Stock Market '07

See this at: thestreet.com| Added on 12/07/07

President Bush on Thursday unveiled a government-led plan to help borrowers avoid foreclosure by, among other things, temporarily freezing interest rates on certain subprime adjustable-rate mortgages for five years. Under the plan, devised by... See more

President Bush on Thursday unveiled a government-led plan to help borrowers avoid foreclosure by, among other things, temporarily freezing interest rates on certain subprime adjustable-rate mortgages for five years. Under the plan, devised by mortgage industry leaders led by Treasury Secretary Henry Paulson, the government will assist struggling homeowners by helping them either refinance their existing loans, moving into loans backed by the Federal Housing Administration, or by freezing adjustable-rate mortgage interest rates for certain borrowers for five years, Bush said during a briefing. "This will bring relief to homeowners more quickly," Bush said during a press conference. "The steps I've outlined today are a sensible response to a serious problem." Speaking to criticism that the plan was "bailing out" lenders and borrowers who took risky bets and failed, Bush defended the decision for the government to step in. He said "innovative" mortgage products have helped many Americans... See less

Highlights: Lenders made loans difficult for borrowers to understand, and some people took out mortgages they knew they couldn't pay back. The president also noted that the problem was compounded by the securitization and sale of the loans throughout the world, which has disrupted financial markets as...

See this at: sharkinvesting.com| Added on 12/07/07

Investors continued to position themselves on the long side ahead of next week’s interest rate decision as well as Friday’s much anticipated jobs report. Although index futures pointed to a much higher open early in the morning, they began to weaken... See more

Investors continued to position themselves on the long side ahead of next week’s interest rate decision as well as Friday’s much anticipated jobs report. Although index futures pointed to a much higher open early in the morning, they began to weaken significantly as the bell approached, likely due to some very mixed November sales reports from individual retailers. More specifically, Target, which posted strong year-over-year gains, had some cautious comments regarding its outlook for December, which in turn fueled concerns that stores are starting see the effects of higher gas prices and a poor real estate market on consumer spending. Be that as it may, buyers pounced on the ensuing flat open, sending each of the major indices higher throughout the morning. However, it wasn’t until after Treasury Secretary Paulson finished outlining his plan to provide relief to certain subprime borrowers that the action really caught fire. As the day wound down, the averages as well as each of the... See less

Highlights: As we all know, extended markets are perfectly capable of becoming even more extended, so it will be interesting to see how this market reacts to Friday’s jobs data. The biggest thing that many market participants are wrestling with right now is how to balance the expectation for a...

See this at: marketwatch.com| Added on 12/07/07

U.S. stocks on Thursday extended gains for a second day after the White House offered its plan to curb home foreclosures, bolstering financial shares battered for months by the subprime mortgage crisis and related credit crunch. "It's a step in the... See more

U.S. stocks on Thursday extended gains for a second day after the White House offered its plan to curb home foreclosures, bolstering financial shares battered for months by the subprime mortgage crisis and related credit crunch. "It's a step in the right direction, at the very least we're putting together a plan," said Art Hogan, chief market strategist at Jefferies & Co. The administration's proposal targets about 10% of subprime borrowers who are able to afford their mortgage payments as they now stand, but would not be able to keep current once they reset higher, Hogan said. See less

Highlights: The Dow Jones Industrial Average (INDU:, , ) rose 174.9 points, or 1.3%, to 13,619.9, with 27 of its 30 components ending higher, led by a 5.5% rise by American Insurance Group Inc. (AIG:61.35, +3.20, +5.5%) shares. Also bolstering investor sentiment is an expectation of another...

See this at: thestreet.com| Added on 11/29/07

Stocks in the U.S. surged Wednesday and extended the previous session's rally as comments from a high-ranking Federal Reserve official suggested further rate cuts could be on the table. The Dow Jones Industrial Average soared 331.01 points, or 2.55%,... See more

Stocks in the U.S. surged Wednesday and extended the previous session's rally as comments from a high-ranking Federal Reserve official suggested further rate cuts could be on the table. The Dow Jones Industrial Average soared 331.01 points, or 2.55%, to 13,289.45. It was the fifth consecutive triple-digit move -- three up and two down -- on the Dow in as many sessions. Over the last two sessions, the Dow has jumped 563 points, but it still remains 4.6% lower for the month. See less

Highlights: "These moves are just unbelievable," said Paul Mendelsohn, chief investment strategist with Windham Financial. "The volatility creates a hard market to deal with. It varies between which areas stand to benefit the most, but that flexibility may be the reason we could see a rally extend...

