NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

The stock market fell on Wednesday as a poor earnings report from Macy's cast doubt on the outlook for consumer spending, a vital component of the U.S. economy.

Other department store stocks also fell after Macy's reported disappointing earnings for the second quarter and cut its forecast for the year.

The stock market's early summer rally has fizzled out after a strong July, and August is shaping up to be a lackluster month as many traders and investors take their summer breaks. The major indexes have drifted lower in the past week after climbing to all-time highs at the start of the month.

"I do feel we are going to have a slight negative bias (to stocks), at least until Labor Day," said Chris Bertelsen at Global Financial Private Capital. "We've had a pretty significant run in the market. People are taking some of the stocks that have had big runs, and are moving away from them."

Consumer discretionary stocks in the Standard & Poor's 500 index, which include clothing retailers and restaurant chains, have fallen in the past month, paring their gains for the year. Makers of consumer staples, which investors favored early in the year because of the steady earnings they offered, have also dropped in the last month.

The S&P index closed down 8.77 points, or 0.5 percent, to 1,685.39 The index has declined in six of the last eight trading days and is flat for the month. In July it jumped 5 percent.

The sell-off was broad. Technology was the only one of the 10 industry sectors that rose in the S&P 500.

The Dow Jones industrial average was down 113.35 points, or 0.7 percent, at 15,337.66, the biggest drop in six weeks. Twenty-two of the stocks in the 30-member index declined.

The Nasdaq composite fell 15.17 points, or 0.5 percent, to 3,669.27.

Macy's, which operates its namesake stores and Bloomingdales, dropped $2.17, or 4.5 percent, to $46.33 after its profit fell short of analysts' estimates. Macy's blamed shoppers' reluctance to spend for a slip in sales.

The NYSE DOW closed LOWER ▼ -113.35 points or ▼ -0.73% on Wednesday, 14 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15337.66 ▼ -113.35 ▼ -0.73%
Nasdaq___ 3669.27 ▼ -15.17 ▼ -0.41%
S&P_500__ 1685.39 ▼ -8.77 ▼ -0.52%
30_Yr_Bond 3.75 ▲ 0 ▼ -0.11%

NYSE Volume 3,157,599,000
Nasdaq Volume 1,584,757,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6587.43 ▼ -24.51 ▼ -0.37%
DAX_____ 8438.12 ▲ 22.36 ▲ 0.27%
CAC_40__ 4114.2 ▲ 21.7 ▲ 0.53%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5141 ▼ -0.6 ▼ -0.01%
Shanghai_Comp 2100.14 ▼ -6.02 ▼ -0.29%
Taiwan_Weight 7951.33 ▼ -34.94 ▼ -0.44%
Nikkei_225____ 14050.16 ▲ 183.16 ▲ 1.32%
Hang_Seng____ 22541.13 ▲ 0 ▲ 0.00% closed for holiday
Strait_Times___ 3248.66 ▲ 4.54 ▲ 0.14%
NZX_50_Index__ 4524.59 ▼ -1.23 ▼ -0.03%

http://finance.yahoo.com/news/stocks-slump-wall-street-macys-193004458.html

Stocks slump on Wall Street; Macy's drops

Stocks drop on Wall Street; Macy's drops on disappointing earnings

By Steve Rothwell, AP Markets Writer

The stock market fell on Wednesday as a poor earnings report from Macy's cast doubt on the outlook for consumer spending, a vital component of the U.S. economy.

Other department store stocks also fell after Macy's reported disappointing earnings for the second quarter and cut its forecast for the year.

The stock market's early summer rally has fizzled out after a strong July, and August is shaping up to be a lackluster month as many traders and investors take their summer breaks. The major indexes have drifted lower in the past week after climbing to all-time highs at the start of the month.

"I do feel we are going to have a slight negative bias (to stocks), at least until Labor Day," said Chris Bertelsen at Global Financial Private Capital. "We've had a pretty significant run in the market. People are taking some of the stocks that have had big runs, and are moving away from them."

Consumer discretionary stocks in the Standard & Poor's 500 index, which include clothing retailers and restaurant chains, have fallen in the past month, paring their gains for the year. Makers of consumer staples, which investors favored early in the year because of the steady earnings they offered, have also dropped in the last month.

The S&P index closed down 8.77 points, or 0.5 percent, to 1,685.39 The index has declined in six of the last eight trading days and is flat for the month. In July it jumped 5 percent.

The sell-off was broad. Technology was the only one of the 10 industry sectors that rose in the S&P 500.

The Dow Jones industrial average was down 113.35 points, or 0.7 percent, at 15,337.66, the biggest drop in six weeks. Twenty-two of the stocks in the 30-member index declined.

The Nasdaq composite fell 15.17 points, or 0.5 percent, to 3,669.27.

Macy's, which operates its namesake stores and Bloomingdales, dropped $2.17, or 4.5 percent, to $46.33 after its profit fell short of analysts' estimates. Macy's blamed shoppers' reluctance to spend for a slip in sales.

Nordstrom, a rival to Macy's, fell 64 cents, or 1.1 percent, to $59.54. The company reports its second-quarter earnings on Thursday. Sears fell 44 cents, or 1 percent, to $41.73.

There were some bright spots for investors.

Apple rose above $500 for the first time since January, climbing as high as $504 during the day, before closing up $8.93, or 1.8 percent, $498.50. The company's stock jumped 4.75 percent Tuesday after activist investor Carl Icahn said he thinks Apple should be doing more to revive its stock price. Icahn also said he had a large, but unspecified stake, in the company.

The stock market is adjusting to the prospect of higher interest rates as the Federal Reserve contemplates easing back on its stimulus. The central bank is buying $85 billion of bonds a month to keep long-term interest rates low and encourage borrowing and has said it may cut those purchases if it feels the economy is strong enough. Higher interest rates would increase borrowing costs throughout the economy.

In government bond trading Wednesday, the yield on the 10-year Treasury note slipped to 2.71 percent from 2.72 percent Tuesday.

The yield has risen sharply since May 3, when it hit its low for the year of 1.63 percent, as investors anticipate that the Fed will step back from its bond purchases.

Big dividend payers like utilities and phone companies have been slumping since May as Treasury yields have risen. The higher bond yields have diminished the appeal of rich-dividend stocks as a source of income.

Home builders have also been falling because government bond yields are used to set mortgage rates. If mortgage rates increase sharply, it could cool demand for homes and squelch a recovery in the housing market.

PulteGroup dropped for a seventh day out of the past eight, declining 26 cents, or 1.7 percent, to $15.11. Lennar dropped 50 cents, or 1.6 percent, to $31.66.

Investors may also be turning their attention to European stocks at the expense of U.S. markets.

Data showing that the economies of the countries that use the euro were out of recession gave a jolt to European stocks Wednesday. Eurostat, the European Union's statistics office, said the eurozone grew 0.3 percent in the April-to-June period, its first growth since late 2011.

"There are now clear signs that Europe is turning," said Jurrien Timmer, a portfolio manager at Fidelity Investments. The "U.S. could underperform Europe here, or may trade sideways while Europe advances."

While the S&P 500 has advanced 18.2 percent this year, Europe's biggest stock indexes have gained less. Germany's benchmark DAX index has climbed 11 percent, France's CAC-40 has gained 13 percent, and Italy's FTSE MIB has risen 7.3 percent.

In commodities trading, the price of oil edged up 2 cents to $106.85 a barrel. Gold rose $12.90, or 1 percent, to $1,333.40 an ounce.

The dollar rose a fraction against the euro and dropped against the Japanese yen.

After the close of trading, Cisco Systems reported quarterly earnings. The results just managed to beat Wall Street's expectations and the company's stock price was down $2.60, or 10 percent, to $23.78 an hour after the close. The company sells routers, switches, software and services to corporate customers and government agencies.

Among other stocks making big moves:

”” Steinway Musical Instruments jumped $3.02, or 7.9 percent, to $41.29 after agreeing to be purchased for $499 million by the investment firm Paulson & Co.

”” SeaWorld, which made its stock market debut in April, slumped $1.37, or 3.8 percent, to $34.94 after the company reported a loss for the second quarter as foul weather and higher ticket prices kept crowds away.

 

[bigdog]

Source: http://finance.yahoo.com

Grim sales forecasts from two major companies and concern that the Federal Reserve will soon start withdrawing its support for the economy pummeled the stock market Thursday.

The Dow Jones industrial average slumped 225 points, its worst day in nearly two months. Investors also dumped bonds, driving the yield on the 10-year Treasury note to its highest level in more than two years.

Before the start of trading, Wal-Mart cut its estimates for annual revenue and profit, warning that cautious shoppers are spending less. The news followed a disappointing revenue forecast from Cisco Systems late Wednesday.

In a twist, more signs of resilience in the U.S. economy weighed on the stock market. Reports on inflation and the job market appeared to raise the odds that the Fed would begin winding down its massive bond-buying program as early as next month. Many investors think that the Fed's effort has underpinned the stock market's record run.

"People are worried that this move up in interest rates will kill the recovery, and we won't see the anticipated second-half improvement in growth and corporate earnings," said Alec Young, global equity strategist at S&P Capital IQ.

The Standard & Poor's 500 index fell 24.07 points, or 1.4 percent, to 1,661.32. The selling swept across all 10 industry groups in the index.

The Dow lost 225.47 points, or 1.5 percent, to 15,112.19. The Nasdaq composite index fell 63.16 points, or 1.7 percent, to 3,606.12.

"It seems like an overreaction today," said Randy Frederick, managing director of active trading and derivatives at the Schwab Center for Financial Research.

Frederick said many investors are speculating that the improving economy means the Fed will start pumping less money into the financial system in the coming months. If that results in lower bond prices and even higher yields, it could lead more investors to dump dividend-paying stocks in favor of bonds.

"Some of the stocks getting hit hardest recently are big companies paying dividends," Frederick said. Utilities stocks are down 3 percent this week, for example, the worst of the S&P 500's industry groups.

The NYSE DOW closed LOWER ▼ -225.47 points or ▼ -1.47% on Thursday, 15 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15112.19 ▼ -225.47 ▼ -1.47%
Nasdaq___ 3606.12 ▼ -63.16 ▼ -1.72%
S&P_500__ 1661.32 ▼ -24.07 ▼ -1.43%
30_Yr_Bond 3.79 ▲ 0.04 ▲ 1.07%

NYSE Volume 3,828,694,500
Nasdaq Volume 1,699,214,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6483.34 ▼ -104.09 ▼ -1.58%
DAX_____ 8376.29 ▼ -61.83 ▼ -0.73%
CAC_40__ 4093.2 ▼ -21 ▼ -0.51%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5136.7 ▼ -4.3 ▼ -0.08%
Shanghai_Comp 2081.88 ▼ -18.26 ▼ -0.87%
Taiwan_Weight 7887.26 ▼ -64.07 ▼ -0.81%
Nikkei_225____ 13752.94 ▼ -297.22 ▼ -2.12%
Hang_Seng____ 22539.25 ▼ -1.88 ▼ -0.01%
Strait_Times___ 3220.92 ▼ -27.74 ▼ -0.85%
NZX_50_Index__ 4530.26 ▲ 5.67 ▲ 0.13%

http://finance.yahoo.com/news/warnings-slower-sales-drive-us-181450208.html

Warnings of slower sales drive US stocks lower

Slower sales forecasts from Wal-Mart and Cisco drive stock market lower; Dow down 225 points

By Matthew Craft, AP Business Writer

Grim sales forecasts from two major companies and concern that the Federal Reserve will soon start withdrawing its support for the economy pummeled the stock market Thursday.

The Dow Jones industrial average slumped 225 points, its worst day in nearly two months. Investors also dumped bonds, driving the yield on the 10-year Treasury note to its highest level in more than two years.

Before the start of trading, Wal-Mart cut its estimates for annual revenue and profit, warning that cautious shoppers are spending less. The news followed a disappointing revenue forecast from Cisco Systems late Wednesday.

In a twist, more signs of resilience in the U.S. economy weighed on the stock market. Reports on inflation and the job market appeared to raise the odds that the Fed would begin winding down its massive bond-buying program as early as next month. Many investors think that the Fed's effort has underpinned the stock market's record run.

"People are worried that this move up in interest rates will kill the recovery, and we won't see the anticipated second-half improvement in growth and corporate earnings," said Alec Young, global equity strategist at S&P Capital IQ.

The Standard & Poor's 500 index fell 24.07 points, or 1.4 percent, to 1,661.32. The selling swept across all 10 industry groups in the index.

The Dow lost 225.47 points, or 1.5 percent, to 15,112.19. The Nasdaq composite index fell 63.16 points, or 1.7 percent, to 3,606.12.

"It seems like an overreaction today," said Randy Frederick, managing director of active trading and derivatives at the Schwab Center for Financial Research.

Frederick said many investors are speculating that the improving economy means the Fed will start pumping less money into the financial system in the coming months. If that results in lower bond prices and even higher yields, it could lead more investors to dump dividend-paying stocks in favor of bonds.

"Some of the stocks getting hit hardest recently are big companies paying dividends," Frederick said. Utilities stocks are down 3 percent this week, for example, the worst of the S&P 500's industry groups.

The government said early Thursday that the number of Americans applying for unemployment benefits dropped to 320,000 last week. That's the lowest level since October 2007, two months before the start of the Great Recession.

A slowly improving economy should eventually lead to higher spending and more sales for big companies. But that's down the road. Right now, investors are more focused on the Fed's next move, said Natalie Trunow, the chief investment officer at Calvert Investments.

"There's this counter-intuitive reaction to economic news," Trunow said. "Positive data comes out and markets aren't excited about it. They say, 'Uh-oh, the stimulus will be removed.' "

Wal-Mart fell $1.99, or 3 percent, to $74.41 after the world's largest retailer cut its profit and revenue forecasts for 2013. It also reported second-quarter results that missed Wall Street's estimates.

Cisco Systems announced plans to cut 5 percent of its workforce, roughly 4,000 employees, as sales slow. CEO John Chambers called the global economy "challenging and inconsistent." Cisco plunged $1.89, or 7 percent, to $24.48, the biggest drop of the 30 big companies in the Dow.

Cisco's announcement led to selling in other technology stocks, as it's widely regarded as a bellwether for the entire industry. That's because the company sells a wide range of products to corporations and governments and its fiscal quarters end a month later than most major technology companies, which gives investors an early look into current conditions.

The Dow has slumped 2 percent this week, and the S&P 500 is down 1.8 percent.

The stock market reached all time-highs on Aug. 2. The Dow is still up 15 percent in 2013; the S&P 500 up 16 percent.

In the market for U.S. government bonds, the yield on the 10-year Treasury note jumped as high as 2.81 percent, the highest level since July 2011. The yield drifted back to 2.77 percent in the afternoon, up from 2.71 percent late Wednesday.

Higher long-term interest rates could cool housing sales because the 10-year U.S. government bond acts as a benchmark for interest rates on mortgage loans.

"A sharp increase in long-term rates translates into a sharp increase in mortgage rates," Trunow said. "That's bound to impact the housing market."

 

[bigdog]

Source: http://finance.yahoo.com

Stocks fell Friday, closing out what was the worst week of the year for the Dow Jones Industrial Average.

The market was dragged lower by a weak performance from retailers and companies sensitive to higher interest rates. Homebuilders and banking stocks were among the best performers.

Stocks had a decent start in the first half of the week, but investors were hit hard in the last three days. Overall, the Dow retreated 2.2 percent for the week, its worst for 2013. The broader Standard & Poor's 500 index lost 2.1 percent for the week, its second-worst performance of the year.

The possibility of a cutback in the Federal Reserve's massive bond-buying program in September has roiled the bond market in the last couple of weeks, which in turn spilled over into the stock market. The yield on the benchmark U.S. 10-year Treasury note rose to 2.83 percent, its highest level since July 2011. A week ago, the yield was 2.58 percent. In the bond market, yields rise as bond prices fall.

"When yields are going up like this, that's scary for most equity investors," said Brian Reynolds, chief market strategist at Rosenblatt Securities.

On Friday, the S&P 500 lost 5.49 points, or 0.33 percent, to 1,655.83. The Dow fell 30.72 points, or 0.2 percent, to 15,081.47 and the Nasdaq composite lost 3.34 points, or 0.1 percent, to 3,602.78.

Shares of utilities and telecommunications companies, which typically perform poorly in a higher interest-rate environment, closed broadly lower. New York-based utility Consolidated Edison Inc. fell 75 cents, or 1.3 percent, to $56.64 while California's PG&E was down 71 cents, or 1.6 percent, to $42.64. Dow components Verizon Communications Inc. and AT&T Inc. fell 1.7 percent and 0.5 percent, respectively.

The NYSE DOW closed LOWER ▼ -30.72 points or ▼ -0.20% on Friday, 16 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15081.47 ▼ -30.72 ▼ -0.20%
Nasdaq___ 3602.78 ▼ -3.34 ▼ -0.09%
S&P_500__ 1655.83 ▼ -5.49 ▼ -0.33%
30_Yr_Bond 3.86 ▲ 0.07 ▲ 1.71%

NYSE Volume 3,594,484,250
Nasdaq Volume 1,493,385,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6499.99 ▲ 16.65 ▲ 0.26%
DAX_____ 8391.94 ▲ 15.65 ▲ 0.19%
CAC_40__ 4123.89 ▲ 30.69 ▲ 0.75%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5100.1 ▼ -36.6 ▼ -0.71%
Shanghai_Comp 2068.45 ▼ -13.43 ▼ -0.64%
Taiwan_Weight 7925 ▲ 37.74 ▲ 0.48%
Nikkei_225____ 13650.11 ▼ -102.83 ▼ -0.75%
Hang_Seng____ 22517.81 ▼ -21.44 ▼ -0.10%
Strait_Times___ 3197.53 ▼ -23.39 ▼ -0.73%
NZX_50_Index__ 4513.88 ▼ -16.39 ▼ -0.36%

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

Dow has worst week of 2013

Stock market ends week mildly lower, hurt by retailers and utilities

By Ken Sweet, AP Markets Writer

Stocks fell Friday, closing out what was the worst week of the year for the Dow Jones Industrial Average.

The market was dragged lower by a weak performance from retailers and companies sensitive to higher interest rates. Homebuilders and banking stocks were among the best performers.

