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(09/02/03 5:26am)
NEW YORK -- Tech stocks achieved their seventh straight monthly advance and blue chips their sixth Friday in an otherwise unremarkable pre-Labor Day session. Trading was extremely light.\nAfter fluctuating in the early going, the market by Friday afternoon achieved moderate gains. The atmosphere was dull despite encouraging reports on consumer spending and the manufacturing sector.\nThe Dow Jones industrial average closed up 41.61, or 0.4 percent, at 9,415.82. For the week, the Dow gained 0.7 percent.\nThe Nasdaq composite index rose 10.27, or 0.6 percent, to 1,810.45. The Standard & Poor's 500 index advanced 5.17, or 0.5 percent, to 1,008.01. For the week, the Nasdaq climbed 2.6 percent and the S&P gained 1.5 percent.\nWhile trading was slow throughout August as traders were away on summer vacations, the major indexes easily ended the month higher. The Dow and S&P posted their sixth straight winning month, while the Nasdaq had its seventh consecutive monthly gain.\nIt was the fourth straight winning week for the Dow and the third for the Nasdaq, S&P and Russell 200 index.\nMarket observers were encouraged that Wall Street was able to advance again, this time in the doldrums of August.\n"This is potentially good news ... because if we now see the top of the range begin to act as support, we increase the chance of breaking out to the top side as traders return to the market," said Chris Johnson, manager of quantitative analysis at Schaeffer's Investment Research in Cincinnati.\nThere was a lot of economic news Friday, most of it positive.\nFederal Reserve Chairman Alan Greenspan sought to reassure the market that the Fed aimed to guard against even remote risk of deflation.\nIn a speech in Jackson, Wyo., Greenspan defended the Fed's recent worries about deflation, which caused some volatility on Wall Street. He said it was sometimes necessary for the Fed in its interest rate policy to take out an insurance policy "against the emergence of especially adverse outcomes."\nBefore the market opened, the Commerce Department reported consumers boosted their spending 0.8 percent in July as the latest tax cut left people with extra cash.\nThe increase in spending last month was the largest since March and followed a sizable 0.6 percent advance in June. July's spending figure matched economists' expectations. Consumer spending accounts for two-thirds of the U.S. economy.\nLater, the Purchasing Management Association of Chicago said its index of area business activity rose to 58.9 in August on a seasonally adjusted basis from 55.9 in July. It was the fourth straight month that the business barometer signaled expansion. It is considered a harbinger of the Institute for Supply Management's index, to be released today.\nBut the University of Michigan's report on consumer confidence indicated a slight drop in August from July, according to Dow Jones Newswires.\nLynn Reaser, chief economist and senior market strategist, Banc of America Capital Management, noted that "overall, this has been a quiet week -- but a positive week for economic news."\nShe said the increase in the Chicago index "suggests that improvement on the consumer side is feeding into the industrial sector," which should result in stronger overall growth.\nThe Goodyear Tire & Rubber Co. rose 50 cents to $7.12 after the company announced Thursday it will eliminate about 500 jobs at its North American tire operations as part of continuing cost-cutting measures.\nStarbucks Corp. advanced 75 cents to $28.39 after reporting a 9 percent increase in same-store sales in August.\nPeoplesoft rose 35 cents to $18.05 after brokerage house Robert W. Baird upgraded it to "outperform" from "neutral."\nThe last time the Dow had six or more straight monthly gains was an eight-month run from December 1994 through July 1995. The S&P last had a six-month rally from January through June 1996, and the last time the tech-dominated Nasdaq had a streak as long was the 10-month period that ran from December 1994 through September 1995.\nAdvancing issues outnumbered decliners more than 2 to 1 on the New York Stock Exchange. Consolidated volume was light at 1.27 billion shares, below 1.49 billion Thursday.\nThe Russell 2000 index, which tracks smaller company stocks, rose 1.61, or 0.3 percent, at 497.42. The Russell had a weekly gain of 2.5 percent.\nOverseas, Japan's Nikkei stock average finished Friday up 1.16 percent. In Europe, France's CAC-40 fell 0.4 percent, Britain's FTSE 100 forfeited 0.9 percent and Germany's DAX index declined 0.2 percent.
