Stocks to Watch
MSN Money Insight
| Currency | US Dollar |
|---|---|
| British Pound to US Dollar | 1.568381 |
| Euro to US Dollar | 1.377031 |
| Japanese Yen to US Dollar | 0.011142 |
| Canadian Dollar to US Dollar | 0.936680 |
Market Update
Stocks enjoy a modest rally. A falling dollar pushes energy and gold shares higher. Markets will be closed Thursday for Thanksgiving.
Updated 3:17 p.m. ET
Stocks were holding on to small gains this afternoon in a rally helped by better-than-expected new-home sales and a drop in jobless claims.
At 3 p.m. ET, the Dow Jones industrials ($INDU) were up 29 points to 10,463. The Nasdaq Composite Index ($COMPX) had gained 8 points to 2,177, and the Standard & Poor's 500 Index ($INX) had added 5 points to 1,110.
Markets will be closed Thursday for Thanksgiving and trade for a half-day on Friday.
The Labor Department reported that initial jobless claims fell below 500,000 last week for the first time since Jan. 3. The 466,000 level was the lowest since September 2008.
Meanwhile, there are hints that consumers are spending again. Consumer spending rose 0.7% in October, the Commerce Department reported this morning, better than the 0.6% gain economists had expected.
And new-home sales jumped 6.2% last month to a seasonally adjusted annual rate of 430,000, the highest level since September 2008. Better, the inventory of unsold homes fell to its lowest level since 1971.
There was one down piece of data: a drop in durable-goods orders.
The index rebounds back above 10,000 as material and energy stocks gain. Investors bet that the European Central Bank's president has a plan to address Greece's debt.
By Sung Moss, TheStreet
Updated at 4:56 p.m. ET
Stocks surged Tuesday, lifted by gains in basic materials and energy companies, and by reports that a rescue plan is in the works for debt-wracked Greece.
The Dow Jones Industrial Average ($INDU) gained 150 points, or 1.5%, to 10,059. The S&P 500 Index ($INX) rose 14 points, or 1.3%, to 1,071. The Nasdaq ($COMPX) was up 25 points, 1.2%, to 2,151.
European Central Bank President Jean-Claude Trichet left a meeting in Australia early to return to Europe, fueling speculation that he has a plan to address debt in Greece. He will attend a special EU Summit in Brussels, Belgium, Thursday.
The blue-chip average closes below 10,000 for the first time since early November. Wall Street turns bearish amid concerns about European deficits.
By Sung Moss, TheStreet
The Dow closed below 10,000 for the first time since early November after concerns about deficits in European weighed on Wall Street.
The Dow Jones Industrial Average fell 104 points, or 1%, to 9,908. The S&P 500 dropped 9 points, or 0.9%, to 1,057, and the Nasdaq was down 15 points, or 0.7%, at 2,126.
“The shadow cast over markets by European sovereign risk is unlikely to lift soon," said UBS economist Larry Hatheway.
Shares of both stocks jump on the results.
Toy maker Hasbro (HAS) this morning reported a 77% jump in fourth-quarter net income.
The company earned $165.6 million, or $1.09 per share, up from $93.6 million, or 62 cents per share, in the year-ago period. Sales rose to $1.38 billion from $1.23 billion.
Analysts were looking for earnings of 81 cents per share on sales of $1.34 billion. Shares surged $4.17, or 13.5%, to $34.97.
Fallout from European sovereign debt persists. Bank stocks are hit. Home Depot, CVS Caremark top earnings expectations.
Updated at 4:00 p.m. ET
Markets were torn today between lingering concerns about European sovereign debt and positive earnings news in the United States.
Bank stocks were hit by worries that banks might be forced to raise capital in response to deficits in Greece, Portugal, Spain and other European nations, as well as continued uncertainty about regulatory reform in the United States.
Major market indexes were stuck in a tight range this afternoon as investors continue grappling with the question of whether a global economic recovery is sustainable.
At 4:00 p.m. ET, the Dow Jones Industrial Average ($INDU) was down 104 points at 9,908. The Nasdaq Composite Index ($COMPX) had shed 15 points to 2,126, and the Standard & Poor's 500 Index ($INX) was down more than 9 points to 1,056.
Leaders from Group of Seven nations meet to allay investors' concerns about sovereign debt in Europe. Oil and gold prices climb as the dollar loses value.
By Melinda Peer, TheStreet
(Updated at 8:45 a.m. EST) Stock futures wavered on Monday as concerns about European sovereign debt weighed on investors.
Futures for the S&P 500 were rising by 0.8 points at 1,060.6 and were 2.49 points below fair value. Futures for the Nasdaq were up 0.75 points and were 1.13 points above fair value.
Over the weekend, leaders from the Group of Seven met to allay fears about European debt levels. U.S. Treasury Secretary Timothy Geithner assured investors that the U.S. will “never lose” its AAA credit rating.
StockScouter data provided by Gradient Analytics, Inc.
Quotes supplied by Interactive Data.
MSN Money's editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft of any specific security or trading strategy. An investor's best course of action must be based on individual circumstances.
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