Stocks had a decent start in the first half of the week, but investors were hit hard in the last three days. Overall, the Dow retreated 2.2 percent for the week, its worst for 2013. The broader Standard & Poor's 500 index lost 2.1 percent for the week, its second-worst performance of the year.

The possibility of a cutback in the Federal Reserve's massive bond-buying program in September has roiled the bond market in the last couple of weeks, which in turn spilled over into the stock market. The yield on the benchmark U.S. 10-year Treasury note rose to 2.83 percent, its highest level since July 2011. A week ago, the yield was 2.58 percent. In the bond market, yields rise as bond prices fall.

"When yields are going up like this, that's scary for most equity investors," said Brian Reynolds, chief market strategist at Rosenblatt Securities.

On Friday, the S&P 500 lost 5.49 points, or 0.33 percent, to 1,655.83. The Dow fell 30.72 points, or 0.2 percent, to 15,081.47 and the Nasdaq composite lost 3.34 points, or 0.1 percent, to 3,602.78.

Shares of utilities and telecommunications companies, which typically perform poorly in a higher interest-rate environment, closed broadly lower. New York-based utility Consolidated Edison Inc. fell 75 cents, or 1.3 percent, to $56.64 while California's PG&E was down 71 cents, or 1.6 percent, to $42.64. Dow components Verizon Communications Inc. and AT&T Inc. fell 1.7 percent and 0.5 percent, respectively.

Retailers continued their multi-day selloff. Nordstrom Inc. gave a bleak sales outlook late Thursday that echoed similar forecasts from Wal-Mart Stores Inc. and Macy's Inc. earlier this week. The outlooks have raised worries that U.S. shoppers might be pulling back on spending.

Nordstrom's stock fell $2.90, or 4.9 percent, to $56.43, making it the biggest decliner in the S&P 500.

The retail industry is a closely-watched part of the U.S. economy as consumer spending makes up roughly 70 percent of economic activity. The disappointing outlooks are worrisome because they take into account the back-to-school shopping season, typically the second-biggest shopping period for U.S. retailers.

"It's left us scratching our heads," said John Fox, who oversees $873 million in assets as co-manager of the FAM Value Fund. "It really forces you to ask the question: 'is the consumer slowing down?'"

Investors have also been concerned about what will happen to the stock market -- and the U.S. economy -- if the Fed begins winding down its $85 billion-a-month bond-buying program in September. Some investors think that the Fed's program has been a large contributor to the stock market's record run.

"The big question is, will the Fed eliminate the bond-buying program in September, and, if so, how they will they remove the bond buying," said Frank Davis, director of sales and trading for LEK Securities.

Reynolds said investors should expect more selling ahead of the Fed's decision.

"Expect a correction, but a shallower correction than the one that happened in June," he said.

With the bond market in decline and stocks selling off, investors shifted into a safer asset ”” gold. Its price rose $10.1, or 0.7 percent, to $1,371. Gold had its third-best week this year, rising 3.7 percent.

In other news, personal computer maker Dell Inc. reported a 72-percent drop in its fiscal second-quarter earnings. That may help convince Dell shareholders to approve the $24.8 billion buyout proposed by founder Michael Dell. and private-equity firm Silver Lake.

Shares of Dell rose 12 cents, or 0.8 percent, to $13.82 - below the proposed buyout price of $13.88 per share.

8901

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stocks dropped for a fourth day in a row Monday as investors continued to express worry about the recent rise in bond yields. Banking stocks also dragged down the broader market.

The Dow Jones industrial average dropped 70.73 points, or 0.47 percent, to 15,010.74. The Standard & Poor's 500 index lost 9.78 points, or 0.6 percent, to 1,646.05. The market fell broadly; 4 stocks fell for every one that rose on the New York Stock Exchange.

The technology-heavy Nasdaq composite index also fell, losing 13.69 points, or 0.48 percent, to 3,589.09. The Russell 2000 index, which is made up of primarily riskier, small-company stocks, fell nearly twice as much as the S&P 500. That index fell 11.05 points, or 1 percent, to 1,013.25.

Investors had little data to digest Monday, so the focus for many remained the ongoing climb in bond yields. The yield on the benchmark 10-year Treasury note rose to 2.88 percent from 2.83 percent Friday. Yields are at their highest level since July 2011.

The 10-year yield has been rising sharply from a recent low of 1.63 percent reached in early May as the economy has improved and as investors anticipate an end to the Federal Reserve's huge bond-buying program as early as next month. The program has been keeping interest rates low to encourage borrowing and hiring.

"We've been in this artificially low interest rate environment for so long, it's hard to figure out what 'normal' is," said Jim Dunigan, chief investment officer with PNC Wealth Management.

The quick rise in bond yields has worried some investors because it leads to higher interest rates on many kinds of loans, including home mortgages and corporate loans.

"I do think we're not too far away from that point in time where this heavy increase in bond yields is going to start impacting the (stock) markets," said Doug Peebles, chief investment officer of AllianceBernstein Fixed Income.

Homebuilders were hit hard on Monday as traders worried that higher mortgage rates could upset a recovery in the housing market. Lennar, PulteGroup and D.R. Horton all fell roughly 4 percent.

Some investors expect the 10-year note could rise above the psychologically important 3 percent mark as early as month's end.

Monday's losses come after the Dow posted its worst week of 2013. The benchmark index fell 2.2 percent last week and the S&P 500 lost 2.1 percent. The Dow and the S&P 500 have not had a four-day losing streak since December 2012.

Bank stocks moved lower after a report from the Federal Reserve appeared to indicate that large bank holding companies -- firms such as JPMorgan Chase & Co., Citigroup, Bank of America and others -- could need to raise additional capital.

The NYSE DOW closed LOWER ▼ -70.73 points or ▼ -0.47% on Monday, 19 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15010.74 ▼ -70.73 ▼ -0.47%
Nasdaq___ 3589.09 ▼ -13.69 ▼ -0.38%
S&P_500__ 1646.06 ▼ -9.77 ▼ -0.59%
30_Yr_Bond 3.9 ▲ 0.05 ▲ 1.17%

NYSE Volume 3,226,814,250
Nasdaq Volume 1,398,264,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6465.73 ▼ -34.26 ▼ -0.53%
DAX_____ 8366.29 ▼ -25.65 ▼ -0.31%
CAC_40__ 4083.98 ▼ -39.91 ▼ -0.97%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5102.3 ▲ 2.2 ▲ 0.04%
Shanghai_Comp 2085.6 ▲ 17.15 ▲ 0.83%
Taiwan_Weight 7900.21 ▼ -24.79 ▼ -0.31%
Nikkei_225____ 13758.13 ▲ 108.02 ▲ 0.79%
Hang_Seng____ 22463.7 ▼ -54.11 ▼ -0.24%
Strait_Times___ 3173.33 ▼ -24.2 ▼ -0.76%
NZX_50_Index__ 4503.22 ▼ -10.65 ▼ -0.24%

http://finance.yahoo.com/news/stocks-drop-fourth-straight-day-203940796.html

Stocks drop for a fourth straight day

Stock market slips on bond market worries; Dow, S&P have first four-day drop this year

By Ken Sweet, AP Markets Writer

U.S. stocks dropped for a fourth day in a row Monday as investors continued to express worry about the recent rise in bond yields. Banking stocks also dragged down the broader market.

The Dow Jones industrial average dropped 70.73 points, or 0.47 percent, to 15,010.74. The Standard & Poor's 500 index lost 9.78 points, or 0.6 percent, to 1,646.05. The market fell broadly; 4 stocks fell for every one that rose on the New York Stock Exchange.

The technology-heavy Nasdaq composite index also fell, losing 13.69 points, or 0.48 percent, to 3,589.09. The Russell 2000 index, which is made up of primarily riskier, small-company stocks, fell nearly twice as much as the S&P 500. That index fell 11.05 points, or 1 percent, to 1,013.25.

Investors had little data to digest Monday, so the focus for many remained the ongoing climb in bond yields. The yield on the benchmark 10-year Treasury note rose to 2.88 percent from 2.83 percent Friday. Yields are at their highest level since July 2011.

The 10-year yield has been rising sharply from a recent low of 1.63 percent reached in early May as the economy has improved and as investors anticipate an end to the Federal Reserve's huge bond-buying program as early as next month. The program has been keeping interest rates low to encourage borrowing and hiring.

"We've been in this artificially low interest rate environment for so long, it's hard to figure out what 'normal' is," said Jim Dunigan, chief investment officer with PNC Wealth Management.

The quick rise in bond yields has worried some investors because it leads to higher interest rates on many kinds of loans, including home mortgages and corporate loans.

"I do think we're not too far away from that point in time where this heavy increase in bond yields is going to start impacting the (stock) markets," said Doug Peebles, chief investment officer of AllianceBernstein Fixed Income.

Homebuilders were hit hard on Monday as traders worried that higher mortgage rates could upset a recovery in the housing market. Lennar, PulteGroup and D.R. Horton all fell roughly 4 percent.

Some investors expect the 10-year note could rise above the psychologically important 3 percent mark as early as month's end.

Monday's losses come after the Dow posted its worst week of 2013. The benchmark index fell 2.2 percent last week and the S&P 500 lost 2.1 percent. The Dow and the S&P 500 have not had a four-day losing streak since December 2012.

Bank stocks moved lower after a report from the Federal Reserve appeared to indicate that large bank holding companies -- firms such as JPMorgan Chase & Co., Citigroup, Bank of America and others -- could need to raise additional capital.

In the report, the central bank said large banks had made "substantial improvements" in how they plan for future potential financial crises; however the Fed also said there was "considerable room for advancement."

JPMorgan fell $1.46, or 2.7 percent, to $51.83 while Bank of America fell 27 cents, or 1.9 percent, to $14.15. Morgan Stanley fell 66 cents, or 2.5 percent, to $25.81.

Banks have faced intense regulatory pressure to increase their capital ratios -- the amount of money they hold in reserve -- since the financial crisis five years ago. Several banks that failed, including Washington Mutual, Lehman Brothers and Bear Stearns, were criticized for not holding enough capital to protect their balance sheets from the losses stemming from bad mortgages.

Investors should expect more focus on the Fed this week. On Wednesday the Federal Reserve will publish the minutes of its July policy meeting, and on Thursday the Fed starts its annual conference in Jackson Hole, Wyo.

The Fed minutes will be the most important item for investors this week, said Kristina Hooper, head of investment and client strategies for the U.S. at Allianz Global Investors.

"It will give us insight into what the Fed is looking at to decide," Hooper said. "I don't think the Fed has made up its mind on what it's going to do in September yet."

A sell-off in retailers continued Monday. Saks, the luxury retailer, reported a wider loss two weeks after agreeing to be bought by the Canadian retailer Hudson's Bay, the parent company of Lord & Taylor, for $2.4 billion.

The retail sector got off to a dismal start last week after Wal-Mart, Macy's and Nordstrom cut their sales outlooks for the year. This week, J.C. Penney, Target, the Gap, Home Depot, Sears and others report quarterly earnings. The retail industry is often closely watched by investors because consumer spending makes up a large chunk of the U.S. economy.

Gap fell 53 cents, or 1.2 percent, to $42.59. Staples lost 43 cents, or 2.55 percent, to $16.41.

One bright spot in Monday's sea of red were technology stocks. Intel was biggest gainer in the 30-member Dow after getting an upgrade from PiperJaffray. The investment bank predicted strong sales for chips used in tablet computers and mobile devices. Intel rose 37 cents, or 1.7 percent, to $22.28.

Other major tech stocks also rose. Apple rose $5.41, or 1.1 percent, to $507.70 and Google rose $8.74, or 1 percent, to $865.60.

Among other stocks making big moves:

”” Zillow said it was buying New York-focused real estate website StreetEasy for $50 million. Zillow dropped $6.48, or 7.1 percent, to $84.74.

”” Dollar General rose $1.62, or 3.1 percent, to $54.09, the biggest gain in the S&P 500. Analysts at JPMorgan Chase upgraded the stock to "overweight" from "neutral" and raised their price target to $64 from $51, citing signs that sales and profit margins were improving.

 

[bigdog]

Source: http://finance.yahoo.com

etter results from Best Buy and other retailers helped the stock market close mostly higher Tuesday.

Bond yields, which had been rising sharply for the last several days, pulled back, bringing relief to investors worried about higher interest rates.

The Standard & Poor's 500 index ended a four-day losing streak. the Dow Jones industrial average, however, ended with a small loss after being up for most of the day. That extended the Dow's string of losses to five, the longest of the year. The Dow was held back by weakness in Home Depot and Johnson & Johnson.

The mostly higher finish failed to shake the market out of a slump it's been in since early August, when investors became discouraged by poor corporate earnings and a sharp increase in interest rates. The Dow has lost 4 percent since hitting an all-time high on Aug. 2 and is headed for its worst month since May 2012.

The S&P 500 index rose 6.29 points, or 0.4 percent, to 1,652.35 points and the Nasdaq composite rose 24.50 points, or 0.7 percent, to 3,613.59.

The Dow fell 7.75 points, or 0.05 percent, to 15,002.99.

Small-company stocks rose far more than the rest of the market, a sign that investors are more comfortable taking on risk. The Russell 2000 index jumped 15.32 points, or 1.5 percent, to 1,028.57.

Best Buy and Urban Outfitters rose sharply, leading the retail sector higher.

The NYSE DOW closed LOWER ▼ -7.75 points or ▼ -0.05% on Tuesday, 20 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15002.99 ▼ -7.75 ▼ -0.05%
Nasdaq___ 3613.59 ▲ 24.5 ▲ 0.68%
S&P_500__ 1652.35 ▲ 6.29 ▲ 0.38%
30_Yr_Bond 3.85 ▼ -0.05 ▼ -1.26%

NYSE Volume 3,293,652,500
Nasdaq Volume 1,287,866,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6453.46 ▼ -12.27 ▼ -0.19%
DAX_____ 8300.03 ▼ -66.26 ▼ -0.79%
CAC_40__ 4028.93 ▼ -55.05 ▼ -1.35%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5068.8 ▼ -33.5 ▼ -0.66%
Shanghai_Comp 2072.59 ▼ -13.01 ▼ -0.62%
Taiwan_Weight 7832.65 ▼ -67.56 ▼ -0.86%
Nikkei_225____ 13396.38 ▼ -361.75 ▼ -2.63%
Hang_Seng____ 21970.29 ▼ -493.41 ▼ -2.20%
Strait_Times___ 3128.75 ▼ -44.58 ▼ -1.40%
NZX_50_Index__ 4508.36 ▲ 5.13 ▲ 0.11%

http://finance.yahoo.com/news/stocks-edge-higher-4-days-155648928.html

Stocks edge higher after 4 days of declines

Retailers lead US stocks slightly higher after a four-day rout; bond yields edge lower

By Ken Sweet, AP Markets Writer

Better results from Best Buy and other retailers helped the stock market close mostly higher Tuesday.

Bond yields, which had been rising sharply for the last several days, pulled back, bringing relief to investors worried about higher interest rates.

The Standard & Poor's 500 index ended a four-day losing streak. the Dow Jones industrial average, however, ended with a small loss after being up for most of the day. That extended the Dow's string of losses to five, the longest of the year. The Dow was held back by weakness in Home Depot and Johnson & Johnson.

The mostly higher finish failed to shake the market out of a slump it's been in since early August, when investors became discouraged by poor corporate earnings and a sharp increase in interest rates. The Dow has lost 4 percent since hitting an all-time high on Aug. 2 and is headed for its worst month since May 2012.

The S&P 500 index rose 6.29 points, or 0.4 percent, to 1,652.35 points and the Nasdaq composite rose 24.50 points, or 0.7 percent, to 3,613.59.

The Dow fell 7.75 points, or 0.05 percent, to 15,002.99.

Small-company stocks rose far more than the rest of the market, a sign that investors are more comfortable taking on risk. The Russell 2000 index jumped 15.32 points, or 1.5 percent, to 1,028.57.

Best Buy and Urban Outfitters rose sharply, leading the retail sector higher.

Best Buy jumped $4.07, or 13.2 percent, to $34.80, the biggest gain in the S&P 500. The electronics retailer said it earned 32 cents per share in the last three months, much better than the 12 cents per share financial analysts expected. Most of the growth came from cutting costs and focusing on online sales.

Urban Outfitters jumped $3.27, or 8.2 percent, to $43.19. The Philadelphia-based teen retailer reported a 25 percent surge in second-quarter income as sales rose across nearly all its brands.

The better news from retailers was a respite for investors, who have spent the last week and a half getting disappointing earnings and sales outlooks from some of the nation's largest store chains. Wal-Mart, Macy's, Kohl's and Saks all cut their sales forecasts, raising worries that the American consumer might be cutting back.

"The fact that some of these retailers were giving mixed signals was somewhat disconcerting," said Phil Orlando, chief equity market strategist with Federated Investors.

It wasn't all good news in the retail sector, however. Barnes & Noble plunged 12.4 percent after the bookseller's first-quarter loss more than doubled and the company's chairman called off his offer to buy the company's stores. Excluding one-time items, Barnes & Noble lost 86 cents per share, more than the 81 cents Wall Street analysts had expected. The stock fell $2.06 to $14.61.

In the bond market, the source of a lot of investor worries recently, yields declined modestly after nearly two weeks of increases. The yield on the benchmark U.S. 10-year Treasury note fell to 2.82 percent from 2.88 percent late Monday. It's still up sharply from its low of the year, 1.63 percent, reached in early May.

Bond yields are important because they are used to set interest rates on many kinds of loans, including mortgages. Investors have worried that a sharp rise in borrowing costs could disrupt the recovery in the U.S. economy.

The Federal Reserve has been buying $85 billion worth of bonds every month to keep interest rates low and encourage borrowing and hiring. Now that the economy appears to be on the mend, investors expect the Fed to cut back on its purchases as soon as its September policy meeting.

"We're not talking about the Fed pulling the plug on the economy here," Orlando said. "We're talking about the Fed looking to normalize bond yields because the economy is improving."

In commodities trading, the price of crude oil fell $2.14, or 2 percent, to $104.96 a barrel. Gold rose $6.90, or 0.5 percent, to $1,372.60 an ounce.

The dollar fell slightly against the euro and the Japanese yen.

Among other stocks making big moves:

”” TiVo rose 51 cents, or 5 percent, to $10.99 after the company announced a new line of digital video recorders to give television viewers more control over what they watch.

