Mississippi Money

is it really so unexpected?

2012-02-09T06:37:00.000-08:00

Jobless Claims Unexpectedly Fall was the Bloomberg headline 8 minutes ago.

Unexpectedly?

We have been having months of economic improvement, increased spending, higher employment, and nobody expected this? The world is not ending, we just have to wait for expectations, news and the market to catch up with reality. Positive surprises are always appreciated, and the news hasn't been perfect, but the general trend has been improvement, improvement, improvement.

I expect more of this to come.

2012-01-31T09:44:00.000-08:00

We always encourage people to take advantage of their company 401(k) or other retirement savings vehicle, especially if it includes a matching contribution from your employer.

A recent Wall Street Journal article discusses the effects of increasing transparency in 401(k) plans. The Department of Labor is trying to get plan administrators do a better job disclosing fees. This ray of sunshine into the plan has encouraged plans to provide lower cost options and fewer fees in the plan. This is a boon for savers, as over the long term, a small change in expenses can add up to a lot of savings.

To make it easier for workers to build their plan, many providers are offering index fund only options and there is a move towards using more diverse, low cost ETFs as well.

We always encourage people to look into their retirement plan options. If it is all too confusing to you, enlist the help of a local Registered Investment Advisor to help sort through your options.

BATS Exchange gains primary listings

2012-01-30T11:59:00.000-08:00

Today the BATS Exchange, a Kansas City based exchange, gained its first primary listings. This should be generally good for retail investors as more competition drives innovation and lower costs in markets. Retail investors have benefitted from competition in the past through lower commissions and better execution prices. Hidden costs of mutual funds and ETFs should decrease with the competition as well.

Earlier, I wrote:

Adding primary listings to a third exchange in the US will ultimately be good for the retail investor.

I think we should all be excited about this.

New Target-Date Fund from Vanguard

2012-01-20T06:51:00.000-08:00

Balanced mutual funds are a mix of assets designed to be an entire investment portfolio. Sometimes they are the classic 60%/40% mix of stocks and bonds, some are more or less aggressive. Target date funds are like an evolving balanced fund. They start off their life a very aggressive mix, as time passes the mix is adjusted to be more and more conservative and stable. The goal of target date funds is to provide a single fund for investors that will always match their investment needs. They are often named for their rough retirement year.

Target date and balanced mutual funds are boring. They do not have superstar managers or concentrated portfolios, often they just consist of a balanced mix of the fund company's other funds - a bond fund or two, a large cap stock fund, an international fund and some others, adjusted quarterly to be kept in the right blend.

Surprisingly, people who invest in balanced and target date funds often have some of the best returns! This comes from the tendency of balanced fund investors to invest regularly and not chase performance of popular equity funds. For people starting out investing or wanting as little involvement as possible in their savings, balanced and target date funds may be key. On that note, Vanguard, champion of low cost index funds, has launched a new target date fund for the youngest workers - those aiming to retire in 2060! The fund has a super low expense ratio of .18% and a minimum investment of $1,000. The mix may not be perfect for everyone, but it is a good place to start if you want to go it alone - the easy way.

nice point, but not quite

2012-01-19T08:41:00.000-08:00

A recent article at SmartMoney.com promotes the idea of foreign bonds. It notes advantages such as better financial shape of foreign countries (Greece, et al notwithstanding?) and benefits of currency movement. It is a great point, actually, but not totally fleshed out in the article.

There are great benefits to foreign bonds, but we feel that they are better invested in through funds. I try to discuss some of the general benefits and drawbacks in another post. Besides the general lack of transparency in the bond market, the illiquidity of smaller foreign issues may make it difficult to get a good price when in a pinch for the money. Funds offer professional management of a diversified portfolio which may be a little more reassuring than a self-assembled mix of a few bonds.

As always, if you are interested in investing in foreign bonds, talk with a Registered Investment Advisor to see if it is appropriate for you.

aggressive saving

2012-01-18T13:02:00.000-08:00

The key to accumulating wealth is just that - accumulating it. Aggressive saving, saving early and often, is the key to having money in the future.

This article at SmartMoney.com reveals how to accumulate $1,000,000 in your 401(k) type retirement account. SPOILER ALERT The key is saving. The author suggests that 13% savings on a modest salary is enough to accumulate over $1 Million by retimrement. Vanguard recommends saving 10-15% of income for a comfortable retirement.

Steps to retirement account success:

Take advantage of your employer match, usually 3%. If they don't offer one, pester them, ask for it in your yearly review, or whenever the issue of pay and benefits comes up.
Every time you get a raise or a bonus, up your contribution. You lived without that money before, you can certainly spare SOME of it now!
Inch your contribution up a little each year anyway. You may only save 3% this year, but with the help of a 3% match and an extra percentage each year, you will be well on your way to a comfortable retirement.

Fear Not

2012-01-11T07:20:00.000-08:00

Apparently young people are afraid of stocks. This comes as a bit of a surprise to me, but maybe anyone who starts learning about investing at age 8 would tend to be comfortable in any market. Not only are 52% of young people afraid to put their savings in the stock market, they are even giving up company matches by not participating in 401(k) plans at work. That is giving up free money.

After watching the recession greet their entry into adulthood and now absorbing the constant financial fear-mongering in the news, it is easy to see why one might be nervous about the future. This is bad news though. The stock market can be a savings vehicle, appropriate for long term or carefully managed savings. Historically, the stock market has provided the best returns on invested money.

To not consider investing or to not participate in employer match benefits is to give up your best option for comfortable retirement. This is easy for me to say, as an aggressive saver and an investment advisor, but I am not the only one who is excited about the prospects of investing.

Don't be afraid, get in touch with a Registered Investment Advisor to get a careful manager of your savings.

these companies are buying, should you?

2011-12-23T10:21:00.000-08:00

There are two common ways that companies can return money to shareholders: dividends and stock buybacks. I love dividends, it puts cash in my account and is usually indicates that the company is doing well enough to pay the owners. Generally speaking, I like buybacks less. They spend company money to buy shares and take them off the market. With fewer shares, the same (or hopefully, growing!) company earnings are larger on a per-share basis, ideally, increasing the value of each share. Also, if a company buys stock opportunistically (especially when the shares are below book value or otherwise quite cheap) they can add value the same way anyone else adds value to their company: by buying something that is worth more than the cash it cost to buy it.

Overall, for larger companies especially, a reasonable buyback program can add value to current shareholders by giving them a bigger slice of the market cap pie. Two well run large companies have been buying back shares in notable fashion lately.

Firstly, Amgen, a large biotech company recently bought back nearly 10% of ALL of their shares! They spent about $5 Billion of their considerable pile of cash ($17.6B at last quarter) and cash flow (another $5B for the past twelve months) (source: Morningstar). They made an offer to shareholders to directly purchase their shares for $60 each when the stock was trading around $57. Remaining shareholders now have the same great company, split between 10% fewer shareholders. This has turned out to be a great short term buy, as the stock now trades above $63.

One of my favorite companies, Norfolk Southern (yes, partly my favorite because it it a railroad), has been buying shares opportunistically this year. They have an ongoing program, and can purchase shares whenever they like. In the first half of this year, they purchased 11.6 million shares at an average price of $68.28 per share. When the bottom fell out in August, they ramped up their purchases, confident in their future. They bought another 12.2 million shares at an average price of $66.23 per share. They now trade in between $70 and $75.

If you trust the management, and they are buying, you may want to think about buying also.

Disclosure: I own NSC and AMGN directly and in accounts I manage.

no straight answer

2011-12-14T14:13:00.000-08:00

For the past few week I have been trying to get an insurance quote. Something fairly simple, right? After all, insurance companies advertise quotes all of the time. They pitch how easy it is to use their website or how friendly their customer service is.

Not for everything. Looking for the specific rates on fixed annuities has proved nearly impossible. Understandably the rate will vary with the annuitant's age and the amount of principal, but even given that, I can't seem to get an answer.

I generally view insurance products as complex and expensive, and this is not helping that stereotype. I'll stick with a diversified investment portfolio and top quality companies myself.

Clearly.

