analysts' expectations. Higher costs were the main culprit. Expedia lost $17.80 to $47.20.

The Standard & Poor's 500 index inched up 1.40 points, or 0.08 percent, to 1,691.65. The index ended the week with a tiny loss, the first this month.

The Dow Jones industrial average rose 3.22 points, less than 0.1 percent, to 15,558.83. The Nasdaq composite index edged up 7.98 points, or 0.2 percent, to 3,613.16.

It's halftime in the second-quarter earnings season, and corporate profits are shaping up better than some had feared.

Analysts forecast that earnings for companies in the S&P 500 increased 4.5 percent over the same period in 2012, according to S&P Capital IQ. At the start of July, they predicted earnings would rise 2.8 percent. Nearly seven out of every 10 companies have surpassed Wall Street's profit targets.

The results aren't exactly impressive, said Sam Stovall, the chief equity strategist at S&P Capital IQ. Investors often argue that analysts set the bar for earnings so low that most companies are bound to jump over it. On average, more than six of every 10 companies beat Wall Street's targets every quarter.

Starbucks posted results late Thursday that beat analysts' estimates. Lower costs for coffee beans and better sales of salads and sandwiches helped. Starbucks jumped $5.19, or 8 percent, to $73.36.

The stock market hasn't ended the week with a loss since June 21, when speculation that the Federal Reserve would start easing off its support for the economy rattled financial markets.

Kleintop cautioned against reading too much into the market's moves on Friday or the weekly loss. The S&P 500 is still up 5.3 percent for the month and 18.6 percent for the year.

"It's just one week down after four up," he said. "If the market just goes higher and higher week after week, you would see a major swoon when it runs into some disappointing news."

In the market for U.S. government bonds, the yield on the benchmark 10-year Treasury note slipped to 2.56 percent from 2.57 percent late Thursday.

Long-term interest rates have swung in a wide range since early May as traders attempt to anticipate the Fed's next move. The yield on the 10-year note went as low as 1.63 percent on May 1 and as high as 2.74 percent on July 5.

7287

 

[bigdog]

Source: http://finance.yahoo.com

A blistering July rally on the stock market appears to be fading.

Stocks edged lower Monday as investors waited for a series of major economic reports due out this week. A string of big-name merger deals wasn't enough to push indexes higher.

On Wednesday the government will report its first estimate of U.S. economic growth for the second quarter, and on Friday it will publish its monthly jobs survey.

Both reports will give investors a better idea about the strength of the economy and what's next for the Federal Reserve's stimulus program. Investors will hear from the Fed on Wednesday after the central bank winds up a two-day policy meeting. The Fed's stimulus has been a major factor supporting a four-year rally in stocks.

The Standard & Poor's 500 index dropped 6.32 points, or 0.4 percent, to 1,685.33.

Seven of the 10 sectors in the index fell. The declines were led by energy companies and banks.

The benchmark index is still up 4.9 percent in July, and the S&P 500 is on track to have its best month since January. The index jumped this month, climbing to an all-time high July 22, after Fed Chairman Ben Bernanke assured investors that the Fed wouldn't cut its stimulus before the economy was ready. The central bank is buying $85 billion a month to help keep interest rates low and encourage borrowing and hiring.

Stocks may struggle to add to their gains, given that expectations for the economy remain modest, said Scott Wren, a senior equity strategist at Wells Fargo Advisors.

The U.S. economy is forecast to have grown just 0.5 percent in the second quarter, according to data provider FactSet. That would be slower than the 1.8 percent annual rate the economy expanded at in the first three months of the year.

"I don't think you're going to see the market sustain much higher levels than this," said Wren. "All this data is going to show that we are slowly improving, but it's a slow process and there's not much to get excited about."

The Dow Jones industrial average fell 36.86 points, or 0.2 percent, to 15,521.97. The Nasdaq composite dropped 14.02 points, or 0.4 percent, to 3,599.14.

Investors will also be focusing on corporate earnings this week.

Just over half of the companies in the S&P 500 index have reported earnings for the second quarter. Analysts are currently forecasting earnings growth of 4 percent for the April-through-June period, according to S&P Capital IQ. That's the slowest rate of growth in three quarters.

The NYSE DOW closed LOWER ▼ -36.86 points or ▼ -0.24% on Monday, 29 July 2013
Symbol …........Last ......Change.....
Dow_Jones 15521.97 ▼ -36.86 ▼ -0.0024
Nasdaq___ 3599.14 ▼ -14.02 ▼ -0.0039
S&P_500__ 1685.33 ▼ -6.32 ▼ -0.0037
30_Yr_Bond 3.66 ▲ 0.04 ▲ 0.0105

NYSE Volume 3,073,014,250
Nasdaq Volume 1,523,380,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6560.25 ▼ -27.7 ▼ -0.0042
DAX_____ 8259.03 ▲ 14.12 ▲ 0.0017
CAC_40__ 3968.91 ▲ 0.07 ▲ 0

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5027.9 ▲ 4.1 ▲ 0.0008
Shanghai_Comp 1976.31 ▼ -34.54 ▼ -0.0172
Taiwan_Weight 8084.5 ▼ -64.9 ▼ -0.008
Nikkei_225____ 13661.13 ▼ -468.85 ▼ -0.0332
Hang_Seng____ 21850.15 ▼ -118.8 ▼ -0.0054
Strait_Times___ 3236.97 ▲ 0.87 ▲ 0.0003
NZX_50_Index__ 4578.48 ▼ -3.52 ▼ -0.0008

http://finance.yahoo.com/news/stocks-decline-busy-week-markets-165401908.html

Stocks decline as a busy week for markets begins

Stocks decline on Wall Street ahead of a big week for economic reports

By Steve Rothwell, AP Markets Writer

A blistering July rally on the stock market appears to be fading.

Stocks edged lower Monday as investors waited for a series of major economic reports due out this week. A string of big-name merger deals wasn't enough to push indexes higher.

On Wednesday the government will report its first estimate of U.S. economic growth for the second quarter, and on Friday it will publish its monthly jobs survey.

Both reports will give investors a better idea about the strength of the economy and what's next for the Federal Reserve's stimulus program. Investors will hear from the Fed on Wednesday after the central bank winds up a two-day policy meeting. The Fed's stimulus has been a major factor supporting a four-year rally in stocks.

The Standard & Poor's 500 index dropped 6.32 points, or 0.4 percent, to 1,685.33.

Seven of the 10 sectors in the index fell. The declines were led by energy companies and banks.

The benchmark index is still up 4.9 percent in July, and the S&P 500 is on track to have its best month since January. The index jumped this month, climbing to an all-time high July 22, after Fed Chairman Ben Bernanke assured investors that the Fed wouldn't cut its stimulus before the economy was ready. The central bank is buying $85 billion a month to help keep interest rates low and encourage borrowing and hiring.

Stocks may struggle to add to their gains, given that expectations for the economy remain modest, said Scott Wren, a senior equity strategist at Wells Fargo Advisors.

The U.S. economy is forecast to have grown just 0.5 percent in the second quarter, according to data provider FactSet. That would be slower than the 1.8 percent annual rate the economy expanded at in the first three months of the year.

"I don't think you're going to see the market sustain much higher levels than this," said Wren. "All this data is going to show that we are slowly improving, but it's a slow process and there's not much to get excited about."

A trio of corporate deals caught investors' attention Monday but failed to ignite the broader market.

Saks jumped after Canadian retailer Hudson's Bay, the parent company of Lord & Taylor, agreed to buy the luxury store operator for $2.4 billion, or $16 a share. Saks rose 64 cents, or 4.2 percent, to $15.95.

Interpublic Group, a big advertising company, gained after Omnicom Group, another big advertiser, agreed to combine with France's Publicis Groupe to create the world's largest advertising company. Interpublic rose 74 cents, or 4.7 percent, to $16.61.

The stock closed higher even after Interpublic CEO Michael Roth said that he saw no need for a major merger to keep the company moving forward.

Omnicom jumped in early trading, climbing as high as $70.50, but ended the day down 45 cents, or 0.6 percent, at $64.75.

Perrigo also featured in the mergers and acquisitions news. The drugmaker agreed to buy Ireland's Elan for $8.6 billion. Perrigo fell $9.06, or 6.7 percent, to $125.17.

The deals should be positive for the stock market in the long run, and should be followed by more merger activity, said Dan Veru, chief investment officer at Palisade Capital Management. Companies are sitting on record cash balances and borrowing costs, though rising, are still close to record lows.

"Companies are struggling to grow organically," said Veru. "So, how do they grow? They grow by buying other businesses."

The Dow Jones industrial average fell 36.86 points, or 0.2 percent, to 15,521.97. The Nasdaq composite dropped 14.02 points, or 0.4 percent, to 3,599.14.

Investors will also be focusing on corporate earnings this week.

Just over half of the companies in the S&P 500 index have reported earnings for the second quarter. Analysts are currently forecasting earnings growth of 4 percent for the April-through-June period, according to S&P Capital IQ. That's the slowest rate of growth in three quarters.

In government bond trading, the yield on the 10-year Treasury note rose to 2.59 percent from 2.56 percent Friday. The note's yield, which moves inversely to its price, has climbed almost 1 percentage point since the start of May, when it hit its low point of the year, 1.63 percent.

Higher government bond rates push up mortgage rates, which could threaten the housing recovery.

The number of Americans who signed contracts to buy homes dipped in June from a six-year high in May, the National Association of Realtors said Monday. The slight decline suggests higher mortgage rates may be starting to slow sales.

Should rates rise too quickly the Fed will likely keep up with its stimulus for longer, said Colleen Supran, a principle at Bingham, Osborn and Scarborough, a wealth management firm.

"We really need the housing market to stay on track to keep economic growth on track," said Supran.

In commodities trading, crude oil fell 15 cents, or 0.1 percent, to $104.55 a barrel. Gold climbed $6.90, or 0.5 percent, to $1,328.70 an ounce.

The dollar gained against the euro, but fell against the Japanese yen.

Among other stocks making big moves:

”” CF Industries rose $21.30, or 12 percent, to $202.30 after reports that Third Point, the hedge fund of the activist investor Daniel Loeb, had bought a stake in the company. Loeb disclosed the purchase in a quarterly letter to investors.

 

[bigdog]

Source: http://finance.yahoo.com

On the stock market Tuesday, it felt like late-summer inertia had already set in.

U.S. stocks wandered between the tiniest of gains and losses before closing mixed. Traders were indecisive as companies reported disparate earnings news, and many were disinclined to make any big moves before getting direction from the Federal Reserve, which is scheduled to release an updated policy statement Wednesday.

The calendar said late July, but on the stock exchange it seemed more like August, when many traders take off for vacation and fewer stocks trade hands. The Dow Jones industrial average rose as much as 72 points in early trading ”” less than 0.5 percent ”” before flickering lower. It dipped into the red for most of the afternoon and closed down 1.38 points, or 0.01 percent, at 15,520.59.

"It seems like the doldrums of summer have set in," said Dave Abate, senior wealth adviser at Strategic Wealth Partners in Seven Hills, Ohio.

The Nasdaq composite rose 17.33 points, or 0.5 percent, to 3,616.47, though even that gain was largely because Apple, its biggest component, was up more than 1 percent.

The Standard & Poor's 500 index plodded just a fraction higher, up 0.63 point, or 0.04 percent, to 1,685.96. Three of its industry sectors rose, led by technology stocks. Seven fell, dragged down by telecommunications companies.

Company earnings were equally inconclusive. Coach, the maker of upscale handbags, slumped 8 percent after reporting lower quarterly profit. But Goodyear Tire & Rubber jumped 9 percent after announcing that its quarterly earnings had doubled.