(04/15/03 4:38am)
NEW YORK -- Investors attracted by lower prices, but still wary of first-quarter earnings, sent stocks soaring Monday, a break from last week's declines. The Dow Jones industrials climbed more than 140 points but volume was light, a sign that many investors want to see more profit reports before making any major moves.\n"I think guys are going to stay flexible until they see some conviction. There is a reluctance by large institutions to really commit to the market. This isn't a momentum driven market," said Michael Murphy, head trader at Wachovia Securities.\nAlthough stocks were quite a temptation, Wall Street was still concerned after hearing companies say first-quarter and yearly results will be soft. The market is again focused primarily on earnings and economic news, paying less attention to the war in Iraq now that allied success seems assured.\nAmid extremely light trading, the Dow closed up 147.69, or 1.8 percent, at 8,351.10. The blue chips more than erased last week's loss of 0.9 percent.\nThe broader market also finished sharply higher. The Nasdaq composite index rose 26.10, or 1.9 percent, to 1,384.95. The Standard & Poor's 500 index advanced 16.93, or 2 percent, to 885.23.\nThe gains put the Dow and the S&P 500 back into positive territory for the year. The Nasdaq has been in positive ground more the past month.\nDespite Monday's advance, analysts don't expect many big upswings on Wall Street for quite a while. But they predict the market will hold up rather well in the coming weeks as companies report their results; analysts say the numbers will look far better than those of last year's first quarter.\n"The markets have some reasonably good comparisons to work off of and expectations are fairly low. And, that being the case, we might get through this earnings season without too much psychological damage or market damage," said A.C. Moore, chief investment strategist for Dunvegan Associates in Santa Barbara, Calif.\nMonday's rally came amid reports of heavy warfare in Iraq with Marines overtaking pockets of resistance in Saddam Hussein's hometown of Tikrit. Maj. Gen. Stanley McChrystal said, "I would anticipate that the major combat operations are over."\nStill his assessment had little effect on trading as investors have already anticipated success in Iraq, sending stocks higher during earlier fighting.\nIn economic news Monday, the Commerce Department reported business inventories grew by 0.6 percent in February, while sales declined by 1 percent, the biggest drop since November 2001.\nCitigroup climbed $1.08 to $38.43 after posting first-quarter earnings that surpassed analysts' expectations by 2 cents a share. Bank of America rose 66 cents to $72 on profits that beat Wall Street's forecast by 11 cents a share.\nIBM advanced $1.32 to $80.07 in advance of its earnings report scheduled to be released later Monday. After the market closed, IBM posted profits of 79 cents a share, a penny shy of expectations. Its stock rose 72 cents in the after-hours trading session.\nIntel rose 40 cents to $17.16 ahead of its quarterly results due out today.\nBut Abercrombie & Fitch fell 20 cents to $31.20, and Coach declined 8 cents to $38.42 after Merrill Lynch downgraded the retailers.\nAdvancing issues outnumbered decliners 3 to 1 on the New York Stock Exchange. Consolidated volume was very light at 1.38 billion shares, below Friday's thin 1.39 billion.\nThe Russell 2000 index, which tracks smaller company stocks, rose 6.31, or 1.7 percent, to 377.61.\nOverseas, Japan's Nikkei stock average finished Monday up 1.7 percent. In Europe, France's CAC-40 climbed 1.3 percent, Britain's FTSE 100 rose 1.1 percent and Germany's DAX index gained 1.6 percent.
(04/15/03 4:38am)
NEW YORK -- Investors attracted by lower prices, but still wary of first-quarter earnings, sent stocks soaring Monday, a break from last week's declines. The Dow Jones industrials climbed more than 140 points but volume was light, a sign that many investors want to see more profit reports before making any major moves.\n"I think guys are going to stay flexible until they see some conviction. There is a reluctance by large institutions to really commit to the market. This isn't a momentum driven market," said Michael Murphy, head trader at Wachovia Securities.\nAlthough stocks were quite a temptation, Wall Street was still concerned after hearing companies say first-quarter and yearly results will be soft. The market is again focused primarily on earnings and economic news, paying less attention to the war in Iraq now that allied success seems assured.\nAmid extremely light trading, the Dow closed up 147.69, or 1.8 percent, at 8,351.10. The blue chips more than erased last week's loss of 0.9 percent.\nThe broader market also finished sharply higher. The Nasdaq composite index rose 26.10, or 1.9 percent, to 1,384.95. The Standard & Poor's 500 index advanced 16.93, or 2 percent, to 885.23.\nThe gains put the Dow and the S&P 500 back into positive territory for the year. The Nasdaq has been in positive ground more the past month.