Bulls finally get a clue Saturday, September 09, 2006
Stocks posted modest gains Friday, snapping a three-day losing streak but coming nowhere near recovering its losses from earlier in week.
The Dow Jones industrial average (up 15.77 to 11,144.06, Charts) added 0.1 percent after having fallen 300 points in the past three sessions. The broader Standard & Poor's 500 (up 5.22 to 1,267.03, Charts) index gained 0.4 percent and the tech-heavy Nasdaq composite (up 13.56 to 2,193.88, Charts) was up 0.6 percent.
The Nasdaq had fallen for the past eight sessions, marking the longest losing streak since September 1994.
All three major gauges were down for the week. The Dow lost 2.1 percent, its worst week in four months, according to Reuters. The S&P 500 fell 1.9 percent and the Nasdaq was down 2.2 percent.
Markets see-sawed throughout the session, as concerns about inflation and interest rates persisted. Investors have been particularly concerned about inflation pressures in recent days as they look for clues as to what the Federal Reserve will do with interest rates at its next meeting in late June.
"The big question is about the Fed," said Fred Dickson, chief market analyst at D.A. Davidson & Co., calling this the "wait and see zone."
"Investors are anxious to see a clearer indication of what the Fed will do at the end of June," he said.
Investors will be paying close attention to the string of economic reports due next week, including April readings on durable goods orders and new and existing home sales.
Crude oil for June delivery fell 92 cents to $68.53 a barrel on the New York Mercantile Exchange, after slipping near a five-week low earlier in the session.
The dollar soared, climbing against the yen and the euro, and COMEX gold for June delivery tumbled $24.70 to $656.20 an ounce, off last week's 26-year high of $730. Dollar losses often boost gold prices by making bullion cheaper for holders of other currencies.
Treasury prices were little changed, leaving the yield on the benchmark 10-year note at 5.06 percent.
The Dow Jones industrial average (up 15.77 to 11,144.06, Charts) added 0.1 percent after having fallen 300 points in the past three sessions. The broader Standard & Poor's 500 (up 5.22 to 1,267.03, Charts) index gained 0.4 percent and the tech-heavy Nasdaq composite (up 13.56 to 2,193.88, Charts) was up 0.6 percent.
The Nasdaq had fallen for the past eight sessions, marking the longest losing streak since September 1994.
All three major gauges were down for the week. The Dow lost 2.1 percent, its worst week in four months, according to Reuters. The S&P 500 fell 1.9 percent and the Nasdaq was down 2.2 percent.
Markets see-sawed throughout the session, as concerns about inflation and interest rates persisted. Investors have been particularly concerned about inflation pressures in recent days as they look for clues as to what the Federal Reserve will do with interest rates at its next meeting in late June.
"The big question is about the Fed," said Fred Dickson, chief market analyst at D.A. Davidson & Co., calling this the "wait and see zone."
"Investors are anxious to see a clearer indication of what the Fed will do at the end of June," he said.
Investors will be paying close attention to the string of economic reports due next week, including April readings on durable goods orders and new and existing home sales.
Crude oil for June delivery fell 92 cents to $68.53 a barrel on the New York Mercantile Exchange, after slipping near a five-week low earlier in the session.
The dollar soared, climbing against the yen and the euro, and COMEX gold for June delivery tumbled $24.70 to $656.20 an ounce, off last week's 26-year high of $730. Dollar losses often boost gold prices by making bullion cheaper for holders of other currencies.
Treasury prices were little changed, leaving the yield on the benchmark 10-year note at 5.06 percent.
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