Facebook sags as controversy swirls around its IPO. The Dow gives up a 71-point gain after a former prime minister warns Greece may quit the euro. A decent existing-home sales report boosts Home Depot. Crude oil and gold move lower again.
Updated: 7:03 p.m. ET.The stocks tried -- but failed -- to finish higher for a second day in a row for the first time since the end of April.
In fact, a 71-point gain for the Dow Jones Industrial Average ($INDU) faded to a small loss. The cause apparently was a comment by former Greek Prime Minister Lucas Papademos that the his country is considering leaving the euro.
At the same time, Facebook (FB) shares fell $2.91 to $31.12 as the Facebook IPO debacle continues. The stock was off 23 cents to $30.76 after hours. The stock has now dropped 18% from $38 -- where it was originally priced after Thursday's close. The shares have been battered by problems Friday in getting trades executed and reports Monday and today that analysts at Morgan Stanley and Goldman Sachs had cut their earnings estimates on the stock before the stock was actually priced.
The market briefly gained some traction from the April existing-home sales report, which showed sales rising 3.4% from March on a seasonally adjusted basis and 10% from a year ago. The report also showed that distressed sales -- foreclosures or short sales -- were starting to drop. And some markets were tightening, including Washington, D.C.; Naples, Fla.; Orange County, Calif.; and Seattle.
US existing-home sales increase more than expected. Facebook shares remain below their IPO price. Fitch downgrades Japan's credit rating as the nation's debt piles up.
By Andrea Tse
U.S. stocks were holding gains Tuesday amid signs of an uptrend in the U.S. housing market.
“We are relatively oversold so this bounce makes a little sense,” said Joe Bell, senior equity analyst at Schaeffer's Investment Research.
The Dow Jones Industrial Average ($INDU) was up by 36.4 points, or 0.3%, at 12,540, coming off intraday highs. The S&P 500 ($INX) was up by 7 points, or 0.5%, at 1,323. The Nasdaq ($COMPX) was rising by 7.2 points, or 0.3%, to 2,855.
Apple and Baidu lift the Nasdaq. The Chinese premier wants to boost economic activity. Facebook sinks below its IPO price.
By Andrea Tse
Stocks rallied Monday, rebounding from their worst weekly performance of 2012, after China said it would take steps to boost economic growth.
The Dow Jones Industrial Average ($INDU) rose by 135 points, or 1.1%, at 12,504. The S&P 500 ($INX) added 21 points, or 1.6%, at 1,316.
Shares of Facebook (FB), which made a shaky public debut on Friday, sank 11% Monday to $34.03, less than their IPO price of $38. Still, the Nasdaq ($COMPX) climbed 68 points, or 2.5%, to 2,847, as Apple (AAPL) and Baidu (BIDU) added more then 5%, helping the index double the Dow's pace.
Greece's Parliament will be dissolved as the nation prepares for new elections. Facebook rises slightly on its first day of trading after reports of transaction issues. Moody's downgrades 16 Spanish banks.
By Andrea Tse
Stocks fell Friday as excitement about Facebook's (FB) public debut failed to offset fears about the political turmoil in Greece, causing major indexes to post their worst week of 2012.
Major benchmarks had the worst week in months, with the Dow falling 3.5%, the S&P losing 4.3% and the Nasdaq dropping 5.3%. On Friday, two-thirds of the Dow lost value, led by Hewlett-Packard (HPQ) and DuPont (DD). Wal-Mart (WMT) and AT&T (T) were the best performers.
The Dow falls 156 points on worries about Europe and disappointment with jobless claims and manufacturing weakness in mid-Atlantic states. Facebook prices its IPO at $38. Wal-Mart results cheer investors. Apple slumps.
Updated: 7 p.m. ETStocks slumped in late-day trading as worries about the domestic economy and the European debt crisis offset decent earnings from Wal-Mart Stores (WMT) and the interest in Facebook's initial public offering.
The Dow Jones industrials ($INDU) finished at their lowest level since Jan. 13. It was the blue chips' fifth straight loss and the 11th in 12 sessions. The euro dropped below $1.27, and the 10-year Treasury yield hit a record low 1.702%.
Facebook, meanwhile, priced its IPO at $38 a share, raising $16 billion for early investors and the company. It's the largest Internet IPO ever. Trading is expected to start at 11 a.m. ET Friday.
The IPO couldn't overcome the worries about Europe and the domestic economy. There was a a disappointing report on initial jobless claims and a surprising decline in manufacturing reported by the Federal Reserve Bank of Philadelphia. The reports raised fears of a slowdown, although many economists believe the economy is stronger than a year ago.
The Philadelphia Fed gives a weak report on factory activity. Initial unemployment filings remain unchanged. Facebook's IPO price range is finalized.
By Andrea Tse
Updated at 10:38 a.m. ET
The major averages were slipping Thursday after the Philadelphia Federal Reserve gave a worse-than-expected read on regional manufacturing activity.
Spain raised 2.5 billion euros in a debt auction, but its borrowing costs rose, highlighting worries about the country's economy and raising concerns about Greek debt contagion.
The Dow Jones Industrial Average ($INDU) was down by 25.6 points, or 0.2%, at 12,573 but paring losses. The S&P 500 ($INX) was down by 4 points, or 0.3%, at 1,321. The Nasdaq ($COMPX) was falling by 12.6 points, or 0.4%, to 2,861.
The blue chips see a 91-point rally in the morning fall apart. Facebook expands the shares in its IPO by 25%, but Apple falls 1.3%. JC Penney and Abercrombie & Fitch shares are slammed. Crude falls under $93. Gold is near bear-market territory.
Updated: 7:30 p.m. ETAn early rally in U.S. stocks faded today as worries about Europe and weakness in big tech shares offset a better-than-expected report on housing starts.
The Dow Jones industrials ($INDU) fell for the 10th time in 11 days, giving up an early gain of 91 points. The sell-off was prompted by concerns that some Greek banks may not be able to get the cash necessary to let depositors withdraw their money. Actually, they had to switch to getting the cash from the Bank of Greece.
The Greek bank report pushed the dollar to its highest level against the euro since early January. A rising dollar tends to push stock prices lower because of worries that U.S. goods and services will become too expensive. Also moving lower today were crude oil (-CL) and gold (-GC). The metal has fallen nearly 20% since last summer.
Meanwhile, minutes of the Federal Reserve's April 24-25 meeting suggested Fed officials are worried that a U.S. fiscal crisis is developing that could hit the economy later this summer or fall. But, as it has signaled for several months, the Fed has no plans yet to provide new support for the economy.
Greek bank customers withdraw from accounts. Homebuilders break ground on more homes than forecast. Deere and Target post better-than-expected earnings.
By Andrea Tse
Updated at 1:53 p.m. ET
Stocks were waffling Wednesday as the political disarray in Greece nagged at investors, who earlier were cheering stronger-than-expected increases in housing and industrial production data.
“Most of the news about Europe is already out, although that doesn’t mean anxieties won’t weigh on the markets,” said Brian Gendreau, market strategist for Cetera Financial Group.
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- Stocks fade in late afternoon trading
Facebook sags as controversy swirls around its IPO. The Dow gives up a 71-point gain after a former prime minister warns Greece may quit the euro. A decent existing-home sales report boosts Home Depot. Crude oil and gold move lower again.
- Stocks rise on favorable housing report
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- Stocks post worst week of 2012
- Stocks slump on worries about Europe and jobs
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A housing pickup will probably be relatively modest this year.
