Market Strong;Lakers Weak

The market turned in a strong scorecard on Friday.Although trading volume remains thin,all the major averages gained more than 2% for the week.The Dow added 2.40%,while the NASDAQ notched 2.80 and the S&P climbed 2.04.The tech sector powered the rally on good earnings reports from Intel,IBM and Microsoft,although Google issued a poor one.The market was also cheered by a positive existing home sales number,up 5% to an 11-month high.
The Los Angeles Lakers were not cheerful on Friday night,however.Their road record fell to 1-6 as they were held to a season low 80 points by the Orlando Magic in Florida,falling by a score of 92-80.Dwight Howard led the Magic with 21 points and 23 rebounds,while Kobe Bryant continued his excellent season for the Lakers with 32 points.Howard attributed their success to the fact that they decided to play good defense,and his offensive approach was just to attack.
Commentator and former NBA star Magic Johnson noted that,although the Lakers were shooting 28%,they continue to shoot jump shots.I don't understand that.A lot of guys are open for a reason.When you struggle,you've got to take it to the basket,Johnson said.
The market will have plenty to digest next week as a torrent of data and earnings reports pour in.McDonald's,Apple,Procter&Gamble and AT&T are among the giant companies reporting,while durable goods,new home sales,consumer sentiment and Leading Economic Indicators figures will also be released.Europe and Iran may continue to factor into trading as well.
On Friday evening,the S&P futures edged up 0.40,and bond index futures fell.
McDonald's(MCD),Apple(AAPL),Proctor&Gamble(PG),AT&T(T)

Market Has Excellent Week

The stock market excelled this week,with all industry groups coming out ahead as Europe was relatively quiet and Google reported strong quarterly results.For the week,the Dow was up 4.88,while the NASDAQ surged 7.60 and the S&P added 5.98%.On the year,however,the broadly based S&P remains down 2.63.Volume was light this week,showing a lack of conviction behind the good numbers.
Excelling on the PGA Champion's Tour of senior golf pros this year is American Tom Lehman,who tops the Charles Schwab Cup point standings.Lehman has three wins and 11 top ten finishes so far this season,which ends in three weeks in San Francisco.This week,the Tour is at the AT&T Championship at TPC San Antonio's Canyon Course.Fred Couples and Steve Lowery led the field with first round seven under par 65s on a hot,dry Friday.
Next week's financial calendar bulges with data and blue chip earnings.The Empire State and Philly Fed reports,together with housing data and earnings submissions by IBM,Goldman Sachs,Apple,Intel and American Express,will keep the analysts busy all week.
The S&P futures climbed a substantial 21.30 Friday evening,while longer maturity bond index futures declined.
Google(GOOG)

Labor Market Steady,Choppy Trading Persists

The stock market ended slightly higher for the week as neither the foreign nor domestic economies showed any decisive moves.The September employment report was stagnant,with a steady jobless rate of 9.1,and Europe watched expectantly for results of a weekend summit between French President Nicolas Sarkozy and German Chancellor Angela Merkel.For the week,the Dow rose 1.7%,while the NASDAQ gained 2.7 and the S&P added 2.1.
Next week,earnings season begins with Alcoa reporting its results on Tuesday.On Wednesday,PepsiCo reports,and JP Morgan Chase and Google issue their marks on Thursday.Friday will see the release of retail sales and consumer sentiment numbers.
The market will be open on Monday,Columbus Day.The S&P futures pointed down on Friday evening,losing 2.70,and bond index futures also declined as gold gained 17.40 to close at 1634.50 an ounce.
In the PGA's Fall Series,England's Paul Casey shot an exceptional second round eight under par 64 to take the lead at the Frys.com Open at CordeValle Golf Club in San Martin,California.He was followed by American Bud Cauley and South African veteran Ernie Els at seven under.
Alcoa(AA),PepsiCo(PEP),JP Morgan Chase(JPM),Google(GOOG)