”” LightInTheBox plunged $7.69, or 40 percent, to $11.58. The newly public, China-based online retailer's sales forecast for the current quarter fell short of Wall Street's expectations. The company's initial public offering of stock in June priced shares at $9.50 each.

”” Medtronic fell $1.27, or 2.3 percent, to $52.83 after the medical device maker's revenue fell shy of what Wall Street analysts were expecting. The stock has surged 29 percent this year and is trading at a five-year high.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks fell sharply Wednesday after the Federal Reserve disclosed that its top officials were mostly in agreement that the central bank should end its massive bond-buying program.

The Dow Jones industrial average fell 105 points. It was the index's sixth straight decline, the longest losing streak since July 2012.

In the minutes from Fed's July policy meeting, board members said it "might soon be time" to slow the purchases. The bond-buying program has been in place in one form or another since late 2008 to keep interest rates low and encourage economic growth.

Traders have been worried about weak earnings and have been looking for clarity on how and when the Fed will wind down its bond purchases. Some investors believe the Fed's bond-buying has inflated stock prices.

Brad McMillan, chief investment officer for Commonwealth Financial, said the market had been overreacting to the possibility that the Fed is going to taper off its bond purchases.

"The market is starting to realize that, yeah, the taper is going to happen and, maybe, it won't be the end of the world," he said.

The Dow fell 105.44 points, or 0.7 percent, to 14,897.55. The Dow has fallen 4.9 percent since hitting a record high on Aug. 2.

The Standard & Poor's 500 index fell 9.55 points, or 0.6 percent, to 1,642.80. The Nasdaq composite lost 13.80 points, or 0.4 percent, to 3,599.79.

Guy Berger, U.S. economist with RBS Securities, said the Fed minutes were mostly in line with what the market had expected.

"The minutes are very consistent with what Fed members have been saying since June," when Fed Chairman Ben Bernanke first laid out the idea of pulling back on bond purchases, Berger said.

The Fed has been purchasing $85 billion in bonds a month since December. Berger expects the Fed may reduce that to $65 billion after the central bank meets in September.

"August's employment report will be very important," he said.

Bond yields have risen dramatically the last few weeks as investors anticipate the end of the Fed's program.

The NYSE DOW closed LOWER ▼ -105.44 points or ▼ -0.70% on Wednesday, 21 August 2013
Symbol …........Last ......Change.....
Dow_Jones 14897.55 ▼ -105.44 ▼ -0.70%
Nasdaq___ 3599.79 ▼ -13.8 ▼ -0.38%
S&P_500__ 1642.8 ▼ -9.55 ▼ -0.58%
30_Yr_Bond 3.88 ▲ 0.03 ▲ 0.75%

NYSE Volume 3,332,549,000
Nasdaq Volume 1,406,457,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6390.84 ▼ -62.62 ▼ -0.97%
DAX_____ 8285.41 ▼ -14.62 ▼ -0.18%
CAC_40__ 4015.09 ▼ -13.84 ▼ -0.34%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5090.3 ▲ 21.5 ▲ 0.42%
Shanghai_Comp 2072.96 ▲ 0.37 ▲ 0.02%
Taiwan_Weight 7832.65 ▲ 0 ▲ 0.00%
Nikkei_225____ 13424.33 ▲ 27.95 ▲ 0.21%
Hang_Seng____ 21817.73 ▼ -152.56 ▼ -0.69%
Strait_Times___ 3108.99 ▼ -19.76 ▼ -0.63%
NZX_50_Index__ 4551.51 ▲ 43.15 ▲ 0.96%

http://finance.yahoo.com/news/dow-sinks-sixth-day-traders-203555403.html

Dow sinks for sixth day as traders ponder Fed exit

Stocks slide as investors wonder when the Federal Reserve will slow its bond purchases

By Ken Sweet

Stocks fell sharply Wednesday after the Federal Reserve disclosed that its top officials were mostly in agreement that the central bank should end its massive bond-buying program.

The Dow Jones industrial average fell 105 points. It was the index's sixth straight decline, the longest losing streak since July 2012.

In the minutes from Fed's July policy meeting, board members said it "might soon be time" to slow the purchases. The bond-buying program has been in place in one form or another since late 2008 to keep interest rates low and encourage economic growth.

Traders have been worried about weak earnings and have been looking for clarity on how and when the Fed will wind down its bond purchases. Some investors believe the Fed's bond-buying has inflated stock prices.

Brad McMillan, chief investment officer for Commonwealth Financial, said the market had been overreacting to the possibility that the Fed is going to taper off its bond purchases.

"The market is starting to realize that, yeah, the taper is going to happen and, maybe, it won't be the end of the world," he said.

The Dow fell 105.44 points, or 0.7 percent, to 14,897.55. The Dow has fallen 4.9 percent since hitting a record high on Aug. 2.

The Standard & Poor's 500 index fell 9.55 points, or 0.6 percent, to 1,642.80. The Nasdaq composite lost 13.80 points, or 0.4 percent, to 3,599.79.

Guy Berger, U.S. economist with RBS Securities, said the Fed minutes were mostly in line with what the market had expected.

"The minutes are very consistent with what Fed members have been saying since June," when Fed Chairman Ben Bernanke first laid out the idea of pulling back on bond purchases, Berger said.

The Fed has been purchasing $85 billion in bonds a month since December. Berger expects the Fed may reduce that to $65 billion after the central bank meets in September.

"August's employment report will be very important," he said.

Bond yields have risen dramatically the last few weeks as investors anticipate the end of the Fed's program.

The yield on the benchmark 10-year Treasury note jumped sharply Wednesday, to 2.89 percent from 2.82 percent the day before. The 10-year note is used as a benchmark to determine interest rates on many types of loans, from individual mortgages to borrowing by large corporations.

Retail stocks were once again in focus, and not in a good way. Target, like many other retailers in the last two weeks, issued a muted sales outlook for the rest of the year. The stock dropped $2.45, or 3.6 percent, to $65.50.

Staples sank $2.57, or 15.3 percent, to $14.27 after the office supplies chain reported earnings and sales that missed expectations of financial analysts. The company also slashed its full-year profit forecast.

American Eagle Outfitters plunged $1.62, or 10 percent, to $14.27 after reporting that it had to slash prices because shoppers are reluctant to spend. American Eagle is the latest teen-apparel retailer to report disappointing earnings or cut their outlook, following Urban Outfitters and others.

One bright spot in retail was Home Depot competitor Lowe's, which was up 3.9 percent, making it the second-biggest gainer in the S&P 500. The home-improvement retail chain said it earned 88 cents per share in the period ending Aug. 2, ahead of financial analysts' expectations of 79 cents per share. The company also raised its full-year sales and profit forecasts, citing the improving outlook for the U.S. housing market.

In related news, the National Association of Realtors said Wednesday that sales of previously occupied homes jumped to an annual rate of 5.39 million in July from 5.06 million in June. Home sales are at highest level since November 2009.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market rose Thursday, but it was a glitch on the Nasdaq exchange that became the day's big talking point.

Trading on the Nasdaq was interrupted just after midday because of problems with a quote dissemination system. That halted activity on the Nasdaq until shortly before the close of the market. When trading resumed, shares in Nasdaq OMX, which owns and operates the exchange, slumped.

The Nasdaq composite was up 31 points, or 0.9 percent, at 3,631 when trading halted, according to FactSet data. It ended the day up 38 points, or 1.1 percent, at 3,638.71.

Earlier on Thursday, encouraging economic figures from Asia and Europe helped stocks advance and break a six-day losing streak for the Dow Jones industrial average.

In China, a survey by HSBC indicated that manufacturing was expanding, the latest evidence that the world's second-largest economy may be over its recent period of weakness. In Europe, a survey of manufacturing and services for the 17 countries that use the euro climbed to its highest level since June 2011.

"Europe seems to be getting its swing back, especially Germany," said Doug Cote, chief market strategist at ING U.S. Investment Management. The figures "are not super exciting, but directionally they are good."

The stock market has had a poor August. Traders and investors have fretted that the Federal Reserve is about to start easing back on the economic stimulus that has helped underpin a 4 ½-year bull market. The Fed is buying $85 billion of bonds a month to hold down long-term interest rates.

The Dow climbed 66 points, or 0.4 percent, to close at 14,963.74. The index is still down 3.5 percent for the month.

The Standard & Poor's 500 index rose 14 points, or 0.9 percent, to 1,656.96, its best day since Aug. 1.

Investors also got some encouraging news on the U.S. economy Thursday.

A gauge of the economy's health rose in July, pointing to stronger growth in the second half of the year. The Conference Board's index of leading indicators increased 0.6 percent last month to a reading of 96. The index was unchanged in June and rose 0.2 percent in May.

The number of Americans applying for unemployment benefits rose last week but remains close to its lowest level in 5 ½ years.

Applications for first-time benefits rose 13,000 to 336,000 in the week ending Aug. 17, the Labor Department said. That's up from 323,000 in the previous week, which was the lowest since Jan. 2008.

The NYSE DOW closed HIGHER ▲ 66.19 points or ▲ 0.44% on Thursday, 22 August 2013
Symbol …........Last ......Change.....
Dow_Jones 14963.74 ▲ 66.19 ▲ 0.44%
Nasdaq___ 3638.71 ▲ 38.92 ▲ 1.08%
S&P_500__ 1656.96 ▲ 14.16 ▲ 0.86%
30_Yr_Bond 3.88 ▲ 0 ▲ 0.08%

NYSE Volume 2,799,462,250
Nasdaq Volume 910,120,060

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6446.87 ▲ 56.03 ▲ 0.88%
DAX_____ 8397.89 ▲ 112.48 ▲ 1.36%
CAC_40__ 4059.12 ▲ 44.03 ▲ 1.10%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5066.7 ▼ -23.6 ▼ -0.46%
Shanghai_Comp 2067.12 ▼ -5.84 ▼ -0.28%
Taiwan_Weight 7814.38 ▼ -18.27 ▼ -0.23%
Nikkei_225____ 13365.17 ▼ -59.16 ▼ -0.44%
Hang_Seng____ 21895.4 ▲ 77.67 ▲ 0.36%
Strait_Times___ 3094.35 ▼ -14.64 ▼ -0.47%
NZX_50_Index__ 4529.86 ▼ -21.65 ▼ -0.48%

http://finance.yahoo.com/news/nasdaq-trading-halts-stocks-positive-175353017.html

Nasdaq trading halts; stocks up on positive data

Stocks rise on better outlook for global growth; Nasdaq trading halted due to technical glitch

By Steve Rothwell, AP Markets Writer

The stock market rose Thursday, but it was a glitch on the Nasdaq exchange that became the day's big talking point.

Trading on the Nasdaq was interrupted just after midday because of problems with a quote dissemination system. That halted activity on the Nasdaq until shortly before the close of the market. When trading resumed, shares in Nasdaq OMX, which owns and operates the exchange, slumped.

The Nasdaq composite was up 31 points, or 0.9 percent, at 3,631 when trading halted, according to FactSet data. It ended the day up 38 points, or 1.1 percent, at 3,638.71.

Earlier on Thursday, encouraging economic figures from Asia and Europe helped stocks advance and break a six-day losing streak for the Dow Jones industrial average.

In China, a survey by HSBC indicated that manufacturing was expanding, the latest evidence that the world's second-largest economy may be over its recent period of weakness. In Europe, a survey of manufacturing and services for the 17 countries that use the euro climbed to its highest level since June 2011.

"Europe seems to be getting its swing back, especially Germany," said Doug Cote, chief market strategist at ING U.S. Investment Management. The figures "are not super exciting, but directionally they are good."

The stock market has had a poor August. Traders and investors have fretted that the Federal Reserve is about to start easing back on the economic stimulus that has helped underpin a 4 ½-year bull market. The Fed is buying $85 billion of bonds a month to hold down long-term interest rates.

The Dow climbed 66 points, or 0.4 percent, to close at 14,963.74. The index is still down 3.5 percent for the month.

The Standard & Poor's 500 index rose 14 points, or 0.9 percent, to 1,656.96, its best day since Aug. 1.

Investors also got some encouraging news on the U.S. economy Thursday.

A gauge of the economy's health rose in July, pointing to stronger growth in the second half of the year. The Conference Board's index of leading indicators increased 0.6 percent last month to a reading of 96. The index was unchanged in June and rose 0.2 percent in May.

The number of Americans applying for unemployment benefits rose last week but remains close to its lowest level in 5 ½ years.

Applications for first-time benefits rose 13,000 to 336,000 in the week ending Aug. 17, the Labor Department said. That's up from 323,000 in the previous week, which was the lowest since Jan. 2008.

"The economy in general is showing signs of modest improvement," said Terry Sandven, chief equity strategist, at U.S. Bank wealth management. "Valuation is fair, sentiment is favorable and inflation is benign and that's a favorable backdrop for equities."

The market rose despite some poor results from a pair of retailing companies.

Sears dropped $3.55, or 8.2 percent, to $39.72 after the company said its second-quarter loss widened as the number of stores in operation declined and the company dealt with lingering effects from its spinoff of the Hometown and Outlet brand.

Abercrombie & Fitch fell $8.27, or 18 percent, to $38.53 after the company said that declining traffic and weakness in girls' clothing pushed its net income down 33 percent in the second quarter.

The yield on the 10-year Treasury note rose to 2.90 percent from 2.89 percent Wednesday. The yield is the highest it's been since July 2011, and is up sharply since going as low as 1.63 percent in early May.

Rising bond yields have unsettled stock investors because they have a direct impact on the cost of borrowing for everyone, from home owners trying to refinance their mortgages to companies trying to sell debt, making them a potential long-term drag on the economy.

Average U.S. rates for fixed mortgages rose this week to their highest levels in two years, mortgage buyer Freddie Mac said Thursday. The average rate on the 30-year loan jumped to 4.58 percent, up from 4.40 percent last week.

The dollar was little changed against the euro and rose against the Japanese yen.

Among other stocks making big moves:

”” Nasdaq OMX fell $1.08, or 3.4 percent, to $30.46 after Thursday's trading glitch.

”” Hewlett-Packard fell $3.16, or 13 percent, to $22.22 after the company reported weak demand for personal computers and falling revenue late Wednesday. The company's earnings were below Wall Street's expectations.

””Dollar Tree rose $1.29 cents, or 2.5 percent, to $53.13 after the company reported earnings that surpassed the expectations of Wall Street analysts. The company also raised the lower end of its full-year earnings forecast.

 

[bigdog]

Source: http://finance.yahoo.com

A big jump in Microsoft helped lift the Dow Jones industrial average Friday.

Microsoft had its biggest gain in four years after CEO Steve Ballmer said he will retire. Ballmer took the helm of the software company from founder Bill Gates in 2000. The company has struggled to adapt as consumers switch from desktop computing to mobile devices

The giant software company is part of the 30-member Dow and its surge contributed more than a third of the index's advance.

The Dow closed up 46.77 points, or 0.3 percent, at 15,010.51. The index closed down 0.5 percent for the week and is 3.2 percent lower for the month.

Stocks have sagged in August on concerns that the Federal Reserve will start to pull back on its economic stimulus. The Fed has been buying $85 billion in bonds every month to hold down long-term interest rates and encourage lending.

Minutes from the Fed's July meeting released on Wednesday failed to give investors any clear indication of when the central bank will start slowing its bond purchases.

Some investors are using the summer slump as an opportunity to buy stocks at less expensive prices, said Joe Bell, a senior equity analyst at Schaeffer's Investment Research. Stocks climbed to record highs at the start of the month.

Stocks are "getting more attention in the mainstream," said Bell. "People are buying this pullback right now."

The stock market stumbled at mid-morning after the government reported a plunge in new home sales, then drifted steadily higher in the afternoon. Trading volume was very light.

The stock market may become more volatile in the coming weeks as traders try to anticipate the timing of the Fed's move, said Randy Frederick, managing director of active trading and derivatives at the Schwab Center for Financial Research.

Investors will also start to follow the debt ceiling debate in Washington more closely, he said. The U.S. stock market plunged in the summer of 2011 when policy makers wrangled over lifting the borrowing limit and pushed the country closer to default.

The Standard and Poor's 500 index edged up 6.54 points, or 0.4 percent, to 1,663.50.

The Nasdaq composite rose 19.09 points, or 0.5 percent, to 3,657.79. The Nasdaq exchange was closed for most of the afternoon Thursday due to a technical glitch.

The S&P 500 has fallen almost 3 percent from its record close of 1,709 on Aug. 2, but is still up 16 percent for the year. The Dow fell for six straight days through Wednesday, its longest losing streak of 2013. It's still up 15 percent for the year.

The NYSE DOW closed HIGHER ▲ 46.77 points or ▲ 0.31% on Friday, 23 August 2013
Symbol …........Last ......Change.....
Dow_Jones 15010.51 ▲ 46.77 ▲ 0.31%
Nasdaq___ 3657.79 ▲ 19.08 ▲ 0.52%
S&P_500__ 1663.5 ▲ 6.54 ▲ 0.39%
30_Yr_Bond 3.8 ▼ -0.09 ▼ -2.24%

NYSE Volume 2,825,034,000
Nasdaq Volume 1,478,627,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6492.1 ▲ 45.23 ▲ 0.70%
DAX_____ 8416.99 ▲ 19.1 ▲ 0.23%
CAC_40__ 4069.47 ▲ 10.35 ▲ 0.25%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5115.2 ▲ 48.5 ▲ 0.96%
Shanghai_Comp 2057.46 ▼ -9.67 ▼ -0.47%
Taiwan_Weight 7873.31 ▲ 58.93 ▲ 0.75%
Nikkei_225____ 13660.55 ▲ 295.38 ▲ 2.21%
Hang_Seng____ 21863.51 ▼ -31.89 ▼ -0.15%
Strait_Times___ 3088.85 ▼ -0.55 ▼ -0.02%
NZX_50_Index__ 4524.21 ▼ -5.65 ▼ -0.12%

http://finance.yahoo.com/news/stock-market-closes-higher-microsoft-205745168.html

Stock market closes higher; Microsoft surges

Stocks end higher on Wall Street; Microsoft surges after CEO says he plans to retire

By Steve Rothwell, AP Markets Writer

A big jump in Microsoft helped lift the Dow Jones industrial average Friday.

Microsoft had its biggest gain in four years after CEO Steve Ballmer said he will retire. Ballmer took the helm of the software company from founder Bill Gates in 2000. The company has struggled to adapt as consumers switch from desktop computing to mobile devices

The giant software company is part of the 30-member Dow and its surge contributed more than a third of the index's advance.