2011-11-30T07:27:00.001-08:00

The ADP employment survey blew estimates out of the water. 206,000 jobs were added in November according to ADP, beating an estimate of 125,000. This continues a clear trend of job growth in the US. Not every week brings great news like this, but the trend persists.

(graph from Bloomberg)

Of course, just as we caution people not to overreact to any single item of bad news, over reacting to a single item of good news is just as bad. The overall trend, however, should be kept in mind and should assuage fears next time the news turns dramatic.

No surprises.

2011-11-23T10:18:00.000-08:00

In an effort to make sure nobody at all was surprised, the bipartisan debt commission pre-announced their widely expected failure to agree on anything. Each side seems to offer enough to appear to compromise, without actually doing it. Motivation and reason are lacking. Predictably, this has led to quite a drop in stock prices.

Of course, people are not letting this get in the way of their holiday plans: AAA is projecting a rise in travel this holiday. Thats no surprise - the economy has been having a steady tap of good news for months now!

Half full. Half empty.

2011-10-21T09:25:00.000-07:00

Economic news lately has sounded fairly good. Little improvements here and there haven't always been better than expected, but they show slow growth, avoiding another recession. Despite all of this, people are very pessimistic. The media can reflect this pessimism. I noticed in particular, this article from Bloomberg.

This is a perfect Half Full/Half Empty problem. The headline of the article states that payrolls declined in 25 states. Well, we have 50 of them, so that leaves 25 states where payrolls didn't decline. Exactly half of the story is good news, exactly half is bad news. In fact, it only takes the second paragraph to note that the jobless rate decreased in 25 states.

Classic pessimism for completely neutral news. Otherwise, most news has been positive!

Always watch the fees.

2011-10-19T10:21:00.001-07:00

Fees can eat away at any investment, no matter how good. High mutual fund fees have come down in recent years with the proliferation of low cost index funds. Broker commissions have come down with competition from online brokers. This is a boon for customers, every dollar paid in a fee is a dollar that is not coming back.

Some banks just don't get it. Recently, Bank of America, Citibank and others announced that they will start charging fees for merely having a checking or debit card account. People started to move their money. Bloomberg reports that about 30% of people will switch if their bank charges fees. I already have. The Move Your Money Project was originally started to help people move away from "too big to fail" banks now has new life facilitating people moving away from high fees on checking and savings accounts.

At New Perspectives, we keep our eye on fees. We argue for our clients to get their fees reduced and reimbursed when unfairly charged. We focus on the most effective, and lowest cost methods of investing and saving.

spot the difference

2011-10-05T17:47:00.001-07:00

Steve Jobs has died.

Information travels fast today. Online, a tweet can be seen by millions of people an instant after an event. Hundreds and thousands of journalists or bloggers can catch on to any item and post their opinion in minutes. Somewhere, there are computers reading this information, processing this information - trading on this information.

Moments after a statement was put out by Apple. Nasdaq futures started to tumble. Generally, these indices correlate pretty well - especially after hours. Apple (AAPL) is the largest component of the Nasdaq 100 index, even after a rebalancing this year trimmed it down. At the end of the day today, AAPL was more than 14% of the weight of the index. Bad news for Apple is bad news for the Nasdaq 100.

The death of Steve Jobs is a sad occasion indeed. Computers trading on the latest information have no idea what what is going to happen at Apple - they only see negative words associated with AAPL.

The way of the future.

2011-09-30T10:34:00.001-07:00

Recently, a Jackson-based technology company made a large national deal. SmartSynch will supply advanced electric meters to Consumers Energy of Michigan. This will form the base of Consumers developing 'smart grid'.

SmartSynch is on the cutting edge of 'smart grid' technology, providing meters and solutions to enable intelligent monitoring and usage of electricity. The meters connect to the public cellular network, allowing utilities and users to check on usage at any point. Not only do smart meters assist utilities in measuring usage and detecting problems on the electric network, they allow users to be more efficient in their usage of electricity.

The smart grid is just one of the new technologies that promises to make the underbelly of our economy more efficient in the future. Efficiency gains translate into development and profit gains. Any deal like this spurs investment and encourages innovation. We are proud to share a hometown with a company like this.

Magical Thinking

2011-09-27T13:03:00.000-07:00

This past weekend I traveled to Orlando for a conference. Of course, while I was there, I took the opportunity to visit Mickey's place. Being the off season and the middle of 9+% unemployment, I expected to be greeted with vast open spaces. Boy, was I wrong! Young families thronged the park, dropping large amounts of cash (or credit) at every turn. I was stunned! Someone forgot to tell them we now face a higher chance of a double dip recession. Based on the activity in Orlando, I think those chances just got slimmer. The beginning of the week on Wall Street reinforced this notion. Greece is taking its medicine, and we are all getting better... for now.

a good day

2011-09-15T14:27:00.000-07:00

US stocks were well up today as people decided that Europe was probably NOT imploding. Unemployment is still rather dismal, but industrial production is on the up and up, helping to reduce our trade deficit by a wee bit more than expected.

These were pleasant surprises that were counter to everyones worst fears. The report on consumer spending came out flat earlier this week, but hopefully more money in pockets will move things up this fall...

Education and the Economy

2011-09-14T17:38:00.001-07:00

Recently, Rutgers received a $27 Million gift. This got me thinking about the American higher education system. While it is the envy of the world, it gets knocked for the sticker price. The open secret here is, hardly anybody pays that full price.

Americans are generous, and those with success and wealth often are quick to give credit to those who helped them along the way. With college being such an important influence on many people, alumni give generously: the first $100 Billion of endowment money belongs to only seven Universities. Endowments help universities expand and enhance their academic and research capabilities. These attract and better educate more students, who are given more opportunities through scholarships. In turn, these universities generate a return on investment for their students. Study after study demonstrates that university graduates earn more and have lower unemployment rates than those with less education.

Higher education is critical to our economy. Expanding peoples ideas and encouraging entrepreneurship is important. Adding knowledge and skill to students is adding value to the future workforce. The country sees returns on its investment in education through a thriving economy.

Which type of fund?

2011-09-09T10:19:00.000-07:00

Jack Bogle, founder of the Vanguard funds is obviously a huge proponent of diversification. In this recent video he states that the diversification should be between asset classes (stocks/bonds) and within asset classes (own 1000 stocks, not just 1).

The only thing Bogle talks more passionately about is speculation. He decries ETFs for allowing broad speculation to distort market values. He supports long term investing, despite market volatility, saying "Don't worry, because corporate America is going to be there at the end of our lifetime."

Bogle prefers mutual funds as holders tend to be more long term investors than ETFs. He points to 10,000% turnover in SPY as how speculative an instrument ETFs have become. What matters here is the investors behavior. ETFs do offer more transparency and flexibility to investors than mutual funds. Short term trading and speculation are the bad behavior, a long term investor should be a priori neutral to the vehicle. Once an investor has determined the asset classes they would like to invest in, the most appropriate vehicle can be selected - be it an ETF or a mutual fund.

a start?

2011-09-08T14:11:00.000-07:00

The idea behind getting the economy back to a roar is getting money flowing around. Simple enough right? The Fed printed money for a while, giving it to the government nearly free and encouraging banks to pass it around too. Stimulus projects spend large chunks of money in various places, spending money on everything from asphalt and machinery for the projects to lunches and clothes for the workers.

The payroll tax has been cut, putting a few more pennies in everyones paycheck. This is just a little bit of stimulus, a little immediate money to spend. For some this will be the little extra that they can get by on, for others, a little more to save or invest. Currently this tax cut is dripping a little bit of money into the economy, keeping the cut will keep that little drip going.

On Buffett

2011-08-25T10:02:00.000-07:00

It is easy to say that I admire Warren Buffett. Most investors do. He has been a rather successful investor for a rather long time. Bank of America has been struggling for a while now, and many analysts figured the bank needed more money. Warren Buffett supplied that money in a two part deal that fit his liking perfectly.

Two of Buffett's core principles were fulfilled by the deal:

Get paid by your investments. The key part of the deal was $5 Billion of preferred shares which will earn 6% interest. Even if the stock market closes, Bank of America will send $300 Million a year to Berkshire Hathaway.
Buy good management, cheap. You may have a different opinion of the BoA management, but Buffett thinks it is top notch. He got a great price as well. Part two of the investment was warrants (an option) to buy 700 Million shares at $7.14 each. With the book value of BoA around $22, Buffett got them at a fire sale discount of about 68% off.

