The S&P 500 breached a very important technical milepost this week. That could put a floor on any losses.
The stock market is little changed this month.
But without much fanfare, the market told investors this week that the bottom that came in March was real.
That could mean the market has a good chance of heading higher. Here's why.
The FDA is investigating links to E. coli
All you cookie dough lovers out there, beware.
Nestlé (NSRGF) has voluntarily recalled all varieties of its Toll House refrigerated cookie dough products after the U.S. Food and Drug Administration and the Centers for Disease Control and Prevention recommended that they not be eaten. The FDA and CDC have been investigating a nationwide E. coli outbreak that could be linked to the Nestlé products.
The Texas financier faces a federal judge this afternoon.
Updated: 3:45 p.m. ET.
Financier R. Allen Stanford has been indicted on charges of fraud and obstruction, the Department of Justice announced today. Four associates were also indicted on charges of defrauding investors in a $7 billion Ponzi scheme, the DOJ said at a news conference.
The Texas billionaire surrendered to the Federal Bureau of Investigation late Thursday after being arrested outside Stafford, Va., after a Houston grand jury issued an indictment for his arrest.
Stanford appeared in federal court in Richmond, Va., telling U.S. Magistrate M. Hannah Lauck that he understood the charges against him. He was to be transported to Houston for a bail hearing.
Stanford had been under investigation by the Securities and Exchange Commission for allegedly orchestrating a massive $8 billion Ponzi scheme. In February, the SEC had filed civil charges against the founder of Stanford Financial Group, claiming fraud against Stanford and two other executives.
The BlackBerry maker faces increased competition from Apple and Palm.
Research In Motion (RIMM) late Thursday posted what looked like a strong earnings report, but the BlackBerry maker gave a weak revenue forecast for the current quarter.
Shares were down $3.77, or 4.9%, to $72.78 this afternoon.
RIM earned $643 million, or $1.12 per share, in its fiscal first quarter, a 33% increase from the $482.5 million, or 84 cents per share, it earned in the same period last year. Excluding one-time items, Research In Motion said it would have earned 98 cents per share, topping analysts' estimates of 94 cents per share.
Consumers don't like the strings attached to some cell-phone models.
So, if you do buy that new Apple (AAPL) iPhone, you can get only AT&T (T) service. And that's something that President Barack Obama's nominee to head the Federal Communications Commission is looking into, The Wall Street Journal reported today.
Julius Genachowski, the president's nominee, said he would order a review of complaints from consumers who are angry about the exclusive phone deals that come with certain cell phones if he becomes FCC chairman, the report said.
The gun maker also takes aim at security provider Universal Safety Response.
The economy has been in turmoil, but that hasn't stopped people from buying guns.
Shares of Smith & Wesson Holding (SWHC) surged 85 cents, or 17.2%, to $5.78 in midday trading after the gun maker posted better-than-expected fourth-quarter revenue late Thursday. Sales jumped 20% to $99.5 million in the quarter, ahead of Wall Street's expectations of $90.8 million.
"Demand for our handguns and tactical rifles remained strong throughout the fourth quarter," the company said in a statement.
Financial and health care stocks lead the rally. Research In Motion results disappoint, but shares revive and may boost Friday's open.
Updated: 8:10 p.m. ET.
The Dow closed up 58 points to 8,556. The S&P 500 was up 8 points to 918.
Futures trading suggests stocks may open higher on Friday.
There was some concern right after the close about Friday's market because fiscal-first quarter earnings from BlackBerry maker Research In Motion (RIMM) seemed to disappoint investors.
The shares were down as much as 6% after the report came out, but they climbed back to $76.51 before fading to $76.05, off 0.7%. The shares had fallen 0.9% to $76.55 in regular trading.
Research In Motion earned 98 cents a share after one-time items, up from 86 cents a share a year ago and ahead of the Street estimate of 94 cents. Revenue was $3.42 billion, up 53% from a year ago but off slightly from the Street estimate of $3.43 billion.
Rival Apple (AAPL) will start selling its new iPhone 3GS on Friday. Apple was up 0.2% to $135.88 in regular trading and rose an additional 0.7% after hours to $136.81.
Today's rally was set off in part by some relatively optimistic economic reports as well as gains in financial stocks.
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[BRIEFING.COM] S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +7.20. The S&P 500 futures trade three points above fair value.
Markets in Asia ended on a mostly higher note. The Reserve Bank of New Zealand hiked its key rate 25 basis points to 3.50%, as expected.
- In economic data:
- China's HSBC Manufacturing PMI jumped to 52.0 from 50.7 (consensus 51.0)
- Japan's trade deficit narrowed to JPY822 billion from JPY909 billion ... More
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