NYSE Dow Jones finished today at:

[bigdog]

Source: http://finance.yahoo.com

After eight weeks of gains, maybe the stock market pullback long anticipated by investors has arrived.

Stocks fell Tuesday, dragged lower by the Detroit automakers and consumer-focused companies such as GameStop and Amazon.com. The market could be headed for its first weekly decline since early October, putting at risk a remarkable rally that has sent indexes to record highs.

The declines do not come as a surprise to large investors, many of whom have been predicting a pullback. The S&P 500 has surged 26 percent this year, on track for its best year since the dot-com bull market of the late 1990s.

Stocks cannot go straight up all the time. For stocks to pause, decline or even enter a "correction," a Wall Street term for when an index falls 10 percent or more, would all be considered normal after eight straight weeks of gains.

"The markets may have stalled out here, but that must be taken in the context of what has been a great year," said Alec Young, global equity strategist with S&P Capital IQ.

The Dow Jones industrial average lost 94.15 points, or 0.6 percent, to 15,914.62. The Standard & Poor's 500 index fell 5.75 points, or 0.3 percent, to 1,795.15 and the Nasdaq composite fell 8.06 points, or 0.2 percent, to 4,037.20.

Companies that depend heavily on consumer spending had some of the biggest losses. GameStop, the video game retailer, sank $1.02, or 2 percent, to $45.95, one of the worst declines in the S&P 500 index. Amazon.com fell $7.64, or 2 percent, to $384.66.

Automakers fell. General Motors lost 97 cents, or 3 percent, to $38.14 and Ford fell 50 cents, or 3 percent, to $16.56, despite what auto industry analysts considered mostly positive sales reports for November.

The sell-off auto stocks cams as a surprise to industry analysts. Chrysler said sales rose 16 percent in November compared with a year ago, while GM and Ford's sales increased 14 percent and 7 percent, respectively. Overall, the industry reported a 9 percent year-over-year sales gain.

Investors are waiting for several economic reports later this week that could influence whether the Fed will pare back its $85 billion-a-month bond-buying program, which is designed to keep interest rates low and stimulate the economy.

The NYSE DOW closed LOWER ▼ -94.15 points or ▼ -0.59% on Tuesday, 3 December 2013
Symbol …........Last ......Change.....
Dow_Jones 15914.62 ▼ -94.15 ▼ -0.59%
Nasdaq___ 4037.2 ▼ -8.06 ▼ -0.20%
S&P_500__ 1795.15 ▼ -5.75 ▼ -0.32%
30_Yr_Bond 3.837 ▼ -0.023 ▼ -0.60%

NYSE Volume 3,455,097,000
Nasdaq Volume 1,856,364,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6532.43 ▼ -62.9 ▼ -0.95%
DAX_____ 9223.4 ▼ -178.56 ▼ -1.90%
CAC_40__ 4172.44 ▼ -113.37 ▼ -2.65%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5249.6 ▼ -23.9 ▼ -0.45%
Shanghai_Comp 2222.67 ▲ 15.3 ▲ 0.69%
Taiwan_Weight 8392.55 ▼ -22.06 ▼ -0.26%
Nikkei_225____ 15749.66 ▲ 94.59 ▲ 0.60%
Hang_Seng____ 23910.47 ▼ -128.08 ▼ -0.53%
Strait_Times___ 3187.67 ▼ -1.09 ▼ -0.03%
NZX_50_Index__ 4783.85 ▼ -8.48 ▼ -0.18%

http://finance.yahoo.com/news/stocks-sink-us-consumer-spending-214722560.html


Stocks sink as US consumer spending worries deepen

Stocks sink as investors worry about Fed winding down stimulus and weak US consumer spending

By Ken Sweet, AP Markets Writer

After eight weeks of gains, maybe the stock market pullback long anticipated by investors has arrived.

Stocks fell Tuesday, dragged lower by the Detroit automakers and consumer-focused companies such as GameStop and Amazon.com. The market could be headed for its first weekly decline since early October, putting at risk a remarkable rally that has sent indexes to record highs.

The declines do not come as a surprise to large investors, many of whom have been predicting a pullback. The S&P 500 has surged 26 percent this year, on track for its best year since the dot-com bull market of the late 1990s.

Stocks cannot go straight up all the time. For stocks to pause, decline or even enter a "correction," a Wall Street term for when an index falls 10 percent or more, would all be considered normal after eight straight weeks of gains.

"The markets may have stalled out here, but that must be taken in the context of what has been a great year," said Alec Young, global equity strategist with S&P Capital IQ.

The Dow Jones industrial average lost 94.15 points, or 0.6 percent, to 15,914.62. The Standard & Poor's 500 index fell 5.75 points, or 0.3 percent, to 1,795.15 and the Nasdaq composite fell 8.06 points, or 0.2 percent, to 4,037.20.

Companies that depend heavily on consumer spending had some of the biggest losses. GameStop, the video game retailer, sank $1.02, or 2 percent, to $45.95, one of the worst declines in the S&P 500 index. Amazon.com fell $7.64, or 2 percent, to $384.66.

Automakers fell. General Motors lost 97 cents, or 3 percent, to $38.14 and Ford fell 50 cents, or 3 percent, to $16.56, despite what auto industry analysts considered mostly positive sales reports for November.

The sell-off auto stocks cams as a surprise to industry analysts. Chrysler said sales rose 16 percent in November compared with a year ago, while GM and Ford's sales increased 14 percent and 7 percent, respectively. Overall, the industry reported a 9 percent year-over-year sales gain.

Investors are waiting for several economic reports later this week that could influence whether the Fed will pare back its $85 billion-a-month bond-buying program, which is designed to keep interest rates low and stimulate the economy.

"When you look at how markets have performed this year, some investors may have decided to cash in, put their feet up and drink eggnog," said Lawrence Creatura, a portfolio manager with Federated Investors.

On Friday, the government will release its monthly job market survey, one of the most closely watched indicators of the U.S. economy. Economists expect that employers created 180,000 jobs last month while the unemployment rate remained steady at 7.2 percent, according to FactSet, a financial information provider.

Investors have been seeing some encouraging economic news recently. A trade group reported Monday that manufacturing was growing in the U.S. at the fastest pace in two and a half years. The group also said factories were hiring at the quickest rate in 18 months.

A strong economy is good for corporate profits, and by extension the stock market, over the long term. But if the economy is getting closer to full strength, that means the Federal Reserve could have all the more reason to pull back its stimulus program, which has been supporting financial markets. The Fed's huge bond-buying program has been giving investors an incentive to buy stocks by making bonds look more expensive in comparison.

"The concern in the near term is that, since the economic data is picking up steam, the Fed could pull back as soon as January," Young said.

On Thursday investors will have other important economic news to consider, an updated report on U.S. economic growth. Economists expect the economy expanded at a 3.2 percent annual rate last quarter.

A key worry for investors these days is how willing U.S. consumers are to spend during the holiday shopping season, which is just getting underway.

The National Retail Federation said Monday that a record number of consumers went shopping over the four-day Thanksgiving weekend. However, the average amount spent by each shopper fell compared with the same period last year, the first decline since the trade group began tracking the figures in 2006.

In company news:

Yum Brands fell $2.10, or 3 percent, to $75.61. The owner of KFC and Taco Bell said sales in China, a key market for the company, have been sluggish because of concerns among Chinese customers about food safety.

Abercrombie & Fitch rose $1.97, or 6 percent, to $35.99. The stock of the teen clothing store owner rose after an activist shareholder, Engaged Capital, sent a letter to the company demanding that CEO Michael Jeffries be replaced.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market continued its sluggish start to the month on Wednesday.

Stocks fell as investors weighed conflicting economic reports and assessed the outlook for the Federal Reserve's economic stimulus program.

The market was lower in early trading after a payroll company reported that U.S. businesses added the most jobs in a year last month as manufacturing and construction expanded. Investors worried that this latest sign of economic expansion could mean that the Fed will pull back on its stimulus sooner than previously expected.

Indexes reversed course in mid-morning trading after another survey showed weakness in the U.S. service sector last month. The Institute for Supply Management said its service-sector index fell to the lowest level since June, indicating that cautious spending by consumers and businesses may be slowing growth.

By midday stocks began sliding again and the Standard & Poor's 500 index closed lower for the fourth straight day, its longest losing streak in more than two months.

The latest bout of investor anxiety about the Fed's plans for its stimulus program comes ahead of the government's closely watched monthly employment report due out on Friday. The Fed's $85 billion in monthly bond purchases have been supporting financial markets and giving investors an incentive to buy stocks by making bonds seem relatively expensive. The Fed's program is aimed at supporting the economy by keeping long-term interest rates very low to encourage borrowing and hiring.

After surging this year, stocks have had a slow start to December, statistically one of the strongest months for the market. The S&P 500 index has dropped 0.7 percent so far, paring its annual gain to 25.7 percent. The big gains have left some investors nervous about adding to their holdings, lest they buy at the peak in the market.

"Things have been up and down," said Bob Gavlak, a wealth adviser with Strategic Wealth Partners. "There's some general angst about whether the market is overvalued and when is it going to come back down."

Sears was among the biggest losers on Wednesday.

The stock fell $4.63, or 8.3 percent, to $50.92 after the company's CEO, the billionaire hedge-fund manager Eddie Lampert, who is also chairman and chief executive of Sears, reduced his stake in the department store chain to less than half.

CF Industries was the biggest gainer in the Standard & Poor's 500 index, surging $22.88, or 10.7 percent, to $237.07 after the fertilizer company told investors that it was evaluating whether to increase its dividends over time and said it expected to have "significant" additional cash to give to shareholders.

The Dow Jones industrial average fell 24.85 points, or 0.2 percent, to 15,889.77. The S&P 500 index fell 2.34 points, or 0.1 percent, to 1,792.81. The Nasdaq composite edged up 0.80 point to 4,038.

As stocks slumped, the yield on the 10-year Treasury note rose to its highest level in more than two months.

The NYSE DOW closed LOWER ▼ -24.85 points or ▼ -0.16% on Wednesday, 4 December 2013
Symbol …........Last ......Change.....
Dow_Jones 15889.77 ▼ -24.85 ▼ -0.16%
Nasdaq___ 4038 ▲ 0.8 ▲ 0.02%
S&P_500__ 1792.81 ▼ -2.34 ▼ -0.13%
30_Yr_Bond 3.905 ▲ 0.068 ▲ 1.77%

NYSE Volume 3,597,969,750
Nasdaq Volume 1,863,681,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6509.97 ▼ -22.46 ▼ -0.34%
DAX_____ 9140.63 ▼ -82.77 ▼ -0.90%
CAC_40__ 4148.52 ▼ -23.92 ▼ -0.57%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5267.5 ▲ 17.9 ▲ 0.34%
Shanghai_Comp 2251.76 ▲ 29.09 ▲ 1.31%
Taiwan_Weight 8418 ▲ 25.45 ▲ 0.30%
Nikkei_225____ 15407.94 ▼ -341.72 ▼ -2.17%
Hang_Seng____ 23728.7 ▼ -181.77 ▼ -0.76%
Strait_Times___ 3160.7 ▼ -26.97 ▼ -0.85%
NZX_50_Index__ 4734.15 ▼ -49.7 ▼ -1.04%

http://finance.yahoo.com/news/stocks-struggle-investors-weigh-economic-212946329.html


Stocks struggle as investors weigh economic news

Stocks edge lower as investors weigh economic news and the outlook for the Fed's stimulus

By Steve Rothwell, AP Markets Writer

The stock market continued its sluggish start to the month on Wednesday.

Stocks fell as investors weighed conflicting economic reports and assessed the outlook for the Federal Reserve's economic stimulus program.

The market was lower in early trading after a payroll company reported that U.S. businesses added the most jobs in a year last month as manufacturing and construction expanded. Investors worried that this latest sign of economic expansion could mean that the Fed will pull back on its stimulus sooner than previously expected.

Indexes reversed course in mid-morning trading after another survey showed weakness in the U.S. service sector last month. The Institute for Supply Management said its service-sector index fell to the lowest level since June, indicating that cautious spending by consumers and businesses may be slowing growth.

By midday stocks began sliding again and the Standard & Poor's 500 index closed lower for the fourth straight day, its longest losing streak in more than two months.

The latest bout of investor anxiety about the Fed's plans for its stimulus program comes ahead of the government's closely watched monthly employment report due out on Friday. The Fed's $85 billion in monthly bond purchases have been supporting financial markets and giving investors an incentive to buy stocks by making bonds seem relatively expensive. The Fed's program is aimed at supporting the economy by keeping long-term interest rates very low to encourage borrowing and hiring.

After surging this year, stocks have had a slow start to December, statistically one of the strongest months for the market. The S&P 500 index has dropped 0.7 percent so far, paring its annual gain to 25.7 percent. The big gains have left some investors nervous about adding to their holdings, lest they buy at the peak in the market.

"Things have been up and down," said Bob Gavlak, a wealth adviser with Strategic Wealth Partners. "There's some general angst about whether the market is overvalued and when is it going to come back down."

Sears was among the biggest losers on Wednesday.

The stock fell $4.63, or 8.3 percent, to $50.92 after the company's CEO, the billionaire hedge-fund manager Eddie Lampert, who is also chairman and chief executive of Sears, reduced his stake in the department store chain to less than half.

CF Industries was the biggest gainer in the Standard & Poor's 500 index, surging $22.88, or 10.7 percent, to $237.07 after the fertilizer company told investors that it was evaluating whether to increase its dividends over time and said it expected to have "significant" additional cash to give to shareholders.

The Dow Jones industrial average fell 24.85 points, or 0.2 percent, to 15,889.77. The S&P 500 index fell 2.34 points, or 0.1 percent, to 1,792.81. The Nasdaq composite edged up 0.80 point to 4,038.

As stocks slumped, the yield on the 10-year Treasury note rose to its highest level in more than two months.

The yield on the 10-year note climbed to 2.84 percent from 2.78 percent on Tuesday, resuming its upward trajectory on signs that the economy is maintaining its recovery. In September the yield climbed as high as 3 percent amid speculation that the Fed was set to announce that it would cut back on its economic stimulus.

Investors are following Treasury rates closely because they are used as a benchmark for setting many kinds of borrowing rates, such as those on mortgages.

However, it will be the speed at which interest rates climb, rather than the absolute level that they reach, that will be crucial for the economy and the stock market, said Quincy Krosby, a market strategist at Prudential Financial.

"Markets can get used to a gradual move," said Krosby.

The stock market has had an outstanding year. The Dow Jones industrial average and the S&P 500 index have climbed to record levels. The only two months when the stock market declined both occurred when investors thought the Fed was poised to ease back on its stimulus.

While higher rates will push up borrowing costs, stock investors should welcome the end of stimulus because it shows the economy is strengthening, said Doug Cote, chief market strategist at ING Investment Management.

"Ultimately, it's a good thing," said Cote. "It means the economy is standing on its own two feet."

In commodities trading, oil rose $1.16, or 1.2 percent, to $97.20 a barrel. Gold climbed $26.40, or 4 percent, to $1,247.20 an ounce.

Among stocks making big moves:

”” Deere & Co. rose $2.67, or 3.2 percent, to $85.38 after the farm equipment maker's board of directors approved an increase to the company's stock buyback program.

”” Express fell $5.67, or 23 percent, to $19 after the clothing retailer reported earnings that missed analysts' estimates and lowered its full-year earnings forecast.

