Wall Street Marks Losses,Blue Jays Win

Wall Street began June with its fifth straight week of losses,which is not surprising in that,historically,June has been a poor month for the stock market.Remarkably,all three major averages were down 2.3 on the week,as though giving a unanimous thumbs down to working at vacation time.
A gravely disappointing employment report got Friday off to a miserable start,with only 54,000 jobs being created in May,steeply down from April's 231,000.Labor Secretary Hilda Solis admitted that it does keep her up at night,because she knows that they have to do a better job at creating jobs.
Earlier in the week,the Institute for Supply Management issued its manufacturing survey,which also indicated a serious slowdown from April's readings.Manufacturing activity tumbled from 60.4 to 53.5 in May,and new orders followed suit,dropping from 61.7 to 51.0.Readings above 50 in the highly regarded report signify expansion.
Residents of Massachusetts waged their own struggle as they regrouped following a fatal tornado on Wednesday.The half-mile wide storm ripped through the communities of Springfield and Monson,killing four and sending a debris ball up to a height of 6,000 feet.At high elevations in the Rockies,winter weather advisories are posted for the Sierra Nevada and Cascade ranges,where late spring snow could total up to 7 inches.
The Toronto Blue Jays did not have to struggle as they clipped the Baltimore Orioles 8-4 Friday night in Baltimore.The win put the Jays above .500 again.The teams smacked 10 hits each,but the Orioles were also charged with an error.The Blue Jays' J.P. Arencibia hit a grand slam homer in the fifth inning and starting pitcher Carlos Villanueva climbed to a 3-0 record after having been promoted from the bullpen.
A relatively light data week is ahead for Wall Street,with the Federal Reserve's anecdotal Beige Book report slated for release,as is the World Bank's World Economic Outlook.The S&P futures lost 16.10 Friday evening,while bond index futures rose.

Cavaliers Move On,Market Does Not

The Virginia Cavaliers moved on in the ACC Baseball Championship in Durham,North Carolina didn't faze the Cavs,who topped Pool A with a 2-0 record.The Canes mounted a comeback when they loaded the bases in the bottom of the eighth,but were ultimately shut down by Cavs reliever Branden Kline,who got the save.
The stock market did not progress this week,ending with slight losses on continued European debt fears,poor pending home sales and doubts about the consumer.For the week,the Dow slipped 0.6,while the S&P and NASDAQ edged 0.2 lower.
Next week will be back-loaded by Friday's employment data,with the ISM manufacturing figures on Wednesday and chain store sales on Thursday also possible influences on trading,along with the European debt crisis and the U.S. budget deficit.The S&P futures nontheless traded up 3.40 Friday evening,and bond index futures also rose as traders felt cautious ahead of overseas markets and governments being open Monday morning.

Stocks Slip Slightly On Renewed Fears

The wall of worry built up to a hint of hurt for the market this week.An old story,the European debt crisis,was re-energized this week when the Fitch Rating Agency cut Greek bonds to junk status.There was also concern about retailers being pressured by rising costs such as the price of cotton.For the week,the Dow lost 0.7 and the NASDAQ fell 0.9,while the S&P edged down 0.3.The Reuters/Jefferies CRB Index showed strength in commodities rising 0.7 as hard assets were sought to mitigate portfolio risk.
Though the market showed weakness,American golfer David Toms,who is 44 years old,continues the strong play that landed him second place in a playoff at The Players Championship last week in Florida.Toms shot an excellent 2nd round 16 under par 62 at the Crowne Plaza Invitational at the Colonial Country Club in Fort Worth,Texas in fine conditions on Friday.He was trailed by Australians John Senden,Steven Bowditch,American Mark Wilson and Korean Charlie Wi at -9.
Next week will see the market digesting new home sales figures,as well as durable goods orders and earnings from Medtronic and Costco.The S&P futures fell 13.90 in response,and bond index futures rose.
Medtronic(MEDT),Costco(COST)

Toms Leads The Players,Broad Market Lower

At The Players Championship in Ponte Vedra Beach,Florida,American David Toms,44,holds the 2nd round lead,having shot a 68 -10.Countryman Nick Watney follows at -9,while Luke Donald of England,Graeme McDowell of Scotland,and Americans Lucas Glover and Steve Stricker share 3rd place.Toms has two Top 10 finishes so far this year for an earnings total of 700,215 dollars.
The broader stock market could not hold a lead this week,with the S&P 500 closing down a modest 2.43.Nor was it hopeful about next week,as the S&P futures slid 13.50 early Friday evening.Perhaps inflation fears and deficit problems got the best of it.Bond index futures rose.

Britannia Rules Airwaves,Earnings Rule Market

If you notice that you're starting to speak with a slightly British accent,it isn't surprising,given the royal wedding mania that has swept through the televised world.And why shouldn't it have,given the tough row most people have to hoe?A diversion like that is a welcome relief for the average person.It's an extra holiday.
For its part,the market was living out its own fairy story this week,as corporate earnings continued to please,for the most part.When good earnings are rolling in,economic reality such as poor housing figures and persistently high unemployment may be shoved aside for a while.
Analysts caution,however,that gains in the second half of the year could slow down quite a bit as companies find it increasingly difficult to post the type of results that characterized the last few years.
For the week,however,the Dow was up 2.44,while the S&P rose 1.95 and the NASDAQ 1.89.The Dow and S&P closed at their highest since 2008,and the NASDAQ hasn't been this elevated since the year 2000.
Next week,the earnings parade goes on as General Motors,Pfizer,Kraft Foods and AIG share their results for Q1.The Institute for Supply Management will release its April purchasing manager surveys,and the unemployment report will close out the week.
Stock futures were largely positive Friday evening,with the S&P futures up 4.80,the Dow futures adding 48.00 and the NASDAQ retreating a little,down 1.00.
Winter isn't retreating in some areas.Blizzard warnings are up for the Northern Plains.As much as nine inches of snow are expected in northern North Dakota and adjacent areas.
Kraft Foods(KFT),General Motors(GM),Pfizer(PFE),American International Group(AIG)

Jerusalem Full of Pilgrims

Pilgrims of every persuasion are gathered in Jerusalem this weekend.Not only is it Easter at the same time this year for both Eastern and Western Christians;it is Passover as well.Often,the Eastern Orthodox have Easter a week or two later than the Roman Catholics and Protestants.
The walled Old City is hosting them all,and so far,all is well for them under the trained glances of the security forces.Merchants,vendors and hoteliers are doing a brisk trade catering to the needs of the throngs.
There were Christians of many nationalities carrying crosses of various styles on the cobblestone Via Dolorosa on Good Friday,retracing the last footsteps of Christ before His crucifixion,pausing at each station of the cross.It started to rain and the umbrellas came out,but the processions to the historic Church of the Holy Sepulchre went on,and Christians were deeply affected as they practiced their faith where it was actually founded,considering themselves blessed to be there at Easter.
The financial markets had a shortened week in observance of Good Friday,and logged continued gains in the event.The Dow rose 1.3 for the week,and the S&P charted a 1.3 gain as well,but the NASDAQ climbed up 2.0.The Reuters/Jefferies Commodity Research Bureau index gained 1.50.Looking to Monday,the S&P futures were up 2.70 Thursday evening,and bond futures were also higher.
Earnings reports from heavyweights such as Exxon Mobil,Procter&Gamble,PepsiCo and Microsoft may influence traders next week,as may the new home sales report.
Exxon Mobil(XOM),Procter&Gamble(PG),PepsiCo(PEP),Microsoft(MSFT)

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.