This earnings season has presented a picture encouraging on some fronts and troubling on others. Many companies, including big names like Apple and Visa, have posted better-than-expected results, and analysts predict that second-quarter earnings are up 4.7 percent for companies in the S&P 500, according to S&P Capital IQ. But the picture has its blemishes, including the fact that many of the gains are based not on business growth but on cost-cutting: Revenue is down about 0.5 percent.

"There's a little bit of swapping chairs on the deck," Abate said.

Outside of earnings reports, traders were keeping a close eye on the Federal Reserve, which began a two-day meeting Tuesday and will release an updated policy statement Wednesday.

Conjectures about the central bank have had a powerful influence on the stock market in recent months. Traders have bought and sold stocks while hanging on to every word of Federal Reserve Chairman Ben Bernanke, looking for clues about when the Fed might pull back on its bond-buying program or start raising interest rates. The central bank has been buying bonds to try to prop up stocks and encourage borrowing. It has also been keeping interest rates low, all in an attempt to pump life into a lagging economy.

"This week it's all about Bernanke and the Fed statement," said Bill Strazzullo, chief strategist of Bell Curve Trading. "Stocks need a supportive statement ... to go higher. That is the key driver."

The Fed has said it might start to pull back on its bond purchases later this year if the economy continues to improve, but the timing remains uncertain. The Fed has also said it won't raise its benchmark short-term interest rate until the unemployment rate, which currently stands at 7.6 percent, dips below 6.5 percent.

The NYSE DOW closed LOWER ▼ -1.38 points or ▼ -0.01% on Tuesday, 30 July 2013
Symbol …........Last ......Change.....
Dow_Jones 15520.59 ▼ -1.38 ▼ -0.0001
Nasdaq___ 3616.47 ▲ 17.33 ▲ 0.0048
S&P_500__ 1685.96 ▲ 0.63 ▲ 0.0004
30_Yr_Bond 3.67 ▲ 0.02 ▲ 0.0044

NYSE Volume 3,552,778,500
Nasdaq Volume 1,736,666,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6570.95 ▲ 10.7 ▲ 0.0016
DAX_____ 8271.02 ▲ 11.99 ▲ 0.0015
CAC_40__ 3986.61 ▲ 17.7 ▲ 0.0045

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5026.3 ▼ -1.6 ▼ -0.0003
Shanghai_Comp 1990.06 ▲ 13.76 ▲ 0.007
Taiwan_Weight 8163.55 ▲ 79.05 ▲ 0.0098
Nikkei_225____ 13869.82 ▲ 208.69 ▲ 0.0153
Hang_Seng____ 21953.96 ▲ 103.81 ▲ 0.0048
Strait_Times___ 3245.45 ▲ 8.48 ▲ 0.0026
NZX_50_Index__ 4550.58 ▼ -27.89 ▼ -0.0061

http://finance.yahoo.com/news/waiting-bernanke-stocks-plod-indecisively-203148437.html

Waiting for Bernanke, stocks plod indecisively

Stocks zigzag between small gains and losses as Fed begins policy meeting; Mosaic plunges

By Christina Rexrode, AP Business Writer

On the stock market Tuesday, it felt like late-summer inertia had already set in.

U.S. stocks wandered between the tiniest of gains and losses before closing mixed. Traders were indecisive as companies reported disparate earnings news, and many were disinclined to make any big moves before getting direction from the Federal Reserve, which is scheduled to release an updated policy statement Wednesday.

The calendar said late July, but on the stock exchange it seemed more like August, when many traders take off for vacation and fewer stocks trade hands. The Dow Jones industrial average rose as much as 72 points in early trading ”” less than 0.5 percent ”” before flickering lower. It dipped into the red for most of the afternoon and closed down 1.38 points, or 0.01 percent, at 15,520.59.

"It seems like the doldrums of summer have set in," said Dave Abate, senior wealth adviser at Strategic Wealth Partners in Seven Hills, Ohio.

The Nasdaq composite rose 17.33 points, or 0.5 percent, to 3,616.47, though even that gain was largely because Apple, its biggest component, was up more than 1 percent.

The Standard & Poor's 500 index plodded just a fraction higher, up 0.63 point, or 0.04 percent, to 1,685.96. Three of its industry sectors rose, led by technology stocks. Seven fell, dragged down by telecommunications companies.

Company earnings were equally inconclusive. Coach, the maker of upscale handbags, slumped 8 percent after reporting lower quarterly profit. But Goodyear Tire & Rubber jumped 9 percent after announcing that its quarterly earnings had doubled.

This earnings season has presented a picture encouraging on some fronts and troubling on others. Many companies, including big names like Apple and Visa, have posted better-than-expected results, and analysts predict that second-quarter earnings are up 4.7 percent for companies in the S&P 500, according to S&P Capital IQ. But the picture has its blemishes, including the fact that many of the gains are based not on business growth but on cost-cutting: Revenue is down about 0.5 percent.

"There's a little bit of swapping chairs on the deck," Abate said.

Outside of earnings reports, traders were keeping a close eye on the Federal Reserve, which began a two-day meeting Tuesday and will release an updated policy statement Wednesday.

Conjectures about the central bank have had a powerful influence on the stock market in recent months. Traders have bought and sold stocks while hanging on to every word of Federal Reserve Chairman Ben Bernanke, looking for clues about when the Fed might pull back on its bond-buying program or start raising interest rates. The central bank has been buying bonds to try to prop up stocks and encourage borrowing. It has also been keeping interest rates low, all in an attempt to pump life into a lagging economy.

"This week it's all about Bernanke and the Fed statement," said Bill Strazzullo, chief strategist of Bell Curve Trading. "Stocks need a supportive statement ... to go higher. That is the key driver."

The Fed has said it might start to pull back on its bond purchases later this year if the economy continues to improve, but the timing remains uncertain. The Fed has also said it won't raise its benchmark short-term interest rate until the unemployment rate, which currently stands at 7.6 percent, dips below 6.5 percent.

Crude oil fell $1.47 to $103.08 a barrel in New York. The price of gold inched down $4.80 to $1,324.80 an ounce. The dollar rose against the Japanese yen and fell against the euro.

The yield on the 10-year Treasury note was unchanged from late Monday at 2.60 percent. The yield is a benchmark for many kinds of loans including home mortgages.

Among stocks making big moves:

””Coach dipped $4.55 to $53.30. Goodyear jumped $1.52 to $18.56.

””The Mosaic Co., maker of a key ingredient in crop fertilizers, was the worst performer on the S&P 500. It plunged after a Russian fertilizer company said it would drop out of a cartel that keeps prices high. Mosaic fell $9.15, or 17 percent, to $43.81.

”” Masco jumped $1.06, or 5 percent, to $20.80. The company, which makes cabinets, plumbing fixtures and other building products, posted better-than-expected earnings late Monday, boosted by a surge in home construction.

 

[bigdog]

Source: http://finance.yahoo.com

After a day of stalled rallies, the stock market closed out July with its best monthly gain since January.

The Standard & Poor's 500 index ended the month 4.95 percent higher. That's the biggest increase since January, when it rose 5.04 percent. The Dow Jones industrial average also had its best month since January.

Markets surged in July after Fed Chairman Ben Bernanke assured investors that the central bank wouldn't pull back on its stimulus program until the economy was strong enough. The central bank is buying $85 billion of bonds a month to keep down interest rates to encourage borrowing and hiring.

On Wednesday, the Fed reaffirmed its commitment to support the economy in a statement released after the end of a two-day meeting. The central bank dropped hints that it might need to maintain its stimulus, and slightly downgraded its assessment of U.S. economic growth from "moderate" to "modest."

That initially gave stocks a boost, pushing the S&P 500 within two points of breaching the 1,700 level for the first time in afternoon trading. But the rally faded in the final hour, leaving the S&P flat at the end of the day.

Given the market's big gains in July, stocks may struggle to climb further in the coming months, said Phil Orlando, chief equity market strategist at Federated Investors.

"I would not be the least bit surprised to see some modest consolidation," said Orlando.

Stocks started higher Wednesday after the government said that the economy grew at a faster pace in the second quarter than economists had forecast.

The gain was mostly gone by the time the Fed statement came out at 2 p.m. Eastern Daylight Time. The market staged another rally for about an hour after the Fed's announcement, then ended little changed.

The U.S. grew at an annual rate of 1.7 percent from April through June as businesses spent more and the federal government cut less spending, the Commerce Department said Wednesday. Economists had expected growth of 1 percent, according to the data provider FactSet.

There was also an encouraging report on hiring ahead of the government's monthly jobs survey due out Friday.

U.S. businesses created a healthy 200,000 jobs this month, payroll company ADP said, as companies hired at the fastest pace since December. ADP also raised its estimate of the number of jobs the private sector created in June.

The Standard & Poor's 500 index ended little changed at 1,685.73. The Dow Jones industrial average ended the day 21 points lower, or 0.1 percent, at 15,499.54.

The Nasdaq composite gained 9.90 points, or 0.7 percent, to 3,626.37. The index fell just five times during the month and is at its highest level in more than a decade.

The NYSE DOW closed LOWER ▼ -21.05 points or ▼ -0.14% on Wednesday, 31 July 2013
Symbol …........Last ......Change.....
Dow_Jones 15499.54 ▼ -21.05 ▼ -0.0014
Nasdaq___ 3626.37 ▲ 9.9 ▲ 0.0027
S&P_500__ 1685.73 ▼ -0.23 ▼ -0.0001
30_Yr_Bond 3.65 ▼ -0.03 ▼ -0.0071

NYSE Volume 4,211,139,500
Nasdaq Volume 1,915,579,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6621.06 ▲ 50.11 ▲ 0.0076
DAX_____ 8275.97 ▲ 4.95 ▲ 0.0006
CAC_40__ 3992.69 ▲ 6.08 ▲ 0.0015

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5035.7 ▲ 9.4 ▲ 0.0019
Shanghai_Comp 1993.8 ▲ 3.73 ▲ 0.0019
Taiwan_Weight 8107.94 ▼ -55.61 ▼ -0.0068
Nikkei_225____ 13668.32 ▼ -201.5 ▼ -0.0145
Hang_Seng____ 21883.66 ▼ -70.3 ▼ -0.0032
Strait_Times___ 3221.93 ▼ -23.52 ▼ -0.0072
NZX_50_Index__ 4537.98 ▼ -12.6 ▼ -0.0028

http://finance.yahoo.com/news/stocks-log-best-month-since-210856317.html

Stocks log best month since January on Fed pledge

Stocks end July with best gain since January, boosted by Fed pledge

By Steve Rothwell, AP Markets Writer

After a day of stalled rallies, the stock market closed out July with its best monthly gain since January.

The Standard & Poor's 500 index ended the month 4.95 percent higher. That's the biggest increase since January, when it rose 5.04 percent. The Dow Jones industrial average also had its best month since January.

Markets surged in July after Fed Chairman Ben Bernanke assured investors that the central bank wouldn't pull back on its stimulus program until the economy was strong enough. The central bank is buying $85 billion of bonds a month to keep down interest rates to encourage borrowing and hiring.

On Wednesday, the Fed reaffirmed its commitment to support the economy in a statement released after the end of a two-day meeting. The central bank dropped hints that it might need to maintain its stimulus, and slightly downgraded its assessment of U.S. economic growth from "moderate" to "modest."

That initially gave stocks a boost, pushing the S&P 500 within two points of breaching the 1,700 level for the first time in afternoon trading. But the rally faded in the final hour, leaving the S&P flat at the end of the day.

