Sunday, October 31, 2010
Saturday, October 30, 2010
Tuesday, October 26, 2010
Market Summary 10/26/2010
Stock Market Closing Prices – 10/26/2010
Dow ( DJIA ) Close - 11169.46 +5.41
Nasdaq - 2497.29 +6.44
S&P 500 Close - 1185.64 +0.02
Commodities Closing Prices – 10/26/10
Gold Close - 1338.00
Oil Close – 82.43
Natural Gas – 3.33
The Dow closed up 5 points to 11169 today, as stock market traded slightly higher.
The problem was that higher raw-material costs and a weak economy combined to produce disappointing earnings from US Steel(X), Cummins (CMI) and Kimberly-Clark (KMB). However, Ford (F) reported a better–than-expected earning report, Shares were up 1.5% to $14.36.
The dollar moves higher. Crude oil settled up 3 cents to $82.44 a barrel. Gold settled down 30 cents to $1,338.60 an ounce.
Oct. 27, 2010 – Wednesday
Procter & Gamble to announce quarterly results before market open.
Monday, October 25, 2010
Advantages of Tax-Free CEFs Yielding Over 5%
With so much uncertainty in the stock market, and with the possibility of tax increases on the horizon, investors have been allocating funds into tax-free bonds (municipal bonds), directly and through tax-free income closed-end funds. Tax-free closed-end funds, or CEFs, have several advantages over investing in municipal bonds directly.
Many of these CEFs have yields of 5% or more, such as the Blackrock Apex Municipal Fund (APX), which sells at a discount to net asset value, uses almost no leverage and yields 5.7%. The Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) has a yield of 5.5%, is currently trading at a discount to NAV and has about 26.5% leverage, much lower than the average leverage of 34.7% for all the CEFs. The Nuveen Investment Quality Municipal Fund (NQM) yields 6.3%, utilizes about 29% leverage and trades at a slight discount.
Market Summary 10/25/2010
Stock Market Closing Prices – 10/25/2010
Dow ( DJIA ) Close - 11164.05 +31.49
Nasdaq - 2490.85 +11.46
S&P 500 Close - 1185.62 +2.54
Commodities Closing Prices – 10/25/10
Gold Close - 1341.20
Oil Close – 82.31
Natural Gas – 3.32
The Dow closed up 31 points to 11164 today, as stock market rallied with a better-than-expected report on existing-home sales and peace among the G-20 nations over currency rates.
Stocks finished higher today, but a big opening jump faded as the day wore on. Financial shares were a drag on the market in part because of worries about the foreclosure mess and profit-taking after a strong performance last week.
The G-20 meeting did nothing for the dollar, which has been lower against major currencies today, helping metals prices move higher. Gold settled up $13.80 to $1,338.90 an ounce. Crude oil settled up 83 cents to $82.52.
Oct. 26, 2010 – Tuesday
DuPont to release details on quarterly results before market open.
Ford Motor to report quarterly results before market open.
Sunday, October 24, 2010
Next Week's economic report
Monday: The National Association of Realtors will release its monthly report on existing home sales, which economists polled by Briefing.com expect rose to an annual rate of 4.25 million in September from 4.13 million the previous month.
Amgen (AMGN), Lorillard (LO) and Texas Instruments (TXN).
Amgen (AMGN), Lorillard (LO) and Texas Instruments (TXN).
Tuesday: The Case-Shiller 20-City index of home prices in major metropolitan areas for August is due shortly after the market opens. Economists expect a 2% jump after the previous month's 3.2% gain.
At 10 a.m. ET, the Conference Board will release a reading on consumer confidence for October. The index is expected to have ticked up to 49 from 48.5 in September.
Bristol-Myers Squibb (BMY), Cummins (CMI), DuPont, U.S. Steel (X) and Waddell & Reed Financial (WDR).
Wednesday: Before the start of trade, the Commerce Department will release its report on orders for durable goods, which are items meant to last three years or more. Economists polled by Briefing.com predicted the number of durable orders increased by 1.7% in September after a 1.3% drop the previous month.
Allstate (ALL), auto-parts maker Borg-Warner (BWA), cable operator Comcast (CWCSA), ConocoPhillips, Panera Bread,Martha Stewart Living Omnimedia (MSO), Procter & Gamble and Whirlpool.
Thursday: The Department of Labor will release weekly jobless claims figures before the start of trade. The number of Americans filing new claims for unemployment is expected to have hit 455,000, from 452,000 the previous week.
Before the opening bell, 3M (MMM, Fortune 500), Exxon Mobil (XOM,Fortune 500) and Motorola (MOT, Fortune 500) will report earnings.
