Mid-Day Market Update

Eagle River, WI 10/21/2011 (PennyPayDay) – After seeing considerable volatility in the previous session, stocks moved sharply higher at the start of trading on Friday. The major averages all showed notable moves to the upside after ending the previous session on opposite sides of the unchanged line.

In the past few minutes, the major averages have seen some further upside, reaching new highs for the young session. The Dow is up 158.48 points or 1.4 percent at 11,700.26, the Nasdaq is up 31.21 points or 1.2 percent at 2,629.83 and the S&P 500 is up 16.60 points or 1.4 percent at 1,231.99.

The early strength on Wall Street is partly due to renewed optimism about the financial situation in Europe, where leaders are trying to reach an agreement on a plan that could potentially resolve the region's ongoing debt crisis.

While a statement from France and Germany indicated that the European leaders are not likely to reach an agreement on the debt crisis at a summit on Sunday, a second summit has been scheduled for Wednesday.

Peter Boockvar, equity strategist at Miller Tabak, said, "While we won't get a definitive response from the Europeans this weekend on how best to deal next with their debt crisis, officials are still holding out hope that just a few extra days will complete the job."

"With the S&P 500 above 1,200, the DAX near 6,000 and the euro closer to 1.40 than 1.30, markets are assuming something," he added. "Whether what is put in place actually works or not is a different discussion, markets just want satisfaction now."

In corporate news, Microsoft (MSFT) reported first quarter earnings of $0.68 per share, in line with analyst estimates. The software giant said its revenues rose 7 percent to $17.37 billion, ahead of the consensus estimate.

General Electric (GE) reported third quarter adjusted earnings of $0.31 per share, matching Wall Street expectations. The diversified conglomerate reported revenues that were flat at $35.4 billion compared to estimates for $34.9 billion.

McDonald's (MCD), Verizon (VZ), and Honeywell (HON) are among the other major companies that have released their quarterly results before the start of trading.

Computer hardware stocks are seeing significant strength in early trading, driving the NYSE Arca Computer Hardware Index up by 3.8 percent. Seagate Technology (STX) is helping to lead the sector higher after reporting better than expected first quarter earnings.

Early strength has also emerged among gold stocks, which are moving back to the upside along with the price of the precious metal. Semiconductor, housing, and biotech stocks are also posting notable gains, moving higher along with most of the other major sectors.

In overseas trading, stock markets across the Asia-Pacific region turned in a lackluster performance on Friday before ending the day mixed. While Japan's Nikkei 225 Index ended the day just below the unchanged line, Hong Kong's Hang Seng Index edged up by 0.2 percent.

Meanwhile, the major European markets have shown notable moves to the upside over the course of the trading day. The U.K.'s FTSE 100 Index is up by 1.4 percent, while the French CAC 40 Index and the German DAX Index are jumping by 2.2 percent and 2.7 percent, respectively.

In the bond market, treasuries are seeing modest weakness amid the early strength on Wall Street. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.7 basis points at 2.207 percent.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Tomahawk, WI 10/19/2011 (PennyPayDay) – Stocks are turning in a lackluster performance in early trading on Thursday, as traders express some uncertainty about the near-term outlook for the markets. The major averages have turned mixed on the day after initially moving to the downside.

Currently, the Nasdaq is down 7.02 points or 0.3 percent at 2,597.02, while the Dow is up 24.07 points or 0.2 percent at 11,528.69 and the S&P 500 is up 1.56 points or 0.1 percent at 1,211.44.

The choppy trading come as traders are keeping a close eye on developments out of Europe amid reports that Germany and France are struggling to reach an agreement regarding the enhanced powers of the European Financial Stability Facility bailout fund.

Meanwhile, Reuters said its correspondents have seen documents indicating that the EFSF bailout fund will be able to buy bonds on the secondary market.

In U.S. economic news, the Labor Department released a report showing a modest drop in initial jobless claims in the week ended October 15th, although claims remain above the key 400,000 level.

The report showed that initial jobless claims edged down to 403,000 from the previous week's revised figure of 409,000. Economists had expected claims to drop to 400,000 from the 404,000 originally reported for the previous week.

On the earnings front, credit card giant American Express (AXP) released its third quarter results after the close of trading on Wednesday, reporting earnings of $1.03 per share on revenues of $7.57 billion. Analysts had expected the company to earn $0.96 per share on revenue of $7.58 billion

Telecom giant AT&T (T) reported third quarter earnings of $0.61 per share, in line with analyst estimates. At the same time, the company reported revenues that fell just below expectations.

While most of the major sectors are showing only modest moves, notable weakness is visible among semiconductor stocks, with Cirrus Logic (CRUS) leading the sector lower after providing disappointing third quarter revenue guidance.

Some networking and computer hardware stocks are also under pressure, helping to keep the tech-heavy Nasdaq in negative territory. On the other hand, railroad and tobacco stocks are seeing early strength.

In overseas trading, stock markets across the Asia-Pacific region came under pressure on Thursday following the overnight weakness on Wall Street. Japan's Nikkei 225 Index fell by 1 percent, while Hong Kong's Hang Seng Index dropped by 1.8 percent.

The major European markets are also seeing notable weakness on the day. While the U.K.'s FTSE 100 Index is down by 0.8 percent, the French CAC 40 Index and the German DAX Index are falling by 1.4 percent and 1.7 percent, respectively.