\nDespite Monday's advance, analysts don't expect many big upswings on Wall Street for quite a while. But they predict the market will hold up rather well in the coming weeks as companies report their results; analysts say the numbers will look far better than those of last year's first quarter.\n"The markets have some reasonably good comparisons to work off of and expectations are fairly low. And, that being the case, we might get through this earnings season without too much psychological damage or market damage," said A.C. Moore, chief investment strategist for Dunvegan Associates in Santa Barbara, Calif.\nMonday's rally came amid reports of heavy warfare in Iraq with Marines overtaking pockets of resistance in Saddam Hussein's hometown of Tikrit. Maj. Gen. Stanley McChrystal said, "I would anticipate that the major combat operations are over."\nStill his assessment had little effect on trading as investors have already anticipated success in Iraq, sending stocks higher during earlier fighting.\nIn economic news Monday, the Commerce Department reported business inventories grew by 0.6 percent in February, while sales declined by 1 percent, the biggest drop since November 2001.\nCitigroup climbed $1.08 to $38.43 after posting first-quarter earnings that surpassed analysts' expectations by 2 cents a share. Bank of America rose 66 cents to $72 on profits that beat Wall Street's forecast by 11 cents a share.\nIBM advanced $1.32 to $80.07 in advance of its earnings report scheduled to be released later Monday. After the market closed, IBM posted profits of 79 cents a share, a penny shy of expectations. Its stock rose 72 cents in the after-hours trading session.\nIntel rose 40 cents to $17.16 ahead of its quarterly results due out today.\nBut Abercrombie & Fitch fell 20 cents to $31.20, and Coach declined 8 cents to $38.42 after Merrill Lynch downgraded the retailers.\nAdvancing issues outnumbered decliners 3 to 1 on the New York Stock Exchange. Consolidated volume was very light at 1.38 billion shares, below Friday's thin 1.39 billion.\nThe Russell 2000 index, which tracks smaller company stocks, rose 6.31, or 1.7 percent, to 377.61.\nOverseas, Japan's Nikkei stock average finished Monday up 1.7 percent. In Europe, France's CAC-40 climbed 1.3 percent, Britain's FTSE 100 rose 1.1 percent and Germany's DAX index gained 1.6 percent.
(10/16/02 5:41am)
NEW YORK -- Powered by a batch of surprisingly good earnings reports, stocks barreled higher Tuesday, lifting the Dow Jones industrials more than 290 points and back above 8,000.\nThe Dow, which soared as much as 327 points, owed some of its lift to upbeat earnings from three of its components -- Citigroup, General Motors and Johnson & Johnson.\nAll three of the market's major indexes were heading for a four-session winning streak. That's a feat the Dow and Standard & Poor's 500 index last accomplished 10 weeks ago in the period ending Aug. 9. The Nasdaq hasn't had a four-day rally in three months, or since May 17.\nAnalysts said investors were feeling enthusiastic about the earnings reports, having been shaken up in the past few weeks as companies lowered their profit outlooks.\n"We are either manically depressed about (stock) prices or irrationally exuberant. That is what we have today, swinging the other way," said Arthur Hogan, chief market analyst at Jefferies & Co.\nIn midafternoon trading, the Dow was up 297.62, or 3.8 percent, at 8,175.02, building on a three-day gain of 591.13. The Dow last closed above 8,000 on September 18 when it stood at 8,172.45.
(09/18/01 5:47am)
NEW YORK -- The losers included airline, insurance and entertainment stocks while defense issues were among the few winners when prices tumbled on Wall Street Monday, the first day of trading after last week's terrorist attacks. \nThe selling, in record volume on the New York Stock Exchange, gave the Dow Jones industrials their biggest one-day point drop, 684.81, and left them below 9,000 for the first time in more than two-and-a-half years. \n"To buy stocks you need some kind of clarity and confidence, and right now you've got neither," said Bill Barker, investment consultant at Dain Rauscher in Dallas. "The buying public is sitting on its hands. The sellers are obviously in control now."\nAnalysts were unsure how long the selling would last or how intense it might become. Following last week's terrorist attacks, investors have more reason to worry about shrinking profits, not to mention national security. \nMonday's selling could have been worse, something that was apparent in the number of stocks that fell vs. those that rose. The ratio of decliners to advancers was close to 6 to 1, typical of the Wall Street's recent selloffs; in the Oct. 19, 1987 crash, the ratio was 50 to 1. \n"This is about what we could have expected," said Todd Clark, co-head of listed trading at WR Hambrecht. "Still," he said, "I think traders are disappointed we didn't rally a bit in the afternoon. There was some thinking that we would do that." \nThe Dow closed at 8,920.70, having suffered a 7.1 percent decline. Its nearly 685-point loss surpassed the previous record one-day point drop of 617.78, set on April 14, 2000. The last time the blue chips were below 9,000 was Dec. 3, 1998. The Dow also set