Stocks suffer worst weekly loss in 5 months

The major averages see small gains but fall for the week as sparring begins between the White House and House Speaker Boehner on fixing the fiscal cliff. Apple rallies after three big losses. Disney sags. Kayak jumps after merger with Priceline.com.

By Charley Blaine Nov 9, 2012 2:26PM
Charley BlaineUpdated: 7:38 p.m. ET

After two nasty days of declines, the stock market struggled to finish ahead today. It succeeded with very small gains, but the major averages still had their worst weekly performance in five months.

If you want to thank someone for at least halting the losses this week, thank consumers, who are more confident about the economy. Thank Apple (AAPL), which rallied today after three straight declines.

Thank Priceline.com (PCLN), which is buying Kayak Software (KYAK), operator of the Kayak travel site, for some $1.8 billion. Kayak shares were up $8.63 to $39.67.

The wild card for the market today has been Washington and the fiscal cliff -- the mixture of government spending cuts and tax hikes set to take effect Jan. 1. Remarks today by President Barack Obama and House Speaker John Boehner suggested there remain big differences in approach. Big enough, in fact, the Dow Jones industrials ($INDU) briefly fell into the red after Obama said a solution to the fiscal cliff had to be balanced -- some tax increases and spending cuts. Boehner opposes any tax increases.

The Dow ultimately finished with a 4-point gain to 12,815. The blue chips had been up as many as 79 points and down as many as 26 after Obama's remarks. The Standard & Poor's 500 Index ($INX) gained 2 points to 1,380, and the Nasdaq Composite Index ($COMPX) gained 9 points to 2,905.

Article continues below.
The Nasdaq-100 Index ($NDX) rose 12 points to 2,584. Apple, which represents about 17% of the market capitalization of the index, rose $9.31 to $547.06. The shares had been as high as $554.88 after falling more than 8% in the past three days.
The Dow's gain would have been more than 20 points higher if Walt Disney (DIS) were flat today. But the entertainment giant's fiscal-fourth-quarter earnings and outlook disappointed Wall Street, and the shares were down $2.98 to $47.06.
Despite today's gains, the Dow and the S&P 500 suffered their third straight weekly losses and fourth in the last five. The Nasdaq had its fifth weekly loss in a row and seventh in the last eight weeks.

The Dow fell 2.1% for the week, while the S&P 500 was off 2.4%, their worst weekly performances since the end of May. The Nasdaq's 2.6% loss was its worst since the week of Oct. 8.

Those losses were modest compared with the 3.2% loss suffered by Japan's Nikkei 225 Index ($JP:N225) or the 2.7% decline for Germany's Dax Index ($DE:DAX).

But the week still left the Dow S&P 500 and Nasdaq below their 200-day moving averages, a bearish sign for markets. But the market is oversold by other measures, with a bounceback rally at the very least due in the near future.

The big risks, of course, are the fiscal cliff and what happens in Europe.

Markets for the week



11/9/2012

11/2/2012

% chg.

YTD chg.
Dow Industrials

12,815.39

13,093.16

-2.12%

4.89%
S&P 500

1,379.85

1,414.20

-2.43%

9.72%
Nasdaq 

2,904.87

2,982.13

-2.59%

11.50%
Russell 2000

795.02

814.37

-2.38%

7.30%
Crude oil 

$86.07

$84.86

1.43%

-12.91%
(per barrel)

0.00

0.00

0.00%

0.00%
U.S. Dollar Index 

81.91

80.68

1.52%

1.72%
10-yr. Treasury

1.61%

1.73%

-6.55%

-13.79%
Gold

$1,730.90

1,675.20

3.32%

10.47%

Consumers are feeling better
The Thomson Reuters/University of Michigan’s preliminary index of consumer sentiment for November increased to 84.9 from 82.6 the prior month. Economists had expected a reading of around 83.

The gains were due to lower gasoline prices and an improvement in both housing and labor markets, according to Capital Research, an economic consulting firm.

Capital Research economist Amna Asaf was skeptical the gains in the index would translate into more consumer spendiing. The fiscal cliff will get lots of news play and may weigh on markets.

Energy prices -- New York close



Fri.     Thur.

