Stocks are lower renewed concerns about Greece debt problems
Investors are looking past a jump in home sales and focusing on concerns about Greece’s debt problems.
The National Association of Realtors says Thursday that home sales rose 6.8 percent last month after falling 0.8 percent in February. Buyers are trying to stay ahead of a tax credits that expire at the end of April.
Sales of previously occupied homes had been expected to rise 5.2 percent, according to Thomson Reuters.
Stocks have been dropping on concerns that rising debt costs in Greece will force the country to default on loans.
The Dow Jones industrials are down 90 at 11,035, about where it was ahead of the housing numbers. The Standard & Poor’s 500 index is down 12 at 1,194, while the Nasdaq composite index is 26 at 2,479.
Yesterday’s Top Performing Small Cap Stock:
CitySide Tickets, Inc. (Pink Sheets: CIST)
CitySide Tickets, Inc. was a SmallCapVoice.com top performer yesterday closing up over 7% on trading volume of 4,312,983 shares.
Stocks are higher on the heels of strong earnings reports
Stocks rose early Wednesday after stronger earnings reports from Apple Inc. and Morgan Stanley raise expectations for a recovery.
With few economic reports to go on, investors are focused on earnings. Better-than-expected results across many industries have helped push stocks higher.
Apple’s earnings easily topped expectations thanks to strong sales of iPhones. Apple was the latest in a string of technology companies to report improving profits as the economy recovers. Intel Corp. and IBM Corp. also posted stronger sales and profits.
Morgan Stanley’s first-quarter earnings rose after the bank saw a boost from trading.
Investors were also looking to Washington. A proposed tax on banks that could raise $90 billion over the next decade could be a drag on the financial industry and the broader market. The idea, first proposed by President Barack Obama in January, is gaining support in Congress and could be added to a bill overhauling financial regulation. Congress is working on revamping financial regulation.
In early trading, the Dow Jones industrial average rose 25.17, or 0.2 percent, to 11,142.23. The broader Standard & Poor’s 500 index rose 3.08, or 0.3 percent, to 1,210.25. The Nasdaq composite index rose 10.00, or 0.4 percent, to 2,510.31.
Yesterday’s Top Performing Small Cap Stock:
Grid Petroleum Corp. (OTCBB: GRPR)
Grid Petroleum Corp. (OTC BB: GRPR) was a SmallCapVoice.com top performer yesterday closing up over 7% on trading volume of 543,276 shares.
Stocks are lower as the Dow flirts with 11,000
Stocks fell in early trading Wednesday as market momentum continued to slow and new concerns surfaced about Greece’s debt crisis.
The Dow Jones industrials remained just below 11,000 for a third day. The Dow hasn’t crossed that level in 18 months.
No major economic reports were due out Wednesday, but investors were watching out for the results due in the early afternoon from an auction of 10-year Treasury notes. European markets were lower on worries about Greece.
Greece’s borrowing costs remained high Tuesday and its stock market fell as the country’s finance minister sought advice from an International Monetary Fund team on how to speed up fiscal reforms.
The Dow has been flirting with the 11,000 level all week, but has yet to top the psychological barrier. It came within 12 points both Monday and Tuesday but ended just below there on both days.
Stocks are rallying following jobs data and positive earnings reports
Stocks rose on Thursday as technology shares were lifted after wireless chipmaker Qualcomm raised its forecast and electronics retailer Best Buy reported quarterly profit and sales that beat estimates.
Qualcomm Inc led the Nasdaq, jumping 7.7 percent to $43.28 after it raised its second-quarter earnings outlook.
Best Buy Co reported improved demand in its key holiday quarter and forecast a strong year ahead. Best Buy climbed 7.3 percent to $44.17.
The market was further boosted after the government said the number of U.S. workers filing new applications for unemployment insurance fell sharply last week.
Sovereign debt issues remained in focus ahead of a European Union summit later Thursday, as EU leaders appeared to be nearing a consensus on a way to help Greece.
Stocks turn lower after weak inventories report
Stocks are erasing an early advance after the government said that business inventories were essentially flat in January.
Stocks had been higher at the start of trading Friday after a surprising increase in February retail sales. But investors were displeased with the Commerce Department’s report that inventories were unchanged rather than rising as economists forecast. Economists are hoping that businesses will restock store shelves on a sustained basis and give the economy a list.
Stocks are rising in early trading after retail sales unexpectedly rose in February, raising hopes that the economy may be gaining momentum.
The Commerce Department said retail sales rose 0.3 percent last month. Analysts had expected sales to decline by 0.2 percent.
Stocks are slightly higher on 1-yr anniversary of market bottom
With little in the way of economic reports or earnings to help drive shares higher, investors are taking a breather after major indexes rose the past few weeks.
Stocks have surged over the last year. The Dow Jones industrial average is up 61.2 percent during that stretch. But traders’ expectations about an economic recovery have also grown. That means it will take more than just an occasional upbeat economic report or earnings release to send stocks up.