Stocks try to trim losses

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EMAIL PRINT DIGG RSS Subscribe to Markets feed rss.cnn.com rss money markets.rss Paste this link into your favorite RSS desktop reader See all CNNMoney.com RSS FEEDS close By Alexandra Twin and Ben Rooney CNNMoney.com staff ! writers February PM EST Quick Vote What was the biggest business news story of the past week Oil tops igniting inflation fears The Federal Reserve lowers its economic growth forecast for Wal Mart beats earnings estimates but issues cautious outlook Delta Northwest merger talks hit snag or View results Video More video Why some companies just won t make it in the midst of market turmoil. Play video Fannie Mae and Freddie Mac were downgraded by Merrill Lynch due to housing market woes. Play video Shares of government sponsored mortgage lenders decline after Merrill cuts ratings on both. Play video NEW YORK CNNMoney.com Stocks gained Friday staging an impressive late session comeback after sliding for nearly two sessions on ongoing worries about the economy. According to early tallies the Dow Jones industrial average INDU ended . higher and the broader Standard Poor s SPX index also ended with gains of . . The Nasdaq composite COMP added . after having fallen into bear market ! territory during the session defined as a drop of at least off the recent highs. The major gauges tumbled Thursday after a weak regional manufacturing report added to fears that the economy is headed for a recession if not already in one. There was no fresh economic data to set the tone Friday and after a sluggish start to the session stocks turned lower. It appears now that we have a real threat of inflation in addition to the slowing economy and the subprime issue is still there said Dean Barber president at Barber Financial Group. With all of that going on there is enough uncertainty that people are reluctant to buy. But in the last half hour of trade stocks managed to bounce back due in part to market rumors that a consortium of banks could announce a plan to bail out troubled bond insurer Ambac Financial as soon as next week. The week ahead brings reports on new and existing home sales producer prices durable goods orders consumer confidence and personal income and spending. Beware Late day rally killer on the loose Corporate news. Here s! a look at what was moving late in the session. A number of financial stocks slumped including Dow components American Express AXP Fortune Bank of America BAC Fortune Citigroup C Fortune and JP Morgan JPM Fortune . Bond insurer MBIA MBI slumped after Deutsche Bank cut its earnings estimates. On Thursday MBIA quit the Association of Financial Guaranty Insurers a trade group after years due to disagreements over the right direction for the industry. Bond insurers such as MBIA have been in focus lately due to worries that if they can t raise enough capital their top notch credit ratings will be downgraded which would make it harder for them to get new business and could also lead to more bank writedowns. Mortgage finance firms Freddie Mac FRE Fortune and Fannie Mae FNM slipped after Merrill Lynch downgraded both companies to sell from neutral. Among other movers tax preparation software maker Intuit INTU slumped after the company forecast current quarter and full year earnings! short of analysts estimates. Big technology losers included Intel INTC Fortune Oracle ORCL Fortune Microsoft MSFT Fortune and Apple AAPL Fortune . On the upside shares of telecom Sprint S Fortune rose in afternoon trade. Market breadth was negative. On the New York Stock Exchange losers beat winners to on volume of . billion shares. On the Nasdaq decliners topped advancers to on volume of . billion shares. The th president s trillion headache Other markets. U.S. light crude oil for April delivery rose cents to settle at . a barrel on the New York Mercantile Exchange. The March crude futures contract settled at an all time high of . a barrel Wednesday after touching a trading high of . . COMEX gold for April delivery fell . to settle at . an ounce. Treasury prices slipped raising the yield on the benchmark year note to . from . late Thursday. Bond prices and yields move in opposite directions. In currency trading the dollar fell versus the euro and the yen. Stocks we love dividends Recession Watch years of profit swings Survival strategies Rec! ession proof your life Earnings Nowhere to go but up More Markets Stocks rally back on Ambac Analyst cuts MBIA earnings estimates Stocks we love big dividends The Hot List The th president s trillion headache Ultimate family car picks k s Why they re no tax trap Top Stories Dancing with OPEC th president s trillion headache Stocks rally back on Ambac Bank chiefs pay gets the spotlight FDA approves Genentech s Avastin Photo Galleries Toy Fair breakout hits A look at small companies with a big presence at this week s Toy Fair extravaganza. more Stocks we love big dividends Sometimes it just feels good to get a little something back. Consider these five consistent dividend paying stocks for your portfolio. more The family car Crossover appeal Don t want a gas hogging SUV Minivan too grim Car too cozy Then this ultra hot auto category may be for you. more Special Offer Cable News Network. 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Source: http://money.cnn.com/2008/02/22/markets/markets_afternoon/index.htm?postversion=2008022215


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