 

[bigdog]

Source: http://finance.yahoo.com

The outlook for hiring is improving and the economy is growing at its fastest pace in more than a year, so what's the bad news for the stock market?

Stocks fell Thursday after the government reported that the number of Americans applying for unemployment benefits dropped to the lowest in nearly six years last week. Also, the U.S. economy grew at a 3.6 percent annual rate from July through September, the fastest since early 2012.

Investors believe the encouraging signs on the economy will push the Federal Reserve closer to pulling back on its $85 billion-a-month bond-buying program. That stimulus, which is intended to hold down interest rates, has been helping to power this year's record-setting run in the stock market.

The Standard & Poor's 500 index dropped for the fifth time in a row, matching its longest losing streak since September.

"If they do cut the bond purchases, the knee-jerk reaction for the market will be to move down," said Chris Gaffney, a senior market strategist at EverBank.

The S&P 500 index fell 7.78 points, or 0.4 percent, to 1,785.03. The Dow Jones industrial average fell 68.26 points, or 0.4 percent, to 15,821.51. The Nasdaq composite declined 4.84 points, or 0.1 percent, at 4,033.16.

Earlier in the week, there were strong reports on manufacturing and construction. Investors will get more insight into how the U.S. economy is doing on Friday, when the government releases its monthly jobs report.

While few investors think that the Fed will announce a reduction to its bond purchases at its meeting this month, many believe policy makers could make the move in March.

The NYSE DOW closed LOWER ▼ -68.26 points or ▼ -0.43% on Thursday, 5 December 2013
Symbol …........Last ......Change.....
Dow_Jones 15821.51 ▼ -68.26 ▼ -0.43%
Nasdaq___ 4033.17 ▼ -4.84 ▼ -0.12%
S&P_500__ 1785.03 ▼ -7.78 ▼ -0.43%
30_Yr_Bond 3.914 ▲ 0.009 ▲ 0.23%

NYSE Volume 3,316,274,500
Nasdaq Volume 1,860,696,380

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6498.33 ▼ -11.64 ▼ -0.18%
DAX_____ 9084.95 ▼ -55.68 ▼ -0.61%
CAC_40__ 4099.91 ▼ -48.61 ▼ -1.17%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5196.9 ▼ -70.6 ▼ -1.34%
Shanghai_Comp 2247.06 ▼ -4.7 ▼ -0.21%
Taiwan_Weight 8375.54 ▼ -42.46 ▼ -0.50%
Nikkei_225____ 15177.49 ▼ -230.45 ▼ -1.50%
Hang_Seng____ 23712.57 ▼ -16.13 ▼ -0.07%
Strait_Times___ 3124.38 ▼ -36.32 ▼ -1.15%
NZX_50_Index__ 4719.95 ▼ -14.21 ▼ -0.30%

http://finance.yahoo.com/news/stocks-fall-wall-street-retailers-171941109.html

Stocks fall on Wall Street; Retailers slump

Stocks edge lower as positive economic reports lead to speculation of Fed exit from stimulus

By Steve Rothwell, AP Markets Writer

The outlook for hiring is improving and the economy is growing at its fastest pace in more than a year, so what's the bad news for the stock market?

Stocks fell Thursday after the government reported that the number of Americans applying for unemployment benefits dropped to the lowest in nearly six years last week. Also, the U.S. economy grew at a 3.6 percent annual rate from July through September, the fastest since early 2012.

Investors believe the encouraging signs on the economy will push the Federal Reserve closer to pulling back on its $85 billion-a-month bond-buying program. That stimulus, which is intended to hold down interest rates, has been helping to power this year's record-setting run in the stock market.

The Standard & Poor's 500 index dropped for the fifth time in a row, matching its longest losing streak since September.

"If they do cut the bond purchases, the knee-jerk reaction for the market will be to move down," said Chris Gaffney, a senior market strategist at EverBank.

The S&P 500 index fell 7.78 points, or 0.4 percent, to 1,785.03. The Dow Jones industrial average fell 68.26 points, or 0.4 percent, to 15,821.51. The Nasdaq composite declined 4.84 points, or 0.1 percent, at 4,033.16.

Earlier in the week, there were strong reports on manufacturing and construction. Investors will get more insight into how the U.S. economy is doing on Friday, when the government releases its monthly jobs report.

While few investors think that the Fed will announce a reduction to its bond purchases at its meeting this month, many believe policy makers could make the move in March.

Several retailers fell after reporting disappointing results. L Brands, the owner of Victoria's Secret, Bath & Body Works and other stores, lost $1.07, or 1.7 percent, to $62.18 after reporting that its sales dropped 5 percent last month.

Gaming company Electronic Arts was the biggest decliner in the S&P 500 index after Forbes reported that the company had been forced to delay future games from one of its developers due to ongoing problems with its Battlefield 4 game. The company's stock fell $1.33, or 6 percent, to $21.01.

The S&P 500 index has dipped 1.2 percent since the start of the month and is on course to log its first weekly decline in nine weeks. The loss has pared this year's advance to 25.2 percent.

Stocks have been surging this year as the Fed's stimulus helped keep the economic recovery on track and as corporations produced record profits. Low interest rates have also made stocks more attractive in comparison to bonds.

The stock market may also be sliding this month as investors sell some of their best-performing holdings given the strong returns this year, said Natalie Trunow, chief investment officer at Calvert Investments, an asset management company.

"I just don't know if folks will try to squeeze another percentage point (out of the market), or just sell and go home," said Trunow.

In government bond trading, the yield on the 10-year Treasury note rose to 2.87 percent from 2.83 percent Wednesday. The yield is the highest it's been in more than two months as traders expect the Fed to reduce its bond purchases.

In commodities trading, the price of oil rose 18 cents, or 0.2 percent, to $97.38 a barrel. Gold fell $15.30, or 1.2 percent, to $1,231.90 an ounce.

Among other stocks making big moves:

”” Microsoft fell 94 cents, or 1.4 percent, to $38 after Bloomberg reported a Ford company director as saying that CEO Alan Mulally was staying at the automaker until the end of next year. Mulally is considered one of the leading candidates to take the top job at the software company.

”” Morgan Stanley slumped 92 cents, or 3 percent, to $30.21 after analysts at Deutsche Bank cut its rating on the bank's stock to "hold" from "buy," saying volatile trading in bond markets may hurt the bank's earnings.

”” Dollar General rose $3.44, or 6.1 percent, to $59.81 after the retailer's earnings topped the estimates of analysts who follow the stock. Dollar General's net income rose as traffic improved and shoppers spent more per transaction.

 

[bigdog]

Source: http://finance.yahoo.com

Good news was finally good news for the stock market on Friday.

Stocks rose sharply after the government reported a fourth straight month of solid U.S. job gains, the latest encouraging sign for the economy.

The strengthening job market focused investors on the nation's improving economy instead of concerns about the Federal Reserve's stimulus, snapping a five-day losing streak for stocks.

Stocks had been falling this week after a string of positive economic reports made investors worry that the Fed would soon pull back on its $85 billion in monthly bond purchases, which have kept long-term interest rates low and supported the stock market.

Now that hiring is showing consistent strength, investors seem to be letting go of their worry that the economy isn't ready for the Fed to start weaning the U.S. off that stimulus.

"The jobs report was outstanding," said Randy Frederick, a director of trading and derivatives at Charles Schwab. "It's refreshing to see the markets react positively, because we've been in a mode for so long of 'good news is bad news.'"

Employers added 203,000 jobs last month after adding 200,000 in October, the Labor Department announced before the U.S. stock market opened on Friday. November's job gain helped lower the unemployment rate to 7 percent from 7.3 percent in October.

Stocks jumped at the open and moved higher throughout the day. The Dow Jones industrial average rose by as much as 200 points in early afternoon trading before easing back slightly before the close.

The Dow closed up 198.69 points, or 1.3 percent, to 16,020.20. The Standard & Poor's 500 index rose 20.06 points, or 1.1 percent, to 1,805.09, its biggest gain in a month. The Nasdaq composite climbed 29.36, or 0.7 percent, to 4,062.52.

All 10 sectors in the S&P 500 index rose. Industrial stocks and others that tend to rise the most when the economy is growing posted some of the biggest gains. The jobs report showed that manufacturers added 27,000 jobs, the most since March 2012.

Friday's gains ended a mini-slump for the market in December. Fears of the Fed pulling back on its stimulus had made traders nervous when they saw the slew of good economic reports.

The good-news-is-bad-news attitude has at times stalled the market's impressive run-up this year.

The S&P 500 index fell 1.5 percent in June when Fed chairman Ben Bernanke said that policy makers could start scaling back stimulus later in the year. In August, the market dipped again, falling 3.1 percent, as bond yields climbed in anticipation of the end of stimulus.

But those were brief interruptions. The S&P 500 has surged 26.6 percent in 2013, putting it on track for its best year since 1998.

The NYSE DOW closed HIGHER ▲ 198.69 points or ▲ 1.26% on Friday, 6 December 2013
Symbol …........Last ......Change.....
Dow_Jones 16020.2 ▲ 198.69 ▲ 1.26%
Nasdaq___ 4062.52 ▲ 29.36 ▲ 0.73%
S&P_500__ 1805.09 ▲ 20.06 ▲ 1.12%
30_Yr_Bond 3.917 ▲ 0.003 ▲ 0.08%

NYSE Volume 3,146,113,000
Nasdaq Volume 1,713,872,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6551.99 ▲ 53.66 ▲ 0.83%
DAX_____ 9172.41 ▲ 87.46 ▲ 0.96%
CAC_40__ 4129.37 ▲ 29.46 ▲ 0.72%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5186 ▼ -10.9 ▼ -0.21%
Shanghai_Comp 2237.11 ▼ -9.96 ▼ -0.44%
Taiwan_Weight 8367.72 ▼ -7.82 ▼ -0.09%
Nikkei_225____ 15299.86 ▲ 122.37 ▲ 0.81%
Hang_Seng____ 23743.1 ▲ 30.53 ▲ 0.13%
Strait_Times___ 3114.17 ▼ -10.21 ▼ -0.33%
NZX_50_Index__ 4713.52 ▼ -6.43 ▼ -0.14%

http://finance.yahoo.com/news/stock-market-jumps-strong-jobs-205552167.html


Stock market jumps after strong jobs report

Stocks move sharply higher, breaking 5-day slump, as investors gain confidence in the economy

By Steve Rothwell, AP Markets Writer

Good news was finally good news for the stock market on Friday.

Stocks rose sharply after the government reported a fourth straight month of solid U.S. job gains, the latest encouraging sign for the economy.

The strengthening job market focused investors on the nation's improving economy instead of concerns about the Federal Reserve's stimulus, snapping a five-day losing streak for stocks.

Stocks had been falling this week after a string of positive economic reports made investors worry that the Fed would soon pull back on its $85 billion in monthly bond purchases, which have kept long-term interest rates low and supported the stock market.

Now that hiring is showing consistent strength, investors seem to be letting go of their worry that the economy isn't ready for the Fed to start weaning the U.S. off that stimulus.

"The jobs report was outstanding," said Randy Frederick, a director of trading and derivatives at Charles Schwab. "It's refreshing to see the markets react positively, because we've been in a mode for so long of 'good news is bad news.'"

Employers added 203,000 jobs last month after adding 200,000 in October, the Labor Department announced before the U.S. stock market opened on Friday. November's job gain helped lower the unemployment rate to 7 percent from 7.3 percent in October.

Stocks jumped at the open and moved higher throughout the day. The Dow Jones industrial average rose by as much as 200 points in early afternoon trading before easing back slightly before the close.

The Dow closed up 198.69 points, or 1.3 percent, to 16,020.20. The Standard & Poor's 500 index rose 20.06 points, or 1.1 percent, to 1,805.09, its biggest gain in a month. The Nasdaq composite climbed 29.36, or 0.7 percent, to 4,062.52.

All 10 sectors in the S&P 500 index rose. Industrial stocks and others that tend to rise the most when the economy is growing posted some of the biggest gains. The jobs report showed that manufacturers added 27,000 jobs, the most since March 2012.

General Electric rose 49 cents, or 2 percent, to $26.94. Plane maker Boeing increased $2.45, or 2 percent, to $135.18.

"Now we're getting investors trading more on fundamentals and long-term earnings for next year," said Mike Serio, regional Chief Investment Officer for Wells Fargo Private Bank. "There may be some backbone to the economy."

Friday's jobs news follows other upbeat signals this week on housing, manufacturing and economic growth.

Signs that the recovery is becoming more entrenched may lure more buyers back into the stock market, supporting prices, said JJ Kinahan, chief derivatives strategist at TD Ameritrade. Despite steady gains for the market over the last five years, some investors have remained wary after the collapse of 2008.

"We're seeing good numbers," Kinahan said. "Does this encourage people who have been underinvested all year to come in and spend some money on the market?"

Friday's gains ended a mini-slump for the market in December. Fears of the Fed pulling back on its stimulus had made traders nervous when they saw the slew of good economic reports.

The good-news-is-bad-news attitude has at times stalled the market's impressive run-up this year.

The S&P 500 index fell 1.5 percent in June when Fed chairman Ben Bernanke said that policy makers could start scaling back stimulus later in the year. In August, the market dipped again, falling 3.1 percent, as bond yields climbed in anticipation of the end of stimulus.

But those were brief interruptions. The S&P 500 has surged 26.6 percent in 2013, putting it on track for its best year since 1998.

Corporations have kept growing their earnings and the Fed's stimulus has kept bond yields low, making stocks a more attractive investment relative to bonds.

Fed policy makers have stressed that a gradual reduction in stimulus won't necessarily lead directly to higher short-term lending rates.

"The Fed has been trying for several months now to get the market to realize that tapering and tightening aren't the same thing," said Schwab's Frederick. "The market is finally realizing that."

In U.S. government bond trading, the yield on the 10-year Treasury note fell to 2.86 percent, from 2.87 percent Thursday.

The bond market's muted reaction to the strong jobs report may have been because the Fed was buying debt securities, said Jack Ablin, chief investment officer at BMO Private Bank. The central bank was scheduled to buy between $4.25 billion and $5.25 billion of Treasury notes on Friday, according to its monthly purchasing schedule, Ablin said.

Opinion among analysts is still divided as to when the Fed will start to cut back its purchases. Most believe that policy makers will want to see a longer trend of improving economic data before they start winding down. That makes a move at their next meeting, Dec. 17-18, unlikely.

"Everyone is still looking at the Fed beginning to reduce its bond purchases sometime next year," said Kate Warne, a research principal at investment adviser Edward Jones. "The data was strong, but it wasn't strong enough to change anything from yesterday."

The Fed's first two meetings next year are in January and March.

Among stocks making big moves;

”” Intel rose 56 cents, or 2.3 percent, to $24.82, after a Citigroup analyst upgraded the company's stock to "buy" from "neutral" because PC demand had stabilized.

”” J.C. Penney fell 77 cents, or 8.7 percent, to $8.08 after the struggling retailer said late Thursday that the Securities and Exchange Commission is looking into its liquidity, debt and other financial matters, raising concerns about the company's financial health.

”” Barnes & Noble has also been talking to the SEC. The company's stock fell $1.96, or 12 percent, to $14.43 on Friday after the bookseller said it was cooperating with the regulator on an investigation into its accounting.

