Stocks end higher; S&P 500 has 6th straight gain

The S&P's winning streak is its longest since December 2010 as US shares come back from early losses. China reports almost no export growth in July. JC Penney shows a loss, but shares jump. Manchester United shares get little respect.

By Charley Blaine Aug 10, 2012 12:12PM
Charley BlaineUpdated at 8:29 p.m. ET

Thanks to a burst of late-day buying, stocks finished modestly higher today despite worries about slowing growth in China.

The Standard & Poor's 500 Index ($INX) closed with its sixth straight gain, its longest winning streak since December 2010, rising 3% in the process. The major indexes finished higher for the fifth straight week.

The major averages are up at least 4% since July 26. But the rally's downside is that it comes in the middle of summer when most big money managers are on vacation. So trading volume has been quite light -- less than 500 million shares on the New York Stock Exchange today.

Giving the market at least some support today was a rally in shares of J.C. Penney (JCP), though the company reported a fiscal-second-quarter loss. Penney shares were up $1.30 to $23.40. The stock had reached as high as $24.57 after CEO Ron Johnson vowed to stay the course with a strategy of everyday low prices. The gain was third-best among S&P 500 performers. Shares of upscale rival Nordstrom (JWN) were up $1.05 to $56.13 after the company boosted its guidance for the fiscal year.

The Dow Jones industrials ($INDU) closed up 43 points to 13,208. The blue chips had been down as much as 70 points. The S&P 500 was up 3 points to 1,406 after falling to as low as 1,396. The Nasdaq Composite Index ($COMPX) was up 2 points to 3,021, with the push to the black coming in the last half-hour of trading.

Article continues below.
The Nasdaq-100 Index ($NDX), which tracks the largest Nasdaq stocks, was up 3 points to 2,723. Apple (AAPL), the biggest influence on the index, was up 97 cents to $621.70 and ended the week up 1%.

The market was held back by weakness in energy, materials and consumer stocks. Telecommunications, health care and utilities were higher. Crude oil (-CL) was lower in New York, although gold (-GC) finished higher. 

The Dow finished up 0.9% for the week, with the S&P 500 up 1.1% and the Nasdaq and Nasdaq-100 both up 1.8%. For the year, the Dow is up 8.1%. The S&P 500 is up 12%, with the Nasdaq up 18.7%.

Markets for the week



8/10/2012

8/3/2012

% chg.

YTD chg.
Dow Industrials

13,207.95

13,096.17

0.85%

8.11%
S&P 500

1,405.87

1,390.99

1.07%

11.79%
Nasdaq 

3,020.86

2,967.90

1.78%

15.96%
Russell 2000

801.53

788.48

1.66%

8.18%
Crude oil 

$92.87

$91.40

1.61%

-6.03%
(per barrel)

0.00

0.00

0.00%

0.00%
U.S. Dollar Index 

82.63

82.45

0.22%

2.62%
10-yr. Treasury

1.65%

1.58%

4.57%

-11.87%
Gold

$1,622.80

1,609.30

0.84%

3.57%

The big weight on the market today came from China, which reported that export growth was close to zero in July, down from an 11.3% gain in June, the customs bureau said. Imports rose 4.7%, compared with the estimate for a 7% gain and a 6.3% increase in June, Bloomberg News said.

The report raised the odds that the government will take more aggressive measures to support an economy that grew 7.6% in the second quarter, the slowest pace since 2009.

The report pushed stocks in Asia and Europe lower. Japan's Nikkei-225 Index ($JP:N225) was off 87 points to 8,891. Germany's Xetra Dax Index ($DE:DAX) was down 20 points to 6,945. Like the U.S. indexes, the Nikkei and European stocks are ending the week higher.

A busy week ahead
The second-quarter earning season comes to its unofficial end next week.

Cisco Systems
(CSCO) and Home Depot (HD) report quarterly results, along with Wal-Mart Stores (WMT), Target (TGT) and farm equipment manufacturer Deere (DE).