In the bond market, treasuries are seeing modest weakness after ending the two previous sessions roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.6 basis points at 2.175 percent.

PennyPayDay Disclaimer

Distributed by Viestly

Stocks Trade Down

Shawshank, VA 10/17/2011 (PennyPayDay) – The main US equity benchmarks are now registering moderately strong falls (Dow Jones Industrial: -94, Nasdaq Comp.: -19, S&P 500: -10). The above following some sobering remarks out of Berlin this morning from Chancellor Angela Merkel´s spokesman, a modestly weaker than expected read on the New York Fed´s manufacturing index and ‘mixed’ results out before the opening bell from the likes of Wells Fargo. Citigroup, on the other hand, traded up following its own results.

Merger activity has taken off this weekend in the energy patch. Kinder Morgan has offered $21.1bn for El Paso, while Norwegian outfit Statiuk ASA has launched a bid on Brigham Exploration.

Sprint is gaining sharply after reporting record sales of the new iPhone 4S.

Morgan Stanley, Citi, and Goldman could benefit from positive coverage in the latest edition of Barron´s.

Results from Halliburton and Hasbro have come in weaker than expected.

Caterpillar could trade up on the back of a positive research note from Goldman Sachs.

MACROECONOMY

The Federal Reserve Bank of New York´s manufacturing sector index for the month of October has come in at -8.5, from -8.8 the month before (Consensus: -5.0).

Industrial production rose at a 0.2% on month rate in the month of September (Consensus: 0.2%), but several readings on the manufacturing sector for the past few months were marked down.

OTHER MARKETS

Front month West Texas crude futures are now down by 0.75%, to $86.15/barrel in NYMEX trading.

10 year US Treasuries are gaining 16/32 dollars, with yields at 2.19%.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Eagle River, WI 10/13/2011 (PennyPayDay) – After moving sharply higher in recent sessions, stocks are giving back some ground in early trading on Thursday. The major averages have all moved to the downside, although selling pressure remains relatively subdued.

Currently, the major averages are all in negative territory, just off their lows for the young session. The Dow is down 99.14 points or 0.9 percent at 11,419.71, the Nasdaq is down 10.30 points or 0.4 percent at 2,594.43 and the S&P 500 is down 12.02 points or 1 percent at 1,195.23.

The early weakness on Wall Street is partly due to a negative reaction to quarterly results from JP Morgan (JPM), with the financial services giant reporting a drop in its net income for the third quarter.

JP Morgan reported third quarter net income of $4.26 billion, down from $4.42 billion in the year-ago quarter, with the decrease reflecting a mortgage-related litigation charge and losses on credit valuation adjustments. Shares of JP Morgan are down by 5 percent on the news.

The negative reaction to JP Morgan's results is contributing to significant weakness among banking stocks, with the KBW Bank Index down by 3.8 percent. With the loss, the index is pulling back off the one-month closing high it set on Wednesday.

Resource stocks are also seeing early weakness, as disappointing Chinese trade data has led to renewed concerns about the outlook for global demand.

A report showed that the Chinese trade surplus shrank by more than expected in September, as export growth slowed to a seven-month low due in part to reduced demand from Europe.

Railroad, commercial real estate, and healthcare provider stocks have also come under pressure, moving to the downside along with most of the major sectors.

In U.S. economic news, the Labor Department released a report before the start of trading showing a slight drop in initial jobless claims in the week ended October 8th.

The report showed that jobless claims edged down to 404,000 from the previous week's revised figure of 405,000. Economists had expected jobless claims to increase to 405,000 from the 401,000 originally reported for the previous week.

A separate report from the Commerce Department showed that the U.S. trade deficit in August was virtually unchanged from the previous month.

The report showed a trade deficit of $45.61 billion in August compared to a revised deficit of $45.63 billion in July. Economists had expected the deficit to widen to $46.0 billion from the $44.8 billion originally reported for July.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Thursday, benefiting from the strength seen on Wall Street overnight. Japan's Nikkei 225 Index rose by 1 percent, while Hong Kong's Hang Seng Index jumped by 2.3 percent.

Meanwhile, the major European markets are moving to the downside after trending higher in recent sessions. The U.K.'s FTSE 100 Index is down by 1 percent, while the German DAX Index and the French CAC 40 Index are falling by 1.3 percent and 1.5 percent, respectively.

In the bond market, treasuries have shown a strong upward move after trending lower in recent sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 7.1 basis points at 2.155 percent.

PennyPayDay Disclaimer

Distributed by Viestly

US Markets Move Sharply Higher in Early Trading

Eagle River, WI 10/12/2011 (PennyPayDay) – With traders expressing continued optimism about the European debt crisis, stocks have moved sharply higher in early trading on Wednesday. The major averages have all shown notable moves to the upside after ending the previous session mixed.

Currently, the major averages are posting strong gains, just off their highs for the young session. The Dow is up 71.60 points or 0.6 percent at 11,487.90, the Nasdaq is up 29.23 points or 1.1 percent at 2,612.26 and the S&P 500 is up 11.00 points or 0.9 percent at 1,206.54.

The early strength on Wall Street is partly due to news that the European Commission has presented a roadmap outlining the steps that are needed restore confidence in the Euro area. Commission President Jose Manuel Barroso called for an agreement to be reached by October 23rd.

