Even as investors confronted more bad news from the troubled U.S. credit markets, bargain-hunters entered the fray during the last minutes of trading yesterday to send the major market indexes higher. The Dow Jones Industrial Average rose 150 points, or 1.1 percent, to 13,362. Merck and AT&T led the blue-chip index with gains of 2.8 and 2.7 percent, respectively. The S&P 500 gained 11 points, or 0.7 percent, to 1,466, and the NASDAQ Composite Index advanced 8 points, or 0.3 percent, to 2,554. Bond prices fell as investors moved back into stocks. The yield on the benchmark 10-year Treasury note rose to 4.78 percent from 4.75 percent late Tuesday. more...
Investors returned to the markets yesterday in a buying mood. Last weeks move lower, which left the S&P 500 worth just over 15 times earnings (a sixteen-year low), brought bargain hunters out in force. The Dow Jones Industrial Average rose 93 points, or 0.7 percent, to 13,358, with shares of General Motors pacing the blue-chip gainers. In a market that has become accustomed to bad news on the consumer lending front, an announcement from GMAC, GMs financing arm, that losses had moderated somewhat from the first quarter was enough to send the automakers stock soaring nearly 5 percent. more...
It was high drama in the markets again yesterday, as stocks staged a repeat performance of Wednesdays last-minute rally. Healthy profits from mobile phone heavyweight Nokia and a favorable weekly unemployment report, however, leant some stability to the major market indexes after several days of wild intraday swings. The Dow Jones Industrial Average rose 101 points, or 0.8 percent, to 13,463. Honeywell International and Hewlett-Packard led the blue-chip index with gains of 3.3 and 3.2 percent, respectively. The S&P 500 advanced 6 points, or 0.4 percent, to 1,472, and the NASDAQ Composite Index closed up 22 points, or 0.9 percent, at 2,576. The yield on the benchmark 10-year Treasury note was unchanged from late Wednesday afternoon at 4.79 percent. more...
The market had one of its worst weeks in several years after the subprime/housing nexus finally affected the market. A slowly metastasizing event, many investors behaved as if they had never considered the possibility that housing could be in a recession for several years, even though warning bells have sounded for more than a year. The result was panic selling in several sectors and probably opportunistic shorting by hedge funds and aggressive investors. more...
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