The Dow ends up slightly; the Nasdaq and S&P 500 slip. Wells Fargo and JPMorgan earnings beat estimates, but margins are squeezed. Apple moves higher. Google falls on antitrust worries. Oil and gold fall.
Gains for JPMorgan Chase and Wells Fargo plus hopes for more stimulus in China fuel the month's biggest rally. The Dow and S&P 500 end the week in the black. Crude oil and gold move higher.
The blue chips are briefly down as many as 119 points as Federal Reserve officials see the current slowdown as transitory. They will act if conditions deteriorate. Marriott warns about growth in Asia. Supervalu suspends its dividend.
It may be the worst 3 years, starting with Alcoa, Yum Brands, JPMorgan and Wells Fargo this week. Also watch oil, gold and corn prices.
Worries that the Strait of Hormuz may get blocked push oil prices up some 4%. Brent crude tops $100. US factory orders grow in May. June auto sales are strong; SUVs do well. Barclay's CEO quits. Microsoft takes a $6.2 billion writedown.
After the best June for stocks in at least 12 years, the coming week compresses a lot of information into 4 days. The big event is Friday's jobs report, but key reports are due on manufacturing and auto sales. Europe will move markets as well.
Once down 177 points, the Dow closes off 25 on speculation Europe is negotiating a serious debt deal. Health care shares are mostly flat, but hospital operators soar. Research In Motion will cut a third of its workforce.
But the Dow crawls back nearly to break even as the Federal Reserve extends a small stimulus move because of job growth and European worries. It promises more action if conditions worsen. Asian stocks drop on a weak China manufacturing report.
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'We're not exactly in a uniformly strong market,' says the notably pessimistic newsletter publisher.
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
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