Stocks erase losses by close

The Dow Jones industrial average (INDU) gained 24 points, or 0.2%. The S&P 500 index (SPX) added less than 2 points, or 0.1%, and the Nasdaq composite (COMP) ended just above unchanged.

Stocks were mixed to higher early in the session as investors weighed a rise in weekly jobless claims with better news out of Europe. But the tone turned negative after the release of weaker-than-expected readings on manufacturing and leading economic indicators (LEI).

Nonetheless, stocks managed to erase losses and end above breakeven, with the Dow sporting a small advance.

Markets have been choppy the last two session after the Dow jumped nearly 600 points, or 6%, in just over a week. That advance following a six-week selloff that saw the major gauges each lose more than 13%.

The concerns were tempered somewhat by reports out of Europe that showed Spain getting solid results for its bond auctions, easing worries that the country's fiscal woes could be in as bad as those of Greece. A separate report showed improved retail sales in Britain last month.

"I think people want to remain bullish when they look at corporate earnings and GDP, but that's tempered by debt issues in Europe and the recent retail and jobs reports, which have been pretty poor," said Robert Siewert, portfolio manager at Glenmede.

"Market participants are questioning whether the recent selloff was a typical market correction or the start of something more protracted," he said.

COMEX gold for August delivery rose $18.20 to settle at $1,248.70 an ounce, an all-time high.

Worries that the European debt crisis could send the United States back into recession have dragged on U.S. stocks over the past two months.

Stocks were mixed Wednesday, after BP said it was canceling its quarterly dividend and establishing a $20 billion fund to cover damages related to the Gulf oil spill. BP (BP) remained in focus Thursday as chief executive Tony Hayward testified before a House committee.

Hayward told the committee he was "deeply sorry" for the catastrophe, after lawmakers lambasted him for being oblivious to the risks that led to the explosion at the Deepwater Horizon rig and subsequent oil leak.

Jobs: The number of Americans filing new claims for unemployment rose last week to 472,000 from 460,000 the previous week. Economists surveyed by Briefing.com thought claims would drop to 450,000.

Continuing claims, a measure of Americans who have been receiving benefits for a week or more, rose to 4,571,000 from 4,483,000 the week before, versus forecasts for a drop to 4,475,000.

The Consumer Price index, a measure of consumer inflation, fell 0.2% in May versus forecasts for a drop of 0.1%. CPI fell 0.1% in April. So-called core CPI, which strips out volatile food and energy prices, rose 0.1% as expected after showing no change in the previous month.

Euro: The euro rose 0.6% versus the dollar, continuing to recover after touching a four-year low of $1.188 last week. The dollar fell 0.7% against the yen.

On the move: The Dow managed to end higher, with Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500), Travelers (TRV, Fortune 500), IBM (IBM, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500) providing the lift.

In company news, grocery chain Kroger (KR, Fortune 500) gained 3.3% after reporting higher-than-expected quarterly earnings and saying current-quarter sales are tracking roughly in line with the previous quarter.

Food and consumer products maker J.M. Smucker (SJM) reported higher quarterly net income, sending shares up 6.6%.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by a narrow margin on volume of 1.16 billion shares. On the Nasdaq, decliners topped advancers by a narrow margin on volume of 1.78 billion shares.

World markets: European markets gained. Britain's FTSE 100 rose 0.3%, Germany's DAX added 0.5% and France's CAC 40 gained 0.2%.

Asian markets were mixed. Japan's Nikkei lost 0.7% and Hong Kong's Hang Seng rose 0.4%. China's Shanghai Composite lost 0.4%.

Commodities: U.S. light crude oil for July delivery fell $1.10 to settle at $76.57 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.19% from 3.28% late Wednesday. Treasury prices and yields move in opposite directions. 

Stocks sputter on job worries

The Dow Jones industrial average (INDU) lost 17 points, or 0.2%, in the early going. The S&P 500 index (SPX) also eased a few points and the Nasdaq composite (COMP) was little changed.

Weekly jobless claims rose last week, after falling for the previous three weeks, reviving concerns about the strength of any recovery if job growth is lacking.

The concerns were tempered somewhat by reports out of Europe that showed Spain saw solid results for its bond auctions, easing worries the country could be in a fiscal shape as bad as Greece. A separate report showed improved retail sales in Britain last month.

Worries that the European debt crisis could send the United States back into recession have dragged on U.S. stocks over the past two months.

Stocks were little changed at the end of a choppy session Wednesday following mixed economic reports. In addition, investors considered BP's decision to cancel its quarterly dividend and establish a $20 billion fund to cover damages related to the Gulf oil spill.

