Dow now off 39 points, at 11,568.
NEW YORK (AP) — Investors are brushing aside some positive
economic news on lingering concerns over the housing market.
But while U.S. markets were in negative territory Thursday, stocks
are likely to end the year on an upbeat note: The S&P 500 index
is up 12 percent and the Dow is up 11 percent in a year marked by
big corporate profits. The Dow is back to levels last seen in
August 2008, prior to the heat of the financial crisis, while the
S&P might just eke out the best December in 20 years, if it
manages to go back to positive territory.
At midday, the Dow Jones industrial average was off 23.73 points,
or 0.2 percent, to 11,561.70. The S&P 500 edged down 2.64, or
0.2 percent, to 1,257.14, while the technology-focused Nasdaq
composite index fell 3.98, or 0.2 percent, to 2,662.95.
The week has been thinly traded, and Thursday is effectively being
considered the last trading day of note because of the spate of
economic data and also because even fewer traders are expected to
show up on Friday, the last day of the year.
Dow at 11,574, a rise of 19 points so far today.
NEW YORK (AP) — Stocks ping-ponged between slight gains and
losses Tuesday after disappointing reports on consumer confidence
and home prices.
The Conference Board announced that consumer’s confidence in the
economy slid to a level of 52.5 in December, down from 54.3 in
November. Economists were expecting the index to rise to 55.8. A
reading on the index above 90 indicates a healthy economy.
Fears that the housing market could continue to fall are
contributing to wariness about the economy. Standard &
Poor’s/Case-Shiller said Tuesday that home prices fell 1.3 percent
in October from a month earlier.
Home prices slid across the country. Prices were down 2.9 percent
in Atlanta, 2 percent in Chicago, and 1.9 percent in San
In midday trading, the Dow Jones industrial average gained 8.6
points, or less than 0.1 percent, to 11,563. The Standard and
Poor’s 500-stock index fell 0.2, or less than 0.1 percent, to
1,257. The technology-focused Nasdaq composite index lost 6, or 0.2
percent, to 2,660.
Energy and materials companies were the only ones to post gains
among the 10 industry groups that make up the S&P 500.
Chevron Corp. rose 1 percent to lead the 30 stocks that make up the
Dow index. Caterpillar Inc. had the largest fall, losing 0.6
In corporate news, General Motors Co. gained 2.3 percent to $35.40
after a handful of analysts initiated coverage of the company and
gave it favorable ratings.
Home builder Beazer Homes USA Inc. fell 3.5 percent to $5.42 on the
news that home prices fell in October.
Trading volumes on Wall Street are expected to be light throughout
the week. Many investors have already closed their books for the
year and are on vacation until January.
The Port of Bremerton has received high praise from the
Washington Department of Transportation following an extensive
audit looking at the spending of $2.5 million in federal stimulus
money to build the first phase of a road going into the largely
undeveloped South Kitsap Industrial Area.
“The port’s oversight of the consultant documentation provided
for the review met all the federal requirements. In fact, it was
the opinion of the National Review Team that the records provided
were the best they had seen in the over 40 states reviewed,
including state DOTs, as well as locally administered projects,”
the letter read.
— Rachel Pritchett, reporter
Call me now at (360) 475-3783
Rachel Pritchett, reporter
Dow at 11,555, down 18 points so far today.
NEW YORK (AP) — Stock indexes fell in midday trading Monday
after China moved to raise interest rates to combat spiking
A blizzard in the Northeast is making this a quiet day on Wall
Street by disrupting commutes for many people who in the financial
industry. Trading is expected to be light throughout the week as
the New Year’s holiday approaches.
A year-end rally based on improving economic reports and the
extension of tax cuts for another two years has pushed stock
indexes to two-year highs.
In midday trading, the Dow Jones industrial average fell 34 points,
or 0.3 percent, to 11,540. The Standard and Poors 500-stock index
fell 2, or 0.2 percent, to 1,255. The Nasdaq composite index fell
14, or 0.5 percent, to 2,653.
China’s move over the weekend is the second time in three months
that the country has taken steps to slow the pace of its economic
expansion. Inflation jumped to its highest levels in two years in
November. Any slowdown in China can affect stocks worldwide. Bank
of America Corp. estimates that emerging markets like China account
for 80 percent of the world’s economic growth.
Shares were down sharply overseas. The Euro Stoxx 50, which tracks
blue chip companies in countries that use the euro, fell 1.2
percent. Asian stock markets closed down less than 1 percent.
Auto Club AAA says the average price for a gallon of unleaded
today, Monday, in Kitsap County is $3.16. That’s 6 cents higher
than a month ago and a whopping 38 cents higher than this day last
Rachel Pritchett, reporter
Rogerson to Retire
From Kitsap Credit
Union in March
Ron Rogerson, Kitsap Credit Union senior vice president and chief
marketing officer, will retire March 1.
Before joining the credit union, Rogerson worked for KBRO-AM and FM
radio, including a stint as station manager, and was the
play-by-play voice of local high school sports for more than 10
years. He also has been a local business owner and held key
positions at two other area financial institutions.
Rogerson has been a member of the Silverdale Rotary for more
20 years, is a former Olympic College trustee, is a past president
of the Kitsap Mental Health Foundation Board of directors and the
Kitsap-Bremerton Athletic Roundtable.
“My over 14-year tenure at Kitsap Credit Union has been the most
gratifying, rewarding, exciting and fun experience of my over forty
year professional career,” Rogerson said. “ Oh, what a fantastic
ride it has been!”