Month chg.

YTD chg.
Crude oil (-CL)

$86.07

$85.09

-0.20%

-12.91%
(per barrel)











Heating oil (-HO)

$3.0055

$2.9554

-1.85%

3.13%
(per gallon)











Natural gas (-NG)

$3.5030

$3.6080

-5.12%

17.20%
(per mil. BTU)











Unleaded gasoline (-RB)

$2.6992

$2.6073

2.62%

1.57%
(per gallon)











Brent crude 

$109.40

$107.25

3.52%

1.88%
(per barrel)











Retail gasoline

$3.4560

$3.4640

-1.85%

5.49%
(per gallon; AAA)












A busy week ahead
The fiscal cliff will dominate headlines next week as will changes in China's leadership and events in Europe.

But the week will feature reports on producer and consumer price inflation on Wednesday and Thursday and important reports on manufacturing in New York and the mid-Atlantic states, also on Thursday.

Plus, the Federal Reserve releases minutes of its October meeting on Wednesday.

It's a big week for earnings, including:
  • Monday: D.R. Horton (DHI) and Jacobs Engineering (JEC).
  • Tuesday: Home Depot (HD), Cisco Systems (CSCO), Michael Kors (KORS) and Saks (SKS).
  • Wednesday: Abercrombie & Fitch (ANF) and Staples (SPLS).
  • Thursday: Wal-Mart Stores (WMT), Ross Stores (ROST), Viacom (VIA) and Gap (GPS).
  • Friday: Ann (ANN), Foot Locker (FL) and J.M. Smucker (SJM)
J.C. Penney's terrible year continues

The bad news for J.C. Penney (JCP) keeps getting worse. The struggling department-store chain reported today a wider third-quarter loss than Wall Street expected on a nearly 27% sales drop. 


Shares fell $1.05 to $20.64 and are off 52% from their 2012 high, reached on Feb. 9.


Today's was the third consecutive quarter losses and sales declines as customers continue to show that they're unhappy with Penney's decision this year to ditch hundreds of coupons and annual sales in favor of everyday low pricing.


The poor results underscore the challenges facing Penney CEO Ron Johnson, the former Apple executive brought in a year ago to turn the company around. Since then Johnson, who masterminded Apple's popular retail stores, has been working to change everything at Penney's, from its stores to its merchandise.


The problem is it will takes years to get it all changed, and the big question is whether its board of directors will wait long enough for the changes to work. 


Late today, Standard & Poor's cut the company's credit ratiing to B- from B+. That's deeper into junk territory.

A broad rally fades
At one point, all of the 10 sectors in the S&P 500 rose today. That list dropped to six at the close. The leaders were technology, health care and industrial stocks. The laggards were utility, consumer discretionary, materials and energy shares.

Boeing (BA), Caterpillar (CAT) and IBM (IBM) contributed nearly 30 points to the Dow by themselves. Twenty of the 30 Dow stocks were higher.

Meanwhile, 271 S&P 500 stocks were higher, along with 52 Nasdaq-100 stocks.

International Game Technology (IGT), medical-device maker Covidien (COV) and Cliffs Natural Resources (CLF) were the S&P 500 leaders. Disney, J.C. Penney and Microchip Technology (MCHP) were the laggards.

Research In Motion (RIMM) was the Nasdaq-100 leader, followed by Sirius XM Radio (SIRI). The laggards were Microchip Technology and Nvidia (NVDA). 

Separately, Groupon (GRPN) was down $1.16 to $2.76. The online deals service posted third-quarter results that showed slowing revenue growth and a decline of its core business.

But Zipcar (ZIP) was up 96 cents to $7. The car-sharing company posted strong third-quarter results and is still on track to report its first annual profit in 2012.

Oil and gold rise
Crude oil (-CL) in New York settled up 98 cents to $86.07 a barrel. Brent crude in London, the bigger determinant in gasoline prices, had risen $1.99 to $109.24 a barrel.

The national average retail price of gasoline was at $3.456 a gallon, down from Thursday's $3.464.

Gold (-GC) had settled up $4.90 to $1,732.70 an ounce. For the week, gold was up 3.3%, its third-largest weekly gain of the year after the weeks of Jan. 23 and May 28.