See this at: thestreet.com| Added on 11/27/07

Stocks in the U.S. sold off into the close Monday as yet more worries about the credit arena dragged down the market and sent investors scrambling to government fixed-income securities. After meandering for much of the day, the Dow Jones Industrial... See more

Stocks in the U.S. sold off into the close Monday as yet more worries about the credit arena dragged down the market and sent investors scrambling to government fixed-income securities. After meandering for much of the day, the Dow Jones Industrial Average took a sharp turn south late and ended with a loss of 237.44 points, or 1.8%, to 12,743.44. The S&P 500 gave back 33.48 points, or 2.3%, to 1407.22, and the Nasdaq retreated by 55.61 points, or 2.1%, to go out at 2540.99. Though most subgroups declined, as is not uncommon the financial space led the way lower. One of the hardest hit names was Countrywide, which slumped on word that New York Sen. Chuck Schumer wants regulators to take a closer look at loans made by the Federal Home Loan Bank of Atlanta to the mortgage lender. Countrywide dropped 10.5% to $8.64. Earlier, London's HSBC said it plans to transfer two structured investment vehicles to its balance sheet, increasing its assets by $45 billion. HSBC will make $35 billion... See less

Highlights: Separately, The Wall Street Journal said potential buyers of E*Trade are proving reluctant to come through with a bid because of concerns about the declining value of the online broker's mortgage portfolio. E*Trade was down 13.7% to $4.60. Also, Fannie Mae and Freddie Mac lost 10% and 7%,...

See this at: bloomberg.com| Added on 11/11/07

Asian stocks tumbled, sending a regional index to its biggest drop in three months, on speculation HSBC Holdings Plc and other banks will report increased losses related to U.S. subprime mortgages. Japan's Nintendo Co., which gets two-thirds of sales... See more

Asian stocks tumbled, sending a regional index to its biggest drop in three months, on speculation HSBC Holdings Plc and other banks will report increased losses related to U.S. subprime mortgages. Japan's Nintendo Co., which gets two-thirds of sales abroad, led declines among exporters after the dollar slumped against the yen. PetroChina Co. and Woodside Petroleum Ltd. fell after the price of crude oil dropped. Morgan Stanley cut its rating on HSBC on concern the lender will face more U.S. loan defaults. See less

Highlights: ``Investors have to reevaluate what shares are worth as the U.S. starts pulling down economies globally,'' said Takashi Kamiya, who helps oversee $16 billion at T&D Asset Management Co. in Tokyo. ``The continued weakness of the dollar is going to cause substantial damage to exporters'...

See this at: sharkinvesting.com| Added on 11/11/07

The market closed out the week in a disappointing manner as a massive wave of selling into the close negated some encouraging action in the afternoon, causing each of the major indices to close out the day at lows. Although many were wondering if... See more

The market closed out the week in a disappointing manner as a massive wave of selling into the close negated some encouraging action in the afternoon, causing each of the major indices to close out the day at lows. Although many were wondering if Thursday’s late-day recovery would lead to some more sustained buying during Friday’s trading session, the market got off to an ugly start following news that another major bank, Wachovia (WB), had announced additional asset write-offs. Just after the bell, breadth showed about seven declining stocks for every two that were in the green, with each of the major S&P sectors well into the red. Moreover, the selling in many of the recent high-flying momentum stocks that have done so well over the past couple of months, including AAPL, BIDU, GOOG and RIMM, continued. Although there are numerous factors behind the recent pressure in the technology sector, including the unwinding of the Yen carry trade as well as cautious comments regarding business... See less

See this at: thestreet.com| Added on 11/11/07

Stocks in the U.S. fell hard again Friday as increased loan losses at Wachovia and a weak quarter from Qualcomm weighed on sentiment and had the major averages in the red all session. The selling accelerated in the final minutes of the day. The Dow... See more

Stocks in the U.S. fell hard again Friday as increased loan losses at Wachovia and a weak quarter from Qualcomm weighed on sentiment and had the major averages in the red all session. The selling accelerated in the final minutes of the day. The Dow Jones Industrial Average sank 223.55 points, or 1.69%, to 13,042.74, and the S&P 500 dropped 21.07 points, or 1.43%, to 1453.70. The Nasdaq Composite plunged by 68.06 points, or 2.52%, to 2627.94. See less

Highlights: "There were not a lot of people willing to go long into the weekend," said Larry Wachtel, senior market analyst with Wachovia Securities. "It looked like with financials firming up we'd have a better final hour, but the market simply faded. There wasn't any other trigger for the late-day...