The Dow closed up 46.77 points, or 0.3 percent, at 15,010.51. The index closed down 0.5 percent for the week and is 3.2 percent lower for the month.

Stocks have sagged in August on concerns that the Federal Reserve will start to pull back on its economic stimulus. The Fed has been buying $85 billion in bonds every month to hold down long-term interest rates and encourage lending.

Minutes from the Fed's July meeting released on Wednesday failed to give investors any clear indication of when the central bank will start slowing its bond purchases.

Some investors are using the summer slump as an opportunity to buy stocks at less expensive prices, said Joe Bell, a senior equity analyst at Schaeffer's Investment Research. Stocks climbed to record highs at the start of the month.

Stocks are "getting more attention in the mainstream," said Bell. "People are buying this pullback right now."

The stock market stumbled at mid-morning after the government reported a plunge in new home sales, then drifted steadily higher in the afternoon. Trading volume was very light.

Major homebuilders fell after the Commerce Department said Americans cut back sharply on buying homes last month as mortgage rates rose. Sales of newly built homes fell at an annual rate of 13.4 percent in July. D.R. Horton lost 55 cents, or 3 percent, to $18.73 and Lennar fell 96 cents, also 3 percent, to $32.60.

A boom in housing has supported this year's rally in stocks. Now, the drop in sales has traders worried that the U.S. housing recovery could falter because of higher mortgage rates.

Traders reacted to the drop in home sales by buying bonds and gold, investments that become more attractive when the economy appears weaker.

The yield on the 10-year Treasury note declined to 2.82 percent from 2.89 percent late Thursday. The price of gold rose $25, or 1.8 percent, to $1,395 an ounce, the highest in two months.

The stock market may become more volatile in the coming weeks as traders try to anticipate the timing of the Fed's move, said Randy Frederick, managing director of active trading and derivatives at the Schwab Center for Financial Research.

Investors will also start to follow the debt ceiling debate in Washington more closely, he said. The U.S. stock market plunged in the summer of 2011 when policy makers wrangled over lifting the borrowing limit and pushed the country closer to default.

"The softening we are seeing in the market, and the rise in interest rates, these are all in anticipation of these issues," Frederick said. "Overall, I like the outlook for the rest of the year, I just don't like the next four to six weeks."

The Standard and Poor's 500 index edged up 6.54 points, or 0.4 percent, to 1,663.50.

The Nasdaq composite rose 19.09 points, or 0.5 percent, to 3,657.79. The Nasdaq exchange was closed for most of the afternoon Thursday due to a technical glitch.

The S&P 500 has fallen almost 3 percent from its record close of 1,709 on Aug. 2, but is still up 16 percent for the year. The Dow fell for six straight days through Wednesday, its longest losing streak of 2013. It's still up 15 percent for the year.

Among other stocks making big moves:

”” Microsoft rose $2.36, or 7.3 percent, to $34.75 after Ballmer's retirement was announced.

”” Pandora Media, the online music streaming company, slid $2.80, or 13 percent, to $18.91 after the company issued a disappointing profit outlook for the current quarter.

”” Aeropostale slid $2.22, or 20 percent, to $8.76 after the teen retailer reported dismal quarterly results and issued a weak profit forecast. Several other teen retailers including Abercrombie & Fitch and American Eagle Outfitters have also reported poor customer traffic and slumping sales.

9333

 

[bigdog]

Source: http://finance.yahoo.com

The stock market sagged Monday after the Obama administration ratcheted up pressure against Syria.

Secretary of State John Kerry said there was "undeniable" evidence of a large-scale chemical weapons attack in Syria last week, and his remarks suggested that the administration was edging closer to a military response.

Major indexes had been holding onto slight gains on Monday until the last hour of trading. That's when Kerry's televised talk appeared to jolt it lower, said Stephen J. Carl, head equity trader at the Williams Capital Group.

The S&P 500 index ended with a loss of 6.72 points, or 0.4 percent, at 1,656.78. The index was up two points just before Kerry began reading his statement.

The Dow Jones industrial average fell 64.05 points, or 0.4 percent, to close at 14,946.46. The Nasdaq composite slipped 0.22 of a point, or 0.01 percent, to 3,657.57.

A handful of corporate deals gave the market a lift in the early going. Amgen surged following its announcement late Sunday that the biotech giant plans to buy Onyx Pharmaceuticals for $10.4 billion. The acquisition would give Amgen three approved cancer treatments and several other potential drugs.

In economic news, the government reported that orders for long-lasting manufactured goods plunged 7.3 percent last month, the steepest drop in nearly a year. Demand for commercial aircraft sank and businesses spent less on computers and electrical equipment.

Jack Ablin, the chief investment officer at BMO Private Bank in Chicago, said it's likely that investors are looking past the one bad economic report because so many major events loom ahead.

The Federal Reserve will start a two-day meeting Sept. 17, during which officials will discuss phasing out support for the economy. After that, Germany holds national elections that could change how the region handles rescue loans for troubled countries. The U.S. Congress returns from its summer break next week and will take up a new budget before the fiscal year starts on Oct. 1.

"These issues are big enough to transcend daily data," Ablin said.

The market is expected stay quiet this week, when many traders typically take a summer break before returning after Labor Day.

The NYSE DOW closed LOWER ▼ -64.05 points or ▼ -0.43% on Monday, 26 August 2013
Symbol …........Last ......Change.....
Dow_Jones 14946.46 ▼ -64.05 ▼ -0.43%
Nasdaq___ 3657.57 ▼ -0.22 ▼ -0.01%
S&P_500__ 1656.78 ▼ -6.72 ▼ -0.40%
30_Yr_Bond 3.78 ▼ -0.01 ▼ -0.37%

NYSE Volume 2,685,732,250
Nasdaq Volume 1,375,222,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6492.1 ▲ 45.23 ▲ 0.70%
DAX_____ 8435.15 ▲ 18.16 ▲ 0.22%
CAC_40__ 4067.13 ▼ -2.34 ▼ -0.06%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5127.1 ▲ 11.9 ▲ 0.23%
Shanghai_Comp 2096.47 ▲ 39.02 ▲ 1.90%
Taiwan_Weight 7894.97 ▲ 21.66 ▲ 0.28%
Nikkei_225____ 13636.28 ▼ -24.27 ▼ -0.18%
Hang_Seng____ 22005.32 ▲ 141.81 ▲ 0.65%
Strait_Times___ 3084.41 ▼ -4.44 ▼ -0.14%
NZX_50_Index__ 4545.67 ▲ 21.46 ▲ 0.47%

http://finance.yahoo.com/news/stock-market-sags-following-kerry-205904168.html

Stock market sags following Kerry remarks

After rising for most of day, stock market ends lower after Kerry denounces Syria

By Matthew Craft, AP Business Writer

The stock market sagged Monday after the Obama administration ratcheted up pressure against Syria.

Secretary of State John Kerry said there was "undeniable" evidence of a large-scale chemical weapons attack in Syria last week, and his remarks suggested that the administration was edging closer to a military response.

Major indexes had been holding onto slight gains on Monday until the last hour of trading. That's when Kerry's televised talk appeared to jolt it lower, said Stephen J. Carl, head equity trader at the Williams Capital Group.

The S&P 500 index ended with a loss of 6.72 points, or 0.4 percent, at 1,656.78. The index was up two points just before Kerry began reading his statement.

The Dow Jones industrial average fell 64.05 points, or 0.4 percent, to close at 14,946.46. The Nasdaq composite slipped 0.22 of a point, or 0.01 percent, to 3,657.57.

A handful of corporate deals gave the market a lift in the early going. Amgen surged following its announcement late Sunday that the biotech giant plans to buy Onyx Pharmaceuticals for $10.4 billion. The acquisition would give Amgen three approved cancer treatments and several other potential drugs.

In economic news, the government reported that orders for long-lasting manufactured goods plunged 7.3 percent last month, the steepest drop in nearly a year. Demand for commercial aircraft sank and businesses spent less on computers and electrical equipment.

Jack Ablin, the chief investment officer at BMO Private Bank in Chicago, said it's likely that investors are looking past the one bad economic report because so many major events loom ahead.

The Federal Reserve will start a two-day meeting Sept. 17, during which officials will discuss phasing out support for the economy. After that, Germany holds national elections that could change how the region handles rescue loans for troubled countries. The U.S. Congress returns from its summer break next week and will take up a new budget before the fiscal year starts on Oct. 1.

"These issues are big enough to transcend daily data," Ablin said.

The market is expected stay quiet this week, when many traders typically take a summer break before returning after Labor Day.

In corporate news, shares of TMS International jumped 12 percent after members of the Pritzker family agreed to buy the industrial company. The Pritzker family, one of America's wealthiest, operates a global industrial conglomerate and founded the Hyatt hotel chain. TMS jumped $1.91 to $17.48.

With five trading days left in August, the major indexes are on track to end the month with slight losses. The Dow has lost 3.6 percent. If that holds, it would be the Dow's worst month since May 2012.

In the market for U.S. government bonds, the yield on the 10-year note slipped to 2.78 percent from 2.82 percent late Friday.

The price of oil fell 50 cents to $105.92 a barrel. Gold for December delivery ended the regular trading day down $2.70 at $1,393.10 an ounce. But in evening trading, gold prices crossed above $1,400 for the first time since June.

Among stocks making big moves:

”” Anadarko Petroleum climbed $1.22, or 1 percent, to $91.02. The oil and gas producer said late Sunday that it's selling part of its stake in a natural-gas site off the shores of Mozambique for $2.64 billion.

”” Amgen gained $8.15, or 8 percent, to $113.75 after earlier hitting an all-time high of $116.25. Onyx, the drugmaker it plans to acquire for $125 a share, rose $6.53, or 6 percent, to $123.49.

”” Tesla, the electric-car maker, climbed $2.38, or 1 percent, to $164.22, following reports that Tesla's Model S outsold Cadillac, Porsche, Jaguar and other brands in California in June.

 

[bigdog]

Source: http://finance.yahoo.com

Fears of an escalating conflict in Syria rippled across financial markets on Tuesday, sinking stocks, lifting gold and pushing the price of oil to the highest in a year and a half.

The increasing possibility of U.S. military strikes raised worries on Wall Street that energy trade in the region could be disrupted, raising fuel costs for consumers and business.

"If Syria becomes drawn out and becomes a long-term issue, it's going to show up in things like gas prices," said Chris Costanzo, investment officer with Tanglewood Wealth Management.

The Dow Jones industrial average fell 170.33 points, or 1.1 percent, to 14,776.13, the lowest in two months.

The Standard & Poor's 500 index lost 26.30 points, or 1.6 percent, to 1,630.48 and the Nasdaq composite fell 79.05 points, or 2.2 percent, to 3,578.52.

"The law of unintended consequences and the history of previous military interventions in the region is not a recipe for political and economic stability," said Neil MacKinnon, global macro strategist at VTB Capital.

The sell-off in U.S. stocks was broad. All 10 industry sectors in the S&P 500 index were in the red, and only 31 of the index's 500 stocks rose. Utilities and other high dividend-paying stocks mostly escaped the selling.

The impact wasn't just in stocks. Gold prices advanced and government bond prices jumped because traders see those investments holding their value better in times of uncertainty. Gold rose $27, or 2 percent, to $1,420 an ounce while the yield on the benchmark U.S. 10-year Treasury note fell to 2.71 percent from 2.79 percent.

While Syria itself has little oil, traders feared an intervention in Syria could cause further instability in the Middle East and possibly disrupt the flow of oil from the region. Oil surged $3.09, or 2.9 percent, to close at $109.01 a barrel, the highest closing price since February 2012.

"People worry about this becoming a worst-case scenario and turning into a regional conflict," said Bill Stone, chief investment strategist at PNC Asset Management.

The NYSE DOW closed LOWER ▼ -170.33 points or ▼ -1.14% on Tuesday, 27 August 2013
Symbol …........Last ......Change.....
Dow_Jones 14776.13 ▼ -170.33 ▼ -1.14%
Nasdaq___ 3578.52 ▼ -79.05 ▼ -2.16%
S&P_500__ 1630.48 ▼ -26.3 ▼ -1.59%
30_Yr_Bond 3.7 ▼ -0.08 ▼ -2.14%

NYSE Volume 3,630,377,500
Nasdaq Volume 1,597,738,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6440.97 ▼ -51.13 ▼ -0.79%
DAX_____ 8242.56 ▼ -192.59 ▼ -2.28%
CAC_40__ 3968.73 ▼ -98.4 ▼ -2.42%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5130.8 ▲ 3.7 ▲ 0.07%
Shanghai_Comp 2103.57 ▲ 7.09 ▲ 0.34%
Taiwan_Weight 7820.84 ▼ -74.13 ▼ -0.94%
Nikkei_225____ 13542.37 ▼ -93.91 ▼ -0.69%
Hang_Seng____ 21874.77 ▼ -130.55 ▼ -0.59%
Strait_Times___ 3034.02 ▼ -50.39 ▼ -1.63%
NZX_50_Index__ 4542.02 ▼ -3.64 ▼ -0.08%

http://www.latimes.com/business/la-fiw-wall-street-20130827,0,3742414.story

Stocks slide, oil up as Syria tensions escalate
Associated Press August 27, 2013

Fears of an escalating conflict in Syria rippled across financial markets on Tuesday, sinking stocks, lifting gold and pushing the price of oil to the highest in a year and a half.

The increasing possibility of U.S. military strikes raised worries on Wall Street that energy trade in the region could be disrupted, raising fuel costs for consumers and business.

"If Syria becomes drawn out and becomes a long-term issue, it's going to show up in things like gas prices," said Chris Costanzo, investment officer with Tanglewood Wealth Management.

The Dow Jones industrial average fell 170.33 points, or 1.1 percent, to 14,776.13, the lowest in two months.

The Standard & Poor's 500 index lost 26.30 points, or 1.6 percent, to 1,630.48 and the Nasdaq composite fell 79.05 points, or 2.2 percent, to 3,578.52.

"The law of unintended consequences and the history of previous military interventions in the region is not a recipe for political and economic stability," said Neil MacKinnon, global macro strategist at VTB Capital.

The sell-off in U.S. stocks was broad. All 10 industry sectors in the S&P 500 index were in the red, and only 31 of the index's 500 stocks rose. Utilities and other high dividend-paying stocks mostly escaped the selling.

The impact wasn't just in stocks. Gold prices advanced and government bond prices jumped because traders see those investments holding their value better in times of uncertainty. Gold rose $27, or 2 percent, to $1,420 an ounce while the yield on the benchmark U.S. 10-year Treasury note fell to 2.71 percent from 2.79 percent.

While Syria itself has little oil, traders feared an intervention in Syria could cause further instability in the Middle East and possibly disrupt the flow of oil from the region. Oil surged $3.09, or 2.9 percent, to close at $109.01 a barrel, the highest closing price since February 2012.

"People worry about this becoming a worst-case scenario and turning into a regional conflict," said Bill Stone, chief investment strategist at PNC Asset Management.

Energy prices dragged down the airline industry on concerns that higher oil prices could lead to higher fuel costs. United Continental Holdings, the world's largest airline by revenue, dropped $2.15, or 7.2 percent, to $27.71 and Delta Air Lines lost $1.16, or 5.7 percent, to $19.11.

Stone said oil prices could start weighing on consumer spending down the road, but it is still too early to gauge the longer-term impact.

The average price for a gallon of gasoline remained unchanged in the U.S. at $3.54 a gallon. Prices have held steady over the past week, and are down 9 cents from a month ago.

In corporate news, discount shoe seller DSW jumped $6.43, or 7.9 percent, to $87.75 after the company reported an adjusted profit of 97 cents per share, easily beating analysts' estimate of 80 cents per share, according to FactSet.

J.C. Penney fell 18 cents, or 1.3 percent, to $13.17 after the company's biggest investor, Bill Ackman, said he plans to sell his entire stake in the discount department store chain.

The tensions with Syria overshadowed two positive reports on the economy.

The Conference Board said its consumer confidence index rose to 81.5 in August, up from 80.3 the month before. Economists had expected 79, according to FactSet.

The Standard & Poor's/Case-Shiller 20-city home price index rose 12.1 percent in June from a year earlier, nearly matching a seven-year high. But month-over-month price gains slowed in most markets, a sign that higher mortgage rates may be weighing on the housing recovery.

 

[bigdog]

Source: http://finance.yahoo.com

Wall Street's big investors are in wait-and-see mode.

There's been plenty to give them pause this week: the stock market is down and oil is surging as the Syrian civil war escalates. Then there's the lingering worry that the Federal Reserve will end its stimulus too soon.

The next few weeks promise more big headlines. The government releases its August jobs report and Washington ramps up for a debate on the debt ceiling. Syria is just the latest ingredient in an already volatile mix.

"There have been problems developing in the market for a while now," said Tobias Levkovich, Citigroup's chief U.S. equity strategist.

The Dow Jones industrial average edged up 48.38 points, or 0.3 percent, to close at 14,824.51 on Wednesday. The Standard & Poor's 500 index gained 4.48 points, or 0.3 percent, to 1,634.96. The Nasdaq composite rose 14.83 points, or 0.4 percent, to 3,593.35.

While the selling in stocks appears to have abated for the moment, the trend for the market has been down. The S&P 500 has lost 4.4 percent since reaching an all-time high on Aug. 2, while the Dow is down 5.3 percent.

With all that uncertainty, there are signs that Wall Street's more active players ”” hedge funds, pension funds and mutual funds ”” are heading to the sidelines.

Last week, investors pulled $10.3 billion out of the S&P 500 SPDR, an exchange-traded fund that is one of the most widely held investments on Wall Street, according to fund tracker Lipper. In the same week, institutional and retail investors socked away a combined $10.7 billion in money market funds, the traditional storehouse for cash when investors aren't willing to risk it elsewhere.

Nearly 6 percent of large institutional investors' portfolios are sitting in cash, the highest since 2009, according to research from Citigroup.

Gold has also seen a rebound in interest. Last week, the most widely held gold exchange-traded fund, the SPDR Gold Trust, saw investor inflows for the first time since February.

"The mentality among large investors is that there is a high potential to get caught," on the wrong side of the market, said Chris Hyzy, chief investment officer at U.S. Trust.