7755

 

[bigdog]

Source: http://finance.yahoo.com

The stock market notched another record close Monday after a big acquisition in the food industry. Hope for a longer-term budget deal in Washington also helped.

Food distributor Sysco rose the most in the Standard & Poor's 500 index after the company announced an agreement to buy rival US Foods in an $8.2 billion deal. Sysco's stock jumped $3.31, or 9.7 percent, to $37.62.

Stocks extended a rally from Friday that was driven by a report of solid U.S. job gains. That boosted investor confidence that the economy was growing strongly enough to handle any pullback in the Federal Reserve's economic stimulus.

"We're just continuing the bullishness that we've had," said Rex Macey, Chief Investment Officer of Wilmington Trust Investment Advisors, a unit of Wilmington Trust Bank.

The S&P 500 index climbed 3.28 points, or 0.2 percent, to 1,808.37. That put the index a point above its previous record close of 1,807.23 set November 27.

Other indexes also made small gains. The Dow Jones industrial average rose 5.33 points, less than 0.1 percent, to 16,025.53. The Nasdaq composite increased 6.23 points, or 0.2 percent, to 4,068.75.

Stocks were also supported by reports that U.S. lawmakers were moving closer to reaching a longer-term budget deal, said Bill Stone, chief investment strategist at PNC Wealth Management Group.

Dick Durbin, the No. 2 Democrat in the Senate, said Sunday on ABC that budget negotiations are making progress and moving in the right direction.

The stock market stuttered in October after political wrangling over the budget caused a 16-day partial government shutdown that crimped economic growth and hurt consumer confidence.

A budget deal "could be viewed as positive, in the sense that it is putting to bed one more possible disruption," Stone said.

In other corporate news, American Airlines rose 65 cents, or 2.7 percent, to $24.60 on the company's first day of trading after completing its merger with US Airways.

There were no major economic reports for investors to focus on.

The stock market has climbed to record levels this year as corporations have kept increasing their earnings and the Fed has kept up its $85 billion-a-month bond purchasing program. The Fed's purchases have pushed up bond prices, lowered interest rates and encouraged investors to buy stocks.

Fed policymakers will meet next week, though few analysts are predicting that they will make changes to their bond-buying program. The meeting runs from Dec. 17 to Dec. 18.

The NYSE DOW closed HIGHER ▲ 5.33 points or ▲ 0.03% on Monday, 9 December 2013
Symbol …........Last ......Change.....
Dow_Jones 16025.53 ▲ 5.33 ▲ 0.03%
Nasdaq___ 4068.75 ▲ 6.23 ▲ 0.15%
S&P_500__ 1808.37 ▲ 3.28 ▲ 0.18%
30_Yr_Bond 3.889 ▼ -0.028 ▼ -0.71%

NYSE Volume 3,126,186,250
Nasdaq Volume 1,703,228,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6559.48 ▲ 7.49 ▲ 0.11%
DAX_____ 9195.17 ▲ 22.76 ▲ 0.25%
CAC_40__ 4134.1 ▲ 4.73 ▲ 0.11%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5148.4 ▼ -37.6 ▼ -0.73%
Shanghai_Comp 2238.2 ▲ 1.09 ▲ 0.05%
Taiwan_Weight 8444.62 ▲ 76.9 ▲ 0.92%
Nikkei_225____ 15650.21 ▲ 350.35 ▲ 2.29%
Hang_Seng____ 23811.17 ▲ 68.07 ▲ 0.29%
Strait_Times___ 3113.64 ▼ -0.53 ▼ -0.02%
NZX_50_Index__ 4718.31 ▲ 4.78 ▲ 0.10%

http://finance.yahoo.com/news/p-500-index-notches-another-214736697.html


S&P 500 index notches another record close

Standard & Poor's 500 index ekes out a record close; Sysco surges on $8.2 billion acquisition

By Steve Rothwell, AP Markets Writer

The stock market notched another record close Monday after a big acquisition in the food industry. Hope for a longer-term budget deal in Washington also helped.

Food distributor Sysco rose the most in the Standard & Poor's 500 index after the company announced an agreement to buy rival US Foods in an $8.2 billion deal. Sysco's stock jumped $3.31, or 9.7 percent, to $37.62.

Stocks extended a rally from Friday that was driven by a report of solid U.S. job gains. That boosted investor confidence that the economy was growing strongly enough to handle any pullback in the Federal Reserve's economic stimulus.

"We're just continuing the bullishness that we've had," said Rex Macey, Chief Investment Officer of Wilmington Trust Investment Advisors, a unit of Wilmington Trust Bank.

The S&P 500 index climbed 3.28 points, or 0.2 percent, to 1,808.37. That put the index a point above its previous record close of 1,807.23 set November 27.

Other indexes also made small gains. The Dow Jones industrial average rose 5.33 points, less than 0.1 percent, to 16,025.53. The Nasdaq composite increased 6.23 points, or 0.2 percent, to 4,068.75.

Stocks were also supported by reports that U.S. lawmakers were moving closer to reaching a longer-term budget deal, said Bill Stone, chief investment strategist at PNC Wealth Management Group.

Dick Durbin, the No. 2 Democrat in the Senate, said Sunday on ABC that budget negotiations are making progress and moving in the right direction.

The stock market stuttered in October after political wrangling over the budget caused a 16-day partial government shutdown that crimped economic growth and hurt consumer confidence.

A budget deal "could be viewed as positive, in the sense that it is putting to bed one more possible disruption," Stone said.

In other corporate news, American Airlines rose 65 cents, or 2.7 percent, to $24.60 on the company's first day of trading after completing its merger with US Airways.

There were no major economic reports for investors to focus on.

The stock market has climbed to record levels this year as corporations have kept increasing their earnings and the Fed has kept up its $85 billion-a-month bond purchasing program. The Fed's purchases have pushed up bond prices, lowered interest rates and encouraged investors to buy stocks.

Fed policymakers will meet next week, though few analysts are predicting that they will make changes to their bond-buying program. The meeting runs from Dec. 17 to Dec. 18.

Improvements in the labor market since September last year, when the Fed started its most recent round of stimulus, provided the most powerful argument for reducing bond purchases, St. Louis Fed President James Bullard said on Monday. Bullard, a voting member of the Fed's policy committee, was speaking in St. Louis.

In government bond trading, the yield on the 10-year Treasury note fell to 2.85 percent from 2.86 percent Friday.

In commodities trading, the price of oil fell 31 cents, or 0.3 percent, to $97.34 a barrel. Gold rose $5.20, or 0.4 percent, to $1,234.20 an ounce.

Among other stocks making big moves:

”” Twitter climbed $4.19, or 9.3 percent, to $49.14, its highest close since going public last month. The company said last week that it was developing its targeted ads based on user's web browsing history.

”” Edwards Lifesciences slipped $3.56, or 5.4 percent, to $62.73 after the Wall Street Journal reported that the company forecast lower sales of its Sapien heart valves.

”” McDonald's fell $1.08, or 1.1 percent, to $95.72 after the company said a key sales figure fell last month. Sales at U.S. restaurants open at least a year fell 0.8 percent.

 

[bigdog]

Source: http://finance.yahoo.com

Stocks fell modestly Tuesday as investors took a breather from a market that notched yet another record high the day before.

The market has hit several all-time highs in recent months, but with the holiday season and end of the year approaching many investors expect the market to be calm as 2013 winds down.

"It's quiet, and the only trading that will go on the rest of this year will be people selling for tax reasons and window dressing," said Jack Ablin, chief investment officer for BMO Private Bank, which manages $66 billion of assets.

It's a common practice for portfolio managers, in the last couple weeks of the year, to close out positions, sell off poor-performing stocks and try to make portfolios look as good as they possibly can when they mail their year-end statements to investors. On Wall Street, the practice is sometimes called "window dressing."

The Dow Jones industrial average fell 52.40 points, or 0.3 percent, to 15,973.13.

The Standard & Poor's 500 index lost 5.75 points, or 0.3 percent, to 1,802.62. The index hit an all-time high Monday.

The Nasdaq composite lost 8.26 points, or 0.2 percent, to 4,060.49.

Banking stocks were mostly higher after investors got some clarity on new regulations.

Federal regulators voted to approve the Volcker Rule, which bars banks from betting on the market with their own money. The Federal Deposit Insurance Corporation, the Securities and Exchange Commission and other federal agencies approved the rule, which will go into effect by July 2015 for the nation's largest banks.

Goldman Sachs increased $2.06, or 1.2 percent, to $169.73 and Morgan Stanley rose 38 cents, or 1.3 percent, to $30.77.

The Volcker rule is part of the Dodd-Frank financial reform law passed in 2010 in the aftermath of the financial crisis.

One of the few remaining events on the economic calendar this year is the Federal Reserve's two-day policy meeting next week. The Fed is widely expected to scale back its stimulus program in the coming months, but few investors expect it will do it next week so close to the end of the year.

The NYSE DOW closed LOWER ▼ -52.4 points or ▼ -0.33% on Tuesday, 10 December 2013
Symbol …........Last ......Change.....
Dow_Jones 15973.13 ▼ -52.4 ▼ -0.33%
Nasdaq___ 4060.49 ▼ -8.26 ▼ -0.20%
S&P_500__ 1802.62 ▼ -5.75 ▼ -0.32%
30_Yr_Bond 3.83 ▼ -0.06 ▼ -1.54%

NYSE Volume 3,081,924,500
Nasdaq Volume 1,836,694,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6523.31 ▼ -36.17 ▼ -0.55%
DAX_____ 9114.44 ▼ -80.73 ▼ -0.88%
CAC_40__ 4091.14 ▼ -42.96 ▼ -1.04%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5146.2 ▼ -2.2 ▼ -0.04%
Shanghai_Comp 2237.49 ▼ -0.71 ▼ -0.03%
Taiwan_Weight 8443.39 ▼ -1.23 ▼ -0.01%
Nikkei_225____ 15611.31 ▼ -38.9 ▼ -0.25%
Hang_Seng____ 23744.19 ▼ -66.98 ▼ -0.28%
Strait_Times___ 3081.72 ▼ -31.92 ▼ -1.03%
NZX_50_Index__ 4706.51 ▼ -11.8 ▼ -0.25%

http://finance.yahoo.com/news/stocks-lower-hitting-record-banks-172208826.html

Stocks lower after hitting record; banks in focus

US stocks ease in quiet trade after hitting record; Wall Street starts to close books on 2013

By Ken Sweet, AP Markets Writer

Stocks fell modestly Tuesday as investors took a breather from a market that notched yet another record high the day before.

The market has hit several all-time highs in recent months, but with the holiday season and end of the year approaching many investors expect the market to be calm as 2013 winds down.

"It's quiet, and the only trading that will go on the rest of this year will be people selling for tax reasons and window dressing," said Jack Ablin, chief investment officer for BMO Private Bank, which manages $66 billion of assets.

It's a common practice for portfolio managers, in the last couple weeks of the year, to close out positions, sell off poor-performing stocks and try to make portfolios look as good as they possibly can when they mail their year-end statements to investors. On Wall Street, the practice is sometimes called "window dressing."

The Dow Jones industrial average fell 52.40 points, or 0.3 percent, to 15,973.13.

The Standard & Poor's 500 index lost 5.75 points, or 0.3 percent, to 1,802.62. The index hit an all-time high Monday.

The Nasdaq composite lost 8.26 points, or 0.2 percent, to 4,060.49.

Banking stocks were mostly higher after investors got some clarity on new regulations.

Federal regulators voted to approve the Volcker Rule, which bars banks from betting on the market with their own money. The Federal Deposit Insurance Corporation, the Securities and Exchange Commission and other federal agencies approved the rule, which will go into effect by July 2015 for the nation's largest banks.

Goldman Sachs increased $2.06, or 1.2 percent, to $169.73 and Morgan Stanley rose 38 cents, or 1.3 percent, to $30.77.

The Volcker rule is part of the Dodd-Frank financial reform law passed in 2010 in the aftermath of the financial crisis.

One of the few remaining events on the economic calendar this year is the Federal Reserve's two-day policy meeting next week. The Fed is widely expected to scale back its stimulus program in the coming months, but few investors expect it will do it next week so close to the end of the year.

Economists expect the Fed to start pulling back, or "tapering," its economic stimulus in the first three months of 2014.

"No matter how you look at it, tapering is on its way," said Quincy Krosby, market strategist with Prudential Financial.

Twitter jumped $2.85, or 6 percent, to $51.99 after the company announced a new service called "tailored audiences," a platform will let advertisers focus on a specific group of people and target ads to them.

In other corporate news, Lululemon Athletica's founder said he would relinquish the company's chairmanship after his comments about the body type of potential customers caused a backlash. The yoga apparel retailer fell $1.22, or 2 percent, to $69.12.

General Motors named Mary Barra as its next CEO. She will replace Dan Akerson and will be the first woman to run a major U.S. car company. GM slipped 50 cents, or 1.2 percent, to $40.40. The U.S. government also said Tuesday that it had sold the last of its stake in the automaker, which it acquired following GM's 2009 bankruptcy and restructuring.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market fell the most in more than a month as investors assessed weak earnings reports from several U.S. companies.

Health care stocks had some of the biggest declines. Laboratory Corporation of America slumped after cutting its full-year earnings forecast. Quest Diagnostics, a major competitor, also dropped.

The broader stock market also fell. The Standard & Poor's 500 index has fallen six out of eight days in December, leaving it down 1.3 percent for the month.

The market may be succumbing to "buyer's fatigue" after a big rally this year, said Chris Bertelsen, chief investment officer at Global Financial Private Capital. The S&P 500 has surged 25 percent so far in 2013, putting it on track for its biggest annual increase in a decade.

"Anybody who thinks that it's up forever is certainly a neophyte to this business," said Bertelsen.

Another sign that investors' optimism on stocks may be flagging was a sharp drop in the Russell 2000, an index of small-company stocks. The index, which has surged 30 percent this year, leading the gains for major indexes, fell 1.6 percent Wednesday, the most in a month.

Investors also considered the impact of the latest budget deal in Washington, which will avert the immediate threat of another shutdown of the federal government. The 16-day shutdown in October crimped economic growth and hurt consumer confidence.

In the long run, the deal should be good for the stock market because it will allow investors to focus on the economy and the outlook for corporations rather than having to worry about politics, said Peter Sidoti, a former Wall Street analyst who now runs a company that focuses on analyzing small-company stocks.

"It just gets rid of the noise," said Sidoti, CEO of Sidoti & Co. "The less distractions that you have and the more that you have people focus on running their businesses, the better off we are."

The S&P 500 index fell 20.40 points, or 1.2 percent, to 1,782.22. It was the biggest slump for the index since Nov. 7.

The Dow Jones industrial average dropped 129.60 points, or 0.8 percent, to 15,843.53. The Nasdaq composite fell 56.68 points, or 1.4 percent, to 4,003.81.