Microsoft (MSFT, Fortune 500) will release its earnings data after the closing bell.
Friday: The first reading on gross domestic product (GDP) growth in the third quarter is due before the start of trading. GDP likely grew at a 2% annualized rate, according to estimates, after growing at a 1.7% annualized rate in the second quarter.
The Chicago PMI, a regional reading on manufacturing, is due shortly after the start of trading for the month of October. Analysts expect the index fell to 57.5 from 60.4 in September. Any index reading over 50 indicates expansion.
The University of Michigan's consumer sentiment index for April is also due after the start of trade. The index is expected to have inched up to 68 in October from 67.9 the previous month.
Chevron (CVX), Merck (MRK), Estee Lauder (EL), Ruth's Hospitality Group. Merck will be closely watched for what it says about growth and its drug pipeline. Chevron will sketch in the global energy market.
Big Boost From Dollar Decline
0.5 percentage point: The potential boost in annual U.S. economic growth from the dollar’s decline since August 27.
As finance ministers from the Group of 20 developed and developing nations meet in Seoul in an effort to avert a currency war, it’s helpful to recognize the temptation they face. A little move in an exchange rate can have a big impact on a country’s growth.
Consider the recent fall in the dollar. Since August 27, when Federal Reserve Chairman Ben Bernanke signaled the central bank was likely to pump more dollars into the economy, the greenback’s value has fallen about 4.8% against the currencies of U.S. trading partners (data through October 15). Given the historical behavior of U.S. exports and imports, a sustained move of that magnitude should shrink the U.S. trade deficit by nearly $140 billion over the next two years. That’s the equivalent of an added 0.5 percentage point of economic growth in each year.
Week Ahead: Market to Cruise as Bigger Events Loom Ahead
Lacking any big surprises, the markets may seem to be on cruise control in the coming week, as investors await the U.S. mid-term election and the Fed's November meeting.
Big oil joins the long list of companies reporting earnings, as a third of the S&P 500 report in the week ahead. Exxon Mobil, Ford, Microsoft, Merck, andProcter and Gamble are among those on deck. There is also a heavy calendar of economic reports, dominated by housing numbers but also including the important first look at third quarter GDP on Friday.
Friday, October 22, 2010
Warren Buffett: Forget gold, buy stocks
...
Okay, so gold is not a screaming buy to Buffett. What should a typical upper-middle-class person in the U.S. buy to prepare for retirement?
"Equities," Buffett answers without a moment's hesitation.
...
Market Summary 10/22/2010
Stock Market Closing Prices – 10/22/2010
Dow ( DJIA ) Close - 11132.56 -14.01
Nasdaq - 2479.39 +19.72
S&P 500 Close - 1183.08 +2.82
Commodities Closing Prices – 10/22/10
Gold Close - 1324.40
Oil Close – 81.69
Natural Gas – 3.32
The Dow closed down 14 points to 11133 today, as stock market rallied with mixed earning reports.
Trading volume was light today as Wall Street awaited the results of this weekend's meeting of G-20 finance ministers -- in addition, there's the combination of the November elections and the Nov. 2-3 Fed meeting.
The dollar was higher for most of the day. Gold settled down 50 cents to $1,325.10 an ounce. Gold was down 3.4% on the week. Crude oil, however, settled up $1.13 to $81.69 a barrel.
Thursday, October 21, 2010
Market Summary 10/21/2010
Stock Market Closing Prices – 10/21/2010
Dow ( DJIA ) Close - 11146.57 +38.60
Nasdaq - 2459.67 +2.28
S&P 500 Close – 1180.26 +2.09
Commodities Closing Prices – 10/21/10
Gold Close - 1324.70
Oil Close – 81.01
Natural Gas – 3.40
The Dow closed up 39 points to 11147 today, as stock market rallied in the morning, pulled back in the afternoon, and then rallied again at the close.
Initial jobless claims fall and confidence rises. McDonals’s reported better-than-expected quarterly results.
Gold was down $18.60 to $1,325.60 an ounce. Crude oil settled down $1.98 to $80.53 a barrel.
The S&P-500 jumped above 1,185 and started to fall back. Technical analysts had expected 1,185 to act as a support level and a trigger to start new buying.
Economic Data: Oct. 22, 2010
Verizon Communications is set to report quarterly results before market open.
Honeywell is slated to report results for the quarter before market open.
