4:20 pm : The market bounced back after several days of losses as some upbeat news from tech giant Dell and a sense that the market was oversold on a short-term basis renewed some enthusiasm for stocks and attracted bargain hunters looking for reasonable valuations and a market bottom.
Providing the bulk of early momentum from a news standpoint, since there was nothing in the way of economic data scheduled, was Dell (DELL 24.57 +0.62). Despite merely matching lowered expectations, DELL surged 2.6% amid reports that a $3 bln restructuring and a shift toward using AMD chips for
Oil Together Now? While some cooking oils are healthier than others, all have the same 120 calories and 14 grams of fat per tablespoon. Use even a heart-healthy oil in moderation. Buy a good nonstick skillet, and you can significantly reduce the oil in recipes.
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US guards battle Guantanamo inmates in wild fight An improvised weapon made from a length of electrical conduit used by detainees in Camp 4 against the guard force at Joint Task Force Guantanamo in this photograph released by the Pentagon on May 19, 2006. (Anthony John/Joint Task Force Guantanamo/Department of Defense/Handout/Reuters)
1:56 pm PT Capital Corp. of the West Names New Chief Financial Officer (CCOW) 31.42 -0.56 : Co has announced the appointment of David A. Heaberlin as its new Executive Vice President and Chief Financial Officer/Treasurer.
1:55 pm PT Market Internals : The Dow increased 0.14% closing at 11144, the Nasdaq was up 0.62% to finish at 2194, and the S&P was up 0.41% to finish at 1267. Leading sectors included: internet retail +4.1%, health care supp +3.6%, apparel retail +2.5%, auto manu +2.2%, aluminum +2.1%. Lagging sectors included: healthcare srvc --2.7%, diversified metals and mining -2.2%, office electronics -1.9%, footware -1.3%, managed health -1.3%. Today's movement came from above average volume (NYSE 2080, vs. closing avg of 1643; Nasdaq 2575, vs. 2124), with higher advance/decline ratios (NYSE 1902/1342; Nasdaq 1704/1331), and with new high's coming in lower than new low's (NYSE 24/159, Nasdaq 55/142).
1:05 pm PT Afternoon Wrap: Pause or Bounce ? : Yet another ugly week for the market averages but we have seen a stabilization�today (S&P near 200 day avgs, Nasdaq Comp 62% of Oct-April rally, Dow 38% retrace).� Semi -SOX- which was off 9 days in a row (-10%) heading into the day provided upside leadership (+3.2%) while Broker/Dealer (down 6 of 8 and 10%) rallied +1.5%.� Other groups in the plus column included Disk Drive +1.5%, Retail +1.4%, Airline +1.4%, Paper +1.2%, Railroad +1.1%, Networking +1.1%, Natural Gas +1%, Telecom +1%, Casino +1%.� Any positive trade is an improvement but Friday's action merely suggests a loss of bearish momentum.��Confirmation of a more sustainable bounce is needed early next week.
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