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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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.

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By Frank Ahrens  |  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  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Recovery indicator: Wholesale inventories rise
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Comments

It's getting up. You are back on the merry go round and the profits are on the swings. I'm getting my chainsaw and heavy boots and it's off to the civil war.

Posted by: tossnokia | May 11, 2010 10:43 AM | Report abuse

Could it be that there are some dishonest people in the stock market making money off from a persons investments by drawing out the money when the stocks get to a certain high. No this could never happen in the USA, or could it?

Posted by: randykree | May 11, 2010 11:50 PM | Report abuse

Stay out of Gold the market is being manipulated.

Use Google and search the following
gold market manipulation and fraud.

And select the news tab.

You will see many stories like this

http://www.huffingtonpost.com/nathan-lewis/its-ponzimonium-in-the-go_b_519893.html

The Gold market is the latest Ponzi scheme for Wall Streets Crooks. Just like the Credit Default Swaps (CDS) and Collateralized Debt Obligations (CDO) scam that created the housing bubble.

A Whistle-blower, Andrew McGurire outed Goldman Sachs good budy JP Morgan Chase on shorting the metals market.
http://www.gata.org/node/8466

Andrew McGurire tried to testify to the CTFC. He was prevented from doing so.

Instead GATA presented the evidence by giving up their time to do it. During the CTFC meeting there were several incidents of the live coverage being cut, where this matter was talked about.

Since then King World the news website that outed Bernie Madoff and broke this story and ran the interview with Andrew McGurire too has had this happen:
" The Internet company that hosts the King World website reported to King World the following: ”Your hosting account is the target of a distributed denial of service attack…Computers were attacking your account.”"

And then looks like some one tried to kill the whistle blower Andrew Maguire by ramming into his car, the Police have still not issued the name of the perpertrator, despite chasing and catching them with helicopter and a fleet of police cars.

The CFTC changed the bankruptcy rules for people selling gold futures recently hidden in it is protection for those selling paper Gold derivatives at leverage's of up to 100/1. It is a fractional reserve. I presume you know what that is?

Commodity futures are being used to pump the price of Commodities while appearing to non cognoscenti to depress them as they constantly loose money on the down swings. Case in point is the Gold market where the price has been inflating out of all proportion to its value.

We are talking paper trades that appear to exist but do not in reality. This allows those controlling the market to make money on both up and down swings in the market. The inflating price is bate to attract in fools.

Eventually pumping the market creates a bubble the market can no longer support, as all the fools have run out of cash, market saturation. Just before this, those pumping the market, take out a big bet the market will fail; as Goldman Sachs did with AIG and then they bail. As they did in the CDS scam. This leaves home owners with houses they took out mortgages for that are now worth half the value of the mortgage. This is called negative equity.

GOLD is an artificially inflated BUBBLE just like the housing market.

Even George Soros is warning people

http://www.telegraph.co.uk/finance/financetopics/davos/7085504/Davos-2010-George-Soros-warns-gold-is-now-the-ultimate-bubble.html

Get out of Gold now.

Posted by: walker1 | May 12, 2010 1:26 PM | Report abuse

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