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Volatile Averages Closed Higher
May 24, 5:29 PM EDT |
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| Market averages traded in a volatile manner during the session. Oil and gold fell at close. Gold lost 5%. Retail comanies report earnings. |
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| Market averages closed higher after trading in a volatile patttern during the day. Better-than-expected sales of new home sales in April and larger-than-expected drop in durable goods orders kept investors guessing. New home sales rose 4.9% at a seasonally adjusted annual rate of 1.198 million homes. Invenotry of new homes unsold remained high. Oil fell at close and gold closed 5% lower. On New York Stock Exchange, despite rising indexes decliners led advancers by 9 to 7. |
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Retailers Report Lower Profits
May 24, 3:06 PM EDT |
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| Williams-Sonoma, Borders and Autozone reported lower than expected profits. Freds and Payless ShoeSource bucked the trend. |
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| Market averages maintained volatile trading path and turned positive as it approached last trading hour. Averages are on the upswing as buyers are taking advantage of steep losses in tech, retail, consumer finance and industrial stocks. Williams-Sonoma reported 22 cents a share profit, Autozone stated $1.89 per share Payless ShoeSource reported 53 cents per share. Borders reported wider than expected loss of 29 cents per share. |
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Nasdaq In Trading Range
May 24, 2:25 PM EDT |
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| Market averages remain caught in a trading range. Dow, Nasdaq and S&P 500 maintained a downward bias. |
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| Market averages responded to home sales and durable goods orders. Better than expected new-home sales and larger than expected drop in April durable goods orders kept investors in a limbo. Market averages maintained a negative bias in the afternoon trading. Payless ShoeSource reported 53 cents per share earnings beating forecast of 40 cents. Retailer Autozone and Williams-Sonoma report lower earnings but Fred''s report higher earnings. IPO of upstart telecom Vonage dropped 15%. |
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Weak European Close
May 24, 12:44 PM EDT |
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| European airlines declined on bird-flu fears. Deutsche Lufthansa was the biggest loser, down 2.8%, followed by British Airways and Air France-KLM. |
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| European markets closed in the negative, reflecting significant weakness among industrial, mining and airline stocks. Weakening dollar hurt shares of industrial exporters like Siemens and Sweden’s SKF. Miners like Rio Tinto and BHP Billiton moved lower. The German DAX 30 plunged 1.6%, the French CAC 40 slipped 1.3%, and London FTSE 100 tumbled 1.6%. |
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Gasoline Inventories up
May 24, 11:34 AM EDT |
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| Oil prices rebounded on a steeper-than-expected decline in U.S. crude oil inventories, while gasoline stockpiles posted a week-over-week advance. |
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| Stocks traded in the positive. Housing stocks rebounded after the Commerce Department reported that new home sales rose 4.9% to a seasonally adjusted annual rate of 1.198 million units in April from a downwardly revised rate of 1.142 million units in March. Economists had expected a decline to a 1.150 million unit rate. Vonage Holdings slipped in its trading debut after the company set its IPO at $17 a piece, the midpoint of its expected price range. Vonage was down $2.47. |
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India Falls 250 Points
May 24, 10:48 AM EDT |
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| Indian market was dragged down by refreshed selling pressure today as traders continued to abandon positions to limit losses. |
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| Shaky metal and auto shares, as well as some blue chips were the primary cause for the market downfall. Volatility was high, as Sensex oscillated nearly 500 points, with the weakness pressing on the bourses in the second half of the trading day. The fall was in stark contrast to an upbeat mood on some Asian markets, such as Japan’s benchmark Nikkei and Korea’s Kospi, which gained on the day. |
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GM Gains on Upgrade
May 24, 10:24 AM EDT |
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| Washington Mutual Inc. said it is cutting 1,400 jobs in Washington and Florida as part of the bank's cost-cutting plan. |
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| Shortly after opening stocks turned lower as a rebound in oil and gold prices initially lifted the market, but renewed inflation jitters triggered broad selling. Market extended recent losses, despite a steep drop in durable goods orders that fed hopes that the Federal Reserve may soon stop raising interest rates. General Motors rose 4% after Meryll Lynch upgraded the carmaker to buy from neutral. |
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Durable Goods Orders Drop
May 24, 9:23 AM EDT |
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| Shares of General Motors rose 3% after Merrill Lynch upgraded its rating on the auto maker to buy from neutral. |
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| The Commerce Department reported that new orders for durable goods fell 4.8% in April following a 6.6% increase in March due largely to a significant drop in orders for transportation equipment, which fell 12.7% in April. The decrease was much steeper than the modest 0.5% decline that economists had been expecting. |
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McClatchy Sells Philly Papers
May 24, 8:11 AM EDT |
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| Newspaper publisher McClatchy Co. agreed to sell the Philadelphia Inquirer and the Philadelphia Daily News to local investors for $562 million. |
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| The new owners of Philadelphia''s two major daily newspapers will have to solve two major problems- reversing circulation declines and shrinking profits. The local investors hope to boost business by emphasizing local news and doing more with the Internet. |
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Japan Advances, Hong Kong Declines
May 24, 7:51 AM EDT |
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| Asian-Pacific markets closed mixed Wednesday, Japan rebounded, but Hong Kong lost as investors were wary following the recent decline. |
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| Japanese stocks rebounded from three-month lows due to bargain-hunting in a range of stocks that raised the index which had fallen nine of the preceding 11 sessions. The benchmark Nikkei 225 index advanced nearly 2%, as investors bought metals, autos and bank shares, which had recently fallen. The South Korea’s Kospi, also closed up 0.3% and Taiwan shares finished 0.5% higher. The blue-chip Hang Seng Index, though, dropped 0.3%. |
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