Given the market's big gains in July, stocks may struggle to climb further in the coming months, said Phil Orlando, chief equity market strategist at Federated Investors.

"I would not be the least bit surprised to see some modest consolidation," said Orlando.

Stocks started higher Wednesday after the government said that the economy grew at a faster pace in the second quarter than economists had forecast.

The gain was mostly gone by the time the Fed statement came out at 2 p.m. Eastern Daylight Time. The market staged another rally for about an hour after the Fed's announcement, then ended little changed.

The U.S. grew at an annual rate of 1.7 percent from April through June as businesses spent more and the federal government cut less spending, the Commerce Department said Wednesday. Economists had expected growth of 1 percent, according to the data provider FactSet.

There was also an encouraging report on hiring ahead of the government's monthly jobs survey due out Friday.

U.S. businesses created a healthy 200,000 jobs this month, payroll company ADP said, as companies hired at the fastest pace since December. ADP also raised its estimate of the number of jobs the private sector created in June.

The Standard & Poor's 500 index ended little changed at 1,685.73. The Dow Jones industrial average ended the day 21 points lower, or 0.1 percent, at 15,499.54.

The Nasdaq composite gained 9.90 points, or 0.7 percent, to 3,626.37. The index fell just five times during the month and is at its highest level in more than a decade.

On the bond market, investors anticipated that the Fed's slightly weaker assessment of the economy would imply a longer period of bond purchases. Bond yields fell as demand increased for U.S. government debt. The yield on the 10-year Treasury note fell to 2.58 percent from 2.66 percent just before the announcement.

Investors were also tracking company earnings Wednesday.

Comcast rose $2.37, or 5.5 percent, to $45.08 after the parent company of the NBC network and Universal Studios reported earnings and revenue that exceed analysts' expectations in the second quarter.

Software company Symantec, which makes the Norton antivirus software, surged after the company reported earnings and revenue that beat analysts' forecasts. The stock rose $2.33, or 9.6 percent, to $26.68.

Analysts forecast that second-quarter earnings rose an average of 4.75 percent for S&P 500 companies, according to S&P Capital IQ. That would be the slowest rate of growth in three quarters.

In commodities trading, the price of oil rose $1.95, or 1.9 percent, to $105.03 a barrel. Gold dropped $11.80, or 1 percent, to $1,313 an ounce.

Among other stocks making big moves:

”” Air Products & Chemicals rose $3.03, or 2.9 percent, to $108.64 after the Wall Street journal reported that activist investor William Ackman had bought a 9.8 percent stake in the gas company.

”” Herbalife rose $5.46, or 9.1 percent, to $65.50 after CNBC reported that the veteran hedge fund investor George Soros had taken a stake in the company. Herbalife has been at the center of a battle between Ackman and rival investor Carl Ichan, who are taking opposing positions in the stock.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks roared back to record highs on Thursday, driven by good news on the economy.

The Standard & Poor's 500, the Dow Jones industrial average and the Russell 2000 index set all-time highs. The S&P broke through 1,700 points for the first time. The Nasdaq hit its highest level since September 2000.

The gains were driven by a steady flow of encouraging reports on the global economy.

Overnight, a positive read on China's manufacturing helped shore up Asian markets. An hour before U.S. trading started, the government reported that the number of people applying for unemployment benefits last week fell sharply. At mid-morning, a trade group said U.S. factories revved up production last month. And while corporate earnings news after the market closed Wednesday and throughout Thursday brought both winners and losers, investors were able to find enough reports that they liked, including those from CBS, MetLife and Yelp.

"It's just a lot of things adding up," said Russell Croft, portfolio manager of the Croft Value Fund in Baltimore. "It's hard to put your finger on why exactly, but basically it's a bunch of pretty good data points coming together to make a very good day."

Overall, analysts said, the news was good but not overwhelmingly so. Enough to suggest that the economy is improving, but not enough to prompt the Federal Reserve to withdraw its economic stimulus programs.

Earnings results covered a wide range. Boston Beer, which makes Samuel Adams, and home shopping network operator HSN rose after beating analysts' estimates for earnings and revenue. Kellogg, health insurer Cigna and cosmetics maker Avon were down after beating earnings predictions but missing on revenue.

It's becoming a familiar template this year. Stock indexes have been setting record highs since April even while the underlying economy is often described as improving, but hardly going gangbusters.

Economic indicators have been following a similar fashion. While layoffs are steadily declining, companies aren't hiring as quickly as they did before the financial crisis and Great Recession. The economy is growing, but not fast enough to drive significant job growth. The Commerce Department reported this week that gross domestic product, or GDP, the broadest measure of the economy, grew at a tepid annual rate of 1.7 percent in the second quarter.

"They're not great numbers, but they're positive and they're continuing to grow," said Tim Courtney, chief investment officer of Exencial Wealth Advisors in Oklahoma City. "That's about all the market needs to hear."

Because the stock market often looks ahead 6-9 months, it's not unusual for stock indexes to be ahead of economic indicators, when the economy is improving or worsening. Right now, stock investors may be anticipating a stronger economy and better earnings next year.

Among Thursday's stock index records: The S&P 500 index rose 21.14 points, or 1.3 percent, to 1,706.87. The Dow rose 128.48 points, or 0.8 percent, to 15,628.02. The Russell 2000 index of small-company stocks rose 14.62 points, or 1.4 percent, to 1,059.88.

The Nasdaq composite index rose 49.37 points, or 1.4 percent, to 3,675.74, in line with the daily gains of other indexes but still far short of its record. The Nasdaq, which is heavily weighted with technology stocks, briefly veered above 5,000 points in March 2000, just before the Internet bubble burst.

The S&P made the jump from 1,600 to 1,700 in less than three months. The index first traded above 1,600 on May 3. The first close above 1,500 was in March 2000.

The NYSE DOW closed HIGHER ▲ 128.48 points or ▲ 0.83% on Thursday, 1 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15628.02 ▲ 128.48 ▲ 0.0083
Nasdaq___ 3675.74 ▲ 49.37 ▲ 0.0136
S&P_500__ 1706.87 ▲ 21.14 ▲ 0.0125
30_Yr_Bond 3.77 ▲ 0.13 ▲ 0.0351

NYSE Volume 4,221,032,500
Nasdaq Volume 1,844,778,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6681.98 ▲ 60.92 ▲ 0.0092
DAX_____ 8410.73 ▲ 134.76 ▲ 0.0163
CAC_40__ 4042.73 ▲ 50.04 ▲ 0.0125

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5047.1 ▲ 11.4 ▲ 0.0023
Shanghai_Comp 2029.07 ▲ 35.27 ▲ 0.0177
Taiwan_Weight 8056.22 ▼ -51.72 ▼ -0.0064
Nikkei_225____ 14005.77 ▲ 337.45 ▲ 0.0247
Hang_Seng____ 22088.79 ▲ 205.13 ▲ 0.0094
Strait_Times___ 3243.29 ▲ 21.36 ▲ 0.0066
NZX_50_Index__ 4545.77 ▲ 7.78 ▲ 0.0017

http://finance.yahoo.com/news/p-500-closes-above-1-204607690.html

S&P 500 closes above 1,700 points for first time

Stock market roars to record highs, S&P 500 closes above 1,700 for first time

By Christina Rexrode, AP Business Writer

Stocks roared back to record highs on Thursday, driven by good news on the economy.

The Standard & Poor's 500, the Dow Jones industrial average and the Russell 2000 index set all-time highs. The S&P broke through 1,700 points for the first time. The Nasdaq hit its highest level since September 2000.

The gains were driven by a steady flow of encouraging reports on the global economy.

Overnight, a positive read on China's manufacturing helped shore up Asian markets. An hour before U.S. trading started, the government reported that the number of people applying for unemployment benefits last week fell sharply. At mid-morning, a trade group said U.S. factories revved up production last month. And while corporate earnings news after the market closed Wednesday and throughout Thursday brought both winners and losers, investors were able to find enough reports that they liked, including those from CBS, MetLife and Yelp.

"It's just a lot of things adding up," said Russell Croft, portfolio manager of the Croft Value Fund in Baltimore. "It's hard to put your finger on why exactly, but basically it's a bunch of pretty good data points coming together to make a very good day."

Overall, analysts said, the news was good but not overwhelmingly so. Enough to suggest that the economy is improving, but not enough to prompt the Federal Reserve to withdraw its economic stimulus programs.

Earnings results covered a wide range. Boston Beer, which makes Samuel Adams, and home shopping network operator HSN rose after beating analysts' estimates for earnings and revenue. Kellogg, health insurer Cigna and cosmetics maker Avon were down after beating earnings predictions but missing on revenue.

It's becoming a familiar template this year. Stock indexes have been setting record highs since April even while the underlying economy is often described as improving, but hardly going gangbusters.

Economic indicators have been following a similar fashion. While layoffs are steadily declining, companies aren't hiring as quickly as they did before the financial crisis and Great Recession. The economy is growing, but not fast enough to drive significant job growth. The Commerce Department reported this week that gross domestic product, or GDP, the broadest measure of the economy, grew at a tepid annual rate of 1.7 percent in the second quarter.

"They're not great numbers, but they're positive and they're continuing to grow," said Tim Courtney, chief investment officer of Exencial Wealth Advisors in Oklahoma City. "That's about all the market needs to hear."

Because the stock market often looks ahead 6-9 months, it's not unusual for stock indexes to be ahead of economic indicators, when the economy is improving or worsening. Right now, stock investors may be anticipating a stronger economy and better earnings next year.

Among Thursday's stock index records: The S&P 500 index rose 21.14 points, or 1.3 percent, to 1,706.87. The Dow rose 128.48 points, or 0.8 percent, to 15,628.02. The Russell 2000 index of small-company stocks rose 14.62 points, or 1.4 percent, to 1,059.88.

The Nasdaq composite index rose 49.37 points, or 1.4 percent, to 3,675.74, in line with the daily gains of other indexes but still far short of its record. The Nasdaq, which is heavily weighted with technology stocks, briefly veered above 5,000 points in March 2000, just before the Internet bubble burst.

Investors said Thursday that the S&P's crossing over 1,700 points might give consumers a psychological boost, but they were hardly crowing about a new era in stocks. Turns out it's quite common for indexes to hit records. Since 1950, the S&P has hit a high about 7 percent of the time, or an average of about every 15 days, Courtney said. The S&P's last record close was just eight trading days earlier, on July 22.

The S&P made the jump from 1,600 to 1,700 in less than three months. The index first traded above 1,600 on May 3. The first close above 1,500 was in March 2000.

The market's sharp advance Thursday was a stark contrast with the previous two days, when the S&P 500 moved less than a point each day. On Tuesday, investors didn't want to make big moves ahead of the Federal Reserve's policy announcement the next day. On Wednesday, the Fed didn't make much news after all. The central bank said, unsurprisingly, that the U.S. economy was recovering but still needed help. The Fed didn't give any indication of when it might cut back on its bond-buying program, which has been supporting financial markets and keeping borrowing costs ultra-low.

Among the good economic and corporate news that cheered investors Thursday:

”” China's purchasing managers' index ”” a gauge of business sentiment ”” rose to 50.3 in July from 50.1 in June. Analysts had expected a modest decline below 50.

”” The Labor Department said that the number of Americans applying for unemployment benefits fell 19,000 to 326,000. That was the fewest since January 2008, one month after the Great Recession started in December 2007.

”” The Institute for Supply Management, a trade group of purchasing managers, said its index of manufacturing jumped to 55.4 in July, up from 50.9 in June and well above an expected reading of 51.8. A number above 50 indicates growth.

