|
|
|
Stocks reverse early losses as commodities rise .
Stock Market News |
2011/05/16 18:52
|
A bounce back in materials and financial companies erased early losses in the U.S. stock market Monday.
Commodities like corn and cotton rose more than 3 percent in morning trading. Those gains helped send materials companies up 1.3 percent, the most of the 10 industry groups that make up the S&P 500 index.
The Dow Jones industrial average rose 41 points, or 0.3 percent, to 12,637 in morning trading. The S&P 500 rose 4, or 0.3 percent, to 1,341. The Nasdaq composite fell 5, or 0.1 percent, to 2,823. The Dow had been down by more than 50 points earlier in the day following an earnings miss by a big retailer and new concerns about Europe's debt crisis.
Home improvement company Lowe's Cos. fell nearly 3 percent in early trading Monday after its quarterly report missed Wall Street's estimates and the company cut its outlook for the year. The company said that its profit fell 6 percent in the first quarter because of the combination of bad weather and a decline in consumer spending.
But J.C. Penny Co. Inc. rose nearly 4 percent after the retailer said that cost-cutting and a line of exclusive merchandise helped its profit rise nearly 7 percent in the first quarter. The company also raised its full year profit estimates.
The U.S. stock market has lost some of its momentum lately after finishing its best first quarter since 1998. Companies in so-called defensive industries like healthcare, utilities and consumer staples have outperformed lately due in part to concerns that high gas prices will slow the economy and cut into corporate profits.
Investors are growing increasingly concerned over the prospect of an unprecedented U.S. default on its debt as well. Treasury Secretary Timothy Geithner told Congressional lawmakers in a letter Monday that the agency is using accounting measures to postpone hitting the federal debt limit until August.
|
|
|
|
|
|
|
 |
Investment Fraud Litigation |
|
|
|
|
Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
|
|
|
| |
| |
| |
|
The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
|
Legal News RSS Feed