The NYSE DOW closed LOWER ▼ -129.6 points or ▼ -0.81% on Wednesday, 11 December 2013
Symbol …........Last ......Change.....
Dow_Jones 15843.53 ▼ -129.6 ▼ -0.81%
Nasdaq___ 4003.81 ▼ -56.68 ▼ -1.40%
S&P_500__ 1782.22 ▼ -20.4 ▼ -1.13%
30_Yr_Bond 3.88 ▲ 0.051 ▲ 1.33%

NYSE Volume 3,481,535,500
Nasdaq Volume 1,890,594,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6507.72 ▼ -15.59 ▼ -0.24%
DAX_____ 9077.11 ▼ -37.33 ▼ -0.41%
CAC_40__ 4086.86 ▼ -4.28 ▼ -0.10%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5109.5 ▼ -36.7 ▼ -0.71%
Shanghai_Comp 2204.17 ▼ -33.33 ▼ -1.49%
Taiwan_Weight 8433.77 ▼ -9.62 ▼ -0.11%
Nikkei_225____ 15515.06 ▼ -96.25 ▼ -0.62%
Hang_Seng____ 23338.24 ▼ -405.95 ▼ -1.71%
Strait_Times___ 3060.74 ▼ -20.98 ▼ -0.68%
NZX_50_Index__ 4704.3 ▼ -2.2 ▼ -0.05%

http://finance.yahoo.com/news/us-stocks-slump-following-disappointing-173706309.html

US stocks slump following disappointing earnings

Stocks slide to biggest loss in a month following weak earnings; Health care companies slump

By Steve Rothwell, AP Markets Writer

The stock market fell the most in more than a month as investors assessed weak earnings reports from several U.S. companies.

Health care stocks had some of the biggest declines. Laboratory Corporation of America slumped after cutting its full-year earnings forecast. Quest Diagnostics, a major competitor, also dropped.

The broader stock market also fell. The Standard & Poor's 500 index has fallen six out of eight days in December, leaving it down 1.3 percent for the month.

The market may be succumbing to "buyer's fatigue" after a big rally this year, said Chris Bertelsen, chief investment officer at Global Financial Private Capital. The S&P 500 has surged 25 percent so far in 2013, putting it on track for its biggest annual increase in a decade.

"Anybody who thinks that it's up forever is certainly a neophyte to this business," said Bertelsen.

Another sign that investors' optimism on stocks may be flagging was a sharp drop in the Russell 2000, an index of small-company stocks. The index, which has surged 30 percent this year, leading the gains for major indexes, fell 1.6 percent Wednesday, the most in a month.

Investors also considered the impact of the latest budget deal in Washington, which will avert the immediate threat of another shutdown of the federal government. The 16-day shutdown in October crimped economic growth and hurt consumer confidence.

In the long run, the deal should be good for the stock market because it will allow investors to focus on the economy and the outlook for corporations rather than having to worry about politics, said Peter Sidoti, a former Wall Street analyst who now runs a company that focuses on analyzing small-company stocks.

"It just gets rid of the noise," said Sidoti, CEO of Sidoti & Co. "The less distractions that you have and the more that you have people focus on running their businesses, the better off we are."

The S&P 500 index fell 20.40 points, or 1.2 percent, to 1,782.22. It was the biggest slump for the index since Nov. 7.

The Dow Jones industrial average dropped 129.60 points, or 0.8 percent, to 15,843.53. The Nasdaq composite fell 56.68 points, or 1.4 percent, to 4,003.81.

Health care stocks slid 1.6 percent. Laboratory Corporation of America plunged $10.90, or 11 percent, to $88.25, the biggest decline in the S&P 500. Quest Diagnostics fell $3.40, or 5.8 percent, to $55.20.

Some investors also attributed Wednesday's slump to concern that the Federal Reserve could start to reduce its economic stimulus at its policy meeting that starts next Tuesday. That outcome appeared to become more likely following some strong economic reports recently, including a pickup in hiring last month.

The Fed has been buying $85 billion of bonds every month to hold down long-term interest rates. Ultimately, most investors see a potential reduction, or "tapering," of that stimulus as a positive signal that shows the economy is strengthening.

In the short run, however, any decrease in the Fed's huge bond purchases would likely create some anxiety in financial markets. The purchases have been driving bond prices higher and giving investors an incentive to buy stocks by making them seem less expensive in comparison.

Wednesday's drop "has probably more to do with anticipation of the Fed, than anything else," said Omar Aguilar, chief investment officer for equities at Schwab. "People are making the assumption that the tapering will happen sometime between now and February."

In government bond trading, the yield on the 10-year Treasury note rose to 2.85 percent from 2.80 percent on Tuesday.

In commodities trading, the price of oil fell $1.07, or 1.1 percent, to $97.44 a barrel. Gold fell $3.90, or 0.3 percent, to $1,257.20 an ounce.

Among other stocks making big moves:

”” Joy Global, fell $3.09, or 5.5 percent, to $53.15. The maker of mining equipment sank after posting earnings that fell short of analysts' forecasts.

”” Scripps Networks Interactive jumped $5.75, or 7.6 percent, to $81 after the media company said late Tuesday that the board of Discovery Communications discussed a possible bid for it.

”” MasterCard rose $26.96, or 3.5 percent, to $790.57 after announcing a 10-for-1 stock split. The company also raised its dividend and launched a $3.5 billion stock buyback program.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market fell to its lowest level in a month Thursday as investors worried that the end may be nearing for the Federal Reserve's support for the economy.

The Fed's stimulus efforts have been a key factor in the bull market that has pushed the Standard & Poor's 500 index almost 25 higher percent this year. Investors know it will end sooner or later. But the timing, and the fallout, are uncertain.

Until this month, stocks had risen for eight weeks straight. The S&P 500 set a record high as recently as Monday. But stocks posted their biggest declines since Nov. 7 on Wednesday, and dropped further on Thursday. Now they're on the verge of their second weekly loss in a row.

The Dow Jones industrial average closed down 104.10 points, or 0.7 percent, at 15,739.43. The S&P 500 fell 6.72 points, or 0.4 percent, to 1,775.50. The Nasdaq composite dropped 5.41 points, or 0.1 percent, to 3,998.40.

The Dow is still up 20 percent this year, and the Nasdaq has risen 32 percent.

"We don't think we're in a bubble, however we do know we're in an expensive market," said Marty Leclerc, chief investment officer and portfolio manager at Barrack Yard Advisors.

Leclerc said stocks have risen faster than earnings over the past couple of years, so it "wouldn't be unusual to have a step backwards even in the confines of a bull market run."

In economic news, the number of people seeking unemployment benefits rose to about where it was before the Great Recession.

Also, U.S. shoppers spent more money on appliances, furniture and cars in November. Spending had been muted for months heading into the crucial holiday shopping period, a worrisome sign for investors. Retail sales rose 0.7 percent last month, the biggest gain in five months. October sales were also revised higher.

That's the kind of economic data that has been interpreted to mean that the U.S. economy is strong enough for the Fed reduce, or "taper," as it's called on Wall Street, its stimulus program.

The NYSE DOW closed LOWER ▼ -104.1 points or ▼ -0.66% on Thursday, 12 December 2013
Symbol …........Last ......Change.....
Dow_Jones 15739.43 ▼ -104.1 ▼ -0.66%
Nasdaq___ 3998.4 ▼ -5.41 ▼ -0.14%
S&P_500__ 1775.5 ▼ -6.72 ▼ -0.38%
30_Yr_Bond 3.897 ▲ 0.017 ▲ 0.44%

NYSE Volume 3,377,369,500
Nasdaq Volume 1,850,719,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6445.25 ▼ -62.47 ▼ -0.96%
DAX_____ 9017 ▼ -60.11 ▼ -0.66%
CAC_40__ 4069.12 ▼ -17.74 ▼ -0.43%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5069.2 ▼ -40.3 ▼ -0.79%
Shanghai_Comp 2202.8 ▼ -1.37 ▼ -0.06%
Taiwan_Weight 8361.33 ▼ -72.44 ▼ -0.86%
Nikkei_225____ 15341.82 ▼ -173.24 ▼ -1.12%
Hang_Seng____ 23218.12 ▼ -120.12 ▼ -0.51%
Strait_Times___ 3059.04 ▼ -1.7 ▼ -0.06%
NZX_50_Index__ 4708.2 ▲ 3.89 ▲ 0.08%

http://finance.yahoo.com/news/us-stocks-fall-third-straight-213253705.html

US stocks fall for a third straight day

Stocks move lower on Wall Street as investors grow wary of a possible Fed exit from stimulus

By Joshua Freed, AP Business Writer

The stock market fell to its lowest level in a month Thursday as investors worried that the end may be nearing for the Federal Reserve's support for the economy.

The Fed's stimulus efforts have been a key factor in the bull market that has pushed the Standard & Poor's 500 index almost 25 higher percent this year. Investors know it will end sooner or later. But the timing, and the fallout, are uncertain.

Until this month, stocks had risen for eight weeks straight. The S&P 500 set a record high as recently as Monday. But stocks posted their biggest declines since Nov. 7 on Wednesday, and dropped further on Thursday. Now they're on the verge of their second weekly loss in a row.

The Dow Jones industrial average closed down 104.10 points, or 0.7 percent, at 15,739.43. The S&P 500 fell 6.72 points, or 0.4 percent, to 1,775.50. The Nasdaq composite dropped 5.41 points, or 0.1 percent, to 3,998.40.

The Dow is still up 20 percent this year, and the Nasdaq has risen 32 percent.

"We don't think we're in a bubble, however we do know we're in an expensive market," said Marty Leclerc, chief investment officer and portfolio manager at Barrack Yard Advisors.

Leclerc said stocks have risen faster than earnings over the past couple of years, so it "wouldn't be unusual to have a step backwards even in the confines of a bull market run."

In economic news, the number of people seeking unemployment benefits rose to about where it was before the Great Recession.

Also, U.S. shoppers spent more money on appliances, furniture and cars in November. Spending had been muted for months heading into the crucial holiday shopping period, a worrisome sign for investors. Retail sales rose 0.7 percent last month, the biggest gain in five months. October sales were also revised higher.

That's the kind of economic data that has been interpreted to mean that the U.S. economy is strong enough for the Fed reduce, or "taper," as it's called on Wall Street, its stimulus program.

"We get this taper mania, where every piece of economic data gets examined very closely," said Ryan Detrick, senior technical strategist with Schaeffer's Investment Research.

Detrick doesn't think that will happen as soon as this month. "I don't think the data's been strong enough for that," he said.

Social networking stocks continued to be strong. Facebook jumped $2.45, or 5 percent, to $51.83 after the stock was added to the S&P 500 index. Twitter rose $2.99, or almost 6 percent, to $55.33.

Lululemon Athletica plunged $7.96, or almost 12 percent, to $60.39 after the upscale yoga clothing maker said sales will be flat in the next quarter and revenue for the year will be less than it had predicted. Several gaffes have hurt sales of its $100 yoga pants and other products. In the spring Lululemon pulled some of its pants from stores after complaints that they became see-through. Two days ago, founder Chip Wilson stepped aside as chairman, and the company named a new CEO.

Hilton Worldwide, the world's largest hotel company, jumped $1.50, or 7.5 percent, to $21.50 on its first day of trading. The company raised $2.35 billion in its initial public offering, more than the $2.1 billion generated by Twitter's IPO last month.

Airlines rose, led by Southwest Airlines Co., which gained 82 cents, or 4.6 percent, to $18.79 after an upgrade by an analyst at Bank of America Merrill Lynch. United Continental Holdings Inc. rose $1.04, or 3 percent, to $37.62.

Networking company Ciena fell $1.59, or 7 percent, to $21.31 after quarterly earnings and its first-quarter outlook came in lower than expected.

Six of the 10 industry groups in the S&P 500 declined. The biggest losses were in consumer staples, technology, and health care stocks.

The yield on the 10-year Treasury note rose to almost 2.88 percent, from 2.85 percent on Wednesday.

 

[bigdog]

Source: http://finance.yahoo.com

The rally that has driven stocks to record highs paused this week as investors tried to figure out where things are headed next.

Stocks were mixed on Friday and posted their second weekly loss in a row. Indexes reached record highs as recently as Monday, but then declined.

How come? Investors may be nervous that stocks are overpriced, that stock prices have grown faster than justified by profits. They may be worried about conflict with Iran, or the debate over federal spending. Some are worried the Federal Reserve will decide next week to reduce its economic stimulus, which has boosted stock prices.

"It's a hiatus," said Frank Fantozzi, CEO of money management firm Planned Financial Services. "I really think there's nothing economically wrong."

Fantozzi noted that other bull markets have run for seven or eight years and peaked with higher prices compared to profits than what we're seeing now.

The Dow Jones industrial average rose 15.93 points, or 0.1 percent, to close at 15,755.36. The Standard & Poor's 500 index fell 0.18 points, or 0.01 percent, to 1,775.32. The Nasdaq composite rose 2.57 points, or 0.06 percent, to 4,000.98.

All three indexes fell for the week despite strong reports on employment, housing, and retail spending. Investors have been worried that the stronger the Fed thinks the economy is, the more likely it is to stop buying $85 billion per month in bonds. The purchases have been aimed at keeping interest rates low, which makes it cheaper to borrow.

That has sent investors into stocks as they seek higher returns. The big indexes are up 20 percent or more this year.

The central bank's policymaking committee meets next week and will announce any decisions on Wednesday.

Guessing when the stimulus will end has become a parlor game for investors. They are stuck between betting that it will end soon, meaning stocks could decline, versus betting that it will continue, bringing the bull market along with it.

The NYSE DOW closed HIGHER ▲ 15.93 points or ▲ 0.10% on Friday, 13 December 2013
Symbol …........Last ......Change.....
Dow_Jones 15755.36 ▲ 15.93 ▲ 0.10%
Nasdaq___ 4000.98 ▲ 2.57 ▲ 0.06%
S&P_500__ 1775.32 ▼ -0.18 ▼ -0.01%
30_Yr_Bond 3.87 ▼ -0.02 ▼ -0.62%

NYSE Volume 3,060,443,500
Nasdaq Volume 1,588,992,620

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6439.96 ▼ -5.29 ▼ -0.08%
DAX_____ 9006.46 ▼ -10.54 ▼ -0.12%
CAC_40__ 4059.71 ▼ -9.41 ▼ -0.23%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5101.5 ▲ 32.3 ▲ 0.64%
Shanghai_Comp 2196.07 ▼ -6.72 ▼ -0.31%
Taiwan_Weight 8376.94 ▲ 15.61 ▲ 0.19%
Nikkei_225____ 15403.11 ▲ 61.29 ▲ 0.40%
Hang_Seng____ 23245.96 ▲ 27.84 ▲ 0.12%
Strait_Times___ 3066.02 ▲ 6.98 ▲ 0.23%
NZX_50_Index__ 4717.06 ▲ 8.86 ▲ 0.19%

http://finance.yahoo.com/news/stocks-mixed-3-day-downturn-213832962.html

Stocks mixed after 3-day downturn

Stocks finish the week mixed after 3-day slump, posting 2nd weekly decline in a row

By Joshua Freed, AP Business Writer

The rally that has driven stocks to record highs paused this week as investors tried to figure out where things are headed next.

Stocks were mixed on Friday and posted their second weekly loss in a row. Indexes reached record highs as recently as Monday, but then declined.

How come? Investors may be nervous that stocks are overpriced, that stock prices have grown faster than justified by profits. They may be worried about conflict with Iran, or the debate over federal spending. Some are worried the Federal Reserve will decide next week to reduce its economic stimulus, which has boosted stock prices.

"It's a hiatus," said Frank Fantozzi, CEO of money management firm Planned Financial Services. "I really think there's nothing economically wrong."

Fantozzi noted that other bull markets have run for seven or eight years and peaked with higher prices compared to profits than what we're seeing now.

