Stocks close largely negative, gold soars
UPDATED at 4:15 p.m.:
Stocks couldn't hold onto the gains they achieved in mid-afternoon trading and largely finished in the negative today, eating away a bit at yesterday's big rally.
The Dow closed down three-tenths of 1 percent at 10,748.26.
The broader S&P500 closed down three-tenths of 1 percent at 1,155.79. The tech-heavy Nasdaq, however, which has led stocks since the rally began in March 2009, closed up just above water at 2,375.31.
Looks like we're in for some volatility. That's what the gold bugs think, anyway. Gold for June delivery soared today, closing at $1,220.30 per ounce. During trading today, gold came very close to hitting its record high of $1,227.50 set in December.
Stocks turn positive
11:53 a.m.: Stocks began a steady climb after opening lower and have now turned positive as the trading day approaches noon.
The Dow is up one-tenth of 1 percent.
The broader S&P 500 is just above water and the tech-heavy Nasdaq is up four-tenths of 1 percent.
Markets were cheered by positive news from the Commerce Department, which reported that wholesale inventories climbed in March, and from the housing market, which said that home prices rose in 60 percent of U.S. cities in the first quarter of this year.
Volatility rules Wall Street, stocks down at opening
9:58 a.m.: Volatility rules on Wall Street, as stocks responded to their big surge on Monday by trading lower at opening today.
In the first 20 minutes of trading, the Dow is down half of 1 percent.
The broader S&P 500 is down six-tenths of 1 percent and the tech-heavy Nasdaq is down the same.
There's some inventory news coming out at 10 a.m. and we'll see how that affects the markets.
The markets were unimpressed by Toyota's first-quarter results out this morning. The besieged automaker, waist-deep in recalls and NHTSA investigations, still managed to turn a $1.2 billion profit in the first three months of this year.
Follow me on Twitter at @theticker.
May 11, 2010; 4:15 PM ET
Categories: The Ticker , Wall Street | Tags: Business, Day Trading, Equities, Investing, NASDAQ, S&P 500, Stocks and Bonds, Wall Street
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