See this at: thestreet.com| Added on 11/07/07

Troubling comments from a Federal Reserve official, weak earnings and a plummeting dollar pushed stocks in the U.S. deep into the red Wednesday.

Troubling comments from a Federal Reserve official, weak earnings and a plummeting dollar pushed stocks in the U.S. deep into the red Wednesday. See less

Highlights: The Dow Jones Industrial Average sank 360.92 points, or 2.64%, to 13,300.02. The S&P 500 plunged 44.65 points, or 2.94%, at 1475.62, and the Nasdaq Composite tumbled 76.42 points, or 2.7%, at 2748.76.

See this at: businessweek.com| Added on 11/07/07

New York Attorney General Andrew Cuomo may have been aiming his latest legal salvo squarely at big players in the mortgage biz, but it was the broader stock market that sustained collateral damage on Wednesday. Weakness in financial issues, sparked... See more

New York Attorney General Andrew Cuomo may have been aiming his latest legal salvo squarely at big players in the mortgage biz, but it was the broader stock market that sustained collateral damage on Wednesday. Weakness in financial issues, sparked by sharp declines in mortgage-funding giants Fannie Mae (FNM), Freddie Mac (FRE), and major lender Washington Mutual (WM), led a big stock sell-off on Wall Street Wednesday, with the S&P 500 index falling nearly 3%. On Wednesday, the Dow Jones industrial average dropped 360.92 points, or 2.64%, to 13,300.02. The broader S&P 500 index plunged 44.65 points, or 2.94%, to 1,475.62. The tech-heavy Nasdaq composite index fell 76.42 points, or 2.71%, to 2,748.76. Activity in the broader market was markedly negative, with 30 shares declining in price for every 3 that advanced on the NYSE. Nasdaq breadth was 20-6 negative. It wasn't as if the news that Cuomo's office had subpoenaed Fannie and Freddie as part of his office's ongoing investigation into... See less

Highlights: Also on the laundry list of market misery: The U.S. dollar fell in value vs. other major currencies on indications China might diversify its $1.43 trillion foreign-currency reserves away from the greenback, though officials later backpedaled on the idea. The greenback recovered from record...

See this at: bloomberg.com| Added on 11/04/07

Asian stocks fell, led by banks, after Citigroup Inc. said it will increase writedowns on subprime-linked investments by as much as $11 billion. Mitsubishi UFJ Financial Group Inc. fell for a third day, while National Australia Bank Ltd. dropped the... See more

Asian stocks fell, led by banks, after Citigroup Inc. said it will increase writedowns on subprime-linked investments by as much as $11 billion. Mitsubishi UFJ Financial Group Inc. fell for a third day, while National Australia Bank Ltd. dropped the most in seven weeks. China Mobile Ltd. led losses in Hong Kong, the region's worst-performing market today, after comments by China's Premier Wen Jiabao signaled a plan to allow mainland investors to buy the city's shares directly will be held up. ``The subprime issue hasn't been solved yet,'' said Samantha Ho, a Hong Kong-based fund manager who oversees more than $5 billion of Hong Kong and China equities at Invesco Asia Ltd. Delays to China's proposed relaxation of curbs on Hong Kong share investments is hurting sentiment in the city, she added. BHP Billiton Ltd., the world's largest mining company, slid after copper had the biggest weekly loss in two months. Inpex Holdings Inc. gained after crude oil prices ended last week at a high.... See less

Highlights: The Morgan Stanley Capital International Asia Pacific Index lost 1.5 percent to 166.06 as of 2:40 p.m. in Tokyo, having on Nov. 2 slipped 2.2 percent from a record close. The two-day decline is the largest since Aug. 17.