Economic date include the Producer Price Index and Consumer Price Index reports on Tuesday and Wednesday, respectively.

A report on housing starts comes Thursday, along with the weekly updates on jobless claims and the Philadelphia Federal Reserve Bank's monthly report on manufacturing in its district.
Corn falls despite reduce U.S. crop estimate
The Agriculture Department reduced its estimate for the corn (-ZC) crop by nearly 17% and raised the upper end of its price forecast by 39% to $8.90 a bushel. Forecasters also made a sizable reduction in their outlook for the nation's soybean (-ZS) crop. The cuts weren't a surprise, because of the worst drought since 1988.

Despite the news, corn was off 13.25 cents to $8.105 a bushel. Wheat (-ZW) was off 26.5  cents to $8.865 a bushel. Soybeans were up 13 cents to $16.445 a bushel.

Crude slips; gold pushes higher
Crude oil settled down 49 cents to $92.87 after falling to as low as $91.71 on the Chinese news and finished up 1.6% for the week. Brent crude was off 15 cents to $113.07 a barrel.

The retail price of gasoline, however, moved up 1.1 cents to $3.673 a gallon, according to AAA's Daily Fuel Gauge Report. For the week, gasoline moved up 3% and is up 10% since June 30. It's also 1% higher than a year ago.

Gold settled up $2.60 to $1,622.80 an ounce, but silver (-SI) and copper (-HG) were off slightly.

Energy prices -- New York close



Fri.

Thur.

Month chg.

YTD chg.
Crude oil (-CL)

$92.87

$93.36

5.46%

-6.03%
(per barrel)











Heating oil (-HO)

$3.0205

$3.0450

6.06%

3.65%
(per gallon)











Natural gas (-NG)

$2.7700

$2.9450

-13.68%

-7.33%
(per mil. BTU)











Unleaded gasoline (-RB)

$3.0039

$3.0008

8.28%

13.04%
(per gallon)











Brent crude 

$112.95

$113.22

7.65%

5.19%
(per barrel)











Retail gasoline

$3.6730

$3.6620

4.94%

12.12%
(per gallon; AAA)












Manchester United struggles; Goldman Sachs, Yahoo trade lower
Shares of the Manchester United (MANU) soccer franchise closed at $14 on its first day of trading on the New York Stock Exchange. But the close was a disappointment because it was the price at which the company went public late Thursday. The stock might have moved lower but didn't because the syndicate of underwriters for the company bought shares to support the price, CNBC reported.

Goldman Sachs (GS) was down 58 cents to $103.02 despite the Justice Department's announcement late Thursday that it won't file criminal charges against the financial giant or Goldman employees for financial fraud related to the mortgage crisis, following a yearlong investigation.

Yahoo (YHOO) was off 86 cents to $15.15 on news that CEO Marissa Mayer has started a strategy review that may result in a reversal of plans to restructure operations and return billions of dollars in cash to shareholders from the sale of its stake in Chinese website Ali Baba.

Research In Motion (RIMM) shares were up 49 cents to $8.29 on speculation IBM (IBM) is interested in buying its enterprise business unit. Bloomberg News said IBM made an informal approach about possibly acquiring the division, which operates a network of secure servers used to support RIM’s BlackBerry devices.

Zynga (ZNGA) shares were down 6 cents to $2.95. The shares are down 70.5% since going public at $10 on Dec. 15, 2011. The company has been dogged bad publicity. On Wednesday, Zynga’s COO John Schappert resigned, after only 15 months on the job. Zynga recently reported weak second-quarter earnings and cut its guidance for 2012. Though both its user numbers and revenue increased, analysts and investors had expected more. The Wall Street Journal's All Things D blog reported today that a number of ech companies are starting to see "a flood of resumes" from employees dismayed by the collapsing stock price. Bloomberg News said today the company distributed shares to employees to offset the stock price decline -- and keep employees from quitting.