The Dow Jones industrial average rose 15.93 points, or 0.1 percent, to close at 15,755.36. The Standard & Poor's 500 index fell 0.18 points, or 0.01 percent, to 1,775.32. The Nasdaq composite rose 2.57 points, or 0.06 percent, to 4,000.98.

All three indexes fell for the week despite strong reports on employment, housing, and retail spending. Investors have been worried that the stronger the Fed thinks the economy is, the more likely it is to stop buying $85 billion per month in bonds. The purchases have been aimed at keeping interest rates low, which makes it cheaper to borrow.

That has sent investors into stocks as they seek higher returns. The big indexes are up 20 percent or more this year.

The central bank's policymaking committee meets next week and will announce any decisions on Wednesday.

Guessing when the stimulus will end has become a parlor game for investors. They are stuck between betting that it will end soon, meaning stocks could decline, versus betting that it will continue, bringing the bull market along with it.

Scott L. Wren, a senior equity strategist at Wells Fargo Advisors, believes the Fed will telegraph its intentions well in advance. Since they haven't done that yet, it suggests they won't act until the spring, he said. He also thinks the Fed could reduce its stimulus very slowly, easing the pain for financial markets.

"The Fed wants to err on the side of caution, and not do anything too crazy," he said.

Half of the 10 industry groups in the S&P 500 rose, led by consumer discretionary stocks. Stocks with declines included energy and technology stocks, as Apple, Google, and Microsoft all dipped.

December is shaping up to be a poor month for the stock market. The Dow, S&P and Nasdaq are all down. If they finish December lower, it would be the first monthly decline since August and only the third down month for the year.

Anadarko Petroleum fell $5.37, or 6 percent, to $78.30 after a federal bankruptcy judge said the company may be liable for between $5 billion and more than $14 billion in a legal battle over the spinoff of a paint materials company. The ruling isn't final.

Software maker Adobe Systems jumped almost 13 percent after subscription-based revenue rose. Adobe rose $6.90 to $60.89.

Video game maker Electronic Arts rose $1.25, or 6 percent, to $22.22 after early reports showed strong sales of new video game consoles from Sony and Microsoft.

Benchmark crude oil fell 90 cents to $96.60 on the New York Mercantile Exchange.

The yield on the 10-year Treasury note fell slightly to 2.86 percent.

8898

 

[bigdog]

Source: http://finance.yahoo.com

Stocks soared after two down weeks, as investors warmed up to the idea that the economy is getting better.

Stocks have fallen lately after good economic news, because investors worried that the Federal Reserve would think its stimulus was no longer needed. But Monday's gains, driven by two corporate deals and more positive economic news, suggested that investors are focused more on good news and less on what it means the central bank will do.

For a while, investors felt, "'Oh my goodness, we won't be able to survive without Fed support.' But people are actually seeing that things really are getting better," said Brad McMillan, chief investment officer for Commonwealth Financial.

The Fed meets for two days beginning Tuesday, and officials could signal when the Fed will dial back the stimulus that has helped boost the stock market this year.

The Dow Jones industrial average rose 129 points, or 0.8 percent, to close at 15,884.57, after rising almost 175 points in the morning. The Standard & Poor's 500 index rose 11 points, or 0.6 percent, to 1,786.54. The Nasdaq composite was higher by 28 points, or 0.7 percent, at 4,029.52.

Monday brought the first gain in five days for the S&P 500 index. The Dow has risen two trading days in a row and reduced some of the losses from last week.

Two major deals caught investors' attention: Chipmaker Avago Technologies is buying LSI Corp. for $6.6 billion. Avago rose $4.45, or 10 percent, to $50.10, while LSI rose $3.05, or 39 percent, to $10.96.

Also Monday, the Federal Reserve said factory production accelerated in November as auto production surged. The gains in manufacturing could help boost economic growth.

Just last week, such positive reports made investors nervous. They feared the Fed would think the economy was doing so well that its $85 billion in monthly bond-buying was no longer needed.

The Fed will release a statement and projections for the economy Wednesday. Economists are almost unanimous in believing the Fed will not begin winding down its stimulus program yet.

This year's stock rally has been fueled by that stimulus, higher corporate earnings, and a slow but steady recovery in the U.S. economy. All of the big indexes are up more than 20 percent.

The NYSE DOW closed HIGHER ▲ 129.21 points or ▲ 0.82% on Monday, 16 December 2013
Symbol …........Last ......Change.....
Dow_Jones 15884.57 ▲ 129.21 ▲ 0.82%
Nasdaq___ 4029.52 ▲ 28.54 ▲ 0.71%
S&P_500__ 1786.54 ▲ 11.22 ▲ 0.63%
30_Yr_Bond 3.895 ▲ 0.022 ▲ 0.57%

NYSE Volume 3,151,846,750
Nasdaq Volume 1,920,565,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6522.2 ▲ 82.24 ▲ 1.28%
DAX_____ 9163.56 ▲ 157.1 ▲ 1.74%
CAC_40__ 4119.88 ▲ 60.17 ▲ 1.48%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5093.1 ▼ -8.4 ▼ -0.16%
Shanghai_Comp 2160.86 ▼ -35.21 ▼ -1.60%
Taiwan_Weight 8313.87 ▼ -63.07 ▼ -0.75%
Nikkei_225____ 15152.91 ▼ -250.2 ▼ -1.62%
Hang_Seng____ 23114.66 ▼ -131.3 ▼ -0.56%
Strait_Times___ 3053.77 ▼ -12.25 ▼ -0.40%
NZX_50_Index__ 4735.61 ▲ 18.55 ▲ 0.39%

http://finance.yahoo.com/news/us-stocks-rise-signs-stronger-204311915.html

US stocks rise on signs of stronger economy

US stocks sharply higher on corporate deals and signs of stronger economy

By Joshua Freed, AP Business Writer

Stocks soared after two down weeks, as investors warmed up to the idea that the economy is getting better.

Stocks have fallen lately after good economic news, because investors worried that the Federal Reserve would think its stimulus was no longer needed. But Monday's gains, driven by two corporate deals and more positive economic news, suggested that investors are focused more on good news and less on what it means the central bank will do.

For a while, investors felt, "'Oh my goodness, we won't be able to survive without Fed support.' But people are actually seeing that things really are getting better," said Brad McMillan, chief investment officer for Commonwealth Financial.

The Fed meets for two days beginning Tuesday, and officials could signal when the Fed will dial back the stimulus that has helped boost the stock market this year.

The Dow Jones industrial average rose 129 points, or 0.8 percent, to close at 15,884.57, after rising almost 175 points in the morning. The Standard & Poor's 500 index rose 11 points, or 0.6 percent, to 1,786.54. The Nasdaq composite was higher by 28 points, or 0.7 percent, at 4,029.52.

Monday brought the first gain in five days for the S&P 500 index. The Dow has risen two trading days in a row and reduced some of the losses from last week.

Two major deals caught investors' attention: Chipmaker Avago Technologies is buying LSI Corp. for $6.6 billion. Avago rose $4.45, or 10 percent, to $50.10, while LSI rose $3.05, or 39 percent, to $10.96.

AIG is selling its aircraft leasing business for about $5.4 billion to Dutch leasing company AerCap. AIG has been selling major assets after getting a bailout during the financial crisis. Its shares rose 55 cents, or 1 percent, to $50.28.

The Avago-LSI deal helped make tech stocks the biggest gainers among the 10 industries in the S&P 500. Others winners included computer hard drive makers Western Digital and Seagate, which benefited from analyst upgrades.

Of those 10 industries, only consumer staples fell.

Also Monday, the Federal Reserve said factory production accelerated in November as auto production surged. The gains in manufacturing could help boost economic growth.

Just last week, such positive reports made investors nervous. They feared the Fed would think the economy was doing so well that its $85 billion in monthly bond-buying was no longer needed.

The Fed will release a statement and projections for the economy Wednesday. Economists are almost unanimous in believing the Fed will not begin winding down its stimulus program yet.

This year's stock rally has been fueled by that stimulus, higher corporate earnings, and a slow but steady recovery in the U.S. economy. All of the big indexes are up more than 20 percent.

Karyn Cavanaugh, market strategist with ING U.S. Investment Management, said she doesn't expect such large returns next year — maybe more like 10 percent.

"But that's actually good for investor confidence," she said. "When they see these big huge numbers, I think they look at it with kind of a jaded eye and think, 'Is that really sustainable? Maybe it's already run its course so I want to get out.'"

Energy stocks rose, led by Tesoro, which runs refineries and gas stations. It was up $2.07, or 4 percent, at $58.37. Exxon Mobil rose $1.91, or 2 percent, to $97.22 after being upgraded by Goldman Sachs.

 

[bigdog]

Source: http://finance.yahoo.com

Nobody wanted to stick their neck out on Tuesday.

The stock market edged slightly lower as the Federal Reserve started a two-day policy meeting that may herald the beginning of the end for its economic stimulus.

Few expect that the Fed will announce that it plans to pare back, or 'taper,' its huge bond-buying program after its meeting wraps up on Wednesday. However, good news on the U.S. economy this month, including a blockbuster jobs report, and a budget deal in Washington appeared to have increased the likelihood of a change.

"It's just the taper drama, that's really all the market seems focused on," said Dean Junkans, CIO for Wells Fargo Private Bank. "The chances of them doing something tomorrow are higher than they were a month ago."

Major stock indices fell, but just slightly. The Standard & Poor's 500 index eased five points, or 0.3 percent, to 1,781. The Dow Jones industrial average crept down nine points, or 0.1 percent, to 15,875.26. The Nasdaq composite edged lower by five points, or 0.1 percent, to 4,023. 68.

Eight of the ten industrial groups in the S&P 500 declined, led by phone companies. Materials stocks and technology companies edged higher.

A couple of big companies bucked the downward trend after pledging to hand more cash to stock holders.

Boeing rose $1.16, or 1 percent, to $135.88 after the plane maker increased its stock buyback program by $10 billion and raised its dividend 52 percent. 3M climbed $3.73, or 3 percent, to $131.39 after raising its dividend by 35 percent. The company also forecast solid earnings next year.

Stocks have surged this year as the Fed kept buying $85 billion in bonds every month to hold down long-term interest rates. As well as boosting the economy, that stimulus has made stocks a more attractive investment compared to bonds.

The only setbacks for the market this year have come when investors were nervous that the Fed was about to cut back its stimulus.

The S&P 500 index dropped 1.5 percent in June when Fed Chairman Ben Bernanke outlined a potential exit for the Fed from its stimulus strategy. The index fell 3.1 percent in August when investors thought that the policy would change in September.

Instead of worrying about the market's immediate reaction to the Fed's announcement on Wednesday, investors should focus on the positive backdrop for stocks, said Liz Ann Sonders, chief investment strategist at Charles Schwab.

The economy is improving, companies are investing more, and earnings are forecast to grow at a steady rate, ensuring there will be demand for stocks.

The NYSE DOW closed LOWER ▼ -9.31 points or ▼ -0.06% on Tuesday, 17 December 2013
Symbol …........Last ......Change.....
Dow_Jones 15875.26 ▼ -9.31 ▼ -0.06%
Nasdaq___ 4023.68 ▼ -5.84 ▼ -0.14%
S&P_500__ 1781 ▼ -5.54 ▼ -0.31%
30_Yr_Bond 3.872 ▼ -0.023 ▼ -0.59%

NYSE Volume 3,272,286,750
Nasdaq Volume 1,843,054,880

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6486.19 ▼ -36.01 ▼ -0.55%
DAX_____ 9085.12 ▼ -78.44 ▼ -0.86%
CAC_40__ 4068.64 ▼ -51.24 ▼ -1.24%

Asia Pacific
Symbol...... ….....Last .....Change…......
Shanghai_Comp 2151.08 ▼ -9.78 ▼ -0.45%
Taiwan_Weight 8352.93 ▲ 39.06 ▲ 0.47%
Nikkei_225____ 15278.63 ▲ 125.72 ▲ 0.83%
Hang_Seng____ 23069.23 ▼ -45.43 ▼ -0.20%
Strait_Times___ 3067.57 ▲ 13.8 ▲ 0.45%

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

Stocks slip as Fed starts stimulus discussion

US stocks mostly lower as Federal Reserve discusses stimulus; Facebook hits all-time high

By Steve Rothwell, AP Business Writer

Nobody wanted to stick their neck out on Tuesday.

The stock market edged slightly lower as the Federal Reserve started a two-day policy meeting that may herald the beginning of the end for its economic stimulus.

Few expect that the Fed will announce that it plans to pare back, or 'taper,' its huge bond-buying program after its meeting wraps up on Wednesday. However, good news on the U.S. economy this month, including a blockbuster jobs report, and a budget deal in Washington appeared to have increased the likelihood of a change.

"It's just the taper drama, that's really all the market seems focused on," said Dean Junkans, CIO for Wells Fargo Private Bank. "The chances of them doing something tomorrow are higher than they were a month ago."

Major stock indices fell, but just slightly. The Standard & Poor's 500 index eased five points, or 0.3 percent, to 1,781. The Dow Jones industrial average crept down nine points, or 0.1 percent, to 15,875.26. The Nasdaq composite edged lower by five points, or 0.1 percent, to 4,023. 68.

Eight of the ten industrial groups in the S&P 500 declined, led by phone companies. Materials stocks and technology companies edged higher.

A couple of big companies bucked the downward trend after pledging to hand more cash to stock holders.

Boeing rose $1.16, or 1 percent, to $135.88 after the plane maker increased its stock buyback program by $10 billion and raised its dividend 52 percent. 3M climbed $3.73, or 3 percent, to $131.39 after raising its dividend by 35 percent. The company also forecast solid earnings next year.

Stocks have surged this year as the Fed kept buying $85 billion in bonds every month to hold down long-term interest rates. As well as boosting the economy, that stimulus has made stocks a more attractive investment compared to bonds.

The only setbacks for the market this year have come when investors were nervous that the Fed was about to cut back its stimulus.

The S&P 500 index dropped 1.5 percent in June when Fed Chairman Ben Bernanke outlined a potential exit for the Fed from its stimulus strategy. The index fell 3.1 percent in August when investors thought that the policy would change in September.

Instead of worrying about the market's immediate reaction to the Fed's announcement on Wednesday, investors should focus on the positive backdrop for stocks, said Liz Ann Sonders, chief investment strategist at Charles Schwab.

The economy is improving, companies are investing more, and earnings are forecast to grow at a steady rate, ensuring there will be demand for stocks.

"Dips that we get are not going to be terribly severe," Sonders said.

In government bond trading, the yield on the 10-year Treasury note dropped to 2.84 percent, from 2.88 percent on Monday, as investors bought bonds on a day when the government said consumer prices remained flat. When prices rise, a trend known as inflation, the value of bonds falls.

In commodities trading, the price of gold fell $14.30, or 1 percent, to $1,230 an ounce. Oil dropped 26 cents, or 0.3 percent, to $97.22 a barrel.

Among other trends in the market:

NEW FRONTIER: Frontier Communications rose the most in the S&P 500. The stock jumped 47 cents, or 8.6 percent, to $4.78 after it reached a deal to acquire AT&T's fixed-line business in Connecticut for about $2 billion.

'LIKE' THAT HIGH: Facebook rose to an all-time high after the social media company said that it's testing video advertisements, creating a potential source of ad revenue. The company's stock ended the day up $1.05, or 2 percent, at $54.86, after peaking at a record $55.18.