Barroso said, "This roadmap charts Europe's way out of the economic crisis. Reactive and piecemeal responses to different aspects of the crisis are no longer sufficient. We now need to get ahead of the curve."

"Confidence can be restored through an immediate deployment of all the elements needed to solve the crisis," he added. "Only in this way we will be able to convince our citizens, our global partners and the markets that we have the solutions that measure up to the challenges all economies are facing."

Earlier in the day, European Economic and Financial Affairs Commissioner Olli Rehn suggested that European officials are close to reaching a consensus on dealing with the debt crisis.

Speaking at the Irish Banking Federation's national conference in Dublin, Rehn said, "If we can agree on determined policy action, we have a good chance of not only averting a financial calamity, but to put Europe back to the path of sustained recovery."

Traders are also expressing optimism that the Slovak parliament will approve expanding the European Financial Stability Facility bailout fund in a second vote later this week.

Slovak opposition parties voted against the EFSF bill on Tuesday due to the fact that it was tied to vote of confidence in Prime Minister Iveta Radicova's government. Slovakia is the only country of the 17 euro members that has yet to approve the expansion of the EFSF.

Meanwhile, traders have largely shrugged off the release of weaker than expected earnings from aluminum giant Alcoa (AA), which reported third quarter income from continuing operations of $0.15 per share compared to analyst estimates for $0.22 per share.

The release of results from Alcoa, which is typically the first Dow component to report its quarterly results, is seen as the unofficial start of the earnings reporting season.

Steel stocks are seeing considerable strength in early trading, benefiting from easing concerns about the outlook for global demand. Reflecting the strength in the sector, the NYSE Arca Steel Index has surged up by 2.5 percent, extending a recent upward move.

Banking, healthcare, airline, and semiconductor stocks are also showing notable moves to the upside, moving higher along with most of the major sectors.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday. While Japan's Nikkei 225 Index fell by 0.4 percent, the Hong Kong's Hang Seng Index rose by 1 percent.

Meanwhile, the major European markets have all moved to the upside on the day after seeing early weakness. The U.K.'s FTSE 100 Index is up by 0.6 percent, while the German DAX Index and the French CAC 40 Index are jumping by 1.7 percent and 2.2 percent, respectively.

In the bond market, treasuries are extending a recent downward move amid the optimism about Europe. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.7 basis points at 2.207 percent.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Eagle River, WI 10/11/2011 (PennyPayDay) – The main US equity benchmarks are now rising slightly (Dow Jones: 1, Nasdaq Comp.: 21, S&P 500: 4), following yesterday´s strong bounce and on the heels of some uncertainty as regards the future of the EFSF in the Eurozone.

There is considerable ‘market chatter’ as regards the Presidential elections next year in the US and the looming start of the earnings season, tonight, with Alcoa´s latest quarterly earnings. Significantly perhaps, some well know commentators are of the opinion that weak results have already been discounted by financial markets.

Also worth pointing out, as part of the 'backdrop', the decision today by the central bank of Indonesia to cuts its key rate, joining other emerging market monetary authorities which have done so recently and others which are expected to do so. That, at least, is what some commentators have been indicating of late.

On the company front it is corporate activity which is drawing the most attention.

Thus, Samson Investment is said to be contemplating a $10bn bid, reports The Wall Street Journal, while 99 cents could be the target of a $1.6bn, Reuters says.

Asset manager Franklin Resources is down sharply after reporting a decline in assets under management to $659.9bn at the end of September from $716.4 bn in August.

Dollar Thrifty will buy back $400m of its own shares; negotiations to sell to Hertz Global has fallen through.

Goldman Sachs has upgraded General Mills to ‘buy’ from ‘neutral’. Maquarie has downgraded Conoco Philips to ‘underweight’ from ‘neutral’.

IBM will acquire Platform Computing for an undisclosed amount.

MACROECONOMY

The NFIB small business confidence index rose 0.8 to 88.9 in September.

OTHER MARKETS

Front month West Texas crude futures are now falling by 0.62% to the $84.88/barrel mark in NYMEX trading.

10 year US Treasuries are now falling 28/32 dollars with yields at 2.17%.

PennyPayDay Disclaimer

Distributed by Viestly

3 Things to Consider While Trading Today

Shawshank, VA 10/7/2011 (PennyPayDay) – Good morning. Here's what you need to know.

More talk of recapitalization of European banks has caused markets to rally. Asian markets were mixed in overnight trading with the Bombay Stock Exchange rising 2%. Europe is moderately higher and U.S. futures are sharply higher ahead of the open. U.S. bond markets will remain closed for Columbus day, and the volume of stocks trading is expected to be low.

German Chancellor Angela Merkel and French President Nicolas Sarkozy pledged to recapitalize troubled European banks. They also promised that the European debt crisis would be solved before the month was over. Meanwhile, a Slovakian panel voted to endorse the expansion of the EFSF, but it may have needed one more vote to pass. A constitutional court will rule on the legitimacy of the vote. Don't Miss: 10 key dates to watch in the Eurozone debt crisis

EU, IMF and ECB officials that form the troika, met with Greek finance minister Evangelos Venizelos today in the hopes of concluding negotiations on the next tranche of Greek aid. The officials are expected to issue a joint statement today or tomorrow. Now here's who will get crushed if Greece goes bust

Some positive economic data out of Europe. German trade balance for September came in at €11.9 billion. Exports grew 3.5%, against expectations of 1.1% growth, at a time when German industrial growth was fairly weak. And industrial output in Italy climbed 4.3% in August from July, rising at its fastest pace in over a decade.

