Update 1: Summary: Wall Street&#39;s Major Indexes
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Stocks were mixed Friday as the government&#39;s gross domestic product report renewed concerns that high energy prices and a lack of jobs might hold back economic growth, and investors showed reluctance to make big commitments ahead of next week&#39;s
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On Wall Street, stocks had their worst weekly performance since January 2003.
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Morgan Stanley (MWD.N: Quote, Profile, Research) and Bear Stearns Cos. Inc. (BSC.N: Quote, Profile, Research) , two of Wall Street&#39;s biggest
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Stocks finished mixed in post-holiday trading Friday as Wall Street meandered through a shortened session. The major indexes ended the week higher as investors looked forward to the results of the first weekend of holiday shopping and a key jobs report next week.
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(InfoWorld) - The Dow Jones Industrial Average broke a record this week, but that doesn't mean that the technology sector has recovered from its half-decade hangover after the burst of the dot-com bubble. The Nasdaq has made gains in recent weeks and closed the third quarter up about 4 percent, compared with the second quarter, but it is still is about 55 percent down from its peak in March 2000. On Tuesday, the Dow hit 11,727.34, its highest point ever, and continued to climb, closing Thursday at 11,866.69. Strong retail sales, signals from the U.S. Federal Reserve that lending rates will be kept low, and generally lower oil prices (though there have been some spikes recently) have generated a feeling of optimism for business. Though there are signs that some of this optimism has spilled into the tech sector recently, IT vendors have a long way to go before they reach the exalted levels of 2000. While the Dow index measures 30 large companies, including four of the largest IT vendors (Microsoft Corp., Hewlett-Packard Co., Intel Corp., and IBM Corp.) the Nasdaq is a much better bellwether for the tech sector, since it is so heavily weighted with technology companies, large and small. Thursday it closed at 2306.34, up 15.39 points for the day. But at its peak on March 10, 2000, it hit 5048.62. Corporate IT departments are still under great pressure to contain costs, so vendors aiming at the enterprise have an uphill battle. According to a CIO Magazine Tech Poll released this week, executives surveyed during the third quarter forecast IT budget increases of 6.5 percent for the next 12 months. That's down from an average 6.9 percent increase reported in the second-quarter survey. In one worrying sign, only 46 percent of the executives said they had intentions of moving to software-as-a-service (SAAS) computing architectures. SAAS has been seen as a harbinger of better times for the software industry. Other surveys are more optimistic, however. For example, The Equs Group's poll, also released this week, found that 55 percent of executives surveyed plan budget increases of 5 percent to 15 percent for 2007, and that 21 percent of the respondents forecast spending increases between 25 percent and 50 percent. Analysts at brokerages have been raising expectations on the tech sector, reasoning that some IT vendors shares have fallen so low that they are now a bargain. Also, price decreases as a result of vicious competition in the PC sector are expected to trigger a miniboom in hardware shopping at the end of the year. While it may take years for the Nasdaq to attain the level it reached in the boom years, some clarity around the next few quarters should happen in the next few weeks. In the week of October 16, financials reports should give a good indication of how end-of-year sales will shape up, especially in hardware. A variety of industry bellwethers will be reporting: Dell Inc., Intel Corp., Apple Computer Inc., Advanced Micro Devices Inc. and IBM Corp. Intel will get a chance to report whether its latest spate of product announcements, including 64-bit processors, has helped it regain market share it lost to AMD. Analysts will get a chance to press Apple about how it will weather competition from Microsoft Corp. in the music player arena, and whether a lack of a new video iPod will be a big blow.
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Investor's Business Daily - The Nat&#39;l Assn. of Purchasing Management&#39;s regional business activity surveys rose in June. The Chicago-area gauge eased to 60.2 vs. 61.7, but still remains solid. The Milwaukee index jumped to 66 from 58. Better auto production and exports helped, and could boost national activity. The index for New York City rose to 451.5 from 450.2, and the outlook improved as well.
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Major indexes rose with light volume. After Tuesday's sell-off investors are looking for value.
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The following financial services industry appointments and moves were reported on Monday. To inform us of other job changes, please email moves@reuters.
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Stocks finished mixed in post-holiday trading Friday as Wall Street meandered through a lackluster day. The major indexes ended the week higher as investors looked forward to the results of the first weekend
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Stocks rose yesterday as a late rally lifted the Standard &amp; Poor&#39;s 500-stock index for the fifth day in six. The Standard &amp; Poor&#39;s 500-stock index climbed 5.09 points, or 0.5 percent, to 1,104.
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Stocks rose on Friday, with all three major Wall Street indexes poised to end the week higher, after rising oil prices lifted energy shares and a stronger-than-expected jobs report indicated strength in the economy.
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As far as stock hits go, this ranks up there as one of the worst. Merck &amp; Co. lost more than $26.6 billion in value yesterday - yes, that&#39;s billion with ab - after the pharmaceutical giant
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Stocks shot higher Wednesday after the Federal Reserve answered two of Wall Street's major concerns, indicating that the economy remains healthy and that inflation pressures are easing. The Dow Jones industrials climbed nearly 100 points to set another trading high, while the Russell 2000 index had its first close above 800.
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Investor's Business Daily - For the week ended Aug. 31, the Economic Cycle Research Institute&#39;s Weekly Leading Index rose to 140.4 from 139.2 the prior week after declining for 6 straight weeks. Higher stocks, better housing activity and jobless claims helped weekly numbers. But the index&#39;s annualized growth rate fell to 0.6% from 1.3% the prior week. That&#39;s a 43-week low, but not yet a signal that recession is on the way, the ECRI said.
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Major indexes rose with light volume. After Tuesday's sell-off investors found value.
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Wall Street extended its rebound to a third session Friday, ending with a moderate advance after personal consumption data bolstered the outlook for the economy and interest rates. The major indexes finished the week with solid gains.
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Dow Jones -0,02%, Nasdaq -0,86%, StandardPoor's 500 -0,10%