Growing geopolitical risk like in Syria is almost always damaging to investor confidence. Investors worry that a U.S.-led attack against Syria could draw the country into Syria's civil war, or worse, fan a larger conflict in the region.

The next big piece of data investors will have to work through comes next week, when Wall Street gets the August jobs report. However, the report is likely to be overshadowed by continued speculation about the future of the Fed's bond-buying program.

"The market is acting a lot like a patient sitting in a waiting room reading a magazine," Hyzy said. "We don't know how good or bad it is, all we know is that the prognosis will come over the next couple days and weeks."

The Fed has been buying $85 billion in bonds a month since December in a move to keep interest rates low and the economy growing. It is widely expected that the Fed will announce a reduction in bond-buying at its next policy meeting, scheduled for Sept. 17-18.

But Syria ”” and the risk of Middle East conflict ”” has raised a new concern for the economy: higher oil prices. Crude oil is up nearly 5 percent this month, most of it coming in the last few days. Oil rose $1.09 to $110.10 a barrel on Wednesday. Costlier oil almost always translates into higher fuel expenses for businesses and consumers, weighing on consumer spending and the economy.

"When you add it all up ”” the problems in Libya, Egypt, Syria ”” you're looking at three million barrels a day in potential production outages," said Nick Koutsoftas, a commodities-focused portfolio manager at Cohen & Steers.

Market observers emphasized that for long-term buy-and-hold investors ”” the average American with a 401(k) ”” it's best not follow professional investors to the sidelines. Lower stock prices could lead to buying opportunities.

"If you're looking out three years, there are a lot of positive things going on," Hyzy said, noting that the economy is slowly recovering, and the U.S. is moving toward energy independence and a revival of manufacturing ”” both of which could create jobs.

"I would buy, if you have a three-year investing horizon," he said.

Lawrence Creatura, a portfolio manager with Federated Investors, said the stock market pullback in August has created opportunities to start picking individual stocks again.

The NYSE DOW closed HIGHER ▲ 48.38 points or ▲ 0.33% on Wednesday, 28 August 2013
Symbol …........Last ......Change.....
Dow_Jones 14824.51 ▲ 48.38 ▲ 0.33%
Nasdaq___ 3593.35 ▲ 14.83 ▲ 0.41%
S&P_500__ 1634.96 ▲ 4.48 ▲ 0.27%
30_Yr_Bond 3.75 ▲ 0.05 ▲ 1.38%

NYSE Volume 3,116,616,750
Nasdaq Volume 1,348,685,250

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6430.06 ▼ -10.91 ▼ -0.17%
DAX_____ 8157.9 ▼ -84.66 ▼ -1.03%
CAC_40__ 3960.46 ▼ -8.27 ▼ -0.21%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5078 ▼ -52.8 ▼ -1.03%
Shanghai_Comp 2101.3 ▼ -2.27 ▼ -0.11%
Taiwan_Weight 7824.54 ▲ 3.7 ▲ 0.05%
Nikkei_225____ 13338.46 ▼ -203.91 ▼ -1.51%
Hang_Seng____ 21524.65 ▼ -350.12 ▼ -1.60%
Strait_Times___ 3010.46 ▼ -23.56 ▼ -0.78%
NZX_50_Index__ 4509.72 ▼ -32.31 ▼ -0.71%

http://finance.yahoo.com/news/big-investors-pause-amid-tough-221331449.html

Big investors pause amid tough August

Wall Street's big investors in wait-and-see mode as they assess risks from Syria, oil and Fed

By Ken Sweet, AP Markets Writer

Wall Street's big investors are in wait-and-see mode.

There's been plenty to give them pause this week: the stock market is down and oil is surging as the Syrian civil war escalates. Then there's the lingering worry that the Federal Reserve will end its stimulus too soon.

The next few weeks promise more big headlines. The government releases its August jobs report and Washington ramps up for a debate on the debt ceiling. Syria is just the latest ingredient in an already volatile mix.

"There have been problems developing in the market for a while now," said Tobias Levkovich, Citigroup's chief U.S. equity strategist.

The Dow Jones industrial average edged up 48.38 points, or 0.3 percent, to close at 14,824.51 on Wednesday. The Standard & Poor's 500 index gained 4.48 points, or 0.3 percent, to 1,634.96. The Nasdaq composite rose 14.83 points, or 0.4 percent, to 3,593.35.

While the selling in stocks appears to have abated for the moment, the trend for the market has been down. The S&P 500 has lost 4.4 percent since reaching an all-time high on Aug. 2, while the Dow is down 5.3 percent.

With all that uncertainty, there are signs that Wall Street's more active players ”” hedge funds, pension funds and mutual funds ”” are heading to the sidelines.

Last week, investors pulled $10.3 billion out of the S&P 500 SPDR, an exchange-traded fund that is one of the most widely held investments on Wall Street, according to fund tracker Lipper. In the same week, institutional and retail investors socked away a combined $10.7 billion in money market funds, the traditional storehouse for cash when investors aren't willing to risk it elsewhere.

Nearly 6 percent of large institutional investors' portfolios are sitting in cash, the highest since 2009, according to research from Citigroup.

Gold has also seen a rebound in interest. Last week, the most widely held gold exchange-traded fund, the SPDR Gold Trust, saw investor inflows for the first time since February.

"The mentality among large investors is that there is a high potential to get caught," on the wrong side of the market, said Chris Hyzy, chief investment officer at U.S. Trust.

Growing geopolitical risk like in Syria is almost always damaging to investor confidence. Investors worry that a U.S.-led attack against Syria could draw the country into Syria's civil war, or worse, fan a larger conflict in the region.

The next big piece of data investors will have to work through comes next week, when Wall Street gets the August jobs report. However, the report is likely to be overshadowed by continued speculation about the future of the Fed's bond-buying program.

"The market is acting a lot like a patient sitting in a waiting room reading a magazine," Hyzy said. "We don't know how good or bad it is, all we know is that the prognosis will come over the next couple days and weeks."

The Fed has been buying $85 billion in bonds a month since December in a move to keep interest rates low and the economy growing. It is widely expected that the Fed will announce a reduction in bond-buying at its next policy meeting, scheduled for Sept. 17-18.

But Syria ”” and the risk of Middle East conflict ”” has raised a new concern for the economy: higher oil prices. Crude oil is up nearly 5 percent this month, most of it coming in the last few days. Oil rose $1.09 to $110.10 a barrel on Wednesday. Costlier oil almost always translates into higher fuel expenses for businesses and consumers, weighing on consumer spending and the economy.

"When you add it all up ”” the problems in Libya, Egypt, Syria ”” you're looking at three million barrels a day in potential production outages," said Nick Koutsoftas, a commodities-focused portfolio manager at Cohen & Steers.

Market observers emphasized that for long-term buy-and-hold investors ”” the average American with a 401(k) ”” it's best not follow professional investors to the sidelines. Lower stock prices could lead to buying opportunities.

"If you're looking out three years, there are a lot of positive things going on," Hyzy said, noting that the economy is slowly recovering, and the U.S. is moving toward energy independence and a revival of manufacturing ”” both of which could create jobs.

"I would buy, if you have a three-year investing horizon," he said.

Lawrence Creatura, a portfolio manager with Federated Investors, said the stock market pullback in August has created opportunities to start picking individual stocks again.

Creatura pointed to the retail industry ”” which has been hit hard by lower profit forecasts and the rise in oil prices ”” as an opportunity.

"Lower prices make some stocks more attractive," Creatura said. "Our analysts are extremely busy."


http://finance.yahoo.com/news/stock...;_ylg=X3oDMTBhYWM1a2sxBGxhbmcDZW4tVVM-;_ylv=3
The stock market edged higher Wednesday as investors continued to focus on the likelihood of a U.S.-led attack on Syria. Energy stocks rose sharply as the price of oil increased to the highest in more than two years.

The Dow Jones industrial average rose 48.38 points, or 0.3 percent, to close at 14,824.51. The Standard & Poor's 500 index gained 4.48 points, or 0.3 percent, to 1,634.96. The Nasdaq composite rose 14.83 points, or 0.4 percent, to 3,593.35.

The quick rise in the price of oil has caused investors to worry. Costlier oil almost always translates into higher fuel expenses for businesses and consumers, weighing on consumer spending and the economy. While Syria produces little oil, a regional conflict in the Middle East could lead to supply disruptions in an area where half the world's proven oil reserves lie.

"When you add it all up -- the problems in Libya, Egypt, Syria -- you're looking at 3 million barrels a day in potential production outages," said Nick Koutsoftas, a commodities-focused portfolio manager at Cohen & Steers.

Oil rose $1.09, or 1 percent, to $110.10 a barrel, the highest price since May 2011. It went as high as $112 a barrel overnight.

Energy companies were the biggest gainers in the S&P 500. Marathon Oil rose $1.22, or 4 percent, to $34.60 and Dow component Chevron climbed $3, or 3 percent, to $121.81.

While the selling in stocks appears to have abated for now, the overall trend for the market has been down over the last couple of weeks. The S&P 500 has lost 4.4 percent since reaching an all-time high on Aug. 2, while the Dow is down 5.3 percent. Fund managers said investors will have little reason to enter the market until next week's employment report or until the Federal Reserve holds its mid-September policy meeting.

"You may be watching stock prices, but you're not placing any orders in this market," said Chris Hyzy, chief investment officer at U.S. Trust.

Before Syria grabbed the headlines, the focus had been on the Federal Reserve and whether the central bank was going to pull back on its massive bond-buying program, which has kept interest rates extremely low.

If oil prices remain at these elevated levels, the Fed may have to delay easing back on its bond purchases, said Quincy Krosby, market strategist with Prudential Financial.

"The Fed would see higher oil prices, particularly if they linger at these higher levels, as a definite hindrance to employment and consumer spending," Krosby said.

Hyzy said oil would have to rise above $125 a barrel before it has a noticeable impact on consumer spending. Cohen & Steers' Koutsoftas said he believes the U.S. consumer has gotten used to higher fuel costs, and oil would have to go to $150 a barrel before it might impact consumer behavior.

The Syria standoff comes during what is typically a quiet week for stocks. There is little economic data being released and only a handful of corporate earnings. It's also the week before Labor Day, when many on Wall Street are on vacation. Volume on the New York Stock Exchange on Monday was the lowest of any full day of trading this year.

The next big day for the market will come next week, when investors get the August jobs report on Sept. 6, Hyzy and Krosby said.

In corporate news:

”” Zales soared $2.67, or 30 percent, to $11.63 after the jewelry store chain reported full-year income of 24 cents per share, well ahead of the 17 cents per share analysts expected.

”” Avago, an electronics maker, rose $1.73, or 5 percent, to $38.28. The company earned 74 cents a share in its latest quarter, beating the 68 cents expected by financial analysts.

 

[bigdog]

Source: http://finance.yahoo.com

Positive news on the U.S. economy outweighed worries about Syria Thursday, sending the stock market higher for a second straight day.

The Dow Jones industrial average added 16.44 points, or 0.1 percent, to 14,840.95, while the Standard & Poor's 500 index rose 3.2 points, or 0.2 percent, to 1,638.17. The Nasdaq composite posted a bigger gain, rising 27 points, or 0.8 percent, to 3,620.30.

The Dow has gained 64 points over the past two days, not nearly enough to make up for its 170-point loss Tuesday as tensions over Syria rattled markets.

Verizon Communications was the biggest gainer among the blue chips after Britain's Vodafone confirmed it was in talks with Verizon to sell its 45 percent stake their joint venture, Verizon Wireless.

Verizon rose $1.26, or 2.7 percent, to $47.82. The U.S.-listed shares of Vodafone rose $2.39, or 8.1 percent, to $31.80.

While many fund managers said they're not looking to jump back into the market just yet, some individual companies are looking attractive again.

"If you're a long-term investor, it's an opportunity," said Richard Sichel, chief investment officer at Philadelphia Trust Co., which has $1.9 billion under management. He noted a new investment, the retail chain PetSmart, as an example.

Wayne Wilbanks, chief investment officer at the asset management firm Wilbanks, Smith & Thomas, said the market might have fallen too quickly. He also cautioned that the gains from the last two days may not last.

"Be very careful," Wilbanks said. "You haven't missed out on much if you've sat on the sidelines since May. I'm not putting a lot of money to work here."

Traders had two good economic reports to parse through Thursday. The U.S. economy grew at a 2.5 percent annual rate from April through June, much faster than previously estimated, the government said. Also, the Labor Department said the number of people who filed for unemployment benefits last week fell to 331,000, the fewest in five years.

The NYSE DOW closed HIGHER ▲ 16.44 points or ▲ 0.11% on Thursday, 29 August 2013
Symbol …........Last ......Change.....
Dow_Jones 14840.95 ▲ 16.44 ▲ 0.11%
Nasdaq___ 3620.3 ▲ 26.95 ▲ 0.75%
S&P_500__ 1638.17 ▲ 3.21 ▲ 0.20%
30_Yr_Bond 3.7 ▼ -0.05 ▼ -1.36%

NYSE Volume 2,837,185,250
Nasdaq Volume 1,316,634,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6483.05 ▲ 52.99 ▲ 0.82%
DAX_____ 8194.55 ▲ 36.65 ▲ 0.45%
CAC_40__ 3986.35 ▲ 25.89 ▲ 0.65%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5083.1 ▲ 5.1 ▲ 0.10%
Shanghai_Comp 2097.23 ▼ -4.07 ▼ -0.19%
Taiwan_Weight 7917.66 ▲ 93.12 ▲ 1.19%
Nikkei_225____ 13459.71 ▲ 121.25 ▲ 0.91%
Hang_Seng____ 21704.78 ▲ 180.13 ▲ 0.84%
Strait_Times___ 3038.03 ▲ 33.85 ▲ 1.13%
NZX_50_Index__ 4520.5 ▲ 10.79 ▲ 0.24%

http://finance.yahoo.com/news/stocks-post-mild-gains-following-202838178.html

Stocks post mild gains following economic data

Stocks rise as better economic news outweighs worries about Syria; Verizon rises on deal talks

By Ken Sweet, AP Markets Writer

Positive news on the U.S. economy outweighed worries about Syria Thursday, sending the stock market higher for a second straight day.

The Dow Jones industrial average added 16.44 points, or 0.1 percent, to 14,840.95, while the Standard & Poor's 500 index rose 3.2 points, or 0.2 percent, to 1,638.17. The Nasdaq composite posted a bigger gain, rising 27 points, or 0.8 percent, to 3,620.30.

The Dow has gained 64 points over the past two days, not nearly enough to make up for its 170-point loss Tuesday as tensions over Syria rattled markets.

Verizon Communications was the biggest gainer among the blue chips after Britain's Vodafone confirmed it was in talks with Verizon to sell its 45 percent stake their joint venture, Verizon Wireless.

Verizon rose $1.26, or 2.7 percent, to $47.82. The U.S.-listed shares of Vodafone rose $2.39, or 8.1 percent, to $31.80.

While many fund managers said they're not looking to jump back into the market just yet, some individual companies are looking attractive again.

"If you're a long-term investor, it's an opportunity," said Richard Sichel, chief investment officer at Philadelphia Trust Co., which has $1.9 billion under management. He noted a new investment, the retail chain PetSmart, as an example.

Wayne Wilbanks, chief investment officer at the asset management firm Wilbanks, Smith & Thomas, said the market might have fallen too quickly. He also cautioned that the gains from the last two days may not last.

"Be very careful," Wilbanks said. "You haven't missed out on much if you've sat on the sidelines since May. I'm not putting a lot of money to work here."

Traders had two good economic reports to parse through Thursday. The U.S. economy grew at a 2.5 percent annual rate from April through June, much faster than previously estimated, the government said. Also, the Labor Department said the number of people who filed for unemployment benefits last week fell to 331,000, the fewest in five years.

While lower unemployment claims and an upward revision on GDP are both positive signs, most of Wall Street's attention is focused on next week, when the August jobs report will be released. The Federal Reserve is expected to decide the fate of its massive bond-buying program in mid-September, and the jobs survey will be the last bit of significant economic data the Fed will have to consider before making its decision.

Traders also continue to watch Syria, where a U.S.-led attack could happen, although such a strike seems less imminent than earlier in the week. Oil fell to below $109 a barrel Thursday.

"The general feeling is that Syrian tensions have eased a bit," said Alec Young, global equity strategist with S&P Capital IQ.

The price of crude oil fell $1.30, or 1.2 percent, to $108.80 a barrel. Oil had climbed as high as $112 earlier this week.

Energy-related stocks fell. Exxon Mobil slipped 2 percent and Chevron fell 1 percent.

Investors worry that a limited strike could drag the U.S. and its allies into that nation's civil war, or worse, set off a regional conflict in an area where so much of the world's oil is located.

Beyond the news about Syria, it has been a mostly quiet week for stocks. Traders are winding down during the last week of summer and heading out for the Labor Day holiday this weekend.

Trading volume on the New York Stock Exchange thin: 2.5 billion shares compared with a recent average of 3.4 billion shares.

Wilbanks said he doesn't expect the market to move substantially higher, citing the mediocre second-quarter earnings that U.S. companies just finished reporting.

"We're going to need to see robust corporate profit growth to move the market higher," he said.

In other corporate news, teen clothing store operator Guess jumped $3.51, or 13 percent, to $30.82 after the company reported second-quarter profit and revenue late Wednesday that blew past the expectations of Wall Street analysts. The retailer also raised its profit forecast for the year.

Campbell Soup fell $1.38, or 3 percent, to $43.33 after posting a loss for its fiscal fourth quarter. The company's results were dragged down by a charge related to the potential sale of a European business. While the results topped Wall Street's estimates, revenue missed expectations.

 

[bigdog]

Source: http://finance.yahoo.com

August was tough on the stock market. Now, investors face an even scarier September.

Disappointing news on consumer spending helped pull stocks lower Friday in a quiet end to the market's worst month in more than a year.

The Standard & Poor's 500 index closed August with a loss of 3.1 percent while the Dow Jones industrial average lost 4.4 percent. Both had their biggest one-month drop since May 2012.

The month began on a high note. On Aug. 2, news that unemployment fell to its lowest level in more than four years helped lift the S&P 500 index to a record high of 1,709.67. Then things quickly changed.

Bond yields jumped, sending mortgage rates up, as investors began speculating that the Federal Reserve would withdraw some of its support for the economy as early as September.

