DJIA Snaps Longest Monday Loss Streak in 39 Years -- GFC 7/5 10/1 5/12==BayCRASH

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Date Posted: 22:35:48 08/07/12 Tue
Author: I firted with Alison today Tuesday its a worryNine of the S&P 500's 10 sectors gained ground; only the defensive-oriented utility stocks declined.
Subject:

DJIA Snaps Longest Monday Loss Streak in 39 Years

MARKET TALK: DJIA Snaps Longest Monday Loss Streak in 39 Years
07/08/2012 6:08AM
16:08 EDT - The 10th Monday proved the charm, as the DJIA rose to start off a week for the first time since May 29, which was the Tuesday after Labor Day--the last Monday gain was May 21. That was the longest such streak since the 12-week stretch ending July 2, 1973. Back then, the DJIA snapped the Monday loss streak by starting a three-Monday winning streak. DJIA closed up 21.34 at 13,117.51. (tomi.kilgore@dowjones.com)

(END) Dow Jones Newswires

August 06, 2012 16:08 ET (20:08 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

U.S. Stocks Extend Friday's Rally, Push to Three-Month Highs
07/08/2012 5:42AM

--Stocks rise as euro-zone worries recede

--S&P 500 nears 1400, Nasdaq approaches 3000 for the first time in three months

--Knight Capital tumbles after announcing preferred-stock sale

By Chris Dieterich

NEW YORK--The S&P 500 rose, flirting with 1400 for the first time in three months, as worries about Europe's sovereign-debt crisis receded and yields on Spanish and Italian bonds fell.

Stocks climbed after Monday's opening bell and then traded in a narrow range for the rest of the day. The Standard & Poor's 500-stock index added seven points, or 0.5%, to 1398. The index hasn't finished above 1400 since May 2.

Nine of the S&P 500's 10 sectors gained ground; only the defensive-oriented utility stocks declined.

Best Buy surged 13% after Richard Schulze, the big-box electronics retailer's founder and former chairman, offered to buy the shares of the company he doesn't already own, a bid the company called "unsolicited" and "highly conditional."

Cognizant Technology Solutions jumped 12% after the company posted a 21% increase in second-quarter profits and raised its full-year earnings guidance.

Knight Capital plunged 22% after the struggling trading firm said it sold $400 million in convertible preferred stock to bolster its capital position. Shares fell below $3 in intraday trading, after closing above $10 last Tuesday.

The Dow Jones Industrial Average advanced 72 points, or 0.6%, to 13168, building on Friday's 217-point gain. The Nasdaq Composite Index rose 28 points, or 1%, to 2996. The technology-heavy benchmark hasn't closed above 3000 since May 3.

Investors expressed continued optimism about European Central Bank President Mario Draghi's plan to address the euro zone's sovereign-debt crisis. Last week, Spanish Prime Minister Mariano Rajoy suggested the debt-laden country may ask for aid from Europe's temporary bailout fund. This followed comments from Mr. Draghi, who said the central bank could focus on the purchase of short-term debt, which prompted the yields on Spanish and Italian bonds to fall.

"There's a sense that whatever the ECB has in mind is likely to mitigate the crisis," said Jim Russell, chief equity strategist U.S. Bank Wealth Management. "Yes, there's a recession [in Europe]. Yes, there are risks. But maybe the Armageddon-scenario is off the table."

Gains in U.S. markets followed broad gains on European and Asian exchanges. The Stoxx Europe 600 added 0.4%, closing at a more than four-month high. Asian markets were broadly higher, with Japan's Nikkei Stock Average rising 2% and China's Shanghai Composite climbing 1%.

Crude-oil futures rose 0.9% to $92.20 a barrel, while gold futures gained 0.4% to settle at $1612.90 a troy ounce. The U.S. dollar slipped against the euro and the yen. The yield on 10-year U.S. Treasury bonds fell to 1.556% as demand rose.

In other corporate news, Warren Buffett's Berkshire Hathaway inched down 0.3% after saying second-quarter profit fell 9% to $3.11 billion on declining results in its derivative portfolio and a failure to repeat a big investment gain it chalked up a year earlier.

Tyson Foods fell 7.7% after the meat processor lowered its revenue forecast for the year and said second-quarter earnings tumbled at its beef segment.

HCA Holdings, the largest for-profit hospital operator in the U.S., skidded 4.1% after disclosing it received a request for information from the civil division of the U.S. Attorney's office in Miami. HCA's chief executive also warned investors on a conference call about a potentially negative coming news story.

Pluristem Therapeutics surged 16% after the company said its placenta-based treatment saved the life of a patient suffering from bone-marrow failure.

Power and utility company AES dropped 4.2% after reporting that quarterly profit fell 20% on a double-digit decline in revenue from its key Latin American business.

Write to Chris Dieterich at christopher.dieterich@dowjones.com

(END) Dow Jones Newswires

August 06, 2012 15:42 ET (19:42 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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