Wednesday, October 20, 2010
Market Summary 10/20/2010
Stock Market Closing Prices – 10/20/2010
Dow ( DJIA ) Close - 11107.97 +129.35
Nasdaq - 2457.39 +20.44
S&P 500 Close - 1178.17 +12.27
Commodities Closing Prices – 10/20/10
Gold Close - 1343.30
Oil Close – 81.85
Natural Gas – 3.52
The Dow closed to 11108 today, as stock market makes a big turnaround, gains 129 points.
The market recovered most of its Tuesday losses , thanks to falling dollar that boosted commodity prices. Plus , there were strong earnings from Boeing, Wells Fargo and airlines and others.
Gold settled up $8.20 to $1,344.20 an ounce. Crude oil for December delivery added $2.38, to $82.54 a barrel.
Futures trading suggests today's momentum will continue Thursday.
Economic Data: Oct. 21, 2010
Caterpillar is scheduled to report quarterly results before market open.
McDonald's is slated to report results for the quarter before market open.
Tuesday, October 19, 2010
Market Summary 10/19/2010
Stock Market Closing Prices – 10/19/2010
Dow ( DJIA ) Close - 10978.62 -165.07
Nasdaq - 2436.95 -43.71
S&P 500 Close – 1165.90 -18.81
Commodities Closing Prices – 10/19/10
Gold Close - 1336.00
Oil Close – 79.49
Natural Gas – 3.51
The Dow closed at 10979 today, as stock market fell because of Bank of America’s bad mortgage loan practices. The Dow dropped late in the afternoon after news reports said that several companies were preparing to sue the Bank of American.
Gold settled down $36.10, to $1,336 an ounce in New York
The Chinese rate hike was the surprise of the day. The concern among investors is that the move is a signal that Chinese economic growth won't be as fast as expected. That will cut demand globally for raw materials and for construction and other kinds of equipment.
Economic Data: Oct. 20, 2010
Federal Reserve Board releases Beige Book for October. 2 p.m.
Wells Fargo is expected to report its results for the quarter. Before market open.
Boeing is scheduled to report quarterly results. Before market open.
Monday, October 18, 2010
Market Summary 10/18/2010
Stock Market Closing Prices – 10/18/2010
Dow ( DJIA ) Close - 11143.69 +80.91
Nasdaq - 2480.66 +11.89
S&P 500 Close - 1184.71 +8.52
Commodities Closing Prices – 10/18/10
Gold Close - 1376.70
Oil Close – 82.58
Natural Gas – 3.65
The Dow were up 81 points to 11144 as stocks rise on earning and housing report.
The Citigroup reported better-than-expected earning result in the morning, and a key homebuilder confidence index jumps unexpectedly.
After hours, APPLE and IBM reported lower-than-expected results , shares of both companies drop. AAPL were down 5.7% to $299.85 after hours. The shares has risen to $318 in regular trading and hit a new high of $319.
IBM shares were off 3.8% to $137.66 after hours.
The decline for both stocks could affect markets on Tuesday.
Crude oil rose $1.83 to $83.08. Gold settled up 10 cents to $1,372.10 an ounce. The dollar was slightly lower against major currencies.
Economic Data: Oct. 19, 2010
Bank of America is scheduled to report quarterly results before market open.
Johnson & Johnson is slated to report results for the quarter before market open.
Coca-Cola Co. is set to report quarterly results before market open.
Sunday, October 17, 2010
Next Week's Economic/Earning Report
Monday: Government data on industrial production and capacity utilization for September are due before the market opens.
After the opening bell, the National Association of Homebuilders is scheduled to release its housing market index for October.
Companies reporting quarterly financial results early Monday include Citigroup (C), while Apple (AAPL ) and IBM (IBM) are up after the closing bell.
Tuesday: A report on September housing starts and building permits comes out in the morning.
Economists expect 575,000 homes broke ground in the month, down from 598,000 in August. Building permits are expected to dip to 565,000 from 569,000, according to consensus estimates from Briefing.com.
In the morning, Bank of America (BAC), Coca-Cola (KO), Goldman Sachs (GS) and Johnson & Johnson (JNJ) are schedueld to release quarterly financial statements.
Yahoo's (YHOO) results come out after the market closes.
Wednesday: The Federal Reserve will release its Beige Book report on economic conditions across the central bank's 12 districts in the afternoon.
Thursday: Reports on initial jobless claims, leading economic indicators and regional manufacturing activity are all on the agenda.
In addition, AT&T (T), Caterpillar (CAT), McDonald's (MCD) and UPS (UPS) are scheduled to report results early Thursday.
Friday: There are no economic reports on the calendar, but Honeywell (HON), Schlumberger (SLB) and Verizon (VZ) are scheduled to report results.
Subscribe to:
Posts (Atom)