”” Auto companies reported strong sales gains for July. Ford, Chrysler and Nissan each reported U.S. sales growth of 11 percent compared with the same month a year ago.

An index of transportation stocks also rose sharply. Many investors see that sector as a leading indicator for the economy because freight and shipping companies tend to get busier as the economy improves.

The Dow Jones Transportation average jumped 208.26 points, or 3.2 percent, to 6,670.06, led by a surge in Con-way, a Michigan-based freight company that reported earnings Thursday that were far higher than investors expected. Con-way rose $4.34, or 10.5 percent, to $45.79.

The price of crude oil rose $2.86, or 2.7 percent, to $107.89 a barrel. Gold slipped $1.80 to $1,311.20 an ounce. The dollar rose against the euro and the Japanese yen.

The yield on the 10-year Treasury note rose sharply, to 2.72 percent from 2.58 percent late Wednesday. That means investors were selling U.S. government debt securities, possibly over fears that rates will go higher as the economy strengthens. When yields rise, the value of bonds falls.

Among stocks making big moves:

””Sprouts Farmers Markets more than doubled on the company's first day of trading, jumping $22.11 to $40.11 ”” another sign that investors are becoming more comfortable taking on risk.

””Yelp soared $9.70, or 23.2 percent, to $51.50. The consumer review website continued to lose money in its latest quarter, but it sold more ads and drew more visitors.

””Exxon Mobil fell $1.02, or 1.1 percent, to $92.73, after reporting lower earnings as oil and gas production slipped. Profit margins on refining oil also fell.

 

[bigdog]

Source: http://finance.yahoo.com

A tepid jobs report Friday barely dented a summer rally on the stock market.

The Standard & Poor's 500 index ended the week 1 percent higher after breaking through 1,700 points for the first time Thursday. The index has risen for five of the last six weeks. The Dow Jones industrial average rose 0.6 percent and is on a streak of six weekly gains.

On Friday, indexes dropped in early trading after the U.S. added fewer jobs than forecast in July, curbing optimism that the economy is poised to pick up strength in the second half of the year. The market gradually recovered throughout the day and major indexes ended slightly higher. The gains were enough to set all-time highs for the Dow and S&P.

The government reported that 162,000 jobs were created last month, pushing the unemployment rate down to a 4 ½-year low of 7.4 percent. The number of jobs added was the lowest since March and below the 183,000 economists polled by FactSet were expecting.

Brad Sorensen, Charles Schwab's director of market and sector research, said the jobs report was "moderately disappointing."

"That tepid growth we've seen, (the economy) not being able to reach escape velocity, continues to be the story," Sorenson said.

Investors have been watching economic reports closely and trying to anticipate when the Federal Reserve will start easing back on its economic stimulus. The central bank is buying $85 billion in bonds every month to keep long-term interest rates low and encourage borrowing.

While the jobs report wasn't encouraging, it did make it more likely that the Fed would take its time cutting back on stimulus, said Doug Lockwood of Hefty Wealth Partners. The stimulus from the central bank has been an important factor powering a four-year bull run in stocks.

"As long as there's this concept that the Fed may still need to be involved and stimulate, that's good for both the bond and the stock market," said Lockwood. "You're seeing the trampoline effect; the market drops and then comes back up."

The S&P 500 ended Friday up 2.80 points, or 0.2 percent, to 1,709.67. The index is up 6.4 percent since the start of July. The Dow Jones industrial average rose 30.34 points, or 0.2 percent, to 15,658.36.

Seven of the 10 industry sectors that make up the S&P 500 gained, led by consumer discretionary stocks. Of the three groups that fell, energy stocks dropped the most.

The NYSE DOW closed HIGHER ▲ 30.34 points or ▲ 0.19% on Friday, 2 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15658.36 ▲ 30.34 ▲ 0.19%
Nasdaq___ 3689.59 ▲ 13.84 ▲ 0.38%
S&P_500__ 1709.67 ▲ 2.8 ▲ 0.16%
30_Yr_Bond 3.69 ▼ -0.09 ▼ -2.28%

NYSE Volume 3,401,879,500
Nasdaq Volume 1,664,601,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6647.87 ▼ -34.11 ▼ -0.51%
DAX_____ 8406.94 ▼ -3.79 ▼ -0.05%
CAC_40__ 4045.65 ▲ 2.92 ▲ 0.07%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5098.7 ▲ 51.6 ▲ 1.02%
Shanghai_Comp 2029.42 ▲ 0.35 ▲ 0.02%
Taiwan_Weight 8099.88 ▲ 43.66 ▲ 0.54%
Nikkei_225____ 14466.16 ▲ 460.39 ▲ 3.29%
Hang_Seng____ 22190.97 ▲ 102.18 ▲ 0.46%
Strait_Times___ 3254.13 ▲ 10.84 ▲ 0.33%
NZX_50_Index__ 4582.89 ▲ 37.12 ▲ 0.82%

http://finance.yahoo.com/news/tepid-jobs-news-barely-dents-204822823.html

Tepid jobs news barely dents stock market advance

A summer stock rally is barely dented by news of weak job growth; Dow gains for a sixth week

By Steve Rothwell, AP Markets Writer

A tepid jobs report Friday barely dented a summer rally on the stock market.

The Standard & Poor's 500 index ended the week 1 percent higher after breaking through 1,700 points for the first time Thursday. The index has risen for five of the last six weeks. The Dow Jones industrial average rose 0.6 percent and is on a streak of six weekly gains.

On Friday, indexes dropped in early trading after the U.S. added fewer jobs than forecast in July, curbing optimism that the economy is poised to pick up strength in the second half of the year. The market gradually recovered throughout the day and major indexes ended slightly higher. The gains were enough to set all-time highs for the Dow and S&P.

The government reported that 162,000 jobs were created last month, pushing the unemployment rate down to a 4 ½-year low of 7.4 percent. The number of jobs added was the lowest since March and below the 183,000 economists polled by FactSet were expecting.

Brad Sorensen, Charles Schwab's director of market and sector research, said the jobs report was "moderately disappointing."

"That tepid growth we've seen, (the economy) not being able to reach escape velocity, continues to be the story," Sorenson said.

Investors have been watching economic reports closely and trying to anticipate when the Federal Reserve will start easing back on its economic stimulus. The central bank is buying $85 billion in bonds every month to keep long-term interest rates low and encourage borrowing.

While the jobs report wasn't encouraging, it did make it more likely that the Fed would take its time cutting back on stimulus, said Doug Lockwood of Hefty Wealth Partners. The stimulus from the central bank has been an important factor powering a four-year bull run in stocks.

"As long as there's this concept that the Fed may still need to be involved and stimulate, that's good for both the bond and the stock market," said Lockwood. "You're seeing the trampoline effect; the market drops and then comes back up."

The S&P 500 ended Friday up 2.80 points, or 0.2 percent, to 1,709.67. The index is up 6.4 percent since the start of July. The Dow Jones industrial average rose 30.34 points, or 0.2 percent, to 15,658.36.

Seven of the 10 industry sectors that make up the S&P 500 gained, led by consumer discretionary stocks. Of the three groups that fell, energy stocks dropped the most.

Investors were also assessing company earnings.

Chevron fell after it became the latest big energy company to disappoint investors with lower earnings. Chevron's profit fell 26 percent to $5.4 billion due to lower oil prices and maintenance work at refineries. The stock fell $1.49, or 1.2 percent, to $124.95.

LinkedIn surged $23.58, or 10.6 percent, to $235.50 after the professional networking company's results topped analysts' estimates. LinkedIn had its biggest quarterly membership gain since going public in May 2011.

In other trading, the Nasdaq composite rose 13.84 points, or 0.4 percent, to 3,689.59.

The technology-heavy index got a boost from PC maker Dell, which gained 72 cents, or 5.6 percent, to $13.68 after a special committee of the company's board agreed to an increased offer from founder Michael Dell. The deal would add a special dividend for shareholders.

Government bonds rose after the weak employment report. The yield on the 10-year Treasury note, which falls when the note's price increases, fell to 2.60 percent from 2.71 percent Thursday. Bonds were regaining some lost ground after a sell-off Thursday prompted by a string of promising economic reports.

Investors will have to live with increasing volatility in the bond market in coming months as the Federal Reserve eventually begins to wind down its stimulus program, said Ron Florance, managing director of investment strategy for Wells Fargo Private Bank.

The yield on the 10-year Treasury note is 1 percentage point higher than it was May 3, when it hit a low for the year of 1.63 percent.

Investors "are used to having stability in their bonds and volatility in their stocks," Florance said. "In the next 18 months it could be exactly the opposite, with stability in the stock market and volatility in the bond market."

The S&P 500 is up 19.9 percent this year, and has gained nine out of the last 10 months.

In commodities trading, the price of oil fell 95 cents, or 0.9 percent, to $106.94 a barrel. Gold fell 70 cents, or 0.1 percent, to $1,310.50 an ounce.

The dollar fell against the euro and the Japanese yen.

Among other stocks making big moves:

”” Viacom surged $4.81, or 6.5 percent, to $79.17 after the media company said its income rose 20 percent in the latest quarter, boosted by affiliate fee revenue its cable TV channels and higher advertising revenue. Viacom also increased its stock buyback program to $20 billion from $10 billion.

”” American International Group, the insurer the government bailed out during the financial crisis, rose $1.26, or 1.3 percent, to $48.33 after the company said late Thursday that its profit grew 17 percent in the second quarter. AIG also announced its first dividend since 2008 and said its board had approved a $1 billion stock buyback plan.

”” Weight Watchers International plunged $9.04, or 19 percent, to $37.99 after the company reported late Thursday that its second-quarter net income fell 16 percent. The company also named a new CEO and said recruitment trends are weak.

7894

 

[bigdog]

Source: http://finance.yahoo.com

A quiet day of trading left stock indexes mixed Monday.

There was little in the way of news to shake the market out of a summertime stupor, other than a report from the Institute for Supply Management that the U.S. service sector expanded in July, helped by a rise in new orders.

It was the latest piece of data that economists and investors puzzled through as they try to judge how well the U.S. economy is doing.

Last Thursday, the ISM reported that manufacturing increased last month. The next day, the government reported that companies weren't hiring as many workers as economists had predicted.

The report out Monday wasn't enough to drive the market above its already high levels.

"I think it's flat for a reason," said Terry Sandven, chief equity strategist at U.S. Bank's wealth management group. "With broad indexes near all-time highs, we're due for a pause."

The Standard & Poor's 500 index breached 1,700 points for the first time last week. An improving U.S. economy and rising corporate profits have helped push the index up 19.7 percent this year.

The S&P 500 index slipped 2.53 points, or 0.2 percent, to close at 1,707.14 on Monday. Utilities led eight of the 10 industry groups in the index lower. Technology and consumer-staples companies eked out gains.

The Dow Jones industrial average fell 46.23 points, or 0.3 percent, to 15,612.13.

The technology-heavy Nasdaq composite index rose 3.36 points, or 0.09 percent, to 3,692.95.

Apple, the biggest company in the Nasdaq, rose after news that President Barack Obama's administration prevented a ban on imports of some iPhones and iPads. Apple gained $6.91, or 1 percent, to $469.45.