An array of questions weighed on investors' minds, said Lawrence Creatura, a money manager at Federated Investors.

The latest wild card is Syria. The possibility that the U.S. could strike Bashar al-Assad's regime propelled oil prices to a two-year high earlier in the week.

"The Syria situation is a strong dose of uncertainty," Creatura said. "And investors hate uncertainty."

Before the market opened Friday, the government reported that Americans' income and spending both increased just 0.1 percent in July. The scant rise suggested that economic growth is off to a weak start in the second half of the year. It followed other reports showing steep drops in new-home sales and orders for long-lasting manufactured goods in July.

The major indexes headed lower from the opening bell on Friday and never recovered. The S&P dropped 5.20 points, or 0.3 percent, to close at 1,632.97. Retail stores and other consumer-discretionary companies led eight of the index's 10 industry groups to slight losses.

The Dow Jones industrial fell 30.64 points, or 0.2 percent, to close at 14,810.31, and the Nasdaq composite dropped 30.43 points, or 0.8 percent, to 3,589.87.

Many investors say the recent slide is hardly a surprise after the stock market had such a strong run. The S&P 500 is still up 14.5 percent this year.

September could be even more difficult. Craig Johnson, a technical market strategist at Piper Jaffray, said he expects trading to turn increasingly turbulent. That's because September is stacked with so many events that could shake investors' confidence.

The NYSE DOW closed LOWER ▼ -30.64 points or ▼ -0.21% on Friday, 30 August 2013
Symbol …........Last ......Change.....
Dow_Jones 14810.31 ▼ -30.64 ▼ -0.21%
Nasdaq___ 3589.87 ▼ -30.43 ▼ -0.84%
S&P_500__ 1632.97 ▼ -5.2 ▼ -0.32%
30_Yr_Bond 3.68 ▼ -0.03 ▼ -0.73%

NYSE Volume 3,001,327,750
Nasdaq Volume 1,301,344,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6412.93 ▼ -70.12 ▼ -1.08%
DAX_____ 8103.15 ▼ -91.4 ▼ -1.12%
CAC_40__ 3933.78 ▼ -52.57 ▼ -1.32%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5125.3 ▲ 42.2 ▲ 0.83%
Shanghai_Comp 2098.38 ▲ 1.15 ▲ 0.06%
Taiwan_Weight 8021.89 ▲ 104.23 ▲ 1.32%
Nikkei_225____ 13388.86 ▼ -70.85 ▼ -0.53%
Hang_Seng____ 21731.37 ▲ 26.59 ▲ 0.12%
Strait_Times___ 3028.94 ▼ -9.09 ▼ -0.30%
NZX_50_Index__ 4540.97 ▲ 20.47 ▲ 0.45%

http://finance.yahoo.com/news/stocks-slip-lower-investors-weigh-143249730.html

Stocks slip lower as investors weigh weak spending

Stock market drifts lower as investors assess weak spending; market headed for monthly loss

By Matthew Craft | Associated Press

August was tough on the stock market. Now, investors face an even scarier September.

Disappointing news on consumer spending helped pull stocks lower Friday in a quiet end to the market's worst month in more than a year.

The Standard & Poor's 500 index closed August with a loss of 3.1 percent while the Dow Jones industrial average lost 4.4 percent. Both had their biggest one-month drop since May 2012.

The month began on a high note. On Aug. 2, news that unemployment fell to its lowest level in more than four years helped lift the S&P 500 index to a record high of 1,709.67. Then things quickly changed.

Bond yields jumped, sending mortgage rates up, as investors began speculating that the Federal Reserve would withdraw some of its support for the economy as early as September.

An array of questions weighed on investors' minds, said Lawrence Creatura, a money manager at Federated Investors.

The latest wild card is Syria. The possibility that the U.S. could strike Bashar al-Assad's regime propelled oil prices to a two-year high earlier in the week.

"The Syria situation is a strong dose of uncertainty," Creatura said. "And investors hate uncertainty."

Before the market opened Friday, the government reported that Americans' income and spending both increased just 0.1 percent in July. The scant rise suggested that economic growth is off to a weak start in the second half of the year. It followed other reports showing steep drops in new-home sales and orders for long-lasting manufactured goods in July.

The major indexes headed lower from the opening bell on Friday and never recovered. The S&P dropped 5.20 points, or 0.3 percent, to close at 1,632.97. Retail stores and other consumer-discretionary companies led eight of the index's 10 industry groups to slight losses.

The Dow Jones industrial fell 30.64 points, or 0.2 percent, to close at 14,810.31, and the Nasdaq composite dropped 30.43 points, or 0.8 percent, to 3,589.87.

Many investors say the recent slide is hardly a surprise after the stock market had such a strong run. The S&P 500 is still up 14.5 percent this year.

September could be even more difficult. Craig Johnson, a technical market strategist at Piper Jaffray, said he expects trading to turn increasingly turbulent. That's because September is stacked with so many events that could shake investors' confidence.

Germany holds national elections that could change how the eurozone handles rescue loans for troubled countries. The U.S. Congress will need to pass a spending bill to avoid a government shutdown. And many people expect the Fed to reduce its bond purchases, which have bolstered the economy and stock market.

"Most people I talk to have scaled back and are taking a more defensive posture," Johnson said. "They're bracing for volatility."

Salesforce.com jumped to an all-time high after the cloud-computing company reported strong quarterly results and raised its sales forecast late Thursday. Salesforce.com was up $5.48, or 13 percent, to $49.13, the biggest gain of any company in the S&P 500 index.

In the government bond market, the yield on the 10-year Treasury note edged up to 2.77 percent from 2.76 percent late Thursday.

Among other companies making moves Friday:

”” General Electric reportedly plans to spin off its credit-card division through an initial public offering of stock. The IPO could come early next year, according to The Wall Street Journal. GE's stock rose 3 cents, less than 0.1 percent, to $23.14.

”” Big Lots gained 78 cents, or 2 percent, to $35.42. Early Friday, the operator of discount-stores reported lower quarterly earnings and U.S. sales, but its overall results still topped the estimates of financial analysts.

”” Krispy Kreme Doughnuts plunged 15 percent. Late Thursday, the company posted a drop in quarterly profits, which came in below analysts' estimates. Krispy Kreme's stock lost $3.51 to $19.72.

9859

 

[bigdog]

Source: http://finance.yahoo.com

NYSE was closed for Labor Day holiday on Monday September 2.

Evidence of a rebound in manufacturing activity in China and Europe helped global stock markets rise Monday, though Wall Street's closure for Labor Day kept trading volumes light.

The possibility of a U.S. military strike against Syria in retaliation for alleged chemical weapons use against civilians continued to overhang markets but the initial concern has abated. U.K. lawmakers voted against involvement and President Barack Obama decided to seek approval from Congress.

In Britain, the FTSE 100 added 1.5 percent to close at 6,506.19. Most of that gain was thanks to cellphone company Vodafone which said it was with in talks with Verizon to sell its U.S. mobile business. Confirmation of the $130 billion deal came after trading in London had finished for the day, but Vodafone's shares closed up 3.4 percent at 2.13 pounds on expectations of the purchase.

Meanwhile, Germany's DAX index ended the day up 1.74 percent to 8,243.87 while France's CAC-40 was up 1.84 percent to 4,006.01. Italian and Spanish stocks were also up after surveys showed manufacturing activity rose in the two countries, which are in recession and have been focal points of Europe's debt crisis.

Global sentiment was also earlier boosted by two surveys that showed China's manufacturing sector also improved last month after prolonged weakness.

The HSBC purchasing managers' index rose to 50.1 points in August, a level that indicates expansion as output and new orders edged up slightly and order backlogs rose at the fastest pace in two years. The official China Federation of Logistics and Purchasing PMI rose to 51.0 from July's 50.3, which was the highest level and biggest increase this year.

Both indexes use a 100-point scale on which numbers below 50 indicate a contraction.

The signs of improvement in China's massive manufacturing industry are encouraging news for its overseas suppliers as Chinese leaders try to reverse a slowdown that's pulled economic growth to a two-decade low of 7.5 percent in the latest quarter.

Japan's Nikkei 225 stock average gained 1.4 percent to close at 13,572.92. Hong Kong's Hang Seng jumped 2 percent to 22,175.34. Australia's S&P/ASX 200 climbed 1 percent to 5,188.30. Benchmarks in South Korea, Indonesia and the Philippines fell.

Last week, markets had been buffeted by weak U.S. economic data. The U.S. government reported Friday that Americans' income and spending both increased just 0.1 percent in July. The scant rise suggested that economic growth was off to a weak start in the second half of the year. It followed other reports showing steep drops in new-home sales and orders for long-lasting manufactured goods in July.

NYSE was closed for Labor Day holiday on Monday September 2.
The NYSE DOW closed LOWER ▼ -30.64 points or ▼ -0.21% on Friday, 30 August 2013
Symbol …........Last ......Change.....
Dow_Jones 14810.31 ▼ -30.64 ▼ -0.21%
Nasdaq___ 3589.87 ▼ -30.43 ▼ -0.84%
S&P_500__ 1632.97 ▼ -5.2 ▼ -0.32%
30_Yr_Bond 3.68 ▼ -0.03 ▼ -0.73%

NYSE Volume 3,001,327,750
Nasdaq Volume 1,301,344,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6506.19 ▲ 93.26 ▲ 1.45%
DAX_____ 8243.87 ▲ 140.72 ▲ 1.74%
CAC_40__ 4006.01 ▲ 72.23 ▲ 1.84%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5178 ▲ 52.7 ▲ 1.03%
Shanghai_Comp 2098.45 ▲ 0.07 ▲ 0.00%
Taiwan_Weight 8038.86 ▲ 16.97 ▲ 0.21%
Nikkei_225____ 13572.92 ▲ 184.06 ▲ 1.37%
Hang_Seng____ 22175.34 ▲ 443.97 ▲ 2.04%
Strait_Times___ 3057.16 ▲ 28.22 ▲ 0.93%
NZX_50_Index__ 4596.36 ▲ 55.39 ▲ 1.22%

http://finance.yahoo.com/news/chinese-european-growth-signs-support-124606685.html

Chinese, European growth signs support stocks

World stocks gain as Chinese, European manufacturing improves and Vodafone seals Verizon deal

By Carlo Piovano, Associated Pres

LONDON (AP) -- Evidence of a rebound in manufacturing activity in China and Europe helped global stock markets rise Monday, though Wall Street's closure for Labor Day kept trading volumes light.

The possibility of a U.S. military strike against Syria in retaliation for alleged chemical weapons use against civilians continued to overhang markets but the initial concern has abated. U.K. lawmakers voted against involvement and President Barack Obama decided to seek approval from Congress.

In Britain, the FTSE 100 added 1.5 percent to close at 6,506.19. Most of that gain was thanks to cellphone company Vodafone which said it was with in talks with Verizon to sell its U.S. mobile business. Confirmation of the $130 billion deal came after trading in London had finished for the day, but Vodafone's shares closed up 3.4 percent at 2.13 pounds on expectations of the purchase.

Meanwhile, Germany's DAX index ended the day up 1.74 percent to 8,243.87 while France's CAC-40 was up 1.84 percent to 4,006.01. Italian and Spanish stocks were also up after surveys showed manufacturing activity rose in the two countries, which are in recession and have been focal points of Europe's debt crisis.

Global sentiment was also earlier boosted by two surveys that showed China's manufacturing sector also improved last month after prolonged weakness.

The HSBC purchasing managers' index rose to 50.1 points in August, a level that indicates expansion as output and new orders edged up slightly and order backlogs rose at the fastest pace in two years. The official China Federation of Logistics and Purchasing PMI rose to 51.0 from July's 50.3, which was the highest level and biggest increase this year.

Both indexes use a 100-point scale on which numbers below 50 indicate a contraction.

The signs of improvement in China's massive manufacturing industry are encouraging news for its overseas suppliers as Chinese leaders try to reverse a slowdown that's pulled economic growth to a two-decade low of 7.5 percent in the latest quarter.

Japan's Nikkei 225 stock average gained 1.4 percent to close at 13,572.92. Hong Kong's Hang Seng jumped 2 percent to 22,175.34. Australia's S&P/ASX 200 climbed 1 percent to 5,188.30. Benchmarks in South Korea, Indonesia and the Philippines fell.

Last week, markets had been buffeted by weak U.S. economic data. The U.S. government reported Friday that Americans' income and spending both increased just 0.1 percent in July. The scant rise suggested that economic growth was off to a weak start in the second half of the year. It followed other reports showing steep drops in new-home sales and orders for long-lasting manufactured goods in July.

Benchmark crude for October delivery was down $1.08 at $106.57 a barrel in electronic trading on the New York Mercantile Exchange as fears of military strikes on Syria continued to fade. The contract fell $1.15 on Friday.

In currencies, the euro dipped to $1.3190 from $1.3202. The dollar rose to 99.35 yen from 98.19 yen.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market rose modestly Tuesday as renewed worries about a U.S.-led attack on Syria dampened an early rally.

Stocks surged in the opening minutes of trading as traders felt that a U.S. attack on Syria wasn't imminent after President Barack Obama announced over the weekend that he would seek congressional approval for a strike.

But the early rally faded after the top Republican in Congress said he would support President Obama's call for the U.S. to take action. Speaking in the late morning, House of Representatives Speaker John Boehner said the use of chemical weapons must be responded to.

"Key Republicans seem to agree with Obama on Syria," said JJ Kinahan, chief derivatives strategist for TD Ameritrade. "It puts us in a difficult situation as to what might happen from here."

The Dow Jones industrial average closed up 23.65 points, or 0.2 percent, to 14,833.96. The index had climbed as much as 123 points in early trading.

The Dow was also held back by Microsoft and Verizon, which both slumped after announcing deals.

The Standard & Poor's 500 index gained 6.80 points, or 0.4 percent, to 1,639.77. The Nasdaq composite climbed 22.74 points, or 0.6 percent, to 3,612.

The stock market also got an early boost from a report showing that U.S. manufacturing expanded last month at the fastest pace since June 2011. The report was better than economist had expected, according to estimates compiled by data provider FactSet.

After a tough August, stocks may struggle to rally in September because of a string of events that could shake investors, said Randy Frederick, managing director of active trading and derivatives at the Schwab Center for Financial Research.

The S&P 500 logged its worst performance since May 2012 last month as investors fretted about when the Federal Reserve will cut its economic stimulus. The Fed's next meeting, which starts Sept. 17, is when many on Wall Street think the central bank will begin winding down its massive bond-buying program.

Lawmakers in Washington may also throw investors a curve ball.

To keep the government running, Congress needs to pass a short-term spending bill before the fiscal year starts Oct. 1. Then there's the government's $16.7 trillion borrowing limit. Treasury Secretary Jacob Lew warned that, unless it's raised soon, the government would lose the ability to pay all of its bills by the middle of October.

The NYSE DOW closed HIGHER ▲ 23.65 points or ▲ 0.16% on Tuesday, 3 September 2013
Symbol …........Last ......Change.....
Dow_Jones 14833.96 ▲ 23.65 ▲ 0.16%
Nasdaq___ 3612.61 ▲ 22.74 ▲ 0.63%
S&P_500__ 1639.77 ▲ 6.8 ▲ 0.42%
30_Yr_Bond 3.78 ▲ 0.1 ▲ 2.72%

NYSE Volume 4,137,213,500
Nasdaq Volume 1,599,786,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6468.41 ▼ -37.78 ▼ -0.58%
DAX_____ 8180.71 ▼ -63.16 ▼ -0.77%
CAC_40__ 3974.07 ▼ -31.94 ▼ -0.80%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5188.9 ▲ 10.9 ▲ 0.21%
Shanghai_Comp 2123.11 ▲ 24.66 ▲ 1.18%
Taiwan_Weight 8088.37 ▲ 49.51 ▲ 0.62%
Nikkei_225____ 13978.44 ▲ 405.52 ▲ 2.99%
Hang_Seng____ 22394.58 ▲ 219.24 ▲ 0.99%
Strait_Times___ 3054.78 ▼ -0.94 ▼ -0.03%
NZX_50_Index__ 4606.71 ▲ 10.35 ▲ 0.23%

http://finance.yahoo.com/news/stocks-end-slightly-higher-rally-211641618.html

Stocks end slightly higher after rally fades

Stocks end slightly higher; early rally fades as worries about US attack on Syria re-emerge

By Steve Rothwell, AP Markets Writer

The stock market rose modestly Tuesday as renewed worries about a U.S.-led attack on Syria dampened an early rally.

Stocks surged in the opening minutes of trading as traders felt that a U.S. attack on Syria wasn't imminent after President Barack Obama announced over the weekend that he would seek congressional approval for a strike.

But the early rally faded after the top Republican in Congress said he would support President Obama's call for the U.S. to take action. Speaking in the late morning, House of Representatives Speaker John Boehner said the use of chemical weapons must be responded to.

"Key Republicans seem to agree with Obama on Syria," said JJ Kinahan, chief derivatives strategist for TD Ameritrade. "It puts us in a difficult situation as to what might happen from here."

The Dow Jones industrial average closed up 23.65 points, or 0.2 percent, to 14,833.96. The index had climbed as much as 123 points in early trading.

The Dow was also held back by Microsoft and Verizon, which both slumped after announcing deals.

The Standard & Poor's 500 index gained 6.80 points, or 0.4 percent, to 1,639.77. The Nasdaq composite climbed 22.74 points, or 0.6 percent, to 3,612.

The stock market also got an early boost from a report showing that U.S. manufacturing expanded last month at the fastest pace since June 2011. The report was better than economist had expected, according to estimates compiled by data provider FactSet.

In corporate news, CBS surged $2.40, or 2.7 percent, to $53.50 after the broadcaster and Time Warner Cable reached an agreement that ended a blackout of CBS and CBS-owned channels such as Showtime.

Other corporate news was disappointing. Microsoft fell $1.52, or 4.6 percent, to $31.88 after the software company said it would acquire Nokia's smartphone business and a portfolio of patents and services. Microsoft is trying to capture a slice of the lucrative mobile computing market that is dominated by Apple and Google, and investors are concerned that Microsoft won't succeed.

Verizon fell $1.37, or 2.9 percent, to $46.01 after the company agreed to pay $130 billion for Vodafone's stake in Verizon Wireless.

After a tough August, stocks may struggle to rally in September because of a string of events that could shake investors, said Randy Frederick, managing director of active trading and derivatives at the Schwab Center for Financial Research.