While rescuing a massive bank with $5 Billion of liquidity may be beyond the reach of the average investor, those two principles are not. Find well run companies and only buy them at a discount. Getting a dividend is just cream on top!

Infrastructure

2011-08-24T11:05:00.000-07:00

Infrastructure is one of the few things that a government can quite uncontroversially be in charge of. After all, the government is just a collection of people we have chosen to represent our ideas in the big issues that we face together, as a nation. This leaves us free to tend to the little things, like, what to wear today, and where to eat.

Transportation is terribly important to the economy. If we could not easily and efficiently move goods around the country, things would get expensive, if not impossible to acquire. Entrepreneurs would have quite a chore assembling all the things they needed for business if it weren't for our roads and airports and internets bringing everything right to his door.

The government quite helpfully steps in and maintains and improves things like roads and airports - so that we don't have to.

Recently the FAA ceased to have authority to keep operating - that meant no improvements to airports. Now it appears that the highway fund is in danger. Some politicians want to end the gas tax (how we pay for roads) which would mean no money for road construction. Really? The expense and trouble caused by a declining infrastructure would be detrimental to our economy. Just think about it.

The Calendar

2011-08-18T13:34:00.001-07:00

The market clings to the economic calendar. Market price of stocks is based on roughly six months of expectations. As economic news rolls around, people adjust their views of what will happen in the coming months, and they value, buy and sell stocks accordingly.

Unfortunately for those who loathe volatility, the economic calendar is busy, and can easily be a mixed bag. A look at the Bloomberg version shows that there were 17 indicators, including 4 market moving events going on today. Jobs and housing reports came in bad (contrast that to last weeks good employment numbers) and core inflation was flat while the Index of Leading Indicators was up. Different reports cover different aspects of the economy and even different time periods (weeks, months or quarters back).

When the calendar is packed with this myriad of events, Mr Market can change his mind many times over the course of a week, swinging from high to low as he tries to figure out what lies ahead.

what's different about this

2011-08-05T13:20:00.000-07:00

The past few days have been a flight to quality. People have been pouring out of 'risky' assets for the solid comfort of things like US Treasuries.

The past year has been volatile for stock returns as people have generally sought out quality and yield while dabbling in stocks. The flight to yield benefitted fixed income broadly, Treasuries, high quality corporates and even junk debt have all gained over the year. People have sought yield in more exotic areas - international debt, bank loans and preferred shares, as well as trusty old dividend paying stocks.

The past few days, however, yield was no longer equated with quality as investors dumped the more exotic income instruments for the best quality corporates and US Treasuries. Yields are next to nothing (even closer to nothing than they were before!) on Treasuries while opportunities have opened up further down the credit spectrum.

Debt Deal Done

2011-08-03T11:05:00.000-07:00

At the last minute, congress got their act together and raised the debt ceiling. Disappointingly they didn't give as much clarity to the future fiscal maneuvers that will be done to satisfy all of the cuts that are coming. Lack of clarity is bad for investors, be they individuals or businesses.

The stock market continued on its downward trend, the S&P 500 closed down 2.56% making a end of day record low for 2011. While everyone was excited about the debt deal (everything opened up!) bad economic news started rolling in and spoiling the party rather quickly.

The economic news is all backwards looking "last month this..." "previous quarter that..." and for the last month and quarter, uncertainty has abounded. This uncertainty was reflected in a slowdown of business activity which is now being reported. We will certainly have to slog through more of this before the data begins to reflect the end to business gridlock as American companies regain confidence in their investments. In the meantime, the pessimistic markets may be making buying opportunities for bargain hunters.

The Trouble With a Downgrade

2011-07-28T12:27:00.000-07:00

Ratings agencies have threatened to downgrade US Treasuries even in the absence of a default. Fair enough, right? If we cannot trust our politicians to make sure our bills get paid on time, then why should anyone think our debts are absolutely risk free? It is clear now that we are in for a messy process, possibly every time a budget decision needs to be made.

Will ratings agencies actually pull the trigger? Who wants to be the one to remove the much vaunted status the US has as the least risky investment in existence? David Greenlaw, an economist from Morgan Stanley reckons they don't have the gut to do it. A downgrade would bring turmoil that nobody wants to be responsible for. Besides, what would they then plug in their models as a risk free rate?

This comes down to responsibility in an interesting way. Actions by congress or ratings agencies will have clear repercussions. If congress does not decide on any long term solution, or the ratings agencies downgrade the US, the resulting sequence of events will lead directly to a responsible party. Economic troubles going forward will not have the ambiguous provenance of our last little financial fiasco.

Uncertainty

2011-07-27T13:33:00.001-07:00

Markets react to political uncertainty by delivering volatility. As we have gotten closer to the deadline for a debt ceiling deal, the markets have swung wilder. Today the Nasdaq is down 2.65% and the S&P is down 2.03%.

An outright default is generally agreed to be the most impossible outcome of the situation, but other options aren't necessarily great. A long term deal is most desirable from a market standpoint. Understanding what the fiscal situation will be for years down the line gives more confidence to market participants, even if they don't like the equation. A temporary deal may give a bit of breathing space, but it is unlikely to impress. A temporary deal may only further erode the trust of market participants in our politicians to get important things done in a reasonable manner.

Thursday

2011-06-30T13:27:00.001-07:00

U.S. stocks climbed today for a fourth straight day of gains, as encouraging Chicago-area economic data and a pledge from German banks to support heavily indebted Greece boosted investor sentiment as the second quarter came to a close. More clarity pertaining to Greece has prompted a swift rally this week. German banks agreed today to take part in a new aid program for Greece by accepting longer maturities for bonds that currently are due by 2014, helping the country avoid a default. Also boosting sentiment, a survey of Chicago-area purchasing managers beat economists' expectations handily. The strong figure contrasted with several weeks of tepid economic data. DJIA +152.92 Nasdaq +33.03 S&P 500 +13.23.

Wednesday

2011-06-29T13:18:00.000-07:00

U.S. stocks advanced today as investors cheered a Greek austerity package and financial stocks jumped following a major settlement on mortgage-backed securities. Bank of America climbed 3% and other big banks gained ground after BofA reached an $8.5 billion settlement on investor claims over securities purchased before the U.S. housing-market collapse. In U.S. economic data, the number of people who signed contracts to buy previously occupied homes rose last month, though the figures were still low from a historical perspective. DJIA +72.73 Nasdaq +11.18 S&P 500 +10.74.

Tuesday

2011-06-28T13:24:00.000-07:00

The energy and consumer-discretionary sectors led a broad rally in U.S. stocks today, as investors warmed to riskier assets amid signs of progress in Greece's debt crisis. The Dow Jones Industrial Average rose 1.21% for the measure's biggest one-day gain since April 20. Caterpillar led blue-chips with a gain of 3%. McDonald's rose 2.5% and Home Depot added 2.4%. A mixed batch of U.S. economic data showed that U.S. home prices rose in April from a month earlier, the first increase in eight months. But a June consumer-confidence reading was slightly lower than May's, disappointing expectations. DJIA +145.13 Nasdaq +41.03 S&P 500 +16.57.

Monday

2011-06-27T13:24:00.001-07:00

U.S. stocks soared, rebounding from three days of losses, as the technology sector surged and financial stocks jumped on banking capital requirements that were less oppressive than expected. Microsoft, a Dow component, jumped 4.4%. The software giant is expected to introduce a cloud version of its Office application this week. Today's moves came after international regulators agreed to require the world's largest banks to hold an extra layer of financial padding. The agreement will force global banks that are considered too-big-to-fail to maintain capital cushions that are significantly thicker than other institutions. Still, investors and analysts found solace that the capital requirements don't appear to be as burdensome as originally feared. DJIA +108.98 Nasdaq +35.39 S&P 500 +11.65.