The British oil company will be in focus again Thursday as chief executive Tony Hayward testifies before a House committee.

Economy: The weekly jobless claims report from the Department of Labor showed a gain of 12,000 to 472,000 initial claims in the week ended June 12.

The gain was much higher than expected. Economists had forecast 450,000 Americans to have filed new claims for unemployment last week, according to a consensus of economists surveyed by Briefing.com.

The Consumer Price Index, the government's main inflation gauge, slipped 0.2% in May, a wider-than-expected decline. A consensus of economists surveyed by Briefing.com had expected to show that prices fell 0.1% in May after falling 0.1% the month before.

Excluding energy and food prices, the so-called core CPI, prices ticked up by 0.1% last month, after being unchanged in April. This report matched expectations.

After the market opens, reports on leading economic indicators and manufacturing in the Philadelphia area were scheduled to come out.

World markets: European shares were up in morning trading. Britain's FTSE 100 gained 0.8%, the CAC 40 in France edged up 0.9% and Germany's DAX added 0.6%.

In Asia, the major indexes ended mixed. Japan's Nikkei finished with a 0.7% decline, but Hong Kong's Hang Seng rose 0.4%.

Dollar and commodities: The dollar eased against the euro, yen and British pound.

U.S. light crude oil for July delivery slid 78 cents to $76.89 a barrel. COMEX gold's August contract added $15.30 to $1,245.80 per ounce.

Bonds: Treasury prices inched up, with the 10-year note's yield down to 3.25% from 3.29% the day before. Bond prices and yields move in opposite directions. 

Stocks set for higher open

At 7 a.m. ET, Dow Jones industrial average (INDU), Nasdaq (COMP) and S&P 500 (SPX) futures were all about 0.3% higher. Futures measure current index values against perceived future performance.

The British oil company will be in focus again Thursday as chief executive Tony Hayward is scheduled to testify before a House committee in the afternoon.

Economy: The weekly jobless claims report from the Department of Labor is due before the opening bell. Roughly 450,000 Americans are expected to have filed new claims for unemployment last week, down from 452,000 in the previous week.

The Consumer Price Index, the government's main inflation gauge, is expected to show that prices fell 0.1% in May after falling 0.1% the month before. Excluding energy and food prices, the so-called core CPI, prices are forecast to have risen 0.1% last month.

After the market opens, reports on leading economic indicators and manufacturing in Philadelphia are scheduled to come out.

World markets: European shares were up in morning trading. Britain's FTSE 100 gained 0.8%, the CAC 40 in France edged up 0.9% and Germany's DAX added 0.6%.

In Asia, the major indexes ended mixed. Japan's Nikkei finished with a 0.7% decline, but Hong Kong's Hang Seng rose 0.4%.

Dollar and commodities: The dollar eased against the euro, yen and British pound.

U.S. light crude oil for July delivery slid 30 cents to $77.37 a barrel. COMEX gold's August contract added $7.30 to $1,237.80 per ounce.

Bonds: Treasury prices inched up, with the 10-year note's yield down to 3.28% from 3.29% the day before. Bond prices and yields move in opposite directions.

STI lower at midday

Stocks end flat after choppy session

These are daily news reports.

They are valid for a Day only.

Today market falls, they will find reasons why the stocks fall.

Tomorrow market rises, they will also find reasons why the stocks rise.

They are good for information, but you still need to determine the market direction yourself.

Maybe can pick up later.

Now down 20+ only

Stocks slide on disappointing economic reports

The Dow Jones industrial average (INDU) dropped 49 points, or 0.5%. The S&P 500 index (SPX) lost 5 points, or 0.5%, and the Nasdaq composite (COMP) shed 9 points, or 0.4%.

U.S. markets rallied Tuesday as concerns about Europe's debt woes eased. The Dow gained 2.1%, the S&P 500 jumped 2.4% and the Nasdaq climbed 2.8%.

But all that momentum was lost early Wednesday as investors faced disappointing economic news and less-than-stellar corporate reports.

Economy: The Commerce Department reported that new home construction sank 10% in May -- the first month after the a homebuyer tax credit expired -- to a seasonally-adjusted annual rate of 593,000.

Building permits, a measure of builder confidence, also fell sharply, dropping 5.9% from the previous month.

Another report showed that the Producer Price index (PPI), a key measure of wholesale inflation, fell 0.3% in May after slipping 0.1% in April. The so-called Core PPI, which strips out volatile food and energy prices, rose 0.2%. Economists thought Core PPI would rise 0.1%.

The Federal Reserve reported that industrial production climbed 1.2% in May, after rising 0.7% the previous month. Economists were expecting the figure to edge up 0.8%.