And two weeks ago, Zynga reported a second-quarter earnings flop that led to its stock sliding by 40 percent. It has remained relatively stable at these depressed levels ever since,

A bias to the downside
Twenty-one of the 30 Dow stocks were higher, led by Hewlett-Packard (HPQ), Alcoa (AA) and  McDonald's (MCD). American Express (AXP), Cisco and Walt Disney (DIS) were the laggards.

Meanwhile, 215 S&P 500 stocks were higher, led by medical-equipment maker Carefusion (CFN), J.C. Penney and Harman International (HAR). The laggards were Big Lots (BIG), Yahoo  and Nabors Industries (NBR).

Fifty-nine Nasdaq-100 stocks were higher, led by Research In Motion, Liberty Interactive (LINTA) and Seagate Technology (STX). Monster Beverage (MNST) and Yahoo were the laggards.

Short hits from the markets -- New York close



Fri.

Thur.

Month chg.

YTD chg.
Treasury yields











13-week Treasury bill

0.1000%

0.110%

0.00%

900.00%
5-year Treasury note 

0.696%

0.728%

16.19%

-16.14%
10-year Treasury note

1.649%

1.688%

10.52%

-11.87%
30-year Treasury bond

2.737%

2.750%

6.21%

-5.26%
Currencies











U.S. Dollar Index

82.631

82.710

-0.10%

2.62%
British pound

1.5689

1.5642

0.05%

0.97%
(in U.S. $)

 








U.S. $ in pounds

£0.637

£0.639

-0.05%

-0.96%
Euro in dollars

$1.23

$1.23

-0.05%

-5.11%
(in U.S. $)

 








U.S. $ in euros

€ 0.813

€ 0.812

0.05%

5.39%
U.S. $ in yen 

78.43

78.59

0.40%

1.73%
U.S. $ in Chinese

6.38

6.36

0.39%

0.90%
yuan











Canada dollar

$1.0094

$1.0091

1.24%

2.89%
(in U.S. $)

 








U.S. dollar 

$0.991

$0.991

-1.14%

-2.81%
(in Canadian $)

 








Commodities

 

 

 

 
Gold (-GC)

$1,622.80

$1,620.20

0.76%

3.57%
(per troy ounce)

 








Copper (-HG)

$3.393

$3.425

-0.73%

-1.27%
(per pound)

 








Silver (-SI)

$28.0620

$28.0970

0.53%

0.53%
(per troy ounce)

 








Wheat (-ZW)

$8.8525

$9.1300

-0.34%

35.62%
(per bushel)

 








Corn (-ZC)

$8.0925

$8.238

0.50%

25.17%
(per bushel)

 








Cotton 

$0.7302

0.7595

2.35%

-20.35%
(per pound)

 








Coffee

$1.6935

1.6955

-2.90%

-26.26%
(per pound)

 








Crude oil (-CL)

$92.87

$93.36

5.46%

-6.03%
(per barrel)










 

248Comments
Aug 10, 2012 12:52PM
avatar
Cut the crap. The only younger women looking for 'older men' are gold diggers looking for a sugar daddy.
Aug 10, 2012 1:02PM
avatar
MSN block the spam, the dating sites, the penny stocks all of it.  You can block them or lose users, your site, your money, your call.
Aug 10, 2012 12:48PM
avatar
all this young women stuff is a pain in everyones A$$   Stupid
Aug 10, 2012 1:45PM
avatar
I wish I was so lonely... Too many people rely on me. Also don't need a gold digger - better to rent them - lol.

Hey MSN, we keep pushing the spam button - why don't you fix this?
Aug 10, 2012 3:51PM
avatar
WELL... it doesn't look like stocks are struggling. In fact it looks like the markets are fixed!!! Europe is dead, China is failing, uptick in unemployment, higher gas prices and the largest percentage of the population no longer seeking employment in AMERICAN HISTORY.

Hey Congress... if you aren't shutting down Wall Street this weekend... you must be owned by them. Let's AUDIT CONGRESS.