Thursday

2011-06-23T13:20:00.000-07:00

U.S. stocks erased most of their steep early losses as traders took action on reports that European leaders had reached a breakthrough on a Greek austerity plan. Investors had no shortage of negative headlines earlier in the session. A day after the Fed downgraded its assessment of the U.S. economy, oil shares tumbled when the IEA said 60 million barrels of oil would be released from emergency supplies in what it described as a necessary stopgap for lost Libyan oil exports. After slumping all session, major indexes shot up after a Greek official said the country had agreed with the International Monetary Fund and the European Union on a five-year austerity plan. DJIA -59.67 Nasdaq +17.56 S&P 500 -3.64.

Wednesday

2011-06-22T13:21:00.000-07:00

U.S. stocks snapped a four-day winning streak, stumbling in late trading after the Federal Reserve issued a cautious economic outlook just days before it ends its asset-buying program. The markets started the day in negative territory, climbed to a modest gain then fell again after Fed Chairman Ben Bernanke wrapped up an afternoon news conference. In its post-meeting statement, the Fed downgraded its assessment of the U.S. economy's performance, but gave no indication it intends to take new steps to boost growth and jobs. Instead, officials said they are sticking with plans to end the purchase of $600 billion in U.S. Treasurys on June 30 and to keep short-term interest rates near zero. DJIA -80.34 Nasdaq -18.07 S&P 500 -8.38.

Monday

2011-06-20T13:14:00.000-07:00

A pledge by European leaders to head off a Greek debt default helped investors push U.S. stocks higher, as the market's sovereign-debt jitters eased notably today. Stocks found their footing as European Union leaders expressed confidence at a meeting in Luxembourg that Greece will concede on economic reforms in order to release the next installment of aid, avoiding a default. The action follows the end of a six-week losing streak for U.S. stocks on Friday. The losing streak has left the Nasdaq Composite in negative territory for the year and sapped other major indexes of much of this year's advance. DJIA +76.02 Nasdaq +13.18 S&P 500 +6.86.

Thursday

2011-06-16T13:23:00.001-07:00

U.S. blue-chip stocks rose today, but other measures lagged behind as risk-averse investors dumped materials and technology shares. Stocks seesawed for much of the session as batches of mixed economic data and fraying nerves over the Greek-debt situation competed for investors' attention. Reports that U.S. home construction rose modestly in May and initial jobless claims dropped more than expected cheered investors early in the session. But stocks briefly turned negative mid-morning following a discouraging reading on mid-Atlantic manufacturing activity. DJIA +64.25 Nasdaq -7.76 S&P 500 +2.22.

Wednesday

2011-06-15T13:22:00.000-07:00

U.S. stocks tumbled as fears of contagion around a Greek default picked up, adding more pessimism to a foreboding mix of U.S. economic data. Greek fears intensified after euro-zone officials failed to make progress on discussions about Greek aid and protests against austerity measures turned violent in Athens. Also driving stocks lower were more gloomy snapshots on the domestic economy. A reading of the Federal Reserve Bank of New York's Empire State Manufacturing Survey fell below zero for the first time since last November, dropping 20 points from May. Meanwhile core inflation last month posted its biggest gain in nearly 3 years. DJIA -178.84 Nasdaq -47.26 S&P 500 -22.45.

Tuesday

2011-06-14T13:22:00.000-07:00

U.S. stocks rose sharply, aided by a strong industrial production report from China and a reading on U.S. retail sales that wasn't as bad as economists had expected. Home Depot led the blue-chip index higher, advancing 3.8%, while Caterpillar rose 2.5%, and Boeing gained 2.8%. Investor sentiment turned more cheerful after the Commerce Department said U.S. retail sales dropped only .2% last month, smaller than the .6% decline economists had expected. At the same time, a strong industrial production report from China suggests that the world's No. 2 economy is still robust, despite a tighter monetary policy aimed at curbing inflation. DJIA +123.14 Nasdaq +39.03 S&P 500 +16.04.

Monday

2011-06-13T13:19:00.000-07:00

Sharp losses for the energy sector erased much of the morning gains for U.S. stocks, as worries of weaker U.S. energy demand sapped the optimism following today's corporate buyouts. Chevron fell 1.2% and Exxon Mobil declined .7% as the price of oil slid below $97 per barrel. Traders said high inventory and a weak U.S. demand outlook spurred a midday oil selloff. Traders also said jitters over the health of the U.S. economy that have dominated market action for weeks continued today, even though a burst of deal-making helped set a more positive tone early in the session. DJIA +1.06 Nasdaq -4.04 S&P 500 +.85.

Friday

2011-06-10T13:28:00.000-07:00

Another dose of anguish about the global economic recovery sent the Dow Jones Industrial Average to the first close below 12000 since mid-March, capping the blue-chip index's longest weekly slump since 2002. This marks the Dow's sixth straight week of declines. Investors were glum after U.S. May import prices showed a surprise gain of .2%, hinting at an inflation push coming into the U.S. from abroad. DJIA -172.45 Nasdaq -41.14 S&P 500 -18.02.

Thursday

2011-06-09T13:14:00.000-07:00

Stocks climbed today, as investors looked to break a six-day losing streak. Leading the gainers were material and energy stocks, with DuPont rising 2%, Chevron gaining 1.8%, 3M advancing 1.6%, and Caterpillar up 1.5%. Financial stocks, the worst performer so far this week, bounced back strongly as well. Pushing on the upside was an unexpected contraction in the U.S. trade deficit in April, to its lowest level of the year, as exports hit a new high and purchases of oil fell sharply amid a surge in prices. DJIA +75.42 Nasdaq +9.49 S&P 500 +9.44.

Tuesday

2011-06-07T13:18:00.001-07:00

Stocks dropped for a fifth straight day as investors turned downbeat late in the session following comments from Federal Reserve Chairman Ben Bernanke. The Dow Jones Industrial Average closed down 19 points or .2%. The blue-chip index had risen earlier in the session as much as 89 points. The late-day reversal came after Mr. Bernanke said the U.S. economy should pick back up in the second half of 2011 despite recent signs of weakness. He also added the recovery, two years after the end of the recession, remains "uneven, and conditions-particularly in the labor market-remain troubled." DJIA -19.15 Nasdaq -1.00 S&P 500 -1.23.

Friday

2011-06-03T13:19:00.000-07:00

U.S. stocks closed in the red, making this the fifth straight weekly decline as a dismal jobs report added to the drumbeat of investor concerns about a slowing economy. The Dow Jones Industrial Average fell .79%, led lower by drops in Alcoa and DuPont. The government's jobs report showed hiring by U.S. companies slowed markedly in May, while the unemployment report kept rising. The Labor Department said nonfarm payrolls rose by 54,000 last month as the private sector posted the smallest job gain in nearly a year. The jobless rate, which is obtained from a separate household survey, unexpectedly rose to 9.1% in May. DJIA -97.29 Nasdaq -40.53 S&P 500 -12.78.

Thursday

2011-06-02T13:18:00.000-07:00

Investors stepped back from big positions in stocks ahead of a closely watched jobs report Friday, with major indexes bobbing between gains and losses during afternoon trading. Wal-Mart Stores led blue chips lower as it shed 1.6%. The S&P 500 shed almost two points with consumer staples leading decliners. The tech-oriented Nasdaq Composite gained fractionally. A confluence of weak readings on the U.S. economy and lingering worries over the financial health of some European governments have weighed on sentiment this week. Discouraging signs on unemployment, softness in manufacturing and a continued slump in housing have predominated. DJIA -41.59 Nasdaq +4.12 S&P 500 -1.61.

Wednesday

2011-06-01T13:12:00.000-07:00

Stocks plunged today after a slew of downbeat reports prompted fears the economic recovery was running out of steam. The Dow Jones Industrial Average lost nearly 280 points, its biggest point drop since June of 2010. The S&P 500 fell 2.3%, dragged down by the financial and material sectors. The trading session began on a negative note after several economic data points weighed on sentiment. Concerns about unemployment arose after a reading on private-sector job growth came in well below economists' expectations, fueling anxiety on Wall Street about the government's monthly jobs report on Friday. DJIA -279.65 Nasdaq -66.11 S&P 500 -30.65.

