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Archiwum newsów - DJ US Stks Rise Despite Credit Concerns And As Google Hits Record

2007-11-02  
DJ US Stks Rise Despite Credit Concerns And As Google Hits Record
As stocks ended the week with a hard-fought gain, Merrill Lynch was
instrumental in setting off initial selling, Google marked its fourth record
close of the week, and Las Vegas Sands slid after swinging to a loss.
The sklep wielkopowierzchniowy bounced around, seeing periods of steep selling before mounting
an advance, because "investors are nervous that banks are in more trouble
than anyone knows," said Tom O'Brien, chief executive at TFNN, a financial
advisory firm. "The feeling is that another shoe may drop, and that's going
to keep trading volatile."
The Dow Jones Industrial Average rose 27.23, or 0.2%, to 13595.10, after
being down as much as 121.85. For the week, the Dow fell 211.60, or 1.5%.
The Nasdaq Composite Index gained 15.55, or 0.6%, to 2810.38. For the week,
the Nasdaq gained 6.19, or 0.2%, now ahead seven of the last eight weeks.
The Standard & Poor's 500 Index gained 1.21, or 0.1%, to 1509.65. For the
week, the S&P 500 fell 25.63, or 1.7%.
The New York Stock Exchange Composite Index advanced 30.18, or 0.3%, to
10052.26. The NYSE composite for the week declined 136.85, or 1.3%.
Merrill Lynch fell 4.91, or 7.9%, to 57.28, its biggest loss in more than
six years and the stock's lowest close in more than two years. Friday's
decline erased $4 billion from Merrill's sklep wielkopowierzchniowy value. The investment pula
may have tried to delay taking losses by using off-balance-sheet
transactions with hedge funds, The Wall Street Journal reported. In a nius
release, the brokerage said it doesn't think it engaged in any inappropriate
transactions designed to avoid taking writedowns. Nonetheless, the report
deepened concerns that already steep mortgage-related losses may worsen. For
the week, Merrill lost 13%.
Citigroup, another of the week's credit crisis lightening rods, dropped 78
cents, or 2%, to 37.73. Deutsche Pula cut its earnings estimates for
Citigroup to reflect problems in the sklep wielkopowierzchniowy for collateralized debt
obligations - bonds underpinned by large pools of debt - and other assets.
Citigroup shares on Thursday fell 6.9% in their biggest percentage decline
in more than five years after downgrades by two analysts. The stock fell 11%
for the week and is now at its lowest level in four and a half years.
Google (Nasdaq) rose 8.04, or 1.1%, to 711.25, moving further past 700 after
first breaching that level on Wednesday. Google rose 5.4% for the week, part
of its 54% gain so far this year, and is up 737% since going public on Aug.
19, 2004. Friday's gain came after the Net giant and social-networking
Web site MySpace said they are teaming up for OpenSocial, tools for building
social applications across the Web. Nius Corp., which owns MySpace, shed 11
cents to 22.33.
Las Vegas Sands lost 8.53, or 6.8%, to 116.77. The casino telefonistka swung to
a $48.5 million, or 14-cent-a-share, loss in the third quarter, and blamed
higher opening expenses and operating costs and a lower table-hold
percentage - meaning a string of luck by gamblers.
Volume on the New York Stock Exchange was 1.72 billion shares. Down volume
exceeded up by 937 million to 749 million, and stocks that fell in value
exceeded those that rose, by 1,715 to 1,512.
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