Stocks Drop on Citi, Retail Woes

Dow hits new 2009 high but falls back amid light volume

(NEWSER) - The stock indices ended mixed today after strong morning gains lost steam. The Dow hit a new high for 2009, 9931.82, off strong expectations for the third-quarter earnings. But profit-taking traders capitalized on recent gains, pushing the market lower; light trading volume on the Columbus Day holiday amplified their actions. The Dow closed up 20.86 points at 9,885.80. The Nasdaq lost just 0.14 to close at 2,139.14, and the S&P 500 settled at 1,076.18, having gained 4.69, the Wall Street Journal reports. More»

Indices all post solid gains for the week

(NEWSER) - Stocks posted gains today, closing out a strong week as consumer stocks saw advances, the Wall Street Journal reports. Procter & Gamble gained 3.21% after Citigroup upgraded the firm’s shares to “buy.” Optimism about a recovery in consumer spending drove Starbucks up 3.64%, with PepsiCo and Philip Morris also gaining about 1%. The Dow added 36.28 points to close at 9,820.20. The Nasdaq rose 6.11, settling at 2,132.86, and the S&P 500 gained 2.81to close at 1,068.30. More»

(NEWSER) - Good earnings reports and stellar performance by General Electric had markets at 2009 highs for a time today, the Wall Street Journal reports. “We have gotten so close to the S&P 1,000 level, you just sort of sense that unless there’s a horrible GDP number tomorrow, we’re going to have to go up and challenge this thing,” a strategist says. The Dow was up 83.74 to 9,154.46. The S&P gained 11.60 to end at 986.75. And the Nasdaq rose 16.54 to 1,984.30. More»

(NEWSER) - Tech stocks soared at the open today, taking major indexes with them, after a strong quarter and upbeat outlook from Intel, the Wall Street Journal reports. The Dow rose 100 points, while the Nasdaq added 30 points and the S&P 11.45 points. Intel was up 7.5% pre-market. “Clearly, Intel is seeing a firming up in demand," said one analyst. “It's encouraging news for the industry.” More»

(NEWSER) - Stocks shot higher at the open this morning, as rising oil prices and strong manufacturing data from China outweighed news of GM's bankruptcy. The Dow rose 102 points; as of next Monday, the index will no longer include GM and Citigroup. The Nasdaq and S&P were each up 1.3%. Oil rose more than $2 to $68, driven in part by China’s announcement that industrial activity would increase for the third straight month. More»