NOSEDIVE: Delta Air Lines fell the most in the S&P 500, dropping 98 cents, or 3.5 percent, to $26.94.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market had a swift and clear reaction to the Federal Reserve's decision to trim its stimulus efforts: This wasn't so bad after all.

Stocks surged Wednesday, lifting the Dow Jones industrial average nearly 300 points, after the Fed decided it was time to start modestly scaling back its program to boost America's growth and stock market. The central bank cited a stronger jobs market and improving economy.

Stock investors had long anticipated the Fed would pull back at some point, but did not think it would happen until next year. Despite the surprise, investors took the central bank's decision Wednesday as a sign that that the stock market was strong enough to keep soaring, even with less rocket fuel from the Fed.

"Investors should see this as a vote of confidence for the economy," said Kristina Hooper, head of U.S. investment strategies for Allianz Global Investors

The Dow jumped 292 points, or nearly 2 percent, to 16,167.97 ”” another all-time high for the blue-chip index. Shortly before the Fed announcement at 2 p.m., the Dow was up just 47 points.

The broader Standard & Poor's 500 index rose 29 points, also 2 percent, to 1,810.65 and the Nasdaq composite rose 46 points, or 1 percent, to 4,070.06.

The rally adds to what has already been a historic run for stocks. The S&P 500 is up nearly 27 percent, its best yearly performance since the dot-com boom of the late 1990s.

The Fed's decision removes a huge amount of uncertainty for investors, something they hate. The fate of the stimulus program had hung over investors' heads since May. Now that investors have an outline for how the Fed will pull back, investors can move forward.

"The Fed believed the market could handle it," said Art Steinmetz, president and chief investment officer at OppenheimerFunds.

With no economic downturn on the horizon, stocks are expected to continue their rise in 2014, with market strategists predicting gains of 6 percent to 8 percent from current levels.

Starting in January, the Fed will reduce its bond-buying program to $75 billion a month from $85 billion now. The so-called tapering will be the first step toward winding down a program that has been in place, in one form or another, since the financial crisis.

By purchasing bonds and depressing yields, the Fed has kept interest rates low and encouraged borrowing and lending. But all that buying has also led investors to shift money into stocks. That's because the Fed's purchases made bond prices artificially more expensive in comparison to stocks.

The program has given the Fed a big role in the current bull market. The S&P 500 index has surged about 26 percent since the Fed announced a year ago that it would buy the $85 billion in bonds each month. And since the central bank's first round of bond buying at the end of 2008, stocks have soared about 124 percent.

In the last month, as signs emerged of that hiring was picking up, the housing market was improving and manufacturing was strengthening, investors grew more confident that markets could gain traction without stimulus.

The Fed also said Wednesday it is likely to keep cutting its bond purchases. Fed Chairman Ben Bernanke, who is nearing the end of his tenure, said the bank will likely vote for "measured reductions" in upcoming meetings, as long as the economy shows improvement.

The NYSE DOW closed HIGHER ▲ 292.71 points or ▲ 1.84% on Wednesday, 18 December 2013
Symbol …........Last ......Change.....
Dow_Jones 16167.97 ▲ 292.71 ▲ 1.84%
Nasdaq___ 4070.06 ▲ 46.38 ▲ 1.15%
S&P_500__ 1810.65 ▲ 29.65 ▲ 1.66%
30_Yr_Bond 3.913 ▲ 0.041 ▲ 1.06%

NYSE Volume 4,299,708,000
Nasdaq Volume 2,163,797,000

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6492.08 ▲ 5.89 ▲ 0.09%
DAX_____ 9181.75 ▲ 96.63 ▲ 1.06%
CAC_40__ 4109.51 ▲ 40.87 ▲ 1.00%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5099.3 ▼ -6.8 ▼ -0.13%
Shanghai_Comp 2148.29 ▼ -2.79 ▼ -0.13%
Taiwan_Weight 8349.04 ▼ -3.89 ▼ -0.05%
Nikkei_225____ 15587.8 ▲ 309.17 ▲ 2.02%
Hang_Seng____ 23143.82 ▲ 74.59 ▲ 0.32%
Strait_Times___ 3061.78 ▼ -5.79 ▼ -0.19%
NZX_50_Index__ 4675.88 ▼ -52.14 ▼ -1.10%

http://finance.yahoo.com/news/stocks-soar-fed-cuts-stimulus-202654488.html

Stocks soar as Fed cuts stimulus, citing jobs

Stocks surge as investors see Fed decision to cut stimulus as vote of confidence for economy

By Ken Sweet, AP Markets Writer

The stock market had a swift and clear reaction to the Federal Reserve's decision to trim its stimulus efforts: This wasn't so bad after all.

Stocks surged Wednesday, lifting the Dow Jones industrial average nearly 300 points, after the Fed decided it was time to start modestly scaling back its program to boost America's growth and stock market. The central bank cited a stronger jobs market and improving economy.

Stock investors had long anticipated the Fed would pull back at some point, but did not think it would happen until next year. Despite the surprise, investors took the central bank's decision Wednesday as a sign that that the stock market was strong enough to keep soaring, even with less rocket fuel from the Fed.

"Investors should see this as a vote of confidence for the economy," said Kristina Hooper, head of U.S. investment strategies for Allianz Global Investors

The Dow jumped 292 points, or nearly 2 percent, to 16,167.97 ”” another all-time high for the blue-chip index. Shortly before the Fed announcement at 2 p.m., the Dow was up just 47 points.

The broader Standard & Poor's 500 index rose 29 points, also 2 percent, to 1,810.65 and the Nasdaq composite rose 46 points, or 1 percent, to 4,070.06.

The rally adds to what has already been a historic run for stocks. The S&P 500 is up nearly 27 percent, its best yearly performance since the dot-com boom of the late 1990s.

The Fed's decision removes a huge amount of uncertainty for investors, something they hate. The fate of the stimulus program had hung over investors' heads since May. Now that investors have an outline for how the Fed will pull back, investors can move forward.

"The Fed believed the market could handle it," said Art Steinmetz, president and chief investment officer at OppenheimerFunds.

With no economic downturn on the horizon, stocks are expected to continue their rise in 2014, with market strategists predicting gains of 6 percent to 8 percent from current levels.

Starting in January, the Fed will reduce its bond-buying program to $75 billion a month from $85 billion now. The so-called tapering will be the first step toward winding down a program that has been in place, in one form or another, since the financial crisis.

By purchasing bonds and depressing yields, the Fed has kept interest rates low and encouraged borrowing and lending. But all that buying has also led investors to shift money into stocks. That's because the Fed's purchases made bond prices artificially more expensive in comparison to stocks.

The program has given the Fed a big role in the current bull market. The S&P 500 index has surged about 26 percent since the Fed announced a year ago that it would buy the $85 billion in bonds each month. And since the central bank's first round of bond buying at the end of 2008, stocks have soared about 124 percent.

In the last month, as signs emerged of that hiring was picking up, the housing market was improving and manufacturing was strengthening, investors grew more confident that markets could gain traction without stimulus.

The Fed also said Wednesday it is likely to keep cutting its bond purchases. Fed Chairman Ben Bernanke, who is nearing the end of his tenure, said the bank will likely vote for "measured reductions" in upcoming meetings, as long as the economy shows improvement.

Bernanke also said Janet Yellen, who becomes Fed chairwoman once she is confirmed by the Senate, "fully supports" the bank's decision to start reducing the stimulus.

Wednesday's pullback was a surprise to the market, as most strategists and economists expected the Fed to wait until March before pulling back. But investors say it is a welcome surprise.

"We finally have something in motion," said Frank Davis, director of trading at LEK Securities "and we have details on how it's going to work, so it's something the market can embrace."

 

[bigdog]

Source: http://finance.yahoo.com

U.S. stock indexes ended up pretty much where they started on Thursday, a day after a powerful surge.

Stocks gained the most in more than two months Wednesday after the Federal Reserve said it would reduce its bond-buying program to $75 billion a month from $85 billion. Investors saw the decision as a vote of confidence in the economy.

"It's good for the economy, and it's good for the market, to start standing on its own two feet," said Natalie Trunow, chief investment officer for stocks at Calvert Investments.

Financial markets were still digesting the Fed's move on Thursday. While stocks were holding close to record levels, Treasury yields climbed, the dollar rose and gold slumped to its lowest in more than three years.

Major U.S. stock indexes started the day lower, moved gradually higher throughout the day and closed essentially flat.

The Standard & Poor's 500 index fell 1.05 points, or 0.06 percent, to 1,809.60. The Dow Jones industrial average rose 11.11 points, or 0.07 percent, to 16,179.08. It rose 293 points the day before. The Nasdaq composite fell 11.93 points, or 0.3 percent, to 4,058.13.

Target fell $1.40, or 2.2 percent, to $62.15 after the company said that about 40 million credit and debit card accounts may have been compromised by a data breach that happened just as shoppers flooded into stores for Black Friday, the day after Thanksgiving.

Facebook declined 52 cents, or 0.9 percent, to $55.05 after the company said it will sell 70 million shares, more than half of them from CEO Mark Zuckerberg.

The S&P 500 is up 0.2 percent for the month after moving into the green for the first time in December on Wednesday. If the gains hold, the index will have advanced for 10 of the 12 months this year.

Stock have surged this year as the Fed has kept up its economic stimulus and held down long-term interest rates. Stock prices have also been supported by growing corporate earnings and a gradually strengthening economy.

Investors were happy to get more reassurance Wednesday from the Fed that interest rates would stay low after the bond-buying stimulus was removed, said Eric Weigand, a senior portfolio manager at U.S. Bank.

The moderate pace of the reduction in the Fed's bond purchases was also encouraging. "It was not too hot and not too cold," Weigand said.

The NYSE DOW closed HIGHER ▲ 11.11 points or ▲ 0.07% on Thursday, 19 December 2013
Symbol …........Last ......Change.....
Dow_Jones 16179.08 ▲ 11.11 ▲ 0.07%
Nasdaq___ 4058.13 ▼ -11.93 ▼ -0.29%
S&P_500__ 1809.6 ▼ -1.05 ▼ -0.06%
30_Yr_Bond 3.901 ▼ -0.012 ▼ -0.31%

NYSE Volume 3,477,609,250
Nasdaq Volume 1,792,403,750

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6584.7 ▲ 92.62 ▲ 1.43%
DAX_____ 9335.74 ▲ 153.99 ▲ 1.68%
CAC_40__ 4177.03 ▲ 67.52 ▲ 1.64%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5202 ▲ 102.7 ▲ 2.01%
Shanghai_Comp 2127.79 ▼ -20.49 ▼ -0.95%
Taiwan_Weight 8407.4 ▲ 58.36 ▲ 0.70%
Nikkei_225____ 15859.22 ▲ 271.42 ▲ 1.74%
Hang_Seng____ 22888.75 ▼ -255.07 ▼ -1.10%
Strait_Times___ 3070.23 ▲ 8.45 ▲ 0.28%
NZX_50_Index__ 4707.06 ▲ 31.18 ▲ 0.67%

http://finance.yahoo.com/news/stocks-pause-wall-street-day-220416231.html

Stocks pause on Wall Street a day after a surge

Stocks pause on Wall Street a day after a surge; Facebook declines as Zuckerberg sells

By Steve Rothwell, AP Business Writer

U.S. stock indexes ended up pretty much where they started on Thursday, a day after a powerful surge.

Stocks gained the most in more than two months Wednesday after the Federal Reserve said it would reduce its bond-buying program to $75 billion a month from $85 billion. Investors saw the decision as a vote of confidence in the economy.

"It's good for the economy, and it's good for the market, to start standing on its own two feet," said Natalie Trunow, chief investment officer for stocks at Calvert Investments.

Financial markets were still digesting the Fed's move on Thursday. While stocks were holding close to record levels, Treasury yields climbed, the dollar rose and gold slumped to its lowest in more than three years.

Major U.S. stock indexes started the day lower, moved gradually higher throughout the day and closed essentially flat.

The Standard & Poor's 500 index fell 1.05 points, or 0.06 percent, to 1,809.60. The Dow Jones industrial average rose 11.11 points, or 0.07 percent, to 16,179.08. It rose 293 points the day before. The Nasdaq composite fell 11.93 points, or 0.3 percent, to 4,058.13.

Target fell $1.40, or 2.2 percent, to $62.15 after the company said that about 40 million credit and debit card accounts may have been compromised by a data breach that happened just as shoppers flooded into stores for Black Friday, the day after Thanksgiving.

Facebook declined 52 cents, or 0.9 percent, to $55.05 after the company said it will sell 70 million shares, more than half of them from CEO Mark Zuckerberg.

The S&P 500 is up 0.2 percent for the month after moving into the green for the first time in December on Wednesday. If the gains hold, the index will have advanced for 10 of the 12 months this year.

Stock have surged this year as the Fed has kept up its economic stimulus and held down long-term interest rates. Stock prices have also been supported by growing corporate earnings and a gradually strengthening economy.

Investors were happy to get more reassurance Wednesday from the Fed that interest rates would stay low after the bond-buying stimulus was removed, said Eric Weigand, a senior portfolio manager at U.S. Bank.

The moderate pace of the reduction in the Fed's bond purchases was also encouraging. "It was not too hot and not too cold," Weigand said.

In government bond trading, the yield on the 10-year Treasury note rose to 2.93 percent from 2.89 percent late Wednesday. The yield climbs when bond prices fall. Demand for bonds was lower Thursday as traders anticipated less buying from the Fed.

The rise in yields also hit the stocks of power companies.

Utilities companies fell the most of the 10 industry sectors that make up the S&P 500. Investors buy utility stocks because they pay big dividends. As bond yields rise, those stocks become less attractive.

The price of gold dropped $41.40, or 3.4 percent, to close at $1,193.60 an ounce. Gold hadn't settled below $1,200 an ounce in more than three years.

Investors are dumping their holdings of gold because interest rates are rising and the dollar is gaining after the Fed said it would pare back its bond purchases. Traders are selling gold because they see less risk of inflation from the Fed's stimulus program.

Among other stocks making big moves:

”” Oracle jumped $2, or 6 percent, $36.60 after its earnings beat Wall Street forecasts. The business software maker earned $2.55 billion, or 56 cents per share. Revenue rose 2 percent to $9.28 billion from $9.09 billion.

”” Darden Restaurants slumped $1.90, or 4 percent, to $51.02 after the restaurant company said it will spin off its Red Lobster chain and not open any new Olive Gardens.

 

[bigdog]

Source: http://finance.yahoo.com

An unexpectedly strong report on U.S. economic growth pushed stocks higher Friday, capping off Wall Street's best week in three months.

The report, which showed the U.S. economy grew at a healthy 4.1 percent annual pace between July and September, is the latest positive piece of economic data investors have gotten in recent weeks.

"It's a fantastic signal that we're getting robust growth and it looks like it might be accelerating," said Jack Ablin, chief investment officer for BMO Private Bank in Chicago, which oversees $66 billion.

On Friday, the Dow Jones Industrial average rose 42.06 points, or 0.3 percent, to 16,221.14. The index ended the week up 3 percent, its biggest gain since the week of Sept. 13.

The Standard & Poor's 500 index rose 8.71 points, or 0.5 percent, to 1,818.31 and the Nasdaq composite added 46.61 points, or 1.2 percent, to 4,104.74. Both indexes ended the week up roughly 2.5 percent.