The NYSE DOW closed LOWER ▼ -46.23 points or ▼ -0.30% on Monday, 5 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15612.13 ▼ -46.23 ▼ -0.30%
Nasdaq___ 3692.95 ▲ 3.36 ▲ 0.09%
S&P_500__ 1707.14 ▼ -2.53 ▼ -0.15%
30_Yr_Bond 3.73 ▲ 0.04 ▲ 1.14%

NYSE Volume 2,727,915,500
Nasdaq Volume 1,454,656,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6619.58 ▼ -28.29 ▼ -0.43%
DAX_____ 8398.38 ▼ -8.56 ▼ -0.10%
CAC_40__ 4049.97 ▲ 4.32 ▲ 0.11%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5093.8 ▼ -4.9 ▼ -0.10%
Shanghai_Comp 2050.48 ▲ 21.06 ▲ 1.04%
Taiwan_Weight 8138.63 ▲ 38.75 ▲ 0.48%
Nikkei_225____ 14258.04 ▼ -208.12 ▼ -1.44%
Hang_Seng____ 22222.01 ▲ 31.04 ▲ 0.14%
Strait_Times___ 3241.79 ▼ -12.34 ▼ -0.38%
NZX_50_Index__ 4589.48 ▲ 6.59 ▲ 0.14%

http://finance.yahoo.com/news/stocks-slip-quiet-day-wall-183710756.html

Stocks slip on a quiet day on Wall Street

Stocks inch lower on a quiet day even as service sector expands; Apple rises, Revlon jumps

By Matthew Craft, AP Business Writer

A quiet day of trading left stock indexes mixed Monday.

There was little in the way of news to shake the market out of a summertime stupor, other than a report from the Institute for Supply Management that the U.S. service sector expanded in July, helped by a rise in new orders.

It was the latest piece of data that economists and investors puzzled through as they try to judge how well the U.S. economy is doing.

Last Thursday, the ISM reported that manufacturing increased last month. The next day, the government reported that companies weren't hiring as many workers as economists had predicted.

The report out Monday wasn't enough to drive the market above its already high levels.

"I think it's flat for a reason," said Terry Sandven, chief equity strategist at U.S. Bank's wealth management group. "With broad indexes near all-time highs, we're due for a pause."

The Standard & Poor's 500 index breached 1,700 points for the first time last week. An improving U.S. economy and rising corporate profits have helped push the index up 19.7 percent this year.

The S&P 500 index slipped 2.53 points, or 0.2 percent, to close at 1,707.14 on Monday. Utilities led eight of the 10 industry groups in the index lower. Technology and consumer-staples companies eked out gains.

The Dow Jones industrial average fell 46.23 points, or 0.3 percent, to 15,612.13.

The technology-heavy Nasdaq composite index rose 3.36 points, or 0.09 percent, to 3,692.95.

Apple, the biggest company in the Nasdaq, rose after news that President Barack Obama's administration prevented a ban on imports of some iPhones and iPads. Apple gained $6.91, or 1 percent, to $469.45.

In June, the U.S. International Trade Commission ruled that the Apple devices violated a patent held by Samsung and issued the ban. The Obama administration had 60 days to decide whether to let it take effect.

Among other companies in the news, Berkshire Hathaway crept higher on the first day of trading after its earnings report. Warren Buffett's conglomerate posted a 46 percent rise in profit late Friday, easily beating Wall Street's estimates. Berkshire reported big paper gains on the value of its derivative contracts and higher earnings from its BNSF railroad. Its stock edged up 41 cents, or 0.4 percent, to $118.23.

Big companies have been reporting better second-quarter results. Analysts estimate that earnings for companies in the S&P 500 increased 4.4 percent over the same period a year earlier.

In the market for U.S. government bonds, the yield on the 10-year Treasury climbed to 2.64 percent from 2.60 percent in late Friday trading.

The dollar edged lower against the Japanese yen and rose slightly against the euro. Gold fell $8.10 to $1,302.40 an ounce and oil fell 38 cents to $106.50 a barrel.

Trading volume was well below average. Just 2.5 billion shares were traded on the New York Stock Exchange, versus a recent average of 3.4 billion.

Among other stocks making big moves:

”” CBS and Time Warner Cable both fell. The companies are involved in a dispute over fees that left CBS signals blocked in Time Warner Cable's systems in New York, Los Angeles and Dallas. CBS fell 67 cents, or 1 percent, to $53.86 and Time Warner Cable fell 68 cents, 0.6 percent, to $116.42.

””Revlon jumped after announcing that it will buy Colomer Group, which sells hair dye and other products to beauty salons. Revlon rose $1.66, or 7 percent, to $26.16.

””Tyson Foods, the nation's biggest meat producer, rose after announcing that its quarterly profits more than tripled. Tyson rose $1.18, or 4 percent, to $29.69.

 

[bigdog]

Source: http://finance.yahoo.com

Warnings of weaker profits helped pull the stock market down on Tuesday, despite some positive economic news.

The Standard & Poor's 500 index had its biggest drop since June 24. The S&P lost 9.77 points, or 0.6 percent, to 1,697.37. All 10 sectors in the S&P 500 fell.

The Dow Jones industrial average fell 93.39 points, or 0.6 percent, to close at 15,518.74. The Nasdaq composite dropped 27.18 points, or 0.7 percent, to 3,665.77.

American Eagle plunged 12 percent after the retailer slashed its earnings forecast in half late Monday, blaming weak sales. The company said cutting prices on clothing to lure in shoppers was hitting its profit margins. American Eagle dropped $2.40 to $17.57.

Two of American Eagle's rivals also slumped. Abercrombie & Fitch lost $2.09, or 4 percent, to $49.57. Urban Outfitters lost $1.20, or 3 percent, to $42.47.

Most companies have reported better results during the second-quarter earnings season, but sales have slowed. A growing number of companies, including eBay and Marriott, have told analysts to lower their expectations for the coming quarters. The overall picture has left investors with little reason to cheer.

"Earnings have been moving up, just not spectacularly," said Cam Albright, director of asset allocation at Wilmington Trust Investment Advisors. "We'd be much happier to see better revenue growth than what we've seen."

Analysts expect companies in the Standard & Poor's 500 index to post earnings growth of 4.4 percent in the second quarter. But revenue is on track to shrink 0.6 percent.

Major indexes headed lower from the opening bell Tuesday, bottomed out around 11 a.m. then slowly recovered some of their losses. The Dow was down as much as 138 points.

IBM fell the most in the Dow following reports that the company would require some workers to take time off this month as hardware sales slow. Credit Suisse also cut its rating on the company. IBM dropped $4.51, or 2 percent, to $190.99.

In economic news, the government reported record U.S. exports in June and new data was released showing that home prices are rising sharply.

The stock market remains near record highs. The S&P 500 index closed above 1,700 points for the first time last week and rose five of the past six weeks. The S&P, a benchmark for most stock mutual funds, is up 19 percent this year, ahead of its 13 percent gain in 2012.

The NYSE DOW closed LOWER ▼ -93.39 points or ▼ -0.60% on Tuesday, 6 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15518.74 ▼ -93.39 ▼ -0.60%
Nasdaq___ 3665.77 ▼ -27.18 ▼ -0.74%
S&P_500__ 1697.37 ▼ -9.77 ▼ -0.57%
30_Yr_Bond 3.73 ▲ 0 ▲ 0.05%

NYSE Volume 3,417,527,000
Nasdaq Volume 1,527,632,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6604.21 ▼ -15.37 ▼ -0.23%
DAX_____ 8299.73 ▼ -98.65 ▼ -1.17%
CAC_40__ 4032.57 ▼ -17.4 ▼ -0.43%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5088 ▼ -5.8 ▼ -0.11%
Shanghai_Comp 2060.5 ▲ 10.02 ▲ 0.49%
Taiwan_Weight 8038.91 ▼ -99.72 ▼ -1.23%
Nikkei_225____ 14401.06 ▲ 143.02 ▲ 1.00%
Hang_Seng____ 21923.7 ▼ -298.31 ▼ -1.34%
Strait_Times___ 3224.89 ▼ -16.9 ▼ -0.52%
NZX_50_Index__ 4575.5 ▼ -13.98 ▼ -0.30%

http://finance.yahoo.com/news/stock...;_ylg=X3oDMTBhYWM1a2sxBGxhbmcDZW4tVVM-;_ylv=3

Stocks slide on Wall Street; American Eagle drops

Stocks slide on Wall Street; American Eagle drops after cutting profit forecast

By Matthew Craft, AP Business Writer

Warnings of weaker profits helped pull the stock market down on Tuesday, despite some positive economic news.

The Standard & Poor's 500 index had its biggest drop since June 24. The S&P lost 9.77 points, or 0.6 percent, to 1,697.37. All 10 sectors in the S&P 500 fell.

The Dow Jones industrial average fell 93.39 points, or 0.6 percent, to close at 15,518.74. The Nasdaq composite dropped 27.18 points, or 0.7 percent, to 3,665.77.

American Eagle plunged 12 percent after the retailer slashed its earnings forecast in half late Monday, blaming weak sales. The company said cutting prices on clothing to lure in shoppers was hitting its profit margins. American Eagle dropped $2.40 to $17.57.

Two of American Eagle's rivals also slumped. Abercrombie & Fitch lost $2.09, or 4 percent, to $49.57. Urban Outfitters lost $1.20, or 3 percent, to $42.47.

Most companies have reported better results during the second-quarter earnings season, but sales have slowed. A growing number of companies, including eBay and Marriott, have told analysts to lower their expectations for the coming quarters. The overall picture has left investors with little reason to cheer.

"Earnings have been moving up, just not spectacularly," said Cam Albright, director of asset allocation at Wilmington Trust Investment Advisors. "We'd be much happier to see better revenue growth than what we've seen."

Analysts expect companies in the Standard & Poor's 500 index to post earnings growth of 4.4 percent in the second quarter. But revenue is on track to shrink 0.6 percent.

Major indexes headed lower from the opening bell Tuesday, bottomed out around 11 a.m. then slowly recovered some of their losses. The Dow was down as much as 138 points.

IBM fell the most in the Dow following reports that the company would require some workers to take time off this month as hardware sales slow. Credit Suisse also cut its rating on the company. IBM dropped $4.51, or 2 percent, to $190.99.

In economic news, the government reported record U.S. exports in June and new data was released showing that home prices are rising sharply.

The stock market remains near record highs. The S&P 500 index closed above 1,700 points for the first time last week and rose five of the past six weeks. The S&P, a benchmark for most stock mutual funds, is up 19 percent this year, ahead of its 13 percent gain in 2012.

Speculation that the Federal Reserve could start easing off its support for the economy helped knock commodity prices down Tuesday. Charles Evans, who votes on the Fed's policy as president of the Federal Reserve Bank of Chicago, said the Fed could start scaling back its bond buying later this year.

Gold fell $19.90, or 2 percent, to $1,282.50 an ounce, while silver sank 19.7 cents, or 1 percent, to $19.523 an ounce.

Traders often buy gold in the belief that the Fed's efforts would weaken the dollar and spur higher inflation, driving prices for gold and other precious metals higher. Hints from Fed officials that the bank may change course this year have battered commodity prices.

The yield on the 10-year Treasury note was unchanged from late Monday at 2.64 percent.

Among other companies in the news:

”” The Washington Post Co. rose $24.30, or 4 percent, to an even $593 after the company announced late Monday that it would sell its namesake newspaper to Amazon founder Jeff Bezos.

”” CVS Caremark sank $1.73, or 3 percent, to $59.89 after the drugstore operator lowered its earnings target for the year.

”” Molson Coors Brewing gained $3.18, or 6 percent, to $53.26. The company reported better earnings and revenue than analysts had expected, helped by sales in central Europe. Molson bought the Czech Republic-based brewer StarBev last year.

 

[bigdog]

Source: http://finance.yahoo.com

Disappointing earnings news and a slump in bank stocks tugged the stock market down Wednesday, giving major indexes their first three-day drop since June.