See this at: news.bbc.co.uk| Added on 11/04/07

World stock markets are braced for heavy falls after confidence in the US banking sector was dented further by the resignation of Citigroup's boss.

World stock markets are braced for heavy falls after confidence in the US banking sector was dented further by the resignation of Citigroup's boss. See less

Highlights: Markets fell sharply in Asia in reaction to Chuck Prince's exit, the second departure of a leading Wall Street bank boss within days. The Hang Seng index fell 3%, or 915.5 points, in Hong Kong while the Nikkei dipped 250.4 points, or 1.5%, in Tokyo. Banks' exposure to US sub-prime related...

See this at: thestreet.com| Added on 10/12/07

Tech stocks rebounded and led the broader market higher Friday as traders put the previous day's losses behind them. The Nasdaq Composite rose 33.48 points, or 1.21%, to 2805.68, and the Dow Jones Industrial Average gained 77.96 points, or 0.56%, to... See more

Tech stocks rebounded and led the broader market higher Friday as traders put the previous day's losses behind them. The Nasdaq Composite rose 33.48 points, or 1.21%, to 2805.68, and the Dow Jones Industrial Average gained 77.96 points, or 0.56%, to 14,093.08. The S&P 500 added 7.39 points, or 0.48%, to end at 1561.80. "There was a little of everything for the bulls today, between good economic numbers, M&A coming back into the picture, and corporate earnings," said Peter Cardillo, chief market economist with Avalon Partners. "This has increased momentum buying." Cardillo warned, though, that "the real earnings onslaught will hit next week and will be more of a focus, although it could end up cutting into the enthusiasm due to disappointments." Breadth was decidedly positive to end the week. On the New York Stock Exchange 2.72 billion shares changed hands, as advancers topped decliners by a 5-to-3 margin. Volume on the Nasdaq reached 1.96 billion shares, with winners outpacing nearly 3... See less

See this at: thestreet.com| Added on 10/11/07

Blue-chip stocks ended lower Wednesday as selloffs in the financial and transportation sectors pulled the Dow Jones Industrial Average and the S&P 500 back from their record levels. The Dow lost 85.84 points, or 0.61%, at 14,078.69, and the S&P 500... See more

Blue-chip stocks ended lower Wednesday as selloffs in the financial and transportation sectors pulled the Dow Jones Industrial Average and the S&P 500 back from their record levels. The Dow lost 85.84 points, or 0.61%, at 14,078.69, and the S&P 500 was off 2.68 points, or 0.17%, to 1562.47. The Nasdaq Composite was stronger, rising 7.70 points, or 0.27%, to 2811.61, buoyed again by a 1.7% rise in Google. Boeing pressured the Dow, falling 2.7% after saying it would delay the initial deliveries of the 787 Dreamliner plane by six months. Another weak spot was Alcoa, whose third-quarter earnings fell just short of estimates. The stock lost 2.5%. The energy sector was the best performer of the day, with the Philadelphia Oil Service Sector Index surging 3% and the Amex Oil Index adding 0.5%. Those moves came despite profit warnings from Chevron and Valero. Valero's stock sank as low as $69.95 before reversing course and rising 2.9% to close at $74.25. Chevron also recovered from its worst... See less

See this at: thestreet.com| Added on 10/09/07

Hopes that the Federal Reserve will continue to slice interest rates in order to spur economic activity lifted both the Dow Jones Industrial Average and the S&P 500 to record highs Tuesday. The Dow jumped 120.80 points, or 0.86%, to 14,164.53, and... See more

Hopes that the Federal Reserve will continue to slice interest rates in order to spur economic activity lifted both the Dow Jones Industrial Average and the S&P 500 to record highs Tuesday. The Dow jumped 120.80 points, or 0.86%, to 14,164.53, and the S&P was up 12.57 points, or 0.81%, at 1565.15. The Nasdaq Composite rose 16.54 points, or 0.59%, to 2803.91. Of the Dow's 30 components, only three finished lower. Alcoa and American Express were the best performers, adding 3.7% and 3%, respectively. The major averages surged after traders digested the minutes of the Sept. 18 Fed gathering. During that meeting, the Federal Open Market Committee cut its fed funds target rate by 50 basis points -- a bigger move than many expected -- as a measure against the liquidity problems in financial markets stemming from the subprime mess. "Given the unusual nature of the current financial shock, participants regarded the outlook for economic activity as characterized by particularly high... See less