What: Washington Community Alliance for Self-Help will hold an
orientation Jan. 8 for an eight-week winter business development
training class that begins Jan. 11 in Bremerton. The training is
free to low-income households, and the only charge is $40 for the
course workbook. Topics for the business training include learning
how to start your business, from licenses, taxes, insurances to
managing time. Class sessions also cover developing the business
concept, sales and marketing, calculating the break-even point,
learning cash flow techniques, developing pricing, preparing
financial statements, designing sales and marketing plans.
When: 9:30 a.m. to 1 p.m.
Where: The Communitas Building, 920 Park Ave. in Bremerton.
Pre-registration & Info: E-mail to firstname.lastname@example.org or
call (206) 914-4824 or (360) 698-4088.
What: Greater Poulsbo Chamber of Commerce will meet Jan. 12 for its
monthly luncheon with Poulsbo Mayor Becky Erickson discussing
Poulsbo in general.
When: 11:30 a.m. networking; noon luncheon.
Where: Kiana Lodge, 14976 Sandy Hook Road in Suquamish.
What: Jay Manning, a South Kitsap native and chief of staff to Gov.
Chris Gregoire, will speak at the Jan. 13 membership luncheon of
the Port Orchard Chamber of Commerce. He will update members on the
When: 11:30 a.m.
Where: McCormick Woods Banquet Room in Port Orchard.
Cost: $20 prepaid for members or $22 at the door; $22 for
Reservations: Required by Jan. 11 online at www.portorchard.com or
by calling (360) 876-3505.
Kitsap Sun staff
Light volume as the Dow closes at 11,479, down 13 points.
NEW YORK (AP) — Low trading volumes and a lack of economic
reports kept stocks confined to a narrow range Monday. Indexes
finished mixed and bond yields were barely changed.
American Express Co. had the largest move of the 30 stocks that
make up the Dow Jones industrial average. The card issuer fell 3.4
percent to $42.50 after Stifel Nicolaus downgraded the company. New
rules proposed by the Federal Reserve could limit fees the company
Aloca Inc. led the Dow index with a 1.4 percent gain to $14.77.
The Dow fell 13.78, or 0.1 percent, to 11,478.13. The Standard and
Poor’s 500-stock index rose 3.17, or 0.3 percent, to 1,247.08. The
Nasdaq composite index gained 6.59, or 0.3 percent, to finish at
The yield on the 10-year Treasury bond rose slightly to 3.34 from
3.33 percent late Friday.
Stocks have been rising strongly in December. The Dow has gained
4.3 percent so far this month and the S&P has hit seven new
annual highs since Dec. 8.
Investors have been encouraged by improving economic data on retail
sales, consumer confidence and factory production, as well as
policy changes that will benefit stockholders. President Barack
Obama signed a bill last week that will keep Bush-era income tax
cuts in place for another two years. The law will also extend
favorable tax rates on capital gains and dividends.
“The markets … made quite a run,” said Stephen Carl, principal and
head of equity trading at The Williams Capital Group. But the tax
cuts “can only go so far,” Carl said, and are unlikely to continue
sending stocks higher.
In corporate news, Boeing Inc. fell 2.7 percent to $63.27 even as
the company said it was increasing the production rate for its 777
aircraft again in response to strong demand. Last week, the
aerospace giant said that customers canceled orders for three 777s
and one of its 787s.
Medtronic Inc. rose 0.6 percent to $37.62 after the world’s largest
medical device manufacturer said its chairman and CEO will step
down in April after leading the company for three years.
Later in the week, investors will get reports from shoe maker Nike
Inc., used car dealership chain CarMax Inc. and pharmacy operator
Markets will be closed on Friday in observance of Christmas.
The dollar gained 0.3 percent against an index of six
heavily-traded currencies. Commodity prices rose 1.1 percent.
Rising and falling shares were even on the New York Stock Exchange.
Trading volume came to 830 million shares.
Dow closes at 11,457, minus 19 points
NEW YORK (AP) — Early gains in the stock market evaporated
Wednesday after worries about Europe’s debt crisis overshadowed
signs of growth in the U.S. Bond prices fell, sending long-term
interest rates higher again.
The euro fell 1.2 percent against the dollar after Moody’s said
that it may lower Spain’s credit rating. The stronger dollar hurts
U.S. companies that do a lot of business overseas. The Standard
& Poor’s 500 index, the broadest measure of large U.S.
companies, fell 0.5 percent.
Stock prices started the day higher after reports showed that U.S.
manufacturing industry is growing and inflation remains under
control. The Federal Reserve said U.S. factory output rose for the
fifth straight month in November. A separate report showed that
consumer prices stayed flat last month.
In the late afternoon, the Senate overwhelmingly passed a $858
billion package that will extend tax cuts passed during the Bush
administration for another two years. The measure now goes to the
House, where it is expected to pass despite complaints by Democrats
over what they see as overly generous estate tax rates for the
This today from the Washington State Hospital Association. Your
feeling? Rachel Pritchett
“Today, Governor Gregoire proposed a budget that will shred
Washington State’s health care safety net. Her budget will force
more than 110,000 people off health insurance on March 1, 2011.
These are poor children, people with disabilities, and low-income
workers. They have no other options for health insurance, will
remain uninsured, and will flood Washington State’s already
overcrowded community emergency rooms. Her budget will also
eliminate critical health care benefits that low-income and
disabled people need to maintain their health.
“The Governor clearly hopes that non-profits and community based
organizations, including hospitals, will be able to pick up the
pieces. Let us be very clear: hospitals are not able to absorb the
impact of these cuts. If enacted, these cuts will be felt for years
to come and will create enormous instability in our state’s health