Superior Energy Services Inc. is buying Complete Production Services Inc. in a cash-and-stock deal valued at $2.7 billion. Superior will pay 0.945 shares and $7 in cash, for each share of Complete's stock. The merged company will operate under Superior's name.

Printed Circuit Board manufacturers reported Q4 orders cut by 15% with specific orders for smartphone parts cut as well. The report said it received fewer-than-expected orders from Apple, because of sluggish economic growth in Europe and the U.S. This comes after JP Morgan released a report last month claiming that Apple had cut its Q4 orders for iPads by 25%.

In an effort to boost job creation, President Obama is unveiling a scheme to attract $1 trillion in foreign direct investment over the next five years. That would boil down to about $50 billion per quarter, a target that is met frequently.

China's yuan posted its biggest daily increase since July 2005, on speculation that officials would tolerate appreciation, after the U.S. said China keeps its currency undervalued. The yuan rose 0.6% to 6.3486 dollar. After a week long holiday, the Shanghai Composite fell 0.61%. Check out 15 currency trades you should make right now

Belgium will buy the national subsidiary of Dexia for €4 billion as part of a wider bailout of the bank. The part-nationalization was spurred on by the reluctance of other banks to lend to Dexia because of its exposure to Greece and Italy. Meanwhile, Belgium, France and Luxembourg together are expected to provide an additional €90 billion in funding guarantees for up to 10 years. Check out the 13 banks with the most exposure to PIIGS

The Russian government reportedly talked of buying Spanish sovereign debt at a meeting between finance minister Elena Salgado, Russian foreign minister Sergei Lavrov, and former finance minister Alexei Kudrin. BRICS nations have previously pledged their support, but maintained that the resolution must come from within Europe. Now here is what's really happening with the BRIC's economies

BONUS - Demi Moore is reportedly looking to divorce Ashton Kutcher after allegations that he cheated on her.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Tomahawk, WI 10/7/2011 (PennyPayDay) – After moving sharply higher in recent session, stocks have shown a lack of direction over the course of morning trading on Friday. The major averages have been bouncing back and forth across the unchanged line, unable to sustain any significant moves.

The choppy trading on Wall Street comes despite the release of a report from the Labor Department showing stronger than expected employment growth in the month of September as well as upward revisions to the data from previous months.

While the data eased some of the recent concerns about the possibility of a double-dip recession, the unemployment rate remained at an elevated level of 9.1 percent, leading to some reluctance to continue buying stocks following the recent rally.

Despite the choppy trading, significant weakness has emerged among biotechnology stocks, with Illumina (ILMN) leading the sector lower after warning of weaker than expected third quarter revenues.

Banking stocks have also shown a notable move to the downside on the day after helping to lead the markets higher on Thursday. The KBW Bank Index is down by 1.9 percent after closing higher in the three previous sessions.

Health insurance and gold stocks are also seeing notable weakness in late morning trading, while strength is visible among utilities, retail, and pharmaceutical stocks.

The major averages have moved to the downside in recent trading, although the Dow remains in positive territory. While the Dow is up 26.60 points or 0.2 percent at 11,149.93, the Nasdaq is down 17.77 points or 0.7 percent at 2,489.05 and the S&P 500 is down 1.45 points or 0.1 percent at 1,163.52.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Chicago, IL 10/6/2011 (PennyPayDay) – After moving sharply higher in the two previous sessions, stocks are giving back some ground in early trading on Thursday. The major averages have moved to the downside, although selling pressure has remained relatively subdued.

Currently, the major averages are posting modest losses, off their lows for the young session. The Dow is down 58.35 points or 0.5 percent at 10,881.60, the Nasdaq is down 5.81 points or 0.2 percent at 2,454.70 and the S&P 500 is down 5.74 points or 0.5 percent at 1,138.30.

While optimism about the financial situation in Europe had generated some positive sentiment before the start of trading, the buying interest was partly offset by news that the European Central Bank left interest rates unchanged, disappointing some investors that had been hoping for a rate cut.

The pullback by the markets also comes on the heels of disappointing comments from ECB President Jean-Claude Trichet, who noted that the economic outlook remains subject to particularly high uncertainty and intensified downside risks.

Peter Boockvar, equity strategist at Miller Tabak, said, "As expected but disappointing to some ,the ECB left interest rates unchanged at 1.5% as Trichet's last meeting highlights their sole mandate of price stability."

"While the markets are unhappy with the lack of a rate cut, Trichet's swan song as head of the ECB was going to replicate what the German Bundesbank would have done, and in light of still cheap money relative to inflation, it would have been nothing," he added.

In U.S. economic news, the Labor Department released a report showing a modest increase in initial jobless claims in the week ended October 1st, with claims climbing back above the 400,000 level.

The report showed that jobless claims rose to 401,000 from the previous week's revised figure of 395,000. Economists had expected jobless claims to increase to 410,000 from the 391,000 originally reported for the previous week.

Financial stocks have helped to lead the markets lower in early trading, with the KBW Bank Index and the NYSE Arca Broker/Dealer Index both falling by 1.7 percent.

