Market Opens Down on Grim Spending Data

Farhad Manjoo thinks Apple still has nowhere to go but up

(NEWSER) - You might think that with its stock north of $500 a share, after rising 30% in six months, that Apple has peaked financially. But you'd be wrong, writes Farhad Manjoo of Slate . Apple's price-earnings ratio is still a humble 14—cheaper even than Google, Amazon, and even beleaguered Yahoo. And "not only is Apple not peaking, it is likely not even close to reaching its potential earnings," which are almost too vast for investors to comprehend. "The numbers are just too big." More»

It's Dow's best finish since 2008

(NEWSER) - Today's rosy jobs report did wonders for the markets. The tech-heavy Nasdaq, in fact, closed at an 11-year high, reports MarketWatch , while the Dow finished at its highest level since May 2008, notes the Wall Street Journal . The numbers:

• Dow: Up 157, 1.2%, to 12,862
• Nasdaq: Up 46, 1.6%, to 2,906
• S&P 500: Up 19, 1.5%, to 1,345

Measure to be before House next week

(NEWSER) - Lawmakers in Congress are inching closer to deciding, somewhat belatedly, that they shouldn't be allowed to profit by playing the stock market using inside information they have gleaned on Capitol Hill. A bill that bans insider trading by lawmakers and thousands of executive branch officials is heading to the House after passing the Senate 96-3 yesterday, the AP reports. President Obama has promised to sign the bill, which requires stock trades be posted online within 30 days. More»

Government trying to unwind stock without losing on the deal

(NEWSER) - The Treasury Department has had a tough time selling off some of the stock it took on in exchange for TARP bailout funds, meaning taxpayers are still on the hook for some $132.9 billion—some of which they may never get back, according to a report released today by the government watchdog overseeing the program. Selling the stock has been complicated by swingy stock market prices, and deep dips in some of the bailed out companies, the AP reports. More»

Market has its best day this month

(AP) - Encouraging signs out of Europe and a surprisingly strong report on the US housing market drove the Dow Jones industrial average up more than 330 points today. It was the best day for stocks this month. The Spanish government pulled off a successful debt auction, and gauges of business and consumer confidence in Germany rose unexpectedly. The Commerce Department, meanwhile, said builders broke ground on 685,000 new homes last month, a 9.3% jump from October. That's the highest level since April 2010. More»