Tuesday

2011-05-31T13:15:00.000-07:00

Stocks finished the month of May on a cheerful note, shrugging off a spate of weak economic data as investors approved a new bailout plan for Greece. In spite of weaker readings on home prices, regional manufacturing and consumer confidence, all but one of the 30 Dow components and all 10 sectors of the S&P 500 were in positive territory. Tech and health-care stocks led the gains, with Pfizer adding 2.5%, Cisco Systems up 2.1% and Merck adding 1.5%. DJIA +128.21 Nasdaq +38.44 S&P 500 +14.10.

Wednesday

2011-05-25T14:22:00.000-07:00

Stocks snapped a three-session losing streak as investors rode a boost in commodities prices to snap up shares of energy, materials and industrial companies. Leading the climb were stocks aligned to global growth. Caterpillar gained 1.7%, while DuPont added 1.8%, and Alcoa rose 1.4%. The gains came as precious metals and other commodities rose. Stocks spent much of the morning in negative territory after a weak economic reading and dispiriting results from some companies, but turned positive after credit-ratings firm Fitch Ratings said it doesn't foresee any ratings actions on German banks as a result of their exposure to Greece. DJIA +38.45 Nasdaq +15.22 S&P 500 +4.19.

Tuesday

2011-05-24T14:32:00.001-07:00

Stocks registered a third consecutive day of losses after manufacturing data combined with worries about Europe's debt-laden countries continued to weigh on investor sentiment. On the economic front, the Federal Reserve Bank of Richmond said manufacturing activity in the central Atlantic region is contracting this month after seven months of expansion. The service sector also slowed, but remained in expansion. Worries about Europe still lingered today. Moody's Investors Services warned that a Greek debt restructuring could affect the credit ratings of other European governments and could lead to rating downgrades for Greek banks. DJIA -25.05 Nasdaq -12.74 S&P 500 -1.09.

Monday

2011-05-23T14:07:00.000-07:00

U.S. stocks plummeted as investors' concerns over the financial health of European governments triggered a flight to safer assets. The Dow Jones Industrial Average dropped 1.1%, with all but one component, McDonald's, in the red. Technology and energy stocks led the Standard & Poor's to slump 1.2%. The technology-oriented Nasdaq lost 1.6%. In the absence of major U.S. earnings reports or economic data, investors focused on negative headlines from Europe, including a Standard & Poor's outlook cut on Italian debt and regional election losses for Spain's ruling Socialist party. DJIA -130.78 Nasdaq -44.42 S&P 500 -15.90.

Wednesday

2011-05-18T14:14:00.000-07:00

Stocks snapped a three-day losing streak today as the Federal Reserve's minutes showed central-bank officials are in no hurry to tighten monetary policy even as they held detailed exit-strategy talks. Federal Reserve officials appeared to agree that letting the central bank's balance sheet slowly shrink was likely to be the first step toward tightening monetary policy. Nevertheless, they aren't ready to start executing the plan until they are sure the economy can bear it. Caterpillar, Chevron and Exxon Mobil helped power the Dow Jones Industrial Average up .7%. The Standard & Poor's rise was led by the materials and energy sectors. DJIA +80.60 Nasdaq +31.79 S&P 500 +11.70.

Tuesday

2011-05-17T13:57:00.000-07:00

Markets turned lower as investors, spooked by weak U.S. economic data, ditched assets that have value tied to a robust recovery. The drops were touched off by data that showed a slowdown in the auto industry caused U.S. manufacturing production to fall in April for the first time in 10 months. Overall industrial production was flat, with the weak manufacturing sector canceling out gains in mining and utilities production. Tomorrow, the Fed will release minutes from its latest policy-making meeting, which is renewing the market's focus on the end of the central bank's program to spur the recovery. DJIA -68.79 Nasdaq +.90 S&P 500 -.49.

Monday

2011-05-16T14:14:00.000-07:00

The technology sector and consumer-discretionary sectors led stocks lower as weak economic data spurred worries of a softening economy and Europe's debt crisis weighed on investor sentiment. Investors said a New York-area manufacturing survey that was well below expectations underscored the uneven state of the economy, while a weak housing index showed continued stress in that market. Technology and consumer-discretionary shares are often among the first to be hit when consumers and businesses tighten their belts. DJIA -47.38 Nasdaq -46.16 S&P 500 -8.30.

Wednesday

2011-05-11T14:18:00.000-07:00

The energy sector pulled stocks lower, with the S&P 500 posting its biggest one-day point and percentage drop in two months, as crude oil prices tumbled. The energy sector was the biggest weight on the market, with Chevron losing 2% and Exxon Mobil shedding 2.1%. Crude oil prices fell as data pointed to a bigger-than-expected increase in crude inventories. DJIA -130.33 Nasdaq -26.83 S&P 500 -15.08.

Tuesday

2011-05-10T14:05:00.000-07:00

Stocks continued their advance today as investors drew encouragement from Microsoft's $8.5 billion deal for Skype Technologies and from signs of strength in the global economy. The Dow Jones Industrial Average ended up .6%, its biggest point and percentage gain in nearly two weeks. Microsoft's deal for Skype boosted hopes for further consolidation among technology companies, although the Windows maker's stock shed 16 cents after announcing its most expensive deal ever. Stocks stayed higher after data showed U.S. wholesalers stockpiled goods in March as sales rose strongly, suggesting some improvement in an economy that slowed early this year. DJIA +75.68 Nasdaq +28.64 S&P 500 +10.87.

Monday

2011-05-09T13:50:00.000-07:00

Stocks climbed today as commodity prices recovered from last week's slump and a burst of deal activity helped overshadow concerns over Greek finances. McDonald's boosted the Dow, gaining .8%, after its same-store sales rose 6% in April - the biggest monthly increase since October. Aluminum giant Alcoa was also strong, rising 2.2%, as metals commodities climbed. DJIA +45.94 Nasdaq +15.69 S&P 500 +6.09.

Thursday

2011-05-05T14:23:00.000-07:00

The energy sector led stocks lower as crude-oil prices tumbled and jobs data disappointed. Crude settled below $100 a barrel, off 8.6% for the day. This weighed on the Dow Jones Industrial Average's energy components, with Exxon Mobil shedding 2.6% and Chevron losing 2%. The tumble in crude came as investors rushed to the safety of the dollar after data showed new claims for jobless benefits unexpectedly surged last week to the highest level since August. DJIA -139.41 Nasdaq -13.51 S&P 500 -12.22.

Wednesday

2011-05-04T13:48:00.000-07:00

Stocks retreated under pressure from disappointing economic data, weaker commodity prices and lackluster earnings reports. As far as economic data goes, the Institute for Supply Management's index of nonmanufacturing activity for April came in below expectations. Automatic Data Processing reported that private-sector jobs in the U.S. rose 179,000 in April, missing economists' forecast. The government will release its monthly employment report on Friday. Several companies reported disappointing earnings, which also weighed on shares. DJIA -83.93 Nasdaq -13.39 S&P 500 -9.30.

Thursday

2011-04-28T14:20:00.000-07:00

Stocks extended their multiyear highs today as the market clung to a flow of encouraging corporate earnings and optimism generated by the Federal Reserve's plans to keep interest rates low. The Dow Jones Industrial Average rose .6% to its highest close since May of 2008. Leading the blue-chip measure, Boeing climbed 3.2%. Procter & Gamble was also strong, rising .8% after its first-quarter earnings beat analysts' estimates. The market largely overlooked a lukewarm round of economic data. U.S. pending home sales climbed more than expected last month, but gross domestic product showed a significant slowing from the previous quarter. DJIA +72.35 Nasdaq +2.65 S&P 500 +4.82.

Tuesday

2011-04-26T14:22:00.000-07:00

Stocks climbed to fresh multiyear highs, boosted by consumer optimism and strong earnings from industrial heavyweights. The Dow Jones Industrial Average soared .9% to a fresh three-year high. The S&P 500 also gained .9%, and the Nasdaq Composite wasn't far behind, ending up .8%. The broad advances put the S&P 500 at its highest point since June 2008, while the Nasdaq ended just a few points off of a 10-year high. The gains came amid an uptick in U.S. consumer sentiment and a wave of strong earnings numbers from 3M, Cummins and Ford Motor. DJIA +115.49 Nasdaq +21.66 S&P 500 +11.99.