See this at: marketwatch.com| Added on 10/09/07

U.S. stocks rallied, with the Dow Jones Industrial Average and the S&P 500 both closing at new highs, after the release of Federal Reserve commentary that reinforced thoughts of another interest-rate cut ahead. "Most of what can be gleaned from the... See more

U.S. stocks rallied, with the Dow Jones Industrial Average and the S&P 500 both closing at new highs, after the release of Federal Reserve commentary that reinforced thoughts of another interest-rate cut ahead. "Most of what can be gleaned from the minutes to the Fed's Sept. 18 FOMC meeting appear to support the idea that the Federal Reserve remains poised to cut interest rates again," said Tony Crescenzi, fixed-income strategist at Miller Tabak & Co. LLC. The Dow Jones Industrial Average ($INDU:14,164.53, +120.80, +0.9%) ended 120.8 points ahead, at 14,164.5, a record close, after earlier hitting an all-time intraday high of 14,167.00. Of the Dow's 30 components, 27 closed in positive turf. The S&P 500 ($SPX:1,565.15, +12.57, +0.8%) settled 12.57 points up to end at 1,565.15, a record close, after setting a new intra-day high of 1,565.15. The Nasdaq Composite (COMP:2,803.91, +16.54, +0.6%) climbed 16.54 points to 2,803.91. At their Sept. 18 meeting, there was no dissent to the central... See less

Highlights: Internet search giant Google Inc. (GOOG:615.19, +5.57, +0.9%) continued to gain after setting an all-time high on Monday. Google stock was up 0.8% at $614.70 after Lehman Brothers raised its price target on Google to $714 a share.

See this at: thestreet.com| Added on 10/01/07

Stocks in the U.S. started the fourth quarter with big gains Monday, as traders shook off news from banking giants Citigroup and UBS that the late summer credit market meltdown would slice into their results. The Dow Jones Industrial Average gained... See more

Stocks in the U.S. started the fourth quarter with big gains Monday, as traders shook off news from banking giants Citigroup and UBS that the late summer credit market meltdown would slice into their results. The Dow Jones Industrial Average gained 192 points, or 1.4%, to 14,088, a record close for the blue-chip index. The Dow was last above the 14,000 level on July 19, the only time it had ever closed above that mark. As for other indices, the S&P 500 was up 20 points, or 1.3%, at 1547, and the Nasdaq Composite added 39 points, or 1.5%, to 2741. The news of the day came from Citigroup, who said it was expecting third-quarter earnings to drop 60% from a year ago. The primary culprit is a $3.3 billion hit to its securities and banking unit that's tied to the crisis that seized up the mortgage-securities market a few weeks back. "Our expected third-quarter results are a clear disappointment," said Charles Prince, chairman and CEO of Citigroup. "The decline in income was driven primarily... See less

See this at: bloomberg.com| Added on 10/01/07

U.S. stocks rallied, sending the Dow Jones Industrial Average to a record, as investors speculated the worst may be over for banks and construction companies hurt by subprime mortgage losses. Lennar Corp. and D.R. Horton Inc., the two biggest U.S.... See more

U.S. stocks rallied, sending the Dow Jones Industrial Average to a record, as investors speculated the worst may be over for banks and construction companies hurt by subprime mortgage losses. Lennar Corp. and D.R. Horton Inc., the two biggest U.S. homebuilders, advanced after Citigroup Inc. said the industry's 53 percent decline this year has made the stocks attractive. Citigroup led financial shares higher after the largest U.S. bank said it expects ``a normal earnings environment'' in the fourth quarter and former Federal Reserve Chairman Alan Greenspan said the credit slump may be ending. The Dow's record caps a six-week recovery from a slump that helped wipe out almost $2 trillion in U.S. market value. The 30- stock gauge added 174.6, or 1.3 percent, to 14,070.23 at 3:44 p.m. in New York, above the intraday peak of 14,021.95 on July 17. The Standard & Poor's 500 Index increased 17.52, or 1.2 percent, to 1,544.27. The Nasdaq Composite Index gained 32.1, or 1.2 percent, to 2,733.6,... See less

Highlights: The Dow's record caps a six-week recovery from a slump that helped wipe out almost $2 trillion in U.S. market value. The 30- stock gauge added 174.6, or 1.3 percent, to 14,070.23 at 3:44 p.m. in New York, above the intraday peak of 14,021.95 on July 17. The Standard & Poor's 500 Index...