Oil, gold, and natural gas stocks have also moved to the downside, reflecting weakness in the broader resource sector. Most of the other major sectors are showing more modest moves.

In overseas trading, stock markets across the Asia-Pacific region saw considerable strength, benefiting from the rally seen on Wall Street overnight. Japan's Nikkei 225 Index rose by 1.7 percent, while Hong Kong's Hang Seng Index surged up by 5.7 percent.

The major European markets are also showing notable moves to the upside on the day. The U.K.'s FTSE 100 Index is jumping by 2.2 percent, while the French CAC 40 Index and the German DAX Index are advancing by 1.8 percent and 1.5 percent, respectively.

In the bond market, treasuries are seeing modest weakness, extending the downward move seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.2 basis points at 1.927 percent.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Tomahawk, WI 10/5/2011 (PennyPayDay) – Stocks are turning in a lackluster performance in early trading on Wednesday, as traders expressed continued uncertainty about the global economic outlook. The major averages have been bouncing back and forth across the unchanged line.

Currently, the major averages are all in negative territory, posting modest losses. The Dow is down 5.82 points or 0.1 percent at 10,802.89, the Nasdaq is down 7.61 points or 0.3 percent at 2,397.21 and the S&P 500 is down 0.58 points or 0.1 percent at 1,123.37.

The choppy trading comes despite the release of a report from payroll processor ADP showing stronger than expected private sector job growth in the month of September.

ADP said that private sector employment rose by 91,000 jobs in September following a downwardly revised increase of 89,000 jobs in August. Economists had expected employment to increase by about 75,000 jobs compared to the addition of 91,000 jobs originally reported for the previous month.

However, Peter Boockvar, equity strategist at Miller Tabak, said, "While it's great to see job gains more than estimated, the total amount still doesn't compare favorably to the average job gains of 144,000 in the first eight months of the year prior."

The markets have also not shown much reaction to a report from the Institute for Supply Management showing a continued expansion in service sector activity in the month of September.

While the ISM said its index of activity in the service sector slipped to 53.0 in September from 53.3 in August, a reading above 50 indicates continued growth in the sector. Economists had expected the index to dip to a reading of 52.9.

Despite the lackluster performance by the broader markets, commercial real estate stocks have shown a notable move to the downside, dragging the Morgan Stanley REIT Index down by 1.8 percent. The index is partly offsetting the strong gain posted in the previous session.

Early weakness is also visible among oil service and utilities, while considerable strength has emerged among gold, networking, and transportation stocks.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. While Japan's Nikkei 225 Index fell by 0.9 percent, Australia's All Ordinaries Index advanced by 1.5 percent.

Meanwhile, the major European markets are all seeing considerable strength on the day. The U.K.'s FTSE 100 Index is surging up by 2.4 percent, while the French CAC 40 Index and the German DAX Index are jumping by 3.1 percent and 3.8 percent, respectively.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Shawshank, VA 9/28/2011 (PennyPayDay) – After closing higher in each of the three previous sessions, stocks are seeing some further upside in early trading on Wednesday. The major averages have all climbed firmly into positive territory, further offsetting the steep losses posted last week.

In the past few minutes, the major averages have pulled back off their highs for the young session, but they are holding on to notable gains. The Dow is up 107.47 points or 1 percent at 11,298.16, the Nasdaq is up 16.48 points or 0.7 percent at 2,563.31 and the S&P 500 is up 7.16 points or 0.6 percent at 1,182.54.

The markets continue to benefit from optimism about the financial situation in Europe, with European Commission President Jose Manuel Barroso calling on the European Central Bank to do "whatever is necessary" to ensure the financial stability of the euro zone.

Barroso also called for more flexibility and powers for the European rescue fund and proposed a financial transaction tax, which he described as a contribution to society from banks.

Meanwhile, traders have largely shrugged off the release of a report from the Commerce Department showing an unexpected drop in durable goods orders in the month of August.

The report showed that durable goods orders edged down by 0.1 percent in August after jumping by 4.1 percent in July. The modest decrease came as a surprise to economists, who had expected orders to increase by 0.2 percent.

Peter Boockvar, equity strategist at Miller Tabak, said, "Bottom line, August as we all know was when the global economy started to roll as Europe flared up, among other things, and today's August data was better than feared."

"This data point though is subject to large revisions and September business likely remained volatile so we need to see more months of data in what is now a new economic reality compared to pre-August numbers to draw any confident conclusions," he added.

Software stocks have shown a notable move to the upside in early trading, driving the NYSE Arca Software Index up by 1.4 percent. SAP (SAP) is helping to lead the sector higher, advancing by 3.2 percent to its best intraday level in almost a month.

Considerable strength is also visible among retail, oil, and pharmaceutical stocks. A majority of the other major sectors are also moving to the upside on the day, although most are showing relatively modest upward moves.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday despite a positive lead from Wall Street. Japan's Nikkei 225 Index edged up by 0.1 percent, while Hong Kong's Hang Seng Index dipped by 0.7 percent.

The major European markets have also turned mixed over the course of the trading day. While the German DAX Index is up by 0.4 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are down by 0.2 percent and 0.7 percent, respectively.

