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Business Title: US Stocks On Track For Best Week Since July 2009 NEW YORK (Dow Jones)--U.S. stocks climbed Friday, putting the market on pace for its best week in nearly a year, thanks to improving expectations for the second-quarter reporting season, which begins Monday. The Dow Jones Industrial Average has climbed some 5% this week, marking its best week since the week ended July 17, 2009. The rally comes as investors have grown hopeful that the market's recent drop to 2010 lows may have exaggerated expected effects on corporate earnings from the slumping euro and slower global growth. "The earnings are expected to again beat expectations as they have the past couple quarters, but what they're looking for is the guidance," said Roy Williams, chief executive of Prestige Wealth Management. "That will be the big indicator." Williams expects the earnings season to be positive for the stock market if it can return investors' focus to U.S. corporate fundamentals from the global concerns, especially regarding the euro zone, that have hurt the market in recent months. "My hope is the earnings will improve the psyche of the individual investor," he added. "We do face challenges, and we're going to have a lot of volatility, but...the economy is continuing to grow." The Dow was up 47 points, or 0.5%, at 10186, in recent trading. Alcoa rose 2.1% ahead of its second-quarter report due Monday. Caterpillar was also strong, up 2.4%, and Chevron climbed 2.2% as crude-oil futures climbed above $76 a barrel. The Nasdaq Composite rose 0.8% to 2192, bolstered by a 2.4% jump in Google. The company said the Chinese government renewed a license it needed to continue using its Chinese Web address, marking a compromise between the company and Chinese regulators since Google decided to stop cooperating with censorship requirements. The Standard & Poor's 500-stock index added 0.6% to 1077. The materials sector led the measure's gains, while financial and consumer-discretionary stocks were also strong. Consumer staples were the only category in the red. Trading volume was weak. Less than 3 billion shares had changed hands in NYSE Composite volume with less than an hour left to the trading session. The recent daily average has been over 5 billion. Data released Friday showed inventories of U.S. wholesalers rose 0.5% in May, in line with expectations, as warehouses were restocked with machinery and other durable goods. However, sales of U.S. wholesalers registered their first decline in 14 months with a 0.3% slip. Investors noted that while the rise in inventories is seen as lifting economic growth, the data also indicates demand is waning. Overseas, the Bank of Korea unexpectedly raised interest rates from record lows. Markets were surprised by the rate increase, but Seoul shares ended higher on the view that the central bank was sending a vote of confidence in Korea's recovery. Meanwhile, European Central Bank President Jean-Claude Trichet stepped up his warnings to governments to reduce their borrowing before they lose the confidence of electorates and financial markets. The euro fell to $1.2646, from $1.2692 late Thursday in New York. The U.S. Dollar Index edged up 0.1%. Treasurys slipped, pushing the yield on the 10-year note above 3%, up to 3.05%. Gold futures also climbed. Among stocks in focus, Madison Square Garden fell 4% after basketball star LeBron James late Thursday confirmed reports that he will join the Miami Heat, rather than the MSG-owned New York Knicks. Lawson Software slipped 2.5%. The business-software maker's fiscal fourth-quarter earnings fell 30% and the company projected first-quarter earnings and revenue below analysts' estimates.
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#1. To: Brian S (#0)
Its revealing how bad things actually are when this is 'celebrated'.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Note not One mention of volume. OR how rising petroleum prices aid and abet a rising stock market. Or that fuel demand is STILL down. Mainly it's because the Markets think british petroleum is a viable enterprise. And that 'progress' is being made on the Gulf Ecocide. Neither happening btw. Or that the Baltic Dry Index has dropped OVER 50% in the last 3 months ( the Only Accurate Reflection of the Damage being done by british petroleum's Gulf Ecocide). The social compact is broken - not many people recognize this, but what it means is that it's all over. Best to begin preparing.
http://www.zerohedge.com/article/cnbc-guest-says-absent-plunge-protection-team-stepping-market-would-fall-wien-kernan-disgust
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