Monday

2011-04-25T14:23:00.000-07:00

Blue-chip stocks slipped today as investors grew concerned about the impact of rising input costs, although strong reports in the technology sector limited the drop. The slight declines came as the latest round of U.S. corporate earnings drew attention to the increasing costs companies are battling. Meanwhile, investors were also looking to the Federal Reserve's decision on monetary policy following a two-day meeting that begins tomorrow. In the statement, the Federal Reserve officials are expected to signal that in June they plan to end their controversial strategy of buying $600 billion in U.S. Treasury bonds to spur the economy. DJIA -26.11 Nasdaq +5.72 S&P 500 -2.13.

Wednesday

2011-04-20T14:06:00.000-07:00

Strong earnings from the technology sector and a bigger-than-expected rise in existing home sales sent the Dow Jones Industrial Average to a nearly three-year high today. The Dow rose 1.52% to its highest closing level since June 5, 2008. Intel led the Dow with a jump of 7.8% after the chip maker posted first-quarter earnings and revenue above analysts' expectations along with a second-quarter revenue outlook that topped Wall Street estimates. U.S. economic data also provided a lift after the National Association of Realtors said existing-home sales increased 3.7% in March. DJIA +186.79 Nasdaq +57.54 S&P 500 +17.74.

Tuesday

2011-04-19T14:08:00.000-07:00

Stocks gained back some of yesterday's losses, as positive earnings news helped boost the market. The modest gains came one day after the Dow fell 140 points on credit-ratings firm Standard & Poor's decision to lower its outlook on the U.S. government's triple-A credit rating. Traders and investors said that many of those worries were being shrugged off a day later. Johnson & Johnson led the Dow higher, gaining, 3.7%, after the blue-chip health care and consumer products company beat first-quarter earnings expectations and raised its full-year earnings outlook. Energy stocks were also strong as oil jumped to over $108 a barrel. Exxon Mobil gained .8%, while Chevron added .9%. DJIA +65.16 Nasdaq +9.59 S&P 500 +7.48.

Monday

2011-04-18T14:11:00.000-07:00

Stocks suffered substantial losses today after Standard & Poor's cut its outlook on the U.S. government. The ratings firm cut its outlook on U.S. government debt from "stable" to "negative" and warned that the U.S. fiscal profile may become "meaningfully weaker" than that of other triple-A-rated countries if policy makers can't tame the budget deficit. The Dow Jones Industrial Average fell 1.1%, led by Bank of America and Caterpillar, which each fell 3.1%. The Standard & Poor's 500 index dropped 1.1% as well, with energy and industrials taking the hardest hit. At session lows, both measures staged their biggest drop in a month. DJIA -140.24 Nasdaq -29.27 S&P 500 -14.54.

Tuesday

2011-04-12T14:01:00.000-07:00

Major U.S. stock indexes slid almost 1% today, and commodities plummeted amid a rising group of analysts warning that high oil prices are threatening global growth. Energy stocks fell most sharply as crude oil tumbled 3.5%. Worries about oil gained new prominence today when the Organization of Petroleum Exporting Countries cut its 2011 oil-demand forecast. The fear is a pullback in oil demand may be a symptom of oil prices' pressure on the broader economy. DJIA -117.53 Nasdaq -26.72 S&P 500 -10.30.

Wednesday

2011-04-06T14:06:00.000-07:00

The financial sector led U.S. stocks higher on capital-raising plans from several European banks, but earnings from Monsanto limited the climb. The Dow Jones Industrial Average rose .3% to its highest close since June of 2008. Leading the Dow's advance, Cisco Systems jumped 4.9%. Cisco Chief Executive, John Chambers, suggested that changes to the technology company's operations, and possibly cost cuts, would be coming. Financial components were also strong following a rally in European financial stocks after European banks announced plans to raise capital. DJIA +32.85 Nasdaq +8.63 S&P 500 +2.91.

Tuesday

2011-04-05T14:29:00.000-07:00

Major indexes closed nearly flat today in a light-volume trading session. Minutes of the most recent meeting of the Federal Open Market Committee on March 15 showed that U.S. central bankers largely stood pat on the outlook for the economy and interest rates. Apple fell .7% after Nasdaq OMX Group, the New York exchange operator, said it would rebalance its Nasdaq-100 stock-market index, effective at the start of trade on May 2. The rebalancing will reduce the technology company's weighting in the index. DJIA -6.13 Nasdaq +2.00 S&P 500 -.24.

Thursday

2011-03-31T14:12:00.000-07:00

Stocks slid late in the session today, but still managed to finish in the black for the third consecutive quarter. The Dow finished up 6.4% for the quarter. Growing optimism that the U.S. economic recovery is strengthening has fueled this quarter's gains despite turmoil overseas. Construction and mining equipment maker Caterpillar was the Dow's top performer for the quarter, climbing 19%. As far as economic data goes, many investors are remaining cautious until tomorrow when the government is to release its closely watched monthly employment report. DJIA -30.88 Nasdaq +4.28 S&P 500 -2.43.

Wednesday

2011-03-30T14:13:00.000-07:00

Telecommunications stocks led U.S. indexes higher today, as optimism over deal activity added to confidence that jobs data would continue pointing to a strengthening labor market. The Dow Jones Industrial Average was led by AT&T, which gained 2.2% after Chief Executive Randall Stephenson said he expects some divestitures as his company pursues the buyout of T-Mobile USA from Deutsche Telekom. Investors said the market was also looking ahead with more confidence to Friday's key government jobs report. DJIA +71.60 Nasdaq +19.90 S&P 500 +8.82.

Tuesday

2011-03-29T14:16:00.000-07:00

Stocks rose again today, making this the seventh time in nine sessions. They have reclaimed nearly six weeks of losses to close at their highest level since the outbreak of violence in Libya on February 18th. The stock gains, which were fueled by telecommunications and energy companies, came as investors geared up for a slew of critical data points later this week on unemployment and manufacturing. Investors are hoping this data will show further signs of a strengthening economy. DJIA +81.13 Nasdaq +26.21 S&P 500 +9.25

Thursday

2011-03-24T14:18:00.000-07:00

Stocks gained today as encouraging earnings and outlooks issued by technology companies helped investors look past the European sovereign-debt crisis. Boosting technology stocks, Micron Technology climbed 8.4% after reporting a better-than-expected 15% jump in fiscal second-quarter revenue. Among blue-chip stocks, AT&T rose 1.4% after Bernstein upgraded the stock to "outperform" from "market perform" and raised its price target, saying its proposed acquisition of T-Mobile USA would make it a "truly wireless-first carrier." DJIA +84.54 Nasdaq +38.12 S&P 500 +12.12.

Tuesday

2011-03-22T14:15:00.000-07:00

Stocks fell slightly today, ending a three-day rally as investors showed signs of looking past recent concerns over Japan's earthquake and unrest in the Middle East. Oil prices were also a concern for some investors as crude oil futures rose to $104 a barrel. The Dow's decline was led by General Electric and Bank of America, which were both off 1.2%. Meanwhile Verizon continued to benefit from the prospect of consolidation in the telecommunications industry brought on by a deal between AT&T and Deutsche Telekom. DJIA -17.90 Nasdaq -8.22 S&P 500 -4.61.

Monday

2011-03-21T14:20:00.001-07:00

The Dow Jones Industrial Average climbed back above 12,000 today, boosted by a major telecommunications deal and a jump in energy stocks as oil prices rose. AT&T added 1.2% after saying it was buying T-Mobile USA from Deutsche Telekom, a move that would create the nation's largest wireless carrier. Financials strengthened after the Treasury Department said it plans to start selling off the $142 billion portfolio of agency-guaranteed mortgage-backed securities it purchased during the financial crisis. Traders said the government's confidence in its ability to sell the securities in an improved market reflects the sector's improved health. DJIA +178.01 Nasdaq +48.42 S&P 500 +19.18.

Thursday

2011-03-17T14:24:00.000-07:00

U.S. stocks closed out their first day of gains this week as rising oil prices boosted energy companies and efforts to tame Japan's damaged nuclear power plant eased some fears over the crisis. The Dow Jones Industrial Average climbed 1.4%, its biggest percent gain in two weeks. U.S. economic data was mixed today. Encouraging investors, the Philadelphia Federal Reserve's manufacturing survey for March showed its best reading since January 1984. Meanwhile, U.S. consumer prices rose in February at their fastest pace since mid-2009 as energy and food prices continued to move higher. DJIA +161.29 Nasdaq +19.23 S&P 500 +16.84.