In a sign that investors have a strong appetite for risk, the Russell 2000 index, an index made up mostly of smaller, high-growth companies, closed up nearly 2 percent Friday to 1,146.47.

The bulk of this week's gains came Wednesday, after the Federal Reserve announced it was going to pull back on its economic stimulus program. The Fed said it would reduce its bond-buying program to $75 billion a month from $85 billion a month.

Investors cheered the surprise decision, sending the Dow up nearly 300 points Wednesday.

"They had to get out of the way," said Quincy Krosby, market strategist with Prudential Financial. "The more the market obsessed about when the Fed was going to pull back, the more the market couldn't focus on anything else, like the improving economy."

Friday's gross domestic product estimate was the latest report to show unexpected strength in the U.S. economy. The 4.1 percent annualized growth rate is the fastest since 2011. More importantly, most of the increase came from consumer spending, a key part of the U.S. economy.

In other markets, the yield on the benchmark U.S. 10-year Treasury note fell to 2.89 percent, from 2.93 percent the day before. Gold rose $10.10, or 0.8 percent, to $1,203.70 an ounce

The NYSE DOW closed HIGHER ▲ 42.06 points or ▲ 0.26% on Friday, 20 December 2013
Symbol …........Last ......Change.....
Dow_Jones 16221.14 ▲ 42.06 ▲ 0.26%
Nasdaq___ 4104.74 ▲ 46.61 ▲ 1.15%
S&P_500__ 1818.32 ▲ 8.72 ▲ 0.48%
30_Yr_Bond 3.824 ▼ -0.077 ▼ -1.97%

NYSE Volume 4,948,928,000
Nasdaq Volume 3,187,341,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6606.58 ▲ 21.88 ▲ 0.33%
DAX_____ 9400.18 ▲ 64.44 ▲ 0.69%
CAC_40__ 4193.77 ▲ 16.74 ▲ 0.40%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5261.5 ▲ 59.5 ▲ 1.14%
Shanghai_Comp 2084.79 ▼ -43 ▼ -2.02%
Taiwan_Weight 8408.53 ▲ 1.13 ▲ 0.01%
Nikkei_225____ 15870.42 ▲ 11.2 ▲ 0.07%
Hang_Seng____ 22812.18 ▼ -76.57 ▼ -0.33%
Strait_Times___ 3094.48 ▲ 24.25 ▲ 0.79%
NZX_50_Index__ 4681.19 ▼ -25.87 ▼ -0.55%

http://finance.yahoo.com/news/stocks-rise-strong-us-economic-192544849.html

Stocks rise on strong US economic growth

Stocks higher after US raises estimate for third-quarter economic growth to 4.1 percent

By Ken Sweet, AP Markets Writer

An unexpectedly strong report on U.S. economic growth pushed stocks higher Friday, capping off Wall Street's best week in three months.

The report, which showed the U.S. economy grew at a healthy 4.1 percent annual pace between July and September, is the latest positive piece of economic data investors have gotten in recent weeks.

"It's a fantastic signal that we're getting robust growth and it looks like it might be accelerating," said Jack Ablin, chief investment officer for BMO Private Bank in Chicago, which oversees $66 billion.

On Friday, the Dow Jones Industrial average rose 42.06 points, or 0.3 percent, to 16,221.14. The index ended the week up 3 percent, its biggest gain since the week of Sept. 13.

The Standard & Poor's 500 index rose 8.71 points, or 0.5 percent, to 1,818.31 and the Nasdaq composite added 46.61 points, or 1.2 percent, to 4,104.74. Both indexes ended the week up roughly 2.5 percent.

In a sign that investors have a strong appetite for risk, the Russell 2000 index, an index made up mostly of smaller, high-growth companies, closed up nearly 2 percent Friday to 1,146.47.

The bulk of this week's gains came Wednesday, after the Federal Reserve announced it was going to pull back on its economic stimulus program. The Fed said it would reduce its bond-buying program to $75 billion a month from $85 billion a month.

Investors cheered the surprise decision, sending the Dow up nearly 300 points Wednesday.

"They had to get out of the way," said Quincy Krosby, market strategist with Prudential Financial. "The more the market obsessed about when the Fed was going to pull back, the more the market couldn't focus on anything else, like the improving economy."

Friday's gross domestic product estimate was the latest report to show unexpected strength in the U.S. economy. The 4.1 percent annualized growth rate is the fastest since 2011. More importantly, most of the increase came from consumer spending, a key part of the U.S. economy.

In other markets, the yield on the benchmark U.S. 10-year Treasury note fell to 2.89 percent, from 2.93 percent the day before. Gold rose $10.10, or 0.8 percent, to $1,203.70 an ounce.

In company news:

— Blackberry jumped 97 cents, or 16 percent, to $7.22. The struggling smartphone maker posted a $4.4 billion loss but also said it would outsource its hardware business to focus on software and services.

— Red Hat, an open-source software developer, jumped $7.10, or 15 percent, to $56.10, one of the biggest increases in the S&P 500 index. Red Hat's adjusted earnings came in well ahead of Wall Street's estimates.

9412

 

[bigdog]

Source: http://finance.yahoo.com

Stocks rose in quiet trading Monday as investors start to close the books on 2013.

Apple helped lift technology stocks after the company reached a deal to sell the iPhone to China's largest wireless carrier.

The market has been moving broadly higher since last Wednesday, when the Federal Reserve said it will start pulling back on its stimulus program next month as the U.S. economy improves. Last week the government also raised its estimate for third-quarter economic growth to 4.1 percent, the fastest pace since 2011.

"Everything is going in the right direction," said Rob Stein, chief executive officer of Chicago-based Astor Investment Management.

The Dow Jones industrial average rose 73.47 points, or 0.5 percent, to 16,294.61. The Standard & Poor's 500 index was up 9.67 points, or 0.5 percent, to 1,827.99. The Nasdaq composite rose 44.16 points, or 1.1 percent, to 4,148.90.

Apple rose $21.07, or 4 percent, to $570.09 after the company reached a deal with China Mobile, the world's largest cell phone provider, to sell the iPhone in the world's most populous country. The iPhone is already sold through two smaller carriers there. Technology stocks in the S&P 500 rose 1.5 percent, more than twice as much as the broader index.

Trading was very light ahead of the Christmas holiday. Just 2.8 billion shares were traded on the New York Stock Exchange, well below the recent average of 3.4 billion.

Both the New York Stock Exchange and the Nasdaq Stock Market will be closed Wednesday for Christmas. Both exchanges will also close at 1 p.m. Eastern on Tuesday for Christmas Eve.

The market is heading for its best year in more than a decade. The S&P 500 index has increased 28 percent so far this year ”” 30 percent when dividends are included ”” putting it on track for its biggest annual gain since 1997.

"People want to hold on to these gains, so no one is going to take any undue risks this close to the end of the year," said Stephen Carl, head equity trader at Williams Capital. The next two weeks, with Christmas and New Year's Day both falling in the middle of the work week, will likely have light trading, he said.

The NYSE DOW closed HIGHER ▲ 73.47 points or ▲ 0.45% on Monday, 23 December 2013
Symbol …........Last ......Change.....
Dow_Jones 16294.61 ▲ 73.47 ▲ 0.45%
Nasdaq___ 4148.9 ▲ 44.16 ▲ 1.08%
S&P_500__ 1827.99 ▲ 9.67 ▲ 0.53%
30_Yr_Bond 3.844 ▲ 0.02 ▲ 0.52%

NYSE Volume 2,828,163,250
Nasdaq Volume 1,765,143,500

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6678.61 ▲ 72.03 ▲ 1.09%
DAX_____ 9488.82 ▲ 88.64 ▲ 0.94%
CAC_40__ 4215.29 ▲ 21.52 ▲ 0.51%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5291.5 ▲ 30 ▲ 0.57%
Shanghai_Comp 2089.71 ▲ 4.91 ▲ 0.24%
Taiwan_Weight 8456.46 ▲ 47.93 ▲ 0.57%
Nikkei_225____ 15870.42 ▲ 11.2 ▲ 0.07%
Hang_Seng____ 22921.56 ▲ 109.38 ▲ 0.48%
Strait_Times___ 3116.22 ▲ 21.74 ▲ 0.70%
NZX_50_Index__ 4722.63 ▲ 41.44 ▲ 0.89%

http://finance.yahoo.com/news/apple-other-tech-stocks-lift-214116643.html

Apple, other tech stocks lift the broader market

Technology stocks lead a broad advance on Wall Street; Trading is quiet ahead of Christmas

By Ken Sweet, AP Markets Writer

Stocks rose in quiet trading Monday as investors start to close the books on 2013.

Apple helped lift technology stocks after the company reached a deal to sell the iPhone to China's largest wireless carrier.

The market has been moving broadly higher since last Wednesday, when the Federal Reserve said it will start pulling back on its stimulus program next month as the U.S. economy improves. Last week the government also raised its estimate for third-quarter economic growth to 4.1 percent, the fastest pace since 2011.

"Everything is going in the right direction," said Rob Stein, chief executive officer of Chicago-based Astor Investment Management.

The Dow Jones industrial average rose 73.47 points, or 0.5 percent, to 16,294.61. The Standard & Poor's 500 index was up 9.67 points, or 0.5 percent, to 1,827.99. The Nasdaq composite rose 44.16 points, or 1.1 percent, to 4,148.90.

Apple rose $21.07, or 4 percent, to $570.09 after the company reached a deal with China Mobile, the world's largest cell phone provider, to sell the iPhone in the world's most populous country. The iPhone is already sold through two smaller carriers there. Technology stocks in the S&P 500 rose 1.5 percent, more than twice as much as the broader index.

Trading was very light ahead of the Christmas holiday. Just 2.8 billion shares were traded on the New York Stock Exchange, well below the recent average of 3.4 billion.

Both the New York Stock Exchange and the Nasdaq Stock Market will be closed Wednesday for Christmas. Both exchanges will also close at 1 p.m. Eastern on Tuesday for Christmas Eve.

The market is heading for its best year in more than a decade. The S&P 500 index has increased 28 percent so far this year ”” 30 percent when dividends are included ”” putting it on track for its biggest annual gain since 1997.

"People want to hold on to these gains, so no one is going to take any undue risks this close to the end of the year," said Stephen Carl, head equity trader at Williams Capital. The next two weeks, with Christmas and New Year's Day both falling in the middle of the work week, will likely have light trading, he said.

In other economic news, consumer spending rose 0.5 percent in November, the most since June. Those are closely watched figures, especially leading up to the holiday season.

Retailer Jos. A. Bank rejected a $1.5 billion buyout offer from Men's Wearhouse on Monday. The rivals have made offers to buy each other in recent months, only to be rejected by the other party. Jos. A. Bank fell 74 cents, or 1.3 percent, to $56.29 and Men's Wearhouse fell 38 cents, or 0.7 percent, to $51.63.

Facebook rose $2.65, or 5 percent, to $57.77. The social network was added to the S&P 500 effective Monday. Fund managers who replicate indexes like the S&P 500 are required to purchase stocks in a company when it's added.

Target fell 61 cents, or 1 percent, to $61.88 after The Wall Street Journal reported that sales fell 3 percent to 4 percent in last weekend before Christmas. Target is dealing with a massive breach of security in credit and debit card data.

Bond prices fell slightly. The yield on the 10-year Treasury note rose to 2.93 percent from 2.89 percent.

Gold fell $6.70, or 0.6 percent, to $1,197 an ounce. Gold has slumped 29 percent this year and is headed for its first annual loss since 2000. Traders have dumped gold as the fear that the Federal Reserve's easy-money policies would cause inflation dissipated.

 

[bigdog]

Source: http://finance.yahoo.com

Both the New York Stock Exchange and the Nasdaq Stock Market will be closed Wednesday for Christmas.

Stocks rose in a holiday-shortened trading day Tuesday, helped by a report that showed American companies were investing in their businesses at the fastest pace since January.

Markets were open for just half a day ahead of the Christmas holiday, and trading volume was extremely light. Roughly 1.3 billion shares changed hands on the New York Stock Exchange, a third of what is traded on a regular day. It was the slowest day of the year.

Materials and industrial stocks rose more than the rest of the market after the government reported that orders for long-lasting manufactured products rose 3.5 percent in November, more than economists expected. Core capital goods, a category that tracks business investment, jumped 4.5 percent, the biggest gain since January.

DuPont rose $1.09, or 2 percent, to $63.83 and construction equipment maker Caterpillar gained 95 cents, or 1 percent, to $90.91.

The Dow Jones industrial average rose 62.94 points, or 0.4 percent, to 16,357.55. The Standard & Poor's 500 index rose 5.33 points, or 0.3 percent, to 1,833.32 and the Nasdaq composite rose 6.51 points, or 0.2 percent, to 4,155.42.

Stocks have been rising steadily since last Wednesday, when the Federal Reserve surprised investors by announcing it was cutting back its bond-buying program, citing an improving economy. The Fed said it will reduce its bond purchases to $75 billion a month beginning in January, down from $85 billion.

The last five days of gains have added to what has been a historic year for stock market investors. The S&P 500 index is up 28.6 percent for 2013, or 30.9 when dividends are included, its best year since 1997.

With four trading days left in the year, many traders expect stocks to continue higher until New Year's Eve.

"Nothing has derailed this market this year, even with all the bad headlines of 2013," said Jonathan Corpina, a New York Stock Exchange floor trader with Meridian Equity Partners. "We still have end-of-the-year cash coming in."

Few investors expect stocks to continue to rise at this pace through 2014. On average, market strategists with the major investment banks expect the S&P 500 to rise to 1,900 by the end of 2014, barely above where the index is trading at now.

"It's basically been a straight line up for the last couple years and, as the saying goes, the bigger they are the harder they fall," said Uri Landesman, president of the hedge fund Platinum Partners. Landesman said he also expects 2014 to more volatile for the stock market.

The NYSE DOW closed HIGHER ▲ 62.94 points or ▲ 0.39% on Tuesday, 24 December 2013
Symbol …........Last ......Change.....
Dow_Jones 16357.55 ▲ 62.94 ▲ 0.39%
Nasdaq___ 4155.42 ▲ 6.51 ▲ 0.16%
S&P_500__ 1833.32 ▲ 5.33 ▲ 0.29%
30_Yr_Bond 3.9 ▲ 0.06 ▲ 1.48%

NYSE Volume 1,305,443,500
Nasdaq Volume 803,528,560

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6694.17 ▲ 15.56 ▲ 0.23%
DAX_____ 9488.82 ▲ 88.64 ▲ 0.94%
CAC_40__ 4218.41 ▲ 3.12 ▲ 0.07%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5325.4 ▲ 33.9 ▲ 0.64%
Shanghai_Comp 2092.91 ▲ 3.2 ▲ 0.15%
Taiwan_Weight 8450.49 ▼ -5.97 ▼ -0.07%
Nikkei_225____ 15889.33 ▲ 18.91 ▲ 0.12%
Hang_Seng____ 23179.55 ▲ 257.99 ▲ 1.13%
Strait_Times___ 3127.29 ▲ 11.07 ▲ 0.36%
NZX_50_Index__ 4767.94 ▲ 45.3 ▲ 0.96%

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

Stocks end on a high note before Christmas

Stocks rise in a holiday-shortened session, helped by a big increase in durable goods orders

By KEN SWEET

Stocks rose in a holiday-shortened trading day Tuesday, helped by a report that showed American companies were investing in their businesses at the fastest pace since January.

