The market is not fairing well still and I get this nearly everyday. Shareholder confidence is not good across the board. Also as the information comes out some think it maybe a bit longer than we would like.
BUZZ AT THE BELL
Bargain hunters made a comeback try today, but all three
major indexes are still down four days out of the past six.
Recall that only a week ago, we toasted the Nasdaq
Composite's sixth straight higher close. That was 200
points ago.
Investors initially bid stocks sharply higher Thursday,
snapping up shares beaten down in Wednesday's selloff. But
their stamina failed before a serious attempt at last
week's summit could be mounted.
Only the Nasdaq Composite managed a significant move. It
climbed 26 points, or 1.3 percent, to 2,111. The Dow Jones
industrial average rose 39 to 10,912 and the Standard &
Poor's 500 edged up 8 points to 1,256 -- fractional
advances for both.
One hitch might have been this morning's report on weekly
unemployment claims. The government says initial jobless
filings rose for a third straight week, while a measure of
ongoing claims hit a seven-and-a-half-year high. Stocks
usually brush off these erratic weekly labor figures. But
it's hard to ignore bad news three weeks straight.
Adding to economic concerns, a survey of Chicago-region
purchasing managers showed factory activity at
recession-esque levels in May. That's another hint recovery
could be further off than any of us would like to think.
But check your portfolio before you get start feeling too
negative. About two-thirds of S&P 500 stocks rose today,
led by those of cellular-phone companies,
photographic-products firms and health care providers.
Among the biggest losers were publishers, insurance
brokers, restaurants and precious-metals miners.
Scott Gerlach
Managing Editor, CNBC.com
CIIR cash & restricted stock
:=) Gary Swancey
AI