Tuesday

2011-03-15T14:12:00.000-07:00

Stocks sank as worries deepened over the presence of a nuclear crisis and economic slowdown in Japan, but encouraging comments from the Federal Reserve limited the losses. U.S. benchmark indexes plunged early today, following steep losses in Asian and European markets after Japan's prime minister warned of substantial radiation leaks at damaged nuclear power plants. It only took five minutes for the Dow to tumble 297 points, hitting its lowest point of the session and its biggest intraday drop of the year. Stocks later pared their losses when the central bank noted improvements in consumer spending and a brighter jobs picture. DJIA -137.74 Nasdaq -33.64 S&P 500 -14.52.

Monday

2011-03-14T14:15:00.000-07:00

After dropping to their lowest levels in six weeks, U.S. stocks rebounded in late afternoon to end with modest losses. Many attribute the deep losses earlier in the day to investors struggling to assess the financial implications of Japan's disaster. General Electric was the Dow Jones Industrial Average's worst performer, dropping 2.2%. The company supplied reactor No. 1 at the Fukushima Daiichi nuclear power plant about 150 miles from Tokyo. There was an explosion Saturday at the reactor following Friday's earthquake and resulting tsunami. DJIA -51.24 Nasdaq -14.64 S&P 500 -7.89.

Friday

2011-03-11T13:53:00.001-08:00

U.S. stocks pushed higher today despite the strongest earthquake to hit Japan in at least 300 years. Some companies benefited from expectations for increased demand from rebuilding efforts. Investors were also relieved that protests in Saudi Arabia remained fairly orderly. Today's round of U.S. economic data came in mixed. U.S. retail sales rose less than expected, and consumer sentiment dropped back. But U.S. business sales increased in January by the largest amount in 10 months, while inventories grew more than expected as companies anticipated greater demand. DJIA +59.79 Nasdaq +14.59 S&P 500 +9.17.

Thursday

2011-03-10T14:03:00.000-08:00

Stocks plummeted today as rumblings of unrest in Saudi Arabia compounded economic worries abroad and in the U.S. The Dow Jones Industrial Average slid under 12,000 as it shed 1.9% for the day. Pressure on the major indexes intensified late in the day with reports of Saudi Arabian police taking action against Shiite protesters. Major indexes had already been lower after a downgrade of Spain's government debt, worry about trade in China and a disappointing read on U.S. employment. DJIA -228.48 Nasdaq -50.70 S&P 500 -24.91.

Tuesday

2011-03-08T14:21:00.000-08:00

Soaring bank shares led the broader stock market higher as Bank of America raised hopes that it will increase dividends and share buybacks. The Dow Jones Industrial Average gained 1%, pushing the blue-chip index back to just short of where it started the month. Bank of America rose 4.7% today after Chief Executive Brian Moynihan said he believes the bank has the ability to earn between $35 billion and $40 billion per year in pretax earnings when the business normalizes. The economic calendar was fairly quiet today, though a survey of small businesses showed more firms are planning to raise their selling prices and increase hiring. DJIA +124.35 Nasdaq +20.14 S&P 500 +11.69.

Thursday

2011-03-03T13:52:00.000-08:00

U.S. stocks charged higher today, sending blue-chip shares up by the most in three months. A strong reading on employment and a drop in the price of oil helped investors breathe a sigh of relief. The Dow Jones Industrial Average climbed 1.6%, its biggest gain since December 1 of last year. The index gained for the fourth time in five days after Wall Street received good news ahead of Friday's closely watched payrolls report. The Labor Department reported that the number of workers filing new unemployment claims unexpectedly fell to the lowest level since May 2008. DJIA +191.40 Nasdaq +50.67 S&P 500 +22.53.

Tuesday

2011-03-01T14:19:00.000-08:00

U.S. stocks started the month on a weak note as investors fretted over oil's impact on the economic recovery, and comments from Federal Reserve Chairman Ben Bernanke fell flat. The Dow Jones snapped a two-day climb today, led by Alcoa, which fell 3.7%. Today's round of economic data showed a jump in auto makers' U.S. sales of cars and light trucks in February, raising hopes for a strong year in the industry. DJIA -168.32 Nasdaq -44.86 S&P 500 -20.89.

Friday

2011-02-25T13:46:00.000-08:00

U.S. stocks rose today, snapping three days of losses, but benchmark indexes still posted their biggest weekly drops of the year. Today's modest climb shaved off only a portion of the week's losses after anxiety over the unrest in the Middle East and North Africa sent oil prices to their highest levels in more than two years. Stocks got a mild lift from the Thomson/Reuters University of Michigan consumer-sentiment index, which rose to its highest level in three years. DJIA +61.95 Nasdaq +43.15 S&P 500 +13.78.

Thursday

2011-02-24T13:59:00.000-08:00

Stocks extended their losses to a third straight session as investors continued to fret over turmoil in Libya and how the resulting surge in oil prices might impact the U.S. economic recovery. However, U.S. stocks pared their declines in the afternoon as crude oil futures fell amid uncertainty surrounding Libyan leader Moammar Gadhafi's hold on power. U.S. economic data came in mixed. Initial jobless claims fell more than expected, while durable-goods orders rose more than expected in January. DJIA -37.28 Nasdaq +14.91 S&P 500 -1.30.

Tuesday

2011-02-22T14:14:00.000-08:00

The stock market plummeted today in its biggest drop of the year as escalating tensions in the Middle East and North Africa sent oil prices soaring. Wal-Mart Stores weighed on the Dow Jones Industrial Average, sliding 3.1%. Even after the retailer's fiscal fourth-quarter profit rose 27%, capitalizing on strength in its international business, its U.S. operations continued to struggle. Energy components were among the Dow's few stocks to gain today as oil prices surged. Chevron gained 1.6%, while Exxon Mobil rose 1.1%. DJIA -178.76 Nasdaq -77.53 S&P 500 -27.57.

Friday

2011-02-18T13:38:00.000-08:00

Stocks climbed to two-and-a-half-year highs today, extending their winning streak to a third consecutive week, as the market's upward momentum helped outweigh unrest in the Middle East and another round of tightening in China. The Dow Jones Industrial Average continued its ascent, rising .6% for the day and 1% for the week. The Nasdaq Composite climbed .1% to its highest close since October 2007. Meanwhile, the S&P 500 added .2% for its highest close since June 2008. DJIA +73.11 Nasdaq +2.37 S&P 500 +2.58.

Thursday

2011-02-17T13:33:00.000-08:00

Stocks finished higher after a white-hot reading from mid-Atlantic manufacturers outweighed higher-than-expected jobless claims and a rise in U.S. consumer prices. A day after investors pushed the S&P 500 to twice its financial-crisis low, the Dow Jones Industrial Average hit a fresh two-and-a-half year high as it rose .24%. Energy and materials stocks led the S&P 500 higher, while Coca-Cola and Dupont led the Dow. DJIA +29.97 Nasdaq +6.02 S&P 500 +4.11.

Tuesday

2011-02-15T14:21:00.000-08:00

Stocks fell today after the latest round of economic data added to investors' inflation worries. The Dow Jones Industrial Average dropped .34%, its biggest one-day decline since January 28. Exxon Mobil led the Dow's decline with a drop of $1.94. The oil giant said it added 3.5 million barrels of oil equivalent, led by natural-gas projects, to its proved reserves last year, replacing more than 200% of its production for 2010. Because the report showed Exxon finding far less oil than natural gas, it was seen as a sign that the company could be heading towards a less profitable business model. DJIA -41.55 Nasdaq -12.83 S&P 500 -4.31.

Tuesday

2011-02-01T14:05:00.001-08:00

For the first time in over two years, the Dow Jones Industrial Average closed above 12,000 as bellwether earnings and encouraging manufacturing data overshadowed fears about the protests in the Middle East. Boosting the Dow, Pfizer rose 5.5% after its fourth-quarter profit more than tripled from a year earlier. The market's climb this week erased the sell-off that came Friday as protests in Egypt intensified. DJIA +148.23 Nasdaq +51.11 S&P 500 +21.47.