In the bond market, treasuries are seeing modest strength following the weak durable goods orders data. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.2 basis points at 1.994 percent.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Northern, WI 9/27/2011 (PennyPayDay) – Stocks moved sharply higher at the start of trading on Tuesday, extending the strong upward move seen over the course of the previous session. The major averages all jumped firmly into positive territory, continuing to offset the sell-off seen last week.

The early strength on Wall Street comes as traders continue to express optimism about the financial situation in Europe, with officials reportedly taking further steps to address the Greek debt crisis and its impact on the regional economy.

Resource stocks are seeing considerable strength in early trading, benefiting from a rally by commodities prices. Steel stocks are posting particularly strong gains, while energy stocks are also showing a strong move to the upside as the price of crude oil jumps by nearly $3 a barrel.

Significant strength has also emerged among banking stocks, which are climbing further off their recent lows amid easing concerns about Europe. Transportation, housing, and networking stocks are also posting notable gains, moving higher along with most of the major sectors.

In recent trading, the major averages have pulled back off their highs for the young session, although they continue to post strong gains. The Dow is up 203.06 points or 1.8 percent at 11,246.92, the Nasdaq is up 34.72 points or 1.4 percent at 2,551.41 and the S&P 500 is up 20.05 points or 1.7 percent at 1,183.00.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Shawshank, VA 9/26/2011 (PennyPayDay) – After moving higher at the open, stocks have turned in a lackluster performance over the course of early trading on Monday. The major averages have turned mixed on the day, with the tech-heavy Nasdaq sliding firmly into negative territory.

While the Nasdaq is currently down 13.81 points or 0.6 percent at 2,469.42, the Dow is up 55.78 points or 0.5 percent at 10,827.26 and the S&P 500 is up 1.49 points or 0.1 percent at 1,137.92.

The initial strength on Wall Street was partly due to easing concerns about the financial situation in Europe, with EU monetary affairs commissioner Olli Rehn saying that talks are under way to expand the European Financial Stability Facility bailout fund.

The International Monetary Fund also said it stands ready to "strongly support" the efforts of its European colleagues to resolve the euro-area crisis.

However, lingering concerns about the global economic outlook helped to limit the upside for the markets, and some traders looked to cash in on the early gains.

In U.S. economic news, the Commerce Department recently released a report showing a drop in new home sales in the month of August.

The report showed that new home sales fell by 2.3 percent to an annual rate of 295,000 in August from the revised July rate of 302,000. Economists had expected new home sales to drop to 293,000 from the 298,000 originally reported for the previous month.

Benefiting from the easing concerns about Europe, banking stocks are seeing considerable strength in early trading. The KBW Bank Index has risen by 1.4 percent, climbing further off the two-year closing low it set last Thursday.

On the other hand, resource stocks have come under pressure on the day, with gold stocks leading the way lower amid a continued decrease by the price of the precious metal. Semiconductor and biotech stocks are also seeing early weakness, contributing to the pullback by the Nasdaq.

In overseas trading, stock markets across the Asia-Pacific region showed notable moves to the downside during trading on Monday. Japan's Nikkei 225 Index tumbled by 2.2 percent, while Hong Kong's Hang Seng Index fell by 1.5 percent.

Meanwhile, the major European markets are seeing strength on the day but have pulled back well off their best levels of the day. While the German DAX Index is up by 1.7 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are up by 0.4 percent and 0.2 percent, respectively.

In the bond market, treasuries are seeing notable weakness, pulling back further off their recent highs. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.2 basis points at 1.85 percent.

PennyPayDay Disclaimer

Distributed by Viestly

Stocks Move Sharply Lower

Shawshank, VA 9/22/2011 (PennyPayDay) – Stocks moved sharply lower at the start of trading on Thursday, extending the substantial downward move seen in the previous session. The major averages all slid firmly into negative territory, with the Dow dropping to its lowest intraday level in a month.

In the past few minutes, the major averages have seen some further downside, hitting new lows for the young session. The Dow is down 356.46 points or 3.2 percent at 10,768.38, the Nasdaq is down 76.15 points or 3 percent at 2,462.04 and the S&P 500 is down 35.60 points or 3.1 percent at 1,131.16.

The initial weakness on Wall Street reflects renewed concerns about the global economic outlook following Wednesday's troubling commentary from the Federal Reserve as well as some disappointing economic data.

In its policy statement released yesterday, the Fed noted that economic growth remains slow and warned that there are significant downside risks to the economic outlook.

As part of its efforts to boost the sluggish economy, the central bank announced plans to replace short-term securities in its bond portfolio with longer-term securities. The Fed said the move should put downward pressure on longer-term interest rates.

However, economists were largely skeptical regarding the likely impact of the move, with Paul Ashworth, Chief U.S. Economist at Capital Economics, noting, "The cost of borrowing simply isn't the problem."

Disappointing Chinese manufacturing data has also generated some selling pressure along with a report showing a contraction in business activity in Europe.

Additionally, the U.S. Labor Department recently released a report showing that initial jobless claims decreased in the week ended September 17th but still came in above economist estimates.

The report said jobless claims fell to 423,000 from the previous week's revised figure of 432,000, while economists had been expecting claims to fall to 420,000 from the 428,000 originally reported for the previous week.

In corporate news, delivery giant FedEx (FDX) reported first quarter earnings that increased in line with analyst estimates but also lowered its full year earnings guidance.