Banks had some of the biggest losses following news that the government filed lawsuits accusing Bank of America of misleading investors.

The Standard & Poor's 500 index fell 6.46 points, or 0.4 percent, to close at 1,690.91. Seven of the index's 10 industry groups ended lower.

The Dow Jones industrial average fell 48.07 points, or 0.3 percent, to 15,470.67. The Nasdaq composite lost 11.76 points, or 0.3 percent, to 3,654.01.

The S&P 500 has drifted down 1.1 percent since reaching an all-time high of 1,709.67 on Friday. Trading has been thin this week, and warnings of slowing sales and tepid quarterly results have given investors no reason to push the market higher.

"I'm not concerned about the market being down over a few days given how much it's run up," said Paul Zemsky, the head of multi-asset strategies at ING Investment Management. "Put it in context, and it's not concerning."

The S&P 500 index closed above 1,700 points for the first time last Thursday and has already surged 18.6 percent this year. If the broad-market measure stays put for the rest of 2013, it would still be the S&P 500's best year since 2009.

In separate lawsuits filed Tuesday, the Justice Department and the Securities and Exchange Commission said the country's second-largest bank failed to tell investors about the risks involved in a 2008 sale of mortgage-backed bonds. BofA fell 11 cents, or 1 percent, to $14.53.

The NYSE DOW closed LOWER ▼ -48.07 points or ▼ -0.31% on Wednesday, 7 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15470.67 ▼ -48.07 ▼ -0.31%
Nasdaq___ 3654.01 ▼ -11.76 ▼ -0.32%
S&P_500__ 1690.91 ▼ -6.46 ▼ -0.38%
30_Yr_Bond 3.69 ▼ -0.05 ▼ -1.23%

NYSE Volume 3,305,355,750
Nasdaq Volume 1,659,722,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6511.21 ▼ -93 ▼ -1.41%
DAX_____ 8260.48 ▼ -39.25 ▼ -0.47%
CAC_40__ 4038.49 ▲ 5.92 ▲ 0.15%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 4996.6 ▼ -91.4 ▼ -1.80%
Shanghai_Comp 2046.78 ▼ -13.72 ▼ -0.67%
Taiwan_Weight 7921.29 ▼ -117.62 ▼ -1.46%
Nikkei_225____ 13824.94 ▼ -576.12 ▼ -4.00%
Hang_Seng____ 21588.84 ▼ -334.86 ▼ -1.53%
Strait_Times___ 3229.91 ▲ 5.02 ▲ 0.16%
NZX_50_Index__ 4548.3 ▼ -27.2 ▼ -0.59%

http://finance.yahoo.com/news/weak-earnings-tug-stocks-lower-185421428.html

Weak earnings tug stocks lower on Wall Street

Weak earnings news help drag stocks lower, giving major indexes their third loss in a row

By Matthew Craft, AP Business Writer

Disappointing earnings news and a slump in bank stocks tugged the stock market down Wednesday, giving major indexes their first three-day drop since June.

Banks had some of the biggest losses following news that the government filed lawsuits accusing Bank of America of misleading investors.

The Standard & Poor's 500 index fell 6.46 points, or 0.4 percent, to close at 1,690.91. Seven of the index's 10 industry groups ended lower.

The Dow Jones industrial average fell 48.07 points, or 0.3 percent, to 15,470.67. The Nasdaq composite lost 11.76 points, or 0.3 percent, to 3,654.01.

The S&P 500 has drifted down 1.1 percent since reaching an all-time high of 1,709.67 on Friday. Trading has been thin this week, and warnings of slowing sales and tepid quarterly results have given investors no reason to push the market higher.

"I'm not concerned about the market being down over a few days given how much it's run up," said Paul Zemsky, the head of multi-asset strategies at ING Investment Management. "Put it in context, and it's not concerning."

The S&P 500 index closed above 1,700 points for the first time last Thursday and has already surged 18.6 percent this year. If the broad-market measure stays put for the rest of 2013, it would still be the S&P 500's best year since 2009.

In separate lawsuits filed Tuesday, the Justice Department and the Securities and Exchange Commission said the country's second-largest bank failed to tell investors about the risks involved in a 2008 sale of mortgage-backed bonds. BofA fell 11 cents, or 1 percent, to $14.53.

Walt Disney reported quarterly earnings late Tuesday that narrowly beat Wall Street's estimates, but revenue came up short. Disney's executives also said the company will have to take a steep charge from a weak box-office welcome for "The Lone Ranger" movie this summer. Disney slumped $1.14, or 2 percent, to $65.91.

As the second-quarter earnings season winds down, the overall picture looks mixed. Most companies have reported better earnings along with weaker revenue.

In other trading Wednesday, crude oil fell 93 cents, or 0.9 percent, to settle at $104.37 a barrel. Gold gained $2.80 to $1,285.30 an ounce.

The yield on the 10-year Treasury note fell to 2.60 percent from 2.64 percent late Tuesday.

Among other companies in the news:

”” Ralph Lauren Corp. dropped $16.38, or 9 percent, to $173.13. Sluggish sales led the luxury retailer to report a drop in quarterly income early Wednesday. The company also gave a cautious sales forecast.

”” First Solar fell $6.28, or 13 percent, to $40.47. The company posted results late Tuesday that fell short of Wall Street's expectations. First Solar also cut its profit outlook.

”” Zillow, which operates a real-estate website, dropped $6.98, or 8 percent, to $83.73. After the market closed Tuesday, the company reported a loss in the second quarter as its costs nearly doubled.

 

[bigdog]

Source: http://finance.yahoo.com

Miners and other companies dealing in commodities helped pull the stock market out of a three-day slump on Thursday.

News that China's trade rebounded last month signaled the end of a six-month slowdown for the world's biggest buyer of raw materials. The report drove prices up for copper and other commodities, and that helped lift Newmont Mining, Freeport-McMoRan and other stocks in the materials industry.

"The one thing that stands out today is the better news out of China," said David Joy, the chief market strategist at Ameriprise Financial. "It comes as a pleasant surprise."

The Standard & Poor's 500 index edged up 6.57 points, or 0.4 percent, to 1,697.48.

The Dow Jones industrial average rose 27.65 points, or 0.2 percent, to 15,498.32. The Nasdaq composite gained 15.12 points, or 0.4 percent, to 3,669.12.

With little other news to drive trading, the stock market had meandered lower this week. The S&P 500 index fell three days straight and remains down 0.7 for the week. It's still up 19 percent this year.

Brad McMillan, chief investment officer for Commonwealth Financial Network in Waltham, Mass., said a number of concerns have weighed on the market this week. Comments from Federal Reserve officials have convinced many investors that the bank will begin pulling back its support for the economy in the coming months.

In an interview on CNBC after the market closed, Richard Fisher, head of the Fed's Dallas branch, reaffirmed his view that it's time to wind down the bank's stimulus effort.

At the same time, companies are warning of slower sales and turning in tepid second-quarter results. McMillan said it's starting to look like corporate earnings haven't kept up with the stock market's strong pace this year.

The NYSE DOW closed HIGHER ▲ 27.65 points or ▲ 0.18% on Thursday, 8 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15498.32 ▲ 27.65 ▲ 0.18%
Nasdaq___ 3669.12 ▲ 15.12 ▲ 0.41%
S&P_500__ 1697.48 ▲ 6.57 ▲ 0.39%
30_Yr_Bond 3.67 ▼ -0.01 ▼ -0.38%

NYSE Volume 3,563,029,000
Nasdaq Volume 1,673,628,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6529.68 ▲ 18.47 ▲ 0.28%
DAX_____ 8318.32 ▲ 57.84 ▲ 0.70%
CAC_40__ 4064.32 ▲ 25.83 ▲ 0.64%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5047.1 ▲ 50.5 ▲ 1.01%
Shanghai_Comp 2044.9 ▼ -1.88 ▼ -0.09%
Taiwan_Weight 7907.67 ▼ -13.62 ▼ -0.17%
Nikkei_225____ 13605.56 ▼ -219.38 ▼ -1.59%
Hang_Seng____ 21655.88 ▲ 67.04 ▲ 0.31%
Strait_Times___ 3229.91 ▲ 5.02 ▲ 0.16%
NZX_50_Index__ 4541.38 ▼ -6.92 ▼ -0.15%

http://finance.yahoo.com/news/surging-mining-stocks-end-slump-195151209.html

Surging mining stocks end a slump on Wall Street

Surging mining stocks help snap a three-day slump on Wall Street as China's trade rebounds

By Matthew Craft, AP Business Writer

Miners and other companies dealing in commodities helped pull the stock market out of a three-day slump on Thursday.

News that China's trade rebounded last month signaled the end of a six-month slowdown for the world's biggest buyer of raw materials. The report drove prices up for copper and other commodities, and that helped lift Newmont Mining, Freeport-McMoRan and other stocks in the materials industry.

"The one thing that stands out today is the better news out of China," said David Joy, the chief market strategist at Ameriprise Financial. "It comes as a pleasant surprise."

The Standard & Poor's 500 index edged up 6.57 points, or 0.4 percent, to 1,697.48.

The Dow Jones industrial average rose 27.65 points, or 0.2 percent, to 15,498.32. The Nasdaq composite gained 15.12 points, or 0.4 percent, to 3,669.12.

With little other news to drive trading, the stock market had meandered lower this week. The S&P 500 index fell three days straight and remains down 0.7 for the week. It's still up 19 percent this year.

Brad McMillan, chief investment officer for Commonwealth Financial Network in Waltham, Mass., said a number of concerns have weighed on the market this week. Comments from Federal Reserve officials have convinced many investors that the bank will begin pulling back its support for the economy in the coming months.

In an interview on CNBC after the market closed, Richard Fisher, head of the Fed's Dallas branch, reaffirmed his view that it's time to wind down the bank's stimulus effort.

At the same time, companies are warning of slower sales and turning in tepid second-quarter results. McMillan said it's starting to look like corporate earnings haven't kept up with the stock market's strong pace this year.

"I think people are realizing that stock values are getting disconnected from earnings growth," McMillan said. "For the rally to continue, people will have to pay more for earnings that aren't growing that much."

Investors are paying more for profits. A year ago, the price-earnings ratio for the S&P 500 was 13.4, according to the data provider FactSet. Now it's 15.6, which is still near the long-run average.

Among companies reporting earnings, the maker of Oreo cookies, Mondelez International, turned in better results than Wall Street had expected late Wednesday. The company also announced plans to spend another $5 billion buying its own stock. Mondelez International gained $1.44, or 5 percent, to $32.70.

Tesla Motors jumped 14 percent following news that the maker of electric cars blew past Wall Street's profit forecasts for its most recent quarter. Revenue soared thanks to stronger sales of its Model S. Tesla gained $19.25 to $153.48.

In economic news, the government reported that the average number of people who applied for unemployment benefits over the past four weeks dropped 6,250 to 335,500. That's the lowest level since November 2007, a month before the Great Recession got underway.

Gradual but steady gains for the U.S. economy and corporate profits have lifted the stock market to record territory this year. The S&P 500 index closed at an all-time high of 1,709.67 on Friday.

In other Thursday trading, the better economic news out of China sent copper, widely used for electronics and to wire buildings, up 10 cents, or 3 percent, to $3.27 a pound. Gold rose $24.60, or 2 percent, to $1,309.90 an ounce.

The yield on the 10-year Treasury note fell to 2.58 percent from 2.60 percent late Wednesday.

Among other companies in the news:

”” Newmont Mining rose $2.30, or 9 percent, to $28.78 and Freeport-McMoRan Copper & Gold rose $1.37, or 5 percent, to $30.80. Mining companies rose broadly along with prices for commodities such as copper.