Thursday

2011-01-27T14:39:00.001-08:00

The Dow Jones Industrial Average fell short of closing above 12,000, as mixed economic data and corporate earnings left the market struggling to find direction. Today's pairing of a better-than-expected reading of pending sales of existing homes, coupled with a surprisingly large jump in jobless claims didn't add clarity to the economic outlook. In other markets, the U.S. dollar strengthened against the yen after Japan's long-term credit rating was cut, but the currency weakened against the euro, which was boosted by the subdued U.S. economic data. DJIA +4.39 Nasdaq +15.78 S&P 500 +2.91.

Friday

2011-01-21T13:53:00.000-08:00

U.S. blue-chip stocks climbed as encouraging earnings from General Electric boosted industrial stocks, overshadowing a handful of disappointing reports. GE led the Dow Jones Industrial Average, soaring 7.1%, after its fourth-quarter profit jumped 51% and revenue also beat Wall Street's estimates. In contrast, Bank of America fell 2% after a surprise fourth-quarter loss, weighed down by charges from pre-announced settlements and write-downs related to mortgage problems. Bank of America was accompanied by a few other disappointing reports, but they were unable to undermine the market's earnings-induced optimism. DJIA +49.04 Nasdaq -14.75 S&P 500 +3.09.

Thursday

2011-01-20T13:58:00.000-08:00

U.S. stocks fell slightly as investors worried over the potential for more tightening measures from China following stronger-than-expected economic growth from the country, but improvements in U.S. jobs and housing helped limit the decline. Declines across material and energy sectors came as commodities weakened on concerns about the impact to demand if China announces more policy moves after data showed its economy unexpectedly accelerated in the fourth quarter of 2010. DJIA -2.49 Nasdaq -21.07 S&P 500 -1.66.

Tuesday

2011-01-18T14:24:00.001-08:00

U.S. stocks gained as investors shrugged off slides in Apple and Citigroup, and materials shares gained on data confirming manufacturing strength. The Dow climbed over 50 points today, with Caterpillar and Boeing making up more than half of the measure's gains. Boeing rose 3.4% after saying it expects to deliver its first 787 Dreamliner in the third quarter. Shares of Apple stumbled after the consumer-electronics company disclosed that Steve Jobs would take another medical leave. DJIA +50.55 Nasdaq +10.55 S&P 500 +1.78.

Friday

2011-01-14T13:34:00.000-08:00

Stocks reached their highest closing levels in two and a half years today, driven by a rally in the financial sector following stronger-than-expected earnings from J.P. Morgan Chase. The gains put the Dow Jones Industrial Average up .96% for the week, extending the measure's winning streak to a seventh week. The Dow's financial components led its climb after J.P. Morgan posted a 47% jump in fourth-quarter profit, beating analysts' expectations as revenue increased and loan-loss reserves were sharply reduced. DJIA +55.48 Nasdaq +20.01 S&P 500 +9.48.

Thursday

2011-01-13T14:20:00.000-08:00

Stocks declined today as materials shares lagged in the wake of disappointing economic data, but successful bond auctions in Spain and Italy helped shore up sentiment. Merck was among the worst performers, taking 19 points off the Dow. The drug maker sank 6.6% after its researchers halted one of two major studies of its experimental anticlotting drug and made significant changes to the other. Materials declined as metals prices weakened following U.S. economic data that largely missed investors' expectations. DJIA -23.54 Nasdaq -2.04 S&P 500 -2.20.

Tuesday

2011-01-11T14:11:00.000-08:00

Stocks rose today as worries over euro-zone debt eased, although a shaky start to the earnings season limited the climb. Today's stock gains came as investors were encouraged to see the European Central Bank step in to buy under-pressure euro-area government bonds for the second consecutive day. Traders said that stocks trimmed their gains in part because investors began getting jittery about leaving some of their bigger bets in the market ahead of an expected snowstorm. DJIA +34.43 Nasdaq +9.03 S&P +4.73.

Friday

2011-01-07T13:44:00.000-08:00

The financial sector led a drop in U.S. stocks Friday as an adverse foreclosure ruling for banks in a Massachusetts court gave investors another cause for concern on top of a disappointing jobs report. The Dow's financial components led its decline, with J.P. Morgan Chase slipping 1.9% and Bank of America falling 1.3%. The decline came after the Massachusetts State Supreme Judicial Court upheld a decision that two foreclosures from U.S. Bancorp and Wells Fargo were invalid because the banks failed to show they held the mortgages at the time of the foreclosure. Still, U.S. stocks finished the first week of 2011 in the black, with the Dow up .84% and the S&P 500 up 1.1%. DJIA -22.55 Nasdaq -6.72 S&P 500 -2.35.

Tuesday

2010-12-28T14:43:00.001-08:00

The Dow Jones Industrial Average closed higher today, led by gains in Chevron and Hewlett-Packard. Chevron rose 1.2% after a county official in California said that a company refinery there was operating. A California Emergency Management Agency filing earlier said the plant had been shut down. Hewlett-Packard rose 1% after it said that it was awarded a 10-year contract for up to $2.5 billion to supply personal computers, accessories and support services to NASA. DJIA +20.51 Nasdaq -4.39 S&P 500 +.97.

Monday

2010-12-27T14:39:00.000-08:00

U.S. blue-chip stocks closed with small losses as investors took a step back after a fresh round of interest rate increases in China. Cisco systems helped limit the Dow's drop with a jump of 2.4% after Barron's said in its latest issue that investors are underestimating the networking giant's prospects and positioning in tech's new world. The S&P 500's energy sector fell as investors fretted over the potential impact on global demand for commodities after China raised its key lending and deposit rates by a quarter percentage point each on Saturday. DJIA -18.46 Nasdaq +1.67 S&P 500 +.77.

Friday

2010-12-17T13:34:00.001-08:00

The Dow Jones Industrial Average teetered around the flat line as regulatory worries weighed on drug makers, while positive profit reports from technology companies helped limit the broader market's losses. Pharmaceutical stocks fell after the FDA delayed approval of a blood-thinning drug from European drug maker AstraZeneca, raising fears of greater hurdles in bringing new medications to market. Recent U.S. economic data have fueled hopes that the outlook is brightening gradually, though major market moves are not expected later this month. DJIA -7.34 Nasdaq +5.66 S&P 500 +1.04.

Wednesday

2010-12-15T14:30:00.000-08:00

Stocks fell slightly as investors fretted over euro-zone finances, but encouraging U.S. economic data limited the decline. The euro slipped after Moody's Investors Service said it may downgrade its ratings on Spanish government debt, and Standard and Poor's Ratings Services lowered its ratings outlook on Belgium from stable to negative. The warnings added to investors' worries over the euro zone even as U.S. data showed New York manufacturing activity roared ahead this month after contracting in November. U.S. industrial production staged a modest rebound in November following a brief drop-off. Capacity utilization bounced back as well. DJIA -19.07 Nasdaq -10.50 S&P 500 -6.36.

Tuesday

2010-12-14T14:26:00.001-08:00

Stocks closed higher today as the Federal Reserve stuck to its easy-money policy and economic data showed improvement. Shortly after the Fed's statement was released, the Dow Jones Industrial Average hit 11514.08, its highest intraday level since September 2008. But the Dow along with other market measures pared its gains later in the session as investors worried that the combination of the Federal Reserve's continued easy-money policy and improving economic data could spur inflation. DJIA +47.98 Nasdaq +2.81 S&P 500 +1.13.

Thursday

2010-12-09T14:29:00.000-08:00

U.S. blue-chip stocks fell slightly today with McDonald's and Dupont leading the decline, but the S&P 500 edged higher following a better-than-expected jobs report. The Dow's financial components helped limit its drop with Bank of America up 5.4% and J.P. Morgan Chase up 1.4%. The Nasdaq, climbing for its seventh straight day, advanced to its highest close in almost 3 years. Today's small movements came as the market took a breather after the Dow and S&P 500 hit their highest levels since September 2008 earlier this week. DJIA -2.42 Nasdaq +7.51 S&P 500 +4.72.