Companies: FedEx (FDX, Fortune 500) posted a fourth-quarter profit Wednesday morning, but said it expects earnings for fiscal 2011 to be "constrained" due to higher costs. The news sent the shipper's shares down 1.3%.

Mortgage finance giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500) were ordered by their federal regulator to no longer trade their shares on the New York Stock Exchange. Shares of of both sank 23%.

Gulf oil spill: President Obama is due to meet BP Chief Executive Tony Hayward and company Chairman Carl-Henric Svanberg Wednesday.

The meeting comes a day after Obama, during an Oval Office address, vowed to make BP (BP) pay for the costs of cleaning up the oil disaster.

World markets: European shares rose in early trading, although gains were modest. Britain's FTSE 100, the CAC 40 in France and Germany's DAX were all slightly higher.

In Asia, Japan's Nikkei rallied 1.8%. Markets in Hong Kong, Taiwan and China were closed for a holiday.

Dollar and commodities: The euro, British pound and Japanese yen posted slight losses against the dollar.

U.S. light crude oil for July delivery fell 51 cents to $76.43 a barrel. COMEX gold's August contract added 30 cents to $1,234.70 per ounce.

Bonds: Treasury prices inched up, lowering the 10-year note's yield to 3.29% from 3.31% the day before. Bond prices and yields move in opposite directions. 

billions into Greece

ATHENS

A total of 14 investment deals were signed between companies from the two countries yesterday during a visit to Athens by Chinese Vice-Premier Zhang Dejiang.

The agreements included three between shipping companies and Chinese shipbuilder Cosco for the construction of seven dry bulk cargo ships.

Greek telco OTE also signed an agreement with China’s Huawei, while food companies inked four deals for Greek olive oil.

No figures were immediately available as to how much the deals were worth, but London’s

Athens is seeking to attract investment from countries with massive sovereign wealth funds — such as China — in an effort to stimulate growth in its debt-laden economy.

The European Union and the International Monetary Fund have given Greece a €110-billion ($188-billion) bailout package over three years to tackle its fiscal crisis.   — China is investing billions of euros in various industries in Greece, ranging from shipping to olive oil, as the European nation battles to slash its massive debt.Financial Times reported them as worth “billions of euros”.Agencies

Stocks erase gains on Greece

Investors could be in for a bumpy ride next week

Shares of the British oil company have plunged recently amid growing speculation that it will be forced to cut its dividend payment. Some analysts think BP (BP) could end up in bankruptcy court because of the spill.

In addition to corporate and economic drivers, the ongoing debate in Washington over Wall Street reform will also be in focus. The House and Senate will meet to merge two proposed bills that would mandate sweeping changes, including steps to curb risk taking, protect consumers and prevent financial firms from getting too big to fail.

Tuesday: Government data on import and export prices is due before the market opens, though the report is usually not a market mover. Consumer electronics giant Best Buy (BBY, Fortune 500) releases quarterly results and a report on manufacturing activity in New York comes out before the opening bell.

After the market opens, the Treasury Department will release a report on foreign purchases of U.S. debt.

Wednesday: The government will release a report on housing starts and building permits before the market opens.

Economists surveyed by Briefing.com expect housing starts fell to an annual rate of 655,000 units in May from 672,000 the month before. Building permits, considered a leading indicator, are forecast to rise to an annual rate of 655,000 from 610,000.

The producer price index, a measure of wholesale inflation, is expected to show prices fell 0.4% in May. Excluding volatile energy prices, producer prices likely rose 0.1%, according to estimates.

A report on capacity utilization and industrial production comes out after the opening bell.

The government's weekly oil inventory report also is due Wednesday morning

In corporate news, parcel delivery service FedEx (FDX, Fortune 500) is scheduled to report quarterly results in the morning.

In the evening, Federal Reserve chairman Ben Bernanke will deliver a speech in New York on proposed financial reform.

Thursday: The weekly jobless claims report from the Department of Labor is due in the morning. Roughly 450,000 Americans are expected to have filed new claims for unemployment last week, down from 452,000 in the previous week.

The consumer price index, the government's main inflation gauge, is expected to show that prices fell 0.2% in May after falling 0.1% the month before. Excluding energy and food prices, the so-called core CPI, prices are forecast to have risen 0.1% last month.

After the market opens, reports on leading economic indicators and manufacturing in Philadelphia are scheduled to come out.

In the afternoon, BP chief executive Tony Hayward is scheduled to testify before a House committee on the Deepwater Horizon, a drilling rig operated by the British oil company, which sank in April after an explosion and caused the worst oil spill in U.S. history.

Friday: The Labor Department will release a report on state unemployment levels at 10 a.m. ET. 

STI higher at midday