The S&P 500 logged its worst performance since May 2012 last month as investors fretted about when the Federal Reserve will cut its economic stimulus. The Fed's next meeting, which starts Sept. 17, is when many on Wall Street think the central bank will begin winding down its massive bond-buying program.

Lawmakers in Washington may also throw investors a curve ball.

To keep the government running, Congress needs to pass a short-term spending bill before the fiscal year starts Oct. 1. Then there's the government's $16.7 trillion borrowing limit. Treasury Secretary Jacob Lew warned that, unless it's raised soon, the government would lose the ability to pay all of its bills by the middle of October.

Political wrangling in Washington shook financial markets in August 2011, when lawmakers fought over raising the debt ceiling. That led the rating agency Standard & Poor's to strip the U.S. of its triple-A credit rating.

"All these catalysts out there ... are still there," said Frederick. "There's just not enough upside catalysts, and there's plenty of downside catalysts."

September has often been a losing month for the stock market. Since 1945, the S&P 500 index has slumped nearly six out of every 10 Septembers, with an average loss of 0.6 percent.

In government bond trading, the yield on the 10-year Treasury note climbed to 2.86 percent from 2.79 percent Friday. U.S. markets were closed Monday for Labor Day.

In commodities trading, the price of oil rose 89 cents, or 0.8 percent, to $108.54. The price of gold rose $15.90, or 1.1 percent, $1,412 an ounce.

 

[bigdog]

Source: http://finance.yahoo.com

A jump in U.S. auto sales and other good news on the economy helped drive the stock market higher Wednesday.

General Motors and other carmakers surged after posting strong sales in August, giving the industry its best month in six years.

"Car sales were really impressive," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. They're important for what they suggest about the larger economy: solid consumer spending and increased manufacturing. "It means the economy is holding up," Cardillo said.

The Standard & Poor's 500 index rose 13.31 points, or 0.8 percent, to 1,653.08.

The Dow Jones industrial average gained 96.91 points, or 0.7 percent, to close at 14,930.87 and the Nasdaq composite rose 36.43 points, or 1 percent, to 3,649.04.

Jim Russell, a senior equity strategist at U.S. Bank Wealth Management in Cincinnati, said recent economic reports have drawn a brighter picture of the global economy, even as concerns over a U.S. strike on Syria have claimed much of the public's attention.

A trade group said Tuesday that U.S. factories increased production last month at the fastest pace since June 2011, propelled by a sharp rise in new orders. Separate reports out Monday showed stronger manufacturing in Europe and China.

"All of these add up to better economic growth on a global scale," Russell said.

On Wednesday, General Motors said its sales rose 15 percent last month, while Chrysler and Ford each reported 12 percent gains. Toyota posted the biggest increase as sales rose nearly 23 percent since August of last year.

GM climbed $1.71, or 5 percent, to $35.85, one of the biggest gains in the S&P 500 index. Ford rose 57 cents, or 3 percent, to $16.91.

The Nasdaq Stock Market ran into technical problems for the second time in two weeks. The exchange reported that its system for disseminating prices had a brief outage, from 11:35 a.m. to 11:41 a.m., but said trading was not affected.

On Aug. 22, all trading in Nasdaq-listed stocks was halted for three hours because of a problem with the same quote-disseminating system.

Investors were also looking ahead to Friday, when the August jobs report will be released. Economists expect that the U.S. created 177,000 jobs last month and that the unemployment rate held steady at 7.4 percent, according to the data provider FactSet.

The NYSE DOW closed HIGHER ▲ 96.91 points or ▲ 0.65% on Wednesday, 4 September 2013
Symbol …........Last ......Change.....
Dow_Jones 14930.87 ▲ 96.91 ▲ 0.65%
Nasdaq___ 3649.04 ▲ 36.43 ▲ 1.01%
S&P_500__ 1653.08 ▲ 13.31 ▲ 0.81%
30_Yr_Bond 3.799 ▲ 0.023 ▲ 0.61%

NYSE Volume 3,516,943,750
Nasdaq Volume 1,812,184,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6474.74 ▲ 6.33 ▲ 0.10%
DAX_____ 8195.92 ▲ 15.21 ▲ 0.19%
CAC_40__ 3980.42 ▲ 6.35 ▲ 0.16%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5156.5 ▼ -32.4 ▼ -0.62%
Shanghai_Comp 2127.62 ▲ 4.51 ▲ 0.21%
Taiwan_Weight 8083.44 ▼ -4.93 ▼ -0.06%
Nikkei_225____ 14053.87 ▲ 75.43 ▲ 0.54%
Hang_Seng____ 22326.22 ▼ -68.36 ▼ -0.31%
Strait_Times___ 3015.42 ▼ -39.36 ▼ -1.29%
NZX_50_Index__ 4610.31 ▲ 3.6 ▲ 0.08%

http://finance.yahoo.com/news/stocks-end-higher-led-strong-210148473.html

Stocks end higher, led by strong US auto sales

Stock market ends higher, driven by impressive auto sales and other good news on the economy

By Ken Sweet and Matthew Craft, AP Business Writers

A jump in U.S. auto sales and other good news on the economy helped drive the stock market higher Wednesday.

General Motors and other carmakers surged after posting strong sales in August, giving the industry its best month in six years.

"Car sales were really impressive," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. They're important for what they suggest about the larger economy: solid consumer spending and increased manufacturing. "It means the economy is holding up," Cardillo said.

The Standard & Poor's 500 index rose 13.31 points, or 0.8 percent, to 1,653.08.

The Dow Jones industrial average gained 96.91 points, or 0.7 percent, to close at 14,930.87 and the Nasdaq composite rose 36.43 points, or 1 percent, to 3,649.04.

Jim Russell, a senior equity strategist at U.S. Bank Wealth Management in Cincinnati, said recent economic reports have drawn a brighter picture of the global economy, even as concerns over a U.S. strike on Syria have claimed much of the public's attention.

A trade group said Tuesday that U.S. factories increased production last month at the fastest pace since June 2011, propelled by a sharp rise in new orders. Separate reports out Monday showed stronger manufacturing in Europe and China.

"All of these add up to better economic growth on a global scale," Russell said.

On Wednesday, General Motors said its sales rose 15 percent last month, while Chrysler and Ford each reported 12 percent gains. Toyota posted the biggest increase as sales rose nearly 23 percent since August of last year.

GM climbed $1.71, or 5 percent, to $35.85, one of the biggest gains in the S&P 500 index. Ford rose 57 cents, or 3 percent, to $16.91.

The Nasdaq Stock Market ran into technical problems for the second time in two weeks. The exchange reported that its system for disseminating prices had a brief outage, from 11:35 a.m. to 11:41 a.m., but said trading was not affected.

On Aug. 22, all trading in Nasdaq-listed stocks was halted for three hours because of a problem with the same quote-disseminating system.

Investors were also looking ahead to Friday, when the August jobs report will be released. Economists expect that the U.S. created 177,000 jobs last month and that the unemployment rate held steady at 7.4 percent, according to the data provider FactSet.

Friday's jobs report is the last major piece of economic data the Federal Reserve will have to work with before the central bank decides whether or not to pull back on its massive bond-buying program. That program has kept interest rates abnormally low. While most investors believe the Fed will begin to pull back, the question has become when and how much.

"Even if the August employment figures were weaker than expected, we think the odds would likely still favor a September (pullback), just of a smaller magnitude," economists with the investment bank RBS wrote in a note to clients.

The yield on the 10-year Treasury note edged up to 2.89 percent from 2.86 percent late Tuesday. The price of crude oil fell $1.31, or 1 percent, to close at $107.23 a barrel on the New York Mercantile Exchange. Gold fell $22, or 2 percent, to $1,390 an ounce.

Among other stocks making big moves:

”” Dollar General jumped $2.51, or 5 percent, to $56.39 after the discount store chain reported profits that narrowly beat Wall Street analysts' estimates. In contrast to some of its competitors, Dollar General said sales at stores open more than a year climbed.

”” Francesca's Holdings, which operates the francesca's line of retail stores, plunged after reporting results that fell short of Wall Street's estimates. The company cut its forecast for full-year earnings, citing poor customer traffic. Its stock sank $6.23, or 26 percent, to $17.79.

”” Ciena surged $2.86, or 14 percent, to $23.54. The developer of high-speed networking technology reported adjusted earnings that were far higher than Wall Street analysts expected, a result of higher revenue and lower costs.

 

[bigdog]

Source: http://finance.yahoo.com

More evidence of an improving job market helped lift the stock market Thursday.

The Labor Department reported that the four-week average of applications for U.S. unemployment benefits has fallen in the past month to its lowest point since October 2007, two months before the Great Recession officially began.

Also, a survey from the payroll company ADP showed that American businesses added 176,000 jobs in August, fewer than in June and July but roughly in line with the monthly average for the year.

The encouraging news came one day before the government releases its closely watched report on job growth for August. Many investors believe that strong growth will ensure that the Federal Reserve will start to reduce, or "taper," its bond-buying program later this month.

The U.S. central bank is buying $85 billion in bonds a month to keep long-term interest rates low and to stimulate the economy. Fed stimulus has helped drive a bull market in stocks that has lasted more than four years.

As well as supporting stock prices, the reports helped push the yield on 10-year Treasury notes to 3 percent, the highest level since July 2011.

Thursday's employment news means that "the Fed probably lays out a tapering schedule in September," said Phil Orlando, chief equity market strategist at Federated Investors.

While stock trading may be volatile in the coming weeks, investors will ultimately see the reduced stimulus as a positive sign because it means that the economy is strong enough to expand without the Fed's help, Orlando said. "It should leave stocks in great shape."

The Dow Jones industrial average rose 6.61 points, or less than 0.1 percent, to 14,937.48. The Standard & Poor's 500 index rose two points, or 0.1 percent, to 1,655.08. The Nasdaq composite gained 9.74 points, or 0.3 percent, to 3,658.78.

Some retail stocks were among the biggest gainers.

The NYSE DOW closed HIGHER ▲ 6.61 points or ▲ 0.04% on Thursday, 5 September 2013
Symbol …........Last ......Change.....
Dow_Jones 14937.48 ▲ 6.61 ▲ 0.04%
Nasdaq___ 3658.78 ▲ 9.74 ▲ 0.27%
S&P_500__ 1655.08 ▲ 2 ▲ 0.12%
30_Yr_Bond 3.878 ▲ 0.079 ▲ 2.08%

NYSE Volume 3,193,979,250
Nasdaq Volume 1,529,089,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6532.44 ▲ 57.7 ▲ 0.89%
DAX_____ 8234.98 ▲ 39.06 ▲ 0.48%
CAC_40__ 4006.8 ▲ 26.38 ▲ 0.66%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5138.4 ▼ -18.1 ▼ -0.35%
Shanghai_Comp 2122.43 ▼ -5.19 ▼ -0.24%
Taiwan_Weight 8169.1 ▲ 85.66 ▲ 1.06%
Nikkei_225____ 14064.82 ▲ 10.95 ▲ 0.08%
Hang_Seng____ 22597.97 ▲ 271.75 ▲ 1.22%
Strait_Times___ 3040.65 ▲ 25.23 ▲ 0.84%
NZX_50_Index__ 4604.35 ▼ -5.96 ▼ -0.13%

http://finance.yahoo.com/news/stocks-edge-higher-encouraging-jobs-150259332.html

Stocks edge higher after encouraging jobs reports

Stocks edge up after encouraging employment reports; 10-year Treasury yield hits 3 percent

By Steve Rothwell, AP Markets Writer

More evidence of an improving job market helped lift the stock market Thursday.

The Labor Department reported that the four-week average of applications for U.S. unemployment benefits has fallen in the past month to its lowest point since October 2007, two months before the Great Recession officially began.

Also, a survey from the payroll company ADP showed that American businesses added 176,000 jobs in August, fewer than in June and July but roughly in line with the monthly average for the year.

The encouraging news came one day before the government releases its closely watched report on job growth for August. Many investors believe that strong growth will ensure that the Federal Reserve will start to reduce, or "taper," its bond-buying program later this month.

The U.S. central bank is buying $85 billion in bonds a month to keep long-term interest rates low and to stimulate the economy. Fed stimulus has helped drive a bull market in stocks that has lasted more than four years.

As well as supporting stock prices, the reports helped push the yield on 10-year Treasury notes to 3 percent, the highest level since July 2011.

Thursday's employment news means that "the Fed probably lays out a tapering schedule in September," said Phil Orlando, chief equity market strategist at Federated Investors.

While stock trading may be volatile in the coming weeks, investors will ultimately see the reduced stimulus as a positive sign because it means that the economy is strong enough to expand without the Fed's help, Orlando said. "It should leave stocks in great shape."

The Dow Jones industrial average rose 6.61 points, or less than 0.1 percent, to 14,937.48. The Standard & Poor's 500 index rose two points, or 0.1 percent, to 1,655.08. The Nasdaq composite gained 9.74 points, or 0.3 percent, to 3,658.78.

Some retail stocks were among the biggest gainers.

Costco rose $3.12, or 2.8 percent, to $114.62 after the discount store chain said revenue at stores open at least a year rose 4 percent in August, slightly faster than Wall Street's expectations. Walgreen's also gained after reporting a strong rise in sales last month. Walgreen's rose 70 cents, or 1.4 percent, to $50.19 after reporting a 4.8 percent increase in sales.

In government bond trading, the yield on the 10-year Treasury note climbed after the jobs reports. It also edged higher after a private survey showed that the U.S. service sector expanded at the fastest pace in nearly 8 years last month as sales and orders grew and employers ramped up hiring.

The yield on the 10-year note climbed to 3 percent late Thursday from 2.90 a day earlier. The yield is the highest it's been since July 2011 as bond traders anticipate that the Federal Reserve will cut back on its stimulus. It has risen sharply from a recent low of 1.63 percent in early May.

Rising yields on Treasury notes matter for the economy because they are used to set mortgage rates and other key interest rates. Average fixed rates on U.S. long-term mortgage rates rose to 4.57 percent this week, close to their highest of the year.

Stocks slumped in August, in part due to concern that the Fed would slow stimulus and the higher interest rates would harm the economy. The S&P 500 index fell 3.1 percent, its biggest monthly decline since May 2012.

It appears, however, that investors are getting more comfortable with higher borrowing costs.

"We don't anticipate that a gradual rise in rates will choke off the economy," said Dave Roda, regional chief investment officer for Wells Fargo Private Bank. "We are still looking at very low rates historically."

In commodities trading, the price of oil rose $1.14, or 1.1 percent, to $108.37 a barrel. Gold fell $17, or 1.2 percent, to $1,373 an ounce.

Among other stocks making big moves:

”” Conn's, a consumer finance company, fell $7.95, or 12 percent, to $60.36 after the company reported second-quarter earnings that missed Wall Street expectations.

”” Groupon rose 37 cents, or 3.5 percent, to $10.66 after Morgan Stanley raised its recommendation on the stock to "overweight" as the company tweaked its business model.

”” Louisiana-Pacific, a building products company, rose $1.69, or 11 percent, to $16.95 after the company said late Wednesday that it is buying Ainsworth Lumber of Canada for $1.1 billion.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market ended flat Friday as traders hoped for more economic stimulus from the Federal Reserve, and worried about escalating tensions between the U.S. and Syria.

While stocks ended close to where they began, their prices were volatile throughout the day. Stocks opened slightly higher but soon fell after Russian media reported that naval ships were en route to Syria, raising worries of a wider conflict and sending the Dow Jones industrial average down as much 148 points in the first half-hour of trading. The Dow rose as high as 15,009 and dropped as low as 14,789 ”” a big 220 point range.

"Clearly, (Russia) made the market nervous," said Dean Junkans, chief investment officer for Wells Fargo Private Bank, which has $170 billion in assets under management

The Standard & Poor's 500 index rose less than a point, or 0.01 percent, to close at 1,655.17. The Dow ended down 14.98 points, or 0.1 percent, at 14,922.50. The Nasdaq composite rose 1.23 points, or 0.03 percent, to 3,660.01.

Traders were rattled by conflicting forces. A mediocre August jobs report suggested that U.S. economic growth was slowing, while providing a reason for the Fed to keep up its stimulus program. The geopolitical risks of Syria added to the uncertainty Friday.

One clear trend emerged: investors moved money into safer assets. The yield on the 10-year Treasury note fell to 2.94 percent from 3 percent the day before. Relatively safe, dividend-paying stocks such as utilities were among the best performers in the S&P 500 and gold rose more than 1 percent.

Wall Street was unnerved by signs that the confrontation between the U.S. and Syria over Syria's alleged use of chemical weapons on civilians was getting worse. Three Russian naval ships sailed toward Syria on Friday and a fourth was on its way, the Interfax news agency reported, a sign that Russia may assist Syria in case the U.S. does strike. However, Russia President Vladimir Putin's chief of staff said the ships were intended to help evacuate Russian citizens if military strikes become necessary.

"These are troubling developments," said David Chalupnik, head of equities for Nuveen Asset Management. "Syria is turning into something bigger that what it started out to be."

The price of crude oil rose as traders anticipated that any escalation of tensions in the Middle East might disrupt the flow of oil from the region. Oil rose $2.07 to $110.43 a barrel.

Putting aside Friday's volatility, Wall Street had a pretty good week. The S&P 500 rose 1.4 percent for the week, and the Nasdaq was up nearly 2 percent. It was the best five-day gain for the S&P 500 in two months.

U.S. employers added 169,000 jobs last month, fewer than the 177,000 economists had forecast. The number of jobs added in July was estimated by the government at 104,000, down from an earlier 162,000.

"This was a horrible set of jobs figures, starting with large revision to last month's number," Tom di Galoma, head of fixed-income rates sales at ED&F Man Capital, wrote in an email to clients.