Short hits from the markets -- New York close



Fri.

Thur.

Month chg.

YTD chg.
Treasury yields











13-week Treasury bill

0.0900%

0.090%

-18.18%

800.00%
5-year Treasury note 

0.639%

0.643%

-10.63%

-23.01%
10-year Treasury note

1.613%

1.632%

-4.33%

-13.79%
30-year Treasury bond

2.752%

2.769%

-3.47%

-4.74%
Currencies











U.S. Dollar Index

81.098

80.886

1.39%

0.72%
British pound

1.5901

1.5985

-1.46%

2.34%
(in U.S. $)

 








U.S. $ in pounds

£0.629

£0.626

1.48%

-2.28%
Euro in dollars

$1.27

$1.27

-1.89%

-1.86%
(in U.S. $)

 








U.S. $ in euros

€ 0.786

€ 0.784

1.93%

1.89%
U.S. $ in yen 

79.62

79.48

-0.23%

3.26%
U.S. $ in Chinese

6.26

6.24

0.51%

-0.96%
yuan











Canada dollar

$0.999

$1.000

-0.11%

1.85%
(in U.S. $)

 








U.S. dollar 

$1.002

$1.000

0.19%

-1.81%
(in Canadian $)

 








Commodities

 

 

 

 
Gold (-GC)

$1,730.90

$1,726.000

0.69%

10.47%
(per troy ounce)

 








Copper (-HG)

$3.446

$3.470

-2.05%

0.28%
(per pound)

 








Silver (-SI)

$32.5990

$32.240

0.88%

16.78%
(per troy ounce)

 








Wheat (-ZW)

$8.8650

$9.025

2.54%

35.81%
(per bushel)

 








Corn (-ZC)

$7.3875

$7.413

-2.25%

14.27%
(per bushel)

 








Cotton 

$0.6958

$0.693

-0.70%

-24.11%
(per pound)

 








Coffee

$1.4990

$1.514

-3.07%

-34.73%
(per pound)

 








Crude oil (-CL)

$86.07

$85.090

-0.20%

-12.91%
(per barrel)










 

530Comments
Nov 10, 2012 7:08PM
avatar
  ONE PEOPLE

 ONE AMERICA

 ONE HITLER


Nov 10, 2012 7:07PM
avatar
NEW REPUBLICAN MOTTO:  Why have Big Government when we can just let Corporations run the country?
Nov 10, 2012 6:46PM
avatar
Hey conscientious Americans.....hear this one yet?

Detroit rocker and right-winger Ted Nugent was not too happy when President Barack Obama was reelected, so he took to Twitter to denounce the "pimps," "whores" and "welfare brats" who voted for America's "economic [and] spiritual suicide."

Nugent tweeted some choice words on Wednesday after Obama earned four more years in the White House in a landslide victory over GOP candidate Mitt Romney. He bid America "Goodluk" [sic] and good riddance.


Cool, Ted....You moving to Somalia with the rest of the limited government crowd.  Nice !!

Nov 10, 2012 6:40PM
avatar
LOM,

I will be very surprised if they stick to that position on Medicaid......I think part of that had to do with pre-election posturing.......They have a lot to lose if they pass.....will kill their constituency, but also their budgets...There would be a huge backlash when poor Seniors are kicked out of Nursing homes and denied care.....and poor kids are denied care......... Financially it 's a no brainer as the Federal Government picks up most of the cost for several years... 

Did you see the stats I posted for the most educated and uneducated states and how they voted and the states that TAKE more from the federal government then they GIVE BACK are RED states.....
The RED states are killing the federal budget.........The people that are so mad at what they call Freeloaders, IT'S THEM !!!!   and they don't even know it.....I do not btw think they are Freeloaders.....as 78% are kids, elderly, and the handicapped and many are the Working Poor, very small are Freeloaders.      .The contradiction and absence of Reality is Amazing to me... 
.
Nov 10, 2012 6:18PM
avatar
Those who voted for Obama should be chosen first in the upcoming layoff's.
Nov 10, 2012 6:12PM
avatar
Here is more evidence of 'their' monstrous lack of concern for their own constituencies:

If you're poor and you live in the South, there's a good chance health care reform won't reach you. Intransigent Republican governors from Florida to Texas remain steadfastly resistant to President Barack Obama's plan to expand Medicaid to their neediest constituents.