With traders expressing concerns about the outlook for global demand, resource stocks are turning in some of the market's worst performances in early trading. Gold stocks are posting particularly steep losses amid a sharp drop by the price of the precious metal.

Technology stocks have also come under considerable selling pressure, with computer hardware, networking, and semiconductor stocks posting steep losses. Significant weakness is also visible among housing, transportation, and banking stocks.

Most of the other major sectors have also shown notable moves to the downside in early trading amid a broad based sell-off.

In overseas trading, stock markets across the Asia-Pacific region saw significant selling pressure following the overnight sell-off on Wall Street. Japan's Nikkei 225 Index tumbled by 2.1 percent, while Hong Kong's Hang Seng Index plunged by 4.9 percent.

The major European markets are also showing substantial moves to the downside on the day. The French CAC 40 Index has plummeted by 5.1 percent, while the U.K.'s FTSE 100 Index and the German DAX Index are down by 4.4 percent and 3.9 percent, respectively.

In the bond market, treasuries have moved sharply higher amid the continued weakness on Wall Street. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 9.9 basis points at 1.776 percent after hitting a record intraday low of 1.754 percent.

PennyPayDay Disclaimer

Distributed by Viestly

Wall St. Flat Ahead of Fed Statement

Oxford, MS 9/21/2011 (PennyPayDay) – Stocks were little changed on Wednesday as cautious investors awaited the Federal Reserve's statement on monetary policy that is expected to include measures to support the economy.

Technology stocks were top gainers early in the session, boosted by Oracle Corp (NasdaqGS:ORCL - News), which jumped 6.4 percent to $30.15. The software maker forecast higher-than-expected current-quarter earnings as well as robust sales.

The Fed, ending a two-day policy meeting later Wednesday, is expected to announce a rebalancing of its bond portfolio weighted more heavily to longer-term securities, pushing already-low long-term interest rates even lower in a move dubbed Operation Twist.

The Fed will issue a statement at about 2:15 p.m.

"With the S&P at 1,200, the market has priced in some sort of positive support from the Fed, whether that be Operation Twist or more," said Joseph Greco, managing director at Meridian Equity Partners in New York. "There is really no playbook here, but the market is anticipating and hoping for that support."

The Dow Jones industrial average (DJI:^DJI - News) fell 30.43 points, or 0.27 percent, at 11,378.23. The Standard & Poor's 500 Index (^SPX - News) was down 5.38 points, or 0.45 percent, at 1,196.71. The Nasdaq Composite Index (Nasdaq:^IXIC - News) added 1.12 points, or 0.04 percent, at 2,591.36.

Also supporting the Nasdaq, design software maker Adobe Systems Inc (NasdaqGS:ADBE - News) rose 3.1 percent to $25.40. Adobe said its fourth-quarter sales outlook was buoyed by more new customers.

In the latest economic data, existing home sales rose more than expected in August to the fastest annual pace since March, helped by falling prices and low interest rates, the National Association of Realtors said.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-Day Market Update

Shawshank, VA 9/16/2011 (PennyPayDay) – Despite signs of caution in the pre-market period, Wall Street has pushed further higher in the opening stages of Friday's session. Stocks are going for their fifth consecutive day of gains, in a week dominated by news out of Europe.

The Dow Jones Industrial Average is up 94 points, or 0.8 percent, to 11,526.80. The Nasdaq is higher by 18 points, or 0.7 percent, at 2,624.80. The S&P 500 is climbing nearly 10 points, or 0.8 percent, to 1,218.73.

The main engine behind this week's advance has been easing fears about the financial crisis in Europe. The announcement that the world's major central banks would facilitate liquidity for European banks in the event of a financial crisis helped reduce concerns about a possible Lehman-like event there.

Meanwhile, European financial leaders are meeting in Poland, with U.S. Treasury Secretary Timothy Geithner in attendance. He told his counterparts in Europe that they needed to take steps to get their financial troubles under control.

A decision about a Greek bailout has been pushed out. The European Union is now slated to make a decision on the next installment of the plan in October.

In London, the UBS trader who allegedly lost $2 billion in unauthorized transactions has been taken into custody. Police arrested 31-year-old Kweku Adoboli on charges of fraud and false accounting.

Friday has been something of a respite after the rush of economic data earlier in the week. However, one key report on consumer confidence was released.

In its preliminary reading for September, the Reuters/University of Michigan's consumer sentiment index came in at 57.8. This was up from the final reading of 55.7 for August.

Economists had expected an advance for the index, but the increase was more pronounced than many had predicted.

Overseas, Europe continues to show strong gains. Germany is leading the way with an advance of 1.9 percent. The U.K. is up 0.8 percent, while France is posting a gain of 0.7 percent.

In Asia, Japan climbed 2.25 percent. Hong Kong was up 1.4 percent.

PennyPayDay Disclaimer

Distributed by Viestly

Mid-day Market Update

Shawshank, VA 9/14/2011 (PennyPayDay) – The major averages are mixed in mid-morning trading on Wednesday. Hope of a resolution to the sovereign debt crisis in Europe is being counteracted by disappointing retail sales data.

The Dow Jones Industrial Average is down 5.91 points. The S&P 500 is up 1.06 points. The Nasdaq is showing a modest gain, bolstered by strength in technology. The index is up 14.76 points, or 0.6 percent.

