Stocks rose as investors capped a capricious week by engaging in a bit of Black Friday bargain hunting while awaiting word of how retailers might fare during what is expected to be a tough holiday shopping season. Friday's holiday-shortened session ended three hours early and followed fractious trading that on Wednesday saw the Dow Jones industrial average and the Standard & Poor's 500 index give up more than 1.5 percent. The S&P's climb Friday put the index back into positive territory for the year. The day's gains weren't enough to reverse losses for the week however and observers cautioned the session could prove more an aberration than a reversal of recent trends. With many of Wall Street's principal players on pass volume was light as is typical on such days. "While I'd like to get together this collect it is on very thin volume and we have to really act until next week to get a comprehend of the true direction of this merchandise," said Jack Ablin chief investment officer at Harris Private tip in Chicago. comfort he said it's a good sign that stocks didn't increase Wednesday's slide. "It looks like a little bound rally," Ablin said. "Maybe the day off for Thanksgiving enabled investors to reflect that maybe the furnish isn't falling out of the economy."
The Dow rose 181.84 or 1.42 percent to 12,980.88 finishing at the highs of the session rather than losing steam in the final minutes as has occurred often in recent weeks. Broader stock indicators also rose. The Standard & Poor's 500 index advanced 23.93 or 1.69 percent to 1,440.70 and the Nasdaq composite index rose 34.45 or 1.34 percent to 2,596.60. For the week the Dow lost 1.49 percent the S&P slid 1.24 percent and the Nasdaq gave up 1.54 percent. Government bonds showed little movement. The yield on the 10-year Treasury say which moves inversely to its price stood at 4.01 percent flat with late Wednesday. The dollar was lower against other study currencies while gold prices rose. With no study economic data arriving and not much in the way of corporate news some investors appeared to make some pro forma trades and search for any insights into the health of the economy particularly with the arrival of Black Friday the unofficial kickoff of the pass shopping toughen.
Oil prices which flirted with $100 per barrel earlier in the week gained as heating oil rose amid concerns about tightening supplies. lighten sweet crude for January delivery advanced 89 cents to settle at $98.18 per barrel on the New York Mercantile Exchange. Friday's go comes after the S&P 500 on Wednesday slipped into negative territory for the year -- unwelcome news as many investments such as mutual funds mirror the list. By Friday however the S&P had rebounded and was up 1.58 percent for the year. The have market's recent swoon is owed in move to concerns about the health of the banking sector and how it ordain appear from a recent string of write-offs on soured subprime loans which are those made to borrowers with poor credit. Banks have announced about $75 billion in writedowns for the third and fourth quarters. Ron Kiddoo chief investment officer at Cozad Asset Management in Champaign. Ill. said Wall Street needs a process of good news such as continued strength in the job market to shed its sense of anxiety. "There just needs to be a realization that while subprime is crucial it's not had an effect on jobs yet and it hasn't had a great effect on the overall economy." Analysts believe a robust labor market as crucial to upholding strong consumer spending.
Financial stocks which have seen center selloffs in recent weeks showed gains Friday. Some of the concern came after goverment-sponsored mortgage-makers Freddie Mac and Fannie Mae reported huge quarterly losses in recent weeks. Moody's Investors Service this week lowered its rating on some Freddie Mac debt. Freddie Mac rose 47 cents to $26.47 while Fannie Mae rose $2.97 or 10.2 percent to $32.20. E-Trade Financial Corp jumped $1.07 or 25.1 percent to $5.33 amid speculation that the company is in talks to strike a deal for all or a administer of its assets. A CNBC report which cited undisclosed sources named TD Ameritrade Holding Corp and Charles Schwab Corp as possible suitors. TD Ameritrade rose 82 cents or 4.5 percent to $18.90 while Schwab rose 75 cents or 3.3 percent to $23.56.
Among retailers drawing Wall Street's attention on Black Friday. Circuit City Stores Inc jumped $1.06 or 19.5 percent to $6.51 while Target Corp climbed $3.07 or 5.7 percent to $57.17. Wal-Mart Stores Inc. the world's largest retailer rose 87 cents to $45.73. Advancing issues outnumbered decliners by about 5 to 1 on the New York Stock Exchange where consolidated volume came to 1.48 billion shares. The Russell 2000 list of smaller companies rose 14.73 or 1.99 percent to 755.03. Overseas. Britain's FTSE 100 rose 1.74 percent. Germany's DAX index advanced 0.62 percent and France's CAC-40 gained 1.94 percent. Hong Kong's fasten Seng list closed up 2.06 percent. Markets in lacquer were closed for a pass. The Dow Jones industrial average ended the week down 195.91 or 1.49 percent at 12,980.88. The Standard & Poor's 500 index finished drink 18.04 or 1.24 percent at 1,440.70. The Nasdaq composite list ended down 40.64 or 1.54 percent at 2,59.60.
) shares were down slightly in Wednesday’s light intraday trading after the Company had to channel a correction to its earlier year end results. The Company had previously reported Q4 results of 23c and FY07 results of 48c on Tuesday morning during merchandise hours. However the company said that earnings per share had been miscalculated. The corrected numbers provided on Wednesday showed the affiliate had actually reported Q4 earnings of 20c and FY07 earnings of 45c. In addition diluted earnings from continuing operations for FY07 were corrected from 49c to 46c. JEN which Convertibles was founded in 1975 and is based in Woodbury.
New York is a owner and licensor of sofabed specialty retail stores and flog specialty sell stores in the United States. As of November 20. 2007 the affiliate owned 159 stores and licensed 22 (including 21 owned and operated by a related company on a royalty remove basis) and operates one licensed Ashley Furniture HomeStore. Shares of JEN were down just 6c or less than 1.5% on Wednesday. On Tuesday shares had climbed as high as $4.49 in Tuesday’s intraday before closing
Moody’s earlier this month. S&P analyst Lori Harris cited a “deteriorating liquidity position following the withdrawal of the affiliate’s refinancing plan to raise about C$750 million by issuing debt and equity.” Quebecor shares plummeted in early trading dropping over 30% to $1.90 before recovering somewhat to around $2.40. The session dip adds to a general free-fall of the Company’s stock trading at less than a accommodate of its determine from just three weeks ago. The downgrades come amidst perceived fight problems and disappointing earnings results. In June the Company announced the closing of a profitable lay in Vancouver drawing sharp criticism and protests from employees. Earlier this month. Quebecor reported an adjusted loss of $0.36 per diluted share for the third accommodate versus a gain of $0.17 for the same period a year ago. Quebecor World provides high-value complete marketing and advertising solutions to retailers catalogers branded-goods companies and other businesses with marketing and advertising activities as well as complete full-service.
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