Aug 10, 2012 3:56PM
avatar

We don't have a stock market anymore.  We have a Fed / ECB watch market.  Stocks are just the instruments used to carry out the corresponding movements based on the actions of those two bodies.   For the last two years, the movements in the markets are nothing more than a Pavlovian reaction to artificial market manipulation by those two entities.

 

 

Aug 10, 2012 12:47PM
avatar
Stock slide--- But dont worry tax payer dollars will bring it back up......
Aug 10, 2012 3:34PM
avatar
Wait for it folks, it's going to get much, much worse.
Aug 10, 2012 2:36PM
avatar

Since i don't really care about how the Wall Street Casino does in general i'd just like to say........ will someone take an Electric Cattle Prod to that orange haired movie theater massacre moron !!

I'm sick of watching him look like he's relaxing in a hammock on a white sand beach somewhere and ready to fall asleep. He's on trial for mass murder. Wake him the hell up and force him to pay attention and show some sense of respect. And while your at it, take that Cattle Prod to these "date site" ad posters.

Aug 10, 2012 4:18PM
avatar
Unbelievable!!!  The economy is down.  China's economy is down.   Europe is a bust.  Our unemployment is up.  And the market goes up???  And, Penny's is losing money and dying a slow, painful death and their stock goes up??  And, no one is prosecuted at Goldman for their part in the mortgage mess?   I'm not particularly fond of Romney, but we have to give somebody else a chance to fix this mess and at least try a different approach, rather than 4 more years of what we have now.
Aug 10, 2012 3:15PM
avatar
Did you see msn said obumer was great for stocks  lol   Is that because he is so bad for Business?
Aug 10, 2012 3:17PM
avatar

Obama good for the Stock Market???

 

That makes two thieves.

Aug 10, 2012 3:32PM
avatar

Obama good for the Stock Market is BS ! ! ! ! ! ! ! ! !  

The only thing Obama is good at is talking and running the USA in to more debt and in to the ground!  If it was not for the stock market droping so much because of Obama winning the White House we would not be in the mess we are in. 

 

Obama has = Higher gas prices, higher food prices, less investment in America, our money being worth less, and less people liking America and it's people, and less jobs.

 

Four more years of this and we might as well just kill ourselfs to end our pain.   

 

 

Aug 10, 2012 3:41PM
avatar

Obama is great

 

He is even the greatest..........

 

DISAPPOINTER that is

Aug 10, 2012 4:01PM
avatar

Just the old market manipulators running it up and down, looking for some suckers,  at the end of the day.

Aug 10, 2012 4:29PM
avatar
I spoke to a former employer and he said it is bad in business now and he doesn't know if he will make it and he has gone through some rough times and he said this makes them look mild. The market is up even thought everything else is losing money. how can this be if not for speculating and the wall street boys telling the wrong story to keep it up for them.
Aug 10, 2012 2:18PM
avatar
looks like they listened, a bunch just vanished
Aug 10, 2012 3:46PM
avatar

Here are The Top Five! Things Obama thinks Government should do for you.  After today’s speech by President Obama, where he outlined his budget plan, it seems that Obama believes that only government can help you, or provide for you.

5 – Give you Cake.  (See Marie Antionette.)

4 – All the roads will be rebuilt and perfectly paved for you to ride your bike, since gas will be $43/gallon.

3 – Show you all the ways it’s George Bush’s fault.

2 – Save you from yourself.

1 – Deride Republicans for attempting to pass a budget that Democrats didn’t do when they were in charge, and still refuse to do.

Aug 10, 2012 3:24PM
avatar
only was it could have been better was if harry would have been in it.
Aug 10, 2012 4:37PM
avatar
Well we ask for change last election of the president and got it and look what it got us, in debt up to our ears, unemployment higher , unemployed people out of unemployment benefits so they can't apply for it anymore and that makes the unemployment rate look good for the prez,and the dems,gas outta sight, banks making a killin.
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