Dow Jones stays above 10,000

inspector_monkfish

02:57 16Oct09 Thursday's Mkts:Oil Lifts DJIA To 10062.94



A surge in oil lifted energy stocks, which helped the broader market extend Wednesday's gains and the Dow Jones Industrial Average stay above 10000 for a second day.

The Dow languished in the red for much of the day, after crossing the 10000 mark Wednesday for the first time in a year. It rallied Thursday afternoon to end 47.08 points higher, up 0.5%, at 10062.94.

Exxon Mobil and Chevron rose 1.5% and 1.6%, respectively.
New inventory data showed a bigger drawdown in U.S. gasoline reserves than analysts had expected, which pushed oil futures to a sixth straight gain, up 3.2% to a one-year high of $77.58 a barrel.

Oil and other commodities were helped Thursday by a slight pullback in the dollar against the euro and other foreign currencies. Late in New York, one euro cost $1.4937, the most in two months.
The S&P 500 gained 0.4% to 1096.56, led by a 2% gain in its energy sector that offset a 0.7% decline in financials.

Earnings reports from Goldman Sachs Group and Citigroup Thursday both beat Wall Street's expectations, but their shares fell. Goldman finished down 1.9%, and Citi was off 5%. Many investors had placed big bets on the financial sector Wednesday following a better-than-expected report from J.P. Morgan Chase.

The Nasdaq Composite Index eked into positive territory just before the close, to finish up by just more than one point at 2173.29. It was held in check by Google, which fell 1% in regular trading ahead of its earnings report after the bell. Google's results beat expectations, and its shares rose 3.2% in after-hours trading.

Treasury prices slid amid economic data that, overall, suggested the economy is recovering at a gradual pace. Although the Philadelphia Federal Reserve's index of regional manufacturing activity was disappointing, a report from New York showed activity surged in October. A separate report showed a decline in weekly jobless claims.
At 3.472%, the yield on the benchmark 10-year note was the highest in more than three weeks.

System

HPC has debunked this one I'm afraid.

Of course the DOW is meaningless. It is rigged like the CPI. If they can't get it to make the government to look good, by currency printing, they will alter the way it is calculated.

inspector_monkfish

14:13 16Oct09 Wall St set for selloff after GE, BofA earnings
* Futures point to lower open
* GE, Bank of America earnings disappoint
* Stronger U.S. dollar set to pressure stocks




NEW YORK, Oct 16 (Reuters) - Wall Street was set to drop at the open on Friday after disappointing quarterly results from Dow components General Electric Co <GE.N> and Bank of America Corp <BAC.N> dragged stock futures lower.

GE's weaker-than-expected revenue and Bank of America's loss show U.S. businesses and consumers continue to struggle as the economy slowly recovers from the worst recession in decades.

The results were also a setback for investors wowed by some strong corporate earnings earlier in the week. Friday's earnings set the stage for profit taking after a strong run this week that saw major indexes hit new yearly highs and pushed the Dow industrials above 10,000.

To see GE's revenue down so much "really says something about the economy, and really has to make you question what kind of recovery is taking place here," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
"It's not a good morning to say the least," he said.

Bank of America's loss stemmed from consumer credit losses, and it blamed "continued weakness in the U.S. and global economies and stress on the consumer." GE, although beating earnings estimates, reported-lower than-expected revenue as sales fell across all its diverse businesses.
Bank of America's shares fell 5.4 percent to $17.12, and GE dropped 2.6 percent to $16.35 in premarket trade.

S&P 500 futures <SPc1> were down 6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures <DJc1> were down 45 points, while Nasdaq 100 futures <NDc1> fell 6.50 points.

"Although it is still very early into earnings season, we're seeing that the positive momentum is rapidly diminishing," said Hans-Juergen Delp, chief strategist at Commerzbank in Frankfurt.

Safe-haven U.S. treasuries rose after the results. The dollar, which has traded inversely to stocks, with equities rising as the greenback fell, rose, sparking profit-taking in currencies that earlier hit multi-month highs against the U.S. unit.