a record for an intraday point decline, 721.56, beating the previous record of 721.32, also set on April 14, 2000. By percentage, however, the Dow's loss was less severe, ranking 14th and equaling less than a third of the biggest-ever percentage drop of 22.6 percent in the 1987 crash. \nThe Nasdaq composite index fell 115.75 points, or 6.8 percent, to 1,579.55, a level not seen since Oct. 14, 1998 when it closed at 1,540.97. The Standard & Poor's 500 index, the broadest measure of Wall Street, dropped 53.77, or 4.9 percent, to 1,038.77. \nSome market watchers said there are several reasons, including deeply discounted stock prices and patriotism, to hope for a rally. \n"I have heard brokers report their clients saying, 'I want to buy something to show my support in our economic systems," said Larry Wachtel, market analyst at Prudential Securities. \nInvestors had to digest a great deal of news Monday, including a half-point interest rate reduction, the eighth cut this year, by the Federal Reserve before the market reopened, along with a litany of companies announcing stock buybacks to boost their share prices. \nAnalysts said U.S. investors were ready to get back to trading after a four-day shutdown, anxious to adjust their portfolios amid the uncertainty about the market, the economy and the overall market. \nThe stock market's closure, necessary as damaged utility services were restored and investment firms scrambled to find alternate places to do business, was also needed to give investors some time to separate their emotions from their investments, analysts said. \n"There has been a four-day hiatus, which takes a little bit of the panic out of it. ... Of course, the Fed cutting rates, while it wasn't unexpected, it was helpful," Wachtel said. "It's not going to be a disaster."\nAnalysts noted that high-tech shares fared relatively well. \n"It's certainly a positive that what's holding up best is the Nasdaq. If you were thinking there was panic, you would see more dumping there," said Richard A. Dickson, technical analyst for Hilliard Lyons in Louisville, Ky. \nAirline stocks traded lower after all the major U.S. carriers, expecting a drop in business, announced reduced flight schedules. UAL, the parent of United Airlines, fell nearly 43 percent, down $13.32 to close at $17.50, and AMR, the parent of American Airlines, plunged $11.70, or 39 percent, to $18. Airlines weighed on the Dow Jones transportation index, which fell 15 percent, down 404.81 at 2,271.68. Other travel and leisure services suffered, including online travel agent Expedia, down $12.25 at $24. Marriott International fell $8.60 to $32.25. \nInsurers were weak as the industry faces steep losses following last week's attacks. American International Group fell $3.26 to $71 after saying last week it expects its pretax losses from the attack to total $500 million. \nFinancial companies also traded lower on the expectation that investors and consumers will invest, spend and borrow less amid greater uncertainty about the economy. Dow industrial American Express sank $4.76 to $30.25. AmEx fell further in the extended-hours session, down $1.25, after issuing a third-quarter profit warning. \nEntertainment stocks were weak as investors expect business to suffer if the economy goes into recession. Disney, also a Dow stock, fell $4.33 to close at $19.25. \nThere were some winners, chiefly in defense and security, which could see an uptick in government spending following the attacks. Defense contractor Lockheed Martin rose $5.63 to $43.95. InVision Technologies, which makes systems used in detecting bombs, surged 165 percent, rising $5.14 to $8.25. \nFollowing the devastation in the Financial District, the NYSE and the Nasdaq tested their trading systems and those of their member firms to ensure they were operating properly and would be able to process trades. It was not immediately clear if there were any glitches that prevented investment firms from executing trades, although some smaller companies were still without phone service. \nIn a move to support the market, the Securities and Exchange Commission eased rules governing stock buybacks by companies. Several firms announced plans to repurchase their stock as a signal of their confidence in their own shares, as well as the market and the country. Companies that announced buybacks included networker Cisco Systems, which fell 47 cents to $14, and Starbucks, down 94 cents at $15.51. \nNYSE volume came to a record 2.33 billion shares, nearly doubling the 1.24 billion that were traded the previous Monday and surpassing the previous volume record of 2.13 billion on January 4. Consolidated volume, which includes trades made on and off the NYSE floor, totaled 2.73 billion shares, well ahead of 1.5 billion last Monday. \nThe Russell 2000 index, the barometer of smaller company stocks, fell 21.69 to 417.67. \nOverseas markets were mixed Monday. Japan's Nikkei stock, which had closed before the U.S. markets reopened, average tumbled 5 percent. European stocks rose strongly with Britain's FT-SE 100 rising 3.0 percent, France's CAC-40 climbing 2.7 percent, and Germany's DAX index gaining 2.9 percent.