”” Groupon jumped $1.88, or 22 percent, to $10.60. The company named its co-founder Eric Lefkofsky as CEO late Wednesday and said it plans to buy $300 million of its own stock over the next two years.

”” J.C. Penney jumped 86 cents, or 7 percent, to $13.66 following a news report Thursday that the department store chain is starting a search to replace CEO Mike Ullman.

 

[bigdog]

Source: http://finance.yahoo.com

Friday was the ho-hum capstone to a ho-hum week in the stock market as unimpressive earnings kept investors feeling wary and news about the U.S. economy left them uninspired.

All three major indexes ended lower, and almost everything about the day screamed summer. Trading was light and earnings season was nearly over.

The only major economic news the government released was wholesale inventories, and that's hardly a closely watched indicator. Those still at work remarked on the difference that just a week made ”” the S&P 500 and the Dow Jones industrial average both hit their highest closing levels exactly one week before ”” and joked that all their colleagues had already taken off for the Hamptons, a group of tony beach towns east of Manhattan.

"Practically the whole financial world is there today," said Jeff Sica, president and chief investment officer of Sica Wealth Management, from his office in Morristown, N.J.

Friday marked not just a losing day but also a losing week for the Dow, the S&P 500 and the Nasdaq composite. For the Dow, it was its first weekly loss since June.

The Dow closed down 72.81 points, or 0.5 percent, to 15,425.51. The S&P 500 index lost 6.06 points, or 0.4 percent, to 1,691.42. The Nasdaq composite was down 9.02 points, or 0.3 percent, to 3,660.11.

Investors couldn't pinpoint a specific reason for Friday's decline, but said the entire week ”” one when the Dow and S&P 500 rose on only one day ”” has been weighed down by uninspired earnings reports. Earnings are up, but by less than analysts had forecast at the beginning of the year, and revenue is falling. There are also worries that the market has already reached its highs for the year. The S&P 500 is up 19 percent for the year.

"There's no specific culprit here, but the market seems to be tired," said Robbert Van Batenburg, director of market strategy at Newedge in New York.

Comments this week from Federal Reserve officials also make it seem likely that the Fed will soon rein in its stimulus measures, which are meant to prop up the economy and stock market. Some investors worry that yanking off the Fed Band-Aid will reveal an economy that can't stand on its own.

The NYSE DOW closed LOWER ▼ -72.81 points or ▼ -0.47% on Friday, 9 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15425.51 ▼ -72.81 ▼ -0.47%
Nasdaq___ 3660.11 ▼ -9.02 ▼ -0.25%
S&P_500__ 1691.42 ▼ -6.06 ▼ -0.36%
30_Yr_Bond 3.64 ▼ -0.03 ▼ -0.90%

NYSE Volume 3,265,997,500
Nasdaq Volume 1,526,904,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6583.39 ▲ 53.71 ▲ 0.82%
DAX_____ 8338.31 ▲ 19.99 ▲ 0.24%
CAC_40__ 4076.55 ▲ 12.23 ▲ 0.30%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5038.8 ▼ -8.3 ▼ -0.16%
Shanghai_Comp 2052.23 ▲ 7.34 ▲ 0.36%
Taiwan_Weight 7856.14 ▼ -51.53 ▼ -0.65%
Nikkei_225____ 13615.19 ▲ 9.63 ▲ 0.07%
Hang_Seng____ 21807.56 ▲ 151.68 ▲ 0.70%
Strait_Times___ 3229.91 ▲ 5.02 ▲ 0.16%
NZX_50_Index__ 4533.64 ▼ -7.74 ▼ -0.17%

http://finance.yahoo.com/news/stocks-slide-quiet-day-end-204905997.html

Stocks slide on a quiet day, end down for the week

Stocks slide on a quiet summer day; Dow has its first weekly loss since June

By Christina Rexrode, AP Business Writer

Friday was the ho-hum capstone to a ho-hum week in the stock market as unimpressive earnings kept investors feeling wary and news about the U.S. economy left them uninspired.

All three major indexes ended lower, and almost everything about the day screamed summer. Trading was light and earnings season was nearly over.

The only major economic news the government released was wholesale inventories, and that's hardly a closely watched indicator. Those still at work remarked on the difference that just a week made ”” the S&P 500 and the Dow Jones industrial average both hit their highest closing levels exactly one week before ”” and joked that all their colleagues had already taken off for the Hamptons, a group of tony beach towns east of Manhattan.

"Practically the whole financial world is there today," said Jeff Sica, president and chief investment officer of Sica Wealth Management, from his office in Morristown, N.J.

Friday marked not just a losing day but also a losing week for the Dow, the S&P 500 and the Nasdaq composite. For the Dow, it was its first weekly loss since June.

The Dow closed down 72.81 points, or 0.5 percent, to 15,425.51. The S&P 500 index lost 6.06 points, or 0.4 percent, to 1,691.42. The Nasdaq composite was down 9.02 points, or 0.3 percent, to 3,660.11.

Investors couldn't pinpoint a specific reason for Friday's decline, but said the entire week ”” one when the Dow and S&P 500 rose on only one day ”” has been weighed down by uninspired earnings reports. Earnings are up, but by less than analysts had forecast at the beginning of the year, and revenue is falling. There are also worries that the market has already reached its highs for the year. The S&P 500 is up 19 percent for the year.

"There's no specific culprit here, but the market seems to be tired," said Robbert Van Batenburg, director of market strategy at Newedge in New York.

Comments this week from Federal Reserve officials also make it seem likely that the Fed will soon rein in its stimulus measures, which are meant to prop up the economy and stock market. Some investors worry that yanking off the Fed Band-Aid will reveal an economy that can't stand on its own.

J.C. Penney was one of the few companies making news. Shares fell 6 percent as the company's board bickered with its largest shareholder, hedge fund manager Bill Ackman, over how quickly the company should replace its interim CEO. The stock lost 79 cents to $12.87.

The government reported that sales for U.S. wholesalers increased ”” but wholesalers also cut their stockpiles for a third straight month, an indication that they're uncertain about future demand.

Among stocks making big moves:

”” BlackBerry jumped after Reuters reported that the company may be growing more amenable to going private. The stock rose 53 cents, or 6 percent, to $9.76.

”” Priceline.com was up and came close to being the first S&P 500 company to cross $1,000. Shares of the travel website rose $36.14, or 4 percent, to $969.89, a day after the company announced earnings that were better than Wall Street analysts expected.

””Noodles & Co. plummeted after the restaurant chain predicted that sales growth at established restaurants will slow down. The stock lost fell $4.96, or 11 percent, to $42.31.

8382

 

[bigdog]

Source: http://finance.yahoo.com

Corporate deal stories and technology stocks were bright spots on Wall Street Monday on a day when the indexes ended relatively flat.

BlackBerry jumped after the struggling smartphone maker said it would consider a sale. Dole Foods rose after its CEO said he would take the company private and Steinway Musical Instruments gained after receiving a new buyout offer.

Apple, another smartphone maker, was also in the news. The tech giant's stock rose after the blog AllThingsD said the company would release the latest version of its iPhone on Sept. 10. The stock's rise helped make technology stocks the leading gainers in the Standard & Poor's 500 index.

Still, those gains weren't enough to push the broad-market index up for the day.

The S&P fell 1.95 points, or 0.1 percent, to close at 1,689.47. The Dow Jones industrial average closed down 5.83 points, or less than 0.1 percent, at 15,419.68.

Stocks had opened lower after logging their biggest weekly loss in almost two months. By late morning the losses had been pared, and the S&P and Dow remained marginally lower throughout the day.

Apple rose $12.91, or 2.8 percent, to $467.30. The company makes up 7.9 percent of the Nasdaq composite and its advance pushed the index up 9.84 points, or 0.3 percent, to 3,669.95.

Newmont Mining was the biggest gainer in the Standard & Poor's 500 index after the prices of gold and silver advanced. Gold rose for a fourth day on reports of increased demand from China. Silver gained the most in three weeks.

Stocks have been treading water this month as companies finished reporting earnings for the second quarter and investors considered when the Federal Reserve will start to ease back on its economic stimulus. The U.S. central bank is buying $85 billion a month to keep long-term interest rates low. Many analysts expect that it will start reducing those purchases as soon as next month.

The tepid August follows big gains for stocks for July, when the S&P 500 rose 5 percent, its best month since January.

Stocks climbed last month after Fed Chairman Ben Bernanke reassured investors that the Fed would only ease back on its stimulus once the economy is strong enough to handle it. The Fed's stimulus has been a major factor driving a bull market for stocks that has lasted more than four years.

Any pullback in stocks now is presenting investors with a buying opportunity, said Doug Cote, chief market strategist with ING U.S. Investment Management.

The NYSE DOW closed LOWER ▼ -5.83 points or ▼ -0.04% on Monday, 12 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15419.68 ▼ -5.83 ▼ -0.04%
Nasdaq___ 3669.95 ▲ 9.84 ▲ 0.27%
S&P_500__ 1689.47 ▼ -1.95 ▼ -0.12%
30_Yr_Bond 3.67 ▲ 0.03 ▲ 0.74%

NYSE Volume 3,035,815,750
Nasdaq Volume 1,399,996,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6574.34 ▼ -9.05 ▼ -0.14%
DAX_____ 8359.25 ▲ 20.94 ▲ 0.25%
CAC_40__ 4071.68 ▼ -4.87 ▼ -0.12%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5094.1 ▲ 55.3 ▲ 1.10%
Shanghai_Comp 2101.28 ▲ 49.05 ▲ 2.39%
Taiwan_Weight 7903.38 ▲ 47.24 ▲ 0.60%
Nikkei_225____ 13519.43 ▼ -95.76 ▼ -0.70%
Hang_Seng____ 22271.28 ▲ 463.72 ▲ 2.13%
Strait_Times___ 3232.24 ▲ 2.33 ▲ 0.07%
NZX_50_Index__ 4522.3 ▼ -11.34 ▼ -0.25%

http://finance.yahoo.com/news/miners-deal-stocks-apple-rise-212802991.html

Miners, deal stocks, Apple rise on Wall Street

Miners, deal news catch investors' attention on an otherwise quiet day on Wall Street

By Steve Rothwell, AP Markets Writer

Corporate deal stories and technology stocks were bright spots on Wall Street Monday on a day when the indexes ended relatively flat.

BlackBerry jumped after the struggling smartphone maker said it would consider a sale. Dole Foods rose after its CEO said he would take the company private and Steinway Musical Instruments gained after receiving a new buyout offer.

Apple, another smartphone maker, was also in the news. The tech giant's stock rose after the blog AllThingsD said the company would release the latest version of its iPhone on Sept. 10. The stock's rise helped make technology stocks the leading gainers in the Standard & Poor's 500 index.

Still, those gains weren't enough to push the broad-market index up for the day.

The S&P fell 1.95 points, or 0.1 percent, to close at 1,689.47. The Dow Jones industrial average closed down 5.83 points, or less than 0.1 percent, at 15,419.68.

Stocks had opened lower after logging their biggest weekly loss in almost two months. By late morning the losses had been pared, and the S&P and Dow remained marginally lower throughout the day.

Apple rose $12.91, or 2.8 percent, to $467.30. The company makes up 7.9 percent of the Nasdaq composite and its advance pushed the index up 9.84 points, or 0.3 percent, to 3,669.95.

Newmont Mining was the biggest gainer in the Standard & Poor's 500 index after the prices of gold and silver advanced. Gold rose for a fourth day on reports of increased demand from China. Silver gained the most in three weeks.