Stocks are attempting to score their third consecutive day of advances. In each of the last two days, stocks have shown weakness or lackluster trading through much of the day, only to secure gains in a late rally.

In the last half hour, the government has released new data on business inventories. Total manufacturers' and trade inventories, adjusted for seasonal factors but not price changes, came in at $1.526 trillion, up 0.4 percent from June levels.

That was slightly less than the 0.5 percent most economists had predicted.

Earlier in the day, the U.S. Commerce Department revealed that August sales figures came in at $389.5 billion, virtually unchanged from the June figure. Economists had expected an advance of 0.2 percent.

Meanwhile, a separate report showed that inflation is still under control, good news for those hoping the Fed might be able to step in with some additional stimulus.

The U.S. Labor Department revealed Wednesday that producer prices were unchanged in August. This followed a 0.2 percent advance in the previous month.

Economists had expected a mild decline.

Core prices, which exclude the volatile food and energy sectors, saw an advance for August of just 0.1 percent. This was the lowest reading since May and a notable slowdown compared to July's gain of 0.4 percent.

PennyPayDay Disclaimer

Distributed by Viestly

Dow Jones Down Nearly -12% Since July 22

Tomahawk, WI 8/12/2011 (PennyPayDay) – Consumers likely spent more money on autos and at department stores in July. A jump in retail sales could signal Americans are a little more confident in the economy and help calm shaky financial markets at a precarious time.

Economists expect retail sales rose 0.4 percent in July, according to a survey by FactSet. The forecast is partly based on an expectation that car dealerships were busier and back-to-school sales attracted more shoppers. But economists also factored in that consumers paid slightly higher prices for gas.

The Commerce Department will release the new report at 8:30 a.m. Eastern on Friday.

The report is the government's first read on consumer spending for the July-September quarter. Consumer spending is always closely watched because it accounts for 70 percent of economic growth. But the mood of the consumer is of particular interest to traders right now.

A batch of poor data and a gloomy outlook from the Federal Reserve this week have made many more nervous that the economy could fall back into a recession. The Dow has lost nearly 1,600 points, or more than 12 percent, since July 22.

High unemployment and a spike in gas prices have forced many consumers to be more cautious about spending. Their hesitation was a major reason the economy grew a meager 0.8 percent in the first six months of the year, the weakest growth since the recession officially ended.

Retail sales, which don't include spending on services, have been slowing since February. They grew only 0.1 percent in June, and when excluding car sales, retail spending was flat.

PennyPayday Free Stock Quotes and Approach to the Stock Market

PennyPayday focuses on bringing penny stocks and small-cap companies from all exchanges into the spotlight for investors seeking early development opportunities. PennyPayday has quickly become a recognized penny stock site and a top source for investors seeking information and research on today's emerging hot stocks. PennyPayday provides the investing public with stock market daily news, free real-time stock quotes, free stock charts, research for investing, as well as economic stories, videos, and market briefs from a staff of experienced and dedicated financial journalists.

Sign up for our Free Newsletter today, and join the thousands already getting our emails on the hottest stocks to watch.

Disclaimer: Neither www.PennyPayday.com nor its officers, directors, partners, employees or anyone involved in the publication of this website or newsletters is a registered investment adviser or licensed broker-dealer in any jurisdiction whatsoever. PennyPayday may or may not have been compensated by mentioned companies. For full disclaimer/disclosure please read PennyPayday's disclaimer.

Distributed by IntelBuilder Social Media Platform

Stocks Rise Today on Positive Unemployment Data

Chicago, IL 8/11/2011 (PennyPayDay) – Wall Street's wildest week since 2008 continued with another 300-plus point move for the Dow on Thursday. This time, stocks shot up after investors saw small signs that the economy might not be headed into another recession.

Fewer Americans joined the unemployment line last week, and a technology bellwether said revenue could grow faster this quarter than analysts expected. The news pushed prices on long-term Treasurys down, and gold fell from its record high.

The Dow Jones industrial average rose 349 points, or 3.3 percent, to 11,069 a little after 2 p.m. in New York.

During a calm market, a 300 point move would rank as the Dow's biggest in months. During this volatile week, it's the smallest. On Monday, The Dow plunged 634 points only to gain 429 points Tuesday and then sink 519 points Wednesday. It's the first time that the Dow has moved by more than 400 points in three straight days since November 2008, when markets were tumbling during the financial crisis.

PennyPayday Free Stock Quotes and Approach to the Stock Market

PennyPayday focuses on bringing penny stocks and small-cap companies from all exchanges into the spotlight for investors seeking early development opportunities. PennyPayday has quickly become a recognized penny stock site and a top source for investors seeking information and research on today's emerging hot stocks. PennyPayday provides the investing public with stock market daily news, free real-time stock quotes, free stock charts, research for investing, as well as economic stories, videos, and market briefs from a staff of experienced and dedicated financial journalists.

Sign up for our Free Newsletter today, and join the thousands already getting our emails on the hottest stocks to watch.

Disclaimer: Neither www.PennyPayday.com nor its officers, directors, partners, employees or anyone involved in the publication of this website or newsletters is a registered investment adviser or licensed broker-dealer in any jurisdiction whatsoever. PennyPayday may or may not have been compensated by mentioned companies. For full disclaimer/disclosure please read PennyPayday's disclaimer.

Distributed by IntelBuilder Social Media Platform