The NYSE DOW closed LOWER ▼ -14.98 points or ▼ -0.10% on Friday, 6 September 2013
Symbol …........Last ......Change.....
Dow_Jones 14922.5 ▼ -14.98 ▼ -0.10%
Nasdaq___ 3660.01 ▲ 1.23 ▲ 0.03%
S&P_500__ 1655.17 ▲ 0.09 ▲ 0.01%
30_Yr_Bond 3.873 ▼ -0.005 ▼ -0.13%

NYSE Volume 3,384,952,750
Nasdaq Volume 1,687,716,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6547.33 ▲ 14.89 ▲ 0.23%
DAX_____ 8275.67 ▲ 40.69 ▲ 0.49%
CAC_40__ 4049.19 ▲ 42.39 ▲ 1.06%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5144 ▲ 5.6 ▲ 0.11%
Shanghai_Comp 2139.99 ▲ 17.56 ▲ 0.83%
Taiwan_Weight 8164.2 ▼ -4.9 ▼ -0.06%
Nikkei_225____ 13860.81 ▼ -204.01 ▼ -1.45%
Hang_Seng____ 22621.22 ▲ 23.25 ▲ 0.10%
Strait_Times___ 3048.35 ▲ 8.9 ▲ 0.29%
NZX_50_Index__ 4597.18 ▼ -7.17 ▼ -0.16%

http://finance.yahoo.com/news/stocks-end-flat-despite-jobs-210555818.html

Stocks end flat, despite jobs report, Syria

Stocks close mostly unchanged; S&P 500 has best week in 2 months

By Ken Sweet, AP Markets Writer

The stock market ended flat Friday as traders hoped for more economic stimulus from the Federal Reserve, and worried about escalating tensions between the U.S. and Syria.

While stocks ended close to where they began, their prices were volatile throughout the day. Stocks opened slightly higher but soon fell after Russian media reported that naval ships were en route to Syria, raising worries of a wider conflict and sending the Dow Jones industrial average down as much 148 points in the first half-hour of trading. The Dow rose as high as 15,009 and dropped as low as 14,789 ”” a big 220 point range.

"Clearly, (Russia) made the market nervous," said Dean Junkans, chief investment officer for Wells Fargo Private Bank, which has $170 billion in assets under management

The Standard & Poor's 500 index rose less than a point, or 0.01 percent, to close at 1,655.17. The Dow ended down 14.98 points, or 0.1 percent, at 14,922.50. The Nasdaq composite rose 1.23 points, or 0.03 percent, to 3,660.01.

Traders were rattled by conflicting forces. A mediocre August jobs report suggested that U.S. economic growth was slowing, while providing a reason for the Fed to keep up its stimulus program. The geopolitical risks of Syria added to the uncertainty Friday.

One clear trend emerged: investors moved money into safer assets. The yield on the 10-year Treasury note fell to 2.94 percent from 3 percent the day before. Relatively safe, dividend-paying stocks such as utilities were among the best performers in the S&P 500 and gold rose more than 1 percent.

Wall Street was unnerved by signs that the confrontation between the U.S. and Syria over Syria's alleged use of chemical weapons on civilians was getting worse. Three Russian naval ships sailed toward Syria on Friday and a fourth was on its way, the Interfax news agency reported, a sign that Russia may assist Syria in case the U.S. does strike. However, Russia President Vladimir Putin's chief of staff said the ships were intended to help evacuate Russian citizens if military strikes become necessary.

"These are troubling developments," said David Chalupnik, head of equities for Nuveen Asset Management. "Syria is turning into something bigger that what it started out to be."

The price of crude oil rose as traders anticipated that any escalation of tensions in the Middle East might disrupt the flow of oil from the region. Oil rose $2.07 to $110.43 a barrel.

Putting aside Friday's volatility, Wall Street had a pretty good week. The S&P 500 rose 1.4 percent for the week, and the Nasdaq was up nearly 2 percent. It was the best five-day gain for the S&P 500 in two months.

U.S. employers added 169,000 jobs last month, fewer than the 177,000 economists had forecast. The number of jobs added in July was estimated by the government at 104,000, down from an earlier 162,000.

"This was a horrible set of jobs figures, starting with large revision to last month's number," Tom di Galoma, head of fixed-income rates sales at ED&F Man Capital, wrote in an email to clients.

Friday's jobs survey is the last major piece of economic data the Fed will have to consider before its September 17-18 policy meeting, when it will decide the fate of its large bond-buying program.

The Fed has been buying $85 billion in Treasurys and other bonds each month to keep interest rates low and encourage hiring and economic growth. It was widely believed that the Fed would start phasing out its purchases this month.

Most market watchers said they still believe the Fed will start pulling back in September, however the amount of the pullback may be smaller, Nuveen's Chalupnik said.

Stocks making big moves included:

”” Mattress Firm, which plunged $6.10, or 15 percent, to $35.59 after the company reported a second-quarter profit that fell far below financial analysts' expectations.

”” VeriFone Systems jumped $2.09, or 10 percent, to $22.81 after the electronic payment terminal maker reported third-quarter results on Thursday that beat Wall Street expectations.

0476

 

[bigdog]

Source: http://finance.yahoo.com

The stock market got a boost on Monday from mergers, homes, and phones.

Stocks posted their biggest gains in almost two months. Two big deals suggested growing confidence in the economy: Luxury retailer Neiman Marcus was sold for $6 billion, and Koch Industries bought electronics component maker Molex for $7.2 billion.

Homebuilding stocks were some of the biggest gainers in the Standard & Poor's 500 index after Hovnavian Enterprises said home prices are rising and its backlog jumped almost 27 percent from a year earlier.

Hovnanian rose 11 cents, or 2.2 percent, to close at $5.15. PulteGroup, D.R. Horton and Lennar also gained. Homebuilder MDC Holdings rose $1.72, or 6.2 percent, to $29.37 after an upgrade from a Citi analyst.

Homebuilding stocks have had a volatile year. Investors have been bullish because the housing market is recovering, but worried that rising interest rates make mortgages more expensive for home buyers.

Apple rose. It's expected to announce a new iPhone on Tuesday.

The Dow Jones industrial average rose 140.62 points, or 1 percent, to 15,063.12. The Dow hit an all-time high of 15,658 on Aug. 2. But worries about Syria and rising interest rates pushed stocks down since then. The last time the Dow closed above 15,000 was Aug. 23.

The S&P 500 index rose 16.54 points, or 1 percent, to 1,671.71. The Nasdaq composite rose 46.17 points, or 1.3 percent, to 3,706.18. Both the Dow and the S&P 500 had their biggest daily gains since July 11.

All 10 industry groups in the S&P 500 rose. The index rose for the fifth day in a row, the longest since eight days of gains in July.

The NYSE DOW closed HIGHER ▲ 140.62 points or ▲ 0.94% on Monday, 9 September 2013
Symbol …........Last ......Change.....
Dow_Jones 15063.12 ▲ 140.62 ▲ 0.94%
Nasdaq___ 3706.18 ▲ 46.17 ▲ 1.26%
S&P_500__ 1671.71 ▲ 16.54 ▲ 1.00%
30_Yr_Bond 3.84 ▼ -0.033 ▼ -0.85%

NYSE Volume 3,360,467,750
Nasdaq Volume 1,633,970,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6530.74 ▼ -1.7 ▼ -0.03%
DAX_____ 8276.32 ▲ 0.65 ▲ 0.01%
CAC_40__ 4040.33 ▼ -8.86 ▼ -0.22%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5179.4 ▲ 35.4 ▲ 0.69%
Shanghai_Comp 2212.52 ▲ 72.52 ▲ 3.39%
Taiwan_Weight 8192.11 ▲ 27.91 ▲ 0.34%
Nikkei_225____ 14205.23 ▲ 344.42 ▲ 2.48%
Hang_Seng____ 22750.65 ▲ 129.43 ▲ 0.57%
Strait_Times___ 3088.2 ▲ 39.85 ▲ 1.31%
NZX_50_Index__ 4614.02 ▲ 16.84 ▲ 0.37%

http://finance.yahoo.com/news/stocks-rise-mergers-homebuilder-outlook-175053220.html

Stocks rise on mergers, homebuilder outlook

Stocks rise as homebuilder outlook and mergers suggest stronger economy; Dow above 15,000

By Joshua Freed, AP Business Writer

The stock market got a boost on Monday from mergers, homes, and phones.

Stocks posted their biggest gains in almost two months. Two big deals suggested growing confidence in the economy: Luxury retailer Neiman Marcus was sold for $6 billion, and Koch Industries bought electronics component maker Molex for $7.2 billion.

Homebuilding stocks were some of the biggest gainers in the Standard & Poor's 500 index after Hovnavian Enterprises said home prices are rising and its backlog jumped almost 27 percent from a year earlier.

Hovnanian rose 11 cents, or 2.2 percent, to close at $5.15. PulteGroup, D.R. Horton and Lennar also gained. Homebuilder MDC Holdings rose $1.72, or 6.2 percent, to $29.37 after an upgrade from a Citi analyst.

Homebuilding stocks have had a volatile year. Investors have been bullish because the housing market is recovering, but worried that rising interest rates make mortgages more expensive for home buyers.

Apple rose. It's expected to announce a new iPhone on Tuesday.

The Dow Jones industrial average rose 140.62 points, or 1 percent, to 15,063.12. The Dow hit an all-time high of 15,658 on Aug. 2. But worries about Syria and rising interest rates pushed stocks down since then. The last time the Dow closed above 15,000 was Aug. 23.

The S&P 500 index rose 16.54 points, or 1 percent, to 1,671.71. The Nasdaq composite rose 46.17 points, or 1.3 percent, to 3,706.18. Both the Dow and the S&P 500 had their biggest daily gains since July 11.

All 10 industry groups in the S&P 500 rose. The index rose for the fifth day in a row, the longest since eight days of gains in July.

Two things about the Koch-Molex deal grabbed investors' attention: Its components show up in a wide variety of products, including housing and autos, so Koch's interest suggests that it sees broad economic improvement. Also, Koch is paying a large premium for Molex.

Koch is paying $38.50 per share, 31 percent over Molex's stock price on Friday. Molex soared $9.29, or almost 32 percent, to $38.63 on Monday.

"I think it's really exciting for just about everybody to see that big of a deal go through," said Kim Forrest, senior analyst with portfolio management firm Fort Pitt Capital Group in Pittsburgh.

Apple rose back above $500 per share. It last closed above that level on Aug. 26. Apple gained $7.95, or 1.6 percent, to $506.17 on Monday in advance of an expected iPhone announcement on Tuesday.

Delta Air Lines jumped $1.87, or 9.4 percent, to $21.76 after news that it would be added to the S&P 500 index. That benefits Delta because mutual funds and other investors that track the S&P 500 will now have to buy Delta's stock. JPMorgan analyst Jamie Baker estimated that inclusion in the index will add demand for almost 89 million Delta shares.

Stocks in Asia rose lifted by Tokyo's win for the 2020 Summer Olympics, Chinese export growth and an election victory by Australia's conservative coalition.

The coalition supports repealing a 30 percent tax on coal and iron ore miners' profits, which could help mining and other raw material companies. Caterpillar, which makes mining gear used in China and Australia, rose $2.20, or 2.6 percent, to $85.59, and mining company Cliffs Natural Resources was up $1.33, or 6.1 percent, to $23.18.

The positive news out of the Asia-Pacific region helped outweigh worries about rising interest rates and Syria, said Doug Cote, chief market strategist at ING U.S. Investment Management. "The risk of taking action seems too great for them to act," he said. "I'm watching it daily, but I'm certainly not worried about it."

In U.S. government bond trading, the yield on the 10-year Treasury note fell to 2.92 percent from 2.94 percent late Friday. It traded as high as 3 percent last Thursday, a key psychological level because the 10-year yield is the most widely used benchmark for borrowing in the U.S.

Benchmark crude oil fell $1.01 to $109.52. The euro rose to $1.326 from $1.3173 late Friday, while the dollar rose to 99.59 yen from 99.10 yen.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks rose and oil prices fell Tuesday as the risk that the U.S. would attack Syria appeared to fade.

The Standard & Poor's 500 index had its sixth straight gain, the longest winning streak since July.

Stocks set new highs in early August, but worries over Syria have pushed them lower since then. Even though Syria isn't a big oil producer, the possibility of a wider conflict in the region drove oil prices to two-year highs last week.

On Tuesday, investors were relieved that Syria accepted a proposal to put its chemical weapons under international control for dismantling. The possibility that the crisis between the U.S. and Syria might be solved peacefully was a factor in the stock market's gain on Monday, too.

The Dow Jones industrial average rose 127.94 points, or 0.9 percent, to close 15,191.06. The Standard & Poor's 500 index rose 12.28 points, or 0.73 percent, to 1,683.99 and the Nasdaq composite rose 22.84 points, or 0.62 percent, to 3,729.02.

Crude oil, which closed above $110 a barrel on Friday, lost $2.13, almost 2 percent, to close at $107.39 a barrel.

All 10 industry groups in the S&P 500 rose. The biggest gains were in financial and industrial stocks.

Despite the recent gains for stocks, Ralph Fogel of Fogel Neale Partners thinks it's about time for a pullback in the market. He noted that it's close to the five-year anniversary of the financial crisis, and the Dow has more than doubled since then.

The years since the crisis brought "almost a straight-up market without a 15 percent correction. That's a pretty neat move," he said. "That doesn't mean you have to have one, but the probability starts to get higher and higher."

"The next significant move isn't up 20" percent, he said. "It's down 20."

Scott Wren, a senior equity strategist for Wells Fargo Advisors in St. Louis, said investors are still nervous.

"A lot of our clients are sitting on too much cash and are kind of paranoid of the market," he said. He expects stock prices to be volatile over the next few months because of the debate over the U.S. debt ceiling as well as elections in Germany.

The Dow average got a shakeup on Tuesday. It's dropping Bank of America, Hewlett-Packard and Alcoa, to be replaced by Goldman Sachs, Nike, and Visa at the start of trading on Sept. 23. The Dow is made up of 30 stocks.

The NYSE DOW closed HIGHER ▲ 127.94 points or ▲ 0.85% on Tuesday, 10 September 2013
Symbol …........Last ......Change.....
Dow_Jones 15191.06 ▲ 127.94 ▲ 0.85%
Nasdaq___ 3729.02 ▲ 22.84 ▲ 0.62%
S&P_500__ 1683.99 ▲ 12.28 ▲ 0.73%
30_Yr_Bond 3.89 ▲ 0.05 ▲ 1.28%

NYSE Volume 3,938,259,250
Nasdaq Volume 1,809,078,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6583.99 ▲ 53.25 ▲ 0.82%
DAX_____ 8446.54 ▲ 170.22 ▲ 2.06%
CAC_40__ 4116.64 ▲ 76.31 ▲ 1.89%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5198.9 ▲ 19.5 ▲ 0.38%
Shanghai_Comp 2237.98 ▲ 25.47 ▲ 1.15%
Taiwan_Weight 8208.77 ▲ 16.66 ▲ 0.20%
Nikkei_225____ 14423.36 ▲ 218.13 ▲ 1.54%
Hang_Seng____ 22976.65 ▲ 226 ▲ 0.99%
Strait_Times___ 3121.81 ▲ 33.61 ▲ 1.09%
NZX_50_Index__ 4627.76 ▲ 13.74 ▲ 0.30%

http://finance.yahoo.com/news/stocks-rise-syria-conflict-looks-141842345.html

Stocks rise as Syria conflict looks less likely

Stocks higher as conflict with Syria looks avoidable; 3 new stocks for the Dow Jones average

By Joshua Freed, AP Business Writer

Stocks rose and oil prices fell Tuesday as the risk that the U.S. would attack Syria appeared to fade.

The Standard & Poor's 500 index had its sixth straight gain, the longest winning streak since July.

Stocks set new highs in early August, but worries over Syria have pushed them lower since then. Even though Syria isn't a big oil producer, the possibility of a wider conflict in the region drove oil prices to two-year highs last week.

On Tuesday, investors were relieved that Syria accepted a proposal to put its chemical weapons under international control for dismantling. The possibility that the crisis between the U.S. and Syria might be solved peacefully was a factor in the stock market's gain on Monday, too.

The Dow Jones industrial average rose 127.94 points, or 0.9 percent, to close 15,191.06. The Standard & Poor's 500 index rose 12.28 points, or 0.73 percent, to 1,683.99 and the Nasdaq composite rose 22.84 points, or 0.62 percent, to 3,729.02.

Crude oil, which closed above $110 a barrel on Friday, lost $2.13, almost 2 percent, to close at $107.39 a barrel.

All 10 industry groups in the S&P 500 rose. The biggest gains were in financial and industrial stocks.

Despite the recent gains for stocks, Ralph Fogel of Fogel Neale Partners thinks it's about time for a pullback in the market. He noted that it's close to the five-year anniversary of the financial crisis, and the Dow has more than doubled since then.

The years since the crisis brought "almost a straight-up market without a 15 percent correction. That's a pretty neat move," he said. "That doesn't mean you have to have one, but the probability starts to get higher and higher."

"The next significant move isn't up 20" percent, he said. "It's down 20."

Scott Wren, a senior equity strategist for Wells Fargo Advisors in St. Louis, said investors are still nervous.

"A lot of our clients are sitting on too much cash and are kind of paranoid of the market," he said. He expects stock prices to be volatile over the next few months because of the debate over the U.S. debt ceiling as well as elections in Germany.

The Dow average got a shakeup on Tuesday. It's dropping Bank of America, Hewlett-Packard and Alcoa, to be replaced by Goldman Sachs, Nike, and Visa at the start of trading on Sept. 23. The Dow is made up of 30 stocks.

S&P Dow Jones Indices said the change won't disrupt the level of the industrial average. It said it made the change to diversify the sector and industry group representation of the index.

Hewlett-Packard fell 9 cents, or 0.4 percent, to $22.27. Alcoa was roughly flat and Bank of America rose 13 cents, or almost 1 percent, to $14.61.

Visa rose $6.04, or 3.4 percent, to $184.50; Nike rose $1.42, or 2.2 percent, to $66.82, and Goldman Sachs rose $5.65, or 3.5 percent, to $165.14.

In other notable moves:

”” Apple dropped $11.53, or 2.3 percent, to $494.60 after investors were underwhelmed by its new iPhone lineup.

”” Microsoft rose 73 cents, or 2.3 percent, to $32.39 on rumors about who might be its next CEO when Steve Ballmer retires next year.

”” Urban Outfitters fell $4.36, or 10 percent, to $38.35 after saying its third-quarter sales increases are weaker than earlier in the year.

Traders sold safe-play assets as the threat of a strike on Syria faded. Gold fell $22.70, or 1.9 percent, to $1,364 an ounce, and the yield on the benchmark 10-year Treasury note rose to 2.97 percent from 2.91 percent.

The dollar strengthened to 100.33 Japanese yen, and fell slightly against the euro.