Stocks have been treading water this month as companies finished reporting earnings for the second quarter and investors considered when the Federal Reserve will start to ease back on its economic stimulus. The U.S. central bank is buying $85 billion a month to keep long-term interest rates low. Many analysts expect that it will start reducing those purchases as soon as next month.

The tepid August follows big gains for stocks for July, when the S&P 500 rose 5 percent, its best month since January.

Stocks climbed last month after Fed Chairman Ben Bernanke reassured investors that the Fed would only ease back on its stimulus once the economy is strong enough to handle it. The Fed's stimulus has been a major factor driving a bull market for stocks that has lasted more than four years.

Any pullback in stocks now is presenting investors with a buying opportunity, said Doug Cote, chief market strategist with ING U.S. Investment Management.

"There will be some near-term volatility, but it's a buying opportunity and a chance to get fully invested in the market," Cote said.

The S&P 500 is up 0.2 percent this month. For the year, it's up 18.5 percent.

Investors will get further clues about the strength of the economy this week when the U.S. Commerce Department publishes its July retail sales figures Tuesday. There will also be data on the housing market, industrial production and the Philadelphia Fed's survey of manufacturing on Thursday.

The market's reaction to the reports may be muted as many market participants are likely to be on vacation this week, said David Kelly, chief global strategist at JPMorgan Funds.

"When everybody is at the beach, it takes a louder bang to get the BlackBerries to start humming," Kelly said.

Sluggish economic growth figures from Japan, the world's third-largest economy, disappointed investors and weighed on the stock market in early trading.

The 2.6 percent annualized second-quarter growth rate recorded in Japan was below the 3.8 percent rate recorded in the first quarter and the 3.6 percent predicted by analysts. Japan's main stock index, the Nikkei, fell 0.7 percent on the news.

In commodities trading, the price of gold rose $22, or 1.7 percent, to $1,334.20 an ounce. Silver gained 93.2 cents, or 4.6 percent, to $21.34 an ounce.

Among mining stocks, Newmont Mining advanced $1.39, or 4.7 percent, to $30.90.

The price of oil fell 14 cents, or 0.1 percent, to $106.11 a barrel.

The yield on the 10-year Treasury note rose to 2.62 percent from 2.58 percent Friday. The dollar rose against the euro and the Japanese yen.

In deal news, BlackBerry gained $1.02, or 10.5 percent, to $10.78. Steinway climbed $3.36, or 9.3 percent, to $39.59 after an investment firm topped an earlier offer from Kohlberg & Co. Dole rose 68 cents, or 5.3 percent, to $13.49, after the company's CEO said he would take the company private in a deal that values it at $2.1 billion.

”” Among other stocks making big moves:

”” Krispy Kreme rose $1.12, or 5.2 percent, to $22.52 after the stock was upgraded by an analyst at Janney Capital Markets on the expectation that the company will have stronger sales growth than previously expected.

””Sysco, a food distributor, fell $2.02, or 5.8 percent, to $32.99 after the company said its net income fell 9 percent due to higher operating expenses and restructuring charges.

””Vical plunged $2.05, or 57 percent, to $1.53 after the drug developer said its potential cancer treatment failed in a late-stage study and that it would shift its focus to infectious disease vaccines.

 

[bigdog]

Source: http://finance.yahoo.com

Major stock indexes eked out small gains Tuesday after an upturn in technology companies outweighed weakness in other parts of the market, including a drop in airlines.

The gain in technology stocks was driven by Apple. The technology company surged after billionaire investor Carl Icahn said on Twitter that he held a large position in Apple and that its stock was undervalued.

August is shaping up to be a lackluster month for the stock market as major indexes fail to add significantly to the gains they made in July. The Standard & Poor's 500 index has drifted lower, fluctuating between small losses and gains, since closing at an all-time high Aug. 2.

A sharp rise in Treasury yields also rippled through the stock market on Tuesday.

The yield on the 10-year note climbed to 2.72 percent, close to its highest in two years, on the latest signs that Europe is emerging from its recession. Industrial production in the 17 countries that use the euro rose in June and investor confidence increased in Germany, the region's biggest economy.

The sharp rise in yields lifted financial companies because higher interest rates could help them generate better profit margins. That helped offset declines in homebuilders and other stocks that are sensitive to rising borrowing costs.

The yield is also climbing on speculation that the Federal Reserve will cut its stimulus as the economy recovers. Atlanta Fed President Dennis Lockhart said Tuesday that it was too early to say when the bank would ease back on its stimulus, but hinted that it would likely happen before the end of the year.

"You could argue that stocks would be up higher today if the bond market was behaving," said John Canally, Investment Strategist for LPL Financial. "The market's trend right now is higher."

Homebuilder stocks slid on concern that mortgage rates will climb, raising the cost of buying a home and potentially blunting a recovery in the housing market. The stocks of phone companies and utilities that typically pay big dividends also fell. Those stocks have been slumping as Treasury yields have risen, because some investors had been buying them as an alternative to bonds as a source of investment income.

Airline stocks slumped after the federal government challenged the proposed merger of US Airways and American Airlines, a deal between two of the largest carriers. The government says the deal would result in "substantial harm to consumers" in higher fares and fees.

Major indexes started slightly higher, drifted lower at mid-morning, and were back up again in the afternoon. Trading has been unusually light this week and last as many investors take vacation.

"The market is drifting and consolidating here, and we think this is likely (to continue) over the next week or so," said Jim Russell, a Regional Investment Director at US Bank.

The S&P 500 index rose 4.69 points, or 0.3 percent, to 1,694.16. Although its advance has slowed this month, the index is still up 18.8 percent this year.

The Nasdaq composite rose 14.49 points, or 0.4 percent, to 3,684.44. The Dow Jones industrial average rose 31.33 points, or 0.2 percent, to 15,451.01.

Other indexes fell. The Dow Jones Transportation average dropped 42.48, or 0.7 percent, to 6,452, dragged down by the slump in airline stocks. Indexes measuring utilities and small-company stocks also fell.

The NYSE DOW closed HIGHER ▲ 31.33 points or ▲ 0.20% on Tuesday, 13 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15451.01 ▲ 31.33 ▲ 0.20%
Nasdaq___ 3684.44 ▲ 14.49 ▲ 0.39%
S&P_500__ 1694.16 ▲ 4.69 ▲ 0.28%
30_Yr_Bond 3.76 ▲ 0.09 ▲ 2.45%

NYSE Volume 3,302,553,250
Nasdaq Volume 1,617,371,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6611.94 ▲ 37.6 ▲ 0.57%
DAX_____ 8415.76 ▲ 56.51 ▲ 0.68%
CAC_40__ 4092.5 ▲ 20.82 ▲ 0.51%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5141.6 ▲ 47.8 ▲ 0.94%
Shanghai_Comp 2106.16 ▲ 4.87 ▲ 0.23%
Taiwan_Weight 7986.27 ▲ 82.89 ▲ 1.05%
Nikkei_225____ 13867 ▲ 347.57 ▲ 2.57%
Hang_Seng____ 22541.13 ▲ 269.85 ▲ 1.21%
Strait_Times___ 3244.12 ▲ 11.88 ▲ 0.37%
NZX_50_Index__ 4525.82 ▲ 3.52 ▲ 0.08%

http://finance.yahoo.com/news/stock-market-ekes-small-gains-211037973.html

Stock market ekes out small gains; Apple climbs

Stock market creeps higher after Apple climbs on Icahn stake; Merger challenge sinks airlines

By Steve Rothwell, AP Markets Writer

Major stock indexes eked out small gains Tuesday after an upturn in technology companies outweighed weakness in other parts of the market, including a drop in airlines.

The gain in technology stocks was driven by Apple. The technology company surged after billionaire investor Carl Icahn said on Twitter that he held a large position in Apple and that its stock was undervalued.

August is shaping up to be a lackluster month for the stock market as major indexes fail to add significantly to the gains they made in July. The Standard & Poor's 500 index has drifted lower, fluctuating between small losses and gains, since closing at an all-time high Aug. 2.

A sharp rise in Treasury yields also rippled through the stock market on Tuesday.

The yield on the 10-year note climbed to 2.72 percent, close to its highest in two years, on the latest signs that Europe is emerging from its recession. Industrial production in the 17 countries that use the euro rose in June and investor confidence increased in Germany, the region's biggest economy.

The sharp rise in yields lifted financial companies because higher interest rates could help them generate better profit margins. That helped offset declines in homebuilders and other stocks that are sensitive to rising borrowing costs.

The yield is also climbing on speculation that the Federal Reserve will cut its stimulus as the economy recovers. Atlanta Fed President Dennis Lockhart said Tuesday that it was too early to say when the bank would ease back on its stimulus, but hinted that it would likely happen before the end of the year.

"You could argue that stocks would be up higher today if the bond market was behaving," said John Canally, Investment Strategist for LPL Financial. "The market's trend right now is higher."

Homebuilder stocks slid on concern that mortgage rates will climb, raising the cost of buying a home and potentially blunting a recovery in the housing market. The stocks of phone companies and utilities that typically pay big dividends also fell. Those stocks have been slumping as Treasury yields have risen, because some investors had been buying them as an alternative to bonds as a source of investment income.

Airline stocks slumped after the federal government challenged the proposed merger of US Airways and American Airlines, a deal between two of the largest carriers. The government says the deal would result in "substantial harm to consumers" in higher fares and fees.

Major indexes started slightly higher, drifted lower at mid-morning, and were back up again in the afternoon. Trading has been unusually light this week and last as many investors take vacation.

"The market is drifting and consolidating here, and we think this is likely (to continue) over the next week or so," said Jim Russell, a Regional Investment Director at US Bank.

The S&P 500 index rose 4.69 points, or 0.3 percent, to 1,694.16. Although its advance has slowed this month, the index is still up 18.8 percent this year.

The Nasdaq composite rose 14.49 points, or 0.4 percent, to 3,684.44. The Dow Jones industrial average rose 31.33 points, or 0.2 percent, to 15,451.01.

Other indexes fell. The Dow Jones Transportation average dropped 42.48, or 0.7 percent, to 6,452, dragged down by the slump in airline stocks. Indexes measuring utilities and small-company stocks also fell.

In government bond trading, the yield on the 10-year Treasury note jumped to 2.72 percent from 2.62 percent Monday. The yield is used as a benchmark to set interest rates on many kinds of loans including home mortgages.

In commodities trading, the price of oil rose 72 cents, or 0.7 percent, to $106.83 a barrel. Gold dropped $13.70, or 1 percent, to $1,320.50 an ounce.

The dollar rose against the euro and the Japanese yen.

Among stocks making big moves:

”” J.C. Penney fell 49 cents, or 3.7 percent, to $12.68. The struggling department store chain faces an uncertain future after activist investor William Ackman resigned from the company's board.

”” Yum Brands, which owns the Taco Bell, Pizza Hut and KFC fast-food chains, slumped $1.50, or 2 percent, to $72.97 after reporting that its sales in China fell 13 percent in July.

”” Eli Lilly and Co. rose $1.40, or 2.6 percent, to $54.96 after the company said its potential lung cancer treatment necitumumab met a key research goal by helping to increase survival time for patients in a late-stage study.

”” PulteGroup fell 36 cents, or 2.3 percent, to $15.37, leading a broad decline in homebuilder stocks.

”” US Airways plunged $2.46, or 13.1 percent, to $16.36. Other airlines also fell. Delta Air Lines dropped $1.49, or 7.1 percent, to $19.55 and United Continental fell $2.48, or 7.5 percent, to $30.73.