The U.S. dollar rose 0.43 percent against a basket of currencies <.DXY>. That and demand concerns weighed on commodity prices.

"The dollar is up, that generally causes a flow out of equities," said Tom Schrader, managing director, U.S. equities at Stifel Nicolaus Capital Markets in Baltimore.

Google Inc <GOOG.O> reported robust results that beat expectations late on Thursday, soothing concerns over the health of the technology sector. Google's stock rose more than 3 percent in premarket trade.

International Business Machines Corp also <IBM.N> sounded an optimistic note as it forecast a return to revenue growth in the fourth-quarter, but investors drove the stock down 4.5 percent in premarket trade.

Economic data due later in the day includes the Reuters/University of Michigan Surveys of Consumers preliminary sentiment index for October, expected to stay even with late September's reading of 73.5.

inspector_monkfish

14:34 US STOCKS OPEN LOWER; DJIA DN 103 PTS AS BOFA, GE SLIDE
14:35 NASDAQ FALLS 14 PTS; S&P DOWN 10 PTS
14:38 US Stocks Open Lower; DJIA Down 103 Pts As BofA, GE Slide

U.S. stocks were lower Friday after disappointing results from a number of blue-chip companies.

Shortly after the opening bell, the Dow Jones Industrial Average was lower by about 103 points. The S&P 500 was dowhn 0.7%, led by a 1.7% decline in its financial sector, and the Nasdaq Composite Index declined 0.6%.

Though International Business Machines and General Electric both posted third-quarter results that beat estimates, and IBM raised its annual earnings outlook, investors worried about Big Blue's comments on corporate technology spending and GE's worse-than-forecast revenue. IBM sank 4% and GE shed 3%.

Bank of America reported a wider-than-forecast loss after adding to credit-loss reserves, sending the bank's shares lower by about 5.5%.

Halliburton rose 1% after it said its third-quarter earnings slumped 61% as results were hurt by weakness in the North American drilling market amid the slump from last year in commodity prices.

The Federal Reserve reported that industrial production rose 0.7% last month, better than the 0.2% economists had expected. Capacity utilization crept higher.

The dollar rose against the yen and the euro. Commodities prices were steady, with crude-oil futures hovering at about $77.44 a barrel. Treasury prices were mixed.

The Nikkei 225 edged up 0.2% in Tokyo and the FTSE 100 slipped 0.4% in London.

purch

Quick !!!

Change the Thread Title :eek:

purch

Oh no........you're all right !!!!

purch

Brian Ump !!!

inspector_monkfish

it'll all end in tears...

Mr_Mumble

hick! excuse moi.

PS. the Dow Jones Industrial Average is a daft way to measure the value of shares.

Cleaver

Joeskeppi wrote: »

HPC has debunked this one I'm afraid.

Of course the DOW is meaningless. It is rigged like the CPI. If they can't get it to make the government to look good, by currency printing, they will alter the way it is calculated.

I reckon I could be the guy who fixes the prices.

"9,825? Ha ha, I don't think so. Let's see. Erm, 10,003. No, scratch that. 10,234. Ha ha! Yes! Oooh yes. Mwmhwhhhahahaaaaa!!!! THE FOOLS!!!! IDIOTS!!!! SUCK ON MY GOD-LIKE NUMBER'S TEET, YOU SILLY POOR PIGLETS OF FINANCE!! TRADING YOUR STUPID SHARES ON YOUR STUPID TRADING FLOOR!! I AM THE PRICE MASTER!! I SET THE NUMBERS!! I. SET. THE. NUMBERS!!!!! MWHAHHAHAHAHAAAA..."

Generali

Dow at 9,949: we're all doomed!

Actually, I'm quite surprised nobody dug up my prediction from the start of this run-up in share prices that the FT would hit 3,500 (3,000?) before it hits 5,000 (6,000?). I was wrong again and it won't be the last time.