The health care reform law Obama enacted in 2010 depends heavily on Medicaid, a joint federal-state health benefits program, to reach the goal of near-universal health care. If every state participated, through Medicaid and the Children's Health Insurance Program between 2014 and 2022, according to the Congressional Budget Office. The law extends Medicaid to anyone who earns up to 133 percent of the federal poverty level, which is $14,856 this year.


But at least a say they simply won't go along with the law. When the , justices ruled states could opt out of the Medicaid expansion. The decision threatens to leave without health coverage, the Congressional Budget Office predicts.


Florida Gov. Rick Scott, Georgia Gov. Nathan Deal, South Carolina Gov. Nikki Haley, Mississippi Gov. Phil Bryant, Louisiana Governor Bobby Jindal and Texas Gov. Rick Perry -- all Republicans -- are on record so far as , according to an analyses updated Thursday by the Advisory Board, a Washington-based health care consulting company.


SIMPLETON RED STATE GOVERNORS...Deterring care for the people to score political points.
Amazing.....and Appalling.

Nov 10, 2012 6:03PM
avatar

And who will ever forget:

Calling themselves the party of Lincoln while engaging in voter suppression....

Nov 10, 2012 5:46PM
avatar
Exactly.  Neither patriot nor person, in my book, anymore.

DEPORT THEM!!!!  Or maybe they will self deport, but then
Obama will pass a law (all by himself remember, because
he is all powerful) to relinquish their assets;  they will be
forced to leave them all behind.  Would Obama be able
to do this?  Fascists say "yes"....Intelligent folks say,
"HA"! 

Nov 10, 2012 5:39PM
avatar
They call the unemployed "lazy Americans", and they complain about people taking unemployment insurance benefits, but they are the ones who are un-employing people.



Nov 10, 2012 5:35PM
avatar

At least one chief executive is making good on his pledge to cut jobs following President Barack Obama’s re-election this week.

Robert Murray, the chief executive of Ohio-based coal provider Murray Energy Corp., began laying off a small number of employees this week after Republican challenger Mitt Romney lost his bid for the White House.

The privately-held company, which had about 3,500 employees before the layoffs began, fired more than 150 employees at three locations this week. A spokesman, Gary Broadbent, said the layoffs were ongoing and these were just the latest announcements.


HEY THANKS,  MIRAGE GUY!  Way to go for supporting America by putting your hatred first.

I wish it were about the Profits...that would explain it, but this is driven by something else.

Nov 10, 2012 5:33PM
avatar
HEADLINE:

A former female employee has filed a police complaint alleging the CEO of Waffle House demanded she perform sexual acts on him in exchange for keeping her job.


The woman told Atlanta police the alleged harassment by Joseph Rogers Jr. lasted for nearly 10 years, from 2003 through June of this year.


David Cohen, who identified himself as a lawyer representing the woman, told the AP that the man cited in the police report is the CEO of Waffle House, a company based in metro Atlanta. And the home address given for Rogers in the police report matches that listed on the Federal Election Commission's website alongside donations the CEO made to unsuccessful presidential candidate Mitt Romney in June 2011 and May of this year.


COULD THIS BE THE CONDUIT WHICH HIRED JEFFY AND ALIAS ???
AND TO THIS DAY,  CONTINUES TO USE...Er, I mean...EMPLOY COMNADS?
Nov 10, 2012 5:28PM
avatar
I found out today that my Republican buddy voted for Obama.

I was so surprised because as he said, he ALWAYS votes Republican. He explained why -
Romney flip-flopped too much for him.



Nov 10, 2012 4:47PM
avatar
Breaking News.......

President Obama declared Winner in Florida........332 Electoral College Votes for the President....

Myth Robme   206....................The American people  HAVE SPOKEN...!!!!   FORWARD !!!!!!!


btw,.....Wann.Wannabe......I predicted 332 a couple weeks before the election......are you impressed....LOL......


