Stocks rise on signs of improvement in domestic economy and as initial jobless claims fall
Stocks are rising in early trading following fresh signs that the domestic economy is improving.
New data Thursday shows initial claims for jobless benefits dipped last week, while private employers added workers last month. A third report says productivity rose in the first quarter, though gains were revised lower from a previous estimate.
Retailers are reporting mixed sales for May, but a report on the service sector due out later in the day is expected to show a fifth straight monthly gain.
The Dow Jones industrial average is up 34.99, or 0.3 percent, at 10,283.85. The Standard & Poor’s 500 index is up 2.92, or 0.3 percent, at 1,101.30, while the Nasdaq composite index is up 6.49, or 0.3 percent, at 2,287.56.
Yesterday’s Top Performing Small Cap Stock:
AGR Stone & Tools, Inc. (OTCBB: AGRT)
About AGR Tools, Inc. was a SmallCapVoice.com top performer yesterday closing up over 23% on trading volume of 14,900 shares.
Stocks turn positive after U.S. manufacturing grew more than expected in May
U.S. stocks pared losses and the Dow and the Nasdaq turned positive on Tuesday after a report showed U.S. manufacturing grew more than expected in May.
A slowdown in manufacturing in China also worried investors. U.S. traders will get a reading on the domestic manufacturing sector after the market opens.
The Dow Jones industrial average is down nearly 71 points after falling 122 on Friday.
The euro fell as low as $1.2112 before easing off that low to $1.2196. Markets worldwide have been tracking the euro, the currency used by 16 countries in Europe. The euro has been seen as an indication for confidence in whether countries like Greece, Spain and Portugal will be able to cut spending to contain mounting debt without stalling a recovery.
Investors in recent weeks have used any signs of weakening around the world to sell stocks and move into safe-haven investments like the dollar and U.S. Treasurys.
In early morning trading, the Dow Jones industrial average dropped 0.57 points, or 0.01 percent, to 10,136.06. The Standard & Poor’s 500 Index fell 2.39 points, or 0.22 percent, to 1,087.02. The Nasdaq Composite Index gained 0.89 points, or 0.04 percent, to 2,257.93.
Yesterday’s Top Performing Small Cap Stock:
AGR Stone & Tools, Inc. (OTCBB: AGRT)
AGR Tools, Inc. was a SmallCapVoice.com top performer yesterday closing up over 20% on trading volume of 60,793 shares.
Stocks retreat ahead of holiday weekend
Stocks fall modestly to end volatile month of trading; Dow off 7 percent in May
Stocks fell modestly in early trading Friday as investors put a close on a turbulent month of trading.
The dip in major indexes is a stark contrast to the volatile swings that have been prevalent throughout May. Worries about Europe’s debt problems have driven markets sharply lower in May.
The Dow Jones industrial average is down nearly 7 percent for the month, which would be the biggest May drop since 1962.
A mixed report on personal spending and income tempered any momentum that investors might have tried to carry over from a big surge on Thursday. The Dow climbed nearly 285 points Thursday, which was the index’s second best day of the year.
Yesterday’s Top Performing Small Cap Stock:
GWS Technologies, Inc. (OTCBB: GWSC)
GWS Technologies, Inc. was a SmallCapVoice.com top performer yesterday closing up over 17% on trading volume of 66,995 shares.
AUSTIN, TX, May 27 /PRNewswire-FirstCall/ – AGR Tools Inc. is pleased to announce that it has closed the share exchange transaction with AGR Stone & Tools USA, Inc. (“AGR USA”) effective today, May 27, 2010. Pursuant to the share exchange agreement between the two companies dated October 29, 2009, AGR Tools issued 46,186,516 shares of its common stock to the shareholders of AGR USA at the closing, which resulted in AGR USA becoming its wholly owned subsidiary. Also at the closing, AGR Tools retired 25,000,000 shares of its common stock held by a former officer. It currently has a total of 81,186,516 issued and outstanding shares of common stock.
AGR Tools, the public company, will continue to operate under its current name and trade under the symbol AGRT, while AGR USA, the private company, will continue to operate under its current name as a wholly owned subsidiary of AGR Tools.
Stocks are lower on continued European economic worries
Stocks mostly fell Monday as another slump in the euro prolonged concerns about Europe’s economy.
Major European indexes mostly fell following a bailout over the weekend of a regional bank in Spain, one of the countries already dealing with ballooning deficits. The Bank of Spain stepped in to rescue Cajasur after it failed to complete a merger. It was only the second time Spain’s central bank stepped in to bail out a regional lender.
The euro fell against the dollar, dropping to $1.2367. The euro has become a symbol of investors’ concern about the continent’s economy in recent weeks. Traders have been dumping the euro on fears that massive debts will cause a default by a weaker country in the European Union. The euro hit a four-year low last week.
There is uncertainty about whether countries like Greece, Spain and Portugal will be able to contain mounting debt through steep spending cuts. And, investors are also worried that those budget cuts will upend an economic recovery in Europe and slow a worldwide rebound.
The drop comes after a tumultuous week. Major U.S. indexes posted their biggest one-day losses of the year on Thursday and partially rebounded Friday. Stocks have been hit hard in recent weeks on worries about European sovereign debt problems.
Investors brushed off gains in Asia, where China’s president said the country will loosen its currency policy and adjust the exchange rate for the yuan. No timetable was given, however.
There was welcome news about the economy. The National Association of Realtors sais sales of previously owned homes rose 7.6 percent to an annual rate of 5.77 million. That is the best showing in five months and ahead of expectations. Buyers were rushing to meet a deadline for a tax credit.
In midmorning trading, the Dow Jones industrial average fell 42.40, or 0.4 percent, to 10,150.99. The broader Standard & Poor’s 500 index fell 3.45, or 0.3 percent, to 1,084.24, and the Nasdaq composite index rose 5.99, or 0.3 percent, to 2,235.03.
Yesterday’s Top Performing Small Cap Stock:
AISystems, Inc. (OTCBB: ASYI)
AISystems was a SmallCapVoice.com top performer yesterday closing up over % on trading volume of shares.
AUSTIN, TX, May 24 /PRNewswire-FirstCall/ – AGR Tools Inc. (“AGR”) announces that it anticipates that it will announce revenues of its new acquisition AGR Stone & Tools USA, Inc. for the nine months ended March 31, 2010 with a significant increase in revenues over the same period for the preceding year. “We are very pleased with the results from our most recent calendar quarter and anticipate continued increases in revenues for the final quarter of our fiscal year ended June 30, 2010. With the growth in revenue being generated and the ongoing fund raising being done by management, we are now in the process of beginning to fulfill the over $2 million in backorders we have accumulated,” stated Rock Rutherford, President & CEO of AGR.