Massive Storm Heads East,Wind Shapes Valero Texas Open

A vast storm ravaged the lower 48 the past few days from north to south,killing 10 in Arkansas,Oklahoma and Alabama with tornadoes.In the Northern Plains,it brought blizzard conditions,but by the time it hits the Mid-Atlantic Saturday,it will simply be a rainy,windy day.
At the Valero Texas Open in San Antonio,the wind gusted to 25 mph,keeping scores high.There were only a handful of birdies on Friday as the stiff breeze twisted judgement.Seven players were tied for first at the end of the 2nd round at three under par,all Americans except for Australian Geoff Ogilve,who has seven career victories.
The stock market was less stormy,with modest losses caused by earnings disappointments from the likes of Google,Bank of America and Alcoa.For the week,the Dow lost 0.31,while the S&P dropped 0.64 and the NASDAQ slipped 0.25.Next week will be dominated by a cascade of earnings reports,with one fifth of the S&P 500 reporting.Sharing their Q1 results will be Citigroup,IBM,Intel,General Electric and McDonald's,among others.
The S&P futures were up strongly Friday evening,rising 8.50 on good consumer confidence and industrial production news.
Google(GOOG),Citigroup(C),International Business Machines(IBM),Intel(INTC),General Electric(GE),McDonald's(MCD)
Update:There have been nearly 100 reports of tornadoes in Oklahoma alone,and 120 in Alabama.The death toll form the wild weather has risen to at least 17.The chance of tornadic conditions is reportedly about 40% for Virginia on Saturday,and about 70% for North Carolina.
April reports of severe weather have been nearly double the average number this year.
In the Northern Plains,12" of snow has fallen.The severe weather threat may extend as far north as Washington,D.C.,and flooding may occur farther north than that.On the back side of the storm,wind speeds of up to 60 mph could be reached.
Update 2:By late Saturday,many areas were quieting down as the great spring storm pulled northwards.Tornado watches had been posted earlier as far north as Adams and York Counties in Pennsylvania,and there were at least 30 high water rescues,as well as flooded basements,from Mechanicsburg to Harrisburg in the Keystone State.In many cases,motorists ignored high water signs and drove right into the potentially deadly ponding,necessitating rescues by firefighters.
Scores improved at the Valero Texas Open on Saturday as the wind died down in the Texas hill country,with American Brendan Steele topping the field with a 3rd round seven under par 68.Defending champion Adam Scott of Australia was tied for 5th with two other Americans,having shot a four under par 70.

Strong Low Hugs Northeast;Yankees Stumble Early,Then Recover

A powerful low pressure system gave the Northeast coast a bear hug Friday night,bringing gusty and even snowy conditions to residents.Vermont received up to a foot of snow-not unusual for October,one skier remarked.Meteorologist Jim Cantore reported for The Weather Channel in the snow,predicting a cold,snowy winter for the Northeast.
Pitcher CC Sabathia was feeling pretty cold himself,being slammed with five runs in the early innings by the Texas Rangers as the American League Championship Series got underway in Arlington,Texas.Former President George W. Bush,who now lives on his Texas ranch permanently,was on hand to applaud his favorite team.The Yankees later came back strongly to win the game 65.
The stock market registered its sixth weekly gain in seven weeks,with the S&P 500 index up 0.95.The Dow edged 0.51 higher,and the NASDAQ gained 2.78,cheered by Google's strong Q3 earnings.The latter trend continued in the futures market Friday evening,with the NASDAQ futures up 33.0,while the Dow futures fell 28.0 and the S&P futures were flat.Bond futures climbed.
Companies reporting earnings next week include Citigroup,Apple,Caterpillar,Bank of America and IBM.
Google(GOOG),Apple(AAPL),International Business Machines(IBM),Caterpillar(CAT),Bank of America(BAC)

Market Disappointed,Oosthuizen Pleased

The market recorded a weekly loss,disappointed by a string of poor data on consumers and manufacturing,as well as revenue misses by leading companies.Google,General Electric,Citigroup and Bank of America discouraged investors with their sales and outlooks.Confidence is low as we enter the heart of earnings season,with 12 Dow components and 122 S&P firms reporting next week.The Dow dropped 1.0 this week,while the NASDAQ fell 0.8 and the S&P slipped 1.2.The trading range is indeed keeping its grip on the faltering market.
Tiger Woods is still in the running at the Open Championship in St.Andrews,Scotland.He shot a 73 on Friday for a -4,tied for fifteenth.The field was led by Louis Oosthuizen(pronounced Westhizen),27,of South Africa,a protege of Ernie Els,who is ranked #54 in the world and 22nd on the European money list.Oosthuizen shot a 67 for a -12 on Friday.Fifty year-old Mark Calcavecchia also shot a 67 on Friday for a -7,putting the American in second place.
The prospect of all those earnings reports,as well as housing data,had the Dow futures falling off a cliff at -233.00 this evening,with the NASDAQ following suit at -47.25 along with the S&P at -27.30.Bond futures also retreated.BP investors were feeling relieved as the latest attempt to cap the oil spill looked very promising.
General Electric(GE),Citigroup(C),Bank of America(BAC),Google(GOOG)
Update:Louis Oosthuizen continued to lead by several strokes in the final round,with the U.K.'s Paul Casey in second,as of Sunday morning Eastern.Tiger Woods had dropped to thirty-first.