Nov 10, 2012 4:09PM
avatar
Stric 9,

I see a pattern......The people that know Mitt the most, Hate MYTH the Most............

Massachusetts ,  Michigan,  France, and now the Mormons.....Oh, I forgot, after getting to know and understand Myth Robme,    also the  American Electorate....

France really hates Myth.....The country where he went to avoid fighting in Vietnam,,,,the country where he went to spread his religion as a missionary.......He made such a lasting impression with the people of France when polled who they wanted to see win the Presidency, it was over 90% for President Obama......the lowest support for Myth in..All of Europe......Actually the whole world wanted to see President Obama re-elected, except Pakistan, LOL......I wonder why.....Bin Laden is Dead.....

Nov 10, 2012 4:02PM
avatar
No Mormon spike for Romney on Election Day

By Matt Canham and Thomas Burr

The Salt Lake Tribune

 

Mitt Romney may have received a boost from Mormon donors and volunteers, but he didn’t get a spike in Mormon support on Election Day.

President George W. Bush actually outperformed Romney, the first Mormon to represent a major party, among LDS voters nationwide, according to exit polls and an analysis by the Pew Forum on Religion & Public Life.

The Mormon vote

A Pew analysis of exit polls shows how President Barack Obama and Republican candidate Mitt Romney fared by religious group

Mormons »

Obama: 21 percent

Romney: 78 percent

White evangelicals »

Obama: 20 percent

Romney: 79 percent

Catholics »

Obama: 50 percent

Romney: 48 percent

Jews »

Obama: 69 percent

Romney: 30 percent

Source: Pew Forum on Religion & Public Life

Nov 10, 2012 3:21PM
avatar
Classic Lady,
NO TIWIT   YOU SAID BEST EDUCATED STATES...
LOOK AT THE  ONES WITH THE HIGHEST DROP OUT RATES 
============================================
A good example of your critical thinking skills.........What would make you assume that States with higher drop out rates are the least educated..???    Second, I was talking about college education, not high school....  

And my post was directed at the  10 most educated states, they ALL went for Obama . and the 9 out of 10 most uneducated  states that went for Romney.....The percentage of residents over 25 with a college degree's is what I was talking about.....they ALL went for Obama.......I found that very interesting......and you bring up Drop Out rates for California,high schools and Debt and Deficits of a state.......Your wiring is F@cked up....lmao........ What does your husband have to say to you to let you know he wants sex, let's paint the bedroom????

You NEVER respond with an answer that applies to the subject or question.....Is this something you have suffered with your WHOLE LIFE..?????    It must be fun to live with you on a daily basis.., NOT !!!  lol

btw,   California is 12th, Not 1st.....in High School Drop Out Rate which you stated.....did you miss that???  I cannot imagine living a life when everything I think is FACT is FICTION........You must have a loving family that keeps you out of trouble...or good nurses at an institution....or assisted living center...

Nov 10, 2012 2:23PM
avatar
Tog,
I have a 71 Corvette for Sale........Intrested.....   :-)
Nov 10, 2012 12:27PM
avatar
VETERANS EVERYWHERE!  Just wanted to throw in how proud we are of your exemplary attention to duty and service.  This Sunday, you will be remembered in the best of light.  Wherever you are, stay safe, sound and warm.  We will be thinking of You.

Dear dad...I miss you.

Nov 10, 2012 12:19PM
avatar
FRANKFORT, Ky. (AP) — Actress Ashley Judd isn't ruling out a run for U.S. Senate in Kentucky.

The former Kentuckian is an active supporter of Tennessee Democrats. She said in a statement Friday that she's honored to be mentioned as a potential candidate, but she sidestepped the question of whether she would get into the race.


Judd lives in Tennessee and would have to re-establish a residence in Kentucky before she could challenge Senate Republican Leader Mitch McConnell in his 2014 re-election bid.


DO IT ...DO IT...DO IT....Please.     Thanks, Ash.

Nov 10, 2012 12:07PM
avatar
YES,,,,HAPPY BIRTHDAY U.S. MARINES!

AND THANKS FOR REJECTING CLASSY LADY FOR BEING TOO VIOLENT.

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