Markets were open for just half a day ahead of the Christmas holiday, and trading volume was extremely light. Roughly 1.3 billion shares changed hands on the New York Stock Exchange, a third of what is traded on a regular day. It was the slowest day of the year.

Materials and industrial stocks rose more than the rest of the market after the government reported that orders for long-lasting manufactured products rose 3.5 percent in November, more than economists expected. Core capital goods, a category that tracks business investment, jumped 4.5 percent, the biggest gain since January.

DuPont rose $1.09, or 2 percent, to $63.83 and construction equipment maker Caterpillar gained 95 cents, or 1 percent, to $90.91.

The Dow Jones industrial average rose 62.94 points, or 0.4 percent, to 16,357.55. The Standard & Poor's 500 index rose 5.33 points, or 0.3 percent, to 1,833.32 and the Nasdaq composite rose 6.51 points, or 0.2 percent, to 4,155.42.

Stocks have been rising steadily since last Wednesday, when the Federal Reserve surprised investors by announcing it was cutting back its bond-buying program, citing an improving economy. The Fed said it will reduce its bond purchases to $75 billion a month beginning in January, down from $85 billion.

The last five days of gains have added to what has been a historic year for stock market investors. The S&P 500 index is up 28.6 percent for 2013, or 30.9 when dividends are included, its best year since 1997.

With four trading days left in the year, many traders expect stocks to continue higher until New Year's Eve.

"Nothing has derailed this market this year, even with all the bad headlines of 2013," said Jonathan Corpina, a New York Stock Exchange floor trader with Meridian Equity Partners. "We still have end-of-the-year cash coming in."

Few investors expect stocks to continue to rise at this pace through 2014. On average, market strategists with the major investment banks expect the S&P 500 to rise to 1,900 by the end of 2014, barely above where the index is trading at now.

"It's basically been a straight line up for the last couple years and, as the saying goes, the bigger they are the harder they fall," said Uri Landesman, president of the hedge fund Platinum Partners. Landesman said he also expects 2014 to more volatile for the stock market.

Homebuilder stocks rose after the government reported that new home sales rose at a faster pace than analysts were expecting last month. Beazer Homes rose 62 cents, or 3 percent, to $24.03 and D.R. Horton rose 16 cents, or 0.8 percent, to $21.29.

Bond prices fell on the latest positive news on the U.S. economy. The yield on the 10-year Treasury note, a benchmark for many kinds of loans including home mortgages, rose to 2.99 percent from 2.93 percent the day before.

In other corporate news, Tesla Motors jumped $7.70, or 5 percent, to $151.25. The National Highway Traffic Safety Administration kept its 5-star safety rating on the company's Model S sedan, despite recent reports of battery-related fires. There have been no reported injuries or deaths related to any Tesla car fires.

 

[CanOz]

Merry Christmas Big Dog, thanks for your great efforts again this year. You are certainly one of the most reliable members of ASF!

All the best for the New Year!

CanOz

 

[Joe Blow]

Merry Christmas Big Dog, thanks for your great efforts again this year. You are certainly one of the most reliable members of ASF!

Agreed. Merry Christmas bigdog and thanks for your efforts! Your daily update to this thread is now as much a part of my morning as my two cups of coffee.

 

[bigdog]

Source: http://finance.yahoo.com

The stock market continued its upward climb Thursday as traders went back to work after the Christmas holiday, adding to what has already been a historic year for the market.

Traders were encouraged by an unexpectedly large drop in claims for unemployment benefits last week, the latest sign that the U.S. job market is improving. Trading volume was very low, however, as most portfolio managers have closed out their positions for the year

The yield on the 10-year Treasury note, a benchmark for many kinds of loans, briefly crossed above the psychologically important 3 percent mark. It hasn't been that high since September.

The Dow Jones industrial average rose 122.33 points, or 0.8 percent, to 16,479.88. It was the 50th record high close for the Dow this year. The index is up 25.8 percent so far in 2013, on pace to have its best year since 1996.

The Standard & Poor's 500 index rose 8.70 points, or 0.5 percent, to 1,842.02 and the Nasdaq composite was up 11.76 points, or 0.3 percent, to 4,167.18. With Thursday's gains, the S&P 500 is up 29.2 percent for the year, or 31.3 percent when dividends are included. The S&P is on track for its best year since 1997.

Bond prices fell, pushing the yield on the 10-year Treasury note to 2.99 percent from 2.98 percent Tuesday. The note briefly traded above 3 percent.

Yields have been climbing since late November as economic reports have suggested that the U.S. recovery is gaining momentum. The increase accelerated last week after the Federal Reserve announced it was cutting back on its bond-buying program. The yield last touched 3 percent in September. It hasn't been consistently above 3 percent since July 2011.

The NYSE DOW closed HIGHER ▲ 122.24 points or ▲ 0.75% on Thursday, 26 December 2013
Symbol …........Last ......Change.....
Dow_Jones 16479.79 ▲ 122.24 ▲ 0.75%
Nasdaq___ 4168.44 ▲ 13.02 ▲ 0.31%
S&P_500__ 1842.45 ▲ 9.13 ▲ 0.50%
30_Yr_Bond 3.92 ▲ 0.02 ▲ 0.51%

NYSE Volume 1,492,349,750
Nasdaq Volume 917,371,810

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6694.17 ▲ 15.56 ▲ 0.23% holiday Dec 26
DAX_____ 9488.82 ▲ 88.64 ▲ 0.94% holiday Dec 26
CAC_40__ 4218.41 ▲ 3.12 ▲ 0.07% holiday Dec 26

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5325.4 ▲ 33.9 ▲ 0.64% holiday Dec 26
Shanghai_Comp 2073.1 ▼ -33.25 ▼ -1.58%
Taiwan_Weight 8485.89 ▲ 18.13 ▲ 0.21%
Nikkei_225____ 16174.44 ▲ 164.45 ▲ 1.03%
Hang_Seng____ 23179.55 ▲ 257.99 ▲ 1.13% holiday Dec 26
Strait_Times___ 3134.36 ▲ 7.07 ▲ 0.23%
NZX_50_Index__ 4767.94 ▲ 45.3 ▲ 0.96% holiday Dec 26

http://finance.yahoo.com/news/stocks-job-market-news-bond-171408256.html

Stocks up on job market news; Bond yields rise

Unexpectedly big drop in unemployment claims sends stocks higher; 10-year yield hits 3 percent

By Ken Sweet, AP Markets Writer

The stock market continued its upward climb Thursday as traders went back to work after the Christmas holiday, adding to what has already been a historic year for the market.

Traders were encouraged by an unexpectedly large drop in claims for unemployment benefits last week, the latest sign that the U.S. job market is improving. Trading volume was very low, however, as most portfolio managers have closed out their positions for the year

The yield on the 10-year Treasury note, a benchmark for many kinds of loans, briefly crossed above the psychologically important 3 percent mark. It hasn't been that high since September.

The Dow Jones industrial average rose 122.33 points, or 0.8 percent, to 16,479.88. It was the 50th record high close for the Dow this year. The index is up 25.8 percent so far in 2013, on pace to have its best year since 1996.

The Standard & Poor's 500 index rose 8.70 points, or 0.5 percent, to 1,842.02 and the Nasdaq composite was up 11.76 points, or 0.3 percent, to 4,167.18. With Thursday's gains, the S&P 500 is up 29.2 percent for the year, or 31.3 percent when dividends are included. The S&P is on track for its best year since 1997.

Bond prices fell, pushing the yield on the 10-year Treasury note to 2.99 percent from 2.98 percent Tuesday. The note briefly traded above 3 percent.

Yields have been climbing since late November as economic reports have suggested that the U.S. recovery is gaining momentum. The increase accelerated last week after the Federal Reserve announced it was cutting back on its bond-buying program. The yield last touched 3 percent in September. It hasn't been consistently above 3 percent since July 2011.

"There's a silver lining to see bond yields rise like this, because it's a sign that the economy is getting stronger," said John De Clue, chief investment officer of U.S. Bank Wealth Management.

Yields on Treasury securities like the 10-year note are used to calculate interest rates on student loans, mortgage rates, credit cards, and many other kinds of debt. As the 10-year yield has risen in the last six months, so have mortgage rates. In early May, the average mortgage rate was around 3.35 percent. This week it was 4.48 percent, according the government mortgage agency Freddie Mac.

"We are starting to take the medication away from the bond market, but it's important to note that yields are still at historically low levels," said Dan Veru, chief investment officer of Palisade Capital Management, which manages $4.5 billion in assets.

Investors cheered the latest signal that the U.S. economy is improving. The Labor Department said the number of Americans who filed for unemployment benefits fell 42,000 last week to 338,000. The drop was far bigger than economists were expecting and an indication that fewer people were losing their jobs.

It was another slow day for Wall Street, with most investors on vacation for Christmas and only three trading days left in 2013. Approximately 1.96 billion shares traded hands on the New York Stock Exchange on Thursday, well below the daily average of 3.3 billion shares.

In corporate news:

T-Mobile rose 74 cents, or 2.3 percent, to $32.93 after The New York Times and other news outlets reported that the Sprint division of Japan's Softbank was looking to buy the wireless carrier.

Twitter rose $3.35, or 5 percent, to $72.31. The stock is up 22 percent this week alone and 76 percent so far this month. Investors continue to bid up Twitter's shares on optimism the social media company can increase profits from mobile advertising.

 

[bigdog]

Source: http://finance.yahoo.com

Wall Street's six-day rally stalled out on Friday as stocks ended the day mostly flat in quiet trading.

Bond yields continued to rise. The yield on the 10-year Treasury note climbed above the 3 percent mark. The yield hasn't consistently traded above that level since July 2011. The increase will translate into higher interest rates on mortgages and other kinds of loans.

Energy stocks were among the biggest gainers after oil prices climbed above $100 a barrel for the first time since October. Offshore oil drilling companies Transocean and Diamond Offshore each rose about 1.5 percent. Oil giant ExxonMobil climbed 1 percent.

Sprint jumped 83 cents, or 8 percent, to $10.79 following news reports that Japan's Softbank, which owns Sprint, may use the company as a vehicle to purchase wireless competitor T-Mobile.

Most of Wall Street remains on vacation. Trading volume has been very low this week. Only 2 billion shares changed hands on the New York Stock Exchange on Friday, about 40 percent below the recent average.

There were no major economic reports or corporate earnings Friday.

The Dow Jones industrial average closed down 1.47 points, or 0.01 percent, to 16,478.41.

The Standard & Poor's 500 index fell 0.62 point, or 0.03 percent, to 1,841.40 and the Nasdaq composite was down 10.59 points, or 0.3 percent, at 4,156.59.

Even with Friday's pause, the stock market has been in rally mode heading into the end of the year. The Dow and S&P 500 are up 2.4 percent and 2 percent respectively so far in December, with only two trading days left in the year. For 2013, the S&P 500 is up roughly 29 percent, its best year since 1997, and the Dow is up 25.8 percent, its best year since 1996.

In the bond market, the yield on the 10-year Treasury note rose to 3 percent from 2.99 percent Thursday.

The NYSE DOW closed LOWER ▼ -1.47 points or ▼ -0.01% on Friday, 27 December 2013
Symbol …........Last ......Change.....
Dow_Jones 16478.41 ▼ -1.47 ▼ -0.01%
Nasdaq___ 4156.59 ▼ -10.59 ▼ -0.25%
S&P_500__ 1841.4 ▼ -0.62 ▼ -0.03%
30_Yr_Bond 3.94 ▲ 0.02 ▲ 0.56%

NYSE Volume 2,041,394,750
Nasdaq Volume 1,237,903,120

Europe
Symbol... .....Last ….....Change.......
FTSE_100 6750.87 ▲ 56.7 ▲ 0.85%
DAX_____ 9589.39 ▲ 100.57 ▲ 1.06%
CAC_40__ 4277.65 ▲ 59.24 ▲ 1.40%

Asia Pacific
Symbol...... ….....Last .....Change…......
ASX_All_Ord__ 5323.8 ▼ -1.6 ▼ -0.03%
Shanghai_Comp 2101.25 ▲ 28.15 ▲ 1.36%
Taiwan_Weight 8535.04 ▲ 49.15 ▲ 0.58%
Nikkei_225____ 16178.94 ▲ 4.5 ▲ 0.03%
Hang_Seng____ 23243.24 ▲ 63.69 ▲ 0.27%
Strait_Times___ 3149.76 ▲ 15.4 ▲ 0.49%
NZX_50_Index__ 4767.36 ▼ -0.58 ▼ -0.01%

http://finance.yahoo.com/news/stocks-end-day-mostly-flat-213148587.html

Stocks end day mostly flat in quiet trading

Stocks end day little changed in quiet trading; 10-year Treasury note yield rises to 3 percent

By Ken Sweet, AP Markets Writer

Wall Street's six-day rally stalled out on Friday as stocks ended the day mostly flat in quiet trading.

Bond yields continued to rise. The yield on the 10-year Treasury note climbed above the 3 percent mark. The yield hasn't consistently traded above that level since July 2011. The increase will translate into higher interest rates on mortgages and other kinds of loans.

Energy stocks were among the biggest gainers after oil prices climbed above $100 a barrel for the first time since October. Offshore oil drilling companies Transocean and Diamond Offshore each rose about 1.5 percent. Oil giant ExxonMobil climbed 1 percent.

Sprint jumped 83 cents, or 8 percent, to $10.79 following news reports that Japan's Softbank, which owns Sprint, may use the company as a vehicle to purchase wireless competitor T-Mobile.

Most of Wall Street remains on vacation. Trading volume has been very low this week. Only 2 billion shares changed hands on the New York Stock Exchange on Friday, about 40 percent below the recent average.

There were no major economic reports or corporate earnings Friday.

The Dow Jones industrial average closed down 1.47 points, or 0.01 percent, to 16,478.41.

The Standard & Poor's 500 index fell 0.62 point, or 0.03 percent, to 1,841.40 and the Nasdaq composite was down 10.59 points, or 0.3 percent, at 4,156.59.

Even with Friday's pause, the stock market has been in rally mode heading into the end of the year. The Dow and S&P 500 are up 2.4 percent and 2 percent respectively so far in December, with only two trading days left in the year. For 2013, the S&P 500 is up roughly 29 percent, its best year since 1997, and the Dow is up 25.8 percent, its best year since 1996.

In the bond market, the yield on the 10-year Treasury note rose to 3 percent from 2.99 percent Thursday.

Bond yields have steadily climbed since Dec. 18, when the Federal Reserve announced it was paring back its bond-buying program. The purchases were aimed at keeping long-term interest rates low to encourage borrowing and hiring.

"Interest rates are on a road back to normalcy after being artificially suppressed by the Fed," said Karyn Cavanaugh, market strategist with ING U.S. Investment Management. Cavanaugh said she expects the yield on the 10-year note to rise to about 3.5 percent by the end of 2014.

In corporate news:

General Motors was also among the bigger movers Friday, falling 58 cents, or 1 percent, to $40.94. The automotive giant said it would have to recall 1.5 million cars in China to replace a bracket that secures a fuel pump.

Twitter fell $9.56, or 13 percent, to $63.75. Twitter has soared in recent days, prompting one Wall Street analyst to downgrade the company's stock to the equivalent of "sell," saying the rally was overdone. Even with Friday's sell-off, the social media company's stock is still up 53 percent this month.

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