See this at: thestreet.com| Added on 05/06/07

Bulls found themselves swimming in a sea of joy this week as (mostly) upbeat economic, earnings and M&A news helped secure more milestones for stock proxies. But even amid the Dow's string of record closes and multiyear highs for broader averages,... See more

Bulls found themselves swimming in a sea of joy this week as (mostly) upbeat economic, earnings and M&A news helped secure more milestones for stock proxies. But even amid the Dow's string of record closes and multiyear highs for broader averages, skepticism about the rally remains high, suggesting the advance may not be done just yet. See less

Highlights: For the week, the Dow rose 1.1%, ending Friday at 13,264.62, its seventh record close in the last eight trading days. The S&P 500 gained 0.8% for the week, closing Friday at 1505.62, its highest level since September 2000. The Nasdaq Composite rose 0.6% for the week and closed Friday at...

See this at: bloggingstocks.com| Added on 05/06/07

"Another week and another 6-1/2 year recovery high for the S&P 500," says technical analyst Melvin Pasternak -- who sees several reasons to remain bullish. Indeed, Friday's close put the index above 1500 for the first time since September 2000.

"Another week and another 6-1/2 year recovery high for the S&P 500," says technical analyst Melvin Pasternak -- who sees several reasons to remain bullish. Indeed, Friday's close put the index above 1500 for the first time since September 2000. See less

Highlights: So what's next? The editor of Swing Trader believes the S&P is now within "easy striking distance" of the all-time closing high set March 14, 2000 at 1527.46 and the intraday peak of 1552.87 made that same day. As the rally over the past week unfolded, he notes, stocks rose on both...

See this at: thestreet.com| Added on 03/07/07

Tuesday's bounce makes a lot of sense from a technical perspective. But proof of whether or not it's a "dead cat bounce" or the start of a true rebound won't come until Wednesday, when more fundamental evidence is in hand. "I think we rally right... See more

Tuesday's bounce makes a lot of sense from a technical perspective. But proof of whether or not it's a "dead cat bounce" or the start of a true rebound won't come until Wednesday, when more fundamental evidence is in hand. "I think we rally right into the beige book, and then we'll see what this [bounce] is really made of," says Alex Grace, a trader and hedge fund consultant. There's no question that Tuesday's rally was much stronger than any of the tepid advances since last Tuesday's plunge. After stabilizing trading sessions in Asia and Europe, the Dow Jones Industrial Average surged 1.3% to close at 12,207.59. The S&P 500 jumped 1.6% to close at 1395.41, its largest day gain in four months, and the Nasdaq Composite finished up 1.9% to close at 2385.14 -- its best day since October. On the NYSE, 80% of stocks were advancing --- the most since July last year, while 78% of Nasdaq stocks were climbing. Meanwhile, upside volume topped 90% in both venues. See less

See this at: biz.yahoo.com| Added on 03/07/07

Wall Street rebounded Tuesday as investors were encouraged by a recovery on world markets and moved to recoup some of the big losses suffered in last week's sharp pullback. The Dow Jones industrials rose more than 150 points. Investors came off the... See more

Wall Street rebounded Tuesday as investors were encouraged by a recovery on world markets and moved to recoup some of the big losses suffered in last week's sharp pullback. The Dow Jones industrials rose more than 150 points. Investors came off the sidelines to buy stocks that have languished in five turbulent sessions. The Dow made back about 26 percent of the ground it lost over the past week, and scored its highest one-day point gain since July 24. Despite the rebound, questions remained about whether the correction that has swept around the globe has truly run its course. U.S. investors were still contending with fundamental economic issues, including a weaker than expected reading on fourth-quarter productivity and the dollar's vulnerability against the yen. The advance Tuesday treated Wall Street traders to what had become a rare sight -- the color green splashed across their computer screens that show stock prices, instead of last week's red. But, after being knocked about by... See less

Highlights: Investors came off the sidelines to buy stocks that have languished in five turbulent sessions. The Dow made back about 26 percent of the ground it